tv Countdown to the Closing Bell With Liz Claman FOX Business May 5, 2014 3:00pm-4:01pm EDT
delivery. thanks, guys. that's all we have for today. i hope you're making money today. "countdown" starts right now. >> the oracle of omaha unveils his inner thoughts on everything from berkshire hathaway's succession plans to activist investing in the first hour of trading interview with liz. she also spoke with microsoft founder bill gates and berkshire vice chairman charlie munger. paying the penalty, target's ceo is out following the big box retailer's giant cybersecurity breach. will his departure do anything to turn around shopper confidence in target and poohs sales? and is it -- boost sales? and is it even possible for retailers to protect their computer systems 100%? and forget about thrones and robots, google goes low tech as it expands its same-day delivery system to manhattan and l.a. in its bare knuckle fistfight with amazon and ebay. but who can deliver your packages the fastest and
cheapest? "countdown to the closing bell" starts right now. ♪ ♪ cheryl: and hello, everyone, i'm cheryl casone in for liz claman today. it is the last hour of trading. as we come onto the air, stocks are fighting back after steep losses, triple-digit losses. at one point the dow was down, get this, 135 points. it has since coming back, it is now hovering in positive territory, so what a day we are having as far as the markets go. a pair of dow components among the biggest losers, pfizer missing first quarter revenue targets this morning. that stock, as you can see on your screen, down nearly 3%. rough day for pfizer. take a look at jpmorgan, that stock down about 2.5%. the banking giant warned it expects fixed income and equities trading revenue going to fall 20% this quarter from just a year ago. big, negative headline for jpmorgan. one factor that is helping to
cut this morning's losses, we got some good news on the u.s. economy, and the services sector in particular. it's the usm, institute for -- ism, institute for supply management, saying services grew at the fastest pace in eight months, so that is certainly helping. we're going to watch the numbers as we move through the last 58 minutes of trading. and we'd all love to know what the oracle of omaha is saying, right? well, liz claman has been in omaha, nebraska, all weekend long covering the shareholder meeting. warren buffett has made a lot of money with his insurance businesses. the billionaire says in the end he would pick the good of society over profits any day. take a listen. liz: you said if driverless cars hit the roads and accident rates go down because they end up being safer, that could meaningfully and negatively affect your geico insurance unit. >> yeah. but if they really work well, they're good socially. but, sure, they could reduce the costs of insurance. anything that improves, reduces
accident rates, reduces death rates and all that will reduce the cost of insurance, and that's basically a good thing for society. liz: but a bad thing for geico. >> overall, the world would be better off if we didn't have any car accidents. liz: of course. but it got so onerous on geico's business model, would you sell geico? >> i won't sell geico. liz: never? >> no. no, no. never. liz: does it hurt eventually if more and more people go to electric cars, does it hurt burlington northern railroad? a huge amount of the car doe on your railroad is oil to, facile fuels, warren. >> yeah. well, it'd be a lot of oil. and there's a choice about something haha's good for berkshire and good for the world, we vote for good for the world, absolutely. liz: regardless of what's good -- >> absolutely. cheryl: we are, of course, going to have a lot more of what mr. buffett, mr. gates and, of course, charlie munger had to
say. you want -- don't want to miss what mr. buffett had to say about the possibility of relocating berkshire hathaway outside of the united states. not just omaha, the united states. we're going of to have a lot more coming up. the best, the brightest highlights during this hour from, of course, her interview with warren buffett this morning. let's get back to our markets here in new york. we've got traders standing by at the floor show, the new york stock exchange, the cme group and the nymex. ben willis, you know, certainly we had a lot of volatility. i know volume is on the light side, but are we just now kind of digesting all the big data news we had last week? >> i think what we're seeing is we are seeing lighter volume, about 10% below monday for the last quarter, but we are seeing the push and the pull of a marketplace trying to decide how to price a slowing down of the world leader of the chinese economy. we're seeing that continue to decelerate. it's still growing but not as quickly as we'd like. the european union gave us ay tn
lore, suggesting that their growth is nowhere near what we had hoped we needed it to be. then we came into the united states, we were down 135 points op the dow jones industrial average, and we saw the markets turn and head higher because we need to price in the fact the united states is, in fact, having an improving economy as judged by our ism and pmi numbers. so that was the whip saw you saw. the fact of the matter is at this point the world investors have to decide where they need to put their money, and it was a mistake to pull it out this morning. cheryl: interesting. it just shows you the indecision we're seeing. the dow at this point has crossed the unchanged level more than 30 times, and we've still got 55 minutes to go here, ben. as you look forward, a big headline that came out of friday's jobs report certainly was we don't have wage growth in this country. at what point do you think the stock market is going to be too ahead of the usa, and i mean economic data we're getting on the wage side? >> i don't necessarily agree with some of the points in the wage discussion. there's another article today in
your sister paper, "the wall street journal," suggesting there is wage pressure in some industries. and compliance is one of the good areas as far as wall street is concerned. i think what we're looking for now as far as the concern of the growth of the united states is how the fed sees it with janet yellen's conversation we'll be having on capitol hill on wednesday. with a lack of any other news in this marketplace, i think that will take precedence, and that will roll that right into the e.u. on thursday. i think those will be the story. cheryl: yeah. that's a really good point, ben. again, we got that last week, another big story. let's me go to gary kozlowski, volatility's name of the game, trending a little bit higher today, the commodities. what's on your radar as far as this monday goesesome. >> well, what we saw probably wheat was the one that really jumped out on everybody. when the pressure started building up again over in the ukraine and russia situation, ukraine is one of the largest
exporters of wheat. that and with the crop reports that we're getting, we're seeing wheat just taking off. and here's corn following suit. now, we also have a lot of drought conditions in oklahoma and kansas city for this winter wheat that they're getting ready to harvest. they're looking for the quality conditions to be drawn way down where it's only going to be feed rated, not even for consumer use. so we're really looking into that. that we're seeing the u.s. dollar is down below that 80 handle, and that's a really key number. it makes our exports a lot more attractive. but with the grade of the wheat, it's not going to help us -- cheryl: i'm getting some breaking news on target, pardon me, but we are getting some breaking news on target. we're going to be talking about this. one of the major shareholders of target, ctw investment, is now calling on the retailer, they want the chairman and ceo roles separated after the departure today. we're going to be bringing in butter in just a moment, but i do want to get you a quick
headline. 3.4% to the downside. target's been under pressure all day as you can see, but kind of trending down just a little bit more here. guys, i'm so sorry. jeff grossman, down at the nymex, do want to get to you, get your thoughts on oil and gasoline as well today. >> well, again, gasoline was the story today. crude oil is locked in our trading range between 99 and 100.5. it was up and back a few times today, not a problem. gasoline was the story. now, i said it in the past, gasoline at this point continues to be and will continue for another six months or so to be the leading indicator for our market, the whole energy complex. it was down at one point about five cents in the early part. the crack value, that's gasoline against crude oil, was a dollar, almost a dollar and a half. that is going to be your indicator. today was a bit of a head scratcher. gasoline was weaker than you'd expect, but i do expect though probably tomorrow being a reversal day, tuesdays and thursdays are notoriously
reversal days. you'll probably see gasoline bet get a little bit of its footing and maybe rebound. cheryl:well, we're going into the summer season. gentlemen, thank you so much. want to get back to that breaking news on target just a few minutes ago, this stock has been under pressure, as i mentioned, throughout the day. huge leadership shakeup that happened earlier this morning. remember, this is one of the largest u.s. retailers. they ousted the chairman, the chief executive. there he is. there was a massive data breach over the holidays, i'm sure you remember this. but the question now, what does this mean for this company? we just got breaking news that one of the biggest shareholders, ctw investment, wants them to separate the chairman and ceo roles. mostly you see that when it comes to banks, not with retailers. other big ceo shakeups and how those stocks performed, think about jcpenney for a second. they fired the ceo, former apple insider ron johnson, on april 8th of last year.
that didn't really help the company, the stock down more than 45% since he left. another side of this, though, men's we arehouse, that's -- warehouse, that stock's up about 40%. now for target let's bring in burt who was nodding his head just now. i do want to get your comment on the breaking news that ctw is saying they want these roles separated, i'm assuming because they feel like he's made so many crucial mistakes. >> they're completely correct, cheryl. from our work with activist shareholders in other retail companies, you have to separate the chairman and ceo-ship. you have a poor performing board, governance and strategic decision planning, it's been uncharacteristically awful for target which was the leader for the 20th century in terms of philanthropy, marketing, merchandising, retailing operations, and it's been a real laggard for the last five months, for the last 5-15 years. cheryl: and he also, you know, he outsourced a lot of his data
security. i mean, he gave it to other companies, and those companies are the ones that, frankly, failed him at the end of the day. >> outsourced everything to buy back shares. he's a company -- here's a company whose shares should be selling close to $100 rather than $59. they outsourced data credit card security, as you referencemented, they outsourced distribution and didn't supervise anything, and they outsourced e-commerce to amazon, so they gave away a lot of the crown jewels and didn't control their own destiny. cheryl: you also say he made a lot of strategic mistakes when it came to how he actually handled canada and their canadian operations, that should have been a huge moneymaker for target, and that was a missed opportunity. the economy's been much better than the u.s. economy, frankly, over the last few years. can they right that ship, whoever the new ceo's going to be? >> not for a long time. when one of my colleagues and i went to the canadian stores, we
asked why are you out of stock on so many key brands? you outsource the supply to your key competitor, you outsourced your distribution in the u.s., and they said, well, they ship their stores first, and we get our shipments later. so it's this almost moronic management because they're not seeing what shoppers see in the stores on saturdays and sundays. cheryl: you're a surviving member of the walton family right now, you're saying thank you very much -- excuse me, walmart, you're saying thank you, target, for making so many mistakes. let's talk about who could potentially be the new leadership. the cfo is going to to be acting for now in leadership capacity. but that's not going to be a long-term strategy for the company. so one of the names that you say is possible is carol mire wits. >> genius of marshalls, tj maxx, north american and worldwide and just an outstanding reeder. frank blake, while he's been in all areas of business, one of
the true leaders. frank brought in helene -- [inaudible] one of his board members, a real genius from cvs. she'd be outstanding. dr. tom ryan -- cheryl: drexler from j.crew. that's interesting. >> yeah. the ideal combination would be target buying j.crew just to get nicki drexler to run the company and use all the merchandising and marketing genius, bring that back to target. cheryl: you know, one of the big things their going to have to deal with, not just the low income customer but also the online retailing wars right now. amazon is changing its strategy, same-draw delivery's becoming more and more pref rent now -- prevalent now. is this just, frankly, another nail in the coffin for target? >> you're completely correct. nail in the coffin. if you look at what macy's.com, nordstroms.com, it's taken target apart. they're so far down the track, it's tough to catch up in online retailing. cheryl: i'm sure you don't think
it was a big surprise that he announced his resignation. thank you very much. good to have you, especially when we just got that breaking news in on target. we'll keep you posted on that stock as we move towards the closing bell. we've now got about 47 minutes to go. so spending the weekend with warren buffett -- oh, that would just be horrible. yep. tens of thousands of his closest investment friends. liz claman, of course, was front and center. she knows what he has for breakfast, she knows all those questions. anyway, we're going to have her highlights from her interview coming up for you. and also the invest in yourself berkshire hathaway 5k weekend run. >> hi, my name's roh hand, i'm from walnut creek, california, shareholder, and a shout out to everyone in california. >> josh harrington from napa, california, shareholder of berkshire hathaway. value investors rule. >> i'm -- [inaudible] from the netherlands, europe. i'm a proud owner --
[inaudible] power to prosper. >> sabrina from humphries, nebraska -- >> robert, and we're berkshire hathaway shareholders. go, liz claman! whoo! ♪ ♪ peace of mind is important when you're running a successful business. so we provide it services you can rely on. with centurylink as your trusted it partner, you'll experience reliable uptime for the network and services you depend on. multi-layered security solutions keep your information safe, and secure. and responsive dedicated support meets your needs, and eases your mind. centurylink. your link to what's next.
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♪ cheryl: okay, if you've been watching the show for years, you know when liz goes out on assignment, she's got unparalleled insight and unique access to newsmakers around the world. well, no different at the berkshire hathaway annual meeting in omaha this weekend. liz spoke to warren buffett about whether his company would ever move headquarters out of omaha, also about his motivation from ab taping from -- abstaining from the coca-cola shareholder vote. take a listen. liz: pretty clear that omaha would never give up its corporate citizenship, but tax reasons become an issue. are will any circumstances where you would actually revisit the situation in the near future that might prompt you, warren, to revisit that pfizer-type deal of incorporating overseas, say, for example, in the u.k. where you get a better tax rate and it's better for shareholders? >> no. i do not ever see that happening at berkshire. we do very well with the tax
rates that exist in the united states. you know, berkshire has gone from a textile mill to a company with 300 billion plus of market value. that's basically, happened in the united states, and it's handed with higher -- happened with higher tax rates, so america has treated us very well. liz: you refused, as you always do, to name a successor. but the three names -- >> to you, the board knows. liz: the names that get floated are, of course, formerly mid american energy, now berkshire hathaway, ajit -- [inaudible] and then, of course, matt rose who is the executive chairman of burlington northern. am i on the right track? >> well, the candidates are all internal, and i've said they're male, although that would not necessarily be the situation in the future. liz: what if it changed to a female? >> it could, sure. i'll bet someday it does. but right now they're male, and they're internal, and i think it's a virtual certainty that they'll be internal forever.
[laughter] liz: and it will be an insider. >> it'll be an insider. liz: will you require your successor to follow the berkshire way; never fight corporate taxes and things like that? >> well, i can't require anything because i won't be here -- [laughter] but in terms of our culture, i think there's no question that my successor will be someone that has bought in is 00% to the culture -- 100% to the culture. they'll do things their own way, and they should, but we set out our economic principles in the back of the report. they haven't changed, virtually, for 30 years. and we're a certain type of business. that's not the only way to run things, but it is the way we run things at berkshire, and i can't imagine a successor changing that in a material way. liz: let's go to a corporation of which you own 9%, coca-cola. this is a huge topic, obviously, this weekend. you were point-blank during the meeting when asked by a shareholder why didn't you vote.
you abstained from the vote on the compensation packages and, in fact, i found it interesting, the shareholder called it un-buffett-like behavior. you said you really liked muhtar kent, didn't want to go to war with him, but yet you still didn't vote. you know you could have made such a statement to all corporations about excessive corporate costs. >> we made a statement with the fact that we're talking about it now. we made a huge statement, and we did it without going to war, and i think it's a statement that got heard by coca-cola. i've had good discussions before the vote, actually, with muhtar. i admire the corporation enormously, i think they're terrific, i just happen to disagree on this, and we made the disagreement known. and like i say, i think almost even in the country's heard about it. liz: well, this brings us to our first hashtag ask liz question, and we got so many, but this one was interesting who asked what
would coca-cola compensation packages really look like if coke were fully owned by berkshire hathaway? >> they'd be a lot different. we've written about our compensation packages. we pay very we for performance, but we try to make it performance umped the control of the person -- under the control of the person we're paying. so if we were paying somebody for their performance in canada, we would tie their compensation to the performance of coca-cola in canada. and we have a lot of plans. we have all these companies that work, are part of berkshire, and they have incentive comp very substantial in some cases, but they all make sense in terms of tying the comp to what that person can accomplish. and with option plans, of course, you know, they become lottery tickets. if you have 6,000 plus people receiving options, they're nice to get. i'll take a lottery ticket. i'll never pay for one.
and if you're going to try to incent people's performance, they have to feel there's a connection between the incentive offered and the performance of their being asked to deliver. liz: and right now those coke compensation plans don't quite hit the mark? >> well, i would say virtually all the option compensation plans i see don't hit the mark. it's not specific to coca-cola. that's one reason i didn't want to come out and look like i was coming down hard on them. but their plan -- which, incidentally, can be modified by them. i mean, all that happened on this vote was to authorize the stock. the period over which it'll be dispensed is up to the coca-cola company. cheryl: okay. we're going to have, of course, a lot more coming up from liz. we are now just about 36 minutes away from the close and, again, the superstar interviews that she's been doing out in omaha, many more highlights to come. we're going to be talking tech with warn buffett and with microsoft founder bill gates. you've got to ask him that,
right? and also we're going to be covering something else. u.s. attorney general eric holder says the banks are not too big to jail. you might think holder's only thinking about a couple of major european banks, but charlie gasparino's got exclusive details of a big u.s. bank that could be in his crosshairs as well. be right back. ♪ ♪
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liz: attorney general eric holder made headlines today when he said no banks should think of itself as too big to jail. they may be the first target. charlie: it could get nailed for some of the mortgage scandals, outstanding scandals back to the financial crisis, but the name i keep hearing is citigroup. they have a fairly significant scandal in the mexican banking, it has to do with potentially fraudulent loans given today mexican oil company. it is a pretty sleazy affair.
what we hear is at least from banking sources, this is the one place where they can easily make a case against a firm, the firm itself, the bank itself could be held liable because of the banking fraud. it'll occurred in mexico, but the way in, according to lawyers and senior wall street executives is that you prosecute them because there are branches in the u.s. the technically they are incorporated in the u.s. not just a subsidiary of citigroup but u.s. banking units coming under the u.s. banking resolution. we should point out what he said today was interesting in this sense. i think it was about a year ago, he basically said we don't go after these big firms because they are too big to fail. if you indict them, if you send a grand jury indictment, put it before a grand jury, the chances are the market players will not
lend them any capital. any financial institution, they essentially go out of business. that is what happened because they were not quite indicted. there was talk about them being indicted, a run on the bank where people were not lending the money. i wonder how he is going to get after this. liz: i thought it was a strange arrangement. >> he is saying there will be more deferred prosecution arrangements with these big banks. you say they did bad stuff, we are deferring the prosecution. we still prosecute them. a lot of people point at citigroup in this scandal. they snuck this in on friday. missing a lot of newswires. they were being officially investigated by the justice department, so it is interesting
thing, this is heating up. they should pay attention to, this is a big stock, one of the nation's largest banks, been in trouble since i have been covering wall street. they do a reverse split or something like that. there is a reason it is $47 not $4.70. look at those headlines, that will affect the stock. liz: that would have a major impact on banking in new york. >> i think both would. i don't think they have the colonies to put any banks out of business. following arthur andersen when they indicted arthur anderson, that was done in the bush administration during the enron
scandal because he was the accounting firm. they just got so much flack for that, they don't have the guts to put a bank out of business even if it did pretty reprehensible stuff. liz: thank you. the closing bell will ring. it is back to the future for google and the home delivery wars. i do love this video, it makes me laugh. we will show you how google will turn up the heat on amazon and ebay. interesting story. when you're sitting down with the richest people in the planet, you want to pay attention and ask the big questions.
the revealinrevealing interviewn buffett and bill gates talked what everything from the latest technology trends to the future of the newspaper industry. >> i am from toronto, canada. i am a shareholder of berkshire hathaway. >> go, liz claman. >> i'm ceo of oriental trading companies, i am excited that they were the winners of the company with the largest number of people in the run. i ys say be thman with the plan but with less ergy, moodiness, i had to do something. i saw mdoctor.
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billionaires. warren buffett and bill gates, she spoke to him about what he thinks about microsoft new ceo and whether microsoft whatever spin off the xbox business. >> they have new leadership, the stock is up 17% year over year, but here's what we hear on the street, you are there very much much focused on it. i guess people on the street wonder my two pressure, things he wants to do to bring the company forward. is he free to charge ahead to move microsoft? >> absolutely. he is off to a great start. he have used more of my time. he is re-examining everything. it is exciting to have
youngblood, new thinking. liz: it is such a different kind of business, it has huge potential, a lot of attention with xbox one. why not just separate that out? >> we are taking xbox gaming and bringing them closer together. the power of the pc graphic chips mean you can do great things. i am sure the team will look at that, it is up to them. an overall gaming strategy. it is not as obvious as you would think. the numbers surprised recently to the upside. ananalysts had basically left te tablet for dead. we see very hot numbers but it is costing you guys a lot of money. yet the revenues are not quite there.
can you tell us when it will become profitable? >> we had to take a write up because we did different volum volumes, that was nine months ago. now the high-end version which actually has better margins is gaining share, the one i use and like a lot. you never have the of profitability in the peer software business. for the hardware and these big data centers we are building, analysts and investors will have to watch that a lot more carefully than when we were a pure licensing company. >> let's bring this back to chewing gum. don't embarrass me now. i have the manual typewriter.
i can handle it. liz: social media, they look like they have potential. is that something they would be interested in? >> probably not. yet it tommy which one will be where, i don't have a good fix on that. some of them will do terrifically, i just don't know which ones. i have had a person tweet for me five times. liz: while you don't understand come you don't fear certain industries a lot worn like print. everyone keeps saying we won't be reading newspapers. >> it is declining, it declined last year, it is declining, and
i would say there is no leveling off. the decline rate is not severe in many cases. liz: he bought the "washington post," that has been a company you are very close with. what you think he will do? >> i hope he succeeds like crazy. liz: have you talked to him? >> i will talk to him from time to time but i have not talked to him. liz: and amazon competitor, very interesting company possibly may announce the ipo details this week. the founder and ceo who is a former schoolteacher, great american chinese story, there are entire towns build around selling things on subsidiaries. do you get a sense this is a really huge thing on the cusp of
changing destructive ways on the internet? >> alibaba dominated e-commerce. it is even bigger by most measures and it is in both states. he is a pioneer there. at the giving pledge, amounting to very large gifts to the foundation. his spreading the word that successful people ought to take a hard look at philanthropy. liz: many interesting people. we do have the closing bell coming up as well. we have about 16 minutes to go. next day delivery from the friendly search engine? how google wants to be a game-changer. the online shopping business and why he should watch out.
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same-day delivery service from san francisco to manhattan and also los angeles. it is to deliver nonperishable household goods to existing retailers. there you go. up about $0.64. lot of talk about jeff pesos. there you go. of $1.49. ebay, they're expanding and delivery business as well. after rising about 1% last week, even on the market is sitting at record territory, our next guest says there is pretty good buys out there you want to look at. at the asset fund by the morningstar. convenient stores. you are very bullish about convenient stores right now.
>> it's in some ways not a new industry, but a new industry in terms of public companies there have been a lot of spinoffs over the last year or two. and new industry to look at and investment. liz: kosher farms we will know, but this was formerly sara lee. >> our investment strategy, private market value with a catalyst. what is a business worth play potential acquirer, is there some event that can serve the value. when event can be a spinoff, in this case spinning off a coffee business acquired and now it is hillshire brands. they made jimmy dean sausage. ballpark franks. focus on innovation.
liz: this is another one, murphy usa, they have had a very positive article about them, very bullish. >> this strategy is they put gas stations and convenience stores outside of walmart. 1200 stores, they own 90% of the real estate and they will really grow with supercenters the next couple of years. liz: you're looking at the tried-and-true business point. >> w where long-term investors. we are owning companies for a very long time. we focus on things we understa understand, talk what amazon, google, great companies, people will go to convenience stores for everyday items for things in the future. liz: people are going to duane reade.
five star fund the top 2%, the fund itself has done incredible. some of the bigger holdings are what i want to ask you about. parent company of the fox business network. usually tried and true models. >> we focus on the firm, our vendors into boeing. playing long-term aerospace cycle. we think in terms of broadcast and cable networks are great businesses creating a lot of value for a long time, we will do that. liz: overall market, there has been so many question marks about this rally, this is fed fueled, ahead of the economy. how is the consumer spending?
do you buy this rally? >> we are very much bottom-up investors. that is where i think as people who pride ourselves being stock pickers, there will always be opportunities in the convenience store case, these weren't public companies, that is a potential opportunity. we gravitate towards those type of situations. liz: you are being very picky. good to have you on the show. six minutes to go until the bell rings. after the bell rings much more of liz claman with warren buffett including the annual paper talks. as well as interview with microsoft founder bill gates and warren buffett himself. we will be right back. we asked people a question, how much money do you think you'll need when you retire?
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>> so interesting you take a look at the dow, david. we crossed unchanged line more than 30 times. david: yes. >> we were down triple digits this morning. what a difference a few hours. david: trying to digest all the economic news. that is one way we have steve forbes coming up to try to tell us whether the economy is growing or isn't growing. let's go to nicole petallides. nothing conflicting about her reporting from the nyse >> gregg steinhafel has been under pressure with the data
breach and. after 35 years at target he is stepping down. cheryl: we should mention one of their biggest shareholders they need to separate the role of chairman and ceo. one big activist investor is on that one. visa critical name coming to consumers and shopping. what so going on with visa. >> baron's put at top of their list of 500 companies. positive comments from for visa from "barron's" a great day forevers say, pfizer is having a tough day though. why? >> they came out with the numbers and follow thestory whih 106 billion says does in the suffice. is down 2.3%. a loser along with the financials. david: by the way revenue they came up short. again a good bottom line you about the revenue came up short. cheryl: real quick, blackberry, nicole, real quick. >> when we look at blackberry they will sell off real estate
assets. cinco de mayo. check them out. david: happy cinco de mayo, everybody. and actually all of the indices managed to pop into the green. [closing bell ringing] the global dow is down one if you follow global markets. oil is down which is more of a relief to many. we should mention small and mid-sized caps represented by russell 2000 down just a bit. hard to make too many generalizations with figure this is low. i would suggest one. with the uncertainty that we have, with all those conflicting economic figures that we had last week, maybe people are moving out small and my size, cheryl. cheryl: as the close, david, as you were going through the big market numbers, apple, 600 bucks a share. $600. david: it is a tough day. it is a tough day. let's look at your front page headlines. growth in the u.s. services
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