tv Countdown to the Closing Bell With Liz Claman FOX Business May 23, 2014 3:00pm-4:01pm EDT
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>> to bring in the floor show. we are traitors at the newark stalking change. we also have chris robinson. in just a moment we'll be speaking with mark, ceo and chief investment officer of morgan creek capital. nicole, looking at this behavior in the markets today and yesterday, on thing going because people are halfway out the door, still means whooshing record after record. >> it is. i giggle as i see them because
we have these guys around and they've made some great calls. we been in the business for decades or more than a decade. there are times where there right in times where you feel like a peel back could be coming by for hard to engage. seen new lows today and new highs such as you would pocket agenda. -- hewlett-packard. while some feel like a pullback could be in order, the s&p 500, just two points away from a record intraday high. a closing i did is probably what we'll see at the close at these levels so we are hovering around some highs. there is room to pull back. that range continues to narrow, almost like a ping pong back and forth at some point you have to break out either up or down. >> i'm wondering if it isn't the
important level on s&p, more people might have the confidence but chris robinson, we have seen a five you jump in the s&p 500 of more than 100%. less interest in that, more into point, we love arbiters certainly but they have been wrong. specifically marked, i told the two marks is because we love all different opinions and its importance early to have a bearish point of you at least a certain slice of the pie but these people have been wrong. although everything they've said made a lot of sense. what does an average investo inn what are you seeing on the floor? >> well, as an investor your net loss stop if you have an ira or what have you, probably where people get the most trouble is a panic at the bottom and they could aggressively, they won't adjust back at the top sort of human nature. my advice to most people would be if you are concerned but you need to stay long, your stock portfolio is to put some raising
the price of put options underneath you but if we get a correction, the poets will help you because they will gain in value. if we keep having these new highs, you will still benefit because used to belong your net stock position. that's probably the best way to do it. in february we got an 8% correction. the guys talked about that was the start of something. we haven't had a sustained correction. now with the dow jones at 16,616,700, a 10% correction you're looking at 15,000. if you're worried about that, this is by the best thing to do is have some puts and stay long your cach cash and hope that prs continue to go higher. >> out to you what is going higher and that is energy. going into a weekend where we know that the ukrainian population is going to be voting and also we know people are getting kidnapped the polls. listen, it's a very, very touch and go. does this affect what happens to
oil and gas when we wake up on tuesday when we s.t.a.r.t. treaty was again in the united states? >> every time it heats up in the ukraine people start freaking out. there's always the fear of the upside and technically it looks good on a weekly chart anyway. on a daily it looks dashing if you look into the weekly it looks like we're going to test up around the 106 level. >> we are at 104 dot 36. this is the intraday picture but if you should the one we pictured you with the exact which are talking about i guess i am surprised but interestingly we have mark with this right now. mark of morgan creek is saying he's not bearish. you just see a little caution in u.s. equities and there for you to precisely to that region and that is russia. why? >> the best thing about russia is it's really cheap. it went on sale with the first flareup in the ukraine crisis. people sold the market all. it went down almost 20% first
part of this year. we see some tremendous values, particularly in the energy companies. gas sells for about $1.80 a barrel of oil equivalent. >> let's be clear about that. it is the natural gas operator in russia. and, of course, they are the ones that control the pipeline through eastern europe and through ukraine. >> right. i think you mentioned, it's the fear. people get nervous. the previous speaker mentioned it. they get afraid when they had things going on in the ukraine and people just leave. they sell first, ask questions later and that leaves great values for long-term investors. >> that brings up the other question and that is they just struck a deal, $409 natural gas with china. do you like china because it's been a little opaque? >> we like certain parts of
china. we like new china versus old china. we like the five sectors we think we'll see a lot of growth, retail, consumer, health care, internet and alternative energy. a chinese internet companies have been fantastic. we talked last december about vip shops, just blew away earnings again a couple weeks ago. >> let's talk about that. i want to talk about that because that would is up 104%. can you trust these? what kind of research do you do when you decide to take a chinese name? >> it's a very important point. there are dozens of chinese companies and we really own three of them today. we work on the ground, to people based in shanghai that the real underground research. we kind of track the number of trucks the cow out of the warehouses and we look for real verifiable data. there were some bad stores in china, some of those reverse mergers but the arms -- but
these are real businesses. >> do you have a name you like what you feel this is one you can take a shot on? >> we love micron technology. u.s. business, the dominant player in semiconductors, particularly in mobile semiconductors. they can beat with korea but we think mike wrong is a fantastic story. there's a lot of covers would like to reload the airlines. image and the transport. when of delta, american, southwest. but might one is a really great american story. >> let's go back as we finish up on this friday heading into what is the unofficial start of summer. do you get a sense that the calendar will remain true to what it is done historically? i'm talking specifically about a midterm election year where the first thing you see as a rally, which we saw, then you see a pullback which we have seen, but then you're supposed see a rally i guess history would bear out in the fourth quarter. do you think we will see that? >> i really do. i think sal in may and go away
will be some good advice. i don't think it will be a terrible drawdown took some years event big drawdowns in midterm elections, upwards of 20% but i don't think we will see that. i think and natural four, five, 6% correction kind of through august, september is likely. but i think the fourth quarter could be very strong upwards of eight to 10%, probably finish the year in high signal digits. >> if mark is right and you get in now, although i'm a big advocate of dollar cost averaging so you get both the highs and lows and we may see a the fourth quarter. so nice to see all of you. a happy weekend holloway to our trees. thanks, guys. marcos de niza you of morgan creek capital. peter, love you. closing bell ring in about 40 minutes. leo dicaprio made a pretty nice chunk of change trading the pink sheets in the wall to wall street turns out realize investors are flocking to these riskier stocks as well. we will tell you whether some of
the big bets are paying off and then, of course, we need to talk about extreme weather and disease outbreak. they are the reasons that prices of pork in a some cases be has had record monthly increases. how our businesses like famous dave's helping margins? the stock is up 160% over the past year. ♪ ♪ can you start tomorrow? yes sir. alright. let's share the news tomorrow. today we failrly busy. tomorrow we're booked solid. we close on the house tomorrow. i want one of these opened up. because tomorow we go live... it's a day full of promise. and often, that day arrives by train.
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♪ ♪ liz: silver versus sterling. it looks like nba commissioner adam silver is delivering on that promise to oust the tarnished sterling name. donald and shirley sterling are apparently now, according to reports rampant out there today, making their way to the negotiation table to sell the team. shelley's working out the detail on behalf of the company to voluntarily sell the l.a. clippers. joining me now to discuss, is patrick rich, webster university professor of economics and sports impact's director. doctor, number one, this all came about after the nba banned donald sterling for life from attending the games of the team
he owns because of racist comments he made that became public. now it appears there's some movement. first of all, do you believe it's going to happen? secondly, what kind of money could they get for it? >> i do belief it's going to happen, and this is wise by the sterlings. at this point their name is mud, and why extend things any further? at this point i think they're making the right decision to try to end this. shelley sterling will have to give up 100% ownership of this team to make this deal with the nba go through. i don't think they want to avoid -- i think they want to avoid this 29-0 vote that i'm sure will take place on june 3rd if the owners do vote to actually, officially, get donald sterling out of the league. liz: i don't know, mark cuban started sticking his foot in his mouth in the 24 hours about racism and all kinds of perceptions, but he, too, is an owner of an nba team, and i think there may be some reticence about at least how this all went down, that you're wrestling this from an owner
simply because of something he said in private. adam silver wins this battle, doesn't he? >> well, no question. again, considering racism is never something that is a positive thing. but when you're talking about a league where 80% of your players are african-american, where you have the highest percentage of african-american employees, team executives, you have to do something. now, i will say this. you asked the question, liz, the sterlings will likely get north of a billion dollars for this franchise. keep in mind, liz, that last year you had a franchise this sacramento that sold for 530 million, the milwaukee bucks just sold for 550 million, and these markets are only two million people. los angeles is 13 million people, and in addition to that, liz, the other big revenue aspect of this is the media rights. right now the clippers get about 20 million a year which is pretty low, believe it or not. when their deal ends in two years, they're likely to get 60 or 75 million, and that ratchets
up the fran be chiez value. liz: last question, who buys it? magic johnson wants in. david geffen, he definitely has the money. ah, there i am with magic. that's right. magic came out with a book on business. i've read a millions of these books on business. his, i highly recommend it as one of the best. this guy's no dummy. he knows thousand play this right. he could partner with somebody, do you think? >> the guggenheim group that owns the dodgers, magic is a minority owner in that. so the google heym -- guggenheim group could come through and purchase the clippers. there's at least by some estimates ten suitors already lining up for this team, so i think that's what's going to also push the franchise value well north of a billion dollars. liz: we highly recommend everybody tune into fox sports one on their cable network as soon as you can because they'll be following it closely. path risch, thank you so much.
>> thank you, liz. liz: professor of economics, webster university, and he's got sports impact, so he knows. closing bell ringing in 40 minutes. record territory right now, the s&p if it were to close right now breaks another record. a jet-setting quest to land the biggest ipo since facebook. charlie gasparino has new details on the behind the scenes courtship by the exchanges of alibaba. who's winning this one, the nyse or the nasdaq? that's next. and hungry investors for famous dave's, look at this stock. up 166% in the last year. ceo ed ramsey is here on his first official day on the job. he is making big changes, everybody. he's going to tell us how american diners are spending in this economy and how he plans to grab what dollars they do plan to spend. as we approach the summer driving season, gas prices are about where they were last memorial day weekend.
♪ ♪ liz: who nabs the alibaba listing? top officials at both the new york stock exchange and the nasdaq apparently met earlier this week with executives from alibaba in a final attempt to win the coveted listing rights as the big behemoth, forget big, gigantic chinese company prepares for its initial public offering. he's here. who gets it? >> well, there's no place i'd rather do this than with you. what's interesting is everybody thought nasdaq was not in the lead position on this s and it still may not be in the lead position in terms of winning it, most of the underwriters were pushing for the alibaba to list its shares on the new york stock exchange. that's true. and that, you know, nasdaq was still in second place, but here's what we do know, we do believe that the sort of, the
race has evened up considerably over the last couple weeks and namely because of two things. number one, the nasdaq has made a good pitch to them that, hey, you know, if you're a chinese investor and you want to buy shares of alibaba, you can get it only in one place, the nasdaq exchange. and number two, look at jd.com -- will. liz: just yesterday. sort of the amazon of china, and it was a huge listing. >> that's what nasdaq is pushing. they're doing a better job. they've gotten some of their technological problems under control, and that's why the underwriters were saying go to nyse, go to nyse, but news breaking right now, fox business has been able to confirm that bob greifeld, the ceo of the nasdaq, and duncan needer power in both method with alibaba officials for a last, for a final listing pitch from them, okay? there'll be other calls, but this is, i believe, the last time they meet. they go to hong kong. they went to hong kong on
tuesday to make this listing pitch. we know they went tuesday. we should point out, again, nasdaq has gained some ground in this alibaba listing battle. still got to give the sort of odds on to nyse because so many of the underwriters have said you should go and list there, given the technological questions over at the nasdaq. liz: which are now three years old. >> okay. yeah, agreed. agreed. and that's what they're saying, they've got it under control. listen, facebook is still a nasdaq stock -- liz: and it's down beautifully. >> twitter's a new york stock exchange stock. what's happened with twitter? liz: yeah, that high of $72 -- >> and now crashing. so we should point out -- liz: that's not the index lister's fault. >> of course. liz: sounds good, but it has nothing to do -- >> we just want to screw with -- [laughter] we should point out that kind of the interesting things, and i would stress to everybody read my story on foxbusiness.com, i get into a lot of this stuff. this is duncan's last official
action, essentially, as the head of the nyse now that it's been gobbled up by the computer compe atlanta, the intercontinental exchange. i mean, this is the last thing he's going to do -- liz: and i don't see jeff sprecher schmoozing up the chinese very good. >> that, to me, you've got to give an edge to nasdaq. alibaba was expected to pick its listing by now. it has not. they expect it within the next month. so that's why this thing could be evening up. i still think odds on got to give it to the new york stock exchange, but don't be surprised if nasdaq wins. on tuesday both of those top guys went there. let's face it, duncan is not going to be there. duncan's team is out. liz: i know. so who are the chinese negotiating with? >> well, after he leaves -- liz: a completely different team. >> you know what? i think they're going to have a computer do it. [laughter] negotiate with -- liz: okay, wait, can i just say -- >> [inaudible] >>
liz: 72 was not the highest twitter, it was 74. >> okay. where are they now? liz: $30. >> they're almost in the area where eric bolling loses money on his investment. liz: have a nice weekend. closing bell ringing in 30 minutes. the official start of summer is a few weeks away, but the unofficial start is memorial day weekend, and that is upon us. that means barbecue season has begun and restaurant chain famous dave's is cashing in on america's love for grilled meat. but will rising pork and beef prices impact their menu? newly-minted ceo ed men city on how he keeps that going. and penny stocks were back on the maps after the release of "wolf of wall street," and it looks like more than a few investors have taken tips from jordan belfort. but there's some legit miss -- legitimacy to pink sheets. we'll have all the details coming up. ♪ ♪
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over just the last year, and the burgers definitely do not stand alone. prices for feeder cattle, as you see, are at a one-year high. i believe that's also an all-time high, just off the all-time high. prices for pork products are on the upswing as well. so expect a spike in the cost of your ball park frank. -- ballpark frank. guess what's next? chicken. if it's the more economic they were, more people will pile into chicken, but those prices tend to go up along with pork and beef. that barbecue you had planned this weekend, the grill master himself is here today. ceo, famous dave's of america, ed rensi, here on your first official day as ceo. but you been interim or acting ceo since january when the other guy quit and nobody knew how to run the restaurant a. >> i've been the permanent interim ceo, now the permanent, permanent ceo. [laughter] it's fabulous company with a lot of great people. and there's a lot of runway ahead of us.
liz: you've traveled quite a bit, 166% over the past year for the stock. >> it's a wonderful thing. i hope our shareholders are happy. liz: you have 200 locations, 34 states, but this tends to be a business that gets very hot this spring and summer. i'm sure you were hit hard by the weather. >> in the first quarter the weather was just awful because our restaurants are concentrated in the up or middest -- upper midwest, and the weather was just horrible. snow, cold, it was just terrible. we're starting to recover, we're coming back, and now we're getting into our peak season, so we're excited. liz: what do you do about these record beef prices? does this mean at some point, ed, and realistic, do you have to raise your prices? >> we did previously, and i think we have to back off that. again, what we're going to do is take protein out of the center plate and move it to other products and make it more of an ingredient and less of a center -- liz: okay. that's a change you want to make meaning you won't hand people plates piled high with meat, but
it will be an entree with a couple of side dishes. >> absolutely. we're going to go to a small plate society where we buy ribs by the pound and sell them by the piece. if you want two ribs, you can get that as well. liz: will you keep your discounts and coupons? people get addicted to the psychology of couponing. >> i think discounting and couponing is a strategy that's an awful game piece. you train your loyal customers to wait on the next coupon. we have to excite them about the business and about the environment. food isn't just about nourishment, it's about entertainment. let's give them something else to add value to the meal. liz: i hear what you're saying but jcpenney and ron johnson thought the same thing. they eliminated the coupons and discounts and, suddenly, they were in big trouble because their core consumer was used to it. it's stupid. it's like those of us who go to bed bath and beyond clutching
the card that you get -- you know you do that. i won't walk in there without 20 of them. they're hiking the price -- >> actually, my barber does that too with bed bath and beyond. from my point of view, we can teach our consumer that there's more value to famous dave's than just a discount. our products are superior. fresh, roasted meat a, slow roasted is just delicious. it's lower in calories, it's very flavorful. let's talk about the great things that adds value to the consumer proposition. liz: there have been studies that show that families are going out to dinner, and they are taking their children in a greater chunk of numbers than other groups of people. and how do you convince them to pick dave's over, for example, sunny's barbecue or western sizzling? there are other options here. >> there's a million options. what we've got to do is be a better value, better proposition, and we want to be good for the families. we have a test store in illinois
where we've put melissa and doug toys into the restaurants for the kids to play with. we put 28 televisions in that place. we're bringing up entertainment value. liz: hiking up minimum wage, where dow yo stand -- do you stand on that? >> i think it ought to go up to keep track with inflation, things like that. but make no mistake, minimum wage jobs are not meant to be careers. and if people stick to them as careers, they're making a mistake. they should not do that, they ought to ask the next question, when can i be a manager, what classes could i take? that is an entry point. and for somebody to have that as a primary job, it's not going to work. it's just, the pay isn't high enough. liz: well, you ran mcdonald's successfully, and there's always that second and third act. congratulations, great to see you, ed. >> well, it's a great product. liz: ed rensi is the ceo officially today of famous dave's, and we'll be watching the stock. >> thanks for having me.
liz: closing bell ringing in 20 minutes. the bigger the risk, the greater the reward? investors are piling into so-called pink sheet stocks, yeah, those companies that trade over the counter because they're so small? they can be so risky, but they're on fire lately. we'll tell you which ones you might want to look at next. and the markets close at the top of the hour, but i'm always on call for you. go to foxbusiness.com/claman on call. we'll deliver the headlines directly to your smartphone. we'll be right back. s&p 500 in record territory. ♪ ♪
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♪ ♪ liz: breaking news from the white house, president obama is shaking up his cabinet, announcing a new housing secretary. san antonio mayor julian castro will take over the department of housing and urban development pending senate approval. >> unexpected challenges as well. when hurricane sandy slammed ashore, it was perm for shaun. -- personal for shaun. he was born in new york city, got married in new jersey, raised his kids in brooklyn. once he took his driving -- he once took his driving test on a road that was wiped out by the storm, so he understood what this devastation meant to a community that he loved. so when we were looking for somebody to lead the recovery and rebuilding efforts, i knew shaun was the right person for the job, and he has come through, helping the communities he knows so well not only rebuild, but get bigger and better. so shaun's earned a reputation as a great manager, a fiscally
responsible leader and somebody who knows how the decisions we make here in washington affect people's lives all across the country. and that's why i'm absolutely confident he will do a great job leading the office of management and budget and help even more hard working americans get ahead. and my guess is that shaun's grateful to my outgoing -- liz: okay, the shot has frozen for a moment, but the president is promoting shaun donovan to become the director of the white house management of budget. it's the mayor of san antonio who gets the nod to run the hud here. he's a graduate of stanford, he's of mexican descent. it's a great american story. this does, of course, pend senate approval. remember the wolf of wall street where leo dicaprio
makes $460 million in of 0 seconds? >> it is a high-tech firm awaiting immeant patent approval on the next generation of radar detectors. now, right now, the stock trades over the counter at ten cents a share. and by the way, john, our analysts indicate it could go a heck of a lot higher than that. your profit on a her $6,000 investment would be upwards of $60,000. liz: okay. penny stocks have had a horrible reputation in the past. they're portrayed as conviction, money-making tools. buffett used to like them, but perhaps that's the reason investors today are piling into the so-called pink sheets at the fastest pace on record, a 40% jump from a year ago. $23.5 with. penny stocks or pink sheets are smoking hot, but are they safe, and how can you separate the duds from the up and comers?
this is a fascinating story, isn't it? >> reporter: it's interesting, i love that picture of far doe dicaprio there, and it's in a shed. the fact that they were featured in wolf of wall street should be a clue they are high risk, buyer-beware investments. that said, there is a market for them. in fact, investors are snapping them up at a record pace, hoping to realize some big returns on their gamble. these small companies are not listed on major exchanges and sell for just cents, but the stock markets are close to record highs and equity valuations on the rise. the penny stocks are becoming more and more popular. in fact, the numbers tell the story. check this out, the average monthly trading volume at otc markets group, the group that trades stocks not listed at the nyse or nasdaq, has dropped 40% for a record $23.5 billion. pretty impressive. among the most popular cheap
stocks, by the way, are medical marijuana companies, but buyer beware. these tiny companies have less oversight, and the sec warned customers to be alert to scans. they have halted trading in five marijuana-related stocks in just the last few months because of suspected fraud, but as "the wall street journal" reports, the search for greater reports so tempting right now for investors that they are buying up these penny stocks at a pace greater than the tech boom of the 1990s. liz: i mean, there were big names in the past that have blown up too. enron -- >> true. liz: i find this very fascinating, ashley. >> me too. liz: there are some really tiny gems and jewels. let's look at the top performing pinker sheet names. these are the gainers today. you'll notice a lot of them are trading below a dollar, it's like a 17 credibility stock. and when the journal of radiology is barely even existing, it's up 50%.
a move of two pennies could mean a big move depending on how much you've invested in the name. but this is how warren buffett actually got started in the early days. he'd find really good quality pink sheet names and buy them and sell them. sales of new homes rose more than expected in april suggesting housing may be rebounding from its winter lows. still, certain fed officials may disagree with that. take, for example, san francisco fed president john williams who claims he's been caught off guard by weakness in the housing sector. in a speech delivered in san francisco yesterday, he said, quote: while home sales and construction showed substantial momentum in 2012 and the first half of 2013, the wind has been taken out of the sails since then. is williams right on the money here, or is the housing market headed into a hotter summer? joining me now, ubs deputy chief economist and managing director. is he wrong? >> well, i think he's neglecting to think about the weather, right?
if you look at economists, most of us look like we could use more sun because we don't get out much, and it seems as though president williams didn't get outside much during the winter. no one did, which is part of the reason why home sales were so weak. see thethink that's a surprise number bounce back today, it was a very healthy number, and it seems like a typical, normal, healthy spring housing season so far, at least as far as we can tell from the april figure. >> it almost seems like there's a buzz in the air about browsers. people are at least looking. what will be the real drivers? >> well, the real drivers actually are much more fundamental. people don't like to live in their parents' basements, right? as long as the unemployment rate keeps coming down, we can expect it for 25-34-year-olds is going to keep coming down as well. those people who graduated from college and haven't been able to find work but are now finding work, the first thing on their agenda is not to buy a car, a new tv, it's to get their
freedom. and that means going into an apartment, and that's helping to boost housing prices, particularly apartment prices, rents. and it's also boosting housing overall. liz: and mortgage rates are still historically low. i was looking at 30-year jumbo loans. they're at 4.1%. a year ago they were 4.5%, so we've seen a down tick at least a little bit. >> yes. i mean, longer term mortgage rates are still extraordinarily low. a lot of people would argue some of the weakness is due to a runup in mortgage rates. i just think it's a little aggressive of a call. most people don't notice the difference between 4 and 5%. liz: then what piece of data should we all be watching that we don't when it comes to really spotting a recovery in the housing market? >> you know, one of my favorite things to watch is simply the employment report. it's good for everything. it tells you everything in -- everything you need to know. are people finding jobs, what are they getting paid, and how
much people are still looking for work? and you get all of that with the payroll report. liz: you worried about the fed and what they're doing and what they're not doing? >> i'm worried they're letting things run a little too far with ultra easy policy. i think at this point we have an extra $3 trillion on the fed's balance sheet that we didn't have prior to the crisis and that we don't need if the economy starts to do better, and i'm concerned the fed hasn't adequately prepared to extract that money from the system. so the fed would tell you they have tools in place, they can make it happen, but they've never done it before, and it would make me feel a lot more easy about things if they stopped making the problem worse by continuing quantitative easing. as long as they keep tapering, everything should be okay. liz: okay. that's a good note to end on, drew, on this five minutes away from the market close. thank you for joining us. we have maintained the highs of the session, close to at least. 1901, this will be a record close, and we will know in fife
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from td ameritrade. liz: breaking news, coming out of ebay. ebay's head of global marketplaces now addressing the security breach. he says the company didn't even initially realize that customers data was compromised. he says the company is still working out costs to the company of the security breach which stole all kind of information, addresses, identity from more than 100 million ebay users. it has no plans at this point to compensate exercise or free security monitoring. david: surprised not affecting the stock a little more. hello there, liz. hello, everybody.
we're looking at dow. i believe we have s&p at 1900. it has been trading between 1850 and 1900 range. exactly above 1900. liz: it will be a record if we close here. david: let's go to nicole petallides at new york stock exchange. i want to talk about two big movers, lions gate and wwe. remember the wrestling group. they suffered about a 50% loss a week ago. they came up a little today based on this deal but lions gate did as well. >> this will help to feature some of the wwe folks. lions gate up 5%. world wrestling up 3%. a good deal for two of them. liz: aeropostale having a very rough day, plunging into the red, sinking to lowest level in more than a decade here. what happened? >> unbelievable. aeropostale drops to new lows down 24%. sales are horrendous. they say they're making progress and people are just not buying
it. david: hewlett-packard doing very well today. we saw that coming yesterday, quickly. [closing bell ringing] >> good profit and some more layoffs. liz: bells ring on wall street. our heros are standing by at the new york stock exchange. david: god bless them. liz: business leaders at the nasdaq. here is how stocks finish up as these numbers settle. 1900 for the s&p 500. david: made it, wow. liz: more importantly a record close. the previous record was 1897. we bested that. looking at nasdaq with a nice day up 3/4 of 1%. nice gain for the russell 2000. let's get ready for the holiday weekend of the "after the bell" starts right now. david: time to break down all of this week's big market action. we have lance roberts,sga wealth management chief strategist. he will tell what the market needs to break out of the