tv Markets Now FOX Business July 26, 2013 11:00am-1:01pm EDT
stuart: friday morning, time for day in. >> thank you. a battle royale brewing over who will replace ben bernanke. while mr. summers has made some enemies on capitol hill. steve : s ac capital pleading not guilty. is this indictment enough to put this firm out of business? honeywell now call-up in the latest problems for the dream liner. japan's ana airlines saying two of its streamliners have wiring problems around the locater beacon. and wolverine this weekend, the debut could turn the tide in a multimillion dollar flop for the box office, 20th-century fox is making on that dreamboat. those stories and so much more coming up this hour on markets now. ♪ connell: well, the markets
suddenly getting hammered. dagen: wolverine was firm red dawn just for movie buffs. connell:-will be along. and larry summers, the next fed chairman kontakion life of its own. that will be interesting. dagen: to make the decision by having a math or science contest between the two. would that be fun? will talk about all of it. connell: first, let's go to nicole. stocks now. we are getting hit pretty hard. >> exhilaration to the downside. the dollar has been weaker, but you are seeing selling going forward. a few of earnings. confidence numbers, consumer sentiment came in. that was better than expected, but it looks like we are ramming natalie get people deciding to take profits. i was talking earlier this week, also ben willis. there were just talking about the fact that we have run up four straight weeks in a row, and there are people who want to just take their days of the
table. fed week, a lot to go on. but this week it looks like we will have our first losing week for the dow and the s&p after four straight weeks of gains. all 30 dow components have down arrows led by coca-cola, american express, hewlett-packard. connell: all right. dagen: more talks that president of all might be leaning toward nominating one of his top aides as other reserve chairman. we talked about larry summers, but we have some democratic senators stepping up and saying, wait a minute. janet is a lady for the job. connell: rich edson is on it from d.c. it's just put a statement on that. >> we are hearing now, senior administration officials are saying the president is not near making a choice of who he will select as the next batter reserve chairman. he is not coming out with menominee any time soon. this is all in the context of some reporting of the last couple of weeks that larry
summers, former economic adviser was going to be the president's choice or at least was at the top of the list. not necessarily going to be the choice, but the president was leaning toward mr. summers. this begs the question, what about the vice chair janet yellen. as you mentioned, there is this effort going around led by the senator of ohio, a democrat, that basically the preference among a number of senior senate democrats in the senate is to have janet be the chair. the "wall street journal" is reporting that the letter does not necessarily say that larry summers would be a poor choice, but the journal also reports that senator harkin from iowa says that there are a number of senate democrats to have problems with larry summers views on regulations. the house minority leader came out yesterday saying that she supports jennet. it's early on in this process you start to see this news sort of leading the pack. then all a sudden a number of
key democrats start coming out sank larry summers as our guide. moving forward on this, it becomes important because any one chosen to be the next fed chairman has to go through a senate confirmation process, go to the senate banking committee. the fed chair terms to ben bernanke ends at the end of this year, january 301st. back to you. connell: a lot of fun. thank you. the -- key democrats and a group bloggers. dagen: well, we will talk about this. chief portfolio strategist. nationally syndicated columnist and fox news contributor. i'm going to start with you because you're here in studio. one of the problems would be his personality that he is not a man of compromise. he likes historic plea to belittle people who work for him. that is not the makings of a fed chairman. >> i think you're right about that. he is a bull in a china shop and as is very brash and aggressive
terminology that may suggest does not play well with others. the fed is an organization that likes to build consensus around whenever its policies are. that may be something that would be better. in terms of policy there would not be a very big difference in terms of personality. very strange in some ways that the white house is even floridian is as a trial balloon because threes as he talked about conservatives about like him. a reference of the problems he has had with women's groups. but -- and liberals like him. that's from talking about the bloggers. a huffington post business section. everyone is yelling. is it wall street's? would it be the wall street crowd that would be pleased? >> i'm not sure what the source of the original was that actually said that larry summers would even be considered. i'm curious about the credibility of the source. considering who i would prefer between the two, it's almost
irrelevant you would prefer, but i think that she has more of the credentials, the monetary and economic background. though he is a brilliant individual, he is a very polarizing figure and a previous leaders. i don't know if this would be necessarily within his core competency to be the chairman of the federal reserve. >> sixteen women who are democrats and the senate in terms of confirmation that would be a problem. his issue with women as related to this talky gave once when he was talking about female professors and science and his comments, not to every "demand rehash them, but they offended women. somehow lesser and he made an excuse for them. that is going to get in his wake. are with the white house pick a fight like that? >> i think that raises a very good point. obama may decide, why not appoint the first female head of the fed. that is certainly very good politically in terms of partisan
politics and god knows everything that this white house -- dagen: to easier to picker than summer's. >> in terms of policy, they're both dedicated to the idea that the fed should be an economist. he believes in three branches of government cannot afford. i think that they believe in the fed as a fourth branch of government that is this economid redistributes. connell: disqualified. you disagree with the policies. >> qualified in terms of being an economist in the book that both bring to this job the idea that the fed should be active, interventionist, not making it -- maintaining a stable price level which is much more appropriate activity. dagen: how worried are you about inflation at this point? would you ever expect the next four reserve chairman to have policies that are any different from what we see right now? >> i would seek continuity of policy regardless of who is appointed chair and whether it is ben bernanke, janet yellen, larry summers, were ever you
want to throw out there. i don't really anticipate that we are going to have any sort of reduction in the accommodation of the fed, there bias towards easing. it is just easier to do that. i think it is more politically popular to ease your weather is the red deer not. not that concerned about inflation because we're just not seeing a lot of it in the data. most of the inflation taking place is in asset prices, so it is not actually resulting in higher consumer prices or wages. so the fed does have additional scope to do more easing if they are inclined to do so. connell: a special view here. shaking his head. >> i agree with the other guest. we have not seen a lot of ablation. the reason is very little velocity of money. economic growth has been low enough that this money has been on the sidelines. once that money comes back to my think it's entirely possible the you will have inflation taken. and then what will the fed do?
we raise interest rates. the slowdown whatever economic growth you get. dagen: what? >> you're absolutely right. the velocity is low, but they can also manage it. the idea that it is there and actually has to eventually go in inflation is somewhat of a misunderstanding of the various tools of the fed's disposal. a october 2008, there were able to raise the interest. they can actually control the flow of money into the economy to be taken basically contain if they want to, and i think that there will. dagen: it is not germany where there were actually printing money. connell: create a chide money -- is adding close to having the same effect. right now sitting on bank balance sheets.
it's a completely different mechanism. connell: maybe we can all agree hilary somers will be the next fed chairman. >> i think we can agree on that. connell: thank you very much. always good to have the. more problems believe it or not with the dream liner. japan saying that it found damage to the battery wiring on 2787 locator beacons. the company inspected the device is after they were identified as the likely cause of the far. you remember the ethiopian airlines flight. so they sent the begins back to the manufacturer, honeywell, to be checked out. we take a look at the stock. both boeing and honeywell are down, along with the rest of the market today. dagen: now on to the latest from that southwest airlines plane that made that horrid landing earlier this week at new york's laguardia airport. investigators now say that the plane's front nosewheel
touchdown first before the main landing gear to the back of the plane made contact with the ground. the findings are based on video and other evidence. the national hesitation safety board officials would not say whether pilot error contributed to the hard landing. 150 people were on board. suffered minor injuries. shares of southwest down more than one &. connell: the latest ameritrade derailment in spain with the police saying they had detained the driver of the train of was is crash. he is currently under police guard at a hospital and is expected to be questioned later today. the driver apparently brag in the facebook post last year that his train was traveling so fast he was in danger of getting a fine. same driver. death toll right now at 78, 95 people still in hospitals with injuries. dagen: caroline kennedy, president obama's big to be the
next ambassador to japan. what does former ambassador tom schafer -- he held that job as well. what does he think about the challenges as you will face? connell: the first hearing being held by new york judge. the federal case against sac capital. a report from there just ahead. dagen: parking tickets, pain for anyone who drives a car. cities across the country cannot get enough revenue from these violations. drivers are hopping mad. don't double park. leave your car to go into the coffee bean and tea leaf. first, take a look at oil where it is. one of 449 today. my mantra?
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down 18% at the moment. that is because they came out with these numbers. by the way, all analysts are downgrading in telling this morning. it was trying to build a real money gambling business. it seems to have abandoned that and gone back to its social beaming. people are not liking it. a weak outlook. down 18%. we should also set up a number of daily users has been dropping. that is not a good news for shareholders, down 80%. take a look at expedia, over 25 percent. supporting numbers there as well. missing quarterly estimates, ticking priceline del along with the. almost 25 percent right now. it. dagen: thank you. connell: here to nominate larry summers -- no, it will make us some money with the stock back. dagen: the semiconductor. >> lagard back to these old names they used to be high
flyers and fell completely apart. this is one, just reported to be a really good number. an inflection point looking thing. revenues are up. mobil was up 12%. they're buying back stock. here's the story, this is the material that will continue. there was very spence of a little unstable. they gather together and may actually developed a transistor way for that now makes its radio frequency amplifier three times smaller or three times more powerful. this is a game changer in my mind. margins are looking fantastic. they reported with 31 percent quarter over quarter. the third quarter. connell: you were in it. dagen: it kinda fell off by radar. everything associated with this is starting to come back. a lot of these old names the reinvented themselves.
an easy ten, just back in february of two dozen 11 shifting dollars. it was like it thousand dollars a share. connell: why is the market getting hammered? we are talking about larry summers to much? >> started coming back. a fantastic debate. classic academic debate verses the libertarian sort of ideal that we just simply hate the fed dagen: whoever takes over when ben bernanke leaves, the next president will have him or her for one year released. >> they're cut from the same cloth in the sense that they will both print. dagen: i would say that the other federal reserve governor would be very concerned. >> come to work of the poll,. connell: their up in arms about it. dagen: they're angry about class stiegel.
connell: the deregulation. dagen: steve cohen, his firm now formally charged by the federal government for insider trading. a hearing this morning, not guilty plea from the firm. there are wiretaps' involved in this case. we have a live report coming up. connell: and other big-name, caroline kennedy. tom schieffer use all the position. you will see if he thinks that she is ready for this job. that is all coming up on markets now. before we get all that, here's a look at currencies today. ♪ ♪
the damage is not permanent. preservation crews are planning a memorial. police have no suspects at this time. in cleveland a plea agreement will give him life in prison without parole. spears of the death penalty. castor pled guilty to 937 counts, including kidnapping nd rape of three women. he kept them captive for more than a decaae. a second juror and that trade on martin try was speaking out saying she feels she let the parents down by according zimmerman. the 36 year-old woman said that zimmermann got away with murder. they cannot find enough evidence to convict him under florida law those are your news headlines. let's get you back today and,. connell: thanks. dagen: thank you. following the latest developments in the criminal case against sac capitol. connell: adam shapiro now live outside court said lower manhattan with the latest. >> reporter: of course you have the attorneys and the representative of sac capital
pleading not guilty to the various charges of securities fraud and wire fraud. the next appearance in court will be september 24th. what is interesting is in the proceedings today during the arraignment there was a discussion about discovery which will take place over the next two months. it will be in the words of the u.s. attorney's office a voluminous amount of material handed back to the lawyers representing sec. the luminous, which includes wiretaps. up until this moment we have been told by sources closeeto the investigation tha nothing of substance in regards to wiretaps that might pertain directly to steven cohen who has not been indicted. the u.s. government has said that there are wiretaps. as we saw, those kinds of pieces of evidence, the wiretaps, can be crucial in obtaining a conviction. after the proceedings we intended to speak to the different attorneys about what is going on, business as usual. here's the other responded.
>> how are the spirits of the people? >> find. >> people this tourist? >> reporter: not much of a comment. general counsel was representing sec as well as the various hedge funds who are now facing trial at some future date. connell: one of your best interviews. that was pretty good. a one word answer. thank you, mr. shapiro. dagen: rework and lower manhattan. how are you doing? fine. connell: another high-profile name and all of that. tom schieffer coming in to talk about it. dagen: wolverine, the wolverine common 20th-century fox betting big on this home. again, we are hoping that the string of flops for other studios in this this weekend.
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answer for the u.s. twentieth century fox rolls out the wolverine in an attempt to break a string of box office flops for other studios over the last several weeks. connell: there you go. let's go to nicole once again. we will jolt the shares of starbucks today. >> reporter: pretty amazing. the best performer on the s&p 500 on monday when you're seeing a lot of selling. they came out with the quarterly numbers and raise their full-year profit forecast. they have roughly 19,000 cafes around the world. when you go round the world starbucks is doing well at home and abroad. they have had obviously rapid expansion plans which has helped them to remain competitive against some of the other guys such as mcdonald's and panera. the stock is up almost seven and a half% oday. in addition to the fact that they have had a great presence and expansion, they have also been expanding what they offer
including buying tea and juice and bakery companies in order to continue to give their customers an array of things that they may be interested in. so we continue to see starbucks growing and is certainly has a stellar performer, not only today, but hitting a high. it is worth noting. dagen: thank you. president obama nominated caroline kennedy to be a next ambassador to japan. kennedy would be the first woman to serve as the top u.s. envoy to that country. former u.s. ambassador to japan and current president of on boy international, tom schieffer -- tom schieffer's joins us now from fort worth, texas there be great if you to be here. thank you so much. >> my pleasure. dagen: ambassador, talk about her experience. you were ambassador to australia prior to being investors in japan. do you need that kind of diplomatic experience to take on such a big role? >> it's certainly helped me to go to australia because it gave me a great familiarity with our
foreign policy making apparatus. the state department dollar defense department and all that. having said that, i think mrs. kennedy will do a fine job. the real key is access to the president. if you have access to the president, everything follows. she is a subsidy person, and that is the second real qualification. think she will do quite well. dagen: is this about adjusting to the japanese culture? how difficult is that? >> it is somewhat difficult. japan is different, even asians will say that it is a different place. but you know these are great allies, great friends of the united states. they will go out of their way to try to be helpful to mrs. kennedy or any american ambassador. i think she's going to find it to be one of the greatest experiences of life. i think life will never be the same after it. is just such a varied background that you're dealing with. one minute someone will be
talking to you about agriculture in the next about nuclear weapons. japan is so central to american foreign policy in the pacific that it is an intellectually challenging but deeply rewarding post. dagen: what do you see as the biggest challenge our biggest problem, if you will, facing our relations with japan at this point? again, we have an important economic relationship with china, but we don't want japan to think that china is a bigger allied that japan is at this point. there is north korea. tensions between japan and china. was the biggest issue? >> well, it is the u.s.-japan relations to because when the u.s.-japan relations appear strong, everything else is possible in northeast asia. we want to have better chinese relations, you start with a better japanese relationship. and that think that that has been the tradition of american foreign policy in that part of the world, really since the end of world war two. people sometimes don't realize
that americans have a very bipartisan approach to japan. what -- what the investor has been talking about the last four years is basically what i talked about. there is not much change in that regard. it is that continuity and stability in the relationship that is important. frankly, japan has gone through a difficult time here over the last eight years. there have actually been a different prime ministers. what the election and now the upper house election last sunday in which he consolidated his gains, we have an opportunity here for stability on the japanese side, and that will be helpful to everybody. so i think it will be a real opportunity to do some rework. i salute mrs. kennedy for wanting to serve the public in this way. she could not have found or served in a better post to really affect american foreign policy. dagen: ambassador, one last thing. an economy that is heavily
indebted, that can't grow, as central bank regardless of, stimulus that produce can't really -- until recently can reaaly create inflation. are we japan right now? the beginning stages of being japan.3 >> i hope not. i think both japan and the united states have to deal with their fiscal woes. they have to deal with it and those sober realistic way. neither country has come to a proper conclusion yet. jumping reforms and have stimulated the markets. japan has are more optimistic look. i think they are moving in the right direction. we need however, to get our own fiscal house in order. it is important that we do so. dagen: good to see you. former ambassador to japan. we will see you soon. they're is a see right here for you. just saying. dagen: i would love to be there. connell: always somebody talking about going green.
it is a story that we have coming up because numbers just cannot. thirty years from now dirty coal will be of very hot commodity. want to talk to robert bryce about what that is the case. dagen: you are you calling dirty? one of the growing revenue streams for local governments nationwide, giving you a big fat parking ticket. that's right. and the wolverine out in theaters this weekend, dreamboat you jackman trying to help 20th century fox deliver big money. that is what people are talking about. ♪ (announcer) at scottrade, our clients trade and invest exactly how they want. with scottrade's online banking, i get one view of my bank and brokerage accounts with one login... to easily move my money when i need to. plus, when i call my local scottrade office, i can talko someone who knows how i trade. because i don't trade like everi'm with scottrade. me. (announcer) scottrade. awarded five-stars from smartmoney magazine.
♪ >> reporter: i'm jo ling kent with your fox business brief. consumer sentiment climbing to a 6-year high as americans feel more confident about economic conditions. this month's final reading from the university of michigan came in better than expected. americans expect a slower growth rate. bucking the trend, shares of activision are soaring today after the video game publisher said it will buy back nearly $6 billion worth of holdings in the company. if you're looking for love you might want the booster credit score. according to free credit score, roughly 20 percent of men and 30 percent of women would not marry someone with bad credit report. the concern, a partner with bad credit score could hurt prospects for getting loans to lower interest rates, and as the latest from the fox business network, giving you the power
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change, that we are going to protect future generations, a lessor and so we can find something that generates electricity at a price point that is cheaper the gold, coal is going to stick around for very long time. dagen: a price point is always the discussion. energy that maybe people don't want to have. you talk about morals and what we should do for the planet. the conventional wisdom becomes over 34 years, of course we will be going green. you apprised of economics. if you are just push that to the side for a second think about it as an investor was tight money you have to ignore those things sometimes i guess. >> well, what is happening in the developing world is an explosion in demand for electricity. the essentiality of electricity to modernity is incontrovertible and what to the countries in the developing world need, cheap, abundant, reliable electricity, so they turn to coal. what are we seeing in the global electorate market? we're adding effectively one
brazil worth of new electricity demand every year, around 450 terror what hours. and vietnam, malaysia, china, india, these countries are burning coal to get there. connell: china and india are obviously so big. we have these projections that come out in a report like this. worldwide energy carbon tax that emissions are supposed to go above 46% by the year 2014. all right. we talked about already, projected increase there. is there any chance that between now and then we could see a dramatic change in policy in china or india where they say, wait a second, we have to change course and promote a different type of energy consumption within our country which can change the dynamics.s interestie two countries as you mentioned, china and india, as if they are both pushing hard for nuclear. remember, the coal plants that there building now will be in service for decades to come, the
same is true in germany. i am very bullish on natural gas. verbalism a clear. i'm hopeful that we can expand the nuclear fleet because nuclear, when it comes to baseless generation, is eally going to be the key it is going to displace any of the coal that is out coming on line. connell: the other room we have not had a chance to talk out michele. again, i think a report like this, don't jump to conclusions. what is actually in it might surprise you. good to see you, as well as. >> thanks a million. dagen: cities across the country are raking in big dollars from this the lovely piece of paper on your windshield. parking tickets. they are making them more expensive as well. connell: we have adam live in l.a. with more on the story. >> reporter: a. i got one of these a few months ago. it has been paid. gives you an idea. these things can set you off. it seems like we are getting more and more. here in l.a. and in other cities
like it the issue is when you come out here you have to find a sign and then decipher them as to whether or not you can park your car. >> at ticket. she give me another ticket. >> cities are rolling in the doe thanks to parking violations. >> but think of them as a new atm machine. >> in los angeles parking tickets bring in three times more revenue than parking meters >> they want to buy an epidemic lot of money on them but low enough that you're going to say, it's not worth giving up the day and going to court. >> since 2005 ticket prices have nearly doubled in l.a., now starting at $63. >> that is almost an entire day's wage for a minimum-wage employees. people cannot afford that kind of thing. >> the same story in washington d.c. which ended down nearly 2 million tickets and $100 million in fines last year. >> they substituted a parking tickets for the welcome mat. >> some cities even charge for
sunday parking, including san francisco, which sits atop the list of highest ticket prices. why not just a beta signs? which ones? and what exactly did they mean? >> i have a graduate degree, and i can read some of the signs. >> the signs are clear according to l.a. department of transportation who told us, we frequently have multiple parking regulations and require more than one sign. the public is it possible for reading all posted signs and complying with the regulations in effect. the critics say there's got to be a better way for cities to ridgemont -- raise money. >> it would be better for our democracy if the city's realistically said this is what is going to cost us to provide these services and ease of the ways that we think we ought to raise the money. >> i raised this issue with one of the supervisors. the call that legalized extortion. he is one of the representatives these tickets, one-third of the revenue goes to the city, when the to the company that buys a ticket and a third to the
company have collected. there is quite an industry around these little slips of paper. dagen: and as much as was angelenos' love their cars, i am sure that they are more outraged than anyone can imagine. >> absolutely. dagen: even more than new yorkers if you can fathom that. great to see you. thank you so much. take care. and stocks now, markets down triple digits of lows of the session. about 105 points at the moment. joining is now, seaport's securities about next week. i would say it is all about the jobs report friday. >> jobs and that gdp number. and, you know, companies are still reporting as we are noww3 earning season. i don't place a lot of faith in the economic data points that we get from the government because they seem to be revised. they don't really tell us. the jobs number, no one has any great expectation there. no improvement in the last two
years really, real distinguishable improvement. i think, you know, the investment community, as they should, will focus on the earnings because those of the only black and white numbers. all the other numbers appear to be gray and get a rare. dagen: good to see you. have a terrific weekend. connell: dying to talk to dennis kneele. we will do both coming up. back in theaters this weekend. wolverine but 20th-century fox, a return on what is a big invessment. dagen: the movie business overall. here are the key to them and nasdaq. ♪ ♪ [ villain ] well mr. baldwin... it appears our journey has come to a delightful end. then i better use the capital one purchase eraser
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♪ dagen: san setting ten nascar's brickyard 400 in indianapolis, indiana, greeted with a pro marijuana legalization that charlie before entering the track, created by the marijuana policy project using the tagline , less harmful than alcohol and time to treat it that way. nascar has no affiliation with the advertiser with a company selling the inventory. the ad will appear 72 times over the three date racing event. connell: there you go. let's go to the movies if you are not going to summarize this weekend. there have been some big time flops this summer. has become kind of a theme. dagen: lone ranger, r.i. pd, how many more can you name? but you jackman could help break it. we have all the details.
connell: the world arena opening this weekend. we have had really major megaflops neck, mayor budget films coming out. this breaks it because it could come out and maybe reagan and to $80 million for the weekend. that would be one of the biggest openers of the entire season. it is certainly a welcome given that hollywood has been getting knocked around. 3900 u.s. theaters, 62 international markets all at once which is hard to pull off. a sibling is doing it. 120 million to make. no x-men in the title. breaking out on its own. dagen: the last one, x-men origins. >> for flux combines that costs 685 million to make. there you go. lone ranger.
and you see the cost on the left. the lowly u.s. grows on the right which is a good pulled point. this all combined, one of our guys put it together, 685 million in costs and only 243 million in gross. remember, theaters keep half of that. 6,805,000,000 hollywood paid and 122 million in gross to them. connell: we were talking about it this morning. as a lot of young people that have no idea who the lone ranger is. >> the try to do a good thing. they criticized for doing a sequel after a sequel. invent a new franchise from 80 year-old character. a valiant effort, but a movie that was too long and dull into much star power. the same three guys from parts of the caribbean. you know, disney -- disney could take a write off upwards in the john carter. dagen: i was going to sick and they will be on par with that. >> the biggest it did take this
summer. some of these other guys are truly embarrassed. they got ripped. the 17 million. connell: another movie. dagen: that's one of the biggest cost close to of -- connell: 120 make. so hard to see any of those of you watch a few minutes of the previews. >> twenty iphones with nine things your budgets all competing, sometimes opening the same weekend. a couple of these films is set try to space them out. dagen: nothing to do with what you just talked about. watch the crash real, the documentary on hbo about the snow border kevin pier sue was injured and had a dramatic brain injury and basically it's about his recovery and his family. connell: that would be a total on secular. dagen: unbelievable. i wanted this past week. connell: there could be a reason. television is getting better and better. dagen: i agree with that. breaking bad is coming back. connell: speaking of, more dennis kneale straight ahead.
>> two hours. twelve and 1:00. i pay them to put me on. connell: a lot of news. dagen: particularly the white house. the decision on the federal reserve chief. there is still one name out there were two that are causing a stir. connell: larry summers. fox news breaking new ground about the vulnerability of shipping and aviation. a huge concern. corporate america and john roberts from fox will have a special report. cheryl landon said it for you next hour of overage of markets now. ♪ [ male announcer] surprise -- you're having triplets.
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dennis: a new fox investigation. a huge concern for corporate america. john roberts will have a special report for us this hour. cheryl: honeywell. two of the tree of minors have wiring problems. dennis: the summertime showdown. we narrowed the field on the way to choosing this summer's top stock picker. top of the hour now. we have nicole petallides at the new york stock exchange. nicole: you do see that dow down nearly 110 points. the lowest point today was 150 points. i have been chatting with the traders. all 30 dow components have been lower.
ultimately, the feeling here on wall street is that people are getting out. achieving profits. you can see it from such her to suck her. broad-based selling. this is a bigger picture. what we are seeing here today is selling across the board. down 107 points. back to you. cheryl: nicole petallides. thank you very much. we probably will not get a decision until the fall, but the debate continues to grow over who will run the federal reserve once burning kiwis. there are hints that the president may be picking larry summers.
larry summers, not a top name that we have heard bantered about. >> i do think that those who think that summers will make a comeback, the president seems to like to surround himself with ex- colleagues and friends. there is no question that he likes summers. they are politicizing this chairman nomination pretty early. cheryl: certainly pretty early. janet yellen has been a big part of this, quantitative easing. stocks keep hitting new highs. why not go for a janet yellen? is president obama tried to kill the market with this choice of summers?
>> i still think that she is the odds on favorite. larry summers really does not like financial regulation. the bond vigilantes, they do not like someone considering an inflation dove. janet likes quantitative easing. i think janet yellin will be picked. i am not sure that the markets will necessarily like that. >> i think that janet yellen will come out on top. she has been a little more dovish. she has voted with the majority. i think she has been a great number two. she is well thought of by her peers. again, i think this is a moment where the president can really make a mark on the fed.
cheryl: that has to be addressed. the first time we would have a woman running the federal reserve. we still have not had a woman as president. there are a lot of issues when it comes to women. let's talk about his time at harvard, for example. >> deregulation, the removal of glass-steagall, a lot of people blame it on those moves. it was a major contributing factor. that would be a contentious point moving forward. they want to see janet yellen. we still think that it sounds like today she is the odds on favorite. is there a dark horse that could overtake her?
>> certainly, probably the biggest surprise would be if chairman bernanke is reappointed and if he actually wanted the job. cheryl: he looks pretty bored on capitol hill. go ahead. >> timothy geithner is certainly another name. i think that janet yellen and larry summers are certainly the front runners. cheryl: what happens with the markets and quantitative easing and tapering? we have had this discussion before. could this back drop upset what the market is expecting in the next three to four months? >> along those lines, i think we are in unchartered territory.
they have to pull back. how that is done is really going to, in a large part, to determine the fate of many markets. no candidate has experience in pulling back. i do like the idea of the number two. cheryl: janet yellen, at least she would be pushing for employment. i cannot see larry summers being the guy pushing for employment. >> absolutely. clearly, janet yellen will push more of the democratic issues. larry summers, he will be on the office side of that. cheryl: we need jobs. we need jobs in this country. we will leave it here for now. you will both be back later in the hour.
we will see which one of you is advancing to the next round of the fox business summer showdown. we have the next round coming up. dennis: the latest developments in the criminal case against sac capital. adam shapiro is out that the federal with details. >> pleading not guilty to charges of securities fraud and wire fraud. there is one big thing that we learned today. essentially the arraignment where they would entered the not guilty plea, the government is now calling it voluminous. there is a voluminous amount of information that will be handed over. among that evidence is a wiretap. we wanted to speak with the attorneys afterwards to find out if it is business as usual at
sac. here is what they told us. how are the spirits of the people at sac? are they discouraged? he answered find. it is good thing they are paid by the hour, not the word. back to you. dennis: thank you. cheryl: listen up, the nations gps systems could be extremely vulnerable to terrorism. the latest in a fox news investigation from john roberts. dennis: two of the tree of minors have wiring problems. cheryl: a new england name trying to find a new home in california. planning to expand on the west coast. as we do every day at this time, take a look at oil. ♪
if you look at the last three months, really, you have a story here. it is a positive story. just in the last couple of let's bring back nicole petallides from the new york stock exchange. a strong performance for the markets. nicole: we have had a great year. seventeen-18%. we have had a great run. this back half of the year is looking good. there is still a lot of gold out there. and lots of folks who think that there is still room to the upside. let's talk about expedia. they came out with their numbers. 25% to the downside.
they missed their second quarter numbers. they are seeing weakness. the profit number fell way below the estimates. they are having a hard time trying to remain dominant. we are watching priceline today. you can see the down arrows there. all of the analysts that i am looking out, they all have neutral ratings. many of them have been cutting their numbers. cheryl: thank you very much, nicole. we will see you at the bottom of the hour. dennis: the nation gps navigation systems could be vulnerable to terrorist attacks. fox news john roberts is in atlanta with details.
>> we want to point out right at the top here, we are not getting tips to terrorists. we are not telling you how they did this, we are just telling you what they were allowed to do. what if those gps systems were manipulated so that what they were telling us is not actually what is happening. they slowly took over the ship's navigation system with signals. all of that while, the ship's systems said nothing was wrong. the ship was moving at a straight line along its intended
course. >> for maritime traffic, there are big problems here. imagine shutting down a port. these are the kinds of implications we are worried about. you may be asking, alright, so what is being done about this. we covered a similar experiment. the faa, the cia and the dod all contacted him to find out more. the department of homeland security has done nothing to address what is a critical risk to our security. >> it is fascinating and
frightening. people need to know that this kind of thing is possible with a relatively small budget and they can in a very simple system steered the ship off course without the captain knowing. >> they want the department of homeland security to declare the gps system. dennis: thank you very much, john roberts. cheryl: billing his company as the oracle killer. a wider than expected loss per share. the ceo is here. dennis: the summertime showdown. they are back. we narrow the field on the way to choosing this summer's top stock picker. ♪
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or seek the death penalty for edward snowden. russia still will not extradite snowed into the u.s. he has asked for temporary asylum in russia. castro pled guilty to 937 counts including kidnap and rape of three women he kept captive for more than a decade. police investigate an early morning vandalism attack. the damage is not permanent. preservation crews are now cleaning the monument right now. those are your headlines. back to dennis. dennis: thank you very much.
the stock has been down 5% today. since the company first appeared on market now since february, the market cap has doubled. tel says his company will be an oracle killer and he joins us now. your stock that clobbered. >> the whole thing is about investing. we want to capture big market. i am very pleased with the quarter. when that happens, does that mean your last doubled what expectations are. >> it is not much much for me.
dennis: tell us your outlook. >> we are keeping flat because of the previous quarter. we think that the year will end at the same place. dennis: what is it that your software does that makes you guys worth considering over a big giant. >> we want to make it very intuitive. very easy to use. dennis: how much do customers spend on your software? what are you getting from it lately? >> clearly, i think this is a focal point to a lot of companies. most of the performance will come out of how can i mind my data.
that is what we hope these big corporations do. the tech industry cannot sell anything without buzzwords. what is different between big data and cloud. you take a customer like travelocity. we help them with all of their operations, now we are helping them with their volunteer work. dennis: it seems to me like you look like a lovely little trinket for someone else's charm
bracelet. you have a similar model. which is a better acquisition candidate? >> i would not be the one to judge that. dennis: thank you for being with us today on earnings. have a great weekend. cheryl: we are getting some breaking news into washington. the house ethics committee is launching, basically, they are looking at doing the preliminary look into the conduct of four members of the house. one of them is representative michele bachmann of minnesota. this will be focused on the financial bid. they received a referral. a lawyer says they are
cooperating. they are looking into numbers at the house. one of them is michele bachmann. again, this is a preliminary look into conduct by congressman bachmann and three other members of the house. i wanted to bring that news to you. more problems for boeing's dreamliner. it found damage to the battery wiring on 2787. i want to take a look at the stocks right now. boeing, the stock has fared
well. boeing is down $1.08 today. take a look at honeywell. that stock is down just a little bit. dennis: the texas state comptroller will be up next. cheryl: we have had the results from week to of our summertime showdown. rob and jen have more than the expectations on the line. take a listen. >> i will bet a philly cheese steak that my stock picks beat yours. i am so confident that if you win, i will buy you two. >> looking forward to the summertime showdown. i accept his challenge. i will match his philly cheese steaks with new york's pizza. ♪ [ shapiro ] at legalzoom, you can take care of virtually
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roller for the state of texas keeping government on budget while improving the economy. we know the field and chronic champion stock picker this summer and the wolverine, 20th century fox betting big to break the big budget curse of the last few weeks. stocks every 15 minutes, nicole petallides watching shares of halliburton. nicole: two sets of headlines pertaining to halliburton, one better than the other. the news for the day. we are seeing halliburton with an up arrow but it is up 3.8%, 4604 for halliburton. we noticed $3.3 billion auction
which was about 8% of the shares. the other headline is about the oil spill and halliburton pleads guilty to destroying the gulf spill evidence so with that they may have a maximum statutory fine of $200,000, three years probation, back to 2010 the deepwater horizon drilling rig explosion and i wanted to add voluntarily they will be paying $50 million to the fish and wildlife foundation according to the justice department. back to you. dennis: local government's dire fiscal conditions brought him into harsh light once again while the bankruptcy proceedings going on in detroit but one place government is getting it right is texas where the economy is booming so we have texas state comptroller republican susan combs. you were on markets now back in january and may ran a chart
where one was forecasting a different deficits and they had a $9 billion deficit for tx. you insist it is not going to happen. what was the turnout? >> we had money left in the kitty, rainy day fund assuming the voters approve $2 million in water infrastructure will have $8 billion sitting in the kitty and the economy is doing well 37 months in a row increasing sales tax revenue, we lost 4% of our jobs and gained back all of those and another 550,000 jobs. dennis: that $9 billion surplus is what a new will budget? what is your annual spending? >> 95. dennis: billion. almost 10% set aside. what is the secret? simply that you have an energy boom going on and other states don't have that? >> we don't have an income tax. we have regulatory climate but a very diverse economy. we are more diverse than canada
or mexico so we have a broad platform on which to run your sectors. you have high-tech financial services, energy, health care that gives you a lot of legs to stand on and we are thriving. dennis: how much current economic strength as a government is because we cut spending versus because we are collecting more tax revenue on a booming economy? >> we cut spending a couple years ago but also put some back into transportation and health care and schools. we have been blessed by having the sales tax revenue but that is driven by consumer confidence. if you invest your risk capital. if you feel unhappy, they lost 6% of their jobs and only recaptured 75% and that is because they don't want to risk capital coming in to texas. dennis: governor rick perry famous for going around the other states and wooing business and running radio ads saying you ought to come to texas. how much of the idea of luring new business is helping with
this economic growth, but the economy is booming any way? >> we are booming anyway. we like to have new folks coming in but also retaining and expanding jobs, employers, 5 employed or eight or ten and want to add some more as a testament to the fact that they want to stay where they are but we also like the fact that you all wants to come from california to texas and don't want to go in the direction. dennis: politicians like to get reelected and like to spend money. what will stop you guys from blowing this and getting cocky and thinking things are bidding? >> we have a great which we didn't reach and it is population growth, income growth, under that limit which is great so we have -- dennis: government spending pin to local gdp growth and population growth and can't go over that? imagine if they had done something like that in detroit.
what about pensions. unions, 40% of government employees, keep cycling and reelect you and spend one billion dollars and you guys give more money to pensions. where are you on pension liability? >> we have some pension liability but in the employee retirement system, this session, they voted in for the employees to put in more, the state to put in more, and at two years extract and i like confident about the statewide pensions. where i had concerns, we got a bill written. and pitching transparency self what other revenue projections, what do you actually produce and will be helpful. dennis: when he running for governor? >> and press. dennis: governor run is in your
ashley: i am ashley webster, apple shares at the global smart phone market fell during the second quarter to woods lowest level in three years according to strategy analytic the tech giant second place ranking dropped to 14% market share. toyota speaking to the no. one spot as the top-selling automaker for the first half of the year. the japanese automaker of the sting gm despite a sales slump in china where sales were hurt by anti-japanese sentiment over a territorial dispute. a city that cannot afford to keep its street lights on is giving hundreds of millions of dollars to the detroit red wings, the same week the detroit files for bankruptcy the michigan state board unanimously approved the plans which will be funded with $284 million in tax dollars. that is the latest from the fox business network giving you the power to prosper.
cheryl: fox business summertime showdown. every friday we have been picking two stock pickers against each other with two plays each and track them for a month and bringing them back, as jim for earthlink and rob morgan. in the end of june, we have the results. let's start with you. and you pick the packaging and margins on it. >> we do despite the performance over the last month, just okay, thought we would do a little better. free announced lower-than-expected revenue and earnings which was disappointed and also had to face a large seller in apollo and fifty
million shares. despite the pressure they liked the long-term play and innovation and what they were doing in the twenty billion unit, the packaging market, a little worried about the leverage but we did do some deep leveraging recently, we are ok until last month. cheryl: like that you bring up apollo group, a challenge but the last month, let's go to your first pick. in the last six months, a 25% stock over the last month, do you like it now? >> still like it. from abroad bus perspective one of the global infrastructure plate type companies, up nicely over the last six months and it is not extensive but we keep
buying the other. >> the left margin shin, you like orbits. and you talked about it a month ago. and you are saying that on the consumer. >> and abetting on the uptick can travel with more demand connaught orbits move into the hotel space doing well with e-book, getting some momentum and a lot of advertising dollars continuing to shift on line so we like and had a pretty good pop with orbits. cheryl: a lot of confidence out of jim fridge bling. i am starting to think i don't know. all i know is cheese sticks versus cheese sticks. not sure how all i am thinking of that. let's go to your fourth pick which was microsoft. how are you feeling about microsoft? >> i got to tell you why was
feeling really good when barry plastic had their reporting a couple weeks ago. cheryl: you were taking jim down. >> i did. i did. i still like microsoft for the long term, still think they are making the move away from the pc into the mobile devices and the cloud but it will take some tight and we saw them a week ago today in the earnings report. you just showed the grabbed. and making your defense over the last six months stock is 15% and earnings might have heard you guys. let's look at the actual percentage performances of all these stocks, see how they third since you picked them. it is up 10% but microsoft is down over 9%. orbits is up 24%. you can guess who is now the big winner, jim for showing,
congratulations. [applause] >> how are you feeling? >> feeling pretty good at looking forward to the philly cheese steaks. i believe i get two but we actually do like microsoft and the fact is we think there move into the cloud model and integrated model will benefit the device issue but i give a shout out. i like his call upon that. cheryl: microsoft over the longer-term, i know you are sticking with it but how will you get a philly cheese steaks to new york city? is there a plan yet? >> jim and i have known each other a while and i want to congratulate him and wish him the best of luck in the next round but i tell you what, the best cheese steak places in the world are in philly so you have to come down here to settle up on it. >> i will be happy to make that trip and treat you to that new york pizza. your next is in new york.
cheryl: congratulations, robin morgan, we will see you again. you are moving on the competition. coming that next, matt mccormick vs. robert luna. let's see how they're doing with one week ago. they are separated by only 4%, an entire week to go, this may be at nail biter. i will shake out next friday. we will go head to head on the fox business and time showdown and bess are on. dennis: stocks now, nice job, love to see good sportsmanship, markets a down triple digits, and joining us is jason weisberg. we end the week down. what are you looking for for next week? >> most people are focused on the gdp number, the unemployment number and a little kid speak next week. i personally am going to continue to focus on earnings which most people should be focused on and not caught up to the key economic data points,
that always get revised depending which way the wind is blowing. quite frankly it is the slower time as you know but the earnings should be the focus that are driving the thought process behind people investing and continue to add that train of thought. dennis: seems wall street is more intent on revenue growth because companies have cut those costs and at some point you want to see demand and revenue rise. >> you briig up a good point. if you look at the guidance, guidance has been pretty positive and basing it on that if they can deliver on guidance from q3 and certainly cute 4, we will be very impressed. dennis: looking for a better second half, thank you very much. cheryl: look at dorian, the fourth atlantic tropical storm of the season as a heads toward
the caribbean. let's head to the trading pits of the cme. talk about oil. hurricane season upon us again. >> tropical storm dorian, a lot of traders are watching that and oil prices have gone down because there are reports that the storm may weaken but a lot of traders have been saying this storm has the best chance to get into the gulf of mexico of any storm we have had all season so it is definitely going to be a situation. there are other reasons we saw oil sell-off today, not just the storm. we got some news out of china they were going to try to cut back on manufacturing capacity. they do that they use less oil, very bearish. having said that the oil seems to be holding keenly just below $104 a barrel right now. we tested below that area, look like it was getting ready to break out the downside. because of that tropical storm or possibly because of the
federal reserve next week, the other thing that moves is comments from the international -pmonetary fund seems to be criticizing not being transparent enough. let's hope they are transparent next week. cheryl: thank you very much. appreciate it. chris making your friday media minute shares of accuvision blizzard are popping up 15% on a $6 billion buyout deal. activevision which makes the call of duty video game franchise, its parent, $5.8 billion to buy back all but a 12% stake in the company but here is but we're ding, the price is $13.60 a share. activevision is trading $17 at $17.50, that is 30% higher than the deal price. could be a better bid could emerge and here's the weirder element. activevision's c e l and co-chairman lead a group that is
buying a 20% stake, their price is $13.60 a share. that could spark of firefight on call of duty. and this weekend with the wolverine from sibling fox film could rake in $80 million in the u.s. of the best openers of the summer after four films that cost $700 million combined. >> i have not seen one of those films. a new england name trying to find a new home in california trying to expand on the west coast. with the spark cash card
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cheryl: time for west coast managers of dung and brands climbing on news of continuing its expansion plans in california. the company's franchise group signed agreements for 45 new restaurants in southern california and shops don't open until 2015 in los angeles but then the big move for duncan who has declared its goal of 1,000 california stores, 85% of duncan business located in the northeast. and shifting commercial flame work from seattle to long beach, calif.. 375 jobs will be effective, boeing hasn't produced aircraft in california in the kids but in the 70s and 80s these facilities used to reduce the dc-10, the dc-8 and even the nbas. look at bellingham, 05-58.
and los angeles area camp ground evacuator and shutdown after a squirrel was found to be infected with the plague. routine trap was set to the officials were apprised of the surprise to make the discovery. there is an average seven plague cases in the u.s. every year but these days, the way was treated in the middle ages, those millions were not so lucky that that is your west coast minute. dennis: the company reported strong second quarter earnings a couple days ago. mark zuckerberg's net worth went accordingly up by $3.8 billion making social media titan worth $16.7 billion but is really happy? let's look at facebook, they're up a bit, still not at $30 but i forgive them. cheryl: $21.
stop your whining. cheryl: criminal enterprise should be run by someone who is not a criminal? u.s. attorney thomas o'brien coming up on the case against as they see as the firm pleads not guilty to insider trading. dennis: rob report can help you with that. and up close look at the very best of the best as luxury magazine celebrates 25 years and i join lori rothman next. i want to make things more secure.
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[ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. dennis: ion dennis kneale. lori: i am lori rothman. sec capital entering its plea on insider-trading charges. are charges coming for steve calvin? is the indictment enough to put the term out of business? team coverage in moments. dennis: down day on wall street even as u.s. consumer sentiment jumps to pre recession levels. ahead s&p capital iq stands
stovall on what will push them above the key 1700 level. lori: battle royal brewing over who will replace ben bernanke, janet yellen versus larry summers. what the white house is saying about it now. dennis: in may of the fed's resources but if you have a few bucks burning a hole in your pocket we can help. stuart: get big ticket items that would taught your to buy list. a look at the top picks for 2013. the best of the best. webmac let me parallel park the afton martin. a state of the markets, on the floor of the stock exchange. contractors napa four week winning streak. co