tv Power Lunch CNBC November 22, 2013 1:00pm-2:01pm EST
higher. >> stefphanistephanie. >> i like citigroup, one of the banks trading below tangible value below 9 times. restructuring and new management. >> great to be here. >> great to be with all of you. have a great weekend. see you on the other side. power starts now. >> half "time" is over and power lunch and the second half of the trading day starts now. >> great to be there even greater to be here. we are jam packed this hour. in addition to watching the markets we look at the new xbox, folks. how vital is it to microsoft future? another big retailer. we are going to take a look at the gap. a buy, a sell or a hold. mind the gap, folks. another in our series of retail debates. remembering john f. kennedy, 50 years after the fatal and fateful day in dallas we will take a live nbc news special
report at the bottom of the hour. sue is at the new york stock exchange. >> hi. thank you. stocks a little higher today but not really too much change. just a day after the dow closed above the 16,000 mark for the first time ever. let's take a look at where we stand. the dow jones industrial average up 21 points, 16,31.10. the s&p up about 5 at 180154. the nasdaq up about 18 points at 3987. as stocks keep moving higher investors have been shrugging off all of the warning signs of a pullback. dominic chu is going to take a closer look at those cautionary flags and how they've panned out so far. hi, dom. >> so yes, we've been telling you about these yellow or red flags that the signs that things may be due for a turn. we wanted to revisit a few to show you whether or not they have panned out and whether or not investors have cared. the first one is going to be about valuations. a lot of investors and traders say valuations are stretched, too high above their historical
average. that means the markets should fall or correct. investors have shrugged that off. industrials and consumer discretionary stocks those are two of the sectors that have led the way over the past month, two of the best performing sectors. they're cyclical. they are bullish for the overall economy if people go into them. they bet on higher markets and higher at least economic growth. but you still got to be at least a little concerned because the consumer discretionary stocks, the second best performing sector in the s&p 500 if they rise that fast, if things turn, they could lead a decline as well. that's one concern. another one is china concerns, whether or not the world's second biggest economy will actually falter. well, the concern, a question mark because investors have pushed chinese stocks at least the shangha composite up by about 6% since the end of june so investors continue to pour into shanghai, at least those stocks, but remember, there are concerns about the economy. is manufacturing slowing down.
are exports slowing down as well. and we'll finish off with the mother of all concerns, what's going to happen with the fed because back in may, they said they could taper, pull back on some of their bond purchases. that sent ripple effects through the market to the downside. ben bernanke and janet yellen continue to maintain that stimulus will be there until the economic conditions warrant. a big question mark, if taper does come, when it does come, when will that or how will that affect the markets. back over to you. >> thank you very much, dom. so if the market is face something of those obstacles that dom laid out, what's the end of the year going to look like? kenny polcari with o'neill securities is here with me, joining are me from the cme, jim euro and jeff kilburg. great to see you. kenny, start with you. start with the fed aspect of things. you have long maintained that they're going to be there and they've said they're going to be there for a while, but even if they start to taper, taper isn't
tightening. >> taper isn't tightening but it's -- it's yet to be seen whether or not the market believes that taper isn't tightening. they keep trying to convince everybody. the market will decide, right. the market will make that position if it thinks rates are going to go up or they should do up, right? i think that's really the concern. i think what's interesting is that yellen and bernanke keep saying it's not going to happen, but yet, analysts and strategists continue to speculate it's coming in december. certainly it's going to happen. we know that. it's not going to happen in december nor do i think it's going to happen 234 in january or if february. >> weigh in on that, you said in your morning note to us it is a goldilocks situation to a certain extent, correct? >> well just look at yesterday. we had pretty decent labor data in form of a jobless claims. as long as we're oscillating back and forth and nothing is getting too hot the fed is going to stay involved. i'll disagree with kenny on one thing, i believe taper is
tightening. we're always at one certain point, getting more accommodative or less accommodati accommodative. less it's the equivalent of tightening. the fed has managed to convince the market they're going to keep short-term rates lower longer at the rick of letting the long end go where it wants to go. >> yeah. >> it's gone higher. the stock market is going to look worse if there's a yield somewhere else. but i'm still a bull in the stock market. >> jeff, and then kenny you get to respond. >> jeff what do you do going into the year? this is getting to be, you know, a lot of the guys who are long this market and have had a great year, they want to close their books on the upside. >> you're right, sue. we have a lot to be thankful for. a week out from thanksgiving and folks have been gobbling profi s s here. in the spirit of thanksgiving when i will be eating that turkey, that tryptophan, that kicks in, makes us sleepy. a little tryptophan will come into the market. every new high, we had 40 new highs in the dow jones this
year. 40. and each one is a little drab, drip higher. we're long overdue for some type of pullback. shallow it may be. some pullback is coming. >> i don't know how respond to the tryptophan thing. we've had 40 in a row, why not 41. >> 40 is a nice round number. >> there you go. weigh in. >> listen, jim, one thing. i actually do think that tapering is going to be perceived as tightening. i don't think the fed is going to be able to convince the market that tapering is not tightening and that's going to be the real key to see how the market reacts. >> that's a key point. honestly, sue, if you see the long end of the curve like jimmy saying, get a little going, the momentum, stocks have to cool off. we saw what happened in june. maybe the fed, maybe they're being smart. i'm not going to give them credit yet. maybe they let that rate go up and bring the stocks down a little bit. >> all right. thank you all very much. appreciate it. ty, up to you. >> all right. day two of the robinhood investors conference in new york city where some of the biggest
names have been meeting and talking, scott with wapner is there with ap wrap-up or not, or not. i'm telling you it's been a good conference and scott has been there, but we've had a little technical problem. he will fill us in on what has been going on there, david einhorn making news, so we're going to -- >> fantastic insights. >> we're going to get lots from him in a little bit. >> first we're going to check out time warner cable, the stock surging after cnbc's david faber reported that comcast is a potential bidder for the company. faber says while comcast is seeking advice on the anti-trust implications of the deal, the two companies are not actively discussing it. shares of comcast our parent corporation are up as sources tell david its shareholders are encouraging management to consider the purchase. comcast is the parent of nbc universal of which you know cnbc is a unit of. ty. >> and now as promised, here is my friend, scott wapner from the robinhood conference.
hi, scott. >> thanks so much. live television from a mid-town hotel, that's what happens sometimes. we are here, we are live. the presentations are continuing down the hall behind us. bill ackman was on the stage earlier today doubling down if you will on herbalife. he did give another presentation. that trade hasn't gone well for him over the past year. it's not going that well for him today. look at that stock. so ackman went on stage, presented on herbalife. the stoikz up. up 5% right now, perhaps a little bit of the market saying, okay, that's the best you got? we're waiting for it. that's what we had from you. that's what the stock is doing. we were able to speak with a couple hedge fund managers you don't hear from all that often, alex sasserdote of whale rock with us, made his top pick today, soft bank was interesting, because dan loeb was in that ballroom down the hallway yesterday and said he has a stake in soft bank. mr. sasserdotes it for the alibaba play and mentioned amazon, he's a tech investor and
said it's because of the cloud play. listen to what he had to say about amzn. >> amazon has the best management team in the world and any time they start to make profits, bezos has been able to find amazing new businesses to invest in. you have to peel back the onion to see what the core u.s. e-commerce business is earning. we think they're losing a huge amount in china depressing profits which makes the pe look high. >> he's up 41% this year, net of fees, and our next guest was nayhall chopra, up 34.6%. she was seated by the great legendary investor julien robinson. we talked about a number of her top picks. post, that was her best idea, the one she presented in the hallway again behind us here. saying that what was a low growth, sort of single category cereal maker, is broadening out and she likes its prospects going forward.
>> the option because we focus on corporate change couldn't be better. the amount of corporate activity has gone up 30 to 40% over the last year. so it's -- i'm loving the environment that we're in. we're seeing a lot of great opportunity and we were de. >> cheap mondayy. >> we're finding ke ining compa. we've been finding a lot of new ideas. >> new ideas. she was talking about what the market has been doing when i asked her if we were in a bubble or not it's presented a great opportunity for investors like her, that cheap interest rates, cheap money if you will. the story at robinhood. back to you. >> thank you very much. can it be, the website to enroll in health care insurance is getting better? this as the deadline to fix it looms a week away. bertha coombs is in jersey city, new jersey, with the latest. hi, bertha. >> hi, it ty. we're going to get an update at
the bottom of the hour from cms about how they're doing and how they're doing going todays their deadline of november 30th to have the system working well. here at the horizon health center in jersey city they have been enrolling people for the last seven weeks. 300 people through the process, not once have they made it all the way through on-line. a lot of the navigators here have simply resorted to always calling the call center. . >> having somebody there live with you, from the marketplace, to kind of guide you through the process, both myself and the client through the proces process, makes things a little bit easier and seems their system is running a little faster somehow. >> reporter: now they were still having problems this morning. but then this morning, a breakthrough. with nancy mercado they made it all the way through the system on-line.
she's been unemployed for five months so she discovered after just a few minutes that she will be able to be eligible for free health care under medicaid. and she's overjoyed. >> i'm so happy, yes. it means that it took something off of all the other things that i have going on in my life, so today is going to be like one of those awesome fridays that i needed for many months. >> reporter: the sisters here were excited too. this is the first time since october 1st they've made it all the way through on-line. the problems are so difficult to get people enrolled through healthcare.gov ha the white house today confirming they will actually delay the enrollment period next year until november 15th in order to give insurers more time to prepare. back to you. >> okay. bertha, thank you very much. the new xbox one brings gaming, movies, tv and skype and a whole lot more under one voice
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>> that's right. gamers were lining up all night for the xbox one. reviewers at polygon say that the console is an impressive marriage of software and hardware that raises the bar for a living room machine. but analysts on wall street, tyler, aren't nearly as excited about what this product launch means for microsoft. rick sherlin of newmore wrote a tough note about the xbox calling it, quote, a distraction, a costly side show that he estimates loses $2 billion from microsoft a year saying xbox is an orphan, cool product line in a successful consumer franchise but also loses a lot of money and we think it's a distraction to the more enterprise strengths of microsoft. but the chief strategy officer of xbox was on cnbc and talked about the great potential for the xbox one. >> we've been profitable with xbox for a number of years, and the opportunity now as you go console gaming today, 300
million people play games. the opportunity just to grow in the gaming sector is huge. gaming as you know is the fastest growing entertainment sector of all, whether talking about movies or tv. >>. >> the analysts say at the end of the day this is about microsoft trying to control your living room and that long term is really the great potential strategic opportunity for the company. back to you. >> thank you very much. let's talk a little more about this with the chairman and co-founder of media morph, leading expert in the media and cable industry. welcome. you heard josh's report there. does microsoft really lose almost $2 billion on the xboxs? how? >> it does lose money today but i think it's a great opportunity for microsoft if you look at it, it's been trying to get into the living room space since mid '90s in web tv. they went in microsoft it tv with at&t universe, invested in at&t broadband as well as comcast, but xbox actually gave them a lot of traction and i
believe that xbox one is now going to take it to the next level. three main reasons i believe this is the case -- >> let me interrupt you if i might. why have they not been able to make money with it? >> typically hardware is a losing enterprise. you make a lot more money on the content and if you look at the way microsoft is going about that, they've built a deep library of content as well as integration with games and other platforms and over time with their platinum card membership, they'll make a lot of money. but more importantly, it's the strategic direction that company is taking where they're going to own both hardware and software. that's the new initiative around microsoft one where they're going and that's the new direction that steve ballmer actually announcedp. they need a new leadership team to come in with the transformation. in addition to that, i believe the timing is right. while screens are getting small, and screens are actually -- content is getting everywhere, at the same time living room is
becoming more important because screens are getting bigger and chris per and entertainment and gaming on this screens is becoming a lot of fun. if you look at the platform it's outstanding, the features are great, the quality of graphics is outstanding, integration of kinekts and voice control is brilliant along with the content catti catal catalog. >> thank you very much for your forecast there. i have to say i have two boys, one is 8, one is 20, xbox is their favorite gaming platform. >> that's what my 12-year-old does every day. >> down to you. >> all right. let's check in on interest rates right now because the ten-year note is holding kind of steady at 2.75%. and that's the level that a lot of traders are watching between that and the fact that the ten-year startses to bump up against 2.8% if we see 2.8% in today's trading session we may see air come out of the stock market. you're up to date on interest rates at this hour.
mary thompson joins me live at post nine on the floor of the nyse. >> hey there. as interest rates are holding steady so are the markets. a narrow range for the dow up 15 points, up 17 points or so. this is what's been the leaders, strength if health care and strength in industrials to the downside, technology. a moment from the nasdaq. also a big day here for ipos. most notably vince holdings coming out very strong. priced at 0, opened at 29.50, come off the first print since then, a good gain for vince on the first day of trade. an ross stores, disappointing comments. we're watching the retail sector. could be a tough christmas for them. >> thanks so much, mary. ty, up to you. >> sue, 50 years ago this day, november 22nd, 1963, if you were alive on that day, as i was, it was the day that post-war america lost its innocence. we'll take an nbc special report in a moment. asional have constipation,
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welcome back to our coverage of a day that neither of us can forget the day john f. kennedy was shot in dallas. >> we're waiting for the nbc special report on that. i was in kindergarten at the time and when my dad came and picked me up from school my father was crying. it was the first time i had ever
seen my dad cry. i wasn't -- i really didn't understand the gravity of what happened at the time, but i did as the days went by, because we were one of the only families in the neighborhood who had a television and everybody in the neighborhood came to the house to watch the coverage, for days. they were there for days. as much of the nation did the same thing. >> i remember it was a weekend and everything was preempted all weekend long. i was in fourth grade, miss country's class at james madison elementary outside of washington, d.c., and i remember the teacher walking out into the hall saying i'll be right back, she came back in, she was weeping and all of the teachers were as we quickly moved to dis missal on that day. it was really the first time as i remember, sue, that the nation was risk vented by live news coverage. >> absolutely. >> of an ongoing event. it went into sunday when the shooter lee harveys oswald was himself killed by jack ruby as he was being moved in the dallas
police office and that was seen on live television nationally. >> it also, i think, was as you said so well, ty, the end of innocence for many americans because the kennedys were a golden couple. let's listen to the nbc news special report. >> this is an nbc news special report. >> from nbc news, president kennedy and governor john connelly of texas have been cut down by assassin bullets have been cut down in dallas. >> good day from dallas, texas. that voice you just heard from the first nbc news bulletin to air that day, 50 years ago, the voice of don pardo who was interrupting daytime programming to come on the air with the news
from here, dealey plaza, dallas, texas, largely untouched in the half century since that day. we must add a perfectly miserable day weather wise. 36 degrees. it is raining on this crowd. the rain moving to the side of 22 miles an hour. 5,000 people filling this plaza behinds us now. hearing prayers, hearing music, hearing from various speakers and coming up shortly, from the mayor of dallas, texas, a moment of silence to mark the moment 1:28 p.m. eastern time when the shot rang out from the book depository behind us, the sixth floor museum, now a place where millions each year come to see the window where lee harvey oswald, shielded by cardboard boxes, squeezed off those shots to the passing motorcade below. let's listen in as the mayor of dallas, texas, approaches the
moment of silence. >> but out of that tragedy, an opportunity was granted to us, the chance to learn how to face the future when it -- it's the darkest and the most uncertain. how to hold high the torch even when the flame flickers and threatens to go out. as the people of dallas did then, each of us will meet our oncoming challenges head on with courage, honoring but not living in the past. and never, never flinching from the truth. we will meet the future with the same vigor, optimism, and unfailing sense of duty that our young president embodied. president kennedy brought us that message. in his pocket, down that street,
on november 22nd, 1963. that message was to be delivered a few miles away at a speech to dallas leaders following his parade. it was a speech he never got to make. but those unspoken words resonate far beyond the life of the man to commemorate that day and those words, we are unveiling a memorial right here in this historic plaza. it is inscribed with the last lines of his undelivered speech and will serve as a reminder and a permanent monument to president kennedy's memory. i l words, we in this country, in
this generation, are by destiny, rather than choice, the watchmen on the walls of world freedom. we ask, therefore, that we may be worthy of our power and our responsibility, that we may exercise our strength with wisdom and restraint, and that we may achieve in our time and for all time, the ancient vision of peace on earth, goodwill toward men, that must always be our goal, and the righteousness of our cause must always underlie our strength, for as was written long ago, accept the lord, keep the city, the watchmen, waketh but in vain. ladies and gentlemen, would you
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the navy veteran, john f. kennedy. let us set the scene in real time, 50 years ago at this very moment, of course the motorcade had sped up behind us on their way to parkland hospital. the president was pronounced dead a half hour later and in dealey plaza there was bedlam as a national audience on radio at first but then on television, started hearing the news. the president, governor connelly, had been hit. and then the awful confirmation came a few minutes later. here's how it aired on nbc news with frank mcghee on the phone with robert mcneil. >> white house press secretary malcolm killkov has just announced that president kennedy died at approximately 1:00 central standard time which is about 35 minutes ago. >> after being shot at.
>> after being shot. >> by an unknown assailant. >> by an unknown assailant. >> during a motorcade drive through downtown dallas. >> during a motorcade drive through downtown dallas. >> frank mcghee, jeff huntly alongside him there. such a searing moment, that for all these remaining generations, if you were alive in america on that day, the the question has always been, where were you? that theme, that idea, is at the heart of a documentary we will air tonight hosted by tom brokaw who joins us from our nbc stu o studios and tom, the question at this moment, this eerie moment here? dealey plaza, how did this change our country? >> well, obviously john f. kennedy was a perfectly president for a new age. the television age in a america. he was charismatic, generational. he talked about the possibilities of going to the moon and having a peace corps and with three cracks of rifle
fire we had lyndon johnson as the president, a more traditional. we had already started to get involved in vietnam. johnson took us much deeper into vietnam. he did some good things, got the civil rights bill passed. he had the war on poverty which still has a mixed record. history can be fickle as you well know, brian. and in that moment, when john f. kennedy was removed from the scene, what i thought as a 23-year-old at the time, would be the path forward came to an end and we went back to a different kind of america led by lyndon johnson which eventually gave way to richard nixon who had been defeated by john f. kennedy in 1960. so it was very consequential, politically, culturally and historically for this country. >> tom, we are looking forward to tonight's special presentation across the nbc television network and as we say, where were you, became the
defining question, and as far as we can it tell, will remain that way as long as this is a searing moment in american history. tom, it also was the coming of age of the television era which now, of course, has grown so exponentially into a digital era, but that day, they say the average viewing was eight hours a day for those first four days of the coverage. >> it was. and it really, in many ways, was the arrival of television news. i have often said john f. kennedy became as though people knew him. the first time you had a president in your room every night. there they were in the most intimate terms, not just a voice on radio. >> tom brokaw, we'll see you later tonight. we'll see the folks at home tonight for nbc nightly news. our broadcast will originate here in dealey plaza in dallas, texas. special airs tonight at 9:00,
8:00 central on the nbc television network. we'll see you for our broadcast later today for our entire team, i'm brian williams. nbc news in dallas. i'm beth... and i'm michelle. and we own the paper cottage. it's a stationery and gifts store. anything we purchase for the paper cottage goes on our ink card. so you can manage your business expenses and access them online instantly with the game changing app from ink. we didn't get into business to spend time managing receipts, that's why we have ink. we like being in business because we like being creative,
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is gap worth your investment dollars? betty chen has a buy rating on the stock and stef at piper jaffray has a neutral on the stock. good to see you. >> nice to be here. >> stef -- >> hi, sue. >> the shares have done well, year to date they're up 30%. you downgraded gap during the summer and not convinced right now. why? >> our thesis on gap is simple, predicated on two things. the core gap division having benefitted from a great color denim cycle over the last couple years and that cycle starting to mature and the second thing is that the old navy division benefiting from displacement in the moderate tier department store channel from jc penney we think there was a natural shift in share toward the old navy brand, starting to see that moderate as well. >> all right. betty, make the case, your note to clients this morning said any pullback in gap shares you would take as an opportunity to add to the stock. why do you think it has further
upside to go after a 30% run. >> absolutely, sue. when we look at the company, not only are they absolutely on target in terms of offering fashion in each of the brands the company is well positioned in terms of leveraging some of their innovative marketing messages, whether it's a million dollar giveaway at old navy or the gap cash. we believe all of these will be successful traffic drivers during the holiday season and then looking longer term, this is a very unique company with international brand a peel across the core brands and domestically they've been smart in terms of nurturing emerging brands from piperlime or intermix and you're looking at a company that has top line opportunity and margin expansion after they started to drive that margin line since 2011. >> quickly, ladies, we have to wrap it up because of the special report we had, betty, price target please on the stock and then stef, you go as well. >> $46 our price target and we see more room for that to move up. >> stef some. >> ours is $44 and we would
contrast betty's view and say probably more downside risk ahead. >> thank you, ladies, very much. appreciate it. ty, up to you. >> all right. the fcc saying it will propose letting passengers use their cell phones in flight. would you want to be stuck next to someone chatting the whole time? can't hear you. dropping out. plus, the highly anticipated second installment of the hunger games now in theaters. the new film catch fire like the first one? we have some early returns here from julia boorstin. she'll tell us about it when we come back. for all those who sleep too hot or too cool,
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we asked if this was a good idea in today's yahoo! finance poll. 16% think it's great idea. 63% think it's an awful idea and 22% say airlines will find ways to add surcharges for noisy and quiet cabsens. >> everyone hates this. everyone is saying it's a nightmare. even delta air lines said we're not going to allow it. three words noise reducing headphones. >> they are the best. i'll tell you. and the problem is solved. get over it. >> you're going to have a situation where half will be wearing the noise canceling headphones the other yammering away, each talking louder than the next to be heard over each other. it's great if you could text, e-mail on your smartphone. i do not want to hear other people's kfconversations. >> i think it's an awful idea and the airlines will find a way to charge for it. sit in a quiet cabin you would pay or use your phone you pay. >> or if you want to rent a pair of noise reducing headphones you
pay. >> disappointment for business travelers. singapore airlines making its last direct flight from new york, actually newark, to singapore this weekend because of high fuel prices, decreased demand. that is the longest nonstop commercial flight at 18 1/2 hours. is this a smart move or not? if you can't make money it's a smart move. >> $8800 ticket because it was an all business round trip. i think it's simple supply and demand. the idea of cocanning that many hours and taking a long nap sounds nice but they couldn't get enough to pay up for business class for a long flight. >> the cost. i took that flight -- not that flight but lived in sane go pore three years, used to take the flight from new york to frankfurt to singapore. it was great. singapore airlines is the one place on the world where you would want to be stuck for 18 -- i could sit on those planes for 30 hours. they are -- the food is so good, the people are so nice, the entertainment systems, the pods, you know, i'm surprised more
people -- >> they were burning fuel to fly fuel. >> yeah. >> that is why it wasn't working. >> may the odds be ever in your favor, "hunger games: catching fire" the title opening this weekend. how big a movie is this going to be? >> we just got the numbers in a couple hours ago from the opening night. and in the u.s., the domestic numbers, a $25 million plus thursday night. overseas, $32 million. both of those numbers are up dramatically from the first "hunger games" when it came out. this bodes very well. i think the first "hunger games" had $700 million worldwide, this one 800, potentially a billion worldwide. >> we have to leave it will. i know you're going to see that movie. >> i probably won't but lots of other people will for sure. >> we'll leave it there. thanks, folks. sue, down to you. >> thank you all. retiring with a million dollar 401(k) may be within reach believe it or not even if you don't have close to a million dollar paycheck. sharon epperson has more on how workers some of whom may make less than six figures were able to retire with over a millp
bucks in their 401(k) plan. i am all ears, sharon. >> so am i, when i heard this reporting report. the new allowances show workers are able to amass a million dollar 401(k). they looked at about 5500401(k) participants over 12 years. all of these folks made less than $150,000 a year. here are the steps they took to get to that million dollar mark. first they started early. they started investing very early and enabled them to compound the interest in their investments as well as accumulate a lot of money. the second thing they did was they saved a large chunk of their pay. we're talking about 14% or so of their paycheck, about $13,000 a year. they took advantage of company matching contributions and that was another 5% or so ta was added to the pot. then they weren't afraid to invest in equities. the younger participants those in their 20s or 30s put as much as 70% of their balance into
stocks and so this also helped their returns, about 5% on average. in the end, they wound up with $1.2 million in their 401(k) and that's on average. and this is due to a large part of sticking to it, being disciplined, being consistent, and keeping their jobs. many of these workers were in their jobs for 30 years or so, so that can be tough in today's economy. but fidelity researchers say it's possible to get that million dollar nest egg. if you change jobs you roll over that 401(k) to a new 401(k) or ira. if you cash out you're starting back at square one. >> thank you very much. up next we're wrapping up our coverage of the american cities in critical conditions. one of which is in trenton, new jersey. scott cohen will have that when we come back.
bank to "power lunch." i'm bertha coombs in jersey city. an update from the centers for medicare and medicaid cms. they say they're going to be extending the sign-up deadline for insurance on the exchanges for people who want to have their coverage starting on january 1st. it was december 15th. they are now going to move it to december 23rd because of the problems that continue on healthcare.gov. but they also say that they are making progress, making improvements and that by november 30th, just over a week, they will be able to handle some 800,000 people a day. they're also developing a system so if the system gets overloaded
you will be put into a cue and you will be called back when it is your turn. they will also be taking the site down for maintenance this weekend, a 1-ho12 -- 12 hour between 9:00 p.m. eastern and 9:00 a.m. on sunday. to continue making fixes. >> so coming up really just a matter of minutes time "street signs." it started out as a social media prey but ended up being serious, very serious, in particular for your privacy. and even paulson giving gold the cold shoulder. and what would the american economy look like now had jfk not been assassinated? some interesting questions, we'll try to get some answers. all those and lots more coming up on our friday edition of "street signs." back to you on "power lunch." >> thank you very much. saving america's cities. cnbc's week-long series continues in trenton, new jersey, on the other side of a very quick break.
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the thin blue line keeps getting thinner. the fbi says there are nearly 17,000 fewer police officers in america's cities than just five years ago. and that is putting many cities in critical condition. on the final day of our nationwide look at the state of america's cities scott cohen is live in trenton, new jersey, which has had quite a bit of trouble lately. scott some. >> that's right, sue. give you a sense of the atmosphere here, when we were shooting some of the video for this story, two heavily armed police officers drive up to ask us if we're okay. this wasn't in a sketchy neighborhood. it was in the heart of the commercial part of this city. that's what things are like here. the fact that there were trenton
police officers around at all is apparently somewhat unusual. trenton is new jersey's state capital, a city rich in history and darren green says it is rotten to the core. >> you say rotten to the core. >> right. >> i guess this is what we're talking about. >> this is it. it's much more than just a physical phenomena. >> green, a community activist, who goes by the nickname freedom, says it's the mindset that's really rotten. drugs are epidemic here and so is violence. this city of just eight square miles, population 84,000, has had a record 33 murders this year and counting. >> it's new jack city. it's open air drug trade, prostitution, it's craziness. >> reporter: but it's not just the mindset or the fact that trenton's mayor is under federal indictment for corruption. two years ago, to balance the city budget in the face of deep cuts in state aid, trenton laid off 105 police officers, a third
of the force. new jersey governor chris christie has said the capital city should do away with its police force altogether and turn law enforcement over to the county. but state senator shirley turner says that's a bad idea. >> in the city in particular you need to have people who are familiar with the neighborhoods, familiar with the people. you need local policing. >> officers need to be on their posts, walking the beat, connecting with citizens, saying you move on or going to jail. you have to create environments where it's safe. >> we should point out we did try to contact the mayor's office and did not respond to our requests for an interview or for a comment and as we said, trenton is not alone. police forces are down across the country. you can look at where things stand where you live and compare it to the layoffs and crime rates and decide if there is a correlation there in our report cnbc.com/cities. we've been in five cities, five days, fascinating look to us
across the country and all of our reports are there and we still want to hear from you on twitter using the #save our -- saving our cities. back to you. >> terrific job. very insightful and really, really interesting. thanks so much. scott cohen, our senior correspondent. the markets lost a lot of strength. we're only up nine points on the trading session. the dow and s&p is up four and the nasdaq up 13 points. have great weekend, ty. that does it for us on "power lunch"? you too. it's going to be a busy one, of course. that will do it for "power lunch." "street signs" begins right about now.
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. stocks keep running toward their best year since the titanic movie. remember that one? ruled the box office. history has a stat that may make your heart go on. you have to hear it to believe it. welcome to "street signs." your other hot topics a funny social media experiment you have to see that may also make you very afraid for your privacy. gold, once again near its low for the year. is there any reason to own gold
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