Transcripts For FBC Markets Now 20130222 : vimarsana.com

FBC Markets Now February 22, 2013

Real from the week. Any personal favorites that we put in or missed out . Charles it was tough. There was a lot of good stuff this week. [talking over each other] charles i really wanted the viewers stuart you are all heart, charles. We are all out of time. Dagen and connell, it is all yours. Dagen that was a love fest going on. Good morning. I am dagen mcdowell. Connell i am connell mcshane. Blackrock is first up on the show today. Dagen gas prices are at a record for this time of year. An Energy Analyst in this country says you better watch the west coast. Connell boeing ceo finally speaking up about the dreamliner mass. Dagen former massachusetts senator, scott brown, thinks the budget cuts will hit your wallet in ways you do not expect. Connell he will be here to make his case. You cannot buy an oscar. They do not guarantee hollywoods highest honor. Dagen top of the hour. Stocks now and every 15 minutes. Nicole a market that is now gaining ground. We are up 50 points on the Dow Jones Industrial. The dollar has changed direction. Most of the dow components are in the green. Drug stocks, bank stocks, all doing well here today. Back to you. Connell thank you. Two more on the market now. The cash is king. We have a totally different take on it today. Ross is the chief strategist at blackrock. This is not a misspelling at the back of your screen. It is actually an acronym for how you are investing these days. Canada, singapore, switzerland, hong kong, as well as, australia. Let me start with australia. The basic theme here is a fairly simple one. You think about the environment since the financial crisis. One of the conclusions you come to is that the developmental world is in a bad spot. The interesting thing is canada, australia, singapore, they came out of the financial crisis. Some of our themes is investigating these smaller developing countries. Connell i think it is an interesting point. You are absolutely right about that. What about somebody wondering, what about us . What about us . The short answer is there is nothing wrong with us. Most people own too much of it. That has actually worked out very well the last few years. The u. S. Will stocks are expensive compared to the rest of the world. The suggestion is not to own the u. S. , but all a little less of it. You just look at your 401 k and change allocation in terms of percentage. Are you worried about something in particular here in the u. S. . We will talk about the sequestration later with mr. Brown. The markets, will they have a big selloff . I do not know if we are looking at a big selloff. We have faced these huge issues. Will the u. S. Go off the fiscal cliff . I think this is a more modest issue. We are putting a lot of fiscal drag. That is a lot of money for an economy only growing 2 . My concern is not a major selloff, but a growth disappointment in the first half. We are looking at a correction, should that happen. Connell we will have this debate and continue to have it. Some people are saying that this of kuester is a really big deal. It is in a slow bleed. It is not as big of a deal. You cannot look at it in isolation. In total, again, it is not a game changer, but it will be a drag for the first part of the year. Connell pretty good acronym. Thanks a lot. Thank you, connell. Dagen gas prices at a record high for this time of year. We have the chief oil analyst for the Oil Price Information service, tom kloza. You didnt really see this coming, did you . The runup that we got so early in the year. I did not see it coming so early in the year. It is pretty typical of the runup. There are a couple of extra things that are contributing this year. We have seen this movie before and we know how it ends. Dagen talk about the refineries in the amount of money that the refiners are able to make based on the spread between crude oil and gas prices. Two things. Maintenance is contributing to higher prices. If you are not performing maintenance, you are making profits like counterfeiters. You have crude anywhere from 80 117. It is not typical and it is not sustainable for refiners to make 20 50 a barrel on gasoline. That is just way, way off the charts. Dagen what has created that unusual spread this go around . Is that investors . Is it investment money . I think a lot of investment money and the Fund Managers have bought gasoline futures. We will see some numbers later today that will show even more of a bias. That will cool off. When that peaks, that is a sign that maybe the market will back off. I think it will back off by quite a bit once we get there. Dagen you say watch the west coast. Are we already seeing that in terms of gas prices . Yes. They have switched to summer gasoline on the west coast. They are probably in the seventh or eighth inning of their maintenance. They are finishing that up. They have prices for dollars 0. 25 above. Watch that. If that moves down, that may be a sign of things to come. If i had to bet on it, i would say no. I think we will get to the point where a lot of people predicted. There will be a lot of people predicting 4. 55. I do not think that will happen. Dagen best movie . I would say best movie was argo. I have seen him all. Dagen i agree with you although i have only seen one and that was argo. Connell i have only seen one and that is your pick. The cyber threat that we have been talking about drought the week from china. Also from russia, the rules that they live by and how those rules do not apply to terrorist organizations. Dagen former senator scott brown says harry reid will not budge until he can take more from the rich. Connell boeing ceo and the need to get that dreamliner airborne again. Dagen with the Academy Award coming up, we have combined our love of the movies with business. We are asking some ceos which movies inspired them. Trading places, casino, its a wonderful life we will give you the answer after the break. Stamps. Com is the best. I dont have to leave my desk and get up and go to the post office anymore. [ male announcer ] with stamps. Com you can print real u. S. Postage for all your letters and packages. I have exactly the amount of postage i need, the instant i need it. Can you print only stamps . No. First class. Priority mail. Certified. International. And the mail manicks it up. I dont leave the shop anymore. [ male announcer ] get a 4 week trial plus 100 in extras including postage and a digital scale. Go to stamps. Com tv and never go to the post office again. 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. Connell we were asking about movies about finance. You thought maybe it was trading places or casino or its a wonderful life. His answer is its a wonderful life. Dagen Jimmy Stewarts character explained it in the simplest way. Connell and allamerican choice right there. Casino is so much better than those other two. [ laughter ] dagen you like it because of robert de niros character. Charles i just hated that he let the woman walked all over him. Other than that, he was amazing. You never fire the nevada state gamers supervisors cousin. [ laughter ] a couple things. First of all, on monday, i hope people were watching. We were open, open the else was. Up 29 . People have taken profits. It is actually pulled back a little bit from the high. Up about 21 right now. Saturday and sunday, i read the paper where they had an article about byob, bring your own device. I thought that was i was excited about it. I knew those names. Did you see fire source today . No. Not today. Charles look at that move. 19 . A grand slam. I would take profits on aruba and hold this one. I think it will go much higher. Dagen you are great this week and you always look good. Charles not quite de niro. Connell lets go to Nicole Petallides for stocks now. Nicole some news to watch here. Lets start off with abercrombie and fitch. The young retailer and how people are heading into the store. You have seen the stock down 6. 7 . Their outlook is somewhat weak. Their holiday sales not so great. Hollister will go under their umbrella. The stock down nearly 7 . A quick look here at marvell. Pretty much above the analyst investments. The stock is up nearly 2 today. This is certainly a nice winner for you. Back to you. Dagen thank you, nicole. Connell the traditional worlds of warfare are not necessarily imply here. We will show you why terror cells are altering cyber security. Dagen scott brown standing by to talk to us about the massive spending cuts. Take a look to world currencies. 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Ends sunday we asked total strangers to watch it for us. Thank you so much. I appreciate it. Ill be right back. They didnt take a dime. How much in fees does your bank take to watch your money . If your bank takes more money than a stranger, you need an ally. Ally bank. Your money needs an ally. I have your fox news minute. A judge in south africa has set bail for Oscar Pistorious at 113,000. He is free pending his trial in the valentines day shooting death of his girlfriend. The olympian says the shooting was an accident. Prosecutors say it was premeditated murder. The current 3g network only allows residents to make phone calls. More than 1 million koreans use mobile phones, but the service is not for them. The government started allowing for visitors to bring mobile devices into the country starting just this year. The april 6 Youth Movement in egypt entering president Mohammed Orsi name and in online contest with a trip into space. The group became fierce critics. That is your fox news minute. Back now to connell. Connell thank you for that. The attack on a networks website. A lot of highprofile attacks on u. S. Government agencies, twitter account and so on. China is responsible for a lot of these breaches. Scott ward is here to say it is a lot more than that. You work with the government, is that correct . Yes. Connell we are entering a arms race. Is that a fair comparison . There are many things that it has in common with the cold war arms race. We have a new kind of weapon that is so phenomenally different. We really cannot transfer most of the weapons and strategies from the cold war. Connell what people did is they took what they know. That is why these arms race comparisons are coming up. What are the main things that you would say this is different and this is different. The first one would be these weapons do not just destroy things. They take control of them. They are like an army of agents that can take control of an entire system and do whatever hundreds of agents could do. The second thing is, in the cold war, we relied on deterrence. Connell does not work . In the cyber world, if we are attacked, we will not know for sure who attacked us. Connell i know people have had concerns. It could be al qaeda. Right now there are only six or seven government that have this. Cca could be anybody with too much knowledge. Some say companies are most at risk. Will this be a huge economic story, you think . I think it already is. I think it already is a huge economic story, it just has not been recognized as such. The chinese are engaged in a campaign to steal all of our competitive and important Business Information so they can replace entire industries with industries in china. Connell the chinese government. In order to keep their people happy, china has to maintain a very High Economic growth rate. The only way they can do that is by stealing western technology and copying it. The government is carrying out a massive campaign. Connell we will bring you back and talk more about how Companies Deal with this and what kind of risk we are talking about. Scott borg, nice to meet you. Thank you for coming in today. Dagen why senator harry reid will not budge. Scott brown on the Money Politics going on in washington and how it will cost us all in ways we do not even expect. Boeing ceo trying to sell the government on a shortterm fix on the dreamliners battery problem. Trying to get these planes in the air again. Here are some of todays winners on the s p 500. [ indistinct shouting ] [ 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. More likes. More tweets. So, beginning today, my son brock and his whole team will be our new senior social media strategists. Aany questions . Since we make radiator valves wouldnt it be better if we just let fedex help us to expand to new markets . Hmm gotta admit thats better than a few likes. I dont have the door code. Whos that . He won a contest online to be ceo for the day. How am i supposed to run a business he without an office . [ male announcer ] fast, reliable deliveries worldwide. Fedex. Dagen it is the bottom of the hour and stocks now. Nicole hp is on the move big time. It is up about 18 right now. The number one earner in the Dow Jones Industrial. A great performer. It was a big loser in the year 2012. It certainly is a good one to watch now. That outlook is looking good. The profits beat the street. This Sales Guidance is helping it right along. Adding more than ten points to the Dow Jones Industrials. Meg whitman is so key to this turnaround plan for hewlettpackard. There have been no plans to break up the company. Obviously, doing well here for a company that has been beaten down, full Management Changes and today hewlettpackard shareholders are probably pretty happy. Connell our next guest on markets now says the lack of leadership in d. C. Could bring those cuts to her wallet. The former massachusetts republican senator and current Fox News Contributor joins us now. Scott brown. Good to have you on markets now. Thank you. Connell it is a discussion that has turned into a debate. What is the real world impact of the budget cuts, if they happen . If the still cluster goes into affect, how would you characterize it . That is all they are talking about. It affects not only the contractors, but the men and women serving all the way down to the supply chain of the smallest provider. There is a lack of leadership. You have people like harry reid and Chuck Schumer who basically bring us to the brink every single time and then try to ram through a bill that has a great title, but does not do what it is supposed to. It is really shameful. Connell there are not many people like you left. How may people like you are left in congress . Yes. There is about 23 that we could actually take and move to get closer. Right now, that number, obviously, we are gone. The extremes on both sides are just so partisan right now. It is really affecting who we are as a country and how we solve our problems. Connell that was an interesting perspective that you brought on the personal level. In the last few days, particularly from conservative commentators, they have been making this case that big picture on a macro level, these cuts are not as big as you think. That the administration is trying to do with the president appearance the other day with the First Responders behind him. Sudden spending cuts to bleed slowly. Only half a percent of total economic output. The economy will not feel it at all. Are you countering that . Listen, of course it is a big deal. It affects people in a very real level. The most important thing is, yes, he is using his bully pulpit. Bottom line is, this is something they have known about for over a year. We got to this point because we did not want to default on our dad. We came up with a true kony and deal. If it is real and they want to get to it, they should get to it. Connell it is most likely to go into affect now, dont you think . Listen, i hope i am wrong, it will go into affect. They will have the finger blaming game. Then, down the road, they will continue the resolution and they will probably work out a deal to step back virtually. Bottom line is, what do we do next year . Looking for a longterm solution to our 16. 5 trillion national debt. Connell one of the things they cited the last time we were downgraded was dysfunction in washington. Senator brown, good to have you on board at fox. Thank you for coming on today. We appreciate it. Anytime. Thank you. Dagen meeting today with federal aviation officials to present the companys solutions to the battery problems that have grounded the 787 dreamliner fleet. Talking about what the 787 means for the companys future. This airplane is our near and medium term future. Mike lloyd is the president of Boyd International group. How would you rate the response . I do not know what else he can do. He is not a cheerleader. We know what we know. It will not advance the process at all. I give him a pretty good rating. He is trying to get the company fixed. We are only talking 50 airplanes out of 14,000 across the globe. It is a big thing. I think he is doing the job he should be doing. He pushed the development of this 787 dreamliner. Did the company bite off more than they can handle. There were company delays. Now this. Lets keep in mind this is one airplane and it is an isolated problem. The airplane has behaved properly. It has performed up to airline expectations. We have a battery issue. We do not know what that issue is. I think they been off what they should have bitten off in order to mov

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