tv Markets Now FBC January 9, 2013 11:00am-1:00pm EST
we clearly do. >> the president says we don't have a spending problem. what's the first stage of recovery from an addiction? you have to acknowledge you have a problem. stuart: i think that really sets the tone for the rest of the year and the administration, does it not? facebook did hit 30. all very very briefly. came back down again. i think it is now 29.98, something like that. what do you make of this? liz: mark zuckerberg being on the trillion dollars platinum coin. stuart: i was expecting selling. now it's gone above it. charles: wall street is warming up to the company, but they still have to perform. last time you posed this to me it was between facebook and something else. it was around 19 at that time. but i would have sold it at 24. [laughter] stuart: charles and liz, thank you very much indeed. dagen and connell, it's yours now.
connell: thank you stuart. good morning everybody. i'm connell mcshane. dagen: i'm dagen mcdowell. your money is the target. now u.s. officials say there is more proof that iran is behind the cyberattacks on our nation's banks. connell: the man behind the iphone killer, samsung's chief product officer bringing his plans for the galaxy phone. dagen: a new court ruling on rfid tags at school and why your kids may have to wear them. connell: and more on this vicious flu outbreak is keeping both kids and their parents at home. dagen: don't look at me. i'm saying nothing. you should be appreciate the moment. connell: pretty much -- a lot of people have the flu, huh? that is a rare moment when you're quiet. dagen: do not come to work if you are that sick because i know you will wind up getting it. connell: that's how it spreads around. at the top of the hour we go to nicole petallides for stocks now and every 15 minutes. news on morgan stanley; right? nicole: right, let's take a look at morgan stanley.
they are cutting 6% of their workforce. charlie gasparino was the first to report this, but they are going to do some job cuts. we're talking about 1600 jobs within institutional securities. more of the senior employees are probably the ones who will be looked at very closely. half in the u.s. half overseas. down 1/10 of 1%, $19.63 a share. the stock up and down today, but right now down 2 pennies. dagen: u.s. officials are pointing the finger at iran for a recent series of cyberattacks on our on-line banking website. connell: adam shapiro in the newsroom with more on that. adam? adam: this is an on going story that the fox business website first broke back in the fall. the cyberattacks against u.s. financial institutions just about all the banks in the united states being targeted originally it was a group that was taking credit, as we reported last fall. and then in october, adam samson
on our web team actually wrote a story in which he detailed how the attacks were taking place. they weren't using individual computers but were hijacking data centers servers the kinds of things that amazon.com or google use, that huge capacity to transmit data. that's what's been going on. and those hijacked servers have been doing these denial of service attacks against u.s. banks. back in december, we had the story right here on fox business, and the banks denied they were under attack, but then the occ, the office of the comptroller of the currency came out and said the banks need to fess up, that they are under attack. so now you've got the new york times with this story about who is responsible. and they are quoting a man by the name of james lewis, former state and commerce department employee who is now a security expert. he says it is iran. i called a vice president of securities solutions, he's been on fox business before on these issues, here's what he told me, he said he's a little anxious
that we ascribe all blame to one state sponsored cyberattack event. he says that it's quite possible that it could be iran along with another government or state-sponsored entity that wants to do harm to u.s. banks. it could be iran with others as he said nefarious factors, perhaps terrorists or organizations that want to cause problems. the reason this has the hand print of a state-sponsored attack is they are not actually trying to steal money. they are just trying to bring the systems down and create chaos for you and me, the customers of the banks. back to you. dagen: adam thank you for that. adam shapiro. so iran and oil and the importance of iraq and keeping supplies of crude plentiful. commodities research director at barclays is joining us now. iran is trying to -- it still has power we see despite sanctions and declining oil production, and how important iraq has been to making up that lost production? >> it's very interesting you had the cyber story on iran because
iran is linked to a major cyberattack on the saudi computers in august and an attack on computers in qatar. the iranians are showing a willingness to sort of respond to sanction efforts because sanctions have really curbed iran in oil production. iranian oil exports have declined by around 40%. one of the ways that the market has absorbed the loss of iranian exports has been through increased iraqi production. but we are concerned that iraqi production is quite vulnerable. the fact that iraq is now the second largest producer in opec makes us a little bit nervous about the stability of oil supplies. dagen: what happens with sanctions against iran in the coming year? will we see declining production continue? will you see production fall even more in iran, and then what are the major concerns that you have about iraq being able to maintain its very big position in oil? >> recently we have seen some of the countries that have been
declining in what they would take in iranian production is starting to get back in the market. the new sanctions drive is to tighten that up, to make it more difficult for countries for example to pay iran for crude in gold. it is trying to basically restrict iranian exports. so we think if the sanctions are successful, we could see more iranian production off the market this year. and that puts the pressure on countries like iraq where production did increase by 12% last year, year on year, but we 'have seen -- we have seen recently kurdistan exports off the market again. because the on going disputes between baghdad and the government in kurdistan. since this summer al qaeda has been on a tear in iraq and we see that as spillover from syria. we look at iraq and say it's had a tremendous year in production, but the political and security environment there remains very challenging. dagen: any other countries, saudi arabia, even the united states with its increasing production here that can make up
any loss that we might see in iraq, like is there any cushion anywhere else in the world? >> well, you know, when you look at, you know, where we can see potentially within opec, the saudis are the ones who have their capacity. it becomes an interesting what the saudis will do in terms if we did see losses coming out of iraq. right now we've seen iraqi exports down 10% in december but have not seen a major attack on a facility. for now i think everyone is in sort of wait and see mode. another country you want to watch though is libya. libyan production has been another country that has allowed us to absorb the loss of iranian exports. you do want to watch, do we see any potential problems in libya? that's a country where the security situation does not remain very stable. dagen: thank you. >> thank you for having me. happy new year. connell: let's move on to the budget deficit numbers, above billion dollars in december, trillion dollars deficits overall. you look at it annually. our next guest is senior
managing director. always good to have you on. >> hi connell. connell: when you connect the deficit to financial markets, what do you make of the latest figures? >> i think the most important thing that we can think about, the level of debt never comes down, so we're always going to have more debt. we never generate less debt. the key is how much is the debt relative to gdp. and clearly the debt level to gdp has improved over the course of the last three years. it's actually improved from 9 1/2% to about 6.8% of gdp, prior to this number. it is actually in a positive trend like most of the economic data. connell: right. so you like the -- there's the u.s. debt to gdp ratio that we're looking at there going back a little longer, but tony likes the near term trend of the way this is going. i think it is interesting the way you started that because in political discussions we always have, hearing a statement like yours, maybe some people raise their eyebrows and say well
we're never going to have less debt. what do you mean by that? and what's the context that should be in as we look to these next debt ceiling negotiations and everything else? >> well, if you look at the absolute level of debt, it is up. that hasn't changed. connell: what's our goal? >> the goal is to get below i think bernanke said 3% of gdp or something similar to that level. and again, we're high. we're very high, so i'm not coming across saying gee don't worry about it, everything is great, but that's not the point. the point is it's improving. the reason it improves connell is because tax receipts -- this is very important because tax receipts are improving. why are tax receipting improving if -- tax receipts improving because we have slow economic growth? because ben bernanke is making capital turn over. the guy printing the money keeps telling you he's going to make you take risk, and the reason he's making you take risk because it turns over capital,
and when you turn over capital you have increased tax receipts. connell: up 75 on the dow right now. are we even close to a point where that kind of gravy train ends? >> no. let's say they stop printing the money, then you have an ultra easy fed with a 0% interest rate policy. this is not a situation where all of a sudden the fed is going to spike rates like they did in 94 because they're worried about inflation where they went from 3 to 6 percent i think they did in 94. this is why in the context of the current economic environment, we have to stop thinking surpluses are great, and we need great economic data. from what i do for a living, that would be great for our country, and i would love it, but that's a political discussion, and you guys can do that. what i'm paid to do is analyze the markets. and you want to buy the equity markets when all the economic data including the deficit is trending better from historically poor levels. that's kind of what we call the sweet spot. connell: there you go, separating the politics from the
financial markets, does it pretty well, tony dwyer, always good to see you. thanks tony. >> thanks. dagen: dish throwing itself in the middle for the bidding war for clear wire leaving sprint investors to wonder what's next. we will bring you the latest. connell: the samsung galaxy eating into the market share for the iphone. the man who is behind this popular phone will join us for the consumer electronics show. dagen: the latest outbreak of the flu has opts in chicago turning a -- has hospitals in chicago turning away visitors. now take a look at oil, right around $93 a barrel. tdd#: 1-800-345-2550 when i'm trading, i'm so into it,
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dagen: it's not just drizzling. it is raining money because charles payne is here. connell: let's hope. he's on his herbal life saga that we talked a lot about yesterday. there are now new developments. what's the latest here? charles: the stock halted trading earlier as it was revealed third point took an 8.2% stake, over 8 million shares. they call it a passive investment, which is interesting. that's a pretty big stake for a so-called passive investment in a stock that's obviously controversial, and his buddy ackman who has a target of 0 on it. to come in and say we're going to take this giant position in the stock, it could be a trading position. maybe that's why they use the term passive. the stock gets oversold. maybe it bounces back. seems like a bit of resistance in that $40 area today. maybe he does it for a trade. but right now it's certainly added a little spice to this whole controversy. dagen: how does it go? again we're still standing by waiting to see if any legal
action happens. charles: that's what charlie gasparino talked about yesterday. i think there's something happening tomorrow with respect to all that. in the meantime, you know, listen, the stock popped pretty good. but it's pulled back. here's the thing, guys, the more i look at this, it is interesting because if you take the premise just that the business model is flawed, that ultimately enough people, they have got over 3 million distributors in 80 countries, but ultimately everybody who gives this thing is shot, can't make money on it, gives up on it and the stock crumbles, maybe ultimately he is right. i looked at avon, they went straight up for 14 years. that was in 04. since then though it's been almost straight down. these things don't happen overnight. connell: interesting story. charles, thank you. charlie gasparino will have more. dagen: thanks charles.
stocks now and every 15 minutes. dish making a play for clear wire. nicole: let's take a look at some big news, clear wire and dish. we have seen clear wire popping on this news. right now we found out that clear wire received an unsolicited bid from dish to buy clear wire, which is all wireless broad band. we're going to talk about all these. sprint is part of this as well. for 4.85 billion dollars, $3.30 a share. this beats sprint nextel and their offer. so right now you are seeing sprint nextel down 1.3%. but i'm sure this will continue, but you do see dish jumping and clear wire up 7.7%. let's talk about major market averages. we have been down over 100 points the last couple of trading days. today up about 73 points. you are seeing boeing bouncing back. in technologies, healthcare, hewlett-packard some names are helping the dow along. dagen: thank you very much
nicole. connell: then there's samsung which has the popular galaxy phone. it's been a headache of sorts for apple and iphone sales. we're going to talk to samsung's product manager about that. that's coming up next. dagen: how about apple coming out with a lower end cheaper iphone maybe. big story in "wall street journal." the judge is here on tracking your kids at school, a new court ruling on rfid tags and why kids might have to wear them. take a look at completely unrelated, but hey, if you're going to europe, what's the exchange rate on the euro.
opening a large gash on the side of the ship's bow. vice president joe biden currently meeting with gun safety and victims groups. the sit-down part of a series of gathering he will be holding at the white house this week in an effort to find common ground on proposals to curb gun violence. tomorrow he will meet with members of the national rifle association. washington redskins rookie quarterback robert griffin underwent surgery this morning to repair a torn ligament in his knee. doctors also expected to determine whether another of griffin's ligaments was damaged during the redskins play-off loss to the seattle seahawks sunday. those are your news headlines on the fox business network. i'm gregg jarrett. now back to connell and dagen. connell: gregg good to see you. thank you very much. dagen: seahawks or falcons? connell: i don't know. i think the seahawks the way they are playing. dagen: me too. connell: people waiting to see our football picks. dagen: i was just curious,
making some chitchat. samsung in a fierce battle with apple for dominance in mobile. connell: shibani joshi has more. shibani: hi guys. samsung has done something new in the last year or so. they have created an entire new tablet. let's talk about why this is such a worthy category that you are so focused on this year. >> what we believe is that consumers and business users are looking for a larger format
device. it is easier to consume and create content when you have a bigger screen. -- it is easier to use and create content when you have a bigger screen. this year we have a revised version of it with a little larger screen. shibani: i also know you are starting to focus on enterprise, business customers. i had an opportunity to see the brand new blackberry phones last night. they are amazing. they are trying to hold on to that space. >> we have a specific focus on enterprise this year. we have created a program called samsung 4 enterprise. we support different i.t. policies because we know consumers are taking them into the workplace now. we have to create a way for those --
[talking over each other] >> it needs to be secure. we wants them to be able to bring them into the workplace. shibani: as you're wrangling with apple in a legal lawsuit, i mean are you distracted? do you feel like it could kind of derail your focus as you're trying to pursue so many different areas, like connected homes? >> well, the great thing about the portfolio products that we have at samsung is we have enormous breadth. we do believe that consumers and business users want to have a variety of devices available to them. you pointed to the camera earlier. we have regular hand-held devices and we also have tablet devices and laptops. in addition to that, we have made announcements around our televisions here at ces. you can take the devices and integrate them and have seamless experience. you can take content on one device and integrate them with with samsung products because their wirelessly and seamlessly
connect. shibani: mobile product offic officer -- officer of samsung thank you for joining us today. >> thank you. connell: thank you. the ferocious spread of the flu this season, brutal for a lot of people. chicago hospital telling people that visiting hours are over. they don't want visitors until they can get this thing contained. we will talk about that coming up, but first markets up today. here's some of the individual winners on the s&p 500.
connell: we're back on markets now and give us cockroaches over congress, how about that. there's a new survey out that shows these creepy critters are more popular than those that represent us which probably doesn't surprise many people. the flu epidemic across the country even forcing some hospitals in chicago to turn people away. tracking your kids at school, more schools want to do it and one student lost a chance or a case against it. we have the judge, andrew napolitano bringing us his ruling on these rfid tags for your kids. all coming up. dagen: bottom of the hour stocks now aefrn 15 minutes -- and every 15 minutes. general motors hitting some highs today. nicole: general motors looking good hitting new 52 week highs. the ceo has come out talking about being cautiously optimistic for 2013. let's take a look at boeing here. boeing is up 3.1%. boeing looking good here. though despite the fact that it
had a third incident in three days, but oppenheimer is saying shares should be bought on weakness. remember the last couple of days it was down about 5%. still down for the week, but popping today. they've had three incidents in three days. today over in japan an incident with brakes. yesterday a fuel leak. and the day before that an electrical fire. talking about the 787 dreamliner. oppenheimer saying buy on the weakness. as far as major market averages, the dow jones industrials up about 82 points right now. led by boeing, hewlett-packard, united technologies and also united healthcare. those are some of the best performers on the dow today. retail, banks, all looking good. back to you. dagen: thank you. connell: a strange legal battle in texas with this teenager battling her high school over a policy for students to display id card that has a micro chip embedded it. she alleges the chips violated
her religious beliefs. dagen: fox news senior judicial analyst judge andrew napolitano is here to discuss it. there was a preliminary ruling against her, but the argument is flawed in what way? >> i think this is a case of lawyer paying too much attention to his own client because the client whose religious views are pretty extreme, but they're religious views that have to be protected and those views are that by wearing this id badge because it has a microchip in it it's a sign of the devil and she's going to go to hell as a result of it. the court rejected that argument and said removing the microchip from the card, the school has accommodated its need for safety, needing to know where you are in the building and your religious concerns. if she and her lawyers had made a privacy argument, this is not newscorp, where we're all required to use our ids to get from one section of the building to the next, newscorp being a private corporation, private
property, not regulated by the 4th amendment, this is government property. this is a school. they are regulated by the 4th amendment. the school can no more -- the government can no more make you carry a micro chip than it can implant a micro chip under your skin, which has been suggested in another case. that in my view would have been the stronger argument for her. but we're facing a trend, connell and dagen, whereby the courts are accepting the loss of privacy. they take for granted that there's nothing wrong with wearing an id around your neck because almost everywhere you go today in the confinement of the workplace, people are wearing them. connell: think about this and take as you said take religion out of it for a moment because it brings up kind of the wider discussion of how do we use technology to, you know, make us more efficient or even make us safer. we're having all these discussions in schools about after the shooting in connecticut maybe something like this or more technology would be used. but you can't force people to do it, you're saying. >> let me try and crystallize
the argument for you, one school of thought is you need to balance safety with freedom. and then freedom will include privacy. another school of thought is safety and privacy are not equal. privacy is the greater good. privacy is a natural right. i can keep myself safe, but i need the government to stay away from me to keep my privacy. there's no balance between them. it's a bias in favor of privacy. the burden should be on the government to prove why this is necessary, not on the defendant, the student, to prove why this is harmful. dagen: but the momentum is toward greater security. >> yes, the government either based on sound reasoning and logic or its own thirst for power has scared most of the public into accepting these restrictions on privacy. our good friend stuart varney and i discussed this morning a proposal in the state of washington which would put a micro chip in your car and tax you by the miles you drive. it would also know everywhere your car goes.
this is not gm doing this. this is the government. you see the 4th amendment regulates these things. it was written to keep the government off of people's backs. i know times change. and attitudes change. but freedom doesn't. connell: with the risk of making you take a swing at me, dagen is in between us -- [laughter] connell: should there be some flexibility on this? >> very good question. no swing. the supreme court has ruled there is flexibility with respect to the children. in another case the supreme court said when it comes to children schools and the government have a little bit more authority than with respect to adults. so what starts with 15-year-olds, will it end up with 35-year-olds is the slippery slope going to happen?
i don't think the judge took into account the dangers of his decision. i think he very carefully methodically and prudently addressed only her rather extreme if you will religious claims rather than the broad societal implications of children wearing microchips. dagen: fantastic conversation. >> pleasure guys. dagen: judge andrew napolitano. connell: strange case but important conversation. dagen: but look who you co anchor with. connell: this is our question of the day, who is all more popular than congress? there's a few on this list. dagen: you will hear that. take a look at how treasury has
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another mishap this week, problems with the plane maker 787 dreamliner just keep on coming. a flight was cancelled to tokyo due to brake problems. airlines were also grounded at boston logan airport monday and tuesday. one for a fuel leak. the other had a fire. and priceline is hoping to get a big bang out of its up coming ad campaign. the two spots will start airing on january 14th. and that's the latest from the fox business network giving you the power to prosper.
look at this, according to to a survey, americans favor the following over the congress, cockroaches moving from left to right here, replacement refs and france. joining us from d.c. is ed rogers, the former deputy assistant to george bush. it's one thing to say cockroaches or even france, but replacement refs? >> yeah really that's low. connell: all these surveys come out and the numbers keep getting worse. is there any way this gets turned around do you see in the near future? >> well maybe some but not in the near future. there is this dichotomy that people always hold congress in low regard or lower regard, yet their member of congress is okay, that's why we have such a high reelection rate here in the u.s. that said, even though some of this is comical and probably meant to be so, it is a problem that one of our institutions of government has held in such low regard. americans don't think congress is going to do the right thing.
that's not good. connell: what do you think people want? sometimes we hear the words dysfunctional. other times we hear people wanting their own point of views of getting across. we used to hear gridlock was good, but now not so many people saying that. what do people want out of congress? >> i think people want to sense cooperation, effectiveness, i think people want to move away from talking points. they want to understand what our problems are and what our options are. they want to feel like they are being talked to and not talked at or talked down to and we're not there right now. people are pretty disgusted with the level of communication they are getting from washington and all political institutions, not just the congress. connell: because i think these next rounds of negotiations over the cliff that have been created could actually be worse than the previous ones or certainly not better in any way because
there's higher stakes with this debt ceiling a lot of people would argue and it doesn't look like either side is necessarily budging. i this i the republicans are -- i think the republicans are betting maybe the tax hikes were off the table, and then pelosi on down the democrats are saying no that's not the case. how do you see the next round going? >> i think unfortunately people have an expectation that there will be theatrics, brinksmanship, then there will be some sort of agreement or deferral or kicking the can down the road, and nobody has an expectation that there will be effectiveness or really solving a problem, certainly solving a problem for the long-term. there's just diminished expectations about what washington generally and congress specifically can even achieve and people are getting discouraged and that becomes sort of a self-fulfilling prophesy where people don't expect much. they don't get much. and it's a circle.
it's a cycle that inhibits washington, government's effectiveness, congress's effectiveness and it's a license to make our problems worse and not make them better. people need to hold congress to a higher standard, and right now there's such a bad attitude, there's no sense that congress should or could be held to the high standard because they can't perform. connell: and they should be at a higher standard than those two guys who didn't know if it was a touchdown or interception, speaking of the replacement refs. >> it was a touchdown. connell: ed rogers with us. thanks. >> good to be here thanks. connell: we have elizabeth macdonald with details in her bottom line. liz: we went through -- we went through apple footnote disclosures. a senate panel did subpoena or ask about a half dozen tech
companies into their tax strategies to avoid u.s. taxes. this is a bid to basically help close the deficit by getting more companies to pay corporate u.s. income taxes. what we found in the filings, and also this was found in the footnotes too, that apple's deferred tax liability on foreign profit is a big number. 28 1/2 billion dollars in deferred tax liabilities on its foreign profits. and here's why, get this, apple keeps about 82.6 billion dollars of its cash overseas in foreign units. that's about 70% of its 121 billion dollars cash. so the name of the game for u.s. government and congress is how do you get companies like apple to move that cash back into the u.s., so they can get more tax revenue out of it? i will tell you something, but what for apple is -- this is really interesting, those tax moves help apple pay out its big
cash dividends coming over the next three years, expect 45 billion dollars in total dividend payments coming out of apple over the next three years. back to you. connell: did it again, digging into the weeds to find some pretty good stuff, elizabeth, thank you very much. dagen: stocks every 15 minutes. nicole, what's moving? nicole: taking a look at some education stocks, apollo in particular which came out with an outlook that is below the desired level, lowering the top end of their full year outlook. obviously that's one of issues that apollo is facing. with this lowered outlook the stock has been moving to the down side, down about 11%. some other names in the group, such as corinthian colleges and devry also coming under pressure as well. also the uncertainty about its accreditation has investors dropping the stock as one of the headlines i have been reading pertaining to this. it is all about how many people have registered. they are the operator of the university of phoenix. let's take a look at broader market averages right now. dow jones industrials up about
82 points right now. back to you. dagen: thank you nicole. connell: we will stay on top of the wall street news of the day with morgan stanley set to lay off more than 3,000 people. charlie gasparino is on top of that, one of three stories that charlie is breaking today. we will talk to him next. dagen: and winners on the nasdaq.
charlie colin one of the longs in the stock, he is short on the stock, says it is a pyramid scheme got a big news today. yesterday fox business was first to report there is a big story coming in the herbalife drama. he is long on this stock, guess what, after we reported on the stock has shot up 6%. today we have had this comment positive story, came in and bought a huge percentage, huge stake in the company. guess what, the stock is up. still up around 4% on the day. you watch fox business and make a few bucks because this was pretty much on the money. he believes he is a pretty compelling case, this is a fraud
in his view. tomorrow is the investor meeting. we will be covering that and we'll have the president of herbalife on. something we have been reporting a couple of weeks ago, i was first to report morgan stanley planning cuts of its own. today we basically reported first on fox business morgan stanley is planning to cut 6% of the workforce. i understand that it's about 15 to 1600 jobs, largely in trading and infrastructure type stocks. very few bankers affected, but it is cuts over there at morgan stanley. and it will continue. it was kind of an interesting
deal in "the new york times" that aig board was considering joining a lawsuit with hank greenberg to see the company, sued the federal government because they didn't like the bailout. what we heard from inside aig was they had not made the decision by the chances of having this suit have been are slim to none. this is a company rebranding itself, say thank you to the federal government, they will sue the feds, why do they even consider it? it is por for pour for governme. there are significant corporate government issues. they have taken it up the decision, the official decision
is coming maybe today, maybe tomorrow. connell: that could be made by the pr department. charlie: i was not told how much time, how did i do? connell: that was record. dagen: it is tighter than tight. connell: anything else you would like to add? charlie: i ran a little bit off the teleprompter. tomorrow will be a big day. we should point out last night we were first report the active investor believes he will be sued. interference is coming imminently, people say he thinks it could come tomorrow, he believes, i don't know what will happen, but he believes the lawsuit can happen tomorrow.
we should also point out he is not in town. guess where he is. scuba diving. i know he is scuba diving. connell: how are you feeling? we were going to do a story about the flu. charlie: usually when i get back i get sick. don't ask me why. dagen: they're not even allowing visitors in the hospital. here is some breaking news. here is some breaking news, i'm going to sneeze on connell when we are done. connell: everything i thought went very well.
charlie: i'm actually early. can i take some minutes? dagen: what do you want? connell: now we did run over. dagen: you know you're in trouble when cockroaches beach out on popularity. connell: more on that and the top headlines, couple of men in congress getting ahead of the cockroaches in france. we will be right back, "markets now." [ male announcer ] where do you turn for legal matters? maybe you want to incorporate a business. orrotect your family with a will or living trust. and you'd like the help of an attorney. at legalzoom a legal plan attorney is available
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free-- but only if you act right now. call the number on your screen now! dagen: coming up at noon eastern time, "markets now." welcome back, dennis kneale. dennis: iran targeting her bank account. cyber city experts say tehran is behind the hack attack on u.s. banks to help me keep your money safe? we will tell you.
cheryl: major job cuts coming to morgan stanley. charlie gasparino warning 6% of the global financial giants workforce is getting hit. dennis: guess what is more popular in a new poll. congress or cockroaches. the bugs win. stocks every 15 minutes, nicole petallides on the floor of the new york stock exchange, what is going on, nicole? nicole: we are up about 80 points on wall street, a gain of half of 1%, the s&p is up one third of 1% and the nasdaq up a half a percent. a winning day thus far, names that have sold off recently. today bouncing back, hewlett-packard often don didn't hurt either. technologies are busy, some names that are helping that index along.
let's take a look at herbalife. taking 8.2% stake in herbalife according to a filing with scene in the trading too high is halted, one of the circuit breakers, there is, up $2, $40, $40.42 per share. cheryl: a strong start earnings season from alcoa. my next guest has substantially reduced its estimates for fourth-quarter growth. a senior earnings analyst. john, you are right about the third-quarter numbers, predicted many of the bigger companies were coming in, why are you so concerned about the fourth quarter? >> heading into the earnings
season expecting growth of 9% at the start of the quarter. seven of the 10 sectors have seen a decline in expectations. the biggest estimates in materials, information technology and financial sector. analysts taking down the estimates quite substantially. cheryl: one of the things you ye pointing to with regards to it is apple. you said apple will be a negative piece of the story. why? >> for several years has been one of the largest contributors to growth and for a few quarters was the largest contributor the s&p 500 as a whole. within the technology sector we are seeing weakness in many other industries as well. expected to be a down quarter for the technology inspector, one of three sectors.
cheryl: you mention the financial sector, that is the best performing sector of 2012. we will hear from wells fargo on friday. you say financers will be a winner in 2013. day 26% last year, can they keep up double-digit growth like that? >> for this earnings season expecting 60% growth expected to have the highest growth. if you dig into the numbers, seven of the eight indices expecting growth, five of the eight are slated to double-digit growth. the real drake is the insurance industry, we have seen numbers come down quite a bit over the three months due to losses related to hurricane sandy. if you exclude the insurance agency, they'll be up 40%. cheryl: you mentioned the industrials. with the industrials it was my thinking this would be a stronger sector in 2013 because the rebound in particular
overseas, but you are not convinced. why? >> search the industrial sector is the weaker sector, decline 5% expected. what the companies say about emerging markets going forward. are they seeing improvement or are they seeing things? the key, really fo for all the companies in the index during this earnings season. cheryl: you called the third-quarter numbers, your estimates were. what is the one thing, the one company and the one sector we have got to watch kicking off earnings season? speak out about the financial sector expected it to be the largest contributor to growth this quarter. with bank of america and fannie and freddie mack but that is the sector driving growth. to get a couple general themes on the global side was for companies talking about
conditions in china and other emerging markets and on the domestic side watch the impact of hurricane sandy and the impact of fiscal policies. cheryl: thank you very much, we will be watching the estimate. dennis: iran is targeting her bank account. cyber security experts talk about tehran behind a wave of high attacks on u.s. banks. security solution vice preside vice president, thank you for joining us. i understand now wher at the hef this, how sure are they iran is at the culprit? >> the u.s. in particular that there are some state-sponsored elements the attack going on. what we do is focus on the tools
and tactics to protect the institutions, so although we are seeing indications some of them are innovative, we don't have definitive sources that we are able to do. dennis: government officials are sure enough to come out with this story. the big-name banks all over the place and so far it appears they are not taking customers data information nor taking customer money. so what are they doing? >> in the olden days they would try to get data and that is what is going on. today there is an ideological battle spinning in and take advantage of the systems to get rid of western capitalistic systems. somebody or some entity or a whole host trying to take down an entire environment of financial institutions.
dennis: is nothing like entering america mechanic can't get my online check paying. that is a devastating impact. i am wondering why don't they go after the pentagon? is it the pentagon as a policy declared to say if you attack us, that is an act of war. >> new evolution in the strategies. an act of self-defense were cyber attack or something active defense, some entities getting their heads around the sanctions. yes, there has been some modifications, so financial institutions are quickly getting their heads around those vulnerabilities but by in large many of those are well saved, love institutions have been able to protect themselves. people are employing them.
dennis: this is yet again another denial of service attack. where hackers and of taking over a little network and they have thousands and thousands of requests and they freeze the system. what i can't understand is why can't you guys in the business fix this? it has been around for 30 years or more, how can you guys haven't been able to do away with it? >> availability of your systems is a paramount element. social networking to twitter every second means everything. as we get more and more connected, availability is a bigger and bigger issue as the threat is a bigger and bigger issue. it is not easy to determine legitimate versus illegitimate sanctions. people all look the same on a network. it will subside again. dennis: it is not true the rise of the cloud is helping hackers. >> it is no problem.
it has manifested itself through the cloud. dennis: thank you for being with us, we appreciate it. cheryl: breaking news, charlie gasparino first reported, now we have word president obama will nominate white house chief of staff tomorrow as the new treasury secretary. dennis: rich edson joining us now from inside the beltway has the latest. >> we have reported announcement coming this week. meeting at the white house friday, no events planned for this afternoon leaves tomorrow is most likely for the official announcement. a source familiar with the process tells fox the reason is jack lew has that the president cited decided a major budget fis with republicans on the debt ceiling and recently somewhat perverted fiscal cliff, also budget director under president bill clinton and obama known as someone with a very deep knowledge of budgeting.
before joining the obama administration, he was a chief f operating officer at the citigroup alternative investments unit reported lost money to do that, although it earned profits from betting against the subprime mortgage market and will be if the fed to confirm him in one predicts very contentious process. >> it is a bumpy confirmation process. many people have no secure treasury will tell them the truth both of financial conditions of this country and lay out a plan that can be analyzed and studied it will hold up under scrutiny. they haven't done that from the white house yet. he has had a failure to lead. speaking of the republican complaint, difficult to work with during 2011 debt ceiling debate, probably a plus for the president. i do. cheryl: probably why he did that. thank you. dennis: a billion smart phones can be sold this year, live at the consumer electronics show
coming up with a ceo whose company will benefit from that time. plus how you can make some smart money on smart phones. cheryl: it is the worst flu season on record in a new report says this deadly strain of flu could cost employers billions of dollars. dennis: t two new congressman on hold finding americans like cockroaches more than congress. cheryl: take a look at oil, $92.93, at that range for quite some time. we will be right back.
cheryl: coming up on 15 past the hour. we have team coverage for you right now. phil flynn in a steamy where oil is actually heading lower by a fraction. trolls pain is there to help you make money on skull candy. stocks are having a good run and all types of earnings. back to basics, nicole. nicole: let's talk about what wh you at the market. notice they came up with quarterly numbers yesterday after the bell. the big picture is they did well, that is something that set the tone for earnings season, dow jones industrials 13,400 change. a gain of a half of 1%. slightly to the upside. take a look at morgan stanley, morgan stanley today had been over the map as far as stock
prices cutting 1600 jobs, 60% of the workforce. they talk about a need to cut cost with jobs here in the states and abroad. that is the latest morgan stanley down one-tenth of 1%. let's see what is going on with the trading pits in chicago. >> oil demand has less than a month low on all products and despite the oil inventory report showed an increase of 1.314 million barrels, lot less than expected oil prices, going to show you the demand is not fairthere, hard to keep the pris up. back to you. dennis: our ultimate headshot. skull candy.
charles: skull candy headphones. the premium headphones has been massively unfair. rumors circulating there could be a takeover. something that makes a lot of sense. it is absolutely on fire. we have two areas. monster with the beats and dr. dre have over half the market share. skull candy has two premiums. that could be a pretty good step for these guys. dennis: should sony buy them? charles: they have a good
roster, kevin durant wears them, snoop dogg were some, derrick rose. they gave earnings on skull candy come it is oversold. cheryl: more than 50 people hurt after high-speed passenger ferry hit a dock in manhattan this morning. we will have the latest details for you. dennis: and how the world's currencies are faring against the u.s. dollar today. [ male announcer ] how do you trade?
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afghan president in washington this week to talk about ways to keep a partnership with the u.s. beyond 2014 as they agree to withdraw all combat troops from the country. afghan lawmakers say complete pullout would be a disaster and civil war would follow. president obama will meet with them on friday. beyoncé will sing the national anthem at president obama's inauguration. others include kelly clarkson, james taylor. that is your fox news minute. back to you. cheryl: thank you very much. according to new estimates, in 2,131,000,000,000 new smart phones were shipped worldwide taken a total to $2 billion. dennis: in one company looking to profit big from this. at the consumer electronics show, shibani joshi joins us now.
>> every gadget and gizmo under the sunny to mention is here, but it is the engine and the brainpower of these tablets and smartphone devices that are really stealing the stage this year. qualcomm, the keynote speaker this year showing it is really the brains behind the beauty that enable everything that we know and would love to put the flash devices. i had opportunity to talk to him about what that means for consumer technology and perhaps if there is an area that he doesn't want to weigh in. >> now computing is going to be much more mobile, but we see mobile will be enabling as well. her formal talk to your tv or your game console. they talk about having their phones talk to the xbox.
all of this is coming together. shibani: you are in a lot of different devices. we were talking about being a player in the market. you're certainly in mobile phones, is there an area you don't want to play it? not right now, maybe not for us? >> one of the areas would take a lot more to develop, areas making lower investments in that building a partnership. health care is a great example of that. not like we will be building the medical devices that we are building partnerships with medical device manufacturers and health care to understand in a few years that can take off. shibani: apple recently said he would have to ship some manufacturing to u.s. borders. is that a conversation or i thought at qualcomm? >> outsource our manufacturing.
we are working with global foundries they're building upstate new york and we will have significant amount of business out of that as well. shibani: i wanted to talk about the fiscal cliff, as a technology company, somebody only west coast of the nation, is that something you paid attention to where even thought about decisions based upon? >> a lot of people are tech industry were worried about cutting back, we're still riding the growth of the smart phone. on the other hand i joined that debt campaign and i am disappointed with what happened. didn't really get any spending cuts and feel a lot like the tax increases weren't really fair because some people got increases on ordinary income and yet fund officers are real estate developers still paying
20%. so i'm essentially paying double on my income versus their income. we have to fix those. the parity issue. shibani: talking about a wide range of issues but this is a technology company. the brainpower behind smart phones but he wants to be everywhere we are. tablets, medical industry, you name it, the sky is the limit for qualcomm. cheryl: i heard you got a sneak peek at the blackberry 10. what did you think? >> i had an amazing opportunity to sit down with research in motion ceo, the chief technology officer and i saw the new blackberry 10 devices, i saw both of them. they will not officially be announced until later on this month but i have to say i have never seen the sort of software on these devices anywhere before. they look good, they feel good.
they work really well, and the company is not putting out a half egg products. it will be a good release for this company. dennis: it would be nice to see some of them get it back. no doubt you already know the answer to this one, what is more popular in a new poll, congress or cockroaches? you guessed it, the roaches win. cheryl: how they hope to improve the ratings, local ratings of congress coming up next. dennis: take a look at the s&p winners. [ woman ] if you have the audacity to believe
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cheryl: breaking news into "markets now." a boston mayor declaring a public health emergency due to the spread of the flu. 18 people have died in massachusetts, 10 times as many boston residents as last year's outbreak. they plan to make a flu vaccine for free to residents of the study who have not yet received inoculation. nationwide estimates have the flu cost employers a billion dollars. dennis: stocks now and every 15 minutes, nicole markets still green. nicole: every time i see these findings from the flu, i'm surprised. the s&p 500 is up one third of 1%, the nasdaq also higher. take a look in particular at
boeing, a name selling off. a fuel leak, elliptical fire and issues on the 787 dreamliner. saying to buy on weakness. cheryl: here is your choice, a cockroach or a congressman. public policy polling says 85% of voters view congress very negative. they favor these more than congress. joining me now, to back freshman legislators. and for us to both of you, congratulations, you are now members of most likely the most hated regicide of body in u.s. history. i know you come from the private sector, you are brand-new, what you want to change?
>> i'm not surprised at these numbers from the american people. we have approval rating in congress basically off the margin of error. because we're not getting anything done. the 113th consecutive congress, we're demanding to cut spending, rein in the debt and attacked the hard things like entitlement reforms. 72% of americans are ready for us to talk about the debt crisis we are in by taking a big things. cheryl: there's a collective sigh and gasp. will he affec you back to the tn the democratic party? >> first i want to agree that all of us, 85 of us freshmen congressmen about 49 democrats, 35 republicans, we all know full
well that we have no approval ratings and we have to do something differently. the first thing we need to do is get together and get to know each other and at least on a social level to begin with because we intend to do that. luke is the elected president of republican freshman class, he and i got together this past sunday night we were at a congressional research service seminar at williamsburg virginia. we got together and addressed all the freshmen together and we said we stood there next week other at the microphone and said we understand this problem with the perception of congress. cheryl: entitlement reform, many investors say that is the biggest issue you have is entitlement and it has to be
addressed. it is possible to cut that? >> everything is on the table. certainly some things are more important than others, but right now we are facing a crisis coming into a time we have to raise the debt ceiling is absolutely vital that we do not hold the debt ceiling hostage. in fact, a top republican said you cannot hold the debt ceiling hostage. cheryl: it will happen. as you are well aware, this debate is coming on the debt ceiling, you will be very involved in that, what do you think you can do to advance the debt ceiling debate in the right direction of the country? >> any discussion about the debt ceiling must include a spending cut, serious discussion and
movement and action about spending cuts and reforms that will reduce our debt. the american public is tired about us kicking the can down the road, tired of the do-nothing congress. the senate hasn't passed a budget in over four years. we learne learn for the fifth yr running we have a deficit now for the fifth year in a row of over a trillion dollars. that is unsustainable, immoral, wrong for the future of our children and as a mother of three and protector of american's future we are going to attack this crisis and make sure we get to the bottom of all of i that as we move forward. cheryl: i say this in all honesty, good luck to the both of you and the 113th congress. we will be watching. thank you. dennis: i wish them luck. facebook try to create some buzz around their midi even media evt
week. setting up this invite that simply says, an to see what we e building. while the invitation is rather mysterious, the time of the event coming near ces comes to wonder they might announce their own smart phone. this would be a huge departure from facebook's core skills. that stock is bumping up, 29 and change. cheryl: more signs the signed te california housing market is turning around. details coming up in your "west coast minute." dennis: and we have lance armstrong backpedaled to the queen of talk. and the 10-year treasury in the meantime.
tracy: investors are placing their bets on mgm resorts today. chinese unit of the las vegas-based company approved for the new casino resort. mgm china plans to build two and a half billion dollars resort including 1600 hotels, 500 gambling tables and 2500 slot machines. a big bang out of the ad campaign. revealing he has a daughter on a comedy hit "the big bang
employment. and a twitter post has basketball fans excited. i hit a seattle kings officially a done deal. finally sold the ailing sacramento team and wrote and be a question said the team had not been sold but stay tuned for more illness did that is your "west coast minute." dennis: after a court struck down 75% last month. some are pushing to make the tax increase temporary. let's get reaction from john brown, former pfizer to british prime minister now with euro pacific capital. what do you think? is willing to just go back and
lift it back off once it is approved? >> it takes a lot to do that. they may reduce the rate of tax but extend the time in which the tax was taken. exceptionalism to be hitting to subsidize the failure. so you run out of other people's money. france is a ticking timebomb of europe. as the economy goes and has a huge item, it is too big to bailout for europe. that is how things will expel and threaten the end of the euro and the european union.
dennis: some of these socialists got them to make the tax temporary, do you have faith they will later take the tax away? when they start collecting money, they don't give it up. >> exactly. it takes a lot of courage. the top rate of tax was 98% and then down to 40% unleashing a huge growth in economy and in tax revenues, but she had the courage that not many people have and when the tax rates were up in the '90s you had a huge exodus from england to america, they went to lake monte carlo, bermuda, all that sort of thing and took their expertise and business with them. it harmed the economy. dennis: taxes always seem to start out small and they get bigger.
the alternative minimum tax in the u.s. began in the '60s and maybe two dozen rich families pay those taxes of previous year and now the alternative minimum tax is affecting millions of families. >> exactly. and we are facing a major, a socialist president now and he can really cane people. only weeks afterwards it is quite apparent almost every american who is earning anything in their pay packages paying an extra $0.02 and that is only the start. the obama taxes to come in, everything else is going to be huge increases in america. but unlike europeans, the americans are trapped because americans are all taxed on the worldwide income, so it is not so easy to go to a tax haven and so americans are going to be tougher, i'm afraid, far worse than europeans.
dennis: that is the problem they vote to raise taxes on the 1%, eventually the taxes get down to the other. thank you for being with us, good day, sir. cheryl: just after a quarter until. stocks now. nicole, you're watching technology, the sector nicely at 13%, what do you have to say? nicole: a lot of them are betting on the new year, 2013. let's talk about the names on the move in the technology rea realm. hewlett-packard is doing well. this is the biggest loser last year, but today up 1.5% and top performer on the dow. reaffirming the 2013 forecast. facebook a big event on tuesday, what is it, what will they unveil? linked in looking good, over 200 million members they are announcing seagate raised in the
second quarter revenue forecast of 4.3%. back to you. dennis: thank you, nicole. small business, big ideas. kickstart her reporting over $300 million in pledges to various projects listed on the website. that is tripling the rate from 2011 and the first time that topped over $100 million in a single year. kickstarter let's you pitch ideas for different projects and they seek backing from other members. over 2.2 million people pledge money to a kickstarter project last year. you are not yet able to promise a share in profits because that it's against the law. eventually that will be coming. cheryl: a billion dollars flu. we are on the frontlines, the worst flu in a decade could cost
employers upwards of a billion dollars and you heard the breaking news, city of boston just declaring a health emergency over it. dennis: dish throws itself in the middle of the bidding war for clearwire. but first i look at the winners over on the nasdaq. what are you doing? nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today.
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cheryl: we're getting some breaking news on bowling right now responding to safety news on the problems saying that they're confident in the plane's safety. you're looking at footage of an aircraft 787 in boston at the logan airpor airport that had al leak. they recognize the potential financial impact of the 787
problems and wants to reassure investors and the public they are looking into it. take a look at the stock, boeing is up $2.12. boeing to the massive hit yesterday when the news broke. dennis: experts estimate the flu epidemic sweep of the u.s. will cost companies a billion dollars. boston declared a public health emergency to deal with it. cheryl: the flu is hitting the state of illinois especially hard. rerouting passengers elsewhere due to the overflow. brown has the latest from chicago. >> it is everywhere. lucy that has struck early in the united states. despite early, down in texas for example reported shortages of
tamiflu. here in chicago we are seeing hospitals being put on bypass, nonemergency cases are basically telling folks to go to another hospital. we saw 11 hospitals intermittently on bypass. give an idea of how many locations. if you have the flu or not feeling well, you should be going to the hospital. doctors say no, not unless the flu is coupled with other things. >> for those who are young, healthy, not having other symptoms or any respiratory difficulties, getting dehydrated as result of problems or lightheadedness, those things. the best thing to treat, rest. including all the midwestern states, lots of doctors say
folks have not gotten flu shots and it is not too late to get them because the flu is here. cheryl: the flu shot is still effective. from chicago, thank you. dennis: clearwire shares have soared almost 8% today on the unsolicited takeover from dish network. they know nothing about how to run a cellular service up over 3%. the deal won't happen without sprint showing 50% of tamiflu ended talks to buy the rest did they could save them from themselves. the oscars are out tomorrow, so here comes the 33rd annual golden raspberry awards. blasting the worst in film among the top names worst film nominees include "twilight." and "battleship" and some say
the worst movie of all time. "twilight" the big winners getting razzed. and lance armstrong getting ready for a tell-all on the "oprah winfrey show" next week? he has lost most of his endorsements. confession is good for the soul. armstrong hopes is good for his career. that is our media minute. quick, somebody get washington a spreadsheet. it has been three years since the federal government has had a real budget. cheryl: how does washington get away with not having any plan. in the next hour of "markets now."