Transcripts For FBC Markets Now 20130123 : vimarsana.com

FBC Markets Now January 23, 2013

They will fight it. Stuart there you have it. We are out of time. Dagen and connell, it is yours. Connell congress set to make a move on the debt ceiling. Art laffer is coming up. Dagen playing some defense. The jpmorgan ceo lashing back at critics. More regulation is needed. Connell testifying on the benghazi attack and why moore could not have been done to save americans who died in libya. We will talk about that. Dagen stocks now and every 15 minutes. Nicole we are seeing the dow and the s p hitting fiveyear highs. We are in quite an environment. Nowhere near that 6500 mark where we were for the dow. We have seen a lot of names on the dow doing well today. Microsoft, united, disney. We have had earnings season. We are all waiting on the debt ceiling and, obviously, that is something that looms over. Google is up 6 now. As we await each one, it certainly can be a market moving event. After the bell, we will have apple and netflix. Dagen ridge edson is standing by on capitol hill with much more. Rich nothing is really set in stone. This bill would extend the debt ceiling until may 19. It requires the house and senate to pass a budget. If they pass a budget resolution, they do not get their pay with help. They are not paid until the end of this congress. Republicans say they feel hopeful and optimistic that this thing will pass. A number of republicans are saying that it will pass. We will be watching that today. As for the u. S. Senate and white house, they have not ruled out this proposal. They are fine with a short term debt ceiling increase. They want to see some longerterm. They have not given it exactly a seal of approval. It seems they both parties could get behind this proposal. The first step through the u. S. House. Back to you. Dagen thank you for that. Lets bring in our laffer, former economic adviser to president ronald reagan. Politicians will never get anything serious done. You are probably right. They probably will not get a lot done in the long run. The debt ceiling is one tool to get a little from the democrats and bring some spending down. This is not going to be the end to all the spending problems. Dagen what concessions to think the the republicans cant get in terms of cutting . Taking on entitlements in any way shape or form. When the democrats do that, they put themselves at risk. It is a country issue, it is not a partisan issue, to be honest. If they do that, they risk really losing a lot in 2014. Dagen you say it is a country issue. To that point, it looks like this country really does not want to do anything about it. When this payroll tax expires, people are up in arms about it. There will not be, until we all feel pain from higher Interest Rates and inflation, not a single thing will be done about it. I hope that is not true. I hope people can really forecast and see what is happening in the future. If they do not, theyll have to wait until the car hits the wall to feel that pain. I do not think that is the case, dagen. To be very honest with you, these two parties can really get together and look at some of the entitlement programs and really make a difference. I hope it is not like what you are describing. I just hope that is not the case. Dagen maybe one area of agreement is tax reform. We heard congressman paul ryan talking about it. The president did mention it in his inaugural address earlier in the week. Do you think that is doable and what she couldve possibly take . Tax reform has a different meaning to almost everyone who discusses it. Bipartisan he meant higher tax rates on the rich. He meant a broader tax rate. He met tax increases rather than tax reform. It really was changing the way government collects taxes. It broadened the tax base dramatically and it lowered tax rates. We had almost every democrat to vote with us in 1986. I think it was 97three in the senate. That is bipartisan. I am really hoping congress can do that Going Forward. Dagen it was great to talk with you. Be well. Connell jamie dimon is at the World Economic forum. He has been taking on his critics are what he calls bad legislation. Dagen apple. The Company Reports after the bell today. We will set the stage on what you can expect to hear from the tech giant. Will you be disappointed . Take a look at oil today. It is slightly lower. 96. 50 a barrel. Twins. I didnt see them coming. I have obligations. Cute obligations, but obligations. I need to rethink the core of my portfolio. What i really need is sleep. Introducing the ishares core, Building Blocks for the heart of your portfolio. Find out why 9 out of 10 large professional investors choose ishares for their etfs. Ishares by blackrock. Call 1800ishares for a prospectus which includes investment objectives, risks, charges and expenses. Read and consider it carefully before investing. Risk includes possible loss of principal. Connell markets up again today. Trying to make a little money with our body, Charles Payne. Charles the market is at a fiveyear high. The rumors are pouring out there. Safeway is interesting. Safeway has 96 stores and alberto they also have a big stake of a chain in mexico. Metro did 11 billion last year. Safeway did 44 billion. They would need a little help in making that happen. I would not buy any stock solely on a potential takeover. Jcpenney. [talking over each other] charles that is why it is then the rumor mill. He just is not cutting it. He came from apple. All of the things, all of the great ways he will revolutionize that kind of retail, you just cant. It is tough. I give it about a 30 probability. The mini mall thing is interesting. Google buzz supermall out in los angeles. You will crack up when you see it. The zillow corporation. All of these stocks are trading higher. There are some people on the street to think they have some merit to them. Connell a lot of this starts with rumors. Just plain rumors. Do you have a rule of thumb . Charles that wall street is overlooking something with respect to the company may be taking market share. With all of these companies, use the longterm issues. Not, zillow, per se, but with jcpenney. They all have one thing in common. They are down significantly from their recent highs. Dagen charles, thank you. Connell always good. Dagen not just one, but three of ideas. Connell we got a lot for our money today. Dagen tofu coming to chipolte. Nicole meet cost a lot of money these days. Perrigo sales cutting into chipoltes cost. This is something they will be trying out in san francisco. Lets take a look at the major markets. The Dow Jones Industrials, by the way, new fiveyear highs on the dow and the s p today. About 400 points from our alltime high. Names like ibm, after earnings, doing quite well. Dagen chipolte. Thank you so much. So much sodium, it makes your hands and feet swell up. Connell the ceo of jpmorgan is calling for more regulation or fighting his critics that are calling for more. We need the right regulation, not war rules. Dagen the final days as treasury secretary. Im talking about Timothy Geithner leaving the post at the end of the week. Where will you go and how easy will the confrontation before jack glue . Take a look at world currencies. At 90 minutes past the hour, i am patti m brown with your fox news minute. Talk of britain leaving the european union. Eu membership will be up to a referendum. Voters should decide whether the uk should stay in the 27 member euro zone. The First Priority is renegotiating the eu treaty. Timothy geithner at last they will be friday. President obama has elected jack lew. Much of the u. S. Experiencing the coldest temperatures in two years. For death are blamed on the cold snap. The bitter conditions are expected to stay into the weekend. Dagen, back to you. Dagen jamie dimon apologizing. Also, stepping up and saying back off. There is more regulation needed. He said all of this at the World Economic forum. We are president and chief investment officer. He is in rochester, new york. Maybe the only place on the planet that is colder than where you are sitting right now. Happy to be here. Dagen what do you say to jamie dimon . There was one Hedge Fund Manager that went after him. He said back off. Well, jamie is right about the capitalization. He has incredibly strong capital. A lot of the standards forced the banks to have more capital, have more liquidity. It really is about rules. Some of the most simple rules are the most important ones. Banks should have more capital. Okay. I have met that. The reserve should carry them through bad times and good times. I think we had a problem where they did not carry enough reserves during the last cycle. The u. S. Bank was to buy fannie and freddie preferred. You have to carry less capital. It encouraged the banks to all men. Of course, they got wiped out with those positions. In europe, you have the same situation. It is not just the rules. Jamie has done a pretty good job. Dagen other than that one loss. If you look out probably speaking, if you look at how stocks have done in the last year, best performers are the major sectors in the s p. Cannot continue, do you think . I think it can continue. There is nothing more economically sensitive than the banks. The flight in the ointment here is that that feeling. If we get through that without a bond of damage. We can really benefit. Dagen it was great to talk to. Be well. Stay warm. Hope you have a big puffy coat. They are not pretty, but they work. Take care. Connell speaking of places that are cold, we are going to go to doll both in switzerland. Liz claman is there. Dagen where in the world has Walt Mossberg been . He is in vegas. He is back and he talks about the goods, the bad and the ugly. You get a laptop and you get a tablet. He will weigh in on that. Here are some of todays winners on the s p. Copd makes it hard to breathe, but with advair, im breathing better. So now i can be in the scene. Advair is clinically proven to help significantly improve lung function. Unlike most copd medications, advair contains both an antiinflammatory and a longacting bronchodilator working together to help improve your lung function all day. Advair wont replace fastacting inhalers for sudden symptoms and should not be used more than twice a day. People with copd taking advair may have a higher chance of pneumonia. Advair may increase your risk of osteoporosis and some eye problems. Tell your doctor if you have a heart condition or high Blood Pressure before taking advair. If youre still having difficulty breathing, ask your doctor if including advair could help improve your lung function. Get your first full prescription free and save on refills at advaircopd. Com. Sven gets great rewards for his Small Business how does this thing work . Oh, i like it [ garth ] svens Small Business earns 2 cash back on every purche, everday woohoo so thats ten security gators, right . Put them on my spark card why settle for less . Testing hot tar. Great sinesses deserve great rewards [ male announcer ] the spark Business Card from capital one. Choose unlimited rewards with 2 cash back or double miles on every purchase, every day whats in your wallet . Heres your invoice. [ indistinct shouting ] [ male announcer ] time and sales data. Splitsecond stats. [ indistinct shouting ] its so close to the options floor. [ indistinct shouting, bell dinging ]. Youll bust your brain box. All onhinkorswim from td ameritrade. Dagen pc sales falling just a little more than 3 in 2012. They are turning their focus to hybrid devices that can be a tablet or a laptop. These shape shifters could be a myth for consumers. Connell joining us now from washington, d. C. Is Walt Mossberg, all things digital. I do not know if i like quantities. I like having a tablet or a laptop. Tell us about the hybrids and which one is best. Well, you know, i have to say, i am sort of with you. The hp ndx two, it is a tablet that is a thin tablet. You can remove it. There is a battery in the base. There are some nice things about it. It is 850. It is expensive both for windows laptop and for a tablet. It uses an entry level intel processor, so, it is okay on the tablet. When you are trying to use it as a laptop, you have a pretty wimpy powered laptop there. The next one is from it has two screens. It has a screen inside, like a regular laptop. Not even a touchscreen. When you close it, they have a screen on the lid. The lid is glass. They have a touch screen computer and a button with four modes and another switch that turns one of the modes on and off. Kind of complicated and bad battery life with both screens are running. That is one of the things they tout. The last one is a toshiba. It is a slider. When you open the box, it looks like a big fat heavy tablet. By the way, that is one of the big problems with many of these convertibles. The tablet mode is like, you could stack three ipads up it is not something that you will use for a long period of time. You have a laptop with kind of a clamped keyboard. That is 1150. Is there the demand for Something Like this out there or is it the apple like we think this is what you need so we make it. It is a slightly different reason. As we discussed last fall, microsoft is doing Something Different than apple and google. They took their tablet and instead of breaking it out and using it strictly for tablets, they munched it to gather with regular windows. These hardware guys are trying to make computers which will kind of matchup with that. Connell it is good to have you back, by the way. Walt mossberg. Dagen thank you. It was good to see you. It is the bottom of the hour. Stocks now and every 15 minutes. Nicole i have two names. Two big names. Two big set of earnings. One of arrow. One down arrow. Coach is down about 15 right now. Coach has been under pressure. Not seeing the demand in north america. Intense competition. Some of the other hand bag makers have discounting fares. It is a tough holiday season. Ibm. Dow component ibm up 5 . Adding 82 points to the Dow Jones Industrials. Software sales on the rise. Ibm is a clear winner. Back to you. Connell the big story has been secretary of state Hillary Clinton today. Testifying before congress answered questions about the terror attack on the u. S. Consulate in benghazi libya. The response saved american lives in realtime and it did. The very next morning i told the American People that heavily armed militants assaulted our compound and i vowed to bring them to justice. I stood with president obama in the rose garden as he spoke of and act of terror. Connell that was the explanation. We are bringing in mike baker now. The accountability review board came out. We knew that there were serious administrative and logistical screw ups leading up to the incident. We knew that. They did not address some of the issues which i am sure she will not address. Who was in the white house situation room that night of the incident . Did anyone request authorization to at least try a rescue attempt . Was it denied . How could the president just fail to at least try, to at least put planes of in the air, to at least try to put up a response. Connell there was no delay in the response. Mainly delays in the attacks. You mentioned the tone. There was an exchange with ron johnson of wisconsin, talking over and over about the u. N. Ambassador on the sunday shows after the attacks, and whether or not the American People were misled by ambassador rice, and heres that exchange. Senator johnson speaking, and secretary clinton answering. Watch this. We were misled there was supposedly protest, and then something sprang out of that. That was easily ascertained that that was not the fact. But, but, you know the American People could have known that within days, and they did not. With all due respect, we had four dead americans. Was it because of a protest or guys walking one night and decided to kill americans . Whats different. At this point, does it make . It is our job to figure out what happened and do everything we can to prevent it from happening again, senator. What difference does it make, she says, mike, what do you say . Are you kidding me . Thats the answer from the secretary of state . Its her shop. To find out who was responsible. We know who was responsible for months and movements and months, the security situation was decreasing. It was a war environment. High threat, high risk. We knew cables going back and forth, and they were ignored requesting the security. We knew that. What is she talking about . The effort to defleblght because, you know, obviously, they were coming up on the election in november. I suspect there was political operatives in the situation room and did not want to take the risk. Ultimately, ultimately, the problem was, yes, the cia staff on the ground did Everything Possible to try to protect, and they did, protect and save lives. We could have had a worse situation if not for them. Their job was to wait, and the president never sent the calvary. Mike, thank you, other lines coming from it saying answers were not satisfactory, and ron paul says he would have fired her. Mike baker, thanks, as always. Thank you. Dagen we continue to bring you the latest from switzerland. Dimon playing defense or offense . I say offense. He had the guy backing down. Hear more about it. Connell liz is in davos talking with mr. Dimon tomorrow, and heres who else she has. Fifty world leaders, 900 ceos. Okay, so who is here . Everyone from the ceo of cocacola to sap, we have general electric, merck, citi group, india companies, research in motions blackberry, chinas hna, jpmorgan chase, and speaking of microsoft, bill of the bill and Melinda Gates foundation, dont miss the interview at 5 30 a. M. Eastern time here on foks fox business. Thats friday. All of that and so much more so stay tuned. [ male announcer ] where do you turn for legal matters . Maybe you want to incorporate a business. Orrotect your family with a will or living trust. And youd like the help of an attorney. At legalzoom a legal plan attorney is available in most states with every personalized document to answer questions. Get started at legalzoom. Com today. And now youre protected. Lori this is your fox business brief, commuters had a rough ride. Service restored at amtrack northeast corridor between new york and niewrks, new jersey after being suspended for mechanical problems. Trains moving at restricted s

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