tv Countdown to the Closing Bell With Liz Claman FOX Business October 14, 2015 3:00pm-4:01pm EDT
. trish: okay, great show everyone, thank you for watching. i am going to be on the o'reilly factor talking about last night's debate and hillary clinton's constant flip-flopping, what is going to mean for her candidacy, don't miss me on 8:00 p.m. eastern on fox news, bill o'reilly. liz claman, over to you. liz: thanks, trish. the markets are gapping down at this hour. breaking news, pinpointing the increases in losses to around the 1:00 p.m. hour. what happened then? that's when fox business aired an exclusive live interview with richmond fed chief jeffrey lacker who says interest rates are too low, time to hike them now, this year. that's what he told our peter barnes and said the recent batch of weak economic data including the disappointing retail sales report out this morning have not changed his outlook on the economy or rates. so that's what happened. we were down 90 points. suddenly started losing more.
at this hour, the dow is down 174 points. the markets were already losing ground and possibly hurting your portfolio because walmart lost altitude costing everyone big from warren buffett who overs 70 million shares to your own 401(k) perhaps? but add to that the lacker interview and you see the dow industrials down more than 170 points. walmart warned future earnings will fall 12% by 2017. you see the stock down nearly 10%. much of the world splitting the focus between walmart, the markets plummeting and what happened last night at the first democratic debate in las vegas. most pundits at this hour who are assessing the performance of the five democratic presidential candidates giving hillary clinton the edge saying she showed confidence and leadership qualities, and made no major gaffes sending off limited challenges. if not hillary, then who took the hit?
try wall street, the candidates attacking america's financial epicenter, each in their own way. bernie sanders, martin o'malley, jim webb and lincoln chafee doing little to attack clinton, leaving las vegas with another looming question -- does vice president joe biden need to get into the 2016 race? we're less than an hour to the closing bell. the dow jones industrials doubled losses within the last hour and a half. let's start the "countdown." . liz: breaking news, red on the screen, the markets are down more than 1%. the dow falling below 17,000. right now standing at 16,912. why? well as i just mentioned richmont fed president jeffrey lacker told fox business that interest rates will be raised this year if it's up to him. the selling picked up more steam after 2:00 p.m. eastern when the federal reserve's beige book said the economy continues to expand at a modest
pace at the end of the third quarter. right to the floor show, the traders at the new york stock exchange, cme group are watching your money and everything around it. stephen guilfoyle watches the markets, jeffrey lacker told jeffrey barnes he is still of the believe it spooked the horses. >> we were hanging in there with lousy guidance, what it is the uncertainty of the fed. not so much what lacker said, each fed speaker is saying something different than the one before. good reason to take risk off the table. liz: two, two other voting fed members in the past 48 hours said todd, we disagree with janet yellen, we think we shouldn't raise rates this year, i think stephen is right, there are conflicting messages but put in the fed beige book which sounds really boring, when you see modest and growth, looks like traders and investors interpreted that as
no reason to keep rates at emergency levels. boom. the markets started falling more. >> liz, i agree with stephen, i think the market loss of good news, bad news is a buying opportunity. but when you have the uncertainty and conflict within the fed some saying they should rays and some shouldn't, this is after 7 years of 0%, isn't a couple weeks on the lows. i think the stock market is saying it is a lagger, it follows what happens in the market. it's saying what happenedsup, we don't know what to do. you are seeing gold rally here. liz: gold is up $22 right now, yeah. >> the stock stories you're reading about walmart and having issued the bank earnings releases they're going to feed into the downward stock trade but had bad earnings reports and they haven't had this effect on the market. i think this is definitely a fed trade and uncertainty trade and the fed is in a corner. do they go in december or not go in december?
if they don't, they're leaving it wide open in 2016 for a no-go. liz: i know, i know. i'm looking at the 10-year yield, up 1.98%. a bit of a fear trade. people jumping into treasuries, they know they'll at least get their under 2% yield back, but stephen, we can't ignore walmart, we're talking a lot about this, there is intrigue what happened with walmart today. doug mcmillan gave an interview before the market opened, he didn't give indication of the bad news coming and they're going to have terrible numbers by 2017. how much did that play into traders scrambling to figure out what was going on? >> everybody knew walmart was going to have the big powwow today, nike also, and traders get in ahead of it, good news coming out of the things, i think a lot of the guys got caught in the squeeze and you saw how fast the market came in, walmart came in there, that
was a bunch of guys that came in with whatever capital they needed before the trade. liz: we have to tell you fox news confirmed the cbo, congressional budget office, bipartisan on the best of days, says the report on the upcoming debt limit, the debt ceiling is pretty dramatically frightening and by early november this government will run out of money to fund its obligations. mr. colvin, does that play into trader sentiment at all? >> i think it does, living in the state of illinois mentioned it can't make pension payments and can't pay lottery winners that is a huge sign of what's out there. there's a huge problem and some call it a fiscal debt problem, others call it a spending problem, you have to get your ducks in a row, and pushing it down the road doesn't work, you're going to see buyers of debt here. liz: the budget is different from the debt ceiling. the budget is what congress
approves, the debt ceiling, you want to argue about spending it's two different things. stephen, a lot of uncertainty as we look at the bottom ticker with the dow down 165 points. this market is selling off. is this a buying opportunity with the last 50 minutes left to trade here? >> you know, i kind of think it is. i'm the kind of guy i'll go in and take a shot. i'll take a protected shot, i'm not crazy. i don't like losing money. i will take a limited shot with protection on the other side because that's the way i think, especially in a retailer, which i won't name. liz: well, let's just tell people that stephen guilfoyle is a proud veteran, serves in our military, has served in it, he takes the shots when he feels he can take it. good to see you, thank you so much. >> take care. liz: they're traders. while traders and you the investor scramble to make sense of this on the screen, the dow falling and walmart's free fall, one topic the democratic candidates agreed on last night during the debate.
the relationship between wall street and washington needs slicing and dicing. the candidates were stepping over themselves to prove who's got the biggest bad cop on wall street, listen. >> the greed and recessness and illegal behavior of wall street, where fraud is a business model. >> i represented wall street as a senator from new york, and i went to wall street. in december of 2007 before the big crash that we had, and i basically said cut it out! >> congress does not regulate wall street. wall street regulates congress. >> the people of our country need a president who's on their side willing to protect the main street economy from recklessness on wall street. liz: was wall street encouraged by that talk? no doubt it wasn't. what about you? how do you feel about that? did it make bankers start shaking in their shoes or rolling their eyes. i'm joined by marianne marsch
and matt schlapp, former assistant to president bush. >> the difference on the stage last night and the debate on the democratic side were pretty clear, and the two front and center were hillary clinton and bernie sanders. and the thing to look at there hillary clinton wants to fix what's broken and bernie sanders wants to dismantle it. the common denominator in the race between democrats and republicans is everybody is mad at wall street, everybody is mad at washington. the difference between everybody is how are you going to tackle those issues? when you listen to hillary clinton, she wants more regulation, more monitoring, more penalties and people should go to jail. bernie sanders, on the other hand, wants to dismantle the institutions that are too big to fail, and i think that's an example where the democrats are in this race, on this debate. liz: matt, people feel anger toward wall street because they got to be bailed out and they
were the high rollers casino, they made bad mistakes and it's our problem, everybody's problem. i look at this and wonder bernie sanders message seems to be according when i asked warren buffett during the recent interview, he said bernie sanders says some great things but i don't like how he wants to get there. he wants to kill the golden goose. does that not sit well with the voting public perhaps? >> i continuing does sit well with the voting public. i think there is bipartisan consensus here when you look at republicans as well. it is impossible politically, liz, to defend the little guy paying and picking up the tab for the big guys when they're irresponsible how they invest this capital. you see a populism coming from both parties. if you go beyond wall street and listen to what the democrats every single one of them said last night, if you run a business, you should be scared to death. if you already pay high taxes, you're going to be paying higher taxes and government is going to grow and grow and grow.
there is a very ominous message from the debate stage toward businesses everywhere. if you're on wall street, hold on! >> mary anne, to that point, is there a better way to win votes when you don't beat up on that great american dream? i'm not sure hillary clinton did that. she did give a nod to people and the great american dream of starting a business and becoming successful, but the rest of them didn't focus on that, and i think that perhaps doesn't resonate well with a voting public. >> you make an important point, liz, hillary clinton did defend capitalism and competition because that's what's helped small businesses and build out the middle class. you cannot underestimate how angry and frustrated voters are in this country across the political spectrum. they feel they've tried to have voices heard, voting people out every election since 2008 and haven't gotten the results. what people don't understand about the election is how volatile it is. so while some of these things
may sound extreme to people on wall street, they're not, and i think that the problem here is the vast majority of people in this country who lost their jobs, haven't caught up. lost income, lost their homes are not going to bail out wall street again. they're the ones who have lost. >> they will, though. they are going to pay less taxes because they bailed out the banks and wall street and they're going to do it again. >> they're going to have to. here's the problem -- okay, that's great. they don't get a choice in this matter. the officials make the decisions and they're going to have to bail out the institutions again if that's what our elected officials decide. i think we should follow the money where. is the wall street money going? by the way, a majority of the money does not go to republicans and republican candidates. hillary clinton is a receiver of a lot of that money, see where her policies are? you say she took a bow towards the free market? i did not hear. that i think it would be great to hear that.
>> i heard it. let me be fair here, i hearder to talk about the competition issue. liz: wall street has been more heavily regulated lately, that they do tend to whine a lot. if you talk about the food or pharmaindustry they are way more regulated and don't whine nearly as well. wall street manages to get itself into trouble, matt. the big question will become if that is the message that a voter will hear and say why did nobody go to prison over the fact that i can't even afford a mortgage anymore or what have you? >> no, it's a very fair question. i mean, all of this -- hillary clinton explained it very well in one of her answers when she talked about 13 trillion dollars in lost assets, and the fact is for joe lunch bucket to pick up the tab for all three bankers is offensive. that's offensive to republicans and democrats. i fear that we're on the track to bail them out once again. and i think the voters quite frankly if that happens again, i think they're going to be mad at both parties if they have a
role in that. liz: we must leave it there, mary anne, our democratic strategist and matt is our republican strategist. we're watching as it pertains to your money and portfolio which is losing a little bit, down 149. more than a little bit. we're off the lows of the session. we're not above 17,000. closing bell, we're 46 minutes away. if you believe the violence in syria is putting the united states at risk of being dragged into another quagmire, what one resource could keep us out of the latest middle east conflict? we've got it next on "countdown." stay tuned. when a moment spontaneously turns romantic, why pause to take a pill?
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. liz: breaking news, tensions between russia and the u.s. are growing hotter in the skies over syria. but we sounded the alarm on something yesterday on "countdown," that one misfire of a missile either from the air by a russian helicopter or from the ground by u.s. supported rebels that killed a russian pilot or somebody related to the u.s. could start a huge conflict to. avoid, that the u.s. and russia are holding a third round of talks today. they will focus on avoiding those kinds of conflicts
between their military air campaigns in syria. listen to how fox news military analyst and retired navy captain chuck nash characterized the possible danger yesterday. >> this has escalation written all over it. the potential for this to mushroom out of control is actually fairly high. so when russian citizens start dying, when the bombs start going off there, the russians are going to look at the united states, and we're going to look for some kind of a tit-for-tat relationship. liz: relationship is putting it mildly. amid the tangled geopolitics in the middle east, there is another matter of national security, oil. kevin book testified in front of the committee on policy. he's the managing director of clear view managing partners. we've got him in an exclusive interview, what did you say? >> last week's discussion was about the size of the strategic petroleum reserve. the energy package of the last major disruption in the 1970s.
700 million barrels of crude oil there for our refiners but looking like a great big funding source to congress and people think it should be down sized because we have much more secure supply from many more reliable providers like canada. liz: the strategic petroleum reserve known as the spro filled up for emergency situations, when you say congress looked as it as a piggy bank are they considering approving the spro oil to pay off the highway funding bill, for example? >> not just an example but in practice, that's what they're planning to do, remains to be seen but i think they probably will. 101 million barrels raising 9 billion dollars to pay for highways. highways are a much bigger political issue than 100 million barrels of crude oil most americans don't know it's there. it's a problem for a lot of reasons in my view. first, you don't want to sell oil at all, if you need it in the future, and you don't know what the future is going to
look like and you mentioned a number of alarming and very dramatic things that could happen. second, the buy high/sell low practice never in the interest of the taxpayer proves more to bear than the market right now. spend energy money on energy security not on highways. liz: oil can be used as a piggy bank, it can be used as a weapon. call me a black helicopter theorist but is russia really getting involved perhaps in syria because russia is an oil based economy. the low price we see, we showed it, $46 and change per barrel is killing their economy, killing them. perhaps by getting involved and causing more strife and bringing their own helicopters into bomb all kinds of rebels on the ground, is that raising the price of oil? we don't see that quite yet, is that their eventual goal? >> may be the goal but timing is terrible if it is. two things that go into the oil price that you can see easily.
the first is how much of supply is being used relative to consumption, the second is how birth inventories are. the global supply system is at 96%. sounds like a lot. the prices don't begin to spike until you get above 97 or 98%. second inventories, huge, huge volumes of inventories built right now. if russia is gaming for geopolitical risk, it's going to take something far more serious than they want to get involved in to spike the price and get involved in their economy. liz: thanks for making me feel so much better. we want to inform our viewers make sure they are ready for anything that can happen. thank you so much. >> great to be here. liz: kevin book in a fox business exclusive. crude reality is a reality here. closing bell, 38 minute away, the dow at lows, down 194 points right now. down 182. did walmart ceo make a major misstep this morning while
appearing on another business network, cnbc? shares of wall mark on track for their worst day after the company revealed some bad news, but charlie gasparino coming down here to tell you how the timing of it has infuriated shareholders and traders. charlie is breaking it next. social media was a little shocked when i made an admission yesterday, yes, i did, i admitted in the wake of the beer merger of ab inbev and sabmiller i've never had more than half a beer. i've only had half a beer. some of you responded immediately to that. he says -- listen, more like mojitos with a splash of rum. paul tweeted -- nope, paul, just cherry coke. what's your poison? connect with us on social media --
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. liz: when one voting member of the fed says we've got to raise rates, we're out of emergency realm now and got to move higher, the market starts to plummet more. that's what happened, peter barnes had jeffrey lacker of the richmond fed on fox business in an exclusive interview, that's what he said. time to raise rates and see a gap down in the markets. at the time the dow was down 90 points. only green are the transports up 4 points. looks like the investors are loving it for the moment. breakfast is back and causing mcdonald's stock to hit a new lifetime high. the stock trading at $104.93 at
the high today. lower than that now, we're at $102.73. if you own mcdonald's, looks good right now. mcdonald's, nike, well-known discretionary names are the only stocks in the dow jones industrials about to break out to new highs this month, so far. you can move walmart off the list. walmart causing an uproar on wall street starting this morning, the world's largest retailer told investors and the world we're cutting our 2015 revenue by 15 billion dollars. that immediately, see this intra-day picture from the previous day sent stock plummets to the lowest level since 1998. but right now brokers on wall street are furious for a couple of reasons. charlie gasparino has more on the exclusive story, including the fact before the news broke, the ceo doug mcmillan was on another network, on cnbc. i walked past a monitor saw it. smiling, they got a great exclusive for them. he looked happy.
charlie: right, if you were going to say what are the two culprits for people who held or trade the stock today? this was a huge surprise. this blew away the market. the stock doesn't go down that far on an investor day. liz: he says nothing on the interview? charlie: well, he talked around a lot of stuff. they didn't press him on -- like, they needed somebody there to say will there be any surprises today when you unveil what you're going to unveil? he was having an investor day, the investor day was at the new york stock exchange, i believe it was, i could be wrong, that's where the shares are traded, walmart. they did not ask that very pertinent question, if he said no, or if he lied, if he didn't, the investors would have gotten some indication what was to come a couple hours later, this announcement about profits, sinking for the past year, the company in -- liz: here it is, eps, earnings
per share will decline 12% in fiscal year 2017. why are they smiling? charlie: why are they treating him like a buddy? a pal. two culprits, a lot of people blaming the interview on cnbc, not preparing him for what was to come, there was a surprise that something bad will be announced. there's a lot of finger-pointing at the new york stock exchange. i have to concede, i have not gotten this unravelled from the new york stock exchange part, and we have calls into the stock exchange pr apparatus and calls into walmart. traders are telling me that the new york stock exchange should have halted that stock, okay? liz: and bad news. charlie: and bad news, walmart probably most likely relayed that news to the stock exchange yesterday or sometime before the announcement, okay?
and that the new york stock exchange deemed it not material. this is what the trading floor community is saying. we are trying to unravel this with the stock exchange, trying to unravel this with walmart. i go back on in the 4:00 hour, i may have an update. that's the statement we got about why they didn't halt the stock. so this is kind of interesting. the stock exchange, which has taken a lot of heat for technological issues and other issues is now -- is now getting some heat on how they handled this walmart thing. now, why do you halt a stock? because you don't want investors to be so blown out of water by the news -- >> taken by surprise. charlie: taken by surprise, the way the stock exchange is supposed to work, when you halt it, it gives the specialist to bid up the price, knowing that it isn't as bad. when you are totally shocked, that's when the stock goes down and plummets as it did today.
investors lost, this company's market cap was cut by billions today. liz: well, warren buffett owns 70 million shares. he was clipped 370 million dollars. charlie: warren buffett. liz: i mean berkshire hathaway owns that much. mom and pops it matters more. he's got other companies to offset that. charlie: i will say this, journals make mistakes all the time. this isn't an ethical mistake. liz: it could happen to anyone. but not on the ceo side. he should have been a little more up-front. or not gone out there. maybe not gone out there. charlie: i think they should have pressed him. you know? i think they should have said are there any surprises, and investors would not have been as surprised. liz: for those driving listening on xm, the stock is down nearly 10%, the biggest drop in walmart's history. charlie: totally took the market by surprise, even after cnbc had the ceo on hours earlier. that's what's getting hooem people crazy, and here's where
it gets really interesting. did the new york stock exchange have a duty to halt the stock knowing the news was coming out. we're going to unravel this. liz: charlie gasparino, thank you very much. we have breaking news on the debt ceiling. fox news obtained a report that validates what treasury secretary jack lew has been saying since september. here's what the cbo report says, the treasury will begin running extremely low on cash in early november and will completely run out of cash by the first half of the month to operate the government and to of course pay off our debts. he set the november 5th date as the time line. that may change. we have more breaking developments, aide to house speaker john boehner says it is possible before speaker boehner leaves his position. the house is expected to vote on a new speaker october 29th, that leaves barely seven days
before this country, according to jack lew, the treasury secretary runs out of money to service its debt. it could cause dislocations in the market, something that has never happened before in history. so we are all over the debt ceiling drama. join me tomorrow, a special edition of "countdown to the closing bell" at 3:00 p.m. eastern. live at the nation's capitol, ahead of my exclusive interview with treasury secretary jack lew at 4:00 p.m. eastern. i will ask him specifically come november 5th, how much money will this country have, and how are the tax receipts trending? house gop leadership crisis, who's across the table from him to negotiate this aside from boehner, and, of course, yes, don't worry, the new $10 bill. the renew of it, the refresh. are we going to kick alexander hamilton off the front of it? don't worry i have your back. starts at 4:00 p.m. eastern,
the treasury secretary of the united states 4:00 p.m. eastern on fox business. only on fox business. closing bell ringing in 25 minutes. was hillary clinton the clear winner, one of the best political reporters in the business joins us live, carl cameron, next on "countdown." excellent looking below the surface, researching a hunch... and making a decision you are type e*. time for a change of menu. research and invest from any website. with e*trade's browser trading. e*trade. opportunity is everywhere. so wi got a job!ews? i'll be programming at ge. oh i got a job too, at zazzies. (friends gasp) the app where you put fruit hats on animals?
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he's coming from google, he quits his job at google, going to the executive chairman for the little blue bird. interesting detail about this man. in the last four years, he's only sent out 12 tweets and has no retweets. come follow us, twitter shares are up about a percent on the news. democratic debate showdown. hillary clinton and bernie sanders, they're saying they too made a strong showing in last night's face-off clashing over gun control, regulations of wall street and u.s. involvement in the middle east. fox news's carl cameron live from washington, d.c. with who the gop candidates should now fear most. carl, it seems obvious from all of the headlines people believe hillary clinton had a good day, what are you hearing? . carl: sure, and the clinton campaign thinks it has a good day, and donald trump seemed to think hillary clinton had a pretty good day. having said that, no surprise the gop field was not impressed by what the democrats had to say.
republicans call it a frenzy of socialism and liberalism and blasted democrats for covering up on clinton's e-mail scandal and trying to bail her out, listen. >> seeing our freedoms taken away every day, and last night was an audition for who would wear the jack boots most vigorously. last night was a vision who would embrace government power to strip your and my individual liberties. carl: and then you have jeb bush talking specifically about the idea that bernie sanders and martin o'malley didn't think that the e-mail scandal was an issue. watch. >> i thought it was interesting they didn't go after her particularly on the e-mail issue. look, there's an fbi investigation, she hasn't been forthcomingly. that's a national security question, put aside the legalities of this, it's clear that the russians and the chinese were trying to hack into her server.
carl: marco rubio said it was like a throwback to the 80s with democrats talking about who can give away most of the free stuff. some of the republicans tweeted the live debate, a few didn't watch because they were campaigning. trump pronounced her the victor. >> i think she did her job. she got through the debate. i personally thought she won the debate. i thought bernie was off, he was not doing so well. i thought that the other people shouldn't be up there to be honest with you. carl: the democrats don't have another debate for about five, six weeks. republicans, on the other hand, have their next gathering in boulder, colorado two weeks from tonight. back to you in new york. liz: yep, october 28th. and carl, donald trump is live tweeting. i was following but all he was doing is retweeting and charlie gasparino was saying the same thing, yeah, wasn't as exciting as we thought it might be. does that hurt him at all? carl: it wasn't normal output
of tweets. mike huckabee was tweeting and way more prolific than trump and way more caustic. trump was kind, he did dis martin o'malley and dis bernie sanders and gave a shot to lincoln chafee. it was a tame night for trump. liz: as we wrap up, what are you hearing on the ground, anywhere, it was hillary win mostly? carl: no question about it. democrats who are disaffected and fed up with the scandals and controversies and obfuscating and sometimes not answering questions straightly, et cetera, et cetera, got a big boost of reaffirmation last night, and for most folks who thought the bern was going to light her up and be a thorn in her side for the duration of this, if there is any downbeatness in democratic politics it's in the bernie sanders camp. liz: he was raising more than a million in the four hours after the debate. great to see you, carl. carl: thank you. liz: carl cameron. set your dvr for the fox business republican presidential debate november
10th in milwaukee, wisconsin. your focus. we've got it. this is the business network, focusing on the economy, the money, anything that matters to you. closing bell, 15 minutes away. peter barnes had a market moving interview. why are we down 147 points? his exclusive guest, a fed voting member said something. he's going to join us next on "countdown" to tell you what that was. it's what sparks ideas. moves the world forward. invest with those who see the world as unstoppable. who have the curiosity to look beyond the expected and the conviction to be in it for the long term. oppenheimerfunds believes that's the right way to invest... ...in this big, bold, beautiful world.
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that's precisely when richmond fed president jeffrey lacker told fox business' peter barnes that the recent weak economic data did not change his view that we must raise rates this year. they're too low. at 2:00 p.m. eastern, selling picked up after the federal reserve's beige book revealed the economy continues to move at a modest pace. peter barnes, you got jeffrey lacker to chat about a lot of issues, the impact of the u.s. dollar, walmart's u.s. earnings outlook as the shares plummeted. that's impressive. what did he say about those things? peter: i did talk to him for our web exclusive piece of the interview and asked about walmart and the impact the high dollar is having on the economy. he didn't comment directly about the company but suggested the pain may be short-lived, not just walmart but other companies as well. >> at this point, it looks like what's happened as a result of the dollar changes is
transitory, a onetime thing, so we'll look at how it plays out. sure, we've heard from exporters, manufacturers in our district, which goes down to the carolinas, up in maryland, about weakening export demand. that's playing out. on the flip side, makes imports cheaper for american consumers and makes them better off. how it plays out on that is something it has to gauge. peter: and on monetary policy as you know he voted to raise interest rates in september because he feels the economy is getting stronger but got outvoted because of the rest of the colleagues worried about slowing growth in china and economic developments. liz? liz: he said they were too low. he said he would like to raise in october, is that your sense? peter: i the weaker than expected retail sales report, the weak jobs report hadn't changed views thatch, he's
ready to vote again for higher rates. liz: hawkish. you got him. great job. everybody watch foxbusiness.com, he's got the interview there. and by the way, we've got our own big exclusive interview ri friday. we're talking to federal reserve bank of cleveland president loretta mester at 3:00 p.m. eastern, she's made strong comments where she thinks interest rates are going. friday exclusively, and a reminder tomorrow, a special edition of "countdown to the closing bell." i need you to join me 3:00 p.m. eastern, followed by my exclusive interview with treasury secretary jack lew at 4:00 p.m. eastern, we'll be live from d.c. teeing up the interview about the debt ceiling, it's getting dicey, we're getting close to running out of money according to the treasury secretary. i'll get real numbers and what it means for your money. we're coming right back. stay tuned.
liz we're heading back to the lows of the session. we're down 17 of 6 points. we're at 16,000 the 05. s&p down -- 16,905. we have bullish, hawkish comments from federal reserve fed head, jeffrey lacker, telling fox business, rates should be higher. 4:00 p.m. after the bell. ashley webster on the floor. ashley, this was at the bottom of the lake, 45 bucks. now moving to upside by a couple of pennies but looking good at 1089. >> not bad at all. earnings coming out after the bell, liz. expect eight cents a share on revenue of 1.75 billion. analysts looking at all important subscriber number. kool and the gang are in the house. not celebrating good times but
here to ring the bell at session end. liz: celebrate good times. come on. thank you, ashley. walmart is not saving investors money at all. shares suffered the worst stock decline in 27 years. full year sales would be flat. no thanks to a stronger dollar, with a $20 billion hit to the company's market cap. lower outlook for 2011 -- 2011. are you still interested in this? david dietze, point view wealth management president and chief investment strategist. before all of you said buy walmart. you're increasing the strength behind that message. why? >> 10% off here. look, six 1/2 years into a bull market, this is the time you want to be defensive. you want category killers. walmart is just not a category killer, it owns the space. 10% of u.s. retail sales through walmart. largest retailer on planet.
liz: look at this one-year chart! >> absolutely. i distinguish situations where somebody doing something to them and they are doing it to themselves. they're investing in better wages for employees. that is an investment. liz: they're blaming that costing them so much money. >> one of the few retailers not unionized. they're fending off competition. the other thing to make investments into the internet. i see this company, also returning money to shareholders. you have got that 3% dividend which is more, 50% more than the market. 50 mers more than the average dow stock. liz: the dow is really waning at the moment. >> i think investors have to be realistic here. earnings will be down for a second quarter. valuations above five-year average. you need to pick your spots. by unloved with huge dividends. liz: we have a debt ceiling looming. that sometimes tends to spook the stock market.
are you concerned? >> of course you're concerned but if there is real pullback, buy it. this is goods and services we bout. we pay our bills. we have printing press. we'll pay those debts. guess what, we'll not default on debt. it will hurt social security and other payments. it will not last long. liz: stay tuned to my treasury secretary jack lew interview tomorrow at 4:00 p.m. >> absolutely. liz: david dietze, point view wealth management. that is it for "countdown to the closing bell." tough day on the market. netflix coming up. david: we were talking about walmart. biggest one-day fall in walmart if 27 years. last day it was down this watches 1988. melissa: tough day for markets, driven by walmart. we were saying that and comment from the richmond fed president, jeffrey lacker, we'll tell you in fox exclusive what he said. david: he had a lot to do with
the market going down. netflix reporting in just moments. the stock expected to move a whopping 14% but it could go in either direction. melissa: what does the democratic debate mean for your market and wallets? presidential candidate lindsey graham is coming up. david: we'll look forward to that. dow is down on second straight session. this time it was a biggie, down 1160 points as closing bell sounds on wall street -- 160 points. $22 pop in gold, perhaps thinking that the fed might be a little more serious, who knows what goes on with gold. we'll get into that and other commodities as well later but, first attention and foremost is on the stocks, all of them down significantly. none more so than the dow. melissa: while markets wait for tomorrow here is everything you need to know right now. when walmart promised low prices