tv Countdown to the Closing Bell With Liz Claman FOX Business January 19, 2016 3:00pm-4:01pm EST
it's catching up with them. the hits keep on coming. rnc has officially pulled the plug on the planned nbc gop debate next month, and instead the republican candidates will stage on another network. c'est la vie, cnbc, oh, well. heading over to liz claman in davos. liz: thank you very much, trish, live at the world economic forum in a subzero davos, switzerland as the markets can't shake deep freeze struggling to shake off the worst start to a new year ever. dow jones industrials down 61 points, near session lows following the long holiday weekend. the dow and the s&p are down nearly 8% apiece this year. here's what happened this morning, it's a bit of a surprise for anybody watching hours ago. the dow jumped out of the gate leaping to triple-digit gains at the open following upside moves in asia and europe. what happens in asia?
much anticipated chinese growth numbers met expectations, china's gdp at 6.9%, that sounds healthy comparatively but that's the lowest pace in a quarter century and that triggered hopes for more stimulus from the government and fears that china can't do anything to get out of its rut. the oil trade is moving the markets. oil below $29 per barrel. again at $28.33, settling at the lowest in 12 years. what does that tell you? the slide continues. stocks moving in lock step. volatility that we're seeing is not just in the markets but also certainly on the campaign trail. donald trump has said today he will make a major monument later this afternoon in iowa, and he's bringing a special guest. could it be his ace in the hole or another drama moment for him? our political panel gearing up to reveal who they think might emerge on the political stage with trump?
we know it's not joe biden because the vice president is here. we will set the scene in davos, switzerland as world leaders and titans of industry descend on the swiss alps. we're live from the world economic forum with less than an hour to the closing bell with lots of market action. let's start the "countdown." breaking news, markets are in negative territory, well off the morning highs, but also off the morning lows. low of the session for dow jones industrials down 84 points, we're down 40. the first day of trade after the holiday weekend. in the wake of the worst ten sessions to start the year, the dow is currently about 1500 points away from the 2015 close just a couple of weeks ago. we need to tell you that normal oil trade resumed at the nymex, but oil could not catch a break here. settled at $28.46. that is the lowest close in more than 12 years.
looking at the u.s. dollar, it started out stronger today, pulled back slightly but perspective is crucial here. the dollar as you know has muscled mightily against foreign currencies, and we thought we're in switzerland, swiss frank is not attached to the euro but year-over-year, the dollar is up 17% against the swiss franc at just about parity, one buck, one franc. now the 120 hood see about 99 bucks. still expensive in switzerland but the dollar is down slightly this year. look at individual names. seeing gopro once again a new low, this is the third trading session that the action camera company hit new lows. a new low of $10.41, this was a momentum stock in the latter half of last year, didn't appear it caught wind from the
holiday sails. tiffany losing sparkle. down 6.75%. the company reported disappointing holiday sales and staff layoffs. people didn't buy. the silver bracelets and the gold necklaces and the diamond mini, this is a numbers game for tiffany and means the russians and the chinese are not buying as much as they were a year ago. session low for tiffany, $62.90. it's come back just a bit. let us get to the volatility issue, eight out of the first ten sessions for the dow ended in triple digit moves. we've seen a triple-digit move already today. what's going to happen to the close? traders at the new york stock exchange and cme group, also joined by anthony scaramucci fox news contributor and fox business contributor in davos. first to you john corpina. china and oil, both ugly at the moment.
what else can drag the dow and the nasdaq out of this problem here? >> falsely hoping believe anding that earnings season is going to help us at this point and i don't think it's strong enough. the three-day weekend that we had was crucial. it came at the right time. we had significant sell-off and gave everybody a good opportunity to take a step back and evaluate this market. coming in today, futures were up 40 points at one point this morning, and seemed like the market had the right momentum, had the right movement. what we're seeing now is it's not strong enough, the market is fragile. we can't hold onto any gains. like you said, following china, following oil. oil continues to trade below $30 a barrel, that's adding fear to the market, whether it's true or not, the reason or the belief behind why oil can't rally is getting people out of this market faster and faster than i saw last week. not a lot of economic data this week. pretty light.
netflix after the bell, ibm, goldman sachs, as an earnings sector coming in in-line, but the overlying hang effect of the market is bring everything down with it, even retail sector, everything across the board is getting all wrapped in together. i don't think there's anything that's going to pull us out quite yet. liz: chris robinson, do you see a flight to quality here? gold doesn't catch that at the moment, but what about treasuries? where are people rushing? what is the trade that you see on the floor of the cme? >> a typical trade, buy the 10 year, the 30-year, you have that supported. we had a lot of volatility in the stock indexes, that's important to watch. we were open electronically yesterday. held gains. people were worried that the futures market was going to sell off. we were open electronically yesterday. we came in today had, a good rally. the market does not want to hold onto the rallies. get to t
highs, the s&p and the dow futures to protect their hedges if they're a long stock. you're going to continue to see that on rallies. people selling into it here. until we can flesh out what happens over the next three to six weeks. liz: exactly. anthony scaramucci, you just landed. i just landed yesterday. we have russians here, chinese, people who are intimately involved in the issues, broaden the aperture for our viewers. you're looking at a fed meeting next week, no way they can tighten into the slowdown, right? >> the futures market is projecting a september rise as opposed to the march rise. 10% likelihood in march which i think is unlikely. i think they're going to go once possibly twice before the end of the year. the market is reflecting, that i think the market is reflecting great uncertainty about the presidential election. if you get a left leaning democratic president with all the regulation, all the
additional taxes, that's going to manical the markets. liz: when they are scored by bipartisan or nonpartisan organizations shows it's going to cost americans a lot of money, too. >> i think either side you get one of the extreme candidates on either side, that's going to be difficult for the market. you and i know that the markets like moderation and moderate political activity, but something else going on, and the chart that you showed early in the show is reflective of it. there's no liquidity. volume is there, liz, but nobody stepping in. liz: john corpina, what is the big board volume right now? >> big board volume is 720 million, on pace where we should be at this point heading into the bill. i overhd traders saying we were pared off on the bell. traditionally at the end of the day if we close flat to down a little bit, the overall real
message was the fact we had such a significant gain and sold off, i think that's when investors focus on. >> wouldn't you agree that the volume is not necessarily a sign of great mid market liquidity where people are stepping in with catch to make markets here. seems if there's more selling pressure we gap down, if there's more buying pressure, we gap up, and some of this could be related to things like the boca roll. am i wrong on that? >> volume does play an important role in the market activity. there are days when we evaporate higher or evaporate lower. we need to see the good volume at play here. what do i mean? it's the institutional players, the vanilla funds that find their insert points and exit points where they want to come into the market. right now we're not seeing that type of flow that's back and forth in the market. liz: and chris, do you agree with that? do you see that at the cme? >> i think so, i think you see
volume pick up when we get to the technical levels, so again, that's the one thing you got to remember. maybe they can't get it out of their stocks but get hedges off here. and one or two contracts can protect a lot of downside on a portfolio. this is still a safety valve, and so far this market has been doing its job, i think. liz: i think john's right, maybe a flat to slightly lower close, a better sign, the dow is trying to come back down. 18 points. thanks to john corp.ene achris robinson, anthony scaramucci. all week long in davos, switzerland. closing bell about 50 minute away, as we continue live from davos, switzerland and the world economic forum, major ruling on president obama's executive order on immigration is headed for the highest court with implications stretching straight into the 2016 presidential campaign. that and much more ahead from the world economic forum live
in davos, switzerland where all week long the biggest names in business will be on fox business. thursday speaking to nasdaq chief operating officer and friday microsoft co-founder bill gates, tomorrow howard lutnick, russian bankers, you name it, we got it. "countdown" coming right back. stay tuned.
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. liz: back now live with about 46 minutes before the closing bell rings. the end of iranian sanctions are major chatter and headlines across davos, switzerland. i grabbed this, of course, the italian newspaper says [ speaking in italian ] >> the end of the sanctions in iran, big discussion here, the three americans freed in the dramatic prisoner swap with iran and the fact they're one step closer to home. finally reunited with families at hospital in germany. amir hekmati thanked everyone for their support saying he feels alive for the first time in a long time. he was reunited with two
sisters, brother-in-law and congressman dan kildee. photos of jason rezaian were released. they show him with his wife, brother and mother. he is freed. and we have christian pastor saeed abedini, his wife tweeted the news that he was freed and they will be reuniting soon after being incarcerated for 3 1/2 years. there's no word yet when the three men will actually be returning and set on terra firma, but watching this closely. breaking news out of the supreme court. the highest court announced it will decide on two major cases this term. president obama's executive orders on immigration and the government's ability to police insider trading tips from friends and family. certainly controversial for our viewers. the first could have major implications for the race for the white house while wall
street has a close eye on the other. peter barnes is joining us with more details on the two cases. peter? >> reporter: the court will likely decide both of these cases before june. and the legality of president obama's 2014 executive orders to shield up the five million immigrants from deportation. texas led 26 states in successfully suing to delay the orders, saying they were unconstitutional. now the supreme court wants to know whether in issuing them, the president violated the take care clause of the constitution which requires presidents to take care that the nation's laws, in this case, existing immigration law, be faithfully executed. >> these kinds of executive actions that the president took a little over a year ago now, to try to bring much needed reforms and greater accountability to our broken immigration system were clearly consistent with the precedent established by other presidents, and clearly within the confines of his authority
as president of the united states. >> reporter: the insider trading case concerns illinois businessman convicted for making $1.2 million on tips about mergers from his brother-in-law who happened to be a banker at citigroup. question in this case is what benefits do corporate insiders need to receive for any information they disclose to traders to be considered illegal? in this case, the defendant argued that prosecutors should be required to take an extra step by proving that the brother-in-law received a tangible benefit for his tips, which he did not in this case, liz? liz: i know, but it makes me wonder, is it still unfair? is that landscape unfair? the playing field. peter, thank you very much. that will be an interesting one to see. the closing bell is ringing in 42 minutes. thought we'd take a look at the dow's leaders, show you green on the screen, it's changing minute-by-minute.
we have coca-cola, united healthcare, procter & gamble, mcdonald's. yeah, we do have green on the screen here, looking decent. walmart not looking bad either. up next, the power brokers of the world starting to arrive in davos, switzerland, why the world economic forum is so important and who we expect to speak with this week? fascinating introduce. "countdown" is coming right back.
. liz: 37 minutes before the closing bell rings. we have the nasdaq faltering and it just continues to be a tough session for the markets, as we look what's going on here. dow industrials pearing the losses. we were down much more. lower by about 7 points, could we hit the flatline like john corpina anticipateed? we shall see, the nasdaq lower
by 24. let's look at twitter, twitter cannot catch a break here. the blue bird sinking to a new lifetime low. here it is. $17.23 today. this after reporting outages overnight like here in davos, i tried to log onto twitter and immediately said in both german and english, we're having a problem, we'll fix it soon. twitter, the stock down 75% from all-time high in late 2013, and i believe down about 50% since jack dorsey, one of the co founders took over from dick costolo. world business leaders and luminaries are assembling for the world economic forum here in davos, switzerland. here is video what you can see. that's the congress center to the left. it is tight, tight security. you can only imagine when you have the world leaders of
everyone from ukraine to joseph biden, the president who is here, apparently having swiss fondue last night. charlie gasparino will probably talk about that, he was trying to get into the fondue restaurant and was told, no, you can't get in. we see detail checking out the cafes to make sure it's safe. angela merkel canceled due to the migrant violence in cologne over new years and the syrian migrant crisis. i should tell you the syrian migrant crisis is a hot topic, considering a couple of weeks ago, the few syrian migrants taken over in davos were, quote, relocated. i said to somebody who is swiss, were they kicked out in advance of the world economic forum? don't say kicked out, say relocated. why? for security reasons, the word security keeps coming up. u.k. prime minister david cameron is coming. no doubt controversy will
follow him. he announced he felt that muslim women in the u.k. did not show enough aptitude coming to learn the english language. they should take the test if they want to stay in the u.k. this is controversial. people feel she absolutely in the right for this. if you stay in the country, you should have basic aptitude to the language, others said it was not helpful to the conversation. over all you have the syrian migrant crisis, you have oils, markets gyrating in 2016. one of the biggest names is access to the top business minds. one of the most in demand is rich lesser. he has 31 one-on-one meetings here at wef. he spoke to fox business, his first interview about the hot button topics including oil, real concerns about terrorism, and i asked him are ceo's
paralyzed with concern? >> i don't see most of them paralyzed with fear. most of them are trying to deal with uncertainty, but not post-lehman when people were in a system shock and you say there is a paralysis that hit the world economy and people froze not knowing what to do. people are very much in action mode, you city in the m&a mode, you see it in the investments companies are making, that's the environment they're in, and they have to be in. liz: i asked him, where is the best place to invest right now on the globe? he travels everywhere, i could have sworn he was going to say india. people feel that india is the next opportunity. he said the united states. the best thing going, for the full interview we have it on lizclaman.com. you can see everything that rich lesser had to say. these are just as things are getting started here. the media has descended and crew team fox business got a
chance to get on streets and thought let's see the ski slopes here, it's different from the ski slopes that you see in america. and we went on the gondola, the finick lar, here you see me going down in the gondola toward davos. davos is the highest city in europe at about 5,000 feet. at the peak of those mountains in the swiss alps it goes to 9,000 square feet. there is a lot of slipping on the ice, a lot of broken bones. they hand out toe grips for people's shoes, you got people coming from mexico, people from south america, they're not ready are in at all. fox business is ready. all week long, fox business is speaking to most important business men and women in the world, including nasdaq coo adena friedman, microsoft co-founder bill gates, former british prime minister tony
blake, billionaire what he's buying, he said he was buying facebook, it's turned out to be a smart trade. you got to hear what jeff green has to say. and can you follow all the action from davos in social media. i'm tweeting, posting a bunch of pictures, check out facebook.com/liz claman, and all our interviews on lizclaman.com. maria bartiromo i should say is live tomorrow, 6:00 a.m. eastern time. she's got amazing lineup of guests, watch "mornings with maria" as well. closing bell, 30 1/2 minutes away. the dow turned positive moments ago. s&p is trying to stay there at the moment. oil down a dollar and two cents. the flint, michigan water crisis has taken another turn as the governor addresses the emergency in his state of the state. this is a horrifying situation for people who cannot get water to their children unless it's in bottles handed out.
we have a live report for you. and donald trump expected in hours to make a major announcement out of iowa today. speculation is running rampant. is it sarah palin who is set to jump back on the political scene with him? is that a positive? negative, net net neutral. we're live in davos, switzerland, my nose is running, but i am running with you. so stay with us.
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governor rick snyder to step down over his handling of the situation. >> i der is expected to lay out plans to fix the problem during his state of the state address tonight. at least 87 people have been diagnosed with legionnaire's disease with the toxic lead contaminated tap water. gerri willis with the latest. >> reporter: unbelievable. here's what set this in motion, in 2014, basically the city of flint changed water supply. they changed it from detroit river to flint river, and the brown water that gushed into the city from the flint river essentially corroded pipes leaving lead in the water consumed by residents. and as you know, i don't have to tell you, liz, particularly dangerous for children, it can lead to problems with dwem. it can also lead to death. this is a very, very serious problem. now we have a class-action lawsuit in flint brought by
residents who are livid, as you might imagine. they're saying that this is a war crime. that they are being poisoned. they say we all have death sentences on our head. you're seeing the pictures of people walking around with placards, saying water is a human right. it's astonishing how long this has gone on. now, governor snyder who gives state of the state address tonight is expected to address the problem with a plan for going forward. so far, obama has said this is an emergency, and it has placed flint in a state of emergency which unleashes some money, the city wants designation as a disaster zone because it will set up the city to receive 100 million. we have soldiers and the red cross giving out water to residents there, an emergency situation there that is frightening and horrific.
liz, back to you. liz: gerri, seems like a third world problem happening in our own country. they talk a lot about clean water in davos and getting it to poor people. it's happening in flint. gerri, thank you very much. we are less than three hours away from donald trump taking the early voting stage in iowa, he has teased a, quote, very special guest and major announcement at that event. one name keeps popping back and forth into the mix, senator john mccain's running mate sarah palin. i am joined by a democratic strategist along with a fox news contributor and columnist. deroy, you are the republican here, what would a palin endorsement do for or against donald trump? >> it will keep him in the news. it seems impossible for 24 hours to go by without donald trump not being at the center of our attention, he always seems to pull another rabbit out of the hat. talking about donald trump more
today and tomorrow and the next day, and palin, i think -- liz: let me push you here, i need to push you -- >> i'm sorry, go ahead. liz: i want to push you because it's easy to say it will keep him in the headlines, but she brings baggage with her, no doubt. is this a negative when you have undecided voters who push back against her? >> no, i think in a gop primary she's well regarded. there are people who have questions or problems with her. none so great that people say well, i was for donald, but sarah palin is for him, so i'm going jump to cruz or jeb or ben carson. i don't think there is anything that negative that she scares away trump supporters who exist, and i think people are on the fence and she will give trump additional support. liz: deroy is right, it gets him out there, and as part of the talking conversation, you've got to have an opinion i'm sure? >> i've never seen anything like the ability of donald
trump to command a news cycle over and over again. if he's good at nothing else he's good at making news. this will be huge. i don't know that it brings or loses him voters considering where he's drawing voters from. these are voters that are cultivated and felt empowered to the presidency. ted cruz said he never would have been elected to senate without her being on the national stage. it set the stage for trump to be taken seriously as a republican nominee. i don't think it brings or loses him voters so much as it continues to lock it in. liz: okay, let me skip over ted cruz for a minute. he's in second place, marco rubio is in third behind donald trump. deroy, what is the situation there? he hit a ceiling after having quite a bit of velocity? >> i like marco a whole lot. he is incredibly well spoken, he's a national security expert, certainly if you want
to look at electoral votes, have you 29 votes in florida, a complete mega swing state. that would add a lot in terms of november. i think he would have more going for him. it seems like he's hit a ceiling in the low teens and can't break out. i think part of it is on a day like today where marco could have a brilliant speech on important issue, knocked out of headlines by sarah palin. hard for anybody to get traction as long as donald trump is around. he's a distraction for the candidates. liz: emily, we are pressed for time. i want to comment on hillary versus sanders. you have the debate, it's a touch and go situation for hillary clinton, or is it? >> i think having sanders becoming a stronger candidate in this rais race is great for the democratic primary. it's very good for clinton in the end who will likely be the nominee because it actually makes it a race. nobody likes to be told they have an heir apparent who the nominee is going to be. to have to discuss the issues
have been very good for the primary. liz: it's great to see you both, emily and deroy, we'll continue the conversation, i'm freezing, i first started without gloves but now it's freezing, we'll see what happens. >> it's cold here too. liz: it's cold on new york. see if i can hold off putting the coat on until the end of the show. stay with fox business, tomorrow stuart varney will be joined by eric trump. by the way, we also have a billionaire who ran for president and won for president. that is petro poroshenko of ukraine right here from davos, switzerland. so you have to hear what he has to say about donald trump and certainly what's happening in russia. closing bell ringing in 19 minutes. today's laggards, no surprise the oil names here, integrated oil names, chevron and exxonmobil and, of course, the material names, dupont, cat pillar and apple which is a
surprise here. dow jones industrials gang 21 points, the s&p clinging to half a point of gains here. up next, charlie gasparino in the tend in davos, switzerland. he will delve into the bank earnings we got this morning. bank of america and morgan stanley beating the street, both ceos expected to be on the ground in davos. charlie breaks it next from davos, switzerland. you pay your car insurance
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would be cutting expenses by a billion dollars and bank of america beat, they had better revenues but trading by six pennies at the moment. the bank admitted growing the company's revenue is difficult and ceo brian moynihan is here in davos along with morgan stanley ceo, a lot of bankers here but a lot of turmoil too. and that's where charlie gasparino comes in. >> you like ly like my outfit? liz: is this the cavuto collection? >> the cavuto collection. my wife is gone, she's at the retreat where there is no access to tv or telephones so i'm free. can i say whatever i want. liz: that's a great story. thank you for sharing that. [ laughter ] charlie, get to the banking numbers, you begged jpmorgan as it looks good. >> remember you had a doofy
floor trader on talking about how great jpmorgan's earnings were? liz: is that a word, doofy? >> he was touting his book. if you look inside of jpmorgan's earnings, jamie dimon, the ceo who will probably be here tomorrow, maybe flying in tonight. he said it's a tough environment out there. we might have -- i'm not sure if they beat but they disappointed, we might have beat earnings because we cut so much. i'm paraphrasing, that's what he said. liz: morgan stanley. >> what did james gorman say? liz: we cut jobs. >> james gorman will be here tomorrow. he said again, difficult to grow revenue. so what you have in a highly regulated environment, and this is proof putting, and i think we're hearing some of this particularly in the closed-door meetings among the banks, the u.s. banks, the obama administration has turned the u.s. banks into pure utilities
right now, that's why this presidential election is after people get done complaining how they can't grow earnings, they have so many restrictions, how they can't do proprietary trading, which has nothing to do with the financial crisis, after that they're talking about the election and who's going what to dodd-frank? will hillary, despite her rhetoric go out there and reverse dodd-frank's excesses? liz: she has good friends. >> unfortunately he's not here, the ceo of goldman sachs, he's undergoing chemotherapy. i hear he's doing well. but traveling is difficult. liz: gary cohn will be here. >> lloyd blankfein is tight with hillary clinton. jamie dimon, i haven't asked jamie who he's going to vote for, if jamie had his druthers, he would vote for bill clinton again, he's a democrat. there's a lot of clinton love among the wall street ceos here.
james gorman, i bet he's on the fence. he's met with everybody because that's what happens when you are ceo. i believe jeb bush is seeing him. everybody else. these are all ceos that are very tight with the clintons. the question is does, she go against some of her rhetoric and do what they think she's going to do, and that's change parts of dodd-frank which is making the banking industry, essentially into a utility. very low growth, highly regulated. forget about the way they were -- liz: i don't know if a lot of the voting public has a bleeding heart for the banks at the moment. >> well, here's why -- i'm not saying have a bleeding heart. >> i get it. >> here's where it hurts the viewing public, when they can't get a loan, hard to refinance the loan. liz: charged in the checking account. >> when you don't have free checking account, you get charged higher fees on credit cards and lending to small businesses, the banks aren't
doing it for a reason. liz: charlie gasparino, thank you very much. >> okay. liz: and, yes, folks, he showered. i know he tweeted he wasn't going to. but he showered. liz: i had to be with you. that's the only reason. okay, charlie, see you tomorrow night. 3:00 p.m. eastern, it's 9:00 p.m. in davos. but much more from the world economic forum all week. on thursday, we've got former british prime minister tony blair. sitting down and speaking with him about oil, isis and why the british parliament wanted to ban donald trump? plus team coverage here in davos, tomorrow maria bartiromo is here, she has an incredible roster of guests, kevin spacey and nurial rabini. the dow is charging higher. our "countdown" closers tell us that the worst start to the year is about to turn around. and fourth-quarter earnings after the bell.
lori rothman on whether netflix is still going to be on fire? live from a frigid world economic forum in davos, switzerland. "countdown" heating up here, coming right back. stay tuned. the microsoft cloud allows us to access information from anywhere. the microsoft cloud allows us to scale up. microsoft cloud changes our world dramatically. it wasn't too long ago it would take two weeks to sequence and analyze a genome. now, we can do a hundred per day.
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liz: five minutes away from the closings bell. the nasdaq just turned positive by a tiny point, it was just as negative. go to lori rothman on the floor of new york stock exchange. two stocks we need to watch after the bell? >> netflix and ibm reporting fourth quarter numbers after the bell. tell you optimism ahead of netflix latest quarterly report may be part after turn around for stocks. we've had a lot of up and down i will get to the bigger picture. netflix, the magic number, 75 million subscribers. that is what wall street wants to see in terms of its growth.
netflix very volatile. you know this stock has tendency to move on average -- 13% after the stock reports earnings. expecting good things from netflix. back to you. liz: lori, thank you very much. i gave n i put on the coat. it was too darn cold. >> i gave in first, no problem admitting. liz: joining me for the last few minutes. >> i have no back hair. not that you needed to know that but i behave in. liz: we have a hearty new englander david joy, who manages 22 billion in assets. hi anthony and david. should investor be positive for the next couple months? >> i would say no and no. i think market will struggle until oil find as bottom. we haven't seen enough
production, destruction if you will to make that happen just yet. and at the same time, this market, if you look at the charts it has just gone straight down. it doesn't seem to found any support and none seeps to be in the offing. if you're trying be tactical. i would be cautious here. if you're a long-term investor we'll get through this in time. if you're looking to put money to work i would hold off a little longer. liz: anthony, how do you feel about that? we have had this conversation before. there is the opportunity to buy when fear is greatest. is that what buffett does and that's what you do? >> we feel a little bit of panic going into the markets. in this case there is a transition going on in the markets, liz, because of rate hikes, because of slowdown in oil, the market is now resetting to what we would call a, a more mean reverts pe multiple. this is sort of a 15, 15 1/2 pe
multiple. that is are with the market will finally settle. once there is visibility on this quarter's earnings which is coming this and next week that is our prediction. that is why the market is very sloppy here in addition to the oil. but at the end. day the fed is normalizing their monetary policy markets normalize where they typically traded before historically. liz: david, there are people who are gutsy, i have a little bit of dry powder, i want to buy. give us three names. you don't have to go into a list but i'm sure there is a common thread with these names. >> couple ideas. altria. 3.9% dividend yield, very defensive stock. if you want to be engaged, hide out a little bit, that is good name. one in financial space, even though financials come under pressure last two weeks, metlife is interesting. off 25%. 3.6% dividend yield. all of sudden a restructuring story. good upside in the long run.
lastly, etf name, ezu. it's a call on eurozone equities. eurozone is now in bear market. those multiples have come back a little bit. we think it's a nice entry point. a good way to play it. liz: i said buttedcy. he is a gutsy one. david, thank you. anthony scaramucci will be with us from davos, switzerland and howard lutnick and that will do it for "countdown to the closing bell." david, melissa you have news. david: we do. i like that idyllic scenery. great stuff, liz. looks like christmastime. battle over president obama's executive orders on immigration is going to the supreme court. the justice i agreed to review the president's plan granting limited amnesty to five million immigrants here illegally. melissa: fox news exclusive.
a top inspector general says hillary clinton emails on her home server had intelligence from federal government's most secretive and highly classified programs. more on this investigation. david: even above top secret. [closing bell rings] markets managing to squeeze out a gain today but nothing like early in trading. futures showed a big gain, triple digit on the dow. lost momentum very quickly as harsh realities began to sink in, what might be happening with earnings. speaking which we get netflix out any moment. that stock, by the way, which has been hit hard recently, may move as much as 10%, melissa. melissa: here's a look where we're ending the day. the dow trading up 26 points. s&p trading up a point, basically flat on the session. nasdaq down. crude oil there down a dollar. you can see better t