tv Countdown to the Closing Bell FOX Business September 28, 2012 3:00pm-4:00pm EDT
banks look pretty solvent. we are in the last hour of trading. the dow up more than 4%. the s&p five nearly 6% over the last three months. the major industries showing gains and the volatility index down. that means more investor confidence and equities. you may not feel good about the situation, the markets are worth investing better numbers. you have to watch this whole hour to see how we turn out for the month of september. let's get right to the floor show. you take a breath and you look over three months. it looks pretty good. did that get repeated in the fourth quarter? >> people will look at three months and say it is good. i think, you know, the way we are climbing back and keep going up month after month i was
slowly, but surely, i think slowly but surely will continue to do the same thing in the fourth quarter. maybe a boring fourth-quarter, but i think a slight upturn. liz: wait a minute. bobby went corporate. i cannot believe this new look. >> not exactly. liz: there is a ponytail in the back. let's get to the cme. he has really looked very much the same over the past several years. he focuses on what he does best which is the cme trading pits. we had a very nice september. >> it does. when the fed pulled out all the plugs and you get the ecb to pull them out, where are you going?
if you want to fight that money pit, you are on your own. they can throw all the bad news out at you. we will go right into the christmas season on relatively good suiting. it is the last hour of trading today and anything can happen. it will be money moving all over the board. you can have that end of the month quarter. borrowing that, i would say deep rates should be taught. liz: i agree with you. you can fight the money pits all you want. that money is unbelievably huge indeed. let me get to the imax. i would love to focus on crude, but the story is really natural gas. >> it has had quite a rally. especially after october came off the board.
it is just gone straight up. i think it is very short-lived. i think we will get to 340 and sell it. i think we will see some very low flows. liz: wait, why? are you reading the farmer's almanac remapped what i am looking at this how much of the supply is getting filled up and they have very little storage left to handle that supply. we are close to getting filled. they have to sell it and sell it hard at that point. crude oil is a sideways pattern. it was a sideways. you have to break 90 on the downside and break 94 on the outside. i think we will see 86 on the downside. the 11th any of you guys worried about china? the numbers out of that country are a little suspect.
bobby, you first. >> people saying that china may be ready to implode. they have been down to the lowest levels in three years. other people telling me they are going on a tumulus spent. they are starting to build subways, trains, roadways, bridges. we only have stimulus from the fed and not directly from the government. i think it may be tenuous, but they will hold on and keep on going. >> i think they are on vacation. we do not have to worry about it for a week. liz: [laughter] we do not have to worry much want this power is done. take do so much for joining us, gentlemen. have a good weekend. fifty-five minutes until the close. surprisingly, september has been
a decent month for the bulls. presidential election in november. michael church has about a half billion in assets under management. would you be worried or willfully excited about stocks? >> i think your last guest used the word setback. i think that is probably ready appropriate. we came in with analyst expectations around 3%. we have come full circle at this point. we are running negative 3%. there has clearly been some economic data -- disturbing is probably a good word. the durable goods number we have not seen levels since 2007. i think there may be some rocky water here. coming into the year and. as an asset class, i think equities look really attractive. liz: people said that exact negative same things going into
the third quarter and here we are looking pretty darned good. why should i believe you? >> the data on the economic front was not nearly as bad as what we have seen recently. that is not necessarily mean we are running into recession. liz: what happens if the fiscal cliff hits? >> i think in that scenario, you are looking at a recession. liz: where do you go? not treasuries? >> if you are focusing on quality and a longer-term band, equities look attractive. i think you need to be opportunistic. liz: here comes earning season. what do you think will happen? we had the ceo of finish line in the next hour. i bring this up because they did very well. they are selling product. they are striking deals with macy's. they are just one company.
>> the u.s. consumer is probably in better shape than most have realized. companies that are operating in that space are probably looking pretty good. companies that are operating and have more exposure internationally, i would be very cautious at this juncture. that ties into what you are talking about with china. anyone with exposure to asia pacific. liz: what should investors do to prepare for, what you believe, it's tepid earnings season? >> you stick with it. i think you want to have some dry powder here, the economic is concerning. liz: does it concern you it is as low as it is spain, greece is still a problem, we know china is slowing down.
here is the volatility index. pretty much trending towards the lows of the year to date. >> you find that when you get to these levels, eventually it spikes. you do not want to be overly exposed when you see those spikes, long. liz: i never want to be overly exposed. [laughter] mike is coming back. he actually has some really interesting names that you could pick that will take you through a rocky earning season. stay tuned. fifty-one minutes before "the closing bell" rings. love him or hate him. he is one-of-a-kind. legendary boxing promoter and activist, don king with us in studio live to talk about his new role as a movie producer. what has him going hollywood via africa. plus, we asked him about his next big rumble in a communist country and a dictatorship. can't he do it?
♪ liz: the power mover of that hour, we search in motion. look at shares. it gives you the best indication of what happened late yesterday and today. shares surging for the first time in months. why? well, they be expectations. they posted its third straight quarterly loss. let me show you the one year chart. it has been an ugly time for blackberry. let's also look at apple. ceo tim cook apologizing for the frustration many of you have had with apples new maps application he said apple fell short in his commitment to make the best possible product. stick it to google. now, he did not say that. google maps is better than they recommend people try alternative map apps.
this doc is down on the day, but it has had a really nice year, as you can see. we look and see how we are doing on a day like today. you see threat on the screen, but this has been a very nice month and a very nice quarter. let's check in with nicole petallides at the new york stock exchange. we also have sandra at the cme. sandra: this is such a crazy day. i want to run some breaking news. the court has vacated the dodd-frank rule laminating in the commodity markets. >> anything that keeps tabs. sandra: scott, we end this crazy
day for the market. we were sweating in the pits. >> yes, i was. we traded a lot higher. boy oh boy, and of quarter it may be crazy, it got crazy the wrong way. sandra: will we open higher month and? >> probably. sandra: i will throw it back to you guys. wheat, soybeans, the report was not even bullish for all the brains. huge bullish trains here. liz: he just really took off there. the court has vacated the dodd frank rule amending speculation in the commodity market. it is a free market. before we get to charlie, i want
to get to nicole. nicole: i want to take a close look at bank of america today. this is a huge settlement. this is after the whole merril lynch merger. bank of america agreeing to pay $2.3 billion. this is a huge settlement. bank of america took this merger and the question is whether or not executives had the key fax. whether they misled the shareholders. this is the largest settlement ever of its kind in a merger type situation. we are down 1.6% for bank of america. for the whole merger, this was a $32 stock. $8.83 a share today. you have to love these trading voice. i love when it's guys are running around trying to get their orders in. liz: let's get to charlie
gasparino. before he was that merrill lynch, he was at the new york stock exchange. charlie: he is now at cit. he was maybe using that as a way to get back to the game. he has been ostracized from major wall street firms since as little as half with his office. he spent 1.22 million on the soap dish, the commode on wheels. anyway, when he was at the new york stock exchange, he is a very controversial guy, we will get into that in a minute, former goldman banker, what did he do to introduce, -- electronic trading? he bought archipelago.
arm's-length, who cares. when he took over as head of the new york stock exchange, one of the first things he did was go in and remove every photo of grosso. liz: no he did not. charlie: here is where it really rubs people the wrong way, including the famous pretty iconic picture of grosso up on stage at ringing the bell on 917, a week after the 9/11 terrorist attacks where he essentially brought stock trading back a week later. pretty monumental. he was up there with chuck schumer, hillary clinton, rudy giuliani. this is the type of guy john thain is. liz: you know what he got in the
mail, their portraits off the wall from the boardroom. why is that necessary? >> why did he do that? liz: the seagram's people did that. and then they got rid of it. this is inside hollywood. they did. removing company history. that was huge history. charlie: that was one of the iconic moments in finance. remember, terrace attack new york city, basically take down the world trade center, destroyed the communications. verizon has its communication hub there. it is all down. down for a week. what does grosso do, he brings it back. liz: he is a relic. charlie: he did a great job.
obviously, getting people, the tech people, involved. liz: puts the pictures back. charlie: duncan -- liz: where were they, in the basement? charlie: it was an urban legend. i checked today, it is not true. it has bounced around the floor of the new york stock exchange that thain erase or photoshop grosso's face and then put that 917 picture back. i am not believing that one. he did take down that picture, that iconic picture. that just says something about him. he was the ceo of the exchange after grosso. big deal. why? liz: charlie gasparino. thank you. coming up next, we have one of the most controversial man. he will make your hair stand up straight. it is his hair caught the
as like sydney pollack were to try to handset producing a film. >> what i am doing is trying the hands to help humanity. this film, he had the faith and the courage to expose an assault on humanity that is second-to-none. i had a major spill on exxon, the gulf of new mexico, gulf of mexico i should say with bp. but nobody goes out to see about it in nigeria which dwarfs the gulf of mexico and they'll does. liz: we show a span of a very short time all the continuous oil spills in nigeria. we make so much about the one
still in decades, but what is the main issue that you found helping to put this film together? >> the illustrated the poison of the universal color line that has been established worldwide and because they are black, that is when nobody was concerned because it is worthless. the supremacist and those opposed to freedom. therefore you find yourself in a very precarious predicament and that is why this is a must see, you have to be able to deal with it as it is just as hitler did with germany. convincing the masses for his master propaganda which said you get four or five lives instinctively until you convince them he ha.
liz: they are held not thanks to the nigerian government for my mental production. are they in part to blame? >> corruption, bribery, that is what this movie brings out in all. exposing a sickness we must try to correct and we can do in the great nation of america posting the evident truth. making the challenge of freedom hoping them to be self-evident that all men are created equal. liz: it has real legitimate sea. it shows the united stations september to be available for the public to see? >> they try to get a distribution deal it is not easy when you're going opposing to the forces, they are more aggressive with more zeal than those because they don't want to get involved. said many years ago no man can
denial, every man is a member. the bell tolls. i'm involved with mankind. this is what we must understand and deal with that we can recognize one man under god indivisible for liberty and justice for all. liz: i want to get to challenge you are working on. north korea, kim jong and we'll let you in or not yet? >> we don't know. you have to talk to your enemy aid your friends and we don't have to worry about them. we have to deal with what what israel's wiccan get-together have a communication. i had mandela, the peace ambassador.
perez appointed me the cheap investor of the middle east. you know the investor they appointed me, you have to bring people together of diverse entities and respect. respect culture, you know what i mean, inclusiveness in dealing with what people think you have to walk in their shoes and then you can talk about peace and make things happen. liz: who would be the boxer in korea? >> i want to make certain he gets an opportunity to prove he can be a mini tyson. they have some great games over there. the games in north korea, to some fantastic domestic work. the world should be able to see that. if we can have a reciprocal situation, two people have done that.
working for young kids on up, he is a visionary. the same thing, bringing all the groups together and make that happen. dagen: will you let us know that happens? >> fight for peace. liz: the diamonds. >> this is the greatest nation in the world because they liberty, freedom, liberty and that is what makes it different from anywhere else in the world. i am just so delighted and so happy to be part of this, i love you, baby. liz: he is great, obama buttons all over. >> this was the psychological breaking of the enslavement
chain of breaking the color barrier. move on that. liz: thank you. >> god bless america, god was this the greatest nation in the world and the people, i love the people. the people. but m they say one thing beforee leave, one president, one would be president, john f. kennedy said if a free society doesn't protect them, help the poor vindicate the few that are rich. the other one is trying to be says i don't care about the poor because he has a safety net. let us work towards helping the poor. liz: 21 minutes before the closing bell rings. they have been fighting a volatile market gaining
so let's talk about coverage. based on this chart, who would you choose ? wow. you guys take a minute. zon, hands down. i'm going to show you guys another chart. pretty obvious. i don't think color matters. pretty obvious. what'sretty obvious about it ? that verizon has the coverage. verizon. verizon. we're going to go to another chart. it doesn't really matter how you present it. it doesn't matter how you present it. verizon. more 4g lte coverage than all other networks combined. now we need a little bit more... a little bit more vanilla? this is great! [ male announcer ] at humana, we believe there's never been a better time to share your passions... because the results... are you having fun doing this? yeah. that's a very nice cake!
[ male announcer ] well, you can't beat them. [ giggles ] ohh! you got something huh? whoa... [ male announcer ] humana understands the value of spending time together that's a lot of work getting that one in! let's go see the birdies. [ male announcer ] one on one, sharing what you know. let's do it grandpa. that's why humana agents will sit down with you, to listen and understand what's important to you. it's how we help you choose the right humana medicare plan for you. because when your medicare is taken care of, you can spend more time sharing your passions. wow. [ giggles ] [ male announcer ] with the people who matter most. i love you grandpa! i love you grandma! now you're a real fishman. [ male announcer ] humana. >> i'm adam shapiro with the fox business breaks. trading off session lows at the spanish bank stress test showed things aren't as bad as some thought. the dow down 72 points.
selling for $2.4 billion in cash. the company has exclusive rights to lease and operate towers for about 28 years. they will then have the option to buy them for an additional $2.4 billion. the deal expected to close in the fourth quarter. u.s. postal service says it will be full by $5.6 billion payment on sunday, the second time in as many months the agency has failed to fund health car healts for future retirees. ms. payment will not affect postal service operations. we continue our "countdown to the closing bell." liz: it looks like for the week the market might be in the red, but not for the month, still above 30,500. on the floor of the new york stock exchange, nicole petallides, bases his killing it over and over. they have done very well.
nicole: they really have. the concept they're trying to get a boutique store within the store. lastly we talked about going to jcpenney, here's a look at macy's right now slightly to the upside $37.52. they will have an athletic shoe company at macy's. if you thought you were going for a pair of jeans or a bathing suit, you can go and get your sneakers and go running. finish line together with this exclusive deal, this will come to fruition in 2013 and deutsche bank saying this is a positive move for macy's. the whole concept overall of the boutique store within the department store is something different. liz: we have the ceo of niche line next hour. i'm anxious to know if the first lopart of other companies like
jcpenney. up 22% over the past year. when resorts of 27% over the past year, caesars entertainment went public last february less than eight months a public company. the stock has dropped 55% but now the casino giant is expanding changing the way it does business, could this be an opportunity? joining me now, caesars entertainment chairman. why are you lacking? >> became public in january trading from 9018. we are very close to where originally went public. liz: you're comfortable with where the stock is going now? >> would always like it to go better. but the float is very small and the stock trades very volatile in each day. liz: and people are still feeling there's a big chunk of
debt. what are you doing to pay down? >> first we have to continue to improve operations and expand the network, which we are doing and secondly overtime continue to work on the balance sheet introducing more equity in exchange for debt. liz: you have your plan though. >> we do. liz: i look at what you are doing, horseshoe is a company we are familiar with. these are huge in cleveland, messages it, you are trying a different model, how do you feel it will pay off? >> fundamentally based by network encouraging them to visit us in as many places. 45 million american adults seeing us close to home and come to vegas, new orleans, chicago, we can enter a new metropolitan area, all of which were in the process of doing, we get them not only to visit us locally but also that these destinations as
well. dagen: we will be live thursday and friday talking about how cleveland is the city open for business, what we're looking at with all these great companies is the fact horseshoe has brought a whole bunch of business and attraction to a different part of town. >> you have a terrific city with a wonderful history but not as much vitality. they welcomed us to the city in remarkable fashion, we opened in the middle of me and have had a million and a half businesses. open 24 hours per day, a big audience every single day, seven days per week. a transformative effect on the city. we had 60,000 applications for the 1000 or people we hired initially we continue to hire as we get the business bigger and bigger and down the road a second phase with partnership on
the riverfront and the same thing is true in cincinnati with a gigantic facility opening next march. liz: now i want to go back to las vegas. this is retail, restaurants as well as gambling. talk about what that can do for the brand. >> we are opening up next year. what it is intended to do. liz: high-end? >> these are experienced towards, these are restaurants that are only in our facility, you will not find them in any other place. this is intended to be the meeting place much like in boston or the grove in los angeles or an area like times square, this is where you want to go if you're in vegas where ever you are saying to the intense 24 hours per day. liz: online gambling. before the rules became more
restrictive, online gambling was bringing in more than a billion in revenue, you're able to capitalize in a certain way on gaming that is more social, what is it? >> casino games play for fun. liz: how do i find them? >> go to facebook or your ios provider or your android provider and download games and yoyoucan play them on mobile de, extended the lead trade became for a few dollars. liz: is this better for when online gambling is legalized? >> i think both. it requires rules and jurisdiction, i think this is legal for every human being on the planet to play no matter where or what age. liz: thank you very much. caesars entertainment, a new publicly traded company but it
has been around, we all know the name and the brand, thank you. look forward to seeing the horseshoe casino next week. appreciate it, thank you. we are on the heels of earnings season for the third quarter, mike church is back saying they're ready to rip the market like a hurricane and earnings will be very ugly but after the break he has stocks you need to have your portfolio, the proverbial telephone booth that holds up in the storm. [ owner ] i need to expand to meet the needs of my growing business. but how am i going to fund it? and i have to find a way to manage my cash flow better. [ female announcer ] our wells fargo bankers are here to listen, offer guidance and provide you with options tailored to your business. we've loaned more money to small businesses than any other bank for ten years running. so come talk to us to see how we can help.
september? gold and silver miners. they may be down today but guess who else likes gold miners. michael church, but he will extract one name out of the group. good to see you. with one of the gold miners do you like? >> it is one of the largest and one of the cheapest right now. all as a group right now talking about being able to buy the stocks in historical multiples we've never seen available. really liking the commodity itself for some time. we have seen them really moved in the last month, but you have a lot more to go to play catch up. liz: they began drilling away. not bad at all. from gold to liquor, you're picking a big conglomerate on that part of the industry. which one?
>> this is one of the few european companies would be we e interested in at this point, but it is a global company. they have the best brands on the planet. captain morgan, kettle one, all the good stuff, guinness beer. really quite frankly what they're looking for is companies that have a secular growth story. flickr is not very super cool at all. a great business, it is a company can hold on for sometime ansometime and it pays great dis as well. liz: guinness beer over pabst blue ribbon, what are you talking about? >> that is for you to decide. liz: let's get a technology pic from you. you liked qualcomm, you have been on the show several months ago, he recommended qualcomm and when you first mentioned it in february, it has done
extraordinarily well. but then it has come back a little bit, do you still like qualcomm? >> we do. tying into mobile, mobile everything, smartphone, tablet, and products diagnostics. we have seen apple stumble a little bit in the last few weeks with the iphone 5, that impacts qualcomm much less because they're tied to every device. liz: the number one moneymaker. >> in their big day the story is really sort of key growth market for the next several years. if you think about data storage how explosive the growth of that is becoming whether it is facebook, everything o in your smart phone, your tablet, anything within toward the cloud, data is exploding.
over a decade ago. liz: i don't forget anything. thank you very much. president and chief investment officer, have a billion in assets, it keeps growing every time he is here. we were down more than 100 points, now off by 43. wrapping up the day with just six minutes to go. after the break, biggest winners on the dow and the s&p for this quarter. [ male announcer ] what if you had thermal night-vision goggles,
like in a special opsission? you'd spot movement, gather intelligence with minimal collateral damage. but rather than neutralizing enemies in their sleep, you'd be targeting stocks to trade. well, that's what trade architect's heat maps do. they make you a trading assassin. trade architect. td ameritrade's empowering web-based trading platform. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account.
liz: two and a half minutes before the end of the quarter, the months, the weeks, you name it, here are the dow winners for the third quarter. yes, ceo, cisco systems looking good for the third quarter, what about the s&p? you are seeing two telecom names, metro pcs and sprint. first solar. third-quarter winners from the s&p 500. a real september surprise, folk, all three major indices ended up for the month of september traditionally the month of september are usually down half a percent. not so this time. now forward to the fourth quarter, starting with david asman as we head towards "after the bell." david: we have somebody coming up who says we are heading into a recession despite his belief we are into recession, he still has stocks he thinks you should pick that will carry through all the dark times ahead. liz: for the immediate moment let's go to nicole petallides on the floor of the new york stock
exchange. the market lost a little bit of ground and then regained some of it back heading into the close. if you look so what was the number-one thing that dragged us lower, could you say it was a bad chicago pmi number? >> i noticed the dollar going back and forth with the news of what we heard in spain. the dollar got jostled, by the end of the day the dollar is very strong again. david: let's talk about rim. the most important stock of the day. yesterday after hours it was trading up 18%, 5% bump is not bad at all but why did it come off of the 18% high? >> you have to think people are taking profits. rim has been under so much pressure. this week it is doing great. more subscribers, library 10, and more apps. liz: speaking of apps, apple issuing an apology over the
mapping service that didn't quite work out. that's like having a little bit of a rough week. >> tim cook saying i am sorry, the maps are not up to our company standards, we are working on them trying to improve it. david: and we will be talking about facebook. let's take a look at the bells ringing on wall street. liz: let's take a look and see how the stock finished up, dow jones industrials did not finish up, they finished down about 51 points, but remember we were down 100 points plus earlier today but came back, retraces a little bit. the s&p losing six, but all three major indices, david, moving higher for the month. david: gold, everybody is looking at the move, dramatic the past couple of weeks. futures lower today but actually ended the quarter up 11%, this is the best quarter for gold in more than two years.