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tv   After the Bell  FOX Business  October 14, 2015 4:00pm-5:01pm EDT

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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 i'm not sure this exactly what
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it meant. driving the dow, the fall i don't have plummeting biggest drop in 27 years. we just said that. started by a profit warning that shocked the street. here is our very own charlie gasparino. jonathan hoenig from capitalist pig hedge fund, a fox news contributor. do we have charlie? do we see him there? charlie bass. >> i'm here. melissa: who are traders blaming for this stock selloff because this is quite a story? >> we've been unraveling this all day. we finally got it unrap developed. why do stock exchanges halt stocks? they halt them because of order imbalance sending prices lower than they should be because traders, floor brokers could step in to save the investor a few bucks. we should point out walmart lost $20 billion of market cap in the surprise announcement. here is the scenario. yesterday walmart told the new york stock exchange it would have this earnings announcement at its investor day, by the way
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incidentally was held at the new york stock exchange. now, a lot of traders are saying that the new york stock exchange should have, at that point, decided to halt trading in the stock sometime this morning, pending breaking news, so the order imbalance could be taken care of. as you know, the new york stock exchange and has confirmed to us they did not, did not halt the trading of this stock. they think did everything on the up and up. i'm not saying there is a scandal here. i'm just telling you, that it seems like new york stock exchange whiffed big time on this. they misread what would come out of the ceo of walmart's mouth this morning and should have at least halted stock. new york stock exchange was alerted yesterday about the pending news. they decided not to. melissa: okay. >> there are two culprits, according to a lot of traders and cnbc for a lame interview this morning, lots of smiling
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faces interview of ceo of walmart, you didn't get the impression the stock would tank 10%. it actually tanked more than 10%. melissa: let me ask jonathan hoenig. a lot of people took impression from interview on other network there was good news coming out mid-morning. lo and behold at investor conference, ceo says operating income is expected to impacted by 1.5 billion from the second phase of our previously announced investment in wages and training. as a result it sold off a lot. is this, jonathan, to you, there is the statement, proof that the company can't really sustain these higher wages? >> well it is a great concern. melissa, very infrequently do you see a stock of walmart's size and scope take a dip like this. as you pointed out, 27-year hit of nothing like this happening and the news in this case, often times the market precedes the news. in this case the news is bad and market is bad. not only walmart at 52-week low
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but it has all headwinds. slowdown in china. yes, americans are saving money at pump and spending more in medicare and health care premiums. more than anything else, minimum wage. minimum wage is going up across the nation and that is feeding into walmart's bottom line. melissa: they can't win for losing. they tried to get out ahead of minimum wage thing and raised wages in stores. if you watch the debate, they got attacked twice by unions claiming they were being treated like they were disposable workers. seeing hours and benefits cut. they have erratic schedules. got beat up by very people, today they took a hit for trying to help. >> melissa, this is one part of the walmart situation that is happening right now and you're right, they are getting beat up about this but we have this think about something here. operating cost, we're looking operating costs of walmart now, it is very expensive to restructure. melissa: okay. >> and focus on investment, right? melissa: i have to pause, guys. we have breaking news.
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don't move. stay where you are. netflix is out with third quarter earnings results. ashley webster has those numbers. we want to get to them right away. ashley, what do you have there? >> melissa, we're waiting on this number. not so good news on netflix, earnings per share at seven cents. the estimate was for eight cents. on revenue just a little shy of 1.74 billion. the estimate was 1.75. if you look in after-hours trading bid ask considerably lower than 110. that is big drop in netflix in after-hours trading with a miss top and bottom. we'll get into subscriber numbers as well. those are the headline numbers, melissa and david. melissa: we want reaction. jonathan hoenig is back. we have lance roberts from sta wealth management. lance, let me start with you, what is your reaction to those numbers? >> not real surprising here. look at global trends of
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consumption and seeing weakening earnings and profit margins across the board. profits since march of this year have declined by $12 for entire year so far. not surprising coming in a little bit weak here. i'm interested in subscriber numbers. might see a little bit of weakness there as well. melissa: jonathan, let me ask you, stock getting hammered down 14% after the report. wow. >> come back a little bit now, melissa, down about 12 1/2%. as you said, netflix in fact is a stock we're used to seeing with extreme volatility. this is a cult stock and a cult company. valuing it by any traditional metrics has been useless for years. the problem is that momentum changing from the growth stock to the value stock orientation? go pro-is at 52-week low. cmgi and sun microsystems, all the '90s high-flyers, when the trend turns on netflix it will be down. appears to me the trend is down right now.
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melissa: lance, the math on this stock doesn't make sense to me. they charge somewhere eight to $10 a subscriber. they have 70 million subscribers, something like that. that is $700 million a month they would get. that has to be 2.1 billion in a quarter. they spent 10 billion last quarter on content, right? 10 billion they're spending and taking in 2.1. am i getting my math right? i did that pretty quickly? >> your math is right. you have to remember when people sign up you get free trials. melissa: oh, gosh. >> talking about number of subscribers talking about people signed up for free. you don't even count all people who pay like me, one of the suckers that pay for netflix. melissa: me too. >> but how many people are then sharing that subscription across the board? so there is a real cannibalization of their subscriber base. number of people sign up and drop off. we don't really see the churn. churn, competition from companies like hulu and amazon streaming that will continue to
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eat into their market share. at 300 times p-e on forward basis this stock is really rich. melissa: yeah. ashley you see any other numbers? anymore detail crossing? >> yes as we wade through all the statistic, melissa, they say they added 2.7 million subscribers nationally. >> way short. >> estimate was 2.4 million. that was a little light. numbers here in the u.s. was a little shy. our forecast in the u.s. for q3 was due to slightly higher than expected involuntary churn. that is a lot of speaking, and who knows what that means. what it seems to say, perhaps we overestimated some of the volatility in the system as far as subscribers go. we are continuing to dig in here but those subscriber numbers which are oh, so important, a little light. melissa: jonathan, sound like they lose money on every subscriber but making it up on volume, right? >> you know what?
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it's not unlike case like amazon. amazon never made tremendous amount of money but the stock is well-bid because they see innovation and see potential. it is what it is. you can't analyze netflix on almost traditional metric this sin know straighting entire space of film entertainment. this is my mind looking trend for growth. the trend in the short term is down. people lost their heads betting against netflix and at that could turn out to be the case. david: lance, what about competition? we haven't heard a lot about that? the fact, 75 million subscribers worldwide, that is huge, tremendous. two years ago people would have said that was a pipe-dream. two years ago there wasn't as much competition as there is now. not only in terms of what netflix does but in terms of content it provides? >> again, that is another thing potentially weighing on quarter for netflix, "orange is the new black" was in quarter 2.
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they haven't had a new episode come out. "narc cos" is knew and haven't got a lot of ratings. how do they have new media for them? they lost their contract with epics, signed with hulu, does transformers and bigger blockbuster movies and popular content. that could weigh on netflix. if they don't come out with attention-grabbing headline,tenp momentum going, the competition from hulu and from amazon, these will start eating, they will eat into that market share. david: yeah. >> we talked before about people cutting the cord and moving away from traditional cable. there is a lot of choices to move to. one of the big things netflix will have to do especially supporting valuations where they are to grab market share and innovate. that becomes really challenging when you're the size of netflix. david: there is dirty little phrase called content obligations, jonathan?
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content obligations is something you can put off the books. it is $10 billion netflix has in content obligations. i'm wondering in the heady days when people started to do invest a lot of money in netflix and it grew like wildfire whether they were overlooking some of the expenses it now has to deal with? >> david, those heady days were not too long ago. david: right. >> the stock was $50 early this year. right now it is 100. there is optimism for netflix despite the selloff. as we're talking about it is still highly valued. this is not a bargain by any means. the question if they even start making money, that is big fear here, high-flyers in the past, once they started making money the stock valuation contracted. it is pie in the sky once the future is unknown. but once international expansion becomes more clear you continue to see the stock fall even though numbers might get better. melissa: lance, it is true they're the king of innovation.
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you think originally the first business was. you have to remind people mailing out dv. dids. nobody has dv. did player anymore. they made a total transformation. at the same time how do they get away with this thing charging eight to $10 at best per subscriber? how do they make that a more valuable monthly nut. >> it is interesting, there is a lot of memes on ininternet trying to watch something on netflix as they grow old and older. that is the problem, they provide so much content. they have done a great job. in a lot of ways netflix is like starbucks. they created this cult around netflix itself which brings people in to be part of that culture of netflix. but you know, again at some point that will start being able to raise and charge more for services. question becomes, how much can you charge before people start to move away from that, to other content providers where they get
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things potentially cheaper, faster, those type of things. the big issue is about broadband delivery. netflix consumes about 30% of broadband delivery. there is point where they choke the pipes and that cost weighs them down the road. melissa: jonathan, this is the problem with it though. my kids sit at home, watch netflix. you can watch one show before you go to bed. you look at netflix, all old content, low-end content. if there is something specific that they want and looking for or want to watch "star wars," you have to buy it on itunes. that is sort of the essential problem, what is on netflix besides some of the great stuff, series for adults, for the most part it is stuff that you don't really want. anything that you want you have to pay for on itunes. >> that is just it. it is competition, melissa, as you're pointing out for content itself. that is why these companies like hulu, amazon, netflix are no
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longer distributors, they're content producers along with every other types of entertainment. you will see a lot of that. bargaining for film libraries and intellectual property for film libraries. content which is extremely expensive but extremely lucrative if you get a "breaking bad" or "orange is the new black." david: 2014, netflix raised prices. everybody said they would take a hit to subscriptions. not at all. they had the flexibility on pricing. i don't know if they still will with all the competition. melissa: escalating violence in israel, troops being called in to help stop recent wave of palestinian attacks. we have a live report from jerusalem. david: donald trump time, never shy from hitting back, calling senator lindsey graham's policies quote gibberish. the senator is here to reply to
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melissa: back to the markets, the dow closing 157 points dropping big after exclusive fox business interview with fed's jeffrey lacker conducted by our own peter barnes. peter barnes joins us now. peter what did lacker say that moved markets so much? reporter: lacker voted to raise interest rates in september at fed policy meeting because he thinks economy is getting stronger but he was outvoted in
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september and he dissented. i asked him about upcoming meeting in two weeks in october? he would not commit to voting for rate hikes again at the next meeting but said some weaker economic indicators like retail sales report had not changed his views much on the economy from september. with the december policy meeting after that, i asked him in the webex exclusive part of our interview if he at least still sees fed hiking rights by end of this year as most of his colleagues said in september they do? >> i think it is going to depend how my colleagues read data comes in. reporter: we know where you stand. >> i have taken the data on board. it is very informative and very interesting. i haven't done all the analysis i will do by the time the meeting rolls around and haven't had benefits of conversations with my colleagues but it seems plausible to me it comes before the end of the year but shouldn't be in the business of forecasting the committee.
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reporter: i also asked him about the strong dollar which bedeviled the fed and walmart today. he said he thinks the strong dollar effects right now are transitory, one-time event. melissa? melissa: all right, peter barnes, thank you so much. the u.s. on track to hit its debt limit next month. we don't want you to forget, liz claman has an exclusive interview with jack lew, the treasury secretary. you can catch the interview right here on "after the bell" on 4:00 p.m. eastern. david? david: a big question out of debate last night, who is better for economy republicans or democrats. we heard from the democrats. they have very big plans for your money. take a listen. >> do you believe undocumented immigrant should get in-state college tuition? >> anderson, we actually did this in my state of maryland. >> you see every other major country providing health care to all people. >> always republicans or their sympathizers who say, you can't
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have paid leave, you can't provide health care. i know we can afford it, because we'll make the wealthy pay for it! david: we counted 14 of big new plans. how will everybody pay to grow the economy and grow jobs? joining me director of financial regulations studies at cato institute, mark calabria. down hall editor, katie pavlich and democratic strategist, chris kofinis. mark, let me go with you first. didn't we start this with stimulus growing economy and didn't work out too well. >> in 2009 we tried it. '30s we tried it. didn't work out too well. tried it with lyndon johnson. we have long record trying keynesian stimulus. not just democrats. nixon tried a stimulus program and they all failed terribly. why we want to go back to these policies is mystery to me.
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david: chris, trillions of dollars. businesses are paying too much. how will you pay for it. >> you could take -- sorry. david: that is for chris. >> well, one, keep one thing in mind. when you talk about the difference between the republican president and democratic president, if you look at last roughly 50 plus years, the economy performed almost twice as good under a democratic president than republican president. now in terms of how we'll pay for this, i think they have clearly made argument that we've got to have shifting in the tax code, basically more revenues coming in. wealthy will have to pay a little bit more. let's be honest, we've had over last two plus decades, stagnant wages. jobs being grown are low-wage paying jobs. how do you think you're going to create an economy where the middle class, working class families are contributing to the economy if they don't have enough money to contribute to the economy? david: because half of that time, the democrats have controlled both executive and
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good portion, if not all of the house of congress. we have tried a lot of these plans before. they haven't worked. what is public going to think? will the public buy democrats spending plans? >> i'm not sure they are. they're very frustrated the way the economy is very slow to recover they're frustrated with money spent that stimulus package, president obama joked about and admitted it didn't work. bernie sanders said we'll grow jobs to implement new programs to build infrastructure. we've been there, done that. i thought fitting yesterday would have been margaret thatcher 90th birthday. she is famous for saying the problem with socialism you run out of people's money. that is exactly what we're doing. not enough money to tax the rich to pay for all programs. david: a lot of people say we already ran out of that money. guys, thank you very much. appreciate it. melissa? melissa: netflix dropping over 5% after-hours, seeing disappointing subscriber growth in the u.s. last quarter.
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david: netflix not doing quite so badly after-hours because they originally made a mistake international subscribers came down. they were less than expectations. in fact they are greater than expectations. came back four or five minutes ago they initially made a mistake. they actually beat expectations on international subscriber growth. that led to a recovery of somewhat in the share value. it is still quite significantly down about 5% after-hours but it had been down about 12%. tuna amobi covers s&p capital iq. he joins me now. tuna, it was not quite as bad as
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they thought international numbers but it was still pretty bad. do they recover from this? if so, how? >> i think they recover. if you dig deeper into the numbers the overall subscriber growth came in line with their projection. what happened was they, there was kind after short fall on the domestic domestic streaming subscriber growth which they attributed to cheap debit and credit cards. international subscriber growth came in higher than predicted, as a matter of fact more than compensated for shortfall in u.s. growth which happens to be singular metric. david: i don't want to get totally lost in the numbers but bottom line at first blush it looked awful but at second blush it doesn't look so bad and i'm wondering if it's a buy tomorrow? >> we have a buy recommendation. the company is pretty, they're very explicit in their guidance. in any given quarter i see
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numbers kind of give or take. fundamental thesis remains intact. netflix is shifting from domestic story gradually to international story where international growth is actually now orders of magnitude greater than domestic growth. david: okay. very good stuff. tuna, s&p capital. thanks very much. >> thanks for having me. melissa: here is the story i was interested in this holiday season. next time you need a delivery it might be from an uber driver. the car service is offering uber rush, helping merchants perform same-day delivery. right now for customers in new york city, chicago and san francisco. they're teaming up with shop if ify. they have option for uber rush delivery where businesses can schedule pup and customer and merchant can track location from pick up to drop-off from shopfy. david: we're closer to breaking a 107-year streak?
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which streak? we're talking about the cubs. will this year finally be the year for the chicago cubs? melissa: our exclusive interview with presidential candidate lindsey graham. his thoughts on feisty trump and race for 2016 of course. that is coming up. [ male announcer ] some come here to build something smarter. ♪ some come here to build something stronger. others come to build something faster... something safer... something greener. something the whole world can share. people come to boeing to do many different things. but it's always about the very thing we do best. ♪
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to 275 million. the company was co-founded by twitter ceo jack dorsey, who plans to remain committed to both companies at the same time. it will trade on the nyse under ticker symbol sq. melissa. melissa: vice president joe biden responding to the democratic presidential debate last night. >> i was proud of them. i thought they all did well and, you know, part of what happened to them -- [inaudible]. we have to -- [inaudible]. i thought everyone of those folks last night, thought they all did well. melissa: doesn't sound he is over a possible 2016 run. former chief presidential strategist for hillary clinton's campaign says, that he thinks it's a little too late. >> if joe biden was going to get into the race last week was his chance and he decided to give hillary clinton a free debate? i think it is a lot tougher for him to get in today. i say two to one he does not get
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in. melissa: joining me now, rich fowler, democratic strategist and radio show host katie pavlich and chris kofinis are back with us as well. chris, let me start with you, i looked at the stage, what this group needs is another old white man. where is joe biden? is that what you were thinking? >> i wasn't necessarily thinking that but i talked about this in the piece i wrote for ebony.com. here is the thing, hillary clinton did a great job laying out platform for american people. laying out platform to the party faithful. that being said what i disagree with prognosticators and pundits last 24 hours i think there is still space for joe biden here. the reason why i think there is still space because joe biden creates his own unique space when he decides to enter the space. he can talk to rust belt voters. he can talk to a lot of labor folks. he can talk to americans left out of the traditional economy and really have a conversation with them.
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why i think there is still possibility for him. but i do agree the shot clock is definitely running out for the vice president. melissa: chris, they need another old white man who is career politician. that is what you're missing on that stage, yeah? >> i'm, i will ignore the snark of the question. melissa: really? >> yeah. listen, i was, i'm in des moines and did focus group last night. we were actually testing the entire debate and at the end of the debate i asked the question, we had 39 undecided democratic likely caucus-goers, about 20, when i asked the question, and i said do you think vice president biden should get in, and 20 thought he should. melissa: yeah. >> i think there is an opening. here i think is the challenge. having done presidential races there is low gistal reality running for president that is extremely difficult. he is really coming close to that line in terms of setting up a campaign, setting up staff, filing your paperwork just becomes almost i'm possible.
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so i think if we don't hear next week or so he is getting in, he is not getting in. melissa: katie, in truth i thought candidates last night was so boring there was space for somebody like joe biden to come in. he could come in to light the whole thing up. it was boring. you talk about there isn't enough time. if he has entire obama machine hine him which he probably could, i think he has both the time and the backing, no? >> well, first i want to point out if it was republican field looked like the democratic field does, men on this panel would certainly be complaining about the lack of diversity in the gop field. i think it is important to point that out. on issue of joe biden jumping in late, sure hillary clinton did get a free debate last night. the fact even if joe biden was on the stage i doubt she would be challenged in way she needed to be challenged. you're right, melissa, who gets back of barack obama in 2008 and 2012? that will be joe biden. he needs to get in sometime soon but certainly has infrastructure already set up through the
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president. melissa: yeah. >> melissa, i disagree with that? i want to push back on katie a little bit. reason why i think a lot of obama, quote, unquote infrastructure is already part of the hillary clinton campaign, right? look at some top obama folks commonwealth director at hillary clinton campaign. a lot of other names who are big obama supporters moved their way to -- >> talking about grassroots effort. i'm not talking about advisors. >> i think it is one in the same here right? >> no they're not. very different. >> what joe biden will have to do is really talk to democratic voter. he is running out of time to do that. melissa: we'll leave it there. i still think he is getting in. appreciate your time. donald trump slamming senator lindsey graham after calling some of his policies, quote gibberish. >> some people that hit you and i never hit first. i always counter punch. you have some that hit you and lindsey graham was one and quite vicious bit. meantime i guess he has to get
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out very soon because he has no rating whatsoever. he has no poll numbers. at some point you get zero for number of months in a row you have to get the picture. he hit me. i hit him back. melissa: here now to respond in a fox business exclusive, republican presidential candidate senator lindsey graham joins us right now. senator graham, thank you so much for joining us. first of all, go ahead to what mr. trump said? >> well, i'm too vicious i said, that is my biggest problem. he is doing well. the a end of the day i'm looking for somebody ready to be commander-in-chief. when he explains to me what he will do in this area, doesn't sound a whole lot different than obama. he is leading in the polls but certainly no not leading setting agenda for republican on foreign policy i hope he can up his game. i don't think he can articulate because we can't afford to lose it. melissa: he said you hit him first and you were quite vicious. do you agree with that characterization?
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>> no. you know, told you i'm the king of losers, got shot down that started this whole deal. i think the next president of the united states needs to be ready to go. you have russia on the ground. now got cuba supporting assad. assad in power in syria is nightmare for us. the war in syria never ends. refugees continue to flow. iran has pathway to nuclear bomb. i know what i would do? i would send american ground troops back to iraq, 10,000, versus 3500, to change tide of battle. get arabs and turkey together, to destroy isil on the ground and push assad out. you can't do it from the air. nobody running for president on our side has a different plan than obama. ignoring syria you can't do. melissa: with would be approach to putin. >> number uni export natural gas to europe to undercut his monopoly. i would cut his economic legs out from under him.
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i would give ukrainians defensive weapons to increase cause of intrusion into ukraine. let them fight for their own freedom. i would reenforce nato. sanction the hell out of him as his buddies. tell them assad is going. if you want to fight for assad you're welcome to do so because he will not stay in power in syria because that war will never end and isil is the biggest beneficiary of this move. i would tell him if you want for assad you're welcome to do so but you're on the losing side. melissa: senator, did you watch the debate last night? >> yeah, parts of it. all i can say if you love socialism and big government and weak foreign policy your ship come in. they make obama look like ronald reagan. talk about taking guns away from law-abiding americans their eyes light up. when you talk about terrorism they look at shoes. you talk about biggest threat to the world they caulk about
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climate change. biggest winner was government and loser was national security. i don't don't believe anybody on the stage would be qualified to be commander-in-chief. melissa: you mentioned focus on climate change. you called out gopers to who denied science on climate change. >> i never said climate change is the biggest threat facing mankind, us or anything else. i think it's a problem. i think co2 emissions do create greenhouse gas effects. i would like to solve it. that is not the biggest threat with us. isil aligned with a nuclear weapon is biggest threat along with weapons of mass destruction. at the end of the day i would like to pursue clean air, clean water in business-friendly manner. main thing i want to rebuild military and use it wisely before we're hit again. there is another nine eleven on the way. people there last night on the stage have a pathetic view how to defend america.
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shut down nsa america. fortress america. withdrawing from the world. makes no sense. if i was isil i would be excited what i heard. melissa: mr. trump said you're getting out soon. how do you respond? are you getting out soon? >> i will see you around town in new hampshire. i'm doing weddings, funerals, bar mitzvahs, friendly divorces. nine days in new hampshire. i'm in it to win it. i'm a patient man. melissa: senator, thanks so much for joining us. appreciate your time. >> thank you, bye-bye. david: meanwhile the irony. the greenest state in the country, melissa's home state, is home to seven out of 10 of the most polluted cities in the united states. what does that tell you? and more violence today in israel after a palestinian day of rage, of stabbings and shootings. latest on that coming right up.
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day of rage with palestinian stabbings and shootings killed three israelis. kt mcfarland, former assistant deputy secretary of defense and james carafano, vice president of foreign policy. kt, these things are not spontaneous an they're organized to seem to be spontaneous. who is behind this. >> iran got another $100 billion in it is covers, even if only 1% went to resupply proxy terrorists in hezbollah and hamas that is an awful lot of weapons they are going to use. i think what we'll see next is another intifada where palestinian missiles from hezbollah, hamas, going into israel. israel will respond as it does. the palestinians will cry, war crimes, genocide, women and children. then it goes to the u.n. i'm worried that this time the will the president have israel's back? he certainly did not have
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israel's back two weeks ago at the united nations. david: no he didn't, but james, on the other hand the president needs support of american people if he is to go whole hog in one direction, the direction kt said. i'm wondering when the world is looking what isis is doing, of course the plo, or what used to be the plo, people speaking for the same organization they're much closer to isis than, is comfortable for most people looking at it from the united states or from europe. so, might there be a lot less sympathy for the palestinian cause as it were now than before isis? >> i don't know. i don't know if that is going to affect the president. he seemed very happy to throw israel under the bus in iran deal. david: will it affect the european public? they always play on sympathy of news mia -- media and european public. i don't think it will have same effect with isis? >> i think you're wrong. this has become a new feature of
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american politics. what is interesting, this is somewhat about israel but this is a lot about fattah and hamas, right? fattah is trying to get ahold of this violence and trying to prop itself up against amass. it is probably not going be able to do that. you're seeing an internal struggle. the great irony all this is our president, who says i still believe in independent palestinian state. if we have the independent palestinian state the president want, what would it looks like? it would look like assad in syria. corrupt, enemy of israel, friend of iran and terror sponsor. david: everybody agrees on that. but, kt, do you think the american public and europeans are continuing, continue to be fooled by this enat this if in fact it was done for the -- intifada if it was done by cynical reasons we outlined. >> of course it will. david: that was for kt. >> big loser is palestinians. >> palestinian people, absolutely.
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what they do equate israel with isis. isis goes butchers women and children. there are a lot of fatalities and innocent civilians and show what israel is doing. they will show israel. why? because palestinians cynically do colocate military headquarters in hospitals and schools. just the opposite. i think it will whip up anger even more. david: let's hope it doesn't. hope and pray it doesn't. thank you, kt and james, good to see you both. appreciate it. melissa? melissa: california's hard-hitting climate change laws don't seem to be changing anything. we'll tell you about its pollution problems coming up next.
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of the 10 most polluted cities in the u.s. are in california according to a study by the american lung association. are california's green laws regulation as failure? back with us to weigh in jonathan hoenig and rich fowler. jonathan, what does it tell you about those rules and regulations, the green rules? >> well, all they have done, david, make it more expensive to use the earth, to use energy. the truth is, that the smokestacks should be welcomed. smokestacks are a sign of progress, they're a sign of wealth creation. you don't want any smokestackses, move to the middle of africa. no pollution and no wealth and quality of life is terrible. yeah, california might have some polluted cities but they also got six of 10 wealthiest cities with zip codes. a lot of people live there. david: you can't say their green policies are helping to clean up the state if seven of 10 most polluted cities in the country in california. >> number one, i think jonathan is off base here. number two, the reason why they're creating all new laws putting them in place because
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they're trying to make sure the environment, the air that we breathe and water we drink is actually cleaner. far too long there is not any regulation. because of that there -- david: there hasn't been any regulations? tell that to a california businessman. >> well, i'm talking specifically about environmental regulations. it has been lax for many many years. our science tells us, the way we get our environment back on track is really finding ways to make sure we make sure -- david: jonathan, by any stretch you can call california's regs green policies lax, could you? >> they're knew green regulations. david: even the old one. >> that is one of the reasons that california gas for example, david is the most expensive anywhere in the union. david: how long that has been in effect? that has been in effect years and years decades. >> i would respectfully the environment needs to get back on track. people are loving to move to california, to live in california. >> you're saying not off track
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now? environment is clearly off track. >> by what measure? the fact that -- >> carbon emissions all-time high. david: hold on. guys, guys. one -- >> people want to live in the most polluted place. david: let me ask rich a question. what would you do, rich, quickly? >> what i would do is continue these regulations. work on curbing carbon emissions with stuff epa is already doing. double down to make sure. david: double down. >> have economy works for next generation and environment. david: we'll see what would happen if that happens. melissa? melissa: i had a vision of you as a dad there for a second. quiet down, everyone! david: i tried. melissa: shares of netflix and walmart getting hit hard today. we'll give you the recap what went wrong today. that is coming up. y's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier.
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the largest decline in 27 years shaved off more than 44 points on the dow. david: that dow is scary. netflix falling a bit after disappointing earnings report. the streaming power player was down 14% just moments after the earnings miss. now losses are 6%. >> that does it for us. "risk & reward" starts right now. >> greed and recklessness and illegal behavior of wall street, where fraud is a business model. >> i represented wall street as 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 is on their side willing to protect the main street economy from recklessness on wall street. deirdre: democrats are on the attack. watch out wall street.

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