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tv   Markets Now  FOX Business  July 22, 2013 1:00pm-3:01pm EDT

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an expedited hearing as michigan rages on. adam: home sales dropping, missing expectations for a longshot. we are going to have our fannie mae chief officer join us today. lori: when can we expect some relief at the pump? jumped up 12 cents last week. steve cohen, charlie gasparino, lasting efforts to but one of the most successful hedge fund managers out of business. you have to read charlie's book, by the way. it is remarkable. if you want to talk about insider trading, easy go to. let's talk with nicole petallides on the floor the new york stock exchange. what's going on today?
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>> well, we have seen records last week, we are looking at records this week. one third of one 3%. percentagg terms that you do see, the dollar is the downside and commodities are in this and there has been some articles on gold and that is a big deal. second-quarter earnings, five to 10%, mcdonald's is down 2.75%. numbers are little weaker than expected. however, a couple of things haven't been going on with this.
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playing a part, they did well with some of those in the system. back to you guys. lori: and now we are bringing you the latest out of detroit. an expedited hearing this wednesday at 10:00 a.m. chris wallace is with us now. >> that is the term of 2014. the judge is going to have his own ideas about how this should go. but we are going to be very proactive, we are asking for an order, the appointment of committee come we are going to try to do this with the staff. lori: investors with $18 billion and bankrupt bankruptcy.
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david, welcome to you, thank you for joining on on the show with us. this judge is one of your law school professors. what should investors be thinking? >> i think that investors should be concerned about a bunch of issues that required federal procedures and those that have been started, whether the judge will rule the state proceedings in an other ball gets rolling and that is the case generally. >> do you think that this will have a contagion effect in michigan and even beyond? >> i don't think so, i think that this has been in a particular situation for quite some time. it has been reporting this in terms of population and what the revenue capabilities are. so therefore i feel that this is a pretty isolated case.
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>> we know that the market at the out the whole has been under some distress, especially recently with the tapering happening thanks to the fed's actions last week. it seems to have been pushed off. but just the top of that. it has come up with these rates a little bit. >> potentially out of concern, this is the largest municipal filing we have ever seen and there could be concerns in the municipal market and i think in terms of this in particular, with been priced into my don't necessarily think that all the risks and concerns are going to play themselves out over the next month or year in this case and it has been priced for the better. >> is a distress investor, you look at assets and governments
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that are struggling and situations. how do you know when there is potential investment been in a distress situation? >> we are going to look up the fundamental valuation of the entity insecurities that we think that we can market as well. we will go having debt investing. in contrast to many situations, there's there is the likelihood in corporate situations to get equity in the reorganized entity. there is no equity upside. especially with respect to this with fonts on the dollar. bankruptcies have gone on around the world. we are dealing with pretty healthy situations where revenue was robust and the debt load was really great. i think the revenue potential for detroit is very much requiring a command us turn
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around. >> dc more opportunity in the wake of the european sovereign debt crisis and its inventory right now? >> it was very likely that there was action of a bailout. the federal government has been sitting on the sidelines for now and it seems like we are working out these troubles about the weekend. adam: will has been losing for the barrel. phil, where will he see the crews go. might we get some relief today? >> i think you might see more really. the market is looking very heavy here. we have had an incredible run up over the past few sessions. if you look at the price of oil
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when they backed off today, it is probably normal when we have a lot of concerns late last week. we are worried about egypt, we are worried about this situation and people don't like to be short. you get through to monday, there is not any major problems, but the other thing is that most oil analysts are expecting a rebound in crude oil supplies this week after the dramatic selloff. adam: let's talk about drama. we have been watching gold. closing about 1300 for the first time in five weeks. it is up almost $42. >> you know, we saw a record positions in the gold market. it was going to go down to a thousand dollars and it was looking at ben bernanke to give
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reassurance. so with all of these, they are either going to have to make delivery part of the upside. this could be the beginning. back to you. adam: thank you, phil flynn it is good to talk to you. lori: the ipo comes three years after this hotel chain left the market. they say that it will use the proceeds. they brought the company out of bankruptcy back in 2010. investigating bribery allegations with certain senior executives appears to have acted outside of the processes and
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controls chinese law. chinese have tried to bribe several. apple's developer has been shut down by hackers. an intruder attempted to gain security information. creating software and applications for apple's operating systems. originally apple has said that their system was down for maintenance. in toyota's massive recall. adam: deciding to cash out your chips in gold. a key investor is departing the company and we will tell you why. lori: and we are on royal baby watch. princess cate entering st. mary's in london. we will have the details.
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lori: it is time to make money with charles payne. he is making you some retail profit with the company that is my own personal playground. stocks incorporated unfortunately for my husband who gets the bill. reporter: that is right, friday stocks spike really nicely. you can see this has been in the rumor mill for a long time. stocks have taken over over a decade ago. i love to see somebody come in like a private equity, and, sort of separate back to the operations and that was their plan, they have been growing their store, and it is going pretty well. i haven't done anything with it yet, but i wanted to bring it to
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the audiences attention. when i do look at this, operating margins are still a problem. i think that this stock may be with or without the whole speculation something worthwhile and investing in. lori: the application is very user-friendly. but you can look at it on your smart phone, it is luxury retail. >> yes, you really do have to have this. anyway, it is interesting. sachs and tiffany is very similar. they have been disappointed in their flagship stores. outside of you in a couple of
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your friends. >> maybe i'm not as fashion forward as i think i am. >> or you are too fashion forward. adam: okay, the jury selection will start in the first case over vehicles. the first case was a woman who died because the vehicle sped up to 100 miles per hour on its own. the trial in california is first of 80 to determine if toyota is liable for deaths and damages. it will serve as a bellwether and toyota has already settled some wrongful death cases. after that the recall of the issue, they began and the shares
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have been reported. adam: let's take a look at stocks with nicole petallides. reporter: the stock down 3.5%. still down about a dollar. we know that third point, the campaign to overhaul this and what we are looking here is that he is going to be stepping down with two other directors that are affiliated. yahoo has about 40 million shares of their own. yahoo! is in 2% stock, obviously you can see stocks today are coming back a little bit.
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lori: the fcc is charging the city of miami with security fraud. more such fraud cases are on the way. we have an investor on here. you look at a city like miami, and it makes you question what is really going on. >> that is right. thank you for having me on. because cases like this are going to be rising across the nation and at the same time investors run away from this into stocks, that means that what happened here was miami was being accused of shifting money for construction into the general fund because they were potholes in there. cities and states are doing this
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across the country. but what has got the sec so angry, they have launched this in 2009 and you're going to see more of these cases. look at what they said the fact that a city official enabled these a few years after miami was already reprimanded by the sec for the same conduct going back to 2001, the fact that this happened again said that this is appalling and unacceptable. what we are also seeing is essentially things that have broken out in places like yours were, rhode island, illinois. stocks in san bernardino also being talked to about on fraud. and then you find out that they are underpinning their pension
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funds. so this is something that we must clean it up. the. adam: an in-depth look at an economic game changer. lori: and the financial recovery five years on. we are in washington dc ahead of the president's midweek economic pitch coming up next peace of mind is important when you're running a business. century link provides reliable services like multi-layered
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the one at 23 minutes past the hour, i am lauren green with your fox news man. one person has been killed after ousted president mohammed morsi took place on july 3. in cleveland, 35-year-old michael madsen has been charged with three counts of aggravated
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murder. officials believe the women were killed within the past six to 10 days. and as the world awaits the arrival of the royal baby, british betting agencies have reported that they have taken tons of bets on what the royal baby's name will be. those are the headlines. back to lori rothman adam shapiro. my money is on victoria for a girl. adam: really? lori: i would bet on victoria if i was a betting person. adam: president obama kicking off a series of speeches with an address to the nation from knox college in illinois. rich edson has the story. reporter: after weeks of focusing on gun control and immigration, president obama is heading back to the midwest to push his economic proposals to
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replace some of the government spending cuts and increase this. on thursday he goes to jacksonville, florida to push congress to enact his proposals. >> we still have a long way to go to restore this. too many families are fighting to rebuild. if we move forward with the eyes fixed on the growing middle class, i am confident that we will get to where we need to go. reporter: administration says that the president will outline steps that the congress and private sector can take to improve the economy. president obama is getting ahead to a fall season of budgeting price. adam: rich edson in washington dc. thank you so much. lori: one thing that is boosting
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the economy is the fastest growing oil and gas producing industry. so this weekend, tracy byrnes and ashley webster will be doing this segment. >> it is a real key on how to make money. today we are kicking off. then we have michael smith with us. he is doing his first interview in pennsylvania governor talking about cracking. he found no chemicals as a result. he will be here as well.
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in clean energy ceo andrew little fair. so a lot going on in this. lori: that sounds like good stuff. i love it. so much potential. adam: that is a great point. see you soon. america's energy boom doing little to keep an eye on oil prices today. lori: june home sales surprise us with sales disappointing. we have ed pinto coming up next. she's still the one for you -
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lori: stocks now as we do every 15 minutes. back to the floor of the new york stock exchange and nicole petallides. you're watching new 52-week highs, nicole, though looks like the broad averages are flat right now. >> right. sometimes they hit 52-week highs, they pull back. i'm bringing you over here to halliburton. that was exactly the case for halliburton. look how the stock is faring. it is right now down 3/4 of 1% but earlier today hit a 52-week high, highest level since 2011. we've seen other names in that group there, ubs, keybanc,
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walgreens, kellogg, these names have all been hitting some highs worth noting. we should also talk about halliburton and what's happened there with their quarterly report. so they, international versus north america. they were doing well internationally, not so much in north america. so they have pulled back some. overall as you noted even major market averages moved back to the unchanged line. a lot of it stems from i will will the fed or won't the fed? hard to keep on track because of those housing numbers. back to you. adam: thank you very much, nicole. nicole just brought up the housing numbers and existing home sales numbers in june fell 1.2% as 30-year rates, mortgage rates climbed to new highs over the last two months. we're joined by american enterprise institute fellow ed pinto with some expert insight as the reason behind the numbers and where this market is going. we appreciate you being here, ed because it can be very confusing. month to month we're down but still year-over-year up 15%.
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this seems to me like the housing recovery is still pretty healthy. am i wrong? >> i think you're absolutely right, adam, i think the number to focus on is the year-over-year. monthly numbers are pretty volatile plus i think the expectation of what this month's number was going to be, or last month's number was going to be was unreal list i cannily high. i follow one. experts that came in a number much closer to the final number that the numbers that were considered the expectation. adam: sure. >> i think we've seen a run-up as you mentioned in interest rates which i think is actually healthy. we were experiencing a market that was getting a bit -- adam: irrationally exuberant? >> yes. adam: let me ask you -- >> not everywhere but in some markets there were real problems. people were starting to start multiple, multiple bids and
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things like that. adam: forgive me for interrupting you. you had cash offers in places really hot like california. don't bother get a mortgage. we've done stories here on fox business. i want to he show you a chart. i don't know if you see it but it comes out of research we did with you. it is on supply. just a little over five months of supply of homes that it all it would take for all the existing homes on the market. explain to me why this is good, props what is good about this and perhaps what might not be good about this. >> in may it was five months inventory and that's considered a point where the, it is more after sellers market rather thhn an even balanced market. and so you end up with these supply demand mismatches when combined with the very low interest rates drive house prices up. that may sound like a great thing for somebody selling a house but if you're trying to buy the house driving prices up through very low interest rates
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isn't helping the mass group of people trying to buy houses. it is creating artificially high prices. so what we're seeing is a bit of a slowdown as the inventory increases to 5.2. six is considered basically in balance. so i think we would want to get something a little closer to six. that along with these higher interest rates will help. adam: let me ask you this. i keep reading analysts saying higher interest rates are manageable up to about 6%. but for most people, you tack on a 1% interest in increase in the interest rate or 2% increase, talking 100 dal, $200, $300 per month depending on size of the loan. that seems to me it will crimp the housing market. will it? >> i think what we'll see it will hold back some of these unrealistic increases that have been happening. we're running 10 or 12% a year which is not sustainable
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particularly considering incomes are going up just one or 2% a year. so we got the cart before the horse here. we had house prices going up in many markets too quickly, relative to incomes. and i think, having, and that was largely due, to a number of factors. but certainly the extraordinarily low interest rates that the fed engineered was a big part of it. getting something closer to normal, which is, today we're at about 4.5, up from 3.5. that's a more normal situation. this is also very important for the broader economy because the, these very low interest rates not only on mortgages sort of create distortions throughout the market and, i think the fed has experienced, when they just hint at tapering and that's the word they used, the market reacted very violently. we need to move the market away from all this stimulus, artificial stimulus that the fed's doing and the sooner the
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better. i'm hoping that the fed does not have round heels on this tapering. adam: ed, i will tell you at that point we'll cut it short. some people the analogy of cart before the horse, some people say the fed no matter what side of the policy you come on it may be a donkey, not a horse. all the best to you. >> thanks, adam. >> sec case against steve cohen, the charlie gasparino is here, ginning up on the his exclusive on the effort to put one of the most successful hedge fund managers out of business. adam: look what is happening with 10 and 30-year treasurys. [ male announcer ]hat?! investors could lose tens of thousands of dollars in hidden fees on their 401(k)s?! go to e-trade and roll over your old 401(k)s to a new e-trade retirement account. none of themharge annual fees and all of them offer low cost investments. e-trade. less for us. more for you.
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you are nna need a wingman. and my cash back keeps the party going. but my airline miles take it worldwide. [ male announcer ] it shouldn't be this hard. with, it's easy to search hundreds of cards and apply online. >> i'm cheryl casone with the fox business brief. baxter has gotten a green light from the european commission for the $2.7 billion take over the swedish firm gambro the commission said the commitment to the replacement therapy business is consistent with competition. google will have a 6.3% stake in the subsidiary of hymax technologies in the form of preferred stock. him max shares are soaring. >> >> reuters is reporting that fifth and pacific is in late-stage talks to he sell the
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lucky brand business to advent international. they hired investment banks to sell lucky and juicy couture labels in an effort to focus on the kate spade brands. that is latest from the fox business network, giving you the power to prosper, giving you the power to prosper.
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adam: sec versus sac against steve cohen. there may be hints from another high-profile sec case. fox business senior correspondent and author of "circle of friends," charlie gasparino is here with the exclusive new details on little stevie. >> you call my book the cheat sheet. adam: it is cheat sheet because like cliff notes if you want to read what is going on with insider trading last 20 years.
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>> the sec charges on cohen for failing to lead, leading the defense bar that this is not done yet for the prosecuting side. they have added more charges, more details, more insight into the notion that the feds really believe, take steve cohen out of it, they charged him with failure to supervise, what you read the thing between the lines they're saying this is a company out of control that needs to be brought down. you combine that with some recent statements of the u.s. attorney preet baja a. that he has made. you get the impression that we first reported on fox business, sac capital, one. biggest most most successful hedge funds is heading for a indictment by the federal government. i don't know this to be a fact but it is pretty clear they're looking at that, indicting the firm, possibly on a rico
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chargings possibly on something else as maybe a criminal organization. you can't get away from that from what i read in that complaint that the sec. it is a civil complaint but what is interesting, i go back and read it, it is fascinating stuff about how various parts of the firm, senior people, working in conjunction with cohen, although they don't say he committed insider trading, were committing insider trading. so what you get this is a fundamental problem with sac capital at least from the standpoint of the government. why should you care about this if you're the average investor? the most successful investor in the world may be put out of business. i think likely will be put out of business. that's a big story. adam: go ahead. lori: we were on martoma watch, the sec witness for months and months, would he turn. is he off the hook? >> he is not off the hook. i think what the federal government said at some point they were not going to ask him anymore to turn evidence against cohen. remember martoma is indicted for trading two stocks, elon and
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wyeth, based on insider information t was a trade that occurred minutes or not long after having a long conversation, a long conversation with steve cohen. so they think in that conversation there was some sort of a, you know, he explained why he was doing it. which as it turned out what they have charged him with is trading based on an inside trip from a doctor who knew about drug trials affecting those two stocks. that is pretty clear. it looks like martoma will not flip. they said enough, we'll put martoma in jail for a long time. that is our goal. his trial is in november. we have other witnesses. we should point out based on the other witnesses and some of the stuff the government is saying lately, steve cohen from a criminal standpoint is not out of the woods. this is an unfolding story i think we'll find out exactly what will happen over the next month. but, the whole thing is not done yet. adam: not done but with the sec mentionsy little to close is. ac. >> with this one charge. adam: almost seals as if, they
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were cooperating with the doj, seems they don't have enough to build the case. >> against cohen. adam: against cohen. serve a question for you. you talked to me about this morning. >> yes. adam: going forward, all these other people who might have engaged in insider trading or not, does this put a chilling effect on what we call insider trading or not? >> i think criminality will always exist. if you do insider trading, a, the guy you're doing it with, might be a cooperatetor, the might be wired. if they tap steve cohen's phone they will tap anybody's phone. fox business network was first to report that they have sophisticated surveillance. they know when a trade looks odd. they know trades occur at odd inflection points before earnings and corporate announcements. it is hard to hide. now with wiretaps, it is more easy to get caught. if you're engaging in the widespread insider trading that was uncovered, that i wrote about in my book you're crazy.
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now here's the thing, let's say steve cohen survives, all the hedge funds survive, right? should you pay the outsized fees -- remember steve cohen charges -- adam: 50%. >> 50% of the profit he takes and charges you 3% management that is huge. that is more than most hedge funds which are huge. should you pay that stuff? markets are cheaper. lori: charlie gasparino. adam: at the end. book, colonel mustard in the poker room. thank you very much. lori: get an update on the markets. ben willis on the floor of the new york stock exchange. so, ben, the dow at least lost some early gains. we know no one is that optimist i can about earnings and economic growth. what else is going on in investors mind right now? >> this is a market of stocks, quite frankly, not a stock market. so there are some individuals that are trading pretty heavily and the rest of the market quite frankly is asleep. mcdonald's is impact on dow jones industrial average and unh. you have of course have happen he will computer with all kinds of whispers going around.
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nicole covered that a little bit earlier. aside from that it's a really sleepy market. it is the summer doldrums. unless you have an order in one of those stocks you're not doing a whole lot. >> thanks, a lot, ben willis. adam: it is summertime and the living, cue the music, is not easy. prices at the pump are tacking a whack at your wallet. we'll tell you what is behind the move higher and how long we'll have to deal with it. we'll hear from chief analyst, tom kloza. lori: i'm waiting for word, this is more painful than my own labor twice. waiting for the royal baby from kate middleton in the royal hospital. we're awaiting it. ♪ the boys used double miles from their capital one venture card to fly home for the big family reunion. you must be garth's father? hello.
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adam: sticker shock at the pump. the aaa says the national average rose 12% in a week last week to $3.67 a gallon. my next guest says prices are still on the rise especially if you're quick cut. i -- connecticut, i filled up there yesterday. talk about shock. we have tom kloza, gas buddy chief analyst. what is at play here? i thought we had the boom in oil production. we have too much demand or what is going on in egypt? what is going on? >> we have a little going on. that you wouldn't notice it. the northeast is hot spot with refinery issues. i have to think prices are very, have you bubbly, not even so much for gasoline but for crude. but my calculations there is 40 billion-dollars more money
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betting oy here prices for crude oil futures and options that is a record. it blasts away all other records for the summer. i think the operative verb for prices moving up right now will maybe wobble a little bit higher. they're too high on the west coast. they're probably a little bit too high in the great lakes. they're headed a little higher in the northeast but i think it will take an event to really inspire sort of a new 2013 record which is about 3.78. adam: let me ask you this because a lot of people are talking about fact that west texas intermediate, sprint between wti and brent is essentially no longer there and years ago this would have been something you would expect but now it means gas prices will go up because the margins are getting tighter and tighter for people who turn wti into gasoline. is that accurate? >> no. that is people who want to tout their own positions. a lot of people are saying the spread is dead. sound like curtis mayfield circa 2013. there is some truth.
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the price of western crude or western canadian crude has doubled since january. we've seen very uneven crude prices but i would argue that these numbers are really, really frothy. egypt inspired people not to sell but egypt's been pretty quiet. there is not likelihood we'll see sort of a major type of event in the middle east or north africa. adam: so are we past the peak driving days of this summer? because we've passed july 4th. essentially we're cruising towards labor day. shouldn't prices be coming down then? >> i think they will come down after labor day and come down in the last 100 days of the year. between now and labor day it's a little bit after toss-up because you do have hurricane season. when hurricanes come in july or august they really have much more of a broad impact because it is more difficult to make gasoline that's required between now and september 15th. after september 15th, you can buy more of it on the foreign market and it is easier to make with epa regs in the
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united states. adam: tom kloza we appreciate you giving us an understanding why we're paying so much more for gas. thank you, sir. >> take care. lori: as they say, waiting is the hardest part. the world is fixated on st. mary's hospital in london, there you go, seeing it live to see if the brittish heir to the thrown is born. amy kellogg is outside with the latest. what is the latest, amy? >> we figure that kate, the duchess of cambridge has been in labor. we're expecting, for her sake more than anyone's we're expecting some news at some point soon. however we're starting to get a little nervous if this, if this birth happens in the middle of the night, then we may not find out until the morning because the queen needs to be notified first and it is unlike she would be roused in the middle of the night with the news. so we're thinking 10:30 local time might be the cutoff. it is now about 7:00. she came here at 6:00 in the morning. it wasn't an emergency situation. she and her husband, prince
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william, the duke of cambridge, came in a car together. they have been inside all day. we don't know if there are any other family members at this point but for most of the day it was just two of them inside. we know prince william expressed a desire to be in the delivery room with his wife. we're not sure. we asked kensington palace officials if he is in the delivery room or not. they said they don't even know that they have got a little press room set up inside of the hospital but we're not invited into that. every ones in a while we get a chance to see them when they poke their heads out. we don't expect there will be any news until the queen is notified of the birth whenever that happens. at that point there is a lot of ceremony. a member of the household staff will take a birth announcement, drive it to buckingham palace placed in a guilded easel in the forecourt with scant details. gender, time of barrett, weight, probably no more than that we probably won't know names for a while. we're thinking, probably, lori, will be about four of those.
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back to you. >> the royal family have famously long given names. we'll wait an see like everyone else in the world, amy kellogg. adam: a guilded easel. how about sending outpost cards? next hour, tracy byrnes and ashley webster will kick off the week-long series, america's shale boom. they talk to boone pickens who says the solution to soaring gas prices, simple, switch to natural gas. don't go anywhere. [ male announcer] surprise -- you're having triplets. [ babies crying ] surprise -- your house was built on an ancient burial ground. [ ghostsoaning ] surprise -- your car needs a new transmission. [ coyote howls ] how about no more surprises? now you can get all the online trading tools you need without any surprise fees. ♪ it's not rocket science. it's just common sense.
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ashley: good afternoon, everybody, i'm ashley webster. tracy: i'm tracy byrnes. detroit's bankruptcy on the fast track. an expedited hearing scheduled for this wednesday. who will get paid and who won't? fox news judge andrew napolitano is certainly going to weigh in on this. ashley: america's shale boom. we're kicking off a special week-long series looking at the
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nation's push for energy independence. we're almost there. legendary investor t. boone pickens joins us with his plan to relief the pain at the pump by getting the u.s. off opec oil and on to natural gas. tracy: and we're going to talk to an energy fund manager who has three stock picks that can make you money today off of america's energy future. you can't afford to miss this. ashley: first though, time for a look at these stocks. let's head down to nicole petallides on the floor of the new york stock exchange. the dow, drifting slightly lower, nicole, but modest gains for the major averages overall. >> light. so i peeked up just a moment ago, we've been back and forth in positive and negative territory watching not only the major averages but the index of each particular sector. so for right now the nasdaq composite and the s&p are posting some gains. the dow is pulling back slightly and we'll blame mcdonald's for that which i will get to in a moment. but you do see all three major averages not too far off the unchanged line.
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four straight weeks of gains for the s&p. record-setting days for wall street. and existing home sales came in worse than expected. talking with art cashin at ubs. he said that maybe fueled the rally a little bit thinking that the fed won't taper and began to pull back because the analysts said that is blip for the debt on housing. look at mcdonald's. i mentioned it. it is weighing on the dow, 20 negative dow points give or take. 2.5% on the downside. they noted that sales in europe will be weaker. they face intense competitions from names like wendy's and burger king. back to you. ashley: they do indeed. thank you, nicole. thank you very much. tracy: i love the mcdonald's yogurt. i bet you never get that. ashley: no. not when they have got those french fries. forget it. tracy: turning to commodities and greece and oil and oil prices surging to highest in a month. phil flynn, price futures group, at the c-me is it all about the
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dollar? what's going on? >> that is part of it. couple weeks ago, tracy they were calling this is the great short. we had the biggest speculative short position of the goldmarkket. what happened to the price of gold? physical demand continued to rise. then we heard capital spending cuts in all gold miners. we're shutting down mines. gold is not high enough to produce more. all of sudden we didn't get any help from ben bernanke last week. the g20 says we'll err on the side of austerity, or err on the side of stimulus instead of austerity and that is turning it all around. speculative shorts we saw really started to cover their positions last week. this week that is going to continue. and a lot of traders are saying that many shorts there is not enough gold for them to deliver, if they all get at one time, you could see a big rally and that's what we're seeing. tracy: phil, we have to talk about oil and falling below $107 a barrel but still up there and feeling it at the pump.
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>> we're still feeling it at the pump but maybe this is a sign the worst is over. crude off the board in august under a lot of pressure. september crude is down as well. a big hope we'll see a rebound in crude supplies. crude supplies have fallen dramatically over last three weeks. a sign maybe the top is in. let's keep our fingers crossed, tracy. tracy: i will cross both hands, phil flynn. >> there you go. tracy: elbows too. ashley: all this week during this hour of "markets now" we're focusing on america's shale boom. we're looking at surge in oil and gas production. frac something huge in certain parts of the production and it is transforming our economy. for instance, thanks to the bakken shale north dakota's gdp growth now tops the nation for the second straight year. the greater houston area has replaced new york city as the largest exporting region in the country because of the energy boom in texas. who bert to kick off our series
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with legendary investor himself, boone pickens. thanks very much for joining us today. it is very frustrating. we look at the prices. we have some of the cheapest energy in the world yet we still let opec dictate how much we pay at the pumps. >> well, opec is a swing producer and they're producing 30 million barrels of oil a day out of 90 million. so they have a third of the production. that will do it. if you want to keep the price up just drop the supply which is exactly what the saudis have done. they dropped 800,000 barrels a day in six months period and that, that will keep the price up. but they have to keep the price up because of social commitments to the people in their country. the saudis have 27 million people and about 70% of them are
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unemployed. well, over half of them are unemployed. 70% of them are 30 years or younger. so they have to be paying those people to keep them quiet and, just, you know, keep the royal family in power. so it's not hard to see how to, you know, to manipulate the oil price. the interesting part is we have the fifth fleet in the persian gulf. ashley: yes. >> that's right. and it is protecting the cartel because there are 17 million barrels moving through there today. we get 1.7 million of it, which is 10%. the rest of it goes to china and to europe and around the world. but we protect the 17 million barrels every day. so we're protect the cartel. ashley: which is insane, isn't it? now more than five years ago you unveiled the pickens plan. one, about only energy plan of any note out there i think and it was basically pretty simple. cut our dependence on foreign
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oil and convert trucks and other areas of industry from gasoline and convert them to natural gas. seems simple. how far have you come in five years in getting this concept out there? >> well, first, i didn't say get off of foreign oil. what i said is, get off of opec oil. so break it down. we use about 18 million barrels a day. produce about half of it. and import half of it. the oil that we get from canada and mexico is pretty close, 4, 4.5 million barrels and the rest of it comes from opec. we don't have to have the opec. that is the place to get out of it. put together now, show some leadership now, put together now a north american energy alliance and then use the canadian crude, mexican crude, and fill ours out with theirs. then you've got a real deal going because it gives you all the security you could ever want and you don't need the opec
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crude. ashley: let's talk about fracking and getting this natural gas, the environmentalists will tell you that it pollutes the water and even creates earthquakes. how do you respond to that? is this just an effort to slow this country need to get on to cheaper, more fuel efficient energy source? >> well we're fracking wells, we fracked over 800,000 wells in oklahoma, kansas, texas, new mexico, louisiana. so frac, the fracking has been perfected and it is not damaging anything. i have personally fracked over 2,000 wells myself and i never damaged an aquifer or any, anything with a frac job. sometimes i didn't get as much oil out of the well as i wanted but i didn't damage anything and it's just, i think more than anything else that this is a
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crowd that is raising money and they, if they can beat the drum and talk loud enough and say a lot of things real fast without anybody checking or getting an expert on the scene, then they can raise some money. that, that to me is what it's all about. ashley: how long will it take to create the infrastructure, boone, for natural gas fill-up stations much like we see gas stations everywhere? do you envision fill-up stations for natural gas all across the country and how far away are we from that? >> well, talk about the heavy-duty trucks first, the 18 wheelers and there are about eight million of them in the class 5 through 8 is the way they're identified. go that way, also go to the trash trucks and the metro systems. but those are pretty well in place. you look at clean energy and pilot flying j, are building
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what they call the natural gas highway and they have over 100 of stations on the interstates now and a lot of those are mothballed, waiting on the trucks to show up. the trucks have been a little slow because they need ad 12-liter engine. cummins and others are coming up with the engine very fast. it is in mass production now. so you're okay. don't confuse truck stops with filling stations. ashley: right. >> filling stations are for passenger cars. truck stops forare for trucks. ashley: boone, is it frustrate straighting to you, since you came out with the plan it appears china and russia embraced this technology for than we have in the u.s., especially russia? >> you're exactly right. in "the wall street journal" year or two ago said the pickens plan didn't sell in washington but it did in china and russia.
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and so you're exactly right. we have more natural gas than any place in the world. let me give you a shocking comparison. 13 million vehicles in the world today are on natural gas. we have about 150,000 of them in the united states and we have more natural gas than any other country in the world. we have more than russia, iran. we're number one and it is just amazing but you kind of missed on leadership. ashley: yeah. >> if you had the leadership that fully understood or appreciated the resource, it is 30% cleaner than diesel. it's cheaper by $2 a gallon. so here you are with cheaper, abundant, cleaner, energy in america. you would think you would move to it rapidly. if you did the eight million 18 wheelers on natural gas, that would cut the opec crude by 75%.
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>> i got 10 seconds, boone. does the keystone pipeline get done anytime soon. >> it has to get done. that is 250 bil that is what ths claim they have. and we got the fifth fleet over there protecting that. we only get a million 700,000 barrels. in canada they want to sell it to us. we don't need the fifth fleet. we don't need any military. all we need is, yes, bring the oil into the united states. keystone pipeline must be built. >> boone pickens, keep fighting the gotfied. we appreciate your time with us today. >> sure. ashley: thanks so much, boone spue sure. bye. ashley: he is a great interview, isn't he? more coming up later this hour in our special series. the shale boom is a game-changer for you and your investments. robert farmer will join us with three stock picks you won't want to miss.
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tracy will talk to him. get the pen and paper. tracy: that's good stuff. coming up shares of yahoo! falling again, down about, oh, about, about $28 right now. down about 3.5% from their close, 52-week high. find out what's behind this selloff. ashley: the sec charges miami with fraud. "miami vice." not the first time the city has been in trouble with regulators though. hmmm. we'll those details straight ahead.
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at a dry cleaner, we replaced people with a machine. what? customers didn't like it. so why do banks do it? hello?
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hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello? ally bank. your money needs an ally. ashley: it is quarter past the hour. time to check on these markets. nicole petallides, she is where she is always at, new york stock exchange, keeping an eye on everything and you're watching some tech movers, nicole. >> that's right. i want to see what's going on here. we're watching tech and that has been the best group of the bunch when you watch the three major averages. the nasdaq has been the best of the bunch. let's talk about a couple of names because yahoo! is buck the trend down to the downside. dan lobe, third point, fighting a good fight with yahoo! helped to bring on marisa mayer, and so what you see here is that yahoo! right now down 3.7%.
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and what's happening is dan lobe is stepping down off the board. two others are doing the same thing. with that yahoo! is buying back 40 million shares. they have been doing a huge that will be part of it. apple shares have been edging to the upside. that is at least in part because of some new talk about bigger screens for both the iphone and also the tablets and you can see the stock is is up half a percent. >> you say tomato, i say tomato. you say mayer. >> it is oscar mayer weiner. you remember that, you will remember her last name. ashley: i will now. tracy: you all will now. the sec is charging the city of miami and its former budget director and securities fraud alleging that the city falsified its finances to mask growing deficits. like who hasn't done that. with more,. liz: with emac's -- elizabeth
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macdonald's bottom line. >> what we're talking about here, essentially the city of miami being charged with securities fraud. here is what they did with making their financials hot dogs and weaners. they essentially took money from a construction fund to fill, make up their finances in the general fund. ashley: sure. >> in order to lowering their borrowing costs in the muni bond market, right? ashley: right. >> they issued three separate bond offerings but got great credit ratings on them. lo and behold, fraud, falseification, misleading investors based on the finances were worse than what they were showing to investors. got to the point the sec got so angry, should be noted the sec has a unit inntheir enforcement division looking at muni bond fraud. here is what a sec official said about what is going on in miami. the look at this quote. the fact that a city official would enable the false and misleading disclosures to investors? they have already been reprimanded in 2003 for doing
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this in 2000 one? they had a cease and desist order. he said this is appalling and unacceptable. a person close to the matter, defending the city official, michael beaudrault, also accused of fraud. listen, if you're bringing this case against miami you could do it across the country because cities are, they're transferring money and commingling funds and doing financial shell games across the country. they're purply underfunding pension obligations to basically spend the money elsewhere. san jose, pension reform is in court in san jose. we should note, the sec has launched muni bond probes across the country in places like harrisburg, san bernardino, stockton, california. illinois and new jersey settled over their muni bond frauds. rhode island got roped into one. this will pick up in speed and intensify across the country. the sec says, watch out, this is no joke they're doing. tracy: i know you will be all
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over this, lizzie i feel like too little too late? >> maybe. tracy: too little too late? thank you, elizabeth macdonald. thank you very much. ashley: too much bonn and not enough weiner. tracy: or that. or that. ashley: last analogy i promise. coming up detroit's bankruptcy on the fast track. a federal judge approving an expedited hearing as the legal tug-of-war in michigan heats up. fox's judge andrew napolitano will weigh in next. tracy: as we head out to break, check how the dollar is doing. ing. dollar down against foreign curious. -- currencies. it is itching to get above the flat line. we'll be right back. ♪
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>> at 23 minutes past the hour i'm lauren green with your fox news minute. in florida, sanford police confirmed they delivered boxes of evidence from their investigation into george zimmerman into the fbi's orlando office. last week the fbi asked the police to hoed the gun that killed trayvon martin and other evidence pending doj investigation into the possible violation. dennis farina has died. he was in "law & order." he was in get shorty, saving private ryan and midnight run. he was a chicago police officer
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before turning into acting. farina was 69 years old. as the world awaits arrival of the royal baby, british betting agencies took 50,000 bets on what the duke and duchess of cambridge name will be. james if it's a prince and alexandra if it's a princess. those are the headlines. i'm lauren green. back to ashley and tracy. tracy: you said victoria earlier. victoria is my choice right. for the boy? >> i don't know. tracy: i'm with you. tracy: frank. whatever. >> james. tracy: anthony. >> anthony. exactly. ashley: thank you, lauren. bankruptcy is on the fast track. city officials will head to federal court yesterday to square off with retires over the bankruptcy petition and potential cuts in benefits. joining us fox news senior
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judicial analyst, judge andrew napolitano. what a mess. injunctions flying everywhere. lawsuits flying everywhere. who has the rights here? i thought it was in the michigan constitution, you can't interfere with these pensions? >> well the michigan constitution prohibits the michigan government from interfering with pensions that is not an uncommon clause in many state constitutions or state statutes. ashley: the issue is federal. >> correct. this judge attempted to interfere with a federal litigation after it had commenced and there are specific statutes prohibiting her from doing so. she runs for re-election. not her fault, that is the judiciary in michigan, they're elected to office. she made a political statement by issuing this injunction, purporting to restrain the governor from going into federal court, something we all have the right to do. after he mad already gone in. the bankruptcy judge will ignore
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her. the governor will for political reasons and but the bankruptcy judge all the detroit obligations some being borne by the state of michigan. tracy: right. >> pension is paid by the state of michigan out of funds allocated for redetroit tireees all of detroit's obligation and some of detroit's assets. some of the assets are substantial. they can sell them to operate city hall and operate out after trailer if that is what he chooses to do. that has never happened with a municipal bankruptcy but he can. his obligation to maximize the assets and minimize the debts and allocate assets to creditors in a pair way. the pensionsers could end up with 100 cents on the dollar 90 cents on the dollar, 50 cents on dollar. there is nothing the state of michigan or the state of michigan or the state judiciary can do about it because the supremacy clause of the constitution puts federal primacy over what the state
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does. tracy: muni bond holders are watching this thing play out because this would set precedent going forward. >> i would think so because this is an extreme case. it is extreme the debt is asset ratio is extremely high. the trigger should have been pulled a long time ago. extreme because the tax base has so slung. tracy: right. >> this judge could say to cops. you make is hundred thousand a year. you can keep your job if you earn 75..3 that is example what will happen. cap of $75,000 a year for medical expenses. you can keep the benefit but cap is now 15. that is example what will happen. in the police it will be not a single decision. i'm making up money for illustrative services. even getting 75,000 to pay him out of tax payers is a hope and a prayer because the tax base has shrunk. tracy: there are like 10 people left. >> there are 40,000 abandoned parcells of real estate in the city of detroit that 10 years
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ago were generating income taxes. ashley: now they're vacant. >> now they're generating nothing but havens for criminal activity. ashley: that's right. >> so it is not a easy case. the state is out of the picture. the bankruptcy judge become as little prince. his judgment will not be interfered with unless he claims 2 and 2 equals 22. unless he doesn't make profound and obvious error. his judgment will be prevail and i think this will be done by christmas. tracy: judge an descry napolitano thank you. >> tracy. anthony? tracy: anthony. >> forgot you're from northern new jersey. ashley: coming up find out which struggling low end retailer hopes to reinvent itself by selling rolex watches and chanel bags. tracy: prince tony then. we'll look at some of today's winners and losers on the s&p 500. google having a really nice day up 2%. we'll be right back.
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with all the good years ahead, look for thexperience and commitment to go the distan with you. call now to request your free decision guide. ♪ nicole: i am nicole petallides live on the new york stock exchange. every 15 minutes on the fox business network, we have you covered. we have been watching the financials so carefully today. ubs came out with their quarterly numbers. take a look right here. it is up about 3% at the moment. better than expected numbers for the latest quarter. back to you. ashley: thank you.
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we will be back in 15 minutes. tracy: the markets are higher even though we got disappointing news from mcdonald's. so much for that nba. throw it out the window. i swear i almost long for the day where you can look at a financial statement and make sense. >> it would be a welcomed sight. we have seen it the past couple earning seasons where people got back to stockpicking. now, we are just back to highly correlated macro driven markets. tracy: it seems like the outlook is far more important than the numbers. >> everyone is hanging on his next word.
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anything but what any company has earned for the past three months. tracy: at the end of the day, whether they start to taper or not, it still means multiple years. >> one would think that it is a positive sign if the fed decides it is time to taper. we are kind of in this convoluted market where good news is good news and bad news is bad news and no news is no news. tracy: yet, we are not seeing that great rotation. it is going up. >> there is no question about that.
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tracy: it is nervousness, two. >> you are seeing a lot of people talking about in reference to 2008. you know, we are in a bit of an overbought -- it seems a little bit. the market just needs to buy time. >> we just find them the best price no matter where they want to go.
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can they justify the valuations. they have had this great rally. how much higher can they go? i think that is a general consensus of the market. we are seeing people chasing yield. the yield is gaining a little bit of momentum in this market. tracy: good stuff. thank you, sir. ashley: oil closing down today. $1.14. that is more than a 1% drop3 today. if you are looking for a rolex watch or a chanel bag, you may want to try sears.
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the high-end items are on the marketplace section of their website. tracy: that would make more sense to me. ashley: what do you really think? tracy: coming up, a low-budget horror flick taking the top spot at the box office. ashley: let's take a look at the ten and 30 year treasuries. we will be right back.
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[ dog barks ] i want to treat mo dogs. ♪ our business needs more cases. [ male announcer ] where do you want to take yr business? i need help selling art. [ male announcer ] from broadband to web hosting to mobile apps, small business solutions from at&t have the security you need to get you there. call us. we can show you how at&t solutions can help you do what you do... even better. ♪ ♪ >> i am adam shapiro with your fox business brief. president obama is kicking off a series of speeches. he will be in illinois on wednesday. as oil prices continue to climb, drivers are having to shell out
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more at the pump. the average price for a gallon of regular gas has jumped $0.12 in the last week. it is still below the all-time daily high of $4.11. spike lee is launching an online campaign to help fund his next feature. that is the latest from the fox business network. giving you the power to prosper. ♪
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tracy: blockbusters. ashley: the summer box office is. two more nine figure filled plots over the weekend.
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it failed to be the animated rival "despicable me two." now approaching $600 million world wide. the lone ranger took in less than $150 million so far.
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"the conjuring" one the box office this weekend. it costs only $20 million to make, but brought in twice that. the surprise is, it is women who drove both. it makes you wonder, hollywood prefers to think big. tracy: i do not know. my children loved it. ashley: what is with all the young kids seeing a guy film? tracy: i do not know. here i am winning mother of the year award. ashley: it is coming up a quarter till the hour. let's head down to the new york
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stock exchange. it is really back and forth. essentially flatlined since the opening bell. today is a market of's. everyone is just atching the market go by. ashley: do you think we can move this market? >> in a commentary out of the federal bank -- particularly, the commoddties that are.
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it is a very slow week. you want to have an example of that. take a look at unc you. it is a uranium stock. ashley: interesting stuff. then willis, thank you so much. thank you very much. tracy: we have much more on our special series. we will ask a fund manager where you should be putting your money right now. ashley: google is up nicely. price land up.
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what a deal. almost $900 a share. we will be right ♪ and opening the capital one purchase eraser? i need to redeem some venture miles before my demise. okay it's easy to erase any recent travel expense i want. just pick that flight right there. mmm hmmm. give it a few taps,'s taken care of. this is pretty easy, and i see it works on hotels too. you bet. now if you like that, press the red button on top. ♪ how did he not see that coming? what's in your wallet?
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ashley: we are following america's share boom of the week. it turns out other states are joining in. >> if these other states would like to join in on a much larger scale, the potential would overshadow north dakota and texas. however, there is one big
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impediment. oil production has increased over the last three years. because 70% of western land is owned by the federal government, it has slowed. >> 28 days where you have to wait for a permit. it has gone up significantly. it is inspired of the federal government. not because of it. >> production has grown each year under president obama.
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conservationists who say they do not oppose, they say they draw the line. >> we also know that we can do oil and gas production we need to put that on equal ground. that is not happening right now. we need to be doing more land protection. >> they point out that energy development also impacts another development. ashley: interesting stuff. thank you so much. >> thank you. tracy: energy names hitting an all-time high today. what company should you be investing in? joining us is rob.
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i am glad you are here. let's talk about the open end. >> sure. we recognize this. it was developed several years ago. we have created what we think is the purest way. that is through an open and mutual fund. as well as a closed fund. tracy: those pipeline fund really focus on the oil. >> right.
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that is really a function of the investments we are making. that allows us to really dissect the right names to buy. tracy: i want to talk about those names. >> it is a great opportunity. >> let's talk about your pics. >> from a fun perspective, we like the oil basins. it is about increasing oil production. one of the positiins we like the most is continental resources. it will be growing its production. tracy: they do it all.
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>> yes. tracy: you like -- >> yes. it has really developed. today it is producing 500,000 barrels of oil per day. it is really in the sweet spot. it produced enough oil in one month.
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do you worry about any of that going forward? it has really transformed it. safety is very important. there are also incidents that occur. we will probably hear about all of the incidents. there is still tremendous opportunities at these levels. tracy: great stuff. i am so glad you were here. >> thank you. tracy: this series continues
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tomorrow. this is michael smith first interview since getting approved to build a natural gas export terminal in texas. it is all good news for the crackers. a special of series, master of business. be sure to watch "countdown to the closing bell" for the debut of this series. what it will take to get a job in this weak economy. stick around. ♪ i've been doing a few things for a while that i really love-- tdd#: 1-800-345-2550
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and sees problems ahead. we look at what it suggests about the outlook for the world economy and earnings season. supersize this. no, it's not a burger, we hear apple is looking at bigger display things for ipads and iphones. are we in for a supersized phone in and what would it mean for apple's beleaguered stock? and what does an mba from one of the nation's top business schools do for you in today's job market? we start the debut of our weeklong series masters of business. "countdown to the closing bell" starts right now. ♪ liz: good afternoon, everybody, i'm liz claman. it is the last hour of trading, check out gold. it is hitting a one month high today, surging nearly


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