tv Countdown to the Closing Bell With Liz Claman FOX Business August 8, 2018 3:00pm-4:00pm EDT
depot founder. to all of these young socialists that are following the likes of bernie sanders. what do you think. right now we are heading straight over there. we have some breaking news here. disrupting the disruptors. take a look on your screen. this is a live picture inside the new york city council chamber where that counsel is about to vote on whether to slap a cap on how many cars that they can put on the streets of the big apple. this is a mood that could have ripple effects in your city and across the globe. states and countries and regions grapple with the issues of increased track fit. it's driven by taxi drivers fighting for the status quo and against the silicon valley and new york auto apps that had upended the right healing
business. first on foxbusiness he will react to the vote in real-time and we will also get a thought on another big car story. elon musk and the surprise announcement yesterday that he's thinking of taking the vehicle company private. they are working to get answers to the 72 billion-dollar question who is giving him the financing. plus major multinational struggling over how to handle new u.s. sanctions on iran. we are not compliant germany thinks the u.s. should be considerate of how these rules impact european companies. not only is the former u.s. ambassador he is the first person to organize the 1970 sanctions against iran who
holds more power and economic in battle of the u.s. or europe. markets going into different directions right now. they are down 24 points. the nasdaq and s&p are higher. a kind of straddles the flat line but up about a point. we are less than an hour to the closing bell. let's start the countdown. >> we do have a breaking news story on another big developing situation. new york congressman chris collins currently inside the third good marshall at the arraignment hearing that just started 30 minutes ago. collins was arrested earlier today and indicted on insider trading charges along with his son and another man this is a very interesting and
questionable a story a lot going on here. charlie gas brain is working on the details he is understanding this developing story unlike anybody else. he is coming down in just a second. the bowls can't decide between tapping the brakes and eyeing the latest trade post by china as it promises to retaliate against the u.s. tariffs. as the s&p 500 kind of fight tooth and nail to stay in the green in this last hour of trade. we do consider these trade tensions because they're definitely hitting the oil markets today. crude prices slumping more than 3% at one point down 4% hitting nearly a seven week low. we've already settled here. $66.94. we climbed up just slightly. we cannot forget that we also had inventory numbers that were bearish for the price. we have a smaller than expected down less check on
some of the big oil producers. the only one moving higher by a third of a%. shares are running out of gas but they still have some in the tank at tesla. it was at this hour yesterday that we found out about elon musk in his gut churning plan to take his electric company private. shares shot up 11% on the news. halted and then continued to decline. we were kind of a scratching back only one and a quarter percent of those gains. so the stock is still well above where it was yesterday morning. we are at three hundred $74.28 per share in this as bloomberg reports that elon musk held talks in 2017 about softbank and test -- investing. apparently the talks failed
due to progress with disagreements over ownership and understand the no active talks happening. remember they have taken a stake in this. and we were talking about the big fund. we are much more on the race to secure the cash and whether they really had it straight ahead. let us go back to new york city council any moment now this council will be making a call that may slam the brakes on the explosion of right healing services. you've seen the pictures. new york, to london to paris traditional cab drivers complaining and screaming about the profusion of right healing apps from the likes of huber. but that is what happens when disruptors come along. they make become the first city to disrupt the disruptors there is just too much
congestion. a very big deal here in new york but it really matters everywhere because what happens here may reflect in your city and they will use as a decision and a precedent. as i under stand are they still having conversations what are they doing. the sponsors of the bill are speaking right now and as we await the breaking decision we bring in the cofounder of ef which is a right healing service that focuses exclusively on shared rides and carpools. we don't know what this is gonna be. what is you are game. give a sense of what the city council might vote. >> it sounds like they will approve this measure in addition to several other members that are being considered. >> i would be infuriated if i were you.
>> the cap in our view is not a good idea. we had spoken out against. we've asked them to comment on. many of thousands within just 24 hours clearly we don't believe that that is good policy. in particular because it has some interesting effects on a service like this. and i'm getting as many people there as possible. that would impact you. they would limit the number of cars that you head on the road meaning drivers are actually part of the solution. you are cutting down on that because you had shared rides where most cab have a single person driving them. other cities are pain to bring this here. we are talking about large cities. we are facing the spell that is not helpful. >> how many people have you put to work in the tri-state
area with your business. >> if you look at employees in drivers you are talking well over 10,000 people. so you employed ten people -- 10,000 people drivers are on the platform earning wages. those are earning much more than the tlc would like them to ernie and about 50% more than drivers on other platforms. we know that the sharing works very well. >> it's hard for me to play devils advocate because i'm a firm believer in you guys, uber, and lyft. let me play devils advocate. there was 63,000 cars today something like hundred thousand in new york city
traffic people would argue is worse. you have a new york city taxi drivers. some head committed suicide's and they feel like you are stepping on their air hose. it's a very complex issue. some of the bills that they're gonna vote going to vote on is very positive. with making sure that we get more people into every vehicle. and we had been very vocal about supporting those bills. the idea is very popular. there are now a hundred thousand of them. we know there's a false idea. it showed that the congestion has gotten worse but right healing is not to blame. it's just increasing economic activity. we know that's not the reason and we don't believe it will be acceptable way to address
-- address that. daniel is gonna stay with us. wall street also grappling. with the rising interest rates. first it was j.p. morgan calling for 5% treasury yield. and now richmond federal reserve president president is saying that continued lower interest rates are really tough to justify. we have a strong economy, let's go, let's raise rates. look at higher mortgage rates. we now had 4.5% 30 year fixed. our these rising rates enough
to throw a chill into the bull market run that we've head. >> i think if you predict the negative side of this eventually you will be right. there is no question interest rates are going higher. it's been an excellent job. and dealing with expectations and handling the high interest rates. but there is another side to this argument. there are people telling us the interest rates are not going higher because we don't know all the effects of the tariff stuff. in terms of the u.s. economy i take it's fair to assume that. i don't think we are anywhere close to the tipping point yet. scott bauer, do you agree with teddy or do you feel like when it cost more to borrow money on companies that are
considering borrowing money to grow. where would you expect to see that. i do agree with teddy. i think we are nowhere near the tipping point. that being said the caution flag may be proceed with caution. at this point, we are seen wage growth still outpaced inflation. i don't the goods really hurting people and their pocketbooks yet, and if you're concerned about the overall market picture and how it may affect the market with volatility the way it is. we are at a point where you can buy such cheap protection. i would certainly look for tech. some of the big tech that is still borrowing cheap money.
i would definitely look for that. but i don't see anything happening in the near term or even projecting out six to 12 months were interest rates are really going to take over and spook the marketplace. where the next couple of years is all based on higher interest rates. >> this economy is not in a hospital bed anymore. it's not even standing and lurching around the holidays -- hallways. it is doing very well and that's a good thing. do we have to grow up and we have said were to continue rates. where do you see the effects. i agree. it's a sign that the economy is getting better. we look when you look at the history of interest rates. and yes 5% interest rate is getting back to more normal. but it may hurt some businesses there is no doubt about it. they're finally getting prices to go up a little bit.
there is some arguments that are saying that the 5% interest rate may be too high. we are going to come up against a major turn line with interest rates. he may be waiting a long time for that we've wasted out before we crashed through that feeling of 5%. love your perspective, thank you. keep your eyes peeled because after the bell david and melissa well have some big earnings names including the latest update on 21st entry box numbers. in the meantime we had 45 minutes before the closing bell rings and at this time yesterday tesla stock was halted, elon musk had us ripping up our show. one day later, was the tweet that tripped the news alarm really totally true.
they had tweeted that he is taking about taking the company private. but that's the 72 billion-dollar question. who is providing the cash. organ a to dig into that next on count on. ♪ you shouldn't be rushed into booking a hotel. with expedia's add-on advantage, booking a flight unlocks discounts on select hotels until the day you leave for your trip. add-on advantage. only when you book with expedia.
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we are just getting this breaking news in from the state department. saying that the u.s. will impose sanctions against russia for the use of the nerve agent in the attack against british citizen and his daughter. this was a couple of months ago. they were sitting at the park. they somehow came into contact with the nerve agent that's only manufactured in russia the sanctions will go into effect on or around august 22. we should look at the russian ruble. we can only get you a three month look. you can see that dip down. it hit a two-year yellow -- low. they reveal the planned u.s. sanctions and by the way this may be those. there is also a bill that senator lindsey graham has
been a lead sponsor on. it's known as the bill from hell because it is very painful on russia. it is the state department moving on the saying same it will impose new sanctions and clearly giving credence to the allegation by the uk that russia have pulled off this horrific nerve agent attack. of a former spy and his daughter. in the meantime let's get to tesla. if they succeed in taking the company private he will take away from an already dwindling population. the number of publicly traded companies about 3,600 firms were listed on the u.s. stock exchange at the end of 2017. that is down more than half
from 1997. some notable names of companies that went private over the last couple of years. as far as elon musk goes. how will he pay to take it off the public markets and christina some of those companies had gone back to being public you had been digging around on this. we will talk about how it will work in the funding that he said in his tweet. everybody right now is focusing on the two words. what did he actually mean by it. did he mean that they were going to pay for it. a lot of endless weighing in on this. our view is that funding secured should be interpreted as a strong and means that maybe they have started some
of the progress. it's not finalized. that's what he's can have to prove here or he has the find secured. that too was a big deal yesterday. the fact that they said that there increasing their stake in tesla. they booked the news. and then all the sudden i think i want to take the company public. there is one person he was a former sec chair. he was on foxbusiness early on today. and he waited we are funding secured which means they had locked up and in place and legally enforceable. that is a fact question if he has it.
i'm going to end on this point. who could possibly be funding on it. these guys could pay out more. and nobody is really mentioning i think that is possibly a player given that they have a trillion dollars and they already own tesla. i like that christina. thank you so much. still just pulling back slightly by about upper percent. was kylie jenner right. the parent of snapshot taking on the twin -- chin. remember back in february they
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breaking is the voting has begun the new york city council membersç have begun voting dayr nay on whether to cap the number of cars that write healing apps can have a new york city streets. the vote tally has not been revealed just yet. we do expect a decision it could affect your commute. and all of the companies that operate in your city and we will be watching this very closely.
the newly reinstated iran sanctions are a day and a half old. and some of them are punching back against the u.s. move to been doing business with the radical islam with the european interests. and china is defending its business ties with the middle eastern nation saying it's going to ignore the new measures the u.s. has implement it. some of their companies within those countries are already taking sides. and sometimes it's not on the side of their own country.ç he is the former u.s. ambassador to the u.s. union. back in the late 1970s. during the hostage crisis. your background is extremely pertinent here. let's begin with how effective they were as i describe in my new book president carter the white house years i helped
organize the sanctions against iran when they took it hostage. we refused to do business with them and anyway. and it did not work. the reason it did not work wasn't because we were unable to get our allies to join us in taking tough action. the president called over 25 heads of state with germany and all of the european countries and in the clinton administration. and the iran libyan sanction act. we putç that out. present trump is now employing. with the nine u.s. companies that were doing business with iran. we got compliance with that.
but the new reality is twofold. one it may be that the trump administration would not waive sanctions already 100 european accompanies are announcing plans to pull out of iran and second, and this is completely new. they amended their so-called blocking legislation. which bars compliance with those u.s. sanctions. between a rock and a hard place. it's almost like going back to the islamic resolution which was violent and horrific and we have the u.s. embassy hostages thereç it's almost going back to that where our allies are not exactly gung ho on that. i guess i understand in part because they have gone ahead and
signed the nuclear deal with the united states and present trump said you know it's not working. what now happens because you've actually got companies within these countries like nestlé, mercedes, we are with the u.s. on this. we would rather do business with the united states than iran. it matters more to us. it could be a business decision but who cares. let's remember what everybody thinks about the jc poa and in the nuclear deal of iran. the obama administration combined u.s. sanctions with tough eu sanctions. now we have a situation in which having said that they european governments want to stay in. but that european companies want
to protect their shareholder interests. what they're saying is if i have to choose between doing business with that small iranianç econo. there's no choice. but then that puts them right in the crosshairs of the eu legislation which bars them from complying. they really are caught again between a rock and a hard place. and the question then is, how much will they enforce those laws. >> let me bring in just what happened within this hour. the state department has just slapped a new sanction on russia because of this nerve agent. on a uk citizen. who have been a spy. defected and moved to the united kingdom. give me your sense of what this really says about the administration and the seriousness about really holding russia's feet to the fire. i think it shows that they are very serious about sanctions.
having announced that they are pulling out of that. and they're now going to impose the first round of sanctions now and november and even tougher round with energy sanctions and financial sanctions. if their bark isç as tough as their bite they do both. now they're really going to be hurting. because you have a hundred european accompanies pulling out. this is also been a strain however the trans atlantic. they don't want to be sanctioned by the u.s. they want to keep in the jc poa. and that's a real bind. in the end the companies are gonna do what's best for their shareholders and i doubt that the eu will be able to effectively enforce their blocking legislation. >> you have a front row seat during the historic time in the 70s. we appreciate you coming on.
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on monday serious xm broadcasted on the howard stern show. >> he is a snake in the grass. network executive. he will fall. stern did not just call him a snake in the grass. and ranged over the current sexual harassment allegations. you may remember howard stern have a public feud and fought a 500,000-dollar lawsuit when he left to work at serious xm. investors they don't look too concerned by that shack comments. but it's not about 10% year over year and it has taken a hit since he was accused of sexual
harassment. >> he cheated our markets in our justice systemç in two ways. first, he tipped his son to confidential corporate information at the expense of regular investors and then he lied about it to law enforcement to cover it up. lawyers from the state of new york. the sec laid out the details of an insider trading charge been brought against the new york republican congressman he was arrested today and officials are accusing him of receiving nonpublic information on drug trials from the ceo of australia. and then passing that information to his son cameron collins and the father of his son's fiancée the three codefendants using the information to go on to make key
trades that help them avoid nearly $800,000 in potential losses. this according to the justice department. we will get to about congressman collins in a minute. you breaking news on tribune and sinclair.ç whether to go through with this deal. the deal that sinclair will buy them for $3.9 billion. there is all sorts of talk about the date that this merger deal runs out being the end of the day today maybe midnight may be an announcement from tribune at the end of the close of the market today. there announcement on whether they are in or out following the sec statement. it is not a good deal. they refer to the sec and the administrative court judge which usually kills such deals. whether to stay in or out. we understand that they had been
liberating about getting out of the deal. i know they are talking about it. we understand that this statement of some type whether they're in or out is going to come intimately. look at the tribune stock on this news. people think they're going to be other bidders for it.ç it doesn't mean it will happen. they may find there is an outside chance. so they roll the dice. the investors are betting a second happen. working to know where this is going in the next 24 to 48 hours. i would say this. chances are this is essentially
a bad deal. and they referred to the administrative court judge. it's not can happen. in terms of mister collins. a lot of confusion. lawmakers cannot essentially trade on legislative information this is a plaijúp'd simple. the misappropriation theory he gets insider. he knows about that collins just left the courthouse. this is a lie picture of congressman collins just leaving the courthouse here. he was arrested and indicted for passing on information it all
depends on how that one they have to establish some sort of arrangement. i just tell everybody looks bad but you have to hear the facts.r we will be right back. that go? he kept spelling my name with an 'i' but it's bryan with a 'y.' yeah, since birth. that drives me crazy. yes. it's on all your email. yes. they should know this? yeah. the guy was my brother-in-law. that's ridiculous. well, i happen to know some people. do they listen? what? they're amazing listeners. nice. guidance from professionals who take their time to get to know you.
. . liz: global equities around the world, the best month since january. apple hit trillion dollar market cap. majority of classes are late january highs. it is a summer heat wave, our next guest. ali mccartney, ubs wealth management. what is the thesis what was july heat wave coming into august right now? >> i think it will continue. august is pretty quiet month in terms who is around. oil moved down on trade concerns. there is still a lot of movement. people are still reacting. this is the time, we saw first last week we finally saw growth
and value sort of pivot and value trade start to work. value trade based where we are in late-stage cycle. it is really important be thoughtful where you're invested. time to get into energy. today gives you a buying opportunity on that. liz: okay. >> we're 40-year low in terms of price to book on that. really meaningful thing to talk about, country energy independent. coming out after market with huge demand constraints. now we're a little bit supply constrained. financials, we're really bullish on financials. you have a great macroeconomic environment. you have one area less sensitive to -- protectist rhetoric. super low defoughts rates in the world and you have much easier regulatory environment makes it less costly and easier to be in
the area. liz: you're saying don't get out? just move to places you like. [closing bell rings] we'll put all your picks on lizclaman.com. longest winning streak for the nasdaq in five months. good-bye to amazing producer irene kirby. we'll miss you. melissa: the dow struggling, ending down 45 points. s&p struggling to stay in positive territory. nasdaq highest in seven days in a row. i'm melissa francis is. david: that last part is very good news. i'm david asman. this is "after the bell." we have breaking news. we'll start with in from the white house. president trump's legal team responding to robert mueller's latest offer for presidential interview. former federal prosecutor andrew mccarthy knows it awe, what we know now, where things go from
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