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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  October 13, 2017 3:00pm-4:00pm EDT

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people are feeling better. and all of that feeling continues to better economic environment. liz is taking you through it. >> a little optimism. no fear investors are all in. at the close you got to stay with us. kill the deal or i well. he threw down the gauntlet. if congress won't help. but while the move will the move he announced today really mean for the stocks somewhere in your portfolio that has poured billions of dollars into iran since the previous sanctions were lifted a year and a half ago.
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mark ready to do it out. the simple and fair postcard. the tax code that we currently had to deal with. everybody thought that would be the death of the big tax preparers and the stock. the ceo of one of the biggest tax companies in america said it's not just a live and kicking. big business and celebrities. including santa rosa. rushing to see the victims. they continue to battle. we will get you the story. we will talk to the ceo.
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a very exclusive winery and how they survived by running for their lives carrying their dogs. on wall street. let's start the countdown. breaking news stocks looking at just 24 hours ago. they are speeding towards new records. they are while surpassing the previous all-time high. we are so close to 23,000. the s&p is up. the nasdaq is up 18. bank of america and wells fargo reporting.
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the reports did not come without trouble. bank of america was hit by a 15% drop in trading revenue in the last quarter. wells fargo this is sort of the same story that we saw yesterday they are both beating and we have this story today with bank of america which happens to be in the green at the moment and we do have that stock just a moment i will pull it up if we can get here. up nearly one or 2%. wells fargo is going to the other direction. after the fourth straight revenue mix. to retail sales. i need to get this to you because it's important. has a good sign for the consumer here in the united states. 31.6 percent. the biggest monthly jump in more than 20 appears. but this is a way to minute
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kind of report here. they spiked in price in the wake of hurricane harvey and arma. definitely moved higher. but when you remove it the core rate it was only up one tenth of a%. we do still have auto sales buoyed at the fastest pace for the month of september. everybody really pretty much had to buy new cars in the state of texas around the houston area we have general motors and fiat moving higher. some of them flat. down two thirds of a%. it hit a new all-time high earlier in the trading day. present trump making it once again that the deal is one of the worst and most one-sided contractions. what exactly happens next with the deal because you listened as i did. kind of interesting here.
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he would move it to decertify but not impose the former sanctions. he will deal this. he has told congress if they fail to act. you remember bob corker. all is made up between the president and senator corker because the senate and the chairman of the foreign relations committee is working on revamping of the accord. they had been in what's been described as intense discussions. so that the sanctions could be reimposed against iran. if it's determined that a term that they are within one year of obtaining a nuclear device. that is what congress is gonna be doing. and they roughly 60 days to do something. on the house and senate leaders are drafting
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legislation that would amend the review act i support these initiatives. however, in the event we are not able to reach a solution working with congress and our allies than their agreement will be terminated. you heard the president mention his allies. we've heard already in the statement. they are upset with what's happening. they will work with the u.s. congress and within menstruation to try to and try to keep the accord in existence. bucket the seatbelts on your portfolio. the dow is up more than 43 percent. s&p up nearly 35 percent. nearly 36 percent.
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now to stocks you my sexy my own. two in particular. millions of dollars in business agreements after the deal was set. we had boeing and ge. many of you have these in your portfolio. up 207 percent. for management reasons and all kinds of upheaval and change. down 19%. what could congress fix if they eventually do come back. as a stand on opposite side. in the former goldman sachs vice chair. mark, first to you. they have moved to dc to certify it. the old sanctions. and to come up with new sanctions.
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the president has said that this is not the vital interests of the united states. it means there was too much given for too little received. i like you to work on a bipartisan basis to try to fix the deal. their willingness to find ways to complement the steel to strengthen it. i will walk away from this deal. and what he you think of the deal. i think it is a deeply fall flawed deal. regardless of iranian behavior. they end up with patient pathways. it is immunized against sanctions. it is a bad deal. that is what the president has said.
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we have seen alarming behavior on behalf of iran kinds of parades with missiles and saying we will wife israel off of the face of the earth. and yet you feel like this is a deal that should be upheld. and it's very bad. i don't condone those. would we be better off if there had been no deal at all. if they have took the nuclear weapons. a lot more international scrutiny.
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they forces them to get rid of a lot of enriched uranium. this is something that may have its flaws but under a deal it is much more constrained and much more transparent than it would event without the deal. mark, to businesses and people who are watching this network. they own some of the businesses that have already in the wake of the original deal. general electric has a multi- billion-dollar deal. with giving commercial aircraft to the iranians. they turn them into planes how do you stand on whether businesses should be able to invest here in america but in
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a rant. -- in iran. into ship weapons and terrace. it is continuing to malign activity for which it was originally sanctioned. i would be asking boeing why are you guys doing business with an airline that is shipping weapons and fighters. you better be very careful. if you're doing business with the guards. if you are doing business with the key strategic sectors the resolutions control the sectors. they are huge consequences. this kind of argument goes back to the beginning of time. 2000 years ago they had written it everyone of us have
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not gotten everything that he or she wanted lettuce, at let us come at least to terms for as long time as possible to put off our private corals. they support terrorism. and shouldn't that be enough. i remind you with the ability for the american producers to sell to iranian companies was designated in the agreement as a legitimate transaction. by the united states in by the other parties in the agreement. has given them the opportunity to do that. they help the hospitals and health facilities and provide medicines to iran. they are permitted. for the most part american companies themselves had been
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prevented from doing business in iran. because of the other activities that they are engaged and in the region. that the united states wants to punches -- punish. once again it is in congress' hands. we will see what they do with the ball. it's a very busy day on that particular topic. the closing bell ringing in 47 minutes. they are gaining 47 points like it this 220-0888. in a top of it friday the 18th . -- on top of it friday the 13th. are there still black cats to be afraid of in the stock market. and foxbusiness learning exclusively at this hour that larry flynt the king of porn
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is behind and out front of what could be a controversial offer in the washington post. foxbusiness is going to obtain the end. "volatile markets." something we all think about as we head into retirement. it's why brighthouse financial is committed to help protect what you've earned and ensure it lasts. introducing shield annuities, a line of products that allow you to take advantage of growth opportunities. while maintaining a level of protection in down markets. so you can head into retirement with confidence. talk with your advisor about shield annuities from brighthouse financial established by metlife.
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you know often there is a word for this. tristan decca phobia is fear of friday the 13th. well had that right now. and we we should have known that too. let's take a look at the stock products. they are on pace for the fifth week of the upside. will be the third consecutive week. as we look ahead there's only half a month left. is there anything to fear. how do we find it now so that we don't get bitten later by the black cat. >> the numbers this morning
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even though they look robust they were weaker than expected. we still expect to see a rate hike in september. if the look to august. that is the fifth meeting at eight next year. we may be looking at the we don't know what to think beyond april. about half a year. todd colton are you nervous. if you look at what treasury yields did. gold is up about $25. and stocks are unchanged. the in indications for the end of the year are unchanged. aren't stocks higher for the week. that's where we are hanging our hats.
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right now you are seen steady climate control. that we saw in gold and in the dollar. they are kind of married to this discussion as to where and hugh -- for the next one is. will be hock or a dove. if they become a bigger issue. inflation was not the reason why we did not raise rates it was the reasons why we did. and now we are looking at 18. we have no inflation and skyrocketing inflation and we raised rates. in your oil world how do they affect the energy plans. the price of gasoline spiked over the last couple of weeks since hurricane harvey in particular. >> it does have some major effects.
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worldwide that is. with the federal reserve that will be raising interest rates and if it doesn't slow down the economy it would hit crude oil. we've been talking about brian -- and buying buying crude oil. now we have made that rally up that were talking about. that is the selloff. what i am looking for right now is skilled in selling. i think we traced back down to the 47 and a half level. the federal reserve deftly has big impacts in our market. connect that is really a dollar store you guys. here we are 51-40 on crude oil. with the other guest. i really see this. as an opportunity. then we could say 54 to 54 and half.
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we can't quite make it through that 52 feeling. coming up later we have a can't miss lineup tonight 8:00 p.m. eastern it's an all new episode. the special guest literally known as one of the best market colors on the planet. how air b&b foxbusiness tonight. pmg also very widely held stock. in one of the big winners today. that proxy fight for control has really been one for the ages. it refuses to back down from the big reports even though shareholders noted against it despite all of that. the shares are up about 1%.
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ge a very unpopular move. they are about to make. but that could all change in one week. will they or won't they. third-quarter results that's usually when companies announce whether they are cutting or raising dividends. twenty-one fires in wine country that's reducing it to ashes. the inferno coming to close for any comfort to one family that runs a winery and how they ran for their lives carrying their dogs in family and barely escaped the flame. we are coming right back. copd makes it hard to breathe.
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since the deadly california wildfires began back in they had been wondering what started them. today we have a possible clue the public utilities commission has ask them to preserve all evidence with respect to the wildfires so powerlines may have been the source of at least some of the fires still to be determined but this is the most lethal event. the death toll stands at 31. down ten full percentage points. those fires they are all still burning over thousands of acres very little and insight for example the partridge fire is only 18% contained. and for the other fire. that is near calistoga.
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the owner anthony perla's and his family barely escaped with their lives running through the burning forest and holding their family and their dogs. anthony, how are you guys doing. how is the family. were safe in san francisco for right now. describe that moment when you realize you have to run. i was doing my best to contain the fire. i have the time did not realize it was so widespread all the way. >> and trying to damp out embers as they were spreading. i thought it was a localized thing. and that we could keep it from spreading to other places.
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and to our home. i was doing my best to do what i could. a certain point it became clear with the wind that night that the oak trees were going up around me. minutes away so you ran apparently through the fire did i hear that correctly we tried driving first and we were driving down through flames and smoke everywhere and then the road have a tree blocking it so we abandoned the cars and is walked walked down to highway 120 weight which was just filled with fire personnel at that point. thank goodness you survived. tell us about the winery.
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you have to be on certain list to get the vintages in the bottle that you sell. have you been able to go to the area and check out the damage. >> i have a heroic neighbor and a friend of mine that went in there and assessed the vineyard this was two days ago at that point he said the vineyard was spared one of the homes was completely intact the other was completely demolished. as you just reported that top fire is not campaign -- contained. were hoping that we can say that. how may visitors would you be having at this time of year to your winery. well have visitors ourselves it's the high season, the valley as far as visiting.
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this is just during harvest. it is an intense time on everyone's mind even without fires. we did not get to bring in all of the fruit. we got some in. we are so grateful and happy that you and your family in your animals were able to be rescued. thank you so much and keep us posted. we really appreciate it. napa tells its story through wine and now the other landscapes. anthony perla's. good luck to you. twenty-eight minutes before the closing bell rings. huber is fighting back against the brits and play a little sons of liberty action here. after it had been kicked out.
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esther is coming up. when they waved around the now famous tiny tax card for simplification everybody thought it might be the death of having to pay tax preparers who do help millions of americans navigate and make sense of the murky ocean of firing their yearly tax returns. the stocks they are telling a different story of the future of tax return. at burnout response to this
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as the first security benefit. we are seen them get a 2% increase in benefits. would it not be originally what the projected. still higher than last two years. the formally filed appeal they were continuing to operate in london. the courts make a decision on whether the laces will be renewed. the issue hearing will be on december 11. just as they forecast record third-quarter profits many believe he'll be taking on a larger role. it was time for a new leader. time now for the closing bell coming up. built for business. that we could video conference... and do it like that. (snaps) if you'd have told me that i could afford... a gig-speed. a gig-speed network.
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your taxes on a single piece of paper h&r block well not like donald trump very much. tax preparers. the target of president trumps wrapped. the massive tax reform plan and downside they will go the way of the dodo bird. liberty tax up 21 percent. at burnout here. that is interesting that the stocks are going up and not down if we get it down to the postcard size it. you guys might be out of
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business. >> take you very much for having me. for small ^-caret . i remain very optimistic about the business. if you really think through the process. sometimes simplification can can cause a change in confusion of itself. liberty tax has been around for a long time we represent over 1800 individual french i eat owners. and over 4,000 individual locations across the united states and canada i would just say the good news is that regardless of what the changes are if it's good for small business it's good for those individuals i would also say when you look at history over the past 20 to 25 years our tax code was much simpler back then and then you fast-forward 20 to 25 years. there is still a large portion of the u.s. population that
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prefers to have tax professionals to help them. >> would it be fair to say at this point that because there seems to be so much opacity is really hard to see even just the republicans are gonna get together on this. there are a lot of questions as to whether you can eliminate the deduction of the state and local taxes. the high tax states are furious about it. the facts that they are going up they don't really believe nor do investors that this is gonna come together by the end of the year. what do you think? it's always very difficult to understand exactly where the process will go and all of our focus really is with our tax professionals standing ready to assist. regardless of what the change is when you saw the president say that. arguably your competitor did you kind of cringe.
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as long as they didn't mention us. did you get concerned about that. it is concerning. i would say it is a very complex process and we are gonna prepared to deal with whatever changes come. to make sure that we get all of our customers the things that they are entitled to from the government whether it is a system that is simplified. i used to get my taxes done by h&r block what do you charge at liberty tax for an average tax return. >> it changes based on the geographic location and there's no set fee. it can be also the complexity of the tax return and how many forms are provided and not information that we give out to the public. you guys are headquartered in
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virginia beach, virginia. parts of virginia are but not virginia beach. where you stand on eliminating the deduction of state and local taxes which we are already hearing a lot of bellyaching about and still obvious moving in. it is an extremely complex situation and we just head to see how the elected officials decide to deal with it. even if the single card came out paul ryan was waving. it's finally simplified you expect i like to put it this way. with a sense of humor. they are talking about simplified the tax code not necessarily making it such an enjoyable experience that there gonna want to do it
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without a professional to help them. i can't even fill out a drivers license form. and bruno of liberty tax. come back around tax time. when you open the washington post of the sunday york you're get a gonna see an offer to all of their readers for a $10 million reward but the closing bell rings at about 15 and a half minutes. larry flynt the king of porn is making an offer he hopes some the other can come up with and not refuse. the controversial ad that we have just obtained sure to put the rest of the country into a frenzy. we are in a show it to you controversial coming up in the
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group that always seems to come out on the winning end of the battle getting bruce at this hour. after the president takes aim directly at health insurers saying no more billion-dollar subsidies for you when they find a way to pass that pain on to you. that and more coming up on countdown. coming up. ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ well i'm gone ♪ can i kick it? ♪ to all the people who can quest like a tribe does... ♪ by listening to an thiaudiobook on audible.ame
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>> market alert here. we have the dow jones industrial down 36 points rather larry flynt never wanted to shy away from offering money and they have just upped the ante this time
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he is taking aim in an ad and add that he is obtained. in this sunday's washington post. the founder of hustler magazine has taken out a full paid ad in which he will offer a 10 million-dollar bounty with the investments or any dealings with the russians that would provide what he called a smoking gun. the alternative three more years was worse. they put the company there. but to succeed impeachment requires unimpeachable evidence. that's why i'm making the offer. speaking of done it before. this is not his first rodeo. he offered a 1 million-dollar
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pride this rack prize with the republican of louisiana and the senator david vittert also offered 1 million for any videotapes that showed then candidate trump engaged in scandalous behavior it did not yield anything. we reached out to mister flint flynt in the statement he told us there are a lot more people who had access in power now than back that i don't expect any of his billionaire cronies to respond but $10 million is a lot of money to a lot of people. >> especially those who are at lower positions he continues i can't think about more patriotic of a more patriotic thing to do they get this guy out of office the washington post we did reach out to the moments ago. exclusively to foxbusiness yes
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the ad will run. we give them wide latitude to have their say generally if they are not illegal or advocating legal actions we try not to place limits on speech or content. he has said in a statement the the statement the ad has been accepted and paid for he also when asked said the new york times have rejected the ad. but this one is expected to run as of now in sunday's washington post. to a move that sent that through the insurance market. a key part of obama care scrapping subsidies to help insurers to help low income americans pay out-of-pocket medical expenses. they will not make the next payment and they were estimated at $10 billion for 2018. gerri willis is in the newsroom. the move may be facing legal challenges in but it looks to me like insurance companies are finally getting a little bit of speemac down here.
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to the nation's health insurance during the swift and negative reaction from the industry and the regulators. the health insurance plans and blue cross blue shield and i said we need in constructive solutions. lower consumer costs and stabilize local markets. it will do just the opposite. this action will make it harder for patients to access the care they need. cost will go down. the payments which are paid in monthly installments goes to insurers to offset subsidies to low income consumers. in fact in states like tennessee insurers developed
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options on the assumption that there would be no ensure payment from the government but that's not the case everywhere and the president of the national association of insurance commissioner said the move by the white house will raise costs for exchange customers. the state regulators across the country are very disappointed in the decision and facing increase. they didn't respond they may exit the obama care exchanges. or simply raise prices. they are not constitutional they are not authorized by congress. we've a sign-up for coverage by december 15 of this year. >> i just want to speemac some of the insurers. they exited many markets when they still have the subsidies. so they find a way to make money anyway. thank you.
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you guys knows how to feel about that. we do have the markets all moving higher on this. don't be scared i will protect you. nothing to protect you.
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. . . .
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♪ liz: the dow and nasdaq teetering toward record finishes for the week, with a firm asset under management, $400 billion, we have citi private bank chief investment strategist, steve whiting. your big focus, you've been on the money, go from emerging marketing markets. do the numbers bear out for you? >> the u.s. es expansion led the world. there is lot of room to catch up from behind.
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investor go where there is quantitative easing. they would get ahead of central bank actions. all the flows markets. qe. that meant they banned in i cases emerging markets. even after a 30% rally this year, our valuation measure shows a 40% discount in emerging market equities relative to the united states. that is a record. liz: in comparison to the s&p, blue line, top line, is emerging market as i-shares, msci. unbelievable. give me a comment as we close to record hires, is it getting a little frothy here in the united states? >> we will continue to see earnings gains, low interest rates. we're not so, valued so highly we will see a big separation between the performance of profits and share prices in the united states, even into 2018. but little by little monetary policy is getting tighter and
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tighter in the united states. it will turn in the world as well. [closing bell rings] that will be increasing headwind over next couple years. the story is about catching up from behind. liz: steven weiting of citi. thank you very much. it's a record. happy october friday the 13th. that is doing it for the "claman countdown." melissa: we're closing in on 23,000. just a few more days like this, ending at 22,879. david: that is another record. melissa: all right. all the major averages all ending higher as well. "time" melissa francis. >> and i'm david asman. happy friday to you all. happy friday to you, melissa. melissa: david: thank you is "after the bell." more on big market movers. here is what else we're covering very busy hour. very busy day. pivotal day inside of the beltway. the president announcing this afternoon he will not con at this to certify that iran is


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