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tv   Countdown to the Closing Bell  FOX Business  November 18, 2013 3:00pm-4:01pm EST

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take a look at boeing over the last year, the stock is already up around 89%. keep in mind mf global run by former new jersey governor jon corzine, today it was ordered to pay customers $1.2 billion in restitution. that follows a complaint that mf global unlawfully used customer funds for its needs in the final weeks before its ultimate collapse. well, there are also some positive news in the housing sector, home builder sentiment holding steady at a level of 54 this month. keep in mind, any reading above 50 is a sign of confidence. the data lifting home building stocks today. all right, so let's send it back to nicole petallides covering the action at the new york stock exchange. >> reporter: i wanted to take a look at some of the home builders and how they're faring on the news that we've gotten today. so here's a look at names like powellty, lennar, these are some of the better performers in the
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group. why is this happening? well, you know you get the home builder sentiment in, and that came in at 54, so that continues to show strength, above that 50 number means that more home builders view conditions as good rather than poor. anything below 50 would be bad. so it was slightly less than what some of the analysts were expecting that 55 number, however, you are seeing the group do well. why is the group doing well overall? points right over to the ted and low more -- to the fed and the low more gauge rates. assuming the fed continues its bond buying, you're going to see mortgages remain at low rates and desirable, so that's why we're seeing this group continuing to do well today. back to you. lori: we'll see you soon, nicole petallides. it is another record-breaking day for the markets. the stocks continue to climb. so will the momentum continue? straight to our floor show, we've got traders at the new york stock exchange, the cme group and the nymex group. first to the new york stock exchange and ben willis.
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ben, the main question on everyone's mind today, is this u.s. equities rally a bubble? are we cruising into a bubble, and if so, will it burst? what's your take? >> it is definitely not a bubble. take that right off the table. we have had a great run without a doubt, pretty much uninterrupted. the best correction we've had about 5% going back in early october. so professional traders will tell you they're concerned that you can't have this kind of run straight up without some sort of pullback. the pullback may come when we finally see the fed taper at some point as nicole just pointed out. we don't think it'll be in the mortgage backed, the housing market's going well, but in the bigger picture we're starting to see some smart money in the russell 2000. that's under a little pressure while we celebrate the dow and the s&p. i don't think we're anywhere near a bubble. we'll continue to see money leave the fixed income market and come into equity, but the professional trader would like to see a allback somewhere along the line -- pullback somewhere along the line. lori: a healthy consolidation.
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to kevin crane at the cme, what's the reaction to this u.s. you can bity run where you are, kevin? >> you know, i'm not smart enough to call it a bubble, and i don't think others are either, but i think everybody's a little cautious of where we're at right now. we haven't seen any meaningful pullback and really put some new money to work, i think a lot of traders would like to see a little bit of a pullback. maybe we get that soon, but if it's any indication of what we've got in the past, any pullback, small pullback is a buying opportunity. particularly if the fed continues to point toward more qe, and that's certainly what janet yellen is pointing to. lori: all right. what about the risk of interest rates? a lot of people say that could be a dark cloud over these equities markets, kevin, keep it with you for a sec. >> it is, certainly -- [inaudible conversations] rates certainly are steady right now, but certainly what we have to watch is will these rates get backed up, particularly when they come in to pull back on some of this, and i think that's the danger in all this, can the fed manage this and articulate
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this correctly whenever that time comes? that's a real worry and what kind of drain will that have on the equity market? for right now that doesn't seem to be the major concern for a lot of traders, it's more about yield and they get that on the equities side versus interest rates? lori: absolutely. now to tom reilly at the nymex. i know the paper debate is right up front and center again. -- taper debate is right up front and center. >> a lot of the things you were talking about earlier about the s&p and how well these stocks have done have a lot to do with the fact that oil prices have remained in a tight range over the last year or so. that's helping those companies set prices and makes it ease writer for them to make money. lori: what do you think for gas prices toward the holiday season, tom? >> 5-10 cents, we should be with a little lower, but we've been held above that $90 level for the last eight or nine months. i think we could dip below it in january, but be then look for prices to rally in february and march. lori: good news in the near term.
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ben willis, barron's had a big bubble article over the weekend so you're bullish on this market, you see maybe a correction but minor at that, so what are the risks in your mind? >> well, actually, rising interest rates are kind of like smoke to a fire. it's a great indication. you -- rising interest rates are good for equity, quite frankly, and actually, if we start to see them rise, you may see the correction in equities we're looking for, but that's a buying opportunity to your long-term investor. that's a sign that things are going well. it's not a negative. it's a negative if you still have your money in the fixed income market. that's not a very good place to be in a rising interest rate environment. but for equities, it's going to be your opportunity to buy if there is any pressure that comes from the eventual tape perking that will happen, that's a good thing for equities. lori: well, i think the other side of that then is if rates rise, companies have to pay more money to borrow money, so there's that side of the story which is why a lot of people are concerned that rising rates
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could put a damper on -- but, you know, there are all kinds of different methods and strategies for investing money and what companies do with the money invested in them. kevin, i'll give you another word at the cme, what should we be keeping our eyes on in terms of the futures? >> 1800's been a level we can't penetrate, so i think we'll be watching to see if we can move above that or if that's a key resistance level that we're going to need to see some sort of catalyst and what that may be. i think we'll watch the level where we're at, 1795-1800 and see if we can't work through that 1800 level. lori: yeah. we're approaching it, showing a little wit of weakness -- a little bit of weakness. gentlemen, thank you. so. ben willis, kevin crane and tom reilly. let's talk about big copies, price surging past $650 ahead of congress' first-ever hearing on the virtual currency.
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are they about to get hit with some serious regulations? peter barnes joins us from washington d.c. peter? >> reporter: well, hey, lori. a senate hearing on how to regulate virtual currencies is getting underway at hour. of the bit coin is a global digital currency that is not issued or backed by any government or central bank, but it can be used to purchase goods and services as long as merchants accept them in so-called peer-to-peer transactions. and ultimately, bit coins can be converted into cash at very low fees, largely anonymously through special bit coin exchanges. now, the price has been volatile in recent months but has soared past $600 today per bit coin on one exchange ahead of this senate hearing this afternoon on the risks and benefits of virtual currencies. in testimony, a justice department official will tell the senate committee, quote, that the department recognizes that many virtual currency systems offer legitimate financial services and have the
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potential to promote more efficient global commerce. we have also seen, however, that certain aspects of virtual currencies appeal to criminals and present a host of new channelings to law enforcement. challenges to law enforcement. last month, for example, federal authorities shut down a web site called silk road and charged its operator with using it to facilitate $1.2 billion in anonymous drug deals and other crimes including murder for hire. but policymakers are taking care to regulate virtual currencies to make sure that they don't kill innovative ideas that might provide legitimate competition to banks and hard currencies at lower cost. lori? lori: interesting. the dollar was weaker today. did this surge have anything to do with it, do you think? [laughter] i don't know. >> reporter: there's only six, about $6 billion in bit coins out there right now, so i don't think so. lori: and as of now, no central bank regulating it.
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thank you, peter barnes. so the closing bell here ringing in 51 minutes. we all remember former u.s. senator new jersey governor jon corzine. well, his career flamed out after the collapse of mf global of. we've got ap exclusive on whether corzine can ever make a comeback. and there may be worries about bubble trouble, stocks continue their upward march. stocks that could keep on giving through the entire holiday season. muck. ♪ ♪ hi honey, did you get e toaster cozy? yep. got all the cozies. [ grandma ] with n fedex one rate, i could ll a box and ship it r one flat rate. so i kn untilt was full. you'd be crazy not to. is tt nana? [ male announcer ] fedex one rate.
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lori: power mover of the hour, twitter. flying lower today of $2.709, 4119 per share. several analysts initiated coverage with a sell rating. price target $34 be so the firm is saying that the stock is overvalued, even your bluff. behrens also sharing the twitter skepticism. it is expressing concern the company's valuation has escalated. now, the holiday season is right around the corner, and our next guest is bullish on stocks for
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the rest of this year species estimate could mean good things for both investors and consumers if. joining us now, carol pepper, pepper international president with their favorite holiday break. welcome him. >> thank you we have tapering off into the future. so stocks are going to do well. >> allow the people of looking at these levels and are concerned. what is your advice? >> again to my take care of money for very wealthy individuals, and we buy for long-term. you always want to look for strong companies that are market leaders that have strong cash flows to my good balance sheets and strong consumer he. lori: you are optimistic about this year's holiday season. some of the big gives these companies are coming out with in all areas, technology, joyous hit.
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that began with the gamers. sony, the police station for, their latest version sold a million units the first week assailed. >> that's right. this is the first time we have data new fee system since 1997. imagine, the top sales were 197,000 units. a million units in the first week. this is a turnaround situation. betting a lot on this new technology. i think it will be a winner. >> 1871 is the current price. how much elbow room? >> another five to 10 percent of premier. lori: microsoft. a good couple of weeks to repair back a little bit. but the xboxone is strong enough to be a driver for the stock. >> especially over the holiday season. we are looking over the next quarter if. very strong sales if. i think those people look into that for short-term will be very happy. lori: the toys, young children, two little girls. what i read in your research reminding everybody that they
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have grossed more than one-and-a-half billion dollars and a half. i'm not surprised. but else is going right? >> they have phenomenal characters. they own more both. lori: and a little trouble today degree that is an ugly charge. 6940. brown to run. let's move down the room today and fisher-price he. >> that's right. mostar, ever after. they have phenomenal toys coming out. this company is cash flowing a billion dollars of the last 12 months. they just hit a huge cash shot. continue to do well. again,. lori: de think they should reward their shareholders a little better? >> at think they're well. again, i think there will continue to come out with great need joyce. lori: the technology. you have the apple i paddlefish
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many with red and a display. this is in history. >> that's right. lori: why is this latest version so strong? >> starting to sell extremely well because it is lighter. physically easier to hold. i think it is something that consumers will be wanting for this holiday season. if you want to go for something cheaper the lower the price of the original which will be a nice stocking stuffer for people don't want to spend a lot of money. for example, walmart is offering lori: having a tough day today. it is to your point in long term. look consolidation with the broader market. your opinion? >> again, you have to look get things so long term. we are not day trading. we want to take high-quality names that are going to do well. lori: but if i am buying stocks
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on their holiday, long term. it is a success of this product? >> i think so. he know, you may see as many as 4 million units sold which would give you an icebox for next quarter which gives you and i start until the next role of the new products. >> amazon is on your list. everyone has been critical of the immediate easy optimism. >> exactly. i think that the shift for consumers moving over to online sales for the holidays off, we're talking really about holiday sales fee, quite significant. over 84 percent of consumers surveyed will be doing some shopping online. amazon is the giant in this market for. they continue to innovate, continue to take market share if, particularly because there aggregating so many small online seller of october.
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a lot of good stuff. a lot of exciting new products. companies that are in good financial shape. how will that net out for this year's sales? >> i think that this year, single digits. i think we may be surprised. consumers are being careful, but they will put their money behind the good products that they like. happier holiday season since. lori: what other risks? is it an unforeseen, and geopolitical risk? is something is right here at home? >> certainly was we get through christmas to be right back where we work. we would go right back into the discussion about the budget ceiling, the deficit. so once we get through christmas there will be a couple of bad month. everyone looking for a pullback, there will probably get 56 at think we're in this shape for the remainder of this year. activity f washington, call it what you make. renown happy holidays. >> thank you.
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lori: carol pepper, pepper international. we are just a few minutes to the closing bell. former new jersey governor was once one of the nation's most powerful men in finance. then came the end of global meltdown. his see done? he did he come back? calling today's market. ♪ we went out and asked people a simple question: how old is the oldest person you've known? we gave people a sticker and had them show us.
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we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed much is the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪ to enjoy all of these years.
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♪ order now and get a special holiday gift -- a document shredder to keep sensitive documents out of the wrong hands. a $29 value free. ♪ ♪ because during the holidays, keeping your identity protected means keeping your family protected. ♪ lori: a federal court in new york -- why are you singing that? charlie is here to talk about this bill be ordered to pay over 1 billion in restitution to customers who lost money obviously when the firm collapsed. the cftc said that its litigation will continue. could this far finance exec make one last stand? charlie gasparino singing is best broadway and is here now.
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>> reporter: mel brooks, springtime for hitler in germany. lori: of course. wire you -- now i know why you are. >> are brought in as germany last week. lori: i wonder why you are continuing to talk about it. >> we will come back to that later. the real question is will he be able to re-enter wall street? people know him pretty well. today's decision, they have to pay back 1 billion. they refused his attempt. why does he care about this? well, this opens them up to pretty tremendous outside litigation. this double b input for a long time. a sad end to a long career. suffice to say he, from what i understand, he has started to tell. there was some talk. lori: csn led nine lives.
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>> in the new york times wrote about a year ago that he was thinking about starting a hedge fund. that is done. the cftc has an outstanding case against him, seeking a lifetime ban in it will probably get. what you're seeing is the end of one of the longest -- one of the more controversial careers, maybe longest is not the right word. controversial careers, a guy who worked his way up from the bottom of goldman, became the ceo, was ousted when he boss to essentially the goldman ipo the first time. he basically took a lot of losses on its bond desk. a couple other things he did. they essentially ousted in. basically led a group. two guys that were very high up in the hierarchy. actually an allied.
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and joined paulson to oust him. he was now within the next year. after they sold the ipo. he went from their bead essentially bought his way in and then maybe a last comeback on wall street. this is what he did. a small firm. this is not controlled by dodd-frank. this is not a systemically important firm. we can take risks, but he had no idea what those risks with me for his business model. the market started pulling. it turned out to be money did. the market did not trust his leverage. the firm was done. he did not have controls in place once people start pulling money out. they lost customer money. lori: does this sit him in the personal pocketbooks? >> i don't think this thing today does. the state has to give back the money to shareholders.
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you know, remember, that sort of statement means that the plaintiff lawyers point to that. the court said that mf global was a poorly run company, it goes shareholders' money, screwed a matter of it. we will go after the guy at the top. you would think he has playstation4 el insurance. esop does. i think you will be in court zero long time. i think that and the fact that the cftc will seek a ban is going to prevent him from ever coming back to wall street. you will manage his own money, but i don't think he will be -- lori: what about -- wanted to ask you without going back to politics, what about the page six reference? you ran into him and he was not too happy to see a. >> i was with howard and another gentleman, sitting there having dinner. he walked in. i was on one side of the remedy was on the other. it looked like he gave me a dirty look.
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i asked, just so you know, i checked myself. did you just give me a dirty look. they guy am sitting with said, yakima ages give you a dirty look. you know, it looked like it. now will say this, they added right. lori: confirmed, that means that the possibility. >> i'm telling you. there was. i checked myself. sometimes you think. but the person i'm sitting with said that the time contemporaneously, yeah, he did. the last time there was a story about kaynine two years deal, some 88 in the room said have been 13 ran after him with a martini in his hand, what he to know, i would never wasted booze i would not want to. i drink it first and then go after him. lori: my goodness. back to politics.
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spitzer, winner, all these guys. he's a stand-up guy comparatively. >> listen, here's the problem. he was crazy. i feel bad for we're more than anything else. spencer is a malicious guy. i know nothing about him. i don't even care about toronto. this guy is such a train wreck. lori: continue singing along with the producers. >> i met ms. germany. lori: all rose lead -- by way of charlie gasparino. you get out a lot. >> did you see her? >> absolutely gorgeous. lori: i'm sure. my goodness. the closing bell rings and 30 minutes. the dow crosses the 16,000 mark for the first time today sense, of the size. we are talking to the business school gurus. believe they're not, we are joined.
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his next big call. oracle lugs seeing great success. we will explain after the break. my mantra? family first.
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♪ lori: shares trading higher today following a blockbuster launch of its newest consoles. not doing so hot. nicole petallides at the new york stock exchange for more. >> reporter: let's take a look. i'm bringing you right over to
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the post. in a 24 hour time frame sony sold 1 million. up 1%. $18.70 per share. on the other hand, they're big competitor here microsoft with the xboxone coming on november november 22nd, watching for that. that has been up, downgraded by bank of america merrill lynch. they cut it to a sell, and underperform. who was going to replace? so it is really not about the xboxone, the bigger picture about management overall. year today sony is a better performer. you want to know that little bit of information. lori: of the reformation helps. thank you. want to bring your attention back because after hitting 16,000 a couple of times it looks like we are selling into the close.
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the dow right now 15,954. once again keeping a close eye on that. we saw 16,000 come across in that historic milestone. still have 25, 24 minutes to the closing bell. in the meantime, let's get some perspective on this big market move. of course, the man who forbes called the best business school guru did call it right. have a listen. >> i think by the end of this year we will be in the 16 to 17,000 range on the dow. lori: how much higher will the market go? let's bring in the man himself. finance professor. he joins us now from philadelphia in this fox business exclusive. thank you. >> thank you for having me. lori: can i get your take on the near term, seeing stocks selling off into the closing bell after hitting 16,000 earlier in the session.
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so do you think we are a little nervous about hitting this milestone? >> well, trying to understand. the president of the new york bank talks about a strong economy. whenever a fed official talks about a strong economy and run things that the tapering will begin. talk about the taping. hypersensitive to tapering. and in my opinion this rally in stocks is not based on the fed qe. it is based on solid earnings growth. very reasonable low interest-rate environments. you know, i do not see a bubble whatsoever. >> how are they price? would you say they are fairly priced or would you go so far as to suggest the u.s. stocks are cheap? >> i was a relative to interest rates they are cheap. we are looking at stocks selling
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15 to 16 times next year's earnings, even conservative. that is just about the historical average. if you take up the double-digit interest rates in the 70's and 80's with stroh valuations of the way down below ten, the proceedings, you really get an 19 price-earnings ratio. and that is over 2,000 on the s&p 500. as you know this morning we crossed 1800. we went back down. i can see stocks another ten to 15% higher before they even reach what i call average valuation in a low to middle interest-rate environment. lori: all that said, you pointed out the fed speech today. we heard from deadly and others. we know the economic data has been improving, the jobs report,
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the last one was stronger than expected. again, you pointed to the markets evaporated here possibly due to expectations of a tapir, whether or not you think the rally is because of the fed's accommodative policy. when do you think the fed will enact its exit strategy? the second part of the question, what would apply? >> well, you know, with that strong labor market report a number of analysts brought up the march which was the consensus expectation all the way up to january and even december. it is my feeling that they will wait until march. unless we get a really gangbuster holiday shopping season on top of it, which i don't think will be that strong. the major reason for that is again, look at inflation. it is well below the target. gasoline prices hit 2-year lows. commodity prices are down.
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gold today down another 15 to 20. we are just not getting the reaction that we needed commodities to meet with the fed minimum requirements. i think they will hold off until march. that is the dated. they might move it up. by the way, if the data proves to be strong i like what i see a lot earnings even better. lori: to you think that the treasury market is taking matters into its own hands? they came back a little bit today. they are still elevated over recent weeks. lori: well, i think the market shouldn't feel comfortable in that 10-year between two and a half and three. briefly reaching threonine coming down. it has firm double little, and a law that is of the expectations. again, let's look at the broad perspective. three is unbelievably low
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compared to history. even for, which i don't think we will reach until maybe the third or fourth quarter of next year. again, extremely low. when you look at a broad context, i would not worry about the current level of interest rates. lori: are we in the column before the storm? what other rest of this market right now? >> well, you know, we do have another debt ceiling deadline, i government shut down deadline. you know, the republicans could be -- of the problems of obamacare. then my say, this is our time to really try to defund this. now i'm not absolutely sure. that said, honestly i don't think we're going to get another shutdown. ami, the consequences were just 7-even for the republicans, even with obamacare problems.
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my feeling is that we will get another commission that will look at entitlements. they will keep it down the road even more, as we all know. really there is no deficit problem. it is long term, entitlements. we don't have to solve the problem. we won't solve the problem by january. lori: the finance professor. a pleasure to have you want. calling for another ten to 15% increase in the u.s. stock markets from here. >> thank you. lori: a harsh reminder of the perils. all caught on video, talking about a catamaran sponsored by the software giant sap to b onto its side after a sudden gust of wind, the craft. crewmembers had to jump for their lives, and one suffered rib injuries after falling the full tight -- height of the boat. sap rival has suffered similar
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accidents. seamark was the winner of this year's america's cup. defeating the new zealand in dramatic fashion. in a maker of brake final race. let's check the stocks of both companies for you. right now oracle is flat even. and a big competitive. down $0.29 to $82.26. we are not just 15 minutes away from the closing bell. it is a clash of titans between apple and cool. the global shut down. which one is likely to come out on top?
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sometimes they just drop in. always obvious. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how e world advances.
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♪ lori: continuing. a federal appeals court is asking a lower court's attempt to block the sale of certain sam sun bonds. investors are also watching another global showdown. that is the battle of the operating systems. you know apple iom sandino the global android. who is going to win? joining me now, senior technology editor. icc senior mobil research analyst. welcome to you both. to you first. i/o s operating system. >> i prefer apple solution, basically a more polished experience overall. android has a lot of strength. they offer several different kinds. things you can't get. most notably a larger screen. but i feel apple just does that little extra polish.
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lori: making people a little seasick. a bad experience. >> there is definitely more prevalent animations. all you have to do is go into the settings and click redos motion. if it bothers you can turn enough. lori: to make that sound much easier than it is. ramon coming to you. you prefer the android. a bigger selection. what do you like? >> well, it just comes down to that. you have choice. if you want to use an iphone , you can get of four-engine three and a half inch screen size. if you want bigger ones like this one and this went, you can't. if you want to be in the emerging market where prices are super sensitive, even if it is the new, it's going to be kind
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of cost primitive. if you look at the faa's that are out there, you can get these of contractor, less than 100, less than $50 in some cases less than 25. having that broad selection of choice in terms of the price, the number of vendors commit the kinds of devices they can get and how often you're flagship devices will be coming out, you can almost turn around and in any given month during the year, boom, another vendor. here's a flexible. come on over and check it out and enjoy. lori: let's give his response to that. obviously a cheaper edition. >> it is. and the senate is saying. is the best seat peaking get them for a lot less of the question what you're really getting. if you buy in android phone for less than $100 of contract and i can't imagine the processor can handle less apps the flagship.
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acc one, samsung galaxy for. sister really, really cheap smart fund which is essentially a feature found. for everyone else, the vast majority of the market, the iphone. lori: talk about naps. why do you think android? is it a matter of volume or quality? >> well, i think when you put ils sandra side-by-side is going to be a job. you're going to have hundreds of thousands and millions of applications than no one person is going to have time to go through. but experiencing these apps on the bigger screens, if you want to play a racing game, shoot them up, or anything else, it will be on this and look great, great. the entire experience will be that much more impressive.
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clearly with the iphone five yes, the 64 bit processor, that they will be humming along. but from my time and money, the bigger screen in all these apps, lot of them for free, you know what to make it will be that much more enjoyable. lori: what about practical purposes, whether business or a consumer. isabel was really bad? >> well, making great strides in giving you good productivity. to the point about apse, connectivity our consumer, come to an i/o s first. recognition from the developer community that they can make money. greater numbers. even now the number is roughly the same. so even though there cited as a consumer platform, making great strides with a lot of different paths in detail experience for productivity.
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lori: as we close out, your thoughts on the holiday spending , which operating system that is a better question. are people buying phones on the operating system or the art work? to they want the iphone for the prestige of having an iphone or is it really about the practicality of the operating system? >> i think it is the whole package. lori: on that quickly. go ahead. >> for me you are going to have both. you won't have one without the other, otherwise you have an operating system that will do much. bit into the holiday season, i am expecting near record numbers. i think it is kind of inevitable with the recent launch. but he know what, you can't overlook it. lori: last word. >> people who are buying iphone want the overall experience and complete package. the most capable at and just really the best design.
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lori: thanks. just about five minutes away from the closing bell. when we return, the biggest winner spivvy do not forget to tune in tomorrow. liz claman live all day. the global financial conference. some of the most respected and smartest names and business including black rock from a terry duffy. that is all day tomorrow live from naples, florida. ♪ hi honey, did you get e toaster cozy? yep. got all the cozies. [ grandma ] with n fedex one rate, i could ll a box and ship r one flat rate. so i kn untilt was full. you'd be crazy not to. is tt nana? [ male announcer ] fedex one rate. simple, flat rate shipping with the reliability of fedex.
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became big business overnight? ♪ like, really big... then expanded? ♪ or their new product tanked? ♪ or not? what if they embrace new technology instead? ♪ imagine a company's future with the future of trading. company profile. a research tool on thinkorswim. from td ameritrade. lori: 90 seconds away from the closing bell. we saw the dow jones industrial average hit the milestone, 16,000 mark today. but it has since evaporated from that level.
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ashley webster magically appears. >> lost a little bit of steam at the end here lori: mayor my-jeremy siegel wharton school of business says the he sees 10 to 15% to the upside. nicole what is the latest. >> let me give what you is going on here. the dow jones industrial record high today. of the we broke 16,000. s&p, 1800. kick it off with tesla. that is a name to watch. that is 200-dollar stock. this month down 25%. >> facebook shares declining today on concern that the social network popularity among younger users is fading right? >> right
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>> wunderlich had downgrade. [closing bell ringing] >> we were up the 16,000 level. more than psychological than anything else. up on the day on the dow but lower. underneath the 16,000 mark as you can see. looking at numbers lori: let's get to the front page headlines. new york fed president bill dudley feels more optimist i can about the recovery. as growth picks up he expects to see substantial improvement in labor market conditions. that probably adding to late session selling today. >> exactly. homebuilder confidence stablizing in november after falling two straight months. national association of homebuilders says there are still worries about washington budget battles. lori: aren't there always. boeing geting a nice pop after the company announc


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