tv After the Bell FOX Business September 16, 2014 4:00pm-5:01pm EDT
oil is up as well. [closing bell ringing] >> no doubt. some energy names are looking good. we certainly set an intraday record. liz: energy looked good. social media looked good of the markets look good as the bells ring on wall street. we see how stocks are finishing up. again these numbers are still settling. we're not calling it right away but doesn't look like the dow will make the record close. it has to close as david mentioned at 17,138. david: close. liz: for those look listening in the car, 17,132. cirrus 13 if you're listening in the car. cirrus 113. they turned around after the so-called hilsenrath rally. we'll explain that after the bill starts right now david: get right to today's market action. we have ryan dietrich market
strategist who sis says stat for the s&p makes him very optimistic. john buckingham, al frank asset management much cio. he says a lot of walls of worry are keeping money out of this market which is good fornews for investors who want into the market. larry shover in the pits of cme. let's start with bad news. we've been talking about good news for the markets. some of that is bad news. we have job growth down. we saw that the in last job figure. europe is moving towards recession. oil reserves is up. meeping demand is down. china slowing down. all of these indices are moving the fed toward even being more easy than it has been, am i right? >> i think you're right. i think what it does, gives people, gives investors confidence that the fed will act very slowly. even though gdp is going to be revised up we'll see a 2.8 gdp on back of 4.2.
you're right. there are other factors going on that are making the markets nervous. doesn't look like it is behind me but the thing is, it is giving people comfort that the fed will in fact act very measured, starting to tomorrow. liz: well, that that's what happened. 11:00 a.m. eastern time, jon hilsenrath, a top reporter when it comes to covering the fed over at the "wall street journal" was on our webcast at "wall street journal." enough people were listening when he said two words, considerable and time. when he said that they would keep that in, rates would remain low for a considerable time, ryan, inmead the markets took that as a positive. you can see exactly when it happened. if you flip to the nasdaq or the s&p intraday and russell, they all look the same. they shot up. is that how desperate the markets are to keep seeing cheap money and low rates? >> liz, that is what happens in bull markets. today we could say because of that. tomorrow could be because of fed. tomorrow or friday could be because of europe.
we keep going highers. the bears are giving excuses why it is happening. the thing i like about this market, yes, the dow is close to an all-time high. what we're seeing people are bullish when talking about the market but look what they do with their money. we have five straight months of domestic equity fund outflows. last time we saw that was late 2012. futures opened up lower on sunday night, this is a big one. up five weeks in a row. down a percent last week. we got bearish. sure enough things are strong. economy to me looks pretty good. earnings growth, the one fact that drives everything is earnings. earnings are new record highs. earnings are not rolling over. that is one thing i've done in a lot of studies, earnings are making new highs. that is not bearish for stocks long term. david: i want to get john in here. what happens if earnings don't? first of all it was intraday high. we were very close, only seven points off all-time high. intraday high close ad little below all-time high.
john, look at walls of worry, europe, china, slowing down the europe slowing down to point of recession for many countries. germany is slowing down. a slack demand in commodities, saying to a lot of people, wow, if demand slows down enough perhaps earnings will be affected. what happens if earnings are affected negatively by this slowdown? >> certainly earnings are an important part of the market but when you think of where we are valuationwise, we're looking something on order of 17 times forward earnings in terms of a multiple right now but when you think about where we are on the interest rate spectrum that is something i think a lot of investors are just not paying much attention to is we're sitting here with a 30-year treasury yielding what, 2.5 something and a nice dividend yielding portfolio such as what we have in the prudent speculator newsletter yielding 2 1/2%. the last time that happened was the 1960s, in addition to when the market was tanking in 2009. so i think equities remain very
attractive at these levels and obviously earnings are the important driver of prices going forward but you know as the other guest said i mean corporate profits have continued to grow. s&p is calling for significant growth at least on bottoms-up operating earnings for the s&p 500. this year and next year. so i don't see a real catalyst for a sustained, market downturn, a bear market. we'll have a pullback at some point. i thought it might happen here in september, being that historically that the worst month of the year. liz: it is pretty obvious when you look at all of the newsletters, the bearish newsletters even had to throw in the towel but, larry, that makes me wonder, you've been watching from the floor of the cme in years, just when everybody throws in the towel might be the time things turn, perhaps for the worst although we heard this echo chamber, this cry over and over again over three to five years now, oh, it is not going to work out. the bears will be right. they have been wrong.
some of the biggest names in the bear world have been wrong, wrong, wrong. >> yeah, and think they're going to continue to be wrong. i think the easy money is over but we're midway through a seven-year cycle. i think market will continue to ratchet up. the one thing that really gives me comfort, look at central banks around the world, balance sheets are still growing at about one trillion dollars a year, even with the divergence within the central banks, meaning the ecb compared to the fomc. another thing, we have to look at asset class volatility. not just equities. although that matters. look at foreign currency, energy, et cetera. all of them are trading between 10 to 15 percentile low. that suggests by investors, by people who have money at risk, that all is well with the world right now, no matter what the headlines happen to say. david: by the way, there is historical statistic, ryan, i teased your introduction here by suggesting you might have it, five straight months we've had
records on the s&p. that has happened before. explain why that's significant now. >> sure. what i looked at was we have five straight months of gains on the s&p 500. we were down last month. but up five straight months. what's that mean? since 1950 it only happened 22 types. the results after up five months, out three and six months, better than at anytime return. just because you're up a lot that isn't bearish. out of these 22 times, year later after up five straight months the s&p was higher 21 times for nearly double average return of s&p 500 a year later. that is one stat, sure. but momentum is a very powerful thing. i don't see momentum slowing. i still think this market looks good for rest of the year, maybe out into next year. liz: john, you're optimistic obviously. talk about the names specifically. i find it interesting, by the way some leadership names were the very names that janet yellen and company recently said watch out for biotech. it may be a little stretched at the moment for val legses.
could that also be considered to maybe some of the, some of the names like amgen? you also like symantec, coach? these are, disparate names certainly but we feel there is real opportunity here? >> right. well i'm a value manager and these are names that we recently bought for our al frank mutual fund. amgen, you mentioned biotech, the sector got hit harder earlier this year. liz: right. >> so we are a buyer of amgen happily in the 115 range earlier in the year but it's a name with inexpensive valuation relative to its peers. fantastic growth potential in our mind. a generous dividend yield, 1.8% or so and a great balance sheet. coach and symantec, are other names that had been beaten up this year, coach more than symantec. we like the long-term prospects for coach, another company with a great balance sheet and dividend yield of 4% there. we really favor dividend. i mentioned earlier yield on a relative basis compared to what
you're getting on alternative invests are really attractive and symantec another name with a 2.8% yield in data security space. we certainly have a lot of hacking and other breaches going on these days. david: i want to mention, ryan big on financials, bank of america, morgan stanley, charles schwab. we have to leave it. ryan dietrich, john buckingham. larry shover we'll see you when s&p futures close in couple minutes. thanks, guys. liz: get the shovel-ready. expected to be a bitter and frigid winter across the united states. what will that mean for energy prices? are your heating bills about to skyrocket? is our power grid ready? we are asking someone with a major hand in the game. first energy ceo and president anthony alexander. it is a fox business exclusive. david: also, look at this. we have a murky jobs outlook, we've got a slowdown in china, europe moving toward a recession. the fed has a lot more to consider than just inflation and
unemployment. could wall street be getting a little ahead of itself? will a rate hike actually come much later than expected? we'll be talking about that with a guest. liz: and forget outlooks and cables. how about charging your device simply by leaving it on a mat? that is the idea behind power mat. they are making their way to starbucks, mcdonald's, even to your car. we're talking to the company's president straight ahead. david: tell us what you think about this stock market. is it relying too much on a dovish fed? that is what pushed it to the upside today. tweet us your views at fbn, atb. -@fbnatb. your answers straight ahead. ♪ [ male announcer ] once, there was a man
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adobe systems reporting earnings just moments ago. liz: let's get to nicole petallides on floor of new york stock exchange. >> liz and dave, the san jose software company is trading lower in the after-hours. last quarter they beat estimates by 43%. today a different picture. it is revenue that came in a little bit light. start with earnings per share, 28 cents versus analyst estimates of 26 cents. that was a beat there. but when you talk about revenue there for the third quarter, 1.01 billion versus 1.02 billion. that was a little bit light there. also the talk about some of the products, that the sales mix of the products were actually lower
margin products. so that too may have come into play. and the revenues from live cycle and kinect businesses may have declined as well. talk about subscriber growth. they did see the subscriber growth for adobe systems increased 502,000. so that was pretty big there for the paid creative cloud subscriptions. they exited with 2,810,000. that is number become will focus on as well. david: thanks, nicole. liz: larry shover in the pits of the cme. larry? >> they say trouble comes in threes but we didn't get the memo. the fed tomorrow, ecb thursday and we have the scottish referendum on friday. an absolute ton to digest. seems like now the positioning was more gloomy than enthusiastic. the market hasn't done anything since august 25th. we were ripe for a bounceback. traders are frustrated doesn't
matter whether considerable time is dropped or added or whatever, are they going to roll out some grand exit strategy policy? we don't know. what matters right now is the perception of going forward of the fed and growth. so that with is what keeps traders very locked in and focused but also very frustrated indeed. it will be a fascinating week. >> okay. good to see you, larry. we like fascinating. david: we do. we like exciting. thank you, larry. the federal reserve kicks off its two-day policy meeting today a new poll showing half the country's fund managers say the fed will be raising rates in the spring but our next guest says you will have to wait more than a year to see rates rise which is music to the ears of investors as today's market rally shows. jim kahn wealth management advisory services chief investment officer. boy you saw it coming, jim. why are you betting on 2016? you seem to precede the market action today? >> i mean every time janet
yellen speaks she is confusing. but she is not confusing. she is telling exactly what she is thinking. david: that is a great point. >> she is telling you she will not raise rates and risk putting u.s. economy back into recession unless we have inflation. with u-6 and unemployment and underemployment where it is, coupled with commodities prices and declining demand out of asia and europe i don't see where inflation is coming up. david: you make a brilliant point. hilsenrath says read what they say at the last meeting. she is very consistent. she says as long as inflation stats they look at are low, other people would say we do have inflation but on their stats inflation is low. jobs are down as we saw in the last report, china is slowing down. europe may be moving into recession and those commodities, tell us what the commodities tell you? >> commodities are telling me china is not building anymore cities that no one is living in. so commodity prices are being driven because china was basically vesting to create jobs
so that they could fulfill their promise to citizens if they suppressed the, if they suppressed their freedom as individuals they could at least live a better life. well the new administration in china is saying we can't afford to do that anymore. they're not making bad investments or malinvestment, building empty cities. so australians and canadians, and all the people supplying copper and nickel and whatever it was, you needed to build these buildings are basically saying no one wants to buy our stuff anymore. no one wants to buy steel. that is driving commodity prices lower. david: so, jim, here is the one concern though. there are a lot of walls of worry. so far this market climbed one wall of worry after another. what happens if the demand slowdown gets so slow we move into recession? >> what is funny, is that, ceo confidence is the one thing that hadn't yet recovered from the crisis. if you look at ceo confidence, until about three months ago, it hadn't recovered. we're seeing it start to
recover. so our bet is that companies with all that cash and all that access to cheap money start to actually investing and building out their factories and building out more capabilities. as they do that, that will help employment. when you help employment. that increases wages and start as vertuous cycle. if we don't get the virtuous cycle in the u.s., a you're right, slowdown in china and slowdown in europe means no revenue growth. even if you have great margins the companies will not grow earnings and you will see the stock market stall. david: it is correct to call china slowdown but may be correct to call europe recession. ehave recession in countries like italy. germany, we got bad stats out of germany this week. credit is practically nonexistent in europe right now. i'm wondering if that will affect a lot of companies in the u.s. are exposure in europe, are paid in euros, couldn't that affect the bottom line here and cause problems with earnings? >> is a great point. a lot of people don't realize if you buy a lot kraft they sell a
lot of macaroni and cheese in europe and that they are paid in euros. the payment okayp the euro is impacting earnings in the u.s. if you're a small company in germany, lifeblood of the germany company, if you're one of those companies, you can't get a loan. and these are companies that paid their loans back right through the middle of world war ii. these are the best credits on the planet and they can't get a loan. that spells big trouble for german growth which spells big trouble for europe. david: one final question and it is kind of a contrarian notion but the idea all of these bears, liz was talking about all the bears that have turned bullish now, of course to market analyst who is are bullish anyway they say this proves our point but other people say it makes them nervous when everybody is bullish. does that make you nervous at all? >> oh, yeah. when everyone thinks something is always goes the other way, right? when everyone is on one side of the trade they all run through the door at the same time.
when i look at things like high-yield bond, everyone is stretching for yield. everyone is high-yield bond, levered loans, risky assets, all in the same stocks. when we get a bump in the road which will happen, we don't know when, it will happen sometime next two, three, four years. everyone is at at same time, prices will fall. there is no natural buyer when everyone is on the same side of the trade. david: jim kahn, thank you for being here. >> thank you. david: chief investment officer, jim kahn. liz? liz: the alibaba frenzy in overdrive ahead of its huge ipo this week but just how transparent is the chinese e-commerce giant? we find out whether u.s. regulators can lift a veil for u.s. investors. just moments ago, the president saying that the ebola epidemic in west africa is spiraling out of control. the u.s. now saying it will ramp up its efforts to stop the virus. details straight ahead. and perhaps the most closely-watched ranking of the
world's top universities. who is number one? we have got the details straight ahead for you. ♪. guys! you're not gonna believe this! watch this. sam always gives you the good news in person, bad news in email. good news -- fedex has flat rate shipping. it's called fedex one rate. and it's affordable. sounds great. [ cell phone typing ] [ typing continues ] [ whoosh ] [ cell phones buzz, chirp ] and we have to work the weekend. great. more good news -- it's friday! woo! [ male announcer ] ship a pak via fedex express saver® for as low as $7.50. sfx: ambient park noise,p a pak crane engine, music begins.r®
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liz: time for a quick speed read of some of the day's other headlines, five stories, one minute. first up, trump plaza hotel and casino in atlantic city closing its doors after opening 30 years ago. it is the fourth atlantic city casino to go belly-up this year. >> roku hits a new milestone selling more than 10 million of its streaming video boxes. still well behind competitor apple which has told 20 million apple tvs. ups planning to hire 95,000
seasonal workers. that is double number the company hired last year that. is gadd news. a chinese factory worker being detained giving customers a sneak-peek at the iphone 6. a foxconn employee is accused of stealing shells of the new iphone. massachusetts institute of technology ranked as the world's top university in the world. university poll, a university poll made that. the school has been ranked number one two years in a row, mit. that is today's "speed read." love them. david: love mit. the world health organization called the ebola outbreak unparalled in modern times. the death toll is 2500 with 5,000 others infected. liz: the administration announcing new plans to help combat the growing threat. rich edson live at the white house with a particular breakdown what is the president is proposing with this. rich? >> good afternoon, liz and david. president obama just wrapping up remarks at centers for disease control laying out the expanded
administration response to what the u.s. is trying to accomplish in west africa to his officials contain and control the ebola virus spreading there. some points, president obama said there will be air bridge run by united states to airlift workers in that region. they will construct treatment centers and treatment units. 1000 additional beds will be included. they will build a training site to train 500 workers a week to try to help combat this as for why we're doing this now, the president paint ad dire picture. >> in west africa ebola is now an epidemic of the likes we have not seen before. it is spiraling out of control. it is getting worse. it is spreading faster and exponentially. today thousands of people in west africa are infected. that number could rapidly grow to tens of thousands. >> the u.s. is also deploying 3,000 troops. we're uncertain for a timeline for that.
the officials say the commanding officer involved should be there by the end of the week. as to questions whether or not there is threat to the united states as whether we could see ebola here, the administration says it is not a great threat yet. they do have their eyes out. they are training folks at customs and border patrol to be on lookout for people coming into the country who display symptoms of ebola. they're asking hospitals to ramp up any type of preparations they would have for ebola. and ordering of additional tests if people come here we can identify they have got it. david, liz, back to you. david: rich edson in washington. thanks very much. liz: it is expected, brace yourself, to be a cold and bitter winter again. david: i heard. liz: polar vortex part two. how prepared is our energy industry prepared to deal with another winter season? look at video on the right. we don't want to have to see that again. what will it mean for your energy costs? we'll ask first energy ceo and president, a fox business
exclusive. david: forget plugs and wires. now you can charge your phone wirelessly by placing it on a mat, believe it or not. the technology is making its way to starbucks, mcdonald's, even some cars. we'll be talking to the man behind the power mat straight ahead. liz: plus we'll tell you what the top fund managers in the entire country think is the most overcrowded trade out there. be careful. you need to hear this one. ♪ when fixed income experts work with equity experts who work with regional experts that's when expertise happens. mfs. because there is no expertise without collaboration.
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♪ david: time for a look at today's market drivers. stocks rallied with the dow hitting a new intraday high as investors weighed the likelihood the federal reserve will continue to emphasize low interest rates at its two-day policy meeting that ends tomorrow. health care, utilities and energy led today's gains. meanwhile oil pushed higher after the opec secretary-general said the group may cutout put targets next year. the crude closed up 2.1% ending at 94-point$8 a barrel. gold prices gained the second day in a row. liz? liz: i don't even have to ask this question because i know you remember last year's polar vortex, if you lived especially in the midwest or certainly on -- look at this picture,
david. david: i remember. liz: that crippled much of the u.s. the farmers almanac correctly forecast the polar vortex predicts we'll face bitter frigid conditions this winter. yeah. they put a lot of pressure on our power grids so are we better prepared this year? joining me from one of the coldest regions in the nation, fox business exclusive, tony alexander, first energy ceo and president from the heart of cleveland. >> booed afternoon, liz. liz: the alberta clipper off lake erie burns your skin, right. >> it sure does. liz: what what do we know aboute polar vortex and are we better prepared this year. >> we learned how important base load capacity is. liz: define that? what is that? >> larger power plants, coal, nuclear plants, have assured fuel supplies because the industry itself is relying more and more on interruptible gas
and interruptible types of renewable power which are not typically available when the weather gets particularly problematic like we had last winter in the polar vortex and like we're expecting this year. liz: we have such huge inventories of natural gas in this nation. can't we just stockpile it and have it ready to pump through the system or am i being completely naive here? >> you know the electric system and the gas system are different. they require significant amount of coordination but think about the gas moving through pipes is kind of like a just in time inventory system. massive additional pipes would have to be built. significant additional resources in terms of storage would have to be put in place in order to assure that type of generation can meet the same type of reliability that a coal fire plant or nuclear plant that has 30 or 40 or maybe upwards after year of fuel sitting in the reactor and ready to go.
liz: again i'm hearing this infrastructure issue story and we need to update and we need tokes tend it but that then leads us to the electrical grid which is definitely outdated. i was reading an article about one of your compatriots, david crain over at entergy. he had this quote in "forbes." think how shockingly stupid it is to build a 21st century electric system based on 120 million wooden poles. don't we have to overhaul the whole grid and figure out a smarter, better way? it will cost a lot of money but will also mean jobs, right? >> you know, when people talk like that, i really question because the fact of the matter is, electric system that we have and enjoy, is the most complex engineering feat ever, ever created by man. it is smart. now can it be smarter? probably. but the fact of the matter is it delivers reliable service to customers 99.99% of the time. customers have learned to rely on it in a way that they can
rely on practically no other utility service that is available across the board in this country. we have a very strong grid. can it be improved? of course it can. as customers uses change, the grid need to be modernized. it needs to be improved, able to address individual customers continuing need for electricity. >> well, mom-and-pop out in cleveland or certainly in massachusetts, vermont or out in california, they all want to know when they flip on the lights, no matter what the weather, it is a luxury, we're all spoiled in this nation because we do have electricity 99% of the time. >> sure. liz: but what do you think happens next in this nation when it comes to upgrading the grid and when it comes, your stock is publicly-traded. fe is the ticker symbol. you're in it for a business. can you make a buck here and how tough is that becoming? >> it is becoming increasingly more difficult, particularly in competitive markets base they're being so influenced by
overregulation in terms of picking winners and losers inside of that competitive spectrum. and that quite frankly putting pressure on generation fleet we'll need for this winter. its also putting pressure on where and when to bid the right types of transmission, to support the needs of customers. liz: i know the people in eye hogue ga county, want those -- cuyahoga county, especially when they're coming from a browns game, by the way at first energy stadium. go browns. night is an essential service and yes, go browns. liz: they're 1-1. i believe. we're going all the way to the super bowl. thanks so much, tony. >> good to see you. liz: tony alexander keeping the lights on for so much of the nation. we appreciate it. first energy is the company. david: browns are doing better than new york teams unfortunately. cadillac and starbucks are two of best known brands on the planet. they include technology that could make our lives a lot
easier. we'll talk to the company behind the technology that will charge our phones in a different way. china has very different accounting rules than we do in the u.s. now that alibaba is set to ipo here in the states will it have to play by the same rules as u.s. companies do? we'll find out coming next.
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david: bank of america merrill lynch releasing september fund manager survey today with insight into how 202 managers with $556 billions in assets feel about the market. we'll what is on their mind. managers increased weighting in materials, energy, insurance and technology names month over month. they reduced weightings by most in commodities, japan, the u.s. and banks. appears more fund managers are already starting to question the valuation of the market oaf the last month. 18% think equity markets are overvalued. this is up from 13% last month. and fund managers also weighed in on what they thought were the most crowded trades. number one was long u.s. high yield assets. two is eu debt. and third, long the u.s. dollar, liz. liz: forget wires, outlets, chargers. how about charging your mobile devices by simply i laying them down on a mat? that is soon going to become
reality at places like starbucks, mcdonald's, madison square garden and even in cars. david: the company behind the technology is power mat technologies. the company's president joining us now in a fox business exclusive. daniel, good to have you. this has unbelievable potential, to be so easy, particularly now as we're talking about wearable devices, would, with apple coming out with their wearable plans for the future, would that be something you put on the mat to recharge? >> that is exactly right. we're become so dependent on device, mobile phone and glasses. david: so many have different plugs an they're not compatible. >> you reach lunchtime the battery is down 10%. that pit of the stomach meeting -- david: i've been there. >> really this is about getting rid of that anxiety showing you never run out of power. the new watch from apple charges through inductive power of the this is absolutely the way of the future. starbuck, mcdonald's,
general motors and so many handset vendors i am bedding this into their technology. liz: you held that up. do that again. handsets, taking a step further don't want to put it on a mat, it is embedded into your device. >> you want a table or mat or car able to emit energy and want a device able to receive it and the nice thing is that many public places like starbucks are putting it on the tables and many devices like at&t are putting into their devices already. so you're getting whole ecosystem and chicken and egg problem is solved. liz: no more running around to find outlet in airport? we were on vacation in london, there was a table, a little outlet excuse me, i will steel the electricity. >> that's right. the people sitting by trashcan on gate at airport, thing of the past, absolutely. david: have you got deals, i know cadillac was one car company and we're looking at some others. are these companies with which you have established a deal that
you are going to be their sole provider? >> more than that. these cars are already in production and available. this is now the culmination of years of work. david: but isn't there competition? >> as industry evolves there win plenty of competition much the real cometic is still the cable been around since the 19th century. talking about some pretty old technology. really we have to have people accustom not thinking about power. you already placing your phone down on starbucks sitting on at the table. putting it on central console in the car. putting it on your bedside when you go to bed of the enabling the surfaces that you do what you're doing and devices charge themselves. david: wow. liz: in utopian world for you, sir, what are you envisioning? every single handset on the planet or huawei or htc, whoever out there making them will have the technology in it? >> yeah. i don't think it is so far off. i was holding up the samsung and lg device. we spoke about the apple watch. the idea we'll be able to do for power what wi-fi did for data.
you don't have to think about how i get my data. it just arrives, bringing that same freedom from anxiety to your battery power that. our vision and fast many bag reality. david: how can folks out there invest in powermat? >> powermat is still a private company. no opportunity to invest directly. david: but? >> go buy coffee at starbucks. david: ipo in the future. >> nothing at the moment. david: great to see you. >> thanks so much. liz: good luck to you. >> thank you. david: powermat technologies. it will make a difference. president obama this hour announcing his plan to ramp up u.s. efforts to fight the ebola outbreak. we'll give you names of three companies who potentially could get a boost from much higher u.s. spending on this emergency. liz: the "shark tank" meets apprentice in new reality show for wannabe marijuana tycoons. coming up we'll tell you about a show that could win participants some big bucks for their marijuana businesses. ♪
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combat ebola in west africa are in play. in coordination with the u.s., the world health organization is considering prioritizing trials for certain ebola drugs and vaccines. three of those drugs are made by publicly traded companies. here is the trade for you if you're interested. we bring these ideas to you. tech mire raw pharmaceuticals has a drug in phase one of human trials. look at the stock. it has jumped about 151% this year. biocryst pharmaceuticals, bcrx, has a drug under consideration. it has only been tested on animals but that stock is doing beautifully, up 48% year-to-date. new link genetics has one vaccine under trial. that stock is climbing 19 so far this year. three names so far. we'll put he will on facebook.com/afterthebell. david: a huge rally for the dow. just six points of a record.
almost made it. intraday we did have a record. we asked on facebook and twitter if you think the stock market perhaps is relying too much on a dovish fed? it was that news that led to the rally. jeffrey on twitter, told us, yes. the market is dependent on the dovish fed. this is all artificial. liz: joe on twitter told us, i wouldn't be surprised if the market does the exact opposite what everybody thinks and that it rises after a fed hike. when that eventually happens. david: who knows. a new poll ranking how people feel about five facets of their lives, sense of purpose, social connections, finances and physical vigor. can you guess which country topped this year's list? we have the answers coming up. liz: plus the recreational use of marijuana in colorado has led to new jobs and tens of millions of dollars in tax revenues for the state. and now the entertainment industry is looking to cash in. david: oh, boy. >> that story, when we go "off the desk". ♪
>> so with the hottest ipo days away. some are questioning how transparent the e-commerce job will be. >> jolene kent digs deeper to the alibaba story. >> we all know about the alibaba partnership. a group of two dozen executives who have a long-term control lock on the board of directors, on the stock. this is catching the attention of a lot of people as we get closer to the ipo date. and harvard law professor saying there are major risks with this. if you look at the f-1 and the prospect us, there are drifts. we're parsing through more of that as we get closer. a little bit more controversy coming closer than institutions are forking over up to one billion dollars each if not more. >> the question is it's a
chinese -- serving china more than any other country by far. and chinese accounting rules are a little different from our accounting rules, will it have to change accounting standards tomies those accepted in the u.s. market. >> they have gone through all the same hopes a foreign domicile company has to go through with the sec. we're waiting to hear from the sec if there are anything special that will happen once the ipo happens and once they first start trading. for right now they have cleared the same hurtles as any foreign domicile company. >> when they say we made two billion dollars in the previous quarter, they are okay with that? >> yes, certainly, this goes broader than that, some of the concerns investors may have is because of the risk factors and you can't rule that out.
alibaba has been clear saying a lot of our e-commerce business and money making abilities rely on the chinese government has this set of rules and that can change. >> let's face it investors look at a market share close to 300 million people and say they're going to get a lot of money and we want a piece of the action. we don't necessarily care about the details, right? >> that is what people are looking at, more institutional advisers and investors are looking at the risk factors, definitely looking at the company and the type of growth. >> and the sec is looking at the company as well. >> exactly. what they're saying on the road in hong kong and singapore, what is it all about? future growth in new areas, investors are very curious. this is a chinese economy slowing in growth rate, no doubt. >> watch out amazon, the new era is here. >> jo ling kent, thank you so much. >> absolutely, we'll be at the
new york stock exchange for it. >> fox business will have coverage of this historic ipo with guests, analysis and terrific reporting from jo ling kent and others. very good. there is a reality show for pretty much everything out there, now budding marijuana entrepreneurs in denver are getting their chance to audition for a web based show called the marijuana show, aptly enough, which let's people pitch their pot business ideas to a group of investors. show's creators describe project as a shark tank meets "the apprentice." it's expected to start airing online in november. winners get investments, who will be the next lucky pot entrepreneur to tap into the legal industry expected to grow to 2.6 billion dollars this year? you have to watch to find out. >> also off the desk. which country has the most positive upbeat people. a new poll shows panama ranks
first among 135 countries on a ranking of subjectful well-being. a lot of expats move to panama. but how they feel about their lives. the u.s. comes in twelfth. countries in the americans and northern america rank highest and those in subsaharan africa ranks the lowest. including sense of purpose, social connections, community, finances and physical vigor are. >> the number two thing to watch tomorrow is the august consumer price index. economists are expecting cpi to remain flat. the core cpi which excludes volatile food and energy costs is forecast to climb .2%. >> number one thing tomorrow will, of course be the fed announcement followed by janet yellen's news conference. the fed is expected to release interest rate decision, 2:00
p.m. eastern, but the news conference is set to begin at 2:30 p.m. you have to hear that. >> for now "the willis report" is next. gerri, more on the president's plan to fight ebola. what it means for people in this country. gerri: that's right, liz and dave. thanks for thamp the president talking ebola today. we look at the risks of the virus take hold right here in the u.s. of a. what should the government play a role in what you are putting away? if dreams of a second home involve being close to fine dining and shopping, we'll have advice in our user's guide. which slow cooker is best? we'll have the answers. "the willis report," where consumers are our business, starts right now. we begin with your retirement and whether the government has a role to play in it? van guard