tv Countdown to the Closing Bell With Liz Claman FOX Business May 12, 2015 3:00pm-4:01pm EDT
you'll get an untimely hai hair. be careful, my friend. i hope you're making money. the market down 20. the "countdown" with liz claman starts now. liz: that can very well change. it was just up to the upside in a second. taylor swift said it best. shake it off. massive morning headache. a bond route overseas spills into us treasuries. was over almost as soon as it started. the dow was down triple digits. no permanent hangover from any of that. we just have the nasdaq down ten at the moment. down much more. we have the down jones industrial averages down lower. we're watching this carefully. no european hangover. in the meantime, a heck of a major. at&t and directv get a hint their direct merger may work out soon.
very few rules and being your own boss, no title that see you have to compete with others for. a company which believes in a new age way of killing the competition. we'll tell you what it means. who is doing it. and why suddenly a bunch of employees threw in the towel and say they hate it. refusing to be sidelined. tom brady is appealing the nfl's decision to suspend him for four four days. forget brady. sam will let you in on the secret and what he would have done if his quarterback had done what brady had done. we have a wildly inflated news. jam-packed with news. let's start the "countdown." ♪ (?) >> breaking news. forty-one cents. that's how much above verizon's offer of $50 a share for aol.
that's what it's trading at right now. 50.41. the gobbling began when the news broke that aol was being eaten up by verizon. but had you been watching coun "countdown" to the closing bell, you had known that verizon had been circling aol. i asked tim about merger rumors and whether verizon would be a good fit. >> what is the deal about verizon? the rumors are rampant? are you talking to them about content deals or what? >> verizon is a huge partner of ours. they're the official partner for ces. there's always rumors about aol. i would categorize it as rumors. we've been about growing. digital content. great at video. great at programming advertising. great at content brands. >> he had a poker face there. very good, tim. another huge merger in
the works as at&t and directv look to close their deal once the justice department and the fcc finish their review. the wall street journal reporting that sources close to the deal say it's unlikely to be blocked by regulators. maybe they have smooth sailing, unlike comcast and timewarner cable. jennifer is the teleco telecom -- jason is also joining me now. right to you, jennifer. the breaking news really when it comes down to it, the aol verizon deal broke this morning, it is perhaps that we will see an at&t and directv merger that won't be blocked by the department of justice. do you think it has smooth sailing? >> i think it will have smooth sailing. it's a different emerge than the cable emerge. a lot of synergies. but a value proposition for the us consumer. >> is there a stock you like in this battle?
at&t or directv? one better? that's what we're telling our viewers. >> we like at&t for a long time. at&t. the time not to bet against at&t is when they're doing the mega deals. history has shown very good execution. and synergy achievement. and remember, the synergy guidance they've given is cost synergies. we think there are tremendous synergies that will spread light on when the deal closes. liz: let's get to aol. again, to you, jennifer. i get what verizon gets out of it. content. mobile. what does aol get beyond an escape hatch? >> well, i think aol, if you look at the letter that tim armstrong sent internally that's been published on tech crunch today. i think he says it. he talks about mobility being the future. the stat they've thrown out is that 80% of consumer video will be
watched over mobile eventually. they need that scale. those eyeballs. verizon gives them 200 million eyeballs. >> jason, you looked at this. you said what? who is the genius in this deal? >> i mean, tim armstrong probably tied himself in the back and he deserves to. a few years ago, when it split with timewarner, people thought aol might be done. it had this legacy dial-up business that was going nowhere. it was a business that would fade. it had a media business -- >> do you know anybody who uses aol? >> unfortunately, i know a couple. nobody is buying aol. only those people who have that fo for years. armstrong started going after businesses he had a future. a big part was online video. particularly serving ads on video. it's not producing great television. doing flashy things. but it's a business we've seen has a lot of money heading toward it.
companies like google and facebook are also hero too. liz: listen, money is sexy, jennifer. we are in that business. get right to it: does aol, verizon, does that spin-off huffington post? >> i think they do. i don't think verizon's long-term goal is to own the content. i think they want to own the highway in which the content is being delivered on. we know wireless will play an important role. those news stories wouldn't surprise me. >> i'm being told the last person on earth using aol is our floor trader at the new york stock exchange, teddy. i'm not being mean. i'm just saying, jason. he had to -- ah, teddy. of course. teddy, exactly. i love it. yeah. that says it all, doesn't it? my mother got rid of aol and went with gmail. that's beyond the story. he's a genius. 4.4 billion.
aol used to be valued at? >> around $350 billion after it acquired timewarner cable. as a stand alone it was more than $20 billion. >> this is a fire sale, jennifer, isn't it? >> i think so. verizon, also, like at&t is known for doing good deals. i mean, 4.4 billion in additional cash. this is a company that is $113 billion in debt. it's not a mover in financials any any way. >> if you have to figure out who is the, next, you have to merge. who is next? >> yahoo. someone needs to buy their pieces. >> jennifer? >> i think cable. i think cable has to look its back. wireless. liz: comcast. doesn't comcast have to do a deal too? >> they probably take some time given their recent fo foray.
>> jennifer, telecom analyst. and jason, mashable business reporter. thank you. talk about a rollercoaster day. this morning, let's back it up here. total hangover from europe sent us bond yields skyrocketing. then suddenly they did that. they started to climb and do a loop did i loop. in just the last half-hour, it's crossed the unchanged line 20 times. (?) not to mention earlier today. where did this start? well, treasury yields suddenly spiked. only to reverse later in the session. this comes on the heels of the german bond world. what's causing the market action? what's the best way to play it? traders at the new york stock exchange, cme group, joining us to talk about the energy market. james. founder of option
sellers. trent, let me begin with you at the cme. to bond land. why did the yield suddenly start spiking? >> well, liz, it's the relative value trade in play. and truthfully this is no different than what we've seen driving this bus for the last 18 months. it's the first time we've seen it with rates rising and falling. if you look back to 2014, everyone thought we would see rates rise here in the u.s. we got anything but. it made sense that people thought rates would go higher. the relative value played and trumped those cards. we're having a reversal with the german boon. (?) that's the first time we've seen the cart drag the horse to the upwards with rates. when you think about it, it's no different than what was driving the horse up to that point in time. we just didn't see it at that time.
>> teddy, explain why stocks fall when bond yield starts to spike. borrowing costs in the blink of an eye jump ten basis points. very, very quickly. that scares the market. it has to be more gradual. right? >> well, no. absolutely. because, you know, the fed -- we talk about the fed the 800-pound gorilla. and zero interest rate environment. the minute it smells that they'll shift gears, all of a sudden you take the equity trade off the table, and, you know, people have an alternative. i would say, one little moven't make a lifetime. but it's the perception, and i think that creates a real problem for equities. and we haven't seen that played out yet. but, you know, today was really interesting because we climbed out of that hole for whatever reasons. and for all intents and purposes, plus on the day. >> let's review here. earlier today, the ten-year yield was at
2.6%. now it's 2.26%. that's a wild swing. a lack of so-called liquidity. that means that suddenly reversals of fortune can happen almost as quickly as you can say, i'm going to sell when the dow was down 180 points. now look at it. it's down just a few points. oil, james, why is oil spiking? is it because the dollar is weaker today or is there something else? >> actually there's many factors going on in oil right now. refinery utilization, that is the burning of oil in gasoline by the refineries will ramp up dramatically this driving season. refiners are experiencing all-time record market margins. this will reduce the glut we've been talking about. the next 16 to 18 weeks, a large decline in us stockpiles. maybe four to 6 billion gallons a weak. leg up in prices.
>> how high, james? >> fair value would probably push oil up to 68. i think we have the momentum players to push another $2. the magic 70-dollar mark in july. liz: who is saying wow? teddy? >> yeah. bearish call on oil again today. and it's up in their face again. you don't want to bet against goldman sachs. but they have been wrong before when it comes to commodities. >> my money is with james. because he's on the show right this second. >> goldman was bearish at 45. >> great to see you all. goldman was wrong at 45. we saw weeks and weeks of gains. great to see you all on the floor show. forty-eight minutes away, closing bell. who has an order from zappos? zappos disrupted not only americans shop for shoes, but also how people work at their company using a management called holacracy. i'm thinking holistic.
was it a bridge too far? we talk to the executive behind the change. and we'll ask him why suddenly are employees quitting? patriot's tom brady pulling off dramatic comebacks. can he do it against the nfl? we'll ask former nfl cincinnati head coach sam, who also played quarterback in the pros. did he fool around with the inflation and deflation of his own balls? stay tuned. ♪
>> fall into the gap. remember that slogan? taking on a new meaning for investors today. sales and the stock price are falling at the gap. first quarter sales fell 10% as a stronger dollar cut the value of sales for markets outside the u.s. another case of the greenback actually hurting a company. shares of gaap taking a toll. you see when we compare it, pretty significant hit there. the patriots taking a significant hit.
they may have won the super bowl this year. (?) how will the team do without its star player? following a four-month investigation, as you know, the nfl has benched tom brady for four games and fined the new england patriots 100 million bucks. that's a drop in the bucket. how will this impact the patriots this season? cheryl casone is here to talk about the latest in the deflategate. >> people are defending tom brady and saying this punishment were too harsh. >> i'm not one of those people defending him. >> certainly not a patriot's fan like you, liz. this morning, actually jim gray spoke with maria bartiromo, he's one of the sportscasters close to brady. he said kind of the same thing. >> very surprised. i think it's an overpunnishment. i think there is no definitive proof in the
wwells report ordering that the footballs be deflated. >> fans so upset that there's actually a gofundme page that's been starred to raise started to the patriots to pay for the fine. because the multibillion-dollar organization can't afford a million dollars. we won't reach a million dollars. but we too believe the fine is bs. and we want to help any any way we can. give the money to charity is the way you could help. >> that's where they're at right now. four grand. this is fans saying we'll help you new england patriots. give me a break. >> let me make one point about jim gray. he's obviously one of the top sports forecasters, i get it. i'm trying to be stu varney. is it possible he wants
to ensure future interviews? >> also there's a company that's one of the largest -- they're reporting that tom brady sales, jerseys and everything jumped 100 in sales. people want to wear the jersey of tom brady. they don't want to wear, you know, a-rod's jersey. >> i think john menzel's jersey jumped when he went into rehab. great to see you. and now, who wins from tom brady's suspension? will he be able to make a comeback? of course. right? but will the suspension impact the patriot's season? joining me now cincinnati bengals head coach sam wyche. hi, sam, you there? >> yay'all are very cynical today. >> listen, that's what the media do. we're not here to tell people when they've done something right.
fair or too harsh? >> from my perspective, it is -- there's a chance you're effecting a competitive balance of the game. if i play them and i'm a football team that plays them in the first five games, they play the first three games. then the cowboys. so tom brady doesn't come back until week six against the colts. ironically the team that he had the problem with. if i'm coaching the cincinnati bengals and the pittsburgh steelers are playing without tom brady. i'll say we have to play with tom brady by the time he gets into the season. that's not a square deal. that's one thing. >> ah. >> that old argument that i hear. they would have blown the game. it didn't matter if it was inflated or deflated. if there was any tampering with the
balls, it would be zero to zero. they didn't know whether they would blow them out or not. i was a backup quarterback, but i did play enough to be the guy that beats you into that ball -- you would pick up a ball. this is a good one. then maybe you picked up one that didn't have enough air or sometimes the leather was coarse. put this into the game last. twenty-four games ready to go at every nfl game. liz: sam, you didn't sit there and say, oh, let some of the air out of this because i'm playing in buffalo and it's cold. >> if you let a little air out when it's cold or wet, it's to the advantage of the offense. no question about it. but it's not so much the advantage of the passer as it is to the receiver. the receiver can dig his hands into the leather that's cold. it's sort of and easier to catch. there's an advantage. but very slight. liz: let's just say they cut the
four-game suspension down to two. there's chatter that will be the comprise. who comes out the winner from tom brady's for all intents and purposes, two-game suspension? >> the buffalo bills. the steelers. the teams that will play without the star quarterback. the franchise quarterback. here's what i would do. had i been king. which unbelievably they didn't call me for my advice. had they done that, i would have said, let's say tom brady for the first four games you get paid zilch. all that goes to research, that money. you play the game. but you don't get paid. 4 million bucks. whatever it is. the patriots are going to be fined a few million bucks. but you're on proceed basing. if any shenanigans happen again during the life of tom brady or the patriots, you're
penalized 16 games. regardless of where it happens, 16 games. and we'll penalize the team maybe 25. now you stopped any future shenanigans. honestly i never ever as a coach or a player asked -- this is exactly 13 pounds what it says on the wilson ball. all made in ohio, by the way. liz: thank you, ohio. >> and 13 pounds. but i knew whether that ball felt light or not. just by picking it up or not. yeah, i like it. do we have time? liz: quickly. >> all the rule changes that i saw while i was a head coach and being in the league meetings either were for safety or benefiting the offense. more scoring. that's what the fans want to see. liz: they sure do. >> this would be easy to
fix by saying let let the teams deflate or inflate as much as they want. whenever the ball is punted, it's kicked for -- so they've been substituting balls all along. that's the league doing that. not the teams. >> you played for the redskins. the lions. the st. louis cardinals. i lived in ohio. i covered many a bengals games versus the browns. i kind of had a crush on you. i thought you were so cool and great. it's like a brain crush, guys. >> that's still good. liz: sam wyche. listen, sam, came on starting to say we were cynical. he said you're dead for 16 games if it happens again. oh, my gosh. >> that's the real story from sam just now. >> i'm glad he wasn't my elementary principal. closing bell, 35 minutes away. a presidential candidate, chris christie g.o.p. potential lays out his
plan to jump-start economic growth. is his bid likely to get millennials like facebook ceo mark zuckerberg under his tent? charlie gasparino has the exclusive details. and there's democracy, plutocracy, meritocracy, holacracy? what? it's a new management style. zappos is embracing. not all zappos employees are on board. in fact, they're jumping into the ocean away from that board. we'll tell you all about it. ♪
chris christie hoping to get millennial friends by getting cozy with mark zuckerberg. charlie has the -- where was that picture taken? >> i have no idea. why would you ask me that? liz: i don't know i wondered. you know, i have a bromanse going. you know, george the cameraman. we have a bromanse. >> i have a brain crush on sam wyche. i admitted that on television. >> i have an infatuation with jennifer aniston. let's get to the story. christie hasn't announced his 2016 intentions officially. but he's shown all signs he will run. we were first reporting on fox business that his wife mary pat had left the hedge fund she was working at. she indicated i'm doing this -- i'm leaving because he's getting ready. he had an interesting op-ed in the wall street journal. which laid out some of his economic agenda. by the way, it's the
most concrete economic agenda of all the candidates so far. put it in paper. i think it's pretty interesting. now we hear sources in the republican party. people close to christie, big fundraiser that he's going to try to woo mark zuckerberg to fund his campaign and use it as like a semi endorsement. >> it helped cory booker. there's cory. >> marmark zuckerberg and he has some history. he gave money to his gubernatorial campaign. or his campaign war chest for governor. they -- they apparently agree on school choice and some issues like that. they have a lot of common ground. and they both like each other on facebook. this is true. >> it's hard to get mark zuckerberg to like you on facebook. >> apparently it is. they do.
i saw both of them in sun valley. remember the media conference i got thrown out of. >> near arrested. >> before i got thrown out, i was at a restaurant. they were having dinner with their wives. they are friends. from what i understand, christie is going to try to ramp it up to get zuckerberg to do a fundraiser and possibly some semi embosserment. we asked both for a comment. i said deny it. they said do not deny it. this is pretty solid stuff. what is curriculum vitae christ? this is a millennial vote. twenty to 25. the stupid kids. i call them the stupid people. because i'm a bitter boomer. >> lazy brats. >> lazy brats. as the lazy brats are a big demographic for the election. and the republicans will like to peel off some of that. which went heavily to
president obama. having zuckerberg give you a wink and a nod wouldn't be a bad idea. >> right here on fox business, charlie breaks it. glad to have you back. >> he supported president obama last time. >> zuckerberg. >> yeah. and so did christie. i think he hugged president obama during the election last year. they both support obama. liz: i support you. charlie gasparino. closing bell. twenty-five and a half minutes away. what if your boss told you, you don't have a boss anymore? >> yay! >> that's what happened to zappos. guess what, not everybody wanted to be their own boss. holacracy is what it's called. what the heck is it and how does it work? does it work? and one boss who is definitely in charge, meryl streep when she played the powerful, but unbearable fashion editor in the devil wears prada. the devil is back in the news. we'll tell you why. ♪
♪ >> it's time for "countdown" news flash. less than three weeks after a devastating earthquake killed no thousands of people. buildings swaying in the new earthquake 7.3. the epicenter, 50 miles east near the border of china. this time, far fewer casualties. sixty-six people died in the latest quake. john kerry, look who he is rubbing elbows with.
vladimir putin. this the first time since the crisis. urging putin to abide by a cease-fire deal. the us pledge to roll back sanctions if russia does comply. also on the table a push to remove -- from power in syria. the nuclear talks with iran and strikes in yemen. a strain of bird flu that until now has only been found in the western us has crossed up in indiana. that brings the total number of states affected by the virulent outbreak to 15. the spread of bird flu worrying to farmers who hoped the weather would lower the number of infections. the devil wears prada could be stepping on the broadway stage. kevin whose hit shows include rent. ever heard of that? avenuavenue q. he's hoping to feature aanne hathaway working
for meryl streep. that's all. no reaction from vogue editor, who the character was supposedly based upon. yes, i ended that with a preposition. you might have heard of democracy. the government elected by the whole population, that's democracy for you. let's switch over to meritocracy. allocation of power to people who deserve it. right? meritocracy. based on their abilities. not on political reasons. but holacracy? holo what? one can that redefined the ways that shoes are sold. decided to redefine management. earlier this year zappos began implementing a system called holacracy which eliminates titles and encourages self-management. this sounds awesome. no boss to yell at you. not all zappos employees thought so. 14% of the company's
work force accepted the company buyout and walked out. well, the guy who came up with this idea, john bunch, the implementation leader telling us what happened. hi, john. what happened? they didn't like holacracy? john: hi, liz. athank you for having me on. liz: sure. john: i think we're moving our company into a new way of operating. and 99 plus percent of companies out there operate on a traditional hierarchy. we're doing something vastly different. it's a difficult system to pick and up learn. and i think a lot of people thought they would prefer something traditional. and decided to take the offer. also, a lot of people took this as an opportunity to go and do something else in their life. like start a new business. so people took the offer for different reasons. i get it. i mean, i went to uc santa cruz. no grades.
evaluations. people thought, that's awesome. don't to have sweat out the grades. suddenly, you find yourself saying, where do i stand in all this? i think that is what you're talking about. people are thinking, am i an executive president? am i a cog in the wheel? is that the deal? will you try to implement it. >> we're excited about the future of this. we think it will take it to the next level. (?) we're excited about operating our company more like cities report. their free market funnels into our organization. there's no one leader or director of the entire vision. where all of our employees have the ability to process their ideas for what the future might look like. >> but who effectuates it? who gives it the green light? there has to be somebody at the top. >> everybody has the ability to propose changes to what we're
doing and how we're doing it through the holacracy. no longer are decisions being made from the top down. rather, they're being made throughout the organization. >> who else is doing this? i know you're at zappos. are there other companies that have implemented this successfully? >> yes. probably the most notable is a company called medium. they're an online blogging platform. founded by evan. >> my floor director says, no boss? >> see you! (?) >> yeah, it's really exciting to be able to self-direct your own work and also another thing that holacracy enables is people to take on work throughout the company. no longer do you have to be on one team where all your work reports to one manager. now you might be able to take on different bits of work throughout the organization. so maybe you're a part-time software developer and part-time
event organizer. >> i won't argue with zappos success. great to see you, john. john bunch, he doesn't have a title. no, i'm kidding. technical adviser to the zappos ceo. no title. we asked you yesterday. whether bitcoin belongs on wall street because the nasdaq will use bitcoin technology. here's what you said. brian, why not? everything else is spin and magic. okay. cynical. spencer said, i'm not a fan, but it's here. someone will have to listen at some point. today we want to know. what do you think of zappos management structure? do you think you would have enough stick teufiveness to get things done? or would you be playing candy crush all day? tell us what you think on liz claman. like us. sounds pathetic. like me. facebook.com/lizclaman. okay. closing bell. fifteen minutes away.
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>> it's a private company. 2500 idle bids. and they're bidding on projects in vermont and oklahoma to build. >> we have this crazy bond market today that dropped our stock market precipitously. and suddenly we've come back. at one point, we crossed the flatline 20 times. you still picking stocks or looking at the whole market? >> we look globally at it. we like stocks because of qe. so it happened in the united states with qe. when our stock market rallied. we think the same thing will happen there. in china, another place in
infrastructure, they're starting the asian infrastructure investment bank. we think that will be a great place -- >> i can't believe the dow is down only five points. we're rushing to this finish line. here are the asian markets. it's tough to gain what's happening in china. the government is still very much involved. i like your thinking. i wish you the best of luck with your 5 billion in assets at the firm. >> great, thank you for having me. >> josh dietz is the portfolio manager. closing bell, seven minutes away. what are the traders looking at right this second? >> we're looking at godaddy. they have the ipo in april. the stock hitting new highs. the 4.7% web domain name and more. barclays has a buy. the margins are looking good. the analysts are hot on this one. in the meantime, we're waiting for these earnings to see how they're doing. the market could move one way or the other for godaddy.
>> six and a half minutes before the closing bell. the number one most important thing happening in the markets right now. this comeback is unbelievable. we're not at the flatline. but the bond market yields jump and then come back down. what is going on? >> it is the dog wagging every single other market right now. ten-year note. that move overnight was just, in nasty. the move during the regular hours was maybe even nastier. that allowed the rest of the market to rally. as the ten-year note moves so does the equity. if it starts to break apart and that yield creeps higher to two and a half, the equity markets could break down. if there's a reason for any type of correction, it's going to be directly related to the movement in the ten-year note. >> maybe that's a buying opportunity. don't run away when things are cheaper. mark, great to see you. mark sebastian killing it on the floor of the cme. closing bell, five minutes away.
did the punishment fit the crime? did tom brady get a raw deal? we've been asking that question. we spin it forward. how will football change in the future? former nfl lineman who played for 12 years with teams like the miami dolphins and the tampa bay buccaneers. he's joining by a former referee who spent 20 years on the field including the super bowl. shenanigans or a mess? stay tuned.
liz: still red on the screen. but what is fascinating the comeback story. david: actually, a comeback not only with stocks but what is happening with yields and bonds. go to nicole petallides. aol getting a big ump because of its possible takeover. >> right. $4.4 billion possible takeover with verizon. pretty amazing. this would be verizon, they
wanted to get into mobile. that is why you're seeing this move here, huge. liz: smaller but pronounced move of gap. sales fell 4% and stock is down. >> parent of banana republic and old navy. david: oil has been up and down. it has been a big seesaw. usually when it goes up, the stocks prices of oil stocks go up as well. today that didn't happen. why not? >> it is interesting they don't always correlate. interesting to see oil above $60, as it gets more expensive tough for refiners. exxon and chevron, two dow components with gains. david: you know what is happening, nicole? traders are wary. they see it go up and down 3%. they don't buy into it as easily. >> they watch the dollar. liz: more tough days for lumber liquidators, continuing to make headlines which sent the stock lower too. >> down about 5%, liz, at 26.59.
it has been a heavily traded stock. ongoing story. [closing bell ringing] liz: well a miss is as good as a mile. the bells are ringing on wall street. the second day in a row of losses for the stock market. but a lot better picture right now than we had hours ago when the markets opened. we have the dow jones industrials down 181 points. now it is down just 37. we have s&p lower by six. nasdaq getting clipped by 17. the story was the fixed income market. bonds yields spiking to six-month highs. then dropping pretty precipitously. david: the yields came down. what happened overseas, looked like it would happen at the beginning of the day. not so at the end. europeans go their way. we go ours. "after the bell" starts right now. david: breaking down all of today's action, john maxon from
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