tv Markets Now FOX Business January 8, 2014 1:00pm-3:01pm EST
street banks. adam: federal investigators probing whether or not banks deliberately miss priced mortgage bonds even after the financial crisis. lori: microsoft set to name the ceo and one thing is for sure, it won't be this man. the future ford and who is left to head microsoft adam: jobs report surprise, revising the forecast for friday's numbers following the a be adp data showed small business taking the lead in december hiring. lori: a bird's-eye view for flyover country, the promise of agriculture drove from the first palmer in the u.s. to ever own and operate one. let's get things started with an update on the stock in commodities markets mainly in the red today, full coverage with ben willis on the floor of the stock exchange, fox business contributor phil flynn of the price futures group, to you first, surprisingly strong news
on private sector jobs growth from the adb, treasury stumbling, the ten year yield hitting 75% earlier, waiting with the fed minutes at 2:00 eastern. a lot of expectations, this is sending stocks lower today. what is your take on this? >> if you look at the big picture it reminds me of america's funniest videos, wobbling on a high school the fed took the training wheels off of. bond market reacted accordingly with strength of the u.s. economic conditions, the stock market, we have fear in the market is indicated by the vix, trading up today, but those numbers are positive and for the long-term investor you should be buying when stocks go on sale like they did today. lori: thank you so much. dennis: oil is also selling off after the weekly inventory report hit its lowest level in five weeks. what is up?
>> the bottom line is despite the drawdown in crude oil supplies we got hit with a massive increase in gasoline supplies, refiners are running like crazy, taking the advantage of cheap crude, turning it into products, and gasoline, well above the five year average. those are absolutely incredible, talking over 6.2 million barrels of gasoline and 5.8 of distillate. we have more on a daily basis than we consume leading up to the buildup in inventories. we see the price of crude in the united states has hit a one month low and shows you the brent crude, that spread has gone to $14. in europe there are more concerns what is going on in libya. the rebels say they have taken over the oil export terminals creating more tension that spread out again. we have plenty here but europe
another story. lori: a little more on the ndp report that set the tone for the trading session. private employers adding 238,000 jobs last month well above expectations, economists raising their estimates for friday's important government report. among the highlights citigroup listing its forecast to 165,000 from 125,000. goldman sees 200,000 jobs added and deutsche bank even more bullish seeing a gain of 250,000 carroll added. the consensus estimate stands at 2,000 jobs with the unemployment rate at 7%. adam: alan mulally is taking himself out of the running for the top job at microsoft. the ends months of speculation for the two companies and their stock when steve ballmer said he would retire in august, immediately was one of the front
runners for the job since then, stocks moved in opposite directions. microsoft shares are up 4%, shares of tumbled 6% on the news that alan malawi possibly could leave but with the larger off the table this year ford shares are rising and renewed uncertainty weighing on microsoft shares so who's left to lead ford? one of the top contenders on the list to lead microsoft, former nokia ceo, and reporting microsoft will not make a decision next month at the earliest. lori: more trouble for big banks as another probe comes knocking, the sec and special investigator general for t.a.r.p. probing whether several banks miss christ mortgage bonds in the year after the 2008 financial crisis. this is under pressure, and elizabeth macdonald as the bottom line. liz: barkley's, citigroup, jpmorgan chase, royal bank of scotland all under the gun here
for possible new probe brought by the sec, what we are seeing here is these are alleged problems with bond mortgage pricing, and it looks like it is coming after the investigation and prosecution of jefferies, the guy who -- being accused of miss pricing securities fraud, also being charged with one t.a.r.p. fraud, and mortgage-backed securities under t.a.r.p.. what is interesting here about this, talking to bank executives who talked of fox business, for the 2009-2011 period we are talking at a time when the mortgage bond market was largely ice conover and remember this, we are going to suspend the mark to mike accounting rules, allow banks to use, quote, significant
judgment in pricing these security so it is difficult to see whether or not regulators can actually bring any actions against these banks over alleged miss pricing of mortgage bonds. lori: what do they export? liz: remember when we were reporting during that time, regulators going back and forth, this is i stover, then relax the standard and say you can use your own judgments. will be dicey to see if they can, dicey for the regulators to bring action against the big banks but banks and fox business, this was going on during the time period the probe is going on, jefferies is not under investigation and didn't commit any fraud. adam: chamber of commerce delivering an aggressive strategy on its plan for
promoting a pro-business majority in congress, rich edson spoke to the sick jenna jenna-the ceo and has more force. rich: in his annual state of american business address ceo tom donahue says the chamber of commerce will be active in half a dozen congressional races to try to let candidates to work within the legislative process, to beat those who threaten to shut down the government or breach the debt ceiling, and work on immigration and tax reform and free trade agreements and it is an election year and congress remained divided and lawmakers will accomplish little of the chamber's agenda or anyone's agenda. we asked when the business community would invest more and whether washington is to blame for slow economic growth. >> what are we going to do about the trade agreements, what benefits does that provide to the business, what will we do on the long haul about entitlements
which we say okay, then we can look at this and say we're doing smart things, limit regulation a little bit and go start investing. >> congress would eventually approve them and find some way of doing so without adding to the deficit though he says because the economy is beginning to create jobs, congress shouldn't extend very long. >> twitter shares slumping on a downgrade. kantor fitzgerald cutting the stock to sell from a hold rating keeping the price target at $32 a share, 6050 right now. the firm says the company's valuation no surprise, not hurting other social stocks, the sector broadly higher as you can see driven by, a new high jpmorgan raised its price target on that stock. and johnny mandel will enter the nfl draft.
he is a sophomore for the heisman trophy last year. adam: the sweet life on demand, and attacks the way. lori: if you can stay at a hotel like a rock star once in like one too? liz claman live with the karaoke machine that does it all. adam: the ghost of christmas past coming back, the latest point for the holiday shopping season. ♪ [ male announcer ] this is the story of the little room over the pizza place on chestnut street the modest first floor bedroom in tallinn, estonia and the southbound bus barreli down i-95.
♪ this magic moment it is the story of where every great idea begins. and of those who believed they had thpower to do more. dell is honored to be part of some of the world's great stories. that began much the same way ours did in a little dorm room -- 2713. ♪ this magic moment ♪ [ telephone rings ] [ shirley ] edwa jones. this is shirley eaking. how may i help you? oh hey, neill, how areou? how was the trip? [ male announcer ] with nearly 7 million investors... [ shirle] he's right here. hold on one sec. [ malennouncer ] ...you'd expect us to have a highly skilled call center. kevin, neill holley's on line one. ok, great. [ male announcer ] and we do. it's how edward jones makes sense of investing. ♪
find out how you can save at purplepill.com. there is risk of bone fracture and low magnesium levels. side effects may include headache, abdominal pain, and diarrhea if you have persistent diarrhea, contact your doctor right away. other serious stomach conditions may exi. avoid if you te clopidogrel. for many, relief is at hand. ask your doctor abouxium. lori: time to make money with charles payne looking at an energy management company that is under high demand. what is your pick? charles: i have been looking at this for three years. is a smart grid play, we hear about this margaret and it will happen, all kinds of factors. the grid is old and antiquated, no one will argue that the muscle or and all that stuff, in the last five years holocaust come down from $3.40 to $0.80 a
what, it will be used and cybersecurity and the same five year time span of 50% increase, and new standards, last night or this morning release the peace that was pretty interesting, one of the reasons the stock is popping, talking about polar for tax gripping the united states, the mid-atlantic area set a new winter be, 141,000 megawatts were used past february of 2007 so here is the company that uses software solutions to help businesses and utilities, last time they reported revenue of 60%, margins were up, free cash and a great sense of urgency. >> it getting any government money? the government gave several millions to google to work ponce margaret technology and a piece of that. charles: i have never seen them
talk about that in a press release. their main focus is on government helping to propel this business with standard and things like that but they are focused on business and utilities and how to manage the grid, how to sav times, how to bring in the clean sustainable energy into the picture and it is working. lori: you are working for us always. dennis: promotions and discounts driving retail sales, shopper traffic reports retail sales for november and december rose 2.7% just under $266 billion. that is better than the forecast of 2.4% but below last year's gain of 3% and traffic declined driving 14.5, compared to last year. lori: shares of j.c. penney getting crushed today. nicole petallides is on the stock exchange with more. nicole: as we look at j.c. penney you have j.c. penney
working on a big turnaround, changing of c e on management and a projected their sales would be better for the holidays, they noted that they are particularly pleased with what they have seen but the analysts seem skeptical because why aren't they releasing the numbers? why don't they take it out of the back pocket and showed it to everybody? it leads to the question of uncertainty. in the meantime they say their cocktails were good, reaffirming their forecast. but 52 weeks stock is down 50%. lori: thanks for that report. adam: as a chicago wasn't cold enough jeff flock taking the incited gymnasium inside a freezer for a look at the red hot business of ice. lori: warmer in the freezer that is outside. fancy yourself a karaoke all-star. wait until you see the latest gadget, liz claman talks to the
>> your fox news minute developing news out of 3 junior. and navy helicopter crashing 12 miles off the coast of norfolk, va.. media officials tell fox news and m h 53 chopper went down in the atlantic ocean around 11:00 a.m. eastern time with five navy crew on board. four of the crew members have been rescued and a search is currently underway for the fifth. three years after her assassination attempt in tucson, ariz. former congresswomen
gabrielle giffords is marking the anniversary by skydiving. the bell rang 19 times in arizona, one for each of the six left dead and 13 others wounded in the shooting rampage. the bazaar romance continues, dennis rodman singing happy birthday to north korea's brutal dictator kim jong noon in pyongyang today after a basketball game organized by the former nba star intended to mark the tyrant's birthday. dennis rodman went on and incoherent ranch during an interview with cnn defending his relationship with kim jong un and. those are your headlines. back to adam and lori. lori: what is dennis rodman thinking? ui one heck of a singer. how many of you got this for christmas? you have been playing with it and knocking it out of the park with your vocals, this karaoke machine. >> this is a home carry out the kid that auto to in your voice in real-time and figures out how many on the fly and even can take any song off of your enjoy
device or iphone or ipad and makes the karaoke sound. lori: is it a good piece of equipment? >> i don't know if i would use it or not but after a few beers with some friends -- >> you sound so great without the auto correct but it is revolutionizing the industry getting all kinds of buzz on the floor of the consumer electronics show in las vegas where liz claman has this exclusive interview with the founder. liz: i have a great voice but for people like me to do the quavery -- this is amazing. tony bennett, taylor swift, move over. it is going to create a whole new generation of super star singers. you want to be a rock star? the founders are here, you guys work the guitar era to do this in you are entrepreneurs anyway. we have been playing with it, it is unbelievable. how does it work?
>> it is the most exciting experience a created and also the biggest party experience you could ever have because you have people the can't sing whose sound great. liz: it harmonizes unlike other karaoke machines that already have the song put in. preprogrammed. >> it harmonizes on the fly. what the machine does is listens for your voice and adds singers on the outside of your voice in real time so if i say it is going to add people below and above me. it liz: any sun on your ipod or iphone. does it work with android? >> it worked with any music, you can play those songs and will were great. >> it can fix your voice in a different way. >> besides the cool singing the fact you have stream effect which -- ♪ >> it can change the way you
sound. >> one of your favorites and there you go. >> hello, how are you? good to see you. you look amazing. >> let's test it out. i know you are watching in the back. this is unbelievable. what you going to sing? he says he is not a great singer but i don't believe it as a journalist so i will also participate. >> we will do a simple song called bohemian rhapsody. we are going to do that, how much practice do we have? >> ladies and gentlemen, sing. ♪
when we come back in the next hour we are going back to television's most important binge viewing and joe kleine, making it so much easier to watch hours and hours of that favorite show without commercials. controversial but coming up. >> i wanted to hear your voice. liz: no way. are you kidding me? this will make anybody sing well. >> it hide your voice. it is cool to mess around with and have a few beers with your friends. who knew how many people in this shop for singers. scott kia, busy afternoon, keep it here. >> the deep freeze is starting to fall. the latest on the polar board tax. lori: you ranked?
adam: the dow is down but temperature is up. 18 degrees. lori: down right balmy. adam: we're 30 minutes away from the fomc minutes. we want to head to nicole petallides on floor of the new york stock exchange. you're watching barnes & noble. what is to watch? >> i am. bouncer and noble in 2012 hired their ceo he touted experience. the gentleman in the digital division moving up to the ceo. the stock is up half a percent at $14.82 a share. it shows they're putting all of their clout into him at this
point. he came on board. spun off businesses at cablevision and worked at at&t broadband. digital still a big, big priority for barnes & noble and putting him in the lead role. thank you. adam: lori? lori: 50 major cities breaking record lows yesterday morning as bone-chilling cold eases its grip. conditions are expected to be back to normal by friday. so in chicago yesterday, that even the lincoln zoo's polar bear spent the day indoors. that is saying something. adam: send a text, get a tell. a new texting service is bringing hotels up to the 21st century making it easier to get in touch with the concierge. joining to us explain how it all works, ford blakely, the founder and ceo of zingle. congratulations on this project. what is it a million, i don't want to say tweets but text that
is go out each year? how often are people using the service? >> great question, adam. we spend over a -- send over a million messages a month. the whole premise is about simplicity. utilize technology everybody uses every day to build better customer service. adam: talk about some of the partners, hotels using your service. four seasons, no shabby outfit there. who else is a part and where can you do this? >> right. so, four seasons was our first pilot. soon after that lows hotel group -- lowe's hotel group wanted in the program. down in the tucson area they have joined our program. we personally love because loews and four season are the gold standard and they realize customers want immediate attention. when you have hotel brand that cater to customer service we think it setting the bar for
hospitality space in general to give customers what they want. adam: how does it work? do i download a app to my cell phone or give the phone number to my cell phone when i check in. >> that is the beauty of this thing you don't have to download an app. we're overhyped with apps. when you check in you give your phone number to guest and check-in agent, they send you a welcome text, mr. schapiro, welcome to the four seasons. whatever you need for just send us a text. adam: that is more pleasant than mr. shapiro, get out. what about if i want to just pick up my phone and say, hey, send some towels? >> we all text every day, but what zingle a provides hotels is i immediate attention. take this case everybody can relate to. we checked in from a long day at a convention or particularly in las vegas. we walked down our long halls. we get our room key out. we put the room key in, what
happens, the light turns red. adam: it doesn't work. >> what's that? adam: it doesn't work. this just happened to me and i had to go back down after the long day and snow-bound flight and go back to the lobby to get the key reauthorized. >> you're frustrated. what you do, so what you do you're looking for that attention, right? you're looking -- adam: me, want attention? >> someone can let you in the door. what we provide ability to reply back with a text immediately says, hey, i need help. they reply back to you this 30 secondsings say, we're on our way up mr. shapiro. we got you. adam: i wish i had this option checked into a four seasons last week. very quickly, this started out in 2009 just for parking. this is the other part of it. i always lose the ticket with the phone number i'm supposed to call. i imagine this would save me on that as well. >> that is exactly right. there are two different ways we engage in our business. either we give you a little card or, stamp it on the valet ticket. when you register they will send you welcome texts, mr. shapiro,
reply the word valet and we automate that work flow system to shoot down in the valley so you don't have to text in your ticket number, anything. we take care of that for you guys. adam: ford blakely, thank you very much. founder and ceo. sound like you could have saved me and will save me in the future because i constantly encounter those kinds of problems. all the best to you. >> thank you, sir. lori: mr. shapiro. are you going to ask you all of us to call you mr. shapiro. adam: i do get called. lori: by me especially. kanye tacking action against the virtual currency he inspired. adam: what about jamie dimon's pay day? charlie gasparino is here with exclusive numbers on the jpmorgan chief 2013 bonus. ♪ she keeps you on your toes.
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where does the united states get most of its energy? is it africa? the middle east? canada? or the u.s.? the answer is... the u.s. ♪ most of america's energy comes from right here at home. take the energy quiz. energy lives here. >> i'm dennis kneale with your fox business brief. spain's youth unemployment rate rose in november to a record 57.7%. surpassing greece as the worst in the eurozone. according to euro stats the total eurozone unemployment rate remained flat at 12.1%. delta air lines announcing it is investing $770 million putting new seats and bigger
overhead bins on 225 domestic narrow body planes. airlines says passengers will have electrical power outlet at every seat. delta's fleet upgrade will be completed in three years. two senators introducing a truth in settlements bill to make u.s. dealing with companies more transparent. elizabeth warren and tom coburn want to force regulators to provide details of each settlement more than a million dollars. that is the latest from fox biz, giving you the power to prosper.
adam: jpmorgan ceo jamie dimon see another 50% cut to his bonus this year as the bank remains in the press for all the wrong reasons? charlie gasparino is here with some exclusive details. how much is he going to get. >> i don't know. they haven't made the decision. the decision by the jpmorgan board but we're getting this from jpmorgan insiders. i guess they're laying ground
work why jamie dimon deserves a bonus and one that is bigger than 2012 from what we understand. he should get a pay hike for 2013, at least that's what insiders are telling us. they expect this pay hike, which 90% of it is a bonus. that how wall street guys get paid, small salary, big bonus. they expect it to be bbgger than 2012. he learned 10 million in 2012. in 2012 he took a 50% pay cut from what he earned in 2011 which was $21 million. we should point out here is their case. jpmorgan execs argue that dimon inherit ad problems. took over wamu. they paid 20 billion in fines. taking over wamu and bear stearns during the financial crisis. even madoff they're saying occurred before -- adam: not going to challenge on that one. >> occurred before he became the ceo of the combined jpmorgan chase. he will also argue that the majority of the bank's regulatory problems, there was a
story in the journal today about another bond probe or whatever, but they're saying the 345 majority of their problems, regulatory is behind them. they have the china probe but they're in that with everybody else. they have libor maybe out there with everybody else. but the big tickle numbers you will not be seeing a lot of them they will say coming up at least very soon. that they have gotten, they have another year of small stuff. but nothing like they have had in the past. they're also going to argue that profits remain steady. share price is higher. we should point out next week, jpmorgan announces earnings. it will get their fourth quarter earnings and yearly profit. even with all this stuff i think they will make anywhere between 18 and $20 billion. not a record but a close record. that's their case. take it for what it's worth. i think, i think jamie, if i was a betting guy based on what they're telling me, remember it's a board decision but a lot of times these guys reflect what the board is saying or thinking, it is a good chance he is
getting more than 11 million here. adam: you make a good argument. the share price is up. he steered them through these difficulties. now i will make the argument we hear from shareholders at the annual meeting who think he is not right ceo of the not taking sides but this excuse i inherited like don corleone i inherited the problems and did nothing to fix them. >> you know, listen, you know, we don't have him here. adam: right. >> i feel uncomfortable being lackey for jpmorgan since i have never done that in my entire life. i would just say if i were him i would probably say this, listen, running a big bank is very complicated. you have some issues. we were focused upon in many ways. i believe because of, he would say, because of some of the remarks he made about president obama and regulatory policy, i think there is a good case to be made that he inherited a lot of the issues from wamu, from bear stearns. by the way, when we say inherited, the problems predated them buying it. adam: let me give you issues he didn't inherit.
i realize he done the mea culpa for the "london whale" and madoff stuff. 2007 is a key year. >> think about this for a minute. they paid $2 billion, right, for not doing what the sec didn't do with more information. adam: it is a little bit deeper than that. we don't have time to go into it's now settled but picard lawsuit. there was potentially check kiting going on between mr. madoff and norman levy which the bank was aware of but bank was getting fees on loans they were giving to levy. that is the question. shareholders who are upset with this are asking. >> they don't have, i will say this, shareholders voted for jamie to be chairman and ceo. he dodged that bullet. so whether he gets it or not, i can't tell you for sure. inside the company they're saying he will get a bonus. it will be bigger than 2012 and they will say he deserves it for all the reasons i laid out and whether he does or not? adam: won't decide that. charlie, you have inside source
looks like a bonus is on the way. >> look at the share price. they hit a high recently, right? adam: i'm not sure exactly when it was but yeah, they are, yeah, they're there right now at 58.76. >> there you go. that often is the -- lori: indicator. >> indicator, barometer. thank you. lori: you're welcome. my contribution to this lively discussion. let's get you guys updated on the markets right now. looks like the stark market is taking another leg lower as we await for release of the fed minutes at 2:00 p.m. eastern. of nicole on the floor of the new york stock exchange for us monitoring the action. you are looking at some of the winners in otherwise down market? >> that's right. the market has been back and forth the last six days or so. we wait on the fed minutes. dow is down5 points. constellation brandsnds and micron. micron tech and constellation are gaining. micron shares are hitting highs, all-time highs. this has been a great company. they continue to see their revenue jumping chip company, chipmaker. they made a recent acquisition
that helped them along. the stock tripled last 12 months and hitting a new high today up 10%. constellation brands thinking of alcohol, one area of alcohol is doing well and raising stock forecast higher here is the beer segment. corona, name doing well for constellation. shares hitting all-time high of back to you. lori: thank you, nicole. adam: if there is one thing kanye doesn't like is gold digging the rapper's attorneys filed a cease and decease letter makers of konye designed with west's image on it. the developers say they chose kanye because this is a quote. trend-setting abilities and originality. scared to identify themselves and face kanye's wrath they altered the look of the coin and released it almost week ahead of schedule. lori: a few other ideas might come to mind. adam: who is that supposed to be with the fish's tale? lori: kanye. adam: with a fish's tale?
they altered it. lori: well, that is the point. they left his image and put fish's tale. adam: gave him some weight. hey, hey. lori: why the drone is the farmer's new best friend. we'll hear from the very first farmer to ever own and operate a drone. adam: the red hot business of keeping things cold. jeff flock is at an ice manufacturer where temperatures are colder outside than inside. ♪ [ me announcer ] this is the story of the dusty basement at 06 35th street the old dining table at 25th and hoffman. ...and the little room above the strip mall f roble avenue. ♪ this magic momt it is the story of where every great idea begins. and of those o believed they had the power to do more. dell is honored to be part of some of the world'great stories. that began much the same w ours did. in a little dorm room -- 2713. ♪ this magic moment
chicago. they are delivering ice. who wants it, jeff? >> the business of cold, adam. just because it is so cold in chicago does not mean the business of ice stops. although obviously it's a little slower in the winter, this is dry ice they're looking at here. what are they doing right now? >> they're cutting dry ice. it is 150 below zero. >> that is 150 below zero. that is colder than we had it this week. >> it is. >> where it is going to? >> o'hare the airport. made a delivery on phone they need 1100-pound of dry ice. >> they need to ship on air france i understand. look at temperature map. this is extraordinarily cold week. you find even when it is cold all over the country the demand for ice doesn't really goes away? >> it never stops. it is year-round. that is good thing for business. >> i was going to say.
look at some customers of the polar ice company. it is everything from convenience stores to drugstores and that sort of thing. people still need their ice. next hour, we will take you inside the freezer where it is warmer than it is right here outside on the street. back in an hour. adam: jeff, when you say you were going inside the freezer, i thought you were going to michigan avenue. thank you very much, mr. flock. >> thank you, sir. lori: well you recall a couple months ago amazon ceo jeff bezos getting all kinds of attention and wows after announcing plans to use self-guided drones to deliver packages over the next couple of years. well my next guest is actually been using drones for years already. robert blair was the first farmer in america to own and use a drone for agricultural purposes. we're pleased to welcome him now v. were you skype. -- via skype. >> hello. thanks for having me on. lori: what did you think when
bezos made the slash think announcement that he would use drones to deliver packages? >> i know the complexities there are meeting that challenge, especially on the safety side of things. but after thinking bit i believe there is a way to do that and that is the next evolution in business, is looking at robotics and uavs is a natural transition. lori: you're, from what i understand, already using drones as a way to photograph farms, correct? how long have you been doing that? tell me more how it helps your business. >> well, i started using uavs in 2006 after seeing my farm from an airplane in 2004 and noticed it was a missing puzzle for precision agriculture having timely and high resolution images. right now i'm using it as general scouting. we have to go out to look at crops all the time anywayses. this gives us a bird's-eye view of it and provides us 100% of our field, where if you walk or ride a four-wheeler in a field
you only see a percentage of it. lori: we're looking at the video of the drone. looks like a model airplane. very simple technology, is it or not? >> at this point in time you can buy systems for $1500 all the way up to $100,000. you get what you pay for, but using images to make management decisions is what i'm looking at right now and, as the faa develops regulation that is would be helpful for agriculture, we will see the technology improve to do what agriculture needs it to do. lori: boy, speaking of regulations and helping the agriculture industry i have to ask you about the farm bill which as you know has been delayed. a lot of that has to do with debate over the snap program and food stamp program, which is 80% of farm bill fund, the food stamp program in this country yet leaving some farmers with this sort of uncertainty about the future, right? not sure if you heard me.
>> there is some uncertainty out there but, as we look at it, congress is moving forward. they are in conference right now in committee, hashing over some of those issues and where there are you had hurdles to overcome and meet together. but the farm bill is very important to agriculture because we need the stability, not only for our own farms and families but also for the small communities that farms are such a big part of. lori: absolutely. want to remind our viewers that robert is the president of the idaho grain producers association as well. so thank you for sharing your drone technology using on your farms there. robert blair, see you soon. adam: coming up in moments what will bernanke, yellen and other fed members thinking when they began the tapering? a look inside at the fomc minutes is next. plus what cool new electronic product would you like to see come out of ces? tweet us your dream gizmos as tracy byrnes and ashley webster
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tracy: hey, good afternoon, i'm tracy byrnes. ashley: i'm ashley webster. inside the fed. coming up in moments what were bernanke, yellen and other fed members thinking when they began to taper? markets, they could be worried. markets off 68 points. we'll get inside look at fomc minutes in just seconds. >> what cool electronic product would you like to see come out of consumer electronics show? i want someone to come home and cook. dream gizmos and of course liz claman will talk to the ceo of dish network live from ces in just moments. ashley: robot for everything. in tech minute, yahoo!'s marisa mayer changing the company's focus from search to video content. the question is, will it work? tracy: estimates that the cold-snap gripping the country, costing the economy about
$5 billion. we'll have the cold hard facts ahead. all that and much more on this smokin' hot hour of "markets now." ashley: smokin' hot. that is how you say it. breaking news from the fed. coming up in literally seconds. peter barnes with the details. >> tracy, assuming job creation continue as they expect most fed members want to finish up tapering fed bond purchases by the second half of this year but members made no commitment to a specific pace of tapering this year which is what a lot of investors want to know. that's the key takeaway from the minutes of the last fomc meeting in mid-december. at that meeting as you recall, the fed decided finally to cut its $85 billion a month in quantitative easing bond purchases to $75 billion a month starting this month. the minutes say, quote, conditional on their respective economic outlooks most participants judged that it would be likely, likely be appropriate to begin to reduce3 the pace of the committee's purchases of longer term
securities in the first quarter of 2014 and to conclude purchases in the second half of the year. but, a number of participants thought it would be appropriate to end the asset purchase program earlier. in fact, a majority of participants judged that the marginal efficacy of purchases is likely declining as purchases continued, continue the minutes say. but the minutes also say, quote, many members judged that the committee should proceed cautiously in taking the first action to reduce the pace of asset purchases and should indicate that further reductions would be undertaken in measured steps. ashley and tracy. tracy: peter, stay with us because you're right, there is no commitment to the pace. we'll talk about that. we'll bring in the our panel, charles payne, sandra smith and chris rukke chief economist at bank of tokyo mitsubishi. chris, what jumped out at you? >> well, it sounds like some of the members are the abouting a little cold feet about the fact
that they continue to do this 85 billion. yes we're ride together rescue we're going to guy 85 billion. that's a signal. that is good. stock market goes up on it, anticipates it but this month after month, i mean what is the purchases doing now? don't forget when they did this, government purchases back in december of 2012, 10-year treasury yields were 1.7. they bought almost a trillion dollars. where is it now? ashley: close to 3%. >> how can we say p it is really working if the yield is drifting up. the whole thing smacks of, somebody said it once before, that the fed fought inflation for too long. now they will fight unemployment for too long. and i think --
ashley: interesting. >> they're going on for too long doing this. ashley: as we talk, stocks starting to turn lower, down 84 points. sandra, what about the timing? people believe the fed is on automatic pilot, scaling back 10 billion at a time wrapping up nicely by end. year but maybe sooner? >> in the minutes they said, quote, they're not on a preset course. so while we say that, then you see what the actual fed members were saying and some of them want to be done with this bond purchasing program by the end of the year. in fact most of them do so how would the markets not interpret that as a preset course? that we'll get there by fourth quarter of 2014. perhaps we're seeing why the markets are selling off on that news. tracy: because that's quick. >> in a way it is quick and in a way it is not. i want to piggyback what chris said i thought was interesting. when we get a new drug approved is the three phrases. efficacy.
you can argue was this whole thing, forget about even now but the whole adventure, magical tool box that ben bernanke went into and created did it really do anything for main street? i happen to think they're looking at their dual mandate but i think housing with the bernanke fed has played a real critical role and i think that has been a source of frustration for them and one of the reasons they pushed this very dangerous $4 trillion balance sheet ahead. >> we continue to talk about how interest rates continue to march higher despite what the fed has been doing. you mentioned the housing market. as i read through the minutes, they said in the pace of activity of housing sector, quote appeared to continue to slow. the one area of concern, while they were jolly about the employment market, while they were jolly about consumer sentiment and investors they are still concerned about the housing market. tracy: let's get peter back into this. how does janet yellen play in all of this? will she come out at the next meeting and give us a schedule because that is what i think
everyone is looking for? >> they talked about guidance how they would finish up quantitative easing and decrease the pace of purchases going forward in the year and there are plenty of analysts out there who think that we might see that come out in the january meeting. but the one thing they don't want to do is box themselves into a corner. they do want to make sure they have flexibility in case, you know, we have another spring swoon, right? we've seen that in years past. the fed has, had to go back and provide more stimulus for the economy. ashley: chris, let me mention, you mentioned the 10-year yield above 3%, the dollar rising against the yen, the euro and the pound avenues of, what we got in niece minutes. obviously the fact they will start cutting back but what pace? what about inflation, chris? for first time we heard fed members talk about inflation. some talked about it for years. it hasn't been an issue up to now. if anything deflation? >> i thought they trotted out
the low inflation story, first off i think it is overblown. there issno, i'm at a japanese bank. there is no deflation coming that will drag down the u.s. economy. the output gap in the u.s. isn't something that is going to lead to prices to fall year after year after year like it did in japan. so, yeah, i was interested that they were saying they might have to defend the inflation target from below but, you know, the credibility here really is interesting because core pce inflation is 1.1% now. back in 2005, when they were pushing rates to 5.25%, it was 2.2 core inflation. so 2.2 inflation. that is too hot. 1.1 is something they need to defend? i mean, come on! credibility in their arguments i find strained. tracy: charles, pick up on what chris was saying how now they will have to defend the labor numbers right? really that is what they will focus on, getting labor numbers
up. >> right. tracy: maybe this will finally trickle down to main street? maybe we'll finally start to see job creation. or do you think something will happen internally and has nothing to do with all the money flow? >> i think the u.s. as economy, quote, unquote, built to last for a long time, the coast is sort of clear now. we are getting a natural progress back. adp, 238,000. a huge number of construction. pretty good number of p manufacturing. that is on friday. not necessarily great news. we need to see wages where i differ a little bit with chris. forget about adjusting, if real wages continue to drift lower, seems like deflationary argument stays out there. it may not be front and center but lingers a little bit. tracy: peter, maybe you could comment as well i was seeing a few fed members wanted to lower the unemployment rate threshold they have been using to 6%. >> you know why? because a few of them know it's a game.
if 8 million people leave the job market it is not real unemployment number. tracy: if it is only a few we've got a problem. >> good point. >> the reason they wanted to do that, they know, right, peter, they will keep the fed fund target rate low for an extended period of time but yet they are not going to move it. >> that's right. they invest ad lot of time to try to bifurcate and differentiate the different tools. one the quantitative easing tool, bond purchases, and the other keeping short-term interest rates, the fed funds rate near zero for an extended period and absolutely there are some there right now that they said, we are going to keep the fed fund rate low, even well after the unemployment rate hits 6.5%. there is some, some of the doves though do want to maybe lower that threshold to 6% as you said. ashley: that is interestink abo, chris? >> well, for me i'm not sure the urn employment rate at 7%
represents true economic distress in the country. i hate to go the other way here but i mean, don't forget, 7% unemployment, there is like 10.9 million people out of work right now. 1.3 million of that 10.9, they are people been out of work for two years. ashley: yep. >> survey people call you and each month you go, i've been out of work for two years, that is a new category of people. ashley: yeah. >> something else needs to be done. that is nothing to do with a weak economy. so they shouldn't be pointing to that, the fed and saying the sky is falling. so, kick those people out, not literally but 1.3 million. it comes down, the unemployment rate would really be 6.2 today. and maybe those people should drop out of the labor force? maybe they eventually will but it is not a sign of economic distress. we're creating too many payroll jobs every year. i can't believe the economy is that weak. tracy: but if you have, even with all of this, ashley and i talk about this all the time,
there is a lack of confidence in the economy still what goes on in washington. sandra, how does the economy keep going even though everything is in place to do so? >> to tie in one other number to describe business spending, they called it subdued. so there were some areas of concerns that they pointed out there that they weren't pointing such a rosy picture all around. hey, at the end of the day, their biggest job right now as far as managing financial markets, so they don't tighten up as we're seeing markets sell off on this is going to give markets some sort of a timeline. we are uncertain, we're way back into the ball game on good news, bad news, et cetera, et cetera. tracy: you guys are awesome. charles, sandra, chris, thanks for coming in. peter barnes, thanks for hanging out in d.c. >> you bet. ashley: thank you, guys. how about this? a free ipad to every new subscriber. you will take that? liz claman next in ces las vegas with dish ceo joe clayton whether the promotion is actually a money-maker.
tracy: we're live at ces. what cool new electronics products would you like to see come out of this big ol' consumer electronics show? tweet us. maybe he can come home and cook for me. liz claman is coming up. ashley: love the suit. >> we'll talk to the ceo of a company designing three-wheel cars and building them in detroit. look at this thing go. tracy: as we do every day this time of day. we will look at oil. apparently that doesn't use too much of it. earlier today it hit a five-week low. at $92.51 a barrel. the dow is down 85 points. don't go anywhere. [ male announcer ] here's a question for you:
find out how you can save at purplepill.com. there is risk of bone fracture and low magnesium levels. side effects may include headache, abdominal pain, and diarrhea if you have persistent diarrhea, contact your doctor right away. other serious stomach conditions may exi. avoid if you te clopidogrel. for many, relief is at hand. ask your doctor abouxium. [ male annncer ] with nearly 7 million investors... oh hey, neill, how are you? [ male announcer ...you'd expect us to have a highly skilled call center. kevin, neill holley's on line one. ok, great. [ male announcer ] and we do. it's how edward jones makes sense of investing. ashley: just coming up to quarter past the hour. time to check the markets. nicole petallides down on the floor of new york stock exchange. what is this with jcpenney, nicole. >> shopper traffic said foot traffic in the stores dropped 14% but one retailer did well. they say they were pleased and
that is jcpenney. jcpenney said their holiday sales that pleased them. they saw good numbers. they reaffirmed the forecast for the comp sales. everybody expected they would do better, they told us exactly that however analysts are saying show us the exact numbers, jcpenney. maybe they're the wildcard. as a result the stock is pulling back down 8% today which only adds to the fifth week loss of 7%. -- 35-week loss of 7%. ashley: nicole, thank you. tracy: what cool and electronic product would you like to see come out of the consumer electronics show? we have a few thoughts. tweet us answers, we'll put them at the bottom of the screen. speaking of cool devices, liz claman at ces with the ceo of the company that won last year's 2013 best of ces award. liz, how cool. >> i know. it really is. i want you to meet my friend, super joey. are you having a good show?
having a good consumer electronics show? super joey is the name of the dvr extender, that dish, satellite tv giant came out past couple years. they have three new iterations of the super joey. this enables you to binge and get fat on all your favorite shows like "breaking bad." joe clayton is the ceo of dish network and chief kangaroo for the hopper around joey which in a nutshell helps people skip over advertisements. >> if that is what they want. it is up to the consumer. liz: you can imagine it didn't go well with the broadcast networks but gone over very well with consumers. tell us about the numbers and how many people are buying this? >> i can't divulge the exact numbers, liz, but i can tell you in the court of public opinion this is a home run and even in the court of laws it seems like the judges sided with us and with the consumer and i think that's the important thing here.
it is not we're against advertising. we do a half a billion of dollars in years ourselves but we want to use technology to better focus the advertising to the appropriate audience. liz: what joe means when he says a court of law, some networks, including fox, parent of ours, didn't take too warmly to this because of course they use the advertising model. but nonetheless the courts supported you and you have taken off running. you're unveiling three new joeys, extenders of the hopper which allows, extend, takes you where? >> can take you almost any place you want to go. this is about enhancing the hopper experience. the first one here is a haywireless joey. now, i don't know about you, but you build a house and you want to put your tv of course, it has to be where the coaxial cable is. we weren't smart enough to figure that out, buy an apartment or building a home. this allows to you do it wirelessly. put the tv and haywireless joey in your, in your bathroom, in
your kitchen, on your pad yo. even in the garage. i don't know why. but this eliminates cable clutter, if you will. what we have here, and you with super joey, this allows the consumer to record up to eight programs at one time. now you say, who would want to record eight programs? if you're look me, and i got five kids, i want to watch "bones", a good fox program. shopping network. my 16-year-old daughter wants to watch a vampire movie and my son has some stupid hangover movie cued up and that doesn't count my other three daughters. everybody wants more programing capability to record. liz: tell me about your engineers. is it hard to find engineers in the u.s. these days? >> it is. this is very sophisticated electronics. as we move into nanotechnology, which is smaller, more compact, that is why you see the size of
these so much smaller than in the past, it is hard. i don't think we have enough engineers, graduates coming out of school today. liz: do you wish we had better immigration policy that allowed that if. >> as part of the consumer electronics association we're promulgating that. yes, i wish we had improved immigration policy. liz: let me get to haywireless. we talked about it last year. you guys are constantly looking for spectrum. will we see a deal with you, t-mobile, who knows? >> who knows. there are all possibilities. the key, liz, on this is to acquire spectrum. spectrum is like oil, gold and water. you can't get enough of it. and to buildout and to expand into haywireless space we will need more spectrum. that is what we're focused on today. liz: we'll look for a deal there i always have to ask him will you merge with directv at some point the other satellite giant? >> maybe. it is one of the options, liz. liz: we love that. what a great logo you have over
here. as we finish up, joe clayton of dish rolling out their hoppers. look, it's a flashmob. it's a flashmob of joeys. adorable. isn't this cute, you guys? send it back to you from the consumer electronics show. 47th year. he has been to all 47 years of them. tracy: very cool. liz claman and the joeys. like a band. ashley: like a '50s act. liz claman and the joeys. coming up on "countdown to the closing bell," snap dragons, well, no, not the flowers, new computer chips. liz as first on fox business interview with intel ceo-elect. steve mollenkopf. snap dragons, all the things at the electronics show. including giant -- tracy: joeys. ashley: joey is like baby kangaroo, right? a is that what they are called. tracy: yeah. giant joey in your bathroom. microsoft in desperate need
of new blood but alan mulally says no thanks. he is staving at ford. lizzie macdonald is ahead on who is left to lead mr. softy. ashley: new jersey governor chris christie may be in hot water over an e-mail just surfacing. details in the fnc news minute next. tracy: look, ma, no hands. in tech minute we'll tell you how to order a pizza by voice command. ashley: give it to me. tracy: the dow is down 70 points. don't go anywhere. she keeps you on your toes. you wouldn't have it any other way. but your erectile dysfunction - it could be a question of blood flow. cialisadalafil for daily use helps you be ready anytime the moment's right. you can beore confident in your ability to be ready. and the me cialis is the only daily ed tablet approved toreat ed and symptoms of bph,
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>> at 25 minutes past the hour, i'm arthel neville with your fox news minute. updating you now on that navy chopper crash off the coast of virginia much. navy officials now confirming one crewman has died. three others are being treated at a local hospital, while search-and-rescue teams look for a fifth crewman. officials say a navy mh-53e helicopter crashed 12 miles off the coast of norfolk, virginia. controversy brewing in new jersey. emails suggests that a aide to governor of new jersey about a revenge plot that refused to endorse the governor. the shutdown causing massive
traffic jams. there are three new induct tees into the baseball hall of fame. mlb greats, greg mad dugs, tom graph vin and frank thomas will be -- greg maddux, tom glavine, frank thomas. craig biggio miss the hall by two votes. those are the headlines, back to ashley and tracy. ashley: great player. tom glavine, loved him as a pitcher. arthel, thank you very much. microsoft is close to name pack new chief executive, when it lost a front running candidate whether for ford's alan mullally said, no, i'm staying in detroit, michigan. here is liz macdonald with the bottom line. has to be pointed out that you've been pointing that mulally has been out of the running for quite some time. >> we've been saying he would stay put at ford for a couple months this is fast-moving story, we're hearing microsoft
could name it by the beginning of february, that's what we hear, beginning of february. that could change though. as the talks drag on at microsoft, indicated to us they would name a ceo by the end of last year. ashley: right. >> you know, it becomes clear about who the names still on the list are. still nokia's steven elop, who ran company as ceo. cloud computing guy at microsoft, microsoft head of business development, tony bates, and unknown character. ashley: a wildcard. >> a wildcard that may come from outside the company, guys. tracy: you're saying beginning of february we're going to know this? >> possibly. that is always a moving target with the company. they told us at end of last year they would see a new ceo at microsoft. problem behind the scenes, steve ballmer still owns a big stake of microsoft. sits on the board. bill gates heavily involved what goes on with microsoft. talking about resetting expectations with a company,
wall street person told me, with gadgets feel like the rust belt. fighting last war. bing, xbox, surface tablet took a write-down on. you need a guy with just not knowledge of product development but a visionary. the way they tell me microsoft could best improve the company instead of appeasing investors with dividends is talking about how seamless microsoft products are amongst between the software and its devices that is the selling point with microsoft. it is in some quarters better than apple in terms of how easy it is to use microsoft products. ashley: is elop the frontrunner in your mind now? mulally, you need a tech guy. you need something that -- tracy: i agree. >> eel lop i think is three on the list. ashley: either/or. >> came up through the mobile handset division. ashley: right, right. >> so i mean, elop, they need a product development guy.
a guy who is forward-looking and can tap ture the public's imagination or reset the expectations for microsoft, right? ashley: interesting. follow it every step of the way. elizabeth macdonald, thank you. >> sure. tracy: she is all over it. coming up next half hour of "markets now," moving away from search for yahoo! as ceo marisa mayer transforms yahoo! to focus on content. ashley: katy couric. on ford, we'll speak to the man behind the wheel, we certainly hope nothing like this cars. i remember these in the '70s. just a little wobbly. tracy: what is that? ashley: that was a car that came out in the '70s, had a little trouble taking corners. tracy: there was one wheel. ashley: two in the back. turns out not such a good idea. tracy: dow is down 82 points right now after the fed signals
ashley: look at the dow 30, a lot more red than green, we have gotten their release of the fomc minutes, some uncertainty about the uncertainty by the fed. and elizabeth macdonald, microsoft saying the ford's alan mulally saying don't count me in, i am not there the top job, who takes over from steve ballmer, stock moving lower down $0.71. nicole petallides at the stock exchange watching constellation
brands. nicole: it may not ring a bell at home but when i say raven would or robert or vodka, maybe that rings the bell, talking about a company that is alcohol, wine, constellation brand up 9%, hit a new all-time high 7840, the world's biggest brand is linemaker earnings forecast because strong sales on a fear. and continued into the holidays and profession into the new year. beer is doing well. back to you. tracy: we have bill, the president of been, acreage mark. in tomorrow's business today, so
much for a 4 wheel drive, and early next year, three wheel car, the man behind the concept, he joins us but you just watched, and how it went rolling down the street and yours doesn't roll. >> and the simulation of going 50 miles an hour, incredibly stable. ashley: two wheels on the back, more stable. how does the federal government recognize these types of vehicles? does it consider anything with less than four meals a motorcycle and do the drivers have to wear helmets, does it change the landscape little bit? >> three wheels left on the
ground you are a motorcycle. and helmet laws are state by state, when we started there are a seven state, inside this vehicle, we have gotten a lot in five or six states and the 100% success rate. doesn't make sense with three airbags and complete roller cage and automotive control. tracy: the tristate area is jammed with cars. not sure, with a suburban next to me. >> it is a lot bigger than it appears virtually. it is a full length vehicle but half with and the target market, had it on the capital and a senator who sits on appropriations by one on the spot and folks who can't afford a home phone who also want to
buy one. it transcend economics. ashley: some of the stats, this weighs 100 lbs. a 3 cylinder one liter fuel injection engine, has 50 to 700 hp. hoo far can you go on a gallon of gas and how much gas does it hold? >> claim to fame is 84 miles a gallon, we anticipate a 5-star crash rating and $6,800. and go 670 miles on the highway. you can go further than your bladder will endure. ashley: wanting to clarify people get the wrong idea on -- when you showed that video, these were enormously popular in the 70s, and this was the main problem with them, they had one wheel on the front, two in the back and try to make a turn they go too properly, there you go, used to flip over all the time but they were popular because
they were cheap and appealed to a certain segment of the population in the u.k. but also voted one of the worst cars ever made in the united kingdom. this is clearly a different animal. when do you start production? i thought you were supposed to start production summertime of last year? >> it slipped in to production mainly due to funding not coming on time. always comes in late. i joke around as engineers we can hold a time line and lawyers can't seem to hold one. tracy: using general motors assembly plant assembly and stamping plant producing these cars in the united states, louisiana creating jobs. >> 90% north american content so we are proud of that, truly an american project. ashley: when could we see these available for sale on the roads? >> right now we are on track for
the first quarter of 2015 production date. tracy: $7 million raise to make them. thanks for being here. >> we raised $50 million. ashley: just going to -- tracy: 47 as a lot better in 7. thank you very much for clarifying. ashley: we appreciate you being with us. oil closing down $1.34, $92.33 a barrel, a five week low. a cold snap gripping the country costing the economy $5 billion, we have the cold facts again. tracy: how cold is it? jeff flock has the answers in chicago. jeff: is so cold on the street we going to go to a place where we can get warmer. inside and industrial freezer. back in just a moment with a look at why we are here.
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faces the tail end one forecasters are calling a polar vortexes with temperatures yesterday falling below freezing in all 50 states. better news about air travel. across the country only 1451 flights are delayed with 686 canceled compared to yesterday's 2692 cancellations and 6508 delays. one unlikely business is booming despite the record cold and jeff flock standing by in a freezer. jeff: it is warmer in his freezer where it is 22 degrees as opposed to 12 on the street. the polar ice company, what are you doing? >> just chopping up the ice in blocks. jeff: the ice business does not go away because it is 16 below. >> is year round. >> we watch your beer dry ice you ship out for planes that go overseas but you have block an
easier, snow cone eyes. why are you still selling sunoco and ice? buys that? >> people smell snow cones inside and stay warm in here. jeff: show us how you break these blocks of bent would you use them for? >> catering companies come and how you'd do that.the drinks. it is fascinating back in the day on lake michigan used to harvest blocks of ice out of the lake. i suspect you don't do that. >> we don't. jeff: and ice cubes. take a look at the cold customer stocks, a lot of customers in stores, grocery stores and all that sort of thing and everyone has to keep their beer cold. >> especially during this time, everybody wants to have their cold drinks with ice cubes and we have crushed, cubes, classic
case cubes. jeff: polar ice co. in chicago, polar ice business going strong. you wouldn't expect it to but it makes some sense and it is warmer in here. this is the warmest i am been in days. jeff: jeff flock always entertaining, always interesting. great info. tracy: my children would get snow cones at the mall because they suck up the sugar partner and leave the ice but they would still be buying them. a quarter till, time for stocks every 15 minutes, we head to the floor of the stock exchange. i know you are wishing you are in miami but since you are not and you are here tell us what happened with this market. they were not particularly happy with the minutes. >> they were a little nervous but this is the year ahead. going through this volatility all year long. last year we news the fed would step in with the $85 billion
every month so when we start a pullback jump back in and take the stock back up and you will see some trepidation on traders' part and market more volatile than last year. tracy: the retail investors still won't come back in. they will stay away longer. >> no doubt about it. they hate this uncertainty like most people do so they will stay away and that will feed on the market. it is going to have a domino effect. you will see yet okay year this year, some calling for a break out. i don't thing we will see that. tracy: get yourself to miami. ashley: stay warm. this will warm you up. time for your tech minute. stars shine brightly for yahoo! katie couric, the members of the cast of saturday night live and john legend judge just to mention a few, yahoo! consumer electronics show presentation in
an effort to, quote, make the world's daily habits inspiring and entertaining, yahoo! at ceo unveil several products including one called yahoo! in news digest which gives users two summaries a day of the most important news. car service users getting used to surge pricing after they skyrocketed on new year's eve, disappointing news such as not cool, $194 for $20 ride on new year's. wait to take advantage, disappointed with the that. the response too bad, travis defending the practice as a method of finding market price. they ended 60 markets but faces daunting regulatory hurdles shut out of major markets such as miami. hands free pizza dominoes partnering with ford to bring you pizza, the platform allows
customers to place orders hands free on the most activated system, easy order system is expected to be ready for the 1 million forecasts he quipped with the sink apps link by the end of the year. but getting any other mobile apps order, domino's gets 40% of its sales from in digital ordering so if you are driving you can say get me a large with everything on it. tracy: that is very advanced for the fraternity voice. speaking of tech hollywood goes digital, and dennis kneale ahead on how the movies finally got this right. the dow is down 87 points. don't go anywhere. ss! and my customers are really liking your flat rate shipping. fedex one rate. really makes my life easier. maybe a promotion is in order.
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tracy: hollywood has bitterly resisted take innovations over the decades, talkies, vcr, a dvd, dennis kneale has that story. >> digital home entertainment hit sales of $6 billion in the u.s. in 2013, this after years of hollywood fearing the internet and stumbling in efforts to surf that wake. download of movies and tv shows grew 50% to clear the billion dollar mark for the first time, another $2 billion came from the deal on demand, up 5% from a year ago and online streaming rose 32% to $2.2 billion for the full year driven mostly by netflix. that is a sizable digital business especially considering this is the industry that sued to destroy the vcr all the way to the supreme court and lost but hollywood gets it. 15 million accounts use the industry to buy digital locker known as ultraviolet, comcast
has a new digital store, target has target kicking, sony's play station iv and the x box i becomes video venues in their own right and millions more get the deal on smart phones and tablets and all of those greens are platforms for content and hollywood finally is finding a windfall providing it. tracy: good for them. now the music industry, can they stop this for a long time? jeff: knew full year numbers this morning and this was lead year of the stream. a total 118 billion songs streamed in 2013 up 32% in a year, the equivalent of 59 million extra albums or an extra 20% on top of the 290 million albums sold last year, those streams are free on pandora and elsewhere so that is why overall sales of music in all formats fell 6.3% last year, cds and
cassettes down 13% but even digital track sales down 6%. the top release of 2013 justin timberlake's album as a top seller at 2.4 billion, blurred lines the todd digital song, 6.5 million copies sold and gas pump top release on vinyl, vinyl album sales up huge, 33%. tracy: i have a question. little people like my children download a song. they never get the album. how do musicians ever sell albums again? these kids are only buying what they want. dennis: they give a separate album for equivalence, 290 million albums sold, grows up to almost 400 million range because there are so many single sold now, apple did that, not the music industry. the music industry had it done to them by apple. tracy: of the finals.
ashley: liz claman live in las vegas where she's getting her hand on the latest high-tech gadgets before they make it into mass production. look at that little thing. we will sit down with the president of one company that has a hand in many of the gadgets including an astonishing 90% of the smart phone market. qualcomm. we will chat and it is the first on fox business. stick around. ♪ ♪ ♪ [ tires screech ] chewley's finds itself in a sticky situation today after recalling its new gum. [ male announcer ] stick it to the market before you get stuck. get e most extensive charting wherever you are with the mobile trader app from td ameritrade. of the dusty basement at 06 35th street
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the central hall and north and south just about everything is all about to see the hottest of technology. so many ceos feel that consumer electronics show in lowe's looks like the detroit auto show also has the started to take over some of the halo effect which is not even in and tell a couple of weeks from now? because so many cars would to be connected. remote talk to our audience america presidents a fox business an exclusive. laser headlights it is cool. live from consumer electronics show we have incredible names but his fox business exclusive c. olivetti sadr city parts have finally completed the merger with general