tv FOX Business After the Bell FOX Business October 10, 2013 4:00pm-5:01pm EDT
as a result their stocks are way up. [closing bell ringing] it is not the specifics of individual stocks. it is impressive as some are. the breadth of this rally. the dow jones industrial average is 316 points to the green side. look at that rally, folks. first time in a long time, cheryl. i remember all the indices being above 2%. again a very broad rally. cheryl: one of the best days for the markets frankly in months. if you look at the dow, nasdaq, s&p, russell as david just mentioned, above 2%. a lot of news is breaking. in 30 minutes from now top house republicans will go to the white house to offer the president a six week extension of the debt sealing in return for negotiations on spending. david: treasury secretary jack
everyone from social security pensioners to bondholders. it wouldn't necessarily lead to a default. lew urged congress to raise the borrowing limit. cheryl: james bullard said the fed taper is likely less to come this month given shutdown in washington and data lag and debt ceiling fight. david: imagine this, folks we had a huge rally despite the number of first-time jobless claims soared 66,000 last month to a six-month high of 374,000. officials said, the number was distorted by reporting problems in california. the effects of the partial government shut down. again, bad news, good market rally. cheryl: u.s. shoppers remaining cautious in the month of september ahead of the holiday shopping season. thomson reuters same-store sales index rose 2.2%. that is weaker than expected. david: liberty media chairman john malone said cable companies
should set up arrive val to netflix. they believe it would help the cable industry solve the problem of high costs. he is a happy man. "after the bell" on a huge market day starts right now. david: we're not going to bury the headline the market is the story. let's get to action. jason pride from glenmede. telling investors not to hide under the table during the shutdown. chris ressler, needham fund manager who thinks concern about the shutdown has passed. scott shellady innthe pits of the cme. scott is a trader. scott is a farmer. scott is a philosopher. scott is the man to explain how a six-week temporary solution to the debt crisis could lead to a 300-point rally. go ahead and explain, scott. >> how about we start off with
this. we've come a long way from "green eggs and ham" and taxes reform. that is the thing we got to look at. taxes an entitlement will drive the market. that is what most traders are looking at. we'll have to go through this in another six weeks time. that means we have six weeks to work on tax entitlement reform. cruz got a lot of flak what he did with the book in congress but got us where we need to be to start to address the long-term issues. cheryl: jason, obviously the markets are celebrating they believe a deal could potentially work out. even the deal on the table is only six weeks. the temporary thing scott was talking about, jason. does that mean investors will buy up today but we'll see more volatility over next six weeks? >> depends what we see over the next six weeks. this was a olive twig turning into a olive branch and gradually esolving to what we ended up with today. that could easily devolve. our best guess that cooler heads
will prevail. we'll eventually end up with some sort of a deal. maybe not everything everybody is looking fo keep doing this, h back towards normal. that is our ongoing theme. we're inching back towards normal over the years, past couple years and still doing it today. david: chris, today was not inching. today was leaps an bounds. by the way the dow jones is settling up about 323 points to the plusside. all that you got to take all that with a little bit of a grain of salt because we're dealing with earnings that are not blowout earnings, are they chris? >> yeah, i think earnings season will be mixed a little bit, especially on guidance to what damage was done last two weeks to companies creating economic value out there. we know d.c. doesn't do that but companies do. i will be looking for that in the quarterly calls that are coming up. but i think today the rally was something people didn't want to miss. portfflio managers knew some
deal would be coming. i think that will happen over the next week or so. cheryl: jason, i want to point our attention to the dow. david mentioned this. we're closing at session highs. we're pushing that right now. on september 30th, this was a day, jason before we had the shutdown. we had the market close 15, 129. we basically erased all drama over the last several sessions. that doesn't mean the market is immune to washington? >> i think when we look at it, you have to step back and take a view of the market as the whole. we're sitting at 15, 16 times normalized earnings. no, real big-time stretch in valuations. these are pretty bear valuations. you compare that to other opportunities out there. just for a basic investor, equities versus fixed income, fixed income at 266, 2.70 on the 10-year treasury compared to earnings yields of 6 to 7% on stocks. it's a pretty good deal still to be a stock investor. that doesn't mean you don't have
destructions and worries about debt ceiling issues but generally buyers of equities will be favored in this environment. david: scott shellady, let's go from macro to micro. look at gold. it is down $20. it has a 12 handle. it is down to $1288 an ounce. to me what that is saying things are going so well on wall street maybe there will be a tapering in one of the next three meetings that ben bernanke is share of. >> i don't think we'll get any tapering for the rest of this year. so on that micro level i think we push it back to maybe the second quarter of next year. i still think we have washington problems ahead of us. we haven't changed really unemployment picture. we're still dealing with inputs. we need to see strong earnings. look at 10-year rate. telling you not that much changed.
wwat is gold telling you. >> 1300 gold is unsustainable in deflationary cycle. watch these prices grind lower. cheryl: chris let's get into the micro. i will talk about david's theme. if there are stocks to be bought we would like to know what they are. you have a couple of picks. i want to, a lot of people got hurt with this one, next stage medical. this is a company you like. why? >> it is focused on the home dialysis for patients. what it does, it helps to drive a lot of costs out of the health care system. we think that the d.c. will be supportive of that. what they need is home health training. increases to train the patients. we hope that happens. they have got new products out there and we're really bullish on their future over the next couple years going forward. >> jason, let's continue with health and talk about johnson & johnson. we see it trading now, i think it ended the day almost 88. $87.78 for a share. that is a stock hovering at
about $65 for the longest time. at least two or three years. you don't think it is too pricey now? >> you're getting mid double digits, 16, 17 times sort of earnings range for this on a long-term basis. you're geting a fair dividend, a nice growth in the underlying dividend. david: i would say it is a very generous dividend, isn't it about 3% if. >> the most important thing, not just a dividend yield, you can collect growth over period of time from. this environment in a yieed-seeking environment with treasurys priced way they are, a lot of investors gone after highest yielding stocks. we're not really in that camp of the highest yielding or the high growth companies. we want steady growth companies that can grind the dividend higher over time at reasonable valuations. that is the way you will make money this environment. cheryl: scott, speaking of making money, got to be a bond investor today. especially what we saw in the treasury markets really has been
fascinating. you and david were talking about gold and safety play which seems off the table. do you feel the same way about treasurys, scott? >> i know what? i'm not, there is not a lot of people behind me on this but i still think we're in trouble. i like to see the next two employment numbers to start to get us out of the rut we're in. @ think the 10-year rate slowly grinds through 2.50, down through 2.25. a lot of folks think i'm saying we'll see a stock market rally at same time because of yellen and dovishness and we'll keep the accommodation going through the economy. watch this space when the 10-year starts to tell you, that will be the truth. the economy still needs accommodation and we'll continue to grind lower in the 10-year with the stock market rallying slowll. david: chris, we're about to talk oil. we have a special oil segment. the question there, basically how can we continue to produce owl all the oil in the united states without it affecting the price? you're betting on superior energy. why? >> we still like the oil and service gas companies out there.
cap-ex budgets have not been spent. we're going into the winter months if we have cold winters up in canada they can get out there and drill. there is some really good movement of equipment around the country into the permian basin and the bakkan basin. we think that is set up for really good next couple years in their opportunities. cheryl: chris, jason, gentlemen, thanks to both of you. great to have you especially on a day with this massive rally. scott shellady we'll check in with you shortly with the s&p futures close which will look pretty good here. david: that is understatement. will america rise as world's energy top producer still not affecting prices as much as opec does. doesn't that make you mad? when will that change? we asked the two best energy analysts on the planet period! cheryl: i agree with you on those two guys. we're counting down to a high-stakes meeting between president obama anddtop house republicans in less than 30 minutes. we'll be monitoring every wire we have to find out what is
going on and what is happening inside the white house. david: and our facebook question directly how what is going on in washington is affecting the markets, are the markets going to drop again when any new debt deal expires in november? november 22nd is when it expires. log on to facebook.com/afterthebell. let us know. ♪ [ indistinct shouting ] ♪ [ indistinct shoing ]
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i'd like that. a new way to bank. a better way to save. allyank. your money needs an ally. david: well, today the market was up big-time based on thoughts that a deal had been made. now there is some question about whether in fact there is a deal. i know it seems off again, on again, off again, on again. we're getting information with meeting from senate democrats at white house. afterwards harry reid stepped out and put it very bluntly, he said, i'm quoting, not going to happen. this is from senator harry reid. he is head of senate democrats. he extremely partisan personality. less likely to compromise. maybe he is just staking out a position. according to reid deal is quote, not going to happen. cheryl: which is a crucial point to bring up, david, because the gop is heading into the white house in 15 minutes to meet. it is john boehner's belief at this point that the president is
ready to sit down and extend the debt limit for six weeks. david: these numbers may have a beside them tomorrow. for the moment let's bask in a glory of a moment of 323 points on the dow. let let's head back to lauren simonetti on the floor of the new york stock exchange. lauren. >> we're watching safeway. you can see me even better. lights off, lights on this was up 2.5% in the session. that is what the market did, right? after-hours, reporting earnings profits 30 cents a share versus estimate of 16. revenue coming in 8.62 billion. also beating. safeway decided to exit the chicago market and investors like that, consolidation. this will be a winner tomorrow. hopefully the overall market will continue its gains tomorrow. i want to add really quickly, guys i was talking to a bunch traders leaving the floor.
that is why we're down here. we give you the pulse of the market. they think the stock market was up today besides washington that investors are starting to give them orders. they were sitting on sidelines past couple days. that money is coming back. cheryl: good point about safeway, they still have a strong west coast presence. that is strong stock and they have a lot of strength out there. lawyer rin, thank you very much. >> america may move up as world's top energy producer. opec numbers move the markets. oil prices rose after opec report ad drop in the september out put and renewed concerns over supplies in the middle east and north africa. when will america's output, our numbers become a determining number in the price we pay for oil and gas? we have steven schork, from from the schork report. phil flynn, senior market analyst. i'm not exaggerating. these guys are the best in the business.
steve, first to you, when will our you'd putnam members affect the price we pay. >> shoally but -- slowly but surely. we have past five years come down from 12 million barrels we imported to 7 million barrels. we're produces as much oil as we are importing it. the problem in the u.s., which can not get the oil where we need it. it is produced in canada up along saskatchewan plain, produced in bakken in the heartland and permanent me an in west texas. we need to get oil to refineries in philadelphia, refineries in houston, refineries in west coast to turn all the cheap crude oil what we need, gasoline and diesel fuel. this is a ongoing process. we made great strides over the past two years with getting this oil, mainly through trains. now, what happens, we need to get a pipeline, something like maybe, hey, the xl pipeline,
keystone pipeline to get the oil down through canada, down into houston in a very cheap manner. not until we get that oil until where we need it will have an impact on the price. david: that's what i want to know, phil. once that happens, and i say once, no matter how much pressure that the president receives from the environmentalists who are against hese projects i think it eventually will happen. once it happens, once which get the pipeline, once we begin to turn all that oil into gasoline, will we see dramatic lowering of prices? >> i think we are. i think one of the things you have to realize, david, highest prices are right now i think we're already seeing an impact. the best way i could demonstrate that if you look at the spread between the brent and wti crude oil. and for years of course because the united states was the biggest consumer, the oil that we produced here in the united states always traded at least at a 2-dollar premium over what they were paying for it in
europe. if you look at that spread today it is dramatically changed. in europe the cost of a barrel of oil is going for over $111 a barrel. almost 8 to $9 a barrel higher right now. because of that we're already seeing the impact. steven's right, we're just getting infrastructure into place. that difference, if this were, 10 years ago, instead of paying, you know, near $101 a barrel, we might be paying 120. so it already made an impact and it will get better as time goes on. david: steve, there is another elephant in the room we have to talk about which is the federal reserve board. some people say it is not the price of oil but the price of the dollar that is critical when you talk about how much we pay for energy. are oil prices more about the fed and their policies than the supply of oil? >> well it certainly is a determining factor at this point. there is a very good correlation. now, keep in mind, two different assets, over the long term. there is no correlation.
but in the here and now there is a correlation and it does ebb and flow. so the theory is a weak dollar is actually bullish for oil because it makes oil denominated in dollars cheaper for other countries. with the taper, lack of taper which i suppose is the belief now with yellen certainly does set a floor for the market for investors to look to diversify into oil based on those keeps dollars. it's a caveat. look, supply and demand at this point, we're moving the demand along the x-axis to the left. we're moving supply, crude o oil supplies in the united states, 370 million bears, are the second highest level since 1931. so the supply curve is moving to the right after the axis. that should pull price down along the y axis. we should look at falling price sis. >> forgive me for interrupting.
phil flynn, that leads to irony, screaming irony precisely this moment stephen suck at thatting about, we have all this oil, carbon energy in the united states, we have a president who wants to kill carbon energy. >> he does. david: i don't know if there is question, but speak to the irony of that. >> the bottom line i think it is funny. just over a year ago president obama was making speeches on the stump saying there is no way we'll be able to grow ourself to energy prosperity. guess what? yes we can, yes we can. we're doing it right now. so he has to change his gameplan a little bit. instead of bashing carbon energy and natural gas, now he is taking credit for it. look at some speeches he is taking credit for it. listen, the end of the day, stephen make as good point about the correlation. if you go back to even the great depression, usually the oil and the dollar are most correlated during times of economic stress. we've seen that since 2008. the correlation, the quantitative easing, it has been
very clear. but i'll tell you what, once the economy gets healthy i think we will break that correlation. david: phil flynn, stephen schork, there are none better than you two guys. thank you so much for joining us on this energy report. appreciate it. >> agree, and agree. great panel. president obama a way out of the debt ceiling confrontation? will the president make a deal? we'll go live to the white house with both side. they get ready for a high-stakes meeting from now. david: news is breaking, particularly with the harry reid report. a huge day for bank earnings tomorrow. we have jpmorgan, wells fargo, reporting results. will the slowing mortgage market take a large bite out of their earnings? they were up today. will they be tomorrow. we have an all-star panel of banking analysts. hang on, grab your pen and pad. we have got names, numbers. ♪ ♪ wow...look at you.
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cheryl: well, president obama, will meet with top house republican lawmakers in ust a few minutes the gop leadership is proposeing a short-term debt solution that will extend the nation's borrowing limit until november 22nd, but the white house is implying a firm no on negotiations until the government is reopened. >> then we have senator harry reid. peter barnes is following all of this. harry reid, peter is absolute. he says no deal. what is up with that? >> you're right, david and cheryl. it could be the maybe the senate democrats might have a little different agenda from the white house. we're not sure. you're right, it has been this day of dueling press conferences, dueling comments from the white house. now senate democrats, we also heard from the house republican this is morning.
they are about to pull up here at the west wing for their meeting with the president. it gets up way in just a couple of minutes. just to cover that again, they have offered a six-week increase in the debt ceiling, in exchange for the president joining with senate democrats to meet with house republicans and trying to hammer out a budget deal that may include some longer-term entilement reform, tax reform and that would, in theory reopen the government. but then asked about that, harry reid, as he was leaving the white house, said it is absolutely not going to happen. that the democrats will negotiate with the house republicans on anything before they reopen the government. take a listen. >> the government should be open now. we should be able to pay our debts and as we said and we'll continue to say, we, if that
happens, we'll negotiate on anything, anything. the president confirmed that today. >> so, that is what harry reid is saying about all of this. but the speaker, who will be here shortly is expected to formally present his offer to the president. here what the speaker said about his plan earlier today. >> it is time for leadership. it is time for these negotiations and this conversation to begin and i would hope that the president will look at this as an opportunity and a good-faith effort on our part to move halfway, halfway to what he has demanded in order to have these conversations begin. >> so at this hour it looks like this whole thing is up in the air and we're trying to sort it all out, these different conflicting signals and comments. guys, back to you. cheryl: real quick before we let you go, do you think we'll hear anything out of either side after this thing ends later today or tonight?
>> we'll get a read on paper. i'll be here. if the speaker comes out to the steakout we'll get it to you. cheryl: peter barnes, thank you very much. david: you know when the market is up 323 points, almost specifically because of what's happening inside the beltway with regard to that deal, if that deal goes down, who knows what is going to happen with the market. will the market goes down if the deal goes down, that is the question. we'll look at futures very carefully coming up to let you know. meanwhile jpmorgan and wells fargo kicking off big bank earnings tomorrow. health of financial industry. great day today as they face new challenges from regulators with the slowing housing market. could that hurt the bottom line? cheryl: coull that hurt us tomorrow. treasury secretary jack lew lays out a plan. we'll take a look what the treasury will do if republicans and democrats don't reach a deal on the debt ceiling before the october 17th deadline. ♪ my mantra?
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will be 36 billion by the end of the year. backlog in claims and partial government shutdown started to affect non-government workers. claims rose to 66,000 from a zoo seasonally adjusted 374,000. a lot of big headlines today, david. david: earnings season kicks off tomorrow with wells fargo and jpmorgan reporting earnings before the closing bell. of will a rise in rates put a damper on the banking season? cheryl: we have brad hintz, sanford bernstein senior analyst and chris whalen and managing director. chris, i want to start with you with the banks because it looks like this quarter more than other quarters several banks are going to have major issues. let's start with jpmorgan and what we'll hear from this tomorrow with this potential fine. what do you think is going to happen? >> since the second quarter call really morgan has been guiding down telling investors that they expected a 40% drop in mortgage lending volumes in the second half. this really isn't the result of
interest rates, cheryl. industry knew this was coming because volumes have been largely driven by refinancing existing mortgages rather than purchase of hopes. so, you know, we knew at some point this was going to be curtailed and it is. the mortgage bankers association's expecting total originations to drop from 1.5 trillion this year down to about one trillion next year. cheryl: chris, really quick, are you more concerned about the mortgage business or more about the potential fines against the company? sounds like the mortgage business is more where you're worried? >> regulatory stuff is what it is. i think it is noise. i'm much more worried about fundamentals because mortgages are the the biggest line item fr the top four banks the last four years. david: brad, let me push on that a little bit. i consider what the government is doing against jpmorgan a vendetta. it appears ven -- vendetta to a
guy that had the gall, the timerity to criticize what the government is doing in the banking sector. there are attacks against jpmorgan but not against banks that did similar things to jpmorgan. this is not insignificant. if you have the full power and weight of federal government regulatory officials against you in a vendetta type fashion doesn't hurt your bottom line eventually? >> it does but if you look at numbers you're not really talking about a number that will push down their performance over a very long period of time. that is not the point. the point is if you're a high flying firm. think of goldman several years ago, think of jpm today. the regulators, they in essence put a shot across the bow of the industry by going after them. and unfortunately that is just the ay it is. we can look at these cases, and you want to have an adversarial relationship with your
regulator. so jpm, just like goldman, will want to settle these things. cheryl: also to chris, back to the issue of regulatory problems, not just for jpmorgan but for all of the banks, you know at this point the question is going to be for investors whether or not the top has been seen for jpmorgan, really all the financials. if you look at 2012. year-to-date best-performing sector we've had is financials, chris. >> right. cheryl: at some point you wonder if the party will end and will it be tomorrow based on earnings we're going to get? >> to david's point all the banks are overregulated. we overregullted the mortgage business so probably a third of all americans who want to buy a home can't get a mortgage today. i think the pendulum has swung way too far. this is not just beating up jamie dimon cheryl, this is call vannist, punitive approach regular regulators are taking in all aspects of this business. consumer protection agency created under dodd-frank is really regulating everything in our business today.
i think we need to be focused on regulation because it is going to hurt performance and turn these banks into much more after utility model to your point, cheryl. david: let's by letters, with we have nothing against call vannists out there. >> it is elizabeth warren, david. it is punishment. david: i'm well aware of her background. >> look at massachusetts what they have done there. nobody wants to lend in massachusetts today because you can not foreclose. david: that's a great point. that is a great point. chris, let me throw this back to brad. chris had the last one. banks and artificially low interest rates, it certainly helps them on the investment side in terms of doing some whacko trading but eventually when investment rates are kept as artificially low for they have been as long as they have been, doesn't that hurt banks? >> yes. it's a little bit the shape of the yield curve. a steeper yield curve is somewhat better for the banks than a flat one. the, a low-cost deposit base which all these banks have.
zero doesn't help, right? because at some point the spread you're getting is very narrow. in a more normal environment the banks will do somewhat better. remember, in a recovering economy there are certain sectors of the bank business that are going to do better. that is large i let investment banking side. we haven't quite gotten to that yet. >> brad hintz and chris whalen, gentlemen, thank you very much. great to see you both. >> thank you. cheryl: we're getting breaking news on alibaba. i want to bring this to you. you remember alibaba and its partnership with yahoo! in this country. now it has been separated. alibaba the report is it is investing in arrive valve amazon which could be rough for amazon. this is shop runner. this is 200 million-dollar investment into shoprunner, rival of amazon. what this is interesting means whether alibaba will go public,
file an ipo. that is mulled for a long time. big possibility, the ipo would be huge. david: would that hurt after hours? can you get amazon, amzn. check the after-hours. all right. cheryl: we'll watch that one. we're looking at, we're looking at yahoo! right now. david: down after-hours. amazon is down after-hours. cheryl: investors are feeling pretty optimistic. you have october 17th just a week away. what happens again is a question if there is no deal on the debt ceiling then. @e'll talk about what the treasury plans to do when we come back. david: who knows. and later, we were at theeforbes health care summit today. my friend lizzie mcdonald. she used to be at forbes by the way. she had a chance to speak so the ceo of the one of the largest pharmaceutical companies, andrew witty from glaxosmithkline. he will tell us when the world could expect a malaria vaccine, that could save millions of
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paying rselves to do what we love? ♪ david: treasury secretary jack lew testifying before the senate finance committee this morning. he gave lawmakers a blunt warning about what would happen if congress fails to raise the debt ceiling by october 11th. cheryl: rich edson joins us from washington with more on a day for jack lew that was well, quite a day. rich. >> indeed it was. mesh. message for the secretary, let's not go there. treasury needs to service the debt. doing sew will avoid a fault. treasury secretary jack lew said missing any payments would be default on those obligations. he says treasury computer systems can not prioritize payments. they're only designed to pay all bills. as for the debt ceiling deadline, treasury says it is october 11th for now but lew
said that could be off. >> all the revenue projections that we have based on our analysis on were based on a world where the government was functioning where all the services that relate to government activity were happening. it didn't take into any accounts layoffs might occur and didn't take into account with reduction in payroll and payroll taxes. estimates before shutdown are not likely an accurate predictor exactly where we are. >> where do we go from here? republicans are pushing a bill to increase the debt ceiling by november 20nd. senate democrats met with the white house. we're unclear whether the white house would actually sign the bill because it requires negotiations to take place. senate democrats say we're absolutely not entering into negotiations until republicans agree to open up the government. though our, we got some indication earlier today from the white house that they would be open to signing that bill. i guess we'll see. the house likely votes on this tomorrow. back to you. david: i think the president
will have the last word on this. thank you, rich edson. appreciate it. he is ceo of one of the world's largest pharmaceutical companies. we caught up with sir andrew witty from glaxosmithkline at the forbes health care summit and spoke to him about the upcoming revolution in health care. ♪ but there ar24/7.branches? i'm sorry, i'm just really reluctant to try new things. really? i'what's wrong with really retrying new things? things. look! mom's new vacuum! (cat screech) you feel that your scles? i do... drink water. it's a lo story. let's us give you wellgreat rates and service. i'd like that. a new way to bank. a better way to save. ally bank. your money needs an ally.
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david: according to "forbes" the next 10-year we'll see a revolution in the health care industry as population shift, fiscal policy changes and patient expectations rise. cheryl: what does that mean for the world's biggest health care company? elizabeth macdonald at the forbes health care summit joins us with an exclusive interview. liz? >> good to be with you, cheryl and david. a really rare chance to talk to sir andrew witty, ceo of glaxosmithkline. he hardly ever does tv interviews. glaxosmithkline, one of the world's biggest drug companies. came off a tough year of the bribery allegations in china. record settlement with the u.s. government due to off label drug uses. wow, wait until you hear what sir andrew witty is doing at his drug company to change all of that. here is sir andrew witty. >> what we're trying to do at
gsk, we're trying to make sure every decision is based on value to the company. making sure every single employee understand what is expected of them. they are trained right, all of those things. then bringing forward a fantastic new pipeline of products. already we have two vaccines approved here in the u.s. four pharmaceutical mdas approved. that is incredible delivery for this year. it gives us a lot of momentum to take the business. >> what are the two vaccines? one was malaria? >> the two vaccines were for flu. we have two flu vaccines approved which allowed us to expand the flu vaccination arena. >> separate from health reform, everything happening in the country something you're doing that is revolutionsizing clinical trials off drug research no other company is doing. tell me about that. >> we've done, if you will sequentially, increasing level of transparency around data for clinical trials. we're publishing clinical crime summaries for a while. we're committed to publish all
the clinical trial reports, detailed reports of those trials and patient level data. nobody else in the world is committed to doing that. >> even unfavorable? >> everything? >> even if the drug doesn't work? >> absolutely. we'll not simply publish data on trials still to come and we'll go back and publish all the data for all the trials that have been done since the company was formed. >> since what date? >> since 2000. >> since 2000? that's huge. that is lot of information. >> huge amount. we already posted over 400 trials. we ssnce i made the announcement a few months ago. we'll gradually putting everything on to the website. >> if another drug company profits off the research do you get a piece of the action. >> no. >> you're just giving information out? >> we do it because we believe it is in the interest of patient safety. first of all, as many people want to look at data chance to make sure absolutely the right conclusions are being drawn. if we miss something, we want to hear about it. >> drugs for what diseases?
>> cancer, hiv, neurosciences vaccines, everything. >> that is your whole body of research showing the world. that is a big deal. >> even the products that don't ultimately make it to the marketplace we'll still publish it. >> that is extraordinary. how do other drug companies react to your decision? >> some companies are looking at what we're doing. some other companies made steps in the similar direction. i'm optimistic this commitment to transparency will become a hallmark of the industry. it has to start somewhere.3 >> health reform, how is it impacting your bottom line here in the united states, health care reform? >>org lit affordable care act was pass ad couple years ago, that had a significant impact of that year. there were new taxes. increases in discount levels on the pharmaceutical industry. as we move forward today, it is all about implementation. we're seeing significant changes not waiting for the legislation to be implemented. all of the players, repositions themselves in anticipation of that legislation. so you're seeing more and more
m&a activity in the payer sector. seeing action from hospitals becoming more integrated. our customer base is changing completely. the u.s. probably has never been in a period of more complex transitions than it is today in health care. >> when do you see the shakeout? five years? >> i think this is probably a 10-year evolution. for a company like ours, requires us to change everything we do. because customers looking to do different things. they want different sources of information from people like us. we've been in a period the last three to five years designing we offer to position ourselves for customers. with the pipeline we're launching hopefully better capabilities and the pipeline will put it in a good place even what is likely a more tougher, demanding market. >> i'll tell you something, cheryl and david, showing the whole world the whole body of research on your drugs is huge. it means it could have faster cures for certain diseases around the world. wow, putting on the back heels
the other drug companies to see if they will also show their body of research as well. a big deal what glaxosmithkline did in making that decision to show their entire body of research on drug trials going back to 2000. huge, huge advancement. huge changes we'll probably see coming in the world of pharmaceuticals. giving it back to you guys. david: emac, you interviewed a lot of ceos. this guy has to be one of the most fascinating ceos alive today, isn't he? >> chancellor of nottingham university. he was knighted by queen elizabeth in 2011. and he's got this nice, elegant, retiring way about him but extremely astute, really savvy, very, very intelligent and witty on camera and also talking about his business model and the future of drug delivery here in the united states and around the world. big decision, wow. it will really change pharmaceuticals going forward. back to you. cheryl: ou had it all exclusively for us. david: spectacular interview.
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[ male announcer ] ask your doctor day (announcer) scottrade knows our and invest their own way. with scottrade's smart text, i can quicy utheir quick ade bar lets myend account follow me online so i can react in real-time. pl, my local scottrade office is there to help. because they knoi don't trade like everybody. i trade like me. i'm with scottrade. (announcer) ranked hhest in investor satisfaction with self-dicted services byj.. david: time to go off the desk a real life "iron man." the u.s. army commissioned what they
call, tactical assault like operator suit. god, i would love to have one of these. give them superhuman abilities, night vision, enhanced strength and protects you from gunfire not apparently a ability to fly. this suit is currently underdevelopment from mit. >> when you wear it you get the music in the background. david: cool. >> kelly osborne can officially say she is only person to have had a million dollar white diamond manicure. she post ad photo manicure and press-on diamonds on the she wanted to first to showcase the million dollar manicure for the world's most expensive auction. david: i hope they scrape the diamond off to use them. number one thing to tomorrow, looming shutdown. republicans are proposeing a short term deal with senator harry reid saying a deal won't happen. >> a quick programing note for all of you. the president's affordable care act is up and running for over a
week. how if going? how many people have signed up? "the willis report" has a special call-in show, 9:00 p.m. eastern time to have answer all the questions. david: that is 9:00 p.m. now "money" with melissa francis. stay tuned. melissa: i'm melissa francis, here is what is money tonight? do we have a deal? gop lawmakers are meeting with the president right this very minute. will enough republicans get on board to end the debt ceiling standoff? one is here to on the very latest. unprecedented step towards accessing cheaper prescription drugs. a new law in maine could change the cost of medicine across the country. we'll tell what you every patient needs to know and what it means for your wallet, and it is a lot. who made money today. his company is getting socked but he scored $200 million today. stay tuned to find out who it is. even when they say it's not it is always about money.
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