tv Countdown to the Closing Bell FOX Business November 26, 2013 3:00pm-4:01pm EST
>> could have then cover everybody. i'm liz claman. it is the last hour of trading. there may be a winter storm charging across the country, but it has not cool this week's market surge. trading is likable we are looking at a broad based rally if. yesterday the nasdaq crossed the 4,000 threshold, but it failed to close above it. today we might just get there. 4,024 is a distinct possibility. housing in the big story of the day because we had a couple of key piece of data. the commerce to partner reported a jump in building permits to the highest level since five and a half years. that sent home builder stocks soaring. taylor morrison, kb homes. they have been on the show very recently. and the lennar corporation, all of significantly. an average of about three, four, 5%. a great day for homebuilders. on top of that we have the u.s. some prices fell. the case schiller index, that is just over 13% in september from
a year ago. a little bit of perspective. home prices rose a modest just under 1%. what does that suggest? may be a slowdown in the works. everyone has wondered about that. housing is not the only bright spot. a handful of retail stocks touching an all-time-. nicole petallides on the floor of the new york stock exchange to talk about sparkling retailers. >> reporter: the day after thanksgiving. amazon already started their black friday deals. every ten minutes they have some sort of deal. that is really what they're going to see with the holiday season. in the meantime, stocks are doing so well. moving some highs. macy's, tiffany, and walmart as
well as limited brands. but you look at these names doing well and touching highs. but also outperforming the s&p 500. but they are still a performers with amazon of over 50% year today. limited branson 38%. tiffany's up 54%. doing so well not only here at home, but also abroad so much so that they raise their full-year numbers. japan and china. ninety-seven. we get this, the drug index. the retail index is up. liz: silver has come down. tiffany's will lower the price. >> you would think, but lower costs help their bottom line. liz: they do not usually lower
their bottom we have been seeing some great economic data. becomes better than expected, but is it so fantastic that it justifies the 27% jump in the s&p 500 for stock prices here? so here us out. the economy is limping along. the stock market is running like a gazelle. what is going on? is that worrisome or is it to be embraced? to better-than the former federal reserve chairman. peter barnes has a chance to sit down with him in an exclusive interview. peter, you know, it is a double-edged sword. if anyone should recognize the bubble off, some would say it is greenspan having been burned by it, with there are others to say why ask. so it is fascinating, and a greater opportunity. >> and he said that he felt that equities, at least right now, are not in bubble territory. he is looking at certain metrics in the history of the markets. he does not think that there is
a bubble in equities. he talks about that. his new book, the map and the territory, what he stopped by to chat with me about today. but he did talk about all of this stimulus coming from the fed. get the coverage and to ask about that. said that all of this quantitative easing, low interest rates in all of this is really helped mainly the financial economy. the stock market in particular. but not necessarily the real economy. sick a listen. >> fundamentally what the real problem is is there is no demand that there. area demand in the economy which is the cause of that, extraordinarily subdued. so you go all the way back to square one. the issue is, this is the first recovery out of the post-world war either out of ten post-world
war two sessions, which is not a vigorous, but most importantly, it bolsters long-term assets, buildings, long-term investments and the reason for that is there is huge uncertainty about the distant future. so long as it continues this economy will remain dull, demand for finance will remain dull, and the amount of borrowing or lending by the commercial banks is going to be a menace. >> what is the fix? get rid of this uncertainty and wisely caused by washington policy makers. obviously the fiscal stuff happening, but the between the white house and the budget can the big fights there, but also, you know, resolve the monetary policy issues.
there would not drill down into it, but he did say that he dug trying to exit here from all of this stimulus was a big experiment that he hopes will work out. liz: well, we have not seen this before. we have not had 3 trillion on the balance sheet, assets and the unwinding. invest in the coming up, one of the top economists preview last and how figures the fed might do that. holdup about one more time and explain the title. that was curious to me. >> the map on the territory. the old map to try and navigate the economy is outdated and does not work. so going into this uncharted territory we need a new map, particularly a new forecasting method that will help policymakers. so the whole interview is on line. of 15 minutes of it. it was fascinating to talk to him.
liz: great team work there. the d.c. bureau of fox business, and we appreciate the chairman coming on. thank you very much. all throughout the rest of the debris will be hearing more from the chairman. despite the fact that we have all of those issues on the balance sheet at the federal reserve and that the consumer is not exactly confident, the consumer confidence report earlier today, a little less than expected. stocks of their continued to rise into uncharted territory. so the perfect name for the book. will it last? we bring in that traders at the new york stock exchange, cme kaj and nymex. i hope you were just listening. it was interesting to hear that no one really knows what to do, even the chairman out there, alan greenspan. i guess we know a lot of people that criticized him for having not done more to tighten rates before the housing market imploded, but stocks continue on this great prize. can we have a strong economy and stocks of the same time? >> i think that is wishful thinking.
you're right. people do not understand this market. this is uncharted territory. is directly we have not seen the market in our economy reacts a way that they are as we are getting now. as we are into this week, obviously a holiday week, light volume, maybe a little bit of volatility. a couple of read balances which should give us more volume toward the end of the day. and then tomorrow i think we will release scale down as far as volume is concerned. next week we start getting into the new month, last month of the year. a lot of economic data, the unemployment number to the week. i think that will really keep this momentum moving. even though our economic data has been somewhat tepid, the market shrugged it off and continues to move higher. the market is not giving hire a fast pace. these little days, up 30, up 40, very healthy for our market. liz: we did not have a big gigantic move which makes you feel better, but let me bring in charlie. one of the things that he said, he is concerned about the spread
between the five year in the 30-year treasury selling some -- showing some signs of uncertainty / distress against it investors. everyone is uncertain, but are you worried was something like that? >> well, what he said was pretty key. no bubble yet. yet is the key word. we are starting to someone developing, trading at highs. absolutely inflating the market. what are we inflating it on? tepid at -- tip that a pet get -- tepid economic reports. seeing strong economic reports coming in. frankly what we are seeing a really weak numbers gates begins what we should be. teeseven we continue to see strong equities in the fed is ever-present in the market. >> yes, i mean, the big money is wanted to buy, buy, buy. there is no fear. oh, yes.
absolutely. and is staying there. but finding resistance, it gets slower. it. liz: let me take a look at the energy complex as we head into what could be a debilitating storm. we are waiting on inventory numbers come in getting something tonight. what are we getting tonight, and i am not talking about the storm >> the act -- api figures. tomorrow we dia numbers. liz: which one do you care about more? >> you have to look at the eia numbers. i usually wait for them to see if they're is a correlation or contradiction from the numbers before. the stars the movement in one direction or another. so how the to compare is the way the market really takes the direction. today, by the way, we had pretty much in inside day to my not much of a feature. again, crude oil is holding. ninety-two and a half level. retreaded about a dollar above that all day. and nice, tight range. gasoline, which i always tell
you is still my key indicator. held the ground, holding firm. as i said last week, basically those lower gas prices are going to be stopping pretty much leveling off. they will set up a little. so we have to wait to see the numbers. maybe we will get a further direction. you have to wait and see. liz: don't stockpile. but i am with you on that. good to see all of you. thank you so much for joining us. we have a closing bell ringing about 48 and a half minutes. the end of the year rally seems unstoppable. even a famous bear cannot quite help himself. he will tell us precisely why he has now bought into the rally with an asterisk. can you guess who he is? and motorola mobility brand new phone going on sale in the u.s. just in time for the busiest
shopping days of the year. can it trounce the rival. a fox business exclusive. this ceo of motorola mobility. we're going to hear is pitch on why we should all be using his new-found, throwing out our iphone. dennis has the story. you have to see this. lots of news. hi honey, did you get e toaster cozy?
liz: question, can a tagger change his stripes? got a bear changing his fur. my next guest spend about a decade fighting of the bowls morning about the french i'll help of the u.s. economy and recommending the safety of treasurys. now this notorious bear has changed his tune and his inner bull has won the fight. what turned this longtime skeptic -- a little bit of an overstatement to call your market cheerleader. first on fox business, david rosenberg, chief economist. brilliant calls. but look, after missing much of the three-year rallies started moving out of the bear case. why and where do you stand right
now? >> well, that was bare -- very poetic. you know, as a firm we actually started to become, i would say, you know, less bearish, probably starting about two years ago. there was a time when we were 35% exposed to the equity market in our asset makes. very recently we have gone to 53, 54%. i would not exactly say that we are raging bull's jimbo we did think that it was time to close the underweight position that we had in the equity market, and a lot of it was just basically watching the clouds dissipate. it is always easy to talk about with perfect hindsight, with the reality is that recession risks and the path -- passed 18-12 months, the goalposts of the economic outlook have come in, so it has made us more receptive to the idea that the equity market was going to be doing better read it and worse, and we
ended of allocating more money in that direction. this was not just something that happened over the last march 2 months the something that has happened gradually of the course of the last couple of years. liz: i have known you a long time. you had been microprint crash because you have been so intelligent about things, but you know, you have this call. s&p below 1,000. why did you not believe in the fed ability to rally had have the presence, its own presence, i guess, to prop up the market for such a long time. how do you feel that that duration continues? the fed's salubrious effect on stocks. >> well, you know, firstly the fed has always had a profound impact on asset valuations. of course, right now they're doing it through these extraordinary measures on a balance sheet. when i started in the business of the mid-1980s it was not just the bond guys asking what the fed would do. the equity has always asked.
and so, you know, to we are in a different realm because the funds rate has been zero for five years. there are operating their policy through the balance sheet, but the fed has always mattered. on top of that is the economy. we don't have to complicate matters. an expanding economy in the fed is being accommodative, more often than not you are unable market. now questioning the power of the fed. was more questioning the susceptibility of this economy to these negative shocks. i thought that the economy at one point might incur a recession. that did not happen, and that has actually made me more optimistic. so of course, it is partly the fed. there are a bunch of things that go into the equity market, valuation, fund flows, market positioning, and, of course, there is also liquidity. liquidity is a big part of it, but what i am really impressed with, liz, is going to put down
markers for this year, this is the mother of all fiscal tightening. fiscal policy between the earlier tax hikes and spending cutbacks, let alone even the government shut down. liz: and nothing happened. >> had trained more than a percentage point in half of gdp growth. another to -- the other two times in the post-world war two timeframe where fiscal policy to the fiscal policy took this much of a chunk out of the economy will dip into recession. liz: let me jump in. i would say that, yes, a wily to shave off some percentage of gdp, it did not derail stocks. i don't know if you heard chairman alan greenspan on nine versus 81 exclusively peter barnes, but he says he does not see anything looking to fraud your bubbly. you when it comes to equities? >> i would not say that the equity market as an asset class is in a bubble. it is trading in expansively. if you take a look at price-to-earnings ratio it is trading more expensive than the
norm, so, yes, it is not cheap. is it a bubble? if you want to a defined bubble like a dot com bubble where the housing credit bubble, is not even in that galaxy, but it is 55 the valuations have moved to the price the end of the spectrum. i would not exactly call it extreme, which is what the bubble is. to your previous point, the blood was making is that the economy has weakened this year. it is almost a borderline miracle when you consider what the government is done to aggregate demand that we did not go back into recession. what that tells me as we will drive looking to the front window as opposed to the review mayor, the policy next year probably ships from radical surgery toward neutrality. we could see gdp growth of 3 percent or better. liz: okay. >> and so that is why i am coming from. the economy actually next year accelerates. in a janet yellen fed will continue with this policy putting more liquidity into the marketplace because the fed wants higher inflation in their
one multiyear economic acceleration. the fed will lag behind everything else this zygote. as the next year we get the abundance of liquidity once again. on top of that we have an accelerating economy. it is hard to pay to-you for the stock market out of that, notwithstanding where valuations are right now. liz: david, for a canadian -- and back and say this because i am canadian -- you talk a lot. david rosenberg. chief economist. we will put his thoughts on our facebook page. always a pleasure have you. thank you for coming first on fox business. >> thanks, liz. liz: anytime. closing bell rang in 38 minutes. be aware of that massive winter storm. if you are anywhere east of the mississippi it will impact millions of americans. delta, u.s. airways, united, jet blue, already waiting fees for passengers to change their flights. that is good news for the consumer. but let's see if the stocks are taking a hit. will this hurt the bottom line? lets see perry's statement.
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liz: we first told you about this yesterday, but the departure of a senior executive at the nasdaq suggests another senior official will not be leaving the large exchange anytime soon. plus the new york stock exchange also seeing a little bit of a brain drain here, senior executive departs along with quite the pay package. >> well, eric novel, the number -- noll, the number two at the nasdaq is leaving for a company called convergex. we said it was a private equity firm, it's owned by a private equity firm. so that's where i got that through, i didn't hallucinate -- [laughter] i got some people said what are you talking about? some sort of broker-dealer. but it's like bob nardelli running a unit of service. so it's the same sort of concept. that's the tip we got, it turned out to be right. why would somebody in his mid 50s leave as number two? well, because the number one no matter how much pressure he's coming under, bob greifeld,
according to our sources, is not leaving anytime soon. from what we understand, noll weighed the possibility of a greifeld exit anytime soon before his exit, that was clearly what he was thinking of, and that came down to in the his mind he's not going anywhere soon. i happen to they greifeld's a good manager -- liz: ten years going, he's done very nice. i mean, one misstep. >> it was more than one, it was two. liz: well -- [laughter] >> in any event, i agree with your overall an decision. i this think bob's a good manager, and i think the board does too, so i don't believe he's leaving anytime soon, and neither does eric noll, that's why he hit the button. there's a part of me that wants to say you're still going to have bob greifeld to kick around a hot longer. liz: okay. >> we don't kick him around. liz: okay.
>> the other thing is, you know, it's not the only executive change. we've been be talking about this, larry leibowitz, the number two at the new york stock exchange, a guy who i really like. larry is one of the smartest guys when it comes to exchanges, and just so you know, i'm a capitalist, i'm very happy that he's leaving with, from what i understand, a huge golden parachute, $10 million. he's going to be leaving at the end of the year. although here's the one irony. i know larry pretty well, i don't know his brother john stewart very well, but do you think this'll make a segment on the daily show? how his i brother -- because jon always beats up on wall street guys. by the way, we make occasionally appearances -- liz: yes. i've been a guest on the show, and it was a blast. and the judge has been on. >> and he gets me saying totally stupid things, and it takes me out of -- i actually think jon stewart's hysterical. but he is a liberal comic and plays up the class warfare. will larry's golden parachute --
liz: honestly, it's a lot for main street, but when it comes to wall street -- >> well, that's not my question. will larry's golden parachute be a segment on the -- what is it called, comedy central? liz: it's called the daily show. no, it obviously wouldn't. >> why? many. liz: first of all, he doesn't affect people like say, for example, the american airlines outgoing ceo whose last pay package was outrageous. >> jon stewart talks about fat cats all the time. makes fun of us defending fat cats. no? you don't think it'll make it? why? liz: i don't, charlie. >> by the way, i think larry should make as much money as possible. he's a good guy. liz: listen, god bless america and pay packages -- >> but, you know -- liz: it's the boards. if you're unhappy, talk to the boards. >> jon stewart doesn't say that generally. liz: charlie, thank you. [laughter] you should hang out in the green room -- >> why, what's in there?
liz: motorola's mobility ceo in a fox business exclusive. what do you have? you've got old school and blackberry, right? >> i have the first cell phone ever made. liz: that is so -- >> i have the first one. i've been told this cell phone goes for, like, $10 now. liz: but it works. >> it does. i can drop in water. liz: it's not about what you want, it's about what you need. >> i could urinate on this thing -- liz: give him enough rope, and he'll just hang himself. >> it will last. it's not a bad word. liz: my dad was a urologist, you're right. the markets may close at 4 p.m. eastern, but i'm always on call for you. head to foxbusiness.com/oncall to sign up for claman on call. i really want you guys to do this. top headlines of the day, the biggest interviews and what you need to be watching. it's the most important 90 seconds of financial news delivered right to your smartphone which is hopefully dry. plus, it's smart, it's fast, it's colorful and it's cheap.
well, let's say less expensive. oh, look who's on the phone? yea, hi, dennis. it's not the apple iphone 5c, hardly. it's motorola introducing its low-end smartphone. look at, everybody in the green room is fluttering around him. motorola mobility and google believe it could change the global smartphone mawrkt. the motorola mobility ceo in a fox business exclusive. ♪ ♪ [ male announcer ] is store knows how to handle a saturday crowd.
interested in making a bid possibly for time warner cable. they join comcast and charter. let me put on my glasses. sorry, you know, it happens. let me just read this to you because it's fascinating to see because we also have cox communication telling me just a week ago, we know that there's a lot of discussion about consolidation. we would like to be very clear that cox is not for sale. didn't mention anything about cox can actually possibly making a bid for time warner cable, but apparently they are contemplating jumping into the bidding for this, this according to dow jones. cox is the third biggest cable operator, for those of you who don't know how this works, after time warner cable. and then charter, of course, is a little ahead -- i mean, slightly behind there. and charter was the one backed by john ma lobe's liberty -- malone's liberty mutual group. comcast is the nation's biggest cable operator, so it's fascinating to see comcast moving higher just by a fraction here.
time warner cable is moving higher by three and three-quarters. a lot of suitors here. like prom night, everybody wants to take out time warner cable. and charter moving higher by one and a third percent. so everybody's moving higher, cox not publicly traded. we should also mention that two men's clothing retailers getting quite a pop. nicole petallides, this is a reverse, isn't it? >> reporter: right? originally, you had joseph a. bank saying, hey, men's wearhouse, we want you even though we are your smaller rival and you're undervaluing our company. and just a few weeks later men's wearhouse says on the contrary, we are going to take you over, and joseph a. bank confirmed this up solis -- unsolicited proposal. men's wearhouse is offering to buy it for $55 per share, an
8.7% premium, and you have the insiders who are looking at this thinking it's great. i was just reading about m&a activity and the specialists saying exactly the synergies between these two companies, it would be a great merger of the two, and both stocks are hitting 52-week highs. liz: i love that story. three for one over at jost a. bank. [laughter] yeah, dennis knows. hey, listen, speaking of dennis, back in september we met up wite days in the valley coverage in silicon valley. the moto x had just been released. here's what he said. >> we're pretty happy with where things are. again, this is a long investment that we're going to be making, and we're two weeks into selling the product. liz: now, that was back in september, and it's a few months later. motorola now releasing the less expensive version of its smartphone, it's called the moto g. has the original investment paid off? how will the company avoid the pitfalls that apple faced with
its cheaper color iphone? dennis woodside joins us in a fox business exclusive. the wires were going nuts today saying you guys were pushing up the release date of the moto g. it's here. it's a fox business be exclusive. people want to see it. >> all right. this is the moto g. this is the new phone that we released literally today, available on motorola.com in the u.s., and it is an incredible phone. 25% more screen than the iphone 5s. it is one-third the price. incredible value. liz: okay. so it's $179, correct? and that's no contract, right? >> that's right. liz: okay. why did you decide to do it that way? >> so one of the missions of our company is to encourage and facilitate more people getting connected to the web through the mobile web. and the cost of computing is really high. liz: right. >> if you think about the cost in your home, you usually share a computer, it might cost you a couple hundred dollars a year for internet access.
plans are very expensive, and no-contract plans are actually a lot cheaper -- liz: i agree. i talk to people wore in the know about these things, it really drives them nuts that every time they want to switch a phone, it's so unbelievably expensive. >> it can be. so we wanted to put a phone out that was one-third the cost of the iphone for basically the same quality. liz: and here it is. okay, i'm holding this one. this is the moto g, and talk about some of the features. by the way, dennis used it right away when i said, wait, let's get the exact spelling of the cox communication's ceo's name. he immediately talked into it, and it was pat esser, and it came right up. that's called google now which would be sort of the counterpart to siri, right? >> that's right. it comes with all google services, google now, google earth, we were playing around with that earlier. incredible product. the processer on it is blazingly fast. you can multitask like crazy. again, one-third the cost -- liz: take a shot of the phone,
please, if you could so we can see -- there you go. that's the google earth. which we love, right? >> yes. spinning in, spinning out. liz: oh, my god, that is amazing. now let's go the moto x. i'm holding this, this is mine. i ordered it, it was such a blast, by the way, going on the web site and customizing it to neon yellow because i'm so understated. you can have it open up and say hi liz or whatever you want it to say. and they both look about the same size. tell me the difference between the who and why cut the price of the moto x by $100. >> so there are a couple of things that are different about the x. the x has a processing unit that is listening for your voice so you can command it completely using your voice. tone doesn't even have to be on. the x also has the same processing that allows it to take pictures with the flick of a wrist which is not available in the g today. but over time, you know, we want to bring those features into lower priced models as well. liz: and here is the g.
again, you've released this already in brazil, and thousand you're bringing it here. >> yeah. liz: what are your numbers that you expect to sell on this? >> well, the market for phones under $200 is over 500 million people. over 500 million people are going to buy a phone for under $200 in the next year, so it's a massive market. liz: right. >> in the u.s. you've got students, people who can't afford a full plan or the expensive phone, and this is really a competitive product for them. liz: well, i would think so. and i look at all that you guys are doing. apple attempted to come out with the less expensive iphone 5c. i was in the apple store, no one was at that table looking at it. i understand that because you guys have how many it raitions can people -- iterations can people order? hundreds? >> it's actually thousands. and with the g, there's a number of combinations as well. liz: you guys are the experts in hardware. google as not been able to sort of wrap its mind around google tv. it's come out with a chrome cast
that certainly gave a lot of anticipation when they gave away a lot of them. why not put you guys in charge and have some type of strategy for hardware? you look like you're about to laugh like i've come up with that idea, liz, but why not coordinate a strategy with your parent company, google? >> well, the first objective we have is to get motorola back into fighting shape, and we really believe in this mission of creating more and more access for the world. the next billion -- liz: well, android is killing it. >> and android does quite well outside of united states, it's the preferred platform. so we think we have a huge opportunity ahead with motorola mobility in the mobile space, and that's what we're looking -- liz: will you guys make a tablet? >> again, these are the first two products of the new mote -- motorola. there's a lot more to come. liz: will you come back? >> definitely. liz: it rolls out now? >> it's out now. liz: okay. 179 with no contract. >> that's correct.
liz: moto g. thank you very much. dennis woodside is head of motorola mobility owned by google. closing bell ringing in 15 minutes. our next guest says we are in for a correction. we'll ask hank smith who oversees $7 billion while he's not worried about that at all. he's got some favorite stock picks you need to hear about and keeping an eye out for black friday steals, look a little closer. they might just be an illusion. it's the dirty little secret of discounts, they were probably built into the starting price, but shoppers and investors don't seem to mind. just look at the retail stocks. ♪ ♪
liz: we are so close to a record on e s&p 500, number to beat there is 1804 .76. we are just tenths of a point away from that for the s&p. watch this closely. we're already in record territory for the dow. if we close here, it'll be the 43rd record in 2013. forget the russell, that'll be the 61st record. markets continue to climb higher in value, the actual number of publicly-traded companies has been decreasing. since 1997 the total number of of companies with shares listed on the u.s. exchanges has fallen by 40%. lu -- but our next guest says as we head into 2014 says fewer stocks mean better returns for investors. joining us now, hank smith to help us do that. hank, why fewer stocks equal better returns? >> well, i think it's simply a case of supply and demand. the fact is you have more cash today than you did at the
previous peak in the fall of '07 and chasing fewer stocks. so that is very much a bullish factor and a bullish trend, and it's not going away anytime soon. liz: okay. the banner says i don't think a pullback will take away the bullish price for stocks. why not? >> well, i think it's really quite simple, liz. you have an economy that's expanding, not contracting with very little risk of a recession in the near to interheeduate term. -- intermediate term. you are profits that are rising, not falling, balance sheets that are flush with cash, reasonable valuations and may i dare say cheap valuations -- liz: and historically, right? i mean, it's obvious. >> absolutely. given the levels of inflation and interest rates that we have today, you could argue that pe should be at 18 to 20 times earnings, not at 15 times earnings.
liz: okay. >> so you add it up together, and i'd rather with a buyer -- be a buyer than a seller. liz: alan greenspan has been on this network today with a fox business exclusive, and one of the things he's worried about is that spread between the five year and the 30 year. i said this earlier to david rosenberg, a little bit of uncertainty and disstress. are you concerned at all about this, and is it something the investors should look at and make investment decisions based upon it? be. >> well, look, we have never had a recession many modern history, post-world war ii that wasn't preceded by an inverted yield curve, and we are a long way from that. so we're not worried right now with that data. liz: let me get to your picks right now. you like ibm, exxonmobil and johnson & johnson. i look at johnson & johnson, up 41% over the last year, you picked it the last time you were
here, it has continued to march higher and higher. slightly down today, nobody cares about day by day moves, but why do you still believe in johnson & johnson? >> well, look, first of all, they have all of the issues that plagued them, the manufacturing problems that plagued them for two, three years, that is finally behind them. they have a solid pipeline, that is the heart of any pharmaceutical medical supply company and, yes, it has had a big move, but we still think it is an attractive valuation and a great long-term stock to own here. liz: now, one of the other things i find about ibm and exxonmobil is they both instituted recent share buybacks. i look at that and i say is that investment hocus pocus? financial engineering? you don't seem to mind this. you like those names. that's not the whole reason, correct? >> it's not the whole reason, but in general we have a positive bias toward most share
buybacks, not all share buybacks. but it is management that is putting the shareholder in front of themselves. we would much rather them buy their shares back as opposed to pursue investments and acquisitions that have little chance of returning their costs on capital. and exxon, as a matter of fact, has bought over 40% of their shares outstanding over the last ten years to the benefit of their shareholderrings. liz: it's a brilliantly of-run company. how's the weather out there in philly? we know it's coming our way. [laughter] >> it's wet and windy, and it's going to get wetter and windier, but it's not going to prevent us from having a happy thanksgiving. liz: indeed. that's where dennis woodside is heading, his folks are there, or so we wish him safe journey. you too, and thanks to all of your folks. hank is the chief investment officer with $7 billion under management. we'll put his stock picks on facebook.com. the dow, russell 2000 and the
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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. liz: stock alert, and we have the brg news that the s&p 500 is just less than a point below its all-time record. david asman joins me now. let's see if that happens. david: yeah. it seems to be losing a little bit of steam, we're now in low single digits but, of course, anything can change in the last couple minutes. let's go to nicole petallides on the floor of the new york stock exchange. i want to talk about apple because this is a significant move, again, when we see gains of 8, 9% gain. a 2% gain isn't much, but you think of what it represents, apple just bought a very key
company that could change the way it does business. explain. >> >> reporter: well, we're looking at a taiwan ease company that's talking about the supplier component. but the fact they also moved into -- david: that's it, it's prime sense. the gesturing technology. >> reporter: right. david: for those who don't know, wii, for example, that could change the whole way apple does business. >> reporter: and right now it's up over $10. this is a big move for apple, and it moved in positive territory for the year, 2013. liz: tiffany up over 8%. we talked about in this in the last hour, third quarter earnings, but there's got to be a lot of belief in the consumer right now. that high-end buyer. >> reporter: all time highs for tiffany, doing well in the be asia-pacific region in particular. so we saw a lot of retailers heading for the highs. david: asians love the bling, and americans love houses.
>> reporter: right, and the building permits the best this fife years. david: well, the bells are ringing on wall street. again, we're just shy of a couple of real breakout moments here, but the market wants to break a record every day, it is trying to break a record every day. we'll see if records can be broken today. but, again, all in the green even though just minimally so on this thanksgiving tuesday week. again, a lot of traders are not on the floor today. that means very low volume, but it does mean some interesting moves on individual stocks we're going to be talking about this hour. liz: we're here in full force, we'll be here tomorrow too as you guys get ready to head out for thanksgiving. a fox business exclusive, former federal reserve chairman alan greenspan telling our own peter barnes that u.s. markets are not in a bubble. mr. greenspan also blamed the uncertainty surrounding fiscal policy and washington for curbing economic growth. you can head to
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