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tv   Countdown to the Closing Bell  FOX Business  December 14, 2012 3:00pm-4:00pm EST

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claman@foxbusiness.com connecticut. the president will be speaking in 15 minutes about this. of course this happened earlier today. it is just a tragic and disgusting situation. there is absolutely no other way to describe it. one gunman dead. inside the school, the sandy hook school. as soon as the president comes what we will be taking him live. for more on this, our sister network is covering right now. stating at the moment, we will have this. we will cover this in the last hour of trading. a business network, but we cannot ignore the fact that this is a very difficult state for everybody who feels sympathy for these tiny children who were murdered. eighteen of them. twenty-six other people. this is the worst mass murder we have ever seen. if you want full coverage of the story our sister network will have it. again, hearing from the
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president in about 14 minutes. we will take that live. not to the markets. of course, we know this is a difficult transition. please work with us. we will continue forth until the president takes the airways, but we have to focus on apple. what went wrong in apple in china. where are they huge crowds of people tripping over themselves to get the new iphone five? after all, 300,000 reorders. 300,000. it sounds like a lot, but there are some are calling this launch this news, even a dad. will this further erode the stock which has plummeted 28% since that september? we decided to go beyond this. of the chinese over it? some months, the apple turnout, not at all what it was cracked up to be. investors are voting with their wallets. apple shares are down. just a couple of percentage points. important to know this is trading in a nine month low.
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add another 4 percent today, the negative comments adding to the selling pressure. the firm cutting its 2013 estimates and lowering its price target. we know that maybe the huge ones are not so huge in china because apple instituted an online reservation system. folks, let's not ignore it. the allies did not even come close to this, the launch of the iphone four in the u.s. when people waited all night long, lines wrapped around entire city blocks. apple, of course, fourth of $700 per share. the stock is down 28%. certainly bear market territory after the stunning job. what does this matter? well, there is a trickle-down effect suppliers, look at all these guys. all taking a hit. the concern is that weak demand for the iphone or at least the perception of it.
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the perception of it. and the new ipad many cannibalizing sales of the regular size type at. a lot of you either on apple or the funds or indices that have that as part of it. so is apple writing? we decided to bring into top experts. senior technology analyst. and managing director and head of equity director. i can't believe value of the trading for. >> only for you. liz: thank you so much. all right. people not exactly tripping over themselves in china. you know they have been kugel the night for all apple products. what is going on? a massive meaningful shift? >> competition has arrived. you are seeing competitive lower priced products coming out of samsung, coming from amazon, google. you think about apple. for them to achieve this deal
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the people are talking about and then maintain price point and the margins, that is going to be a difficult thing. the concern is that china is one of the fastest-growing markets for smart phones. apple is not taking their share that many people have. liz: of the chinese are over, what are they buying? >> android. in fact, co-chairman went so far as to say it's over. android one. liz: i know. >> three out of four. north of a million today. three out of four phones sold are running the android operating system. as prices come down, this is the situation. liz: what is your call? >> i have a hold rating on it. finally, the stock is into a territory where we find -- we start to find it interesting. it is not a broken name. this is a stock that clearly is going to appeal to many people. a great name talent, and if you want to own and we suggest you
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use equity ops. liz: richard anthony, we decided to pull up all of the names of of the nasdaq. by the way, down 5% of the past three months since september. down about 27% to read what other stocks would have done worse? only one over three months and the nasdaq has done worse than apple. apollo. put up other names. we have very sign down 24%. you have this year's holdings down 23%. really only one stock. apollo. how you play apple at this point? >> to bring a but very good point. i love to take the lead of my colleague and friend with respect to price targets. the best play is a law were replay for a gradual rise up in the shares.
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600. it returned to comment. a strategy that we have designed for this. you did downside protection down to about 460. it's a strategy where won't kid caught in the lingo, but you are essentially having a flat return for 10%. exposure to the shares below. make a more of a market return on the way up. liz: tell me about the order flow. >> they are resisting. which is interesting. because typically when we see this type of a decline we would want to make it as an opportunity, but most people are not willing to stick their toes in at this point. liz: let's put it in perspective . 6,900 percent over the past ten years. there is no -- >> the largest listed company on any u.s. exchange.
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>> market cap number of 500 billion for the first time in quite some time. the question becomes, what is this company? most of their products do everything all the other ones to just different sizes. the ipad, talk on the phone, take pictures, listen to music. same with the iphone. don't they have to really come out swinging on something totally different? what comes to mind is ample tv, but have not seen anything. >> even if they do, would that be enough to move the kneele? the numbers are so large. a lot of my peers are talking about a thousand dollar or trillion dollar company valuations. it seems the growth is slowing down, the competition is here. there are good enough product to you can get much lower price points. and if you think that is the case, they gain in apple stock will be more moderate. that is why we love using equity options. >> any of this having to do with
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fiscal cliff hysterically. the chart issues. >> it really is, and that it not think it would. a push back from terry smart accounts are not wanting to do anything on any stock in any sector until we see the outcome. liz: guys to have been the fastest smart and successful money. >> absolutely. one suit would think would be more likely to do something because they would get ahead of their peers who are doing nothing as we start the year. liz: what is your side window play? if there is something that you looked at and say, that's the one. >> sure. this is going to sound a little surprising. if you look get microsoft at these levels, they're coming of such a small base in terms of the taalet and the phone ecosystems, any degree of success. it will be meaningful.
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in particular with their service tablet. that will have a nice boost. liz: your price target. >> thirty-five. >> well below that. >> the expectations are so low that they still are the dominant player in the enterprise. that refresh is going strong. a success with tablets in the business marketplace. liz: a better flow of the different stock. >> as you know, not at liberty to discuss. liz: i've known you a long time. >> i will say that we are in the world now where you can set up strategies using options to take advantage of wages like apple more in keeping volatility is going one way or another, we like to react of the client you
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point. liz: what kind of volatility do you expect? >> clearly there would be a very big pickup. i think most people -- liz: stop doing anything right now. >> thinking something is going to get resolved. if it doesn't come i think the bigger shock will be in volatility, even more so than price on a percentage basis. liz: the market tanking. no one knows what the market will do. they may have been prepared. you never know. it's a voting machine as these people say. but would that be a buying opportunity? and any of these names that you specifically covered? >> you know, that technology space is the companies that i there are for the most part in excellent shape, particularly if you think about the innovation and productivity, smart phones and tablets, the cash these companies have on their balance
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sheets. you have a significant market pullback that would make an amazing window to get into some of these names. liz: three to see both of you together. i won't tell howard we pull you off of each ec trading. >> thoughts and prayers go out to the families. liz: the most awful, awful story. as we mentioned, president obama is going to be speaking in just a few minutes, but we thank you. two smarty pants. they know a lot about the stock and many more. we will see you next time. when apple catches a cold, it weakens the entire market. roughly 4% of the entire s&p 500, and 15 percent of the nasdaq 100. taking a look at where we stand. down, as you can see, about seven points. but, the dow jones industrials as the lowest percentage tear down about 1/3 of a percent or 50 points at the moment. let's take it to the traders at the source tell -- for show. let me get to you first.
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competitor h-p is at dow leader. can apple be entirely blamed for coloring today? >> no. there are a lot of things you want to consider. taking a look at volumes and a commitment. lower now. we have positive news coming and of china, coming of the u.s. still does not want to go forward. the rhetoric of washington does not help. we are going to see more of this as we go further into the ew year. liz: further into the new year. liz: we have to get to the new year. we are looking at the energy market. natural gas dropping to its three month low. very mild. looking at behind me in new york. what are we missing as a play, an investment like? are we in that very land and? >> we've been calling for lower natural gas. most of the profit is best.
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the sale at 380-385. right now it's an oversold market. 327 is the low. we hit it today anywhere between 327 and 330 i'm buying. and on the upside 342-345. i don't think we will see it again this year. liz: never again. >> okay. never again. liz: the collective commodities, the dollar, what the fed did. that seems like a million dollars to 5 million miles away. but in these next two weeks from a trader perspective. people just at the way or are they fully in because we don't have an answer? >> there will not be fully in. what we have right now, an argument between deflation and inflation. the numbers coming through, especially today. the fed is pumping action of billions of dollars in the market every month. the same time they're staying
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low or longer or slower longer which is an inflationary message . liz: again, people still look at that as a safety play, and i don't know if they should. >> because of the deflationary aspect we won't see inflation in the short term. deflationary in the short term. you could see that up to one and a quarter or below one. be careful about getting in front of that. it happens later than sooner. we have to worry about deflationary. liz: i should have been clearer when i said, are they fully yen. what i meant was fully engaged. watching the news flow, reading the new york times and the "wall street journal" to make sure they are on top of the fiscal cliff story. hard to go on vacation. >> absolutely. held in late now. more rhetoric than answers. we need more direction and tangible news so we can go forward.
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liz: that's higher. people have not even heard mention that it becomes the sort of holiday driving season. people get in the cargo visit their grandparents are go down the florida. it's not spiking anything. i'm thrilled. i don't want to see gasoline go higher, but what happens overseas with the brent crack between that and west texas intermediate? >> i'm glad they're low. the price of unleaded gas. right now i see it going a. the fiscal, we are getting better data from the economy. we do have quite a bit of supply and the u.s. it is going to keep the lid and some of our products like unleaded gas short-term. liz: you know, one of the things that we have not talked about lately is the repercussions of the drought on all lot of what we see as commodities. one of the place that was a very good one, certainly at the beginning of the year and then halfway through this summer was
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corn, soy, wheat. what is the play here? is that over? >> you want to wait for a pullback because we have a story in those products. not just inflation assets. they're still being affected by the drought. we did not get a soaker of november, which we needed to have replenishing the underwater ground level. now we have a situation where the ground is frozen and we will -- we have more. buy the dips and the grain market. liz: you will know those questions. good to see all of you. thank you so much. joining us on the floor show. first eagle overseas portfolio manager looking at both overseas plays and domestic place. while there is complacency in at least the volatility aspect of it, is complacency and opportunity for you to make money? joining me now. forgive me if we interrupt when the president takes to the podium to talk about the shooting.
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in fact, he's coming out right now. the stick to the podium. >> i spoke with governor malloy and fbi director mahler. my condolences on behalf of the nation and made it clear he will have every single resource that he needs to investigate this heinous crime, care for the victim's, counsel their families . we have endured too many of these tragedies in the past few years. each time i learned the news i react not as a president, but as anybody else would, as a parent. and that was especially true today. i no there is not a parent in america who does not feel the same overwhelming grief that i do. the majority of those who died today were children.
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beautiful look kids between the ages of five in ten years old. they had their entire lives ahead of them, birthdays congratulations, weddings, kids of a round. among the fallen were teachers, men and women who devoted there lives to helping our children to fill dreams, so our hearts are broken today for the parents and grandparents, sisters and brothers of these children and for the families of the adults or lost. our hearts are broken for the parents of the survivors as well or as blessed as they are to have their children home tonight, they know that their
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children have had their innocence torn away and there are no words that will ease their pain. as a country we have been through this too many times, whether in elementary school or a shopping mall or a temple in wisconsin or a movie theater or a street corner in chicago. these neighborhoods are our neighborhoods, and these children are children. the rear going to have to come toggther and take meaningful action to prevent more tragedies like this regardless of the politics. this evening michele and i will do what i know every parent in america will do, which is under our children and little tighter and tell them that we love them and will remind each other how deeply we love one another. our families in connecticut who cannot do that tonight who need
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all of us right now, in the hard days to come the community needs to be in our best as americans, and i will do everything in my power as president to halt because while nothing can fill the space of all lost child of one, all of us can extend a hand to those in need to remind them that we are there for them, that we are praying for them, that the love they fell for those they lost in door's not just in their memories, but also an hours have. may god bless the memory of the victims. and in the words of the scripture, heal the broken hearted and lined up their wounds. liz: president obama speaking about the mass shooting in
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connecticut saying, our hearts are broken, children's innocents torn away from them. eighteen children, a tiny children ages 5-10 all killed by a gunman. these children, the president said, are our children regardless of politics. we must take action to ensure that this kind of thing never happens again. once again, i mass shooting in connecticut, and the president just speaking now addressing the nation about this. parents, of course, we will go home tonight-children. just a completely tragic and 90 -- awful story is in the development comes forward. we will bring into you. we will be right back. stick with us. ♪ look, if you have copd like me,
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clef. reelected volatility not doing much, but does that mean an opportunity for people to sleep in here, swoop down like the eagle, pick up some good things. should they not appear that? >> i think that people think of volatility as risk. and i think that the way we think the risk is a little bit different. we've you raised as a permanent impairment of capital. volatility is just market weakness. we -- prices of businesses reach levels that were an adequate discount to intrinsic value. i think it would be an opportunity. liz: looking for the good quality, less expensive moves. let's talk about your funds. in both the international and domestic fund you have physical gold then there.
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total about 10%. a huge chunk. is that what you recommend, investors buy physical gold? sell me on your fund. why buy your fund with some visitable? what else is in there? >> we have about 5% of the fund in physical gold bullion and another 5% a nickel mined equities. weethink of that gold has a potential hedge against currency debasement, other fishers and financial architecture. so it is not meant to be a direction about cold. it is meant to protect the portfolio. liz: and these sorts of dramatic things that happened to the markets. okay. so if you follow up coming to equities. a bottoms up approach meaning you start to look at the real qualities of an individual company.
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>> looking at well-positioned industries. we are looking for companies that have some relevance and staying power and ability to withstand whatever the world throws our way. and importantly we are also looking at businesses, a discount to the intrinsic value which is an important risk management. liz: you look at your widely helds, the names that are in these funds, and we will get said the foreign and domestic names in a few minutes, do you feel like you have been buying more lately are sitting tight? >> we have been considering tight, which is not uncommon when the markets and moving up. just more businesses that we on.
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the stock prices are converging. intrinsic values. that is the time that we turn. we are still finding interesting things, but the cash flow comes up over the year. liz: worried about greece and ireland and portugal, and italy, spain, then the election. go back to the primaries. what will happen with the primaries, then election, then fiscal cliff. it's always something. all you really saw if you look at one are to your charts of the s&p, dow, you name it. not exactly a straight shot, but it was a rally. people sitting on the sidelines terrified, shaking their hands saying we are not going to buy. look at the far left. now where we are today, you're looking at what some of you out there miss because you were scared. how did you convince people there is more room to run
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normally you don't believe that? >> for us it is very much business. with respect to these various crises are fears of the fiscal cliff for the election are what have you that the rate -- create uncertainties in investors' minds, it's often better to adjust to now. ridge example is the election. in early november right after words two weeks later, 11%, markets is just grew up. be classy about this. event guess what. yesterday or the day before we were basically where we were the day before the election. we regained everything. that is a lesson in and of itself. >> i think so. people forget both on the downside and on the upside, it is the individual business with in a portfolio that forms a first line of defense in a down market or will help you and that
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is why we focus on these 50,000 ft sort of issues is sort of misplaced. ybeth: can you tell why he does well? he has $38 billion in assets under management at first eagle. he will be back with more on how he picks stocks and what he likes. let's look at the markets, dow jones industrials off of lows of the session down 38 points but it is the s&p 500 down 1/2% that looks like the biggest loser and give you a better sense what is going on. closing bell ringing in 30 minutes. what could citigroup do to make itself more appealing to investors? they did some job cuts and shrank the balance sheet but are the nuns have been now? yes, that is right. some nuns want to see a bank broken up and they mater, the benedictine sisters $9 million of citigroup stock, they wrote a
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letter and could you maybe believe they forced citigroup's hand or at least a finger? and the ceo of trillion asset management is a fox business exclusive. will citigroup listen?
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ybeth: how is this for a stack? the dow jones industrial on pace for the fourth week of gains. csn be not so great. nicole petallides on the last trading day of the week and give me some winners and losers. nicolmac a great time at the end of the day to take a look at
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names that are on the move so let's start off with the weekly winners on the dow jones industrials which include names like hewlett-packard, alcoa, cattle, cisco and dupont, the best performers, hewlett-packard up 5% this week, caterpillar was a great company that joins 200 companies that accelerated the hat. names like walmart and home depot and united technologies, when i think of walmart and thinking of the ceo talking about fiscal cliff worries for the consumers, people worried what was going on in washington and that is going to walmart. then take a look here. winners and losers, j.c. penney there as the mover and names under pressure. liz: first solar looking decent. thank you very much. has a divine intervention forced
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citigroup's hand? october 16th, vikram pandit ousted as city ceo. in november the benedictine sisters, city shareholders who own stock filed a proposal asking citigroup to break up so as to unlock shareholder value and last week citigroup announced 11,000 job cuts and a bunch of branch closings. no real massive break up but they are shedding some businesses. joining us in a fox business exclusive is the treasurer of the benedictine sisters, sister rose marie stoverbanner and trillium asset management ceo who is representing the benedictine sisters. thank you so very much for joining us. we have spoken when you first put out that ladder and i said i wanted to talk to the sisters about this. highly unusual, horrible press for a city to have a group like you saying unlock some shareholder value here but let me first explain why.
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you bought this more than ten years ago and you have lost more than 90% of the value of what you originally bought it at. is that correct? >> that is correct. liz: what brought you to this point? >> we decided to file this resolution with citigroup because we believed the resolution addresses not just the financial concerns, it is not the 90% that is the primary concern but rather it is the justice issue. for many years citigroup has continued to take on more and more risk and when their bets failed was the people at the bottom of the pyramid that were hit the hardest and that is the people we are concerned about. liz: that would actually be you and your sisters. explain to people why you and the sisters invest in stock. what is it for? it is for your retirement?
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>> that is correct. we have a retirement fund because we have more and more elderly sisters so we need to depend on our retirement earnings from our investments to help support those sisters and we also have a ministry fund which helps us support ministries where our sisters do not receive compensation. liz: sister rose marie, did citigroup reach out to you? did they respond specifically to your letter and a letter of the benedictine sisters? >> they have not reached out to me personally, but of course they have reached -- they have sent the general letter we all received when we filed resolution. [talking over each other] liz: everybody who owns the stock? >> they have reached out to us specifically, trillium on behalf of its filing and they asked for a meeting which is very constructive and positive. liz: when is that meeting? >> the next couple weeks.
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it will happen before year end. liz: before year end. unlike washington but before year end you have a meeting. will it be for the sisters? >> the meeting is scheduled i believe in new york city although i don't know the exact date and details. liz: will you come? >> i will not come but i may be involved by phone. we haven't worked out any of the details. liz: you should be there and show up with a bunch of sisters and really -- you could get some real action where frankly perhaps much larger shareholder institutional shareholders have not gotten action. you guys do $9 million in stock and add to that position, but you could really have an effect here because of the obvious. you are a group of nuns and that would be horrible pr for city.
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>> right. liz: is that something you would take into consideration? coming here and showing them you mean business? >> that is a possibility. we need to work out the details for that. >> we're still working on timing all that. is something certainly we think is very positive that would they entered a dialogue as a response to their filing of the resolution. liz: brand new ceo did make some moves. it hurts people to have layoffs but in a 11,000 layoffs. that turned out to be only 4% of the company's workforce. do you think they need more where do they need to just chop off parts of the bigger business and which parts will they be? >> we are looking for them to examine all the aspects of their business and what the appropriate action bar and we look at potentially breaking into four businesses they could
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come to the conclusion the optimal solution is to spin off the credit card business of the optimal solution is to spin off the investment banking business but we do think they need to make this business simpler so that it is no longer too big to fail but too big to manage. liz: as we finish up by the sisters concerned about their retirement? all of america is in this day and age but what are they saying to you? >> we are concerned about it but we also have many generous donors who have to support us and we are probably a better position than a lot of individual families are. liz: you have met helping you. good to see you. thank you very much for joining us. sister rose marie, please come back and the big headline out of this is there is a meeting. citigroup will be meeting with trillium and the sisters, the benedictine sisters. closing bell ringing in 17
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minutes, as 2012 comes to close where should you put your money to work if you want global exposure? you are worried about u.s.? kimball is coming back overseeing gallery funds. and we can save you 10% on ground shipping over the ups store.
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liz: the start banking analysts story, the dick bove -- dick bove sweepstakes coming to an end. where's the bank analyst going? charlie gasparino has a latest? charlie: he is all but signed at referee capital markets. offices in new york city and long island, another big firm, a small shop. he hasn't signed yet to but has given the verbal sort of wink and nod or whatever you want to call it that he is going to go
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there. we reported earlier he was at sears, negotiations with cancer. dick bove telling the fox business network he is not going to cantor. in won't save where he is going but we have it firsthand places he is likely to end up, in all likelihood will be announced on tuesday, referee securities. why is he going there? i don't know much about it but i do know two rock they'll -- i said it right, two rock dale executives after rock they'll blow up, he is leaving because the firm blew up, the $1 billion apple tree that was apparently some sort of faulty trade, there are two analysts, fear of the senior people went to -- why do we care about this story? this is a tough day to record something like this that is insignificant in the scheme of
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things but we do cover the markets and markets go on. it is hard to cover these things when you have the news out of connecticut. that said, dick bove is a staple of financial journalism. he may be if not the most prominent, the most popular. he is one of the guys that brought the financial crisis in 2008 and what is going on in banking today to middle america. he defines it. he will be on this show and other shows. where he ends up is important. he is part of the debate we do every day about whether citigroup should break up as you heard before, bank of america should break up, whether there will be a break up and what is going on at major banks. you want him back in the mix and he will get back in the mix on tuesday. why would he go there instead of cantor? i do know howard led nick at cantor really want him to join. even today they were talking to him. why didn't he go there?
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he likes the freedom. i heard rapper eddie has an office in florida where he lives. in jupiter, fla.. he lives near tampa. liz: free food. i don't know. who wants to go to google because the food is free, granola bars, that is it. charlie: we don't get free food year. liz: who has more power? is it dick bove or meredith whitney? charlie: meredith whitney hurt herself in a major way with immunity. i actually like meredith whitney but i really believe meredith whitney's stature and credibility went down on fat, two years into it or two or three, really bad. i am not saying -- liz: they will all be at fault. charlie: 50 to 100 large issuers defaulting in 2010. they're not large. it is not this massive
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implosion. it could happen if we had a fiscal cliff but she was wrong. connell: liz: thank you very much. charlie gasparino. markets remain complacent. i would not call 48 point loss complacent but the fact is we are above 13,000. the dow has had a couple decent moves over the past couple weeks. let's bring that kimball broker with some ideas looking at those international and national things. let me start with your first play which is a japanese equity. amazes me you are sticking with this. it hasn't done much. sell me on this security company. >> it is the largest electronic security business in japan. they monitor security alarms and firearms. it is a 60% market share of that business. it produces a very stable cash flow from its subscribers which has grown a little bit over
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time. japan has been a deflationary environment. liz: the ticker symbol, this is an american depository received trade. >> we have a local japanese share. liz: people could play it that way. here is the one year picture. it is of 14% over the past year. >> is a very dominant business. it has very healthy balance sheet with net cash and unlike many japanese businesses with the stereotype you often hear about japanese companies floating cash or being bad for shareholders, it has a regular dividend and bought back some stocks. liz: two click on names, a european conglomerate, you like that and the u.s. equity play is bank of new york mellon. >> bank of new york, very interesting company, not really a bank in the sense that they do very little risk taking.
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roughly 80% of its income is from related businesses. liz: stock is down 40% over the past year, not even that much, up 31% and does give a dividend. >> the head winds the bank of new york are facing are low interest rates. but they are cutting costs and the customer base, even act trough earnings their earnings are in the 20s. liz: good to see you. kimball broker of fur seals is the overseas and u.s. fund manager. we will see you next time. dow the industrials down 49 points. we are heading to the closing bell, six minutes left exactly. stay tuned. we will take you back.
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liz: want to follow through with a good earnings report, adobe beach on revenue and earnings per share, jumping nearly 6%, a price target hikes by jpmorgan, credit suisse, ubs, in the wake of this good news, adobe hitting a three year i. a 1-year chart which looks pretty good too but markets have a lot of red on the screen, the dow looks like it will be another move to the upside for the week. let's get ready for "after the bell," david asman. dave: i was just thinking about apple. there is good news mix with bad news on a down day but i was reading over apple's launch, launched in beijing, their flagship store in beijing to sell the i phone 5, they said it was the least eventful launch of any apple device in the company's four year history in china. that is one of the factors weighing in on the downward move
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in that particular stock. liz: because apple represents 4% of the s&p 500 we have read on the screen but let's talk about one of the biggest winners, j.c. penney up 15%. nicole: it has been under scrutiny for cutting out promotions that ron johnson came on board and tried to do ways of apple and products at low prices, what we are trying to realize is like promotions and getting back and doing that. dave: do they think will go into the 400s? nicole: we ridge talking about analysts, bringing numbers down, but most of the people i've talked to think it is to the upside. liz: event allen has a different story. they're selling u.s. products to china but it took a hit today. they got a downgrade. markets spooked about this.

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