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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  March 26, 2015 3:00pm-4:01pm EDT

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shiite rebels storm into the region. saudi arabia launches new airstrikes targeting the rebels in yemen's capital city and rebel held military installations. we'll keep a close eye on that story. "countdown" with cheryl casone starts right now. >> thank you very much. well, who is flying your planes? (?) the investigation into the doomed german flight focuses on a a troubled copilot. why the captain was unable to get into the cockpit. we'll ask a former faa crash investigator and a federal air marshal during this hour. markets getting shaken by events in the middle east. saudi arabia launches airstrikes against rebels in yemen. protests then break out in the streets of yemen. now there are reports of highly sensitive documents getting into the wrong hands. we'll tell you what is at stake and why it could impact what you
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pay at the pump. all that uncertainty causing the so-called fear index, the vix to spike as high as 11% today. it's on track for a fourth straight day of gains. but there are a couple of widely held stocks standing out in today's seesaw markets. we'll tell you what those names are. last hour of trading. let's start the "countdown." ♪ cheryl: and good afternoon, everybody. i'm cheryl casone in for liz claman today. a lot of breaking headlines impacting the last hour of trading. adam shapiro is following the germanwings tragic in the french alps. the copilot crashed that plane. rich edson watching the reports in yemen. as well as if saudi or egyptian troops are on the ground there. what that means for oil
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prices and us security. we're days away from from the deadline on iran. how likely it is for a nuclear deal is going to be struck with iran. we have traders on the floors of the new york stock exchange, the cme, and the imax. breaking this all down. wild day. crossing the unchanged level 50 times so far. markets will be coming back. we'll track the numbers for you. now, to the latest developments in the germanwings flight crash. a french prosecutor says 28-year-old german copilot andreas lubitz deliberately crashed that plane killing all 150 people on board. 150 people. adam shapiro following all the breaking details. we're getting new video in from the crash scene. >> yeah, new video coming in. the question you ask as we started. what's different in the united states than say in europe is a key one. let's show the video, the airbus training video. we'll show the crash video.
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the airbus training video shows the cockpit door. then there's a control panel which can override if the door has been locked as the investigators are telling us happened in this case. in the united states, that also exists, but if a pilot leaves the cockpit in the united states, a flight attendant must join the other pilot in the cocke pilot. cockpit. that is not the rule in europe. that may change. you see the control panel there of being able to override the lock. the pilot inside the cockpit can override the override. that might be an issue. even nancy pelosi is weighing in maybe it's something we need to look at. >> if there were such a -- a barrier between passengers and the galley and the cockpit, however they would do it, better and more strategic minds in terms of safety of the cockpit. but i do think that deserves attention
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again. >> and finally, cheryl, there have been incidents where pilots have locked the other pilot out and crashed planes. this has happened rarely. it happened in africa twice. in mozambique airlines. and ethiopia airlines. it's a very rare occurrence. this is the third time it happened. a lot of attention about overriding the override of locked the door. >> we'll have more on this with guests coming up. thank you very much, adam. we're following things overseas. tensions are rising in yemen. saudi arabia launches airstrikes against the hewitty fighters who have taken control of the city and stolen us information. here is why this matters to you. spike in oil prices could mean pain at the pump here in this country and the next couple of weeks. rich edson is following this story for us. >> good evening. this has become an active regional issue as well as a continuation of a proxy world on the west side of the
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country, fighting with iranian backed rebels fighting against the sunni regime and the allies to the north. uae and bahrain joining in airstrikes against those rebels, the us throwing their lot with the monarchies, but stressing at the state department earlier today that it's not choosing a religious sect. >> we urge the hewittys to halt destabilizing action. we spoke out for a political dialogue process. we're not taking -- taking sides against -- against shia faction against the sunni faction. we're trying to promote a dialogue process in which the views of all yemenis can be taken into account. >> cheryl, you had mentioned earlier, conflicting reports as to whether egyptian and saudi forces had crossed the border in yemen. ground forces. the pentagon says the us has no actual
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intelligence that that has happened. back to you. >> we'll keep our ears and eyes posted. rich, thank you. well, the us and iran are resuming negotiations today with hopes of clenching a nuclear deal before the march 31st deadline. but will a pact be reached by this fast approaching date? let's bring in peter barnes who is following this side of the us story. >> us officials say while the two sides have made progress in the talks, again, there is no guarantee of success by the deadline next week. secretary of state kerry is back in switzerland for the negotiations with his iranian counterparts. they met this morning. as the talks began, washington and tehran took opposite sides on these airstrikes in yemen led by saudi arabia. the us backing the saudis. the iranians backing the rebels. kerry brought it up with the iranians, but the us says the saudi campaign is having no impact on those nuclear talks. in a deal, as you
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recall, the us wants to make sure it would block the paths for iran to obtain a nuclear weapon in exchange for dropping those crippling economic sanctions against iran. cheryl. cheryl: all right, peter barnes. live in d.c. peter, thank you very much. we have a news alert for you right now. two cousins in illinois, one of them a us soldier, has been arrested for allegedly expirinconspiring to help -- he was trying to fly to egypt to join isis. his cousin jonas who is a us citizen was arrested in his home in illinois and was suspected of planning an attack on an illinois military installation. the plot was discovered when the cousins asked an undercover fbi agent to assist in that attack. how do you trade all of the headlines that are crossing in the news? let's go to our floor show. traders at the new york stock exchange. the cme group.
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i begin with jonathan on the floor of the new york stock exchange. all of this is adding to volatility today, jonathan. we've seen the vix up another day. what does that mean? >> there's a lot of fear in this market. just listening to the last eight minutes of your lead-in. all the negative headlines, we're consumed in this. as we get geopolitical headlines coming out. as we listen to economic data in the u.s. investors are forced to move away from this market. yes, the market has had a good run. in the long run, we'll continue this step moving higher. on the short-term basis, the market is so unsettled. we haven't had these type of headlines recently. the market doesn't know how to react. the only good light we have, end of quarter is coming up. usually see window dressing. a little more volume. give investors the time to pick and choose when and where to get into stocks. on a short-term basis that's where investors
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should be looking for. >> dow has come back from session lows. closer to zero than when we opened up for trading this morning. i want to go to phil flynn on the cme. this situation with iran. nuclear negotiations. peter barnes talking about that. at the same time, tension with the saudis. now you have this counterpeg that is yemen. what does this do to oil and gasoline in this country? >> depending on how things play out over the next couple of days. this could mean that oil could break five or $7 or it could rally ten or 20. this is the most significant risk we've seen to actual supply movement in some time. and to be honest with you, i think it could blow up. if you look at what's happening, this is a critical area we're talking about. if you move ground troops into that area, there are critical transportation choke points that if they get shut off, aren't going to -- could have a major impact on price. and the other thing is iran. that's very significant.
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the market has been kind of pricing in over the last couple of weeks that a deal was going to get done. that eventually we would see an unleashing of supplies on to the global market as much as a billion dollars a day. if that doesn't happen, you'll have to figure the math. that's another reason this market could go to the upside if that deal doesn't get done. >> something that john is listening to, i'm sure, phil, that prediction. let's talk about gasoline prices at the pump. how long would it take for retail gasoline to jump higher based on the movement we're seeing in crude these last few sessions? >> all right. we don't have john's microphone on. i don't know if you heard that question. i'd like to hear the answer. give me a time frame for a jump in pump prices. >> go home and fill your pumps tonight. we'll see prices go up.
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not only for this situation, but also because this is the time of year the prices go up as we get closer to the summertime. i would expect to see a big jump at the pump in the next couple of days. maybe five to 10 cents. >> quick jump compared to what we've seen. over the last month or so, it's been nice. gentlemen, thank you very much. john, our apologies to you. we have 49 minutes to go to the closing bell. how and why did the copilot of that doomed german crash get locked did the captain get locked out? do the aviation rules in the us prevent this from happening here? lumber liquidators certainly not taking anything lying down today. charlie gasparino will tell us how they plan to fight back against "60 minutes," that show did a hit job on that company. we'll find out the story from charlie.
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oil jumped over 4%, by the way, on the saudi airstrikes happening in yemen. we talked about that at the top of the show. the airline stocks tumbled on oil. american jet. alaska. all these stocks opened lower. still trading right now. as you can see to the downside in particular american airlines, aal, taking the biggest hit. well, disturbing news. claiming that the germanwings copilot deliberately crashed that flight. has many questioning who is flying our planes. what do we know about them? what can we do to make aviation safer? joining us now, retired united captain, mr. ross. thank you for coming. as we spoke yesterday, we didn't this have information that the copilot had locked the captain out of the plane and took control of the aircraft. your thoughts on what happened on that plane. >> hi, cheryl. if you remember, i said, everything that we talk about usually the first couple of days may be
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totally completely wrong. and this is what happened. obviously i'm shocked as everybody else is. and it's a very sad day in aviation. i don't remember when you flew, did you have the two-person cockpit rule? >> no, we did not. no, we did not. what's interesting now, you know, a flight attendant has to be in the cockpit now in this country. that's the north american rule. at the same time, two airlines in europe, by the way, today announcing changes to the rules. now they're putting a flight attendant up there. you know, we made this change after 9/11, ross, but now it seems to have hurt -- >> that's right. cheryl: in a sad way, the death of 150 people. what's your assessment of the fact that he was locked out? >> well, you know, it's -- more information coming out that this fellow had been on a
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leave of absent apparently for some psychiatric treatment for 90 days. you know, in us, the airlines you and i both know, we do a thorough background check. we do psychological testing. i have to go -- >> when pilots are hired, ross. only when us pilots are hired. isn't that correct? >> true. >> we don't do follow-up testing. i wanted to clarify. >> true. unless there was suspicion, they can do that. many pilots that have been with the airlines for many years can visit a psychiatrist. >> okay. let's talk about the lock. one of the things on the airbus, i was a boeing gal back in the day. but on the airbus, you know, the lock system, there's a code you can hit. if you tried that, then the copilot locked him out with that thirty-second window. is that the same procedure on us airlines as it was --
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>> yes. >> okay. >> the fortress door is designed basically the same for all aircraft. the one on the airbus is very similar to boeings that you and i are accustomed to. and it does have a key path outside when a person leaves, they put the code in, obviously that secret code. and if within 30 seconds that entry is denied, no one can get into that door. and the door did exactly what it was supposed to do. unfortunately, this time it kept the good guy out. >> it did. you can't get a grenade through those new doors. >> no, you can't. >> one thing that i found interesting with the press conference with the lufthansa executive was the fact that the copilot andreas, he trained in goodyear, arizona. he was there for four months. we should say that that
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facility, not picking up the phone calls of fox producers right now. we're hearing here in shock that a pilot they trained recently, we should say, what, four years ago, did something like this. there's footage of that goodyear, arizona, facility. should they have caught the fact that he might have had issues? >> that's kind of hard when there's a student pilot nervous. but, cheryl, these low-cost carriers that are sprouting up everywhere especially in europe to answer to ryanair, these low-cost carriers. they don't have all the steps that we do in major us carriers. and my fear is that, as you know, ryanair wants to come to us right now, which is a low-cost carrier. they don't follow the rules. they don't have the experience level that our flight crews have. this fellow only had been with the airline for less than a half year. he wasn't vetted.
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that's the scary part. >> yeah, 600 hours, ron. >> yeah. oh, boy. >> 600 hours experience. i have pilots that have -- >> i have copilots that have 10,000, 15,000 hours. we don't do that in the states. thank goodness. these low cost carriers. they're grabbing anyone from street with very little flight time with hardly any background checks. that's going to be scary. i hope we do something about that. >> yeah, i think we're starting to already. the europeans are taking the lead. i think that will give some comfort to those of us traveling to europe this summer. thank you, ross, for joining me. good to see you. >> my pleasure, cheryl. >> as i mentioned, the airline sector under pressure. the markets under pressure. thirty-nine minutes to go until that bell rings. lumber liquidators stock giving back some of yesterday's big gains. are they planning to hit back against "60
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minutes" over the show's reporting about alleged toxic flooring. charlie gasparino has the details on that story. you'll only hear it here. the war between oil giants saudi arabia and iran. what is at stake in yemen? now that we have this happening once again in the middle east. we'll take a closer look at what it means to you.
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♪ cheryl: all right, the closing bell, it will ring. thirty-four minutes to go. one name you want to watch as we move into the close. sandisk. sndk. stock down 18%. almost 19%. they help you back up your computer. the company lowered first quarter estimates to 1.3 billion from 1.4 billion. that's hurting the stock. lumber liquidators stock is back down again today. but now we're learning that the flooring giant might be gearing up for a major legal battle
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over a damning report done by the cbs show "60 minutes." charlie gasparino is here with exclusive details. >> i'm getting this from investors speaking with company officials post yesterday's announcement. a national regulatory body will look at laminates and floor products. that is launching an investigation into what "60 minutes" contented that lumber liquidators product contains high levels of carso cartridges. the stock was up. even though the dow lost 150. the way they'll test it. (?) they won't use the "60 minutes" method of testing it. they'll use the same method that lumber liquidators tested it. what they're telling investors, they're waiting for this regulatory review where they test the product in this sort of constructive manner, rather than a deconstructive manner that cnbc did. i'll get back to that what that means in a minute. what that comes in.
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when they get the green light from the national regulators, there is a good -- better than even chance they're telling investors that they'll sue "60 minutes" for life. we asked "60 minutes" for a comment. put it on the screen. they basically said they've done nothing wrong. well, that's the lumber liquidators comment. they didn't comment on the litigation. but "60 minutes" has a more. yeah, there we go. lumber liquidators said last week. they basically confirmed that lumber liquidators is hinting at a lawsuit. several federal and state regulatory agencies are working to investigate the issue. we look forward to the results. >> those results exonerate lumber liquidators and not "60 minutes." >> that's the problem you can have. >> i will say this, the stock is all over the place. it's up, it's down. it's way off the highs after the report came out. i think it was a 45-dollar stock at that point. but i tell you, there's
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a lot of -- and it's down today after having a rally yesterday. there are a lot of hedge funds who tell me that the deconstructive manner where you take pieces of it, where you pull out elements of the flooring instead of testing the flooring as a whole that people use is not the way to test it. by the way, if you deconstructed this cell phone, i bet you could fine chemicals in here. >> god knows what's in there. >> that doesn't mean they'll outlaw cell phones. as a whole, this is not a cancer causing agent. if you pull out pieces of the plastic, you'll find something in that plastic. that's the argument that lumber liquidators makes. a lot of hedge funds are making that bet as well. this is a stock that i herbalifs sense. it will be a little of volatility as this thing plays out. the company clearly thinks it's been wronged
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by "60 minutes." and to some extent, whitney, the short seller who has been very negative on this stock, some say whitney gave "60 minutes" the entire story. whitney had no comment on this. clearly the company is now telling people, following yesterday's announcement, it is emboldened. they've always had a lawsuit in the back of their head. following that lawsuit, they're emboldened to possibly do a libel suit against "60 minutes." they think they'll be exonerated at some point. the damage is where the stock price began and where it ended up afterwards where a lot of people lost a lot of money. >> great stuff. thank you, sir. an important programming note for all of you. don't miss tonight's episode of fox business' hit show "strange inheritance." about two forgotten tv actors who inherit a fortune from an illinois hermit they never met. >> it arrives in the mail with news of a strange and lucrative
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inheritance. >> the letter says, if i got a letter like this, i would think it to be a scam. >> why are we named? >> so is it a scam? >> i said, ray there's a fine line between a genius and an idiot. he said, yeah, i cross that two or three lines a day. >> who is this mysterious benefactor? >> he's a hidden man. >> he didn't have the family life. he didn't have a friend to talk to. he really truly was a fan. >> but an inheritance? that's a "strange inheritance," and a stranger story still. >> all right, "strange inheritance," monday through thursday, 9:00 p.m. eastern right here on the fo fox business network. don't miss it. closing bell rings, 29 minutes to go. yemen doesn't pump much oil. oil prices went higher. why does yemen matter? we'll take a closer look at what is happening in the middle east and what it means to you.
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plus, what are the great unloved stocks in the market? everybody wants love. right? one is a gold stock. some 35% over the last year. time to fall in love with it? our fund manager says yes. he'll tell you why. stay with us. ♪
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♪ >> we are getting some breaking news at fox business. reports from the new york fire department at fdny tweeting there's a major building collapse in the east village of manhattan. i want to show you, you're looking at my computer. i pulled this up. this is the cross-street. this is according to the new york fire department. this is e seventh street and second avenue. east village. if you're not from new york, lower manhattan, kind of a cool hip area.
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a lot of restaurants. a mixed use building. likely it could be a residential building with commercial space on the bottom. that could be restaurants. that could be stores. all that we know right now is the blast happened around 3:00 p.m. eastern time. about 35 minutes ago. unknown about the damage. no reports of injury. we don't have any pictures yet. if we get those, more details at fox business, we'll bring those to you. a major building collapse is being reported in the east village here in manhattan. something else we're following, we're looking at the markets, of course, as we get towards the close. the dow jones industrial average -- excuse me -- turned positive as well as the s&p. we still have the vix at 15 points, which is still a reasonably high number. the dow is even though we're below 18,000, up by four points. almost at 100 points, by the way, this morning. s&p, again, heading higher as well at least above the positive mark. a lot going on. twenty-three minutes to go. let's bring in our
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"countdown" news flash. the in coming director is defending the decision to trade bowe bergdahl for five leaders held at guantanamo. next week will take over at chief white house communications director. you saw her on the air with fox news' megyn kelly. she said the trade was, quote, absolutely worth it. yesterday bergdahl was charged with desertion and misbehavior. life in prison. a us soldier has been arrested for allegedly conspiring to help islamic state fighters in illinois. he was arrested in chicago where he was trying to fly to egypt to join isis. his cousin jonas was arrested in aurora, illinois, and was expected of planning an attack on a military installation. and from nba star to the
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dean's list, troy murphy, $70 million during the 12 seasons in the nba. playing with the pacers. the lakers. now he's hitting the books at columbia university. he left notre dame to join the nba without getting a degree. he's now a full-time student. he used to live to prove himself on the basketball court, but wants to prove himself in the classroom. it proves to be working. get this, 3.8 grade-point average. he made the dean's list. positive news there. new details in the conflict in yemen we've been following. saudi arabia welcomed the president of yemen who fled from the capital earlier this month. saudi is lending their support to abed rabbo mansour hadi as he tries to regain control. the us has backed saudi
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saudis. president abed rabbo mansour hadi. but whose side will the us take as it tries to negotiate a nuclear arms deal with the iranians. cato research fellow tells us what is at stake. the us is in the middle of the saudis and the iranians. we want to work out a deal with the iranians. arranged netanyahu to do it. yet the saudis are our allies. what do we do? >> our relationship with iran is complicated. we're fighting against them in syria. now we're fighting against them in yemen. it's all very complicated. the us seems to have sided with its traditional allies with the conflicts in yemen. rather than supporting the saudis as we always have done. >> let's talk about what's at stake. we're a business network. we saw oil prices really jump. fifty bucks a barrel.
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not that yemen produces a lot of oil. with the situation erupting in europe, the european contract, it does seem there is fear among the investment trader community, what have you, that this will erupt and get worse. do you agree with that assessment, or do you think this situation could stabilize, meaning oil prices would stabilize eventually? >> i think it's what we've seen in the last 12, 24 hours. it's kind of an overreaction. oil prices have jumped. it's interesting. we have seen a couple of big events in the last year. russian'russian's evasion of ukraine hasn't jumped. the markets seem to be thinking there may be supply disruptions in response to the conflict in yemen. that's probably not accurate. yemen is a small sprucer. producer. saudi disruption is a bigger deal. unlikely to be impacted by this conflict. the issue with the gulf
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of eden. egypt sent -- i don't think we'll see a bigger description as people feared. >> we're looking at all the different hot spots. (?) it began with the egyptian arab spring in. you can pick yemen, egypt, syria, iraq, which of those that i listed concerned you the most? >> it's certainly a worrying list. the middle east in general is in a bad place right now. the conflict in syria, going on for four years. no closer to the resolution there. i really don't see how there's any political solution there. i think there's the potential for a political solution in yemen. and in of those other crises. syria is -- >> breaking news that we have to cover. i want to let you know. thanthank you very much for giving us an update. new pictures. getting this.
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this is the breaking news brought to you a few moments ago. there has been a major explosion at an apartment building. this is an apartment building. somebody living in manhattan. in the east village of manhattan. this is lower manhattan. this is courtesy of wabc, our local abc station here in new york. we're getting reports the new york metro session is reporting 30 30 injuries. quoting a tweet from the metro section. thirty injuries they're being told of. this happened 43 minutes ago. 3:00 p.m. eastern time here in new york. again, this building -- now, the fire department from new york at fdny tweeted that they had a collapse of the building. what you're seeing, you and i are looking at this together, does not look like a collapse. that building is engulfed in fire. again, we don't know what's happening as far
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as injuries or any fatalities. obviously this is a breaking news situation, guys. we'll keep you updated on what's happening. the closing bell will be ringing. seventeen minutes to go. again, following the markets. dow down negative. twenty-eight points. volatility for us markets. under 18,000. now, there's a lot of things we're following in the commodities market. not just oil. let's talk about gold for a second. this gold stock in particular hasn't been getting a lot of love from the investment community. this stock i'm telling you about is 35% down a year. now you want to buy this one. it's a very unloved stock. he'll have that pick. we'll be right back. ♪
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>> once again, we continue to follow the breaking news out of lower manhattan. you're looking at live
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pictures from the east village, courtesy of wabc. the abc affiliate here in new york. this is a building fire, a massive explosion has rocked this building. this is 125 second avenue. this is the east village of manhattan. young, kid o hip neighborhood. neighbors are beginning to tweet photos. we're seeing smoke. i'm looking at a brand-new tweet from the fire department. @fdny. they're calling it a four-alarm fire. mixed occupancy major building collapse. tweet from the new york fire department. four-alarm fire. mixed occupancy major building collapse. a lot of details right now. we're also finding out that firefighters were responding initially to reports of an explosion. this happened aut mines a aou 3:0p.m easrn ti fromhe ror tha we'r seeg dowin the stille. agn, a youe lking at theiure the building itse is
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engulfed in flames. new york's finest is into this. but this is -- as you can see this is a residential block in the east village. the fear here. this is what living in new york means. the fear is that they cannot get this fire under control, it spreads to neighbor burning buildings. a mixed use building. a residential building. but at the base of the building you would have retail occupants. rather that would be a restaurant. that could be a nail salon. things like that. again, those pictures. if we get those live pictures back. we get more details into fox business, of course, we'll bring those details as we get it. all right, we're moving into the end of the market. there's one still picture, as you can see there. we're moving into the end of the trading session. following a lot of details today. we're looking at a market that potentially could close right now. i'm trying to see the dow. the market could be
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closing for a fourth straight day to the downside. a lot of volatility. the vix at a two-week high. investors are afraid of what they're seeing in the market. looking for good opportunities from some maybe non-popular unloved stocks. a very patient man, larry, who i apologize for the breaking news, sir. thank you for being here. >> thank you for having me. >> you have picks of stocks that don't get a lot of love that are being hit in the market. you say buy them when they're sitting at low levels. what do you have? >> you know, cheryl, the way we think about things. we're primary risk averse stock pickers. we're trying to put together a concentrated stock portfolio. you have to look at unloved things that are bargains. it's yielded us a lot of success over the decades. one particular company i want to mention is barrick cold. they havgold.
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they wandered off the reservation. the savior of the company is john thornton. he was the president of goldman sachs. built up the international business and is remaking barrick into a low cost leaner company which would yield success over time. >> you're looking at stocks that are beaten down. some by 35%. what about timing? the average investor likely watching right now isn't trying to buy and sell instantly. they're not traders. they want deals that will pay off down the line. if i buy these tomorrow, is that okay? should i do it before the close? >> you should buy something when you're getting it at a bargain price. you shouldn't be concerned about exactly when the payoff is. if you're buying something at a bargain price, and your analysis is right, you'll make plenty of money as we've done in the past with things like hewlett-packard and jeffries.
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we made two or three times our money on them. >> you have good strategies. how do you change strategy. what if these stocks take off the next six months d. do you sell them? >> we'd rather not. we'd rather buy and hold. but we're always looking for new bargains. if we find something better and cheaper than something we currently own, we would love to make a change. we love to hold on to things for an extended amount of time after doing research. >> down 13% after the past years. how do you balance the fact that your fund -- >> when you're running a concentrated portfolio that looks nothing like the index, you have to go through periods that looks much worse than the index. part of the game. we've had a historic return. it is inevitable to have periods like this. what we've owned is undervalued. so it's inevitable and not surprising. and in our historic
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career, periods of underperformance are usually followed by good periods. >> it has good in the title of your fund. i appreciate that. sorry we had to take some time from your segment. we got your picks out to our viewers. everyone is watching the markets. six minutes from the close. a whipsaw day today. the fourth day we could have the markets close to the downside. off the lows of the day. breaking news. out of lower manhattan. massive fire happening in the east village of manhattan. live pictures. we, of course, are looking at the new york post. they're tweeting and letting us know, after 30 people have been injured in this building collapse. happened 55 minutes ago. breaking news situation. we're trying to get details. i'll take a quick break. i'll come back. david asman will be joining me. we'll have the market close and more details on this fire in new york city. i'll be right back.
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>> once again, we're following some breaking news out of lower manhattan. the east village an apartment building fire and collapse reported bit new york fire department. david asman joining me now. this happened about 3:00 p.m. eastern time right here in new york city. we have reports right now via the new york post of 30 injured. initial fire crew did respond to that building. there are reports that some of the crew members might potentially be inside. we have not confirmed that. once again, this is at least a four-alarm fire that could rise very quickly, david. as you know. this is a mixed use apartment building. there is likely commercial retail space underneath. we're trying to get our live pictures out. >> for those who don't know new york very well, the east village used to be very run down. it's become very chic over the past couple of years. a lot of old buildings from the days it was run down. a lot of them are not up-to-date on a lot of the basics including natural gas facilities. et cetera. that's one of the first
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things that comes to mind. this is now a seven-alarm fire. an unusually large fire. >> now we're getting reports. cannot confirm if anyone is trapped. there are reports, the new york fire department not confirming that. but, again, there are reports of this blast and collapse. and, again, we had live pictures up a moment ago showing that the -- the entire building is engulfed in flames. the fear, of course, now is that fire is spreading through the neighboring buildings on second avenue. >> this is second avenue and seventh street. for those who know, sixth street is a big restaurant row. i believe this is a live shot, is it not, producer? yeah, this is a live shot we're getting. it does indeed looks like there may have been a second explosion. once again this is at second avenue, seventh street, in downtown manhattan. the east village of new york. very, very troublesome when you see that much
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smoke particularly when you realize that fire officials were involved in that. they may have been inside as well. >> more than 100 firefighters have been dispatched to that fire in new york. keep an eye on that. here we go with the closing bell. another volatile day for the market. >> at least 50 times, the dow has crossed the unchanged market. up and down. of course, it started way down as a result of what was happening in the middle east. word that perhaps saudi arabia and iran coming to blow as a result of iran's actions in yemen. and saudi arabia going into yemen to try to kick the iranian backed proxies out of that country. that led oil to spike upward today and the market to go down. but the market had been improving based on how things over in the mideast were improving. it's really been a foreign policy driven market today. a lot of information including the former head of the cia is going to be joining us to assess the problems overseas. after the bel


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