tv Markets Now FOX Business September 27, 2013 1:00pm-3:01pm EDT
tracy: so much for liking gridlock. stocks down big as washington stumbles toward the government shutdown. all-star panel financial advisers are here. and what they are telling their clients with all this uncertainty and how you should position yourself right now. adam: federal housing administration says it needs the $1.7 billion bailout from the u.s. treasury, first in seventy-nine year history. tracy: bankrupt detroit sticking out its hands to washington. your tax dollars funding a new $440 million aid package. that won't come close to wiping out the motor city's $18 billion in debt which is crazy. and nicole petallides, what is going on? we are down 57 points. >> seeing pressure on the markets, the dow index in the opposition here to show a down week on wall street, first of
four, the nasdaq squeezing out a gain, and people keeping the close eye on washington in particular, the debt ceiling, government shutdown and the like continues to pressure wall street and putting an economic numbers like personal spending and income which are in line, consumer sentiment is something we kept an eye on. it is doing well today, hit a new all-time high. and better than expected numbers, basketball, deer in particular, running gear, stock is 5%. tracy: the dow is not as bad as it could be. adam: see you in 15 minutes. fannie and freddie and the federal housing administration, billion dollar bailout from the u.s. treasury. the bailout, the first in the at h a's 79 year history due to lost revenue because of higher interest rates, billion dollar
figure is double what the obama administration expected it would need in april. senior administration officials say they expect fha's finances to improve in the coming months. tracy: ford's ceo alan malawi vaulting to the top of the list to be the next ceo of microsoft. the big news is warm enough for the idea of replacing steve ballmer when he retires at the end of next year this according to a report from all things d. hollywood turned actor profitability stringing the automaker in 2006 after a near 40 year career with boeing. any claims that he is leaving detroit, ford says nothing has changed but the weather is better in san francisco. adam: silicon valley these days to san jose and vancouver. check commodities for you, gold trading over 1% getting a
safe-haven boost from the little name u.s. government shutdown and worry about all that and banc of america cut its 2014 forecast for the precious metal by 17%, thousand two ninety-four dollars an ounce. it is cautious on gold in the short term, the bank continues to be long-term bulls as long as it is over $1,200 an ounce they say you will be ok, $1,200 an ounce don't bet on it. cheryl: voting is underway as the senate begins on a plan to stop the government from shutting down next week. rich edson is live from capitol hill with this odd. what is going on? rich: this is the first in a series of four votes that will end in the senate passing a bill that will fund the government until nov. fifteenth. what it doesn't do is the fun the president's health-care law. in doing so there are a number of republicans trying to derail that. >> cloture on this bill is about showing the american people we
are going to do what we say we're going to do especially when it is inconvenient. >> no reason to let the gridlock and dysfunction cause more harm to our families and business, a vote for this point of order is a vote to kill this bill and shutdown the government and we do not want that to happen. adam: the senate is not moving on to the second in four votes, can't do much without a handful of votes or anything in the u.s. senate. when that is concluded the senate will have likely pass the bill that funds the government through nov. fifteenth. that bill comes over to the house side and house leaders are not sure what to do with the bill at that point. john boehner made it clear he is not going to send that bill to the president. he wants to make changes to that bill but the question for republicans what policy they want to attach? perhaps one year defunding or delay of the president's health-care law could be in the cards but not quite sure yet. getting closer to a government shutdown and running out of time
for congress to figure this out. tracy: clearly running out of answers either. nobody knows what to do. dennis: a lot of people trying to figure out what to do with their money, and certain gridlocks from washington to the federal reserve's taper problems investors have a lot to worry about right now. our next guest's job is to calm fears and financially prepared their clients for the unknown. tracy: all-star panel and financial advisor is from across the country, the senior well strategist for premier welker advisers and first allied securities in manhattan, managing partner of wealth advisers based in san francisco where i got the san francisco thing and the ceo of j nba financial advisors in minneapolis. he flew all the way out here because he is in studio with us. he is in new york for the clinton global initiative. good to have you here. dennis: you say the number one concern among your clients is
what is going on or not going on in washington but i thought clients or investors liked gridlock. why now don't they like gridlock? >> gridlock is important politically. you don't want to have one party with too much power but uncertainty and going to the e 11th-hour for the third or fourth time now in what seems like a gauge of do event for is is something they don't like. tracy: interesting that your clients are worried, they are watching this bull run but are not in it. why aren't they in it? get the mean? >> we are in it. we obviously have gotten a lot more into the equities and watched a proper time to get in. you have to be in to win. you can't sit on the sidelines too long but you have to be cautious. we added equities and continue to do that and are continuing to do that. dennis: i am concerned where we
go because they will figure this out eventually but we are looking that revenue flat lining, getting reports holiday season is not going to be very good and yet you see opportunities right here. i would think the opp face profit will come back until after january. >> we are advising our clients if they would like to take profits we have had a very good year across all of the indexes and my clients's portfolios. to take money off the table now is a recommendation by making to some clients but like my colleagues on the panel also am suggesting that we keep some of our powder dry in case we want to be tactical so besides our core satellite approach to our portfolios the satellite approach allows us to take some cash that has been sitting on the sidelines and moved it into the markets. tracy: are you getting phone calls? there have been so many moments where people going to panic mode and get on the phone with their advisers and pull ahead of the
markets. is this -- it bothers people. are they saying get me out, i don't trust it or what are these guys doing now? >> it is more the latter, frustration of hearing more of the same from washington d.c.. we are doing the same thing, very tactical with how we are managing money so not fully invested with where our risk level of a client is and keeping power dry as well. 10% under where they should be given risk parameter where they would fit into but we are not allowing them to shake themselves out of the market. dennis: how much of a percentage would you need to see in order to call up the client and say get the powder wet and go back in? >> we anticipate there will be another pullback of 5% or more. i have been calling for we have been forecasting that for october. we have seen some volatility and we will continue to see some more especially as we head into next week with tuesday's
deadline in washington looming and also the earnings season kicks off the following week. dennis: and the debt ceiling. >> 5% lower is of great time to put money into the market. the range is for all investors in terms of asset allocation but i would like to see that before i take cash off of the sidelines for any clients. cheryl: tracy: we will have more where you are going to put your money but let's play off the clinton global initiative. are your clients concerned about obamacare, health care and all that stuff coming down the pike? >> the country as a whole is. tracy: to you peer from new clients at all? >> they want to know what is going to happen. affects the individuals, it in fact everybody. we don't know what the answer is going to be. october 1st we will see what happens here and people are going to see if they will sign up or not and what difference states charge and will make a decision. we will definitely see soon.
dennis: we get this continual flight every year or two of continuing resolutions and the government. how difficult is it for you and why is it so difficult for investors to plan our future is when congress can't plan next hour of what is going to do? >> very good question. you have to ignore some of the static. it very much seems right now most of the politicians are basically positioning themselves for the midterm election and they care more about being reelected than the effects they have on the markets. tracy: we have been hearing a lot from people that the debt ceiling is a bigger concern to them than the budget resolution because these budget keep coming and going. debt ceiling worries you more? >> the debt ceiling doesn't worry as much because jeff alluded to it. our clients see that as lawyers or at least it is our job, our rules as well advisor is to counsel and let them know that this is a lot of noise. it really comes down to future earnings growth for the
companies and their portfolios with investments. dennis: future earnings growth. we will have you back on all three of you to talk about where we should be going in the future because there are definite plays investors should be making so you want to stick around. we have more from our financial adviser all-stars where they're putting their money, the client's money, why they're doing that and get in on that in 20 minutes. tracy: ben bernanke not the only top regulator leaving office at the end of the year. the underfund and underthey find replacement of the cftc is on the table. we will hear from its chairman next. dennis: the jaded jaguars, not the people who owned it in the 80s. the lowest rated nfl teams and plan to get teams back in the stadium. bottoms up on this one. tracy: racking up the effort to save the forest, $40 million and counting. the massive federal fingerprints
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dennis: rich edson reporting house republicans that conference will meet tomorrow to discuss the continuing resolution and the way forward in order to avoid a government shutdown which right now would start tuesday, october 1st. as we do every 15 minutes check the markets, nicole petallides on the floor of the stock exchange watching lambert liquidators. they are involved with federal authorities. nicole: they're cooperating with federal authorities as we speak, federal authorities went in to their headquarters in virginia as well as another office in virginia in richmond as well, the department of homeland security immigration and customs enforcement as well as u.s. fish and wildlife service. looking closely at limber liquidators and they import certain wood finishings and those materials so the company has a search warrant, executed in the va offices in particular and taking this regulatory
compliance very seriously and cooperating with these authorities. in the meantime they are hitting the stock hard. the stock at one point was at ninety-eight dollars and $0.50, up 13%. it didn't open when the rest of the market opened. it was a delayed opening that was halted. it did open and remains to the downside because nobody wantss to buy in and move up the stock that is being investigated at the moment. that is the latest but anything out of this probe we will continue to follow. tracy: incidents like jpmorgan's london whales, cftc chairman gary grant's lawyer says we have a far more transparent market five years after the financial crisis. peter barnes joins us with more on his interview with the chairman. how did it go? peter: it was interesting. the cftc is investigating jpmorgan for the $6 billion
trading loss caused by the trader in the company's london office known as the abundant whale for the huge financial bets he placed, reach the $920 million settlement with the fcc, the federal reserve and other regulators over its handling of the matter last week but it did not settle with the cftc which has decided to continue with its own probe separately. he would not comment on the status of his agency's investigation but did say the trading losses helped justify additional government regulation. >> banks will take risk. they are in the business of risk. but that situation at jpmorgan is a reminder as to why our reforms need to bring in far-flung operations of u.s. financial institutions whether it is of branch or a philly it oversees, guarantee that it comes under reform as well. that is what that reminded us of. dennis: the cftc and jpmorgan
are reportedly hung up over whether or not the bank should admit to trying to manipulate financial markets in the london wale trades as part of any settlement. jpmorgan's ceo jamie dimon was in washington yesterday working on a possible settlement in another area. sales of billions of dollars of securities backed by bad mortgages. tracy: thank you very much. dennis: $440 million backdoor bailouts for detroit, as the nation learned the new details about the way before it squandered billions of dollars. tracy: marching to a different beat, a deal for the head phone maker and private equity firm behind it, details on the next episode of dr. j. coming up. don't go anywhere.
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month with the report on the findings may be ready in late october. electronic arts announcing they will no longer publish their college football video game series amid lawsuits raised by or against the n.c.a.a. seeking compensation. it announced it would no longer have anything to do with this series. very moving market in new york last night as yankee pitcher mariano rivera made final appearance before a low fence, retiring after 19 years in the game, left the game in the ninth inning to thunderous applause, removed by longtime teammate andy pettitte and gary steerer. very nice. those are your news headlines. let's get you back to tracy. tracy: really lovely. and he is a lovely man. signed my son's glove, such a
gentleman. top members of the obama administration meeting with state and local officials in detroit this hour and bearing gifts. jeff flock standing by with more. which they would come to my house bearing gifts. jeff: watching mariano rivera and the yankees the only thing detroit can beat you on is if the apple winning baseball team, they are going to the playoffs this year but other than that they are in serious shape which is why the obama administration 7 three secretary to deflate and a live picture where they are about to come out and talk to reporters about the money they brought with them. three cabinet secretaries, eric holder, the attorney general, secretary of transportation and hugs, expected about $415 million that will be spent but that is public and private money. let's break that down a little bit so you get some sense of where they intend to spend the money. $150 million on tearing down
those buildings and homes that have been blocking the city forever. some additional money for police and fire. a lot of the firemen have not had new gear in decades. policemen ranks are depleted. they will hire new police officers and a transit system. they have gone to a system where public/private people are ransportation people for rides system is in such difficult shape but as adam mentioned earlier in the hour this all comes just as details are emerging about how this city got $18 billion in debt. take a look at one piece of this auditor's report, i have got the auditor's report, 47 pages, preliminary report but it gives you a sense how the money got squandered. look at unemployment claims paid by the city. we thought to former city
workers. take a look at 1500 claims that were paid up until march of this year. a lot of folks got paid who never even worked for the city. 58 claims for them. people who resigned or retired. you don't get unemployment did you resign your possession or retire. they also paid 134 claims to current employees, people that never fired or let go. the oversight on this, pretty paltry. but we will have this in the next hour on the fox business network just what the federal government is offering. it is not a bailout but at least some help for a city that certainly needs it. tracy: thanks very much. dennis: carlisle to invest $500 million for a minority stake in dr dray's beat electronics. it is not clear how much of the head bone co. the firm will own it beats the 2012 revenue,
$12 billion up from $200 million in 2010. also today smart phonemaker each ec announced it is agreeing to sell its remaining 25% stake back to the firm. the head phone themselves cost $200 to $400 and have taken over more than half of the u.s. market for premium head phones and look cool when you wear them. how many in your house? tracy: two. i don't know if they're all that i have to admit. i am not sure. a new kid thing. i think a little buzz are better than the actual -- dennis: a throwback to the 70s. tracy: down day for stocks on wall street but with the s&p up 20% this year year to date is now the time to be taking progress are jumping in for good deal? adam: financial adviser all stars will share with you how you may want to position
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adam: we're going to head back to the floor of the new york stock exchange and nicole petallides is watching the markets for us and watching what we knew what was coming with blackberry, nicole. >> we're watching blackberry closely and one of the reasons is they came out with their latest numbers, and into surprise they're writing down. obviously saw a loss of a billion dollars. revenue was a disappointment. they're warning going forward. don't forget they're laying off 4500 people but they have been beaten down pretty badly and today actually managing to squeeze out a gain. as we talk about the possibility for the $4.7 billion takeover offer, their ceo, mr. heinz, thorsten heinz, stands to i can
make over $55 million from the deal. some of his golden parachute may be stock related. if that is the case then he lost about a third of that money. we'll see if it goes through and we'll know more from the government filing pertaining to that. they do have the intent selling themselves and they really had a tough quarter. back to you. >> thanks, nicole. see you in a bit. investing in all this uncertainty, how the heck do you do it? with question marks on investors minds we have to bring back our all-star investor panel. let's hear how they're investing for their clients. adam: mark is a premier senior wealth advisors based here in manhattan. jeff martin. and richard brown, ceo of jnba financial advisors based in minneapolis. tracy: mark, we'll start with you. you have no cash on the
sidelines, do you? you're all-in. >> just a little cash on the sidelines. adam: not as much as our other guests. tracy: right. >> i believe we have opportunities and we continue to recommend, we're pro-bias toward equity port and all depends on the ranges risk parameters and risk tolerance for our clients. in some cases it is 2%. and other cases it is 5% in cash. adam: let me go to jeff in san francisco. is now the time to be conservative or be aggressive? you have 20% of the side waiting to jump in. seems like you are getting ready to punch it out with the market. you want to be aggressive, don't you? >> i think we're a little under 20% you're talking about. it is colorser to 10%. adam: okay. >> we're looking fairly similar to what mark was saying. we tend to be much more stock biased than bond biased. we're going into rising interest rate environment and where there is not much of a debate where to go. we know there i will will be headwinds going against the bond
market going forward. we'll be much more equity-related with uncertainty going on as we've been talking about the with budget and debt ceiling. those are short-term effects that could have buying opportunity for us within the equity markets. tracy: richard, talk specifically what you're looking at. underweighting the consumer staples, telecom and. we've been hearing this a lot of from other people. you're underweighting consumer deck chris nary and health. how come. >> we're looking how businesses are performing and opportunities it creates in those sectors. we're asset allocation firm so we want to make sure we're in all parts of the market. some were in, smaller percentages and some larger. at the end of the dave it rebalancing. having a program that you stay focused on and disciplined on and peel off when your asset costs -- tracy: how are you rebalancing right now in the light of potential taper, in the light of potential debt ceiling? where
are you moving your money? >> if we're in asset class that has grown to percentage we want it to grow to and it is getting higher we'll peel off and look at undervalued areas. tracy: like what? >> some of the things we discussed earlier in some of the sectors. adam: let me pick it up with mark. consumer discretionary, seems to me now is the time to avoid consumer discretionary. you disagree with that despite the chaos. why are you optimistic about discretionary? >> consumer discretionary we have it market weight in terms of client portfolios mainly because u.s., the u.s. economy is rebounding albeit slowly but china is stablizing and european is starting to grow modestly. adam: right. >> so that sector is seeing some growth. adam: the fight we'll see this weekend and on monday with a potential shutdown and the debt ceiling is the kind of thing that can really unnerve consumers and throw a black swan
event against consumer discretionary. would you say it is risking going there? >> i wouldn't say it is risky. all three of us on the pa panel are in the business of managing risk. i wouldn't say it is risky going there. richard alluded to it earlier. it should represent a percentage of a investor's portfolio. it could have five or 10% weighting as asset class or sector. tracy: jeff, with industrials, we consistently talk about what is going on in the global economy. industrials play a big role in that. you're liking what you see out there in the rest of the world. >> very much so. tracy: and any stocks in particular that you're picking up right now or you're waiting to pick up? >> well we are overweighted in that segment in particular. so we feel very strongly about it. we're getting back and more heavily involved in the industrials, about two, 2 1/2 months ago. i agree with what mark is saying that consumer discretionary is an area of interest. we're actually underweighted in
that area because we can't find stocks we feel are properly valued there we actually like the sector, it is moving in the right direction but we're underweight in that area. adam: or colleague here wrote about, charles payne, wrote about that a lost investors in the united states fail to appreciate what is happening in europe and the recovery in europe. are you saying it is stronger than the average investor back home is giving it weight? >> i think the average investor in the united states tends to be very u.s.-centric and they ignore the things going around them. they're fairly myopic with their viewpoints. yes, europe as a whole represents the same size economy as the united states. to ignore it is really ignoreing a good place to be investing money. tracy: mark, i want to jump to you quickly. your high net worth clients still like munis, aren't they. >> they do like munis. >> because they're hard to find these days. >> mainly agree because of tax-exempt because we're in rising tax environment. someone like in new york city,
you have to pay state, local and federal classes if you get the muni asset class in your portfolio and it is investment grade or better you should have it. plus also, tracy, the sector has been oversold since may so. >> let's pick it up with richard, we'll give you the last word. if you had a client come to you, husband, wife, they're in their 40s, they have got good income, middle class where would you advise them? would you put some into munis? put them heavier into equities? what would you tell them to do? >> obviously a little heavier in equities, but a balanced port foal for the long time. they will have plenty of time to invest. we're talking short term corrections we're having now and position giving market uncertainty. just a good asset allocation and diversification for the long run. adam: 55% equities 15% bond? >> maybe a little stronger in equities. adam: all right. tracy: good stuff, you guys. thank everybody. jeff powell with polaris. mark with, and richard brown,
flew in for us, jnba financial advisors. thank you all. >> thank you, all three of you. >> thank you. adam: a double-whammy for defense. first the sequestration. now we're stumbling toward the government shutdown. a retired air force general on what to expect if we do actually shut down the u.s. government. tracy: reaching for the bottle, huh? jack jill jaguars creative -- jacksonville jaguars creative marketing pitch to lure fans. this is the lowest rated team in the league. it will take more than a bottle. if they win lose you can still win. find out when we come back. ♪ ♪
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>> i'm jo ling kent with your fox business brief. next year new jersey will host not only a super bowl but now an f-1 race. formula one, the world's fastest racing circuit, scheduled the grand bring of america for june 1st. this will be a street course through weehauken, new jersey, directly across the hudson from manhattan. it is expected to generate $100 million. consumer sentiment slipped to 77.5 from 82.1 in august. september's number is the index's lowest final reading since september. spending rose as incomes increased fastest pace in six
adam: it's not the kind of thing you look forward to but we're just days away from a u.s. government shutdown and one of the areas that could be hit hardest, the u.s. military. the 50% of the department of defense employees could actually be furloughed without back pay if congress can't to a decision by monday. so what are the implications? what does this mean for u.s. defense? there is no one better to ask than general charles walled, a retired four-star general and leader of lloyd's federal government services department of defense practice. general, thank you for being here. i have got to ask you, with the sequestration there was talk of
government furloughs and actually they were talking about furloughing the civilian employees for 22 days. then down to 11 days. actually it has been much less. i bring that up because when we hear about the potential effects on civilian employees at the department of defense, can we believe what the government tells us? would it be as draconian as they're saying when what we saw with sequestration doesn't seem to have been as bad? >> well i think you have to start with planning for it to be as bad as people say. you never know. part of the problem here is unpredictable nature of the consequences what is going to happen. so, yes i would plan for worst case. number two is, i think that people assume that since you're a civilian or maybe a contractor, in the department of defense, is that your mission isn't quite as essential or important. i heard a speech yesterday by the deputy secretary of defense, ash carter, claiming that they couldn't do the mission today without both contractors and their civilian employers. the fact that people are
treating civilians as a non-essential part of the mission is pretty much a fallacy as far as i'm concerned. i think there are dire consequences. adam: there is a category of employees, civilian employees who can be exempted from furloughs or the cuts but how do they get paid if the government, they get paid retroactively, correct? >> some would get paid retroactively but some may not. there is always the potential you may lose the days that you didn't work. and again, you know, our nation needs to realize the importance of what they're paying for in the military. anytime you start changing the process where you become very inefficient, not only do you lose money, you can never regape back, basically wasting money. adam: right. >> also there's an international part of this from our credibility. people see how the united states operates and the fact that our government has the inability to make decisions is very, very harmful internationally. adam: general, does the potential government shutdown does that put any men and women
serving our country in harm especially those overseas? >> probably not necessarily directly because we will fund the overseas operations. as you know, every mission essential operation will continue. so that's probably the good news. the bad news is, i mean, frankly if i have to look all of sudden i see germany shut their government down, i start wondering whether germany has a credible government to make decisions in long run. it gives me a edge in international negotiations for example. so i think there's a bigger consequence here. adam: what is that bigger consequence? the reputation of the u.s. government or the ability of the u.s. to, you know, send our power and our influence overseas in the future? >> both. i mean, again for essential missions those will be funded. so afghanistan or other operational missions around the world will be funded because of the pure nature of it, but over time, you start eroding the ability to, for the military to retain that edge and that edge is noted by people.
people know how far to push us much and our ability to keep a strong military, these monies will never ever be recouped or training time will never be recouped and consequences are significant. >> all right. general wald, we appreciate you joining us discussing some of the unintended con questionses and negative consequences of a government shutdown. all the best to you, is. >> thanks, adam. tracy: that time. we have to get a check on the markets. jason weisberg is on the floor and joins us. jason, friday afternoon, you're inching to go home, hit a little happy hour. what will you do before that first drink though? will you sell anything, get out of it? >> no. stay the course. not going to jump into the deepwater and i'm not going to get out of the pool. it is nice and warm where i'm standing. >> i understand. you're not worried about this budget nonsense? is any of it worrying you right now? the market is not seeming to like it all that much. >> i tell you i think the investment community is a little tired of washington being so
self-serving. it is another topic entirely. these people will eventually come to a last minute deal because it is their job, we're coming up to an election, no one wants to look bad because everyone is going for re-election the following year. i think investment community is smarter than that. they're not puting a lot of faith in these people. i guess we'll point to earnings. will be able to focus on earnings once we get to the end of september. tracy: deja vu all over again. more importantly what is your drink of poison? what is the first drink you pour when you get out of here? >> vodka, no fruit and some ice. tracy: jason weisberg, enjoy. have a good weekend. >> you too. adam: yesterday we told you about a bear which walked into a bar in alaska. today we've got the story of the jaguars and beer, not jaguars of the jungle but jaguars of the football kind of the check this out. jacksonville fans know as the baguars endured three losses in the season's three games.
hey there, a lot of teams feel your pain after going 2-14 last season. to boost effort, and morale, they offered two free drinks and beers with purchase of think $45 or higher ticket purchase. they can collect the beer at the colds-jaguars game on sunday. this could be a ploy to fill the stadium per nfl rules to avoid a tv blackout, who wouldn't love a free beer? what do you think? good idea? tracy: i do think it's a good idea. adam: a lot of fun. get in there. cheer for the team. tracy: even though they're really crappy. it is okay. how about this? 500 cars up for auction. some with less than, what, 10 miles on them? enough to make our resident car fanatic adam shapiro -- adam: drooling when they announced this last one. tracy: we'll take a look at this weekend's huge car auction in the teeny, tiny town of pierce, nebraska. that is next.
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adam: the vintage car auction in the town of pierce, nebraska, is expected to quintuple that small town's population over the weekend. hotels are booked for over two hours in every direction. so joining us to talk about this auction is fox news correspondent alicia acuna. and i know this is geting a lot of attraction. i heard about this auction back in june because the dealer where some of these cars are coming from, he would lock some. cars away 40 years ago. this is first time they have seen the light of day. tell us more about it. >> the reason why this is
getting so much attention as you mentioned, adam, so many of these cars have barely been driven and there's about 500 of them. this auction is happening in pierce, nebraska this weekend. all the vehicles belong to automobile salesman ray lambrick, who ran his chevrolet dealership in 1940s. he didn't like selling trades, older model vehicles. sew kept some of them. stored him around town in his showroom, under trees, in warehouses. you get the idea of the a lot of them have fewer than 20 miles on the odometer and still have the new car smell according to auctioneer. we're talking about classic cars from the 1950s and '60s. you know that sticker you get, they still have those from way back when. his showroom is dusty time capsule. ray an interesting man, 17 years ago decided to walk away from the showroom and that was it.
>> this is a six at this five impala two-door hard top. it has 10 miles on it. it's a 396 car with air and it had some water that dripped off of a roof and came in a little bit. the carpet's been pulled out. the seat is loose. but it's a new car with paperwork and 10 miles. >> ray is in his 90s now. his family decided it is time to sell his collection so pierce is bracing for the crowds. estimates range from 10,000 visitors on up which is a lot for a farming community of just 1800 people to host. when lambrick chevrolet opened up in 1946, the average cost of a vehicle was $1400. the price after gallon of gas was just 21 cents. last year the average price of a vehicle was just over $30,000 and price of gas was 3.58 cents. it is fascinating. adam: that is fascinating. car collectors go crazy if get
original equipment. when a car sits like that it rots. who would not want to have the impala to get it running and fixing it up. it would be great. >> you got your eye on anything out there? >> there is a truck a chevy cameo. they made it one year, wasn't a big seller a fascinating little blue truck they have. it will be first thing they have to go because it is oddity. people are lining up for a preview this morning we hear from watching the twitter feed out there. >> alicia acuna, thank you very much. >> sure. tracy: we have breaking news for you now. the latest in washington. so the senate passing a spending bill by a vote of 54-44. now it funds the government only until november 15th. it does not defund obamacare. that is off to the house where leadership is still trying to figure out what the heck to do. rich evidence son reporting that the house republicans will meet tomorrow to talk about this but
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see, the special psyllium fiber in metamucil actually gels. and that gelling hes to lower some cholesterol. metacil. 3 amazing benefits in 1 super fiber. tracy: hey ex-welcome back. i'm tracy byrnes. ashley: ashley webster. three week winning streak over? unless we have a nice late-day rally. dow and s&p on track to have the first losing week this month. fiscal gridlock is one factor pulling down stocks today. tracy: the senate just passed a bill to keep the government running, well, next week without funding obamacare. now it is back to the house. the hours ahead are critical for both parties. "wall street journal" steve moore will tell us how it will play out. ashley: a horrible game of fiscal tennis back and forth. how to regulate electronic cigarettes. the fda is under pressure to take more action but one ceo of cigarette maker is regulating
itself. that is interesting story. a lot of people are using e-cig e-cig -- but should they be treated same way as tobacco. tracy: time for stocks with nicole petallides on the floor of the new york stock exchange. rough market, i should say rough week for the market. we're down off the lows but we haven't done a whole heck of a lot. >> we haven't done a whole heck of a lot for major averages today. it is wait and see what the government does or does not do. you heard jason weisberg earlier. there is feeling on wall street ultimately in the last hours they will come to some sort of an agreement. meantime you have the first down week for the s&p and dow jones industrials in four weeks. so it shows you that there is still some nervousness here on wall street. i wanted to take a look at dow component nike. that is because they came out with their numbers. they did very well in north america and europe, less so in china.
one analyst is saying mentality in china isn't go, go, go and go shopping. that is an indication we followed. they did well with a lot of athletic gear. analysts jumping in with positive comments. shares hit all-time high for 26th time. its ace new dow component. helps the dow to be down double digits rather than triple digits. back to you. tracy: nicole petallides, calling me they call it nike in the u.k.? what? ashley: buy a nice pair of nikes. that is so wrong. tracy: so wrong. you and your little low. whatever. ashley: goddess nike. tracy: i bet they say nike in greece, right, girl? >> help us. ashley: oh thank you. here we are laughing but the threat of a government shutdown weighing on the market but my next guest says, no, it is not going to happen. instead he is using these kinds of selloffs as buying
opportunities. hank smith, chief investment officer of halfer ford trust. hank, we've been down this road before. but as an investor you can't blame people for cashing in some of these profits before we head for a uncertain weekend in d.c.? >> no, ashley, you can't but this creates opportunity and look, september has been a great month even though we ended the last week kind of on a down note. it still has been a very good month and as you just said the year has been terrific. and we would suggest these opportunities where you have pullbacks, are great, because there's still a lot of cash on the sideline that is earning nothing and there's still a ton of money in bond fund that are earning very little. so take advantage of these pullbacks because equities are still the best asset class we believe both intermediate and long term earnings so with that in mind, hank, where do we go in such a volatile environment?
>> well, we still believe that you have an opportunity to buy equities for income. so in other words, better than bond yields are what we call a handful of great blue chip companies who have dividend yields that exceed the yield they pay on their own 10-year debt. and look, that is a remarkable given we're up 160, 170% off the bottom and you still have this opportunity to get better than bond-like yields from stocks. so take advantage of it because we think we're going to be in a low interest rate environment for at least several more years. ashley: well that brings up the issue of the fed policy. you believe janet yellen will be the next fed chair. not a whole lot of difference i would imagine from ben bernanke but some, there was an fomc member today talking about, well, the taper could be early next year now. what are your thoughts? >> well, and it could actually even begin later this fall
although i doubt it. i really do think it will, they will wait until the new fed chair is in place in order to begin but we have to remember, even with the tapering, you still have an extraordinarily accommodative fed, and, the fed has told you that they're going to keep interest rates low through 2015. and it is not paid to doubt the fed. so, as an equity investor, do not fight the fed. that is one of the great adages. ashley: one of the big concerns about the fed is our economy. we just got consumer sentiment that hit a four-month low. the housing market is definitely slowing down. that doesn't speak well for the economy right now. >> i think with respect to the economy, look it really hasn't changed all that much for the past several years. we're stubbornly stuck in below average world. call it a 2% world, plus or minus. about the only positive thing i can say is the economy has
broadened out so more areas are participating in the expansion but it is at below average rate. it will stay that way most likely for several more years, in large part due to government policies that are not very pro-growth, but also, let's not forget, we're still deleveraging. that has an impact as well. ashley: quickly, hank, what are you avoiding? >> we still believe treasury bond are really, the most overvalued asset class. so we would stay away from sovereign debt. stay away from gold. that's speculation, not an investment. and stick with good high-quality equities. ashley: good advice. hank smith, thanks so much. we appreciate it. >> thank you, ashley. tracy: the u.s. federal housing administration apparently in need of some serious funds, tapping the treasury department for nearly 2 billion-dollars bailout. peter barnes joins us from d.c.
boy, the white house kind of misestimated this one, huh? >> by half, tracy. the fha told congress in a letter here that it will require a $1.7 billion cash infusion accessing the line of credit in the treasury department to comply with the congressional requirement for its capital reserves. this is the first time the agency had to do that in its 79-year it. the agency said recent higher interest rates reduced underwriting volume and revenue and hurting capital reserve fund. the fha does not originate any loans. it simply insures them against losses for lenders so they will make loans to first-time borrowers with lowdown payments, as low as 3.5% down for example. now despite this treasury draw, the agency insists that it is not in any serious financial trouble. that this is a temporary
accounting entry, based on government requirements using data by the end of last year. if it could have used updated figures reflecting better loan performance this year and recovering money from defaulted loans it would not have to have done this it suggests. and told congress, it is estimated the improvement in the recovery rates alone is worth more than $5 billion to the reserve fund, which would far exceed the amount of the mandatory appropriation in the tomorrow form of that treasury loan. republicans jumped on this news. critics as well. jeb hensarling, chairman of the house financial services committee in a statement said, if the fha was a private financial institution, likely somebody would be fired, somebody would be fined, or the institution would find itself in receivership. instead, the fha is merrily on its way to becoming the recipient of the next great taxpayer bailout. tracy and ashley. tracy: holy, all because of an accounting entry?
come on now. they have to come up with a better excuse than that, peter barnes. >> you're the accountant. tracy: and i don't believe it. ashley: i love that response. like nothing to see here folks. move right along. don't worry about it. >> debits and credits. we'll be find. >> thank you, peter. >> all right. ashley: the senate just taking action but there is still only three days and change until a possible government shut down. "wall street journal's" steve moore will tell us whether anything can stop it. that's next. >> plus there's about 40 states pushing the fda to regulate electronic cigarettes the same way it governs big tobacco. we have one e-cigarette ceo. njoy's craig weiss. he will share the reaction to all that ahead. but first we have to check out how oil is trading as we head out to the break. basically flat. $102.59 a barrel. the dow has fallen off a little bit, down1 points. we'll be right back.
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the bill heads to the house. can congress reach a deal to avoid a government shutdown? i don't know. "wall street journal", fox news contributor, economic writer steve moore. ashley called it congressional tennis. it is like ping-pong. it is so confusing the back and forth. it is not going to shut down though, right? >> no, i don't think there will be a shutdown. i put the odds one in four, one in five. i lived through these melodramas before in the early 1980s. rather in the mid 199's with bill clinton and newt gingrich and we saw this a couple years ago. they always find a way to settle these things before the stroke of midnight. or if we have a government shutdown, let's look at the possible scenario. history tells us it would last, 24, 48, or 72 hours. somehow it will cause the economy to collapse. i've seen all sorts of nightmare scenarios of the those are fiction. tracy: and you're referring to
moody's came out we would knock 1.4% off gdp. >> that is preposterous. the not only is it ridiculous, the same economist who came out with that prediction some people are paying attention to, he is the same economist who told thaws the fiscal stimulus bill back in 2009 was going to create four or five million jobs. he was wrong by about four or five million jobs. >> make a great point. it is only non-essential employees will be laid off. right, probably only a couple of days. but it is all the drama. >> yeah. tracy: you know the problem though? kills confidence at home. people hold on that irtheir money. market reacts to this. we can't keep doing this every year? >> no, but you know, these are big fights. these are fights over big things, about whether we'll have this government-run health care system. whether we continue to borrow a trillion dollars a yee. so, i think, these are not little things they're fighting over. would i make this prediction to
you. i think we'll get you the next couple weeks. they will pass what we call a short-term funding bill that will be six or eight weeks the real fight in my opinion comes in the middle of october some that is about three weeks from now when we see the big fight over the debt ceiling because when i talk to republicans on capitol hill, that is where they say they will really dig in and they will ask for something substantive from the president in exchange for raising that debt ceiling. as you know the president said he will not make a deal. he will not negotiate. there is where you have a mexican standoff possibly. tracy: yeah. but what is the bargaining tool there? i mean the republicans will go in say, defund obamacare. that is not going to happen. what is a reasonable chip they could throw on the table to come to some sort of a bipartisan decision here if. >> okay. on the first issue of the budget that will pass sometime in the next few days, there is good chance republicans will demand that congress gets rid of its so-called washington exemption. that is the provision that
exempts members of congress and many of its staff from having to come under the purview of obamacare and that's something that is extremely unpopular with the american public. i think that the republicans will prevail on that. tracy: yeah. >> now the other issue though, when we come to the debt ceiling, what are republicans going to get on that? i believe a couple of possibilities. think about maybe keystone pipeline as a possible bargaining chip? think of maybe a one-year delay in the implementation of the obamacare individual mandate. as you know the mandate on employers was already suspended for one year. tracy: right. >> so there are all sorts of possibilities of things, but republicans are not going to, just kowtow to the president's demand that, you know, that they pass a clean debt sealing with no provisions because you know, as long as i've been following this for 25 years, every time we've had a debt ceiling bill, there have been riders and provisions attached to it. so the president is asking for something very different that we've done under republican and
democratic presidents for 25 years. tracy: we'll see who caves. steve moore, of "the wall street journal", down in washington. thanks for your predictions, sir. >> see you soon. take care. ashley: with all this going on the markets are not particularly confident. no surprise there. let's get down to the new york stock exchange. nicole petallides, nicole you're watching ford and microsoft. >> yeah, there's a lot to watch as you noted. the markets are accelerating with the selling. we're down 95 points. moments ago, jcpenney hit a new low. barely holding the $9 mark. let's focus right now on ford and microsoft, another really big story we continue to follow the question is, whether or not alan mulally will indeed move in and be the top guy there at microsoft. so when you look at the two how they have done comparatively, in the past year, for example, ford's shares are soaring up around 70%. microsoft is up around 8%. don't forget that, alan mulally took over the helm of ford in
2006 prior to the financial crisis and during the financial crisis actually was the only automaker not to take that bailout at that time and managed to navigate through the tough types. so we'll see, whether or not mulally, you know, right now, they are saying and telling fox business that mulally remains absolutely focused on ford's long-term strategy at the moment but we'll see what really unfolds. back to you. ashley: interesting stuff, nicole. thank you very much. >> coming up we'll make money with charles payne. find out what retail stocks he likes next. ashley: also ahead, white house officials heading to detroit. they're bearing millions of dollars in help for the bankrupt city but first, see how the u.s. dollar is moving right now as the selloff kind of accelerates a little. the dow is off 91 points. as you can see the dollar generally weaker today. the euro, pound and canadian dollar all moving higher. the pound now at 1.61.
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a apartment building collapse in india saying that 44 people are rescued from the rubble. many are still missing. today' disaster is the third deadly building collapse in the mumbai. mcdonald's takeing a hit from burger king's sat -- satisfries. as part of its commitment to serving healthier food, mcdonald's only agreed to openly advertise milk, water and juice for kid's happy meals. the pga named tiger woods u.s. tour player of the year for the first time in four years. it is the 11th time he won the honor. he won five events and led all players with more than $8 million in prize money. those are your news headlines on the fox business network. let's get you back to ashley and tracy. ashley: arthel neville. thank you very much. not a bad season, 8 million bucks. >> i know you love tiger. i can't find it in my heart to like that man.
there is nothing endearing about it. ashley: it is time to make money with charles payne. quickly move on for tracy's sake. taking it outdoors with deckers? >> tiger, he did mail it in the last couple tournaments. he has to find a different way of training because he runs out of gas real quick these days. ashley: lindsey von. >> deckers outdoors, i'm not sure, are you a fan of uggs? tracy: i do wear them. my kids love them but they're not, not making them right anymore. ashley: we were saying teaching a generation of kids never to walk properly is shameful. shuffle. tracy: pick your feet up. pick your feet up. >> it is ridiculous but they're making something because of resurgence. out of know where the stock is at a 52-week high all of a sudden. it is relatively cheap. 2012 was, you know what, a
tremendous terrible year for them. europe in trouble and sheep skin went through the roof this is name i would probably chase. they have a whole bunch of new brand coming on. dointheir retail store is always packed. apparel and handbags. beating the street. earning consensus next year is going up nicely. everything i'm looking for is nice in the stock. one of those names -- nike is up and footwear in general is doing well. uggss is worth chasings. 770 to$0 a share. they're having to hire tiger woods to endorse the product. tracy: hey. i will wear flip-flops all winter when that happens. >> see you later. ashley: thank you, charles. >> all right. so energy futures seeing big selloffs over the past month. many are saying the so-called super cycle for commodities may be over. sandra smith is in the pits of the consider cme.
hey, girl. >> hey, tracy. it is a realistic concern when you look at month to date changes in a lot of these commodity comes prices. it is starting to have folks question whether commodity super cycle over the last decade is over. as , all those major commodities are posting losses for the month. and that being said, ma concernssy and company came out with a report today, they said no, the super cycle is alive and well because of emerging markets demand. this commodities rally is not going away anytime soon. they're still calling it a good investment at these prices. emerging markets demand from china, india, all the places will require more raw deals. that will render higher prices. remember already prices of energy commodities, metal commodities, ag commodities have doubled since the year 2000. mackenzie points out most of the prices of those raw materials
are still close to the highs that were reached before the financial crisis actually set in. so we returned to those highs after the crisis. and they're saying even though the commodities like gold and wheat have even entered into bear markets, the super cycle still intact. tracy, ashley, the reason why this report is so talked about and so big, is because of the fact that citigroup, and goldman sachs just came out with their own reports, saying that the super cycle is over in commodity prices are going downhill from here. so it is really coming into a crossroads here, where a lot of big commodity louses -- houses are trying to decide will we keep on going up or is this thing over? mackenzie put the fire out on the rally being over. they say it will keep on going from here. tracy: sandra smith and the super cycle. ashley: end of. tracy: i thought i used the washing machine, the super cycle. ashley: yeah. don't forget the rinse. thank you very much, sandra. regulation pushover electronic
cigarettes? a head of a top e-cigarette maker njoy's craig weiss shares his reaction next. it might surprise you. tracy: the white house delivering millions of dollars, to detroit but please don't call it a bailout. we'll talk about that next. look at some winners from the s&p 500. nike or nike in the u.k. i don't get that. ashley: i don't either. tracy: we'll be right back. she loves a lot of the same things you do.
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or iyou have any allergic reactions such as rash, hives, swelling of the lips, tongue or throat, or difficulty breathing or swallowing, stop taking cialis and get medical help right away. ashley: just under 90 minutes until the close on this friday afternoon. nicole: it is a tough day on wall street. it looks great dow week for the s&p and the dow. it is also a down day for lumbar
liquidators. it was down 30% earlier today. you have federal investigators looking into their headquartersi walked in here and traders talk about everything, they continually are talking jcpenney. low after low. when you look at it, you can see why. it did not even open on time. ashley: thank you very much. tracy: the top obama administration officials speaking in detroit right now.
with more on that, we go to jeff flock. jeff: it is a combination of both federal money and private, actually, more private than federal. that is good. let's hear it from the president chief economic advisor himself. >> we did today, as you have seen, announced over $300 million in money that has been expedited. jeff: what is this money that you may ask? a whole host of different areas. $10 million to demolish commercial buildings. $1.9 million for ten new police
officers. $24 billion to fix the broken buses. they think there is some homeland security and fema money that will be available. pretty positive there. it was all hands on deck today. in addition, the transportation secretary that mr. fox, the hud secretary, mr. donovan, all beating -- meeting today.
my read of about $100 million worth of federal money, the rest of it foundations and private donors. is this a bailout? this is pretty much a band-aid on a gaping wound. probably will make life a little easier for some of the people that are stuck in detroit. ashley: all right, jeff flock. thank you very much. set to propose its first regulations for electronic cigarettes next month. joining up with reaction is the head of the leading brand. thank you for tuning us. what are your thoughts on the fda getting into this argument with some regulations?
>> we have been a huge proponent of reasonable regulation. it is something we have stated publicly. we have told that to the fda directly would we have that with them. ashley: the key word is reasonable. what is reasonable yoo relation? >> i think what to meet is age restriction. making sure none of end up in the hands of minors. you bring on online sales bans could that is a little more complicated.
i think the key issue is are they winding up in the hands of kids. ashley: wednesday, my partner spoke with arizona attorney general, he said they have to be treated the same as tobacco cigarettes. just take a quick listen. >> there are 22 harmful chemicals, including three that are highly toxic, and so that, in equal doses as you would get from cigarettes. nicotine itself is highly addict jeff. makeup of an e cigarette?
>> i am not familiar with any study that supports what the attorney general just said. in fact, all of the scientific evidence that i have seen support the electronic cigarettes not having anything close to regular cigarettes. we have done a lot of our own testing. much of which is going to be submitted for peer review itself. the entire scientific community can see it. i am not familiar with what study he is referring to. i do not think there is a single member that believes electronic cigarettes are as harmful as tobacco cigarettes. ashley: does it become the
gateway for kids to get to tobacco cigarettes? that is another argument. where is the data? there is not a single case that i have seen that shows a single them being that has gone from not smoking to an electronic cigarette to a tobacco cigarette. if that data was there, then let's take a look at it and have a conversation. what we are actually seeing is the opposite. people are using electronic threats as a gateway out of tobacco cigarettes. the number of people who are smoking tobacco cigarettes has been declining as optronics cigarette popularity has been increasing. ashley: we are already out of time. thank you so much for talking with us. tracy: on deck, cloudy with a
chance of profits. sony hoping to win back some big money and lost over the summer. ashley: first, time to check bed and 30 year treasuries as we go to break. we will be right back. ♪ so ally bank really has no hidden fees on savings accounts? no hidden fees. it's just that i'm worried about you know "hidden things." ok, why's that? well uhhh... hey daddy, what's your job? daddy's a uhh florist. are you really a florist? dad, why are there shovels in the trunk? there's no shovels in my trunk. i see shovels... you don't see no shovels. just am. well, it's true. at ally there are no hidden fees. not one. that's nice. no hidden fees, no worries. ally bank. your money needs an ally.
♪ >> i am adam shapiro with your fox business brief. u.s. household spending rose in august as incomes increased at their fastest pace in six months. seven midsize vehicles for our carmakers earned top ratings. i-uppercase-letter, subaru, mercedes and volvo all one superior ratings. new jersey is getting an f1 race next year. that is the latest from the fox business network. giving you the power to prosper.
tracy: the weekend is getting rather sunny. dennis kneale has the forecast. dennis: sony could win big this weekend with "cloudy with a chance of meatballs." the reviews are raised. 76% positive rating. the film was cheap by hollywood standards costing $78 million to make. two special affect flicks opened at $30 million. this came after sony came under
fire from hedge fund star. he pushed unsuccessfully to put a small stake in entertainment. it is up 80% in the last year. sony had a cruel, cruel summer. eight summer releases in total. those eight films costing almost $700 million combined. even then, overall the sony kind of ran a loss after marketing loss. sony small budget films returned a far better payoff. worldwide box office is a multiple production budget. best film for sony this summer was the cheapest. "one direction". this is the end rate in almost
four times what it costs. metrics for you here. tracy: honestly with "one direction" ready. my goodness. that is the lesson to be learned. make movies for teenage girls. [laughter] ashley: a quarter till. stocks now as they do every 15 minutes. jason, okay, i am not surprised that we are seeing the market selloff. at what point is it worth nibbling on some of these stocks? >> probably today if you can handle the risk. we are down on, actually, zero. to me, that suggests i would not place a lot of faith in this
selling. we are coming up to earnings. this is a time to scoop things. the trend has been upward. certainly, more positive reports than negative. that is the way i would play going into the weekend. ashley: it is not for the faint of heart. jason but thank you. have a good weekend. tracy: critical week for washington and wall street. ashley: the leading, and folk artist. dave is. that story next. ♪ but tracking all the action and hearing everything from our marketing partners, the media and millions of fans on social media can be a challenge.
that's why we partnered with hp to build the new nascar fan and media engagement center. hp's technology helps us turn millions of tweets, posts and stories into real-time business insights that help nascar win with our fans. what'swithout the thinking capitathat makes it real?? what's a vision without the expertise to execute it... and the financing toake it grow? whatever your goal, it can change more than your business. it can change the future. that's why, at barclays, our ambition is to always realize yours.
tracy: volatility back on wall street all thanks to washington. just days before a government washington. next week could be a big one. jared leavy is here with what you will be watching. let's get this government shutdown out of the way. you are kind of over it. it will not shut down. >> i have an 18% chance that this will happen. misery loves company. when everyone is miserable and everyone is freaking out, the smart investors are wondering how can i exploit that. in that time, the market rallied. the market rallied even more after. if the shutdown does happen, you
should be buying stocks. tracy: that is a great point. you gave the last earnings season a c, at best. what are you looking to start buying. >> i run an earnings -based service. as a whole, the one thing that blows my mind is the fact quart. it is now down to 1.4%. the hurdle is still really low, tracy. find the stocks that still have low pes and are still growing. they are more likely to please investors. the higher the expectation, the
more likelihood for disappointment i am sticking with some of the more lesser-known names. tracy: semi conductor business. i thought it was interesting that you were looking at consumer stocks. sales from right aid. these are times that you can listen to what ceos and executives have to say about their businesses. if these guys are telling us that consumers are drinking a lot more, they are not spend on the high end products, maybe it is a little cash tight. something like eggs, are
consumers going back to the basics? that is what i am looking for next week. they are all reporting sales numbers next week. this is a great little company. back in 2008, i mentioned them. they were like an eight dollar stock back then. they have called a long way. look underneath the headlines to find the opportunity. this company had the patents on all of the technology. the stuff that makes your screen work. a little higher risk. tracy: we got a lot in. thank you so much.
ashley: always great information. a renowned comic book artist is using his talent to try to find his lost work. this happened about three weeks ago. now he has drawn a sketch of the bag they were in in the cab driver who gave him the ride. he is offering a reward is they are returned. he is the artist behind green lantern and green arrow work. so far, he has not had any luck. tracy: easy how that happens. somebody returned them. coming up on "countdown to the closing bell," it was voted sports utility of the year. fans are packing barclays
center. a winning bid to rebuild another professional sports facility. the dow is down 78 points. "countdown to the closing bell" is next. do not go anywhere. ♪ the capital one purchase eraser to redeem my venture miles for this trip. purchase eraser? it's the easy way to erase any recent travel expense. i just pick a charge, like my flight with a few taps, it's taken care of. impressive baldwin. does it work for hotels? absolutely thank goodness. mrs. villain and i are planning our... you scare me. and i like it. let's go what's in your wallet? [ male announcer ] now, taking care of things at home is just a tap away. ♪ introducing at&t digital life... ♪
good afternoon everyone, i am liz claman. the last hour of trade, all hot air swirling in washington, d.c., in the end has little impact on what really happens on wall street, unless it is congress' inability to get the nation's business done. a shut down risk is growing by the hour, coupled with increased consumer pessimism about the economy is why you are seeing
red on the screen, dow jones at one point of down about 117, dow on track for first weekly loss since i would say about august, same with s&p, nazdaq is down about 7 but looks to see a weekly gain. that would be 4 straight. to individual stock names j.p. morgan is higher, ceo jamie dimon met with top justice deputy officials