tv Countdown to the Closing Bell FOX Business April 24, 2013 3:00pm-4:00pm EDT
>> the company's earnings sink in as analysts looking for the next big announcement for the company lowered their price target. is it time to bail on apple or dive right in? can another flash crash even be prevented? twitter caught some a bundle. they investigate what happened and terry duffy on held world's largest futures and derivatives trading handle the tweet that shook the market. is it finally safe to bet on risk? two names and finance with opposite views, figured out, "countdown to the closing bell" starts now.
liz: i am liz claman. last hour of trading. here is the question. why is the dow down right now when espn nasdaq are enjoying modest moves to the upside. we have two household name is dragging the dow jones industrials to the downside. proctor and gamble and at&t reported weaker than expected earnings. we have tnt trading down 4% after the world's largest consumer producer says that its revenue fell short due to a slowdown in europe and china. over to at&t, the telecom giant getting hit down 5%. what happened? loss in the phone plan subscriber numbers. those two hold it down. what is saving the dow from looking worse? belling, beleaguered by a battery problems in the 787 model aircraft, they did report better than expected first quarter results, revenue fell 3%
because of the holdup in delivering grounded 787 jets but boeing says they will deliver those planes in early may so stock jumping two thirds%, didn't see any write-down pertaining to how many of those were grounded so people like those numbers from boeing. let's get all picture of what is happening across the world, traders at the stock exchange, nicole petallides on the floor as well. mark newman, you are the numbers got. looking at what is happening here, the s&p 500 looking as perky as ever, nowhere near the 1540 level. what happens in the next couple weeks? >> the risk reward isn't as good after multiple days of gains. markets are largely sideways since march. people don't realize the size of fact of making people somewhat complacent. we haven't moved that far to the upside in the broader market. we have new stocks hitting new highss.
let's look what is happening today. we saw a big pull back in consumer staples names. the telecoms, consumer staples a lot of defensive plays showing signs of rolling over a bit. you are seeing big moves in energy which is showing signs of bottoming out and numbers this morning -- liz: it was yesterday we had mark foster, gloom and doom report, i pushed him a little bit because he is for all intents and purposes miss the equities' rally because he has been so dr. doom about it. my question is it is not as exciting to see these levels, we have not seen a couple records like we have seen every single day but are you staying out of equities? >> you have to be selective in what you buy. the bottom line, price, biggest technical is still positive.
it is breaking down, you have to be to some extent so you have to be in the sector you are working with. energy better restored or some of the industrials. liz: we did get some bearish or bullish for prices inventory numbers on both crude and gasoline, crude inventories were built but not as big as expected and you saw drawdown gasoline so look at these jumps. we got crude moving higher by $2.31 in the aftermarket, gasoline moving relatively higher. and 274, natural gas sort of one lagger. >> it could catch people by surprise, we sold off $86 last week, sharp sell-off, held that pretty well. you are going to see a surprise demand, number of gasoline the
next couple months. you saw how tight the supplies were in all the refineries that were closed and you will see an upside surprise in energy prices the next three months. liz: you look what happened yesterday was a violent move after 1:00 eastern with the bogus tweet that came through on the associated press about explosions at the white house. we have seen resilient market since then but what else are we missing? we are not in the pits. what you hearing? what is the chatter? >> factor yesterday, you are right, it was nerve wracking, the market has been the durable-goods number we received, not the durable goods number we receive for march but the february numbers were revised significantly lower. friday morning's gdp number has gone from 3.3% to 2.9 or 2.8%%so bond all little higher, stocks mixed, and first quarter gdp
number friday morning. >> look at the durable-goods number, that is the big ticket item, health of the economy and a lot of people use metric about how things are going in this country. >> i certainly agree. durable-goods numbers if you look at home building home building shows signs of strength. it has been resilient and you are certain to see signs of staples turning down a little bit, food and beverage and tobacco looking resilience as they break new heights but you have to think of that regard. liz: we're talking about housing and the risks you can take and the chicago mercantile exchange and how they handle all that trading floor, the largest futures trading floor handles the situation with the august wheat. as i mentioned a moment ago boeing announced plans to get its 787 dreamliner back in the air, shares of boeing heading
higher. let's get to nicole petallides on the floor of the stock exchange. people do not learn when a good company has a few bad headlines that may be the time to buy it. >> the pull back might have been the time to buy but we are watching bowling moving to a new annual high. look, it is a 2.7%, $90, $0.51 a share, best performer on the dow jones industrial, batting 19 dow positive points, for what is it with the dreamliner? what we are seeing here is going doing so well today, earnings jumped 21%, they stood by their numbers going forward for sales and cash and earnings and the plans for the dreamliner, ceo saying they expected deliver 787s again in early may with the batteries redesigned, after a a approval and ethiopian airlines plans to fly it sooner than that so based on their modification,
giving the outlook for plans, we are seeing stock in a new 52 week high helping the dow long. liz: developing story involving general electric. according to the wall street journal, ge capital which lends money to many more types of businesses is cutting off lending to gun shops, the relationship to firearms companies after fallout from the school shooting in newtown, ponnecticut where many little children and teachers were murdered. we bring you more on this in a moment but doesn't appear to be hurting stock which had been trading higher so right now 2.5% general electric as it appears j e capital is cutting off funding to gun shops. the closing bell ringing in 51 minutes, nearly $200 billion in market value loss in just two minutes after stocks briefly
tanked following a big fleet about an explosion at the white house. was totally fake. terry duffy, cme group executive chairman and president joins me in a fox business exclusive to discuss how the world's largest derivatives and futures trading floor handles the tweet that rocked the market and what systems we need in place to prevent these many flash crashes.
9 maybe wish you had yesterday the power mover of the hour today is void beginning, kicker symbol b y d shares hitting at two year high, the jump is 20% at the moment, the casino operator posted a surprise profit in the first quarter, revenue was helped by the acquisition of peninsula gaming and also some improvement in las vegas local businesses. maybe this is a positive move for the vegas businesses. we picked out our power mover. reports claiming that the six and the u.s. market into a brief tailspin was very dramatic and look at this. what we put together was how quickly it gyrated and moved and
recovered. it then definitely recovered but at least to the question what are we going to do when an unfriendly country or a hacker situation is finally successful and it takes us much longer to figure out that it was focused. yesterday's was the work of the syrian electronic group, millions of these guys out there. and the world's largest derivatives futures trading floor in the world, a little redundant but you deserve it. terry duffy is executive chairman of the cme. fox business explosive. unlike the year from you guys. what happens when you heard about the situation? you got massive amounts of trading every single second. >> the local universities giving a speech to students and professors and the phone went off right away and said it was a blip in the market and if the market went down 1% or 16 index
points as far as the s&p goes and came right back and was basically on 8 week that it was a bogus tweet from a piece saying there was a bombing at the white house and the president had been hurt. obviously those are things we live within this world today and the world of social media and world of automation. >> was the first thing you did. >> i want to look at market activity. what was interesting about this was, let's -- if you look at the five minute period when it came out. and we didn't see a big percentage move. it went down 1%, went down 1577 money isn't the to fifteenth fifty-seven like that. it went down and came back up.
it was one of the things, these are things in the market, has your air trade policy coming in to play? none of that happened at the cme. liz: none were triggered in cme product. does that still hold? >> yes it does. liz: you are not changing any trade or cancelling any trades? >> not at all. we coordinate with stock exchanges ron world by percentage so you know 7%, 13%, 20% intraday on moves. this was a small percentage down. it was not so much about market movements. it goes to what you said, this is about what made the market move. it is an erroneous fruits, and the world pact on. and people follow on to that week. and the public didn't participate. >> this brings us to an open outcry system but i am more
interested that we have high-frequency traders and companies that use al gore rhythmic trading that actually rolls all kinds of websites and twitter and these computer systems make decisions as to whether to buy or sell on what they perceive whether it is confirmed or denied on twitter. how dangerous is that? how long before something like that takes down our markets for real? >> i don't go, i am not convinced that is the case but if you look at our market structure, these participants that looking for directional trades, everyone is not high frequency trader. the whole market is high-frequency. if they see a blip in the market and go one direction people buying that activity or selling that activity, the people that stood in the market yesterday because they wanted exposure to a marketplace and not pay attention to this week did quite well when high-frequency traders sold the market precipitously and they would not have gotten filled out of not for the wheat. those are the some of the things
that happen when you have high-frequency trades. liz: you know that bloomberg began and for those who don't know, these bloomberg terminals, top trading, most of them have these terminals with a lot of data coming in bloomberg recently started putting twitter up as part of their data sifting. was that a mistake? >> i can't speak for bloomberg if it was a mistake or not. this is not the way we disseminate our systems around world. that was very important. we spend a lot of money in the market data to make sure it is disseminated around world in the most cost-effective way for us but the same time in the most expeditious way. liz: if you are the head of the fcc, it but if you work, would you do something to make sure unfriendly governments and hacking attempts, who knows what, like these, that there is some type of stopgap or preventative measure to take now? >> i would love that as a citizen of the united states.
would like to have those safety guards put in place. i am not certain you cannot do that but that is a big world, relying on social media for different information throughout the day, twitter and facebook and the rest of the are all part of the social media and sometimes as erroneous information put on it so it is up to the participants using that to decide what is real and what is not. liz: i would like to point out that neither through the lehman implosion, the flash crash or any of this, the cme has not stumbled. you guys have not stumbled during the points. >> we don't take any short cuts. we believe in doing things the right way and doing them methodically. we invest in our company and invest until under a year, we invest 100 years. >> you keep the open system? >> it depends on the way the markets are going. they are electronically traded. we try to replicate a lot of electronic systems, with participants used to do with we
have high frequency traders. and to risk transfer in the markets. it provides a lot of liquidity, people do risk transfer. and banking products can be there for that liquidity. liz: good thing to have you here, thank you very much. terry duffy, executive chair and president started many decades ago as a traitor. you know every level, closing bell ringing in 39 minutes. so much for the after market bump, apple stock was jumping exponentially yesterday. shares, while slightly higher today started losing any gains they saw this morning, analysts sliced and diced their ratings following the earnings, we will show you where the trading may go coming up and we want to know what you think a lot on to facebook.com/lizclaim and. thomas you think this will hurt twitter's ability to launch a successful ipo. does twitter lose its
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liz: concerns over apple trickling into at&t, shares moving to the downside. on the flip side oil is seeing big moves higher. i know i gave you two totally separate stories but nicole petallides is standing by at the new york stock exchange and sandra smith at the cme. now you get it. both of them will pull these apart to talk about them. nicole: let's grab it down here and look at what we're taking a look at. at&t to the downside, down 5%, dragging on the dow, came in with earnings, seasonal decline in smart phone sales. the first quarter was pretty quiet. they talked about strong sales of apple, iphone 5, smart phone
subsidies to way down on the margins. you know these guys don't make that much with the iphone so it does hurt their numbers ultimately. we are seeing it on the dow jones industrials, the telecom name the watch and yesterday it hit an annual high of $39 but today pulling back below $37 that year to date at&t is a winner of 10%. that is the latest on the floor of the stock exchange with at&t and a little bit of apple. >> we're launching a lot of green arrows as far as commodities are concerned, crude oil the top gainer on the cme today, right out in after hours of $2.40. we are looking at crude above $91 a barrel, some talking about going back 92, $93 a barrel. a lot of buyers are stepping in at these prices. we got a government support on supplies showing gasoline stockpiles fell, oil supplies
rose less than expected, crude up the most it has been in a single trading day in a year, copper and other metal prices shining in today's session, copper getting a boost after and bear market, a number of bear market territories up 20% from recent highs, copper rebound in on a boost in european stocks overseas, helping out the industrial metal. copper, gold prices, up the fourth session of the last five, a lot of buyers stepping in at these low levels, at $14.27 a troy ounce up $18, investor demand for coins, gold bars, jewelry demand in india is up by as i handed back to you demand for gold exchange traded products still down big time. investors flee out of those but nevertheless buyers stepping in at these low 1400s. liz: with physical gold. that is what we have been
hearing. thank you very much. ppple. not a factor today but after market yesterday shares of the tech giant struggling after an announcement of its first quarterly profit drop in a decade. did so well in the aftermarket and this morning completely dropped and slightly higher but this after a dozen brokerages reacted to the news. they cut price targets of to $180 a share in some cases. adam shapiro is looking at this and joins us with more. adam: you wonder if they were saying apple and 900 or a thousand in september when they were at the peak but let's get into a. dubya mode downgraded apple to perform from outperform but they really downgrade. everyone else it was lowering of the estimates, lowering of price targets, piper jaffray lowered their price estimate to $688, credit suisse to $525 from 600, wells fargo, anywhere from no. 45 to 525 from 6 and did to $630
but most everyone maintain their rating for apple. credit suisse still outperform, wells fargo outperformed, piper jaffray overweight. got to look at it a couple ways. people have been critical of tim cook depending what side of the argument you are wrong, you can blame him for prior to this not returning money to shareholders, david einhorn at green light is happy with mr. cook, putting out a statement about this is one thing that is accurate and the right thing to do for shareholders raising the dividend, increasing stock buyback but a lot of questions about apple's future which is why you see price targets coming down. china had revenue of $8 billion in the quarter in china but that was a slow down and international sales account for 66%. apple's revenue in this quarter investors starting to wonder how does apple maintain this momentum and dominance, the tabloid market don't dominate smart phone market but still
number one. liz: you were watching this as well. in the aftermarket session stock skyrocketed. how many people looked at that and 7 missed my chance and you didn't. >> we were down $400, but you have -- tim cook saying we will have the new grrat products. he didn't say the date but coming in the fall. they didn't know what it would be but i apple always seems to deliver that product people seem to love. they did again this might be a great buying opportunity. liz: i know grown-ups love them too. closing bell ringing in 29 minutes, new home construction topped 1 million units in march for the first time in five years. how is building supply company usg corp. benefiting? they make a lot of sheet rock could go into construction? the usg corp. chairman and ceo joining is a fox business
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fox business brief. and second quarter earnings due after the closing balance company expected earnings of $1.17. qualcomm had a record run over the last several quarters. growing demand for mobile devices. a $100 bill goes into circulation this fall. more than two years late. the federal reserve's original timing. and on october 8th, and security features including a blue, 3d security ribbon and disappearing liberty bell and inkwell. according to the insurance council of texas the estimated loss from last week's deadly explosion at a fertilizer plant in west texas topped the $100 million mark, most of the 15 people killed in last week's blast were first responders.
tomorrow president obama and the first they will attend a memorial service in waco, texas for the victims. now we continue "countdown to the closing bell" with liz claman. liz: fox business market jack, orders for big-ticket items such as aircraft and computers. it is affecting the markets at least for the dow jones industrials the the two names the going down our procter and gamble and at&t but the big ticket orders and expected the plunging nearly 6% in march, the largest drop in seven months and many are calling this a new sign of an economic slowdown. we may see a new number that looks healthy the next time around but this after falling an upbeat first quarter, still a few defense companies not fazed by the report, northrop grumman and general dynamics moving higher, birdie decent moves, northrop grumman and general dynamics continue to be strong and shares of northrop grumman hitting a 52 week high.
recent data suggests a housing recovery may well be under way. the aggregate, most of these numbers are looking healthy. one leading building products company, the products that go into the building stand to benefit. usg corp. this morning reported its first profit in five years. you guys have hung it for a long time. james madcaps, chairman, ceo and president in chicago in a fox business exclusive. we were looking at your numbers and i would say this was a long time coming. >> thank you so much. great to be with you this afternoon and it has been a long time coming and our team is so excited about the announcement, we have been for a small depression not only with housing but each of our segments. we are big in preparing the model. the segment is down and we are big in commercial construction. we got hit by the proverbial
perfect form but we created our own recovery. i am very excited about the job our entire team has done and it has been a special day. liz: i completely agree with you but you did mrs. the numbers. stocks not getting hurt at all and looking pretty good but where is the disconnect between what wall street thought was going to get from you guys and what you actually delivered? >> we are pleased with first quarter results the we had a tough winter, much harsher winter this year than last year. there was a little free buying before the winter hit and really it is a matter of timing, not a matter of if but when. we had record profits in thh ceiling business, commercial construction being down, our ceiling business had the best quarter in the history of the company from a profit standpoint. distribution company has cut its losses and we at excited about the supply. and the path to profitability and our flag ship has grown
margins and excited about the rest of the year and getting some winter back with the it is segments as well. everyone needs to be patient. liz: the g in usg is a fancy word for sheet rock. looking at lower volumes, talk to me about that. year over year you were down 4%, some expect a 14%. >> it means u.s. gypsum but we like to say it is for growth. one of the flagship product platforms is below the product platform. liz: let me walk over to it. you can see this but we have two big buckets of this stuff. this one right here is the older style, it is really heavy and you created a new one. this is real innovation. i can live to this one because it is 40%. >> i want to thank one of our
sales reps who delivered that to the studio and that is one of our new product platforms, it is 40% lighter but let me put this in perspective. you lifted both of those, the regular joint treatment is the equivalent to the weight of an 8-year-old child. this means you have kerri around and 8-year-old child you know how heavy is. the light which is equivalent to a 3-year-old child. you make the choice. we have a lot of female shoppers that by through the big boxes so picking that up you have people on the job sites that left that every day, workmen on the job site so having that light weight compound is lighter, a better product and a smoother products for the finish of your walls. that is part of our platform. if you look at wall board, we have a light weight wallboard which is pretty 5% later but that was too big to bring in to your studio. liz: i am and 8-year-old child.
egg can't live to many more and i couldn't lift the 8-year-old bucket that represents the 8-year-old boy. thank you, we love to see this kind of story where of -- co. hanks tough for the toughest of times. stock has done beautifully and we want to let our viewers know 60% over the past year, always like to mention 18% of the florida shortage that we like to get out there. the chairman, ceo and president, thank you so much. and the free sales team, we love this, the best way to show people what companies really do. closing bell ringing in 17 minutes. as we just mentioned the housing market seems to be on dumb and. what does that mean for the investor looking for good play? does it mean you should take on some risk in the housing sector through the opportunity of lending? two money managers totally disagree with each other, they will do it out and we ask you on facebook and twitter whether you
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today, their highest level since may of 2010, so clearly it applications are up somebody's getting some approve the. does this signal risk for the board? should you jump and investable play, capitol portfolio manager says absolutely, this is a sign to run toward risk in the housing market but the managing director says no, stay clear. we will give you first crack at this. solid new home sales data and solid mortgage data. what do you really believe about getting involved in research in the housing market which of course we all got burned by in 2007? >> a great question if you are looking at fixed-income. there's a realization that traditional fixed income, core fixee-income like treasury and agency debt i not accomplishing the goal most investors are looking for at this point with yields around 1%. adjusted for inflation your and negative territory. i do believe you are able to take a moderate degree of credit
risk and look at certain sectors as you mentioned like housing they are demonstrating clear improvement in the last few years, you are rewarded and on top of that many of the bonds associated with the housing sector in fixed-income are floating rates, not agency mortgage-backed securities are floating-rate assets so you are preparing yourself well for a eventual rise in real estate but hopefully compensated in the meantime with higher yields and higher income. liz: when i hear mortgage-backed securities i break out in a rash because of what am be ass did to the markets but specifically you are ok with getting involved in a way there? >> the key would be going up in quality. in particular we rely heavily on this sector and avoided some prime completely so we tend to focus on higher quality assets, the types of bonds that survived the crisis and they are point beginning to benefit from the improvement in the true
fundamentals, delinquencies are down considerably, home prices up considerably so these are all great signs and what is interesting is this is the credit market that is not pricing in improvement right now. there are a few markets doing that. the home builder sector in equity is very each fission and will ccrue quickly. liz: your reaction? >> i don't disagree with what brad is saying. he is a specialist in that area and i like that he is sticking with high-quality segment. my caveat would be that the fed through this extraordinary combination of quantitative easing and lowering interest rates and asset backed has created a level of speculation in many parts of the credit market that remind me of 2007. generally it is the time to upgrade quality after the run you had. liz: but he said look at the quality but you are saying stay away from that. there are better opportunities in equities. >> they are not mutually
exclusive. on the fixed-income side you could do something, what i like most of all our multinational corporations with dividends, growing earnings, global exposure, good balance sheets, 4% dividend yield, 5% earnings growth, equities overtime do better than bonds but stick with quality equity as you stick with quality bonds. liz: a point about the fed, the fed may do all kinds of things that will tighten rates, how the tell your clients to bracc for that moment? >> the fed has been accommodating and i don't think that stance is going to change. this is not the type of said that in my belief will send shock into the marketplace. growth is somewhat gradual and does not improve significantly. there is momentum for them to continue to ease and providd accommodation but that being said you need to prepare because you don't know what the growth
situation is going to look like and the upside down side is skewed in my view. you want to prepare for higher rates but you can do that in certain areas and not even see the mortgage bond sector in an area and make a tremendous amount of sense. liz: you like equities a little bit better. i can sense it in you. give us names you like. >> emphasizing quality i like stocks like gee, microsoft, they have 4% dividends, well positioned in their industries, global exposures, excellent balance sheets and over time you do better in equities than in fixed-income but there's a place for fixed-income but within fixed and the, and equity sectors i want to emphasize quality after the move we had in both the credit and equity markets. liz: where the stand on emerging markets? >> emerging markets have underperformed in the united states for the last several months and the long-term growth is in emerging markets so i
would also tell investors if you by non china/asia mutual-fund that cater to the growing middle class being created over there, you will do very well over time. liz: jim gets the last word. we thank both of you very much. two different ideas, managing director at berkeley lender, angel of capital portfolio manager, we have 6 minutes ago, a move higher is always good for a stock and certainly shareholder but a move higher on heavy volume is even better. we tell you what names are seeing the best of both worlds. you need to see this next. [ indistinct shouting ]
liz: doesn't really if a stock is jumping but very fewwpeople are trading. it in this case we put up five names on the screen, not only each jumping more than 5%, their numbers, their volume, they're on double the average trading day volume here for broadcom, of course, a slight apple play. lumber liquidators is second derivative housing people. supervalu, ryder system. we had the ceo on yesterday. much better than expected overall picture from mr. sanchez over at ryder system, that of course was a fox business exclusive. if you wan to see the interview go to foxbusiness.com. look on video link and you can find the interview. thanks so much for sticking with us through the 3:00. we're not even done, not even close because david asman walked onto the set.
i will go over to him to find out what is coming up. david: more important than me, zynga and qualcomm are about to report earnings. we're expecting interesting things aft hours. the market is trading down toward the end. day. liz: the s&p flipped over the flat line, nicole as we await numbers from zynga and qualcomm. >> we're watching names to the upside. obviously an exciting time during earnings season. the dow is snapping a three-day winning streak. zynga is certainly a winner. watch qualcomm. david: what happened to apple, nicole. after they reported, we saw it up to 425. looked like it was closing 450 level today. it came way down. >> there is so much going on with apple. this is 415, 419, 392. it was all over the place. that is the pattern for apple an virtually unchanged. they surpassed, iphone, ipad sales. raised dividend.
good bad news they're out of favor with wall street and they don't have anything new on the pipeline. >> at&t happens to be the worst performer on the dow jones industrials after sales fell short of analyst expectations. >> right. we're watching at&t. that pressured the dow. that is worth about 20 negative dow points. they came out with numbers. they're hit by iphone march inches about as well. that name is under pressure. by the way what an exciting closing bell, right? we have servicemen here. the nfl draft. they're going to radio city. those guys are going to be millionaires. that is exciting stuff. >> see if you can grab grab a guy from the nfl draft. we want that inside information that we're allowed to have. alcoa, you love it when one of the stalwarts of the dow does well they have a banner day. >> i was chatting with teddy weisberg and alcoa was a winner. to your point, dave, materials, commodities doing so well.