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tv   The Claman Countdown  FOX Business  July 25, 2019 3:00pm-4:00pm EDT

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and over again if this stock is done. i don't think so. i think it can come back. same with tesla, although i will say there's a lot more risk in tesla than there is in netflix. all right, right now the dow jones industrial average off 166 points as i hand it over to liz claman. liz: i agree with you on tesla. i have seen that stock get hit and then claw back and hit and claw back. charles: over and over again. i think i'm going to buy some netflix before the next earnings report. not sure but i'm leaning toward it. liz: we will watch it. he knows this stuff. charles, thank you very much. as we look at the loss for the dow, down 174, is today's market action representative of what happens when a central bank disappoints investors? europe's version of the fed ducked a rate cut this morning, they didn't do it but the markets are not happy about that. could big tech come to the rescue or push stocks further into the sea of red? google and amazon both potential antitrust targets about to release their quarterly results,
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just one hour from now. we've got your all access guide on what to watch when these titans unveil the latest look at their war chest. and their plans to fight back against the regulatory pile-on. from one d.c. monopoly game to another, t-mobile's magenta man and sprint's clure sat here to make the case for their $26 billion union. no price hikes, no job cuts. are we less than one hour away from top government antitrust chief makan delrahim giving them his blessing? charlie gasparino running down to the camera with new exclusive details you won't hear anywhere else. the future of america's work force about to take center stage right there at the white house, as the president updates the effort to retrain laborers for automated jobs of the future. this as possible 2020 rival senator elizabeth warren looks to stir doubt about the state of the economy and the country's
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economic center, declaring that the u.s. is in a manufacturing recession. is it? i mean, do caterpillar's dismal earnings yesterday and downward revisions today, the durable goods numbers in april and may, give credence to her argument? rockwell automation stands firmly in the trenches. the ceo is here exclusively. he will tell you what he is really seeing. what tesla's ceo elon musk said that's sucking $7 billion or so in market cap off the stock and not only that, it's contributing to the snackdown of the nasdaq. so much for the second record high for the tech dominated index that was set this hour yesterday. the nasdaq is currently down 76 points, or 1% with the dow and the s&p also in reverse gear. the big name airline that's pulling out of newark airport, and wait until you see the letter china just sent to the world. less than an hour to the closing bell, let's start "the claman countdown."
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liz: all right. we need to get to this breaking news. we just got in our hands this letter, it's from the chinese commerce ministry and it is issued to the u.s. trade team ahead of next monday's face-to-face meetings in shanghai. fox business's edward lawrence working the story, says the tone of the letter, it is written in chinese, you can see it here on my screen right now, written in mandarin, is not conciliatory. it says that some people in the united states need to quote, stop smearing and accusing the chinese side, encourage cooperation and encourage less confrontation. this letter also says the u.s. should support win/win and less dominance. it says it's urging the decoupling of the two economies. anybody who is doing that is irrational and unrealistic. the commerce minister from whose department this came is
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considered a hardliner in china. he will be attending the talks for the first time and the timing of this letter is important and quite interesting. we are four days away from the u.s. delegation heading to china to get stalled trade talks moving again. the u.s. wants to have an enforceable agreement that protects intellectual property, opens market access and stops the forced transfer of technology through forced partnerships with chinese companies. we'll see what happens. here's the letter. edward lawrence got it and that's what it says. it's an open letter to everybody. dow is down 174. tesla can only be partly to blame with the trade war with china for what's happening to its shares at this hour. $6.4 billion in market value being wiped off the stock as a slew of bad news slams it. we are down 13.75% right now and here's what happened. first, second quarter results came out yesterday after the bell, the electric car maker's reported wider than expected loss and shrinking margins started the downslide.
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then elon musk kicked the bulls by warning it would emphasize expanding production capacity and model lineup over profits. in essence, that pushes the profitability timeline to q4 now, prompting wall street analysts to send out a flurry of downbeat research notes. finally, a company original, tesla's chief technology officer resigned. he's the brains behind the company's lithium battery. he had been the number two at the company for more than 15 years. from cars to planes. boeing's stock down another 4% right now. that wipes about 100 points off the dow as the u.s. federal aviation administration announced it really has no specific timeline still for the return to service of the company's embattled 737 max jet, which has been grounded following two deadly crashes. now, when asked when the aircraft will be returned to service, today acting administrator dan elwell, who spoke to us last week and said we're going to wait until it's perfect before we even put it in
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the air, he said today we don't have a timeline. quote, don't have october, don't have august, don't have 2021. safety will drive the timeline. now, in a related story, southwest airlines cannot wait around any longer. the company which is the most exposed bigger u.s. carrier to the troubled jet said it's quote preemptively keeping the 737 max out of its flight schedule until january, which means that southwest is ending all flights out of newark, new jersey's liberty airport. the stock's actually moving higher on this news, up about 2%. investors seem to feel that southwest has a plan and they are working toward that. we shall see. in the meantime, american airlines also revealing in the last couple of hours that boeing's turmoil is limiting its ability to grow. that stock is down nearly 8%. so all of this that we just laid out for you is affecting the broader market. the main indices were set for a
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day of records, and then boom, before the markets even opened, the european central bank spooked investors. president mario draghi of the ecb saying the economic outlook in europe is getting quote, worse and worse. our markets didn't like the fact that not only he said that, but he then did not proceed to cut interest rates although he projected that will be in september. right now, dow is down 186. we have the s&p lower by nearly 20. to the floor show and our traders. guys, sarge, give me your sense of what investors should be thinking. yesterday was not a day to buy if we are hitting a record high. today as we are pulling back, are you buying? >> actually, i did buy tesla this morning. i'm down about a dollar and a half so far. i think i'll probably make a couple bucks on that. listen, this is the deal. the german ten-year is trading at minus .36%? the u.s. ten-year is trading -- what's that?
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liz: minus .4. it's horrible. >> the u.s. ten-year is 2.08%. that usually caps out around 2.4, so we are outside the spread that usually trades in which means in my opinion, u.s. buyers or foreign buyers have to come into u.s. markets probably in search of yield and buy the u.s. ten-year forcing our yields lower. now, our three-month and ten-year are already inverted. that is the problem the fed faces. it's not about the economy. everybody talks about insurance cuts. they don't know what they're talking about. this is a currency war and yield curve war. we do need that fed cut, at least 25 basis points, and we probably need to push it a little further once or twice more this year just in order to keep our growth trajectory on track while draghi and lagarde's growth trajectory for the rest of the year gets a little sloppy. liz: i think sarge is right on this, scott. our economy does look good. we will get deeper into the durables in just a minute with our next guest. i would love to hear from you what you take from all of this. the markets seem disappointed
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the ecb didn't cut rates by ten basis points, i guess. maybe that will come in september. what does that foretell for next week and our federal reserve meeting? >> well, i'll tell you right now i'm not for a rate cut. either the economy -- liz: at all? >> no, because if the economy's going to -- is doing well enough to get the president re-elected again, why do we need a rate cut? or is it really bad and we need to cut rates? i get what sarge is saying but having lived in europe for 15 of the last 30 years, that is a train wreck. it's only going to get worse. they set a new record low in the ten-year today as far as yield. you're right, it was under .4, like .41. so what we have happening in front of our very eyes is a forced inversion of our yield curve. instead of being afraid of our yield curve being inverted, i would say this. look, how can our yield curve not be inverted with what's happening with $14 trillion in negatively priced government debt around the world? we are doing that well so what i
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think that will do, the net effect is this, yes, i think the ten-year yield trades below 2.0, could make a run at 1.5 depending how bad things are in europe and i think europe's in bad way. what that's going to do, it will make stocks more attractive because the yield will be too low and i think that's where the money will ultimately go. it will take 18 months but i think that's playing out in front of our eyes. >> i agree, valuation's going higher. but 28% of the european economy is based on exports. 12% of the u.s. economy is based on exports. they need to push down the euro. it's imperative. they are going to be aggressive. i think we know that. i think we have to be likewise. i think we have to, if we are in a currency war, we have to fight the war. liz: how about next thursday you guys come back. let's have you both back. that's the day the federal reserve meeting starts. it's a two-day meeting. going to be a biggy. great to see you both. thank you very much. all right. if this isn't a sign the department of justice is about to approve the t-mobile/sprint merger, we don't know what is. t-mobile sent out a blast e-mail
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late yesterday, here it is, saying there has been a change in our timing for our second quarter earnings release tomorrow, 7:25. the press release and investor fact book will be issued at 4:01 p.m. eastern, not 9:00 a.m. as previously stated. to charlie gasparino in the newsroom. they changed it to 4:00 p.m. got to be, right? >> tomorrow, tomorrow, tomorrow creeps in -- liz: come on. >> to the last of recorded time. all our yesterdays -- liz: um-hum. >> out, out -- liz: out, out damn spot. let's go. >> i think the out, out brief candle from what i'm hearing now, the official word from the justice department, i understand, is most likely, again they could surprise us, i'm hearing most likely friday. here's what we know. liz: why is the stock tanking
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right now off -- well off its highs? >> because that's what i just reported on your show and on twitter. liz: okay. >> we have a way of doing that to stocks, you and i, sometimes. here's what we know. the deal is imminent. they are putting the final, you know, crossing the ts, dotting the is. we understand that some sort of planning glitch, that's how it was described to us, has delayed this thing because we were expecting last night an advisory from the treasury department. we may get that tonight. and the most likely scenario we hear as of now, again, it could change, these guys are playing with, you know, this is a moving target, is that they announce this thing tomorrow. it's going to be interesting to see if t-mobile executives, the ceo, goes out and actually, well, look, sprint's going up on our thing. what are you talking about? we're notanking the stock.
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liz: t-mobile was down. >> because they are the acquirer. give us an intraday, make sure i'm not destroying people's wealth here as i'm talking. in any event, there we go, here's t-mobile. liz: you are. >> how about sprint? can we get a sprint? that's actually more indicative because they are the acquired company. where is it going? okay. it's going down, too. the notion is that they may address this in the earnings call. i understand the likely scenario is the ceo of t-mobile in their second quarter earnings is going to have some canned statement and say something like, you know, they're going to address it somehow. unless, you never know, maybe they push back the earnings just because they don't want to get involved in this. liz: why would they have changed their earnings release from this morning to this afternoon? >> remember, the call was always this afternoon.
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the earnings were supposed to be this morning. you know, i don't know. i mean, i don't know why this is delayed other than you know, we reported yesterday that some private equity firms were annoyed that they were cut out of the buying of the spectrum that has gone totally to dish. we also reported that some of the state ags may seize upon that. it may be that the reason why the doj has delayed its settlement, consent decree, they have to address that in the consent decree. look at dish. interesting. the market does not like them spending $5 billion on this stuff. and being kind of the fourth player in wireless. that's interesting. liz: charlie, we will be watching. we have 46 minutes before we find out. >> tomorrow, tomorrow and tomorrow on this deal. out, out, brief candle. liz: yes. my horse, my horse, my kingdom for a horse. we are getting on the horse and running away from charlie. charlie, thank you. dow jones industrials down 174.
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when we come back, what is really the state of manufacturing right now in this country? are we hitting recession like liz warren says, or what do business people say? let's listen to them next. with all that usaa offers why go with anybody else? we know their rates are good, we know that they're always going to take care of us. it was an instant savings and i should have changed a long time ago. we're the tenney's and we're usaa members for life. call usaa to start saving on insurance today. and we're usaa members for life. can't see what it is what is that? that's a blazer? that's a chevy blazer? aww, this is dope. this thing is beautiful. i love the lights. oh man, it's got a mean face on it. it looks like a piece of candy. look at the interior. this is nice. this is my sexy mom car. i would feel like a cool dad. it's just really chic.
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liz: so we've got this great durable goods print this morning from the department of commerce, orders for big ticket items that include everything from washing machines to cars rose 2% in june. that's a three-month high. well, the cheerleading started almost immediately but you know, if you scratch the surface, the picture becomes slightly murky. durable goods orders for may saw a sharp downward revision from the original report to a 2.3% decline and april's number was also clipped to a 2.8% decline. who better to find out about the state of manufacturing than the ceo of a company that deals in it. rockwell automation, an american manufacturing business that traces its history back 116 years. we welcome the ceo, blake moret joining us in a fox business exclusive. good to see you. what is the state of manufacturing as you see it and you deal with customers, you deal with big orders. tell us what you are seeing in
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the trenches. >> thanks, liz. we ourselves of course are a manufacturer as well. the picture's really mixed. we see on one hand, we see certain industries like automotive, shorter cycle business businesses, little bit of food and beverage, semiconductor, that we actually saw weaken in our last quarter. in contrast to that, we see some of the longer cycle business, some of the more resource-based businesses like oil and gas and mining, life sciences that are doing particularly well for us. so you have those two in opposition to one another right now. liz: okay. in your comments in the third quarter results, you said specifically we believe that uncertainty with respect to global trade is impacting some customers' investment decisions, particularly those related to the timing of capital investment. i want to just clear through
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this. in essence, that means it sounds like your customers are having trouble opening their wallets at the moment because they can't see further out. is that correct? >> that's right. uncertainty impacts manufacturers in a couple of ways. one, they have concerns about their cost inputs and the impact, cumulative impact of trade and tariff disputes there and on the other hand, they want to make sure that they have predictable, stable demand for their products. so that uncertainty is starting to affect some of their investment decisions. liz: let me get you on this breaking news that edward lawrence got to us that the commerce ministry of china put out a letter, it was in chinese but it was an open letter to the u.s. trade delegation. it's right here. while it's in mandarin, edward translated it and it's not very conciliatory. it says anyone who urges decoupling of the u.s. and china economies and the trade relationship is quote,
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irrational and unrealistic and in essence, they are saying knock it off. this is just days before steven mnuchin, our treasury secretary and our trade rep, robert lighthizer, show up in shanghai for face-to-face meetings. what as a manufacturer do you think about this? >> well, it certainly contributes to the continuing uncertainty and again, manufacturers are looking for a little bit more stability. i'll tell you in our own outlook for the remainder of our fiscal year, we're not factoring in improvement. we would love to see it. i think that would be good for manufacturers around the world. but we're not counting on it at this point. liz: okay. before we go, the president is about to hold an event that is celebrating the creation one year ago of the program that he says will create jobs of the future and train, train our workers and pull them away from the yesteryear and put them forth to futuristic, better
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paying jobs like the ones you have. you are well ahead of this. how is your program going? >> you know, i'm thrilled with the progress of our academy of advanced manufacturing which trains returning veterans for advanced manufacturing jobs, specifically technician level jobs, where they are really at the very core of the success of manufacturing operations. we graduated over 120 of these veterans, we are going on to good paying jobs in u.s. manufacturers and we are just thrilled with the way that program is progressing. liz: we are thrilled you're hoare. thank you so much. >> thank you, liz. liz: blake moret, ceo of rockwell international. we will be right back. we are watching and waiting for the president and hearing what he says and on top of all of that, the dow, we are still down 145 points but we were down 207 earlier. stay tuned. -driverless cars... -all ground personnel... ...or trips to mars. $4.95.
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liz: align technologies is the biggest cavity on the nasdaq at this hour and the s&p, by the way, due to demand troubles in china. this despite the free shout-out that youtube star logan paul gave to the maker of invisi-align. logan paul, the youtube sensation, try to look all tough. >> i'm not tough. liz: did you have braces? you have very good teeth. >> this is crazy. i'm on my last set of invis align. >> did it work? i'm going to be honest with you. i'm feeling way beautiful lately. liz: well, the stock is not beautiful, down about 27% right now. look, perfect teeth is not the only topic logan tackled. the youtube millionaire coming out swinging against rival influencer platforms like facebook, saying his home base
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of google is just simply better quote, at monetizing for its content creators. let's see if tech investing g, ru kevin kelly and market watch senior tech editor jeremy owens agree. kevin, we understand you actually have a beef with logan paul? >> yeah. i've got some beef with that cheap kevin kelly knock-off. he knows i am the fastest and also, he got to go on the new "claman countdown" before me. but i will agree with him youtube is the best cplatform fr content creators. liz: why do you feel that way? >> because it's really an agnostic platform, where content creators don't feel they have to compete against other platforms like on facebook, are they competing with facebook themselves, so it's really an ago not particul agnostic platform. you don't need an account to look at youtube content. you do need facebook account to
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look at content. liz: jeremy, where do you stand on this battle? we have earnings galore, facebook yesterday, facebook almost seems teflon to real problems because finally, the $5 billion fine came out, the announcement yesterday, and facebook is moving on. >> yeah. i was shocked a little bit because they also went in and said their sales growth is going [ inaudible ] later in the year. i long thought all these controversies come out but it's not going to affect facebook's finances, that's not going to affect its stock, investors won't care that much. now we see more than $6 billion wipe out of profit in the first half, more than half its profit in the first half are wiped out for fines and sales growth will slow down in the second half so it's showing up in the numbers, yet it's still doing okay. at this point i don't know what will knock facebook off this track if that can't do it. liz: you say youtube is the owner when it comes to the influencers and those voices out there that everybody wants to
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have. when do you think that google will finally break out youtube numbers? you look at apple, apple finally broke out the watch numbers and you expect that when they start their streaming plan in big time, they will break those out. if the numbers are so good, why don't they break them out? >> i don't know, and i have been yelling about this for years. they went back and forth with the s.e.c. for more than a year with the s.e.c. begging them to break out youtube and tell them why. the s.e.c. finally threw up their hands at the end and said these guys just aren't going to do it. if the s.e.c. can't get google to show us what youtube is doing financially, i don't know what's going to get them to do it at this point. it is one of the most important digital properties of our age. the fact that they don't tell us how much money they are making is insane. it needs to change. liz: kevin, switch over to amazon. we are weigaiting on earnings te as well.
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some headlines hit the tape from "wall street journal." they are looking for big office space in manhattan even though they were pushed away from starting a second headquarters in queens. they are continuing with major commerce here. what are you expecting? >> listen, i think they are actually going to talk about all the money they are going to completely invest in warehouses so they can meet surging retail demand just like they announced in the last quarter earnings, because the one caveat that they have is they need to reach that 20% revenue growth number and they may not meet that number, since 2015 they have done it every single quarter. they have to reinvest in their people. they have to reinvest in their properties. they have egg on their face from prime day because a lot of people signed up expecting to get a package in a day or two or less and they couldn't even meet that demand. they've got to reinvest in data centers and reinvest in distribution centers to get those packages in a day. i think you will see muted numbers. i think this could be a tough
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quarter, especially for the comparable next year. liz: all right. if they have to start spending to make money, spend to make money. we have to touch upon tesla. elon musk once again disappointing investors but today, the hit feels outsized. jeremy, your thoughts? >> i don't know if it's outsized for how much money they lost. that was twice as much as they were expected to lose. if you can't make money when you have record sales in terms of actual volume of sales, when are you going to make money? i think everybody thought tesla turned a corner at the end of last year. with the first two quarters of this year, they proved there was no corner. they did not turn anything. i don't know when they ever are at this point. >> yes, liz, i just want to jump in. it's hard to turn a corner when there's no one at the wheel. that is a pun because literally, they are losing c-suite member after c-suite member after c-suite member. how are you supposed to execute on a business plan when you have no leadership? so that's the biggest problem for tesla, because i can guarantee you, mercedes-benz,
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bmw, every other car manufacturer that's looking to grow in the autonomous driving space has leadership that's going to execute on a business plan. >> tesla is going to drive itself at some point. >> yeah. yeah. if they can ever make the cars and make quality cars. liz: hey, hey. you know i'm a fan of tesla only because i feel why did we denigrate the big leader in electric vehicles? i know it's financially very questionable at the moment but hey, let's stick up for u.s. companies that are in the leadership position. >> i love the car. i'm talking about the company as an investor. you need to recognize that the risk/reward is not there. liz: yet. >> i love that the company actually manufactures in the u.s. and in the bay area. liz: yes. yes. fremont, california. we have to run. thank you very much. yes, as we situataid, google eas coming out. alphabet, parent company of google, plus amazon, you've got melissa and connell with the up to the minute results. dow jones industrials down 125.
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liz: breaking news. we are just moments away from president trump marking the one-year anniversary of signing what he calls the pledge to america's workers. this is designed to create more opportunities for employees across the country in jobs for the future. he signed the executive order into law on july 19th of last year but today, the national association of manufacturers will be joining the president in signing a new pledge that apparently promises to retrain more than one million people over the next five years. the group says it will help address the industry skills gap. this is not the only agenda on
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the president's plate right now. let's bring in blake burman. we hear there's another executive order the president's working on. reporter: potentially, at least. that is in the space of drug pricing. as it relates to the president, we are going to hear from him momentarily here at the pledge for american workers. you sort of ran through what this is. the key word here being a pledge, as the white house is saying today this will bring the total of 12 million pledges over the course of a five-year time horizon. no legislation attached to it. rather, companies saying they are going to try to re-skill and retrain their work force. as far as drug pricing goes, the white house today is throwing its support behind what is called the prescription drug pricing reduction act which is advanced out of the senate finance committee, did so today. live look at the event as you look at jared kushner there. the legislation calls for an out-of-pocket maximum for medicare beneficiaries. the white house says they are going to work with senators to move this legislation forward.
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they are not saying at this point if the president plans to sign future executive orders relating to drug prices. the president himself has brought up that possibility. listen here to the president as he was leaving the white house on july 5th. liz: yep. we see that he appears to be about to come out at the moment. we just talked to blake moret of rockwell automation, and he says he is definitely feeling the un certainty that is out there due to, and he repeatedly pointed to the trade situation and tesla talked about the trade situation and the uncertainty that that creates. clearly that is an issue. reporter: well, we'll see what we hear from the president coming up, liz. he will be making remarks here, as you can see him entering the room there. when they did this last year, they kind of went around the room and talked about everyone's pledge that they were making so i assume that we are going to
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see and hear the president coming up as you hear ivanka trump about to be speaking as well. liz: when the president begins to speak, fox business will take it. at the moment, dow jones industrials down 138 points. thank you so much, blake burman. all right. with the closing bell ringing in 18 months, you guys know that the new york city triathlon i was going to compete in this past sunday to raise money for our wounded heroes was canceled. that did not stop me from feeling like i needed to get out on sunday at the crack of dawn in 100 degree heat index to ride for our wounded vets because you know, no amount of heat compares to the sacrifices they have made for our country. what i really need you to do, we are so close, is to head over to my facebook and twitter page,@liz claclaman, and see th video i made to document my ride this past weekend and for whom i specifically did it. gang, our veterans need places
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to live. i'm talking about the ones that are wounded. look where we are, 97,708. if we hit 100,000, advance auto parts has agreed to match it. we love you guys for what you've done. can you find a little bit more? donate now at building homes for we build mortgage-free homes for our worst wounded soldiers. let's give our veterans a little taste of heaven and change their lives forever. thank you so much. coming up, will chip giant intel report and make people happy? we'll see. we'll be right back. can't see what it is what is that? that's a blazer? that's a chevy blazer? aww, this is dope.
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this thing is beautiful. i love the lights. oh man, it's got a mean face on it. it looks like a piece of candy. look at the interior. this is nice. this is my sexy mom car. i would feel like a cool dad. it's just really chic. i love this thing. it's gorgeous. i would pull up in this in a heartbeat. i want one of these. that is sharp. the all-new chevy blazer. speaks for itself. i don't know who they got to design this but give them a cookie and a star. a cockroach can survive submergede guy. underwater for 30 minutes. wow. yeah, wow. not getting in today.
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not on my watch. pests never stop trying to get in. we never stop working to keep them out. terminix. defenders of home. ♪ can i get some help. watch his head. ♪ i'm so happy. ♪ whatever they went through, they went through together. welcome guys. life well planned. see what a raymond james financial advisor can do for you. their medicare options... before they're on medicare. come on in. you're turning 65 soon? yep.
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i sure do! see? you're able to stick with him. like to travel? this kind of plan goes with you anywhere you travel in the country. so go ahead, spend winter somewhere warm. if you're turning 65 soon or over 65 and planning to retire, find out more about the plans that live up to their name. thumbs up to that! remember, the time to prepare is before you go on medicare! don't wait. get started today. to learn more about the range of aarp medicare supplement plans and their rates, call or go online today to request your free decision guide. oh, and happy birthday... or retirement... in advance. liz: creating new training opportunities for the future jobs. we need skills.
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that's what the president is saying right now as the american worker takes center stage at the white house. let's listen in. >> congratulations, ivanka. congratulations and keep it up. so when will you hit 24 million? when are you going to be doubling? the way she goes, pretty soon. thank you, honey. maybe i'd like to have mike pence say a few words, please, vice president. >> well, thank you, mr. president, and i want to join you in commending ivanka for the work that she's done on this, the work that members of our cabinet have done traveling all across the country. it's astonishing to think the one-year anniversary of the pledge to america's workers, 300 american -- liz: we will take you back to this when the president begins to give us his ideas of what exactly needs to be done to make sure that we are training our workers for future jobs. there is a skills gap, every number that's related to employment shows that, particularly the last couple of months, the job openings and
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labor turnover numbers. let's get to the semiconductor industry, the chip bellwether intel reporting after the bell. the "wall street journal" reporting earlier this week apple is planning to buy intel's smartphone modem chip business so investors are looking for insight on the deal as the chip maker decided to exit the business in april. the quarter it's reporting on imminently. let's see if that happens. apple down three quarters of a percent. intel down 1%. jackie, what are you looking at here? jackie: well, you hit on that modem business potential sale to apple. investors will be looking for that because the pc business has been a driver for intel but it's also slowing. investors know that. it's all about shifting towards data-centric businesses. they will be seeing what intel says in terms of that transition. we are looking for 89 cents, that would be on $15.7 billion in revenue, and both of those metrics would be lower year on year. now, last quarter, intel's guided for the second quarter
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lower and investors didn't like that so even though it was a beat on the top and bottom line, there were concerns there. intel citing competitive pressures and an uncertain macro environment as well. also remember intel is up about 10% but underperforming the s&p overall. back to you. liz: thank you very much, jackie. let's set the markets for the moment. closing bell exactly ten minutes away. namaste, $1 trillion market maven bob doll is standing by with his case for flexibility in the second half, saying you the investor need to stay flexible if you're going to make money. he will tell you how. we'll be right back. hi i'm joan lunden.
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liz: the closing bell now six and a half minutes away. the dow down 114. solidly off session lows, a loss of 207. we have the s&p down 13, the nasdaq still struggling, down 70.
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the biggest loss here is the russell 2000, the small and midcaps down one full percentage point. okay. namast, as we say. despite yesterday's record highs, challenges still clearly remain in the market and we thought let's bring in the $1 trillion man. bob, you do yoga? you are teaching investor viewers how to stay flexible. what do you mean by that? >> our caption this year was choppy and frustrating and no recession. we will keep the no recession. the choppy and frustrating, the first half was better than that. my guess is the second half will be choppy and frustrating. that's my code word. bounce around, go nowhere. we have pes up a bunch from the christmas eve low, from 13 1/2 to 17 1/2. when it comes to earnings, they're okay. remember how many estimate cuts there were prior to the releases? now the releases are coming in
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okay, so compared to where the numbers were, earnings are kind of a yawn. keep your eye on those. we think more importantly, next year, where analysts expect earnings to be up another 12%, that's a little too much. we are kind of boringly neutral. liz: tell us, as a boringly neutral person, although i don't see you as boring at all, how an investor, teach our viewers right now how to stay flexible. i'm assuming that doesn't necessarily mean trade a lot, buy, sell, keep your eye on the markets, that kind of thing. >> correct. it does mean be patient. don't chase them on the upside and when they come down, let them come your way. we all have things in our portfolio we would like to trim out. wait forum some strength. wait for things to be cheap and then buy them. don't chase stocks in this choppy, frustrating environment. you can get a good price. liz: okay. that's the thing, you don't want to buy too high. that's the thing.
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by the way, we are just seeing this on the tape, bob, if i can interrupt for a moment. t-mobile stock is down about two-thirds of a percent. the news is that they will reschedule their second quarter earnings call which was due to happen in about six minutes from now, they will reschedule that and the earnings -- i don't know if they are going to reschedule the release. no, they will just reschedule the earnings call with analysts. charlie gasparino had reported about 20 minutes ago, bob, that he thought the announcement would come friday, and not today. so tomorrow versus today. these kinds of headlines certainly move stocks around. how do you absorb the headlines that come out? >> well, let's take this example. we know there's a merger that's in the works with sprint and perhaps there's news related to that. that's why they want to del the call. that's my guess. liz: they are waiting on regulatory approval, at least
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official from makan delrahim of the doj. stock down 2.75% at the moment, many of our viewers know 10 predictions of the year. we're more than halfway through the year. how are they looking now? >> at the the at moment if year ended now, we would go seven right, three wrong. first of the year, technology, financials, health care. health care has been the problem child. you know the reason. everything to do with politics. "medicare for all." concerns about drug prices caused that sector to struggle. ironically look at quarter to date, best earnings surprises versus expectations, technologies, financials, health care. hopefully stocks follow suit. melissa: do you follow, pile into those. look for next year's winners in the latter half of the second
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half? >> i think it is, where are the earnings going to hold up best? those sectors generally speaking, let's take technology. we all know it is a bifurcated sector. there is some growth tech. there is value tech. you have to pick your stocks. don't chase high p-e stocks. don't wait for them. they will not go straight up as largely year-to-date. financials, banks, three quarters in a row of reasonably good earnings. net interest margins are struggling. we know the loan growth has been pretty good. the tone from managements continues to improve, liz. liz: let's talk macro for next week. federal reserve begins on the 30th. the announcement will be the 31st. what are you expecting? what is your advice to investors as they see the announcement hit the tape? do you think we see quarter point, no move, 50 basis point? >> i think we'll see a quarter,
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and a lot of noise from the statement about, and if we need to do more, we will. i don't think they will do 50. i don't think they will do nothing. although there is smart people in all three of those areas. which is pretty unusual. my view the fed will cut rates. will cut rates 25 basically to take back what they did in december with 2020 hindsight. think they wish they hadn't done december. then go back to data dependency. the numbers will be okay hopefully they don't have to cut rates anymore. put this way, if they have to cut two more times, we'll get a lot of earnings dis.ments. that will imply a weaker economy. liz: people are worried what don't we know. bob, it's a pleasure to have you, know what you do know. stay flexible. and just kind of tune out some of the news. bob doll of nuveen.
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thank you very much. [closing bell rings] liz: guess what? we have very important earnings stacking up right now. alphabet, amazon, more. take it away "after the bell." connell: a possible breakout of big tech. two companies reportedly being targeted by the justice department for having too much power, about to report quarterly results. it is any second for amazon and alphabet. we'll bring you those numbers that may move the markets tomorrow as soon as they cross the tape here. good to be with you. i'm connell mcshane. lauren: i'm lauren simonetti in for melissa francis. this is "after the bell." the


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