tv Markets Now FOX Business April 26, 2013 11:00am-1:01pm EDT
stuart: can i close this out? "varney and company" is over. connell: this is our lead in today. dagen: one of thing we know for certain, monica is the biggest stock up and worst liar on the planet. digging around for me. she was trying but we fall through it. i am dagen mcdowell. connell: i am connell mcshane. the furlough air-traffic controllers back the, that is the news. the house is taking up the senate bill as we speak. dagen: syria is using chemical weapons. we will tell you why this is critical to the cost of crude oil. connell: the economy growing but business investment slowing. bob all water telling us what concerns him the most. dagen: a big payday for are some very big fellows. the focus of the nfl draft, we will talk to a current and former football player about
managing those deals. these young men are about to sign. those stories and more coming up on markets now. dagen: an icon passed away today, george stone that you werr talking about and we talking about that he stopped loving her today, one of the greatest country music songs ever written, and recorded. rest in peace. connell: we will get to those other stories coming. let's start with nicole petallides with stocks. good morning. nicole: good morning, taking a look at the market that is mixed, the dow moved into positive territory so an up arrow once again, gain of 7 points. the s&p 500 down 1/3%. we will see if the s&p can gain as well six day is a row, the tech having nasdaq composite down 1/2%, we certainly have a
lot of movers. the dollar is to the downside. we got some economic news pertaining to gdp which is a little disconcerting, not as good as analysts had hoped so that is something we are watching. names pertaining to headlines such as amazon and starbucks and the like. connell: news out of the sea. dagen: house of representatives taking up a bill that would bring back those furloughed air-traffic controllers putting an end to the massive delays that it flyers across this country. connell: rich edson has the latest from washington. rich: it passed the senate. this is a measure that would allow the department of transportation to take money from elsewhere, $200 million and use that to make sure there are no more furloughs' between now and the end of the fiscal year for air traffic control towers. republicans are claiming this as a victory in the house. this is a letter or message from the house majority leader eric cantor saying consider that the democrats' opening position is they will only replace the sequester with tax increases. the first of this week senator
reed proposed replacing the sequester with phony war savings and last night senate democrats were adopting our targeted at this not that approach. this victory is in large part result of our standing together under the banner of hash tag obama flight delays. democrats in the white house pointing out republicans are to blame for all these sequester cuts, automatic budget cuts that started a couple months ago. as for the airline industry they're looking forward now. this is a fix that only solve the sequestered problem or the furlough problem until the end of the fiscal year so october 1st folks in air-traffic control towers face furloughs once again and the airline industry is already lobbying for a long-term fix. >> we should never have been in this situation and we must make sure we never get there again because it is hugely problematic for the traveling public and the economy because it means lost revenue and lost jobs. rich: the house is debating it now and should vote in the next half-hour or so. nothing guaranteed. a number of folks on the helsinki will pass.
we will be watching. rich: the other big story the crisis in syria. latest developments from the white house which is confident the neil: regime used chemical weapons against the opposition forces in the civil war there. that suggestion would be the bread line has been crossed. you hear that all the time. could u.s. military action? from the cme to talk about this and the impact on financial markets is phil flynn. oil looks like it is being driven more by the economy than the gdp figure but what about the impact of syria? >> no doubt we have seen more risk premium going into oil because of developments in syria. the thing you have to remember, it is not because syria was a major oil producer even before the conflict. they were only exporting 38,000 barrels of oil a day.
the theory is the fear that military conflict with the u.s. could spread beyond its borders. you are talking about turkey, iraq, major oil producers that could definitely have an impact on price not to mention the fact that the u.s. military action in more than one country, been the big surge in energy demand and it does add to the risk premium when we talk about oil. connell: the administration has said that it has not changed, the intelligence they have is not definitive yet. according to that we are not closer to military action yet but people are talking about it because of that intelligence that was released so your outlook looking at brent crude, alone 90s, is what? jeff: phil: we're looking at a higher end of the trading range about
107. we were expecting brent crude and w. t. i to come back to even money. that may not happen because of problems with north sea production they have to take down so that might keep the spread but when it comes to syria and talk about what we are hearing out of the white house, the bottom line is if chemical weapons were used, that red line has been crossed. you can't tell your daughter don't get pregnant, she is only a little bit pregnant, they either did or they didn't. if the u.s. does not act, more bad behavior in the region. if we do act is definitely going to put a premium in oil because of the increased risk of oil in that neighborhood and disruption. phil: thank you. connell: the cybersharing and intelligence act which passed the house overwhelmingly last week, reports suggested is dead in the senate and dennis kneale with the co-authors of that bill
next hour on markets now. dagen: the economy growing at an annual pace of 2% in the first three months of this year, that was slower than expected but thankfully faster than the no growth we saw in the fourth quarter. bob cowher makes bests on how the economy is doing. he had fixed in, overseeing $700 billion in money-market and bond assets and is joining us from valley forge, pa.. great to see you. does that growth indicate yields, interest rates will not rise in a big way any time soon? >> i would agree with that particularly when you look at the details of the number, it was a disappointment because expectations were up 3% but something very unusual. farm inventories of all thing that 0.8%. so when you take that out you have 1.7% number, the sequester
hurt as well and the other troubling thing from my perspective is business investment is not picking up and in my view until we get a substantial rise in business investment this economy really is not going to get off the ground. it will trudge right along at 2%. dagen: that is one of the reason the federal reserve has been so aggressive in buying bondss, tens of billions every month but what kind of distortions are you seeing created by not just our own central bank but central-bank from the world and what kind of danger are they selling because of their behavior? >> the other central banks are doing what are called going ben bernanke. your statement with the ecb, they haven't bought bonds yet but as a result in spain, their yields are at one year lows, ten year bonds in spite of the fact that they have an unemployment
rate of 27% which is the lowest in 37 years, you would have riots in the street if you had an unemployment rate that high. julie kanfer form a government. portugal, you look at japan, they are ten years yielding just under 0.6% because they are pursuing the same sort of thing. the danger in my mind is that forces people into a lot more risky assets to try to maintain their income. they are seeing distortions in the high-yield market both here and overseas and in all sorts of credit sectors, starting to get richer and richer. dagen: apple is going to tap the bond market for the first time. why is it that is triple-a-rated issue? and do you think you would be a buyer of it? >> in terms of ratings i don't have a good read on that. they had a tremendous amount of cash on their balance sheets and like everything else it always
comes down to price. i have to imagine apple is going to be pushed on underwriters to be enormously aggressive in pricing this thing. dagen: it was great to see. never enough time but thank you for taking the time. we will see you very soon. connell: they are sailing along despite the publicity problem that carnival has been having this year. we will talk about this, the cruise ship industry seeing big returns. dagen: the big money behind those big fellows at the nfl draft. how many of these young men are ready to manage the megadeals they are about to sign?
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experiences, seems to be smooth sailing for the cruise industry. connell: the port of miami today, phil keating, any affect on consumer confidence? >> consumer confidence definitely suffering to an extent but not as severe as many might have expected. three cruise ships in port, all of the departing later this afternoon and all will be full. one here is the royal caribbean majesty of the seas and royal caribbean posting a big first quarter up sixty-two% over last year. carnival cruise lines posting a solid first quarter of forty-seven million dollars despite that crews from hell in february where 3,000 passengers had to be towed to shore, no power, no toilets, that and 2012's deadly crash in italy having an impact on the industry for royal caribbean and ceo, quote, looking to the remainder of the year ended the obvious questions the negative industry media coverage has been
frustrating and probably impact as a bit, but know it has not been a game changer for our brand. for carnival cruise lines which is now pledging to spend $700 million upgrading its fleet and its public image. dagen: it is all about the pricing. what has this done for pricing by cruise lines? >> there are deals to be at. every cruise line is offering them and you can get a cruise for $100 a night, cheaper than almost any hotel. part of this is due to the aggressive pricing by the cruise industry and the pr effort to keep the cruiser's cruising combined with the fact that right now we are in between spring break and summer season. >> it is unfortunate these things happen but these are machines just like airplanes. they do break down. it is just a question of how the cruise lines react to these
incidents will really play toward public perception and confidence in the industry. >> keeping passengers coming game changing new share. check this animated video of the quantum of the seas which comes out next november. this feature the first time ever on a cruise ship where you go in the war and fly around the ship covering 300 feet above the water. norwegian's 4,000 passenger breakaway is departing europe as we speak and will arrive for its big debut in new york city next week. meanwhile in congress the cruise ship passengers bill of rights like the airline passenger bill of rights still gaining traction. connell: thank you. dagen: neither of us will ever gone one ever. connell: are you crazy? not a chance. i wouldn't go even without that. dagen: nothing good can come of that. connell: i don't think so.
coming for us right now. dagen: and that -- connell: let's go to nicole petallides for stocks. what is going on at yahoo!? nicole: the dow is a winner, nasdaq composite and the s&p pulling back, yahoo! news about management. let's talk about what we're seeing, stock is down 1/3%, the chairman resigned but will serve on the board of the company through the june annual meeting for shareholders. the stock hit a 52 week high but pull back moving into negative territory. also take a look at madison square garden. great performer up 27%. you see it pulling back 1% but they didn't put out a press release pertaining to a new street level where a lot of the new york teams play and they unveiled plans for signatures we level that will debut in the fall of 2013 so we will watch
for that. is a redid the whole thing recently. ashley: a lot of renovation. and one of them is radius' city where they had the nfl draft down the street. dagen: the street is filled with losers. football plans--and should stay home and watch it burn rather than the teddy bear. speaking of the draft the growing awareness among nfl players that they have to take their big money deals very seriously. we will have more on that. connell: how much money is guaranteed and would you get for your contract and politics. the gop questions about leadership leading into this summer's great debate. more to come on markets now. [ male announcer ] you are a business pro.
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connell: turned to sports for a moment, it is a the when you talk about the nfl draft, kansas city chiefs taking central michigan offensive tackle number one, first-round picks are said to be, at this point instant millionaires but with reports that 80% of former nfl players in financial trouble managing
those fortunes, instant fortunes can be tough little former safety for the chicago bears and head of business development adam street partners. good to see you, formerly the '85 bears, superbowl shuffle and everything else. >> you would have to bring up the super bowl. connell: a great team, the best defense of all time. let's talk about not only the first, these players that are about to become multimillionaires, maybe not with a lot of money guaranteed comparatively speaking but what advice would you give them? >> the nfl players association has a program at harvard business school, for current players, i would say all of them have agents and agents are trying to like crazy to say you
cannot plan on a ten year career and even if you are fortunate enough to play for ten years after you get out of football there's a significant decrease in pay, you plan two careers and that means saving more money. and you think you're going to play ten years. and start spending it. >> and after they retire, reported on the concussions and everything else but what about financial problems? did you ever run into them and a lot of players here, have a lot of financial problems. >> i was the tenth round draft choice. it is a subject that is difficult to bring up for former teammates and we all hear about
people, teammates in prison, it doesn't take away from the joy you have playing football, what are try to encourage current players to do is to say take advantage of your notoriety when we are playing, everyone wants to the current player, and on a super bowl team and to answer your question i have teammates answering real challenges and safety next to me, committed suicide two years ago donating his green and blue whole issue of injuries, everyone has knee problems. artificial hips, but the big issue today is the potential of brain damage. connell: let me ask about contracts and the way they are structured. in new york everyone is talking
about the jets'. and gets all this money from tampa bay. a lot of the was not guaranteed and that is the case with many nfl contracts. if you are negotiating a contract for a player or your thinking of negotiating your money what is your emphasis? they you get as much guarantee or try to get as much up-front and what would your priority be baseball, you sign a ten your contract in new york and the yankees will get all of that money whether they play well or you get rid of them or in football that is why they have addressed the issue of rookies not getting all the money and paying the veterans but if you sign a five your contract you need that up front because if you get injured in the first year you blow on your knee and never played again you only get a percentage of the next year after that there is no contract. it is a very different structure and here you are in an industry
that gets a lot of injuries. unless you are a kicker you are going to blow your knee out and shoulders and something is going to happen. connell: typical defensive player has to take a shot at the kicker is. thanks for today. maybe we will have you back to talk about the markets and everything else in your current profession. thanks a lot. dagen: republicans looking for some leadership headed their into the spending debate this summer. we talk with wayne rogers and the drought behind us, all the water flooding the midwest is making things very right for a mosquito outbreak. disgusting video. here are today's winners on the s&p. [ female announcer ] the sun powers life.
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connell: we have wayne rogers right now for nicole petallides. a pretty big day. nicole: obviously, this has been closer to a regulatory filing. they have been struggling over the last 52 weeks. ron johnson is out. he tried to get rid of the promotions. then he brought back the promotions. the store within a store
concept. that maybe one good piece of news. a lot of confidence in jcpenney. down almost 60%. today, up nearly 10%. back to you. dagen: thank you, nicole. last week's failure by house leadership to pass a bill that would rework obamacare is just another example that republicans are not ready to tango with the president. wayne rogers is chairman of wayne rogers and company. he joins us from fabulous pensacola, florida. what do you make of this, wayne? >> once again, we are back to politics which is the wrong thing to do here. they are making it a democrat
and republican on opposite sides. it should be what is good for the country as a whole. if obamacare does not work, you cannot have a 2200 page piece of legislation that nobody read and voted on. for them to say, okay, we will make this a partisan fight, i think, it is crazy. dagen: at the democrats will never admit that anything is wrong. obamacare, the affordable care act, is a train wreck. they have such little information about what is coming down the road. >> that is true. they pass something that they have no idea what the ultimate result will be.
our own legislators are out of touch with the people. let me read you something, for example. just recently the congress passed a bill that said they had to made full disclosure about their stock holdings. just like the rest of us do. let me read you this. both parties of congress hated the disclosure portion of the lost so much that it was repealed on friday without debate. repealed without debate. they took ten seconds in the senate, 14 seconds in the house. you cannot expect them to be responsible about something as complicated as obamacare or dodd-frank or any of the other laws that they pass and do not read. dagen: i love the fact that you
put your glasses on. [ laughter ] >> well, i cannot read without them. some of us are farsighted. dagen: guy bless you and guy help you. let's talk about ooamacare really quickly. we have a lot of the tax increases that have already kicked in. many kicking in this year. do you think that we, so far, are underestimating the impacts of those higher taxes? >> yes, i think we have. the people that pastors do not know. it was just like the surtax that came out after the election. people were surprised. they did not understand it.
they do not know because congress reverses to explain it. dagen: wayne, great to see you. thank you. be well. >> thank you. bye-bye. dagen: country music hall of fame singer george jones died today at the age of 81. he spanned 50 plus years. his first number one hit came in 1959. he recorded 160 charting singles. more than any other artist in the history of popular music. we will miss you. dad at the age of 81. connell: 160 songs. dagen: i was lucky to meet him. i actually have a signed cd. connell: very nice.
we have two sports related interviews. it is my lucky day. next up, baseball. l.a. dodgers. they are a little bit below 500. windows management expect to have a return? the ceo of the dodgers will join us. dagen: bugging out. monsters mosquitoes expected across the country this year. take a look at something completely unrelated, but, hey, yield gets up. down on the ten year. ♪ [ indistinct shouting ] ♪ [ instinct shouting ] [ male announcer ] time and sales data. split-seco stats. [ indistinct shouting ] ♪ it's so close to the options floor...
♪ >> hello everyone. i have your fox business three. consumer sentiment fell to a three month low. the university of michigan final reading topped expectations. according to an sec filing, news corporation rupert murdoch will get a 15% jump in compensation. news corporation is the parent company of the fox business network. joseph lombardo has been charged with attempting to defraud the players union.
carolyn kaufman has also been charged with obstruction of justice. that is the latest from the fox business network. giving you the power to prosper. ♪ alzoom, you can take care of virtually all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoom.com we put the law on your side.
connell: the team was sold last year for over $2 billion. just finished a million-dollar stadium renovation. you know all about the los angeles dodgers. we have the ceo and president of the dodgers. thank you, sir, for coming on. how would you describe your return on investment so far in terms of spending all this
money? >> well, you say you want to talk about money, but you talk about a slow start. we are leading baseball again in attendance. that is an index of how strong our support has been. we feel great about the deal we made a year ago. we feel even better about it today because of the size and passion and loyalty of this fan base. we think the return will be there over time. in fact, we have seen it already. connell: the thinking then is to get people to go to the games. you build organizations. the thinking must be, you must know, hey, i am overpaying for some of these players.
you have to pay more for free agents baby band they are worth on the field. you know you are doing that and okay with it. >> i am old-fashioned. i think everyone is overpaid. if we do our job, then the return is there and it is a return in terms of fans coming to the ballpark, buying hotdogs, buying beer, it is a return in terms of strategic partnerships we have been able to form. all of it is a factor, but we do with this market it would be there and that is what we have seen. connell: i want to go back to your past as a builder of organizations and somebody who
is known as player development. will this continue? will you keep the payroll as high as it is or will it come back and argue sacrificing some of that development? are you worried about that a little bit or no? >> our bill is a long-term bill. what we are doing here is trying to restore the dodger brand and restore the original dodger methodology. that is what we are doing. we spent a lot of time, money t2 months doing exactly that. those things are a long-term process. they take two, three, four, five years.
as phase one for our long-term plan, we thought let's put the best team that we can on the field now with some shorter term strategies while not sacrificing any of the long-term use. we are fortunate that we can do we are very proud of the results so far. we are very proud of the pieces that we have added over the last four months. connell: you mentioned short-term. it is a very long season. for $200 million, though, the realistic goal must be to win the division, i would think. at some point, if hypothetically you are not where you want to be down the road, where do you have
to be to still be the manager as the year goes on because of the money you are spending? >> the money we are spending to provide the raw materials to have the best team. we assume we are all performing the best we can. if one of us is not performing, we need to improve that position or change that position. the payroll was not something that we were looking at. it is an outgrowth of the moves that we make. the moves that we made were generated. let's look at the team. but that the best thing that we can have. it is really unrelated to how someone may be doing his or her job. connell: you are not in the hot seat because of how much money you are spending? >> i do not know what hot seat means. we are very please with the people we have on the field and
in the dugout. connell: you have to perform otherwise you do not get your job. i am just asking straight out. >> absolutely not. not any more than any other manager. none of us would want to be with a team that has low expectations. we all went into this with eyes open. we are all expecting a very good season. our goal may be to win the division. there is nothing automatic about that. we have to perform. we have to compete. we do not take anything for granted. i do not, don doesn't, the rest of our ownership doesn't.
connell: we thank you for coming on and talking us through the whole thing. thanks a lot. >> my pleasure. thank you. dagen: i am an all-time guy and i think everyone is overpaid. that is funny. right now, apple shipments growing at the slowest rate ever in the company's history. this is according to a report. it declined from 23% a year earlier. take a look at apple shares. a little bit of a comeback year. connell: let's go to stocks now and take a look at the market more broadly. the dow is down by four points.
apple, taking another look at it, there is the flip. the nasdaq is down a little bit. that is your stocks now on market now. dagen: coming up, we talk about mosquitoes. those itchy bugs. they are white southern folks have screened in porches. a looming problem for much of this country. stick around, we have much more on markets now. ♪ .amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousd of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it.
experts are warning of a widespread mosquito flag. even worth the warning includes super mosquitoes. they can grow up to three times the size of the normal pesky bug. get out your bug spray. it is horrible if you get attacked by mosquitoes. if you live in a swampy area. do you know anything about this? connell: we have plenty of mosquitoes here, by the way. parts of the midwest have been battling with severe flooding. new flood warnings are in effect for other areas as well. >> good to see you. i love your pronunciation of mosquitoes, skeeters.
unfortunately, we are talking about flooding on parts of the mississippi river. parts of indiana, illinois and missouri dealing with flooding. we had a storm system roll through this area producing up to 8 inches of rain. we do have elevated water levels along the river and all of that water will keep flowing downstream. watch out over the next couple of days. you could be dealing with some flooding at that water continues to float downstream. another inch or 2 inches of rain possible across illinois, missouri and even sections of indiana. if you live in the midwest, you know it has been very cold over the last several weeks. well below average.
we are finally going to see warmer temperatures. this is very significant for some of you across the upper midwest. there is still snow on the ground in fargo. there could be flooding. connell: thank you, maria. dagen: thanks, maria. ending the cyber threat. a bill designed to do just that seems to be going down in defeat. connell: dennis and cheryl continue with markets now. keep it here. ♪ we went out and asked people a simple question:
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dennis: happy friday. i am dennis kneale. cheryl: hello, everybody. i am cheryl casone. we did have a disappointing read on first-quarter gdp. dennis: a fox business exclusive. ending the cyber threats. a bill designed to do that past the house, but now it seems to be going down in defeat. cheryl: we are live in d.c. where the house is right now voting on the senate bill that good in those faa for lowe's and those long lines at the airport. dennis: time for stocks now and every 15 minutes. nicole petallides. nicole: the s&p and the nasdaq have had five straight days of gains. we will see if by the end of the
date they can squeeze out some games here. the dow is back in negative territory. down about three points. the bank stocks are also to the downside. we still have a lot of names that we are watching very carefully, including chevron. it is gaining about 1% at the moment. as far as apple and facebook, they are not winners. jcpenney has been on the move. goodyear tire, they have come out under some pressure. one of the names that is certainly to the downside. down about 2% at the moment. back to you. cheryl: thank you very much,
nicole. it was the first snapshot of first-quarter gdp and it missed the mark. growing at a slower than expected 2.5% versus homes for a 3% gain. dutch ruppersberger joins us now. you are saying going forward we will have to be really worried about cuts. >> exactly. you will see both of those hits. the numbers certainly were better than q4. 2.5 certainly showed some signs of growth. it did miss expectations. the bad news is, again, government not spending. imports up.
cheryl: local talking about pfizer. i know you get a bit defensive talking about healthcare. >> the market is clearly being driven more than anything else by the fed. we are looking at utilities. we are looking at health care. we are looking at the more defensive stocks. cheryl: stay on the defensive side. you mentioned that the fed will be meeting next week. >> they are gaining momentum. i think the concerns about a spring saloon a third year in a row and a weekend of economy, i not think the consumer will be as strong in the next couple of quarters.o you mean when you say this country is the best of the worst right now? >> i guess -- you still see
europe digging themselves out. you see what is going on in their area and to a certain extent, you as among the major places have taken certain measures to put itself in the best position relative to its competition. i think europe is still struggling with tremendous unemployment. china is still enviable, but far below their 10% threshold. we think that china slowdown will help. ultimately, the u.s. is better insulated from the actions in european china. cheryl: let's talk about earnings. it is a huge week for earnings. dow has been up for out of the last five sessions. you are concerned about provisions.
>> yes. a number of companies are revising downwards versus the number of companies adjusting upwards. we feel that the low interest-rate environment is allowing companies to borrow and do more with less. in a downward environment where earnings continue to be, or expectations continue to be lowered, it is hard for the company to rally. cheryl: we have been up for out of the last five sessions. >> we should never misunderstand wall street from main street. i think main street is still kind of slashing a long. yes, given the risk premiums that are available on stock, it still is the best place to put your money, just do it
selectively. cheryl: looking at consumer sentiment that came out today, it was actually down over the last month. you have to wonder how far these sectors can go if we do see spending pullback. >> they spend a little bit more money when gas prices got expensive. i think there is a opportunity to, let's say, have a little more disposable income for other things. i think the gdp report is driven a lot by the consumer. we do not think that itself can continue. the housing market has been that great right spot for the last eight quarters. new construction spending was up again over 12%. housing, i think, continues. a lot of consumers feel better about things. there is a lot of balancing acts. cheryl: i have to say, though,
what we are seeing is back in 1992. it was cheaper to own than it was to rent. we are in that now. >> the mortgage business for the banks is really significant. you will see more loans being made. expect mortgage financiers to do ploy capital. cheryl: so much covered in a short amount of time. thank you. dennis: ending the long lines at the airport. the houses voting right now on a senate passed bill. >> richardson is live within the beltway. rich: it is everyone who is voting. the opinion of most folks on capitol hill right now is that this will actually get through the house. the white house has signaled that the president will sign this once it clears the house.
it already passed the senate last evening. it's past the air traffic controllers fully from now until the end of the year. republicans are saying that they did not even need to pass this law because the administration already had the authority to do this. the administration disagrees with that. >> this is simply no way to run a government. the congress is stepping in to correct the problems created by the administration's inaction. >> instead of addressing this serious wound with a small band-aid, let's get to work on a real solution. charles: rich: right now there are enough
votes to get this through. the furloughs can finally end. talk to you. dennis: thank you for that. cheryl: slow u.s. growth numbers are also weighing today on the oil contract. losing earlier gains. sandra smith has today sprayed -- sandra smith has today's trade. it is taking a stronger position, as far as oil traders go. sandra: serial obviously led to the earlier rally we saw. a lot of buyers were starting to step in. we did top 93 yesterday. we are down about $1.50 in today's trading session.
those gdp numbers, oil traders were saying all week that would be the major focus of trading this week. those numbers d indeed miss the past two trading sessions. there was widespread speculation that we would get better numbers on the u.s. economy for the first quarter. that was not the case for the month, by the way. -@year to date, oil still hangig onto a gain of about 2%. cheryl. cheryl: the spread between wti and between brent. it was wednesday. that spread was tightening. how are we doing today? >> it is still narrowing to about $10. this is the lowest we have seen this spread. we are definitely seeing prices come down. year to date, crude prices up
7%. those numbers are coming closer and closer together. back to you. cheryl: sandra, thank you. with from the pits of the cme. dennis: ending the cyber threat. the senate may kill it over privacy concerns. one of the officers joined us had. cheryl: we are on earnings watch. i will go one-on-one witt the ceo after a better than expected number. gold, silver, copper. gold is actually higher for the week. ♪ [ male announcer ] you are a business pro.
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and furloughs for air-traffic controllers. the white house says that the president sign it. we will keep you posted on any new developments as we get them. cheryl: we have a lot of big names that are moving. it is a quarter past the hour. let's go to nicole petallides. nicole: i am certainly watching the s&p. today, they take a 7.9% stake in the company. obviously, showing some confidence in this company that has really been beaten down in the last two weeks.
he took away something that the customers used to like. promotions and coupons. they try to then reinstate them. the one thing that people didn't like was trying the store within a store. cheryl: also, we talk about money moving out. the big sale of jcpenney shares earlier this week. we have to wonder if that was for other reasons. that is a big vote of confidence from him. >> it sure is. indeed. cheryl: nicole petallides on the floor of the new york stock exchange. dennis: he just bought shares on the market. that does not help the company at all. it is time to make some money with charles payne.
he is here to talk pros and cons of all that corporate pricing power and whether all that money printing by the fed is causing inflation problems. charles: earlier this week we spoke about marathon oil and they're raising prices. the ability to have pricing power is huge. this is what they posted their earnings. you can see the new orders. all of them up dramatically. look at how much the value of those orders are up. people are paying significantly more for houses right now. cheryl: you are worried about this. charles: i am not worried about this, but i think people are worried about this. there is no dow -- cheryl: that is the stock market
charles: i have heard the naysayers all day long. this is the most hated stock market in history. what i am trying to say is that this is good news, though, initially for corporate america. these are the kinds of names that investors need to look for. cheryl: inflation. you are worried about inflation. price inflation. charles: not yet. cheryl: you say in housing that we are seeing that. charles: i do not think we are at tte panic point. i think people can benefit from this. i think i have mentioned it on the network before. i would hang on. i am not going to sell this right now. i do not think it is a red flag, maybe a yellow flag. dennis::the homes are selling up far higher.
i am not as worried about that. the other thing is, gold, we felt gold was a great hedge against inflation. our stocks now a better hedge against inflation than gold? charles: the federal reserve does one inflation. it does not want massive inflation. we feel confident enough to go spend money. we do not want that kind of inflation at the end of the nation. it feels good to everyone. it feels really good, initially. cheryl: they will meet next week. we will see what they say. if they lower their inflation
targets, you will come back and do a victory lap, though, charles. charles: a valid concern. do not invest on an idea of implosion. be not afraid. for now. dennis: and and in the cyber threat. privacy critics may have all but killed it. we will talk to the builds democratic sponsor. cheryl: israel is calling on the united states to take action on the fact that theory and maybe using chemical weapons. the dollar getting a little weaker. we will be right back. ♪ this is america.
♪ >> 23 minutes past the hour. i am lauren green with your fox news minute. dzhokhar tsarnaev has been moved to a federal prison medical facility about 40 miles west of boston. he told investigators he and his older brother had planned to drive to new york city and set off more bombs in times square.
the white house now says it is not an airtight case that syria used chemical weapons. to see her in officials are denying that the president used chemical weapons against rubbles. country music lost one of its legends. george jones has died. over a 60 year career. he had 72 hits on country billboard charts. he also scored a number one hit in five different decades. george jones was 81 years old. those are your headlines. i am lauren green. dennis, back to you. dennis: first-quarter gdp falling short of expectations. this summer, they will be revamping their formula. peter barnes joins us from inside the beltway. peter: hey, dennis.
economic growth jumping to 2.5% in the first quarter, compared to about .5% at the end of last year. economists were expecting about 3% growth. this report is a little disappointing. just above stall speed. not enough to really kick of job creation significantly to push the unemployment rate down faster. the surprise was how resilient the consumer was despite the news coming out of washington. >> we first have the fiscal cliff and then the expiration of the payroll tax cut and then the noise of the sequester. consumers are still spending. it is businesses that seem more worried. business spending on equipment, structure, software and pipelines. that really took a big hit. peter: businesses continue to
worry about certainty over public policy. the commerce department is teeing up a change on how it will measured gdp. for the first time, it will estimate and add the value of research and development. not the cost of our indeed, but the value to the economy. the simpsons television show. mary higgins clark's new book. the ipad. the idea here is to value our society's investment. the impact of new technologies on our economy. overall, they estimate this will
add about $500 billion or so to the size of the u.s. economy which is currently 16 trillion. it will go 16.5 trillion. just jump right up. since they will at the value of television programming, i think that market now is easily worth $10 billion. cheryl: definitely. maybe more. peter: nothing like putting lipstick on the pig. dennis: that we will discount more stuff that we did not count before. all right. thanks a lot. we will be looking at ending the cyber threat. the senate may kill it over privacy concerns and one of the bill's author will join us ahead. cheryl: business posting
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they came out with a number, with a profit that jumped 173%. how about the order. up 34%. we are watching gr horton hit a new high today. you can see it is up 6.8%. that is an s&p 500 name, as well. some other rumors that are worth noting include netflix. you had read hastings talking about the fact, forget television. we are watching netflix on the move to the upside. other names include goodyear tire. they did see some weakness in europe. that is something that weighs on them. then, also, that wraps up the group that i have there. i had a few others. certainly another day on wall
street that we will continue to watch. we are getting some back today. cheryl: we will see you at the top of the hour. you can do it all over again. we are on earnings watch. better than expected loss in the first quarter. by the price target this morning. joining me now is lars bjork. the street really celebrating your company today. >> it was a good night last night and a good day today. cheryl: obviously, you had a loss, but the loss was much better than what wall street had expected. you are really surviving in a time when most software companies are under pressure. what do you think that you are doing different that so many other companies are not right now.
>> in this type of economy, that is what you are looking for. cheryl: you have a heck of a client list. were partners with amazon. best buy, nasdaq, deloitte, you have a whole range. do they seem nervous to you, the companies that you work with or do feel that they are thinking that the economy is improving? >> i think companies are still wondering where the economy is going to go. it is clearly companies that are still working through this in a nice way. a lot of them are clients of ours. cheryl: amazon is a partner. you are now working in the cloud. >> i don't think everything will be cloud -based. being available to move to the
cloud is something that clients will like to see. we use the cloud ourselves for our entire demo site. i think it is an option you have to have available. cheryl: you do data management. let me ask you -- you have a global reach right now. you are operating in every part of the world, africa, europe, asia, north america, where are you seeing the most opportunity? >> the one that is growing the fastest is asia. they macroeconomic effect in those territories. cheryl: is there a specific country within that group? is it china, is a japan? >> it is both china and japan and it is india and singapore.
we see lots of opportunities in those markets. cheryl: do you find that smaller companies are now knocking on your door? >> we have pioneered a new wave in this industry. we focus on the user. certainly, there are other companies coming up that want to do the same thing. it is a huge market that is mostly undone. a huge opportunity for many players. cheryl: there was a little concerned about the next quarter. a little bit of that economic concern. can you address that? >> we feel very confident for the quarter that we are in. we see that pipeline is strong. we see more and more enterprises wanting to deploy our solution geared what we put out there, we feel confident in and will stand behind. cheryl: it is good to see you on
a day like today. lars bjork. thank you for being here. >> thank you, cheryl. dennis: a growing number of companies may start taking advantage of rules. do these moves put your money at risk? let's ask elizabeth macdonald. liz: a move to stock will unintentionally -- there is also a lot of information. look at the list here about the number of companies that are doing it. general electric, 20 different facebook and twitter feeds. netflix, the ceo is even using its own personal facebook page. youtube channels, as well. also, dell, exxon and johnson
controls will start disclosing different information on their social media pages. one analyst said this could turn into a wild west of disclosures. this makes it feel like there is more transparency on company information. the bottom line is that these companies still have to disclose information to the sec and what are called 8k filings. let's look at the banks loosening up on social media for their own workers. they are biting their own workers access their own social media websites while at work. prior to that, they were not allowed to access these social media sites while at work. it is always a danger zone. you never know. dennis: wait a minute. and 8k filed with the sec is seen by far less people.
how is it that social media disclosure is somehow more limited or more exploited than sec? liz: there is a danger that one piece of information is on one website. you know that people are naturally they will not go hunting for everything. read hastings at netflix got tripped up by this. he disclose on his personal facebook page 1 billion plus hours used on netflix. that is really amazing stuff. if pushed this new sec world. dennis: thank you very much. elizabeth macdonald. cheryl: the dreamliner on its way back into the sky. one airline beginning test flights on sunday. we will have details coming up
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ups says they have reached a tentative deal on five-year contracts. the new deal must still be ratified by teamster representative employees. at&t is launching its home security monitoring service in 16 markets today. it will expand its digital life service to as many as 50 markets by the end of the year. subaru of america is recalling more than 1,002,014 sport utility vehicles to and properly made carpet floor mats. that is the latest from the fox business network. giving you the power to prosper. ♪
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stocks now. the leader right now, nicole talked about this at the top of the hour. it is hp. the loser is to pop. we do have again a dow that is trading down by ten points. not a large loss. take a look at the nasdaq and then take a look at the s&p. everything is down. a big week for earnings. now i want to go back, if we can, to the dow. hewlett-packard is the winner. a lot of positive commentary coming out on hewlett-packard. also, boeing. we will be talking about that in the west coast minute. also, united health, ge, procter and gamble, and, of course, is the. that stock is only down about 1% right now.
a little over .5%. a lot of the big names that we watch all the time are moving. here again is your dow 30. a lot of the earnings will be coming out next week. i have to tell you, microsoft is actually losing some ground over the last few minutes or so. we will see what happens. three more hours to go. dennis, over to you. dennis: thank you. the end of the biggest asset bubble in history. it could send our country into a tailspin. michael pinto joins us now. he is president of pinto portfolio strategies. why is this time different? >> my prediction is for 2015- 2016. it is the most overpriced, over old, oversupplied asset in the history of american economics.
cheryl: if you are right about that, what should a person do right now and what should they do three-five years from now? >> you have to determine if it will be a deflationary collapse of the bond market or what the free market printed? as the federal reserve steps up there monetization to repress guilt. retractable inflation. hyperinflation. sure bonds now. and we go into a deflationary depression, how much lower can the ten year go? i do not think we are going that route. dennis: you mean for interest rates to rise -- >> i do not want them to rise at all. dennis: the economy is not
improving. we do not have to worry about rates going up and bond prices crashing. >> you never have to worry about growth. it is their credit, currency and inflation risk of the songbird nation. you could have no growth and hyperinflation. we had it in the late 70s. i can go on and on. dennis: interest rates far lower than zero. when you put in a half a trillion dollars in new easing into quantitative easing, it is the equivalent of half a point, three quarters of a point. if they are minus tree .3% instead of only half a percent. if they go up, in real terms they have not gone up that much. it is not the end of the world. >> inflation can rise. real interest rates will not go
up. i am not calling for a dramatic move in real interest rates. not at all. dennis: quick answer. do not fight the fed. >> that is why you have to know what kind of collapse it will be. you have to own energy. you have to own agriculture. dennis: good luck on the new book, sir. >> thank you, dennis. cheryl: new york city is now suing bp. we will tell you why coming up. dennis: first, take a look at some of the winners on the nasdaq. ♪ i turned 65 last week. the math of retirement is different today. money has to last longer. i don't want to pour over pie charts all day.
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♪ cheryl: we are getting some breang ns in foxusins. new rk cy was a pce of bp. the 2010 spill in the gulf of mexico cost beneficiaries of new york's funds. they want $39 million. take a look at the stock. this is not the first, probably not the last. the stock is down $0.12 right now. haseen wn a mning denn: cyr stonewall. the senate will not bother to vote on the cyber intelligence act. it has insufficient privacy protections. it overwhelmingly passed the house last week. joining us from capitol hill,
dutch ruppersberger. thank you for being with us. can this still be saved? >> sure it can. we just passed the bill in the house. we were very happy with the vote. i think one of the main reasons is that we, chairman rogers and i needed to educate people more about how serious the cyber threats are. in the last two years, the united states has lost 200, $300 billion from cyber attacks. information stolen. now that we pass this bill and an overwhelmingly majority, it is good for the senate. chairman rogers and i also have been working, communicating with
two other chairman to have our jobs on the senate intelligence committee. dennis: what is it, this new information sharing between business and government agencies that your bill would allow? what are these features and why do they upset the privacy police? >> we brought the privacy groups and, the administration, the industry in. what people do not understand is 80% of the networks are controlled by the private sector. we cannot protect our country from these cyber attacks that are occurring as we speak unless there is information sharing. unless our intelligence community can work with the industry that controls 80% of the attacks. chairman rogers and i pass the bill, but democratic republican
and bipartisan way a year ago. we introduced it and it passed again overwhelmingly. we educated our members how important and serious it is. we do protect privacy in the bill. dennis: have you come up with a nice little patch, a way to fix it to address the privacy concerns? >> oh, yes. they were very pleased that chairman rogers and i dealt with most of the privacy issues. there is not a perfect bill. if we not do something, we are exposing our country to the biggest laughs of our privacy in the history of the world. dennis: i am sorry, congressman, i have to rough it up. thank you so much for being with us.
congressman dutch ruppersberger. cheryl: gold is down right now. it has been, overall, a good week. we are in the trading pits to see if there are still bargains to be had. coming up after the break. dennis: reaching a deal to end the faa furloughs. former department of transportation inspector joined melissa and lori on like this will come back to hurt the faa later. ♪
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order now and also get this shredder to keep your documents out of the wrong hands-- a $29 dollar value, free. get protected now. call the number on your screen or go to lifelock.com to try lifelock protection risk free for a full 60 days. use promo code: gethelp. plus get this document shredder free-- but only if you act right no call the number on your screen now! huge i am melissa frances put congress working at breakneck speed coming together in a bipartisan effort to reverse the f a furloughs. following the line at the airport, florida department of transportation inspector general joins us on how long it will take to go back to normal.
lori: hospital readmission, there's an air one for that. the ceo of health recovery solutions joins us. melissa: despite the problems carnival has been having this year the cruise ship industry is seeing big returns. lori: the most expensive cup of coffee ever. tim cook, more than doubling overnight. how much it will set you back to have that cup of coffee with him cook this hour and get you updated on the markets as we do every 15 minutes, our first trip to the stock exchange this hour to check in with nicole petallides, stopped a little changed right now all on that softer than expected d e p raise. >> we have gone back and forth mostly red but look at the dow certainly giving it ago today. up in positive territory, you see the dow about four points