tv Countdown to the Closing Bell With Liz Claman FOX Business December 15, 2017 3:00pm-4:00pm EST
as we get ready to hand over to liz claman. the dow up 157 points. dow at 24,666, ominously. good day for the market. our time is up. liz claman. over to reporters are not waiting. gop tax plan maybe set to be released in two and a half hours but already we at fox business have gotten leaks at this very moment, blake berman is reporting minutes ago what he has found in the finalized gop tax plan on the number of brackets. simplification doesn't look like it right now but what else is in this thing? where did the house come on state and local tax deduction, child tax credits, the estate tax, we could find out at any moment. congressman jack republican from michigan on the budget committee, he's here to point out the potential troubled spots to passage. and mortgage and real estate
legends breaking down implications on the tax bill, how much will you really be able to deduct of your mortgage interest? what does that mean for all you fence hitters ready but wait to go buy a new home? plus, we are all geeked up for the debut of star wars, the last jedi, we have so many questions, is skywalker the last jedi. [laughter] shows how much i know. why did carla turn to the right side. mike tamara just left the screening. i don't know if he's going to give the spoiler alert. don't freak out. s&p 50 headed to new records as we await final details of the tax plan on the quadruple
friday, less than an hour to the closing bell. let's start the countdown. ♪ liz: folks, i do just need to get you breaking news we are getting, we are now learning that a u.s. judge says he will be releasing former trump campaign manager trump manafort from home confinement. manafort has been indicted in the case whether trump colluded with russia. for now i want you to turn the attention for the lower kicker, what's going on with the market, the color of your christmas tree, green, not only are the dow and s&p 500 on pace to close at records today, this will be the dow's 69th record close this year. right now we are up 157 points. that actually ties 1995 for the most records in a calendar year. what's your best guess for how
many dow records we will hit this year? it's got to be a few more perhaps, maybe not the happiest deal on earth after all according to well-known btij analysts, the epic fox deal may lead to between 5,000 and 10,000 jobs being shed. disney head bob iger and fox head rupert murdoch are not losing their jobs. big move yesterday to the upside. fox hit a multiyear high and briefly hit negative following the report. right now we do have 21st century fox up a third of a percent and we need to tell you that wallet disney is up three quarters standing at 111.42. as we look at the news developing with fox and disney, discovery communications is jumping thanks the billionaire malone, disclosed he purchased another 332,000 shares of the
media company bringing his total stake up to about 900,000 shares. yes, the stock is moving up 4% but disca has had a real struggle. the stock has not blossomed like other media has. 20.88. 10.4 million shares. fox base blake berman, you got some details right now well before the release of this thing. the tax brackets, break them down in the finalized gop tax plan. >> let's put them on the screen, liz. there are seven brackets. let's start, if you would, our single and what you would be filing under this plan that is set to be released publicly at 5:30, you see the numbers and what initially pops on the screen for you, 7 different brackets, 10, 12, 22, 24, 32, 35 and 37, the numbers that you're looking at right now are the initial numbers that were rolled
out by the senate when they first put their plan out, so no change there and a clear win if you're weighing senate versus house with 7 brackets emerging here, clearly taking shape of the senate bill. now the changes are coming in the form of that initial senate bill in the category if you are married or filing jointly and, again, 7 brackets here, same exact numbers on the left-hand side of the screen. what you will notice the difference is that 37% number of $600,000, that is a sizable drop from the initial senate plan which was a million dollars and the tinkering here is in between, when you look at the 22, 24, 32% caps in there, that is where -- that is where they played with the numbers and that's the difference from the initial senate plan, so what about simplification you ask? well, there are 7 brackets in this. current law is at 7 brackets, that's the same, i can tell you in speaking with one white house
official yesterday about this liz, when it appeared we were heading towards 7 brackets, the argument that was made, when you only get a few, you get stiff cliffs and for some people this may be more simple. either way, i think what you'll be hearing out of this white house and out of republicans on capitol hill is that the rates are lowered and as we know they have been saying that this will lead to middle-class tax cuts, liz. liz: blake berman, thank you very much. i don't know if you looked at all the brackets. i can tell you that i immediately looked at the point where people who are making i believe 77,000 up to $165,000 will pay a 22% tax bracket rate. the billionaires who pay their -- who get paid their income through the so-called carried interest that charlie gasparino and i have been talking about so long. billionaires, they will pay a lower tax bracket. 20% for those who pay carried
interest and basically billionaires in capital gains. let me get to adam shapiro. adam, you have more breaking news. i told our viewers we had reporters in capitol hill and the white house, what have you found out? >> this implies to investors whether mutual bond stocks, first in and first out provision as it applies to capital gains, totally out of final bill. you won't be forced to sell off the holdings you have at the cheaper price to pay the greater tax, totally out. so first-in, first-out will not be part of the final tax reform legislation. and, of course, liz, the big question that a lot of people have, which republicans may still vote no against the republican bill once it's in the house and senate next week. we know that the undecided remains, bob corker, leaning jeff flake, not responding about questions yes or no, undecided and then mike lee who along with mr. rubio was pushing for the increase in the refundable portion of the child tax credit,
mr. rubio saying he is now a yes vote, mike lee has not yet said he is a yes vote. where does all of this stand right now? it becomes public at 5:30 here is what rob portman said not too long ago in the fox business network. >> the structure is a little closer to the senate version because we kept our provisions pass-throughs, simpler, practically had two or three weeks more to work on it and see reaction to the house bill and the house acknowledged that we had a simpler way to deal with the smaller companies who pay taxes as individuals. >> so real quick, i want to go back to marco rubio, the senator from florida, he tweeted not too long ago that now that refundable portion of the child tax credit will be around 70% as opposed to 55%, he's voting yes. they had said all along that rubio would be a yes despite him saying he would be a no. now he can claim victory for the child tax credit. the question remains is his partner mike lee going to also
be a yes, we will let you know as soon as we find out. liz: adam, do we know how many pages this thing is? >> we do not. but you see the 7,000 i think it is of the tax code and they are trying to simplify it. i can tell you this, when you speak to whether it's the treasury department or the administration, they've got the irs ready to start writing the new forms, the new simplified forms and the new with withholding forms that everyone has to file. they are standing by to get the process started. liz: that'll be a long process but the president said by february, watch the markets, folks, up 168 points from the news that adam just brought us and blake just brought us. members of congress not on the negotiating teams will get the bill in their hands at 5:30 p.m. one of them has just gotten in front of cameras, michigan congressman who serves on both the house budget and veterans affairs committee. representative, thank you very much for being here. what do you know about this bill? >> well, thanks, liz, all i know
is that it's been fun to sit here for the last few minutes and listen to the breaking news because my staff is at the ready for the release of the bill here at 5:30 to start digging into it. we -- i specifically staid here in town this weekend to make sure that we could break it down piece by piece for our district because that's what's what we do and i'm excited about the fact that we are here in the 11th hour, you could use the football analogy of two-minute drill, we are down to final two minutes and the score board is looking good specially when you look at what the stock market is doing right now. liz: thank you for watching in the chair so closely and, of course, fox business is the quarterback here when it comes to at least breaking some of this news, you just heard there will be 7 tax brackets, what happened to the simplification there? >> well, i think as you talked about the simplification is one thing but creating -- if you're creating cliffs, cliffs make people nervous, so if you went back to 7 brackets and there's
less of a cliff, if you will, that's going to put specially that individual at the lower brackets, i believe, more at ease, even as you move up through mid brackets, there's less of a downside for going over a certain amount of income. liz: certain amount of income. so let's talk about income, the big criticism here, sir, has been that the individual gets less than what big corporations are getting as it pertains to these cuts, for example, i have no beef with corporations and their tax rate coming down, it's too high, we are losing companies and that means we are losing jobs here in the u.s., however, they get so much more specially when they get permanent tax cuts and the individual will see their tax cuts vaporize after five years, why is that? >> well, i think the important thing is not so much the big c corps versus the individual, this country was built by small
businesses and it's that small business that for the last, you know, 8 plus years has been force today make decisions on expansion and hire employees as oppose to going over caps set by a previous administration that triggered higher expenses as small business. so the small business is what's really going to make the boots on the ground effect here for the average working american who is trying to just, you know, keep their kids in school, you know, keep their mortgage paid, keep all of those things going, that's where i believe the advantage is with this tax reform. liz: we haven't seen it in its form, you haven't and nor have the people who were just pulled by quinnipiac. quinnipiac just took a poll, 55% of americans who were contacted disapprove of the gop tax plan. 21% liked it, 18% don't know. i'm surprised more don't know
because nobody has seen it yet. however, 16% say the plan will reduce their taxes, 44% say it will increase their taxes. the american people are sniffing something here and so it really is on the shoulders of congress to make them see that this will work out for them. >> you know, i would suggest to you that poll needs to be taken around the 15th of february again and see after that person who gets paid twice monthly see what now they're getting, how much bigger their check is because of less taxes being taken out and i think the poll is pretty mature because as we know, we are still at the potential to tweak a little bit of the tax plan here and there as we vote next week and -- in both the house and senate. liz: we have to go, one big question, estate tax exemption, we heard it doubled. >> i have not heard any intel. liz: you are going to vote yes?
>> i am. liz: you are going to read it first? >> it's snowing outside in dc, great time to sit inside and go over tax bill. liz: okay, order pizzas and hunker down. thank you, congressman, we appreciate it. >> my pleasure. liz: congressman bergman from michigan. star wars fans have to wait no longer. it took in more than $45 million in previews last night. we will tell you in just moments if the last jedi is on its way to becoming the first ever billion-dollar domestic hit and apparently somebody has just entered the building. he wasn't cleared, he got in, oh, my gosh, he maybe coming down the hallway, we will find out in a second and we are still waiting for old saint nick, christmas day ten days away but the santa claus rally has been going on since last christmas.
liz: just ten days before christmas and every year at this time business reporters start asking and i know this because i've been doing it 19 years, when will the santa claus rally arrive, folks, it has been here all year long, multiple records, huge thousand point moves, mostly because people were anticipating major tax breaks coming and the news-breaking right now is that some of the details are coming out, we will know the whole thing starting at 5:30 when it will be handed out to members of congress, 7 tax brackets, the estate tax exemption will be doubled. right now the santa claus rally continues. to the floor show, traders at the new york stock ebbing changes. i will ask this simple question u when does the grinch show up at this rally party? it's pretty unbleefnl, -- unbelievable? >> i certainly think so. i think we will have another six months of the santa claus rally.
the only thing that could derail is midterm elections, what's going on in dc is contentious and nasty and personal and only going to get worse. there's not a majority that get anything through congress smoothly, so that would be the only thing derailing it for the next six months. liz: session highs right now for the dow jones industrials, up 175 points, very possibly on the news that our reporters blake berman and adam shapiro just broke involving the details that they have managed to get out of the finished tax plan that it's supposed to be released at 5:30. let's put up the tax brackets. here we go, anybody making up to 9,500 will pay only 10% and then you guys can see the rest of it here. 24% bracket those who make 70,000 and 160,000. chris robinson, does it surprise you that we are charging ahead, we will see a 69th record close for the dow jones industrials
because people believe that somewhere in here will be mass tax cuts for the middle class? >> yeah, i believe so and now, what might derail us, we may get the rumor and sell the fact, i don't think we came 7,000 points to not go get the final 3020. it'll be interesting to see if we can extend through that. it'll be interesting to see if people are still hesitant to buy stocks, in the next six months, people really get excited about buying stocks and that would really make me want to step back. liz: nasdaq is up 85 points right now. that is a pretty significant gain but the russell, small caps, this is crucial here, the russell 2000 is nearly up 2% right now and that's the biggest gain for any major indices, why? because when you get big tax breaks, there's a belief that the smaller businesses, mid or
small caps might do the best because they turn around and use the money they get to go back into their company. alan. >> well, what i see right now is we still have some upside here. we are not done. i think we've got 20% rally coming in the stock market and because of that i'm buying dips in crude oil, every time it gets 56, 55-dollar level i'm buying it because they are highly correlated, right now the only thing that i could see derailing us or maybe the grinch would be the fed as they get real aggressive that could derail us, i've been trading since 1987 every time they come in, don't stand in the way. liz: yeah, we are going to put all three grinch events that you anticipate up on facebook.com/liz claman here is why. i get ripped by the bears, you have your cheerleader skirt on. i didn't make the cheerleading team, they say we are
cheerleading too much, no, we are not. trees don't go to the sky, i'm done with all of the clichés, have a great weekend. thank you very much. >> thank you. >> matt, chris and alan. okay, the closing bell 38 minutes away. got a lot of action here, folks, we have the s&p up 26 points. look at the nasdaq, climbed another point since i said it was up 85 and now 86. two beaten down names in the sports world scoring today after getting some much welcomed upgrades, under armour and foot locker, among leaders in the s&p 500. price target of 17. it's at 15.13 charging ahead by 9 and a half percent. this while upping foot locker, $64, it has been 42, right now foot locker is at 45.96. the two are really big winners right now. up next the fight against the
dark side rages on as star wars, the last jedi opens at theaters nationwide. disney is shooting for the stars with it's intergal attic that could be hitting to the charts of all time. guard, guard get him. no, it's not dark veder. isn't he dead? it's mike tam troa just leaving a viewing of the movie. there he is. he's got a full recap minus the spoilers. no spoilers tamara, he's coming into the studio right now. countdown coming right back. ♪ ♪ think your large cap equity fund has exposure to energy infrastructure mlps?
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bill. he, of course, previously had been the lone holdout on the bill. marco rubio, the senator from florida, had been a no for a minute. now he was a yes, but at the moment, we do have nearly every previous no or undecided as a yes. still waiting on susan collins, pretty much a yes, but we need to keep our eye on this market because it may continue to take off or there may be a little sell on the news. we're not sure, but right now the dow at 24,685. the nasdaq now up nearly 90. 9-0 points. kind of in the stars, right? speaking of the stars, how is that for a segue on the fly. in the galaxy not so far away, critics are raving. fans are rejoigs. the latest installment hits theaters today. "star wars: the last jedi," here is what the box office
jiu-jitsu people are saying, could it be the first movie to breach the one billion dollar ceiling, level? nobody has done it before. it is facing strong competition, "the force awakens" brought in just under one billion. 936.6 million during its release two years ago followed by the top two highest grossing movies, avatar and classic titanic. so are records set to be broken? will the last jedi fall short? you got out of which theater in manhattan. >> times square. liz: packed? were people sleeping on futons. >> there were two other people, 8:15 this morning. this is it! "star wars," skid the attendant, i wasn't quite sure. liz: what does it mean? it was filled, the movie theater? >> my theater wasn't. liz: breaking news! >> breaking news! that said, it's showing like
every 15 minutes and 30 different theaters at one location, so they're prepared. liz: so your review, do i need to say spoiler alert. >> i hated it, liz claman! how about that! i've been dying to say, that the only person out there, because i hate running with the herd. kidding. i loved it. it was a fantastic installment to the franchise. liz: will it break off the billion-dollar mark, we have a business audience looking at disney releasing the movie. fox which will be a part of disney, the entertainment assets. disney buy here, what do you get the sense this will do? >> it will do very well, break all sorts of records at the box office. liz: the billion? >> the difference between this movie and "the force awakens," "the force awakens" was a 10-year absence of "star wars" movies. there was a lot of pent-up demand. generational with fathers,
mothers, daughters and grandkids. this is the third movie in so the demand is a little less, we're seeing that. "the force awakens" opened up to 57 million the first night. that said, it's going to do gangbusters over the next couple of weeks. >> any new characters that jumped out at you? >> cute little furry guys on the island luke lives on who play a little role on this. liz: they must have learned their lesson from jar-jar binks. >> they have, thank god! >> the most hated creature. i think people hate him more than darth vader, who happens to be breathing all over me right now. >> is he still there? liz: you have terrible breath. horrible breath! >> he's lucky he didn't get between me and the lightsaber. i'm from new york, we don't mess around. liz: the knee in the lightsaber may be avatar 2. disney will own that franchise. i had an opportunity to talk to
rich gelfond, the ceo of imax yesterday who said avatar is the biggest thing for a company like imax with the big screen experience. looking forward what could topple "star wars"? >> curious to see how the franchise is done. i think people have forgotten about the original avatar. for me it's one of the movies i don't watch over and over, it's a very different feeling than the "star wars" movies. so i'm not so gung ho on the whole avatar thing. liz: i am. >> you are? liz: i'm all pandora, all the time. [ laughter ] >> in the end, though, i have to ask we're getting news about the fox-disney linkup here. >> yes. liz: there might be up to 5,000 layoffs, that is normal when it comes to mergers and acquisitions. redundancey, people lose their jobs. does that affect things in any way, shape, or form? >> it could affect the writer's
process, the writers guild is not happy with the process. it's not going to be approved until 2019. there's time to figure out how the cards will fall. liz: look at you. stop trying to take our jobs. >> who knew? i'm not just all one-liners, liz claman. liz: mike, thank you very much. just out of the movie theater. he loves it. closing bell, 26 minutes away, microsoft leading the dow 30. we have dow up 171 points. right there. right second to intel. what do we have? microsoft up $2.20 one day after the fcc relaxed net neutrality rules. fence sitters beware! mortgage rates may be about to spike. mortgage and real estate legend barry habib here live to tell you if there ever will be a better time in the next 20 years to buy a home? are rates starting to go up for the long-term?
"countdown" coming right back. he'll tell you. zar: one of our investors was in his late 50s right in the heart of the financial crisis, and saw his portfolio drop by double digits. it really scared him out of the markets. his advisor ran the numbers and showed that he wouldn't be able to retire until he was 68. the client realized, "i need to get back into the markets- i need to get back on track with my plan." the financial advisor was able to work with this client. he's now on track to retire when he's 65. having someone coach you through it is really the value of a financial advisor.
. reporter: i'm nicole petallides on the floor of the new york stock exchange with the stocks business brief. a record day. the dow, the nasdaq and the s&p all at record highs. and looking at record closes, too. taking a look at csx shares off the rails. investors losing confidence after ceo hunter harrison announced he will be taking an unexpected medical leave. shares had been up nearly 60% year to date. most of the gains since march when harrison took the overhaul efforts to stream the railroad
giant's operation. no word on if or when harrison will return. the stock is down 7.7% right now. the bottom performer on the s&p. aol's instant messenger service signing off for the last time. saying it couldn't compete with newer platforms including facebook messenger. retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver.
. liz: breaking news -- if you live on the west coast. gloat away. right now, just in time for the friday commute home, it is snowing outside our fox studios. this started just moments ago. it is approximately, depending on where you are, about 25 degrees outside. that according to weather.com. a brief burst of snow threatening northeast commuters stretching from d.c. to new york this hour. just enough snow expected to make for slippery roads. we caution our viewers
particularly those driving on the east coast and listening on xm sirius 113. hope you listen to us. are you there? nobody drive off the road but i can see you in your cars right now. let me shift gears here. we've got the tax plan supposed to be released 5:30 p.m. eastern time, starting to hear more and more about it. we're hearing about the fine points how much you'll be able to deduct from mortgage interest and anything housing related. this leads to the question many of you are thinking, buy, sell or rent? the dilemma facing americans as tax reform shakes the market with yes mortgage interest and state and local tax deductions and the federal reserve hiked rates three times this year, most recent on wednesday and predict three more hikes in 2018. that will directly translate to mortgage rates? in a fox business exclusive, the mortgage guru of the entire planet.
barry habib. barry, where to go with this. you have the fed, this is the two fer, and the tax changes. we don't know how much we'll able to deduct from mortgage interest. tell me what you know is going to happen? >> we're probably going to see a lot less people use the mortgage interest deduction. surprisingly only 21% of tax returns use it. probably going to drop the 4. we've done the math on this and because of the limitation of the state and local taxes, the real estate taxes and the most important part of this is the doubling of the standard deduction. that's the real key. that's going to make the mortgage interest deduction less attractive. the good news is most people don't buy it for the tax deduction. liz: buy, sell or rent right now? >> definitely buy. when you do the arithmetic what appreciation looks like, it looks strong. the amortization and you get a small tax deduction it
dramatically improves net worth compared to renting. remember the rent is going to go up every year. people forget that. liz: this is the first time i heard people say watch out, rates go higher, we don't know what's in the final plan but what you can see is the house originally said cap mortgage interest deduction at 5000. the senate passed one million. we don't know what's going to be in the final bill released at 5:30 p.m. eastern, there is a rumor we will see a split down the middle compromise. 750,000. >> yeah. liz: to me that looks good. >> it is good. the doubling of standard deduction which will make it less attractive. by the way, the rates, if the fed does increase more, what's interesting is mortgage rates tend to be okay with fed hikes because it curtails inflation. i think rates go up a little bit, not out of hand. liz: 30-year fixed according to
bank rate came in at 4.09%. year-over-year wasn't that much higher, 4.16%. you can look at the 15-year fixed, pretty much is at 4.09% -- do i have that right? which one is it? 3.36. year ago, barely higher, almost unchanged. the 30-year jumbo. >> almost flat, near unchanged levels, however, should see increase this year mostly because economic conditions tend to improve and see inflation which will push rates up. not much but greater inflation should push rates higher. little bit higher, not crazy. still really attractive, though. great inventory if you can buy because the inventory is so tight. liz: he thought he was getting a great deal. >> i remember those days. the other thing people have to watch out for is the change
with the qualifier to get the capital gains exclusion. that's the one people have to be careful for. going from two years. liz: meaning you have to have lived there two years to get the capital gains rate desdmukz exactly. that's significant, you can get up to 250,000 free game if you're single. up to 500,000 if you are married. people say what if i use the proceeds? doesn't matter. it's free money. however they want to change that to five years. if you're caught between two and five years, you could get a nasty tax bill. if you close the first week in january, try to close the last week of december, avoid the potential for the liability. liz: i told you he's the mortgage guru of the world. buy now. be sure to tune into "wall street week," buy with bitcoin windlevoss twins will be on the show about the path to become bitcoin billionaires and stick around for "property man" and bob massi.
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. liz: we've got breaking news on the government's lawsuit against at&t's $85 billion merger with time warner. what's the news? >> d.o.j.'s plans to call -- i'm sorry i have a cold. liz: my sympathies, go on. >> plans to call major telecom companies as witnesses in the case. who are the companies they're looking to call? this is where the story gets fascinating. they're looking to call disney, dish, cox. they're all on preliminary lists. why is this interesting? guess what? disney is doing a deal that needs to be approved by the
justice department. so as it's doing a deal with us, with twenty-first century fox, buying our assets, going to go on the d.o.j. antitrust review, they have been asked by the justice department and they're on a preliminary witness list, which means they've given some indication that they might not have a problem with being called as a witness to upend the at&t-time warner deal. we should point out a couple things here. it is not unusual that rival telecom companies are government witnesses. it happens. rival media companies in these big mergers. what is interesting here, what makes this kind of a tricky story and a perception issue, there's going to be a rash of deals probably coming out of the telecom space. us and disney is -- that's just one of them. there's probably going to be others, and the government is asking witnesses from the telecom companies that it has
to adjudicate on, so there is an inherent conflict of interest. we should point out that the companies have no comment, the justice department has no comment. we should also point out the government has contacted lawyers for twenty-first century fox to be a witness in its case. they're waiting to hear back. they may be on the -- meaning twenty-first century fox, the parent company of fox business and fox news, may be on the witness list as well as disney which opens up the conflict of interest. i'm not saying there's anything wrong, but there is an issue here, and i'm pretty sure that at&t will be calling out that issue when this thing goes to court, it's going to go to court in march. the whole story is laid out in a piece i did for foxbusiness.com, and the background of this. i will say this. the case the justice department has is a controversial one against at&t-time warner.
i think the justice department has a solid case on certain grounds, there's no doubt. but some of the side issues could derail it. donald trump is adamant against cnn which is a subsidiary of time warner, he would like to hurt them. people there think, whether that's true or not. i can't tell you. people think his animus to the deal is why the justice department is against the deal. they deny it. there are very good antitrust lawyers in the trump justice department that are trying this case and putting it together. but this is what it is. it's going to be very controversial. calling companies to be witnesses that you are currently adjudicating their deals. liz: charlie, thank you very much. charlie gasparino. >> are you getting a hardout or something? liz: yes. >> you could have cut me out sooner. liz: watch me this weekend. i'm doing cashing in on the fox
before investing, consider the fund's investment objectives, risks, charges, and expenses. read the prospectus carefully at alpsfunds.com/amlp ♪ liz. forget we are on record for closes dow, nasdaq s&p. bob doll doesn't think the party will stop until after the ball drops and well beyond that with nuveen asset management. good to see you, bop. we await on details in hour or two of the tax plan where does that take the market rally we've seen all year long. >> the tax bill, liz, is slowly being brought into the market. i think there is more to go. we'll have to sort from the winners, relative winners. there are not many losers. this is not bad for corporate
america, repatriation, tax expenditures this, will give us another path to breath. liz: bob i left out date in the intro you think it will be long after the ball drops, not this year to 2018. you say we will see at least maybe some type of correction but not until 2019. got that point on the calendar. what tells you it will be then? >> we'll have pullbacks in 2018, no question. the soonette in my view we could have recession most likely not until second of '19, could be later than that. we don't have inverted-year-old curve. we don't have credit spreads that are fat. we have a inflation picture reasonably well-contained. that means the rally is probably not over. liz: getting breaking news you might find interesting on the tax plan. adam shapiro, i told our viewers we would interrupt if we got anything more, he just learned for the state and local tax deduction there will be a
10,000-dollars cap on what, property deduction? brad? yes. on property deduction. that was pretty much what we had heard about. does that affect people's ability to take more dry powder from the money they have to spend on equities? >> it could be. i don't think what you're say something any different from where we've been. the good news is we're going to have fewer people itemizing deductions because of the raise in the standard deduction. that is going to make a lot of people's taxes whole lot simpler than it was. some people more complicated. liz: tech rally has been unbelievable. you say it will continue. what do you like in techland? >> vmware. virtualization software name we like. more common name, microsoft. that rally is not over. doing good traditional work in the software business and developing the cloud at tame same, liz. liz: like soft hitting all-time highs right now, bob.
good one. happy holidays. thanks for joining us. here is the closing bell. it is a record for the dow, s&p and nasdaq. [ing bell rings] i hope a love by weekend for you. stay safe in the snow. see you on monday. melissa: wall street betting on tax cuts. the dow surging today ending at new closing high as republicans finalize the plan. s&p 500 and nasdaq both ending the day with new record closes as well. happy friday. david: isn't that a great day to end the week? i love it! melissa: i'm melissa francis, i'm david asman. glad you could join us. this is "after the bell." more on the market movers but first here is what we're covering in breaking hour of breaking news all over the place. first breaking positive developments securing the republican votes for the tax plan. the text of the bill will be released in about 90 minutes. several no votes just announcing they are now going to vote yes.
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