And lead to a Government Shutdown next week. North korea, iran, russia, china, likely topics to come up in the meeting with the Prime Minister. We are going react to the president s press conference. Liz claman catches up with the ceo of arm holdings. Arms architecture is founded 100 billion chips shipped around the globe. Find out what he says about a possible natural a first on fox interview. On wall street, the dow cutting losses in afternoon trading. Could we see another record close in 2018 . We are less than an hour to the closing bell. Im Ashley Webster in for liz claman, lets start the countdown. Breaking news, hundreds still trapped after devastating mudslides that swept away cars leaving 15 people dead, 24 people still missing. Well bring you any updates to the tragic storiesa the details develop. Thats just east of Santa Barbara in california. Meanwhile, stocks hitting the pause button on the 2018 rally. The s p 500 and the nasdaq are looking for first downday are the year following a report that china is considering halting purchases of u. S. Government debt. The s p and the nasdaq down just about a quarter of a percent. The news pushing tenyear treasury yields above 2. 5 for a second straight day to the highest level in nearly 10 months, at 2. 55 on the tenyear treasury. Financial stocks rising with the treasury yields and pushing broader indices off the lows of the session, down at one point, 128 points of the dow. One bright spot in the safe red, dow transports hitting alltime high and racing to seventh Straight Record close, heres whats boosting the index. United continental after the airline reported higher traffic for the month of december. United up 6. 5 . Breaking news at this moment, there is a bilateral, bipartisan meeting in Kevin Mccarthys office as lawmakers of all stripes try to work out deals on immigration and spending. This as congress is bracing to prepare another interim spending bill to avoid a Government Shutdown by the stroke of midnight next friday. With the january 19th deadline looms to keep the government open and moving, lets bring in House Budget Committee chair congressman diane black, and a member of the house ways and Means Committee, and i should point out, tennessee gubernatorial candidate. We wish you luck in that. Got to talk about keeping the federal government open, congressman. Okay. We have until a week from this friday. You can get it done . I believe we can get it done. Ashley, it is so important for the american keep to keep the new year and Economic Development and enthusiasm with the upcoming year, with the tax reform, we see the economy is starting to move and dont need a little time into the new year to close down the government. It does not do anybody any good. Need to get our work done and move to other things after that. Are you concerned the daca agreement can be a stumbling block in getting a plan in place . The democrats say we want assurances for the dreamers, then we can go along with a spending bill. Would that be a major stumbling block . The American People should be encouraged, we saw a president open to democrats and republicans and the media to see how sincere he is cleaning up the mess by the former president. Unconstitutional order for daca, and we need to bring together both of the parties to solve this issue. Lets also recognize that these young people didnt come here on their own, they were brought here by their parents and we need to solve this but also need to solve the visa lottery. We also need to solve the issue of chain migration. The border security. Those are all things that should be put together in a concise bill. Im encouraged the president opened the doors to bring all those people in. Were not going to do that by next friday. Take care in front of us, fund the government, fund our government, very important, we have a strong military. And move to the issue of daca and all of the other issues having to do with immigration and illegal immigration and take care of that in a package we can all agree on. Weve already had three crs, could we have a fourth . If we did, how long would that one last . I hope we dont have a cr, weve been working on this over the break that we had here around christmas. The leaders at the table. Bipartisan, taking a look what we can do to get this resolved and bicameral with the senate. Im hopeful thats where were going to go. These two are different issues, funding the government is very important. Keeping it running, making sure we fully fund our military in keeping country secure and the military strong and the daca is another situation along with other immigration issues as well. Going to switch gears on you. Just getting word of another interesting development. Canada saying it believes the United States and President Trump are going pull out of nafta. Can i get your reaction to that . I dont think that thats whats going to happen here. I think that the president certainly is a negotiator. Weve seen this in other ways and i think negotiation over the last several months has been productive and yet at the same time, the president has not shown his hand on exactly what will be done. I was in a ways and Means Committee today, and we did talk about there being a sixth round coming up, and im hopeful what were going to do is find a solution so we can continue the nafta, especially for my farmers in the state of tennessee, very important for them. Thank you for answering that question. Congressman diane black, wish you the best of luck in keeping a spending plan in place or keeping the lights on by the end of next friday. Thank you very much. Switch to the mike chip security flaws. Nvidia buying the graphics and call of duty franchise releasing a patch for chip sets. They admitted were vulnerable to the massive spectresecurity threat. And liz claman caught up with simon segars, leading 100 billion chips, powered by arm, shipped across the seas. Arm providing the architecture essentially that thousands of other Companies Use to build their own chips. In a first on fox business interview, heres what the man behind the number one ecosystem provide her to say about the threat facing his industry. Liz whats the latest with the chip flaw discovered . The meltdown and the spectre, tell the viewers whats going on here . Issues we became alerted to last year, thanks to research thats been going on. What we did was get together with our partners and work out with urgency how to address the issue, how serious it was, how evasive it was and how to working to the get mitigating software to make sure the devices arz safe as they can possibly be. It will have a new class of security that has been discovered here and changes the definition what safe means. Liz you said last year. Intel found out about it or released it to the world last week. We all just heard about the meltdown and spectre. This was the middle of last year, whats happened between finding out about it and now, its allowed for the industry to get ready for liz for what . The media onslaught . To get ready for the Software Mitigations in the devices and are pushed out right now so the devices can be made as safe as possible as quickly as possible before the bad guys start to weaponize these issues. Liz to the patch thats supposed to mitigate the flaw. Microsoft has gotten it out there theyre halting the use of the patch, it is slowing down some of their machines. You know, issues slow down, performance, degradation, whatever, its different for different devices, whats key is the software gets out there, gets tested, gets deployed. Users download it and adopt it as quickly as possible to go on with devices as safe as we can make it. Liz the Emergency Response team says maybe the only solution is to recall these chips. Is there going to be a recall . Your architecture is in what . How many billions . Hundred plus billion devices around the world . Recall . A small percentage of them have the performance features that are exploitable by these flaws. A very small percentage. Recalling them wouldnt do a lot of good. Hardware features that enable the performance, the Security Issues can be mitigated in software. Certainly for our devices and thats the route were taking. Liz what is the best thing, we talk about the bad things at ces, what is the best thing . When i come to ces every year, i spend the rest of the year thinking about technology and the performance of microprocessors and what software can do, what i see here is thats put to good use by consumer companies, putting that product into what Consumers Want to see. Fun to see from one year to the next, things are better and better. Liz fun is good, recalls are bad. You are not expecting it. Not expecting a recall of our devices, for other companies, i dont know that. Liz President Trump arriving in the east room for his press conference with norways Prime Minister. Lets listen in. And rooted in our commitment to confront the problems of today with that same confidence and that same determination, and i think it might even be garrett determination. Weve just concluded a series of discussions how we can Work Together to promote a future of security and world prosperity, and also a great future for our respective countries working together. The Prime Minister and i are both committed to strengthening the Nato Alliance norway has made contributions to the natoled mission in afghanistan, where we are doing very well. Its been turned around. As well as to nato and natos enhanced forward presence in poland and the baltic states. I want to thank the Prime Minister and the norwegian people for their participation in these efforts. I encourage norway to follow through on its commitment to meet the 2 of gdp defense spending obligation, so that together we can confront the full range of threats facing our nations. And i believe norway will get there quite soon. Norway is also a vital and valued member of the campaign to defeat isis. Because of us, isis has now lost almost 100 of the territory it previously held not so long ago in iraq and in syria. Were grateful for norways civilian assistance efforts and generous humanitarian aid to the region. Theyve been out there and really doing an incredible job. Im also pleased to share that the economic ties between our two countries are robust and growing. The United States currently has a trade surplus, which is shocking. Do you believe im saying we have a surplus . There arent too many. You have to go back and check your people. [laughter] but were getting more and more surpluses all over the world. I will say. That i told that to the Prime Minister. But our two countries are robust and growing. The United States currently has a large contingent of products that we sell, and back and forth with norway, and one of the big products, of course, is our military equipment. I want to thank the people of norway for their commitment to fair and reciprocal trade, a word youre going to hear more and more coming from this administration and should have come from other administrations before me. Reciprocal trade, which benefits us all, free nations are stronger when the trade is fair, and trade has not been overly fair with the United States, but weve had that great relationship with norway. But remember the word reciprocal. In november, we started delivering the first f52s and f35 fighter jets. We have a total of 52, and they delivered a number of them already, a little ahead of schedule. Its a 10 billion order. Norway also invests about onethird of sovereign wealth front in american Businesses Supporting hundreds of thousands of american jobs. Theyre very big investors in our stock market, and therefore the Prime Minister thanked me very much, because their market is you have done very well with your investments in the United States, right . Thank you. Norways commitment to mutually beneficial commerce is a model for other nations and it really is. Amazing country. I look forward to forging an economically stronger relationship between the United States and norway growing with this success with more investment and more jobs and more job creation. Were proud of our increasing cooperation on health and health security, and also on biodefense. Very important to both countries. I commend Prime Minister solbergs efforts to promote Vaccine Development and disease prevention, together we can save and improve many, many lives. Were working very hard and some cases together on cures to many ailments. Prime minister solberg, i want to thank you for joining us at the white house for decades. Norwegians and americans stood sidebyside against Common Threads to our freedom, our security and values. Together we have fought against fascism and communism and terrorism, and face threats alwaysing it. Were partners. Our partnership is advanced peace, cooperation and respect for Human Dignity all around the world. Today we remain united in our efforts to confront shared challenges to seize new opportunities and to build a bright and beautiful future for our countries, our people, our children, and i think were doing very well working together and we have a newfound friendship. So i want to thank you and god bless you. Thank you very much. Thank you. Thank you, mr. President , and thank you for your generous welcome. Its a great honor to be here at the white house. The relationship between our two countries is strong and has very deep roots. There are millions of u. S. Citizens who proudly call themselves norwegian americans, the norwegian constitution, the second oldest in the world that is still enforced was inspired by american ideals, and we have a long and continued history of serving shoulder to shoulder on battlefields around the world. The u. S. Remains our most important ally, a major trade partner and a close friend. Today, we have discussed issues so far of importance about our relationship, how we can keep our countries and citizens safe. How we can grow our economy . How we can further the cooperation in areas of mutual interest . And i have assured President Trump that norway remains an ally and a friend that you can count on in the future. We are already number two. Government pension funds, substantial revenues from all u. S. Assets. The u. S. Has an impressive business community, and i have commanded a leading role that is playing also in the transformation to a Green Economy. For example, by the fact that one of the big areas we are now importing in norway is electrical cars from tesla. And norways combating Climate Change is an important issue for us, and we are committed to the Paris Agreements. It leads to businesses and american businesses selling cars in norway. At the same time, Green Economy is in the era where we see tremendous economic and Business Opportunities in the future. And finally, i think its important to say that we also are discussing some of the big difficult issues. For example, the development in afghanistan. Where i think and hope that we can find new future. It is important that we are all working together to find solutions in north korea, afghanistan, syria and iraq, and since september 11, 2001, norway has contributed to a range of Missions Including the fight against isis. We remain unwavering in our commitment to the fight against terrorism all over the world. So mr. President , i am looking forward to future cooperation, and thank you for a very successful meeting. Thank you. Okay, questions . How about Sarah Westwood . Where is sarah . Thank you. Washington examiner. Reporter thank you, mr. President. Yesterday in a meeting with lawmakers, you said that you would be open to signing just about any immigration deal that that Bipartisan Group of Lawmakers Said to you. Right. Reporter would you be willing to sign an immigration deal that does not include funding for the border wall or a red flag for. You no, no. Reporter no . We need the wall for security, we need the wall for safety, we need the wall to stop the drugs from pouring in. I would imagine that the people in the room, both democrat and republican, i really believe theyre going to come up with a solution to the daca problem which has been going on for a long time, and maybe beyond that, immigration as a whole, but any solution has to include the wall because without the wall it all doesnt work. You could look at other instances, look at what happened in israel. They put up the wall, they solved a very major problem. We need the wall, we have to have the wall for security purposes. Security is number one, and so the answer is have to have the wall. Thank you. And please . Can i call on someone from the norwegian broadcasting . Reporter mr. President , Prime Minister, recently an american general, robert neller, told his marines based in norway theres a war coming, a big fight. Mr. President , how imminent is that big war, and where will it take place . When you say the big war youre saying what . Reporter it was an american general, robert neller. He visited the norwegian American Marines based in norway and said theres a war coming. A big ass fight. Maybe he knows something i dont know, okay . [laughter] i would say, this we have a very, very powerful military. Were getting more powerful by the month, by the day. Were ordering a lot of the equipment that youre ordering, were ordering it, but in larger amounts. To put it mildly. We are building up our military to a point weve never been before. Were also we were very much weakened over the last long period of time, but not with me. No, i dont expect that, i think were going to have because of strength, peace through strength. I think were going to have a long period of peace. I hope we do, and have certainly problems with north korea, but a lot of good talks are going on right now. A lot of good energy. I like it very much. What im seeing, i just spoke with the president , president moon of south korea, he had some really great meetings. Representatives had a great, great meeting, and i had some very good feedback from that, hopefully a lot of good things work out. No, i think we will have peace through strength. Our military will be stronger than it ever was in a very short period of time, and thats my opinion. Thats not the generals opinion, but i think my opinion counts more right now. Thank you. May i suggest the reason we are so happy we have u. S. Marines training in norway, thats part of the deterrent strategy, that makes sure we dont have a war in the future. Did you have a question . Did you have a question for the Prime Minister . Reporter i did, yes, thank you. Madam Prime Minister, President Trump has said that the investigation into russian collusion makes our country, quote, look very bad, and he said this morning that, quote, the world is laughing at our stupidity. So my question to you is are you laughing at the Russian Investigation . I think i think that its up to every political system and countries to scrutinize and discuss their own political agenda in their countries, and i respect that very much, and this is an issue for american politics. I just like to say that it has impacted also in europe, i think all European Countries who have had elections this year has been looking into will there be any others . We conclude after our own election, we could not find proof of any try to put an emphasis from countries outside norway, i think it was very norwegian election with norwegian participants. I will say this. There is collusion, but its really with the democrats and the russians. Far more than it is with the republicans and the russians. So the witchhunt continues. John, go ahead. Reporter thank you, mr. President. I also have a question for the Prime Minister, but if i could address the president first. Sarah brought up the russia investigation. Your legal team, sources have told us, believes that in the next few weeks, the special Counsel Robert Mueller will ask for some sort of an interview with you, your legal team believes is part of wrapping up his investigation. Are you open to meeting with him . Would you be willing to meet with him without condition or would you demand that a strict set of parameters be placed around any encounter between you and the special counsel. Again, john, there is no collusion between the Trump Campaign or russians or trump and russians. While i watch you interviewing all the people leaving committees, the democrats are all running for office, bottom line, they all say there is no collusion, there is no collusion. When you talk about interviews, Hillary Clinton had an interview where she wasnt sworn in, we wasnt given the oath. They didnt take notes. They didnt record, and it was done on the 4th of july weekend. Thats perhaps ridiculous, and a lot of people looked upon that as being a very serious breach, and it really was. But again, ill speak to attorneys. I can only say this. There was absolutely no collusion, Everybody Knows it. Ive been in office for 11 months, for 11 months, theyve had this phony cloud over this administration, over our government, and it has hurt our government. It does hurt our government. Its a democrat hoax that was brought up as an excuse for losing an election that frankly the democrats should have won because they have such a tremendous advantage in the electoral college, so it was brought up for that reason. But it has been determined that there is no collusion and by virtually everybody, so well see what happens. Reporter would you be open . Certainly see what happens. When they have no collusion and nobody found collusion at any level, seems unlikely you would have an interview. Reporter madam Prime Minister, norway shares a small but strategic border with russia. President trumps decision has been its better to work with Vladimir Putin if possible than to work against him. Where do you come down on that idea . Better to work with putin than to not work with him . I think russia is an important player in the international world, and i dont think you can not work with and talk to, but on the other hand, its important to say that we have a line with older sanctions and the European Union and connected to nato and interconnected to nafta and we have suffered economic difficulties in some areas in norway based on those sanctions, but on the other hand, we have a very Good Relationship with russia over that border area where, we do have very much free mechlt of people, especially people moving to and from. We have very Large Corporation on sustainable finishries in the area, the biggest cod area in the world, a sustainable source, we Work Together, we think its important to do two things at the same time. Yes, the International Law is clear, there was a break of that to the annexation of crimea and the situation in ukraine, and we do stand by all of our allies with that. But at the same time, as the neighboring country, we do day to day work on things we have to solve for the people and the Economic Activity that is in that area, which is a fragile area for the whole world. Liz just to add to the answer, i think it is much better to work with russia. Its very much better having to do with north korea where we currently have a problem that should have never been my problem, should have been a Problem Solved many years ago when it was much less dangerous. It was given to me, along with a big mess of other things. I will say this, i am for massive oil and gas and everything else, and a lot of energy. Putin cant love that. I am for the Strongest Military that the United States ever had. Putin cant love that. But hillary was not for a strong military, and hillary, my opponent, was for windmills, and she was for other types of energy that dont have the same capacities at this moment, certainly. So i just want to say that its a lot better to work with other countries. Were working with china on north korea. Were working with various other countries and i think were doing very well. We had a great talk as you know and as you reported, we had a great talk this morning with president moon, and i think a lot of good things are happening, were going to see what happens. Working with other countries whether its china or india or any of the other countries that surround this world and encompass this world, thats a good thing, not a bad thing, thats a very good thing, okay . Okay, go ahead. Reporter mr. President , Prime Minister, norway strongly supports the Paris Agreement, and have expressed regret that you have decided to leave it. What could persuade to you remain, and what kind of Common Ground did you find in your talks today on this topic . Well, it wasnt a major topic, i must tell you. We talked about other things, including mostly trade, but i will say that the Paris Agreement as drawn and as we signed was very unfair to the United States. It put great penalties on us. It made it very difficult for us to deal in terms of business. It took away a lot of our asset values. We are a country rich in gas and coal and oil and lots of other things and a tremendous penalty for using it. It hurt our businesses, according to some estimates. We would have had to close businesses in order to qualify by 2025, whereas as an example, china by 2030, they dont kick in until 2030. Russia, someplace in the mid 1990s, that was their standard and never a good standard because that was a dirty standard for the environment it. Treated the United States very unfairly, and frankly an agreement i have no problem with but i had a problem with the agreement that they signed. As usual they made a bad deal, we could conceivably go back in. We are strong on the environment, i feel very strongly about the environment. Our epa and epa commissioners are very, very powerful in the sense that they want to have clean water, clean air, but we also want businesses that can compete, and the paris accord really would have taken a way our competitive edge, were not going to let it happen. Im not going to let it happen. As we talked about during this because we have strict regulations on to reach our paris targets. That means that we have very strong policies for environmental friendly and Climate Friendly technologies, which is now part why the United States have surplus in the economy, which is norway. Never miss on a good opportunity. One of the great assets of norway is a thing called water. They have tremendous hydro power. Tremendous. Most of your energy or electricity is produced by hydro. I wish wed do some of that. But hydro power is fantastic and a great asset that you have. Thank you very much, great honor. Thank you. Thank you very much. President trump wrapping up his joint press conference there, answering questions about a possible immigration deal, saying there will be no deal on the socalled dreamers without a border wall. On the russia investigation, the president had strong words saying theres been no collusion between the russians and the Trump Campaign or mr. Trump himself calling it a phony cloud over his administration. A cloud thats hurt the trump administration, a witchhunt he says, its a democratic hoax. Lots of good stuff in there. Very interesting. Bring in fox news strategic analyst Lieutenant Colonel ralph peters. Hes very strong on russia. No collusion, he said the best way to deal with russia is to work with russia and the norwegian president was asked the same question, how do you deal with putin . Bottom line is hes been clear from the beginning, no collusion with russia. Thats what the Mueller Investigation is all about. And see what Robert Mueller concludes. As far as the press conference and the meeting goes with the norwegian Prime Minister, it was very, very interesting. When trump was on script during his remarks, very good, strong on nato, reassuring, but Prime Minister solberg, it was interesting, the norwegians are extremely worried about Russian Military activities in the arctic, the sea line of communications along norways western coast. She was in the mood she clearly wanted to avoid displeasing or angering proifrjs so she concentrated on the things we have in common where things are going well, and indeed, norway has been a model member of nato. Right. They have russia right across the border. Want to go straight to blake burman whos been in the east room listening to the press conference. Blake, what stood out to you . Reporter the question speaking of russia from my colleague john roberts whether or not the special Counsel Robert Mueller and im sorry we got someone here in front of us, its a crowded room, but john asked if Robert Mueller had come to the president s legal team, whether or not the president would have conditions that he would set, and whether or not how the president would want to take that interview, potentially. The president didnt want to engage in that topic, as it hasnt happened yet, simply to say well see what happens, see what happens. Thats what he kept circling back to. He didnt want to engage on the possibility just to say theres been no collusion and if mueller comes to him. Well see what the attorneys say and see what happens. The other big issue this day is immigration, as democrats, republicans and this president try to strike an immigration deal as it relates to daca. Democrats want to see a daca fix. They want to see it soon. The president , republicans say they want to see that as well, but they also want border security, especially the president says the wall, and he was asked whether or not he would accept a deal if the wall was not allowed, and this was the president s response. No. Reporter no . Got to include the wall. We need the wall for security, need the wall for safety. We need the wall to stop the drugs from pouring in. Reporter getting back to russia, ashley. The president said he feels it is better to work with Vladimir Putin than to try to keep him at arms distance. The president citing north korea and how he hopes he can work with russia and china on that issue. A busy room, ashley. Im not sure how much you saw of us, not sure it matters, anyway. You remained calm, cool and collected as always, thank you very much, blake burman. Back to Lieutenant Colonel ralph peters. Is it a threat to our security not to have a wall . Its not a blackandwhite, either or issue, there are parts of mexico where additional borders would be useful. But the idea of endless or near endless wall, you dont need a wall in Big Bend National park. I think the wall itself has become a political issue, and by the way, i did work on the southwest border when i was detailed to the drug czars office. I worked with the dea, with the fbi and with mexicans across the border, and i will tell you of course theres a security issue on the wall, but my conclusion from firsthand experience that the best wall is a wall of laws rigorously enforced. And our problem to me is over the years, we have not enforced our laws. We have not. Another subject that the president talked about, you said he spoke with president moon of south korea this morning. President trump saying he was encouraged, i think he used the word energy by the talk of the going on by south and north korea. Whats the take on that in the North Koreans send a delegation to the winter olympics. How skeptical are you this could lead to longterm agreement on Nuclear Program in pyongyang . It could very well lead to nucleartipped missiles. The South Koreans have suddenly gotten smart, that worries me. For months upon months indulged in the spiteful, threatening rhetoric. That has been throttled way back and on Charm Offensive with south korea with two goals. The first goal is to drive to create a divide between the u. S. And south korea, to assure south korea that, oh, no, were not after you, theres no problem here, and the second more important goal north korea is striving toward is to buy time. They started to get really unsettled about the administrations strong position on north korean nukes and now trying to buy time to accelerate that missile and Simultaneous Nuclear Weapons program. So i see the North Koreans as maneuvering very, very well. Its important for us to do three things. One, we dont want to look like warmongers, but at the same time, weve got to be very, very careful and not underestimate the Diplomatic Initiative the North Koreans are making. Talks are not going to lead to denuclearization, period. Aint going to happen. Lets hope south korea is well aware what the North Koreans do, are capable of and not allow that wedge to come between us and them. Its tempting for them. Im sure. Lieutenant colonel ralph peters, great stuff, thanks as always. A feud between two of the nations top Business Executives doesnt appear to be subside anything time soon as two former chairman of ge continue to butt heads. Charlie gasparino, who would make a great referee in the fight is here with the details, charlie. Dont hit me one is jack welch, chose jeff immelt as a successor. Jeff immelt took over in 2001. One of the most underreported stories out there is the slow, simmering feud between the two executives over the past 16 years which actually culminated with jeff immelts early retirement. Someone would say forced retirement because the company is underperforming, and one of the interesting stories about the 16 years is how much these guys behind the scenes have said that they hate each other and how they each blamed each other for the companys woes. Jack welch said jeff immelt was not up to the job, saying this. Saying this a lot lately as the stock shipping new lows. Not up to the job, if he had his choice, he would not have chosen immelt as the ceo of ge, maybe bob nardelli or jay mcinerney, the other two contenders for the job. Immelt was left with the huge colossus that was tough to manage and so difficult to manage through financial crises and dot com bubbles bursting after 9 11, and, you know, part of his problem was being saddled with the welch legacy. So this is this feud is now becoming much more prevalent. Im hearing it through sources. Ive written a whole story about this on foxbusiness. Com, it should be out momentarily. So what does it mean for the company right now . Basically its this. You have a legacy that jack welch built, that immelt inherited. A lot of people didnt say he didnt manage very well. That is now under review. The legacy is under modern ge to get the stock up and right now ge is in the middle with the new Ceo John Flannery of major cost cutting, the question is whether he goes beyond what immelt did which was a slow churn of scuttling of shedding businesses to bring the company in a more coherent mold, whether he basically breaks the whole thing up. What hes doing now is hearing from the former ge executives who are shareholders. Jack welch, presumably has a lot of stock about what to do, and some of this grousing about immelt, you might see i think youve seen in what flannery is doing, including very, very, very drastic steps of cutting costs. One thing i think behind the scenes immelt was criticized from from the welch people, he did not take steps necessarily to cut costs and rein in the costs. Remember, jack welch was known as neutron jack for a reason. He laid off tens of thousands of people in the 1980s to get the company in a more coherent way. Thats where it is. Interesting story. Rarely do you see these things coming public. Its never come public, thats why you got me. Charlie gasparino, thank you very much, appreciate it. You will be happy to know liz will be back here tomorrow with more highlights from her trip to las vegas to ces 2018, including a oneonone matchup with boxing champion floyd mayweather. Shes not going to go a couple rounds with him but going to test his new fitness app. Dont miss the main event in las vegas, go lizclaman. Com for all sorts of exclusive videos and follow liz on lizclaman. Com and become her facebook friend. Well be right back. siren wailing barry murrey when you have a really traumatic injury, we have a short amount of time to get our patient to the hospital with good results. We call that the golden hour. Evaluating patients remotely is where i think we have a potential to make a difference. barry murrey we would save a lot of lives if we could bring the doctor to the patient. Verizon is racing to build the first and most powerful 5g network that will enable things like precision robotic surgery from thousands of miles away. As we get faster wireless connections, itll be possible to be able to operate on a patient in a way that was just not possible before. When i move my hand, the robot on the other side will mimic the movement, with almost no delay. Who knew a scalpel could work thousands of miles away . My business was going nowhere. So i built this kickin new website with godaddy. Building a website in under an hour is easy 68 of people. Who have built their website using gocentral, did it in. Under an hour, and you can too. Type in your business or idea. Pick your favourite design. Personalize it with beautiful images. And. Youre done and now business is booming. Harriet, its a double stitch not a cross stitch build a better website in under an hour. Free to try. No credit card required. Gocentral from godaddy. A used car, truck, suv. Thats smart. Truecar can help. Its great for finding a new car, but you already knew that. Its also great for finding the perfect used car. Youll see what a fair price is, and you can connect with a truecar certified dealer. So, no matter what youre looking for. There it is. This is how buying a used car should be. This is truecar. Ashley u. S. Stocks cutting losses, bouncing back from the lows of the session but still on track tend to the day in the red. The dow off 26 points, down 128 points early on in the session. Crude oil a huge story today hovering near the highest level in three years as it closes higher for a third day in a row. 63. 42 a barrel. Market Team Standing by. Nicole petallides at the New York Stock Exchange as always. Jeff flock live from the floor of the cme in chicago. Nicole, im going to begin with you and this story. Apple under pressure from both side of the atlantic over deliberately slowing down iphones with older batteries. Tech giant facing questions from the u. S. And france is investigating the company for, quote, planned obsollence. Liz claman asked samsung north america ceo tim baxter whether his company is also slowing down its devices . Is samsung doing that . Are you guys doing that . No, no, we are confident in what were doing, our strategy is i believe different and we feel good about where we are on that. Were giving consumers choices, we want to maintain and, of course, we want to move people to the new devices, but we do it with a marketing and with new technology and new solutions that give consumers a reason to step up. Let me be clear, thats not a game samsung would be interested in playing. Not at all. Ashley samsung saying we dont do it. Lets go to nicole at the nyse to see how apple stock is reacting . Very interesting, samsung saying no way, were not doing that. Apple has come under extreme scrutiny for doing something they said was trying help everybody to save the older batteries. Stocks down to 174 and change. The big deal is apple itself said they were slowing down the older iphones to preserve the battery for a longer period of time so phone wont black out. Everybody saying did you this without us knowing and caused outrage in france as you noted. You have senate Committee Chair john thune writing a letter straight to tim cook. What about children being addicted to the iphones . Theyve had a lot of headlines surrounding apple. But today, we heard from william power. Outperform ratings. 190 price target. So hes still expecting this one to move to the upside. Back to you. Ashley all right, nicole. Thank you very much. Not doing a lot to the stock, is it . Essentially flat on the day. While stocks are taking a breather today crude oil is on fire, not literally, thank you, but settling above 63 a barrel, the highest level in three years, lets go to jeff flock in chicago. Jeff . Reporter part of it is we are burning a lot more. Demand up in the u. S. , were down a little bit in the afterhours now. 63. 40 the last trade in the afterhours, down 15 cents from earlier in the day. Today was the inventory day and inventories with bigger drawdown than expected. It was 3. 9 Million Barrels drawn down out of inventory. A Million Barrels more than that, but gasoline inventories were up, and if you take a look at gas prices, even though inventories for gas were up, the trend has been to rise in terms of gas prices, thats the prediction particularly with crude oil rising as well. Phil flynn pointed Something Else out today, refineries are more efficient, gasoline in terms of the percentage of the price of gasoline that crude oil makes up is less than its ever been, so a rise in crude prices doesnt portend much of an increase in gas prices. Well be out on the roads tomorrow to give you a feel for what gas prices are like in the real world. Ashley the same old story, jeff, when oil prices rise, immediately seen at the gas pump. When it goes the other way, it takes a long time. Reporter well see tomorrow. Ashley you are the right man for that job. Jeff flock, thank you. The closing bell ringing in about 7 minutes from now. Get this. One of the markets most heralded voice has a warning for you this year. Find out what he says about the s p 500, 2018 performance and if they agree. Well be right back. Lets begin. Yes or no . Do you want the same tools and seamless experience across web and tablet . Do you want 4. 95 commissions for stocks,. President trumps position on nafta. Following reports that canada said it is increasingly convinced the President Donald Trump might announce he intends to pull out of nafta. White house saying no, that is not true. Meanwhile, Warren Buffett, let me just, if we go back to that Warren Buffett says that he would buy ge for the right price. Were talking about ge. That may not be his decision forever. The 87yearold oracle of omaha outlining a Succession Plan today, folks hitting alltime today, after promoting two top executives to vice chairman. Joining berkshire board solidifying their status potential successors to one of the worlds richest men. There is liz as always in the crowd. Walking along and sitting and talking about Warren Buffett. How about this, bold prediction from a billionaire investor, jeff gundlach, saying in his annual wecast yesterday, quote, my prediction for 2018 that the s p 500 will have a negative rate of return. Is he right . Lets bring in dan chung. Do you believe wee get negative return on s p this year . No, i dont believe well get a negative return. The economy is too strong. You dont see corrections in the stock market until, or recession is in site. We dont see that this year. Alger analyst team, scours a lot of industry and asks a lot of questions. We think 2018 will be a pretty good year. Ashley we saw the market down today, news china would not buy into u. S. Debt. Bank of japan may be tightening its Monetary Policy and the fact that you know, the bond rates are starting to go up, all is negative for the market. Again, as weve seen so many times, this market, even though down 120 points on the dow early today, is now basically clawed its way back to flat. If we do have a correction what will cause it, when do you think it will come. Well, actually i happen to agree with bill gross, who said that he thinks bonds have entered into a bear market. It is long been our analysis here that, Rising Interest Rates are going to be modest but nevertheless will mean the end of a great bond market. But the that doesnt necessarily spell ill things for equities. In fact, a little bit of Interest Rate increase, a little bit of inflation is usually grated by the stock market as a positive. So we actually think thats a supportive to what we would call a great rotation back to equity ies from bonds. Ashley quickly, dan, we have 30 seconds, what sectors do you like this year . So we continue to like what is happening in technology and the health care sector. Both are driven, great secular trend. But this were adding increasingly financial sectors will be one of the top performers. Industrials will be another area. People missed, last three years, industrials, many parts of the industrial sector went through a bit of recession of their own, coming down from the Energy Bubble that we had. But they have now stablizeds. We actually think adding some financials, adding some industrials good move in 2018. Ashley dan, we appreciate it. Closing bell is in 10 seconds. [closing bell rings] any gain will be a record. Will we get there . Lets go to dave asman and Cheryl Casone for after the bell. Cheryl stocks fighting back. Cutting losses in final minute of trading. The dow ending down 14 points. 25,370. We were down as much as 129 earlier today. This is a little better. All the major averages closing slightly lower, s p and nasdaq snapping a sixday record streak. Im Cheryl Casone, in for Melissa Francis today. David do have been a lot worse. It was a lot worse. Im david asman this is after the bell. More on big market movers. Here is what else we cover in very busy hour. President taking questions on global and National Security at the white house thi