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tv   Markets Now  FOX Business  July 9, 2013 1:00pm-3:01pm EDT

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lauren: good afternoon. i am lori rothman. adam: and i am adam shapiro. gold pushing higher. lauren: the backbone of this nation's economy. still hurting or recovering? a first-hand take with robb hilson in minutes. adam: how much did the pilot experience have to do with the crash in san francisco? the new push to reveal pilot records and reviews to the fine public. lauren: the muslim brotherhood rejecting plans for a new
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objective. cutting back financial aid to the troubled nation. adam: we want to check in with nicole petallides. nicole: so far, so good. here we are sitting at 15,307. we are looking out five of the six trading days. it shows you that the run has been a good one. the tech heavy nasdaq, the tech really glad yesterday. a couple of pieces of news that we did get, talking about customers being a little more scarce than they had hoped, we saw the imf cut its global gdp forecast.
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they are saddling it. whether or not they may be looking at fedex. adam: thank you very much. see you in 15 minutes. the fdic is proposing a raise to the bank leverage ratio to 5%. that is higher than that 3% level required. they all have a 6% leverage
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ratio. these rules go into a fact in 18. lauren: let talk about small business. a couple surveys to talk about today. the semi annual bank of america business report is a little upbeat. welcome, robb. great to see you. >> great to be here. lauren: more than half expect revenue to increase. can you interpret those data points for me? >> i think it is fair to say that june's index was uninspiring, to say the least.
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it represents continued concern and headwinds. we released it at the end of may. 51% of those surveyed expected their own revenues. almost a third of them expected that they would be in a net hiring basis. a very small percentage actually said they would cut jobs. there were some point in hours that suggest there was growing optimism. lauren: you are really focusing on that growing optimism.
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what is your expectation for lending in 2013? >> we expect that to continue. as you said, 28%, 12 over 11. we expect it to continue. lauren: what is it about the small business client? what is it about the climate right now that you are feeling comfortable? >> we are in a historic low rate environment. it is very favorable for borrowers who want to go out and walk up long-term money and buy that piece of equipment or that building they have been looking at. you know, it is a good
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environment. small business owners have come a long way. their balance sheets have improved. their cash flows are better. we are in a great position to lend them money. demand, though, continues to be less than robust. lauren: i have to ask you about the fdic. would this equate to one step backwards out after a couple steps forward? >> you know, lori, that just came out overnight. i am not really in a position to comment. our position is to help small businesses grow to succeed. that will continue to be there. lori: thank you so much. robb hilson. adam: we will take a look at other top stories.
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a deal for $2.4 million. grover also noting the company has a lot to learn. there is one right across the street from each other. anyway, it includes online sales and higher sales of fresh products. they have hit all-time highs on this news. change at the top for royal dutch shell. the oil giant named -- as the next ceo. he is replacing longtime chief executive and the change take effect in january 2014. shares went up on that news. out with the old, in with the new. the nasdaq adding tesla. it is replacing oracle. tesla shares have soared sword
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260%. lori: the muslim brotherhood just rejected the new elections timetable. straight to fox conner powell who is live in cairo with the very latest. >> it is pleased with the overall direction of this military transitional government which has also laid out a transition plan to hand over power sometime in the near future. the interim president is calling for elections sometime in the next six months. the plan was immediately rejected by the muslim brotherhood which has called on its supporters to revolt against
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the military. critics are pointing out this current transitional plan is very similar to the one that was in place to .5 years ago. there are some concerns that this plan is not as effective as it could be. the anti-moores the coalition has also hit a few snags. we expect a new announcement here in a few hours. much of cairo remains under lockdown. many roads are closed for fear of further violence. there was a bomb found in view lori: thank you. adam: when is a cool not a clue?
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the $1.6 billion in aid that the united states stands to egypt. lori: barnes & noble. adam: you can rate restaurants. you can rate dennis. how about rating your airline pilot. lori: let's check battles. back after this. ♪ [ indistinct shouting ]
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it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all onhinkorswim from td ameritrade. ♪ adam: book about two markets now. corporate espionage and hacking hitting u.s. companies hard. what is the extent of damage to the u.s. economy and what is the united states doing to stop it? rich edson is on that story. rich: we are working on it. it is an economic and national security issue. this spring revelation -- one
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analyst says the government can address this by giving more authority to the national security agency. >> the place we have not done enough as a nation is thinking about the role of the public defense and defending our network. it is not the exact moment to come up and say we should give the nsa a little more responsibility. they do have capabilities that we are not taking full advantage of. companies are falling victim to the most basic acts. it is buried by industry and company. cyber threat likely to be a topic this week. treasury secretary jack lew is hosting the chinese vice premier for dinner. underscoring the issue and being a problem for the united states, those nsa relations that came out with the edward snowden
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week. back to you. adam: snowed in sensitive, nsa, all understatement. lori: let's talk about commodities. a gain of $0.17 at the moment. fox business contributor phil flynn is in the trading pits of the cme for us. now that eia lowering its demand forecast out of china. >> one of those cases where bad news is good news. it reduces the chances that the feds will act on tapering. the good news that we saw today in this report from the energy information administration is that u.s. oil production hit the
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highest level in 20 years. that may be tempering some of the enthusiasm. lori: bankia for the explanation, as always. phil flynn. let's get to nicole petallides. nicole: a busy day on wall street. we are looking at two companies in particular. barnes & noble and blackberry. though shares are rising today as the ceo steps down. we know that the same store sales have been a disappointment. that you read or fail to compete against other tablets and e readers. with that, he is stepping down. then we will take a look at blackberry. another company that has been failing. they are having their shareholder meeting today.
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right now you can see that the stock is up about 10%. the ceo has been talking about the fact that they are in the middle of a turnaround. they put the cash together. you can expect more devices. we know that those shipments, too, have been a disappointment as well. lori: thank you, as always. adam: interviewing pilots. lori: the next time you get on a plane, how can you be sure that the pilot is experienced? adam: we want you to take a look at how the dollar is doing today against a whole bunch of other currencies. ♪ i want to make things more secure.
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>> 21 minutes past the hour. i have your fox news minute. vice president joe biden is among those attending a memorial service soon to begin honoring 19 elite firefighters killed on june 30. the three women held captive in aland home for as long as ten years are speaking out. amanda berry, michelle knight
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and gina daye has is each think the public. rex ryan was in spain among those running with the bulls. that was ryan climbing a fence to safety. just six injuries. ryan is entering his fifth season as jets head coach. back to lori and adam. lori: scary stuff. thank you so much. ntsb investigators are set to question the pilot of the flight today. >> ntsb investigators here in san francisco will be talking with pilots that were inside the cock pit when a plane came down and crashed here. they do have translators from korea. they will be with them to be
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able to bridge any language barriers. part of the ongoing investigation, of course. there is still a debris field here as this investigation continues. some people are insinuating that this was pilot cause. they do not want to go there yet. they do not want to taint this investigation. >> we are just about two full days into our investigation. when we identify issues in an accident, it is usually not just one thing that causes a crash. we need to make sure we are considering everything and connect the dots. >> about 30 pictures. you can see the emergency responders coming. you can see the triage area. the way the triage was done was absolutely essential to saving lives. you have the people who were the
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most injured get to the hospital first. they talk a lot about the triage and also the response to really knock out fire down. it is amazing that only two lives were lost. it is still amazing that the hundred five people, somehow, survived that crash. lori: an unbelievable event. adam: show the records and reviews of pilots be made available to the public? this weekend plane crash has some consumer advocates fighting for more transparency from the airlines. our next guest is a former airline captain. he is joining us right now by telephone. thank you for joining us. this would be a very cumbersome kind of task to rate pilots. it is not like going to a
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restaurant. how would you do this? >> it is not feasible. i think that people can rest assured when flying on a u.s. airline that the faa requirements and the company requirements, the training the pillts have received, the qualifications that they have had to had before being hired are more than adequate to safety. i am not concerned about it at the least. adam: there are firms that are trying to make this information public and perhaps make some money off of doing it. when you are talking about pilots, for instance, these records, could i call the faa and say i would like to know about a certain pilot? am i allowed to do that? >> actually, all mine, you could possibly get -- they would have
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to be sufficient. his medical would have to be current for him to be flying in the first place. adam: it is not as if the airlines will be putting well in advance of their pilotless online. if this information were more transparent, could you as a consumer, you could determine whether or not you wanted to buy a ticket at that airline. when it that be valuable? >> you mentioned drug and alcohol. they are all required to have a drug and alcohol testing program. that really is not a concern.
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adam: this would violate above. the airlines do not share with you the number of airlines or staff that may fail the test. is it perhaps something that these firms that want these things to be public may be pushing for and would it be detrimental or useful? >> is a pilot were to fail a drug test, he would immediately be removed. he could not fly after that. adam: do you think that we may see these services? there are entrepreneurs trying to create these rating services. >> i would say stay away from it.
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it is not a practical thing to do. adam: all right. we enjoy you joining us on the fox business that work geared the boeing drupal seven is one of the safest airplanes. those two teenagers were the first to die in an accident with the triple seven. rich: moving it along. the chinese buyers flooding the u.s. housing market. how much they are forking over. >> a democracy replaced by a military hunter. the white house is pushing back on calls to cancel financial aid. lou dobbs is just ahead. also, take a look at who is up, who is down on the down right now. there is a lot in the green. ♪ (announcer) at scottrade, our clients trade and invest
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adam: we're heading back to the floor of the new york stock exchange. nicole petroleum is watching the dow for us. pulling back a little bit but still positive. >> right and it's looking pretty good here. of course europe goes to sleep and kicks out some of their money. great day on wall street for the dow jones industrials, up over 63 points. we're taking a look at dow component, alcoa. you can see alcoa is down half of 1% the day after they reported quarterly numbers after the bell yesterday. earnings per share beat. revenue was not as great as people hoped but the global outlook for aluminum was also, that was good enough but obviously see the stock to the downside. ibm quickly down 2% after goldman sachs did cut them and
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put them to a neutral to from a buy. there is whole explanation but back to you. adam: nicole petallides, thank you. lori: after removal of a first elected president, muslim brotherhood is refusing plans for a new election. rebuffing calls to cut off more than 1 1/2 billion dollars in aid egypt send we send to egypt each year. welcome back to lou dobbs. >> good to see you. lori: so many questions how the president managed the situation before morsi was pushed out. he said i will not make any decision as to which side i will take. now the question of the aid filtering in, there are some issues to attack. >> it's a shame to watch what this president and his administration have done vis-a-vis egypt. in the case of hosni mubarak, he should have without question influenced the man, directed him as best he could as an ally, and
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instead chose finally to undercut him. he had many choices to make amongst the parties that are leading egypt. the muslim brotherhood became his favorite, which he has supported and, and now, we're watching his, this sort of ambivalent approach to morsi, which is disasterous because he looks for all the world in the middle east like a fool. he need to be quiet. he needs to be firm and to make judgments in the national interests. there is no way in the world in which you can interpret morsi and the muslim brotherhood as a, as allies of the united states or akin to our interests. he has made a disasterous set of choices and he has to understand that now we have senator john mccain out speaking as though he were a member of the executive branch talking about withdrawing aid from egypt
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precisely the time we need to be influencing postively that relationship and whatever becomes of the, of this new combination of powers and interests within egypt itself. for ourselves, for our ally israel, and for, for crying out loud, just for the simple national interests of this country which has to be once again moved to the forefront of this administration's policy considerations. lori: why can't we influence more? obviously a big criticism of morsi that he sank the gnp of egypt down to the flat line. >> yeah. lori: forget about what influence obama is having or what sort of financial aid we're pouring into egypt. why can't we just use our words, our dip home -- diplomacy, to influence the economy, to get tourism flowing again that way? >> it makes me, lori, not to look without our borders to around the world to a country
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that can influence us postively so we get our country back to prosperity. i don't think there is an external solution for egypt. i think there is a policy prescription within egypt that is not islamist. that is, modern, and is embracing a technology and free markets that could be excited by strong, positive leadership, particularly by the united states and the european union. but when our own leaders, let's be specific, when president obama is himself antibusiness, anti-free enterprise, pro-government, pro, he is a statist after all. he can not create that excitement. he can not lead. he can not create enthusiasm around the world for free enterprise, free markets, to start a global, global recovery. and new, new stage proves parity. global prosperity. when you look at what we have accomplished, the united states,
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over the course of the past half century, in the creation of wealth around the world, it is something for the, it is something for the record books. and we do not give ourselves enough credit. this president does not even understand it apparently. his administration, in my judgment, when it comes to cap dallism, free enterprise and constitutional republics, they're all but deniers. lori: interesting. lou dobbs, welcome back. >> great to be with you. thank you, adam. lori: "lou dobbs tonight," catch it at 7:00 and 10:00 eastern each night. tonight is your congressman jeff miller in florida to talk about the mounting controversy in egypt. "lou dobbs tonight" here on fox business. adam: coming up the case against steve cohen. charlie gasparino what may be the prosecution's last-ditch effort to flip sac insider matthew martoma. lori: he has been stubborn so
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far, this martoma. big bucks for the first apple computer ever made. it was adam. why the winning bid disappointed. adam: look at 10-year treasurys. the 10-year yield is falling just a bit. and my cash back keeps the party going. but my airline miles take it worldwide. [ male announcer ] it shouldn't be this hard. with creditcards.com, it's easy to search hundreds of cards and apply online. creditcards.com. you know it even after all these years. but your erectile dysfunction - you know,that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet
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due to a slowdown in emerging economies and the euro cris imfl growth could slow further if the unwinding of the federal reserve stimulus program triggers a slowdown in developing country. the london interbank offered rates is changing hands. libor which is used to set interest rates around the world is being sold to nyse euronext. it has been run by the british bankers association since its inception in the mid '80s. miles per gallon for the new chevy corvette to meet stricter u.s. economy standards. it will be available in the fall for just under the base price of $52,000. that is latest from the fox business network, giving you the power to prosper.
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adam: the dow is up 61 points but right now, federal
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prosecutors, are they making one last-ditch attempt to get a former sac portfolio manager to flip against his old boss, sac founder, steve cohen. some defense attorneys think, yep. charlie gasparino has the exclusive again. >> we'll give you sources, i will not tell you who talked to me. it is defense attorneys. it is not the u.s. attorneys office. how do defense attorneys know? there is a whole coffee klatsch representing different people. looks like defense attorneys representing people involved in this case they're trying to get a superseding indictment against martoma in a way to put pressure on him by adding additional charges and more to add more nuance, more actions to put pressure on him to get him finally to flip against steve cohen. we should point out there are two weeks left in the statute of limitations on the martoma case involving the two drug stocks. i believe it is the end of the july. we understand this thing could
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be coming down, at least according to defense attorneys, we're not getting this from the u.s. attorneys office. they will not comment on this, but defense attorneys are pretty good. why do they know? there are a bunch of people out there that could give evidence on march tomema. we understand the u.s. attorneys office for the southern district is approaching those folks to give more information on martoma, to add what is a superseding indictment. they have already indicted him. he pled not guilty. another indictment that supersede it with more stuff in it. possibly more charges and definitely more information and maybe that gets him to flip on cohen. adam: putting pressure on him clearly. he has to be sweating weighing options. on one hand if he doesn't cooperate he faces on his own with backing of steve cohen legally. >> i will say this, what i know about people that know him he has not changed -- there is stories out there there is no criminal case. i can only tell you this. we told you this sometime and time again on the fox business network i think this is the best
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information you will get on this subject. without martoma flipping because there was no wiretap on that phone, that 20-minute phone call that occurred between martoma and steve cohen before they made that huge trade on the two drug stocks that are at the heart of this indictment against martoma, without him flipping there is probably no case on that specific -- lori: we've been going back and forth on the martoma situation for months already. >> he steadfast said no. so how do you turn up the pressure on him? well you tell him, you will go to trial, there's a trial scheduled in november. you face 25 years in jail. there is one last-ditch thing they could do. which is a superseding indictment. the indictment is already in place. he pled not guilty. hit him with more stuff and let him know we're serious and we'll put you in jail for many, many years if you don't cooperate. what defense attorneys tell me, if there will be one and they think there is one, i'm giving you source, you know why i'm giving you the source?
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i don't have it from the ultimate source. adam: your sources are pretty good. >> they are pretty good. these are many coulding from defense attorneys who know this, because they represent witnesses that could be given information in the superseding indictment. so the theory, let me get this out, a lot of people think it could come down possibly as early as this week. next week is where the rubber meets the road. adam: are they giving any information what this new information might be in that indictment? seems it would give pressure in this case? >> it is more sort of color and actions involving what martoma did. now, i know they have approached people, you know, to do this because i know, one of my sources is a defense attorney and he told me they approached his client and they wanted, you know, information on martoma to kind of sort of ratchet up the pressure on martoma. it is stuff, color about martoma's activities that would ratchet up pressure, not necessarily wouldn't involve cohen but would involve
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specifically martoma's actions. i know that went down and the u.s. attorneys met with this person. whether he added anything valuable he can't tell you. but i know that conversation, they're clearly out there doing this. but what defense attorneys are telling me now, they think this thing is coming, they think it is coming imminently. i can't tell you it is definitely coming imminently. preet is not calling me back after i wrote the book. i thought he came off pretty good in the book, you know what i'm saying? the book is called, full circle. can i show it? adam: do we have the cover? >> do we have the cover? lori: who did you dedicate it to? >> i actually dedicated to my, no, my college professor, english professor, russian lit professor, don ryan close to me. he is like a father to me. lori: mentor. >> amazing guy. he taught me about life. taught me about literature. he, you know, he was the sort of advisor to the school newspaper but, you know, becausebut it was
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more than that this guy, this is the reason why i went to school. adam: charlie the stuff you report on daily basis, reality is bert than fiction, better than an hbo series. >> your lips to god's ear. i don't know why my book cover sup there? adam: you will have it tomorrow. charlie gasparino, thank you. lori: thanks for spending a chunk of time with us. >> a wonderful chunk of time, right? i'm in a bert mood lately. you want to hello them why? adam: no. the book is done and charlie, relaxed. lori: doing you a favor not telling the audience why you're in a great mood. sales of book are -- >> getting better. lori: let's get a check of the markets. we're a little late. oh, my goodness. keith bliss on the floor of the new york stock exchange. keith, we've got your attention right now. >> i'm sorry, say that again, lori? lori: what your view on determining the direction of the market? >> the direction of the market, we think the bullish behavior is very much intact. we crossed over a couple
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technical levels over last few sessions which got us into the very bullish sentiment. you look at something like the small caps and discretionary names like xly and xrt. those are very much consumer discretionary names. they hit new highs with yesterday's session. that keeps it intact. lori: is there a earnings story, keith? >> it is partly earnings. people are anticipating that the earnings story will not be that great for the second quarter but it will not be fall off the end of the earth type bad and second quarter will be a trough and we come out of this. it is more the case when we got down to 1560 back in june the markets were so vastly oversold at that point in time they have rebounded back. they crossed over those key technical levels. right now the posture is bullish and we'll go higher from here. i dare say we get pack to the 1665 range here not for long. lori: thanks, keith bliss. >> thank you. adam: first ever apple computer sold by an online auction, held
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by christie's auction house. the apple 1 computer sold for $387,000. it was way below the top estimate which was 500,000 bucks previous apple 1s, sold for $600,000. there are only 30 to 50 left because you had to turn them in to get your apple 2 back in 197. you weren't alive back then. the apple 1 designed in steve jobs and steve wozniak's garage, that was for mother board, no video display and no, sirry. how did people survive? lori: what was your first computer? adam: my first computer was acer, 480. before the 486. it was the chip before the 486. lori: cool. memory lane. chinese buyers swooping in to prop up the u.s. economy. we'll tell you where they're buying and how much they're paying next.
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adam: also, u.s. foreclosures are down sharply over the last year but not in all states. just ahead, the areas that still have it worst.
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adam: chinese buyers are pouring into the u.s. housing market. they're buying more expensive homes than any other foreign purchasers and where they're buying actually may surprise you. liz: is here with emac's bottom line. liz macdonald. >> california, arizona, texas. you should see, they're buying in new york, nevada, georgia and north carolina. lori: that is not surprising. that is where i would buy. >> that's right. those are the resort areas. they're the vacation areas.
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china is the fastest growing group of foreign buyers here in the united states. get this. 70% of the deals are all cash deals. they're buying pricey homes. 70% of the deals are all cash. check out these statistics. from the national association of realtors. they are buying median, 425,000-dollars home. median nationwide being purchased is 276. the thing is, yes, china is still second to canada in terms of number of foreign buyers here in the u.s. they are coming in big-time. they are fastest growing group of buyers. listen to this. in california, more than half of the homes bought by foreign purchasers are bite by china. adam: are they doing this as investment or people for second homes moving here? >> that is a key question. they're buying in suburbia. they're buying where tech companies are. chinese purchasers. they're also buying through a u.s. government immigration program called the eb-5 program which is foreign investor
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program. it puts you on a fast track to get a green card. if you're a foreign purchaser, spend 500-k or more you get on the fast track to a green card. they're coming through to get a green card. adam: teach them how to say florida as we do new york. thank you,. >> sure. lori: a new report by corelogic shows foreclosures in may fell 20% from a year earlier. as of may, one million homes were in some stage of foreclosure. down from 1.4 million a year earlier. despited dropped levels they remain particularly high in certain states. florida had highest number of foreclosures last year. followedded by california. no surprise. chinese buyers come into that state. texas, georgia. these states account for half of all foreclosures. adam: american job creators are losing confidence in the economy. nfib chief economist bill
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dunkelberg breaks down many reasons why next with tracy byrnes and ashley webster on "markets now." don't miss it.
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call 1-800-ishares for a prospectus, which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. tracy: welcome back, i'm tracy byrnes. ashley: i'm ashley webster. record highs yet back in reach. the dow surging up 76 points at this stage. now trading within just a little over 100 points of its all-time high of 15, 409. top market strategist jeff klinetop tells us why he says more gains and yes, more wildness yet ahead. tracy: american small businesses are losing confidence in the u.s. economy. the national federation of independent business chief economist, bill dunkelberg, tells us what their biggest fears are coming up. ashley: pumping oil out of the ground using solar powered steam instead of natural gas. you may not know much about this
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but one american company is luring big funding and customers for its new technology. we'll meet the ceo. this is very cool. a solar story that is actually a success. that is great stuff. unlike other as we know. time for stocks as we go straight to nicole petallides on the floor of the new york stock exchange. nicole, another strong day. >> ashley, tracy, looking good, right? the stock market is holding on pretty nicely. the dow jones industrials above 15,300. well off the lows of 6500 during the financial crisis. looking good here. we're up five of six trading days which includes today. we're up half of 1%. you're seeing gains in drug stocks, retail stocks and bank stocks and we've also recently, moments ago s&p downgraded italy's sovereign debt. as more of a retrospective we've seen the euro dropping, the dollar gaining but it is not really moving our market here at home in any way.
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i also want to take a look at blackberry, a name we follow so closely. it has been under pressure. we waited forever, 18 months for the blackberry 10. it was a disappointment. the ceo, thorsten heinz, says they're beefing up the balance sheet. they have cash. they are planning to launch eight more devices but obviously they're not closed to the idea of partnership. so, says we are 100% open for partnership and alliances. we'll see what comes of it, up almost 2%. ashley: nicole, thank you very much. tracy: crude oil caught between the international monetary fund's global economic growth forecast and ongoing tensions in eequipment of course. -- in egypt. phil flynn, price futures group on the floor of the trading pits. what is going on? >> traders don't know which way to take it. i'm not sure this last rally at the end of the day to put crude
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higher is continuing concerns about egypt or really about rbob gasoline. we've seen a pretty good move up in the rbob gasoline. we're up three cents a gallon partly because of a refinery fire that happened in california and partly because of tropical storm chantal. chantal could slow imports into the gulf coast where we saw a big drawdown in gasoline supplies last week. a little bit of support, probably another thing that we haven't talked about that could be supporting crude today. tracy: what about gold, phil? second day up, thanks to chinese inflation. can not be like a return to the gold ride, is it? >> you never know. tell you what, you come back down, everybody wrote off the goldmarkket that is when you want to buy the market when there is blood on the streets and nobody wants it. somebody that wants it, china. we've seen physical demand in china really start to perk up in last couple weeks. if we're talking about a slowdown in economic growth maybe a talk of tapering and rising interest rates may temper
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bit. i wouldn't bet against gold too dramatically. tracy: this inflation trade we've been talking about forever is not transpiring, right? poor gold people, holding on to wait for inflation could wait for a long time. >> i tell you, we had a 13-year run in gold and we're down one on the trade. we have seen inflation over the last 13 years. we have seen it. maybe not runaway inflation overnight but there are other reasons to own gold. look at egypt. look at the middle east. look at money printing around the globe. it is all relative. it is not just inflation. there are other reasons people like the goldmarkket. tracy: that why we talk to you, phil flynn, price futures group. thank you, phil. >> thanks, trace. ashley: stocks will keep driving higher the rest of the year but it will not be an easy ride. jeff klinetop, chief market strategist from lpl financial. he joins us from boston. jeff, thanks for being here. we keep saying this is the most
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hated bull rally in history. still seems that way to me. it has been a difficult one to navigate along the way. you say we have more surprises in store. what are those, do you think, and how can investors play them? >> well, we've got positive ones and negative ones, ashley. we have some positives in the sense that the government sector of our economy will shrink to the smallest percentage in a decade, in the latter half of this year. along with that we'll see a drag from the higher taxes and spending cuts we saw implemented if the first half of this year. that is domestic economic boost which i think will help lift employment. it will lift business spending as well that is the positive. negatives we know. the fed likely to taper. in europe they will have the key german elections on september 22nd, citing the fate of the eurozone. we have the of course the debt ceiling back in focus here somewhere towards october. that will create ups and downs in the market. dips you want to continue to buy. that is successful strategy all
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year. ashley: with that in mind, what would you buy had this environment? >> i think you want to focus on domestically oriented businesses. think smaller cap consumer discretionary. health care sector. these benefit from a stronger dollar, better employment growth within the u.s. we've seen private sector employment continue to average about 200,000 jobs a month. we think that could continue, maybe even accelerate. both positives for those sectors. those are a couple key areas. financials also stand out here as longer term interest rates begin to rise and lending begins to pick up, banks stand to ben from that in terms of net interest margins. ashley: that's true. but the banks are facing extra regulations, raising leverage ratio. ultimately does that mean they don't lend as much because they have to keep more money on the books and that ultimately could hurt their bottom line? >> well that's true but they seem to be adequately reserved for the leverage ratios and a lot of other regulations that have been put on top of them now. the question going forward, does
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that change their lending standards? the key is we've been seeing lower lending standards. since the first quarter of 2011 they have been lowering standards for borrowing. i think that will continue despite the new capital requirements that turned around housing. a lot of focus on higher interest rates and what that may mean to the economy and consumer. it is not so much the cost of credit, meaning interest rates but availability of credit that has driven the economy and housing in particular. that has only gotten better. ashley: what sectors wouldn't you touch with a 10-foot pole right now? >> oh, i don't like those yield sensitive sectors. utilities, telecom. they worry me a lot of. i think interest rates will continue to move higher. they will continue to lag. look at commodity focused areas like energy an materials. we still have global excess capacity in a lot of those areas. that will probably continue to be a laggard. ashley: what about the bond market? a lot of, you know, frenzy around this particular market. is there any part of fixed income you like? perhaps corporate debt in particular? >> in particular, corporate
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debt, looking out, high yield still looks attractive. i don't know if you can call them high yield anymore. maybe they are medium yield. certainly they are still attractive from an interest rate protection standpoint. they will not suffer as much as interest rates move up. you're getting paid a pretty good amount from those businesses. they have a lot of cash flow right now. that area looks pretty good to us. maybe bank loans as well. another way to focus on gaining credit exposure as interest rates rye, the amount paid on the bank loans will rise as well. that is good insulation against rising interest rates. ashley: as we get into the second-quarter earnings season, jeff, what are you looking for in particular? what do you want to see? what would you like to see? >> a few things. we want to hear good guidance from companies that they do hiring and spending in the second half. more realistically i'm focused on buybacks. you want to buy the buyers. the companies doing most buying back of their own shares seem to be doing the best this year.
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the s&p buyback index is up 25% versus 15% from the overall s&p 500. i want buyback offers and implementation of those programs because those companies likely will continue to be winners. ashley: that's good but shouldn't they use the monty to expand business and hire? it is good news for shareholders because you get a nice pop in value but shouldn't it be used for economy. >> you would like to see them get off the dime to spend more of that cash hoard. to some extent private sector hire something picking up slowly, business capital spend something picking up about i think we need to see those initial steps towards better cap-ex. we'll see that in the durable goods reports way before we hear about it in company earnings reports. so watch the economic reports closely. ashley: jeff klinetop, lpl financial. thanks for joining us. >> thank you. tracy: i think you make a good point. almost like accounting trickery. but who cares if you're a shareholder. ashley: if you're a shareholder
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you love it but i don't think it makes for a good macroeconomic picture. tracy: right. small businesses they're working hard but their confidence is slipping in june after rising for two straight months. nfib chief economist bill dunkelberg tells us what is behind this drop plus his reaction to the obamacare delay. that is up next. ashley: southern california startup working with oman and dutch shell with a new oil plant. rob mcgreg gore will be here to tell us how it all works. that is very cool story. time to track the oil price. we've been talking to phil flynn in the pits. up slightly, 24, 25 cents at 103.39 a barrel. we'll be right back. ♪
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tracy: sector rising for two months, american small business optimism fell in june. now the national federation of independent chief economist bill dunkelberg says its confidence index, quote, gave up. of worries over taxes and other regulations were a factor too. bill dunkelberg joins us now. they have been a factor all
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along, right? was there just like this bill lit of hope maybe they could get through it? >> well, you're right, we've been worried about them for quite a while and we keep thinking things might get better. we get promises about regulatory reform. we get promises about tax structure reform but usually means higher taxes and more regulation. so that is the reform. we need something better than that. tracy: you know, that's funny. we get analysts on here all the time, consumer back. buy consumer discretionary and buy consumer staples but small businesses are saying we don't have customers, right? >> exactly. they're not back. you know the reason we revised first quarter gdp down to 1.8% was primarily there was a big decline in services spending and services is 70% of the consumption which is 70% of gdp. they're not spending. that is the labor intensive sector. that is where the small businesses are. no money coming in. so they're not hiring anybody to take care of customers since they're not there.
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tracy: right. that leads, well, if people aren't shopping there is no need to bulk up inventories. so that's why we saw such a drop in small businesses plans to buy more inventory, right? >> we did see a decline. certainly the, the unhappiness with current stock of inventories increased a little bit and plans to, order new stuff went down fairly substantially, about three points. so, the inventory picture is really a little glum now. primarily it is because of customers kind of disappeared again and spending is too weak. tracy: what bothered you the most throughout this whole report? >> well, what didn't bother me was credit. tracy: yeah. >> you hear a lot about credit. you know, if you look at the small business, the loans under a million dollars. fdic calls those small. if you look at those, since 2007 they have declined in number and as a share of cni lending. the big firms are back on lending but the small business sector is not.
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67% of our members said, who is interested in a loan? we don't want a loan because what do you do with money that will give you a payoff? you need to get the money back. being so glum about the future, having more owners think we'll be worse off in six months than think we'll be better off with weak expectations for real sales, you know, we're not hiring. we're not going to order inventory and we'll not expand our business and or buy a new delivery truck. tracy: that is the problem we have. -- tracy: so doom and gloom. obama thought they did a good thing politically by postponing the employer mandate but p tuts small businesses in longer holding pattern. >> that's right. i think it was probably a political move, the reason the move was made of course is the government's not ready and the private firms are not ready. had we gone ahead that would create chaos. that is probably much more expensive than having just deferred this. we still know it's coming.
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having another year to get ready will be fine but it's really no bonus other than avoiding chaos. tracy: right. if that is the benefit i guess that's good. it ought to be better than that we do every five years a big survey about the most important problems facing these owners and we just finished one last year. health care costs was number one. been number one for 25 years. then uncertainty about the economy. energy costs, uncertainty about economic policy and cost of useless regulations and redtelln any better? tracy: right. >> if your answer is no, you know why they're depressed and optimism is not improving. tracy: howill i get better though? we had a guest on saying he is waiting for companies to buy back their shares. in your notes you said the economy bifurcated. connie is doing great because big companies are buying back shares and pumping the share price up. how does the little guy get
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better in that environment? >> jeff is right. buying back shares is way to give shareholders a dividend without paying tax on them. it is their option to sell shares. small business, we had 23% more say profits are headed down quarter over quarter than headed up. if we were publicly-traded the stock market would look bad. we're glad we're not publicly owned companies. sales go to the bottom line and we'll be looking better and we have money to start more business. tracy: everybody needs to understand where we are and unfortunately how poor it is right now. bill dunkelberg, nfib chief economist. >> half the economy is bad. tracy: keep your fingers crossed. we'll see you next month, sir. >> yeah. ashley: he is still smiling. he is still jeff y'all. it will get better. tracy: it is quarter past. we get a check on the markets we were just talking about. nicole petallides on the floor of the exchange. we're up 87 points.
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>> we're at session highs. looking at 15,311. winning numbers across the board. the vix, the fear index pulled back. so far so good if you're hot on the market and want it to be long. take a look if you're going long. look attest la and oracle for the moment. you may remember oracle said it was moving its listing back to the, over to the new york stock exchange. take a step forward here. action is happening there. oracle said it is moving to the new york stock exchange. so what happens ultimately? it comes out of the nasdaq 100, the qqq. and as a result, what is going in is tesla. what happens is money managers have to buy exactly what is in that index. in this case that would be tesla, right? we've seen tesla doing well with model s, surpassing sales estimates, getting the wonderful report from "consumer reports." now heading into the nasdaq 100. that's why you're seeing this stock at an all-time high today. back to you. tracy: amazing story for tesla.
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thank you, nicole. we'll see you in 15 minutes. coming up new rules for big banks. they're designed to prevent more bailouts but they could have a big impact on american business and of course your money. we'll break it down next. ashley: let's look how the u.s. dollar is moving right now. check out the euro. down again, at one point down to 1.2755. a three-month low, thanks to s&p downgrading its debt. downgrading to bbb, from bbb plus. that means it is two notches above junk territory. keep an eye on that. it tally not so healthy right now. we'll be right back. ♪ [ villain ] well mr. baldwin... it appears our journey has come to a delightful end. then i better use the capital one purchase eraser
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the. >> 23 minutes past the hour. investigators looking into saturday's plane crash. they are focusing on the decisions made by the pilot in the cockpit. it killed two people and injured as many as 182.
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a billion dollars in grants, loans and fuel aid to the country. the white house says it has not made a determination as to what to call the events. edward snowden has agreed to venezuela's offer of asylum. the white house meanwhile said snowden should be returned to the united states where he is wanted on a felony warrant. those are your headlines. ashley: thank you so much. banking regulators proposing some new rules that will impact how the biggest u.s. banks borrow money. peter barnes has the details. peter: the proposed rule will
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apply to the largest systemically important banks and are designed to too big to fail banks. >> the banks would have to break the extra capital by 2018. the firms would have to raise $89 billion. the big banks are finally on their way towards that amount. the extra new capital will be just incremental. the banks are none too pleased by this proposal. this new proposal combined with existing capital and leverage requirements will make it harder for banks to lend and keep the economic recovery going.
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some other new capital rules did exempt some other capital for mortgage loans. ashley and tracy. ashley: that is the big issue. peter barnes, thank you so much. tracy: multiple counts of manslaughter, abandoning ship and causing the shipwreck off the coast of italy. he could face up to 20 years in prison. i actually think that is light. it is possible that nearly 1000 witnesses of the 4200 passengers and crew may all be called to testify. ashley: the italian justice system does not move quickly.
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that could be a very, very long trial. tracy: it could take forever. ashley: american choppers giving their credit cards a workout in may. charging billions than before. what it says about the overall economy next. tracy: first, take a look at the winners and losers on the s&p 500. your homebuilders doing well today. the dow is up 89 points. we will be right back. ♪ it's a brand new start.
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ashley: just about 90 minutes until the close. let's take a look at the dow 30. the dow of 93 points. lots of green, of course. i think that it is risk on today. no doubt. certainly another strong session. let's get to nicole nicole petas at the new york stock exchange. nicole: we see the stock up 20%. settling a lawsuit that it overcharged customers. the big story is whether or not bill ackerman is looking at fedex. we know that they have been beefing up the cash. getting ready to invest in something. certainly, there has been a lot of speculation today. let's take a look at kroger.
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this is in the supermarket realm. it has moved the stock. it has up arrows today and is hitting all-time highs. the whole sector is doing very well today on the heels of this news. now you see that the two companies have little overlap. it is a good deal, for the most part. those are some stocks to watch. ashley: thank you very much. it means they just get bigger and bigger, of course. tracy: i have never been in one. ashley: it is definitely high end. nice, though. good stuff. people using their credit cards down there. our higher credit card balances another sign that consumers are more confident in the economy?
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gerri willis is here with the details. gerri: it is student loans, auto loans. that is what we are talking about. it is a big change in what people were expecting. folks are more responsible bidder may have been in 22 years four paying down that credit card. they could be issued less credit card debt. i think you can thank the colleges and universities, the united states of america for raising their tuitions through the roof and forcing people to pay this. tracy: that is a valid point. don't you think that there has been a little saving fatigue?
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they are sick of not buying things. gerri: they are paying off these credit cards. they are responsible with this debt. consumers, u.s. consumers, you and me are the chums in this economy. we have to get this economy going. tracy: that is not fair. according to small business, that is not happening. gerri: i would like to see people spending on more than just tuition. tonight we will talk about obamacare. we have some new numbers.lking t is going on at the nation's restaurant. we have some shocking videos and pictures of the food that is being stored next to the trash can. ashley: i cannot wait for that.
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[ laughter ] tracy: 6:00 p.m. and 9:00 p.m. eastern right here on the fox business network. stay away from the salad bar. [ laughter ] tracy: gerri willis. thank you very much. ashley: lining up to buy american homes. how big of a world that is actually playing in housing recovery. tracy: it is time to check your tan and 30 year treasuries. your 30 year is up to basis points. the dow is up 85. we will be right back. ♪
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♪ >> i am jo ling kent with your fox business brief. william lynch resigning from barnes & noble after only three years on the job. they have not announced a new ceo yet or announced details on lynch's resignation. the national foreclosure rate was down sharply in may compared to a year ago. there has been roughly 4.4 billion foreclosures nationwide. five the lowe's company merchandising has given it a advantage over its rival.
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that is the latest from the fox business network. giving you the power to prosper. ♪
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tracy: breaking news for you. oil rebounding. closing up $0.39. still way over the $100 mark. ashley: it is indeed. chinese buyers are pouring into the u.s. housing market. buying more expensive homes than any other purchaser. elizabeth mcdonald is here. >> florida is number one. florida, california, arizona and texas. 58% is from foreign buyers.
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that is huge. they are buying $425,000 homes. that is way above that 276,000 median nationwide. seventys% are cash deals. i want to point out why they are buying in these regions. you will see north carolina, georgia and new york. they are also buying in areas where there are strong suburbs. china is still second to canada. canada is the biggest. the same with california. more than half of all the foreign purchases going on in california is chinese.
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they are going into places like san diego and los angeles buying trophy properties there. one other big development that is happening, the chinese buyers and other foreign buyers are taking advantage of this immigration program. if you spend $500,000 or more on a property, you get a fast track to green card status. that is what they are doing. they are being smart about it. ashley: does this really undermines what we see as a recovery in the housing market when it is not residents of this country getting back into the market? >> you know, i think anyone who will buy in housing say we will take it. it is mexico, india and great
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britain. ashley: all right. thank you so much. >> sure. tracy: i know they are not dying in albany, though. high-ranking officials from the u.s. and china will meet tomorrow. the annual event which is hosted by john kerry and jack lew will cover an array of hot topic issues. what should we expect to come out of these meetings? joining us now is a president of the council, john frisby. this is the fifth meaning now that we have had. >> good afternoon, tracy.
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i think these meetings are more than that. it is a mix of things, though. a lot of the strategic and economic dialogue will be discussion targeted towards moving forward. the goal: posts of further discussions. they do not have a lot of places to park there money in china. it is an important part of what we will be discussing with the chinese. tracy: isn't there ultimately a trust issue with both countries? we do not trust each other. unless you can trust each other, we do not trust their financial statements. how do we move forward?
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>> if we do not trust each other, we do not want to pull back from talking to each other. both sides recognize that there is distrust in the the relationship right now. through these sources of discussions, we can perhaps advance the trust factor forward a little bit more. it will not be resolved quickly. our economic inter- dependent far exceeds the amount of trust. tracy: i agree. what do you think is the biggest issue tomorrow? >> well, you are right. this dialogue will cover the range of issues. it is the strategic issues. it is cyber and so on. it is also economic issues. china's economic reform fans, i
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am sure will be discussed. it is important to try to influence that debate to head towards making some decisions. one of the top issues on our list of priorities is actually investment issues. china make so many ownership restrictions. they in essence act as market asset barriers. we would like to see them dismantle some of those barriers. tracy: one of her things as well is american kids need to be studying in china. they always come to our country. we need to go there as well. >> through dialogue, getting back to whether dialogue is important or not, through dialogue, china has an exchange rate that has appreciated more
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than 30%. it is much less undervalue than it was. we serve our membership every year. the exchange rate has always fallen way, way down on the list. that issue is important, in terms of making sure china continues to pursue those financial reforms. i think in terms of being a factor in the bilateral discussion, we need to keep that pressure on about the exchange rate reforms, but it is probably having less impact than a lot of people believe. tracy: you are probably right about that. thank you, sir. we will be watching. you name it, they have a lot to be talking about. ashley: it is a quarter till. let's head back down to the new york stock exchange.
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you say today is critical with regard to momentum. we certainly seem to have momentum. >> that is right. today is one of those critical days. i urge everyone to take a look at the breath of the market. if that stays positive for today, there is no reason at all that the s&p will not go back up to the 16, 65 range. especially if earnings come in from the financial companies like we expect. ashley: so far so good. thank you very much. >> my pleasure. ashley: trying to revolutionize the way oil is pulled out of the ground. ceo rob macgregor tells us exactly how it works next. tracy: let's take a look at some
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of the winners and losers on the nasdaq as we head out to break. the russell 2000 is on track for its third straight record close. somebody is on the right track. we will be right back. ♪
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ashley: power without the panels. glass point uses solar power to extract oil from the ground. it extends the life of the world oil fields. rob, thank you so much for joining us. i have to admit, this is not my area of expertise.
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explain to me how this system works and why you think it is the wave of the future. >> the important thing is to realize that the easy oil is gone. now we are producing the difficult oil. what we really mean is very thick, heavy oil. it is so thick that if you are able to make a ball of it, it would state that shape. the oil companies produce the oil by projecting high-pressure steam. it melts the oil so they can pump it to the service. ashley: you deal with, is it armand in the middle east, you would imagine that the middle use with all thes a natural user of this type
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allergy. >> that is right. we have abundance. we have heavy oil. we would be running natural gas and there is a shortage of gas in the gulf region right now. ashley: the system uses very light mirrors made out of aluminum. it is thinner than that of a soft drink can. how do you protect those mirrors? >> protecting those delicate proponents.
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all of the things that you really do not want. ashley: you have been out there raising money. where do you see the future going for your company? they are using the support and the money to expand globally this idea of solar enhanced oil recovery. ashley: do you have competitors in this field that are using the
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same exact technology? >> as you can imagine, the needs are quite different than the need for soil electricity or other applications. ashley: the solar industry has gotten a black eye. it must be very encouraging. >> we are very enthusiastic. ashley: we wish you the best of luck.
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thank you for joining us. kudos to andy murray as well. we will get that in as well. [ laughter ] >> thank you. tracy: the international space station. tackling a list of outdoor stores. building up for two years. you think you have it hard when you have to take out the trash on earth. ashley: how does incoming ceo scott o'neill plan to beef up
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♪ liz: digital debacle. barnes and noble after the abrupt departure of ceo. will the company break-in to two after being left behind in the tablet race? and does that mean it can still punch out portfolio profits? from msg in the next to the philadelphia sixers. of fox business exclusive with ceos got annealed. can he creates a fan frenzy? and can he bring the same corporate power from new york to philly? and inside the hype for the brand new album magnet car deck, the holy grail. a key battle between samsung's and apple.
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