tv Countdown to the Closing Bell With Liz Claman FOX Business December 23, 2014 3:00pm-4:01pm EST
for it. happy holidays, my friend. thanks for coming on the show. you're a great guy. that's all we have for now. i hope you're making money today. "countdown" starts right now. >> melissa, thank you very much. a lot of so-called experts said we'd never see it before the new year. oh, yeah.? how long will the dow 18,000 stick around? we'll ask the floor show and get their predictions. the all important predictions for 2015. oh, yeah, sony hits back going after twitter, as well as thumbing its nose against north korea. "the interview" will go along as planned. it's the last hour of trading. anything can happen. let's start the "countdown." ♪ >> and good afternoon, everybody. i'm ashley webster in for liz claman. this is the story of the afternoon, if not the day or the week. "the interview" back on. oh, yeah. we received word that a
dallas theater will show sony's controversial film "the interview" on christmas day. the founder of that theater, the alamo house told adam he's thrilled egged the okay frohe got the okm sony. >> this movie is an emblem of freedom of speech at this point. there's a lot of people that want to support the movie, even though they might be offended of the quotient of butt jokes. >> sony is trying to stop the leak sending a notice to twitter to suspend the use of one of its users. bikini robot army. so does sony have any legal recourse? who if anyone is liable? twitter or bikini user himself liable? do we have more information on what brought down north
korea's entire internet yesterday? we have every angle covered for you. peter barnes is in washington. adam is here in the studio. spoke to the texas theater just a short time ago. we're also joined by paul miller an expert in first amendment law. and an attorney. thank you all for being here. adam shapiro, i want to begin with you. you spoke to the guy running this movie theater down in texas. i think it's ironic perhaps not surprising that it's texas taking a stand in this issue. what led to this decision? what's the thinking behind it? >> tom is the man that owns the theater that will show it. not just alamo draft house. it's the independent theaters. the big chains. they're not going anywhere near this. but sony will have a limited release of the movie to independents. they had actually met with some of the independent theater operators about doing this. it was the alamo which
had wanted to show that other film, the classic family film, america. team america: world police. they wanted to show that, but no, it also makes fun of the north koreans. this film, as we've heard, a big step for freedom of expression. you have the stars of this thing. seth rogen saying the people have spoken. freedom has prevailed. sony didn't give up. "the interview" will be shown. james franco, victory the people and the president have spoken. sony to release the movie in theaters. most people who have seen the movie say it's crud. that's the irony. >> a lot of these movie theaters were concerned about the liability, if these threats of violence against movie theaters that showed this film came to fruition, this is a litigation nation. they were concerned about the liability. are there no concerns? >> "ththe independents
wanted to show the film. it's the larger chains that didn't want to show it which expressed concern about the alleged terrorist attacks. which the president said and the fbi, there was no credible threat against the theater chains. >> adam, thank you so much. peter, we know the president was upset that sony had made this decision, although their hand was forced by the big movie theater chains. what reaction did we have from the white house? what about that crash in north korea yesterday? >> wedding we got a statement. quote, the president applauds sony's decision to authorize screenings of the film. we're a country that believes in freedom of speech. the decision made by sony and participating theaters allows people to make their own choices about the film, and we welcome that outcome. now as far as any us involvement in the internet getting knocked
out in north korea, the us government is not fessing up to that. and i've been surfing the internet in north korea today, and some north korean websites are up and some are down. the service is intermittent. maybe they're flooded by useless traffic from computer programs. the us government is not fessing up on this. eric mcgeorge th the head of a cyber firm, he doesn't think the us is behind this. frankly, it's too easy to knock out north korea's weak internet structure. the us probably doesn't want to waste its resources in doing it, when outside hackers could be doing it. and he thinks that's exactly what is going on. he points out that, for example, anonymous, which is that cyber hacking group, reportedly launched a
cyber war called operation free decree. ikorea. it could be behind this attack on north korea that appears to be ongoing today. >> just coincidence. we'll leave it at that. let's bring in paul miller to talk about another angle to this story. that sony is getting tough now with twitter, and those that share the stolen information through their twitter account. they bring in david boyd who throws cease and desist orders. to people who put the stolen information on twitter. is there any legal grounds to prevent twitter from doing this. is twitter liable or the person who posted these tweets? >> david boyd decided to write these leathers becausletters.he's going after w hanging fruit.
twitter is a platform. it is a platform where others punishable. twitter will take down from time to time items it finds to be offensive. items it finds to be racist. whatever it may be, they will take them down. they have no fear of being sued from violating someone's first amendment rights. they're not state actors. their business model is to put a lot of this information out there, at some point you have to say to yourself, if you are dealing in stolen merchandise, stolen information and emails, that's wrong. twitter, stop. cease and desist. i think he has a point. >> if you were advising twitter, what would you say? >> it's not worth the lawsuit considering the circumstances here. no one can contest this information was stolen. this information is the private property. twitter has to make a business decision. i understand that. i would say, we do not need a lawsuit. we're not kowtowing in terms of the views being
expressed. it's not a matter of cutting first amendment rights off. it's an issue of stolen merchandise and stolen material. why empower those people who stole this material? >> did they act quick enough? it seems we're trying to rein everything in. >> sony was so taken aback. it was difficult to react properly. quite frankly, putting a plan together, we could criticize and say it should have been done quicker. it's a disaster. everyone knows it. you have to start someplace. they have to stop the bleeding. the bleeding continues every day for sony. and it's killing their business. so do whatever you can to stop the bleeding. >> the individual tweeters, this bikini robot guy. can they go after him? >> first thing, getting that information as to
who he is might be difficult. how he obtained the material is another story. he obtained it from the media or arguably legal sites that have protections. he may be resubmitting it. it's not defamation. that's the difference. it's stolen information that may or may not be personal. if he was putting social security numbers out there, that's a problem. if he was doing something that violated trade secrets, that may be a problem. the emails are just embarrassing. >> the television networks, the newspapers that all printed parts or big sections of these emails that were hacked, they're okay? >> look, they're okay under the current state of the law. the supreme court ruled in a case in 2001 that even if a network or a media source gets the information that was stolen from where it came from, they are not liable. however, there were three descents. justice thomas and
another justice that put the argument that david boyd should be using. the law changes. it changes all the time. there's an argument that says stolen material shouldn't be published. >> fascinating. we appreciate it. peter barnes in washington. adam shapiro here at fox headquarters. thank you so much. great stuff. interesting story. we'll continue to follow it. more to come. closing bell will be ringing in 50 minutes. the dow hit 18,000. will it hold? what's leading it higher? we'll ask the smartest traders around. which wall street firms are leading the pack when it comes to buddying up with uber for the piece of the millions that are ups for grabs. very high stakes. charlie gasparino has the information. he'll be here next.
a 14 and a half high. the vix, the so-called fear index, it's down for the fifth day in a row. fear leaves the market, should investors start to be concerned? should we fear the lack of fear is what we're asking? let's get right to the floor show. we have traders from the new york stock exchange and the imex. we have jim. gentlemen, thank you for joining us. teddy, let me begin with you. my, oh, my. here we are. solidly above 18,000. where do we go from here? is this something we build on? or will we see a quick or jarring snap back at some point? >> we talked two weeks ago about liz about where is the santa claus rally when we were basically -- our toes were hanging over the abyss. we were looking at a big black empty hole. it's the funny time of the year.
no question about it. clearly we have the santa claus rally. happens to come th -- you know, trees don't grow to the sky. listen, there's a mixed bag of economic news out there. but the news continues to be positive. the fed continues to be the 800-pound gorilla in the wings. all systems are a go for a moment. i suspect the momentum will carry through certainly through the beginning of next year. ashley: all systems a go. i love it. bob, let me ask you. you believe that we'll see a spike in the vix in january, is that right? >> i do. i think when traders -- when we come into these holiday seasons. the vix is the fear index. it's a hedging vehicle. and it's not really very useful when the short, the very large
short-term positions are not in the market. a lot of flattening in those positions especially in crude oil and in the equities as well. while the traders are roasting their walnuts or chestnuts, you don't have to worry about the fear index or the hedge you get with the fear index. when you come into january, all systems go for the rally, except if you look at interest rates, at putin and his military, the oil prices and what will happen with those things, that's when you'll see that spike in january, regardless of how many walnuts or chestnuts he roasted over the holiday. ashley: peter. okay. are we overlooking some of those clouds on the horizon right now, and will they come home to roost, to mix my metaphors, in january? >> i think he's right. when you're coming into a holiday weekend, it typically is very quiet. it doesn't seem like there's that much money in the market, at least in crude oil where it's making a stand last week.
we definitely made a denounce in the market. we've seen some stabilization with the trading back and forth in the 3-dollar range. at some point, we could trade up to $60 and have some sort of retracement. we certainly are due for it. but it does look very bearish in the future unless we have a turn around. ashley: jim, i want to talk about the housing industry. it continues to show weak numbers. it's the one part of the economy, i think, that's really struggled to get that traction that we'd like to see it get. what does that say about the economy? and how can we turn that around? >> well, if you break the numbers down in housing, and, you know, you could use the same numbers in autos too. it's good to be in the 1%. homes above million dollars are moving along very well. cars that cost more than $70,000, 40% unit sales. homes less than a million dollars or cars
under $30,000, not been a very good year for them. that's been the housing market and the auto market in a nutshell. if you're in for a 70,000-dollar car or 1 million-dollar home, good year for you. the further you get away from those numbers, it hasn't been good. ashley: back to teddy. what is a good last mint stocking stuffer when it comes to the markets? >> stay long. the trend is your friend. the only mistakes we've made, myself included, not the stocks we've bought, but the ones we sold. ashley: good point. bob, same question. last-minute stocking stuffer? >> buy american in equities and buy american in goods. go to shinola.com. great enough. american made. detroit midwest revival. got one on now. give it to your friends. keep it going. ashley: peter. what would you like in that stocking in the
last-minute? >> short natural gas. doesn't look like we'll have a lot of weather. looks pretty bad in terms of the situation, if we don't get any weather, it definitely looks technically as if we'll trade to the downside pretty good. ashley: impressive. jim, we'll have the final word with you. with your last minute gift. >> best investment of 2014 for 2015. the 30-year bond up 25%. sell your stocks and buy something that goes up, buy long bonds. ashley: good stuff. thank you, guys. thanks to the traders. jim and the imex. thank you all. the closing bell ringing in under 40 minutes. the ipo class of 2014, alibaba wins the race as the hottest public offering in wall street. as we head into the new year, could uber be the best? could it rain over the
next block bester ipo. charlie gasparino will tell us which investment bank tends to benefit as a likely lead underwriter for this 41 billion-dollar start up. two days in a row of gloomy housing data. first existing home sales tumbling to a six-month low. is the housing market headed for a big cool down? a housing heavyweight with skin in the game. he will tell you why you shouldn't be worried. don't go anywhere. we'll be right back.
ashley: the closing bell ringing in just about 35 minutes from now. keurig green mountain is in some hot water, literally. the stock down over -- over 2% down for the company announced it was recalling 7 million mini brewing systems in the us and canada. there have been over 200 reports of hot water coming out of the brewer
and 90 burn-related injuries. the company is offering free repairs of the machine. you may want to take advantage of that before you tempt fate. the world series of ipos. if you were tuned into fox business, fox business' big prediction is that we'll see an uber ipo. but the question on wall street now is what bank will be the underwriter. charlie joins us on what he's hearing from his massive network of sources. charlie: three people that are in today. [laughter] ashley: it's still massive. charlie: by the way, my keurig i got it last christmas, used it once. ashley: probably why it didn't burn you. charlie: if you look at the public disclosures of uber, interesting array of firms including some wall street firms. goldman sachs, the big surprise there. but, you know, the only major wall street firm
underwriter involved in this. black rock, larry finks biggest money management firm. fidelity investments is involved. kleiner perkins is the big vc firm. they brought many of the sort of technology firms public. they make money by -- by -- ashley: the value goes up on the ipo. charlie: that's who is in it. you hear a lot of talk on the street is that uber, if they do an ipo, and a lot of people think they will do it. ashley: they don't need the money. that's not the point. charlie: the point is all these guys cashing out. who has the ability to underwrite this and get the money in the pocket. morgan stanley will make a huge play for this. this thing is increasingly focused on goldman sachs. goldman sachs got involved in selling, not only do they own a piece of uber, that convert i
convertible. they said it was a lame deal for investors based on the risks involved in it and how it was priced. but goldman sachs still took it on. still sold it net worth. they have relationship increasingly nailed down. that's where we are -- ashley: a huge payday. charlie: for anybody that has it. listen, uber can go public. it can sell itself. it could do nothing. ashley: yeah. charlie: my guess based on just the tea leaves, a lot more private equity firms wanting to get involved in this. a lot of noise on the streets, there's an appetite for this. my guess is uber becomes public in 2015. it could be towards the end of the year, kind of like what facebook did. timed it to the appetite of the market. towards the end of the year, they become public and satisfy --
ashley: who wouldn't want a piece of this action? charlie: everyone would. and goldman sachs wouldn't be the only one in the running. morgan stanley has a great franchise. they have retail. we can sell the stocks to a lot of small investors -- generally when you have retail, that's the dumb money. they'll buy it at the top of the ipo price. that's their pitch. goldman is nailing this down. they have a pretty good inside track on this thing. ashley: some people talk about early 2016. charlie: yeah, dan who is a good tech writer for fortune doesn't think it's next year. i'm telling you what the street will prod them to go. the street wants them in 2015. i can see them announcing towards the end of next year and issuing 2016 as well. this thing -- ashley: the valuation of this thing, 41 billion? charlie: they're going to face a
lot of opposition from taxi cab unions. regulation involved. everyone who uses it, loves it. it's a good service. ashley: despite the protests -- i use it too. charlie: it's expensive, but incredibly reliable. ashley: charlie, thank you. and your three major sources. thank you. charlie: maybe just two. ashley: closing bell in just half an hour. new home sales fell for the second straight month after existing home sales fell to a six-month low. is housing feeling the winter chill or is this just a temporary blip? the dow, as you know, crossing the 18,000 mark and spreading some early christmas cheer. look at that. our market panel tells us how to keep the magic going and the money flowing in 2015. we'll be right back.
ashley: about 25 minutes until the closing bell. the nasdaq hitting a 14 and a half high. the big loser, biotech names. nicole petallides on the floor of the new york stock exchange. with the latest. good afternoon. >> we'll get to the winners. the big picture is biotech which has been a great, great performer for the year 2014. the nasdaq biotech index really saw that jump. that was about 30% to the upside. names on this group. regeneral ron, they've
all been to the downside and selling off. some may be profit taking. some of the selling may be a correlation to the fact that reimbursements may dwindle. in fact, express scripts, also cvs, managers saying they'll be taking some of these biotech pills and treatments off of their list for reimbursement. they're just too expensive. and they're killing employers. for example, hepatitis c drug costs so many thousands of dollars. they're going to expand the number of medicines they will not cover in the years going forward. cvs said 95 prescription products will be excluded from their reimbursement program. with that, the group selling off. however, we did cross dow 18,000. so with that, just a reminder, dow 10,000, right, in 999.
then our dow 15,000 hat hat and dow 18,000 hat. and some traders who seem a little anxious and wouldn't mind seeing dow 20,000, that would be great for the 401(k)s and iras, not good for the shorts. but ultimately a good year for wall street. as we set records of 30% gains in the s&p. ashley: the way we're going, we'll put that hat on at the end of the next week. great stuff, despite the biotech numbers. the housing sector taking another hit. two days in a row with disappointing new home sales after existing home data sales yesterday. new homes sales down despite low mortgage rates and steady overall economic growth. what is holding back the housing recovery? and what can the new year bring, can it bring new vigor to the housing sector? bill joins us in a fox business exclusive. (?)
and thank you so much bill for joining us. before we get into detail, what's going on with the housing market? it seems one step forward, two back. we can't get that traction we'd like to see. why is that? >> sure. the good news, we've come a far away. if you look at where we were at three, four years ago, we've dramatically increased. a lot of the home building stocks, people are more secure than they were three, four years ago. a lot after good progress. but if we're going to move forward, if we'll have a strong housing economy, number one, we need a strong economy. number two, we need to loosen up mortgage standards. we still haven't totally recovered in terms of people being able to qualify for mortgages. not until we have a good economy, people have confidence in the system, and until people can qualify for a mortgage will we see a roaring economy that america deserves. >> this past weekend i was talking to a real estate agent in the business for 30, 40 years. she said this new
generation has seen what has happened to their parents and they're more inclined to rent than buy. do you think that's a factor in this? >> absolutely. a lot of my friends, for instance, they look at it very seriously because of what their parents went through in especially the last ten years. you have to remember, when buying a house, it's an illiquid security you'll have to hold onto. if you're a young person, not sure where the economy will be going, seen slow growth. probably the last thing you'll be thinking about is a several hundred thousand dollar purchase or in any case an investment. a lot of young people are looking at the stock market, looking at alternatives. and it's not that big investment that it once was. we are still seeing because of the interest rates and mortgage rates have supported young people buying homes. i think it will continue to get better. we'll see it start to increase in 2015. we'll probably see some increase in prices. by and large, home building products and businesses will do well
because so much devastation has occurred, the people standing, they'll be here for a while. ashley: you mentioned those lending standards, the credit required. i get the sense it's loosening a little bit, but do you think we'll get back to a stage where we'll be able to get that many more people in the market? >> well, hopefully you can get people that are qualified. obviously there's a difference between people who are qualified, have a good earning, and those maybe more speculative investors. a lot of speculative investors were investing in housing the last two decades. we have to look at who can qualify. for example, could a doctor in med school for four or eight years, would they qualify? we have to look at not only historical capabilities, but a more general approach so we can get the housing market going. ashley: you sell those countertops. you would have a good
sense of how the market is going. how is your business doing in relation to the housing market? >> our business is doing well. our competitors business is doing well. one of the interesting things that not a lot of people appreciate when looking at housing stocks, the amount after capacity taken out of the industry. in our case, we manufacture thousands of countertops every week. has our demand increased or the lack of competition decreased. i think what's happening, we've taken a lot of market share. people's balance sheets have been out of whack. anyone standing will do well. the market, particularly the stock market is pricing in such appreciation and building products because they're more secure assets than they were five or ten years ago. ashley: of course, we have the spector of the fed raising interest rates which could be a downside for the housing market next year. >> the thing that could a real problem if you
have increasing rates and you have a slower than expected economic growth. because, you know, rates can go up if we have a strong economy. but you cannot underscore whether in the retail sector or housing sector economic confidence. when somebody is making this big of a purchase, interest rates is one denominator. if you have high interest rates, slow economy, big down payments, these are things that can have a dramatic impact. hopefully we have a strong combination to have a strong 2015 and beyond. ashley: i agree with you there. bill. joining us in a fox business exclusive. happy holidays to you. >> my pleasure. you as well. thank you merry christmas. ashley: closing bell rings in 17 and a half minutes. while the market may be riding high due to hitting the 18k, our next guest has three things that may not be on your investing radar, but should be. while the markets close at the top of the hour,
he has the answers. he's live from chicago. jeff. >> ashley, it sounds counterintuitive. cars are safer these days. they found 71 vehicles this year got their top safety pick award. that's compared to 39 last year. so we're getting safer despite the recalls. thought it might be interesting to throw a few of them up there. some surprises. get your thoughts as well. let's start with the chevy malibu. that's the mid-size category. the toyota contro can a role a,camry, do you think that got the award or no? ashley: i'll say yes. >> the ihs survey said, yes, you're correct. all the mid-sizes does d tremendousldidtremendously well. what about the ford escape. the honda got the hoard.
do you think the escape got one or not? ashley: no. >> the survey says no. you are correct. ashley: i'm not cheating. >> dodge dart. this is a tough one. it's compact. the corolla, what do you think about the dart? ashley: i'll go with no. >> ihs survey says, dodge dart, believe it or not, new platform, totally redesigned did much better. speaking of which, toyota prius this one did terrible in 2012. just didn't make it all. this year, what do you think? ashley: i'll say yes. >> ihs survey says you got it. it did. tremendous redesign. much safer this year. one last one. this is one that has been killing i it in
sales. jeep cherokee. small suv. what do you think? ashley: i'll say yes. >> what did you say? ashley: it's no. i said yes. i blew it. well, i got three out of five. good stuff, jeff flock. >> not bad. i try to stump you. ashley: it's the dodge dart that got me. thank you. >> gets a lot of us. ashley: that's true. looks like the holidays came early on wall street. investors are unwrapping their dow 18,000 holiday gifts. but will the cheer last into the new year? joining me now george young, and brian westbury. chief economist. thank you, both for being here. george, george, let me begin with you. can we keep this 18,000 -- we're holding it pretty well today. can we continue this rally into 2015? >> yes, we certainly can. one thing you have to remember, interest rates as everybody knows is at
historic lows. that will fuel the market. we have small and mid-cap stocks. that hasn't done well. the larger cap is up 12%. next year, a lot of room for our stocks to grow. we remain optimistic. great values out there. ashley: brian, let me ask you. a number of reports out today. we've been talking a lot about housing. it's been stubbornly stuttering along. for want of a better expression. we know the gdp had us at 5% this last quarter which is quite phenomenal when you think about what is going on on the global level, what economic reports piqued your interest? >> clearly the gdp numbers in the middle of this year blew the doors off. we have data all over the place. one of the interesting things is, if you think about it, housing is the area that the government has tried to help the most. right? and whenever the
government says i'm here to help you, you know, people know to run away. [laughter] and, in fact, that looks like what has happened in the housing market. they've actually hurt the housing market by overregulating banks and margins. and i think that will lighten up this year. i think with the new republican congress, the rules written under dodd-frank won't be as onerous as they might have been if they were written by democrats. and i think that will really help. we need one and a half million houses a year just to keep up with population growth, and we have been below that now for going over seven years. going on the eighth year. we can't stay at this level. so i do think 2015 will be a breakout year for housing. ashley: that's interesting. you heard it here first. george, let me ask you, what opportunities do you see next year? small or large caps? what do you like? >> we tend to go to
small and mid-cap stocks. a lot of opportunities. couple of ideas. it has to do with the housing market. one of is pool corporation. they depend on pool maintenance. if you have a pool, you have to maintain it. the average pool needs to be replastered seven to ten years. the average pool is 12 years old. it's a great stock that has annuity going forward. always a broken pump. you don't want a blackpool. treat it with chemicals. pool corporation is larger than the next 20 competitors combined. we've owned it for a number of years. great potential. beautiful stock. ashley: you also like as you sit here busy. >> we do. i think a lot of people is a duo opposite by. they depend on the 4d's. death, debt, divorce. each one happens in for everyone in the art
market. (?) souther busy and christie's makes a lot of money. tons of internet coming into the art market for one of those various reasons. ashley: let me bring you in here, brian. what are the three things on your radar? or what should be on the radar of investors for 2015. >> i think gdp and the economy as a whole will be stronger than we've witnessed over the last four or five years. we're not talking about 4% growth like in the '90s. but we think we can get there to the 3% solidly instead of of the two and a half. the fed will raise interest rates in 2015. this may scare some people. but the fed is holding interest rates at zero. gdp, including inflation is growing at 4%. the fed could raise rates to 3% tomorrow and still not be tight. so these first rate
hikes will be less loose, not tight. so i don't think they'll hurt us. the final thing, profits will keep growing. and the stock market is undervalued still. we're looking for 15% gains across the board in the stock market in 2015. ashley: bullish indeed. brian westbury first chief economist. thank you, both. appreciate it. closing bell ringing in under five minutes. we'll be watching this rally. will dow hold 18,000? we'll see. six dow stocks hit all-time highs. we'll tell you which ones and whether you made money. that's it for me. david asman and tracy byrnes coming up "after the bell."
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>> fantastic. david: we have a rally going. we popped over the 18,000 number. nicole petallides at the nyse. talk about the five stocks that really did the heavy lifting. bringing the dow above 18,000. >> taking a look at some of these names, including visa, goldman sachs. this is 3m. now a mixed bag right now. 3m and united health have since pulled bag tracy: seven of the worst stocks on the 7:00 fiber-optic hundred what is going on? >> thanks to senior editor charlie brady there is talk about reimbursements plans going forward. that could be some greatest performing group. some people may be taking profits.
david: by the way, we want to look at rates which are up about 5% today. there is a little move, a little move whether the rates will go up regardless of what the fed decides to do. [closing bell ringing] meanwhile only the nasdaq is in the red today. all the other indices are in the green. we're hearing a big cheer, folks, for the dow 18,000. all the indices are in high territory. the question whether they have popped off. whether this is now if we have to look at correction. we have it all covered. "after the bell" starts right now. david: get right to today's big market action. we have alan lancz of alan lancz and associates. he says it is time to buy energy. tim says, international markets in 2015. chris robinson in the pits