tv Markets Now FOX Business August 8, 2013 11:00am-1:01pm EDT
thank you so much. housing, at least one bright spot in the economy. naturally, the president wants to talk about it, but how much further should he take it? speaking of real estate, i know you recognize these gentleman, the scott brothers, drew and john of hgtv. they are going to talk about the good, the bad, and you're a total idiot of renovations. judge napolitanoments -- wants to know the difference of what snowden did and what the nsa did to you. why are the closings a result of a failed foreign policy? now, a big money game, america's ballparks, wifi, those stories and more coming up on this hour of "markets now." ♪ >> three days in a row, market's dough, maybe four, a loss on the
new york stock exchange, on the dow, stocks shaving off early gains, down 35 points, at the new york stock exchange, what are you looking at? >> dagen, first thing you noted, this could, in fact, be the fourth straight day of losses for the dow and the s&p. that's the longest losing streak of the year, 2013, dating back to december of last year, so if, in fact, we do finish lower on the dow and s&p, it will be the first time we had four straight days of losses. don't forget, coming off the six straight weeks of gains, and the bulls had a nice run hitting the record highs, but, certainly, profit taking has been underway. we've gotten in plenty of earnings, market moving events, and the dollar is lower today. dow jones industrials, names like caterpillar, microsoft doing well. up over 2%, american express, home depot, plenty of winners to speak what's weighing on the dow here are big guys,
chevron, at&t, ibm, intel, and jpmorgan, in the news with the mortgage backedded securities in the mortgage crisis, but those are the losers on the dow jones industrials. we'll see how it ends, right now, in a mix, because of the nasdaq and gains. back to you. dagen: thank you, nicole. president obama eager to highlight a sliver of the economy doing well, real estate. taking to the interpret yesterday at zillow to answer questions about the recovery, housing finance reform, some of what he talked about, but is he on tricky ground? monica is here, and chief economist at first trust advisers, brian, to you first. when you talk about real estate and associating yourself with a recovery, but one that could be called into question, is he treading on dangerous ground here? >> he could be. you know, i actually think the
real dangerous ground is, believe it or not, is trying to trash the economy. it keeps growing. it's what we call the plow horse economy. day after day after day, better numbers, today, initial claim, but what worries me is every time the government tries to get involved in a market, it's slowing it down, and, in fact, if you really look at this recovery, the two slowest areas of recovery are employment and housing. the two areas the government tried to help the most, and that's why they are slow to recover. i -- i don't mind his proposal getting rid of fannie mae and freddy mack, but the problem is as long as the fed is holding interest rates at zero, it's awfully hard to get private banks back into the lending game. who wants to lend at zero in a risky environment? dagen: right. before we get on to fannie and
freddie proposals, talk about the political calculation of doing this, talking to people saying the housing market is recovery, but home ownership right now is at an 18-year low, which says that lot of buyers out there, a lot of people benefiting from the recovery are investors like hedge funds and foreign buyers. >> right. the vast section of middle america is not really taking part in the housing recovery. that is a great point. from the political perspective, it looks like the president, you can't really blame him for wanting to make political hay with the part of the economy that's actually showing some signs of life, so i get it from a political stand point, but from an economic stand point, i think you and brian are absolutely right that he's actually going out on a limb here because you don't know how long, as brian says, the fed is going to keep interest rates down. you don't know how much longer that the housing sector is going to bb showing signs of live, and you mentioned unemployment. that is still pretty disastrous. the only reason the rate goes down is because so many people drop out of the labor force. when you have that situation, it's not going to be a
sustainable thing for the housing sector to continue to grow as it has been. when he's putting himself out there, connecting himself so strongly to the housing sector, that is taking a big political risk. >> brian, frankly, it seems shocking. i was reading some of the president's comments from the talk that he gave yesterday, the q&a session he did, talking about the private market stepping in and getting the government out of this industry, and i wanted to know, do you think that this proposal on fannie mae and freddie mack has legs, and will it go as far as you'd like it to go? >> oh, boy. i wish we'd get red of fannie and freddie 30 years ago, and right now, i think fannie and freddie are a disaster waiting to happen. they really are the only entities in the economy making 30-year fixed rate mortgage, and they are doing that at extremely low, historically low interest rates, and so if we do get into
an environment of higher inflation and higher interest rates, they are going to take massive losses. i think that's one of the things that politicians see that they are setting up fannie and freddy to be the savings in loan industry. >> you say they will take massive losses, no, we, the american taxpayer take massive losses. >> exactly. i believe the only way to get them out of the lending game is bring the banks back in, and i'm -- it's -- imagine you're a banker, would you make a three and a half percent 30-year fixed rate loan right now given the fears of inflation out there, gold at 1300 an ounce? i wouldn't make that loan, and so we have to get interest rates off the bottom, and the way you do that is get the economy picking up, and so right now, i think there's a lot and lot of problems that face this housing market. i will say this. i -- --
>> let monica get in. she's -- >> sure. dagen: dying to jump in. >> yeah, absolutely. >> and i agree with you, brian. i mean, to try to get private banks to take this over and try to eliminate fannie and freddie or any kind of intervention in the economy or broader economy that led to this, give private banks incentives to go ahead and make the loans. you're still seeing banks very corks about doing that. what i heard from the president and administration is they are actually advocating, at least this week, assuming it's going forward, advocating same policies that got us into the mess in the first place, meaning, having the government put a gun to the banks' heads saying make loans to those not credit worthy and cannot carry a emergency mortgage. it's social engineering, this led to the meltdown, overflowed into the general economy, which is why we still have effects from the great recession. let's not make the same mistakes
again, but the administration can't help itself. dagen: brian, final word. >> and, monica, you made a great point, and this week, also, the government is going after these banks and suing them for making these loans five, six, eight years ago. >> right. >> we got this cycle going where the banks are funding the government agencies, but the government's forcing the banks to do things that eventually get them in trouble and fund agencies again in the future. it's -- this whole thing is a mess, and i think -- if i were the president, i'd try to get out of it, but he's really not trying as hard as i'd like him to. >> well, because maybe he knows when the interest rates go up and the 30-year fixed rate mortgages they start disappearing, people are going to get angry about it, and he's going to take the blame, not ben bernanke. hey, guys, so good to see you both. thank you so much for being here. >> yeah. >> you bet. dagen: see you soon. an update on a story highlighted yesterday, cities ready to use
imminent domain to deal with underwater mortgages. we said that the plans would wind up in court, and, oh, how quickly that's happening. banks representing bond investors, filing suit against richmond, california, a city we talked about yesterday, in attempt to block the city's plans to seize mortgages using ininnocent domain. the plan allows the city to forcibly buy up mortgages at possible below market values, then refinance those mortgages to lower payments for the homeowner or borrowers. deutsche bank and wells fargo filed suit for investors black rock, pacific investment management, and fannie mae and freddie mack. there you go. we'll see where it goes. and, we have a winner, or three. a trio of tickets matching the winning numbers for the $448 million powerball jackpot. two in new jersey, one in minnesota. the winners have yet to claim prizes, and after taxes, the three winners split $258
million. this is the biggest powerball jackpot, by the way, took place in may at $590 million with a winning single ticket -- one single ticket that won held by an 84-year-old woman in florida. so surprised by tesla's results? charles payne says you should not be, and he explains in his "how to make money" report coming up next. "property brothers," coming your way, the twins starting yet another new show on hgtv, and we'll talk to them about the housing market and the worst renovations they've ever seen. edwardsnowden, the judgments to know what the difference is between what snowden did and what the nsa is doing to you. ♪ [ male announcer ] these days, a small business can save by sharing.
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>> that's the part i don't understand. oh, my god, this is so surprising, i'm so surprisedded that a stock that went from 29 to 130 a share in three months did good, that the earnings are up, i'm so shocked! wall street is shocked this morning that tesla has great earnings. who the heck are the people who are surprised? in the march quarter, the march quarter, they beat estimates by 200%. okay, so the surprise -- tell me you're surprised that the beat was not already factoredded into the share price. tell me that you're surprised that, you know, by the quality of the earnings, you know, you can question that, but the narrative that you're surprised, are you kidding me, mufng says every other week we're kicking butt, rocking and rolling. don't be surprised by the fact they beat. dagen: you like the stock here. >> i'm out of it, unfortunately. played it three times, took profit, extraordinary, but my thinking was that the best news in the world could be factored into it, so you could be
surprised at the reaction at the stock, but, again, the narrative is changing, no longer about a car company, but a technology company, and the fact of the matter is that one day we will be a society that drives almost all electric cars, and it looks like they are so far ahead of the game that maybe they'll be calling the shots, and maybe at some point, general motors says we'll buy you, ford, bmw, whoever it is, it's more than just a technology company -- i mean, more than a car company to a technology play. dagen: the cars are impressive. they really are. >> one of the reasons i played it, went to the mall six or seven months ago, and there was a store at the garden state mall, the buzz there was like apple at the peak, people in and out of the cars, giving information, and people love the car. they really do love the car. dagen: the sedan, it's good looking. great to see you. >> don't be surprised. dagen: i know. i would opt for a tesla over, like, a leaf or a volt, charles, thank you so much.
>> yeah. dagen: got you fired up. i love it. i love it. investors love groupon's deal to name co-founder eric, ceo, nicole watching the shares. >> there's a lot to watch here in addition to the fact they named the co-founder, the ceo, which is very big news, and they came out with a great quarter here, so take a look at what the stock is doing, i mean, if you are a shareholder, see it up 27% hitting a new 52 #-week high, and year to date, up 130%, and they cont to shift the business model too to become a little more demand fulfillment business such like amazon and ebay, but, of course, you know, you get the daily deals with groupon, and they impress wall street. back to you. dagen: thank you, nicole. edward snowden and nsa, same behavior, but snowden is the only one paying the price for it. that's what judge andrew
napolitano thinks. "the property brothers," on the housing market and their new show, and i'll ask about the worst renovations you can make, the worst mistakes, like idiot stuff. yeah, that's right. a look at world currencies and how they are holding up against the dollar today. ♪ [ male announcer ] at his current pace, bob will retire when he's 153, which would be fine if bob were a vampire. but he's not. ♪ he's an architect with two kids and a mortgage. luckily, he found someone who gave him a fresh perspective on hisortfolio. and with some planning and effort, hopefully bob can retire at a more appropriate age.
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>> this is your fox news minute. yemen remains on alert after an al-qaeda plot to target embassies uncovered. military officials suspected u.s. drone strike killed three al-qaeda militants in the former stronghold in a southern yemen province. the size of a california wildfire now expected to increase today as flames are pushed from west to east by a steady wind. a thousand firefighters are battling the out of control blaze consuming homes 90 miles east of los angeles. about 1500 people have been evacuated so far from small surrounding communities in the area. new york-- newark, new jersey leads a poll they want to do without. according to a travelers' survey, it tops among unfriendly
city les in the world. it just beat out islamabad, pakistan for the distinction. they took into account, locations, political perceptions, size, and language barriers. ouch. those are the news headlines on the fox business network. back to you, dagen. dagen: no way newark is worse than islamabad. that's the crazyist thing i've seen, comically awful. >> it's awful. dagen: the other city, in angola? something like that, that's great. >> talk about the lineup. dagen: cheers no newark. >> there you go. dagen: good to see you. >> you too. dagen: spies and our freedom, what the u.s. government charged edward snowden with, espionage, why that when the nsa does the same thing? the fox news analyst, judge, good to see you. what are you talking about? what is the nsa doing similar to
what snowden did? >> we learned about the nsa in dribs and drabs as a result of the revelations on june 6th. first government acknowledged all they had was billing records, who called whom when and for how long they spoke. we now know that the past two and a half years through a secret court, secretly expanding laws far beyond what congress intended the laws to go, the nsa has captured the content -- the content, of every tfn call, every e-mail, and every text message sent within the united states of america. that's an enormous amount of data. they don't look at all of it, but it's there, and they can access can with the press of a few keys on the right computer. in order to justify their doing this, they have selectively leaked some of it. we learned they not only leaked it to the press that, hey, we stopped 50 plots, not really
plots, but stings, and saw a grave danger in yemen this week. that does not justify why we need to listen to the calls and read e-mails if we're worried about yemen, but extremely disturbing, as recently as two days ago, yesterday, and, again, this morning, that the nsa has been leaking raw data that it obtains from the phone calls and from the e-mails to the drug enforcement administration, and the drug enforcement ad mings and other law enforcement groups in washington use the data to institute to initiate criminal prosecutions. now, you say, well, so what, bad guys deserve to be caught. we have a fourth amendment to prevent the use of a dragnet to catch spies as a basis to start criminal prosecutions and to make it even worse, we now know that in a manual prepared for irs agents, they were told that if their information came from
the nsa, and they were put under oath as to where they got the information from, they were to lie about it. dagen: right. >> and claim it came from somewhere else. this is extremely disturbing if any of the lies took place in cases where the defendants have been convicted. guess what, defendants are now entitled to a new trial. dagen: doesn't congress, though, have the power to stop this? >> yes and no. congress can put a stop to it by reducing the budget or giving a budget and say what to do with the money and what they cannot do. libertarian republican congressman combined with liberal democratic congressman conyers last week in effort to do that on the house of representatives fell short by six or seven votes, persons that would need to change their vote in order for it to pass, but when congress learns what the nsa is doing, congress cannot tell the public or other members of congress about it because of laws that congress wrote, which requires the nsa to reveal
things in secret, but prevents members of congress from doing anything about it. dagen, what representative democracy is that, that when the people we send to washington to represent us learn about spying, they can't tell anybody about it. dagen: i think you get a little more fired up when you are here in person. >> can i tell you what else i'm firedded up? i was born in newark, new jersey. it was awhile ago, as you know, but i can't believe the polls claiming it's the least friendly city on the face of the earth? that's not true. i can take you to wonderful places in that town. dagen: first, over islamabad, islamabad was second! >> you know, if your wonderful husband allows it, we're going to go on a date in newark, new jersey when i get back to new york. dagen: i'm so there. i'm so there. they'll never find us again. judge, good to see you. >> pleasure, my friend. dagen: you're a dear, dear person, thank you so much. "the property brothers" next, talking
about the housing market, their new show, and like the worst renovations ever seen, and turning to crime in the fight between cbs and time warner. viewers looking for the favorite cbs shows, yep, they are pirating them. ♪ if you've got it, you know how hard it can be to breathe and man, you know how that feels. copd includes emphysema and chronic bronchitis. spiriva is a once-daily inhaled copd maintenance treatment that helps open my obstructed airways for a full 24 hours. you know, spiriva helps me breathe easier. spiriva handihaler tiotropium bromide inhalation powder does not replace fast-acting inhalers for sudden symptoms. tell your doctor if you have kidney problems,
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dagen: you see who the guests are coming up in a few minutes, but stay tuned, we have a lot more coming up in the next half hour. thinking about a home renovation? many people are, and that's what these brothers are here for, hgtv hosts, drew and john scott are up in just a matter of minutes. more and more cbs viewers are turning to piracy to see their favorite shows, and in the wake
of another drone strike in yemen and closure of american embassies in the middle east and africa, lieutenant colonel oliver north is on the foreign policy concerns, but we want to look at shares of orbitz first, how high is the question? >> wow, this stock is pretty impressive. look at what it's doing right now. you can see it's up 36%, hitting new multiyear highs, and it's an incredible performer this year in 2013, and it's up 356% this year, and any person at home would die for a stock like this one. they also operate their website they doo so well, cheap tickets. everybody's familiar with cheap tickets, that's under orbitz worldwide up umbrella. they did so well, they logged double digit growth. growth bookings jumped also. they did face one-time charges that hit some numbers, but ultimately, they continue to see
everything looking good, higher hotel and vacation, package volumes, and so what tough economy? people are still taking veigh -- vacations. back to you. dagen: thank you. the next guests have over 15 years of experience in the real estate industry, and host of three different shows, yep, three, on hgtv. first one "brother versus brother," they are put against each other, and drew is the realtor, john the contractor. guys, good to see you. >> good to see you too. dagen: i watched your shows. i've seen all of them. i particularly love "property brothers." >> oh, you pointed to me, i thought you loved me. dagen: you were just closer. drew, i'm going to start with you. my biggest beef is renovations look way too easy. finding a great deal looks too easy and renovations look easy. are you cutting corners a little bit? >> we never cut corners. no, i mean, the whole point in today's market, people, they want the dream home, but it's
not realistic to afford it move-in ready so what we do on the show is show people with a little work, you can turn a house that works like it's beyond repair into something that could be your dream home and keep it well wildfire the budget, put equity in your pocket. no cutting corners. it's a matter of knowing when you look for a house, what's worth a property to buy, what's worth it, and what's too expensive to go in a property. >> even with houses that are fixer uppers, there's good and bad deals. dagen: "love it or list it," i watch on hgtv, there's serious structural problems in the houses that people have bought. is that the big hurdle for people in finding a fixer upper? >> one of them. they are hidden. people puts it back to the inspector or somebody else, but, unfortunately, inspectors can't open the walls and see everything hidden. unfortunately, seller, intentionally hide problems with the house, and a lot of people who did renovations in the 70s, 80s, and 1990s, they compromised the structure, and they covered
it up with dry wall. >> one thing to keep in mind, though, just because there's a structural issue, it's not that it's not worth buying, but check it out, find out the cost to repair it, and make an educated decision. dagen: right. renovation budgets used on the show, you always get a lot dean -- done for what seems like a little money in a lot of cases. is that a legitimate budget and include labor? >> yeah, i don't charge for my time. that's the biggest difference in the budget. dagen: that's the biggest worry when you renovate is the contractor. >> the plumbers, electricians, that's all included in the budget, and anything that we can get, say we get appliances for free, we include the retail cost of that in the budget so that it's realistic, but you'll notice when the budget's getting tight, i get in there and do more and bring the homeowners into help. >> there is a lot. you know, on the new show "brother versus brother" there's huge transformations done in two or three days. some jobs take a month to do,
but those are all things people can do on their own. know what you can do and what tasks leave to the professionals. >> don't bite off more than you can chew. dagen: particularly with technology, people, men and women, toe a lesser extent, they don't know how to do construction work anymore. they don't -- people don't know how to change a lightbulb in new york city. i just think that a lot of times you see the people doing the work, and the average person can't do it. >> here's my rule of thumb, if you don't know what the heck you're doing,.net -- doing, don't infrastructuring -- don't do it. if you don't know where you are going, ask for directions. hoppestly, there's so many people that watch shows like ours, and they think, oh, i can did this. don't. you set yourself up to be liable for a lawsuit down the road. for example, if you do renovation on a basement, and you put in a suite, your own electrical, don't get the permits you need for the job, 20 # years down the road, if it
burns down because of your work, you're liable. there's no time frame that kneeing gaits your responsibility. you need professionals doing certain jobs and stick to things you are comfortable doing. dagen: i have a house built in 1965, like a flat roof modern ranch house, no great shakes, but i have the original flair oven in there, the one in "bewitched," it's in the house because i'm afraid to begin a renovation that won't get finished. >> the funny thing is, if people want to get rid of stuff like that because it's not energy efficient as some -- dagen: oh, hell, no. it heats five rooms. >> people pay money for that because they love it, but the next show, the next season that we are doing, taking homes in the connecticut area, and trying to make -- dagen: that's my -- >> just joking. dagen: how did you know it was connecticut? >> i researched -- no, you want to understand where to spend your money and get rid of something costing you more money like appliances or windows that are not efficient.
these are the things that, you know, on the surface, they are not pleasing like new flooring, but they keep your bills lower monthly. dagen: i wanted to ask, particularly, as a realtor, what are the worst renovations you've seen or things -- like even the counter tops stainless steel appliance thing looks dated, but in terms of the worst stuff you've seen? >> with counter tops, they get wild with the tat terns, and if it's too wild, it's out of style fast. big thing in the kitchen, a new renovation to the kitchen, but they don't change the layout, you're not adding value to the home, just a crappy layout with a new cabinet. dagen: how do you figure a good layout with a kitchen? >> i have a work mind, and when i walk in a kitchen, ai walk in the studio, that's not bad, i might change that -- kidding. with a kitchening, i look at, can we move the walls to change the foot print? noceps and putting lipstick on a pig and new cab innocents and 5
bad layout. >> you get a free quote and show great designs. it's silly to try to do your own kitchen without a professional giving you a free quote and idea what to do. dagen: other bad renovations, anything you saw people tried to do or start doing that was hideous? >> oh, yeah, and we buy houses where a guy was a horder, and rather than buying wood for the outside of the house, he stolen realtor signs and, like, you know, for sale signs, and stuff like that. you want to look at all the red flags. if you buy a house, pull carpal tunnels back, move furniture. >> do due diligence. don't rely on the inspector or real estate agent to do it. dagen: don't get wrapped up in bidding wars. >> don't be pressured into making a decision. bidding wars are fine as long as you understand the value. do your own market analysis on the house before you offer. >> people get stuck on pretty. don't get stuck on how beautiful
it looks. dagen: i did that. there was a town house i looked at once, it was great the first time, and second time, i noticed all the problems because it was a renovation that the guy had dope himself. guys, great to see you. i could talk to you forever. you have three other shows to take care of, drew, john, terrific. please, come back. >> we will. dagen: you have three shows, catch -- i need a lot of help on my house, "brother versus brother" on sunday nights at 10 p.m., but there's "property brothers," you name it, they are everywhere. a decreasing situation to shift gears here, yemen, american embassies closed in the middle east. turning to colonel oliver north about it all. cbs still off with time warner cable. showtime too, but that's not stopping viewers from watching, say, "under the dome," as they are pirating it. wifi the rage in ballparks. showing you why coming up. speaking of treasures, you want
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be stabilizing. the labor department reports 33,000 filed for first time jobless benefits last week, slightly below the estimate of 336 # ,000. the prior week revised higher by 2,000 to 3 # -- 328,000. des moines, iowa tops the forbes list as the top city for business and careers. the annual list ranks 200 cities on a dozen factors like jobs, doing business, living, and cities in utah, north carolina, nebraska, and tennessee made the top five. that the latest from the fox business network giving you the power to prosper.
north host of "war stories" on fox news. colonel, great of you to be here. is this an effective way to fight the threats picked up? >> two strikes in 24 hours is unusual, but not unprecedented, and certainly, the hell fire missile is a great way of killing terrorists. unfortunately, there's a couple things that are important that the team doesn't apparently notice. first, the total reliance on technical intelligence. there's no human intelligence at all collectedded in yemen, syria, other places like afghanistan and pakistan. the absence of human intelligence says you rely totally on signals intelligence or observation from overhead, and second of all, you don't get to interrogate those you hit with a hell fire missile, and so the end result is you know less about what's going on on the ground than you did before you started. dagen: are you concerned about the amount of information that we've been releasing about the
communications that led to the terror threat? is the government basically going too far with that? >> well, it is another example of the schizophrenic nature of the obama administration because sthai want to lock up a guy who worked for nsa as a contractor, and on the other hand, there's government officials out there thumping their chest about how effective our intelligence was in intercements what they thought was a global threat all over the middle east. that's why we have 22 diplomatic posts closed. it also, again, emphasizes the lack of human intelligence, so i look at what's happening here with this administration as perhaps proof they've been spoofed by the bad guys. there's no indication there was ever really a big attack planned. second of all, what the bad guys have probably figured out is we are listening. we are able to interpret telephones and satellite phones
and their internet, and so if you wanted to spoof the americans to see how they'd act, hold a conference call among terrorists and see what they do. on the other hand, we're leading up to 9/11, anniversaries are important to terrorists. we had better not do what we did last year and let it go by unprepared. dagen: at the same time, the president's standing by -- well, lifting the moratorium on releasing guantanamo bay prisoners back to yemen. >> yeah, and we know there's several hundred that were in jailbreaks now going back to become suicide bombers. how many of these coming from gitmo turn the same way? it's 25-30% of those released go back to the battlefield to kill more americans. dagen: colonel, good to see you. thank you so much, take care, be well. >> thank you, we'll do. dagen: time warner cable battle not stopping cbs viewers from watching the shows. they are pirating them.
dagen: standoff continues with neither side showing signs of budging, but the stalemate means big business for illegal downloads. dennis is here to talk about it. dennis, drew up a graphic, i mean, we have data on it. "under the dome" viewers accounted for 11% of piracy, and the number is now 14.6% in the blackout areas for cbs according
to torrent freak. >> that's an outfit that tracks bit torrent down loads. it's basically the one-third increase in piracy of one particular cbs show, and in the markets, it was blacked out. in the fallout, cbs and time warner cable fired missiles at each other, not caring if they were clobbered in the cross fire, time warner cable told customers, hey, man, get cbs shows at cbs doicts, and cbs.com cuts off all online show access, not just to the three markets, l.a., new york, dallas, fighting with time warner cable, but to all time warner markets in 12 million moments. when you do that, people go elsewhere through piracy. that shows that instead of hollywood and media companies fighting against piracy and wanting to sue them, offer us a better scheme, free shows, downloadable, ignore it, but
when you cut us off, we go to the pirated sites and find it. dagen: you drove the customers to pirated sites, and they don't come back. >> that is a dangerous. dagen: figure out how easy it is to steal content, keep stealing it, and more from other outlets. >> millions go there anyway, and the blackout prompted newcomers who never been to a pirated site before, and i'll be darned "under the dome" freely available online and illegally. dagen: it is stealing. it is stealing. i'm sorry. foot down about that. >> is it stealing if cbs.com shows it free on the cbs site, and i go to another site and watch it, that's stealing? when you steal a candy bar, it's gone. when you look at a digital show, it's still there. you didn't take it away from anybody. i'm just saying. dagen: it's stealing. we're going to debate this at a later day because it's a great segment. >> that'd be good.
dagen: dennis is coming up in a few minutes, but share your experience. that's what stadiums want fans to do by providing wifi. the san fransisco giants is one of the team, and adam is at at&t park, home of the giants, with much more. hey, adam. >> hey, a foggy at and t park here, there's a game in three hours, but it's wet here now. if you watch a-rod at-bat the other night, there was thousands of people in the fans holding up the cell phones, taking pictures, tweeting, facebook, or sharing social media pictures of the event whether you liked it or not. and because of that, stadiums are connected, not just this new stadium, but also here in san fransisco. you come to the ballpark, it's not just bout peanuts and cracker jacks or beer, for example, but to stay connected with the experience and your friends or family who are not here. new stadiums built, upgraded, trying to greet technology savvy
fans with fantasy sports, facebook posts, tweeting, realtime sports stats, wifi is an absolute must for a fan. the giants here have one-stop shop, really the first of the kind, a social media center, called the @cafe, broadcasting messages for everyone to see in the games. it's proamplet, first of the kind experience, and it makes sense because it's a short toss away from the silicon valley. >> twitter is six blocks from us, facebook down the road. we are, we believe we're in the hub of social media, and we believe when people watch the game, social media can be a part of it. >> the 49ers are building a brand new stadium south of here claiming they'll have the greatest stadium wifi network of all time when they open it next year. they plan to install as many as 1500 wireless access points in the stadium alone, that's double the number of that was installed last year at the super dome for the souper bowl, and quadruple the number where the patriots
play. team owners say it's about the fan's experiences, but others say it's about making sure you fill seats. >> the leagues and the teams and all of the entities have to give a reason for the people to come to the stadium; otherwise, there's an 80,000-seat arena empty playing to a studio show. >> you know, it's about money. very clearly, here in san diego, the cafe is sponsored by jive and peace coffee. they make ad money, and the fans are happy it's taking place, and you want to make sure with the hd home experience, they want to come to the stadium and share moments to everybody else. there really is a wide spectrum here business-wise keeping fans connected. dagen: the worst connection, the worst cell phone service 1 at nascar races. it's bizarre, impossible. >> i will tell you dodger stadium, also, they are trying to upgrade it there because it
was tough to get a text out to my wife. dagen: that's exactly what it is. they got to get with the program because a lot of the sports are way ahead of them, and stadiums. adam, great report, terrific too see you. thank you, see you soon. >> all right. dagen: in moments, dennis and tracy, a golf agent on the big business of the pga, tiger and phil, the favorites. ahead, what a win adds to the big bank accounts and advertising deals. tiger needs one more than phil. guess what? sex sells. that's why warner brothers has big bets on the latest flick starring jennifer ann playing a stripper. that's coming up on "markets now." ♪ ve by sharing. like carpools... polly wants to know if we can pick her up. yeah, we can make room. yeah. [ male announcer ] ...office space. yes, we're loving this communal seating. it's great. [ male announcer ] the best thing to share? a data plan. at&t mobile share for business.
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tracy: i am tracy byrnes. dennis: dennis kneale. when good news is bad news the dow down again, better and employment numbers, jobless claims sparked more years on wall street the fed will stop speaking of the punch bowl. when ben bernanke and company will begin to taper. tracy: big business at the pta, tiger and phil, big favorites, what a win would add to their already big bank accounts and advertising deals. dennis: the son's magnetic force, once in a 11 year phenomenon that could cost business and big bucks and joe bastardeye is here with the dire warning. tracy: stocks every 15 minutes, nicole petallides on the floor of the exchange. >> hope everybody is doing well today. if you are pulling for some up arrows, you may or may not get
your wish because this could be the fourth straight day of losses for the s&p and the doubt and if that was the case that would be the biggest losing streak of the year 2013. we have not seen that since december but that being said we have had some back-and-forth action, the dow is lower, the nasdaq and the s&p are higher so is that kind of back and forth day, jobless claims show more claims than the prior week, and so many, a tough one. i want to get to some headlines from 20th century fox, worth noting that two big pieces of news, dividend increase and buyback news so of a rising increase in the dividend to $0.25 from $0.17 and also be authorized buyback aim to complete the buyback in the next 12 months.
a lot of this from the chief operating officer. back to you. tracy: good to see you back, see you in a bit. dennis: trade numbers are up in china and positive data reports going to an end to one of the longest recession in the euro zone but is all of this good news truly good? of big souffle because of central bank easy money policies? the former. of bank capital market head and eric marshall joins us, small cap fund portfolio manager. let's talk, start with you, this entire rebound in the stock market, is it just artificial steroids from the fed and other central banks? >> for the u.s. good news is good news and if the markets are initially selling that is a temporary phenomenon so let's take example of the initial claims, the best since 2007, the
lowest, take the example of trade deficits, good numbers, encouraging, the reason federal loans, the highest commercial industrial loans lending since 2011. take housing, case schiller doing strongly, housing starts grossing 900. from a couple years ago housing starts were at 500, 600, going up. a long way to go. good news is good news but ways to go. dennis: do you think the good news is driven purely by the supercheap money policies or is it real? >> we would emphasize this is the time to go in and focus on well-run businesses that control their own destiny by focusing on ingenuity or relying on well calculated business decisions and not one set the and and on
artificial stimulus or what the fed may or may not do with quantitative easing but this is the environment where you focus on individual companies and we will probably see some volatility associated with the worries and jitters around the end of that fed program but we would use that volatility as an opportunity to focus on individual stocks election. dennis: you didn't answer my question. do you think the news we are seeing is real or artificial because it loses money? >> i think it is. i think the fact that the loose money, quantitative easing occurring in the program, an overall positive, long-term for the health of the economy and our research team spends time talking to corporate management teams a lot of public companies, we made over 2,000 contacts over the past two months.
and confidence is returning and business conditions are getting better. we are seeing companies increase capital spending programs and in my general we think there is a better environment out there, yet -- dennis: individual investors not in the markets, when money leaves bond market's going into money-market cash not into stocks so it feels like the conventional wisdom doesn't get that this is actually reals the go around the world and tell us where is the spread, the gap between underestimating how good it is and where people should be looking to invest? >> given the backdrop of the economic situation, still the best way to invest, good news is good news, take the matter of time, and the stimulus reduced by $15 billion, and maybe at knee-jerk drop. that is a buying opportunity.
dennis: any hint of bad news instantly, whereas good news takes longer to digest and change our thinking. given the economy's might be better than investors realize where would you be putting money? >> we would be putting money to work, individual companies, this is the environment where active portfolio management is going to pay off. i don't think you can blindly invest in equities a year or two ago, and returns but the important thing to consider is we had five consecutive years of money out of u.s. equities and six months where money is starting to come back into equity funds. we are still in the early inning of money fleabag into equities away from the bond market. dennis: the dow went from red to green and it is up the bit less
than 2 points. tracy: president obama set to meet with the greek prime minister, the mediterranean nation's plying its way out of a six year recession. peter barnes joins us from the white house with the details. >> interesting potential parallels, you have a leader struggling with a pile of debt in their country, slow economic growth trying to get job creation going has implemented budget cuts but not enough for critics but not pushing back against austerity in the u.s. or greece or both, some critics say greece is a cautionary tale for the u.s. and its economic policies. president obama meeting with the greek prime minister later this afternoon as greece still struggles with $150 billion
bailout. unemployment hitting 27.6% in may, and on track with the terms of its bailout cutting government spending, cutting government jobs so we can get more cash from the imf and its european neighbors. take a listen. >> the greek skate is too big to the company. too many employees don't have enough work to do. as long as this remains the case, the fiscal situation would remain fragile. >> some ask president obama reform government, the initiative on the table as the new trans-atlantic free-trade zone the president is pushing with europe and if they get that it could help europe and the greek economy. tracy: it is like the hatch, don't know what they are doing,
thank you, sir. dennis: the declaration of independence says we have the right to life, liberty and pursuit of happiness and i always believed our founding fathers also meant property but the property rights are at riskk in newark, new jersey, seattle and elsewhere including five cities in california, in the town of richmond near san francisco von mayer wants to forcibly buy mortgages on 624 homes, chris banks and clients to reduce how much money they are still owed and let the defaulting homeowners state put and a lower monthly payment and if--the bank's full the city will impose eminent domain, government takeover of property used for big construction projects in pursuit of the public good. richmond's mayor telling reporters, quote, it is the responsibility of banks to fix this and they haven't so we are taking it into our own hands. oh you are, are you? it is un-american for government to seize the property of one
party to hand a break to someone else especially when it rewards someone else for failing to pay his bills. talk about moral hazard. thanks -- i pray they win. should government have the right to bailout did beat homeowners by forcing banks to take a hair cut? hours that were balanced question? your turn to weigh in at dennis kneale, your comments coming the. crew tracy: then there is that. by by blackberry. smart phone sales dropping into fourth place. an analyst ahead on whether there is any hope. dennis: it sells, warner brothers has big bets on its latest flick starring jennifer anniston, sexy details ahead in the media minute. as we do every day this time take a look at energy. tracy: did they hire a marketing team to figure that out? [ male announcer] surprise -- you're having triplets.
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dennis: time for stocks on the floor of the stock exchange. nicole petallides, stop trying to come back. nicole: look at the dow and the s&p and the nasdaq, breaking the trend we will see if it holds. one name weighing on the dow to a certain extent, shareholders are following this story very closely. american investors, people who follow the financials are following this story as u.s. prosecutors are investigating jpmorgan for allegedly violating the security laws. this is about mortgage-backed securities during the financial crisis. remember jpmorgan fought bear stearns and washington mutual during the financial crisis. bose those firms which also created mortgage-backed securities are not under investigation, only the ones at the moment. the current criminal probe focused on what jpmorgan created so we will follow this story.
tracy: see you in a bit. time to make some money, the dow is up 12 points. it is getting green. charles payne as something dead in this market. charles: not dead. the exaggeration of the death of the tech market. did you see the articles over the last year going to last november, september, after the facebook ipo? the tech bubble was about to burst, tech bubble gum 2.0, facebook kills the tech bubble, all last year, even a to jew live this year all i read is the tech bubble is did. have you seen what happened this earnings season? wildly exaggerated. tracy: what they meant, one of the highlights from the huffington post, maybe tech was going to pull us out of this recession and it didn't. before the tech stocks are going
to implode like they did in 2001. i will show you what happened. i have a list of stocks, table of stocks, i don't know if we put the table on the able, we have yelp up there, groupon, linkedin, groupon is of 311% from a low point of november last year, yelp is up 2 under the deck ofs and linkedin 144%, facebook 121%, yahoo! 86%, everyone was telling investors stay away, these things are blowing up, you know what happens? you put pressure on it, get people scared, they miss amazing opportunities and that is something that happens over and over again and a cautionary tale is the crash is coming. and we pull back 7%, 11% and a year from now people say doubt 16,500 and five years from now
dow 20,000 and the media told me there was another bubble. be careful. the more money was lost in these stocks, it is sad because people use these products in their daily lives. dennis: if they only had some faith. charles: whenever you look at a newspaper or web site everyone is talking doom and gloom. tracy: they should be here because you don't see that stuff. charles: everyone so surprised, look at as low earnings, we don't promote the shorts, we acknowledge risk and reward, strictly promoting shorter, i don't like it, don't get it but investing public needs to be where. tracy: charles payne. another cloud to watch fox business, to get the truth. dennis: cheryl is out and i am in and i am taking over her
summer town show that an charles payne is jealous, we're down to five players and we have been tracking their stocks for a month and tomorrow david trainer, scott martin return with their results continuing with the competition and who will have to say goodbye, they have been cocky about the whole thing too. take a listen. >> scott martin the united advises. i will bet david trainer -- two dep dish chicago style pizzas with any topping the ones that my stock picks will outperform his. i might deliver them myself to ensure they get there safely. see you friday. this is david trainer of new constructs and i am so confident the diligence my firm does in the footnotes gives us the best bait and best malls and the companies we cover that i am willing to sing high and of loser baby at the bluebird cafe in nashville. if my picks to not be scott's.
dennis: the humiliation of seeing the hit song loser, and we will make him pay up. and set out this week tomorrow at noon eastern. tracy: wants to sing. and the pga is next, what a win would add to a golfer's bank account and advertising deals. dennis: a power ball winner. tracking down the trio next, your fox news minute. [ male announcer ] how do you get your bounce?
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>> 22 minutes past the hour your fox news minute. the california wildfire has expanded from 6,000 acres to 10,000 acres overnight. a thousand wildfires battling the blaze for zero% containment at this time. 90 miles east of los angeles. and in new jersey, glad someone's life is changing for the better, his store sold one of the three winning tickets in the $448 million power ball drawing. there's a second winner as well and another in minnesota. in sports and national hockey league is preparing to take over
the stanley cup champion jersey devils franchise. according to reports the team is up $230 million in debt. jeff bender bleached with the team in december, missed interest payment in june. recent attempt to sell the team fell through and that is what is happening at this hour. those are your news headlines on the fox business network. dennis: watch out, espn, the new kid might be gaining on you. game changing deal for our sister channel fox sports 1, the channel into a 12 year agreement to head the u.s. open golf championship starting in 2015, televised by nbc sports and espn for the past 18 years and just a reminder fox sports 1 makes its debut aug. seventeenth. tracy: the fourth and last major of the year, pga championship is under way so here are your
latest standings, tiger woods, sergio garcia on the links right now, rory mcilroy and phil mickelson will begin in an hour. $8 million, the winner taking home almost $1.5 million and this is big response is an agents as well enjoying because from atlanta, mack judy and chris cotter pointed out you are attacked and bread, he would want me to do that. let's talk about this, the 90 third pga championship, rochester, new york, what is so special about this? what makes this one different? >> this is the third time the pga championship has been to oak hill. last time was 2003 when shaun micheel hit an amazing shot at 18 and came out of security to become a major champion. theepga championship is one in which first-time winners have
come out of nowhere and made a name for themselves such as bradley of few years ago kind of accelerated his career and why e. yang will for that and shaun micheel and those three. tracy: you want to find these people, you want to get the kid playing at the local country club and said he will be big and got will find you some sponsorship. >> correct. you never know when that will happen and the pga championship has been a good example of that. we have a client named john peterson who won the n.c.a.a. championship and's l s u went out last year at the u.s. open, made a hole in one saturday and ended up finishing top 5, put on on the map. the majors are some work to do that because of that exposure on tv and crowds so watch these tournaments so therefore it puts you in front of corporations that wouldn't normally be watching a pga event because it is a major championship.
tracy: big sponsors that come out, first of all, how many sponsorships can i wear? i can below golan my adviser, on my shirt, on the sleeve. are there rules against how many look like nascar or race car? >> there are rules that there are always ways around skirting those rules if you look at john daly, he has become nascar -- if you look, most sponsors will stay on the left chest sleeve and every now and then you'll have a double logo, the most visible location is but pfizer and therefore it garnered the most money. tracy: how much to get paid out of this, the golfer gets a piece from the advertiser, you fabrice tours get these as well otherwise how do you keep your
doors open? >> correct. the golfer will then we usually negotiate the deal with the corporation that is interested in the gulf air and the industry standard percentage, the rest will go directly to the golfer for the service days that they do, could be a golf outing, could be a wine tasting, or just wearing the logo. tracy: pretty cool. you play a list of clients so thanks for being with us. >> no worries. dennis: tomorrow my exclusive interview with the disney's ceo on the mouse house, disney stock up 30% near all-time highs despite the big loss on the lone ranger. we will ask about disney's big budget films strategy, the lose of video game ambition, the latest on disney shanghai and the relaunch of a wisecracking mickey mouse to a new generation and profile for the wall street
journal in 1990 when he ran abc and hollywood dismiss him as a boring su to. today one of the best entertainment execs in the world. here what he has to say tomorrow in the new eastern cholon markets now. tracy: is not very good. what black very smart phone sales are slipping into fourth place. what does that mean for the company? we are going to go down on the farm for new kind of option. >> 225, 225, 2 in a quarter. tracy: farmers new prosperity all ahead. there is. that is not him. ♪
where giving up isn't who you are. ♪ this is the age of knowing how to make things happen. so, why let erectile dysfunction get in your way? talk to your doctor about viagra. 20 million men already have. ask your doctor if your heart is healthy enough for sex. do not take viagra if you take nitrates for chest pain; it may cause an unsafe drop in blood pressure. side effects include headache, flushing, upset stomach, and abnormal vision. to avoid long-term injury, seek immediate medical help for an erection lasting more than four hours. stop taking viagra and call your doctor right away if you experience a sudden decrease or loss in vision or hearing. this is the age of taking action. viagra. talk to your doctor.
nicole: live on the floor of the stock exchange >> c business network got you covered, looking at the markets are major averages have a power and we are watching as lot hitting some new highs, record highs for test lot of free hundred% this year but coming out with their numbers easily surpassing wall street's high expectations, morgan stanley said so this morning, trying to sell the model successfully, giving projections that are pretty good and have some new models coming out in the future including the sedan and a crossover, a lot more coming from test. dennis: goodbye blackberry, google, android, smart phone continuing to kill the competition, not good news for apple but worse news for blackberry. and counted for less than 3%. and three month end in june.
is this a debt for blackberry? s and p capital iq qualcomm analyst jim mormon. dennis: is a death knell or not? >> i don't know if i calling the death knell. and total subscriber losses. one of the main problems, and we didn't see that. a fuhrer units than people expected, the one caveat i would put out is we could see some enterprises options, can be very lumpy because it takes awhile for companies to approve and bring on the new devices so we could see better than expected sales of q 10 but also -- was disappointing and the new
touchscreen i don't know -- dennis: blackberry is trying to be apple instead of be a better blackberry. hi team manager, which bone to buy for, you got to worry if you see someone fall 3% market share, the other thing is your software development, and the using a blackberry can survive to save microsoft. big and corporate accounts. >> and we will be going to the cash burn mode and that is the concern. the thing people in in terms of valuation is cash balance climbing rapidly now that they go in the cash burn cycle with the launch of these new devices and try to reinvigorate the brand that has fallen off, then because more of a concern. they have somebody bigger the took over it would take a lot of
-- away from that and they might give a better distribution channel or adoption rates than they have right now but they have been running along for a while because of the cash balance but i don't know if they will be the brand they used to be. dennis: they are not back to that yet but i wish them well. jim morgan, thank you. tracy: planters, trucks, up for grabs at a farm option and jeff flock, no surprise, is in the middle of it all out in illinois. >> these to be sad affairs. remember farmers in the rain, theer last possessions being auctioned off, they really take on -- take a look at this in illinois. what you see right there, a big cultivators going. could we listen in on this little bit? i want to give you a feel of
what is going gone. >> 32 and thousand, thirty-three -- jeff: $45,000 for this piece of equipment. farmland values are really on a soaring trajectory. look at farm land values reported by the usda this year, 9.4%. farmland doing particularly well particularly in the corn belt but also new jersey, my home state and our land values in new jersey, $700 at the bottom. take a look at the guy in the white. running this auction here, we are talking big money. farm profits expected to hit an
all-time record. >> we can save it, 3750, 385, 5. zero little bit of 5, 382. jeff: going to buy something here. >> thank you. jeff: here it goes. >> 3850. jeff: $38,250 for that piece of equipment which would be more if he bought it new downtown. farm option, fascinating. tracy: fascinating, pretty sure you will mention that to stuart varney because he must need a new tractor now. jeff: picking up a riding mower may be. tracy: jeff flock, raise your hand, they will think you won something.
jeff: don't want to have that kind of dough. dennis: the son's magnetic flux, phenomenon that happens only once every 11 years and could cost business big bucks. weatherman joe bastardi hear with a dire warning and why family owners of the new york times, paper of record have gone on the record to say their paper is not for sale coming up in media minute. if you've got it, you know how hard it can be to breathe and man, you know how that feels. copd includes emphysema and chronic bronchitis. spiriva is a once-daily inhaled copd maintenance treatment that helps open my obstructed airways for a full 24 hours. you know, spiriva helps me breathe easier. spiriva handiher tiotropium bromide inhalation powder does not replace fast-acting inhalers for sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. these may worsen with spiriva. discuss all medicines you take, even eye drops.
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ashley: ashley webster with your fox business brief. four investment banks underwriting planned initial public offering,. a bang, goldman sachs, bank of america and morgan stanley managed the i p 0 which is expected to come in the first half of 2014, blackstone polk went private for $18 billion, $7 billion in assumed debt in the 2007 leveraged buyout. mcdonald's says same-store sales in july rose 0.7%, same-store sales rising one.6%. european sales down 1.9%. china's july beating expectations, imports rising 5% year over year and exports jumping 10.9% compared to last july raising hopes the chinese economy could be stabilizing. that is the latest from the fox business network giving you the power to prosper.
dennis: magnetic fields set to shift according to stanford researchers and nasa. the event happens once every 11 years, what does that mean to assert the inhabitants? weather beltsy forecasters joe bastardon hand at a very large core powell. thanks for being with us. what is going on here? >> magnetic law of lamb. and every 11 years, those from author to low. every other cycle, every 22 years the whole thing turns upside down. this data as the magnetic fields
of the sun, and the reason you care about it, we are inside the magnetic field, causes auroras and power surges. and communications satellites, and sometimes we feel that more than others and one of the strong times. dennis: what does it mean for forecasting? you are doing forecasting and what does that mean for businesses that rely on weather forecasting. >> the immediate flick of the sun, the fact that it is flipping means the solar cycle is just about over. the chart that is dan, and going into the tank, and there are a lot of studies that say the next solar cycle is going to be down next to nothing, very little since connectivity and that has implications as far as the weather goes in testing this whole theory that the sun,
oceans and as dusk -- the testing events, we have 200 years with high sunspot activity. in the shorter term lot of times when you have low geomagnetic field you get a lot of blocking a over the north pole and that implies a cold winter and we are looking for pretty cold winter in the united states. that is something we have seen before. in the longer-term it may mean the next sunspot cycle is in a tank. dennis: link this to the global warming argument. is this a function or cause of war contradiction to the fears we are eating the too much? >> what we believe a lot of us believe that the sun, the oceans and stochastic events, volcanoes are the main overall climate drivers and that co2 is boxed in and and do very little if not anything at all against the entire climate. we are getting, you got to
understand was the switch in the ocean cycles and solar cycles we're getting our tests now i don't know why these folks on the ceo to side of the arguments are treated this test coming up we will see of the 20 or 30 years, leveling off, starting down since the pacific cold and people believe it will be mighty chile by the year 2013 after this next sunspot cycle of it goes into the tank like that. this is a fascinating thing for science overall. dennis: got anything on this? >> i want to respond to that. if you look at the very long range record, historically lower levels of solar activity are associated with lower temperatures. solar activity has been trending downward over the past 50 years so you would expect from the sun the temperatures would be trending downward the last 50 years. if there has been a warming is despite the sun, not because of the sun. >> oceanic cycles, you have the fact the we do not have
satellite measurements, 1978 won't get away with that because what has happened is we had the hottest decade ever in the 1930s, 40s 50s similar to the period we went through in the pacific and atlantic, my point to you is we can objectively measure it now and i won't let you get away with that. it has been warm but you have 200 years of sunspot activity compared to the victorian era where the sun spots were in the tank. we are going to see who is going to win this. dennis: one last crack and we got to go. >> we have good -- back over a thousand years, longer than that so you can look at tree ring records and obviously these are not perfect records but all these things get fed into the climate models. it is true you have -- you cannot look at climate day to yea or year to year but decade to decade and century to century
-- dennis: let the record showed journalist takes on joe bastardi. we got to go. thank you very much. we will settle this over a beer. tracy: i never knew whether to be so heated. metals on the mend. let's head to the trading pits down there, the cme, phil flynn, that is for sure. jeff: accept medals on fire, and tell you gold as of $25, 66, copper up, probably the biggest story on metals is the disconnect between the physical side of a market and the financial side being played out in the industrial metals, we saw platinum put on the biggest premium in two years. what we are seeing is a big disconnect and big rally on the weak dollar, back to you.
tracy: thank you very much. okay. do we have breaking news? and new jersey devils are $230 million in debt, new report says because of the team's financial mess a takeover by the national hockey league is living. commissioner denying the report but the executive editor following the story, so glad you could jump in, this team has to go bankrupt like this, phoenix coyotes did not have to step in. >> what is going to happen is what i'm hearing is the nhl is not going to allow the team to go bankrupt like they tell you. that was a protracted mess, three years before he could get a new lease out, they want to take the team over, they are having a lot of trouble, and because of a huge amount of that, $230 million, they missed an interest payment in april on
bank debts they had refinanced. and where the liquidity situation is once training camp opens in mid september where the rubber hits the road. they got to start paying players. tracy: it took 113 days. and playing hockey in the middle of the summer. >> don't think that is a problem with the devils. there's no basketball team, no nba team, the devils, and the operating process. to the finals. liquidity causes problems in booking events. and when you book things -- had an upfront payment to the promoter so you could a the band
before they get there but because of the liquidity problems, they are really down in their bookings year over year. your goal in the first quarter, one of the 50 busiest buildings in the world came in number 11, not even in the top 50 this yea concern. tracy: that is part of a problem. the prudential center, my daughter saw justin bieber there. did we pay enough for that tickets to help out a little bit? >> i am sure it did help the. tracy: thank you. was new york voted the meanest city in the world? that is part of the problem. dennis: a good story. your last chance to get in. should government have the right to bailout did the homeowners by forcing banks to take a haircut? tracy: that is why warner brothers has big ban on the latest, jennifer anniston, we
dennis: in today's media half minutes sex sells, jennifer anniston, lingerie wraps for, works for me. where are the millers debuts this weekend time warner hopes will follow other sexually explicit are rated comedies to box office gold. new york times is not for sale, the family that owns the paper make it clear they won't follow the decision of the washington post to exit the newspaper industry, times family members say they are united in their commitment and working with employees and boards of directors. could be there in the nile, and a 15% today. earlier had asked you to weigh
in. to the government be allowed to -- to bailout did the homeowners? and force banks to take a haircut on mortgages? here's what some of the edges a, short and sweet from wizard john disagrees with me tweeting that is a big yes, should be allowed to. from william, no, it undercuts an entire system based on trust and mutually agreed terms. there and balanced but i think the first guy was wrong. tracy: j.c. penney shares a major mover right now, analysts take on reports management considering a shake-up, that is next. dennis: turning white into water, l.a. restaurant boasting a 45 page water menu, and its own water, and adam ant's lori introduce them next hour. right now, 7 years of music is being streamed.
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>> i'm lori rothman. stocks soaring amid the report the struggling retailer may make another management change. adam: more signs of a stabilizing economy in china. trade growth data blowing past expectations, but is it too good to be true? former ups economic adviser, george, says deflation concerns are real risks for u.s. investors to watch for. lori: move to break up the banks. chaferly has a call for one of wall street's top analysts. adam: h2/oh, my. forget the wine. this is the first water wine. say what? making money from tap water. martin reeds and the l.a. restaurant boasting a 45-page men knew focuses solo on aqua. lori: to the floor where nicole is watching jcpenney, a stock