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tv   Markets Now  FOX Business  February 27, 2014 1:00pm-2:01pm EST

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the government controls everything. stuart: that was dr. ben carson when we asked how the president fundamentally changed america, he said yes. cheryl: stuart varney, thank you very much. adam: i am adam shapiro. -pgerri: i am cheryl casone. the economy is going soft on janet yellen? federal reserve chair takes how big an impact bad weather is having on things? adam: who is in charge? dozens of heavily armed gunman seizing control of local government buildings in the ukraine and raising the russian flag? the rush for bailout money aa ukraine banks were helped as well. liz: calorie, michele obama's proposal for sleeping changes nutrition labels as obamacare forces calory count on menus. we are heading to the source on this one. popeye ceo joins us first on fox business after the fast-food chain's fourth quarter earnings
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miss. adam: kicking production into overdrive and states duking get out to get in on the action. chasing the stock that is 30% jump in the past week but bank of america, you got to hear what they say. cheryl: we want to talk about stocks, let's head to the floor of the stock exc nicole petallides, skyrocketing, this is going to be the critical time period in history. what is going on? >> it is $7.25 a share. and changing management and underperforming, numbers that were better than they have seen for two years, now based on the balance sheet, the way they did back in 2013, stock up 25%, a
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huge move. cheryl: sears reported a tough to terrible holiday quarter or how terrible. nicole: doesn't it sound horrendous? yet the stock is to the upside. the only upside is they have been closing underperforming stores, 7.8% at 4351. cheryl: stockholders liken this one. nicole: it is a tough business. -pwe saw what happened to circu city, radio shack had a tough time in that environment, 4.5%, cutting the management they don't need, and earnings per share beating profit on a ride so sales were still little tricky but stock is doing well. adam: the s and p is on track for record close and the dow is climbing back from earlier losses, 35 points, mixed
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economic news. turmoil in ukraine, testimony on the hill, an opportunity to address concerns regarding recent soft economic data. >> since my appearance before the house committee on number of data releases point to softer spending. part of that softness may reflect weather conditions. is difficult to discern how much. adam: joining us is oppenheimer funds chief economist, how much of a player is the weather in the south economic data? >> they asked me to come back in april or may and i will tell you. if you didn't buy a house you didn't buy a car because of a blizzard, you might buy it later on. you didn't go out to dinner, that is pretty much spending
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this law so it is hard to say i was looking at history of past times, got a fight after a particularly bad winters, and some activity in the second quarter. adam: we had 200,000 jobs, does that underlined number indicate there won't be a pullback? >> don't know why it would imply a pullback. it was more slowly than anyone would have liked or wanted. some statistics the government released today, to pick up in january, corporate investment and plant equipment, that is encouraging, starting to invest more and hire more, that should pick up demand in the second quarter. >> those to watch the market,
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the s&p 500, one analyst said if we can close above 1850 of a lot of momentum to continue going to the upside, what you said about orders, could that be a trend we are on? could we see a market? >> investors would like to see investors in real assets. people are going forward. in the short-term capital expenditures done necessarily help stock prices, and momentum with financial markets and increased confidence among businesses, a financial sector has done a little better than the real sector on the investment side. adam: if i look at fundamentals, what about the fact that wages are stagnant for so many americans the past several years is that changing? any relief on that front?
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>> am i hearing fox business a we should raise the minimum wage? i am concerned about that. adam: i didn't say that. is your wages going up anywhere? >> looking around the world, going up in japan a little bit. remember is that the pace of new jobs is slow. every time you at a hundred thousand jobs you at a hundred thousand paycheck so even if the hourly rate is the same that is a little bit of improvement. in most parts of the labour market there areea lot of people, a lot of job openings and they are not making each other in a way that is pushing up wages. nobody wants to see wage cost spiral but you are right. you would like to see aggregate pay, personal income increasing and that is what is going to drive demand which will drive investment. adam: thanks for joining us. lot of investors are watching these issues to determine how to allocate their money.
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thank you so much. cheryl: we are watching the people in the ukraine as it continues. regional government headquarters and parliament on the country's peninsula with more of the latest developments let's bring in ashley webster. ashley: not since 1991 when ukraine won independence from russia has the country scene so much upheaval and turmoil and the country is divided politically. also teetering on the edge of financial collapse. let's look at the latest developments coming in the thick and fast. parliamentary vote confirming the prime minister is pro west, called on russia not to intervene. as you mentioned, armed gunmen are holding the parliament building, haven't identified themselves, or made any demands at all. they raised the russian flag. all of this as fears grow that it could become a battleground between ethnic russians and ukrainians. the depot's ukrainian president
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is being protected in russia and stated today he is still the lawful president of ukraine, he is supposed to hold a news conference tomorrow in southern russia. russian forces carrying out a second straight day of military exercises claiming fighter jets are on, quote, combat alert. they have been patrolling the ukrainian border. nato very concerned about the developments in crime, trying to not to escalate the attentions and as for the financial side of fact-finding team to kiev to discuss ways it can help after a request for support from the newly formed gunman. according to ukrainian treasury state that stands at $5 billion. the gold reserve which three years ago as his equal to $37 billion has fallen to $15 billion and just in the last hour we have seen the white house saying they will continue a range of options for ukraine
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including loan guarantees to support the country's economy and we heard from lawmakers in sweats and say they're going to freeze the bank account of depots ukrainian president and freeze those assets for the next three years. a lot of developments coming and going and sharp division between presidents to 40% ukrainian but a bigger picture here, russiann troops, second day of military exercises on the border, that is a little intimidating and russia very protective of the black sea naval station which is in crimea. a much bigger picture here and second.following it second by cheryl: thank you for the update. appreciate it. adam: that has led battery getting strange and shares falling after the company announced its plans to spend billions of dollars on a new
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battery factory. joline kent has details. this stock is up 68%. >> really incredible story we are following and four states battling to get this factory in their state. the carmakers announcing plans to raise $1.6 billion to a bond issue to finance a 10 million square foot, $5 billion factory to make lithium ion batteries for their model s sedan and future models coming out. the factory will employ 6500 people and span 500 to a thousand acres. tesla is looking at arizona, nevada, new mexico and texas luciano elon musk says the plans to use renewable energy includes wind, solar farms that was in his plan announced yesterday. tesla says the factory will be at full capacity by 2020 and in its full year they reduce battery costs by 30% and produce 500,000 vehicles every year. gm sold 2.7 million new vehicles
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in 2013. adam: i was that all things z, which you haven't seen pictures of. and a new battery factory will be built, $1.6 billionnin financing. and the stock price and all time high. and the price target is $65. >> if you go to morgan stanley, $320. not everyone is convinced tesla can disrupt the batteries and do everything they are promising to do. it is pretty tremendous an increase even if we are talking about 2020 down the road. some are remaining very conservative. morgan stanley $320. adam: thank you very much. cheryl: high tech doesn't
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typically mean high fashion until now. the wearable gadget that actually looks like jewelery finally. adam: blackstone and steel for verisign gee, the potential ceo sees his exclusive interview with maria. cheryl: the severity of the california drought in two job dropping images. check out the full sum like reservoir near sacramento, 97% capacity. now drained to get 17% capacity. adam: how it is going to impact the grocery and restaurant bills coming.
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announcer: where can an vestor ? scotade. ron: i'm never alone with scottrade. i can always call or stop by my local office. they're nearbynd ready to lp. so when i have questions, i can talk to someone who knows exactly how i trade. because i don't trade like everybody. i trade like me. that's why i'm with scottrade. announcer: ranked highest in investor satisfaction with self-directed services by j.d. power and associates. cheryl: arizona governor vetoing a bill that would have given business owners the right to refuse service to gays and lesbians on religious grounds. >> senate bill 1062 does not address a specific or present concern related to religious liberty in arizona. i have not heard one example in
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arizona where a business owner's religious liberty has been violated. cheryl: in addition to the national football league companies like apple, marriott, delta and american airlines all pushed for the veto. adam: california's drought is taking some of big toll on the state's crop business and turns out it is impacting cat rangers. robert gray is in california with more on the story with some dramatic images. it is really frightening. >> it has been very dry. we got a little bit of rain. people were excited. when i sailed little bit of rain was less than an inch. their 15% below what they should have in terms of precipitation in this area. with me is the owner of this range, with some of his best cattle. thanks for joining us on fox business. we talk about 2013 one of the driest years on record and this year could be dryer, well below where we should be.
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how are you coping with this with beef prices rising? >> reporter: we have to wait until october so we will start selling them. >> reporter: kissel 10% a year cattle here. the plan is you will continue to sell more unless we get another march miracle which last year they have a lot of rain at the end of the season? >> in march we make a decision ended april another decision. >> it is not just you. we have seen the number of cows being sold has tripled in the last year. prices of also gone up. defining supply and demand. why are the prices so high even though people are being forced to sell? >> texas, oklahoma, kansas, they
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have been draw two four years and now is hitting us. snowstorm hit south dakota, north dakota in early fall, that took cows out of the market. now 12%, 15% shortage of cows, those are the producers of what are produced, these are the mothers that makes years and heifers that we harvest. >> you have to wait a couple years. >> there are various forms of relief and the infrastructure is the key elements of that should it pass. adam: talk about those expenditures and what people are paying for beef going up in price and so will fruit and vegetables. thank you very much. cheryl: will be tough times for cattle ranchers mean better news for those who depend on chickens. coming up, first on fox business interview with popeye ceo n coming that next, what she
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thinks about obamacare and demand to post calories' on menus. adam: the demise of the sit-down breakfast squeezing orangesmakers in the pits of the cme. as america falls out of love with o.j.. in the new new york, we don't back down. we only know one dection: up so we're up early. up late. thinking up game-changing ideas, like this: dozens of x freeee zones across new york state.
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cheryl: first lady michele obama proposing sweeping changes to calorie information on food packages and this on the heels of new rules mandating restaurants post calories on their menus. cheryl bachelder of louisiana kitchen joins us for a first on fox business interview. great to see you again. >> thank you. cheryl: popeye is has 2,000 locations in the u.s.. how are these menus going to affect your restaurants? >> the data is not clear to as yet but we already experienced them in a couple of states but we see this as an opportunity. we are in the process of installing digital menu boards which gives our customer all the information they need and
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beautiful food photography to help choose from our menu. cheryl: wouldn't it be better? many -- a spokeswoman for domino's told one of our correspondents on the news channel they have an apps, a website, they feel that is enough and the concern is for these franchise owners, they will be buckling under the cost of this. do you worry about them? >> the beauty of digital menu boards, simple up load. we are providing the information we are provided to improve by then the best format possible. cheryl: check out business, earnings coming out, stock down today of a session lows. let's talk about growth. seems to me international growth in certain segments has picked up but overall domestic story, in 2014 is well off of where you were a year ago. where is the pressure coming
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from? >> we finished our fifth year of growth, we built 194 restaurants last year which puts us in the top tier of quick service restaurants growing and growing very quickly. isn't the ideal consumer environment but what i think our story tells is a major market share growth and major new unit growth first in the u.s. and as you said a round of global. cheryl: 2% or 3% growth is still positive but off a little bit. let me ask something else. we have been covering heavily the drought in california, just having a reporter talking to us from a cattle ranch out there. what does that mean for chicken prices. where are you forecasting that because that is going to be the effect for your restaurant. do you think this is a positive negative? in california going earlier. does that heep you or hurt you in the short term and longer
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term? >> it is cit nancy food and chicken is coming down in price so if there's a significant amount of beef and coming into the market be competitors will be focusing on core products but we feel good about where chicken prices will be, the second year and coming down and this is where we spend our time focused. cheryl: it is price conscious, it will be interesting to see how this shakes out but the war between beef and chicken. great to see you again. >> always great to see you. cheryl: good to talk to cheryl for obvious readings. adam: just thinking of the chicken from potpies. cheryl: problems for general motors's new ceo. the latest as the automaker doubles the size of the latest recall, 1.6 million cars worldwide. adam: states awaking up for hard truths and hard shoelaces.
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how much money do you think you'll need when you retire? then we gave each perso a ribbon to show how many years that amount might last. i was trying to, like, pull it a little further. [ woman ] got me to 70 yearold. i'm going have to rethink this thing. it's hard to imagin how much we'll need for a retirement that could last 3years or mor so maybe we need to approach things drently, if we want to be ready for a longer retirement. ♪ cheryl: so you got the dow up 59 points. intel is a drag. verizon is leading it. it is all about the s&p, i'm sorry. here we are once again trying to get the s&p to close above 1848. we're at 1852 right now. these are last four trading days and swings. intraday high has been met. we're looking for new intraday closing high for s&p 500.
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we'll see if today is the day. we have the floor of the new york stock exchange, nicole petallides. you're watching general motors and hat is happening there, nicole. >> we're seeing the stock down quarter of 1%. take it over to the post so you can see nice and big here. down a quarter percent. but the question here is about the recall. now there is investigation open into whether or not general motors did this in a timely fashion. did they refacts enough. did they work with nhtsa, the u.s. national highway traffic safety administration. there is all the problem with the ignition systems. recall of 1.6 million vehicles. there were 13 deaths in crashes. the question did they refacts enough? don't forget gennral motors came out of bankruptcy in 2009. gm working with them very closely and, now having a little bit after battle on their hand. cheryl: nicole, thank you so much.
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adam: so a state of financial emergency for many municipalities across the united states. and then the states themselves. illinois, new jersey, california, among the hardest hit states when it comes to pension payments. so what can be done to curb the massive budget shortfalls that result? steve malanga, manhattan institute joins you now. i will ask you a very simple question of the whether in the private sector or public sector, whether you get a defined benefit plan what we call a pension, 10 years from now will they exist? >> they will exist in someplace, government. some governments basically say, their constitutions you can't change pensions for current workers. if you look at average amount of time the current workers have in the system, pension systems, calculated, maybe 15 years, 18 years in many places. so they will kind of, even in places for new workers instituting defined contribution plans, like the state of utah, for instance, gradually what is
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happening is they will phase out but it is going to be gradual. adam: decades. we have, let's show everybody the states that have the worst funding for their pension liabilities, unfunded pensions. among them, we know the players here. illinois, connecticut, new jersey. we heard from governor christie yesterdaa, a very honest statement about here's what's happening. the taxpayers of new jersey, it is a term people in this industry call crowd out. >> right. essentially what is happening is that pension payments, employee health care cost, and debt service, some of which is to pay back pension debt, is now consuming 94% of all the additional taxes that new jersey is collecting. so as new jersey recovers the into these areas, leaving only 6% of money for things like education aid, medicaid. that is what is called crowd out. adam: what do you do if you're the governor of a state like
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new jersey, how do you provide services to taxpayers as that crowdout will only grow because the pension obligations will get larger and larger? >> i said this before. we're entering into an era unfortunately where people are paying higher taxes and getting fewers services. like anti-walmart, right? instead of getting better service for lower price, for taxpayers it is becoming exact opposite. so, for instance, san jose is a very good example. adam: san jose, california, laid off, eliminated 2,000 jobs. >> they have done more than that. they built police precincts they can't afford to open because they can't afford to operate them anymore. we see this happening around the country. services are declining. people are being laid off, because that is only way to cut pension costs if your state court says you can't otherwise change pension costs. it is very difficult earra. we're seeing it come to fruition in place like new jersey. adam: very quickly we'll see benefits for future cut by
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public pension employees and taxes go up to the already promised obligations. >> those things are happening. we're already there. new jersey, how far it will go. they will have couple billion dollars pensions impact their budget over next couple years. illinois is in the same position. so is california. adam: steve, thanks very much for joining us. cheryl: we are learning right now that joseph deere, the former chief investment officer at the california public employees retirement system, has died after a long battle with prostate cancer. he took over calpers invests in the dark days of the 2008 financial crisis. responsible for restoring america's biggest pension fund by investing in liquid invests. and hedge funds. john dear, dead at age of 62. adam: more on the special boomer retirement series. we'll focus where boomers should retire. ann arbor, michigan, why
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retirees want to head back to campus. cheryl: first, curious support around new york governor andrew cuomo. charlie gasparino is here with exclusive details coming up next. ♪ life's an adventure when you're with her. and it always has been. but yo erectile dysfunction - itould be a question of blood flolow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confidentin y.
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and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like neeng to go frequently or urgently. tell your doctor abo all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialis if you take nitrates for chest pain, as this may cause an unsafe drop in blood pressure. do notrink alcoholin exces. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injur seek immiate mical help for an erection lasting more than 4 hours. if you have any sudden decrease or loss in hearing or visionon, if you have any allergic reactions such as rash, hives, swelling of the lips, tongue or throat, or difficulty breathingor s, stop taking cialis and get medical help right away. ask your doctor about cialis for daily use and a -tablet free trial. >> i'm jo ling kent with your fox business brief. wells fargo is cutting 700 mortgage jobs, many of the layoffs are at bank's
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minneapolis and des moines location. wells fargo has cut 6900 mortgage workers since july. ebay founder is blasting investor carl icahn for making false and misleading attacks about the company. he sent two letters to shareholders complaining about the conduct of board members, john donahoe and. mcdonald's is expanding build your own burger test. they launched the concept at single california location, offering tablets for customers to use to select bun, cheese, choices. that option is bringing in more customers and more dinner traffic. that is the latest from the fox business network, giving you the power to prosper.
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adam: legendary financier and major gop donor ken langone is
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leading pack of republicans calling for re-election of the democratic governor andrew como, chairing a committee for his re-election. is the billionaire selling out and rest of wall street following him. charlie gasparino has that. >> group is called republicans for como. headed by a guy named mike mckeen, lobbiest in washington, new york. used to be a flak for governor george pataki, the last republican governor of new york. langone is chairman of this group, at least what he professed to be. what is going on is interesting dance with major wall street, major republicans, contributors, that generally give money to republicans, with andrew cuomo led by mckeon and langone to give andrew cuomo. why are we interested in the story. why do we leave in new york? this is huge wall street component. this more than republican financiers. this is wall street financiers.
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people work on wall street tar guested by andrew cuomo. the list is interesting. hank greenberg, former aig chair, to be targeted as part of this thing. they had some port sort of event a meet-and-greet with andrew cuomo earlier in the week. from what i understand, cuomo made a beeline to hank to put an arm around him and bring him in the group. from what i understand, hank is non-committed right now. another major figure, they're targeting, john whitehead, goldman sachs chairman. one. nicer guys on wall street. a huge player for a long time. john whitehead is still non-committal but being wooed by them. the other guy i keep hearing, david malpass. if you know dade, he has been on this network. a economist over at bear stearns. also rand for, i believe he ran for u.s. senate seat against christian gillibrand. so these are the people that are being wood. so far the only person who is totally committed appears to be
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langone. although, langone has a lot of sway with all the folks i just mentioned, particularly greenberg and whitehead. we'll see what happens here. i find it fascinating that wall street is lining up to cuomo. you know he is, you know, you know, compared to build blast black the comrade mayor of new york, i guess cuomo is right-winger. but compared to anybody else in the country, this is a guy that is very left-wing. he hasn't done much about reducing the state's budget. marginally cut taxes while raising others. he is kind of, the hud secretary that introduced fannie and freddie, which we'll talk about in a moment to the subprime loans. cheryl: you brought it up. you brought it up. all right. you had dick bove on the show, exclusively talking to you. boom we get the news. dick was right she was right. interesting, do we have stock chart of fannie and freddie. cheryl: we is a picture of dick bove. >> loves that. i got email, from dick, your
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report was right on after we spoke the stock has gone up. we should show where fannie and freddie was trading. they're roughly $4 stock yes, i did. they're up significantly. happen. is nice little bounce. remember what bove is saying. fannie and freddie is making a lot of money. the government has a plan to basically squeak, take all the money, from the shareholders. take over fannie and freddy, the obama administration. shareholders are suing. he thinks there is good chance shareholders win this lawsuit. he says that the stock goes from 4 to 18. both fannie and freddie. interesting scenario. cheryl: today. >> today earnings were strong. if you believe that these things will be private, remain as they're sort of private companies, they're gses, they're in limbo. i wonder how that will work out. do we back them up? adam: how will that exist, that owasi guaranty. >> that is opening up a whole another can of worms but dick is
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betting, by the way, big al manage and others hedge fund guys are betting this remains in quasi-setting with shareholders and stock triples. cheryl: net income $8.6 billion in the last quarter. dick bove. >> it was good call. public policy ramifications is for another story, whether this is good thing for all of us. adam: your story in the post today about cuomo. >> right. adam: as the obama administration moves further left, as you get mayors like de blasio clearly for the left, those democrats why in the center, why would they not be attractive to more moderate republicans? >> i could seat rationale. let's get half a loaf but what they're really getting if you look at governor cuomo's policies, i don't buy that he has done such a great job here. they're getting kind of crumbs. i'm fairly, if you really want to know, socially liberal and i'm not -- cheryl: fiscally conservative. >> i'm not the strictest fiscal
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conservative but it doesn't take a rocket scientist to figure out that you have businesses fleeing the state because of tax structure. the ax structure has not changed under andrew cuomo. we have a huge state government that continues to grow. maybe not as much as it did under david paterson but still grows. adam: great quote. social system only great until you run out of other people's money. >> that's it. >> charlie, thank you very much. adam: thank you, charlie. cheryl: well, looks like cash is in vogue. fashion powerhouse versace landing $287 million in capital from blackstone which is equivalent to 20% stake in the italian fashion company. blackstone chief steve schwarzman spoke exclusively to our maria bartiromo on "opening bell" on why it is investing in the italian designer. >> its business itself is much smaller than its recognition and it provides the opportunity for really major expansion of the
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company. cheryl: blackstone says it will help the fashion brand expand in emerging markets. the versace family will still retain majority control. donna has to have control. adam: control of that with blackstone behind you? cheryl: a lot to do. adam: citrus growers are squeezed. we're in the trading pits as orange juice hits the lowest level in 15 years. cheryl: more on the special business of boomers series. jeff flock is live in ann arbor, michigan, why college towns are the hot spot pourfor retirees. [ male announcer ] this is jowoods' first d of work. and his new boss told him two ings -- cook what you love, and save your money. joe esn't know it yet, t he'll work his way up fr busser to waiter to chef before oning a restaurant
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adam: keeping update on your stocks. we want to turn your attention back to markets because the dow and s&p right now are near session highs. in fact the s&p just a few
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points shy of that all time intraday high. tech stocks helping to drive today's gains. adobe and sales force both hitting new all-time highs. cheryl: college towns are not just for students anymore. more and more baby boomers are finding a new home in younger, vibrant communities. jeff flock is live from a favorite cross-country skiing spot in ann arbor, michigan. jeff. >> very difficult to keep up with retirees these days but one place you can find them, university towns increasingly. what are we doing out here today? i never snowshoed before. >> i'm not sure. we wouldn't be out here if it wasn't for you but you're doing a great job learning. >> tell you, these retirees, baby boomers specifically, are folks not, not content to go to sun city and play shuffleboard. i have rich proctor, who is avid cross-country skier. you have been retired from america for how long now?
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>> about four years. >> why here? why not annnarbor? why are you not at del webb? >> so hard to cross-country ski in florida. >> this is your wife, mary. what attracts you to ann arbor? >> stay as young as i can as long as i can. >> that is the thing about this these folks are not content to not be active. i kind of think of you as old people but don't like to be around old people, is that right. >> that is a pretty good summary, yeah, i like that. >> and i don't know what the heck we're doing out here today. it is, what is the temperature? about 3 or something? >> 15 mary said but windchill has got to be minus 20 maybe? >> and these people, i tell you, i know people younger than me that don't work as hard as we've been working out here today. university towns. check them out.
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maybe ones farther in the south though? what do you think? >> i'm thinking florida sounded pretty good right now. jeff flock, great stuff. enjoy the day out there. it is beautiful. thank you, jeff. adam: from boomers to a business no longer booming. orange juice, the long-time breakfast staple is actually losing its flavor due to shifting tastes and surging juice prices. fox business contributor phil flynn of price futures group is in the trading pits of the cme. i thought people loved orange juice, phil? >> i thought so too. this is a part of americana that is really dying. to be honest with you, people don't love orange juice anymore. a lot has to do with our new ideas about health. we don't want the sugar in our diet. we have other alternatives. we don't have to drink juice. we have 15 other different kinds of drinks that we can use an orange juice is getting more expensive. if you look at the cost of orange juice, they have been going up while demand has been going down. that has been another major factor why we don't drink juice
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anymore. heck, americans are not even having breakfast anymore. they try to campaign, that you can't even, you know, it is not just for breakfast anymore. well, right now it is not for anybody here. now the other part of this sorry is kind of a sad story. this comes as u.s. orange improve producers are having some of the worst times ever. not only is the demand for their product going down, they're losing their trees due to the citrus greening disease. this has been a major factor. and because we're, the production of orange juice, you know, are at the lowest level we've seen in decade, it is driving you the price, killing orange juice, you know, used to be a day without sunshine. maybe without the orange juice, that is why it is so cold. back to you. adam: phil flynn, thank you very much. cheryl: interesting. thank you, phil. well, no funky plastic bracelets here. with wearable tech proving to be more than just a passing fashion fad, the industry wants to make sure you look good wearing it. we're talking to the creator of
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the cusp jewelry coming up next. ♪ -- cuff. there's this kid.
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coh callher a team player. she's kind of special. she mas the whole team better. he's the kind of player th puts the puck, horsehide, bullet. right where it needs to be. coach calls it logistics. he'sdependle.passer. a winning team has to have one. somebody y can count on. somebody like my dad. this is my dad. somebody like my mom. my grandfather. i'm very pround of him. her. them.
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melissa: so a makeover for wearable tech. new startup debuting line of accessories putting emphasis on fashion as well as staying connected through technology. joining me the founder of cuff. i guess this is kind of vogue meets google in a way. you're small now. what is the goal here for the company? where do you want to get the stuff out to? >> hi, thanks so much for having me. we want to get it on the wrists of fashion-savvy women everywhere. we think there is the opportunity to give people an aesthetic choice what theirology looks like, and have it fit seamlessly into their sense of style. cheryl share the critics the devices you have now are not that smart. they're good for security or
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find someone, older person, i want to know my mileage, i want to know my calories, how do i sleep. do you think that is coming for your technology? >> oh absolutely. everything is in the works. we want julie, our wearable jewelry everything the more techie versions do. first rollout of security is sort of a way to show you how to protect and connect better. we thought the security market could use a face-lift. we hope this could add dignity to protection and connection of your closest people. cheryl: could you work with apple or google? i put on google glasses. i wouldn't wear those. they're not pretty. you agree with me. >> they're not pretty. cheryl: would you work with these guys, like apple, google, a big company to make it nicer? >> i think there is a lot of opportunity there but i also think there is opportunity to have entire breadth of different style. perhaps apple products have to look like apple products.
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programs apple would not want to release a gold bracelet. we have opportunity to show people different styles and different ways to wear tech not just so one note. one thing to walk into a boardroom and everybody has the same computer. another thing if you walk in and everybody has the same clothes on. i think this could be -- cheryl cheryl we're out of time. you -- you call them. i want to follow you soon. founder of cuff. thank you very much. adam: beautiful stuff but, the beautiful designs but, wearable tech has been around 100 years. it is called a wristwatch. cheryl: i wish i had mine on. how many calories i burned today. adam: melissa francis is here through the next hour of "money." would never forget hers. melissa. melissa: i don't. i got one for my husband. he is excited about it. i don't know, it a lot of information for me. i'm not sure i need all that. adam: you don't. melissa: i know i'm not customerring enough and i'm trying to sleep more.
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there you go. all right. we do have a big show today. we have two governors, both exclusive, florida's rick scott, mississippi's phil bryant, both on huge job pushes right now. ttday's signature wall street throwdown features charlie gasparino and chatwood fund jared levy. that will be great, fighting over whether something smells fishy in the tesla bond deal underwritten by morgan stanley. you might want to get some popcorn for that one. of course there is today's "money talker", the latest round in e-commerce with ebay. -- icahn versus ebay. even when they say it's not it is always about money. melissa: new fed chair janet yellen just wrapping up her testimony best senate banking committee. let's check in with scott shellady on the floor of the cme. one thing in particular caught my attention. she said the economic data, particularly consumer spending had


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