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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  April 28, 2016 3:00pm-4:01pm EDT

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you can think about it for a good long time, honey bun. it was fun. great day. and great to have you here. >> i don't want this day to end. trish: neither do i, elizabeth, neither do i. good to have my little pumpkins here, have a great day, everyone. liz: trish, thank you very much. major breaking news on the markets, we have suddenly taken a dip considerably lower. a lot of this is apple. there are developments as one of the top investors in apple has run for the exits. in the meantime, no sympathy for the devil on the campaign trail, republican presidential candidates donald trump and senator ted cruz taking a white house 2016 race to new lows today. the bitter rivals blast each other, comments coming in the last couple of minutes. former house speaker john boehner who was quoted as calling senator cruz, quote, lucipher in the flesh and a
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miserable s.o.b., and donald trump jumping into the pile-on, he blasted ted cruz for trying to tie the billionaire businessman to the gop establishment. you know how donald trump hates that. as they say, the devil is in the details. we will get to details from fox business reporters live on the ground. the morning melee with some calling cruz's hail carly pass. ken cuccinelli, the former attorney general of virginia why he says the addition of carly fiorina to the cruz ticket could stop trump from reaching the all-important 1237 delegates. plus, six days ago saying it's fine to weigh in on other country's issues, president obama begged the people of the u.k. to support government to stay in the european union. this after the president blasted israeli prime minister benjamin netanyahu for urging congress to stop the iran nuke deal. that does not sit well with
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legendary attorney and harvard law professor, america's alan dershowitz. he is here on what he's calling blatant hypocrisy on behalf of the obama administration. too close to less than zero? the gdp number is spooking wall street. down 126 points for the dow, session lows. plus spacex's straight mission out of science fiction. charlie gasparino and the oracle of omaha putting on sneakers to run with the berkshire bulls in omaha. we're less than an hour to the closing bell. let's start the "countdown." folks we are at session lows and dropping precipitously here. dow is down 129 points. the market in the red for quite some time throughout the session, but appearing to be wake up to two things. a very ugly print for first quarter gdp. you can cycle through these
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with the markets. what did we get? gdp for the first quarter came in at 5/10 percent. the expectation was 7/10 percent. you can see we started to move higher, and now you can see the s&p numbers are mirroring exactly what the dow is doing right now. session lose at the moment. some has to do with this. investor activist carl icahn soured on apple. the billionaire told cnbc he has sold about $5 billion of stock. he exited the position. he is done. he is out. what? million. million, excuse me for a moment. apple down 2.3%, standing at $95.49. apple was suffering yesterday because the numbers came out after the bell the day before, they showed a 12% contraction in revenue. so apple is dragging down most of the market.
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a huge position. but the s&p, huge position in the dow, too. investors are clicking "like" on facebook, facebook can't help apple's problems, facebook surging to a new lifetime high today after reporting stronger than expected financial results. jumping 7.75%. the runway looks good for the company. mega medical deal, abbott labs announcing plans to buy st. jude medical for 25 million dollars. it will add to heart and neurological devices, something on behalf of st. jude that investors like that stock jumping 26%. to politics and the battle between donald trump and ted cruz is centering at this hour. solely on satan. i know. satan in the hoosier state, it's all about to head to west california and, of course, we've got team fox business
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coverage. jeff flock in evansville, indiana, we have connell mcshane in san francisco where all three republican candidates are headed being in. we begin with a battle breaking out on the campaign trail. this time donald trump didn't actually start it. you can blame the former house speaker john boehner. last night in front of audience at stanford university, former speaker john boehner called senator ted cruz lucipher in the flesh. he did not stop there. the guy is completely unlikable. said i have democrat friends and republican friends, i get along with almost everybody but never worked with a more miserable son of a bitch in my life. those of course john boehner's words about ted cruz. when asked about it, ted cruz used it to fuel the fire, and diverted the attention here and called donald trump another member of the washington establishment that's friends with john boehner. >> and then yesterday john boehner said donald trump is
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his texting and golfing buddy. what does it tell you if both harry reed and john boehner say donald trump is their preferred candidate? donald is washington. hillary is washington. liz: jeff flock in evansville, indiana, where i guess donald trump just responded. what did he say? >> he didn't say a dog gone thing about it. that's the smart thing for him to do. it's nice when somebody else start the mudslinging. here's what got said, legendary basketball coach bobby knight said dramatic things of his own to a crowd ostensibly of republicans as he endorsed donald trump said i don't give a damn about the republican party, i'm not here for that. and i don't give a damn about the democrat either. i'm here for donald trump because i think he's the best guy.
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trump saving his venom for the newly minted cruz-fiorina team. i think you can imagine what he said about that. he was at a more presidential-like setting. kind of looked like a presidential podium today. untrump-like, but the rhetoric as you expect. take a listen. >> he now goes out and gets carly who left the race because she had no votes. she had nothing. and that's okay. she's a nice woman, but it's not going to help. it's not going to help. >> reporter: you know, he has said this is the first guy in history to have been mathematically eliminated who picks a vice presidential candid ted cruz has not been mathematically eliminated. maybe on the first ballot. he feels he has a path to victory. if he didn't, donald trump wouldn't be campaigning so hard here in indiana, liz? liz: donald trump, we know he's going to hop a plane and head
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to california, jeff, followed by the other two republican candidates and address the state's republican convention with trump kicking things off tomorrow at a banquet during the lunch hour. connell mcshane in san francisco to tell us what we can expect at the convention. we already have a few fireworks now? >> reporter: we do indeed and may get more tonight. there's a lot of focus on california. and trump will kick off his california campaign after he leaves where jeff is and comes to the state. he'll be at fairgrounds at orange county, can hold 8,000 people, it should be a large-scale trump rally. from what we hear, there will be a number of protesters on-hand to welcome donald trump into the state before the june 7th primary. he's coming here in a strong position. he's had a good couple of weeks. if you look at the california polling, the latest numbers we had. trump 49, cruz 22. kasich 20. huge lead.
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27 points on the "fox news poll" for donald trump. this will be a chance for him to clinch the nomination on the 7th of june. path easier with victory in indiana. here's the deal with california before the 7th to keep the factoids in mind. 53 districts in the state. have you three delegates. so if you win a particular district, you get all three delegates, winner-take-all districts. only republicans can vote out here and it's a big deal here. there has not been a contested republican primary of this kind in the state of california since it was barry goldwater and nelson rockefeller with goldwater barely winning in 1964. that's why all three candidates are coming here, and we'll see them over the next few days. it's trump and kasich tomorrow, and saturday ted cruz will be here with his new running mate, carly fiorina. liz: yes, carly fiorina. and again, now, suddenly the limelight is stolen from carly at the moment with the other
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drama. thank you, connell, very much. now to the democrats, we should tell you we have a live picture out of springfield, oregon, we're awaiting bernie sanders. he's expected to take the stage there while hillary clinton stayed out of sight today after her big win on tuesday night for super tuesday 3.0. senator sanders has been hitting the trail hard day after day, after news of campaign layoffs make the headlines today. he is not going anywhere. his wife jane coming on fox business to make that quite clear, speaking to neil an hour ago. listen. >> there are a lot of differences and we need to, in a democracy, express them, and we're going to do that in every state of the union, including the largest state that hasn't voted and won't vote until june 7th. liz: by the way, she said she wants the delegate situation changed as does bernie. i'm joined by emily susman, a
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democratic strategist and paul scott, a republican strategist. emily, what do you make of that? number one, the news today there is perhaps quiet negotiating going on between hillary clinton and bernie sanders, plus they want the system of primaries changed just as donald trump was on the republican side. will they get that? >> look, running against the system is something that worked well for sanders as it has worked for trump. you set up the narrative if the system is against you, you are always winning that narrative right. if you do well, it's a win. if you don't do well, it's the system. worked well for him. the reality is clinton is just beating him in straight votes. millions of straight votes. it's harder for sanders and supporters to take, but i think that's wonderful that his wife came on he's continuing to campaign, and glad they are speaking to new audiences, coming on this network, but he is laying off campaign staffers.
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that is real. liz: kevin, when you start to see a campaign do, that the next step is if they do drop out, they want a conversation, want to be part of the conversation. can bernie sanders, perhaps affect hillary clinton's path whether it's from a policy standpoint or something else? >> yeah, unfortunately for bernie sanders, he fought a good fight. the fight sending. hillary is going to be the nominee. he's trying to pull the party to the left. the time to do that is the primary. i don't think he's going to have a lot of success. the time he's pulling them to the left, hillary clinton is trying to look like a serious contender. trying to look like the adult in the room with donald trump. though she's super corrupt, she's got to look as i'm not so far left as bernie sanders, it's not going to work for bernie. liz: corrupt, that's the narrative that the republican side wants to put in. emily, i've got to get to ted cruz.
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he tried very hard, it took him 39 minutes to say the name carly fiorina is my vice presidential candidate, or she's going to be my running mate here. but in about two seconds, john boehner eclipsed all of that by giving a speech at stanford calling him an s.o.b.? >> he really did. the one thing cruz is successful in doing is getting into the conversation in a positive way. he is virtually eliminated, not technically but virtually eliminated. he tried with a pact with kasich that has totally fallen apart. the thing he did by getting people to talk about him as a candidate is announcing carly fiorina. boehner coming in last night talking about how terrible he was to work with in congress. i've worked in washington, worked on nominations, and he would go into senate meetings and they would talk about strategy and he would stay silent and walk out of meeting and go to the press and talk
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about how he was leading on opposition. the reason his colleagues don't like him is because he's ideological or outsider, it's because he's a jerk. liz: to that point, kevin, donald trump is trying to paint ted cruz in the same way. maybe you heard jeff flock, maybe he didn't. in the most recent speech, donald trump didn't talk about cruz in that regard. is that a smart move? the new donald trump? >> of course, donald trump is the presumptive nominee, beginning to pivot focus. it's the right thing to do. at this point cruz did, emily is right, he took the headlines for a little bit, and unfortunate unfortunately donald trump didn't have to take it back. cruz is really in trouble at this point. if donald trump doesn't get 1237, with all the momentum, it's hard to see why he doesn't claim the nomination. ted cruz had a pathetic performance and it's hurting him. liz: great to see both of you,
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emily and paul, such a pleasure to have both of you. thank you so much. by the way, we have former virginia attorney ken cuccinelli, why? he is a huge supporter. this is a huge question for everybody, what the addition of carly fiorina to the ticket will mean, will add value to the cruz campaign, there are questions about that at this hour. speaking of at this hour, the dow down 178 points. when we started this program, we were down 149. it is only gotten worse but here are the s&p leaders. nice moves for st. jude medical, facebook, but ford driving straight to the bank. ford pickup trucks power the automaker to record profits. ford reporting a rise of 113% in net income. easily beating expectations and the stock is beating the drum, up 3.5%. nice move for ford motor company. up next, why is the market
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falling 181 points? lower by the second. wall street traders, we're getting them in front of the cameras. they're going to explain what they see. what's going on here? we'll tell when you "countdown" comes right back. when a moment turns romantic why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, or adempas for pulmonary hypertension, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision, or any symptoms of an allergic reaction, stop taking cialis and get medical help right away. ask your doctor about cialis and a $200 savings card.
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the first revenue decline in ten years for apple. and it was an ugly one, and right now, what do you see? apple falling further than it has over the past 48 hours. apple is a big reason why the dow is plummeting even more. apple is down 3.25%. you could throw in ibm, too. five stocks that are the guilty parties for what you see as the loss of the dow 189 points. home depot, ibm, goldman sachs, boeing and, of course as you see apple. gdp, this isn't helping, showed slowing growth in the u.s. what's the play? right to the floor show, traders at the new york stock exchange, cme group and the nymex. ira, what are you attributing it to? >> it started last night with japan and hasn't finished and i was surprised we rallied back as much as we did. what i'm attributing it to? the market got back to where it started the year from, and i
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think it's run out of gas and the market is saying let's go below and see where the support is. there's been a change of psychology in the market led by earnings but more to work, higher prices, commodity is picking up a bit. people worried about central bank's action. i think it's correction time. liz: ira threw out bank of japan. japan did not add stimulus to market or promise of stimulus. that happened last night. there's a bigger move to the downside. the s&p down 15. when i came in here the low of the session for the s&p was down about, i don't know, 5. and so now we're seeing it worse. there's a snowball effect. to what do you attribute that? >> it is. we were dancing around hard support level, 208.5 on the s&p.
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and the knee-jerk reaction had that down a little bit. we were able to finally break through the support line. listen, we've cleared out all the short-term positive things that we had in the market the last two weeks. lot of it had to do with seasonality. that week in april is the strongest week of the second quarter, what the market tends to do is add into june. we've gotten into the strong seasonal factors, we were unable to break through overhead resistance through all the major indexes. the nasdaq selling off because of the weakness in tech. this quarter is not good. for us to get back to all-time highs, we get the nasdaq back up to 5133, the pretech bubble bursting high. liz: we're close to it. 4817. >> rolling over from there. this market has the tendency to be weaker, we worked off the positive momentum from the middle of february. that's now gone. we need to do a 5% before we
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can make another run at the all-time highs. it's going to take time. liz: folks, we're down 200 points on the dow. jeff grossman, oil is up about 1% today. we did find with the gdp number, which was ugly, it was weak. that households are frugal, cutting back on purchases. cheap oil hurts the oil business, hurt the business spending which contracted. >> again, that's not going to be for very long now. the overall sentiment changed now. we have a market now working its way higher, in spite of all the bad news that you ran into today. the truth be told, remember, now there's no talk about overproduction. there's talk about controlling the production here. there's bigger cars being sold. talk about a big driving season ahead. this market, like i said, weeks ago, has a definite goal now of probably the low 50s by the end of this quarter and it's just going to happen.
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we may have a little sideways action because we're running into this and say the stock market it's a blip here, it's going to temper things a little. this market has reached objectives and will work in here for the next week or two. but we've sloughed off bad inventory figures, this week they were neutral at best and the market is working its way higher. liz: people may be surprised to know, oil is up 75% from the january lows. great to see all of you. and as charlie brady our genius at fox business suggests, this may be the trigger of sell in may and go away, there is selling on wall street. the dow down 203 points. 36 minutes before the closing bell rings. president obama had no problem telling world leaders like benjamin netanyahu to stay out of foreign affairs. yet he had no problem when he mettled, some say he mettled urging citizens of the u.k. to
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stay in the european union. famed harvard law professor alan dershowitz is not standing for what he says is the president's hypocrisy. his blistering op-ed next on "countdown" in a fox business exclusive.. >> i'm offering my opinion, and in democracies, everybody should want more information, not less, and you shouldn't be afraid to hear an argument being made.
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. >> now we're being told that the only alternative to this bad deal is war. that's just not true. the alternative to this bad deal is a much better deal! a better deal that won't give iran an easy path to the bomb. a better deal that israel and its neighbors may not like, t c
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literally. liz: a furious israeli prime minister benjamin netanyahu speaking to congress last spring about his concerns over the iran nuclear agreement. president obama slammed netanyahu for meddling in our nation's issues back then. fast-forward to last week when president obama urged the u.k. not to leave the european union in a fleet street op-ed. one of america's most famous attorneys, alan dershowitz, saw that, and cried hypocrisy on behalf of president obama. in a foxnews.com op-ed of his own, alan dershowitz wrote -- we're joined now by harvard law
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professor emeritus alan dershowitz in a fox business exclusive. i remember when israeli prime minister netanyahu got ripped by the obama administration for speaking out about the iran nuclear deal because israel wasn't directly involved. however, president obama then came through not directly involved in the eu and the issue, and the rules have changed. >> hypocrisy on stilts. president obama said in a democracy it's better to hear all kind of conflicting views, he should have added except when they disagree with me. his view is consistent. i always want to hear views as long as they don't disagree with mine and perfectly willing to go abroad and tell people what i think. i just don't want to hear inconsistent views. i can't imagine any explanation. israel had much more of a stake whether iran gets nuclear weapons. liz: like for death stake? >> where the united states
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stays or leaves the eu. liz: that's an economic issue. >> sure, but not as great. the president will say that netanyahu was invited by the president. we have a tristate government. he was invited by the president of the united states. i was invited as a guest because i supported his going there and did not support my friends, elizabeth warren and others who walked out and wouldn't even attend and listen. you know if you're elected to the senate, you do homework, you don't cut class, when prime minister of a friendly country comes to speak, you come and listen. liz: those infuriated that the pope showed up. listen, we're a democracy here. >> that's what the president says in a democracy, you want to hear all different points of views. liz: you take pen to paper on this, and it was that important to you? >> yes, we have to have a
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single standard in a democracy whether or not we want our friends to tell us what they think. you know, it's much more important for our friends to tell us when they disagree with us than to tell us when they agree with us, that's the nature of the market place of ideas. you want to hear conflicting views from friends and want to take them into account, i think the administration made a terrible mistake, not seriously listening to prime minister netanyahu and taking his views into account. liz: what did we see? iran test a missile that had written in hebrew wipe israel off the face of the earth. >> it wants to wipe america off the earth and off the history books as well. liz: everyone should read alan dershowitz's op-ed on foxnews.com. professor, thank you very much. from one of the best legal minds to one of the richest minds. we are a day away from the annual berkshire hathaway shareholder weekend and team "countdown" is ready to roll. two massive pallets of
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equipment have been packed, on the plane to omaha, nebraska as we speak. team fox business is omaha bound. and take a look at this. i have -- oh, i don't have, get me my purse, joe! we have the press pass. and we will show that to you in a second. coverage is kicking off tomorrow when the oracle of omaha's kids, howard, suzy and peter, join me from the woodstock for capitalists. all week we'll be giving you updates from the berkshire hathaway annual shareholder meeting. we will be there and showing you every single thing happening behind the scenes shots and i will be live tweeting, then of course the big day, monday, i sit down with warren buffett as well as the world's richest man, bill gates and charlie munger. you got to hear charlie. he's awesome in his philosophies, whether you agree with him.
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stay tuned to fox business. here it is. the press pass. the all-access pass and i through the television will give it to you. you have to make sure to stay tuned starting tomorrow, 3:00 p.m. eastern, all weekend long. we will be right back.
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. >> i'm jo ling kent. elon musk wants to send an unmanned spacecraft to mars with nasa's help. a once-in-a-lifetime close distance between mars and earth's orbit. ceo elon musk saying it will take six months to reach mars and the ultimate goal is to send human to mars and colonize
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it in the next 15-20 years. awarding $83 million contract to launch a gps satellite breaking a monopoly that lockheed martin and boeing had held on. the satellite will launch in may of 2018. amazon reports earnings after the close, and i will bring you all the numbers on "after the bell" at 4:00 eastern time. more "countdown to the closing bell" is straight ahead.
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. liz: look at this, the closing bell with 20 minutes away, a stomach churning drop within the last 30 minutes or so. moments ago the dow was down 240 points. the low of the session. down 203. we have tack on more than 100 points to the losses just from the top of this hour. much of it due to weakness in apple and ibm. we're watching this closely. dow is on track for the worst
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drop since february 11th at the moment. you got to add the gdp print that looked very ugly for the first quarter. a growth of 5/10 percent. with five days until indiana's primary, not so flattering comments regarding candidate ted cruz. former house speaker john boehner called cruz, quote, lucipher in the flesh. while on the other hand saying he's played golf and texting donald trump. he called him his texting buddy. cruz fired back tweeted back saying tell me who will stand up to washington? trump who is boehner's texting and golf buddy or carly and me. is carly fiorina the right choice? with me is ken cuccinelli. a lot to talk about here, ken, welcome, and thank you for coming on. >> good to be here. liz: the john boehner slap wasn't just hey, ted cruz is an
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unlikable guy. it was like john stealing rosemary's baby, it was ugly to call him lucipher in the flesh. what is that about and takes the spotlight off carly fiorina. >> i don't think it takes the spotlight off very much. it tells but john boehner more than anything else. he's been unseated as active speaker of the house in 100 years. there's a reason for it, he epitomizes the problems with washington that so many republicans and americans across the spectrum want to get rid of. only one person in the race for president who has a track of doing that, that's ted cruz, thus his comments on twitter, you can get boehner's texting and golf buddy, maybe they cry together, i don't know, him and trump. or get somebody fighting the washington establishment, has a track record to prove it.
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part of the track record is people like john boehner may not like ted cruz too much. but the fact of the matter is when ted has gone head-to-head with special interests, even in the presidential race. you remember ethanol in iowa, ted took it on and the people of iowa gave him a victory. they want someone who will do what they and a who will turn washington upside down, and there's only one candidate for president in either party who has a track record of doing, that that's senator ted cruz. liz: interesting, we had alan dershowitz, the famed harvard lawyer, he had ted cruz as a student. we asked people to go to foxnews.com to read his op-ed. one thing he loved about ted cruz as a student at harvard law, ted had his hand up from day one. he was the guy who challenged the status quo, and perhaps at least his supporters and you feel this is what we need. with the likability issue right
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now, how does he get beyond that in cleveland come the convention? >> well, the good news is that likability is graded on a curve, and we're going to be running against hillary rodham clinton. i mean, this isn't the cool candidate barack obama. this is somebody who has likability problems in her own party. they don't trust her, don't think she's honest. ted matches up very well, and as people who sit with them in small groups as i did last week along with a lot of other delegates to the convention, they like him. they are very engaged by him. as smart as he is, he doesn't have the attitude or the arrogance you often see of people, especially politicians, who are the smartest guy in the room or the smartest girl in the room. he doesn't have that at all. very friendly, very approachable, but when people like john boehner are continually on the other side of fights from ted cruz, you
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know, some of those people don't take a terribly good liking to him, but the solution to that problem is get on the right side. it isn't personal for ted cruz. it is personal for john boehner. it's about principles for ted cruz, it's personal to john boehner. liz: good to see you, thank you, ken, very much. ken cuccinelli. >> good to be with you. liz: former virginia attorney general. keep it right here for the best coverage and analysis of the indiana primary. coverage begins tuesday, 7:00 p.m. eastern. closing bell 15 minutes away. we are coming right back. dow is down 208 points. 17,835 is where we stand now. if a denture were to be put under a microscope, we can see all the bacteria that still exists. polident's unique micro clean formula
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. z: down 212 points right now.
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look, the markets started taking a dive when the report on gdp came out this morning. barely 5/10% growth. the commerce department released the number and the markets hated them. the report as it showed, couldn't beat the 7/10 percent expectation. you have to wonder how will this impact the race for the white house? how much do voters care? charlie gasparino with us. >> did the market take a dive? liz: yes, for clarification. >> you almost --. >> i didn't almost anything, you almost [laughter] . >> i think with the markets down today, mainly, there's been reports about carl icahn blowing out of apple, i think marginally some impact here. what the market's really taking a dive on is the gdp report where, we have almost no gdp growth in the first quarter of this year, and that came after i tell you a very skeptical comments from janet yellen yesterday where she was saying talk about her raising rates in
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june, she was basically saying the economy is pretty lousy. we went back and looked at this is the end of president obama's tenure. makes sense to look at economic growth since -- over the years, and it's an interesting chart if you put it up there, we should point out president obama inherited something really bad. the financial crisis and the great recession thacamefter that e guin 10 heert over who created the great depression through tariffs and tax increases and things like that, obama had the slowest economic growth. that's going to be an issue if this keeps going. if there's a second gdp print and it's something i'm writing about tonight that's pretty bad that shows lack luster growth, hillary clinton is going to have a hard time explaining that away, and might not matter who the republicans nominateninr
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years on top of the eight years and, of course, if it's donald trump, he's going to say listen, i've created all these jobs, why give it to these guys who are costing the economy? liz: you have ted cruz and donald trump's tax plans which add to the deficit. that's just been proven by people. >> so does hers and so does bernie sanders. liz: every single one of them. >> both of say there is a demand and supply side impact. the demand side from the democrats. if you spend more, you will get economic growth which will lead to higher tax revenues. if you cut, you know, the supply argument, if you cut taxes, you get economic growth. a lot of the analysis are static. that's what both sides will say. i will say this, it's hard to win the presidency when the economy is going down. liz: look what i have and you don't? >> what is that for?
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liz: press pass for berkshire hathaway shareholder meeting. >> how come you get that and i don't. liz: get that in the contract, dude. >> i go to salt. i go a better conference. liz: i go, too. >> i'm going to anthony scaramucci's salt conference. liz: i'm going, too. >> are you going? liz: yes! >> want to party? vegas, baby! >> i got to go omaha first. "countdown" closer as what you see here, he didn't panic when stocks dropped precipitously earlier in the year, he was armed and ready for battle against the bears. up next, the picks he says right now will create a bulletproof portfolio. stay withdown as the dow drops 226 points. i'm definitely able to see savings
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through using the car buying on usaa. i mean, amazing savings. i was like, wow. if i can save this much, then i could actually maybe upgrade a little bit. (announcer) save on your next car with usaa car buying service, powered by truecar. . . . .
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liz: we have a handful of closely-followed companies out with earnings results in a few section.
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those include baidu, lynned inn and expedia. the big one, amazon. adam shapiro what are we looking for? reporter: revenue. 29.8 billion, liz. pay attention to what is going on with amazon's web service, their cloud service. changes in some of their clients. this service 10 years old. only started reporting financials on it a year ago. we'll see how they impact. as i throw it back to you, dow decelerating. down 23points, -- 236 points, liz. liz: bring in james frishe link, you owed rode it out back in february. what does this look for your portfolio? >> i thought market was slow to react to very poor number this morning with gdp. verifies, validating what we feel. i see people talk about the great improving economy. that is not what we see in terms of labor participation, labor
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participation in overall market and enthusiasm. exports hanging given strong dollar. we thought gdp would be a pretty poor number, lowest number in two years. not draconian i don't but this a economy that with bullish market that take stocks higher. people are digesting this. liz: stocks are cheap. if you have longer outlook, apple $95, dropping 3%, are you finding good quality names at cheap prices? >> we think u.s. stock market and has best opportunity to earn money. we're looking fortress type portfolio. apple is not going away. they didn't have one of their best quarters. worst underachieving in 13 straight quarters. we think it is a great company. i can sleep at night with my portfolio. that is what i'm thinking about. liz: you have three names where this in a way bulletproof part
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of the portfolio. not everything. a bulletproof vests only covers certain parts of a portfolio. wells fargo is good one and two regional airlines. why? >> boring to to talk about financials, not popular. wells fargo best in class with their management. they're focused. a bank acting like a bank. they will lend to consumer and mortgage market. liz: aren't they overexposed to fracking industry and didn't that hurt them. >> their management, dividends, pay you for owning stock. they're my favorite in the entire sector. so i feel good about that on airlines we like cheap regionals. don't mean to call them cheap but the fact is consumer has a little more money in their pocket. jetblue and i love luv. thank you very much. liz: jim frischling. i have my press pass, i'm nebraska bound. see you for the kickoff to the warren buffett shareholder weekend.
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closing bell comes now. david asman, gerri willis pick it up for after the bell. [closing bell rings] >> stocks diving into the close. dow is down over 200 points, i'm gerri willis in for melissa francis. >> i'm david asman, this is "after the bell." it is a must-win for ted cruz if he has any chance to stop donald trump from clinching the nomination. cruz will make his case to south bend, indiana at this hour. former republican speaker of the house, back from the past, slamming the candidate cruz, calling him lucifer in the flesh! and vowing never to vote for him. will this have impact? get ready for amazon. within the hour online retail giant out with it is first

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