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tv   Countdown to the Closing Bell  FOX Business  April 2, 2013 3:00pm-4:00pm EDT

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liz: cars, cars, and more cars. sales so high it's been years since we've seen cars moving off the lots like this. we'll tell you which stocks get the biggest boost. goldman sachs changes its tune on apple as a major mea culpa comes from the company. are they feeling the burn? a major apple shareholder weighs in. and listen up, two of david joist's stock picks up more than 20% since the last time he was on with us. don't you want to hear the new names today for your portfolio? "countdown to the closing bell" starts right now. ♪ well, take a look at all the numbers. welcome, everybody. the markets are back with
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avengeance today. s&p and dow close to record closes. good afternoon, everybody, i'm liz claman, thank you for joining us for this all-important "count down to the closing bell," and records, we have to close above 14578 #. that's where we have to close above that. well above right now, at least for the moment, up 70 points off the highs of the session, but for the s&p 500, we have to close above 1569.19. look where we are now. 1569.08, just a little, little way slightly below it. exciting hour. every second of the way, our buzz keeps you updated, and this preacher keeps you updated as well. we can point to the health sector, certainly, and the best performing sector of the year. today, no different, charging ahead. we're going to dive deeply into that sector in this hour. plus, just about an hour ago, a
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federal reserve governor gave easily the strongest hints to date about when the feds' bond buying festival will start to wind down. telling you what he said, and the big question, will it hurt investments? if so, which ones. didn't hurt the markets today. scott, head of global bonds at pimco joining us on what the comments mean for your wallet down the line, and which bonds he bets on now and talks corp sigh as well. to the floor show. traders at the new york stock exchange and imex to weigh in on a agreed day, teddy. >> a great day, liz. there's negative undercurrent, the volume is anemic, and commodities under pressure, and could be -- it could be -- >> you know, can we start those, in particularly, on the screen,
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get copper up. gold not healthy, but silver is scary as well. >> and that could be a dollar-euro play or a softening economy around the world. we had a very, very negative unemployment number out of the eurozone, and the transports are reversing, and, you know, it was the transports that really, if you are a dow theorist, that led to the overall market for many, many months, well ahead of the popular averages, so, yes, the averages are up, but i think you need to be a little cautious here. there are some negative signs, just beneath the service. liz: uh-huh. dan, you were with us at closing bells yesterday. what changed between then and now where we've had a very strong day, at least with equities? >> well, absolutely nothing other than the price of the s&p market right now. if you look at what we have, we have economic data today, and, again, i think i said it yesterday. that's what we have to pay attention to, decent data. there's a lot of data upcoming
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and pay attention to that. employment and nonmanufacturing as in tomorrow, a big deal at 6 # 0%, over 60 #% or 70% of the economy. what i look forward to right now, as the previous guest said, this is topping. the technical level only, not getting in more positions, wait for it to drop and buy back into it. >> okay, that's the thing. not much changed other than great auto sales, elliot, leading us to gasoline and crude oil. crude down today, so is brent, of course, what trades overseas. what is the next weigh station? >> well, that's an interesting question in itself. i mean, it depends on what you're thinking -- your thinking is about crude, and it depends how you look at crude and how it moves. some say the economy improves with crude rallying, and others say it's worse when crude rallies because there's different points of interests for different people, and it's important to remember that crude is a different thing. commodities are different. we're not creating wealth here in the commodity markets. like, a stock rally, and in
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commodities, everybody that somebody owns, somebody else is short. remember that, i think. liz: teddy, isn't that the way it is in equities? there's shorts circling around, but does elliot have a point? >> i don't know about anything about the commodity market. i just know it's -- i saw it as a speculative arena, but the rich people in chicago have rich playing commode dis. i don't know many rich people trading stocks. liz: he's talking about you. >> i don't know. liz: elliot, were you at the knicks game sunday night? >> i have not. liz: thought i saw you, and i was mad because he had a better seat than i did. how does elliot have a better seat than me? kidding. not as good as richard anthony, his seat, wow. good to see you guys, thank you so much. >> thank you. liz: the best sector year to date is health care, widened its
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healthy lead further thanks to hike in medicaid advantage rate, and health insurance stocks, don't cry for them. we told you not to climbing on this news and other news since the beginning of the year. among the big insurers, the changes are most meaningful for humana, way more attached to medicare plans than its peers, that's good and bad. lately, good. humana says required reductions under the affordable health care act and other adjustments are likely to nearly offset the increase, but shares are looking very good, up more than 6% today. now, after humana, you've got united health care group, ticker symbol unh, the most medicare advantage exposure among big insurers according to analysts. united, a new high today, off the intra-day high, but, still, above the closing high yesterday, looking good for them. flip over to aetna, a 5 2 --
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52-week high. they work in health care, group insurance, and large case pensions. you'll hear them complain seven ways to sunday about obamacare. they are doing just fine. nobody's worried it's going government. as you look at those names, keep that in mind, a great performing sector so far. take a quick look at the s&p 500, and at this level, remember, the key level we are looking for, 1569, and at the moment, hold on, we are now putting it up, okay. we got the s&p 500 at 1569.59. there it is. okay. it's slightly above what we needed to beat. 1569.19 is where we needed to be. it a key number. every step of the hour we'll watch it. folks, anybody worried we would see a correction, it has not happened yet. well, the auto sector has definitely corrected up. auto sales put the pedal to the metal in march. several brands report best
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numbers since 2007. ford leading the path with march year over year sales, up nearly 6%. jeff flock, the auto guy, actually in a ford dealership in illinois, and ford is doing well, despite problems in europe. >> i'm in the back lot. look at the ford focus, looks like an aston martin, 30,000 plus they sold, one of the reason ford is well. what about the partner, gm, sort of a partner, look at the gm stock. ford did better today than they thought. gm did worse with the stock off at the outset, but it came back. this is why you think about the gm stock. disappoints for gm. the laggards in today's sales, volt down this month after a lot of positive months, liz, down 35%. corvette and malibu both down. new corvette comes out, coulding the for some, but the malibu
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should be selling. sonic down 16%. a lot riding on that small car, but gm, that stock, if we looked at it, it is got a lot of room to run. the government slowly getting out. they got divested about a half billion dollars in february, so maybe there's room in that stock. don't forget about the rest of the auto makers, though, look at this. porsche, 41% increase this month, best ever first quarter for porsche. audi as well. suburu, vw, all positive sales months. no bad news in the auto industry now other than the stock maybe. liz: honda and toyota stock down. look at tesla -- jeff, thanks. >> love it. liz: they are expected to come out with news sometime in the next several hours. this is the all-electric fancy pants vehicle. they sold more model s sedans,
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the lower priced ones than expected, moving higher by 2%. intra-day, the picture for you, off the high, but we wait for rocket man in both ways; right? he's the guest tomorrow live in this hour, so stay tuned for that. closing bell rings in 50, make that 49 and some change. bad news on top of bad news for apple. the stock moving slightly lower today, but not even slightly higher. what needs to happen for a major shareholder to slice his steak? we got one coming in next live, and how close are the feds to bringing in sac capital steve cohen? close more than a week ago? we're hot on that trail. that story's next. don't move. ♪ we went out and asked people a simple question:
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how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a greathing. but even though we're living longer, one thing that hasn't changed: the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪
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liz: getting behind the wheel the power mover of the hour, not an auto company, but it is, though, a car company, hertz, ticker symbol htz, the one year chart looking nice, and the company is forecasting strong
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earnings in revenue, through 20 # 15. wish i could see that far in advance, because of an increasingly global demand for car rentals, and benefiting from the recently acquired complete acquisition of dollar thrifty. the one year chart is a nice picture here. very nice at the moment, and hertz shares up today as we said, but nearly a five and a half year high now. the forecast pushed up shares the rival, avis, and budget group, ticker symbol car. a great day there, and here's avis, quickly showing you that, another very nice one year chart. okay. one of the nicest people on fox business, nicole, at the new york stock exchange, and, nicole, listen, great day for hertz and avis, but not groupon. >> right, because of ubs that calls the internet stocks beginning coverage on many of them, some have buy readings, some neutral. only sell rating is groupon. look at how the stock is fairing.
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it's down on the 6%. they say that groupon has an unproven business model, and wide mix in transformation, undergoing management change, according to ubs. what they did is they said they gave them a sell rating in the coverage of internet stocks. other ones, they had buy ratings on the other ones like google, ebay, yahoo, yelp, interactive corp.. they had neutral on the other ones, amazon, facebook, linked in, zinga, and only sell rating was groupon, as a result, a big loser, down nearly 6%, that price target is wrong, but the sell rating for groupon is a big, big hit, than that's the problem today. liz: yeah, and, yelp, i feel like it's all games, you know? rivals get on there and put a bad review in. mean. nicole, see you later. thank you. >> thanks. liz: looks may be deceiving when it comes to assessing the criminal investigation part of
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sac capital adviser's current nightmare. it is the most recent arrest of trader michael stein steinberg, a move to get to the capital head. it's rhetorical. we know the answer to that of the we no that prosecutors really want the guy on the upper left there, doug burns, a former federal prosecutor joining me now in a fox business exclusive. having been on the federal side of this, how close are they to steve? you're on the outside. >> it's hard to know. what you said is true. you want to roll up the chain. you want to flip them op the owner, not on a dishwasher. you have the upon titch -- pontiffs and others say, wait, will he cooperate? apparently, they were not able to get that done. liz: a trader involved, several levels to this, but involved with the pharmaceutical trades where it appeared he got at least, according to the prosecutors, inside information,
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and that's not fair to the markets. they would allege, and, therefore, they made money. >> that was interesting. you had a various professor of medicine tipping, and they gave him a walk, by the way, deferred prosecution, and then they made the case havinged too with al timer's drug as you remember, i forget the pronunciation, but avoided a loss in one instance and gainedded in another. talk about the steinberg arrest. liz: one step closer. made the graphic to show everybody. here's a video, of course. this is good friday. 6:30 in the morning. they really did surprise him. he had been trying, i read articles, try b to be prepared for this making sure the children were not home. awful situation, pleaded not guilty, get that out there, but they don't do this unless they feel they got something. >> well, no, i think that's right. i'm sure they have a decent case on him, and it's the same strategy. they want to hull -- look, if i were representing cohen, there's
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a number of warnings. he's not discussing the case because they may have people call him, isn't the weather nice, but, by the way, and segue the conversation. do not discuss anything. they are not going to get a wiretap most likely. there's cases on appeal on that issue. you don't see wiretaps often. liz: that was a successful case that the government brought. >> right. it's anybody's guess as to what happens. they are not that close necessarily. liz: couud they get him to flip? now, what kind of chains in the armor do prosecutors look for? he's got children. i know. my gosh, if you lower my sentence to be with the kids, i'll turn. >> hit it on the head. if you cooperate, the government makes emotional right, a 5k letter, enables or allows the judge to give a lower sentence, goes through a series of back and forth prom dance steps, you face 58 months in prison, there's children, ect., and very often, as you said, it's a big
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enticement to cooperate. having said that, mark didn't, so i'll look into the ball here and said that he's not going to cooperate either. >> there's a judge today, civil settlement for $14 million in one of these parts of the sac case. $14 # million seems tiny in the grand scheme of things, what they make in a day or something like that, but that judge didn't have any same concerns as the judge did about a bigger settlement against sac or for sac which has not been approved yet. >> hit the rewind button. they settled cases with no admission of wrong doing, okay? neither admit nor deny. in 2012, after the judge rejected a big settlement and congress stepped in briefly about the issue, the fcc change the policy, liz, saying we're no longer to to settle a civil case with a parallel criminal case with no admission. remember the word "policy," not
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a law or statute, so in the case before the judge, they turn around and said you can settle with nod a mission. he said, wait, i have to wait to see what happens to the case, which, by the way, is on appeal. liz: doug, quickly, your prediction whether it goes all the way. >> i don't think all the way, but you'll see other arrests or indictments. the chances to getting to steve are 40%. liz: 40%. good to see you. >> thanks. liz: thank you very much, a former frustrate prosecutor, been there in the courtroom. closing bell ringing in 39 minutes. apple's getting sliced with prime cuts. coming up, price cuts galore. we have a major apple shareholder, still calling the stock, quote, terribly attractive, as it continues to go down. later, pimco talks about his book and global bet, why his new currency fund might be the perfect fit for your port portf. teaching you what he's doing
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♪ liz: this is a fox business market check. an important question that you guys need to listen to. downgrades matter beyond the first day that they happen? welcome into companies moving in different directions today after goldman changed its call. first up, hewlett-packard feeling the pressure after goldman downgraded the stock to a sell. that is never good, warning that investors may be overestimating the company's chances of a successful turnaround, but, you know, it is done rather well. apple, though, is shrugging off its downgrade. goldman -- not exactly a downgrade, but goldman removed the company from its high-end conviction by list, its favorite stock status. the stock is now reversing.
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it had been down earlier in is now moving higher. more important to see what it does one week from now whether or not anyone remembers what these downgrades to or whether these price target changes make a difference. let's stay with apple. before hedge fund heavy david einhorn suitable, another fund manager told a fox business, look, at some point soon apple will need to address its cash pile, its cash hoard, which now stands at $137 billion. meanwhile, apple is expected to begin production of its -- yes, you have to get rid of the old one is there coming out with the next generation iphone some time during the current quarter. please tell me they're not going to chase the charger, right? this next prediction is the yahoo predicted before david einhorn sued that someone would have a problem with that cash file. joining us now in a fox business exclusive. on that issue, you did tell us.
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a couple of days later you were so right because david einhorn came in and said, i'm over it. you that need to do something with all that money. what's your next prediction about apple? >> i think that this time i think i need to give you some time. i think before the of june quarter is reported, which would be late july they will do something in terms of a dividend or share repurchase. i think spring is a good time to do this. a lot of annual meetings. a lot of interest. programs are over a hundred and 45 billion, more than 30 percent of the capitalization right now. and normally accompany the -- a consumer product company which is what i really think apple is rather than a technology company , a consumer-products company, most of them have moderate leverage. we took a 6 billion in current cash flow that apple could
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easily put on $100 billion of debt and consumer product analysts would live happily ever after. the products could become obsolete. tech companies disappear, and that the the board has to be cautious, but caution has ruled far too long here. the shareholders own the company, and they need some handholding in the way of a financial reward, especially with the stock down as much as it is. liz: you just roll over the old name, digital. that is a great example. that does not even exist. you were calling apple a very attractive buy, and it was a 530 then. since the knowledge has done is go down. in a way you wrong. what you saying about it now, for good and $29? >> i think it is scheduled to move to up better neighborhood. at think it is largely getting out of the tech investor
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neighborhood which is a very, very difficult neighborhood if you have a couple of characteristics which apple regrettably has right now. the first is slowing revenues. tech investors don't like slowing revenues. that second thing is contracting and operating margins. they like that even less than slowing revenues. they usually come together. these folks shoot first and ask questions later. they clearly have sold the stock. some of them probably, the directors are getting on them. liz: are you adding to your position? >> i cannot talk to you about that until we release our quarterly results, less. liz: the last time you issued your results you were adding because you elected to my right? >> i think we have got -- actually, one tranche of the stock is very close to break-even. we had about $270 profit that i think temporarily evaporated. we tend to be pretty long-term
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investors. liz: this new iphone that is going to come out might be more evolutionary than revolutionary, and that tends to be the trend lately with apple, at least ever since it came out with this ipad . one, too, many, but nothing really brand new. are you hearing anything about that? you believe it is eventually coming? would it have to be so amazing that blows away all of the other names out there like your basic dvr, enceladus, with the set top box. >> and not really in the printing stage. that -- predicting stage. i think what they need as a consumer product -- and i just bought one last week. what they need is a bigger screen. the samsung's product, the screen size is very important. the second thing they need -- and i am hoping that this comes out and i am reasonably sure that it will. a lower cost phone for the third
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world. this enormous market in china. the product is simply beyond the economic reach of most of the people. i am sure apple knows this. they have had some problems in china, as you know. the competition is running away with this market. i am really hoping that the -- a cheaper version comes down the pike. second thing is him i am hoping the screen size gets a little bit paris would make life a lot easier for my advertising companies because these devices, it's terribly hard advertise on the. liz: i love my galaxy screen, my samsung's screen. when i hope everyone else is iphone and mike, this little thing. multimedia trust associate portfolio manager. closing bell ringing in 27 minutes. he's not a voting member, but he is let -- calling for a wait and
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watch policy before making the next move with quantitative easing in making and interesting prediction about when it will scale down. we are bringing in bond guru scott mather to weigh in on that next, telling you what he is betting on. plus, one company might not know about getting a very nice of a boost. we had live to the nyse-listed one next. speaking of cars, check out some of the most iconic cars of all time as we head to break. personally i think maserati should be in there. ♪
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>> reporter: i'm dennis kneale with your fox business brief. bank of america will pay $165 million to settle a dispute over its sale of mortgage-backed securities to credit unions which later collapsed. the national credit union ministration announce the settlement. bank of america did not admit any wrongdoing. u.s. factory orders rose 3% in february, the commerce department says. the biggest jump in five months. durable goods orders rose over five now% and nondurable up almost 1 percent but core capital goods like machinery and equipment fell just over 3%. and launching rock nation, a sports management agency in partnership with see a sports. they're first client, robinson canal. he fired his agent. in the final year of his shaky deal. now we continue our "countdown to the closing bell" with liz
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claman. ♪ liz: a kent. was not getting enough love. nicole petallides is on the floor of a new york stock exchange. less talk about the garment. nicole: that's right. you see as a shareholder they're turning in on. the stock jumping, up today over 5%. great news for garmin, and that is because now they are announcing that diameter has selected garmin as the global navigation provider. mercedes-benz making their new cars, that of -- navigation will be katie. the point is, this was over $125. today you can take it. liz: a little bit more than that. thank you for that news. so the atlanta federal reserve
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president says that the time to turn back has not necessarily arrived just yet, but it is coming. we have a tough guy making bond bets every single day. scott mather and a fox business exclusive. right away, what does he think about what devon said it. the faster scaling back of quantitative easing sooner than later? >> good afternoon. we all think so. very much in keeping with our thoughts about what bernanke in the inner circle of the fed, their view on what they want to achieve with monetary policy. that is our base case expectation, quantitative easing of the current rate extensive records of this year and that when they eventually do begin to taper they will go much above much slower than many here which means, of course, zero
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interest-rate policy around for a lot longer, at least the next two years teeseven said the market's spasms after he said that. i guess it would be around 2:00 p.m. eastern time. it looks at the big board, about 64 points. we have been up 111. perhaps it is sets a delight equity reaction. treasurys. maybe we can put up some yields. as we scale through these, are you recommending any changes in people's treasury holdings? if so, with happy? >> well, right now we are not. we are definitely in an environment -- by should characterize this as an environment that looks a little bit like last year. people have fears and concerns that somehow we will break up to a new growth trajectory that looks like what we are used to seeing of the last couple of decades. it is not our base case. growth will continue to be quite low and inflation will be stable . so in that scenario treasuries are relatively range bound. and so our advice to investors
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is to, you don't need to own treasurys below five years that provide almost no yield. take advantage of one of the gifts that the fed and other central banks are giving a switch is a steep yield curve. on most of your bond portfolio in the 5-tenure portion and avoid the long end. that is our advice to investors in both u.s. treasuries and most of the rest of the developed world. liz: that closed going to get to. but he like when it comes to their version of treasury? >> we think it is a good deal of up in quality. given our view that we are in a beginning chapter of this debt crisis. now is up the time with spreads close to financial crisis for investors to keep reaching down. that is true in government bonds, corporate bonds.
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we stay focused on countries like australia, other countries that might be cutting interest rates in response to low growth and low inflation, companies -- countries like mexico which mean that investors typically not consider and the high-quality bucket, but we would certainly put there. liz: the bond king really likes the mexican debt. you guys launched at etf, currency etf, foreign currency strategy that was in february. your biggest exposure to emulate the canadian dollar. you also like the norway corona. what you think of the u.s. dollar. very short it? >> we think the u.s. dollar is still in a secular decline. people often focus too much on the fact that which currency is doing worse of the ugly ducklings. the old reserve currency, the dollar, euro, lb, yen, people
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spend all their time focusing on which one is going to, you know, when the race to the bottom. the big picture, we think, there are a whole variety of other currencies that investors are typically under end of exposed to let the canadian dollar, scandinavian currencies that we think would do better over the median term versus the dollar and certainly verses the other of the ducklings. liz: there you heard it. nice to see you. thanks you for giving us this news. closing bell ringing in 16 minutes. talk about knowing how to pick them. in november david jury told you to buy two names. pfizer. a bunch of other names have done beautifully. should you turn to twitter for
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investment advice? it might help you make your next trade and show you what is trending as far as hot stocks are concerned. don't go away. ♪
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♪ liz: twitter may be able to help you spot the next big trend or may be news about the stock that you might have missed. according to this come up first up, the spider gold trust is moving lower today. no flight to safety. people are not rushing to the yellow metal as the price of gold fell more than $20. the next most tweeted about is netflix announcing it will report its first quarter results. mark the date. april 22nd. the stock has been incredible, up nearly 100 percent. today pulling back a bit.
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profit-taking, down about 3%. you are on twitter. please, charlie gasparino is not here today. seriously. i have to beat him. follow me. amicable thousand behind him which is totally annoying. he fights with you guys. speaking of trending, last time david was on our show he named to stocks in particular that have both jumps through the roof . shares of pfizer and enrage are both up more than 20%. we have his new stock picks, one of them getting a brand-new ride today. let's bring him in. 680 plus billion in assets under management. i would love to go back. how did you know? agree dividend paying stocks, but everybody says, his old school, a dow component. a boring. here it is 20 percent of, not boring and all since november
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>> i think this is typical of the nature of this market. if you think of what has happened year today, it has been these defensive categories that have led the way. healthcare is the best performing sector in the market. you would not think that with this bull market, but it looks like people want to be in, but only with 1 foot. so pfizer fits the bill. liz: before we get to david so fully 20% pick over the next couple of months, here is where you don't have to wait for. we have this nickel bet with each other. for the end of 2012, the s&p 500 wind. you said, so amazing, 1425. you were almost right of the money. sf 1426. i was when more optimistic a 15. >> a good guess. liz: you want. i was down $0.5. torre of. where do you say qe2.
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>> unchanged parent. looking at 1552. i still like this market, but it has run the boat -- run up a little too fast. i think the economy slows down a little bit in the second quarter which makes people a little bit nervous. so we kind of trend water for while. liz: because you took my nickel last time i had to bar this. at the bar of this one. >> i brought one myself. liz: 1566 his mind. i'm a little more optimistic. no as you pick your names and before we put them up, okay, everybody. market. how did you pick the best names? we put up this list for our viewers. i love your first one because it is not the usual tech evaluation management, make sure there are strong. this first guidance issue is really interesting to me. let's put up the list and talk
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about how you pick a name. >> i think first of all, you want to be a good business. you want to have -- liz: a growing target market. >> exactly. you want to be where revenues are going to go. good management and maintained a expense discipline we do it way ahead of the game. liz: have the names the like right now. >> i still like clemens and last time. the dividend. but it is i growing business. this : infrastructure build up in north america is in its early stages. liz: your new names are? >> i like goldman sachs, trading at ten or 11 times earnings, very well-managed company. capital markets activity. that is one.
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liz: that is the one hitting half . verizon. >> a very solid business, and they are a leader. and third place, we have qualcomm, another leader in this space, 15 times and earnings, decent dividend yield, but you know, the barrier to entry. liz: he will put -- but those picks up. your target numbers. we will leave the nicole in the hands of jan rose for now. thank you. we lost a lot of our leap, but not all of it. the s&p 500 right now standing in 1668, slightly below the big record. able to close at and near record high. we are counting down the final seconds of trading next. ♪ [ male announcer ] at his current pace,
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♪ liz: let's get that nicole petallides. here is david, and we are working toward the end of the session with adelle heading for new highs. health insurers are really driving a higher. >> reporter: an exciting day. the insurers are doing well. most of the dow components have up arrows. several of them hit new highs. about 76 points and hit a record intraday all-time highest ever. david: let's talk about apple. he used to be the case that apple announced the new product the stock or go up almost invariably. today the stock was up about 2% and announced a product and the stock went down. >> reporter: it was all over the place. you're talking about a $12 range. they dealt with the downgrade
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from goldman this morning. in the meantime there were fresh, iphones. liz: goldman downgraded apple. they also took that shot at hewlett-packard as well downgrading it to a sell. roared looking at this. finally starting to look a lot better. today it is trending lower. as not come up release is the beginning of the year. >> reporter: about 5 percent today. the worst performer in 2012, so it is not a surprise to see it bounceback. today i obviously that's all there were saying. liz: alps. david: we all love clean-air inbreeding ito sometimes when the standards get higher and higher the refiners suffer and that is what happens today. >> reporter: that's right. tougher standards mean increased cost.


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