tv Countdown to the Closing Bell With Liz Claman FOX Business July 23, 2018 3:00pm-4:00pm EDT
the wake of everything we have learned. so, we will continue to follow that story for you. the conversation doesn't head-- and here up your you can head to my facebook page and tell me what you thought about today's show. hello, liz. liz: had you slip slip the narrative from 20 wars hurting consumers to president trump about to work to shift the focus and what he will do as you see this live now to open the white house to companies from each 50 states, companies that make their products in america. as you see, our cameras are right there at the white house and on the south lawn where representatives of americans giants like ford and lockheed martin are standing side-by-side with smaller companies, a massachusetts cookie baker, north dakota sunflower seed snack maker with president trump touting his pro- us trade agenda against-- also with one of the biggest's weeks
of the summer. "countdown to the closing bell" with the dow trying to claw its way up. it's still up about four points, but we have crossed by flatline, 82 times at least since the session began a few hours ago. the nasdaq making small gains in the final hour of trades with over 130 of the dow such report this week. three of the sharpest stock, google. , off of that, amazon all on tap with google coming out "after the after the belt plus high-stakes discussions set for tomorrow and wednesday that could they have enough flames further with our biggest trading partners. as we wait to hear from president trump, let's look at the markets and where we stand. i already told you dow is struggling with s&p that are by six and the nasdaq up 22 with names like facebook hitting an all-time high. strong day for facebook, but the dow is
struggling flatline probably because we have a lot of the dow 30 names coming out today and this week with everyone from-- during the week, boeing, intel, minnesota mining and manufacturing, chevron, mcdonald's, visa, united technology so it will be a huge dow week. nasdaq set to snap a three-day losing streak with financials leading the markets higher on rising interest breaks. the tenure, don't forget that hit 2.9%, that's a one-month high. we have major breaking news over the weekend and it comes to stock world. sergio markey only, the helm of fiat chrysler has stepped down as ceo due to his deteriorating health. this came as a surprise, came out over the weekend, but a lot of people and a lot of shareholders have not heard there was any
problem and they did not disclose that nature of the illness. officials said he has been absent for several weeks. he had planned to step down as ceo early next year, but he was going to stay on and serve as chairman and ceo for are , but they are ready for a new chief of fiat chrysler and for now if you watched "countdown to the closing bell" it may be familiar to her we had the jeep near cole's story on. he's been credited with just spiking jeep sales. mike manley joined chrysler well before fiat owned them in the year 2000 and has led the jeep brand since 2009 when chrysler exited bankruptcy through the fiat deal. shares fell nearly 3% in trading and now are down about 2% today and at the moment down about 41 pennies too much $81. fiat chrysler is not the only one making headlines. tesla taking a temple on news the electric vehicle makers asking
some suppliers for partial refunds on payments going on the way back to 2016. that sounds strange and is also disturbing for shareholders that say wait a minute, is it really that bad and according to a memo reviewed by the "wall street journal" tesla asking for cash back that it already played-- paid some of its sorcerers to help become profitable. the question is considered essential to the vehicle makers continued operation. a spokesperson for tesla put out a statement saying the company asked few with antenna suppliers for reduction in capital expenditures spending for long-term projects so the company is focused on pretty much reaching more sustainable long-term cost basis. either way, shareholders who have been willing to cut tesla a break don't like this news that stock is down only 3% of the moment, still about $300 at 304.17 a shared
with the dow struggling to turn positive we have a large focus on earnings this is the busiest week for second-quarter earnings, 11 tao company such report, united technology, verizon. we have coca-cola, boeing and visa reporting wednesday with a mcdonald's and intel reporting thursday and exxon mobil and chevron all hit before the bell friday. these names have a big potential to move the markets come about what major green's report will set the tone of the markets this week? we take it to match to begin and i apologize if i interrupt you as the president made an american showcase, but it includes some of these names that we will watch closely, but what do you think? what will drive this week's earnings? >> last week we saw financials drive the market and may there big meter-- leaders today.
don't kid yourself, we are starting to hear from banks got-- a stocks that will move today. if the numbers are good and they talk about the cloudlike microsoft you could see these stocks rally in the market and then we could have all-time highs. liz: you can see facebook is looking pretty strong, of another half percent and this is by the way another all-time high for facebook and look, apple is doing beautifully. it's still the one in the lead for a trillion dollar market, so we have the horse race going on there with amazon lagging slightly just over 800 billion. what about you? we do have a big meeting wednesday with the european union regarding trade. what do you think happens there and how does that affect the market in the movement of people's portfolio? >> well, i think the audio is here. for gm this week.
it's not just about the tariffs in the trade and how will that affect pricing in each prospective countries and continent, it's also the cost to build these cars with the cost going up as the dollar trades up in commodity prices move around. it's going to be interesting to see the forward guidance from ford and gm specifically forward because they are cutting back on their sedan or line so they are going into full speed with trucks and suvs. so it will be interesting to see how the cost is passed on to the consumer because they have warned they will pass it on to the consumer and how it will direct some forward guidance into third and fourth quarter of the year because other stocks have struggled in 2018, and they want some of their sea legs back under them and it's an opportunity to do that. >> let's keep going in that vein about auto stocks and cost going up and, by the way, for it is one of the auto companies who will be at the white house for this event in "made in america product showcase" and you have
to wonder with her all aluminum f150 and new tariffs, 10% on foreign aluminum. can the country produce enough aluminum for the f1 50 so they continue to be able to not have to buy aluminum overseas >> well, i think they will get more aluminum to the us, but it's unclear as to whether it will meet their needs, so their cost may go up, but look at what's happening with a lot of the other commodities at the same time. actually, it's driven down and if you look at the other industrial metals, they have been taking it on the chin whether it be, easy, nickel and that's amongst the fear we will see a slowdown in the economy because of the sanctions. it's almost like we are getting this balance back while some of these commodities have gone up on those fears, the producers are concerned and on the other side there will-- they are actually going lower so
you might see a little bit of balance from these costs and there's going to be winners and losers, but it might not have the devastating impact that we think and that's why the stock market continues to do great despite these rising tensions and fears. liz: and folks, i don't know if we can possibly pull up itw for our beavers, this is illinois tool work that was plummeting earlier in some of the problems with it is forget what they make their tools with weathered steel or aluminum, the strong dollar, the company cited the strong dollar as a real problem for their earnings and therefore, they had to i guess they had to cut their full-year prophet forecast and they specifically blamed-- look at this, loss of 7% for itw peered gentlemen, thank you. breaking news on the left side of your screen we want to let people know as we await the presidents and "made in america product showcase", goldman sachs
is out with a bit of a warning with the closing bell ring and 51 minutes. the bank is saying an all-out trading more would make a serious dent in corporate earnings. wait till you hear how much goldman is splashing its estimates if trade disputes worsen for all s&p 500 countries took straightahead, former us trade representative exclusively to game out whether goldmans on the money or over dramatizing. and as president trumps weight his trade battles around the globe he showcasing american-made products from moon pies to cowboy boots at this moment and we are awaiting his remarks that will come at any moment. we will bring them to you live right here on fox business.
liz: i just want to give you a sense of what's going on behind the scenes with sara sanders given a press briefing and it ended a short time ago, so that whole team is working its way into this room at the white house and there is a big set up on the south lawn with many displays of 50 states, 50 companies, one from each state
for the presidents made in america event that is set to kick off any moment and while we wait for that to happen i went to give you more details on this new report goldman sachs. cheek equity strategists says the s&p 500 companies earnings will take a 15% heads if an all out trade war unfolds. this is the countdown team obtaining pictures of meat and poultry currently piling up in cold storage warehouses in the midwest, reportedly held up by trade disputes with foreign countries. the president and ceo of the storage warehouses told the press that commodity prices on beef and chicken have plummeted and pork and demand is not keeping up with supply. our next guest says while made in america is one of the most treasured brands in the world, inciting a tip for tax tariff war only raises the cost of us-made airport-- exports to the detriment
of american workers. former us trade representative ambassador. are right, ambassador, as we wait a couple issues to tackle an first to the goldman call that earnings will be slight 15% in an sn trade battle more intense than what we have seen. don't we have to wait and see first how this plays out before you can attach a number to it? >> i think we do, but i'm guessing that there are some pretty smart people at goldman and what they are forecasting that on is if we were to go through with all of the proposed tariff increases the president is recommended we would have the first win against china and that retaliation which is largely responsible for the phenomenon that you hit, pork and beef exports, but now the president has proposed a tariff on cars from the european union under the national security guidelines and an
additional two to 300 dollars in terrace on china and under that scenario, i think, you could get to those numbers i goldman is talking about, but you are correct we are not there yet and i think we have to hold with the outcry for manufacturers for workers, businesses from detroit that perhaps logic may prevail and we will find another way forward. liz: or you could say outcry from republican house and senate makers, there are whole bunch of them who are out there beating the drum and saying you cannot do this. in fact, some lamarr alexandra tennessee has spoken out. jackie of indiana, jeff flake of arizona. you have or in hatch of utah, these are the presidents own parties saying you have to back off. >> we have seen republicans say that, but i have to remind you, liz, as the republican congress-- me
when i worked for president obama, congress has responsibility for trade took this as delegated authority to the ustr through the office of the president and so if the republicans are that alarmed they have to do more than voice outrage and insist the president followed protocol that has been put in place and consult with congress and work with them almost-- and , but the reason most of us object to tariffs is such a blunt instrument and always invites retaliation and then you do end up on the role to
the type of head turning that goldmans recommending. liz: we may have evidence of how tariffs affect certain companies whirlpool is reporting that solar panels was the first product the president trump hit with tariffs way back january 23, and that will be interesting to see, what you think happens there? could whirlpool surprise or that people were forced to buy whirlpool. i personally when i was buying a new washer and dryer, i talked to 12 different people and they said the lg made in korea is amazing, but guess what, lg has plants in the us that they saved from mothballs, plans that had been closed and if at those workers back to work making washing machines. >> well, an interesting phenomenon if you recall the president i think visited indiana early
and use the power of the presidential bully pulpit to get them to say you were going to move those manufacturing jobs to mexico, championed that, but in everything i have read about whirlpool it was the president's imposition of the 25% tariffs on steel and aluminum that whirlpool needs to build those washing machines that ironically has now made them competitive against products that come from korea and japan that aren't subject to those tariffs and that's why throwing tariffs on an item or component don't make sense because so many of our american manufacturers, so many of us companies that are going to be out on the white house lawn proudly displaying what we make-- make in america are dependent on components not just in the us, but sourced globally as well and that's why i think you see so much nervousness and objection to the path that the
administration has chosen. liz: it's important to point out and i don't know if you can see but whirlpool stock is down 12% since the tariffs on washing machines were put in place, so hopefully from the president's perspective they will help whirlpool. thank you for your perspective. we have breaking news. the judge in trial of president traps ex- campaign manager-- manager paul manafort has delayed the fraud trial that was supposed to start this week. he's delaying it till next thursday-- i'm sorry, next tuesday july 31. defense asking for the delay after receiving are you ready for this, more than 120,000 pages of documents to go through this past week. earlier today, the judge approved a immunity by robert mueller the special counsel's request approving immunity for five witnesses who robert mueller would like to testify at the trial. however, in a blow to robert mueller's plan,
those people who will get immunity will not get to remain anonymous. we will keep you posted on this developing story and we are also watching the markets without 39 minutes before the closing bell. dow up one point. we are now 92 times that the bulls and bears managed to yank the tao -- dow from the fat lime. from made in america to america's favorite pastime, arguably the most epic moment in baseball history, babe ruth at-bat, 1932 game three of the world series and he pointed his back to centerfield bleachers calling the shot right before he hit a home run. is the trump administration doing the same thing with their upcoming gdp report? calling it before it comes out. charlie gasparino up next to break that story and whether it could
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, but i want to thank you and welcome everyone to the white house where the second annual "made in america product showcase". made in america, made in the usa. what do you like better? made in the usa? made in america? both pretty good. [applause]. i remember when i was growing up i would see made in america all over the place. a little bit made in the usa, but everything had made in america and we are starting that again and it's happening again, as you know. we are here today to celebrate the greatest products in the world, products made with american heart, american sweat and american pride with real showcase of american-made goods from all 50 states. we have snowboards from colorado. where's the snowboard person?
those are nice snowboards. [applause]. ten years ago i was perfect, now i don't know. beautiful. cowboy boots from texas. wears cowboy boots? i like those. [applause]. i like those boots. baseball bats from pennsylvania. i used to play baseball. [applause]. boats, cars, spaceships, we know about the spaceships and in case you hadn't noticed there's enough 35 stealth fighter outside in it's a beautiful-- it's parked on the south lawn. i know it did not land on the south lawn, but it's something special. [applause]. wears lockheed martin? incredible. i said to one of the pilots had you compare this with a certain other plane from the enemy and they said well, the differences when we fight they can't see our plane and i said
that sounds like a pretty good advantage. it's called super stealth. all of these products have something special very much in common, a big, beautiful seal and that's with the sign in this case made in the usa. also, joining us today and at that event is nasa administrator jim brighton stein. where's jim? thank you, jim. thank you and marilyn, thank you for being here from lockheed martin. @your many years of decline american manufacturing is coming back bigger and better and stronger than ever before. it's happening. we are in the midst of a great economic revival in the united states. we have added 3.7 million new jobs since the election including more than 370,000 in the manufacturing alone. remember during the campaign they all said you will never add manufacturing jobs, that's obsolete they would say.
beginnings is obsolete? i guess they were wrong. i guess they were wrong. we are adding a lot more. are most a million workers discouraged by the promise-- policies by the previous administration and frankly other administrations and now, we turn to the workforce. new unemployment claims are at the lowest level in almost half a century. think of that, lowest level of unemployment. [applause]. unemployment rates for americans, for african-americans, hispanics, asians, americans all of us lowest ever. of these are the lowest levels for african-americans, for hispanics and asians ever recorded. think of that. ever recorded. women, unemployment recently reached the 65 year low and we think it's probably the lowest ever, but as i have been
saying in two or three weeks it will be, the lowest. pretty bad when you say the lowest in 65 years and i say that's not as good as history, so shortly it will be. we will say history. manufacturing wages are expected to rise to the fastest rate in more than 17 years and 95% of american manufacturers, which i love, that's what we love his manufacturers, are optimistic about the future. that's the highest level ever recorded, 95%. we have achieved together in the last 18 months something that is totally unprecedented. for decades the united states allowed other countries to steal our jobs, close our factories and plunder our wealth. what was happening was horrible i used to talk about it for 20 years in the private sector. i said how did they let this happen and little did i know i would get
my shot is what happened and that's what's happening to us because it's really prosperous. our leaders in washington did nothing. they did nothing they let our factories leave. they let our people lose their jobs, given to other jobs workers in faraway land. that's not free trade. that's fools trade, stupid trade and we don't do that kind of trade anymore. the european union's been tough on the united states, but they are coming into seamy wednesday and we will see if we can work something out and otherwise we will have to do something. with the millions of cars they send in every year, but maybe we can work something out. we are talking to china who had a 375 million dollar trade surplus last year with united states. 375 billion or looking at it differently we had a 375 million-dollar trade deficit.
that's not good. we are talking to china, very serious. we are talking to mexico on nafta and i think we will have something worked out. the new president, terrific person. spoke to him at length on a call. did a great job, got a tremendous vote and they have a lot of confidence in him in mexico and that's good, but we are talking to them about doing something dramatic and positive for both countries. we are demanding fair with the world trade organization. it's been a disaster for the united states and we want fairness. we lose court cases. we always had a minority of judges that gave us fewer judges than other countries had. no one knew why i said i knew why because you don't have judges from this country. you have a minority three-two with three on the other side and we have started to do much better, lately in
winning cases. but, america never ways the white flag. we only waive the red, white and blue flag. that year of you economic surrender for the us is over it's over. you people have been leading the charge. america's fighting back and we are winning again you know, my story about winning, we will win so much you will get tired of winning. i don't think you are going to get tired of when he. threat our history our greatest leaders, washington, jefferson, hamilton, lincoln, mckinley, people don't know much about mckinley take a look, a really incredible economic times. people wanted to come in and take from our country took they had to pay for it. they had to pay for the privilege for taking from our country and we all understood to be strong in every one of them our nation that we really had to be a manufacturing nation.
you have to be able to be a manufacturing nation. i'm very proud to say our steel industries coming back at the level no one thought possible. factories are opening up all over. but, where i'm going they say you just don't put up a steel plant that was closed for five or 10 or 20 years in some cases. us steel is opening up six plants and they are expanding other plants. we are very proud of that. we were being dumped on. you know what that means. we were being dumped on. they were dumping all over this country and now our steel industries coming back and you need a steel industry that's not like a normal thing where you make even some of your products, which i love, but it's not steel. we need steel. we need it in the case of an emergency of the wrong kind. my administration is reclaiming our proud manufacturing heritage because we are finally
putting again america first. we are tearing down barriers to exports, protecting our intellectual property and defending our companies from unfair foreign trade practices of which there are many. we are putting the trade cheaters on notice, no one rips off the united states of america anymore. it's happened too much for too long. to give you a level playing field we have cut record numbers of regulations. in the history of our country no one has gotten more regulations -- cut more regulations than me and i've only been here two years so i'm talking about two years, four years, 16 years, eight years, doesn't matter how long we have cut more regulations than any other president. i have just been here for shorter than two years. we passed the biggest tax cut and reform in american history.
we have gotten rid of the individual mandate from healthcare, which was a disaster for you and your businesses where people had to pay for the privilege of not having to pay to get bad healthcare. sounds complicated, but it's actually really basic. you pay for not having to buy and a lot of people wondered about that one. that's gone. that's a big thing. that was the most unpopular element of obamacare and obamacare is rapidly fading away. we had it done, but missed it by one vote. somebody change their mind in the middle of the evening. wonder who that was? just one of those things, but we are far progressed and we are now opening up healthcare policies and making it possible for people to buy great health care at a low cost. and we are very proud of that. and it's open to the
secretary of labor has done an incredible job and secretary hays r is in the process of doing something that's going to be very big and all of you people will be big beneficiaries of that in a business world since our tax cuts were passed more than 6 million americans have that received a or a pay raise, in some cases a very substantial bonus and they are really liking it. creating over $7 trillion of work for our country we have vaulted up to a strong number one position with the largest in the world , largest economy in the world by a lot more than when i took over the presidency. small businesses can now deduct 20% of their business income and manufacturers can now immediately deduct every penny spent on new equipment. you never thought you would see that, so you go out and buy new increment or if you are selling equipment that's
even better because i know a lot of you folks make the equipment. a one year deal. think of it, one year expensing prodigiously think you would see that? people are buying in record numbers. as a result of our tax cuts and in the bill itself, $300 billion of foreign profits have been brought back home to america where it belongs. in the first quarter of this year alone apple is spending $350 million on new plants at any cripple campus and many other companies are doing the same. marilyn, i think lockheed martin is doing a big investment, i heard the other day. very big investment. every time a new factory opens, every time jobs are returned to our shores, every time we buy a product made by our own american neighbors we are renewing the bonds of love and loyalty that link us all together as americans. this tremendous spirit
in our country right now. sometimes you don't see it, but there is and you are producers. you produce like no one else and the spirit is incredible. today, we declare a simple truth. it matters where something is made. matters to me. you know, i would start-- your globalist stuff like it's okay to close a car factory or a car plant in michigan, and it's okay to move that plant to mexico and higher different workers and fire everyone in michigan, but it's not okay for me. to me it's a very bad thing. and that is stopping. plants are moving back to michigan and they are moving back in big numbers and they are moving back to ohio, coming into iowa in a lot of different ways. taking on whole new leaps and bounds.
a lot of things are happening. pennsylvania, you see what's going on there with steel. pennsylvania's incredible what's happening in pennsylvania, but you look at the steel. pennsylvania is doing well. car plants are moving back into our country at numbers that soon will be records like we've never set before. the more we make things in america, the stronger america becomes. that's why we will always live there by two crucial rules. by america and higher american. these principles gave rise to centuries of american prosperity from ford's model t to the f1 50 that i just saw which was beautiful. from the wright brothers to that beautiful zero ryan space capsule on the south lawn. you have the space capsule and every parts is made right here in
america. that was my first question and nasa is, as you know, really in a position that it hasn't been in in decades. people are excited about it and for some reason i just told the guy said for some reason rich people love rockets. they love them. i said let them spend it we will release them the pad. they don't care. they just want to have a rocket go to mars. everyone wants to be the first so let them do it. of these rich guys love rockets. [laughter] i never liked it as much as them. that's okay, but we have the real estate, you know. you can't send too many rockets up from locations. we have the best places there are, so we have a lot of work being done by nasa. we also have a lot of work going on done by these very rich people that love sending rocket ships up to various
places and we will learn and give them a lot of credit for doing it took its great. when they want to do it, we think it's great. american ingenuity built the railroads, linked the highways, put up skyscrapers and landed a man on the face of the moon. we can only imagine the incredible new miracles this century will bring. if you imagine? look at some of the things done today. i look at simple computer screens and what you have today and what you didn't have two years ago. can you imagine what it will be in the future? but, what we do is these marvels and you look at them, dream, they have been forged and made america. they will be made by the great hard-working patriots like the people in this room. incredible people, i have to say. i know you have been through a lot of the last 10 years and now every single person i met outside whether they were showing off their
product and displaying their product is saying it's better now than ever before. they've never had a time like this and i'm happy to hear it because that's what i'm here for. we've never had a time like this and i will tell you something, it's going to get better. actually, going to get better. we have so much potential in this country. it's actually going to get better. really good i guess in a lot of ways. is going to get even better so i want to thank you again to everyone showcasing your amazing products. we love our country. we love our people. and we love our great american flag. god bless you and god bless america. keep up the fantastic work. really great job. [applause]. liz: could there be a breakthrough intense trade negotiations with mexico in the european union? the breaking news as president trump "made in america product showcase" president
trump just said quote i think we are going to have something worked out with mexico on nafta that is the north american free trade agreement with mexico and canada that the president has demanded be modernized or vaporized and also throughout maybe we can work something out with the european union. wednesday he will meet with european union who has yet to back down amid the president's threats that he will hike tariffs on foreign cars coming into the us, so there was some conciliatory wording amid us clicking tensions with our largest trading partners took something else we just heard that optimism among manufacturers is at a significant high. he also talked about a different ingenuity sane american ingenuity has the railroads, put a man on the moon and referenced in a way rich people love rockets. on guessing he's talking about elon musk who is the head of tesla and quite frankly someone he
has attacked in the past of amazon who has blue origins which has his own rocketship country-- company. president trump same let them do it and we will rent on the launchpad. we will give them credit if they are able to get to mars. i want to bring in eric who is a venture-capital list who has watched many companies spark from american ingenuity. you have been listening and i believe we are having charlie gasparino in the chair as well. coming what you thought of the speech in the 50 states that, of course, he has represented with 50 different made in the usa products. >> as you say, i think anything that averts a trade war and seriously trying to fix things, then we will be in good shape. a trade war will benefit nobody. we will get hurt. the whole world will get hurt. i don't think you can put the genie back in the bottle. i don't think you can
say after 20 or 30 years of free trade that you will go back and protect yourself because all of our products are completely intertwined by products that come from all different faces-- places in the world whether it's hardware or chips or software, people have plants in our country we have plants in their country i don't know how we see this. liz: the modern supply chain think what you are saying is all of these 50 companies and let me read some of them with arkansas' ranger boats. you have lantern lighting out of arizona. moon pies, we call them pies and they are made in america. you go on and on, many you could say are assembled in america, but they would be hard pressed to prove every single piece of material that goes into making that assembled in the usa was made in the usa. is that what you are saying? >> exactly, that you just cannot take the
parts all of this supply chain and if you do try to disrupt or if the unintended consequence to disrupt up supply chain there will be a lot of companies that will be hurting they won't be able to find it at any cost still met me segue to google because google's coming out with its earnings "after the bell". we are about 12 minutes away from hearing the closing bell ring and this is interesting the president stuck up for google thursday when the european union said we will slap a $5 billion fine on you guys in the big complaint was that they claim to google was abusing them market dominance by bundling its chrome the search engine into android phones and mean they are doing it for free, but they feel its anti- competitive behavior and president trump then tweeted this: i told you so the european union slapped a 5 billion-dollar fine i one of our great companies, google.
they have taken advantage of the us, but not for long. interesting to see him do that, when in the past he has taken on other companies similar to google with things like privacy. >> there is some truth. as you mentioned that android operating system is given away free, so the result is that google has to make money somehow when they make it through search and chrome or whatever other application, but if you think of the benefits that all these little computers that we carry in our pocket because of android, they are half the price of four the most part half the price of the iphone so it benefits many many more people. literally two or 3 billion people in the world now who have these phones and the benefits are enormous to society. to say well, because you bundle a search for chrome, you know, you have a fine doesn't make any sense. liz: google-- google says they will appeal this and fight it, but yet there is word "after the
bell" when they come out with numbers they will have i believe they way they put it they will account for it somehow and that's weird if they fight it where they accounted for a fine? >> i don't know the rules about that. i'm assuming they have to pay the fine and then appeal, but these appeals take forever, years and years so i don't think there will be any impact-- liz: or they could drop chrome and just stop putting it in there automatically. you want that, don't you if you are phone owners connect and it all works together and i don't think consumers are complaining. european software maker complaining. liz: google is expecting revenue of $32 billion. they have just grown and grown and of course they make people's lives easier, but there is the question as to whether they shoved their searches up at the top if there's been a 16 minute-- 60 minutes piece on that anti- behavior. putting that aside, their press to earnings ratio-- we're getting a
little wonky, but it seems expensive to buy the stock yet it continues to go up. >> revenues continue to go up 20, 25%. three companies are racing to be the first trillion dollar company, out for that which it and apple arnett connect and one of these companies will be a trillion dollar company any day. liz: are you hearing from these american ingenuity companies that they would rather sell to a bigger name or just remain private? i'm thinking-- you had a big stake in it then got bought. some other companies coming white deal with the nightmare of public markets? >> obviously, venture backed companies eventually want some liquidity. the market's been pretty good recently included for tech companies. there's a lot of
companies that way and i think there will be lots of benefits going public liz: comment on amazon. once again the president attacking amazon same may propose an unfair deal with the u.s. postal service although by lot the u.s. postal service can strike a deal or they lose money, so not sure how the president will focus on that, that he does not like jeff bezos. >> to me, looks like amazon is helping to save the u.s. postal service. liz: by the way and charlie said this earlier, they make things less expensive. prices come down, so i don't know you have you fight an antitrust battle on that. thank you. eric hippo who's been a longtime tech investor with the closing bell ringing in about seven and a half minutes. 127 billion-dollar man says when it comes to investing during the trade battle with war of words or real war you have got to turn out the noise the matter how hard it to ignore.
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♪ liz: put ritz crackers in your stuffing? mondelez stock is it crumbling like a ritz cracker having to recall some of its products due the possibility of a salmonella outbreak. nicole what is the latest here? seeps odd. >> watch out for the ritz. they are doing a recall. this is voluntary. precaution nary. nobody has taken ill with salmonella. if you did you would have fever and nausea. all kinds of gastro issues. stock is down 2%. on particular parts of it. ritz bits, ritz sandwiches, the smaller three-ounce packaging, go on the web site to get specific details of the recall. of course you don't want to
consume this. first quarter, they had seen continuing demand. the stock is down 3/4 of 1% now. also we seen short sellers sort of dumping out of this one. this will be big "after the bell. liz: whirlpool is interesting one. as you know, nicole. president put out tariffs against foreigning machines but the stock is down about 20% year-over-year. i think you're right. we'll be watching that one along with google alphabet. while investors may be taking comfort what we've seen so far, healthy second quarter is earnings results, our next guest says trade policy, interest rates, says you have to work hard to tune them out. u.s. bank health management private client reserve, senior
portfolio manager eric wegand. listeners say, liz you're too obsessed with the trade war. are we? we get something happens, what would be advise viewers? >> hard to ignore. degree of uncertainty truly impacted businesses, whether you look at manufacturers. they're talking about it during their quarterly earnings conference calls. they're, it is influencing their spending plans how they're looking to deploy camp. so these have the potential to be of consequence. right now what we've seen, the amount of tariffs that have been implemented, actually pale in comparison to the amount of fiscal estimate laws that's in the system right now but it is one of those, that on incremental rate of change, we need to be cognizant.
liz: so we're cognizant. tell us for your outlook, which sectors are you looking to for real opportunity over the next half a year? >> we continue to be constructive for remainder of the year. we think there will be considerably more volatility as we move through the period. sectors that we like, continue to be pro-cyclical, pro-growth areas. that has us tilting away from the defensive areas like utilities and you know telecom and staples. liz: so you like specifically which names so we can put them up on the screen? into from a sector standpoint there are opportunities within each of the sectors from sector standpoint we continue to emphasize things like technology. we do think there are a lot of this churn is creating opportunities within the sectors. liz: when people say oh, tech had too much of a run-up, you say? >> there is fascinating fixation on fang being dominant.
we've seen last four months broadening out by participation not just market cap. [closing bell rings] liz: eric, good to have you here. nasdaq snaps three-game losing streak of 20 points. the dow though, third day in a row for a loss. see you tomorrow. >> stocks fighting for gains in the final minutes of trading as we enter busy week for corporate earnings. result this is quarter. google parent alphabet out with results any moment. major averages ending mixes closing down roughly 12 points. i'm adam shapiro. in for david asman. melissa: thank you for joining us. happy monday for you. i'm melissa francis. is "after the bell." we have more to cover for you in this very busy hour ahead. made in america, president trump wrapping an event at the white house showcasing products across the country produce produced here in