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tv   Markets Now  FOX Business  October 22, 2012 11:00am-1:00pm EDT

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connell: i am connell mcshane. we have neil cavuto here ahead of tonight's debate. dagen: who is better equipped to deal with that guy? connell: there he is. it is official, lance armstrong stripped of all seven tour de france titles. that just came out this morning. dagen: top of the hour. stocks now and every 15 minutes. we are watching caterpillar. a disappointment. nicole: it really was a disappointment. you see it with an up arrow. when you paint the real picture, the picture is the top global economy, south news going forward. that is where caterpillar is cutting their numbers for 2012 saying 2013 is likely to be choppy and not seeing improvement until the pack of
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2013. here is a look at caterpillar right now. it is up about 1%. let's take a look at the broader market averages. the dow is down 13 points. the s&p is lower in the nasdaq squeezing out a gain of just over one point. back to you. dagen: thank you. president obama and mitt romney preparing to face off in the third and final presidential debate. the key swing state proves to be a close battle this year. the latest fox news poll shows romney surging and not leading the president. neil cavuto joins us from that very state. hey, neil. neil: hey, dagen. dagen: what will be the focus of the debate tonight? do you think romney will try to move back to, say, domestic
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issues? you can make it about the american economy and our debt. you can take the middle east and make it about energy supply and our country. neil: i definitely think the economy, he will try to wedge it in. he will constantly pound on the notion that our economic consequences of all this that and everything else have made us and our own security as a compromise did that is something he will likely pound tonight. expect him to leave in their. this pending fiscal cliff, expect to hear a great deal about how that compromises our national security. if i were mitt romney, of course, it would be obvious.
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even if i were the president, it would be obvious. our own security has improved. i think it will come up. it almost has to come up. dagen: what about libya? does romney need to score some points on the issue of libya and when the president called it a terror attack? neil: you call it an act of terror, but you did not call it a terror attack. i think romney will focus on that attack line. poor people were all over the map on it. there is a sense of inconsistency. it sends mixed messages to the
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world again. i think he will sharpen it to say, look, on foreign policy, you are all over the map. we know you got rid of osama bin laden, but you have not gotten rid of terror. it is a virtual armageddon in the middle east. you may talk about how things are getting better over there, but your own behavior got your administration's behavior over the last month, expect that to be a central theme of the romney folks. expect the obama folks to come back and say if you want to lead this process, you do not have a great track record. even some of your own people accounted disaster. how can you claim to be a better steward of foreign affairs perfect expect the romney spoke to come back saying you have
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virtually no background in this. each will try to use it to their advantage. the one advantage is sitting on a table. you have to get directly to the point. it could ironically lead to more-debate. more heat. all that will be missing are the dinner rolls to throw at each other. [ talking over each other ] neil: by the way, it would be the first debate where we would have such a venue. i digress. dagen: you are a student of history. because president obama and romney are in a dead heat right now according to many polls, do you think, at least the polls look like kerry and president bush back and mac 2004, do you believe that this election is
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like that election potentially? neil: a lot of people have compared the two. bush did poorly. cannot believe a to hollinger was taking him on. he got a little better in the second debate. the argument was that the rubber match was a tie. did it really move the meter that much? probably not. it is obviously something somatically changing romney's momentum. the president was a better performer in the second. it did not measurably move the needle on him. clearly, spring is on it romney. i always hazard that it is dangerous to say it is different this time. these debates are very very different in that they have really moved the meter.
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i think it is fair to say that if punctuated this debate, it changed the tone of this debate, it made swing states that mitt romney was not even relatively motivated and, this is for presumably all the marbles. dagen: in the reason everyone has to watch tonight, you, in particular, mr. cavuto. he will be live from boca tonight. it all starts at 8:00 p.m. eastern time. always a pleasure, sir. be well. your hair looks great in the wind, to. connell: neil cavuto. you are a bad person. dagen is on a roll today, by the way. in terms of the election and the markets, the stock market may react one way or another.
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our next guest is here to talk about another market. peter hayes who is a manager director, let's talk about the municipal bonds. why do you think that romney victory may not be so quick without market? >> i think that is a big debate. everyone is trying to figure out which one will be better. a romney victory or an obama victory. it appears in some respects romney has been a little less transparent on some of his tax proposals. he has been talking about broadening the base. keeping deductions like home mortgage interest. he has not specifically mentioned municipals. it does not appear that a romney victory may actually not be as
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favorable for municipal bonds. if we do get a status quo outcome, it will be very difficult to implement any kind of change. sometimes we exaggerate the fact that a president can have. how much does a presidential election really matter for financial markets? >> i think what matters is the uncertainty leading up to it and i think i have heard many people talk about it. it is affecting the macro economy. it is creating small businesses are not hiring. it has also led to less investing with investors. connell: just getting the election over with helps? >> absolutely. if you get a complete one-party sweep, it matters.
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if you do not, it is just a matter of getting over that election. connell: are you assuming that one would be better suited to do that? >> the interesting thing there is a month ago the polls were telling us that obama had a victory and obama would have a second turn. it is less likely that one of the candidate takes in a large one-party sweep which means that the ability to compromise is even less. it will be very difficult. we have had a lot of economic momentum over the last year. it is hard to believe that washington would take that away. our test case is we do see some type of compromise between the election and january 1. connell: thank you, peter. >> great. thank you. dagen: money back in your
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pockets because gas prices are dropping. connell: they put a for-sale sign up in the rose garden. how much would the white house be worth? kind of fun to play around with the numbers. we will have an answer to that question. let's take a look at oil. we are just below $90 a barrel. ♪
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dagen: it is -- well, how many second? connell: three-to-one. dagen: stocks now. we are trying to keep it real. nicole: i better hurry up. stocks now on the fox business network. when you talk about color and bold, it turns out they were down 22%. they sell revenue to client. they also saw a big drop in gold production. overall, this is what you are seeing this .down to present. it was said that output in the
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year ahead may be better. somehow, that did not give anyone a boost. it is down $0.86 right now. connell: thank you very much. some relief in the meantime for drivers. gas prices are starting to come down. it is down now for ten straight days. prices seem to have begun their seasonal slide. $3.66. down from $3.78 just last week. russia's state-controlled oil company buying bp stake. bp also getting a 13% stake. we have that out there today. then, how about this, how about by the white house for a cool $1.5 billion? for this price, you get a lot. over 100,000 square feet.
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nearly 19 acres. thirteen bedrooms. thirty-five bathrooms on six floors. doesn't get much better than that. it is close to mass transit. dagen: the land is incredibly affordable. connell: it is a cool house. dagen: yup. connell: not your cup of tea? dagen: no. [ laughter ] i just have so much walking around money to buy this house. our next guest says this congress is the best that money can buy. that is why it has to change. connell: the newest polling data out shows that the president needs a high turnout if he has a shot of reelection. that is the whole idea between registered voters. we will talk about that and
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>> at 21 minutes past the hour, i am lauren green with your fox news minute. the man suspected of opening fire at a wisconsin salons had a history of violence. he killed a woman and injured four. he then turned the gun on himself. it is not known if the wife was among the victims. eleven men with suspected links to al qaeda have been charged with terrorism conspiracy. the suspects are all -- in the 20s and 30s. the american academy of pediatrics says cheerleading would be considered a sport in order to make it safer. the group says it should get the same safety oversight as sports with on-site trainers. the number of cheerleader injuries has climbed dramatically in the last two decades. that is your fox news minute.
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i am lauren green. back to dagen. dagen: that's the spirit. thank you. connell was. connell: i still am. go team. dagen: go team. we have the best congress that money can buy says our next guest. we need to get some real business people in office. joining me now from saint petersburg, florida, jeff. >> adam smith wrote in the wealth of nations back in 1776 when he talked about the political rupture in that prevent prosperity.
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you find the majority of them came out of private practice and are not lawyers. dagen: can you point to anything that the congress has done that those very people elected to years ago have accomplished that represent change in washington? >> not yet. people, when they look at policy, they look at it the wrong way. they look at it from the top down. anything of importance always comes from the bottom up. this scott walker was historic. you have jerry brown attacking deficits in california. you have cuomo, kristi in new jersey. when you book from the bottom up, there is a lot happening on the left and right. dagen: those are all examples of what is going on in the states and in some ways it resonates with the individuals and the residents of those states more that they will accept that kind of action and accept those types
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of tough decisions. depending on what happens in a little more than a couple weeks, do you think anything changes in terms of the amount of money we spend and our deficit at $16 trillion counting? >> i do. i think the trend going forward will be smarter policymakers and smarter policies. the people i talk to on the hill know that we are on a unsustainable path and i think you will see them actually attacked the deficits. no matter who gets elected. you will see a move to get more productivity out of the government. dagen: what do you make of the weakness in the market over the past couple of days? we are down 45 points. caterpillar cannot with some disappointing news. >> that earnings have been challenging. fifty-eight points i think of
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the companies have reported. it is way down from where it has been. earnings will be a challenge. however, there is still a lot of money on the sidelines. i am a buyer on weakness. dagen: jeff, great to see you. we are covering it all. state, federal and the markets. thank you. connell: keep it here. we have a story from charlie gasparino. reporting on a government contract handed out to a home-building firm. joe biden's brother has a stake in the firm. dagen: more on tonight's debate. who has the edge and what it means for the next leader of this nation. and speaking of who wins in the next couple of weeks, who is winning today looks back we do have some winners on the s&p. ♪ [ engine revving ]
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dagen: the last big chance for the candidate to make an impression on the voters. we set you up for tonight's presidential debate. which candidate has the edge when it comes to foreign policy?
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there our talks about iran talking with the u.s. joe biden's brother and the contract going to his company. stocks now and every 15 minutes. nicole: we have to keep this in mind. you are talking about north face brand, timberland, wrangler, just to name a few. they came out with numbers that seemed like they were good news. they were not as good as what some of the analysts were expecting. as a result now, the stocks get hit pretty hard. it is down nearly 4%. quarterly earnings beat the street. the profit for the full year was decent. north face sales are up. north face, they are a cold weather brand, did not do as well as analysts were hoping.
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you do not meet the streets expectations, the stock has that kind of reaction. as far as the dow, s&p and nasdaq, we have seen them under some pressure. that is what we see on this monday after a 200-point loss on friday. connell: thank you. heading into the vice -- presidential debate tonight. doug schoen, former advisor to president clinton is here. tell us what is really going on. doug, you are the polling expert. who is winning right now? >> i think it is a type. the momentum is with governor romney. connell: who would win tonight? >> it would be pretty darn close. it would only be a guess.
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this is as close, translate, to a statistical tie that you will ever see. connell: some people say foreign policy, people are not as tuned into that as the domestic economy. any little move or mistake could matter. >> first of all, it is like a seventh game of the world series. every pitch from the first inning is so crucial because it is so close. tonight debate is foreign policy and national security. defense spending and defense cuts. if they talk about that, that could sway votes all across the country. connell: if you are romney, bring it back home. >> if you are romney, do not make a mistake that could hurt you for the last two weeks. no mistakes. you want to pass that threshold for an hour and a half.
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i am a reasonable commander and chief. he will have a good night if he does that. connell: a lot of people think he made a mistake without libya was handled. how does romney come out, if that was a mistake in terms of letting an opportunity go. >> it was a mistake facilitated by candy crowley's interjection. the largest problem was the governor did not have a narrative about what happened in libya, what our failings were and what we need to do now. if he is to win it, he needs to address those questions tonight successfully. connell: i assume we will see a similar president to the one we saw at hofstra the other night. >> we have a leaked article. clearly leaked this morning for
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the debate tonight. [ talking over each other ] throwing the cia under the bus about the information about benghazi. that is number one. you just put on the iran story came out over the weekend. that is another week by the administration. they are trying to diver attention for tonight's debate. connell: they denied it, of course. if you are president obama, are you less confident than you would have been about this debate when it was scheduled? foreign policy, the president has an advantage. >> this was scheduled a long time before the tragedy in libya happened. bottom line, the president did very well in the last debate. he managed to make the case that the administration had been responsive. he has to do that again.
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if you look here, i believe this is the foreign policy numbers that are up on the street, bottom line, he has a narrow advantage. he has to widen that advantage. that could be worth a critical point or two in the election. connell: you know it is close if doug schoen does not know who will win. thank you both very much. dagen: we have been talking about it all hour, foreign policy in the spotlight tonight. what about the report that the u.s. is ready to sit down one-on-one with iran. it has been denied. who is better equipped to deal with that? more from our very own charlie gasparino. first, take a look at treasury market. when will we deal with the $16 trillion debt? probably not until the yield on
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the ten year treasury is a whole lot higher than that. ♪
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♪ >> i have your fox business three. federal regulators have hit
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associates for $14 million in sanctions for unfair practices over a nontraded real estate investment trust. the firm's founder has been fined $250,000 suspended from the industry for one year. fedex does not expect to see record -- it expects to handle more than 280 million holiday shipments. that is up 13% from last year. shares of dish network are higher today. it settled a long lawsuit. amc channels will return to dishes lineup. that is the latest from the fox business network. giving you the power to prosper. ♪ the us bank wealth management advisor can help you. every step of the way. from big steps, to little steps.
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iran have agreed on one-on-one talks. both the white house and the iranians have said then, and denied it. that is something you expect would come out tonight. this is a new report from the bipartisan policy center. it is a $10 hike in oil costing half a percent in terms of gdp growth. that is big-time. we want to talk in detail about how you came up with this and what it means. now that this report is out there, how do you think that changes the date i -- dynamic tonight? >> it will come up even more good libya has taken up a lot of attention.
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i think it could come up about exactly what the u.s. could tolerate in terms of iran's nuclear development. connell: it makes it more important and a lot of ways. is this a debate that we are having out there among foreign policy experts that does not matter for us at home or is it something that the everyday person there is an effect. what did you come up with exactly? >> to be clear, we are not arguing that economics drive foreign policy. we want people to recognize economic cost. we put out a report called the price of inaction. we looked at the energy related economic talks. there are a lot that could follow. we just did the energy related ones. connell: oil would go up a lot.
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>> absolutely. markets, as your audience knows, react to expectations of supply and demand. if there is a nuclear iran, there are a lot of possible scenarios that could follow. greater than the probability of an iranian and saudia arabia nuclear exchange. the oil market need to price in those probabilities. over three years, oil prices could rise about 30-50%. gasoline prices at the pump could go up about $1.40. connell: one thing i think that will, tonight is what is the bigger cost? is it that are going to war to prevent that from happening?
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>> jpmorgan just came out with a report recently that suggested the price of the conflict could be more muted. we are just saying that the debate needs to encompass all the costs of action and inaction. connell: fair enough. that is some good stuff. thank you for coming on. we appreciate it. dagen: fascinating subject. onto the debate tonight. both president obama and romney will be seated behind a table. connell: that could matter. it definitely changes the dynamic. we have rich edson now. rich: maybe they will be a little nicer to each other. i would say, probably not. president obama is on his way.
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he is bringing up his barn policy credentials. john kerry is along with him. they should be here in a short while at 2:00 o'clock this afternoon he will do his walk-through at the debate stage. this is a little different. there will be six different segments. bob schieffer will lead off with a question. give candidates two minutes to respond. then he will attempt to guide them through. for republicans, they want to bring this back to the economy. china is the last discussion topic. republicans also wanted to talk about europe and european debt loads. farm power equaling u.s. economic power. connell: it should be interesting. they will not be much nicer because they are sitting at a table. dagen: and icon again or southern family.
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the biggest fights are always over dinner. stocks now. nicole: we are looking at suntrust bank. the banking index is to the downside. let's take a look at the third-quarter profits. it jumped. they did have a security gain and revenue declined excluding the gain. without that, revenue was not as impressive as it could have been. that is one of the reasons why this one time gain could have asked the real deal. revenue did kind of, under pressure. it is down 3.3% write-down. let take a look at the dow. it is down just about ten points. it managed to squeeze out a fraction of a change. so many big companies coming out
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with numbers that were, obviously, dismal or did not read the streets expectations. back to you. connell: we have this report from charlie gasparino up next. it is exclusive reporting on the vice president governor and the government contract going to his company. do not miss it. dagen: we want to see some gainers, not losers. look at apple go today. it is up more than 2%. ♪ [ male announcer ] this is joe woods' first day of work. and his new boss told him twongs -- cook what you love, ansave your money. joe doesn't know it yet, but he'll wk his way from busser toaiter to chef beforepening a restaurant specializing in fish and me from the great northwest. he'll start investing early, he'll find some good people to help guide him, nd he'll set money aside from his first day of work to his last,
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dagen: the biggest sports news this morning, lance armstrong is
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longer a tour de france champion. he was stripped of his title after the u.s. anti-doping agency concluded he cheated through doping throughout his career. armstrong had dubiously elected to not contest the charges. i am reading tyler hamilton's book. it was, it was open. everybody was doping. it is a fascinating subject. everybody was doing it. connell: we want to get to this other story. this is a fox business exclusive. possibly benefiting from his political connections. some say it is a sweetheart deal worth big big money. dagen: charlie gasparino has exclusive details.
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charlie: let's step back a little. james biden is the younger brother of joe biden. known as a businessman. there is no real paper trail. he tried to start a hedge fund. in 2010 coming he landed at a construction company. not long after that, they got their hands on a fairly big deal worth $1.5 billion. the company is at least telling analysts they will cash in on that very soon. possibly before the end of the year. what was interesting is that the ties to the obama administration into the iraq a government help secure this deal. what is really interesting about this is that james biden, again, no construction development. they will build affordable housing in iraq. maybe as much as 500,000 if this
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goes through. no discernible experience in that field. if this goes through, he stands to make a lot of money. he is part of a partnership that brought that. $1.5 billion comes true, half of that goes to help, half of it goes to that partnership. he is part of that partnership. he and his colleagues, minus expenses, walk away with a lot of money. this deal is not a done deal yet. they say it isn't close to being done. they expect to get the funding very soon. james biden will be a very rich man if that happened. connell: a lot of people have connections. what about the lines that may or may not have been crossed? charlie: here is what we know, this is part of a bigger development of an iraqi firm.
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where does james -- excuse me, part of a south korean firm. what we do know is he showed up at a state dinner that the obama 's put on for the south korean president not long after the deal. this is a dinner, you know, dignitaries were there. the treasury secretary was the president of south korea. and james biden. it is an interesting connection. he does have influence with the south koreans. here is the other thing, this story is all on fox business.com. sometimes it is hard to distill a story like this which is layered a nuance. if you look at the chronology on how phil got this deal, they create the subsidiary to do housing, they hire people,
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including biden, bingo, six months later they get the deal. politics has nothing to do with getting this deal. phil is long-established in this business. they do a lot of management of facilities, of construction facilities. like i said, it is on fox business.com, they say james biden opens doors for the country. politics does play. crony capitalism obviously is a big story these days. joe biden while he was debating paul ryan point-blank said there was no crony capitalism involved in the obama administration despite solyndra in those things. this is really interesting. particularly analysts who cover the company, how to get a story
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like this? with analysts that cover this company, they said you should really look at this connection with james harden. it is now part of health. he is an executive vice president. he is trying to create a business of affordable housing and third world countries. they are very up front. he conceded it opened doors. one of those chicken and eggs sort of things. dagen: indeed. thank you so much. terrific reporting, as always. connell: the debate tonight, of course. the contest still all about the economy could. dagen: the debate this series comes up leading up to election day. which candidate has the leading tax strategy? ♪
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dennis: i am dennis kneale. cheryl: i am cheryl casone. dennis: neil cavuto joins us live with what the candidates need to do now. cheryl: living up to election day. it focuses this hour on which candidate has the winning tax strategy. gas prices dropping as election day gets closer. dennis: the walking dead. dish network and amcs settled their high-profile fight. who won, who lost, coming up. stocks now every 15 minutes. the dow is back down. nicole: we manage to squeeze out
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gains. friday was a tough day on wall street. we were down over 200 points. companies giving outlooks that are somewhat weak. names like caterpillar, ge, microsoft, intel, ibm, they have all been somewhat of a disappointment. we are seeing the dow down just a 10% today. let's take a look at peabody energy. we will turn right over to the call center. they are doing so well. one of the reasons why we are seeing it jump, they did top prior guidance. they are expecting growth in china and europe. it is up almost 12%. article, a natural, up with it. cheryl: polls are tightening hiding in tonight's final presidential debate. take a look right now at these
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numbers. romney up 7%. president obama up 6%. although polls show romney up recount of 1% ahead of the president. neil cavuto will be anchoring the coverage beginning at 8:00 p.m. eastern time tonight. how much of tonight debate will focus on the economics of the world? neil: my bet is most of it. you can relate with economics and business into almost anything. caterpillar, as you guys are mentioning, says it all. here is a company, a fortune 100 company that is warning of headwinds developing in europe and abroad in general. that gets to our own economic security. things are not looking good abroad or that they are very optimistic for how they will go
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here. that is something for mitt romney to seize on. that type of insecurity threatens our very own national security. it is not a stretch. the president can be expected to counter and say they maybe still dicey today, but they were a hell of about more dicey for years ago. this will come up. the economic numbers and what the companies are saying will come up here to expect them to be woven into the overall national security debate. that a country embedded with $16 trillion in debt does not command much global response. cheryl: also the issue of china and current manipulation will certainly be just tonight. that is something that romney has been incredibly vocal about. how do you think the president
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can and will respond to the attacks on china? neil: that is a very tough one to handle. every four years, the strategy is to sound very tough on china. we need china. we got confirmation that china now sees the united states as it number one market for experts. more goods are sent to the united states than the country. conversely, china owns a lot of our debt. they bought a lot of our debt. they sustained the caring cause for that debt. we each need each other. that is just calling it as it is. i think what you will hear out of governor romney is we can afford to be a lot tougher on china. expect to hear more out of the president. on and on they will go.
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in a table venue that they they will be at, talking next to each other, normally, the better part is to be low-key. we learned at the joe biden ryan debate that is not the case. i think all these issues will come up. china will. each pushing their own cards. cheryl: i do not know about you, but i think they will be a little more respectful of bob schieffer tonight. neil: i think halfway into this they will be throwing things at each other. it will be regardless if bob schieffer is there or the pope. it will get nasty. cheryl: do not forget this, joined neil tonight at 8:00 p.m. eastern time for televisions best debate coverage. take a look at this awesome lineup of guests. he has sarah palin, john mccain,
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8:00 p.m. eastern tonight on fox business. dennis: tackling a different issue that matters each day up to election day. >> they need to be lowered for all. that is what i think romney's plan is superior to what obama is offering. romney's plan will increase economic growth by about 70% over the longtime and increase wages and living standards. that is the key here. obama's plan will actually lead to slower economic growth and lower incomes overall. dennis: michael, what do you say? >> if there was a unicorn that could fly, everything would be
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great. those numbers are completely at odds with what we know for history. dennis: it is the deficit that come from spending. if you look at the bush tax cuts, federal tax cut income revenue went up 44%. where is the unicorn, michael? >> at the peak of the bush economic. and it was not a very high. tax cuts caused revenue. the fact that we even have to debate this is really really disappointing. dennis: you want to raise taxes, michael? >> i think we should raise taxes on people who can't afford it. dennis: it sounds fine when obama says just raise taxes on
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the rich. with obama saying let's extend the bush cuts for only one year for people under 250,000, is obama saying i wouldn't raise taxes on those people after that year? >> i do not know what he is saying. it is on a year-to-year lease. i think that is one of the reasons why the economy is slowing down. we have obamacare kicking in next year. we have not even fixed the tax code for 2012. people do not know what they will pay and for this year. we need to clear up the uncertainty. we need tax return. that will take leadership from the white house. dennis: democrats keep criticizing romney. [ talking over each other ] >> he makes $20 million a year
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and he paid 14% in taxes. dennis: do you think there should be no tax rate for capital gains investment? >> there is not a whole lot of evidence that it does anything. the break is 20 percentage points is totally unreasonable. even if you wanted to maintain a tax break, you could go back to what it was in the 90s where it was close to 10%. dennis: michael, i have been asking my liberal friends for a year, if they pay 40% of federal income tax, that is not enough, what do you want the top 1% to pay? >> the reason nobody answers that question is because it is not i particularly good question. hold on. the reason they pay most of the
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income taxes is because they make most of the income. of course they pay more. dennis: give me a percentage. scott, what percentage do you think michael wanted to be? [ talking over each other ] >> i want to talk about the fact that half of americans pay no -- [ talking over each other ] >> that is so unbelievably fleeting and you know it. >> why? >> what are the facts misleading >> what percenttge of total revenue is a federal income tax? do you know that? it is 40%. that is paid by everybody. this idea that half of americans is not paying taxes is totally -- dennis: here is the thing, michael and scott -- [ talking over each other ] we had a good debate. it will come down to one guy
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talking about growth and taxes and another guy talking about raising taxes on some so he can keep spending more. i cannot wait to see how this turns out. thank you so much. thank you a lot, guys. debate this. two topics down. ten to go. we are debating the issues. foreign policy tomorrow and the aftermath of the debate tonight. do not miss it. noon eastern right ear. right up until election day. cheryl: it is getting closer and gas prices are going lower. we are live at the cme to ask why now and how you can play it. dennis: as halloween approaches, you may be surprised to learn how did people would buy a haunted house. no way. cheryl: of course. sure.
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we have a guest coming up who wants to karate chop the questionable economy and expand his martial arts business 100 fold. first, as we do every day at this time, take a look at stocks. ♪ [ male announcer ] 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,
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cheryl: it is 15 past the hour. stocks now as we do every 15 minutes. caterpillar. the stock is up, but there is concerns. nicole: this is the second time they have had to cut their outlook. we saw the stock down earlier. now, people are buying into it. the truth of the matter is that 2012 they are having to reduce their numbers. 2013 is looking choppy. obviously, a huge global diversified manufacturer. so many things that would affect it including a stronger dollar, including a weaker global economy, all of those things factor in what we are seeing from caterpillar. it is up 1.5%. the dow jones industrial down 23 points. i am looking at their retail. and the banking index. all of them with down arrows.
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back to you. dennis: gas prices are falling. the average is $3.67. phil flynn standing by at the cme. what do you got? robert: cheryl: at least we were looking at the oil contract, oil is down below 90. i was just in arizona. it was four dollars a gallon. that is crazy. dennis: do we have phil flynn wow. >> they have fallen more. is it because the election is right around the corner? yes, it is. it is because they hold the election in november and gas demand the weakest period of the
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year. demand is very weak. some places in the country have seen significant drops. drops close to $0.50 a gallon. this thing will continue to tank. good news in your gas tank. back to you. dennis: thank you, phil flynn. cheryl: researching your family history is actually big business. you will not believe how much ancestry .calm is being sold for. dennis: we will tell you about the penalties for lance armstrong. take a look at the dollar. ♪ it's new day.
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>> @22 minutes past the hour, i am lauren green with your fox news minute. it will likely strengthen into a named storm. it is about ten to 20 miles south of kingston. wind is gusting. it will just westward before heading towards jamaica.
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the international cycling union has stripped lance armstrong of its seven tour de france titles. they accused the cyclist abusing and encouraging doping. last week he lost numerous foundations. the national geographic will auction off 240 photos from it massive archive for the first time ever. the auction, which will be held in december, is expected to bring in $3 million. proceeds will go towards the preservation. that is your knox -- fox news minute. cheryl: gearing up for its latest meeting. the first since the qe3 announcement. critics are still railing against the central bank.
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they think qe3 did nothing. how is qe3 through that they are out of bullets. are they right at this point? >> thank you for having me on cheryl. this is an issue that will only be able to solved with time. arguably, the fed, to some degree or another, is pushing on strength. a lot of those reserves are sitting on banks balance sheets and not making it out of the door to affect the rest of the economy. we look at it and we have to say it is hard to argue that it really has a negative impact. we think those arguments are relatively suspect. cheryl: jason, you know who is making those arguments and those are central banks. these are basically been bernanke's peers around the world. it is done.
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>> let's recognize that the majority of those banks making those arguments are the same banks that manage a paid currency to the u.s. dollar in many respects. they are heavily influenced by u.s. monetary policy. they had a reason to argue against the quantitative easing because of the impact it has on their own economies. if you want to talk about a week dollar and the risk of inflation, there is your economic issue. i want to ask you something, one at that investments you recommend is a merging market. you are saying, hey, make the play. go ahead and make that investment. >> the thought process is basically in order to get out of the situation that the u.s. and europe have with regards to deleveraging, to some degree or another, the monetary policy has to remain that stimulative in the currencies have to be
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depreciated to some degree to offset some of it deleveraging and deflationary aspects of what is going on with their debt balances. that should result in an appreciating currency to those cases. it should result in flow of funds into many of those regions. therefore, those investments should be favorable. cheryl: and other merging market play is philip morris. you are telling our viewers by the stock, but not because of the united states, but because of merging market. >> we think there are three strong argument. a high-quality stable earnings sort of company which is great and an environment of volatility we are pacing through. it pays a fairly large dividend and rose that their time. the third reason is they are tied to the merging market consumer. people are saying their income
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rise ten-15% per year over there. i have to believe, to some degree, some of those employees will end up smoking a little bit more. cheryl: the stock is up 25%. jason, thank you very much. >> thank you. dennis: coming up. charlie gasparino with his exclusive report on vice president biden's brother and the government contract going to his company. cheryl: and the presidential polls, they are tightening. what the candidates need to say in tonight's final debate. we will analyze that. first, as we go to break, take a look at some of s&p's winners. there are some losers also. we will be right back. ♪ americans are always ready to work hard for a better future.
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>> the big picture is --. >> clearly what has happened in libya, our posture in middle east, al qaeda on the rise again for the last two years throughout, the iranian issue is pathetic to say the least.
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no red line drawn in the sand. it's -- there's almost an innocent child like view of the world that this president has, that he simply doesn't understand just how difficult and how hard it is to maneuver in the world of geopolitics. cheryl: you think that the eu may actually be a topic tonight. i mean i'm not so sure, you know, i'm afraid that viewers are going to have their eyes rolling in the back of their head and falling asleep, if we start talking about euro zone economies. do you think that actually comes up? >> listen, i know an awful lot about fortune 500 ceos here in the united states, and i know ceos also in europe. the problems that we have right now is growing the economy are bottom line psychological. nobody knows -- they tell you this behind closed doors, no one knows what this president is going to do with a second term. so here in the united states corporate america is sitting on trillions of dollars, the largest ever in the history of the united states because
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they're afraid to spend it, invest it, so the problems we have there are psychological, but let's look at the bigger geopolitical landscape. russia on friday conducted its largest strategic nuclear test since the end of the cold war. china is maneuvering in the south pacific with its navy. we're the only military in the world that is not modernizing its fleet. so that -- cheryl: so you think for instance something like russia is going to come up? because i mean i think most of us are expecting a big debate on china, but it is going to be on currency manipulation and that's something i'm sure governor romney is going to push considering it is an economic issue. >> right, right. no, russia has to be brought up because of our difficulties in the middle east right now. the veto powers that the russians are using in trying to defeat the pursuit of nuclear weapons by iran. russia has to be part of that picture. cheryl: also the ties to syria
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as well, do you think that might come up? >> absolutely. listen, i'm in the firm of belief that as syria goes, so will iran, and we could see another green revolution occurring with the merchant class and the students that would lead to the downfall of the pursuit of nuclear weapons. in 09, we had a chance to bring down that down, can you imagine where we would be right now instead of iran pursuing nuclear weapons? cheryl: tonight will not be boring that's for sure. >> no it won't. cheryl: thank you. dennis: this fox business exclusive the vice president's younger brother james biden possibly benefitting from his family connections to win what some say is a sweetheart government contract worth big money. fox business senior correspondent charlie gasparino brought us the exclusive details last hour with dagen and connell. >> younger brother of joe biden,
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known as a businessman, not really -- there's no real sort of connections and there's no real paper trail other than that i think he tried to start a hedge fund. he did a few other things. what he did in 2010 is land at a construction company, with very little specific experience in construction. and not long after that, that company got their hands on a fairly big deal worth 1.5 billion dollars which the company is at least telling analysts that they are going to cash in on that very soon, possibly before the end of the year. it is all contingent on financing from the iraqi government. what was interesting and what analysts believe is that the ties to the obama administration and to the iraqi government helped secure this deal. now, what's really interesting about this is that james biden, again, very -- no construction development. they're going to build homes in iraq, affordable housing, 100,000 of them. maybe as much as 500,000 if this goes through. no discernible experience in that field. and also, if this does go through, he stands to make a lot
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of money. why is that? he's part of a partnership that brought that deal to hill and basically if 1.5 billion dollars comes true, half of it goes to hill. half of it goes to that partnership. he's part of that partnership. he and his colleagues, minus expenses, right, they walk away with something like 700 million dollars. that's minus expenses. and this deal is not a done deal yet. like i said, company officials say it is close to being done, that think expect it to get the funding from the iraqi government soon, and if that happens, james biden is going to be a very rich man. dennis: charlie will have more at the top of the hour. you can read his full story right now on foxbusiness.com. cheryl: well no fear of the economy. coming up, a small business big ideas, a martial arts business that has huge expansion plans. dennis: and the walking dead walking again on dish network, the winner and loser of that high-profile fight ahead. and take a look at the
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ten-year treasury.
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>> i'm tracy byrnes with your fox business brief. shares of bp are under pressure today. under the deal bp will get more
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than 17 billion dollars in cash along with a 13% stake in the other company. >> nissan recalling 2012, 2013 altimas. the website says two types of bolts in the vehicles may not have been properly torqued increasing the risk of a crash. job cuts reportedly on the way for ubs and credit suisse as they both look to reverse falling profits. according to to a newspaper, ubs is looking to slash 3 to 5,000 jobs while credit suisse, 1 to 2000 positions. that's the latest from the fox business network giving you the power to prosper.
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cheryl: overseas markets under pressure. ashley webster following the headlines out of europe for us. ashley what was holding investors back today? ashley: i think it's earnings
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cheryl. mixed performance overnight in asia, european markets struggling today with earnings i think worrying investors about the state of the global economy certainly on this side of the pond as well. the closing bell, though, the ftse off about quarter of a percent. the cac in paris down 6/10. dax also down about 3/4 of a percent. spain's prime minister receiving a small political victory on sunday as his party retained control of the region. defeat would have been embarrassing and marked a serious seatback. a report to be presented soon is expected to show that greece's financial shortfall larger than previously thought and the country will need more time for reforms. today senior member of german chancellor merkel's party hinting that greece could indeed be given more time if international lenders propose it. and despite all the headlines, the euro zone's fiscal deficit falling sharply last year as governments slashed expenses and raised taxes. the latest numbers showing the
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aggregate budget deficit in 17 countries that use the euro falling to 4.1% of gdp last year 6.2%. public debt rising to 87.3% of gdp. greece you may ask? last year it reached 170.6% of gdp, public debt. a long way to go. cheryl. cheryl: all they have to do now is tax everybody at 75% like the french. oh my gosh. ashley: just like the french, thanks. cheryl: ashley thank you very much. dennis: despite the economy, ambitious plans from my next guest and his chain of martial arts schools, 70 franchises sold, 20 locations now, he's hoping to grow up to 500 in the next five years. joining us now for small business big ideas is founder and president of pro martial arts. thanks for being with us. now, you're 11 years old. you went up to 250 pounds and found your rescue in karate and
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want to give this to more people. >> i was 215 pound but could have gone up to 250. karate helped me lose weight. i want to help young kids. dennis: do most customers that come into your shops are they for weight loss? >> they are for weight loss and fun. i'm giving you business system, operating model, marketing, real estate, public relations and a predator program that is second to none that will keep kids in your community safe. dennis: that program does what? >> it keeps kids safe from cyberpredators and bullying in your community and only available at our schools called armor. dennis: you say people that don't take karate themselves could own these franchises and hire the talent? >> absolutely. we hire the instructors and managers for them. you can actually keep your job and do this franchise.
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dennis: you are doing karate aren't you? isn't the big thing now is martial arts? isn't karate kind of dated? >> mixed martial arts is great. we teach conflict resolution through nonviolence and karate is the vehicle we use to relay the physical at ri yuts to the kids -- attributes to the kids. dennis: what's the biggest obstacle that stops me from wanting to buy a franchise and start up here? >> a lot of people have the notion they need to know karate. any good franchise system separates the business person from technician. once we can get them over not knowing karate, they tend to like our model. dennis: good luck. we appreciate you being here. >> thank you very much. cheryl: nicole petallides, quarter till now, stocks every 15 minutes. let's talk about research in motion. another big story today. nicole: let's talk about research in motion. now, this is some tough stuff here.
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what we are hearing for research in motion, not good news for the blackberry maker. the latest news is that u.s. immigration and customs enforcement agency said it is ending its contract with blackberry; right? research in motion. and what are they doing? they're going to get apple iphones; right? say it ain't so. that's exactly what's happening. what we're seeing here is the blackberry maker, everybody following the blackberry 10 and that's the latest product, not doing too well. you can see it's down 1/4 of 1%. which only adds to 47% drop this year. on the other hand, apple is having another winning day, up 2% which is tacking on to its more than 54% gain this year. no more blackberries. they are taking the the iphone. back to you. dennis: thank you nicole. just in time for halloween, one in three homebuyers saying they are not afraid -- [inaudible].
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cheryl: why one west coast university is spending millions on wine. but first let's take a look at today's winners on the nasdaq. apple, nicole just mentioned it. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the marke he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees.
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he can worry about other things, le what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade.
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>> the battle is over, the walking dead again walking on dish as it settles a high-profile dispute with amc networks. director of research is joining us. richard, it looks like this is one of the few cases when all three stocks are actually gaining. cable vision, amc and dish all trading over 52 week highs this
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morning in reaction to this deal. what do you say? >> okay, so we have threefold benefit obviously. first, it was looking like this trial could have been going to a mistrial late last week as there was some dysfunction in the courtroom between the attorneys, the judges, and the personnel at dish. second point is dish was looking at a 2.5 billion dollars penalty. dennis: that amc was seeking from dish because dish failed to fund this hd thing that amc parent company cablevision was doing this. >> lastly cable vision gets some cash, roughly half of the 700 million dollars settlement, and they also get 800 million dollars, cable vision, from a sale of broad band bandwidth. dennis: 80 million dollars. as well amc gets a re-up. it had been off the air because dish yanked it at the end of
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june. now it got looks like to be a 30% first year price increase roughly and followed by maybe 4% increments for amc and couple other channels. here's the thing, amc walking dead, season 3, premier, last sunday, it brought almost 11 million viewers without dish. do you think that played a role in prompting the dish guys to say we just ought to settle this thing and get them back on the air? >> i think that absolutely was a catalyst because if this would have went to mistrial, then dish -- they were potentially off dish for the entire walking dead season. dennis: right. >> so now they are back on dish and perhaps 20 or 30 million dollars revenue from advertising which we think is the better model for amc to generate advertising off the network instead of leveraging for affiliate fees so we think that was probably the catalyst to the deal. dennis: dish, they feud with viacom. they feud with cable vision. they feud with amc. dish is like the most ornery carrier out there. is this going to make a change?
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are other channels going to smell weakness and come aater them for big price increases? >> charlie is a hard bargainer. he views himself as the wal-mart of the tv industry. he provides a product anywhere from 20 to 50 percent below his nearest competitors. so he has to be a little bit combative with wall street. dennis: right. >> he's built this thing from nothing, with no help from wall street, really, over the years. dennis: right. >> and so, you know, he's going to take, you know, a hard-line stance because -- dennis: even though he just caved in? >> he's an entrepreneur and you are going to expect charlie to act like charlie for the rest of his life. dennis: thanks for being with us, we appreciate it. good day to you, sir. >> thank you. cheryl: it is time for your west coast minute. as if paying taxes in california wasn't bad enough, governor jerry brown now wants residents in the golden state to pay even more. he's supporting a ballot measure that would raise taxes on the highest earners and also raise the sales tax. a competing plan would raise
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taxes on everyone across the board. pattern energy has secured enough financing to build an industrial scale wind power plant just outside of san diego. the 112 turbine imperial valley farm will provide san diego customers power over a 20 year span, much the financing comes from thh u.s. and mexican governments. and washington state university has raised 17 million dollars to open up a wine science center. the center will provide not only education about grape growing and fermentation but will also serve as a research facility for wine makers. it could make its first grape crushing during the 2014 harvest. that is your west coast. dennis: some people like to visit haunted houses especially this time of year. some say they would live in one. according to a recent survey, nearly 1 in 3 people say they would be fine living in a haunted home. but one third of respondents say they would need a 20% discount
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before agreeing to coexist with any unwelcome guests. cheryl: which is completely easy to prove. i have ghosts, see? how are you going to prove that? come on. i'd go for the cheap deal on the house, wouldn't you? dennis: yes. cheryl: give me 20% discount because i'm really afraid. dennis: actually no i would not. i kind of believe in that ghost stuff. cheryl: come on. dennis: 12:00 eastern tomorrow we will be speaking with former presidential candidate herman cain about that presidential debate tonight, who won, who lost? cheryl: plus sec chairman mary shapiro will also be here, noon eastern tomorrow to talk about the election the economy and a lot more. you cannot afford to misthe big show. -- to miss the big show. that's coming up tomorrow. also coming up charlie gasparino with more on his exclusive story about vice president joe biden's brother. dennis: and boone pickens, we are going to talk with boone
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>> the dow down 35 but first an announcement over the weekend. cheryl as young as she is got inducted into a hall of fame. cheryl: i went to northern arizona university. i was inducted into the hall of fame over the weekend and there was all the broadcasting students came out. a lot of my old professors and so anyway, shout out to them, and they actually won the big game saturday afternoon. >> congratulations, cheryl. you are a terrific colleague and so talented. really congrats. >> so fun. good afternoon i'm melissa francis. >> i'm lori rothman. president obama and governor romney are getting ready for round three, the final debate before the election, the focus foreign policy but will the domestic economy take enter stage? -- center stage? we will look at what to expect. >> energy tycoon t. boone pickensens says our foreign -- pickensens says our fgn

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