tv FOX Business After the Bell FOX Business May 13, 2013 4:00pm-5:01pm EDT
ever and got the great comments on consumer reports, and that's what we're seeing. david: a lot of individual stocks hitting all-time highs, we have an overall market that is kind of a mixed bag and though some of these individual stocks doing extraordinarily well. the dow jones industrials not being able to pull into a lead. it is down about 26 points right now as it settles. the s&p, on the other hand, did manage just a slight tick up, ever so slightly. very close to that flat line. nasdaq is up again just a tick, and the russell 2000 is down but, again, nothing to really cry over right now. liz: so what really held up the markets? well, following better than expected retail sales data, a number of names hit all-time highs. take a look. two closing stocks -- urban outfitters and noodstroms d both up 12% so far this year. and then home retailers, home depot looking healthy along with
williams sonoma up more than 30% so far year to date. david: and let's switch over to commodities for a second, because there was a lot of action. we have corn rising the most in two weeks. it ended the day up more than 3%. now, traders are concerned that this persistent wet weather in parts of the midwest may delay planning, and that could curb yield potential overall. also oil finishing at the lowest level in more than a week. it was pressured by concerns that the federal reserve may taper off its bond-buying program. of course, that affected the overall market which might have improved significantly had it not been for that report. by the way, we have the author of that report coming in a little later this hour. criewld fell almost 1% settling at $95.17 a barrel. "after the bell" begins right now. ♪ ♪ liz: kind of juicy to see the s&p 500 post a teeny, tiny gain here, .07. not bad.
let's get to today's action. we have thad hill, he says this rally has legs and strong ones, and it's not because of the fed's money-printing policy. not because of it, okay? first time we've heard that in a while. phil is in the pits of the cme, so i want to start with phil. looking at that action today, and i was asking our trader earlier from the cme, when you came in this morning, was everybody talking about that article from the journal in the afternoon from friday about the fed starting to have real conversations about pulling the rug out a little bit? >> yeah. that was, like, that was a huge part of the morning that we were discussing. i mean, the first thing everyone came in and they saw was weaker data in china, then they were also attempting weaker retail sales. so we saw a lot of people selling coming into that. and after the retail sales came out, i think those guys started to trickle pack in, they started to look at some of the stocks making new all-time highs or 52-week highs, they started buying into it. but that seemed to be the head scratcher, when are they going
to pull the plug on this thing? i think there's no chance ahead of ben bernanke stepping down or unemployment getting anywhere close to that 6.5%. so i think we're going to have this qe for quite some time now. >> by the way, the author of that article was john hilsenrath, you don't want to miss him because he's been collecting string on this story all through the weekend. he has new information he's going to share with you. let me just ask you, we talk about the fed's exit, what about bernanke's exit? his second term up pretty soon. he's already announced, by the way, very interestingly he is not going to that woods hole conference in august that the fed has every year. is that spooking the market a little bit, the fed without bernanke? >> well, a lot of people are talking about. i mean, people are attempting that yellen will end up coming in later on. and so what i'm really surprised is that you're not seeing any kind of action like the gold market, the silver market. those have been really dead assets x those are when you have uncertainty surrounding
quantitative easing and monetary policy, seems like traders start to go back into that. it's just been really a dead asset. so i think you stick with the long s&p, you trail the stops on it. you know, you look at some psychological levels, 1600. last week's low consolidation was right around 1616, and i think you enjoy this ride for now. maybe get defensive by buying some vixx, but that hasn't worked out well. david: it's jackson hole, i've got wood's hole on the mind. liz: there's a great coast guard station. been to it many times. david: but no fed meeting there. liz david's hosting everybody at his house this summer -- david: not true! [laughter] liz: traders tend to look day-to-day, but let's bring in thad hill, freedom financial chief investment strategist s and michael, i'd love your opinion, first of all, on whether we even need to be having this conversation. it's pretty obvious to a lot of people that the federal reserve
has had a very positive effect on the stock markets by all of its bond-buying programs keeping interest rates low. but what does that really matter? shouldn't you just be going for good companies and solid sectors? >> that's certainly our opinion, that, you know, a lot of the macro stuff that we spend day in, day out kind of agonizing over and trying to figure out what it all means, at the end of the day you're looking at good, solid companies with good balance sheets and strong cash flow that they're returning to shareholder, then those are, for the long run, are businesses that we want to invest in. david: one that had an amazing turn around because it was one of the leaders in the financial crisis that we're still kind of struggling to get out of, and that's aig. you're for aig even though, by the way, you're not so hot on the bank withing sector right now. but aig can be considered to be a financial company. of why do you like it? >> well, aig was one of the most vilified companies of all time of. you know, people really put them as the face of the 2008
financial crisis. david: sure. >> and welcome bob comes in, ane reminds e of lee iacocca in the '80s. he makes me proud to be an american. the job that they've done there, they've paid all the money back to the fed, they've paid back a profit, so we as taxpayers have made money on the money that they borrowed. he's divested them of all of the businesses that don't make a lot of sense. their property and casualty business made a profit last quarter for the first time. and if you just look at where the stock's trading, it's almost 40% below book value of the company. so i think it's one of the great turn around stories of all time. and from a value perspective, it's got a lot of room to run. and i want to clarify this: the reason that i think the bull will continue is because of a lot of the points that the gentleman made earlier. our corporationsing have got financial -- corporations have got phenomenal balance sheets, real recovery taking place. so i think the fed certainly kicked it off. liz: michael, one thing that we
saw today was an interesting data point, and that was retail sales looked not just better than expected, way better than expected. so if you belief in the consumer out there, which two sectors, let's go macro first, do you really like at the moment? >> yeah. i mean, so the main sector we like is consumer discretionary for all of the reasons that were mentioned at the top of the hour. housing is getting better. there is a housing recovery that has started, you know, last year in this country. and the pent-up demand in terms of household formation are going to help all of those companies that you listed at the top of the hour. so we really like that sector, companies with strong brands that have pricing power, have the ability to raise prices, and the pent-up demand from the consumer is, should help increase earnings per share and cash flow for those businesses in the long run. david: well, and, phil, that's really the question here. sort of a last hit on the fed and what it's doing on the economy in general, is the economy growing strong enough?
when you look at the housing sector, you saw some very interesting -- you wonder how those retail numbers would have affected the numbers had it not been for that article in "the wall street journal" about the fed. is the economy finally growing strong enough so that the market could withstand the fed's withdrawal from all this money printing? >> well, i think the fed is not going to scale back at all, and they're actually going to -- david: hold on a second. that was not the point. that argue is now being debated within the fed. so it might. if it does, that's my question, if the fed does pull back a little, could it be that the economy is growing strong enough now in the basics like housing and retail so the market could withstand a fed pullback? >> no. the thing is that i don't think that the economy could withstand it right now, and i think that the economic data points are going to come out over the next several months -- well, not that long, but next maybe three months are all going to be a little bit weaker. and you're probably going to see the fed have to continue to support, come in here left and
right. so they want to make it through this summer doll drum. liz: thad, i want to get two more picks from you, because our viewers love picks. give us two names you think are poised to do beautifully in the next couple of months. >> sure. i would like to throw out, though, that i think it's probably time to start having the conversation about whether we start slowing down the bond buying. liz: you know that's what they're doing. the article, as we mentioned 50,000 times because we're so excited about it, john will -- david: only eight times, liz, i've been keeping count. liz: you didn't add the three, the other -- >> so a couple of other picks, verizon, telecom, you know, verizon's raised their average revenue per user. they're looking to buy back the rest of their wireless business from vodafone. they've outperformed the s&p for the last five years which you can't say that for their major competitors, at&t and sprint. i think they've got a hot more room to go there, and they're doing a great job of growing
their business. and we like the energy sector. we're income investors, we're trying to get income. and one of the ways to do that is with master limited partnerships. most of our clients aren't crazy about the k1s that come with 'em, so i like an etf called -- livid livid what's the dividend? -- liz: what's the dividend? >> just under 6%. so it's a nice income play, and it comes along without all the complexity of owning mlps directly. liz: thad hill and michael, phil, hang out with us in just a few minutes for the s&p futures close. thank you. consumers opening their wallets last month as retail sales unexpectedly rose. does that mean you should shop not for that next hot sweater, but some retail stocks? we've got your best picks next. david: also, yes, once again "the wall street journal" -- [laughter] but in a different context. this time naming top stock pick beers on the street, and we've
got them all this week. these are the best, brightest, the ones that can make you money. today we're going to be talking farming stocks. you'll want to listen to this. this analyst's last pick is up 115%. also we want to hear from you about this whole federal reserve business. the federal reserve is working on plans to ease out of their massive money printing. will you change your investment strategy if they do? log on to facebook.com/afterthebell. we'll read your answers coming up later this hour. ♪ ♪ [ ma announcer at his current pace,
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economic data coming out, import/export prices and red book. those aren't going to drive the markets too much; so look for individual stocks and people just being selective players. david: phil, thank you very much. liz: thank you. david: shares of men's retailer joseph a. bank, how many times have you seen that commercial, sliding into the red after releasing first quarter guidance. nicole on the floor, i guess that guidance wasn't too good. >> reporter: right across the street is a joseph a. bank, and i know the guys are rushing over to get suits because they were pact create giving them d practically giving them away, three for one. the stock was down about 7% today. they've had weaker sales, lots of promotions, a lot of clearance to get, move the merchandise. they did say that the bright spot is the internet, they did well there. they noted the unseasonably cool weather which not only hurts themselves, but other retailers and the like. but they just said the gross
margin numbers were down primarily because of higher inventory costs, lower than average selling prices and possibly the fact that they're practically giving away the suits. so when you look at the numbers, they obviously have some work to be done, and year to date it's virtually flat. but today getting hit because of the numbers we saw. david: great sales call. thanks a lot, nicole. liz: thank you, nicole. april retail sales did overall come in better than expected last month with clothing store sales seeing the biggest jump since february of last year. now, as we head into the summer, which retailers will come out as the really big winners and losers, and should you be buying or avoiding? red bush securities senior vp is joining us with her top picks and then ones to, please, stay away from, and she's getting very specific here. babs rell la, thank you for joining us -- gabriela, thank you for joining us. the tweens and the gen-xyz, even
i try to get in on urban outfitters. >> yes, they are. liz: let's talk about why you like this one. >> okay. i like you urban outfitters, fit of all, their general aesthetic is what is on trend right now. so a theme you should think of is the music festival is the new nightclub, and they are definitely rocking that look. they're leading from a trend perspective. what we saw them do over q1 was promote incrementally only two times which is a huge improvement over other retailers. so we think they're really well positioned. same with anthropology. again, promotional activity only two incremental promotions over the quarter. they've readjusted price points, addressed the various buckets, so they have a wide variety of merchandise, and the merchandise is just on trend. we get great feedback. liz: which is the complete opposite of what nicole was just talking about with joseph 56789 banks. so when you don't have to, people want that vvgan leather
jacket. they actually have that. i looked on free people's web site, and it said vegan leather jacket. this very sort of street fair clothing. francesca's a -- is a name you love right now, but it's not as well known. >> from right. and that's the nature of that business. francesca's collections is, basically, everybody's local boutique.% they don't do national advertising, they're very small box stores. if you will, they're almost like a small anthropology. it's mostly private label merchandise. 50% of the store is accessory, and that's what i love about it. it's not really subject to weather. subject to general mall traffic, but at the end of the day, if it's raining outside, you can still buy a necklace or a handbag. liz: they do have a very large position as far as the shorts are concerned, i believe 40% of their short is floated. why do the sharks out there really hate this companiesome. >> you know, i think people are
really skeptical of just the high margins. i think that's anish hsu, and they wonder if it's sustainable. they also have some really aggressive store growth plans. so i think that also gets taken into question. liz: okay. doesn't scare you off though. >> no. liz: okay. >> absolutely not. you know what? liz: go ahead. >> no, no, i was just saying if you were walking in the mall and you saw a francesca's and how packed they are, it wouldn't scare you off either. liz: okay. let's get to michael kors because i would imagine he's smart enough to make sure he has solid margins. >> yes, exactly. what we're seeing from them is just some innovation. so they're constantly providing new product, offering great details, but at the end of the day they don't go into a great amount of depth in terms of carrying inventory, so it's all to get you in the store. the customer is really walking out with a black handbag, but it's really about providing compelling fashion, and that's
what they do best. and it's also a great shopping environment. liz: the two names you were avoiding with guess and bebe. what do you think is really the reason you believe these stocks are not going to be poised to soar? is. >> i think an issue here is just their general space. so they compete against fast fashion, so obviously they can't compete on price. they also compete against retailers like express that just really go into core basics, fashion basics, and they, again, operate at a compelling price. and when you look at them, it's just really difficult for them to compete. they're not going to offer couponing. they believe it's damaging to the brand. so i think at the end of the day the consumer's just choosing to spend their money elsewhere. liz: okay. we're going to put your stock picks up on our facebook page. francesca's and michael kors. great to see you, gabriela. >> thank you so much. david: well, one of the things
affecting the market today was this article about the federal reserve reportedly mapping out plans to stop the printing presses. what will it mean for the market rally and the economic recovery if and when it happens? well, the man who wrote the article that moved the markets about the fed, john hilsenrath of "the wall street journal," joining us next. liz: and the irs under fire. new reports that started to break last week show the organization targeted more than just tea party and senior officials may have known about it. we're live in washington with the latest developments. ♪ ♪ we went out and asked people a simple question:
learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed much is the official retirement age. ♪ the questn is how do you make sure you have the money you need to enjoy all of these years. ♪ ...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 thousand 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.
david: time for a quick speed read of e of the day's headlines. first up, u.s. companies on track to raise the most money through ipos since the financial crisis. reporting 64 u.s. listed public offerings have raised $68 billion so far the year compared to 73 companies raising a total of $13 billion last year. jpmorgan chairman and ceo jamie dimon threatening to leave the bank if shareholders vote to split his duties. shareholders will vote on that later this month. starbucks is looking to expand its footprint in asia. the coffee giant planning to enter myanmar with a couple of years and add 360 stores in china. chrysler is recalling more than 40,000 suvs worldwide due to gear shift problems, 2006-2010
model year jeep commanders and 2005-2001 jeep grand cherokees. and samsung is preparing to launch its 5g americas in 2020. the network will enable users to download a whole movie in less than one second, and that is today's speed read. liz: perfect. david: movies in a second -- liz: that's nice. you don't have to wait, right? david: yeah. liz: controversy at the irs, new reports that show the agency targeted more than just tea party members and that senior officials may have known about the practice as early as 2011. david: the stories are evolving, as they say inside the beltway. rich edson has been following the evolution of all these developments, and he joins us now from washington. rich? >> reporter: well, we've got a hearing now. the house ways and means committee hosts one friday morning. only two witnesses, acting commissioner of the irs steven miller and the treasury inspector general jay russell george. this after a treasury inspector general investigation shows the irs began targeting tea party
groups in the spring of 2010. by june of 2011 the irs was singling out those focused on debt, taxes and criticizing how the government was run. and in january of 2012 the irs broadened scrutiny of key organizations applying -- conservative organizations. that proves officials used the irs as a political tool in an election year. >> if you use constitution, bill of rights, patriot or tea party, you were likely to have a very rough time where, apparently, if you used progressive or moveon you were not. and this kind of targeting is what we knew before the election, and now we have proof. >> reporter: the white house denies any involvement saying the treasury inspector general alerted administration attorneys of their investigation late last month. president obama says he learned of it on friday, and this afternoon condemned the irs's conduct. >> if, in fact, irs personnel engaged in the kind of practices that have been reported on and
were intentionally targeting conservative groups, then that's outrageous. and there's no place for it. and, you know, they have to be held fully accountable. >> from the here hearings reports and more investigations. the treasury inspector general's full report is expected in the next few days. a house panel is also investigating and a senate committee says it will launch an investigation. back to you. david: by the way, rich, it is illegal to do that if somebody, in fact, targeted people based on their political beliefs. if it's illegal, will somehow the justice department get involved in investigating this? >> reporter: it has been illegal since the nixon administration or post-nixon administration, so it would be up to the justice department because, david, you're right, it is illegal. liz: rich edson in d.c., thank you very much. david: well, "the wall street journal" names the top stock pickers on the street, and the biggest name in pharma is
kicking off our weeklong all-star coverage. his last pick, get this, is up 115%. little better than the s&p averages. and he is here with three new plays you don't want to miss. liz: plus, the federal reserve has plotted a way to wind down its money-printing policy, buteo handle the fed's exit when it eventually comes? john hiisenrath of "the wall street journal" giving us the inside scoop on the central bank's plan. he broke the story, he's next. ♪ ♪
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with centurylink as your trusted technology partner, you can do just that. with our visnary cloud infrastructure, global broadband network and custom communications solutions, your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every day of the week. >> love or hate him, undenial that ben bernanke affects the market like no other individual in the world, and no analyst have a closer view of the workings of the fed than "wall street journal" reporter, and the article about the fed mapping out an exit strategy for the extraordinary era of money printing chilled the markets. john, you and ben bernanke, both guys affect the market, and, of course, you do so based only what he says and is planning to
do, but today was a strange day because -- >> i'm just the messager. >> just the messager? >> trying to explain what's going on inside the place, yeah. >> okay. we're not going to kill the messager, trust me. [laughter] today, there was good news on the retail, so i was exbt -- expecting markets to go up, but because of concern of what happens with the fed, the market inned up down. a lot of investors said that was specifically what? why do we still -- good news in retail, housing, why do we still need the fed printing up all the money buying bonds if the news is good from the economy? >> i mean, that's the question they ask themselves the next few months if the data is strong. they ask themselves, do they need to keep doing this, keep continuing buying the p bonds? i think for the markets, that puts them in an unusual position. this happens in any cycle, actually. you know, when you're at this point. good news is not completely good news from an investors point of
view because while the economy is stronger, could mean easy money is not amped for very much longer. you know, in a world without qe, the fed raised and lowered short term interest rates. it's the same thing. if it's strong data, oh, maybe they raise rates, and it has the same effect. >> obviously, great news for the markets. the markets love cheap money allowing companies to borrow money for practically nothing to lower costs, increase profits. >> yeah. >> is there a sense anywhere in the fed, not just from ben bernanke and his people, but the other people there's the irrational exuberance, if you will, borrowing a phrase, any view that the stock market might have become a bubble pumped up by cheap dollars? >> i mean, i don't think they think that stock market is a bubble. look at pe ratios, it doesn't look like they are crazyover blown. >> john, with respect to you, i appreciate the views on this, but i wonder if anybody in the
fed says that? >> yeah, yeah, right. that's what i was going to get to, and the short answer is, yes. they are watching it closely, more concerned about that than inflation because inflation is low. there's differences of opinion. ben bernanke and, you know, the other top people said they don't think it's a bubble yet, but they are watching it closely, and, you know, after the way the last two cycles ended with the tech bubble and housing bubble bursting, they have to watch it closely. it's not at a point to pull back because of it. >> got you. there is a group of people that would argue, and i think there's a fair case they are hurt by career posses, particularly the savings, the baby boomers who don't play the market like they did when they were younger, and with 0% interest rates, if they are fixed income savers, they are killed by the policy. does that concern anybody at the fed? >> yeah, they talk about that a
fair amount, and i quoted a guy, richard fisher in the stories the last couple days who talked about that issue, but, you know, there's a conundrum there. say the fed turned around to raise interest rates so that you could earn 2% on your deposits instead of 0. well, in that world, we could see stocks falling and home values falling again. it's not like savers do a lot better in that kind of environment either. i mean, i think it's a damned if you do and damned if you don't environment. in a world where we had a financial bubble, the probe underlying all this stuff is the financial bubble still trying to crawl out of the hole. david: i got to wrap, but two quick questions, as quick as you can be. i appreciate it. does the fed seem more likely to increase their bond buying or pull back? that's the first question. the second question, this is like a presidential press conference, will ben bernanke go for a third term because he's about to wrap up the second term? >> they seem to be more likely
to pull back at this point, and ben bernanke doesn't seem like a guy who wants to be around for another four years. david: wow, interesting news. by the way, he's not going to be at the meeting, but he's not that interested in the third term? >> no, i mean, i think that's the message a lot of, you know, friends and colleagues have gotten from him, is the body language, at least. there's a question of whether obama would try to talk him into a third term. we have a story on the front page today about the vice chair who might be likely to succeed him. there's a lot of people who could be out there who obama could look at, but, you know, ben berne looks like he's ready to move on to the next chapter in life. david: john, always a pleasure to see you. thank you so much. >> thanks a lot, appreciate it. liz, over to you. liz: master stock pickers, top analysts, and all this week, bringing them to you. plurks the favorite picks. talking pharma with an amist,
his last pick up 115%. what's he picking now? you cannot afford to miss his advice. the federal reserve mapping a way to end the bond buying program. if it does, will you change your investment strategy? log on to facebook.com/afterthebell, and we'll read your answers later this hour. don't go away. ♪ the wright brothers became the first in flight. [ goodall ] i think the most amazing thing is how like us these chimpanzees are. [ laughing ] [ woman ] can u hear me? and you hear your voice? oh, it's exciting! [ man ] touchdown confirmed. we're safe on mars. [ chee and applause ] ♪ hi. [ baby fussing ] ♪
♪ >> this is your fox business brief, a mixed day on wall street after they are scaling back on the efforts to boost the economy. the closing bell, dow finished 26 points lower to 15091. interactive shares jump after strong quart results came in better than expected at 38 cents a share thanks to bioshock infa
nit. they topped the forecast at 303.11 million. take two projecting lower than expected revenue for the current quarter, but kept the full year ahead of wall street's official target. nike declaring a quarterly diff depped of 21 cents a share, on record as of june 3rd can expect a pay out july 1st. that's the latest from the fox business network, giving you the power to property per. power to property per. ♪
power to property per. ♪ are you still sleeping? just wanted to check and makes. the first technology of its kind... mom and dad, i have greanews. is now providing answers families nee siemens. answers. david: "wall street journal" releasing the list of the top stock pickers on the street, the best of all. all this week, we're bringing you the number one name in five different sectors. liz: today's master stock picker? michael king, jmp securities managing director and senior biotech analyst, the top pick last year, up 115%, so you get the prize.
let's talk about that pick, and what made you look at it and say, it's got the cry criteria i need for belief in a company? >> well, i spend a lot of time deep in the leaves in the science, and i try to, as accurately as possible, do the market forecasts, talk to a lot of physicians. we, as much as we can, look at party blogs, see when they say about the drugs, and see if that's a believable perspective to build into the forecast, and we try to be as accurate as possible and bring that back and see how it compares to the stock price, and if it's treat, we wait for it. liz: blogs, a changing world. you can just hear the response to the -- how the drug is affecting their lives. >> sure, they know what's going -n, too, educate yourself on other drugs finding out about the company you follow. david: michael, one of the things that appeals to an investor like me and doesn't want to check every day, is you buy stocks that have holing power, that you want to hold for
two or three years; right? >> yes, absolutely. the names we have buy recommendations are in the oncology space, area, cell gene -- david: get to that, cell gene, over 12 months, went from $58 a share up to $131. a huge run up. i would be worried buying into it now of whether it has the stamina for another two years? >> it does. the company held an analyst investor meeting in new york, investing in all the right areas, remarkable how the company transformed itself from a one drug company to a multidrug company with multimillion fran chizs investing beyond 2017, the area they gave formal guidance to, but you see by investments they are making, they are strong from ' 17 and beyond.
liz: that's app area. we find them very innovative. >> yes, in december last year, one of the approvals for one what we think will be a significant block buster for them, stock's been under a little pressure from worry warts, telling people, take advantage of the current weakness. we just had dinner with them in new york, and things are hitting on all cylinders there. david: again, a few stock where you can buy low, at the low cycle. there was a jump, i don't know if you put the day chart up, but there was a jump of over 8% today. >> right. daifd daif what's going on there? why do you like it? >> the competitors came around to the positive side, following the company, literally since 2009, but we think their drug is really going to be -- david: what's it do? >> a number of different blood cancers, but the lead indication is for leukemia, cll, the most common form of adult leukemia,
on the market for the drug, and by the enof the year, in at least one indication, and based on, again, patient blog and physician discussions, once the drug is approved in one indication, used in many others. liz: many of the biotechnology companies with real forward thinkers leading them tend to partner with big pharmaceutical companies. do they then get swallowed, and is that an opportunity? >> you see it less and less. air yad going global on their own. liz: they don't need a merck? >> they are now requesting companies retain much of the downstream value as they can because the companies are smarter, used to have to rely on companies, and now they do them themselves, and the benefit accrues to the company and the shareholders. david: you are great, come back. >> any time. daiched defend -- david: award well deserved. >> thank you. david: thank you very much. liz: networks cleaning house,
and some of your favorite shows could be on the chopping block. details next. david: i hope not ncis. that's all i care about. while the cost of college soars, you could be outraged to hear how much some public universities are making, educators, supposed to do it because they love it, but the money's not bad either. the list of the highest college paid presidents coming right up. ♪
liz: breaking news on dell. first it was talk, but now it's action. carl icahn putting money where his mouth is. he wanted to put forth a slate for dell, and guess what? he and southeast asset management, southern asset management, solicited proxies for southeastern. icahn put forth board nominee as a single slate. six from carl, six if southeastern, and carl icahn nominates himself as a board member.
a single slate of 12 for dell. dell, earlier said, hey, you're talking so much smack, you want a board? why don't we see names here? there's names, we are waiting on it, from the "wall street journal," and as soon as we hear, we'll let you know. david: upping the anti. liz: he said he would. david: yeah, on friday. liz: presenting the fall lineups to advertisers to sell a lot of ads, and, clearly, never harder to create a hit tv show as staggeringly high numbers of of shows put on the chopping block. david: how will the studios have the cash for the programs? dennis is here with me. >> not a single new network show caught fire this tv season, and a lot of incumbent series are getting along in the tooth, so the result is cancellation carnage. the four major broadcast networks killed 38 weekly series and the casualty list will grow longer.
22 incumbent shows await a ruling on their fate. now, com diswrn cast, nbc in last place, they killed 16 shows, the most of the big four. disney's abc axing 11 series, number one cbs yanked seven, fox broadcasting, cancels four shows, the least. so far, 37 pilots picked up as new series out of more than a hundred the networks ordered. number one, cbs, with the least at seven, and last place, nbc, of course, with the most new shows with 11. nbc bidding farewell to "the office" and "30 rock," and letting go of "whitney" and "smash," and they killed are "rs of engagement," and "golden boy," and killed "don't trust the b in apartment 23", and renewed "so burg story". foxes include "friends and
cops," one of the first reality shows for something like 25 years, it may live on in new episodes on spike. now, elsewhere, disney's abc has a stab with a newcomer called "shield," and, of course, cbs is picking up a new show called "mom" who gave the world "two and a half men" and "big bang theory," and "crazy ones," rob win williams come back, and vampires are hot; right? nbc with a new series about a really old guy, drake cue la. liz? david: thank you very much. breaking news. jo has the news. go ahead. >> hi, guys. we are learning from the ap that the justice department has obtained two months of tornado watch records secretly of reporters and editors of the associated press in what the organization is calling a massive and unprecedented intrusion.
now, this is information from 20 different phone lines between april and may 2012 including in washington and in new york and connecticut incoming lines that associated press reporters accessed in the house of representatives main media lines where they report in the house chambers. now, the ceo of the ap has also protested in a letter to the attorney regime, eric holder, saying that there can be no possible justification for such an overboard collection of the telephone communications of the associated press, and, now, obviously, it's a major intrusion of sources by ap reporters, and the government did not say why they asked for the records and previously said in public testimony that the u.s. attorney conducting a criminal investigation so we will keep close tabs on this, but, again, the ap had a major intryings by the u.s. government, secretly obtained
two months of telephone records from the ap. david: right op the heels of the irs perhaps probing where they shouldn't have probed as well. interesting informing. we'll bring you the developments as we get them here. liz: we will be right back. seei in a whole new way. so you can understand every angle of your cash flow- last week, this month, and even next year. for seeing your business's cash flow like never before, introducing cash flow insight powered by pnc cfo. a suite of online tools that lets you turn insightnto action.
[ female announcer ] some people like to pretend a flood could never happen to them. and that their homeowners insurance protects them. [ thunder crashes ] it doesn't stop pretending. only flood insurance covers floods. ♪ visit floodsmart.gov/pretend to learn your risk. liz: off the desk, the chronicle of higher education releasing the list of highest paid public college leaders. number three, ohio state's president making $1.8 million.
auburn's university president comes in second at 2 #.5 million, and the highest, penn state banking $2.9 million a year. david: we ran out of your time because of the breaking news for facebook, but more tomorrow, stay tuned. melissa: i'm melissa francis, and here is who is made money today. investors, a top competitor to bloomberg lp with bloomberg stuck in the spying scandal, compton rolls out the welcome mat saying they never engaged in similar activities, thompson stock up more than 1% since the news broke friday. also making money, netflix and cofounder ceo, climbed more than 5%, closing short of a 52-week high, a little more than 1348 -- 1 million shares of netflix, nice job, well done. losing money today, justin bieber, struck