tv Markets Now FOX Business November 15, 2013 1:00pm-3:01pm EST
your investments. lori: can anything stop these markets? lets get things started with the trip down to the new york stock exchange. another day. >> another day, another record nine. but it is music to your years. you would not mind hearing a broken record the said he made more money today than yesterday. new highs. getting closer and closer. chatting with someone who was looking at nasdaq 4,000. nasdaq 5,000. we're getting closer. we are back to those levels. set record highs let's take a look. moving to new highs moving into
microsoft. we are seeing a lot of these names on the move. these big guys are making there move. another one that we will be watching for later. back to you. ashley: breaking news. the house will vote on a bill will allow american to have their insurance canceled to keep their plans. rich edson is on capitol hill with what this means. the strong. >> reporter: it's up for a vote next. the voting you're looking at as part of an effort to try to kill the republican proposal within the next hour so we expect the house of representatives to pass a bill that would allow insurance companies to continue offering the plan to everyone from the face of mostly because of regulations written into obamacare. the president has a similar administrative action that he announces today. as for why, they say you cannot
do it administratively and you need to change the law. >> a 1-year extension. rather than forcing people into the exchanges it allows them to keep what they had. there is in essence of the president belly from the beginning but even years later. >> this really takes the cake. because it is essentially boeing the plug on the affordable care act. the idea that it was helping consumers was sort of a trojan horse his underbelly is poisonous in terms of the health and well-being of the american people. >> we expect the house and the next few minutes to begin voting on that final proposal. the white house opposes it. democratic leaders oppose it. the question is, how many democrats in the house oppose it? thirty-five democrats in july voted to delay the employer
mandate a one year. since then pulling for obamacare has gone down buses because of the rocky rollout. some of the question is how many democrats political will go ahead and go with republicans to pass the bill. you will find out and just a few minutes. ashley: has anyone given an analysis as to whether it is the congress version of this of the president's version get the old plan back. >> absolutely which is a we're looking at today. how many state insurance commissioners are allowing this to go through. how many insurance companies are saying after all the analysis and calculation to measure will be better for them not to offer the plans. lori: the proposal to extend health insurance might sound good on paper, what does it mean for the insurer which will have
dirt reverse millions of cancellations already issued. >> good afternoon. lori: apologies. let's start here. reporting that the health cancellation notices of gone out nationwide. for you, did you have to cancel policies in texas? >> we did not cancel any policies. however, any policy not renewed before it january 1st will not be able to be renewed under the current program. with what the president has just announced it is unclear whether not we would be able to renew those policies that will be renewing after january 1st promote the state's perspective as well as from the federal perspective. lori: what information do you need to clarify that? it sounds like insurance companies are caught in the middle between what is going on
in washington and the long awaited as been presented. >> there is just a tremendous amount of confusion that was created by the affordable care act, and there was a lot of good communication. a lot of discouragement. liang and healthy that we need to be participating in the pro rata to come back and have an interest before the first a year lori: bottom line, will any of this net out to lower premiums? >> i do not see how it will result in lower premiums. higher premiums for the foreseeable future because of these delays as well as the continued confusion about what is available and how will work. >> what is your revised? >> a very challenging time.
we don't have a lot of options. we are providing the options that we do have. many cases it doesn't feel like that is the right option. lori: it looks like you're not going to get an extension. whether the federal or state level. >> a step in the right direction. i agree with that. however, already people are discouraged and confused. while we may understand that because we're watching this closely, many consumers, especially those i'm not wanting to build with us. lori: the initial criticisms graven before the website clutch occurred and really put a hurdle -- that was the first problem. it never detraction. and in healthy people, why would
they want to sign up now that there were subsidizing older americans with chronic issues. that is a long-term problem. >> it is a significant issue. in the way that was supposed to be addressed was to the individual mandate. although demand is not really strong. the penalties are not mine. in addition to that end of the people having a consumer friendly environment with which to purchase the product will be comfortable doing that. a lot of that has dampened the potential to enroll a lot of young and healthy individuals. i believe at this point they are completely discouraged. lori: how are you and your employees dealing with all of this? and me, it seems you have a new set of rules to contend with each and every day the reader much paperwork, extra labour is required to get this straightened out or a least keep up with the changes? >> it is tremendously difficult. let me assure you that we have
these major changes that we have to roll out. we are doing our very best and our job is to make sure that the consumer is not having to deal with these issues as much as possible. we want to make it easy. we were working hard to partner with them. we are involved in the try to talk to people and help them understand this process so that they do not feel they are completely out in the dark. lori: thank you so much. appreciate it. ashley: us talk alike. exxon mobil shares getting a boost. the latest round of sec filings shows the berkshire hathaway picked up by new state. he disclosed a $3 billion position. exxon shares are underperforming the market this year up to 7%. the snb has soared more than 25%. lori: breaking news, the cme group confirming that it was a victim of what they are characterizing this cyber
intrusion. shares still up. now, four of the biggest banks in the country facing downgrades . moody's facing long-term downgrades. the ratings firm citing lower chances to be bell done in a future crisis. the downgrade could make it more expensive for the banks to find themselves. ashley: food is about to get faster. mcdonald's is adding another window. apparently to just is not enough to keep service beat. the drive to win accounts for whopping 70 percent of their sales. promises to speed up its admittedly slower service. it will begin a new and remodeled mcdonald's restaurant next year. lori: retired stalker -- soccer star flying south for the winter. the latest on his plans to franchise and mls team. we will tell you where.
major league soccer executive vice president is our guest. ashley: an inspirational inspiration from an unusual place. crack smoking mayor. first black rock peter hayes will join us in explaining why a possible downgrade for burger rico bonds may come sooner than june 30th which fitch has warned about. the ripple effects for your portfolio are next.
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♪ ashley: a new warning. fitch threatening to downgrade the u.s. territories debt to junk status by june. our next guest says the move could come sooner. joining us now is peter hayes, head of the municipal-bond group we appreciate your being here to talk about what is going on and what it means to all of our portfolios, but we have already see investors pullout of porter
rican debt dramatically. >> that's right. there was an article over the summer that opened people's eyes to adjust how dramatic the problem was which precipitated not only a big drop in price but an awful lot of selling, predominantly in the month of august and september. we have seen a lot of selling, but significantly lower prices demo we sell for five months ago ashley: with this potential downgrade, i had a guest on from oppenheimer fund he said porter rico is a buying opportunity. is this something that investors should stay away from? >> that is what makes markets, to differing opinions. it is not a buying opportunity. we have said this for some time. you bring about a good point. if you go back about a year ago there was some downgrades out some of the debt to below investment grade. the market reacted negatively. for us it is simple. about how much debt they have
and can they grow their way out. we have seen an increase of the last ten years. 70 billion for a population of just under 4 million. the economy really is not diverse. we have seen is basically a recession for six straight years. however possibly going to repay the debt without borrowing more? ashley: creditors have better memories than debtors. that is how they intend to pay it. of me get to the key issue. what happens if it does say that this is not investment grade? what happens to the municipal bond market? >> over the next six months to put them on our rating watch which is a pretty dramatics step. more often than not that as a precursor. is giving investors time to square up their positions. there will be looking carefully at two things. one is, can they turn around the revenue situation and will the
economy be growing in 2014, or will it continue to shrink? the other important the is can be accessed the market? the above themselves time with short-term financing. nonetheless, time is growing short. the market may not be willing to lend it. certainly not at a rate. so that means there are still sellers out there. the ripple effect for the market ashley: that is what concerns me so many municipalities are what you would call distressed that would have to go to the trough and borrow even more chicago, scranton, pennsylvania which is online. every municipality with any kind of debt issuance and problem will soon borrowing costs go up. >> i would not say every municipality. you pointed out some that suddenly have problems. the ones that are weak are identifiable. scranton has been under act 47,
the emergency manager act for a number of years. ashley: 1992. >> they typically come in installment plans. there are not a lot of them. fundamentally the credit situation in the u.s. is better than it was, but there still are problems like chicago, scranton, philadelphia, the city's a still have to grow their way out. my guess is that what would happen with rico is there would not be a big ripple effect. the reason being, a lot of selling the summer. what would happen is if they have to talk of restructuring their debt, that would be a much bigger ripple effect and we'll have to be concerned. ashley: $32 billion in outflow from a municipal funds in the third quarter. since 1992. any chance any of that comes back? if it is a buy and opportunity, you think it is not. >> we don't think it is not a buying opportunity. we think the opposite.
if you take a look at the rhetoric of the fed, the testimony, it means that rates will stay low. because the magnitude of thep it seen these yields since 2011. but i think many investors are still thinking about interest rates that are going to go out. i think that is why they're redeeming money. can our view this is a time to be taking some duration risk because you're getting paid more to do so. ashley: we would love to have you back on. i was not a good english student never a borrower or lender be. thank you very much for joining us. >> thank you for having me. lori: a good discussion on interest rates. let's shift things over and talk about equities. the latest on our ever soaring market. >> that's right. record highs.
they came in with the $48 offer. in the meantime, they both turned to the green. in the meantime they have dropped that offer because they want to pursue other strategic alternatives. they are still open to the men's warehouse idea. but interesting. three-quarters of 1%. back to you. ashley: gamers rejoice. saudi place station for went on sale this morning with people lining of for over a day. retailing and $399 is in direct competition with microsoft exports one which is set to hit stores one week from today retailing for $499.
nintendo's newest consul debuted last september. let's take a look at how shares of the biggest damn consul creators are doing. nintendo. there are down today. buying in. you think there would be up. lori: if you want to talk about a real crises, the disappearing cash, not a jewish magic trick, the factory fire with far reaching consequences. and a shortage. ashley: a lot of hubbub about ben affleck being picked. but coming up, the story of the caped crusader that everyone can truly get behind. [ male announcer ] this store knows how to handle a saturday crowd.
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♪ >> reporter: at 24 minutes past the hour, i'm arthel neville with your fox business minutes. voting to strip embattled mayor of his power to appoint an fire members of his executive committee, including the deputy mayor. admitted to smoking crack cocaine while in a drunken stupor earlier this month, but has refused to resign.
china is easing its family planning rules that limit many families to one child. couples will now be allowed to have two children. the change to the decade-old policy could possibly be a move in response to china's rapidly aging population. and a rookie harlem globetrotter has said the new guinness world record for the longest major shot in history. thunder law made the basket for nearly 110 feet away yesterday in phoenix beating the previous record by more than 5 feet. those are your news headlines on the fox business network. i am arthel neville. lori: i'm not impressed. that's a piece of cake. >> reporter: no problem. lori: exactly. while edging higher, but crude on tap for its longest streak a weekly losses since 1998. in the trading pits at the cme. rising supplies weighing down some of the gains.
>> the same reason as in 1998. another reason becoming a lot more fuel-efficient. if you look at while inventories , the highest levels since the 1980's. 1989, to be exact. severe downward pressure. once we took some of that geopolitical rest of the market this thing collapsed. we're giving a little bit of a bounce. loosening of price controls. that could turn out to be very bullish because a lot of refiners would not refine when there were not making enough money by opening up that market which could increase demand. the good news is we're seeing gasoline prices down. signs the u.s. refiners will come out of maintenance and a big away. to get those prices back down. lori: always a pleasure. thanks. ashley: good news for the u.s. post office. down the $5 billion from nearly
16 billion last year. also says operating revenue rose for the first time. the u.s. ps says it is benefiting from growth in its shipping and packaging, and this comes ahead of the post office for some deliveries would start this weekend. making deliveries for amazon in some of the nation's biggest cities which includes san francisco and new york. lori: the retired soccer star is now looking into his next venture, looking to franchisees on soccer team. we will tell you where next. ashley: obama to be a fly on this wall. it the president says down to talk with insurance executives. after 5 million policies were canceled, will there be enough time to revert back to the way things work? ♪
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adam: breaking news for you. the house of representatives is voting on legislation that would allow people to keep their old insurance plans. it is house republican fred upton's bill. we'll bring you the final tally once it comes in. lori: dow 16,000 watch. we're at 15,927. send it back down to the floor of the new york stock exchange, check in with nicole. i imagine there is a lot of buzz there today. >> it sure is. jpmorgan raiseed their s&p target for the end of the year. so a lot of people on wall street still think that the trend is to the upside. we can't fight this tape. record after record. hey, i'm standing where the ipo took place of twitter on
november 7th. let's see how it is doing now as options bin trading. you can see right now at $44.70 a share. we expect volume to be a little heavier but you do see the shares of the equity market for twitter are to the downside. i wanted to also look at a new ipo today. zoo lilly. shop online. this is something they do with kids toys and the like. how about this ipo, right? 73% to the upside today? that's nice showing. back to you. lori: thanks a lot, nicole. adam: president obama is holding another high level oval office meeting with insurance executives as the administration wants tries to right the wrongs in the health care law but the biggest obstacle may not be with the insurance companies. peter barnes is the at white house to tell us why. peteer? >> reporter: that's right, adam and lori. the they are scrambling here as the leave blowing guy who plant ad new tree on the north lawn of
the white house. we identified five insurance companies that will be represented here today. let's go through them. aetna, humana, the tufts health care plan, which is a big one up in massachusetts. hcsc and florida blue cross-blue shield are five we have confirmed and aetna put out a statement talking about what their concerns are about this. in the statement they say that they support efforts to allow people to keep what they have, however, we will need cooperation and expedited approval from state regulators to remove barriers that would make it difficult to make this change in such a short period of time. state regulators will need to al us to update policies and secure appropriate rates to get these plans back on the market. we've already heard from states that are saying, yes and no to this new proposal from the president. those saying no so far, include, arkansas, washington state, and vermont. some of those states want to keep those minimum new standards
in the president's health care law. others say it is just impractical to try to do all this quickly. states that are saying, yes, ohio, florida, and kentucky, are three of them. some analysts say though that really what this is, what some of this is about is shifting the political heat from the white house to insurance companies. >> what the white house policy essentially did is, kind of said, at least for the next year we want the attention to be on what the insurance companies choose to do about this problem and how they and their state insurance commissioners choose to fix it. and maybe you'll then allow us time to fix healthcare.gov and maybe we'll have this thing fixed sometime this year. >> and this meet something expected to get underway here at the white house a little bit later this afternoon. lori and adam, back to you. adam: peter barnes, fortunately
you don't need insurance to buy aspirin what everybody needs for the headache this is all causing. thank you very much. another day, another record for stocks. we're back on the floor of the new york stock exchange for trader perspective as the dow, s&p and nasdaq each hit new highs. lori: meantime the holiday travel season is pop us. orbits is shifting focus to the hotel side of things. we'll hear from the ceo, barney harper next. ♪ ♪ like, really big... then expanded? ♪ or their new product tanked? ♪ or not? what if they embrace new technology instead? ♪ imagine a company's future with the future of trading. company profile. a research tool on thinkorswim. from td ameritrade.
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>> i'm dennis kneale with your fox business brief. hedge fund activist bill ackman's pershing square capital is acquiring stakes of 10% in both government controlled mortgage giants fannie mae and freddie mac. both companies reporting strong third quarter earnings. the new american airlines will trade on the nasdaq after the merger of us airways and amr's american is completed, the new ticker symbol will be aal. us airways trades on the new york stock exchange and before amr filed for bankruptcy protection it was on the big board too. u.s. import prices declining in october, down .7 of 1%, duper drop than expected. u.s. export prices fellas month, half of 1% despite forecasts for a small rise. that is the latest from the fox business network, giving you the power to prosper.
adam: more break breaking news. we have the official tally on the house approval. let's go right to rich edson in washington. >> 261-157, adam, more than votes to get through the house of representatives. the number we're looking at of 200 how democrats how many would join republicans to vote for the proposal. 39 of 200 democrats voting with republicans to send it to the senate where indication from democrats they will not take this up. it was a little different from what the president had proposed yesterday. this legislative fix, the administration said, it would veto it. so that's about where we are. now the question is how many health insurance companies will reoffer those plans. we'll figure that out in the next few weeks. back to you. adam: we have rich edson and peter barnes following it. thank you. >> all right, retired soccer star david beckham pushing forward with is quest to bring a
major league soccer team to miami but with the average mls game pulling in just about 18 1/2 thousand fans for each game finding a stayedup in the miami area might be a big hurdle. we have the executive vice president for major league soccer. we're pleased to welcome him. hi, dan. >> pleasure to be here. lori: pleasure to have you. what would mls be without david beckham, my gosh? >> david was great catalyst for the sport. came here in 2007, we've added multiple teams since then. he came here and wanted to be an ambassador and wanted to further the growth and and now may own a team. lori: part of his last deal was an option to purchase a expansion team for only $25 million. that is relatively cheap from what i understand. looks like he will do it. >> he is moving forward. he is conducting due diligence with his advisors. lookinr a partner. looking for stadium plan and focusing on miami as a market. we're big believers soccer can be successful. lori: is there a right stadium
that would make sense and be profitable? we know with the biggest stadiums, look at barclays center here in brooklyn, so much attention drawing biggest names in sports and intenantment but it is not profitable. it is i wouldn't say losing money but not on track to meet its estimates. so for a soccer game which will draw a smaller audience, right or a smaller crowd you need the right-sized stadium. you don't want a 50, 100,000 seat venue right? what is the ideal situation? >> majority of our stadiums are 20 to 30,000 seats. provide right environment, revenue streeps and dates and other areas of the business to be ultimately profitable and successful on the field. lori: david beckham, obviously i'm not a regular soccer fan but i do love the sport. outside of perhaps beckham and land done donovan i can't think of any other stars. who are some other ambassadors coming up in the league to help continue your growth? >> well a guy at least soccer and sports guys familiar with, clint dempsey, captain of the u.s. national team.
stared in the last two world cups. will play in the world cup in brazil next summer. plays for seattle sounders. average 40,000 fans. owned by hollywood mogul joe roth. lori: soccer is more famous around the world than here in the u.s. this is the question you've been asked many times before. how are we as americans doing in terms of our sportsmanship and soccer right now. are we coming along? >> i get asked all the time when will soccer make it. young kids play and see it on the field on weekend but the key stat for us bodes well in the future, among 12 people, to 24. soccer is second popular spectator sport behind the national football league. lori: a lot of kids playing on weekends. >> and watching now. lori: i have another question for you about david beckham. maybe most gifted soccer player, maybe pele, limited knowledge
but a huge celebrity nonetheless? >> sure. lori: how he is a businessman? because transition from player, coach to owner is knot always smooth. >> the key thing about david is the focus whether on the field or off the field. when you sit down with him at a meeting is incredibly focused. he has a very, very good group of advisors including simon fuller. lori: with the world cup hillary rodham clinton are predictions to win? >> for major league soccer, we're down to four teams, portland, salt lakeance kansas city and houston. we'll see what happens. have to decide that. more than 200 countries tried to qualify for the world cup which takes place in brazil next summer. u.s. is qualified. we hope they will go far. but most say brazil is the favorite as host nation. lori: we'll cheer for the u.s., that's for sure. dan, thanks for coming? >> thank you. adam: orbitz is known for to look for on a upcoming flight
but our lauren simonetti spoke with the company's new ceo about the company's new venture. lauren? >> i sat down with barney harper, ceo of orbitz worldwide about an hour ago. we talked about how the travel site is growing and inked a deal with australia's second biggest travel agency, jet-set traveled h travel word. take a listen. >> we'll have a new version of traditional brands into the hello world umbrella and they looked to orbitz because of strength of our technology. >> orbitz is pushing overseas and on mobile. take a listen to how mobile is dress i canally changing the travel industry. >> 27% of our total stand alone hotel reservations being booked through mobile device, either smartphone or tablet. when you look at just 20% of the our reservation that is have been booked for same day, an amazing 60% of the those reservations are being booked through mobile devices. >> that is absolutely amazing.
barney brought up this, where the hotels are putting money. that is where they see future growth. more than half of orbitz's revenue last quarter came from hotels, not air fare. it is a higher margin business. customers want value, they want location and they want to see reviews. >> they want to know what the hotel is going to be like. reviews are critical as are images we show them about where the hotel will be like inside. >> all about sharing. i think this is what you guys want to know right now. the average hotel price during the holidays, 120 to $140. barney said value can still be found. here's a hint. travel over the holidays to orlando, l.a. or vegas you will get sun, maybe a nice price too. he said air fare prices are up eight to 9% from last year. they're fetching record highs as many people know trying to book flights. shares of orbitz, they're soaring too. up nearly 160% in 2013. lori, adam. adam: lauren simonetti, looks like it is time to hit the road.
thank you. lori: speaking of travel, spirit airlines taking advantage of some wild headlines in the news these days, employees of the discount airline want you to know they're not smoking crack, even though they're offering fares under 30 bucks to fly to the toronto area, making fun much course of the mayor's admitted drug use. everyone is fair game. the airline making fun of the bullying scandal plaguing the miami dolphins with an ad showcasing cheap flights to florida. apparently the tactics are working. spirit airlines shares are up 150% year-to-date. adam: let's check some other stocks right now. head back to the new york stock exchange. jonathan corpina from meridian equity partners is on the floor of the exchange for us. jonathan, all the major exchanges hitting more highs today. are stocks riding the yellen high or is something else at play? >> that's it. yellen added fuel to this fire and it is going to continue. investors are waiting for some information transparency coming out of washington, waiting for
that appointment speech to come out yesterday. investors got what they thought we were going to get. bond purchasing is going to continue. the market and the economy isn't as strong as everybody thinks it is and we'll need additional gunpowder to keep this market and this economy going. what really investors want to hear next, when will this stop and when will we turn this back to see if we can stand on our own. clearly the view to me at this point there is no end in sight in think knitter for any -- 2013 in pull back in this market or pullback in the bond purchasing program. adam: jonathan, thank you. any good high is followed by a buzz that wears off and it is not pleasant. thank you very much, jonathan. 10,000 strangers signing up to turn san francisco into got that many city for a very special batman. a feel-good for the day, next. lori: oivay, a fire at a new york can niche factory.
we are with the owner of the largest maker of the potatoes next. ♪ ♪ [ male announcer ] how could switchgrass in argentina, change engineering in dubai, aluminum production in south africa, and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 70% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing.
lori: we do have breaking news. white house responding now has the house just voted to approve congressman fred upton's bill on obamacare. press secretary jay carney here saying that upton's bill is designed to undermine obamacare in the long run and he says insurers have serious problem with the concept. reminder, that the president will meet with insurance companies executives later today urging him them to accept his fix for renewing canceled policies. adam: how about this for a real mess? knish fans around the world
devastated on september 24th, the largest knish producer, lost a key machine in the fire. as a result there has been a major knish shortage across the country and consumers are worryed production may not return in time for the holidays. with us today is the co-owner and legal counsel for the company. thank you very much for joining us. i understand that the machine that we're talking about, it was, firefighters did an excellent job putting out the blaze but in the process the machine was damaged. so when does that come back online and when will people who want to buy the square knish you get through costco or cats's deli at new york, that is what was damaged? >> that's correct. and we anticipate that we should be able to have that machinery up and running the week of thanksgiving and hanukkah, which is the last week in november. and then we anticipate that we should be able to shortly there after supply all of our customers who are awaiting that product. adam: i guess in major cities a lot of people didn't realize you are the largest producer of
knishes in the nation. that's what, 15 million a year and you sell them not only to restaurants but to distributors in major cities? >> that's correct, yes. 15 million, 15 million knishes a year. and, yes, we sell them to costco, bj's. we're in supermarkets across the country, delis, and yes, we are the, really only people who do produce those square knishes. adam: you've been doing it for over 80 years. i love my sister-in-law but b lou looks like weill have latkas at hanukkah. they're not as good. i hope she is not watching. you did not shut down production. you still have round knishes and other potato pancakes, right? >> that's correct. thank goodness we do have the potato pancakes because that is huge item for hanukkah coming up. yes, it was only the squares affected by this we still have our poe cato pancakes and blintzes, and that is been
uninterrupted. >> what kinds of things are you hearing from your customers nationwide? i guess you never think about it until you can't get it and it is tougher to get these things now. >> yes. it's impossible to get that item and you while we always knew our customers loved that item which we appreciate so much, you know, there's never anything good about having a fire but one thing we did learn is just how much our customers do appreciate our product because we're getting daily calls, wanting to know when, you know the machinery will be back up and running and when they can have that product. it really is a wonderful thing to hear from the customers. adam: have you taken a hit to thnow, to the top line, to your sales because of this? >> yes, certainly. unfortunately being that's our top item, our sales have been reduced by about 75% during this time. >> all right. but the good news that you expect to be back up and running and in time for thanksgiving and hanukkah and the future because i know a lot of people,
15 million knishes a year. that is a lot of people who want to get those knishes. thank you very much, stacy, all the best to you and your team. >> thank you. >> she's a smart businesswoman. batman for a day. the city of san francisco banding together to turn the city by the bay into got that many city and make kids dreams come true. quite the superhero in owes own right, five-year-old miles has been fighting lukemia since 20 months old. with his canser in remation his biggest dream was to become the capeed crusader. the make-a-wish foundation sent out a citywide bat signal with 11,000 volunteers who came out to cheer bat kid. solves come in a real batmobile and gets keys from the san francisco mayor and witness as large flashmob. that was awesome. adam: that is a great make a wish. president meets with insurance executives while mitt romney charges mr. obama
was knowingly dishonest about people keeping their policies. do you agree? tweet us, tracy byrnes and ashley ebb webster are all over the story next. lori: and just in time for holiday shopping, sony's latest playstation four on store shelves today. microsoft's xbox is one week away. we put them both to the test. don't go anywhere. "markets now" continues. capital to make it happen? without the thinking that makes it real? what's a vision without the expertise to execute it... and the financing toake it grow? whatever your goal, it can change more than your business. it can change the future. that's why, at barclays, our ambition is to always realize yours. ♪ nothing, that's what? that's why i take prilosec otc each morning
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tracy: good afternoon, i'm tracy byrnes. ashley: i'm ashley webster. the obamacare mess. the president meeting with insurance executives to sell his about face while mitt romney charges mr. obama was knowingly dishonest about people keeping their policies. do you agree with him? tweet us. we're all over this story next. tracy: just in time for a holiday shopping. sony's latest playstation 4 on store shelves today. microsoft's xbox comes out just one week from now.
we'll put them both to the test. ashley: in tech minute, for the man and women who have everything, not so fast. get this, a 6,000-dollars b-day. tracy: what do you do with a bedat, i want to know ? i'm not getting into that. tracy: sipping wine while going to school? we'll toast to that. windows on the world wine school. you do not want to miss that. ashley: boy a little bit of everything in there. first top of the hour. time for a look at stocks. get straight down to nicole petallides on the floor of the new york stock exchange. nicole? >> you're not wrong, this is a show i don't want to miss all hour. also worth noting, folks, you have a record day here on wall street. both the dow and s&p hitting all-time record highs. we're clocking in our sixth straight week of gains. so if you're out there and you're long or have 401(k)s, iras, you're feeling great today. the tech-heavy nasdaq, it is close to 4,000, isn't it? let's take a look at some of the banks as moody's confirmed they downgraded this rating for two of the banks including citigroup
and goldman. this is because, they used to be able to have a bailout, right, with the government and with the new regulation, dodd-frank and the like. they will have to shoulder more of the weight on themselves. as a result moody's downgraded. back to you. tracy: thanks, nicole, see you in a bit. this obamacare mess, health insurance executives meeting with the president at the white house, congress voting to change obamacare rules. mitt romney calling the president dishonest. even democrats getting on the president's case. ashley: of course we're all over this with peter barnes. he is at the white house. rich edson also in washington. joseph antel, health policy expert from the american enterprise institute. on set with us our very own elizabeth macdonald. rich, let's begin with you, first. the house just voted passing a bill that will allow insures to offer plans that do not meet obamacare standards. >> that's right, ashery. the house weighed in and white house also.
39 democrats joined republic republicans to allow reissuing of plans that obamacare phased out. the plan allows them to buy the cheap every plans over the next year. now that it passed house and likely will head to the senate and that is where it will die the white house says the republican bill undermines the health care law, unlike the administration plan to reissue cheaper plans to only those who lost them. republicans say there is little difference between the two. >> it is interesting that for the last week he has trashed our bill and now he is done something very similar to what it does. you know, the jury is out whether he has the legal authority to do this or not. we're trying to resolve this with certainty and that is what a statute, what our bill will do. >> this bill is not a bill to let people keep their health insurance plans. this bill is another vote to
repeal the affordable care act. it would take away the core protections of that law. >> now while democratic leadership opposes these efforts there are democrats in the senate who are also pushing similar bills as the sloppy rollout of the online exchanges and millions of cancellation notice, despite a presidential promise are pulling down democrats approval ratings. back to you. ashley: rich, thank you very much. let's turn now to peter barnes in washington where the president meeting with some insurance executives. i have a feeling he might be getting an earful. peter. >> yeah, no question about it, ashley. the insurance companies are scrambling to try to comply with this new proposal that the president announced yesterday. we have confirmed at least five of the companies that will be sending executives and ceos over here. they include aetna, humana, the tufts health care plan which is big up in new england, hcsc and florida blue cross-blue shield. now aetna put out a statement today that said it, for one,
supports these efforts to allow people to keep what they have, to keep the insurance that they have as the president now says he wants to do, however, we will need cooperation and expedited approval from state regulators to remove barriers that would make it difficult to make this change in such a short period of time. state regulators will need to allow us to update our policies and secure appropriate rate so that we can get these plans back on the market. how all this plays out, even health care experts are not sure. take a listen. >> if those policies were profitable i'm betting they will reissue them. they will get back in touch with their policyholders and say, do you want it for another year? we're here for you. >> for some insurance companies a good business decision will be maybe we don't need to be in the individual market at all. and i think that could be an unintended consequence of all the chaos here.
>> in the meantime we have some states already weighing in on what they will do. we have three states that say that they will not comply with this, will, with this new proposal from the president. arkansas, washington state and vermont. either because there is not enough time or they want the minimum standards in obamacare in these, in new health care policies. and three states that say they will allow customers who got cancellations to renew include, ohio, florida, and kentucky. ashley and tracy. ashley: what a mess. peter barnes, thank you so much. >> that, all right. to add insult to injury mitt romney hitting the president hard this morning on cbs. >> the president promiseed people could keep their plans. that promise was not accurate. it was not honest and the whole foundation of his second term i think is in jeopardy as a result of that. tracy: so our twitter question for you today, do you agree with mitt romney? was the president knowingly
dishonest when he said people could keep their insurance plans? tweet us your responses. we'll put them up at the bottom of the screen. let's put that question to joseph and liz. joseph, do you think the president was actually dishonest? >> well, he certainly didn't tell the truth and he certainly wishes it had worked out some other way but, this administration has quite a long history with health reform of making promises that haven't been kept. so this is just the latest one. it happens to affect millions of people. >> liz, what do you say? big question who knew what when? president says it doesn't pass the test of logic we knew this would screw up before we released it. >> i'm always thinking, i'm always reminded of president clinton line, depends on the what if is, if, your plan meets our new standards and new mandates. meaning if you're 80 years old you have to pay for maternity coverage if you're a woman or
anybody. tracy: right. >> so here's the deal. what is galling they're treating like a rounding error the fact that five million to 10 million people are losing health insurance that they have now. they're seeing cancellations. you saw that yesterday with the president's press conference. you saw it with senator henry waxman just before with the sound bite. if the fallback position is, if he didn't know, right, and he didn't understand, then you're saying essentially you did not read a bill that changed 1/6 of the u.s. economy, many congressman, including charlie wrangle admitted on camera they didn't read the health reform bill. if that is your fallback, that's worse. tracy: you don't know what is worse, ignorance or being dishonest. joe, let's take this forward. we have the upton bill on the floor. people potentially can go back and get their insurance but the process isn't that easy, is it? >> it is almost impossible. i'm sure that is what the insurers are telling the president right now. it is not just that they have to
go through a actuarily process to figure out a new premium. aetna made this point. they have to come up with a premium that will work. there is also a state regulatory pros jess. and, a lot of states are not going to give up their responsibilities to make sure that the plans that being sold on their state are okay. so in fact, with six weeks left before january 1st, the odds ever anybody being able to hold on to their current plan zero. >> go ahead, ashley. ashley: no, go ahead. jump in on that, liz. >> it is interesting, the president kept saying it is on us, we fumbleed it. it is on us. the onus is actually on the insurers because they will get blamed for cancellations, right? there is nothing that requires or forces insurers to give back these insurance policies. ashley: right. >> that we allow the insurers to give back insurance policies. ashley: what they will be telling president. >> that is key. tracy: you can't turn it around
that quickly. to joe's point and yours. insurers will basically will be the ones get finger pointed at them. ashley: because they're playing by the rules. >> he is saying we fumbleed. what this is really a delay up to september 2015. it's a hail mary pass the hope that the website, healthcare.gov is up and running. ashley: let me ask, joseph. okay, with hardly the website is not working properly, already into this issue of people losing their plans. what are other landmines out there? i'm already reading that premiums come down but the deductibles go through the roof. and because of what's's been going on, not enough young people will sign on for the health insurance. seems to me we're going to stumble from one hurdle to the next. what are your thoughts? >> absolutely right. insurers are, in a world of hurt right now. they have been given an assignment they can't complete. they're being asked to take a
loss which is virtually inevitable for next year. they will not be able to raise their rates very substantially for 2015 because there is a provision in the law that caps them at 10% increase. if they have already lost money in 2014, 2015 is going to look pretty terrible. tracy: is this the beginning of end of it, of obamacare? ashley: does this thing get gutted? >> this is good question. senator waxman pointed out core protections that is what is under assault he by the move with the upton bill. more like the core props. like kicking out of a rot infoundation of a house. this is like the spruce goose. so many officials they need to get this off the ground. if one thing falls down, you don't have individuals in the exchange to float it, the whole thing really is in peril. ashley: joe, to follow up on that, does this thing get gutted? we talked about other potential landmines down the road. what is the future of this aca?
>> it is going to change dramatically. the health system can not put up with these kind of requirements. they can't fulfill them. i think what we're going to see is some more loosening of rules. in particular the individual mandate. the president will not delay the individual mandate, but, sometime next year he will have to come online and say, we're not going to penalize anybody who couldn't buy insurance last year because we screwed up. >> the more delays, more things like what joe is talking about, the democrats could easily say midterms come upon them, why not repeal whole thing? if you're delaying this, that and other thing nor unions, employer mandate, mandate tax, then why not the whole thing? tracy: we will be talking about this forever it seems. joseph, elizabeth macdonald, thank you very much. >> sure. tracy: to me the most appalling part the money we're spending on all this to get it out there. now potentially --
ashley: it doesn't work. and there is a lot of confusion. there you go. the peoples republic reversing the one child per couple policy. jo ling kent will be along after the break on the ramifications for this on the world's largest economy. tracy: one isn't enough for you, in the tech minute we'll tell you about samsung working on a phone with three bendable screens. really? ashley: just freaky looking. plus we found somebody who doesn't dislike miley cyrus. folks at mtv. oh, yeah, you can bet money has something to do with it. >> first, as we do every day at this time of day, look how oil is trading. on track for a weekly loss. basically plat right now. $93.73 a barrel. dow is up 57 points. don't go anywhere. [ male announcer ] need help keeping your digestive balance in sync?
look at zulily. nice to see an ipo come on board? look at this move. it is up 73% right now. earlier today it was over $41. we're watching this one. it was priced at $22. that was higher end of the range. if you're not familiar with zulily.com, you go on there, it is e-commerce and you do shopping for kids and teens and everything from clothes to toys and accessories. revenue doubled in the first nine months of the year. look at the stock jumping big-time. back to you. tracy: thanks, nicole. see you in a bit. ashley: well, in an attempt to boost its economy, china is easing rules on one-child policy. jo ling kent joins us with why this is happening. perhaps more importantly, the ramifications, jo. >> that's right, addresssy and ashley. state-run media announced families with one parent who have an only child can have more than one kid now. this comes a few days after top economist officials met during a meeting in beijing.
analysts see this economic move especially after officials warned earlier this year that china's working age population was declining. population is aging and sex ratio is skewed. this put as heavy strain on already cooling gdp growth. beijing announced a key financial reform on the banking front. the state media reporting that china will, quote, open up the banking sector wider on condition of strengthened regulation by allowing qualified private capital to set up small and medium-sized banks. now the more detailed document also said restrictions on investment outside of china for individuals and firms will also be eased which could be good for the global economy, ashley. ashley: well, yes it would. so, how do we know, when do these policies go into effect? >> well that's the thing, right? ashley: can do anything they want. >> exactly. you get the documents and there are very rage and a lot of -- very vague and communist party jargon. the problematic for interest rate liberalization when i
covered in china, in beijing, some promises almost lost their meaning because you didn't see much actually happening in the years to come. so this is really a test to the president she ping as leader of the country. it is a complicateed question, right, the more kids you have, there won't be impact for 10 or 15 years. already the policy is pretty loose in rural areas. you can have more than one kid. if both parents are only one children but you can have more than one kid. in rural areas it is more and more expensive to have a second child. so the decisions are becoming more and more economic. so it is interesting to see these reforms as they try to change and shift their policies but are they actually addressing this? but i think overall good news, more freedom is a good thing. tracy: more than one kid? ashley: at least in theory. tracy: more than one could mean two or three or four or five or just talking two? >> additional child what we've
seen in state-run media reports. it is vague policy it will be interesting to see how it is teed up in the future. ashley: interesting stuff. tracy: no chinese partridge family anytime soon. bummer. coming up on our friday series, educating your palate, a man who has taught over 20,000 students to better appreciate wine. ashley: i appreciate it. next in your fox news minute, toronto's embattleed mayor takes a hit, another one of the political kind. we'll look at that. first look how the u.s. dollar is moving today. pretty much down against all of the major currencies except for the japanese yen which is losing a little ground to the u.s. dollar. we'll be right back. welcome back. how is everything?
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>> 23 minutes past the hour i'm arthel neville with your fox news minute. u.s. navy he will helicopters from the aircraft carrier george washington are dropping water and food to isolated communities in the philippines a week after that devastating typhoon. the death toll has been raiseed to more than 3600 and some officials say there are thousands of additional deaths. the toronto city council voting to strip embattleed mayor rob ford of his power to appoint
and fire members of his executive committee, including the deputy mayor. ford admitted to smoking crack cocaine while in a drunken stupor earlier this month but has refused to resign. new york yankee shortstop derek jeter announcing he will team up with simon & schuster to start his own publishing company, called jeter publishing. the yankee slugger said, he is quote, seting a blueprint for a post career. those are the news headlines on the fox business network. back to tracy. tracy: more i like that man i tell you. hits keep coming from him. breaking news. the dow is near the session highs. the high of the day, about two, three points off from the highest intraday point. all right, credit suisse calling for a big drop in commodities, latest in a large number of bearish forecast from wall street firms for energy and metals. our very own sandra smith in the pits of the cme with today's
trade. hey, sandra. >> hey, tracy. the forces are certainly to the downside in the commodities market and they have been to the downside. look at the one-week percent change in some key commodity that is lost a lot of ground including silver down 4% over a five-day period. copper prices down, gold prices have fallen a couple of percent. the momentum has been to the downside but if you look at the year-to-date losses in some key commodities you will really see the pain. corn prices have nearly been choped in half, down 40%. silver down 30%. even soft commodities like coffee are falling. gold and wheat as we've seen a bumper harvest so far this fall. production has been way up. that is put commodities prices down but the case that credit suisse is making that we are going to see stagnant demand coming from one of the biggest buyers of these commodities. that is china. that is one of the first times we've heard one of these big investment firms call for weaker
demand from china. goldman sachs, jpmorgan, they have already jumped on board and then they see the end of the commodity super cycle. that led to more bearish momentum in the commodities market. here is what credit suisse says on oil. as we all know, oil has fallen from the triple digit prices. they're saying while oil prices already have begun to correct, we feel most basic material prices will also fall over the coming months month or two. tracy, important to point out they're not just talking about the grand scheme of things here. they're calling for a short term falloff in commodity prices and weak performances in things like natural gas an silver. they say play this in the commodity indexes or commodities themselves. they're saying just short them at these levels. there are some contrarian opinions out there but that's theirs. back to you. >> we'll take it, sandra smith. thank you very much. ashley: i think we hit new intraday high. we go from that to miley cyrus and twerking. how about that? tracy: intraday low.
ashley: miley cyrus still shaking things up on mtv weeks or after her famous or face it, infamous twerking performance. the network get as bump in viewership from the video awards featuring the controversial performance by cyrus. mtv ad sales were up 10% in the last quarter. that is compared to a 6% drop during the same time period last year. ashley: you have to love that little picture. there you go. tracy: love it. ashley: by the way, record intraday high. tracy: someone apparently is making money off that mess. there is that. ashley: always. >> just in time for the holidays, sony's playstation 4 onshore shelves today. microsoft's xbox a week away. we'll put them both to the test. ashley: some are saying you're flushing your money away. $6,000 for a bedet. tracy: still don't get it. in friday edition of wine with me. renowned windows on the world wine school. we'll be right back.
>> magical right now you can see exxon. 18 percent at 9494. and why am i talking about exxon right now? warren buffett. let me tell you. berkshire hathaway just closing the stake in exxon. buying exxon and dumping out of comical philips. it turns out that a lot of the shareholders want to do exactly what buffett is doing because we are seeing that exxon is gaining so they have reduced the position by about ten and a half million shares. in the meantime they just closed a new position and exxon that is valued them almost three and a half billion dollars. chump change. ashley: indeed. thank you. well, the latest consol is on
store shelves. released just one week away. said lee ever remember. both of these models function as your very own media concierge. the executive director of tac website. he joins me now to break down which system may work best for you. thank you for being here. okay. let's break down. the police station for is relief for the purists. is that true? >> i think so if we are considering the game is the route and a week. ashley: chided is a houston oil. but i huge one on the x box. we have not heard much about it yet. it will attract cameras to microsoft. to your point, i agree. very much a home media center. tv integration, skype built into it. whereas on the other hand you have the police station four weeks were 12. the secondary screen.
that is sort of the game system to meet verses one that might appeal to a wider audience. ashley: the price difference. for 99 for the x box. pricing by microsoft. >> i think it could hurt people, especially right now. your saving on mubarak's kind if you want to buy the camera is still puts up $59 on top of that. you're still going under the price point. ashley: you don't think that is not an issue for those of the hard-core fans? >> adopting so. people of what one will stick toward it, but a recent report, 61 percent of those interested in buying a new council are going after the police station for purses just 27 percent looking at the exports one. that is a huge difference right there in early interest. ashley: the lost people to more mobile devices, computers and
the tablets, and so long? is this an effort that is successful in pulling back some of those players? >> certainly you have lost people to the casual gamers. i am happy with some running games for your phone purses' actually having $4 for council. pc gaming is huge. steam is taking off selling millions of games. that's a huge competitor. a lot of people are not thinking. ashley: you were saying these councils have about a 7-year life span. the amount of money that microsoft and sony can make is obviously perhaps a little more thin. as time goes on their returns go >> right now we will see narrow profit margins. at the very least it will break even. we have to remember that these are ecosystems. they're selling there services,
a monthly fee. playstation. the gaming business has been losing money, but obviously seven years since the last council came out. as we move forward component prices will drop. you will attract new consumers, but the profit margin should increase dramatically. ashley: the personal preference, the councils are only as good as the game's on them. this other one have an advantage or is it purely personal taste? >> i also think his personal taste because you have the exclusive games with huge fan bases. but when you look coming as seems like you can do a little bit more, and i would not be surprised to see families gravitate more toward that consul. you can get netflix. ashley: very interesting. which one? >> the plan station for. it goes back to which one is available first.
ashley: thank you for joining us. appreciated. tracy: it is time for your tech minute. from bottle to your behind. really? well, yeah. ford and coca-cola working together to use less plastic in the big effort to save the planet. making car seat fabric out of recycled plastic soda bottles. used on most of the cars. 6,000 barrels of oil. you can see the car here on the screen. showing the car. keep it right here on fox business, our very own jeff flock will be live from the l.a. of a show.
first the curve, now you can put them in a ramp. we are talking a 3-sided phones. al with a wraparound phone in the second half of next year. each side will function independently. technology will be an upgrade of what is used in the galaxy. we will have that. more and more luxury homes are installing them. who knows. last year 20 percent of single-family high-end homes up for a 12% in 2009. again, showing a picture. this is an efficient today. it has glass, and automatic flash and that function. wait for this, heated seats in the foot warmer. how the hell longer use sitting
there? did i mention the blue to this music ability as well? $665,000. i think i am a pretty smart girl. i still don't know how these things work. ashley: let me tell you, if you're going to pay six grand you are definitely being taken to the cleaners. can you believe it. i will take the wine cellar please. thank you. a tough segue. the postal service bleeding money. it is a tough transition. we will tell you about new calls to end saturday delivery. ashley: that is good stuff. up next, the man behind. don't go anywhere. we will be right back. [ male announcer ] what if a small company became big business overnight? ♪ like, really big... then expanded?
>> reporter: >> i'm adam shapiro with your fox business brief. general motors is recalling nearly 60,000 chevrolet malibu a software glitch. replacing the wiring that can catch fire. it knows of no injuries or accidents from my the problem. the u.s. postal service says its loss for the current fiscal year is down to 5 billion for nearly 16 billion last year.
it is the seventh straight year the agency has reported a net loss. operating revenue rose for the first time since 2008. pershing square capital, the activists had to fund has disclosed stakes of nearly 10% in both government control mortgage giant fannie mae and freddie mac. that's the latest from the fox business network, giving you the power to prosper.
we will talk wind. it is not just one makers and sellers. teaching people about the reds and the whites and what the heck to eat with the wine is huge business. graduated over 20,000 students since it started nearly four years ago. joining us now, the founder of the school, wine expert, a teacher, author, what an honor and pleasure to have you here. >> you're right. we can celebrate what is going on. tracy: and i know you brought wind theory will talk about that thirty-seven consecutive years teaching. he started at the original. sellers of the class's began. >> we head club members of the wanted to have a class. now we're up to 20,000. not all at once, with 15 stitches to 20,000. tracy: about 500 the year approximately. you're now in the marriott marquee. people are paying a thousand dollars. >> it is not my church that they come for.
i take 30 to 40 percent of my winds out of my own wine cellar, wines that have already been aged. last week and served in 1996. you can't get that. tracy: you are a big collector. your saying you spend a hundred grand a year on wind. >> yap. it's actually more. you want to come to the wine cellar? tracy: i would love to. tracy: you have really taken this to the next level. wine clubs. master wine glasses. and you are making a living off of wine. >> it's a passion. it's a passion. i started without was 19 years old and a restaurant. i was there as a waiter. the restaurant became famous. that is what i started doing. at 20i stopped a truck stop my first one class. it has been a good ride. tracy: foxbusiness.com just about every night. i love how you decide out of
line you will pick. >> that correct. tracy: if you came to my house, he said that you like u.s. face and can determine what candidates she had. it's a bad day do you go for the good stuff? >> there are also for children involved. one, two, three, four. and i go to the wind soda make a decision. to be honest with you, in my house is probably wise that will be $15 or less. tracy: that is almost the biggest and most fun challenge these days, to find reasonable, great wines which is exactly what you brought us. tell us what you brought us. all these are great for thanksgiving. >> the best thing right now, i mentioned $15. you don't have to spend a lot of money to have a big about -- a good bottle of wine. tracy: and that is a misnomer. >> most of these a 15. the most important thing, i will go grow quickly. these are the three major white graves in the world. 90 percent of all wines are made with that.
that is $15 a bottle. the next one, of course, new zealand. fifteen bucks. the next one made with 100 percent chardonnay from france, $14. these are all wines for thanksgiving as well. and oregon. unfortunately, it's inexpensive. it does not exist. at $24 it's a good bottle of wine. and over your call one of the great wines. here is one of my favorites. the lilly martina, under $20. tracy: his book, complete wine course. go buy it, learn something, take this class. i wish i could. ashley: a great segment. breaking news. moments ago with the white house, insurance executives driving to meet with the president after he kind of backed down yesterday and said you lost your coverage. you can go and get it back again. these guys, the insurance
company executives you are making the ultimate decision on that. some of the not too pleased. among them, aetna, he myrna, james roosevelt. patricia hemingway. florida blues. those are some of the people who are meeting with the president today to talk about the latest developments in the affordable health care act. will report on that meeting. keep it right here as this insurance executives meet with the president. okay. just a little after a quarter till the hour. time for stocks. that set down to the new york stock exchange. every time i looked up it is a new record high intraday level. i mean to make as been quite an impressive run. we talk about this bull market that has gone on for years and showing no signs of slowing down >> you're absolutely right. i was looking at the market this morning in anticipating somewhat of a small rally.
you think by the end of the day you get some profit-taking. just because you had such a strong market and such a strong rally. next week a lot of economic data, more comments, the fomc coming out on wednesday. investors are not really letting anything the real this market. like what we have been through. government s. okay earnings season. somewhat tepid economic data. the market still wants to move higher. don't fight it at this point. three steps forward, one step back. ashley: happy friday. have a great weekend. all right. first, jeff flock is taking a look at how one manufacturer is weathering the downturn in industrial production. >> reporter: take a look. if you are a pro you love these. you will show you how the army grittier outside chicago and talk exclusively with the president when we come back. stay to end.
♪ ashley: industrial production fell unexpectedly last month. one company strongly tied to both parts of the economy is still going strong. jeff flock is in lincolnshire, illinois. jeff. >> reporter: indeed. lincolnshire, but there you go. you probably pronounced it better because that is where it started. this is a production line. this is all new equipment. that is because the piece of industrial production that is manufacturing is actually done pretty well. you have invested millions down in texas. prior use of positive? >> pretty optimistic because of a we are doing. this whole line of machines, new products.
we have been very successful introducing them. >> this is classic. actually done to support veterans. this is their classic 9-. two drivers. and if you look at industrials, performance of stocks of the course of the past year, power share, dynamic industrials vanguard, they have all done pretty well. and the thing that has not lately is housing. you need housing to do well because your tools are driven, sales of your tools are driven by housing. >> obviously the new construction helps, as well as existing because when people buy a house there redo things. >> reporter: fascinating to be here to take a look. what do you call these?
>> not drivers. >> i mean, these go all over the world, all made in the usa. what percentage of your products? >> the vast majority. >> reporter: and if you look on their website, they take all the tough questions. why do you make some things overseas? you are very open about the fact you want to leave our viewers with a spin around and a bagel the american flag. >> we really are. we have been in it has investing hundreds of millions in the past few years. when we can we in source. >> reporter: exclusively on the fox business network. positive news. ashley: an american success story for sure in lincolnshire. tracy: all right. up almost 62 points. stay right here. countdown to the closing bell is next. coming up, do we know what billionaires' brought last year? not today. we are going to ask billionaire
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♪ ...to wash any size load. it dissolves in any temperature, even cold. tideod pop in. stand out. ♪ ♪ liz: good afternoon, everybody, i'm liz claman. it's the last hour of trading, how many times have you watched this show recently can and heard me say another record high? well, brace yourself, it's happening again right now with 60 minutes left in the trading week, the dow jones industrial average and the s&p 500 are both poised to close at record highs. this would be the sixth straight week of gains for these indices. so today what's pushing them higher? we pull out the big, gigantic oil services company, exxonmobil, getting a very nice boost from warren buff be fete. as we told you yesterday,
berkshire hathaway admitted, in fact, in an sec filing, no admission there, they always report the this stuff, that they have taken a stake of more than $3 billion in the oil and natural gas company last quarter. it was three years ago on fox business live that buffett's vice chair, charlie munger, told our viewers that he was a huge fan of how exxonmobil is run. in fact, his quote was if the government of the united states were run more like exxonmobil, we'd be in a better position. today sit, and they stew, and they think about, and they have moved on exxonmobil, and the shares, of course, are moving right now. and you can see right there, up $1.67: about a percent gain. sometimes these stakes that buffett takes are gigantic, and you see a big jump, and other times it's sort of, well, we already knew that. age lent technologies is the biggest gainer for the s&p 500. this after they reported better than expected earnings, but we wanted to show you the one-year