Transcripts For FBC Countdown To The Closing Bell With Liz Claman 20161118

They up for the unprecedented challenge. For people that live and work in the area around trump tower. Sending teams to the pentagon and the state department. Briefings for the very first time. We have reporters on the ground. Standout all along the trump Transition Team. Were speaking with member Ken Blackwell on the number one domestic plan donald trump to tackle first. It matters to anyone who has healthcare needs. They may be stepping into water station. We have a second straight win. What is a few points away. Weve made it to friday lets start the condom. Lets start the countdown. There seems to be very jittery trading and the bond market. Selling pressure sending it to one year highs in the yield on track for the biggest two week increase in years. And we are hearing courtesy of the National Alliance of a large black sellers. People want to get rid of this but only smaller buyers to be head. This is something you need to be aware of. To the nasdaq the earlier touch a new lifetime intraday high. It would be a fourth straight session. Its down about nine points. They hit the record high. Many of the Big Technology companies had lost some serious ground. Netflix losing about 8 . Facebook and some of these are of course social media. Tesla has lost about four and a quarter percent. Small and mid caps on pace. We are there right now because we are were up four points. Its up 11 days in a row. On track for the longest winning streak in 13 and a half years. Thats pretty good. We are also watching the dollar index. They continue the pretty significant rally. The highest level since april of 2003. They anticipate the Federal Reserve will raise rates next month. People are having a lot of trouble spending spinning up the street due to this. Its fast becoming a major money issue swirling around the business section in america. New york city fifth avenue. The secret service trying to deal with the choking crowds that are coming not to spend but to gawk at. There is a wild scene outside there. They took the cameras are right to the scene. Whether the heightened security is scaring off anybody or impeding commerce. See mckay think anywhere in the president of the United States goes. He deserves to be given access to the people. Its mildly overwhelming. I work around here. Have you noticed anybody not going into leavitt time because of the security presence and everything happening around your building . I dont think so. I dont feel that fifth avenue is safe anymore. If someone were to walk down the street wearing a make America Great again hat that person might get a lot of pushback. We have seen that. We have seen people walking around. There is a legitimate question. As we head in the Holiday Shopping season about what is really going on. What are you experiencing. If you walk back towards fifth avenue. Im not sure that i am the type of person. We were talking to some of the workers. They say things had certainly slowed down. Its been a crazy seen here the last few days. People are still crossing the street. For most of our life reports youve seen across the street. The bus going by now. The main entrance just a quick point of news here. His attorney general. Jeff sessions out of alabama. Mike flynn was appointed there. All of that is making news. We expect more news to be made over the weekend. And never to number two he will have that big meeting with the 2012 candidate mitt romney. He is heading out there pretty soon. I dont know if everyone here will be sad to see him go. Liz feel free to us shot for our entire countdown staff. Thank you. We just showed you a live picture. It is specifically about 56 its not on the fifth avenue part. Theyre waiting to see donald trump leave. It is in new jersey. Yesterday they are calling it the job fair. You just heard them talking about the three candidates. Former michael arkansas governor. We just heard donald trump has locked up. Lets listen to mike huckabee. My job right now is to listen to the president elect. Its his job to make the decisions and whatever decisions those are. That would be good. Thats not for me to disclose. The only person given out jobs in this building is president elect donald trump. I would respect any information about what our meetings are. After he had dropped out of the primaries he staunchly reported supported donald trump. Liz lets into blake is standing by in dc. Arguably the most important one to our viewers and thats the person that gets to sign the dollar bill. There is still plenty of intrigue here. He unveiled the National Security related appointments today. Many people are interviewing at this hour. Who they will tap for the top economic post. It still remains unknown. The name that gets floated the most right now is steve mnuchin. Hes been seen often in trump tower. Carl icahn didnt help at all yesterday. We turned up the volume on that possibility. The former Goldman Sachs banker would be the pick. We heard jamie diamonds name. Another one to keep an eye on his jab has early. He chairs the House Financial Services committee. He could be in line for that role. He was in the lobby at trump tower the other day. And speaking of meetings Lou Eisenberg he is set to speak with the president elect tomorrow out there in new jersey. He was the have of the Republican National committee finance committee. The most intriguing meanings so far no doubt well also take place tomorrow. That being mitt romney you know the history here. Probably not a financial job for him. Its probably just a peace offering tomorrow. There was quite a bit of scorched earth. During the campaign. Like, thank you very much. We have our cameras there. As soon as mister trump leaves we will try to get that shot of his motorcade. Right now we can see Police Holding back everybody. There was some breaking news. And then it blake. The nypd chief james oneill is saying they had decided they will not close fifth avenue on any type of permanent basis. That has got to be music to the music on ours ears. Its been a very touchy time. Especially during the holiday season. Of who will fill the cabinet surrounding the president. The issues that the team will tackle in the first 100 days. We know from president elect trump that they will be issued number one. But one thing that hasnt been discussed much during the campaign could be on the table. How to fix our broken medicare system. Tom price who has been floated as possible health and Human Services secretary said he believes they will move on medicare reform six to eight months into the trump presidency. Lets get you some visa numbers here. Some 600 billion was spent on medicare this year alone and when you want to put a price tag on waste fraud and abuse try hundred 7 billion of it. That is what trump has promised to cut down on her in his campaign. On the domestic issues like medicare. And making the proper appointments around. Ken blackwell. Thank you for being here. Lets get to it. First of all can i just get to this. This is part of the fun of it. The one thing that we do know is that president elect trump has a deep well of talented people from which to choose. He is a very good listener he is very decisive. He knows what the expectations of working americans are in terms of fixing obama care. On that we all agree. He in fact is can pick the person in the top spots that can actually fix this. He will get it done on his schedule but on a schedule that is respectful of the burden that working people are under right now. And by the way when you talk about the schedule we will get to that because everybody said theres disarray theyre not on schedule. We are going to articulate that in just a few minutes. Lets get to medicare specifically. As i look at whats going on with medicare a lot of voters love their medicare. They like how it works. What is Donald Trumps position and his stance on medicare. Hes in a work with congress. A lot of republicans and a lot of think tanks have talked about the alternative method of moving on healthcare in general. As you said he is not going to push anybody into a situation that is worse than they are presently in. It will be the challenge of the people that he pulls in to work on that. He won the presidency. Hes putting together his team if you want to go to his agenda go to the first 100 day speech that he gave at gettysburg. It sort of lays it out. It will give you a real insight on medicare and medicaid and healthcare in general. One of the things that i would be pretty confident of saying is that hes gonna break down that take competition out of the mix. We all know that there has been false walls put up around where people can purchase and get the best healthcare. Hes in a do away with that. Then it sort of brings it back in. For giving us a slightly wider prism for which we can look. He would give me the point on whether it was tom price. Hes not revealing that. That could be the record again. Speaking of medical issues. President obama the secret service that the cash capital of the world first. That is peru. We had details on the stunning money grab that just broke. The nasdaq hitting an alltime intraday high. But which stock is way out front. We are going to reveal the one stock that has propelled the nasdaq the most of more than a hundred and 11 over to six months. You might own it. Countdown is coming right back. If you have medicare parts a and b and want more coverage, guess what . 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It is such a comment on rate hikes. Its great to have you guys. I have to ask you doesnt it sound like the rate hike december 14. We are expecting. The markets are in fully anticipating it. We are taking turns on hitting alltime highs here. Also the place to put the money as Smaller Companies that are Growth Companies that do tend to borrow money. There seems to be much less if here at the moment. The market has already priced that in. Youre seeing more of it to get out of bonds. I think it will be the theme for the rest of the year. Lets talk about it. We are talking about that at the top of the show. Right now 2. 34 in the aftermarket session. Looking at this what does this mean for equities. Does it continue to roll. I think it caught i caught everyone off guard. Thats why were seen such a massive move. Especially if the republicans to control of the house and the senate. It really threw everyone off guard. Everyone is going to do scribbling to do the same trade. Then you see the s p. And then you saw the nasdaq. Everybody is chasing that last return especially as we get towards the end of the year. Its hard to believe as i can keep continuing. We are looking at it up slightly. I think it was capped perhaps by a much stronger dollar today. Anything happens here. They are going back to their price manipulation. And i do think we rally into the motet meeting. We are coming off thankfully in crude oil from that. I think the rally up. Also last week were talking about natural gas. Has rallied now quite a bit. I think we have a little bit more to go. I think that is everything. Be sure to watch wall street week. They are talking to legendary short seller. He is so big on what he hates right now. Hes the actual seller you need to hear from. Whats next for the economy and your money. We wont be right back. When it comes to healthcare, seconds can mean the difference between life and death. For partners in health, time is life. We have 18,000 people around the world. The microsoft cloud helps our entire staff stay connected and Work Together in real time to help those that need it. The ability to collaborate changes how we work. What we do together changes how we live. Liz while stocks partied postelection, gold is sitting home alone watching seinfeld reruns. The precious metal dropped 70 since election day. Billionaire investor Stan Drunkenmiller whose recent Biggest Holding was gold, announced on our competitor cnbc, he unloaded all of it on election night. So some people went and said, i will do what he says. But a whippersnapper based out of the texas says bad move, druck. Drew mason saying his words are covered in koolaid. His advice will prove illadvised. Investors will wish they had done the exact opposite. Bring in the younger whippersnapper the metals director. Manager of palace harbor gold fund. First trust bank chief economist Brian Wesbury taking the other side. He is our bear on cold. Lets kick off the bullbear debate. Drew, gold at six months lows, stocks are hot and youre saying im going expense the billionaire. You tell us exactly why. Thats exactly right, liz. Equity markets are swimming in opt post the trump win. Treaties put in place, immigration, quickly and painlessly. We feel that feeds on rising equity valuations contributed to golds selloff. We think drunkenmiller call seen the equivalent of debt of equities call in 1979, doing wrong thing at wrong time here. In theory it may prove okay, academically to make such a discussion. What we think wall street really doesnt understand, practicality when investors to and begin to try to leg back into gold, there is simply not if you have physical market cap available to get in without moving price. Asias largest banks, if onehalf of equity money moves towards physical gold it will have to move multiples from the current price to accommodate that diversification. Liz to you, brian, youre looking at signals and see something completely opposite . Gosh yes. It is riskoff trade, excuse me, riskon trade since trump won. It is no the because all of our problems are going to magically disappear but well see a move toward a progrowth environment. Whenever you have more real growth in the economy you have less inflation. And as a result, youre going to see a move toward equities. Dont forefet, equities pay a different end did. Equities have earnings. Polled doesnt have any of those things gold. Final point i would make as we were going into the election, im not worried about drunkenmiller says, this is way was telling our clients. Stocks are undervalued and gold is overvalued. Gold is worth about 800 an ounce. Stocks should be worth 25 more than they are today. That is because liz is that true, drew . Should it be valued at 800 an ounce . Look at the price of gold relative to supply of fiat currency, antithesis, counterparty for physical gold the prices would be materially higher to get to fair value. What we see happening, liz, as investors realize growth has its limit, valuations have their limits, the equity markets are already three times the multiple when drunkenmiller first suggested to buy equities here, they will begin to say gold makes some sense. 0 is wrong. The one thing i would say, drew, is that when you talk about fiat currency, if youre talking about all of this quantitative easing around the world, yes, the Central Banks have bought a lost bonds. They have printed a lot of money but because banks have been regulated so much, none of that money turned into inflation. That is why we never had hyperinflation. And heres the way i look at it. An ounce of gold ought to by about 16 barrels of oil. That has been true over the last 30, 40 years. Liz brian, what are you buying if not gold, quickly . Stocks of the opposite of gold. Im buying Financial Company stocks. Banks, insurance companies, Community Banks especially because were going to be deregulating. This is the growth trade. I think you need to go to the growth trade. Stay away from bonds. Stay away from gold. It is not the end. World. Liz drew, if you believe gold is the place do you buy miners or physical . We specialize in physical. Which form factors perform best for clients because divergence is huge depending what species you buy, etf or physical. What brian is Say Something basically zero. Time to prepare with 10, 20 of your portfolio another hurricane could blow in. Liz i have a kruggerrand at home. Good to see both of you. Its a great feisty bullbear debate. Brian wesbury, first trust chief economist. Our bull for gold, drew mason. 27 minutes away from closing out the week. The dow just down 16 points. Billionaire dreamer elon musks plan to build a new kind of company complete with Solar Roofing and electric cars goes right before the shareholders. Adam shapiro tells what happens with the tesla merger in todays fox business brief. Mitt romney did not have many nice things to say about donald trump during the 2016 election season. So why is mr. Trump holding out an olive branch right now . Steve murphy, ned ryan tell us if the romneytrump meeting will be even more awkward meeting than the obamatrump meeting which didnt look that awkward. Countdown coming back right away. When a moment turns romantic, why pause to take a pill . Or stop to find a bathroom . Cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. Tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. 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Tesla may be on a roll but vw is trying to stay on the road. Volkswagen cutting 30,000 jobs the next five years as part of its turn around plan. Volkswagen wants to boost earnings by 4 billion a year. They paid 20 billion in legal costs as part of its legal problems after rigging diesel vehicles to cheat Emissions Regulations worldwide. Watch out netflix, amazon is going globe. They are preparing to expand its Video Service into 200 countries worldwide. More countdown to the closing bell right after this. How was your commute . Good. Yours . Good. Xerox real time analytics make transit systems run more smoothly. And morning chitchat. Less interesting. Xerox transportation services. Soon to be conduent. Thank you for calling. Well be with you shortly. Yeah right. Xerox Predictive Analytics help companies provide a better and faster customer experience. Hello mr. Kent. Can i rebook your flight . Im here xerox Customer Care services. Soon to be conduent. Wait im here mr. Kent . Liz we have breaking news. Were way waiting donald trump to leave trump tower any moment. We got word, reuters reporting that mr. Trump, president elect, officially settled his case on Trump University with the new York Attorney general. The tab . 25 million. If you may recall this was a class action Fraud Lawsuit brought by the new York Attorney general and the settlement is pretty much a 180degree turn from his previous stance, meaning Donald Trumps previous stance. We are hearing he will have admitted no wrongdoing but that he has settled this. Clearing the way, certainly away from this accusation that he had promised falsely wannabe Real Estate Developers they could learn from mr. Trump how he grew his real estate business. Lets get to this. Is donald trump transition floundering . How many questions have we heard about that in reports in recent days . They painted Transition Team in disarray scrambling to everything to get done before trump takes oath of office on january 20th. We thought compare to this past president elects, guess what we found . Trumps transition is on pace so far, maybe even ahead of schedule. Near alull president s going back to jimmy carter made their cabinet announcements in december, with only a handful of exceptions. When it comes to treasury secretary posts, only president obama and George Herbert walker bush announced their picks in the first month. Bush 41 was able to announce it so early because he was keeping Ronald Reagans treasury secretary in place. Joining Us Democratic strategist steve murphy, former bush 43 speechwriter, head of american majority, ned ryan. Why the perception, ned, do you think . Maybe brought on a little selfinflicted because things are in disarray. Up the street we have this parade of people, people are saying i dont know if i got it. Im not saying whether i got it . First of all i would actually argue, liz, theyre ahead of schedule. Think about it, bannon announced has senior political advisor on november 13th. Obama announced axelrod on november 19th. He announces his first cabinet position today and obama didnt announce it noll november 24th. Liz timothy geithner. The 2008 elections were fourdays earlier. I would argue that trump is ahead of schedule. Announced his cia pick. Announced nsa pick. Announced his first cabinet position. The other thing too people have understand is, remind me again when there has been really smooth transition, taking a leftleaning administration and now a rightleaning administration comes in and theyre short order fill 4400 positions . Liz what we have on our screen is trump tower and where mr. Trump is staying at the moment and expected to leave any moment. Steve, there is this question, what does the president elect do with his vast Real Estate Holdings including trump tower . He talked about putting it in a blind trust run by his family. Of all places, wall street journal, not exactly a liberal newspaper wrote this he wrote, they wrote, in their oped page, millions of americans have put their trust in mr. Trump to succeed as president an improve their lives, not treat this as fouryear hiatus from his business. Hillary clinton lost in part because the public doesnt want a president who mixed politics with personal gain. So im not sure democrats can complain as vociferously they normally would considering there was the Hillary Clinton example . Look, i think there is no way that donald trump can have a blind trust with his family members in charge. He needs to totally divest himself of his business completely. Now in terms of a fouryear hiatus, i hope it is a fouryear hiatus. I sure hope we beat him in four years if he runs for reelection or take back the white house somehow or another. But he has never done anything in my view on the up and up in his life. If you asked this question right after you said he just settled in new york. He still has got the federal lawsuit. Settled the fraud case with Trump University. He, look he has got to be just be the president and put all of this behind him. Liz ned, 10 seconds. Liz couple points to make. These are complex business. You dont do it with stroke of a pen. The thing that is interesting to me, all president s and Vice President s are exempt from the conflict of interest statutes. I think it would serve him well to do blind trusts. Remember he is exempt from the conflict of interest statutes. He exempted himself all his life from conflicts of interest. It is the law. Just pointing that out. Liz listen, thanks to both of you, steve murphy, dem strattic strategist and ned ryan. Always glad to have you, especially on a friday. Good to see you, gentlemen. The closing bell, look at this, 15 1 2 minutes away, the dow is down just 15 points. After a week of stocks surging maybe savvy investors cashing in on postelection trump rally. Israeli ambassador ron dermer at this hour walked out of trump tower yesterday right in front of our cameras. Charlie gasparino says there is way more to the story. Why dermer and other israeliamerican businessmen are really at trump tower. Charlie breaks it next. [vo] quickbooks introduces jeanette. And her new business i do, to go. Jeanette was excellent at marrying people. But had trouble getting paid. Not a good time, jeanette. Now im uncomfortable. But heres the good news, jeanette got quickbooks. Send that invoice, jeanette. Looks like they viewed it. And, tada paid twice as fast. Oh, shes an efficient officiant. Way to grow, jeanette. Get paid twice as fast. Visit quickbooksdotcom. If youre on medicare, remember, the open Enrollment Period is here. The time to choose your Medicare Coverage begins october 15th and ends december 7th. So call unitedhealthcare to enroll. 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I was off a few hours. This morning it became official. Fanduel ceo nigel echols will become chairman. The two daily fan at this sites not decided which brand they will operate under. Countdowns vote, we had a whole meeting, not fanduel, not draftkings, fan kings they will trade what Donald Trumps new university will be now they settled the case . Liz at least the Fantasy Sports site is big. We should mention twentyfirst century fox has a stake in draftkings. Yeah. Liz let me get to this. Precisely yesterday, charlie was here during the first hour, we were to report israeli ambassador ron dermer, finished a meeting with donald trump. You heard it is way more than a meetandgreet. It is interesting what is going on with trump tower. We talked about it a high level jobs fair. People going in there, essentially pitching themselves for cabinet posts. Some are chose today. Were waiting for treasury secretary. There is interesting policy related meets going on and very important policyrelated meetings for this country and for israel. Yesterday there was a meeting with highranking members of the Jewish Community at trump tower between the principles and principals and some of his staff. One meeting with Henry Kissinger, we know the Foreign Policy guru. Michael cohn executive Vice President of the trump organization. And isaac perlmutter, from marvel, long time advocate of jewish causes. It was defending israels border. There was not easy relationship but there were questions raised about his commitment to israel. Liz early on. Early on. He made some statements said he would like to help broke ear peace deal certainly hear palestinian side. He is very clear he is supportive of israel. I think this is were moving in that direction. We should point out a couple things that is interesting. Perlmutter is veteran of israels 1967, sixday war. Big benefactor in the Jewish Community here in the u. S. Kissinger is what he is, former secretary of state but has been very critical of Donald Trumps muslim ban. So thats interesting that kissinger he basically said it was unworkable. And he criticized him right off the bat. Looks like, trump is starting to evolve at least on this Foreign Policy issue. Liz he has also said, donald trump also said he would move the u. S. Embassy in israel to jerusalem which other previous administrations been afraid to say. Liz because it is touchy situation. Lets unpack it. Jerusalem, a lot of people believe jerusalem should be considered International City as opposed to the capitol of israel. Israelis fought that. So, it is, this is, this is interesting. Like donald trump didnt pay, spend a lot of time on Foreign Policy during the election other than to say he would bomb the hell out of isis and few other things. The fact he is getting in the weeds right now with these folks i think is a really good thing. Not bad to be sitting with Henry Kissinger and liz he wrote the art of the deal. He would love to be the president able to strike a peace deal but this is a very sensitive subject, particularly for american jews. It doesnt surprise us, you got it, they were meeting to discuss the border. Absolutely. Border security was first and foremost. I will see you sunday, right, speaking about israel . Zionist organization of annual dinner. Liz bunch of us will be there. Honoring bernie marcus. Liz i will you there. Black tie or black tie optional . I dont wear black ties. I wear dark suit. Liz cant get him in a tux. Were awaiting donald trump expected to head out to new jersey with the bridge and tunnel crowd as we call it on friday. Trump team we are trying to gain steam before six minutes to go to the end of trade for the week. Stocks that are ready to break out. You have to hear what they are. Stay tuned. See me. See me to know that psoriasis is just something that i have. Im not contagious. 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And as we watch that, we got to look at the markets. In the, sort of overall aggregate of this week, they smashed records on the trump trade but there are three quality stocks that actually missed out on the postelection rally that you could get them before theyre hot says the Rockland Trust portfolio manager, joining us from boston with nearly 3 billion in assets under management. Let me get quickly before we get to the stocks, the market is pulling back a little bit. Are you worried at all . No, im not worried at all. There is a growth trade on that we havent had in a while. Inflation is picking up, usually good for equity holders as long as it is not fast ramp up. I dont see fast ramp up in inflation. Everyone was expecting to be down again i think they could be in the high Single Digits next quarter based on a lot of numbers and a lot of estimates call for doubledigit Earnings Growth next year. That is usually high. If we get high Single Digits i think markets are reasonably valued at 16, 17 time earnings. Liz folks if you hear what he did. Didnt talk about politics but about earnings. Lets move to three names that havent come along on the trump trade so to speak. Why are you seeing them as real opportunities here . Right on point there. We dont look at politics when we look at these things a lot of time. Were looking for quality stocks, trying to find them at right values, these three stocks in my mind. Home depot hitting on all cylinders. 6 revenue growth. 18 eps growth. Buying back shares. Free cash flow growing quickly. Theyre really eating at their competitor lowers beat them every comparable area. Com stores, u. S. Comp store, square foot sales. Doing great job of executing. This Management Team went through a tough time recovering the business in 2008. So i think they can really, even if housing does slow down a little bit why the stock is not reacted well, rates have risen. Cost of homeownership is gone up due to higher Mortgage Rates people thinking about. That is held the stock back. This company will manage right through that. Liz, matt as we mention other names, thermofisher scientific and google, were up against the closing bell. [closing bell rings] matt roddy, 3 billion in assets. Well put them up on lizclaman. Com. Head over to david and melissa, after the bell. David happy friday to all of you. Stocks are down for the day, but for the week major averages ending the week much higher for the second week in a row. Im david asman. Melissa happy friday, david asman. David thanks goodness. Melissa we have all the Market Movers for you but here is what else we have coming up for you this hour. A flury of activity at trump tower today as new Administration Takes shape. He announced three key appointments in charge of National Security and enforcing the law. Mortal enemies. More Details Behind Donald Trumps controversial meeting with mitt romney and the democratic congressman calling on presi