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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  May 6, 2014 3:00pm-4:01pm EDT

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today. "countdown" starts right now. >> the italian job, chrysler gets that time makeover with a new logo and ambitious five-year plan. going global. will the ceo drive up sales and profits? facebook million dollars video ad challenge. an audition like none other. when thewe will tell you what id this unusual move and whether advertisers are willing to take this. and illumination, it is the energy of flowers. plus, can it out bloom big boys like ligh white hundred flowers? we talked the startups cofounder. "countdown to the closing bell" starts right now.
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cheryl: hello, everybody, i'm cheryl casone in for liz claman. on this four-year anniversary of the flash crash, where were you? the day the dow dropped 1000 points. the market today on this anniversary having a bit of a down day, but forget the anniversary. today an important day on the calendar for insiders who owns shares of twitter. the lockup. back and did yesterday so they could sell their shares in the market opened and they did, big time. that stock is now down more than 16%. heavy volume on this stock, a loss of $6. 1.89% at the open, the selling has continued. i will tell you what, the plunger twitter is pushing other stocks down as well. recent ipos, facebook, amazon,
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linkedin, all of these names are falling in tandem with twitter. we are looking at another corporate name, you know the name, you watched this in stock, down again suffering from what you really have to talk about the einhorn affect. down 15% trading at 108.19. pushing to the downside right here. making remarks at the investors conference yesterday, not good for these guys. the founder says the health care company stocks could fall as much as 80% from the all-time highs that reached earlier this year. also, earnings season. we are nearing the close, believe it or not. still some big names coming out after the bell today. there you go, groupon, disney,
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tripadvisor, whole foods, activision. and about ahead of the earnings reports, all bets are off. all of those stocks to the downside as you can see. i will be here with david asman for after the bell, but as we moved to the closing bell, we are following something phenomenal to watch. the auto industry, fiat chrysler unavailing ambitious powerhouse in five years this is a newly merged car company pledging double sales of jeep and chrysler plans by 2810. jeff flock at the chrysler headquarters. what do we know?
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jeff: the second biggest office building in the world outside the pentagon and plans to match it. one reporter called this a virtual firehose of news. extraordinary. we will show you sergio marchionne, the ceo of fiat chrysler automobiles been something no other automaker does, which is essentially lay out targets for the next five years. where they will do it in the world, nobody else does that kind of a thing. very plainspoken saying mediocrity is not worth the trip, and a lot of his minions also very plainspoken. one thing that is tie a big parf the strategy, the head of powertrains with electrification today. electrification is overblown by the media. also telling what brands are
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going away or what models are going away. the dodgers even though it has a second test and in the u.s., that is going away. taking it over, the dodge avenger also going away. being repositioned as a performance brand, pony cars, chrysler will be competing with ford and chevrolet as more mainline. you mentioned jeep, look at the sales target for jeep. currently 700,000 worldwide. by 2018 they will sell 2 million jeep per year. six models made in six different countries. soon six different countries will make jeeps. china alone will turn out 500,000 of them alone by 2018. they will go from 4000 plus 26,000 plus. i leave you, cheryl, with the new logo. that is the most boring thing that has come out of this
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location here today. i don't much care for that logo, but they have to be very exciting to investors who have been here today. cheryl: i have to agree with you on the logo. the board. jeff is going to stay with us, obviously. first off to the target for jeep, those are huge targets to make in a short amount of time. >> jeep up until now has really been primarily and north american brand. what they are really doing now is recasting it as a true global brand. it has been an import only brand in china, that severely limited volume potential. now here and in europe, good volume. cheryl: this is a company we
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bailed out certainly, we bailo bailout, now they will be increasing production overseas. i wonder if there is any discussion about that they are in michigan. >> they will import a lot more vehicles as well as make them overseas, seldom oversees largely but they will also sell a lot more overseas that they make in the u.s. as well. i would look at it as a win-win. cheryl: not just the money they are committed, but the short timeframe, talking about others. fiat has a lot of issues over in europe as well. now they're trying to push american brands side-by-side. >> during the presentation statement, they had failed at the mission of racing on sunday and, winning on sunday and
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selling on monday. something the other brands have done very well. they really wanted to compete with potty, things like that. in order to really sort of succeed in the premium overall u.s. market, they really do need some sort of premium brand. cheryl: maserati is another option. >> that is a little bit more high-end. they are really putting it into that role. cheryl: this is a recall with general motors, another recall. you know both ceos very well. compare and contrast them as they move onto the next phase of crisis management.
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>> it is pretty tough to be a ceo when you have recalls almost every day, news on that front. thank god sergio marchionne does not have to deal with any of that. it would be interesting to see how he would react to the gm situation because he is very open, a very plainspoken fellow. you really get what he is thinking. you can tell she is contemplating everything she says because of the terrible pressure she is under. he is not under that kind of pressure. he sort of put the pressure on himself because he will have to answer for all of these forecasts he has made in the sales numbers he has projected. cheryl: last word to you, same question with the leaders. >> sergio marchionne has set some lofty targets he will have to answer to down the road. mary barra, she inherited a situation she didn't create, so yes she has to be very calculated, she has to be
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brought up to speed, had to defend the company despite her relative noninvolvement in and everything that has happened. she is doing about as good of a joblesjob this could be expecte. all of the stairs was really dropping, gm sales have been just fine. showing increase. consumers don't seem to have really responded to negatively to it. they are doing everything they can. cheryl: it is nice to meet you in person finally. years we have talked over satellite. jeff flock, always good to have you on. the big event coming up tonight. jeff flock will be covering that for us. the closing bell 50 minutes to go. you want to post a video ha ad n
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facebook? besides ponying up $1 million per day, you have to pass a couple of key litmus tests. we will tell you what those are in which will take to get that passing grade. you know this story, higher meat prices. helping the brands post higher earnings with an increase the ie number of americans eating breakfast sandwiches. we love breakfast in this country. we're talking to the ceo, a fox business exclusive coming up. >> shareholder of berkshire hathaway. hi, guys. go fox business. >> we are from california. >> we are shareholders. >> shareholder berkshire hathaway. big fan of warren buffett and big fan of omaha. go fox business >> from sleepy hollow, new york. we are shareholders of berkshire
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hathaway beard so glad to be back in omaha. go fox business news. weekdays are for rising to the challenge.
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tumbling into an eight month low against the euro. thank you for joining us. we are watching a contract fall, what is happening right now with the dollar? >> we are seeing some movement in foreign exchange. overnight we saw some good data coming out especially in spain and italy with spanish pmi has the highest since 2007. that has moved the euro higher, moving to a high of 139.50 today. cheryl: i understand your point about based on euro strength. we saw a lot of concerns of what is happening between the ukraine and russia. >> the ukraine and russia is a big story as well. the euro zone tends to rely heavily on rush over the import
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of gas. that could have pressure on it. there will be a geopolitical story we will have to follow over the next few weeks. cheryl: thank you for your time. cofounder. at the dollar today. thank you for joining us on that. taking a look at the averages right now in this country, still under pressure. one thing we are watching, this is tomorrow, janet yellen will be testifying before congress. let's get to our floor show. at the new york stock exchange, the cme group and the nymex. she has been known to step over her words to say it politely. they are still considered on the floor she may speak tomorrow. >> i think largely the market has run its course in the near-term. showing signs of pulling back.
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the dow and the s&p are showing more and more signs of joining the russell still down 7% below its peak. small cap weakness, difficulty in some of these internet tech stocks bottoming out hitting new lows. lot of the high data trade. people are wondering the same levels we have been at since march. the dollar now starting to hit new lows against the euro and back into the yen, so the dollar hihitting the lowest levels sine 2012. that is a concern to some people thinking our recovery has gotten more and more anemic. signs the economy in europe, the spanish and italian bond yields are hitting 2005 lows yet our economy is still struggling. cheryl: we have some weakness. you know what, philip.
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we are now rounding out earnings season in particular 8% of the s&p 500 is now reported. i want to get your overall sense of how corporate america is doing right now at how it is affecting trading. >> we are still focused on larger pictures. paying attention to janet yellen tomorrow, today is an anomaly because we have seen almost every tuesday we have ended the day up, we're getting hit hard right now, but a lot of the other focus is still ukraine. geopolitical risks are still quite high. oil prices back over $100. some of the other things we trade like the wheat market broken off to the upside as well. cheryl: something else we discussed, nor talk of the oil side of this.
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what are you expecting? >> look at ukraine, in the crude oil contract position in the black. looking at bills in crude oil. over 400 million domestically. never seen the numbers this high. cheryl: gentlemen, thank you very much. appreciate a lot going on in the market. we will see how it will be treating you at home. helping americans avoid u.s. taxes. who else but charlie gasparino. all that coming up.
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cheryl: will u.s. regulators actually go through with pushing criminal charges to a large bank or are the risks too high? to answer that question, charlie gasparino along with our exclusive guest of colombia law school. charlie, you have been all over this story. charlie: i think if you're an investor, listen to jack because he knows the law, he knows the intent of the law and he has a good insight into the game plan. it will be charged criminally in
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this new regulatory regime proposed by eric holder that nobody is too big to jail. >> it could happen, but it hasn't happened yet and it isn't about to happen. this is the test case, the vehicle that the federal government probably most wants. a foreign bank because credit ct swift is a perfect test case for three reasons. one, there probably won't be any run on the bank because all its depositors are in switzerland and they're not that concerned about what happens in the united states. two, they will not be any title wave of civil litigation. if this were an antitrust or security case, there might be multibillion-dollar class actions filed with no clear result. u.s. citizens committing tax fraud. charles: this is a tax evasion case going back many years. >> those people have unclean hands, they cannot possibly sue.
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there will not be a threat of litigation. and it is only subject to banking authorities in washington and the banking regulator in new york state. i believe they worked out in advance what those two will do. in theory if you are convicted of a crime, the comptroller of the currency can take your charter away but that won't happen. the comptroller of the currency is in favor of large banks and want banking stability. they worked out a deal with him as well. cheryl: it soundcharlie: it sous frederick, style over substance. they didn't want to indict, they would reach deferred prosecution agreements where they said we did something bad and we would prosecute but we will be for that prosecution, and remember if you are indicted, people don't like you anymore. that is what we did in the past.
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it sounds like all he is doing is putting a new spin on something that is old. >> if this were a u.s. bank, it could be different. i think they want to start with a case of a foreign bank where they are sure they can control the collateral consequences. this may be a prelude. but this is probably the safest case to make sure the myth an indictment will cause banking failure is truly a mess. charlie: citigroup embroiled in a scandal in mexico, the subsidiary, mexican subsidiary. had some sleazy dealings with mexican companies. they had some branches in the u.s. owned by citigroup, a lot of people i talked to say this could be the next case and this could be a real case, a real case going after a u.s. bank. is the u.s. government ready to indict citigroup?
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>> i think they want to try credit suisse first. it is not inconceivable. it is a very well-know well knod they persisted long after their colleagues pled guilty and entered into a deferred prosecution agreement. making it pretty much ineligible for any more mercy. charlie: if you are investor in bank stocks, you should be somewhat worried by this regime, correct? >> you as a shareholder probably have to be buried. on the other hand the u.s. public at large has been very dissatisfied at years now for how the banks got off. this is a response to inevitable political pressure. charlie: thank you for clearing that up for us. cheryl: very interesting you have been following this story.
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charlie: nobody puts legal stuff in context better than batman. cheryl: charlie, thank you very much. the closing bell will ring. we have 30 minutes to go. talk about a blooming business. marrying technology with the art of floral arrangements. to make a flower delivery picture-perfect just in time for mother's day. an exclusive interview on how the company is trying to disrupt the flower business. and keeping facebook cool. always mark zuckerberg's biggest challenge because your grandmother is on facebook if you didn't notice. shareholders want to find out what is going to be new. he has a way to make serious money behind a plan to keep users happy giving advertisers access to those users. coming up. capitato make it happen? that makes it real?
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cheryl: we are getting breaking news, we want to point your attention to what is happening with twitter right now. the stock breaking a brand-new record for volume, this stock getting hammered. pushing 17% to the downside. this stock topping for volume 118 million shares. nicole petallides from the new york stock exchange, walk us through the why of what is happening on twitter today. nicole: the headlines would be record-setting day for volume,
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new low for twitter, and don't forget the ipo back on november 7. on this ipo day, watching the volume compared to today. just a short time ago we surpassed even the day of the ipo, this area was bombarded with traders and action and obviously so much anticipation for one of the greatest ipos, and in the meantime this stock is down 45% just in december. for this year alone. take a look at the shares down 17% as we speak on the day of the expiration of the six month time restricting the sale of roughly 82% of the company outstanding shares. the founder said they had not planned to sell their shares at all now that the expiration is here, we will see if that in fact held true. everybody turning to the analysts names like goldman sachs and deutsche bank remaining with by readings. some were more cautious like
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wells fargo saying there are too many if surrounding it. maybe people are too optimistic. a new low for twitter, and the heavy volume we are seeing at this point we talked about topping 118 million shares. cheryl: about 25%. we are talking 25%, insiders walking away from this. thank you so much, we will watch this stock closely. 23 minutes to go, we will keep our eye on twitter. also talk about a great business idea, it is a business of the case. it is tough to find the perfect arrangements, but startup illumination looking to ease the troubles of the perfect floral gift with your smar smartphone d local florist. the cofounder joins me now from los angeles. david, thank you for being here.
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what is different with bloomnation then 1-800-flowers? >> the company was founded because my self and cofounders went through the frustrations that consumers go through buying a bouquet. we have no idea what we are buying so when they get it, we have no idea what we are sending. when you go to bloomnation we work with local florist, type in a zip code to see through the forest is and what you are sending which is huge. even better you can connect with the local florist. the forest will step you a picture of it upon delivery or when they are creating it, smell you know what you send is what you are seeing. cheryl: this is a very personal thing. whether it is for condolences, mother's day, this is a real
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relationship we care about. some big backing behind it. one goal for the company, what is your goal for the company? >> we are constructing the industry. most of you send flowers, huge% of them have been frustrated with what we send. we're changing behavior. flowers the representation of who you are. if you are sending these were not happy about, does not look good. now going to other countries and other verticals, we are concentrated on what is our biggest issue right now is making the world a more beautiful floral place. cheryl: we ordered some flowers in new york and you have a
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bouquet there as well tying into the bloom snap concept. can you explain that to our viewers what that means? >> i went ahead and orde orderes prior to coming here, grated by one of our florists. the designer, $100. they sent it out to see it. i could message them right away. when i go home for mother's day, the talk of the house with mom. cheryl: since i left my mom and arizona, i will be sending her flowers. we got a great local bouquet. i hear there is a crazy story about how you and your friends got the money to do this startup.
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going to my backgroundmoney to was in professional poker. i won the world series of poker a while back. they came to me and said we have an idea. we needed $30,000, not a lot of us were technical founders, but he said you need to go to the casino now and we won a poker tournament in 24 hours. the first 30,000 went to development. cheryl: you send flowers to your mother and you are great at poker. great to have you on the show. >> thank you. cheryl: don't forget mom, everyone. let's move to something else. facebook, big changes coming to facebook. sets to unveil video ads that will run in your newsfeed in the next few weeks. estimated $1 million per day.
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who was going to spend that kind of money? jo ling kent. jo ling: it has been about a year and a half since facebook announced the ads, now $1 million a pop. according to the "wall street journal" a select number of companies invited to submit pictures that will run on facebook the next few weeks. being vetted to make sure they are meaningful enough. back in march facebook announced they'rtheir working with an oute company to deal with how engaging each ad is. they will be challenged because they have to run without sound unless you click on them. after years of internal testing, facebook saying they want to control how users experience advertising. since launching, facebook has only shown one video ads so far with 15 seconds trailer for the movie "divergent" in december. they estimate video ads could
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boost facebook revenue by a billion dollars per year by next year. if this sounds familiar, it is. instagram ceo announced a similar type of approach when they launched still ads last year with the same type of scrutiny system. emphasize the beautiful images would be the most important part of this entire experience and facebook owns instagram so facebook stock right now down nearly 4%, more than 4% getting crushed alongside a whole host of social media stocks today. cheryl: it is getting hammered today certainly. thank you. the closing bell will ring in 17 minutes. we are watching another for you. walmart winning some bragging rights in the online slugfest with amazon. and then turns up the heat for more. new details. america's new appetite for sandwiches cold cut, the profit
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cheryl: the world's largest retailer walmart is turning up the heat on amazon. the largest seller on a planet, walmart buying the search engine marketing the company in terms of a deal not disclosed but the purchase coming with a landmark win over amazon. the giant retailers online sales grew faster than amazon last year. this is no the first time this s happened in a decade. warmer sales rising 30% compared with 20% for amazon. walmart has a very long way to go to catch up with amazon however amazon outsells the 10 0 biggest online competitors including walmart. still six times bigger than walmart. take a look at the stocks 11 minutes into the close.
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amazon a lot of pressure in the group overall to give you context, down 4%. so, talk about hitting it out of the ballpark. phil scheier brand known for the famous meat products like jimmy dean sausage and ballpark frank reported earnings that beat on revenue. now they are expanding beyond the court meet businesses. what is coming up next and is there a possible acquisition in the future for the company? joining us now, sean connolly, though surhillshire brand ceo ad president. you had a nice quarter, you beat nicely on the earnings per share, but did you have to raise prices internally to meet those prices? >> absolutely. we are facing inflation, the
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business performed extremely well, but when you invest behind your brand, it will still stick with you. cheryl: you just acquired vin's natural. we have said if it is whole foods and other companies, the big move into organic food, natural food. does it really care if it is organic? >> probably the biggest focus for the imperative, we invade health wellness alternatives for jimmy dean, ballpark, it is another great health and wellness equity we are bringing into the portfolio. a great growth business, tremendous amount of runway. cheryl: i am sure summer will be big revenue. talking but the stock picks, your name came up.
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i want you to listen to what he had to say about what could be in your future, and i want you to comment on the other side. >> investment strategy and philosophy is what we talk about with a catalyst. what is the business worth the potential acquirer, and is there any event second can serve as value? one of them can be a spinoff in this case spinning off a coffee business which was acquired and now it is those her brands. it could be a takeover candidate. cheryl: he was saying takeover target, what do you think? >> we have good management team, good portfolio brand, we are focusing on what we can control, building a different kind of food company simultaneously focused on growth and being lean. we are putting significant points on the board, i like the prospects as an individual company. cheryl: well said, well avoided.
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come back to fox business if some reason you are approached as a takeover target. i want to ask about the future of the company. where'd you the biggest growth potential for the company? >> consumer sentiment that will be the top performers for us, a lot of it initiatives including into the jerky category. this can provide good growth for us and we're looking forward to the future. cheryl: do you think we will see more competition from local farms when it comes to your brand? there has been so much backlash, supermarket foods, at the same time these movements buying farm fresh products, do you get nervous about that? does it keep you up at all? >> the local movement is
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consumer's request for authentic handcrafted products and ingredients. that is how we are modifying our portfolio now. handcrafted, it is what you get in the local farmers market. so far they are flying off the shelf. cheryl: it is probably breakfast somewhere. thank you very much. >> thank you. cheryl: there's a lot happening because after the bell we have big, big numbers coming out. you have groupon, disney, whole foods coming out. disney in particular looking for big numbers from them. full analysis coming up. and we are watching what is happening to the big board right now. you get a lot of pressure with the small-cap names, a lot of mixed corporate news.
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we're watching merck. concerns of the european market close to the downside. and watching commodities. you don't want to go anywhere. david asman coming in and we will cover the big announcements coming in after the bell. "after the bell" coming right back.
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that's health in numbers. unitedhealthcare. [ bell ringing, applause ] five tech stocks with more than a 10%... change in after-market trading. ♪ all the tech stocks with a market cap... of at least 50 billion... are up on the day. 12 low-volume stocks... breaking into 52-week highs. six upcoming earnings plays... that recently gapped up. [ male announcer ] now the world is your trading floor. get real-time market scanning wherever you are with the mobile trader app. from td ameritrade. cheryl: we want to point your attention to the markets. of course david asman is here. david: thank you very much. cheryl: we're sitting at session lows. david: unfortunately i feel like i brought in the session lows. we had big earnings.
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disney, trip advisor. whole foods. a lot of companies people rely on. let's go to nick coat petroleum at new york stock exchange. iting official, nicole, twitter, the volume isviest day ever we've seen for twitter and it is really suffering big-time. it is down now about 11%. >> it is a tough day for twitter -- 1%. this place was packed with traders. orders piled in for twitter when it had its ipo. only to see it move to the downside. it is down 45% this year alone and this is the lockup expiration when insiders can sell. cheryl: we are watching twitter on that news. tech ipos, that whole group is underperforming. >> no doubt, cheryl. names like gogo, 3% to the downside. fireeye, varrone that systems 3% lower. david: trip advisors. we're about to get their
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financials. they're way down at the announcement. >> trip advisor, whole foods, just to name a few. this is earnings season. [closing bell ringing] david: if i'm not mistaken this is the session lows. cheryl: we're sitting at session lows for dow, s&p, nasdaq. watching small cap names, really taking a hit over the last few sessions. that is continuing. david: it is low of all of the indices. we have inverted pyramid here starting with the dow. that is not a good sign either. the dow suffering least losses, if you call it that, 12points to the downside. going down to almost a 1 1/2% loss in the russell 2000. small and mid-sized caps taking it on the chin. "after the bell" starts right now six big names coming out with their financial reports. disney, whole foods, trip advisor, whole lot, groupon


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