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tv   Closing Bell With Maria Bartiromo  CNBC  August 15, 2012 4:00pm-5:00pm EDT

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that could change the tone for tomorrow is coming up as we get earnings from cisco and we'll hear from john chambers as we get under way with the second hour of "closing bell" with maria bartiromo, i'll see you tomorrow. >> and it is 4:00 on wall street, do you know where your money is? i'm maria bartiromo. the market is stuck in neutral for an eighth straight session since last month. it's traded around 80 points. is this the dog day ls of summer or the summer rally out of steam. sis doe due out any moment now, they will offer the fiscal impact. who better to talk about the earnings than john chambers who will join me moan tearly. look at how we're finishing the
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day on wall street. a slow day in terms of volume. the dow jones down about 8 points today is where things are settling out. the nasdaq was strong, technology and the lip group on the up side. they finished at 3,030. investors got their share of solid economic data but it did not spark a rally. is any life in the economy wiped out in anticipation for the fed action. brian, good to have you on the program, thank you for joining us. are you expecting stimulus from the fed in september? >> i'm not, i don't think data we have seen says that the fed needs to stimulate. a lot of people are putting weight on it saying they'll act as needed. i think that's not telegraphing future stimulus, it's underscoring the fed's independence from politics.
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there's so much coverage about whether or not they will be independent that the fed wants people to know they will act in the best interest of the economy and not political motivations. >> that's a great point. everybody wants the federal reserve to stay independent. they have been telegraphing pretty specific things. they told the wall street adjourn a few weeks ago, and the market came back, that either they'll do it next week or do it in september if growth does not pick up soon. have you seen any signs that growth will pick up soon? >> i don't know if growth is picking up soon, but it is picking up, just not as rapidly as we would like. if the fed does anything, i don't think that will do much to prop up the economy. it will create a pop in the markets and have an unintended consequence of shifting people's expectations of future inflation. >> but you say you're not expecting much, so if we don't
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see anything, would that trigger a big selloff in stocks, are you expecting a down trend in this market? >> i'm expecting a sell off. as we get up towards 1450, that's in the range that we are for the entire year. i think that after the elections we could perhaps visit 1450. at these levels, i'm looking at trying to reallocate some of the stock that's will be positioned for long-term growth. i think if the fed does not step in we will see a selloff. thanks, brian, we'll talk soon. we'll get more now on the developing story that we're following. brian shactman has details on several big banks today. >> yes, a source close to cnbc says that eric schniderman subpoenaed several banks in the libor investigation that include
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jpmorgan, and ubs. jpmorgan issued flat, barclays was slightly down, and ubs is unchanged. both of the charts were in negative territory when the news broke. new details are emerging about the secretive countrywide program that gave mens of congress discould wants on their mortgage rates that no one else could get. we're looking at the democrat chairman of the committee at a time that launched the information of the program was a he tried to keep that a secret. the reason is the i have katherine with me saying this is exactly why letting congress investigate itself doesn't work when it comes to rooting out
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corruption. thank you for coming on the program. >> thanks for having me. >> how can anyone trust the investigations with stories like this. >> this is a perfect example of congressman start to think they're above the law. we're talking about a 15-term congressman, set to retire, and he started to feel invincible. he thought i can investigate on something that i have done wrong and still avoid getting caught. but if you give a small amount of people control other concessions worth hundreds of billions of dollars, of course people will find ways to nudge them when it comes time for a vote. >> you have a number of members that claim they did not know they were part of the vip program. is that true? could you not know? if you're part of a committee investigating? >> dlsh i have to get this out,
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pardon me, the estimates on cisco are 11.6 billion, we're getting 11.7 billion for the quarterly numbers. the earnings estimates called for 45 cents a share on cisco. these numbers just coming ut. the revenue number is $11.7 billion verses $11.6 billion. so it looks like from the revenue standpoints and 47 cents is the earnings, so the for a minute on earnings was 45 cents a share. this is the fiscal fourth quarter for cisco. it does look like it's better than expected. we're watching this stock trade up in the expended hours as the numbers are just coming out. we're going to talk about what this means for tomorrow, and
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speaking with john chambers momentarily. in the middle of an interview here with katherine. i just asked do you think they, being part of a committee did not know they were part of this program? >> you don't have to be a mena member to be in congress. there's a lot of guys there that are not super genius, but this was a broadly known phenomenon. it was also members of their staff getting it, but pete sessions, a member of congress, and he is on the record saying don't give me the special rate. please make it clear you're not giving me the special rate. if he feels compelled to ask for not special treatment, then that means it's the default. >> does it make it difficult for other members to say they had no can control if pete sessions says don't give me the better rate.
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>> yeah, he takes a dent out of the a, everybody was doing it, and b, i didn't know argument. >> how do you think this plays out going forward? >> i think this is unfortunately going to be one of many congressional scandals that people shrug their shoulders at. this is how congress operates and the american public knows that. >> let's throw up cisco here. up 47 cents a share verses 465 cent estimate. there is the stock chart in the extended hours, and we're seeing a rally on cisco. we have more headed your way on this jam packed wednesday edition of "closing bell." >> coming up, computing profits,
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cisco ceo john chambers talks to us about his company's earnings before he talks to analysts. plus -- >> this guy just isn't bright, he's never been bright, and people think he just talks too much, actually he is just not very smart. >> who is he talking about? home depot founder knows and he could not agree more. and more network coverage of this year's devastating drought and the impact it will have on your bottom line. [ male announc] at scottrade, you won't just find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to help.
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welcome back, cisco earnings out just moments ago. revenue of $11.7 billion. for more now, we ask john chambers what went right. john chambers is joining us for a first interview. it's a pleasure to be with you again after a strong quarter. >> i'm glad i have been talking about the dividend the whole program, what big news, raising
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the dividend by 75%, john. why is this a good use of capital? >> we made $11.5 this year in cash flow. so we were watching when we thought the markets were stabilizing and we were very comfortable in our ability to repay that. so we thought this is the time to do it and we're listening to our shareholders. >> it's interesting, we have been talking about this whole fiscal cliff issue, john, and if tax rates change considerably, we could see them go up to 43%. would that change your mind in terms of strategy? >> we're clearly on a path and we have to earn this one year at a time. our thoughts are you continue to increase them overtime. it has a effect on what dividends will be. but if you go back to the quarter it was unusually strong.
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europe was a little challenging. >> let me ask you about europe, it's on everybody's mind. we're seeing overall economic weakness around the globe. i want to put asia aside. how tough is university right now. do you see any reversal here? >> i was just in the u.k. a few weeks ago, i think it will get tougher before @ getting better. we have a great team in europe, but we have seen steady declining numbers in europe, we saw a reverse in asia and a couple positive signs there. >> because of the debt crisis you're seeing businesses slow down, step back, not seeing the kind of activity you did years ago in europe? >> that is true, but we're also responding to rfps to really
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talking about how do you transform business and government like we did in the u.k., like in canada, and with many top companies around the world. we're changing how we go to market, and we're getting rewarded for breaking away from many of our peers. the market share peers have probably never been better. >> do you have to resize the business in your european operations? we're going to get to asia and the strength're seeing in a moment. what changes do you need to make to off set this weakness. >> we can add to that maria for where we added this head count. 500 were college graduates that we'll put there intern programs. so if you look at where we're looking for our growth, emerging markets is one of the three. so we have to move resources to where 50% of the world's gdp is
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and only 20% of our business currently. >> makes sense, and on to asia, are you seeing evidence of a slow down there. we know china has slowed down a bit. >> unfortunately as you know, we're often three, four, or five quarters ahead of our peers. 18 months ago when we signalled the slow down of the u.s. the nice thing about asia is we see india coming back a little bit, it's been tough several quarters in a row for us. we feel good about asia, part of it is market share gains and we see their economies doing okay. >> take us back to the united states, john. where are the sectors that you're seeing the interest in terms of spending on i.t. >> about 80% of our business is
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knew every 120 days. we're starting to see in the second half of the quarter very slight improvements in enterprise, in the commercial marketplace. we saw state and local government come back. we're seeing service provider continuing to do well. >> in terms of the u.s., we have so many issues that we're talking about whether it be the tis kal cliff, and certainly the unemployment story. what do you think it will take to shake up things in the u.s. in terms of getting growth moving again? >> i think it's simple. regardless of who is president, we have to see what they did in the united kingdom or canada. the governments had a very progrowth environment working with businesses saying what do we do to create jobs. getting consumer and business confidence up and that means predictability. we have to be a great business nation and we will add head count and go.
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that's kpablgtly what mr. cameron is doing. we can learn a lot from both them them. >> so you think these issues are slowing down adding heads to the payroll? is it dictating your moves? >> as you can imagine in a quarter i may talk to from 50 to 200 ceos, and their confidence is challenged because of up certainty. and when they're uncertain they spend slower. >> and they are spending slower right now. what's your take on the romney pick? romney-ryan? >> as you know i'm a strong pick for romney, i like the pick for vice president. this election should be about the economy and job creation and i think you will see both sides
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move to the middle to win america's hearts, minds, and pocketbooks. >> you have before very vocal about the double taxation in the u.s. any movement on that? this has been an idea that's been floated a long time and a lot, and we're not seeing any movement on it, why? >> two things, maria. i think it takes courage to do this. every other developed country does this. prime minister cameron said i don't understand the u.s. policy, but if they don't understand it invest in the u.k. and we bought a $5 billion company in the u.k. and now half of our head count in the u.k. are engineers. >> that's really interesting. >> is so we have to get our act together and send people to invest in america. we still have the majority of our employees in america. we have to have help from
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government. >> where are the opportunities for expansion and acquisitions. >> i think you're seeing it across our core technologies. most of these are coming true very well. twitching services, intelligent networks, video, the cloud and data center, glab ratiand colla. john, real quick, i know you will be talking with analyst what growth rate do you predict for business in the next three or six months. >> i have to be very careful about people wanting to listen to our conference call. i won't comment on cisco. most of my ceos are saying the gdp will be in the 1.5 to 2% range. >> okay, we'll leave it there, appreciate your time tonight,
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maria. >> john chambers is ceo of cisco. >> and the vice presidential candidate is only recently a budget hawk. and later, a special network coverage of the worst drought in half a century continues. why not take a day to explore your own backyard? with two times the points on travel, you may find yourself asking why not, a lot. chase sapphire preferred. there's more to enjoy.
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welcome back, ken landgon, a supporter of mitt romney, may have questions about romney's new running mate, congress paul ryan. speaking a month ago, he raised concerns about his tenure in congress. i asked him where he was in the six years we were spending money like drunken sailors. ken joins me to talk about that. good to see you. >> nice to see you. >> so how do you feel about paul ryan as the pick? >> i'm excited. the record has to be answered and it will be. i think as you watch this man present his knowledge of the budget, of the deficit, of all
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the moving parts, it's clear he will be able to address those issues because hopefully the democrats will raise the level of the discourse to more than what they're doing right now. i think he will be able to point out his record and knowledge and more importantly, the things he thinks we need to do to get this country going again, and we need to get this country going again. >> it certainly feels like deficit reduction will be the centerpiece of this ticket. >> yes, it is. the first thing you have to do is be realistic. in the eight years prior to president obama, we ran up a pretty good deficit too, and we have to explain that and say to the american people, even if we have to say on reflection we wish we did things differently. there is no sin saying you can't
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look back and regret something you did. if we look back, we should have said look, if you're going to spend money on these wars, then we have to do something over here, or how will we pay for those wars? our debt went up $7 billi5 bill those years. i think the american people are forgiving and they admire candor and honesty. i think congressman ryan and governor romney will both present themselves well in that regard. and i think the american people the more than look at these people the more they excited they will be. >> let me get your take on the ditch and the economy right now. you have your hand in so many businesses. home depot earnings are very strong. and where are you in terms of
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economic investment. >> what i see are companies are doing well, but they're doing well by focussing on the middle. you have the sales and profits. and i think there's been a major effort made, and a very successful one, at doing business more efficiently and more cost conscious. some of what you're seeing is driving those numbers. home depot sales, and they have a great leader, are attacking the cost in any way they can. i'm seeing an effort to address cost and address ways to be more efficient in whatever you do. >> you always want to be
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conscious, of course. but you also want top line growth. i don't see any great thrust in top line growth. i believe romney-ryan will get this economy going quick. we need to restore the private sector in america. the private sector is in a budget, maria. we're not rewarded. don't celebrate me but don't sit and tell me that i had nothing to do with the creation of home depot. that somebody else did it. the tragedy of that statement is it's absurd, and it's shocking that the president believes that. and he believes it. >> you look at the fiscal cliff issue, and a lot of people are talking about the fact that because we have tax cuts expi expiri expiring, that we'll see a recession. so do you think the prospect is back on the fabl?
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>> i'll give you a guess what's going to happen. if romney and ryan win, the stoke will have a honey moon for three to six months. once they're in the white house and have the administration. they will do a lot of the necessary things that have to be done, and that's going to take some pain. so for another year or year and a half, i think the market has a good chance at going down. but i think we're setting the stang for a long term bull market and stronger economy. what it sounds like to me is ronald reagan all over again. look at what he did when he came in, look what happened from '82-'90. the stock market took off to reflect the strength and vibrancy of the economy. and i think the same thing. the minute we can encourage people in business to invest, they will. >> do you think the president
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just doesn't understand that concept? because the st. is obviouslyly doing thin doing -- obviously -- >> he was a student, a community organizer, and then president of the united states. you need to understand what it takes for people to take risk. and by the way, there is much to the statement "a rising tide lifts all boats." first about how bernie, arthur and i did at home depot, the thousands of kids that came to work with us, not for us, but with us, are multimillionaires today. john chambers and their company. they want to work the system. >> right, why do you think he raised his dividend 75%?
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this is interesting. >> for one reason, there is no incentive to put it back into the business because of what's going on in the country. there's no return on the money, so you say here, it's yours, do what you want with it. if john chambers had an environment where he was encouraged to stick his neck out or the company was encouraged to take risk, risk taking it alive and well in america, but it has to come with the assurance that if you take a risk there's a potential for a reward and if you win it's not a sin. >> let me ask you about the banking sector. the bank doing the settlement. $370 million fine related to the charge that it laundered hundreds of billions of dollars in money, and ben lawsky saying
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it is a rogge institution. do you think lawsky went too far here? >> i don't know the case, but let me say this. the reason dick grasso and i refused to give ne, is because i didn't do it. if i engaged into a settlement, guess what, i lost the right to say i didn't do it, okay? . president money didn't matter to me. it was the fact they didn't want the burden and i didn't want to have to say why did you settle? i would rather have been found wrong in a court or wrong bay hearing panel. i'll go to my grave knowing i didn't do it we didn't throw the towel in, but we went through the case and we we told we didn't do anything wrong.
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>> guess what. these people that resort to expediencies, they said well the number of people that called me, to urge me to settle, friends of mine, people i respect -- >> settle it and get on with your life. >> you know why? i wanted to be able to sit here today and say no, i didn't do it, and i proved i didn't do it, and if i did agree to a settlement, i could never say i didn't. >> you know i have eliot spitzer on about a month ago. >> i know you had him on. >> it got a little heated. skied about some of his recent tactics to get people to say i did it. take a listen. >> we're told that you placed a call to hank greenberg's lawyers and told them because your firm is in bed with someone like hank, you will have to bear the
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consequences. i have a bazooka pointed at you. >> david is a friend of mine -- >> are you saying you did not say it or did you say it? >> i had a nice conversation with nick ravanti where i said, can you send me the statement that david made. >> he kept pointing to a report with no relevance to the hank greeneberg case. >> it had relevance to the case in connecticut. >> let me tell you -- >> he said that jack welch said tell your friend i'm going to put a spike through his heart. >> he said that? >> yeah, and jack could not wait to tell me. >> what do they do -- >> how do you deal with that? >> he says to a colleague of
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yours, tell him i'm going to put a spike through his heart? >> what did he say to john whitehead? this is war between us. he said that -- >> because whitehead was agreeing with hank greenberg. >> i read that david boyes partner wrote what spitzer said. let's be honest about one thing. mr. spitzer made it very easy for us to challenge his integrity and honesty. he lied to his wife and children. he went after people that frequented houses of illrepute, that's hypocrisy. if i had done to my man as what he did, i would want to go as low profile as possible. he is like a spoiled kid, i'm here pay attention to me.
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>> seriously, how, as a businessman, do you handle a bully like that? >> very easily, you take them on, okay? and we took him on and we whipped his butt like he was a rented mule. let me tell you one more thing. there was a case recently heard, a court of appeals in new york state, where the judge is allowing the case of a doctor to go forward because the judge says there's indications that spitzer and his staff fabricated evidence. what does that tell you? okay? he held up a 27-page report about the opinion of this judge. what he didn't tell you is that opinion on appeal was reversed. that opinion -- >> it's like six out of the eight charges were dropped and the other two were technical in nature. by a vote of 3-1, he sites the
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judge that voted his way forgetting that the judge voted against him. that's why you have a number of people on a panel. the ruling decision is the one of the majority. he didn't think about -- look, this guy is a master at deception. look what he did to his family. >> well, it's really an amazing story, ken. thank you for sharing your experiences with us. we wanted to get that question in, but really we wanted to talk to you about business. >> one last thing, don't sell america short, america's best days are ahead. we're going to go through tough days and challenges, but anybody that doesn't think our best days are ahead of us is making a bad bed. >> do you think it's romney in the white house next year? >> i think there's a chance he might win in a landslide. >> i think when the american people go into the booth on election day, they're going to ask themselves the question what was i thinking four years ago?
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all of the people that voted for mccain, none of them will vote for obama, so we have a good start. >> we'll be watching. good to have you on the program. up next, sticker shock at the grocery store. the drought's impact on the economy, and states of pain, which states are feeling the worst effects. julie martin gives us her damage assessment in a few minutes. adc to provide a better benefits package... oahhh! [ male announcer ] it made a big splash with the employees. [ duck yelling ] [ male announcer ] find out more at... [ duck ] aflac! [ male announcer ] ♪ ha ha!
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welcome back, if you have been to the grocery store you probably got some sticker shock. channing, over to you. >> hello, we see the drought monitor every week is increasingly red as they're struggling with the lack of rain and the heat that we have had. the next target is here in the grocery store. experts are predicting higher prices by the end of the year, but the real toll will be in 2013. how much? it depend is who you talk to.
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if you talk to independent exist, they say the price increase could be as high as 10%. what does that mean for a family of four? food could cost $600 more next year than it did this year for the same exact products. in a still struggling economy, that's a difficult pill to swallow and will have ripples throughout the economy, if they're spending money on feed it will not be on anything else like travel or clothing. they will have to pass the costs on, and it will not ask just beef and corn, poultry and eggs, corn is used in everything we buy from make up to peanut butter, to chips, it will truly be an across the board increase. >> okay, our in-depth reporting
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continues. hope you'll check it out, take a short break and remind you that the entire nbc family has coverage of the brought today. that including the weather channel. we'll talk about how this year's droughts stack up to next year's droughts. and three of the street's top strategists will be back here. time now for going global, europe. >> hi, everybody. these are the stories we're watching in europe. tomorrow will it be a hit or a miss for norozine. and the european central bank will keep a firm eye on central bank data. and the court case into the
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u.k. phone hacking scandal gets under way in london, we'll bring you all of the latest on the scandal that has engulfed news corp. tune for all of the action at the european head quarters. sometimes investing opportunities are hard to spot. you have to dig a little. fidelity's etf market tracker shows you the big picture on how different asset classes are performing, and it lets you go in for a closer look at areas within a class or sector that may be bucking a larger trend. i'm stephen hett of fidelity investments. the etf market tracker is one more innovative reason serious investors are choosing fidelity. get 200 free trades today and explore your next investing idea.
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2012. how does it compare to other droughts. the weather channel's julie martin is here to put it into context. >> we're living through one of the worst droughts in is tire, the fifth worst, actually. we have this ridge of high pressure that has been anchored here in the center of the country all summer long. that has been acting like a heat dome and locking in all of this hot, dry air. and actually creating self perpetuating situation. it has squeezed all of that moisture out of the soil, and the dry soil creates more heat back in the at most fear, so we have a vicious cycle there that has been creating itself over and over throughout the summer. if we look at the current drought monitor, pretty grim. 63% of the u.s. in a drought. and the little rain we had across the midwest and the planes has not do much except
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eat away at the outside of that. looking into the fall, we'll see areas that could get improvement, that includes the desert southwest. those will continue. also quick moving fronts coming through the south here, should help states like georgia, the carolinas, but the big change in that pattern that we've been seeing is just not going to happen this fall, so we're still looking at very drastically dry conditions across the midwest and plains, maria. the dust bowl was in december, so unfortunately we still have a long way to go. >> thank you so much, we'll keep checking back. fast money beginning in a few minutes. melissa lee has a check in. >> hi, top of the hour, we have a very special edition of the show, we have carl ike, see what he has next for the company and what he is up to at navistar,
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and then we have mark from the doom and gloom report. and then, of course, we're trading all of the after hours action for cisco, on the conference call with traders and we'll give you the trade ahead of tomorrow's session. all of that and more tomorrow. see you then. >> all right, we'll be there. meanwhile, first, what will move your money in the morning? we'll tell you. three of the top money pros give you a leg up, stay with us on that. back in a moment. [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it.
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>> welcome back. all eyes on economic data in the united states. the markets are reacting to all of that with 30 seconds on the clock. the street will feel on the huntington funds. stephanie, let me kick this off with you. what are you watching for tomorrow? >> we are looking at initial claims, housing starts if you see continued momentum, that
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will be key. walmart reports and i think it will be fine. it will be interesting to contrast to dollar tree. i think it will be fine. t.j. had a great quarter. >> thank you so much. randy, you're up. what do you watch for to move money? >> actually, the market has been dealing with a vortex. equal and opposite bad news. we have got to get back to the fundamentals. 29% payout ratio. they look very, very attractive. very, very exciting to invest investors. >> michael, you're up. what do you want to watch tomorrow? >> first and foremost will be cisco.
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it's obviously up after hours. it should be aed good protect tomorrow. the second as stephanie mentioned is walmart. i expect a solid number and for that to continue. that will be game stop on the other side. >> out of time. >> we got it. >> thank you so much. we will take a short break and my observation is up next. stay with us. managing my diabetes is part of my life,
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td ameritrade's empowering web-based trading platform. take control of your portfolio today. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account. >> it has been on my mind since saturday morning. the fiscal issues this country is face willing be front and center for this ticket. and finally we will be having the conversation this country so desperately needs to have. paul ryan the author of a
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controversial budget plan. it actually cuts spending and dears to touch social security and medicare. but anybody who looks at the numbers nose these enteetlements must be modified or they will cease to exist. we do not have and will not have the money to pay for what is currently being promised. >> congressman paul ryan has been beeting the drum for years on the unsustainable path he has been on. he has become one of the few credible voices. whether the ticket wins or loses, the fact is all of america will lose if we do not at least have the real national
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conversation on our debt and defic deficit. and the ryan pick at the very least assures we will. big story of the day. cisco. let's look at the stock here. the company reported fourth quarter earnings. the company raiseded the dividend by 75%. telling us where else is the company going to be putting that money if not giving it back to shareholders, giving it returns out there. better than the estimate of 45 cents a share. about half a a% on the upside.


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