Transcripts For FBC Markets Now 20130729

This is a big week for the economy. We are also talking about mideast which is a huge topic in d. C. Today. We have Nicole Petallides on the floor of the New York Stock Exchange to start us oof. Nicole we are seeing a market that is under a little bit of pressure. We have had five straight weeks of gains on the dow. You did mention some of the names that are weighing on the dow. Two huge groups that really weigh on the market today. Financials and energy. Also, chevron and exxon are weighing on the dow. You are seeing energy as a laborer as well. Johnson johnson actually hitting a new high today. A new 52 week high. Wells fargo said you should buy the shares at the current level. With this, the stock is up about one third of 1 . Back to you. Connell more to come from new coal. President obama said his treasury secretary onto a sunday talk show. Clearly trying to shift the focus. He had a little trouble in doing that. Watch this. This is supposedly behind us. It has been more than two months since he directed you to lead the investigation. First of all, chris, what we found out is we went through to find the cracks. Equal numbers . There are an equal number of groups. The bad judgment was equal opportunity. It was over 100 compared to one dozen. Who was responsible for it . There was a number of supervisors who exercise bad judgment who were relieved of their responsibilities. I think what happened there is unjustifiable. It is not acceptable to have the kind of screening for left or right where you are too targeted for your views. Connell too much for moving on. A good chance to kind of put this together both politically and economically. I said at the top, it is a huge week for the economy. First the politics and the Obama Administrations strategy. [ laughter ] after that exchange with chris wallace, wallace try to press him on whether the political appointees at the irs is even a question in this investigation. He could not even get a straight answer. Jack lew was there not there yesterday to talk about jobs being created, everything going fine. All of these scandals are phony. If they are phony, so is the economic recovery. Connell in what way . In the fourth year of an economic recovery. 7. 6 unemployment. Labor participate is at a 30 year low. What is the president doing . He is out traveling across the country. Talking to adoring audiences about raising the minimum wage. I do not think he gets it. I do not think that the public thinks he gets it. His Approval Rating is 30 . I do not think he has much credibility on this issue. Connell lets go to anthony on this. The argument is a political one. This is a big week for the economy. Who is right here . Are things Getting Better . Is jason wright or are the polls right that people just do not feel like we are in the place where we should. There is a lot of truth to go around. The economy is in fact Getting Better. The economic recovery is to week still. We have created jobs. We have created 6. 6 million jobs. We have lowered the on employment rate. Is it still too high . Absolutely. Well the economy grow rapidly this year . Absolutely not. We are still looking at a neighborhood of less than 2 . Are we making progress . Absolutely. Is the progress something we should tap ourselves on the back . Absolutely not. One of the reasons that the Unemployment Rate is as low as it is is because fewer people are looking for jobs. Just to give you an idea on where this president is in terms of jobs, he was asked over the weekend about the keystone pipeline. He said that will only be about 2000 jobs and we can do better than that. Who is this president to sneer at this amount of jobs . Connell is there more in your opinion that the government could do to create jobs . I think that the government should do everything that they can to stand out of the way of businesses to create jobs. One of the things that was not mentioned was the Labor Force Participation rate has gone up for two consecutive months. Another thing is that the 6. 6 million that were created are real jobs. Second and final is that as confidence picks up, both in the labor market in the overall economy, we should see the Labor Force Participation rate picking up. At that point, we may not see it coming down as quickly. At least that will Show Confidence on the part of workers. Connell a very big number on friday. Thank you to both of you. One other note on the economy, as anthony went to a bond of these, some signs that we are headed in the right direction. Here is an interesting stat that is out as well. Four out of five u. S. Adults will struggle with joblessness, near poverty or relied on government aid at some point in their lives. Four out of five. The reason for this is the gap between the rich and the poor. Okay. A huge day in the media world. It may be a huge day for you personally. If you like to watch shows on cbs, in a matter of hours, Time Warner Cable customers could lose cbs because of its dispute they are having over fees. We bring in dennis kneale. Dennis it is down to the wire. 5 00 oclock eastern today is when cbs will go dark. The three biggest markets, new york, l. A. And dallas, it could also include showtime. This is basically a battle for power and money, as always, i guess. I tried and got into this indecipherable voicemail hell. I think that was part of the problem. The thing is both sides lose here. Viewers ultimately may think forget about it. Cbs may have more to lose. Time warner cable will still have hundreds of other channels. Time warner will start telling its subscribers, pay, you have this Aerial Surveys that will send it to your cell phone for 10 a month. You can always apply for that. At this point, we have calls out to both sides. I cannot figure out who will win. I cannot figure out whether cbs will really go dark. They have done it before. Cbs just wants a little respect. We will have to watch this. Connell all day long. This is a story that he says could develop throughout the day. Thank you, dennis. We have the mideast peace talks that are happening in d. C. Egypt flaring up again. Supporters of the now ex president have been shot and killed. The cost of your favorite fast food meal is really skyrocketing. You can blame ethanol for that. That story is straight ahead. We talk about this pain in the work ways. Some of us work through it and others dont show up. Hundreds of billions of dollars potentially lost and productivity is a pain in the workplace. Some of the fixes coming up. Before we get to that, more numbers. Oil is up. A quarter million tweeters musicare tweeting. Eamed. And 90Million Dollars are changing hds online. Thats why the internet needs a new kind of server. One thats 80 smaller. Uses 89 less energy. And costs 77 less. Its called hp moonshot. And its giving the internet the room it needs to grow. This. Is going to be big. Its time to build a better enterprise. Gether. [ indistinct shouting ] [ male announcer ] time and sales data. Splitsecondtats. [ indistinct shouting ] its so close to the options floor. [ indistinct shouting, bell dinging ]. Youll bust your brain box. All onhinkorswim from td ameritrade. Connell we come back here with a story thanks to charles pain you will not see many other places. Here is another one you may not think of. Charles is here, as always, to make you a little bit of money. Charles cabela. The maker of guns and rifles and a whole lot of other things. Apparently, when you get receipts at certain stores, it will say a certain portion of your purchase when to medical excise tax. You say to yourself why would that be . I love that one of the links and they do talk about these taxes. There is a receipt right there that someone sent me over the weekend. Here is the thing, i have done some research on it. Of course, there are places saying that it is absolutely true. I think we have to find a way to bring someone on. If this is true, it is worrisome. Without a doubt, it is complicated. When the president took the oath of office, it was a five dollar stock. It is up 1000 since then. Connell as always, charles, thank you. Charles i want to follow up on this connell it is gigantic. Charles it is gigantic. Connell charles payne, thank you. A speech that will take place tomorrow. Promising 7000 more jobs. Take a look at that. Nicole we are looking at it. We are seeing a pulling back a little bit today. Down 1 at the moment. 5000 in the fulfillment centers. This is in 13 states, as you mentioned. President obama will be heading over to chattanooga, tennessee. He will be talking about new job policies. Amazon is now talking about 30 more. Dont they sound wonderful. They have had increased customer demand. Back to you. Connell the cost of your fast food favorites really on the rise. We are talking about the reason for that coming up. Do talk sport middle east peace in d. C. We will get into that. We will talk about whether anything significant can really be accomplished. We will stay on top of the numbers. More market now in just a moment. 23 minutes past the hour. In spain, the driver of that derailed train has been charged with negligent homicide. He admitted to a judge that he acted recklessly. Both francis says gays should not be judged or marginalized and should be integrated inno society. He did we affirm that homosexual acts are a sin. In france, more than 136 million in diamonds and other tools were stolen from a hotel. Police say a masked gunman demanded the jewels and got away without firing a shot. Those are your headlines. I am lauren green. Back to connell. Connell thank you. Anyone who is a fast food junkie may be noticing higher prices. Believe it or not, or based ethanol is to blame for this. What is the dispute all about, william . It is not just fast food, connell. Around 2005 will we started using corn, not for food, but for fuel, that changed. Federal mandates are dramatically increasing food prices. That is squeezing the fast food industry. It wants lawmakers to eliminate the policy that mandates more ethanol you blended into our gasoline each year. It is supposed to make us more energy dependent. They say it is hurting our pocketbooks. The prices are up across the board. Corn is in everything. Corn feeds cattle, chickens, pigs. Everyone gets that price passed on. Other studies say that for a family of four that this policy adds about two grand to your food budget. Connell kind of interesting in a number of different ways. When we look at the core production numbers and the industry. What does the ethanol industry have to say for itself in hearing about this . It is falsely accused. They blame oil. Look at the statistics. Over the last decade, seven times more corn, 40 of what we grow goes into your gas tank. The ethanol industry says they dispute this. They say that ethanol holds down the price of gasoline. We absolutely believe that the chain restaurants are trying to pull a supersized whopper here. There is no way that ethanol is driving food prices. Other studies Say Something else. In all likelihood, the ethanol mandate will not disappear. The corn lobby will not let that happen. Connell good reporting. Two major stories today on the foreignpolicy front that we will be talking about. Important to the security of the United States and the global economy. Israelis and palestinians meeting in washington today. For egypt, we have the protest growing more violent over there. We will get into egypt. Then, pain in the workplace. Hundreds of billions of dollars lost each year. There is Something Back can be done about it. 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Well go to phil flynn on that. The price of pain in this country is just enormous. Latest figure out, over 600 billion a year lost at the workplace because people are in pain. All of that is still coming up, but, first, apple fights off fresh claims of worker abuse in the chinese fact tries like chinese workers, insufficient pay, we heard about this in the last few months or years with apple. See how the stock is doing today, nicole . The stock certainly doesnt correlate to the story that nobody wants to hear about labor laws breached in any way, shape, or form, but thats what the claims are here. The stock itself is doing well today for apple, up 1. 33 , so apple shareholders can enjoy the price of 446. 77. Theres reports there are abuses, and they shifted away from the long time supplier and moved over to taiwans company, but its about safety, environment violations. Also, not only withholding pay, but also withholding the id cards that the workers have that they use at other facilities and the like, and holding on to those. Apple says they are committed to provided safe and fair environments, done surprise checks, multiple checks over the years including the last 18 months, so they are working to control this. Back to you. Connell nicoles, thanks, at the exchange, at least 74 people meantime killed, hundreds injured in protests over the weekend in egypt. All this as israelis and palestinians resume peace talks today in washington, d. C. Theres a lot to talk about. Senior fellow, National Security affairs at heritage, twenty year veterans, also Jessi James Duff joining us today. Nice to have you. Sergeant duff, i want to start with you, talk about middle east peace and whether kerry is getting something done. First on egypt. Is there something that the u. S. Could do that its not doing in terms of whats happening in egypt right now, or is it basically a lost cause from our point of view . Well, i dont think that the u. S. Is trying to do anything right now, which is very upsetting because they essentially made the bed, and now we must sleep in it. We are silting back and watching. The general has made it clear that hes not going to tolerate the Muslim Brotherhood protesting in the streets. Over 83 of them were killed this weekend, and about a hundred burials already happened. The protests are incendiary to the region, and this is critical to the United States. Weve been great allies with their military since 1979 so for us to not be participating, we have leveraging with the army, and we must get a Prime Minister in place because this is going to blow up with alqaeda influence, with the rights in the region, and hamas influencing whats going on. Connell the reference to the 1970s, peter, is interesting because that, the peace between israel and the e gipses held up, and here we are talking about whether the israelis and palestinians can have a long lasting peace. Kerry tried. Hes been there a number of times, and whether that, you know, anything comes to fruition remains to be seen, but is it possible or are the people who scoff at this and say, no, theres never going to be peace. Are they right . Whats the peace talks in dwk . Keep expectations modest for the time being. Its a set of frame works for talk, hoping to get them done over nine months. People tried before this. Theres real challenges in this issue, you know, borders, territory, prisoners, refugees, security. Theres so many things people deal with. This is a very difficult road to hoe for both sides. Connell whats the realistic goal, then, from your point of view if expectations are so low going in. Whats a partial victory to come from the talks is realistic . Well, a frame work for additional talks. The fact they are talking is good. They have not talkedded for three years now so the fact they are coming to washington, you know, kerrys doing something, been to the region six times in six months, but, again, these are very, very difficult issues, but, yeah, i think additional talks beyond the next two days would be positive. Connell is that fair, jessi . If these talks produce more talks, you can say were on the right track, or do we, in your view, need to see more than that . Well, its difficult to predict what happens just as indicated already, but what we have to recognize is that 104 prisoners sentenced to life are released, people that blew up School Busses with children in them, dads, innocent civilians, brutal people. The israelis are not happy with this. They see them as terrorists who tried to destroy their country being released; however, the palestinians see them as Freedom Fighters looking to help the Palestinian People seek freedom. Its a very, very difficult situation; however, we have got to have stability within that region. This is the first step. Although, we ignore whats going on in syria, the civil war, not helping with egypt, the uprising there, and the iraq situation is anything but democracy. Its a good step for the region. Connell a good point there at the end. Its a wider discussion, but, peter, a quick point on the policies foreignpolicy wise. You eluded that the secretary of kerry went six times, but is it a distraction, whether they be syria or, you know, the socalled trip to asia supposed to happen for so many years focusing on our relationship with china. Are we losing it here . Losing focus . Right. Well, the fact of the matter is that if youre a very senior official like secretary kerry is, you only have so much time. Twentyfour hours in a day, and you have to make priorities. He made this a priority. Its a good point. The issues in syria, egypt, iran, who heard about the Iranian Nuclear file recently . The rise of china, you know, so many issues out there, and hes got to decide, so i think he probably is going to shift his focus now, naming a special envoy to the issue. He got this started, and hell probably shift to Something Else, but theres no shortage of problems, unfortunately, in the Obama Administration and foreign policy. Connell peter, jessi, thanks to both of you, well have you back, and thank you for coming on today. Thank you. Thank you very much for having me. Connell we hear it all the time, be careful what you put on facebook, what you tweet, and with that in mind, listen to this. Theres a new memo out from the National Labor Relations Board that says companies are that put in place restrictive social media rules on employees, they could be in violation of federal labor law. Rich edson from dc with more on that. Whats the deal, rich . Well, social media is another layer of confusion to the economy with workers and what they post on line about the jobs. The National Labor Relations Board general counsels office is examining a case involving giant, a Grocery Store chain. They established rules against workers posting pictures of the companys logos and other information. The general Councils Office fines, quote, the rule prohibiting employees from posting information regarding the employer that could be deemed confidential or nonpublic is unlawful. The term is so vague that employees reasonably construe it to include subjects including working conditions, and now businesses have a difficult balance to strike. If the employee is bashing his supervisor in front of hundreds of thousands of individuals including coworkers because of the way hes treated at work, the nlrb says thats protected, and you cant fire that employee. If, on the other hand, the employee is bashing the product advising people in the public not to purchase that product, thats another story, and that is not protected speech by federal labor law, and there the employer is okay firing that employee. As for the nlrb, Senate Democrats hope to approve the president s nominees to fill the board this week. The current board is operating with controversial recess appointments, the federal Appeals Court ruled in january that the appointments were unconstitutional. Connell dont go crazy, rich, with twitter and everything else, and dont count own lawyers bailing you out. Yeah, i got in trouble already with that one. Connell hundreds of billions lost of natural gas each month, and its they are losing it, actually, right at the source. We talk about north dakota a lot and we talked to phil flynn about this coming up to see whats beginning on and how it can be prevented. Speaking of preventing something, pain at work. Most of us deal with it in some way, shape, or form, for some, its worse, but the cost is astounding. What to do that other than sitting up straight and some other things coming up in a few minutes. More op jack lew, the treasury secretary, shifting the focus from the phoney scandals as the administration describes them to, well, the obama economic policies. Thats coming up, but first, the u. S. Treasuries yield 2. 58 on the tenyear. We route your order to up to 75 maet centers to look for the best possible price maybe even better than you expected. Its all part of our goal to execute your trade in one second. Im derrick chan of fidelity investments. Our onesecond trade execution is one more innovative reason serious investors are choosing fidelity. Now get 20free trades when you open an account. You are gonna need a wingman. And my cash back keeps the party going. But my Airline Miles take it worldwide. [ male announcer ] it shouldnt be this hard. With creditcards. Com, its easy to search hundreds of cards and apply online. Creditcards. Com. This is your fox business brief, a federal judge ruled ben bernanke should testify in a lawsuit over aigs 2008 bailout. The judge says ben bernanke was a, quote, central figure in the bailout decision. The lawsuit was filed by former aig chief, hank greenberg. After hitting a more than sixyear high in may, pending home sales fell more than expected in june, a sign rising Mortgage Rates put a damper on sales, but compared to same time last year, contracts were up nearly 11 . International is buying full control of the venture from pcg industries for 1. 3 billion in cash. The purchase of the 51 stake in the partnership will add to the earnings the first year the transitions integrated. Thats the latest from the fox business network, giving you the power to prosper. A quarter million tweeters musicare tweeting. Eamed. And 900 Million Dollars are changing hands online. Thats why the interneneeds a new kind of server. One thats 80 smaller. Uses 89 less energy. And costs 77 less. It called hp moonshot. And its giving the internet the room it needs to grow. This. Is going to be big. Its time to build a better enterprise. Together. Connell wasting namp rail gas to the tune of 100 million a month. The new report reveals that about north dakota oil drillers. Thats an eyepopping number, a hundred million a month. Phil flynn has more on this from the pits. What do you think of it, phil . You know what it is . Were not prepared for all the production weve seen. Nobody was ready for it. U. S. Pipelines for natural gas are already filled to capacity. The drillers continue to drill for natural gas because they are getting a lot of money for the liquids that they draw at the same time. Oil and other products is seeping the drilling going. Were wasting a lot of natural gas, and it doesnt have to happen. You know, here in the United States, we should have an Energy Policy that actually encourages the use of natural gas, encourages the exports of natural gas, and instead of throwing away billions of dollars into the air, we could be using that to put america back to work. Connell the source of the drilling burns up into thin air. Phil, thanks as always. Thank you, sir. Connell now, in the next case here, huge purchase of the retail world today, lord and taylors owner, hudsons bay, agreed to purchase sachs issue 2. 9 billion including debt, so bringing in the execution partners, a big theme in the market today with the advertising theme as well. Good sign, mark . Well, i think its so much about luxury clothes as reality in this case, connell. Not only the deal allows it to include in the lineup now a Luxury Retail chain, but thats a prestigious prosecute on 5th avenue. This allows canada to start to include the sachs chain, start to include a little bit of luxurytype goods in the canadian region, and, also, it allows, you know, the company to take unprofitable stocks locations and introduce the other brand, lord and taylor, which provided or purchased a few years back. A couple poss, i positives, i think, people are mentioning, and a fair value as well. Connell the stooe on 5th avenue is a valuable iece of real estate, mark, thanks. My pleasure. Connell how is pain costing you and your employer big money . Going to get to this story. The bill to the economy is weel in to the hundreds of billions of dollars, so tips on how to fix it too. Peace of mind is important when youre running a successful business. So we provide it services you can rely on. With centurylink as your trusted it partner, youll experience reliable uptime for the network and services you depend on. Multilayered Security Solutions keep your information safe, and secure. And responsive dedicated support meets your needs, and eases your mind. Centurylink. Your link to whats next. Connell coming back now on markets now, interesting topic, the cost of pain in the workplace. Each year, the new numbers show lost productivity in Health Care Cost as a result of chronic pain add up to 635 billion, from the american association, a huge number. Dr. Jacob is here to talk to us about that, the fixes as well. A pain expert, also the author of a book called the fatigue and fie bra myalgia solution. Its an interesting topic. Theres a lot of people, and it doesnt necessarily put them out of business or sometimes out of work, but people fight through pain in one way or another. The number sounds huge. How is that calculated, you know . Youre looking at 300 billion in lost productivity calculated by number of hours missed weekly, yearly, and also, the decreased salary people make in chronic pain against people who are healthy. Connell because they could perform better, would be able to that is, by the way, a tough one to put numbers on. Thats speculative; right . Somebody could get a raise if they were not in pain. That one is, but this work was done by the economists at johns hopkins, a welldone study, looking at a large number of people. The other thing is there was another 380 or 330 billion dollars increase in Health Care Costs. The average Health Care Costs per person is 4500 a year, a little under that. People with mild pain, up to almost 9,000 a year, and those with severe pain, the average Health Care Costs is 12,000 a year, 12200. These are big numbers. Connell wow. The good thing is, though, that pain is really not hard to treat, but easy if you know how. Most doctors have not been trained yet in pain management. Connell you have, youre a pain expert, your field cog coming in. Why is this happening, for the most part . Why are people in, you know, just to put it out there as broadly as we can, why are people in so much pain at work . What are they doing wrong . One out of four people suffer with chronic pain. The main part is poor nutrition. Its the oil light saying something needs attention. If you have nutritional deficiencies, other deficiencies youll be in pain. If you dont get nine hours of sleep to 130 years ago to six and three quarter. Poor sleep does it. Connell also the way the office is set up sometimes . People slunched over at the desk staring at the screen. We limit our children to the amount of time spent in front of the screens because its not good for you to just sit there, especially if youre not sitting up straight. Remember the big four for ergonomics. Wrists and elbows to be supported. Dont hunch over like this. Ensure your feet are solid on the ground. Connell some stand up, and maybe that works for them. What are other fixes . What can we do about this . Heres the key. The research looking at fibramyalgia, theres support, nutrition, and exercise, 9 is 1 increase in quality of life. Not popping painkillers. Single nutrients in a recent study we did decreased pain dramatically, and also as a side benefit, increasing energy an average of 61 . These are simple things. One of the few knew trents with patent protection in the United States so its a really up and coming star. Connell are Companies Looking at the Health Insurance now, are they catching on to this and realizing . They dont know that its a big problem or dont want to deal with if, or whats the problem . The Insurance Companies are overwhelmed trying to say no to everything. Not looking at whats Cost Effective . Connell because of the changes . Embattled with obamas health care changes, an aging population, many different things. They are trying to just say no. If they were smart about it, they would go ahead and look at whats most Cost Effective and say, were going to cover x dollar per person a year on average. If it doesnt make the Cost Effective cuts, its not covered, but they dont have the courage to be honest about it. Connell just preventing and using simple methods would save us money, but, again, they are tough to quantify, but a lot is common sense, seems like. You know, move around, eat right, get enough sleep, move around, dont stare at the screens, stuff, but we dont do it for whatever reason. Simple thing, for people with pain, on the website, theres an Energy Analysis program that will analyze the symptoms, blood test, and tell them how to optimize energy, which at the same time makes pain go away. Connell thanks for joins us. Its www. Endfatigue. Com. Connell thank you very much. We appreciate it. Thanks for coming in today. Good luck with everything, including the book. Thank you. Connell coke and pepsi remitted by the same ad agency; right in it will happen because the two joined forces, big deal creating the largest ad agency in the world unless regulators get in the way of that. Thats the big story in the market. Cheryl and dennis are talking to a man in the agency who would lose the number one spot. The chairman of wpp coming up on markets now, and moving to the ma stress, people getting out of stocks and bonds, getting into cash. Stick it under. We have a new survey on how widespread that trend is. Much more coming up on markets now. And so does bill, an identity thief who stole marys identity, took over her bank accounts, and stole her hardearned money. Unfortunately, millions of americans just like you learn all it may take is a little misplaced information to wreak havoc on your life. This is Identity Theft. And no one helpstop it better than lifelock. Lifelock has the most comprehensive Identity Theft protection available. 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Order now and get this document shredder to keep sensitive documents out of the wrong hands. A 29 value free. Dont wait until you become the next victim. Cheryl coming up at noon eastern thyme, im cheryl cheryl. Dennis moving to the mattress. Going into cash, a survey ahead on how widespread the trend is. Cheryl the dow is down by 66 points, 15492 and a merger monday on the hands, but theres always concern over the Housing Market and rising interest rates. Thats got wall streets attention today and comments from treasury secretary jack lew, and thats coming up. Dennis we have two joining forces to create the largest ad Agency Holding Company Unless regulators get in the way. Well talk to the man whose add agency loses the number one spot, chairman of wpp group. Top of the hour, stocks now every 15 minutes, and its markets kicking off the week lower, annie coals at the floor of the New York Stock Exchange. Nicole . Dennis, cheryl, we are kicking off with down arrows add noted, dennis. Five straight weeks of gains in the dow jones industrials, just the last t tiptoed across the positive line, up arrows nonetheless. The dow down about 65 points, about a half of 11 1 for all three averages, nasdaq is under pressure. Drug stocks, bank stocks, also are a laggard, and weve seenn bank stocks, things like bank of america, jpmorgan, chevron, exxon lags, three huge mergers today, merger monday bears true today, indeed, and we continue to watch and go forward looking at the fomc and ecb and payrolls on friday. We have a lot to digest in addition to earning season. Back to you. Cheryl nicole, thank you very much. Breaking news in the fox business right now. The securities and Exchange Commission and the defense rested their case in the trial of former goldman saks trader. The defense gas is expected to begin shortly, but, again, the prosecution, the fcc has now rested their case. I wanted to bring that breaking news to you right now. Well keep you posted on how the trial progresses. Me liz ha has done a lot of coverage on that one. Theres this. Treasury secretary jack lew hit the sunday talk show circuit over the weekend standing behind the president on the debate getting republican lawmakers an ultimate may tum ahead of what could be an 11th hour debt show down. The president made it clear we cannot negotiate whether or not the president of the United States would default. It was a mistake in 2011 to have the debate. It hurt the economy. I think Congress Knows they have to deal with this. Cheryl lets bring in the financial ted parrish and fox business charles payne, and, charles, you know, basically, going back and saying that, you know, theres not going to be no debate, this this is going to be either this happens or it doesnt. The fact of the debt ceiling could be extended or that the showdown could happen is getting Market Participants worried as of what the future holds in the next six weeks. Listen, you can debate whether it hurt the economy, the stock market for a little bit, and thats not necessarily just because of the debt, but its because theres inability to get things done in washington, but the idea that Congress People should not have a role in this, that they should just lay down and let the president do what he wants to do, heres a funny thing, guys. President obama said this last week, and lew echoeded this about not doing this is deadbeat. You know what i equate that to . Thats wimpy mad at popeye for not hooking him up with a hamburger. Tuesday never comes, no hamburger. Cheryl the president s record, when it comes to spending, theres a lot of spending, 4 trillion on stimulus, alternative energy products, just in the first term. This is the sed term. Hes saying no spending cuts, yes how can he be out trading, if you will, on a record of 4 trillion in stimulus spending the first term . Yeah, i agree. I agree with charles. You know, laughable for him to suggest they are not going to negotiate. If thats how you play it, thats up to 20 trillion in debt in a matter of a few years. Its going to be a debated contest here because its basically the only leverage the republicans have, you know, to get anything done, andic its going to make the market volatile in the coming months, you know . Back in 2011, the narcotic dropped over 10 over the debate then. I think its going to be even more fierce this time around. I think the consumers are more confident at this point in time, and, also, i think their Balance Sheets better. In other words, they might ignore it. Cheryl the markets confident because of ben bernanke behind you with 85 billion a month in bond buying. Why is gdp right now . You got spending going up at the federal level. You got it sliping. Not fourth quarter, a fraction of a percent for gdp. Saying the consumers themselves are confident, wall street gets away with the fits whether its the idea of tapering, that, and they want a perfect world, but we can separate the two. Main street may not be paying attention to this, particularly since weve gone through the drama before. Cheryl through it a year ago, teddy, but the market paid attention in 2011 as you mentioned. We had the drop on the dow, all markets under pressure, and the rateing agencies came off the United States. You have criticals of ben bernanke, the fed chairman himself, on capitol hill, criticizing the same men and women Running Congress saying you have to quilt spending, and now theres jack lew saying, well, we cant cut it, forget. It teddy, at the end of the day, this has to be a market that has to Pay Attention to the debt ceiling debate. Of course it will, especially if the s p comes out and downgrades debt again. Theyll Pay Attention. You know, in the end, the stock markets looking at earnings. Earnings are doing okay, not great, about 6. 8 expected for this year now, which is near the longterm average. You know, consumers, as a whole, theyve seen the picture a whole lot brighter with housing prices up, the net worth is high. In the end, that matters most. Of course they Pay Attention though. Its going to set up either the republicans for the midterm elections, you know, and thats whats going to be important to see if we make changes in congress. Cheryl charles . Ultimatums dont work. This is what the American Public does not want to see, and the rattings agencies, if you remember the language, its not just about the debt ceiling, but this language, washingtons inability. The president to come out with the speech last week, extraordinary devicive, separating the, you know, the haves, the havenots, and, i mean, its just such a tough way to go into a second term trying to negotiate because i think everyones tired of this, and, of course, the market reflects that with the high drama thing, and this is just i dont understand, i dontty its negotiating 101, and it feels like the white house might be boxing itself into a corner. Well, he repeated the message over and over yesterday, charles. Go with it, you poe. Cheryl charles payne, thank you so much, teddy, thanks, guys. Dennis average investors skiddish about fickle markets, shying from stocks and bonds and gold, even real estate in favor of cold hard cash. Now, this according to a new study from bankrate. Com, and here with the details from bank rate is greg mcbride. Thank you for joining us. We have a chart to show, cash is king, with extraordinary results. You did random subject surveys for the entire population . Random, conducted by an outside Research Firm on behalf the bank rate, a poll done every month gauging financial security, and when we asked the question, for money you dont need for ten years, what do you think is the best way to invest it . Dennis they say . The top choice was cash. We define that as savings accounts and cds. More than one in four americans said thats their pick for money they dont need for ten years. Dennis when i have money i dont have to touch for ten years, i should put it in higher risk, higher reward categories; right . Absolutely. This result, dennis, screams of the risk aversion the individual investors has, the carryover from the financial crisis, five years later, stock market at alltime high, and people are not inclined to get into assets and pursue returns for the long term money. Dennis 26 favor face, 23 real estate, 16 metals. The next chart, what it gets you. This is how stupid the preference for cash is, 10,000 invested for ten years gets you how much . Earning. 1 a year, and, you know, even with the low rate of inflation, i mean, youre earning 110 in interest over that period of time. Youre not keeping up with inflation. Heres the thing that is significant that the average investor is missing big time is a loss of buying power is just as damaging as a loss of principle. Hunkering down in the safe hain cash investments because youre afraid of the loss is ignoring the fact that earning 110 in interest over the course of the next decade is not going to come close to preserving your buying power. That moneys going to buy less ten years from now than today, and what seems safe, in the short term, is actually risky over the long term. I think the opposite is true for investments like equities, particularly in a well diversified port folio. Yes, short term, theres risk, its not appropriate for a short time horizon, but a long term hoer horizon, risk goes away as long as you stomach volatility. Dennis do you have preferences for cash instead of cash . Real estate, metals, stocks, bonds . Under allocations there, equities would be their choice, and 23 said realize. Real estate is cash intensive. Its illliquid, and difficult to diversify. You look at precious metals, they dont spit out cash flows, no dividend or interest income, no rate of return dependent solely upon your ability to sell it for more than you paid for it. Equities, you diversify with low transaction costs and modest investment, and the prevalence of the 401 k , this is the avenues of which people invest on a regular basis. They are under allocated towards equities for the long term money. Dennis nicely handled. Thank you, greg mcbride. Thanks, dennis. Dennis battle of the tv titans down to the wire, cbs set to go dark on Time Warner Cable systems in five hours. Either side going to blink . Thats ahead on media minute. Cheryl life imtates art. A heist from a hotel on the French Riviera made famous in the movie to catch a thief, but first as we go to break, take a look at the energy markets. Well be right back. [ male announcer] surprise youre having triplets. [ babies crying ] surprise your house was built on an ancient burial ground. [ ghosts moaning ] surprise your car needs a new transmission. [ coyote howls ] how about no more surprises . Now you can get all the online tring tools you need without any surprise fees. Its not rocket science. Its just common sense. From td ameritrade. Its just common sense. You know it even after all these years. But your erectile dysfunctction you know,that could be a question of blood flow. Cialis tadalafil for daily use helps you be Ready Anytime the moments right. 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A quarter million tweeters musicare tweeting. Eamed. And 900 Million Dollars are changing hands online. Thats why the internet needs a new kind of serv. One thats 80 smaller. Uses 89 less energy. And costs 77 less. Its called hp moonshot. And its giving the internet the room it needs to grow. This. Is going to be big. Its time to build a better enterprise. Together. Like carpools. Polly wants to know if we can pick her up. Yeah, we can make room. Yeah. [ male announcer ]. Office space. Yes, were loving this communal seating. Its great. [ male announcer ] the best thing to share . A data plan. At t mobile share for business. One bucket of data for everyone on the plan, unlimited talk and text on smart phones. Now,veryones in the spirit of sharing. Hey, can i borrow your boat this weekend . No. [ male announcer ] share more. Save more. At t mobile share for business. Dennis breaks news on the story we told you moments ago. The defense rests in the case of the trial of fabulous fab tuorre in a surprise move. Lawyers for the exGoldman Sachs trader plan to call no witnesses after 9 Securities Commission rested its case, and the third week, rested the case after calling just under a dozen witnesses including tourre himselfs accused of misleading investors betting against transactions picking out the mortgage bond linked to the transaction. Cheryl . Cheryl what a heck of a move to not call witneeses in your own defense. Interesting turn on that story. Dennis didnt have good things to say. Cheryl or confident in the attorneys. Well see. Confident to say the dow is down 64 points, as you can see, pfizer, at t, and chevron and exxon mobile, hearing from drug makers this week, a lot to assess, again, with the numbers. Earnings, so far, been pretty strong, and nobody else knows about earnings and how stocks have been performing than nicole. Anyway, talk about amazon, nicole, going on a hiring spree this week, thousands . Yes, they are, thanks, cheryl. This is big news, about 7,000 jobs. If you were to read this that says positions pay 30 more than traditional retail jobs, they include comprehensive benefits that begin on day one including health care, 401 k plans, Company Stock rewards. Doesnt it counted amazing . 5,000 jobs in u. S. Fulfillment centers for those networks to meet the customer demand. Plus 2,000 more jobs in consumer customer services. Its interesting. In 13 states, they are pushing for this, all of this ahead of president obamas visit to the company, but, obviously, bringing on 7,000 jobs. Thats a big deal as they continue to go forward to meet the demand they say they need the jobs and ready to start now with the hiring. Back to you. Dennis all right, thanks, nicole. Natural Labor Relations board released a memo saying companies restricting employee tweets and facebook posts could be violates federal labor law. Rich edson in washington, d. C. With more. Rich . Good afternoon, dennis. You can gripe about the boss online without getting fired. The government says workers can discuss their workplace conditions and that protection extends to social media. The nationals Labor Relations board general counsels office examined a case involving giant, the Grocery Store chain. They established rules against workers posting pictures, logo, other company information, and they say, quote, the rule prohibiting employees of posting information regarding the employer could be deemed confidential or nonpublic is unlawful. The term is so vague that employees would reasonably construe that to include sujtses that involve working conditions, and one employment lawyer says Companies Across the economy have to revise their social media policies. So the Immediate Impact is that what could happen is that we find that employers that have long issues in the workplace rules have to look at them to ensure they are not overly broad and will not have reasonable impact on how employees view them and employees view them as restricting their ability to engage is protected in consideredded activity. We could be hearing more from the nlrb shortly. Senate democrats hope to approve the president s nominees to fill the board this week. The current board is operating with recessed appointments the federal court ruled in january unconstitutional. Back to you. Dennis thanks very much, rich edson. Cheryl, watch my facebook page. Im going to let loose on this place. Crackdown in egypt, the Muslim Brotherhood, the latest ahead in your fox news minute. Cheryl coming up, checking in with the ceo of the one of the Worlds Largest hotel chain, behind the numbers, steve joyce here in moments. As we break, i want to look at the worlds currency against the u. S. Dollar, dollar coming up, largest three week decline since midseptember. [ me announcer ] if y cant stand the heat, get off the test track. Get the mercedesbenz youve been burning for at the summer event, going on now at your authorized mercedesbenz dealer. But hurry, offers end july 31st. From capital one. Boris earns unlimited rewards for his Small Business. Can i get the smith contract, ease . Thank you. Thats three new paper shredders. [ boris ] put em on my spark card. [ garth ] boris Small Business earns 2 cash back on every pchase every day. Great businesses deserve unlimited rewards. Read back the chickens testimony, please. Buk, buk, bukka [ male announcer ] get the spark Business Card from capital one and earn unlimited rewards. Choose 2 cash back or double miles on every purchase every day. Told you id get half. Whats in your walle 22 minutes past the hour, this is your fox news minute. Secretary of state john kerry named former u. S. Ambassador to israel as special envoy in the israelipalestinian peace talks after a fiveyear stalemate. Taking many hours and many trips to make possible resumption of israelipalestinian negotiations, and then the negotiators now en route to washington. President obama says he welcomes the talks as a promising step, but hard choices remain ahead. In e egypt, at least 83 supporters ourselfed morsi killed over the weekend in clashes with the police. More than 260 people have been killed since the july 3rd coo that ousted the president morsi. Pope francis says he will not judge priests for the sexual orientation, but reaffirmed the churchs teaching that homosexual acts are a sin. He made the remarks flying back to the vatican after the week long brazil trip. Those are your headlines, back to cheryl. Cheryl thank you so much. The international theme, Choice Hotels international have a profit beating expectations while expanding the brand and developing new technology at the company. Joining me now is the ceo, steve joyce, in studio, we should say. I am in the studio. Cheryl nice to see you in new york. Youre going a lot of business in new york, expanding. We are. We have a lot of projects, under construction, one in times square, chelsea, and opening one up in white plains. Great opportunity for the brand and great opportunity to be in arguably the most Important Hotel market in the world, and were excited about the growth we bring to the city. Cheryl the brands you have, one of the things you told me before the interview that i thought was interesting is you said with airlines making a lot of profit, thats fee generation, doesnt affect you. Most customers drive, and gas prices five or six bucks . Well over. Typically, a 300mile trip is 30. They are going to take the vacation. They may adjust the meals or cut Something Else out, but they say they are going. We have a big survey for the summer, over 80 of the people say they travel as much as or more than last year, and half of them are doing two trips this summer. Cheryl interesting to cut a meal out before canceling a trip as gas prices go higher. Very interesting. If you stay with us twice, we give you a 50 meal card. Cheryl anything helps, let me tell you. Again, your company, 100 franchise, but you offer what Many Companies are doing, you offer financing. Yeah. Cheryl helping them out. Is that because of bank regulation, because of the tight lending . Trying to grow a new brand, cambria suites, and we are atrabtive to developers, and we get the deal from moving slowly to getting it over the edge and getting the deal done. Were bringing silver equity or a debt vehicle that helps them get the deal done, makes us more atrabtive to them, and then, also, we can participate in a project that shows our belief in how strong the brands are going to perform. Cheryl you know, youve also been doing expansion overseas as well, other than the domestic push that you are making in cities like new york. How are things going for you in particular in europe right now . Youre saying theres a lot of opportunity in europe. Were unlike everybody else talks about china. We love europe. Europe is largely unbranded and wants to be branded. It is a conversion market. Theres individual type hotels, sixroom types and one elevator. For most, that makes their head explode. We do that for a living. We love it. We have projects in england. Announced this week we have several new ones coming out, an old castle that was one of the secretarys, new projects in ireland, the first hotel in panama, and they are just really exciting projects. Cheryl interesting you do all of that and pay dividends to shareholders. Is that something to increase in you had to adjust the forecast for 2013. Well, we just forecasted a little down from where we expected, but we expect to end the year strong, and 14 is supposed to be very good. We paid a large dividend last sump, 10. 50 a share on a 37 stock, now in the 40s so that worked out well. Cheryl did it, for all involved. Shareholders are happy, tell you that. Actually, one of the nice things about the company is we generate enormous amount of cash. We delever from the money borrowed to pay the dividends rapidly in a year and a half; and so we got plenty of none to do a lot of different things, but oh motto is first and foremost the shareholder. We returned everything we ever made to the shareholders. Thats what well continue doing, and over time, we think that makes us an interesting stock. Cheryl the brand evolved, and something coming from marriott, interesting what you did with choice, and i mean that in a good way. The expansion in the company is amazing. It was a great platform to start with, but we have a long way to go, excited about europe, cambria and other things. Cheryl excited to have you on set finally. Great to see you. Great to see you. Cheryl dennis . Dennis coke and pepsi represented by the same ad agency . It could happen as the two join forces to create the Worlds Largest ad agency unless regulators get in the way. Talking to the man whose ad agency loses the number one spot, the chairman of wpp group. Cheryl 136 million jewel heist at the famous Carlton Hotel own the french riff you ray made famous in to catch a chief, and as we go to break, take a look at the winners and losers on the s p. Well be right back. Nicole i am Nicole Petallides live on the New York Stock Exchange. We have you covered here on the fox business network. I want to bring you right over two sacks, the retailer. It is up 3. 5 right now. They agreed to be bought by hudson bay company. It is not only about luxury goods and Luxury Retail, but a lot of highend retail. Lord and taylor is also another one very well known. The amount that i gave you, 2. 9 billion in cash and debt. It has been a stellar performer on wall street. Year to date, up over 50 . Back to you. Dennis thank you very much, Nicole Petallides. Coke and mcdonalds and walmart, the merger creates the largest in the world. Tell me, i did the numbers. They will be 40 larger by revenue within your firm. Dont you have to go out and buy Interpublic Group . I disagree with your for him. This is not about google or facebook. It is a very old and surprising move. The market was trading off today. The markets seem to be saying it was too bold, two brave and to surprising. A tremendous deal for publicists. They are giving credit for 50 of the company. These mergers rarely work. The last one we had was with chrysler and that did not work. I think it is a chapeau. It reverses the strategy. They did not want to pay expensive amounts of money for digital companies. It is a strange of strategy. We end up in the position in the industry where we will have the highest proportion of revenue, while over a third and we will be in the fast market. Those strategies are being reversed. I do not live that bit of a beginning. It is rising by about 25 . The company is about 2. 5 billion. I think it is slightly different. Dennis okay. To circle back to the first question that you dodged, sir, do you have to buy Interpublic Group . 40 figure is not true, dennis. The combined company was 23. If we look at our organization across asia, that will be the biggest. In europe, and africa and the middle east, the only places significant that we will have a competitive disadvantage will be in the United States, in terms of size. We will see how the regulators want to deal with that. The point is this, i think that we are starting to see an industry reaching and equilibrium. I think that generates very significant opportunities for us organically. You raised in the intro to this whether competing class will live in this organization. There are certain things that will not work. We will see how this out. It was done in a hurry over the weekend. The initial reactions that we are getting from clients and people is not wholly positive. I think the market is saying that they think this is something about a big mistake rather than a question of quality, coverage, dealing with what you mentioned. Dennis thank you for being with us today. I think it is really kind of you to be calling those clients of those two firms and letting him know you feel their pain. Thank you, sir. Take care. Cheryl fast food junkies beware. Yyu could be in for higher prices the next time you hit the drivethrough. It could be based on core based ethanol. It is in our gas tanks. The feds want to increase the mandate from ten15 . It is driving up the price of food. A family of four will pay 2000 more for food because of the ethanol mandate. It is also hitting the fast food restaurants. It is actually pretty simple. Supply and demand. It just destroys the market system. He owns for when for wendys restaurants. The ethanol industry blames big oil. They say transportation costs are the cause of the increase in food prices. They are looking for a bogeyman. Right now it is corn ethanol. But they should be doing is pointing to the skyrocketing price of oil. May be true. Gasoline prices over the past few years have been pretty stable. Corn prices have tripled since 2005. Right now, about 10 of your gasoline is ethanol. They want to increase that to 15 . The food people are now going crazy. They are trying to keep that down around 10 . Cheryl wrapping up his report. That was very interesting. It is the fox business summertime showdown. There was to philly cheese steaks and a new york pizza on the line. It was not even close. A gain of 1 versus a gain of 15 . Rob will have to pony up those cheesesteaks. We will bring you video of that meeting. Do not miss the showdown on friday at noon eastern time. Should i try a cheesesteak . I have no problem going to philly. What if you were chasing jail time, but the present offered you an upgrade . Dennis it sound like someone trying to get away from their spouse. Cheryl maybe so. It may be possible. The local i am tracy byrnes with your fox business brief. Former Goldman Sachs traders accused of misleading investors in may 2007 bond deal. Federal judge ruling said chief bernanke should testify in in a lawsuit over aigs 2008 bailout. Divers continuing to feel the pain at the pump. The average price jumped eight cents over the past two weeks. The National Average is now 3. 67. That is the latest from the fox business network. Giving you the power to prosper. A quarter million tweeters musicare tweeting. Eamed. And 900 Million Dollars are changing hands online. Thats why the internet needs a new kind of server. One thats 80 smaller. Uses 89 less energy. And costs 77 less. Its called hp moonshot. And its giving the internet the room it needs to grow. This. Is going to be big. Its time to build a better enterprise. Together. Dennis it is coming on a quarter till. We have mark newton in joining us from the floor of the New York Stock Exchange. A survey showing more than one in four americans favor cash. I tell you, in the long run, stocks have been consistently the best place to put your money. Investing in cash is a sure way to earn a return. All you have to deal with is things like rising education costs, Rising Health care, high taxes. You have to put your money somewhere that will allow you to earn a better return. Having two small children, i want to have my money and something other than cash and make more than 1 and be able to keep up with inflation. Dennis well said. Thank you for being with us today. Mark newton. Good day. Cheryl jpmorgan joining other names like Morgan Stanley and, of course, Goldman Sachs. How does this affect you or does it not affect you, bill . I do not think that it will affect us at all. A lot of people, the reason why the banks are getting out of it is because they do not want the screaming by the regulators. It does not really justify the problems that it can create. They are cutting their losses. They are getting out. I think the reason why is because any move that they make in this physical market may be viewed as market manipulation. They can be blamed for manipulating the market. The regulators will be on them all the time. It is not worth the headaches. They can do the futures contracts here. Cheryl interesting. Phil flynn from the cme. Thank you, bill. Thank you. Dennis what would you do if gm destroyed a third of its cars. Imagine they destroyed a third of their production. Oil drillers and north dakota are burning a third of the natural gas that they drill. This is really controversial. This is a practice called flaring. The u. S. Is now ranked in the top ten of the world players along with russia, nigeria and iraq. You are ruining the environment. It is getting so bad that you can see the flaring that is going on in north dakota from outer space. You can see to the upper left of the scene what is going on. Compare it to minneapolis which has the lowest jobless rate in the country. The net gas industry is saying we do not have enough pipelines to reach these remote locations. We have got an environmentalist saying there is a lot of shareholder value going up in flames. Our Oil Production is 2. 2 billion a month. We can burn 100 billion a month. You cannot store it in tanks. You have to ship it immediately. This is, they are doing the math. Cheryl aussies production has been under the grip of the president. Lets keep drilling in the gulf coast. I will tell you something, net Gas Production is expected to double by 2025. The wells that are being drilled are down dramatically increasing. The net gas industry is saying, listen, we want to build a pipeline. We are going to do it, but it takes a long time to do it. Dennis they get you coming and going. Thank you. Cheryl thank you so much. Time for your west coast minute. Residents and tourists in hawaii are bracing for Tropical Storm expected to make landfall today. Wind gust up to 60 Miles Per Hour and 18foot waves could cause severe damage. A federal judge in oregon just awarded a woman money after she spent two years trying to get her Credit Report errors fixed with aqua facts. The company will likely appeal. In california, the Fremont Police department is offering inmates a pay to stay option. They can pay a onetime 45 fee plus 155 a day for a quieter room. It could bring in several hundred thousand dollars. The city probably needs the money desperately. Dennis probably. The latest i had in my media minutes. The boys used double miles from their capital one venture card to fly home for the big family reunion. You must be garths father . Hello. Mother. Mother traveling is easy with the venture card because you can fly any airline anytime. Two words. Double miles this guy can act. Wanna play dodge rock . Oh, you guys and with double miles you can actuay use, you never miss the fun. Beard growing contest and go win whats in your wallet . Dennis media minute time. Will the i blink . It may go flock. Cbs ran ads all day yesterday and well into bed rather last night warning us we would miss cbs. I called it indecipherable voice menu. The stock price of nearly 60 this year. Twc of almost 40 . Time warner cabl complained that cbs is asking for six times the rate. Cbs says they pay over five dollars a month to espn. It is a fight between guys who drive mercedes and other guys that drive rolls royce. Cheryl a clever thief took on a famous hotel. There were hosting a jewelry exhibit. They fled on foot. By the way, this is the same hotel that was featured in hitchcocks to catch a thief. Detroit scrambling to cut costs. The plant could push some retirees off the citys health care plan. Is it taking costcutting a little too far . Dennis does steve cohen have the right to party . Charlie gasparino has the latest. Announcer where can an investor be a name and not a number . Scottrade. Ron im never alone with scottrade. I can always call or stop by my local office. Theyre nearby and ready to help. So when i have questions, i can talk to someone who knows exactly how i trade. Because i dont trade like everybody. I trade like me. Thats why im with scottrade. Announcer scorade proud to be ranked best overall ient experience. [ male announcer ] if y cant stand the heat, get off the test track. Get the mercedesbenz youve been burning for at the summer event, going on now at your authorized mercedesbenz dealer. But hurry, fers end july 31st. Adam i and adam shapiro. Lori good afternoon. I am lori rothman. We will check under the hood of a giant ad merger. It would put coke and pepsi under the same roof. Adam that is a phase killer. City run healthcare into obamacare. Had, we have detroit hopeful on why she is backing bankruptcy and why she wants to fire cabin or. Adam e cigarettes on track to rake in 1 billion in sales this year. We will take you inside manhattans first store