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tv   Markets Now  FOX Business  October 28, 2013 1:00pm-3:01pm EDT

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>> all of the action for you, it's sure going to be a busy week. earnings, economic data and, of course, the federal reserve. jason weisberg is on the floor of the new york stock exchange, and price futures group phil flynn joins us from the cme. jason, to you first, is this the calm before the storm trade ahead of the ped? >> i think this is really the earnings trade. i think the fed will be a big non-event as it has been. i think the budget talks and the stalemate that occurred priestly up-- previously upstaged the fed, and i think the fed is going to be a footnote compared out of what we saw out of the government. >> i don't know, jason, global stocks were on the rise on some thinking that the fed instead of, you know, for months, for two months it's been the talk of when will the fed taper, but now, boy, maybe we need some additional stimulus. today we had the existing home sales that were a little wit weaker and some of the manufacturing data didn't come
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in so solid, not to mention the jobs report which continues to be lackluster month after month. >> well, i mean, you know, you put a real big pall on the economy. you know, the numbers are fairly weak, but the earnings are really what's driving the equity market right now. and as we know, the stock markets tell us what's happening in the future, not what's had in the past -- not what's happened in the past. they're not forecasting data points. and i think that the market and the investors are telling you we're going higher. there are a few other things that work in the marketplace currently right now that people are trying to chase performance before year end, and that's also helping. i don't think it'll be derailed by the fed this week or, you know, these blips in the data points which the government seems to manipulate when they so choose to do so. lori: all right. i mean, apple is expected to report its fourth consecutive declining year-over-year earnings. you're on to something here. i think the street is very
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forgiving. these are extremely weak comparison quarters for a company, so it's not taking them that much to beat prior quarters. this is the reality we're living in. thank you, jason. >> no problem. lori: turning to you, phil, oil prices are edging higher but still comfortably below $100 a barrel. what's driving the trade? >> well, i think some people are talking about the bad and the japanese going on with the stimulus, giving us a pop to, but there's a lot more than that. overseas, for example, libya oil exports have been slashed yet again. that is causing brent crude to go up. the other thing that is driving oil prices higher happens to be products. you may have heard of the leaning tower of pizza, i don't know if you've heard about the leaning refinery of lamont, illinois, but you should because that is going to be a major factor in midwest gas prices. they spiked last week on reports of that refinery fire and reports that that refinery is actually listing means it may be five or six months before it
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comes back online. you add to that, you had a slew of other refining issues, some in louisiana, some in new jersey. it's causing those products to get tightened up. now, the reason why we're so sensitive is if you lose those refineries, prices go up, that's what we're seeing today, product's leading the way. the other thing we're seeing is the big drop in natural gas prices. remember that talk of that big cold blast? well, it wasn't as cold as advertising, so we're seeing a big drop in natural gas prices, right now down 13 cents, so i'm kind of glad it's not that cold. >> speak for yourself. it was killey in the northeast this weekend. thank you, sir. adam: major averages near record highs but without clear direction from the federal reserve and another debt ceiling debate potentially on the horizon, is there still room to run? the cio and chairman of -- [inaudible] advisers says he sees further upside, and thank you for joining us. it seems as if eventually the fed has to tape aer, but that
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won't happen until, what, spring of 2014? >> well, we don't though. the fed leaves us guessing. now, we may get a clue this week, but that's questionable. and the fact that it's questionable is why we're still guessing. suppose the fed were to announce something like this, we will begin five billion a meeting tapering, and the markets would quickly say, okay, two years we'll get to neutral, we can now price it into bonds, we can price it into equities, we can price it into growth, we have some direction. so we're hopeful we'll get some direction. it's not clear we will. and we will again be guessing. that clarity will benefit markets. adam: we need clarity but, as you said, we're not getting it. in fact, we might get even more confusion. for instance, rand paul, you actually wrote that you're going to hurt every 401(k), every
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investor and business entity in the united states. should he just give up on that, and what are or the chances he really would? >> well, rand paul is using, in my opinion, the wrong weapon. he has a bill, he doesn't like the fed, he wants them to be audited. i suspect once they're audited they will find that the audit will reveal what is already revealed in the existing audited -- adam: three trillion of concern. >> but that's a separate question. why tie up janet yellen's nomination? she's going to be the acting chair on february 1st if she's not confirmed, and she's going to be the chair if she is confirmed, and the majority of the senate wants to advance it. so why threaten a hold, a single senator hold, on a piece of legislation? the two don't connect except to create political turmoil. adam: dade, i don't want to run out of time, and i wanted to ask you, i saw a statistic of the
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roughly 200-plus companies that have reported earnings in the s&p 500, roughly 54% have beat their revenue estimates, and i pay a lot of attention to revenue sales because that tells me that 46% have not beat the revenue estimates. should i be worried about that? because you still think there's upside in this market. >> i think there's upside in the market, adam, and i think that the fact that the amount of beats is narrow is something to worry about. we have very slow-growing economy, but it's growing, not shrinking. we have zero, little inflation, so we have no inflation distortion in earnings and balance sheets. on the other hand, we don't get any inflation in the revenue line. that's good for the stock market. the quality of earnings is better because we don't have inflation distortion. but it also makes this a very tight, alto ascending -- although ascending market. we think the market's headed higher gradually, the economy recovers gradually, low interest
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rates, low inflation. it's a good picture for market but lousy -- adam: david, we've got ten seconds and i am curious, if you're an average investor, did we miss the runup? should we wait until we get a correction to come in? >> well, that's a big issue, do you buy the dips or own some? i think you've got to own some and buy the dips with some the if you're not already in it. adam: all right. i'm sorry we don't have time for a follow up on the federal reserve, but i know we're going to be talking about as we go forward. thank you. >> thanks. lori: troubling signs for the housing market, pending home sales unexpectedly tumbled 5.6% last month hitting their lowest level this year. it was also the biggest monthly drop in about three years. the national association of realtors says higher home prices are the main reason for the plunge. home builder shares all lower on on the news. adam: toyota's on track to keep its title as the world's
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top-selling automaker. sales hit 7.41 million beating gm. toyota says strong sales here in the united states helped offset weakness in china. now take a look at shares toyota and general molters, right now mixed. lori: and the new york stock exchange another step closer to twitter's upcoming initial public offering. over the weekend the nyc did a test run of the debut, calling it successful. hundreds of thousands of orders went through the system during the test as the nyse tries to avoid problems when facebook went public, and according to wall street journal, bank of america analysts do say they expect twitter to stay unprofitable all the way through 20 1r50. adam: quite a few people will still try and get in on a that ipo. apple's cash hoard coming under
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pressure from carl icahn, but is he using the media to his advantage? charlie gasparino grills icahn coming up, you'll only see it on fox business. lori: and power knocked out to thousands as hurricane-force winds batter britain, believe it or not. adam: plus, former senior adviser to george w. bush, karl rove, will join us on what he calls the obama administration's credibility issues. after enrollment on the health care exchange web site is halted. ♪ ♪ this is the quicksilver cash back card from capital one. it's not the "juggle a bunch of rotating categories" card. it's not the "sign up for rewards each quarter" card.
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adam: we have a news alert for you. britain is facing its worst storm in several years. hundreds of thousands of people already have lost electricity, and there have been deaths reported from the storm. fox news meteorologist janice dean joins us from the weather center. >> reporter: yeah, adam. the good news is the worst of it is over, but we have another storm that's going to make its way across the u.k. here's the satellite imagery, and you can see this big swirl here moving over the u.k. now moving into finland and sweden. we're going to watch this develop continuously over the north and the east as it pushes
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north and eastward. but, again, the worst of the storm is over. we saw hurricane-force winds, incredible amounts of rain and a lot of destruction over the last 24-48 hours. here is where the core of the storm is right now, the low pressure center, but i want to point your attention right here to the left of your screen. we're going to watch this developing storm over greenland and iceland that's going to bring more bad weather, unfortunately, for the u.k. the good news is it won't be the storm that you saw the last 24-48 hours, and conditions right now over london are clear skies. so, again, we have the calm before another storm moves in, this one will not be as powerful as the last one. back to you, adam. adam: janice dean, thank you very much, lori? lori: okay, switch back to markets for you. making money time with charles payne, and this hour he's got some muscle for your portfolio with a look at gnc holdings. >> hello. i was in this earlier in the year and got out, and i don't know why, but i probably shouldn't have. stock has done extraordinarily
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well. it's not just this year. this has been a fantastically-run company. and last time they reported retail sales were up 9.5%, same-store sales up almost 8 -- 7%. they're opening new stores, that was for the company side. but i like the growth on the franchise side. internationally they added 125 stores last quarter, and by the way, they've got to do right-aid, i don't know if you've seen those kiosk situations, but cash flow has been phenomenal. lori: really? so why is this company still such player? it seems to be a one-trick phony, doesn't it -- pony, doesn't it? >> i mean, to sell these vitamins -- lori: is it new? is there new technology in nutrition? >> there's always something new. lori: clearly, i have no idea. >> it's not just the vitamin business, but the health science business or and pets -- lori: bingo, pets. adam: where overseas? >> that's just it, i see a lot of stuff in canada, but nowhere
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else. that's not just canada, obviously, i don't know all the different locations, i've been drilling down for that. i'll get that next time. but 125 new stores internationally last quarter versus 100 stores in america. at 3200, we're getting a little saturated. lori: so i shouldn't chalk this up as a staple -- or i should, versus a discretionary. >> yeah, i know. i guess people who are on these regiments consider it something that, you know, it's not discretionary. i mean, people who are on these vitamin regiments really believe in the it, and we are in a health-conscious society. the vitamin shop is the only main competitor, but the margins are -- lori: and they're selling pet vitamins. >> pet supplements, can you believe it? lori: no. [laughter] thank you so much, charles. adam: so as we do every 15 minutes, back to the floor of the new york stock exchange, and nicole petallides will let us know what she is watching. we're moving on some earnings. >> we are.
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we're watching names like merck today which has been dragging on the dow jones industrials. the dow has been back into positive territory as the s&p's hitting new highs, but merck is down 2.5% sitting at 45.39 at the moment as they came in with numbers that were weaker than expected. their sales were also missing the analyst expectations. lower sales of the diabetes drug yes move, ya that that's something they continue to watch. but they say the fundamentals remain solid. we'll continue to watch apple, and we'll be watching closely ahead of the company's quarterly report. we know iphone sales will be key, we'll see what they say about the holidays coming up. so make sure to stay tuned to fox business in the 4 p.m. hour, and we'll delve into this a little more closely. hey, what of carl icahn and his buyback request? that's an understatement. we'll watch herbalife and others as well, but certainly one to watch, very key here on wall street.
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back to you. adam: nicole, thank you. lori: speaking of icahn and his request that apple borrow $150 billion to do that share buyback, he's our guest this hour. the billionaire investor himself. is he using the media to his own benefit? charlie gas perino that has that question and more, and it's next. an interview you'll only see here on fox business. ♪ ♪ it's a growing trend in business:
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adam: okay. you've heard charlie gasparino's critical comments about the apple buyback idea, and there isn't a better way to be fair and balanced than to have icahn on for an interview. he joins charlie right now in an exclusive you'll only see with charlie. >> mr. icahn, how are you? >> yeah, hi, charlie, pretty good. >> tell me, you think i was a little too harsh in my assessment, particularly of my assessment calling for a $150 billion buyback? i think apple management may know what to do with the money better than you, but i want you to know i do admire your career. and by the way, an amazing record this year. >> well, i appreciate you saying that. and, you know, i'm not at all upset. you have a right to say what you want, and that's fine.
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but i, obviously, disagree with you. where do you want me to start? >> go ahead. the floor's yours, you know? i think we need to be fair and balanced, and i'm just going to let you tell me where i've gone wrong, and we'll go on to the next question. >> yeah, sure. the way i look at it is that we have a real problem in this country. i mean, you can say what you want about me, but the problem in this country is that our companies really don't produce enough because they're badly managed for the most part. many good managed. but there's no accountability. and there really is a headache that we have, but worse than a headache that we'll be facing. and i know this sounds completely corn to you and -- corp.ny to you, and i'm sure you probably will pick on what i'm going to say, but, you know, i grew up on the streets of queens, i had no money, my father never made any, my mother was a schoolteacher.
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i grew up in poverty. and i really do love the country, because there's no other country in the world and probably throughout history could i have come out the way i did with very little being one of the richest guys in the country, which was my goal -- >> right. nothing wrong with that. that's a good thing. >> and there's nothing wrong with that. >> absolutely. >> but the real issue is i feel i owe something back to the country, you know? i'm not looking to pat myself on the back, but, you know, i certainly give to the pledge -- i am the giving pledge. but more importantly, the one thing i think i can do is try to change the rules of the establishment. >> okay. >> and you can say, well, you know, you helped yourself by doing it. that's part of the game, i guess. but the real thing i'm trying to do and go out of my way is to change the rules. i think they're completely unfair concerning shareholders. >> okay. but one of the things, carl, that's interesting about -- by the way, i love this country too, you've been around much
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longer, and that's a good thing, we celebrate success here at the fox business network. but you've gone out publicly and said you like tim cook, you support current management. current management thinks it's insane to buy back $150 billion in stocks and then when you look at what apple does as a company, it needs cash. it innovates. >> okay, well, let me -- if i could -- interrupt what you're saying. >> okay. >> you know, looking and studying these books and looking at the numbers, what you're saying doesn't really make sense because apple by giving back $150 billion would be earnings that they have. the free cash load they have is close to $50 billion a year, okay? they certainly could afford 5 or 6 billion of interest and not even notice it relatively speaking. i know it's huge numbers. so they could certainly innovate as much as hay want and still do this buyback. and one has nothing to do with the other. and by the way, i'm with tim cook.
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i think he's doing a good job. i'm against what is going on financially. i don't think the board has any real understanding of it, and i don't mean that in a bad way about the board. i'm sure they're not bad guys. but what they should be doing -- and it makes no sense not to take the money that tim cook has told me on several occasions and i think told the world that he believes this company is very undervalued. transfer, logically, i was -- therefore, logically, if you have 150 billion or a lot of money, as i said, if you have a lot of money, you go out. i owned an oil well once, big oil well, and there was a partner. the partner decided at the wrong time, you know, things weren't going well to go sell his share of the oil well. and he gave them to me, and i thanked him for coming to me. he said if you want to bid higher -- >> but, carl -- >> we do the same with the
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apple -- >> listen, i understand your logic, but here's my logic. are these people idiots? they must be holding on to that money for a -- >> listen, you're an anti-establishment guy. >> absolutely. >> by the way -- hey, i disagree with you a lot, i but i respect a lot of things that you say that go against the establishment, and i do respect that. and you know something? why because this board doesn't want to do it, i mean, using idiot is a very tough statement. i don't want to call them idiots, but i don't respect many boards, and in this case i don't respect what they're doing here. >> okay. >> and the fact that they're doing it doesn't make it right. in fact, the reason -- and i, you know, i'm patting myself on the back here but to make a point. the reason we've made 1400% since 2000 if you bought our stock -- >> right. >> -- is because we went against these kind of boards. >> that's absolutely true. >> we got involved, and i can't tell you how bad these companies are run, some of them. not all of them. and even some companies we've gotten involved with we liked
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the board. but my point to you is that to say that the board wants -- [inaudible] the divine right of kings. is henry viii right in hanging all his wives or whatever he did? chopping their heads off, i guess. >> you don't want to cut their heads off -- >> you're right. >> do you want to get rid of the board? >> no, no, no. i've said it very plainly. this is not a fight i could ever win, nor would i try it. apple is doing well. it's doing -- but i think it's a huge -- it's ridiculous. >> okay. >> it's ridiculous not for them to go and buy the stock now. it's like me with the oil well, i made ten times my money. why not take their time and buy the stock -- >> well, they're going to report earnings after the bell, and for all i know they're going to have more cash -- >> they gave good guidance, i guess. >> okay. let me change summits a little -- subjects a little bit.
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what's fascinating about you is you use twitter, you use it very effectively. some people say you use social media and the media -- namely our two other competitors, bloomberg and cnbc -- to basically promote your positions. i almost don't blame you, i blame them for being allowed to be used. but is this part of your whole game plan, to get your positions out there in the media? >> could i ask you a question? what does our president do? [laughter] >> good point. >> i mean, it's -- i'm fighting, i'm fighting a fight against a very entrenched establishment. >> right. >> with all the money in the world, shareholder money they're using. and i really feel a lot of mutual funds aren't doing their job. by standing up to these boards, how the heck could i ever hope to do anything without using the media? you tell me how to do it, i'll listen to you, charlie, but tell me -- what's wrong with using it? i'm not against the president for using the media.
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what's wrong with that? >> i don't think there's anything wrong with it, but let's just say you go on cnbc, and this is what i heard, you didn't like what somebody said, then you went to bloomberg. is that just you being smart and them being dumb? >> well, no. in fairness, i was going to go on bloomberg anyway. >> okay. >> that had nothing to do with it. i didn't like what somebody said, but that had nothing to do -- i go on bloomberg all the time. and by the way, i've gone on fox. i don't hear from you as much, but with i go on fox. hey, i go on everywhere where i think i can get my message across. i can't spend all my time doing it -- [laughter] but, you know, i go on. and i'm glad to have this opportunity to do it. i'm glad you called me. >> yep. >> and -- >> and you had the guts to come on, unlike bill act han. and i know you don't want to get into this -- >> i don't want to do that anymore. >> he does not have thecome on. i've been critical of him, but
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let's get to herbalife. you've called it the mother of all short squeezes. it is causing a lot of pain on bill's position. you think it's a good company. here don't you kind of have the opposite problem? at some point you're going to have to exit from herbalife. there's not a lot of shareholders. barring a company buyback, how do you exit from this thing? >> well, let's talk about exiting. i mean, i think people have the wrong -- i've held companies 15, 20 years. i mean, my rail care i've held from the mid '80s. i like holding a lot of these companies, and i think herbalife is a very undervalued company. but i don't look at it week to week, month to month, sometimes even year to year. we hold things for many years. i think herbalife will continue to grow. i think unlike some of the critics of herbalife, i think it does make work for people. i don't think it hurts anybody. anybody that buys their product if they want it, you know, the
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poor spanish woman that actman first -- >> right. >> you know, they could give it back. they never do. so they're not losing. who's taking advantage -- >> well, herbalife is up tremendously this year. you know, what is it -- >> 101%. >> 101% i've been told by my anchor. >> yeah, well, he knocked it down. >> so you could be in this for years, you're saying. >> i could. i have no compunction the way herbalife is going right now. you know, i'm certainly not at liberty to talk about their earnings, and i'm not talking about them, and, in fact, i, frankly, i'm not sure what they are to begin with, but that's not the issue. you know, we have people on the people are on the board and all that. i'm talking generally, big picture. herbalife has a great model. i think herbalife actually, you know with all the criticism, you know, it is certainly not a pyramid scheme, in my opinion. and i think it does make work for people that are out of work. i mean it is absurd that it doesn't. it is a way of retailing.
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why do you have to retail to food stores necessarily? why can't you retail this way. >> i have nothing against it. i drink protein shakes all the time. have you ever had one? >> i had one. i have to admit i don't take them. >> one more question. >> okay. >> you have bill gross and i have every day, a minor one, twitter war. bill gross said something about you should pay more attention to charities than busting chops of apple and tim cook. you came out and tweeted along the lines, bill gross should give monies to charity is i give. i know you're a generous person. we have mutual friend believe it or not. why are you doing this with him? is this -- >> i certainly respect bill gross but it is a little fun. out there telling me what i should be doing and i'm saying to him, if you're so into doing good and so into this, step up to the plate and join the giving pledge like, he keeps talking
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about bill gates is great hero. so follow him. go join the giving pledge instead of just talking about how good you want to be and give half your money away like i did and bill gates did. instead of talk is cheap you know. but i'm not against bill gross. i respect him. i think he accomplished a lot. i think it sounds, look, i don't own any pimco but i do think, he is a smart guy. but i sort of take umbrage a little bit him going out and just sort of takeing a gratuitous slap. >> because you give so much to charity. we have to wrap up here, carl. thank you for come on. you're first guy i called a greenmailer come on the show and talked. >> i would like to say, something about greenmail. it was in the '80s. i don't consider it, i don't consider it something that i have to defend because the companies would come to us. >> i botch cha. >> would say, one hand we'll kill you, with the other we're going to murder you.
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i had no money then. relatively little money. put you out of business and sue you forever, on other hand give you 20 million. it was their money. i would never ask for it. now that we have money i wouldn't do it. >> you obviously have a lot of money. carl, thanks for coming on. hope you come on again. >> sure thing. >> fascinating interview. adam: i talks about changing rules of establishment unfair to shareholders but doesn't want to change members of the board of apple. >> how can you not like carl. adam: he is straightforward and honest. >> he is new york guy. i'm a new york guy. he is decent and honest. where the contradiction from my standpoint, if you mike management, don't want to change management and want them to give you $150 billion buyback that promotes your position. is like the thing he doesn't like to say. here's the thing, shareholders, guys like carl icahn are out there to move market up for
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investors. there is positive showing investment gangs. we'll have to leave it there i will talk about it throughout the day. adam: charlie, thank you. lori: let's look at broader markets and head back down to the new york stock exchange to check in with nicole petallides. good day for jcpenney today, right. >> that is absolutely right. we're near the session highs for the dow. look at jcpenney. this are a lot of doubters out there. they're working on a turn around. an analyst put a one dollar price target on jcpenney saying they will have to go into financial restructuring. however the ceo says, not so. continues to tout jcpenney. look at shares. up 7.7%. you have the ceo at "women's wear daily" conference talking about reaffirming the forecast, talking about improving sales, and no word about anything such as restructuring at all like imperial capital analyst said last week. the stock is jumping. put it in perspective, down 68%.
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lori: thanks, nicole. adam: breaking news. the obamacare enrollment website is now fully functional again. we want to go to rich edson in washington, d.c. with the very latest. how long will it remain functional? >> the administration says contractors resolved problems that brought down blaming the verizon terremark system. now that is resolved, there are other technical problems plaguing the website. most applicants can expect a working online exchange by end of next month. republicans and democrats criticized rollout of on line health care exchanges, questioning contractors that built the site, they go to the top. on wednesday, health and human services secretary kathleen sebelius testifies and in an exclusive interview with fox business, committee's chairman, fred upton, congress may be investigating the website construction for some time. >> we'll continue to work on it. we'll see what answers the secretary has on wednesday when
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she he testifies and see where it takes us. we're not done. >> upton also says the administration's credibility is look lacking at it reassured the exchange would be up and running by beginning of this month. the white house says the administration is focused on fixing the site. it is improving every day they say, and charged republicans with playing politics. back to you. adam: rich edson in washington, thank you, lori. lori: affordable care act rocky rollout to drive our next guest's to call the president's creditability into question, as rich edson was reporting to us. karl rove, former advisor to president george w. bush and fox news contributor. welcome to the show, karl. >> thanks for having me. lori: what is your take here? what is going on with the administration? what is the real story? >> i don't think we know the real story because they keep moving the goalposts and tossing around confusing numbers. for example, late last week they said they had received 700,000 applications for coverage.
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now that, that leaves the impression that those are 700,000 people who are now enrolled, but we know that, an application is the no the same as enrollment. those applications, we already know there are multiple applications for the same individual. in fact there are multiple applications for the same individual buying the same plan. they have announced that is a problem. how many of that 700,000? lori: right. >> we also have kathleen sebelius this weekend, isn't this great the data hub is working because the irs reports they have had 330,000 requests to check eligibility. well, remember, the 330,000 attempts to find out if somebody's eligible for, for receiving the subsidies under the, under the affordable care act would lead you to believe, what is the gap between 700,000 applications and 33,000 checks for eligibility? they also say there have been 4.2 million checks of the social security database regarding your social security
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number. so what is going on there? we don't know and we're not going to know a couple weeks. lori: what is big deal telling us how many people logged on or signed on or signed up for insurance? you point out in the latest "wall street journal" speech that the president was touting early next week, 1-hundred people are answering calls, we're excited about this. he was such a salesman. you rerate eighted that but won't give us follow-up information that is concrete. give us a number. >> we had a clue a week ago today. north dakota announced in the first three weeks, the first 21 days of exchange being up, north dakota blue cross signed up 20 people. they also said we've been told not to tell you how many people have been signed up. the previous friday, we had oregon announced not a single person in the state of oregon had signed up for a private plan. south dakota announced it had 23 people. the wednesday, two days before that, delaware said, hey we hit, hit a real important goalpost.
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we had our first person sign up, 11 days into this program. alaska, said, well we can beat that. we had seven people sign up. lori: my goodness. >> wisconsin said we've got nearly 50. they're hiding it because they don't want us to know how bad it is right now. lori: we're jammed with breaking news, but i do have one final question for you. hindsight is 20/20, everybody understands that, but did republicans waste their own credibility by attaching defunding or delaying, you know my question. was is the right move considering the thing imploded on its own. >> i wrote about this weeks ago because i thought the defund strategy was a bad strategy because there was never any chance to succeed. in order to make it succeed you had to have five democrats vote to defund the president's significant initiative and sign it into law. that would never happen. making individual mandate and making congress live under the same, the delay strategy was a much better strategy than defund. lori: delaying on its own.
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thank you very much. karl rove, pleasure to have you. >> you bet. adam: investors fleeing the puerto rican bond funds as sec investigates. lori: jeb hensarling shares his plan to ship the government housing risk from taxpayers to the private sector. ♪ so ally bank has a raise your rate cd that wothat's correct.a rate. cause i'm really nervous about getting trapped. why's that? uh, mark? go get help! i have my reasons. look, you don't have to feel trapped with our raise your rate cd. if our rate on this cd goes up, yours can too. oh that sounds nice. don't feel trapped with the ally raise your rate cd. ally bank. your money needs an ally. try align. it's the number one ge recommended probiotic
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>> this hour's fox brief four major airports want to file a friend of the court supporting proposed u.s. airlines, southwest airlines merger. phoenix, south philadelphia airports say they will be hurt if department of justice does not allow those carriers to merge. federal reserve says industrial production increased by .6 of 1% in september. that is up from august which increased .44 of one percent. worldwide oil out put is up 9% from last year. international organization of wine and vine credits, better european weather and european productivity for levels last seen in 2006. u.s. wine output is up 7% year-over-year. that is latest from fox business, giving you the power to prosper.
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lori: let's update you on the markets as we do every 15 minutes. time to head back to the floor of the new york stock exchange and nicole petallides, who is watching bristol-myers. what's the story today? >> keeping a close eye on bristol-meyers, lori and adam, as the stock is moving here to levels we haven't seen since 2001 for this drug company. this is on positive news for the lung cancer drug and trial basis they are going through, one and two-year process. meantime analysts are all jumping on board. credit suisse, morgan stanley, and jpmorgan all giving positive commentary on bristol-myers specifically. jpmorgan reiterating its overweight and morgan stanley also with an upgrade there. back to you. lori: thank you, nicole. adam: more investors are fleeing funds with exposure to puerto rican debt. oppenheimer funds which manages 12 of the top 14 fund with exposure to the commonwealth has suffered the largest outflows in
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the industry since mid september. that is according to lipper data. this comes as investors continue to shy away from port rekos' debt after yields surged as high as 17% earlier this month. oppenheimer fund president and ceo, art steimetz joined me friday for exclusive interview where he says he still sees upside. >> we see opportunities there. adam: the sec is investigating mutual funds with exposure to puerto rican debt including oppenheimer fund. headed toward financial disaster and taking taxpayers along for the ride. lori: that is how financial services chairman committee jeb hensarling talking about the billion dollar fha bailout. he wants washington to stop writing blank checks. it's a growing trend in business:
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lori: washington's latest taxpayer-funded bailout, $1.7 billion for the federal housing administration will be the focus of a house financial services committee hearing tomorrow. its chairman, representative jeb hensarling, republican from texas joins peter barns for this exclusive interview. peter. >> hey, lori, you teed that up nicely so let's get to questions right now for chairman hensarling. thank you for joining you on fox business. what is the goal of your hearing on the fha? >> as you know fha will receive its first bailout ever, $1.7 billion. basically for a government agency that told us for years they would never need a bailout. we had to have a sustainable housing policy in america, one that is sustainable for homeowners so we don't put people into homes they can't afford to keep. one that is sustainable for taxpayers, so they never again have to engage in bailouts of fannie and freddie and fha.
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finally sustainable for economy. we've got to get off this boom, bust, bailout cycle. regrettably, congress has been misled for years as to the true fiscal health of the fha. so we're going to have the director of the fha, carol galante, before our committee tomorrow, to try to get to the bottom of this and find out why aren't they using the tools that are available to them to make fha formore fiscally sound? a broke fha does no one any good. >> as you know, the commissioner galante wrote a letter to congress when they needed to tap this 1.7 billion from the treasury, and said, suggested this was just a temporary problem, that in fact, i will read you from the letter. this required mandatory appropriation as an accounting transfer and does not reflect up-to-date view of the insurance fund's performance, its long-term fiscal health or current cash position. because the calculation used to determine whether a mandatory appropriation, transfer from the treasury, is required is based
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on assumptions about loan performance and recoveries made in december 2012 and does not incorporate recent performance improvements or the current economic factors and says that it has improvements across the board and will update congress on its financial status in a couple months. what about that? >> to with all respect to miss galante that is lot of washington talk. we heard this before. a lot of sweet nothings whispered into our ears. i don't mean to ascribe any malevolent intent. fha has made findings about about their financial stability have been consistently wrong. bailout on, that is a lot of washington talk, bottom line at time our nation is taking on more debt than the previous four years than our nation's first 200 i can visualize the national debt clock i go in our committee hearing room is turning faster
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and faster. part of the problem is the fha they are not on a sustainable path. we've got to get off the boom-bust-bailout cycle. that has to mean they have to go back. they have to look at kite r criteria for down payments, credit scores and lender indemnification and whole host of other options. but again, a broke fha, does no one any good. >> does it need legislation from congress? >> absolutely needs legislation from congress which is one of the reasons that in august, house financial services committee passed the path act, acronym for protecting american taxpayers and homeowners. what we do in that particular legislation we make sure that fha becomes solvent and stays solvent. we break it out as an independent agency so gets out from under the political control of those who wish to politicize the allocation of credit in our society. and we also make sure that it lives up to its billing to serve
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first-time homebuyers and low and moderate income individuals. right now, you got fha insuring homes of millionaires, homes that are valued in excess ofhundred thousand dollars. i have whole counties in my congressional district which i doubt have any homes valued at 700,000 on the county tax roles. >> in last 30 seconds you need cooperation from the senate, legislation out of the senate, the banking committee is looking at this. passed an fha reform bill and need help from the white house. what are the prospects of bipartisan fha reform and gse, fannie, freddie reform? >> relatively speaking i'm more optimistic about those prospects than other prospects. clearly the senate seems to be moving in that direction. the white house indicated they're interested. we passed a bill out of the committee, we hope to get it to the floor soon, in order to be a member of congress you have to be an optimist. >> chairman hensarling, house
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financial services committee. thanks for joining us. we'll be watching this. lori, adam, we'll stay here a few more minutes and do an additional series of questions for the chairman for five more minutes. post exclusively to the website, look for that on the website a bit later. back to you. lori: peter barnes thanks for bringing us that. adam: small business, big burger. from zero to 22 locations in just four years. coming up in next hour of "markets now", new miami burger founder, adam fleishman. when we made our commitment to the gulf, bp had two big goals:
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metamucil. 3 amazing benefits in 1 super fiber. tdd#: 1-800-345-2550 life inspires your trading. tdd#: 1-800-345-2550 where others see fads... tdd#: 1-800-5-2550 see opportunities. tdd#: 1-800-345-2550 at schwab, we're here to help tdd#: 1-800-345-2550 turn inspiration into action. tdd#: 1-800-345-2550 we have intuitive platforms tdd#: 1-800-345-2550 to help you discover what's trending. tdd#: 1-800-345-2550 and seasoned market experts to help sharpen your instincts. tdd#: 1-800-345-2550 so you can take charge tdd#: 1-800-345-2550 of your trading. tracy: hey, good afternoon, i'm tracy byrnes. ashley: i'm ashley webster. the obamacare website went down today after suffering yet another glitch this weekend. all of this days before the health and human services secretary kathleen sebelius is set to testify on capitol hill. coming up gerri willis will be weighing in and i think she will have a lot to say.
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we want to hear from you as well. our twitter question of the day, are the computer glitches just the tip of the iceberg for the obamacare website? tracy: this has been a disaster. talk about two for the price of one, well, sort of, not exactly, but this is the first quarter where apple will have sold two new iphones instead of one. with nine million new iphone 5ss and 5 ss and 5c, only sold not nearly as much we'll talk more about that. expectations are high for apple's earnings. we have a preview of that coming up. ashley: samsung hitting the hardwood. a new partnership with the nba has the south korean tech company sitting pretty courtside. details of the $100 million deal in our tech minute. that is very old school, isn't it? old, dr. evil. time for stocks. let's go to nicole petallides on the floor of the new york stock exchange. nicole, at least we're drifting higher, i guess you could say. >> we're posting some gains, it
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is up arrows or down arrows. on the dow and s&p is up arrows. the truth we've come off of earlier lows. the s&p 500 is set to close higher, actually locks in a record close. this is on the heels of when we're looking here at the dow which is not too far off session highs, the dow has been up three straight weeks in a row. each of those weeks has been more than 1%, right? imagine 1% every single week of your life. not bad. dow higher by 19 points sitting at 15,589. we'll look at homebuilders on the heels of pending home sales. it really shows customers are nervous. for the fourth month in a row we'll see numbers pulling back, so much so, the worst number since 2011. 5.6% drop in existing home sales. people are nervous after they had higher mortgage rates. don't forget prices of homes are higher. last but not least looking to washington and uncertainty. back to you. tracy: just a little. ashley: just a little.
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tracy: thanks, nicole. see you in a bit. the obamacare enrollment website is now fully functional, after it was like halted yesterday due to a glitch. actually gerri willis is shaking her head, maybe not that much? rich edson live in washington, d.c. what is going on with this, rich. >> washington uncertainty? what more uncertainty do you want? listen, leaving the website and its other issues for contractors and administration to resolve in the obamacare website, administration says you can most applicants can expect a working online exchange end of next month. contractors say the site is improving every day. congress has two hearings on the website construction and performance. on wednesday lawmakers get their chance to speak with health and human services secretary kathleen sebelius. in an exclusive interview with fox business the committee's chairman, fred upton, says he has a difficult time believing the administration's latest
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timeline. >> they looked us in the eye, said it would be ready october 1st. now they tell us it will be ready end of november. it is, it is not good answers and their credibility is lacking for sure. >> democrats also criticized the rollout of the exchange website though they say the government will fix the problems and republicans are hoping the law fails. before sebelius testifies wednesday a separate house committee will hear from the administrator of the centers for medicare & medicaid services tomorrow. cms is the group that oversees the online exchange. back to you. tracy: i talk to you lately, rich, and i feel like i'm dumfounded. what do you say to that? god, get it together! rich edson you're greatest understanding all this stuff but honestly. ashley: rich has that effect on people. >> sorry. tracy: frustrating report on it day after day after day. that is what we do here. ashley: i think it is like that for all of us. well-done, rich, that's why you
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get the big dollars. big elephant dollars. always looking to hear from you, of course, our twitter question are the computer glitches the tip of the iceberg for the obamacare website? gerri willis joining us now. gerri, i pose that question to you. is this just the tip of the iceberg. tracy: i feel like it has fallen over, the iceberg, fallen into the ocean and down at the bottom. ashley: halfway to the bottom. tracy: the polar bears are trying to pull it out. >> what was the question again? there are polar bears -- look, here's the issue. here is what we should be focusing on today. the site of course is not working. reality one day it will work. probably not november 30th. i would be shocked if that happened. some day it will work, when it does lots and lots of people will sign on. this entitlement program we ultimately can not afford. republicans have been focused on the idea, the exchange, the exchange, doesn't work and it doesn't. lots of props with it even this weekend. i have to tell you there are more problems, one, two, three,
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coming after that. the website should have been the easy part. now we're coming to the hard part, how do you provide coverage to people? what kind of coverage, what levels, how do we afford it? big issues are around the corner and down the pike. tonight we'll talk a lot about issues of affordability. who else gets hurt? medicare folks, deeply worried what is going on with this website. they think it will hurt their coverage, their care. they're convinced doctors will drop out of the system because they don't want to be a part of this. ashley: yep. >> of course young people, they don't want to sign up people because they see such increased costs. we'll answer live questions, 6:00 and 9:00 p.m. be sure to join us. call us. we'll have an 800 number that you can drill directly. get in touch with us. i will have a panel of experts on to help you understand what the heck is going on. ashley: we're not getting clear answers from the administration, that is the problem. tracy: everybody is dumb pounded at this point, one, to your point, the website, that should have been a lay up because you still have all the taxes you
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will have to deal with. still this notion that no one is hiring. we're at 49 employees basically forever from here on out. you still have all that stuff to deal with. >> lots and lots of stuff to deal with. i have to tell you the level of concern and worry i get from our viewers is astonishing. ashley: right. >> the lack of information, the administration has done a very poor job of laying out what this thing is, i get questions, i have coverage for my employer, do i have to sign up for obamacare? no, you don't have to. ashley: yeah. >> there is lot of misunderstanding out there. we'll try to clear the air a little bit. let you know what the latest and greatest is on obamacare. what you can do and what you need to know to keep you and your family safe because at the end of the day it is all about your coverage, it is all about getting care. ashley: you could end up paying more with less options when it comes to physicians you may want to use. the biggest complaint i heard so far, it is supposed to be saving us money, it is costing more. >> it is costing more. people got coverage denied they
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currently had n florida, one woman went on obamacare exchange to sign up. now her costs are 10 times higher. ashley: ouch. gerri, thanks very much. do not miss "the willis report" special call-in show live at 6:00 and 9:00 p.m. eastern time. i'm sure everyone out there has questions. give the line a call. get answers. watch it r fox business tonight. do not miss it. tracy: no. awesome service you're extending to our viewers. >> everybody wants to know. tracy: you will be on the phone till midnight, by the way. >> could happen. tracy: thank you, gerri. so you think your kid or grand kids are a tech genius? they are starting on the ipad and tablet devices younger and younger these days. tell you how young in our tech minute. ashley: could teach me a thing or two i'm sure. extra seat room is always a good thing but not when you're an airline. the u.k. may be dealing with a major storm. hurricane-force winds in the u.k. come winter they and rest of europe will have seat
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capacity issues. might get cheap deals, you never know. we'll have the information after the break. tracy: look how oil is trading still below that $100 a barrel limit. 98.51 colorado lars a barrel up ever so slightly today -- $98.51 a barrel. we'll be right back. you make a great team.
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stop taking cialis and get medical help right away. ask your doctor about cialis for daily use and a 30-tablet free trial. tracy: that time of day, pot to make some money. charles payne is here. at this hour he is taking a peek at the tech sector at f5 network. you've been following them for a while. >> they reported other day, up seven or eight bucks in the after-market. promptly gave it all back. and then it went down. but it settled since then. the dust has kind of settled. i looked at numbers again and again. they beat the street pretty good. you could say guidance was mixed. bank of america downgraded them to neutral. cantor says it's a buy. it is still target of 110 which is pretty robust target for where the stock is good. margins look better to me. they have a lot of new products
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against a long array of different areas so i still like it. it is one of the few tech stocks not at a 52-week high, all-time high because over the last week, guys we're seeing a lot of, particularly the momentum names, rotation out of that, maybe just anxiety ahead of the fed meeting and stuff like that, but the tech names, momentum names are starting to give it up a little bit. this one is holding in there, albeit gave up gains from a couple days ago. >> volatile you could say. >> extraordinarily volatile. use0 for a stop before tracy asks me. tracy: that was my next question. >> that was your next question. next leg up will probably be 93. that is huge upside tech resistance for it. tracy: that's a good one. >> that's a good one. think think might work out. this is one of those survivor names. i like this whole networking space. ashley: competitive niche. >> very competitive. i'm hoping there will be some sort of a, some acquisitions if you will. ashley: okay. >> some big names in this space, they have a lot of cash and they need to sort of spice it up as
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well but i'm not saying this is a takeover play per se but could be nice. ashley: doesn't worry you, the b-of-a downgrade? >> not really. tracy: what about apple? >> you know, apple, i think apple, the bias will stay mildly to the upside but they can't keep doing these sort of calls, conferences, guess what, we've got five new colors? do fewer of these things. i know steve jobs magic is hard but i think you need to, you know, i think the company needs to pull back a little bit. don't press issue. don't worry about carl icahns of the world. stick to your game. don't force it where you have the conferences where you wow us with five different colors. they don't need to try every other week and leave us feeling flat because almost every time that tim cook stepped out there i think for the last year or so -- ashley: people want something revolutionary. that is the problem. they're retooling what they already put out. >> exactly, exactly. ashley: they're not excited about that. >> the little tweaks are not
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move moving the stock. but a pure valuation play at 700 you could argue it was you know valued, you know? ashley: thanks, charles. coming up to quarter past the hour. time to get a check on these markets. nicole petallides down at nyse. nicole, what have you got, what are you looking at? >> watching the s&p 500 which is hitting and gaining new highs today. we'll watch that to the closing bell. petrobras, think of oil there in brazil, look at it now, it is up eight 1/2%. what happened recently, they're discussing a new fuel pricing strategy which will allow the company to more easily align the domestic prices there compared to the costs abroad and what jpmorgan is saying, hey, anything they can do to try to have more continuity between the local prices and more customary price will actually be better for their earnings future and at least that predictability. so that is some good news for them. you see the stock is jumping.
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we've seen stocks from abroad, brazil, chile, mexico, all doing well. ashley: thank you very much, nicole. we'll check back in with you at bottom of the hour. severe storms across europe today. a newnew reports coming in saying there are now at least 13 deaths. the u.k. and germany have been hit the hardest at this point. hurricane-force wind up to 99 miles per hour, causing pouter outages, shutting down traffic, snarling air travel as you can imagine across the region. this is the worst storm in britain in over a decade. a hiccup for europe, air travel is surplus of empty seats. availability is expected to rise 10% during the november to march period compared to last year. good news for travelers looking for cheap flights. bad news for airlines like easyjet, lust town that and ryanair, so on, ryanair trading in the red today. of the not filling planes. might get good deals in europe. tracy: that is something i
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suppose. ashley: yep. tracy: how about this? burger king serving up some profits. must be the apple fries. earnings show costs dropped 90%, that's right, 90%. we'll get impact on the stock live, coming up. ashley: been one year can you believe, since superstorm sandy caused over $65 billion in damage on the east coast. the rebuilding continues to this day. our. liz: is live where a -- liz macdonald is live where a 200 million-dollar boardwalk is expected to be constructed this winter. it's a growing trend in business:
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do more with less with ss energy.hp is help. soon, the world's most intelligent servers, designed by hp, will give ups over twice the performance, using forty percent less energy. multiply that across over a thousand locations, and they'll provide the same benefit to the environment as over 60,000 trees. that's a trend we can all get behind.
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>> at 20 minutes past the hour i'm lauren green with your fox news minute. spain has become the latest country to accuse the u.s. of spying of the spanish newspaper el-mind dough said the u.s. spied on 60 phone calls in one month. spain summoned the u.s. ambassador following allegations. white house says the u.s. intelligence procedures may require additional constraints. the doctor convicted of involuntary manslaughter in the death of michael jackson is a free man. conrad murray was freed after two years of serving his four-year sentence. he continues to appeal his conviction. >> world series is all tied up at two games each.
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jonny gomes hid hit a tie-breaking 3-run homer in the sixth inning with a 4-2 win over the cardinals. he was put in the lineup after chanel victorino couldn't shake off a bad back. catch all the action on fox sports. now back to ashley and tracy. tracy: lauren green, thank you very much. $65 billion, is the dollar amount on just the dollar amount caused by hurricane sandy across 24 states, making it the second costliest hurricane ever in the u.s. and lizzie mcdonald is live from rock away, new york, an area hit hard by sandy next year. that is a area very near and dear to your heart. >> tracy, thank you. good to be with you and ashley today. i'm standing here with palmer doyle. palmer is a former firefighter for new york city and he is very active about issue that is really affecting not just local
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area hit by sandy but you said 17 million nationwide. tell us. >> right now there were six million people insured by the national flood program. >> yeah. >> that will increase to 17 million with the growing, changing of flood maps and the difficult floodplains. what it is going to entail is any people that are now paying anywhere from 5 to $1,000 lars for insurance in five years will look anywhere from 9 to $30,000 in flood premiums. >> you're saying people are waking up discovering that all of sudden they're living in a floodplain and they may not afford to live in their homes, is that it? >> unfortunately some of the people haven't woken upand found out. after they do, this is major shock for poor people this is nationwide not just new york problem. 50 states. >> they don't know it is happening. >> don't know it is comeing. >> this from a law president signed ironically before sandy struck, correct. >> waters act of 2012.
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>> congress may move to stall the price spikes in insurance right? too. >> they're trying. we have both members of congress and senate trying to come out with different bills. >> okay. ashley, and tracy, i want to show you a shot what is going on here in far rockaway queens. the boardwalk is yet to be rehabilitated and fixed. we're due east of breezy point where 350 houses were burnt to the ground or flooded out. this is area, beach community area when sandy struck, people were rescued on kayaks and canoes and surfboards. we'll be live going throughout the day, covering a one year-anniversary of hurricane sandy. this is community still struggling to get out from under that superstorm. sending it back to you. tracy: lizzie mack, thanks for that. it is a year, right? >> can't believe it. tracy: people are still suffering. ashley: ironically hurricane hitting europe on this very anniversary. today's pending home sales latest less than stellar economic report that may have the fed considering options
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other than the taper. so what else is in the fed's tool box it hasn't used yet? that's next. tracy: hit the hardwood. a new collaboration has samsung has them shooting for more than three points. we have that story coming up in the tech minute. but you got to take a look at some of today's winners. the biggest being, jcpenney. who would have thought. it reaffirmed that it will have positive comparable store sales, coming out of q3. crazier things have happened i guess. it is up almost 9%. we will be right back. [ male announcer ] once, there was a man who found a magic seashell. it told him what was happening on the tradg floor in real time. ♪ the shell brought him great fame. ♪ but then, one day, he noticed
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sometimes they just drop in. always obvious. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. more red and green you have consumer staples doing well.
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procter gamble. coca-cola even mcdonald's in the grain. united healthcare no surprise with obamacare and merck are some of the big losers. nicole petallides is on the floor watching the burger king it is the apple tries. >> they have the new satisfies and the apple slices whatever it is we have to give burger king it's due because the stock is up 6% and posting a profit they continue to expand looking at the franchisees they did very well abroad middle east and africa and asia u.s. sales were flat to the down side but that was on par from mcdonald's. they also raised the quarterly dividend so we did see a great report as a flash costs and that is why
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you'll see a nice jump in the burger king stock today. ashley: two short months ago investors were convinced bernanke was going to pull away the punch bowl but now weaker data emerging some are suggesting maybe they need to add more juice. >> we are hearing some economists say we have seen economic data come in weaker with fiscal uncertainty here is in washington on capitol hill now. and janet yellen nominated to the fed a bit more dovish there are a handful that says investors should start rule out that the fed may increase the quantitative his seat -- easing and bond
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purchases to keep interest rates down if the data supports that. we have this comment out from an analyst at societe general that now the question maybe whether the fomc may increase asset purchases at the next meeting next week or whether it includes language in the fomc statement that indicates they are strongly considering the option. we talk to the u.s. economist for another french bank that acknowledges economic data has been weaker but she thinks the bar for increasing quantitative easing is pretty high. >> i am not sure qe is the route to that it would go but possibly explore other options. one of those that the fed
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might choose to consider is that what the bank of england did when credit was tight for consumers with direct lending facilities that but many for consumers and companies in the effect of lowering interest rates on loans. ben bernanke said the fed has lifted that program. maybe it is something they will consider. ashley: why not. with risks becoming more balanced my next guest says with the bigger near-term concern could be going away but the story could be different for the europeans. with zeros known chief investment officer, thank you for joining us. let's pick up the conversation.
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is it your belief based on this very anemic data of the housing numbers of house sales was awful could the fed had to the bond purchasing rather than tapering? >> yes. with some informal conversations, not policy makers but those that work there, there is a sense they're willing to increase quantitative easing if the data requires it. we need 2.0 existing home sales is probably not the best barometer of housing because it doesn't necessarily looking at overall demand but transactions. and really we want to focus on new home purchases as a better barometer of growth and that seems to be pretty well on track. ashley: that's true rising interest rates azine the
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economy it does seem to be sputtering. >> if you take that $85 billion per month it is into mortgages and it is possible perhaps they could keep the 85 billion in place but shifted to the mortgage direction. ashley: how much is there a disconnect, a jacket -- jack with the economy? it seems the market is living in the folds paradise with the cheap money but at some point the party has to end. from the investor's point of view it is difficult to figure real value? >> talk about the punchball and has been spiked. you are absolutely right. year over year relationships
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the correlation between the economy in the market can sometimes spread apart did you lick it all the ingredients driving the market it is not evaluation. it is not table pounding cheap but on the of the hand, we have huge amounts of liquidity over $1 trillion coming through the system and another half a trillion dollars coming in through fiscal deficits. we have a lot of stimulus helping to support liquidity and momentum is strong. look for example at the market to the movie average and actually if you look for that is generally a good thing if you start with a high moment the market you tend to continue to get the high momentum market. ashley: what do you tell
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your clients? >> stated just because it still seems like a good environment for risk taking but the best opportunities right now are in the foreign markets trading at 10% discount and starting to get incremental growth in the emerging-market is trading with single digits price earnings ratios even with a soft landing or a hard landing economy is going at twice the rate. ashley: the result has been turning things around with the strong zero or the weak dollar that will hurt the recovery? >> it will. we are hedging the euro exposure back to the u.s. dollar because reducing the catalyst for your a pass to be on the back of the weaker
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euro indeed when to hold those of your investment because the net comes back on the currency. ashley: great information. thank you for joining us. >> now to the new york stock exchange gearing up for the tweeter ipo running the test over the weekend so the shares are expected to hit the market november 7th and it is expected heavy trading traffic on that day and wants to avoid the same hiccup that the facebook ipo brought to the nasdaq. never before the ipo they want to confirm the test run was very successful. good thing. taking a high-profile offer for all nba games the league to provide monitors for referees. in a $100 million, three-year deal samsung will supply the
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tablas and monitors to review the close call it is the world's largest seller of flat panel tvs and phones with high-visibility during the game in the season begins this week. really? the new study shows many kids are using mobile devices. a report from common-sense media shows 30 percent of kids under the age of to have used a smart phone or tablet to watch videos or play games the number jumped 72% under the age of eight. the founder says this is a true sign the digital generation has arrived. my kids take tests and quizzes online the whole market's online. there is no paper in the house practically any more. it is cool. ashley: and then they tell you what to do. >> there is that. [laughter]
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ashley: 90 minutes away from the fourth quarter report in june dash sales coming out and we will cover preview. >> 22 locations later in four years we will talk to the founder of monte burger. [ male announcer ] imagine this cute blob is metamucil.
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anand this pk is the inside of your body. see, the special psyllium fiber in metamucil actually gels. and that gelling hes to lower some cholesterol. metacil. 3 amazing benefits in 1 super fiber.
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>> detroit the emergency manager says he did not think it was necessary but seven or said he thought bankruptcy could have been avoided injury if creditors made concessions but they did not do. they built by a july 18 chapter 11. twitter is expected to be unprofitable in 2015 and posting losses for the next year's spiking a slower revenue growth but it will have the ideal of november 6. worldwide output up after it fell because of bad weather in europe the international organization credits higher vineyard activity. back from 2006 and that is the latest from fox business network.
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tracey: for the small business big ideas segment. the next best decided to open his own restaurant to markets around the world the american cheeseburger or any other kind that you want. a first location in 2009, for years and 22 locations later umami. is still expanding. thank you for being with us today. he opened you do burgers not pizza because that is the other all-american food but do this with the. why? what was wrong with the cheeseburger up the street? >> i noticed the brands and concepts behind the burger industry were between 50 and
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80 years old and had bought and modernized for today's food culture. i was into that and i said let's create a new concept and people responded the. tracey: and how you came up with the many literally you had cash but you used credit cards. it is so hard for larger producers to do something like that. >> i used a combination of cash and credit card and kept a low budget to focus on the food. to pick up the existing restaurant space to do the best we could on a low-budget. tracey: these are serious gourmet burgers first of all, men what does umami burger need? >> the unsavory taste for the fifth taste that is the concept linchpin to focused
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the taste because umami burger was becoming very popular that could reinvent the cheeseburger different types of cheese is that we made, a partner shaanxi's that was not on burgers before, truffles, mushrooms and a new condiments. tracey: and welcomed with open arms. 23 restaurants your revered city restaurant opened in july. a three hour wait? i cannot remember the last time i waited three hours for anything. is is still like that? >> we implemented a system it takes the phone-number two text when it is ready. people can go home or come back here get worked out great. we could do it without the system because the sidewalk was not that big. tracey: you own all of these
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no indeed to franchise. world friday until center is coming down the pike do you worry about obamacare, the regulations of that coming down? you do have 65 full-time employees. >> we do. every time a new regulation comes out we have time and tell it is implemented so we have some time to work on it and figure it out to approach it with the best way. tracey: i have 2.0 one more thing fortress investment group, $20 million they gave you to open one? this is some burger. i have not had one. >> revenues have grown exponentially every year. the burger business is a solid and great business if
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you can stand out. it is a great investment. tracey: so much for the celery sticks and vegetarians out there. thank you for being here. ashley: oil at $90 a barrel. that is what if you wall street firms are predicting even with the wailes sell-off some energy stocks will gain and sandra smith has more. >> we only say what happens here has a big impact of the stock market as well. oil is no different looking above $100 a barrel for quite some time it was below 96 last week now they say it is going up at 90 by the end of the year. jpmorgan analyst says that does not deter us from buying oil stocks they're very bullish on that energy sector and comical philips
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reports on thursday the stock is up 28% so far this year. it pays a 3.8% dividend, it has substantial acreage in west texas where oil production is booming in the corporation reports on wednesday up 57% this year but jpmorgan said it is said by for a shared by back with a consensus that 87. also occidental petroleum so while we may look at oil prices coming down they are elevated levels and u.s. is raping a production and talk we could be exporting of some oil. not a bad time for the integrated oil stocks.
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hley: a good point. thank you. tracey: is a quarter till time for stocks at the new york stock exchange. apple is reporting fourth quarter earnings after the bell wether you looking for? and passed to be more than how many phones they sell. >> in coming up with the reason for disappointed i don't expect this to be different. people are always burned on that and i will caution people there is a lot of under currents in the gap performance carl icahn in its involvement another
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reason not to sell the stock on the news. to talk about apple's earnings going into this quarter they will not be reflected greatly that they will come in line or surprise a little. it was really quite interesting as a shareholder. to talk about a redo or repackaging. but i'd like to see what we have been hearing about with this tv come to life. may be the watch come to life. compare what they talk about doing with their watch as they did with the amazon can go. steve jobs said amazon kendall was a great first
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evolution product but they have redone it with the ipad of would like to see that with so watch so it is wait and see as said shareholder i am getting weary of the repackaging. tracey: that was a great wrapup. ashley: people saying the same thing. keep their right here. full coverage across apple's earnings after the bell for a copy of the eastern. also the new mac pro of wearing red when it is auctioned off next month. they have teamed up to note auction of thoroughbred pro version expected to go for about 40,000 as a special charity fundraiser to help fight aids across the global sow solid cold apple earplugs also a piano and
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apple has raised $65 million for product read. tracey: that is cool they had a red eye upon also. coulter interiors? freaking me out to a little better. netflix takes on the mystery movie theaters and we will have the newest box office battle. the dow was up 25 points. don't go anywhere. hp is helping ups do just that. soon, the world's most intelligent servers, designed by hp, will give ups over twice the performance, using forty percent less energy. multiply that across over a thousand locations, and they'll provide the same benefit to the environment as over 60,000 trees. that's a trend we can all get behind.
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ashley: netflix flexing its muscles and tendons has more. that kidder giants took place over the weekend that its chief content officer
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tells a hollywood audience that theaters so that the first run premiere movies at the same time it is that the theater because of lukewarm response out backward movie theaters are by comparison. comcast tried this two years ago with our eyes open on demand on cable the same day the film opened in charging a far higher price but the theater chain had a fit and put the kibosh on that. netflix executives say theaters title -- stifle innovation of a return to. >> the model has been tried and tried area theater owners stifle this innovation every turn i am concerned as they straggled innovation and distribution not only will they kill theaters but maybe movies still mcintyre the true about the owners but not a
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great way to reach out to get their buy yen for the netflix. ashley: those are fighting words. to shows how you feel about yourself if your stock is up 400% per year you thank you are all that that this is hell it will be. ashley: they have to be careful. tracey: coming up apple is about to release earnings so we will find out just how many of the new eye phones were sold. talk to the accurate it analyst on the planet about what to expect and why fourth quarter earnings are a side show. the dow was up 21 points. don't go anywhere. hot d so does bill, an identity thief who stole mary's identity, took over her bank accounts, and stole her hard-earned money. unfortunately, millions of americans just like you
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we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. bounce keeps my clothes fresh for weeks, even when they've been sitting in the drawer a long time. like those jeans you can't fit into anymore. that, i mean... [ male announcer ] how do you get your bounce? long-lasting freshness. ♪ ♪ liz: well, good afternoon, everybody, i'm liz claman. it is the last hour of trading,
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and, yes, we're doing more than just waiting for apple's earnings. it's an action-filled market. one where we just might see up to three market records broken in the next hour, so you've got to stick with us. we're looking at a couple of intraday highs, the s&p 500. it hit a new intraday high already of 17 63, if it closes above 1759, it would be the sixth record finish in october and the 31st record for the year. it's been a good year. names like jcpenney of all names, yes, bristol-myers squibb and avon are leading the s&p higher, but there are a lot of names piling higher and deeper to bring this index up. we do have another intraday high, it's the dow jones transportation average hitting 1760. companies you likely hold or held at some


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