Skip to main content

tv   Countdown to the Closing Bell With Liz Claman  FOX Business  July 5, 2018 3:00pm-4:00pm EDT

3:00 pm
adam: i'm going to hand it over to cheryl casonex in for liz claman and will take you to the closing bell and then buying everybody drinks, drinks on cheryl take it away buddy. >> adam shapiro great job cover ing this we'll talk about this and we're also going to talk about what's happening in the last hour of trading we are t minus and counting to president trump's china tariff deadline, about nine hours to go markets seemingly ignoring the global trade tip at this hour, right now we're up 136 the dow was up 197 at session highs but look anything can happen and it has been happening in the last hour of trading for markets so stay with me here. tariffs on $34 billion of chinese imports is set to go into effect at 12:01 a.m. eastern time tomorrow and china says it plans to retaliate, it comes as president trump is heading to montana he's going to be there tonight for a rally while some u.s. businesses are starting to quietly complain that china is already making it
3:01 pm
tougher to do business with the world's second largest economy. we're going to talk about that meanwhile let's talk about europe. there is signs that trade tensions may be easing as german chancellor angela merkel says she would be open to lowering auto tariffs cross the board. hillary vaughn and ambassador terry miller put all of that into perspective a big piece of what's driving that rally today. and then there is this at&t deal with time-warner is boosting it into the add game stats fear but is it about to top the tech ti tans as corporate mesh's greatest personal data spy? you heard me correct, the nations top technology analysts who has some very interesting thoughts on what at&t may know about you. plus, blake burman is on supreme court watch. we're looking ahead to tomorrow 's june jobs report and charlie is going to break it all on the ongoing saga over
3:02 pm
21st century fox's bidding war we're less than an hour to the closing bell i'm cheryl casone in for liz claman, let's start the countdown. well, we are getting some breaking news right now, just moments ago, the wall street journal reporting that preparations for saudi aramco's hotly anticipated 100 million ip o actually stalled. now this ipo would have created the largest ipo in history and holdups leaving government officials most closely tied to those process over whether the i po will even happen. now a spokesman declined to comment on the support from the journal so we'll keep you posted of course and the possibility of the aramco ipo may be off, on hold. we shall see and now to the markets the major averages rally ing after the 4th of july holiday remember you had the shorten shortened session on tuesday and then the markets
3:03 pm
were off yesterday trade tensions taking a step back the dow is up 159 points we're kind of clawing back just a little bit again that session high was 197. to the s&p we're up 20 points but now we're actually just off a session highs and looking at the nasdac, we are now pushing session highs on the nasdac so traders are back feeling positive about the 4th of july barbecue and we'll also talk about boeing today. they are expanding their reach into smaller passenger planes by taking control of employee be air. the aerospace giant announced it's taking an 80% stake in the brazilian company's commercial plane and services business. if you fly in the u.s. you've probably known on a jet just to let you know. boeing is set to pay its new partner 3-point # billion in cash, shares of boeing up 13% this year not much reaction to today's announcement but as you can see, shares of embraer have dropped around $2. could an auto tariffs deal be on
3:04 pm
the horizon this is big news today that broke earlier this morning. german chancellor angela merkel says she's willing to lower tariffs on u.s. car imports to smooth negotiations with the trump adminitration and this comes after ceo's of german auto companies including daylor, bmw and volkswagen said they agree with president p t's today. those as coming from the u.s. ambassador of germany richard gornell. well while trade war drama with the eu may be easing, trade tariffs on china are full steam ahead and u.s. companies are rushing their products to china to try and beat any retaliatory tariffs. one example we'll show you take a look at the live maritime map for this is so interesting. a u.s. cargo ship among all those vessels shown on your screen is full of soybeans, racing towards northern china to
3:05 pm
beat that 25% tariff. according to ship tracking data, peak pegasus is expected to arrive this friday about 5 p.m. local time the same day that china is scheduled to impose tariffs on imports from the united states. all right, as we await to find out if the cargo ship is going to arrive unscathed by these tariffs dozens of other businesses are also bracing for impact. fox business hillary vaughn has been on this story and you really learned interesting things today from your sources on the hill, hillary. reporter: yeah, cheryl that's right so if china follows through on its promise to hit back at the u.s. with their own $34 billion in tariffs, this cargo ship will be sailing towards china will be too late to skip out on the tariffs that they're trying to skip out on because the office of u.s. trade representative says u.s. tariffs are hitting chinese goods exactly nine hours from now, one minute after midnight tonight, and china promises to fire back instantly with more tariffs on
3:06 pm
u.s. goods including soybeans targeting 545 different product types including ag products like corn, wheat, some meat products like beef, pork, poultry and some cars they're also promising a second wave of ramped up taxes on items like corn and crude oil china today putting all the blame on the u.s. though for firing the first shot saying in a press conference, "to put it simply the u.s. is opening fire on the entire world including itself. china will not bow down in the face of threats and blackmail and will not faulter from its determination to defend free-trade and the multi-lateral system." i talked to a policy expert who represents corn farmers in the u.s. and they tell me that the corn industry in particular is getting hit twice as hard as everyone else. they say ethanol exports to china have basically been at a standstill. here is what the corn farmers alone are getting hit with. before this back and forth with china ethanol tariffs were at 30 % and then china slapped an additional 15% tariff in
3:07 pm
retaliation to president trump's steel and aluminum tariffs bringing it to 45% and now at midnight, there is going to be an additional 25% tariff hike if china follows through on their threat which means ethanol exports to china alone will be under a 70% tariff cheryl. now this expert tells me this alone has stopped ethanol shipments in their tracks and i also spoke to a large almond exporter, nuts also getting hit with these tariffs they tell me that china has shutdown all grey routes those are indirect routes into china that are really popular with people trying to get their products into the country. now they have to go directly to china instead of indirectly to the country. cheryl? >> it's amazing how all of the businesses, shippers are trying to kind of negotiate with what's going to be as of tomorrow, the new normal. hillary thank you very much for that coverage we appreciate it. >> thank you. >> well all of these trade worries today at least are not hitting the markets. right now as you can see the dow is up 153.
3:08 pm
the s&p right now is up 520, nasdac is up by 76, just off of session highs for the nasdac and the s&p the dow about 20 points off. there were several major economic data points that came out today ahead of tomorrow's big jobs report. first up, we've got weekly jobless claims hitting a six- week high of 231,000 and a six-week high which is interesting. layoffs were still near the lowest level in decades though and then payroll process or adp reporting that businesses added 17 7,000 jobs for the month of june. now that is a sign of another strong employment increase possibly coming in tomorrow, though we debate that all the time. the adp number the ism non- manufacturing index which tracks industries like healthcare, finance, construction, that rose to 59.1 in june from 58.6 in may so any number above 50 does indicate expansion and we had that reading for several months now and just in the last hour we got
3:09 pm
the fed minutes were released. most of the participants saying trade uncertainty could intensify and hurt business sentiment and investment so what can we expect tomorrow with the jobs report what should investors be watching into this weekend let's get to our flow show traders at the new york stock exchange and the cme troop peter, you know, what's interesting is the fed minutes there was a lot of talk about trade in this most recent meeting, but still kind of unknowns from the fed governors to what this will mean long term >> you know the market tends to react in fed minute days and fed announcement days are radically on either way. the first initial was a bit of a sell-off originally and they bounced back. for some reason the market is not engaging any of these fears. the whole tariff and trade war problem has seemed to be the only thing that's broken this market at all if you want to call it that or sort of had a fissure in it but for some
3:10 pm
reason today it's not really the markets not engaging in any negative way. i'm baffled. >> i guess you could say that maybe with the shortened trading week and that really short trading day on tuesday, we had low volume, maybe that's a piece of it i don't know. so you're watching obviously the energy stocks you're watching oil, we've been having a lot of back and forth between opec, and we should say president trump via twitter, what do you make about that contract at 72.98? >> i think it was under pressure today for a couple of reasons. we saw a big drawdown or excuse me a bigger build in in inventory than anticipated week over week but really the story with the saudi ipo maybe being kaput really puts downward pressure as soon as that story broke the market. a lot of people believe, cheryl, that the only reason why opec has been so compliant and why saudi arabia has carried this opec production cut was to get
3:11 pm
oil prices higher so they can make a lot of money for this ipo , so it's raising questions right now, whether saudi arabia is going to continue to try to support oil prices if they're walking away from this ipo, because maybe there's another way to make money in saudi arabia. >> and the landscape has changed from when they initially announced the plan and he started reforms in that country it's a good point phil. over at the cme, as well we're looking at commodities watching different things, soybean contracts. any cash contracts that could really take a hit, a negative effect when these sanctions start to be levied tomorrow between the chinese and the u.s. >> well there's two markets that have taken a beating i know you said corn is one but really soybeans have taken it on the chin and look at copper prices. i mean, copper is probably the most dramatic down, so if you were to ask me, how much further the rest of the complex has to go what if i tell you maybe
3:12 pm
we've discounted the worst of the event? maybe with germany making this offer through the eu on the tariffs, maybe the president's accepted and the first country that accepts a deal with the u.s. that we're willing to take does that open up the nafta partners? does that eventually open up china? somebody's got to do a deal where the president shows he'll follow through in a positive manner. i'm hoping it's the eu. >> you're right because nafta which is post uponned until probably after the election and then you've got this new news coming out of germany the german auto maker certainly is feeling the biggest effects of a potential trade war with the u.s. all of that playing into dow 150, peter, phil, guys thank you very much. great to have you out here. >> thank you. >> all right well let's take a look at intel. it is leading the dow 30 after rumors surfaced that it might turn to former executive dianne bryant to replace bryant who
3:13 pm
resigned last month. she resigned her position as google cloud coo, after she as only there for seven months. she worked for intel for 32 years and also coming up next got your cell phone data. it knows what you watch on tv and it just bought nexus, which tracks your data's target advertisement at you is at&t about to become america's top data by top tech analyst collin gel is here to tell us what that all means for you and is fascinating countdown coming right back. touch shows how we really feel. but does psoriasis ever get in the way? embrace the chance of 100% clear skin with taltz. up to 90% of those with moderate to severe psoriasis had a significant improvement of their psoriasis plaques.
3:14 pm
most people were still clearer after one year. with taltz, 4 out of 10 even achieved completely clear skin. don't use if you're allergic to taltz. before starting, you should be checked for tuberculosis. taltz may increase risk of infections and lower your ability to fight them. tell your doctor if you have an infection, symptoms, or received a vaccine or plan to. inflammatory bowel disease can happen with taltz, including worsening of symptoms. serious allergic reactions can occur. ready for a chance at 100% clear skin? ask your doctor about taltz.
3:15 pm
3:16 pm
3:17 pm
cheryl: well, so much focus has been put on social media sites like facebook and smartphone devices for misusing consumer data, your data, and putting to question user privacy but there may be another culprit right in your living room. internet connective smart tv's are increasingly being used to track what people are watching & companies are using this information to target those individuals with specific ads. one company is capitalizing in all of this is at&t. there was a purchase of app nexu s, they also just bought time-warner is at&t going to
3:18 pm
become the biggest corporate spy ever? i want to bring in leading tech analyst collin gillis. this is a fascinating topic. it is and they've got to execute quite a bit but they have the bidding blocks in place to become a third leg. cheryl: did your antenna go up when they bought nexus? >> they're moving extremely fast. they closed time-warner, and then they pounced on app nexus, dropped a couple billion dollars there and then rolled out watch tv. cheryl: do you think we're going to get this outcry, we focused so much on social media do you think the next outcry is about our televisions and frankly does the average person really know how connected that tv is? >> so let's think about the watch tv app that you get for free so at&t is skinny bundle, $ 15 a month if you're not an at&t customer free if you are, any service that's free, you've got to realize that so we've
3:19 pm
seen it with facebook, there may be a degree of cry about privacy but for the most part privacy issues continue to take a back seat to targeted advertisers because people don't necessarily mind targeted ads. cheryl: that's kind of what i was going to say is if you look at a lot of online polling about the issue of privacy most people say i don't really care so much. in fact i like the fact that i get advertisement that are targeted at me for whether it's shopping or food shopping or whatever it is people don't seem to be that upset about it right now. >> so the ability to own content and the repeal of net neutrality has allowed at&t to go from being a dump pipe from becoming a smart pipe. they've escaped themselves out of the utility jail. we see over the next six quarter s this could start to have upside and break out of this. cheryl: but i know you're bull ish on at&t and the stock but also, the pipe is something that that goes directly into your home like facebook isn't
3:20 pm
running the pipe into my home and neither is google the two biggest ad spending companies that we know of right? >> having that connectivity is extremely powerful and now they've got the content, connectivity and putting in place the mechanisms to deliver targeted ads, with the idea being fewer that advertisers will pay more money for. cheryl: other players could get into this think about comcast, verizon, i'm thinking of the biggest companies that have the pipe in the homes. >> absolutely and there used to be business models back in the day because the only company that would know more about you than say google would be the isp 's the actual pipe where everything that's flowing to and from your home or to your devices can be seen and recorded and monitored and profiles are built up on you and there was a healing cry but like all things give it a few years and they are going to try to roll the dice again and see if they can deliver on this business model. cheryl: it's interesting because you mentioned facebook and we talked about google they've been
3:21 pm
very successful at targeting advertising at the consumer and they have made an incredible business out of that. do you think that at&t is going to do the same? >> they certainly have the potential and one thing that's going to help them is advertisers would like to see the duopoly of facebook and google broken up a little bit to have a third advertising option which would be at&t and let's not forget that they have incredible reach we're talking 100 million wireless subscribers 25 million tv subscribers so if they can pull this off, it's a big broad vision but it's certainly something that they're executing and executing quickly on. cheryl: you talk about samba tv that collects the data from the televisions okay? so they say that they've collect ed 13.5 million consumer data from television but they've only got venture funding of about 40 million and time-warner 's invested in them, and this is our next acquisition target?
3:22 pm
>> i mean, you know, there is speculation that you're going to see more and more players who validate a particularly with the repeal of net neutrality, that's the big part of it. it allows these telcos to keep people within walled gardens and once i'm in that i can know more about you and i can deliver more targeted advertisements and i'm giving you fewer ads as a service but the reality is i'm building a profile and specifically targeting what you want to buy. cheryl: nothings free. collin thank you very much. >> thank you. cheryl: appreciate it so let's take a look at the big board we have the dow as you can see on your screen up 148 points session high was 197 but still we're strong volume is a little light about 25% below average volume right now. probably going to be a little bit lighter tomorrow again you've got the fourth of july in the middle of the trading week and it was a holiday all of us that had to work the other four days let's talk about netflix kind of on the same thin as what collin and i were talking about they're choosing their new season with the house of cards
3:23 pm
with oh, yes clair underwood is the president and it also is thinking about rolling out a higher-priced ultra subscription plan in europe. investors seem to like this. could it be coming here? right now the stock is up almost 2%, and at the real white house the actual white house the supreme court sweepstakes is in full swing, blake burman has the latest on the speculation who the leading contenders are and whose going to ultimately replace justice anthony kennedy is coming up next on countdown.
3:24 pm
3:25 pm
3:26 pm
♪look into my eyes ♪you will see ♪what you mean to me ♪don't tell me it's not worth trying for♪
3:27 pm
♪you know it's true ♪everything i do ♪i do it for you cheryl: maybe july 5, but the fireworks are still going off in d.c. president trump heading to great falls, montana where he's going to be holding a make america great general it later this evening this latest trip coming amid multiple controversies a ticking clock on china tariffs, north korea relations which are in somewhat jeopardy secretary pompeo is heading to pyeongchang at this hour and then politics
3:28 pm
politicking in high gear as president trump narrows his search to replace justice anthony kennedy we've got blake burman outside the white house with all of it. >> a whole lot of balls in the air here cheryl. nothing different on this day at the white house as the big story here is the president trying to finalize his selection to replace anthony kennedy on the supreme court but what we're led to believe is a local product might indeed be the lead contender at this point. the president appears to be down to a few this afternoon, brett k avanaugh, a former staff secretary to president george w. bush, revered by many within the bush orbit. he's one of the three that president trump is ebb focused on the others raymond kethledge, on the sixth circuit based out of cincinnati ohio appointed by president george w. bush and amy
3:29 pm
coney barrett based out of chicago she was put in that position by president trump. it is believed those are the three at this point that the president will decide from. clearly not on the short list, merit garland who as you know, was stymied by mitch mcconnell and the runup to the 2016 election. the reason why i bring him up is because a source familiar with the phone call tells me that the top democrat in the senate chuck schumer by phone with president trump tuesday afternoon and in mored the president to nominate merit garland however that source tells me that phone call was more like a check the box kind of phone call because as we all knew at that point garland who was appointed by a democrat was clearly not on the short list by this republican president, but schumer did warn the president that if he were to nominate someone whose hostile to the affordable care act, someone who is hostile to roe v. wade, that that would be "coolac lismac" just to give you
3:30 pm
a idea of what this nominee is walking into, by the way cheryl we should get this decision announced to the american public at some point on monday evening. cheryl: unless we see the tweet first, right, blake? >> right you never know around here as i always say that the timing can change but all things at least a public rollout pointing toward monday evening. cheryl: we'll see we'll see blake burman, blake thank you very much. well president trump hoping to rally support for his political agenda tonight in great falls, montana. fox business is going to be bringing you that event live starting at 6:00 p.m. eastern time tonight. let's take a look at your markets right now we've got exactly 30 minutes to go holding on dow up 148, s&p up 19 and nasdac up 74. well he has called it mesh's greatest weapons but can a breakthrough with german chancellor angela merkel help stop another trump tariff tif before it even starts when it comes to the country's favorite
3:31 pm
german luxury cars and investors terry miller head of the international trade center is standing by where he sees the road going for auto tariffs and that ticking clock on china tariffs, "countdown" coming right back.
3:32 pm
3:33 pm
3:34 pm
3:35 pm
cheryl: you might not have to pay a lot more for that mercedes benz or bmw after all, this after high level talks between the u.s. ambassador to germany and european auto executives could lead to dial back plants for tariffs on european cars. german chancellor angela merkel responding to the u.s. saying she would back lowering eu tariffs, on u.s. car imports and we'll go through our next guest before you sound the
3:36 pm
alarms exaggerating our trade problem is only hurting americans, the former u.s. ambassador to u.n.'s economic social council ambassador terry miller joins us live from our nations capitol am bass a for thank you for being here. >> it great to be with you. cheryl: this exaggeration you say is a dangerous road for us to really go down the exaggeration of a trade war which we are not officially in yet. explain what you mean with that. >> well the amount of trade that's potentially affect by the tariffs that have either been enacted or announced is still a relatively small portion of the trade flows into the united states, and the retaliation that's been threatened by other countries, yes we should be concerned about that, but it's not to the point yet where the shelves at wal-mart are going to be bare any time soon, and i think a lot of this is posturing and perhaps we'll see cooler
3:37 pm
heads prevail as perhaps we're seeing from chancellor mesh el. cheryl: well we're not going to see that with china tonight is the deadline 12:01 eastern time tomorrow morning, friday the u.s. will impose tariffs on $44 billion worth of chinese goods and this is just the opening, the chinese have said they're not going to respond initially instead of them basically jumping the gun first they will wait until kind of noon beijing time basically for them to announce their retaliation but once we go down this road isn't it kind of difficult to dial it back? >> it can be because peoples emotions get inflamed and tariff s are never a good idea. they're never a good solution they increase the costs for americans and they lower the choices, the freedom of choices we have in terms of what we buy, so i don't think tariffs are ever the right answer. cheryl: we had a reporter was on from washington earlier in the
3:38 pm
show. she talked about the fact that soybean shipments were going through other countries like vietnam those routes have been shutdown but the choice are basically finding new ways to mess with u.s. businesses and not just the u.s. exports but also u.s. companies are now starting to report that their business, the day-to-day business they do in china and there's a lot of it is now being quietly disrupted, blocked if you will. does that sound like something you think the chinese would use as a strategy against us? >> sure. that wouldn't surprise me at all the chinese or any country for that matter has a wide variety of measures they can take to impede commerce. we also can do that here in the united states and there are all kinds of unintended consequences when you start down a trade conflict or a trade war like this. the products that are initially affected aren't necessarily the
3:39 pm
products that wind up getting hour the most because other countries can retaliate on any product they choose and in most cases, if we put tariffs on cars , the european union might stand by shutting down agriculture products going in there so there are a lot of un intended consequences and people that didn't get hurt that didn't have anything to do with it when it started. cheryl: as far as china and we'll move to europe but as far as china goes, it's corn, it's cash crops it's corn, soybeans, it's copper we're seeing pressure that initial lit if you will. the chinese obviously are going to take us to task on i-t and aerospace, car parts another tit for tat but let's talk about speaking of cars the european situation because right now, with richard grinell talking to those german auto maker ceo's and them coming to an understanding it seems to me that's a bit of a good moment for president trump and it maybe
3:40 pm
the negotiating table is open at least with the germans, and as you know, what angela merkel does a lot of the times the rest of the eu would likely follow from an economic perspective. what do you say? >> well ambassador grinell and i served together in new york and i applaud him for coming up with an innovative solution that lowers tariffs rather than raise s them, but i do think we have a long way to go before we get to a zero tariff and chancellor merkel has to convinces the other leaders in europe to follow her lead and then convince the european commission which is in charge of trade policy and then negotiate a solution with the united states and i would imagine they'd put the 25% u.s. tariff that we place on pick-up trucks and suv's on the table as well as our regular tariff on cars so
3:41 pm
i think there's a long negotiation ahead. cheryl: ambassador i've got to breaking news it's crucial coming out of washington ambassador thank you very much. we are just learning now president trump is now saying the epa chief scott pruitt has resigned this is coming from our own blake burman out of washington. this is from the president. i've accepted the resignation of scott pruitt as the administrator of the epa. he did an outstanding job. i will always be thankful to him for this. the senate confirming that the deputy of the epa is on monday going to assume the duties of acting administrator of the epa and then the president goes on to say that i have no doubt that andy will continue on with our great and lasting epa agenda. we've made tremendous progress the future of the agenda is very bright. scott pruitt had been a leader of the epa. he had had critics from both
3:42 pm
sides of the aisle whether it was for his misuse of epa funds, decisions that he had made but in particular a lot of it was it was again, as far as scott pruitt and the criticism coming at him from both sides of the aisle he needed to go a lot of it was because of miss spending and misuse of funds and now it looks like president trump is tweeting about this but i don't have the e-mail and i'm being told that president trump is tweeting right now i'll get that to you in just a moment but again as far as scott pruitt goes just to be clear this isn't completely unexpected. this is something that's brewing in washington. here is the tweet from the president i'm just getting it now. the same thing. i've accepted the resignation of scott pruitt he's tweeting basically what i read to you earlier a moment ago. that he's accepted the resignation of scott pruitt so he's putting it out on twitter with a statement from blake burman via the white house obviously all of this is just now breaking and that andy
3:43 pm
wheeler, andrew wheeler is going to take over the duties as the acting administrator of the epa as of monday but scott pruitt, there was a lot of questions as to why president trump had been still backing him with so many calls for they were calling it a tipping point basically, the tipping point for pruitt, for the administration whether it was reports about multiple controversies whether or not it was misuse of epa funds and whether or not it was the fact that maybe he performed his duties and others from both sides of the aisle that we're basically saying scott pruitt was the right choice. we'll take a quick commercial break and get more details from blake burman bringing us here on fox business again, scott pruitt the epa administrator has
3:44 pm
resigned and given his resignation to president trump. we will be right back with more on this incredible breaking news.
3:45 pm
3:46 pm
retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver.
3:47 pm
3:48 pm
cheryl: once again i want to bring you up to the breaking news we just brought you before we got to that commercial break. president trump has now said that the epa chief scott pruitt has resigned. blake burman now in front of the camera live in d.c. and of course the more i thought about it there was so many allegations against him, blake. i couldn't think of one whether it was a phone booth, the travel , the security detail, the apartment, the list was on and on of things folks were so angry at him for. >> tough to figure out where to start and where to finish, cheryl, with all of the allegations with scott pruitt you just ran through what was
3:49 pm
maybe a fourth of then, a fifth of them. this had been dodging scott pruitt for months. the white house had been asked questions for months on end, when is it enough for scott pruitt remember this is a president that came to washington saying he was going to drain the swamp and many thought that scott pruitt was the complete opposite of that. here is what we can tell you. scott pruitt has sent a resignation letter to president trump. the president had felt that scott pruitt had done a very good job within the environmental protection agency in fact in a tweet the president had said that pruitt had done an outstanding job, but the allegations just continued to mount, one after the next just within the last couple days here there were accusations against the head of the epa that he had used a staffer to get his wife a very lucrative job, there was another allegation that pruitt had been keeping secret calendar s to sort of conceal his meetings with industry executive s of course one of the more prominent examples that the
3:50 pm
critics pointed to was an apartment that scott pruitt had in washington d.c. i believe to the tune of some $1,500 and from somebody that's rented two apartments in the city and has a mortgage not far outside of it, it is tough to find something in this city for $1,500. scott pruitt had batted off allegation after allegation after allegation we do not know exactly what was the tipping point for scott pruitt but clearly, there was something for which this white house or maybe even possibly this president had said enough is enough. now scott pruitt is out rather as the head of the environmental protection agency the president announcing his deputy andrew wheeler will step on indiana the meantime and there will be a confirmation process for all of that but the troubles, the potential legal troubles for scott pruitt might not go away with this resignation at all. cheryl: we're now getting if you look at your e-mail we're now getting the actual letter that scott wrote to the president it's on your phone i know, and -- >> yeah, look at that.
3:51 pm
cheryl: it's been an honor to serve you your confidence in me has blessed me personally and enabled me to advance your agenda beyond what anyone had anticipated all these complement s to the president but he says i pray that as i've served you that i've blessed you to effectively lead the american people. a lot of things he did as far as the regulation rollbacks for the epa were thought of as a good thing. >> the president really liked what he was doing in office but the actions that you try to do within your office is just one part of the job. you have to handle yourself accordingly as part of the job as well and it is that part. and cheryl just before i go one quick thing. scott pruitt was here at the white house yesterday. there was the july 4 barbecue here with his family i believe so very clearly something happened between yesterday and the letter that went to the president we believe today. charlie: i've seen ceo's fire
3:52 pm
somebody they're having dinner with the next day. it's not unprecedented. i will say this. if you think something is radical i'm not saying i disagree with what this regulatory agenda is, you would think the white house would have his personal affairs and he would have his personal affairs buttoned up. this was what's known as a crap show. this was not supposed to be done if you're going to like rewrite the regulations. cheryl: can you, okay actually we're going to kill our commercial break so i was trying to make money for the network but listen, you set something interesting when we were in the commercial break before. you said president trump ran on a campaign of drain the swamp. scott pruitt looked like the swamp. he behaved like it. charlie: listen he has his side of the story. my view is he should come out and explain some of these issues better. he should probably do a talk show with oprah or something or come on and go on hannity or somebody or sit there and tell
3:53 pm
them what he did and why he did this and explain this stuff but i'm telling you this and this is where the white house scares me. they have a very aggressive immigration policy. stuff that i agree with a lot of it but you carry it out so handedly you have pictures of kids in cages and a very aggressive deregulation of environmental laws and now as a guy that understands the business community i can tell you that some of that is necessary. obama had a war on coal, right? that destroyed the coal industry to tell you that if you're going to do something that radical you better have the guy doing it being buttoned down and that's one of the problems with this administration. i want to get to my story. cheryl: can you get to your fox story because i care about that just as much as the other story. charlie: next week is the big company conference a huge media conference our executive chairman rupert murdoch is going to be there, bob iger will be there who runs disney, brian roberts who runs comcast will be
3:54 pm
there and a lot of people are saying this comes as our company that the media assets that disney wants to buy, they upped their bid after comcast put in a bid, disney bid, comcast rebid, it's now in comcast cord and what a lot of analysts are telling fox business we've been talking to them all day is they expect whatever move comcast does, do they up the bid to 47 or do they settle for just a piece of the company. whatever they do, it'll be next week. now i should point out that on tuesday, what's today? today is thursday. yesterday was the 4th. tuesday, i tweeted out that bankers for disney are saying that they believe they will only do part, only bid for part. our stock went down 2% on that. that was bankers from disney so there's a lot of talk about comcast maybe you walk away from this. too much leverage, too high of a price the regulatory environment s were up so i think this is, you know usually this conference i cover it and it's a
3:55 pm
snoozer. cheryl: not this year. charlie: will be insane. cheryl: charlie gasparino, thank you very much. we are going to take a quick break we'll be right back.
3:56 pm
3:57 pm
with tripadvisor, finding your perfect hotel at the lowest price... is as easy as dates, deals, done! simply enter your destination and dates... and see all the hotels for your stay! tripadvisor searches over 200 booking sites... to show you the lowest prices... so you can get the best deal on the right hotel for you. dates, deals, done! tripadvisor. visit but what does it take to bridge the distance and keep them connected to family, home and country? what does it take to strengthen our service members so they can be the greatest force for good in the world? it takes a force .
3:58 pm
be a force behind the forces. give today at force dot uso dot org cheryl: let's take a look at your markets right now the dow is pushing session highs the high was 197 we're up 169 right now s&p sitting at session highs nasdac is up by 84 let's bring in mark matson, we've got lower volume today about 25% below average, mark but we still have some strong numbers on our screen. what do you say? >> well, investors tend to look at u.s. market only. i want investors to start looking internationally. last year s&p was up 21% but emerging marketses were up 37% this year the s&p as you just mentioned is up about 2.5% emerging markets is down seven. human nature wants you to sell the thing that's down and buy
3:59 pm
the thing that's up when you have to do exactly the opposite so we're globally diversified. this quarter we'll be selling u.s. and buying international while it's low. cheryl: you will yeah the trade tensions are certainly i'm assuming affecting your decision-making. >> well you know, if you keep focus for the next 15 years you don't have to focus on the next 15 minutes but the trade wars are bad for everybody. it raises cost for consumers here. it raises them for consumers across the sea. it creates a lot of unnecessary tension. i'm a free market capitalist. it would be far better off if we didn't have trade wars going on right now but if you look long term you can put that in the don't worry aunt it file for investors. cheryl: mark we had the fomc talked about potential trade wars hurting the economy. does that make you nervous? >> i think our economy is more robust than that. that's going to really do long term damage to the economy. look, you know, look at unemployment we're at 3.5 almost at an 18 year low.
4:00 pm
we have 6.7 million jobs that haven't been filled yet. that means we have more jobs than people even want to take. cheryl: mark matson, thank you so much for being here that's it for me let's send it over to the gang after the bell kicks off right now. david: well trade tensions all over the globe but washington is focused on a strong economy right here at home stocks rising the dow ending the day up about 184 points near the session highs, the s&p also ending in the green and the gains and technology driving the nasdac even higher i'm david asman. melissa: and i'm melissa francis this is after the bell but first here is what else we're covering in this very busy hour we have breaking news for you right now. scott pruitt, the head of the environmental protection agency, he's out. the epa chief resigning after a string of controversies we're live at the white house with the latest on this. and heading back to the campaign trail right now, president trump is making his way to montana where he'll hold a


1 Favorite

info Stream Only

Uploaded by TV Archive on