Transcripts For FBC Countdown To The Closing Bell With Liz C

Kind of set to blow off the roof of the national debt. There are two specific questions at this hour. Working to get kevin to try to answer these questions. Live at the white house. And nicholas was at the president s seat. He is the ceo of the tool giant snapon. He is here exclusively on whether all Companies Like him are cheering or maybe hearing it. The markets wrapping up the week. You may witness for mega records. What happened to scary september. We are less than an hour to the closing bell. Lets start the countdown. I want to get you more on the breaking news. The Federal Reserve still has his power to move the markets as i said news of what appears to be a job hunter move parading in an outoftheway house. Two so far we have a hawk eye out for a possible third. Charlie is working on the story. I just want to show you how it has affected the markets. The before word came out earlier of the first one the former fed governor they were milling around. And then you see them spike when the news broke. We are looking at a triple whammy of games. And also we should mention we could close within a 58 minutes with brandnew four record alltime highs. Claws are out right now for aqua facts top dog. It will clawback compensation money, salary from some of the top executives after the massive data breach. The stock has tumbled. Thirtysix points right now. And that would be since september 7. 25 percent. And the breach was announced in early september. It hasnt been that long. Michelle is shaking off. One of the best performers in this hour. New news that it plans to launch in augmented reality version of its popular hot wheels game. Now they are going to do a potential all of the artificial movements there. And this company was basically left for dead two years ago but today it is still alive and kicking. After a number of wall street which is it looks like the ceo and the turnaround plan finally seen returns. It has been a while blackberry reporting Record Software unit sales. And its been a brilliant spike since just yesterday. November 6 of 2016 he told us here and countdown were to make it happen. But they have the iconic hints at handset the discount of disappeared. To tax reform President Trump pitching it there. In an american first speech he detailed his tax reform plan to the Manufacturing Sector stretching in order in order to bring back our jobs in our wealth we must fix our broken tax system. Heres part of what he said. My ministration is working every day to lift our burden on our companies so that you can thrive compete, and grow. And at the very center of that plan is a giant beautiful massive the biggest ever in our country tax cut. However, specific details we are all starving from them and many still remain unclear. Here is what has been estimated. And i stress estimated. A trillion dollar price tag to get this there. How exactly do we go about paying for that. To be assigned. To the three different tax brackets. He is council of economic advisers. Im really hoping that you can answer some of the questions. I know congress has to come up with these. What do you head in mind. What is income limit. Its the first time ive been on the show. I think the president has made it clear that he wants to have a plan that encourages firms to bring jobs back. With the Committee Rules about what they have to do. There had been a bunch of details that they had left. To make sure that you are able to push this through under reconciliation. There is a lot of moving parts but the big objective really of tax cuts its all been agreed to and set. So the bones are there. According to the normal process. We need you to really earn that taxpayer salary right now. Can you tell us what President Trump and Congress Might consider the top level the wealthy the socalled rich. What level it doesnt hit. I think we could talk about percentages of income distribution. The Median Income i think what is in the eye of the beholder is the biggest tax cut. I think the bottom line is where the bracket lines are drawn as can be determined by the ways and means committee. Let me be very clear in the higher tax base i would have to say new york, california new jersey at 250,000 barely moves the needle. You can talk to people who make more than that and what with the school and food for a couple of kids its really hard to make into meat. To that point we are already hearing the sounds of knives sharpening with the ability to deduct state and local taxes. Refusing to sign any plan with that in it. Those are republicans. Well that be the first component that you anticipate might be rewired or reworked a bit. The fact is if you can have a tax reform then you can broaden the base and reduce the rates. It gives the biggest tax benefit to the states that had higher taxes. I think the president is they need to be out of that game. Well had to put our finger on the scale and favor one or the other. What the ways and means when he does its obvious they he going to be a work in progress he has given clear kind dash my guidance about that. In a number of other things. The treasury secretary i believe said today these tax cuts will pay for themselves. When you cut the rate on corporations from 30 which not a lot of corporations are actually paying. Down to 20 . You will give them back a lot of money so that they can grow. Im of that belief. Dynamic scoring of they will pay for themselves is really a guest. To a lot of people including the former president it is in anticipation of how people will react not for sure if they get that money back in their pockets. There is no question that there is a big academic literature. And what kind of revenue feedback they generate. Its completely plausible with this thing. That this thing be revenue neutral. I should add that the dynamic scoring model that will be used as something that has been used for years and years and its a pretty conservative model. One reason why having a conservative model be the referee it accounts to the uncertainty. You learned for the couple of minutes you were on. You arent that much of the taxpayer salary. Please come back. The council of economic advisers so as wall street and you await more details of the tax plan. The stocks are looking to close out the quarter in the month which is a real trick. On a blockbuster note the hole became full of september is not playing out this year. It appears to have broken that trend. They are looking at big gains for the month. It will be the sixmonth numeral for the dow to do so. What are the ones that broke the september curse, can we have the drumroll please. Home depot chevron and intel. Are all of these themes in your portfolio. And maybe as we spin ahead we look at the next quarter which stocks now knowing that the corporations might get a 20 cut it might be ready to soar. Lets begin of course with the met is like. Yesterday we got a couple of names. These are names that are paying 30 to 35 . Berkshire hathaway. What you think. These companies we are not seen a huge boost today. We know that congress may stonewall this again. Youre worried about trump being able to not get this through. I dont expect details to be forthcoming anytime soon. Doom and gloom. We had climbed this wall of worry. We have done a pretty good job. I would anticipate the small cap. Them. Doing very well. Chris, we have some data today the markets did not waver that much considering and certainly the u. S. Dollar considering that some of it was not the greatest. That is two thirds of the u. S. Economy the dollar and i bring this up because it remains pretty steady it is moving higher against most major currencies right now and its on track for the biggest weekly rise in here. You know that they are moving a lot of money today. What does that tell people about u. S. Stocks that have a bigger footprint elsewhere in other countries. The dollar does bounce back. It does impact negatively those earnings that will export a lot. If the look of the overall move. The driver dollar dropped 12 . It has bounced backhree pennies aer a 13penny selloff. I would be more concerned if we too a shot instead of running back up to 97 or back to par. The three set bounce. Everyby decided t get short to the dollar. I would be more concerned if we a bigger rally. We love everybody. Its fascinating to watch all of this as we end up september thinking matt and chris. And be sure to tune in tonight. She is unbelievable. She has built a multi milliondollar company. Stick around for after that. Of how the Real Estate Industry is using drowns to sell properties. Way faster than they happen. Look at this. With the closing bell about 46 minutes away. Almost a flat line again. Fortyeight points now were down just one. Fascinating behavior here with the markets. To puerto rico where its not fascinating its devastating. The struggle for basic necessities still are extremely difficult. They are slowly coming back online the Energy Sectors is muscling up in texas on whether big oil is really bouncing back and how high and does that mean we will start paying more in gasoline. Liberty mutual saved us almost eight hundred dollars when we switched our auto and home insurance. Liberty did what . Yeah, they saved us a ton, which gave us a little wiggle room in our budget. Wish our insurance did that. Then we could get a real babysitter instead of your brother. Hey, welcome back. This guy. Right . Yes. Ellen. Thats my robe. 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Because nows the perfect time to learn more. Go long. So we need tablets installed. With the menu app ready to roll. In 12 weeks. Yeah. The world of fast food is being changed by faster networks. Data, applications, customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Fast connections everywhere. Thats how you outmaneuver. We are getting this developing news about an hour ago the u. S. Navy hospital departed north of virginia for a fiveday trip to puerto rico to bring medical care to hurricane devastated island. As you know thousands were left without homes dozens were killed and billions of dollars in damage. Its still been tallied by the way. About that cap confining capacity. Nearly a month later. We know many of those oil refiners had recovered but well there be future longterm impacts. Low gasoline prices were really lovely. Now weve seen them come back. But will they continue to rise. I think actually in the nearterm the gasoline prices are going to fall another ten to 15 cents per gallon as we had recovered from hurricane harveys impact of spiking prices 30 cents a gallon. What are you seen with the stocks. On the integrated oil companies. Where they do that. And it goes into their gas station. I really do like that refiners. I look at World Oil Demand. It continues to increase. Were not adding as much as we head in the past. The problems in venezuela and mexico refineries are running around the world at even higher capacity. That has has benefited a number of the independents let me get to crew though. When you talk about Oil Per Barrel it is on track for the strongest Third Quarter in a decade people who thought it would never come back quite frankly i think there is still a glut. But if you shorted Energy Stocks he kind of got burned. I think people have been overlooking the fact that the World Oil Demand has been growing. Across the year for 2017 in 200018. And to put its perspective between us two years the demand is going to grow 3 Million Barrels per day while we concentrate on the shale production rising maybe only 700 miles per day. A lot of them have to be made from somewhere. If we look right now at the market overall. When you think about the opec drama that was happening over the summer where they did cut output it didnt really work in the end. I think it actually has worked because we see the structure of the market is changed. To force oil to come out of storage. Whether its in the north sea or singapore. From far away places like south africa we are all seen some some tightness in the oil market as they had been buying up in excess stocks. They have to produce with their program. To really get the market imbalance. Thank you so much andy. The closing bell and 38 minutes. We have nike at the bottom. Poor nike. The adidas kicking the tail there. In this moment we do have them. Seventyone as a lowest there. Go pro taking a tumble. The near came may not entice the average consumer. Nearly 500. Go pro down three and three quarters right now. Getting present trumps tax pitch. They were in the audience and now he is with you and with countdown. He really likes it. What are the other manufacturers think. This is the new new york. We are building new airports all across the state. New roads and bridges. New mass transit. New business friendly environment. New lower taxes. And new University Partnerships to grow the businesses of tomorrow today. Learn more at esd. Ny. Gov think has exposure to energyfund infrastructure mlps . Think again. Its time to shake up your lineup. The alerian mlp etf can diversify your equity portfolio and add potential income. Bring amlp into the game. Before investing, consider the Funds Investment objectives, risks, charges, and expenses. Read the prospectus carefully at alpsfunds. Com amlp a minute ago we hit session highs on the dow and whats interesting about the is it only took two points because we havent even been that much about the flatline today. President trump selling his tax plan to a sector that is already pretty much sold on the idea manufactures here in the u. S. Someone absolutely benefit from the things if it came to fruition. Two many of them in person. Standing behind him is manufacturing workers of all stripes. Ahead of the speech he met with members of the National Association. He is also the National Association of tax and Economic Policy vice chair. We loved it today. This is a thing. If you think about this. If youre in a president ial visit and we had one at snap on in april the pageantry of the president ial visit is republican reaffirming. And one of the cool things about this particular visit is that the president came to say things highlighting manufacturing. It fills our our homes. He highlighted manufacturing and celebrated the pride and dignity to the american worker. We honor those people who leave their hearts on the factory floor. It could not had been more music to the ears. In the employees. Its almost for a wounded sector of america over the past many years they keep seeing their paychecks shrink. You as we checked you pay an effective tax rate more than 30 so falling down to 20 im sure youre jubilant about. What it almost translate into hiring . Depending on what it is. Generally if you increase the favorability of economics behind any company in any jurisdiction its can be positive for us. 80 of what we saw we make it here in the United States. Generally this makes us stronger. I think the other thing about this though. We call on and we dont sell the businesses. In shops and on the flight lines. And they would be encouraged by this. Because this says that this particular town is finally paying attention to american jobs. I need to jump in because you are thrilled because you would see a tax cut but some of your patriots in the United States have been silent we know why their effective tax rate in some cases is below 20 they would see it go up to 20 . I can imagine they are not happy about that. When i hearing things like that. But that is an overall rate. That could be compounded into a relatively foolish rate. The National Association of manufacturers 14,000 strong which has 75 of its members are Small Businesses are ecstatic by this. It comes back to the encouragement associated with this. I think in the past you could get people and he where in washington or any capital to say we endorse American Manufacturing but this advantage of senate on occasion you actually had to act like it. And this focus represents a focus on american jobs. Even those manufacturers who might not at first find this to be favorable would find the focus to be positive. The tools are great. Theyre very effective. One other thing and why we loved what he did. When they use snapon tools is the outward sign of the pride and dignity they take in their work. See mike its good to talk to you. Air force one is waiting for the president as a marine one has landed he is on his way for the weekend to his golf club in bedminster but President Trump did stop and talk to the cameras and we are can have that taper for you in just a second. Twentyseven minutes before the closing bell rings. Everything else is pretty much up. Its just straddling about 35 points to the upside. We will be right back. With some breaking news here. President trump arriving minutes ago. He