Skip to main content

tv   Countdown to the Closing Bell With Liz Claman  FOX Business  May 11, 2016 3:00pm-4:01pm EDT

3:00 pm
may get their big, big meeting tomorrow. what do you think is going to come of it? do you think trump is going to be able to unify the republican party? should they rally around their presumptive nominee? go to my page, like it at trish intel, tell me what you think, and we'll keep it going there. liz claman, out in vegas, going over to you. liz: trish, we have breaking news about a major trump operative who may be showing up. in the meantime the selloff, willing retailers slam in the face of wall street, macy's, office depot, staples driving the dow lower. losing 204 points right now. that's more than 1% of a loss right here. we're going to dig into that in just seconds but the story comes from inside the beltway, that much talked about unity in the republican party will become a reality or just a pipe dream. speaker of the house paul ryan said all the things ahead of the much anticipated meeting
3:01 pm
with the presumptive gop candidate donald trump. part of the republican establishment then paul ryan. the 2012 vitaminnal candidate now the speaker of the house jumping into the spotlight one day after the billionaire businessman moved even closer to officially clinch in the nomination by winning both nebraska and virginia. how much does donald trump need? paul ryan maybe he doesn't. meanwhile senator bernie sanders continues to be quite the thorn in the side of hillary clinton's winning last night in coal country. that's bernie sanders' 19th victory, folks. we will ask our political panel exactly what the foreclosure new york senator needs to do to move on to the general election instead of having to battle two sanders and trump. we're joined by former senator byron and greg. we are live hear at this massive sky bridge alternative conference in las vegas. what we have, folks, is a gathering of some of the best and brightest minds from all walks of life. you're talking about former
3:02 pm
treasury secretary ken griffin of citadel about that huge chicago protest was happening. anthony scaramucci and, by the way, anthony spoke with former treasury secretary. and just on stage stirring up controversy on who should be the next president.is hour, we'l ask. is opec going the way of the dinosaur? extinct. peter on a controversial call on gold and whether that's the way to go. and says he is going to fight to bring the hit show hamilton here to las vegas. we're less than an hour to the closing bell. breaking news all around live from las vegas, let's start the countdown. ♪ >> live from the hotel in las
3:03 pm
vegas where we're giving you an all access pass to more than a trillion dollars in combine net investable assets. some of the greatest hedge fund minds on wall street at this year's salt conference. david rubinstein, to former secretary treasurer. by the way, kobe bryant the basketball star is going to speak where he stands in his life after basketball. business. this is a huge crowd and a lot of breaking news. let's take a look at the markets. we are very close at this hour to wiping out yesterday's gains. now, remember any loss on the do you just industrials more than 222 points would just erase those gains from yesterday. right now we're down 206 points, and you can see that the s&p is also down 17, pretty much at the lows of the session. what's going on? well, we've got consumer discretionary names having their biggest losses in three months right now. so what are some of the names responsible for the drop? and more importantly the reason. well, the magical world of disney getting hit
3:04 pm
with a pretty significant dry spell this hour. the company reporting a dip in espn subtranscription. how many times have i told you guys? disney numbers lead to espn. and secondary the park revenue. a rare miss in quarterly earnings. you can see disney falling about a four and third percent. watch out below, for disney is stands at $102.92. problems in the boardroom. staples and office depot both significantly down this hour after the planned merger that seemed to make a lot of sense, it has been tabled due to the government. antitrust concerns. the government says we're not going to endorse had. both companies plummeting. staples down 17% but look at office depot, plummeting 39%. a bad day for those who names, which pinned a lot of hopes in the future joining. having a marriage here. not going to happen. and 34th street, macy's, yes,
3:05 pm
the u.s. largest department store company getting hit after reportings missed estimates, cutting forecast for the full year, that's what hurt this company. the forecast than downgraded and then weak mall traffic, all of that combined, pretty ugly day for macy's, down 14.5%. this is a company that's had great years. great quarters, relatively recently. not so today. stock is down $5.35. look, this is all coming to consumer stocks right now and that brings us to the dow down more than 200 points at this hour. this is oil moves higher. so let's get to the new york stock exchange. what are the traders saying? >> i'm hearing two key themes today. the disney stock, of course profiting revenue for disney, the retail investors have it, mom and pop have it, most of us have it in our retirement portfolios. so the fact that disney missed so spectacularly is causing the psychological concern.
3:06 pm
so there's a lot of that going on. now, on the technical side, 2063, the key support level on the s&p 500. right now the s&p is at 2067. holding up, friend of your show, common guest manages trading options for his firm told me that if we go below that level, we're going to see much more technical damage as he puts it. now, you mention oil. the only industry of the ten s&p industries in the green at the moment. we were looking for a build. instead we got a draw in the weekly inventory report. interesting you've had oil up more than 3% on the day. about $46..08. so the fact that stocks and oil are moving in the same direction. back to you. . liz: all right, lori, thank you very much. to politicians and donald trump. he's just 103 delegates away from clinching the republican nominee. i can tell you here at the salt conference every single panel so far whether it was the real estate giant,
3:07 pm
summers, reuben, the treasury sectors, everyone is talking about this. why? well, because he is still miles away from a unified party, he's going to be that nominee. so the billionaire businessman is set to meet with paul ryan tomorrow in hopes of making out their differences. here's what trump had to say about this meeting on fox and friends. >> i think i'm doing very fine for paul ryan. i have a lot of respect for paul ryan. we're going to have a meeting tomorrow. we'll see what happens. if we make a deal, that would be great, if we don't, we will torrential forward and keep doing what we've been doing. winning all the time. liz: you know what he said? he said why do i need to unify? i already won doing what i'm doing now. why do i have to change what i'm doing for the world series. blake burman. when i saw this, that's what i
3:08 pm
thought people like about donald trump. >> yeah. he's even said that entire party unity doesn't necessarily -- isn't something he necessarily needs at this point. paul ryan spoke at this point. he tried to make the case, liz, that unity is all about timing. the house speaker was absolutely peppered by questions from reporters at his weekly press conference earlier today about that meeting with donald trump tomorrow. and ryan said bluntly that he doesn't want anyone to pretend that the party is unified at this current moment. he said it was a tough primary, and the goal is to get to that point by the fall. now, ryan himself has yet to endorse trump and source close to ryan tells fox not to expect any sort of abracadabra-type moment as it was put to us from the speaker. an endorsement from ryan could take place at some point. but ryan said this morning the presumptive nom in any way, someone he barrel knows. take a listen here. >> if i don't really know him, i met him once in person in
3:09 pm
2012, a very good conversation in march on the phone. we just need to get to know each other. and we as a leadership team are enjoying the fact that we have a chance to meet with him. >> should point out that ryan isn't the only one meeting with trump tomorrow. will be in attendance as well. also going to be a second meeting with top republican lawmakers. and congressional-type republicans have requested a meeting with trump as well and that will be something extended to the presumptive nominee. that will take place at some point down the line. liz: i need you to keep watching because we're going to get major breaking news from charlie gasparino who's working the news in this crowd, it involves a trump operative who is about to show up. so that's going to come in a second. but now let's go to the dems. we saw a massive win no in coal country for bernie sanders. over rival hillary clinton.
3:10 pm
by the way, west virginia has not gone democratic in many, many years. i believe 20 years. however, it is certainly more than half democratic voters. now, including super delegates, clinton is still beating bernie sanders by 768 delegates. but sanders had bowed to stay in this race until the democratic convention in philadelphia. that's in july, folks. so still should clinton be concerned about this momentum? even though you see these numbers on the screen, and bernie's momentum gaining as this race turns to the west. former democratic senator from north dakota byron is with me live as well as former republican senator from new hampshire, doug gregg. they join us now. let's talk about this and how secretary clinton is going to deal with the threat not just from donald trump, but from sanders. so senator, so interesting to me. everyone thought that the contested convention would be on the republican side. it is not. it could be on the democratic side here. what happens?
3:11 pm
>> well, first of all, i don't think west virginia was a surprise necessarily. and second, i don't think it will be a contested convention. i think bernie will go all the way to the convention and have his day at the convention. but hillary's ga arrive at the convention with sufficient votes to become nominee of the party. it has been a competitive race. bernie and hillary have both run good campaigns. but hillary has in my judgment has garnered the voters that will allow her to come to the convention as the nominee. liz: senator gregg, let me bring you into this. and you had supported john kasich on this one. that did not work out. are you ready to support donald trump as the presumptive republican nominee? >> i presume i'll support the nominee. but i would like to hear more. i especially like to hear what paul ryan has to say after they've had a chance to meet. i think it's appropriate that both have been fairly honesty and forthright about this meeting. neither is saying that they're going to come out with bear hugs. but they're going to try to figure out where they're going and if they're on the same path, which is good for the party. and they're both very strong individuals. and paul ryan, in my opinion,
3:12 pm
is probably the most significant office holder of the republican party today. liz: you know what's interesting? to both of you, this group behind me at the salt conference is a huge hedge fund group. this is the money that both sides certainly would not reject once we have the nominees squared away. but hillary clinton right now has to spend quite a bit of time fighting off not just donald trump but bernie sanders. does that slow her down in the fundraising effort? >> well, it probably does slow it down some. but the dust is going to settle, and then it's going to be hillary clinton against donald trump. you know, my hope has always been we would have thoughtful people debating real issues. i must say i'm very worried about donald trump's casino. doug gray and i served for many, many years in the senate. disagreed on a fair number of issues but never said an unkind word to each other.
3:13 pm
donald trump doesn't seem to treat others with great respect at all. in fact, he's very disrespectful to his adversaries, and i would like to hear more where he is on the issues because those seem to change almost kay day to day as well. so i hope we have a race both candidates can talk about what's really important to the future of this country. liz: go ahead. >> as a practical matter, the democratic party has a huge issue too and that's that i at that a socialist is running with the presumptive nominee, and she's starting to move very aggressively to adopt his position. just came out for single pair health care yesterday. so you have the party that has been the force of and accepting socialism, which has been a failure everywhere it has been trade, venezuela, argentina, greece, wherever, is a as a path.
3:14 pm
and that's an issue of significant. but i think the party has a very, very inappropriate philosophy of how you run the economy. >> that's the reason hillary clinton is going to be the nom in any way. she has a great deal of experience. the american people will find her very comfortable in the campaign and what the democratic party stands for, job, economic opportunity, and so on. liz: right. boy, it sounds like to both of you that both sides have issues. i can tell you, though, that there was a panel just minute boom said that that nastiness about what donald trump has said about others, et cetera, they don't care. they want to change. so we're going to be talking with boon in just a second. i want to thank all of you. >> thank you. thank you so much. we appreciate it. closing bell, we are about 45
3:15 pm
and a half minutes away. we've been down more than 211 points right now. the dow is down 190. 189. can we get closer to the flat line? we shall see. electronic arts is using a force to win a video game wars. the game producer beating quarterly estimates in large part fails to star wars battle front. and a few other new launches but those are not cheap. people ponied up the money. so much so that look at electronic arts. the biggest mover on the nasdaq jumping nearly 14% right now. on trading volume of 19 million shares. up next, the world is a wash. drowning in oil and america is now one of the biggest producers. so have we seen the end of the cartel opec? is it going the way of the dinosaur? legendary boone pickens, i'll ask him more about that. here he comes in las vegas, nevada, just gotten off the set. countdown coming right back
3:16 pm
this just got interesting. 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,
3:17 pm
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
3:18 pm
stop taking cialis and get medical help right away. you premium like clockwork. month after month. year after year. then one night, you hydroplane into a ditch. yeah... surprise... your insurance company tells you to pay up again. why pay for insurance if you have to pay even more for using it? if you have liberty mutual deductible fund™, you could pay no deductible at all.
3:19 pm
sign up to immediately lower your deductible by $100. and keep lowering it $100 annually, until it's gone. then continue to earn that $100 every year. there's no limit to how much you can earn and this savings applies to every vehicle on your policy. call to learn more. switch to liberty mutual and you could save up to $509. call liberty mutual for a free quote today at see car insurance in a whole new light. liberty mutual insurance. . liz: live from las vegas conference of salt, the biggest gathering. 1,800 hedge fund people and a lot of them are coming around toes what's going on on your screen right now. dow jones industrials down 197 points as investors hit the brakes on a lot of consumer
3:20 pm
names. but also some of the automakers, toyota, the japanese car company is moving lower after announcing that it sees its annual net income declining for the first time in five years. toyota has had a great couple of years here. but right now japan is blaming the yen and the swings in the currency for what's going on with that forecast. the "yes" en much to the efforts, tried to get it down has continued to be stronger. look at oil. oil soaring $45 per barrel this hour after the eia reported a surprise here. a large inventory drop last week. inventories fell about 3.4 million barrels, analysts were expected 715,000 barrels. but right now you see oil in the aftermarket session jumping three and a quarter percent. earlier this year when i spoke with legendary investor boone pick generals, he said he expected oil to rise
3:21 pm
significantly. back then i think it was about $30 a barrel. but he wasn't ready to set an end of year price. let's see if we can get him to do that now. has the global landscape changed his outlook? boone pick generals just off the stage here in salt. people are clamoring to talk to you right now. they're kind of waiting in line. so thank you for being with me. >> it is hard to be here with you. liz: well, you know, boone. >> i stand in line to get on with you. liz: well, let's get on to what's going on with oil at the moment. it's jumping about 3%. right now as you see it in the price of 40s, can i get you in the forecast at the end of the year right now. >> what's going to happen to it? . liz: yeah. >> well, you shut down, liz we had all-time high recount of 1609 rigs drilling for oil in the united states. november '14. i said they'll go off 1,000 rigs real quick.
3:22 pm
today we have 342 rigs working. so 1,300 rigs have shut down. the oil is declining in the united states from 9.7 million barrels a day, we're down to 9.1 now. liz: so where's the price going to go? >> the price is going up. liz: how much? >> oh, you'll be 50, 60 by the end of the year. could come sooner. liz: so let's talk about opec because while we may be shutting down rigs here in the united states right and left, and you make a very good point there, opec can't get its act forget they're still pumping. iran a very short amount of time. it has just been a couple of weeks since the sanctions lifted -- >> you're talking about iranians. liz: right. they're pumping extraordinarily high. the saudis can't get it together. does this mean opec will become extinct? >> well, opec has had one swing producer for years. since 1980, five times oil prices have dropped in half.
3:23 pm
five times. this is the fifth time. the other four, the saudis always balanced the market. this time the saudis told us you're the ones that ran up. we did. we ran our production up from 4 million barrels to 9.7. we're the ones that overstrive the market. liz: so we're in charge now. >> you're the ones that have to cut. the saudis claim they can produce 11.5, 12 million barrels a day. i don't believe that. i think about 10 million, 10.5 is all they can do. so they don't have any unuse capacity. what happens to opec? it's kind of a trade association. it's not a cartel anymore. liz: they might not even be on the strip if they had a party like this; right? >> that's right. liz: this is a great deal here. >> yeah. this is great. and you were just on stage talking about donald trump. you will be supporting donald trump. and you said it's just time for change. also said i hope he gets help on some of the issues where he
3:24 pm
isn't strong. where? >> that hope he gets help what? . liz: you said he hopes he gets help -- >> donald trump is a smart guy. smart guy. sometimes a pain in the ass, but he's a smart guy. and he will -- he knows. you think he can build those buildings without any help? no. he has architect builders and everything else. it will be the same thing as president of the united states. he will bring in help. but, look, do you want change? i can tell you out of 17 people up there he was running against, they were going to be the same. pretty well. you're going to see change with him. now, question is are we going to like it? i think so. but if you look at the other candidate, you won't get change. she'll be carbon copy obama. if you liked obama, you'll like hillary. liz: boone pick generals, thank you. saying he's with donald trump right now and oil is going to
3:25 pm
50 or 60. we'll have you back. >> that's right. liz: don't make it -- >> i'm going to be rich again. [laughter] . liz: again. because you're so poor right now. >> well,. liz: we feel for boone. great to see you, thank you so much. boone pick generals -- hold on. just hold on one second. >> i can jump back in the chair. liz: you've got a huge line of people waiting to talk to him. so as you see the dow jones industrials oil leaves higher, the dow is dropping more than about 199 points. cucamonga we have our eye on that. heading back to the new york stock exchange. but we will also head to one of the tech worlds massive event, the annual tech wrench disrupt. not for just tech geeks anymore. jo ling kent going one-on-one with new york carmelo anthony on why he's taking his skills off the court into the tech arena. yeah, fox business. we mean business.
3:26 pm
plus he's taking his game to new areas. kobe bryant among the many celebrities and smart money descending upon the salt conference in las vegas. we'll give you a behind-the-scenes lebanon in the hottest event of the vegas strip. countdown toll closing bell coming right back. don't move ♪ ♪ (singing) you wouldn't haul a load without checking your clearance. so why would you invest without checking brokercheck? check your broker with brokercheck. i klooks easy...the neighborhood speed record but i wouldn't be able to burn rubber without optum. see i have diabetes... which can make it a little harder to become a racing legend. thankfully, though, i have an optum nurse and in-home biometric monitoring that really work with my doctor's plan.
3:27 pm
which means diabetes doesn't get in my way... unlike the neighbor's front yard. this is healthier, powered by optum. from health plans to providers to employers. we connect all parts of health care. healthier is here. ) i'm definitely able to see savings 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.
3:28 pm
3:29 pm
here's the plan. you grow up wanting to be a lawyer, because your dad's a lawyer. and you land a job with a 401k and meet your wife. you're surprised how much you both want kids, and equally surprised you can't have them. so together, you adopt a little boy... and then his two brothers... and you up your life insurance because four people depend on you now. then, one weekend, when everyone has a cold and you've spent the whole day watching tv, you realize that you didn't plan for any of this, but you wouldn't have done it any other way. with the right financial partner, progress is possible.
3:30 pm
. liz: back now live at the salt hedge fund conference here in las vegas. i want to tell you something. it was eight years ago i came to the very first salt conference. there were about -- i don't
3:31 pm
know 08 people here. now there are 2,000. it is a huge event. right now everybody is in a lot of the panels and the conferences. but fox business owns this operation here as far as anthony scaramucci and salt are concerned, you can see that's where we're doing our show live. we've got our monitors here. and if you pan to the left here, you can see we've got the salt effort here and right in that balance room, by the way, much of this is off the record. but right in that ballroom in 20 minutes kobe bryant the former lakers star is going to be speaking on his new life after basketball. but you've got the big money here trying to figure out the best opportunities in a very iffy time. all of these displays here. people around with all kinds of different displays for money, mutual fund, hedge fund, more than a trillion dollars in investment assets right here and people know they're going to walk away with something they don't already have. by the way, so we just heard from boone pick generals coming up. anthony scaramucci and charlie
3:32 pm
gasparino are going to break some news here on donald trump and an operative here who's expected to show pick up. the former president of mexico, can't wait to ask him what he thinks of all of that. but right now we're talking about las vegas and how vegas is doing. this hotel is owned by mgm grand. jim is the ceo of mgm. i just had an opportunity to ask how is the consumer doing. you look right now on this lower ticker and you can see the marks are scary. listen to what jim is saying about his business right now. it's a fox business exclusive. >> all of our spending trends are up. our hotel spending trends, food and beverage, entertainment, retail, conventions, which means businesses are doing more business. so we are here at least in las vegas i can say we're stronger than we have been since 2007. so, in other words,. liz: i notice the crisis. >> since before the crisis
3:33 pm
with we are back to will happen almost the best days we had, which was in that 2006, 2007 period. >> hamilton has changed the landscape of broadway. now, you know there have been broadway shows come to las vegas. >> right. liz: do you hope or affectiating some type of move of hamilton to a long running vegas opportunity. >> i think hamilton will come here. i've seen it. my wife has seen it twice. unbelievable. i started my wall street career at 115 broadway, which is right next to trinity church, which is right next to alexander is buried. i'm a big fan. broadway shows typically don't last long in las vegas. and we've had some great shows that haven't lasted long. hamilton is the exception. and i would do a lot to bring hamilton here. liz: yeah, and you know what? he says he's going to work on that. this is a guy who's also working on bringing a national hockey team here and nba and
3:34 pm
football team. he expects two of those plans to come through by 2018, 2019. and coming up i want you to look at lizclaman.com who jim says he will not vote for coming up in this election. very interesting. it's an exclusive here on fox business. coming up, jo ling kent in brooklyn. it's going to be an amazing event. it already is. stay tuned
3:35 pm
these guys represent blood cells. if you have afib not caused by a heart valve problem, pradaxa helps stop blood cells from pooling in the heart... forming a clot... which can travel to the brain and cause a stroke. pradaxa was better than warfarin at reducing stroke risk in a study. in the rare event of an emergency, pradaxa has a specific reversal treatment to help you clot normally again. pradaxa is not for people who have had a heart valve replacement. don't stop taking pradaxa without talking to your doctor. stopping increases your risk of stroke or blood clots. ask your doctor if you need to stop pradaxa before any planned medical or dental procedure. pradaxa can cause serious, and sometimes, fatal bleeding. don't take pradaxa if you have abnormal bleeding.
3:36 pm
and seek immediate medical care for unexpected signs of bleeding, like unusual bruising. pradaxa may increase your bleeding risk if you're 75 or older, have kidney problems, stomach ulcers, a bleeding condition, or take certain medicines. side effects with pradaxa can include indigestion, stomach pain, upset or burning. ask your doctor about pradaxa. and its specific reversal treatment.
3:37 pm
3:38 pm
at ally bank, no branches equals great rates. it's a fact. kind of like vacations equal getting carried away. more proactive selling. what do you think michal? i agree. let's get out there. let's meet these people. . liz: 22 minutes before the closing bell rings. the dow still down 190 points, we've got a real problem with consumer names being dragged down because of macy's or.
3:39 pm
disney. missing their earnings. and not just macy's and disney. you have nordstroms going lower, michael, but right now the focus is on the salt conference in vegas. for those of you who don't know, it's fun raising for people who are trying to get money and that would include donald trump's presidential campaign. we have breaking news now from charlie gasparino, it is they talk about it. >> what i understand, steve, the campaign finance chief is going to be here, arriving our time. so pacific time i believe at 1:15. and this has now become -- for the moment at least, the salt conference is the hub of trump fundraising. we should point out anthony scaramucci is one of the campaign manages, scott brown. we reported earlier that brown and anthony were going to be talking about how to do fundraising and hit up some of the people here. but we do that the campaign
3:40 pm
finance manager is flying to vegas with anthony-to-meet with some people. and here's one other thing we know. donald trump was going to show up to this conference. he cannot. one of the reasons why he can't is because he's meeting with paul ryan tomorrow we should point out. >> you had everything up until the last sentence. that was pretty good, though. i wish -- we would have loved to have donald trump here, unfortunately, -- he said, "yes.." and then he realized it was in vegas and he was, like, wait a minute, i don't know if i can get out there. but he did say to me and senator brown when he will president, he will attend the salt conference. and if you're nice, i may even invite you to that dinner, charlie. liz: will you gather the money that's here, more than a trillion in investable assets. >> uh-huh. liz: get these people up to say support donald trump? >> well, liz, we've known each other for a long time. that's not exactly my style. what my style is we're going to willed a narrative for the candidate and then create organizational hubs around the united states and then go out
3:41 pm
and bungle that money. so this is a place to connect with people, have a good time, not to get hit for political fundraising. but if you're asking me are there people here in the audience that are going to be part of the narrative for the fundraising, which i predict will be a historical fundraise. because this is a entrepreneurial startup led by steve, a great reflection of -- >> steve is an exgoldman guy; right? >> goldman guys are very smart. >> i know that. >> goldman sachs guys are universal hated on both sides of the aisle right now. but they're very smart. >> let's talk real policy here. goldman want heavily to the guy that you formally supported, jeb bush. there's a lot of bad blood between jeb bush and donald trump. >> the establishment lost, charlie. >> but is it going to be an issue to get you those guys to give you money?
3:42 pm
>> i think that it may or may not be an issue. we're going to learn very, very shortly. but what do good entrepreneurs do? they create new markets. they create demand in things that you didn't even know existed. henry ford said if i talked to my customers, they would have asked for a faster horse. point being, we have to create a new market. >> don't you have a huge uphill? >> most entrepreneurs do. liz: anthony, you had former secretary treasury robert reuben and larry summers on stage. >> yes. liz: and then you spoke with him for the up coming wall street week. i want to play a sound byte because you spoke with him and what he thought the donald trump election would do. here's larry summers. let's listen. >> it scares me. i don't know of a greater threat to our prosperity. i think policy would be extraordinarily erratic, i think there's great risks to the global economy. liz: but larry -- >> it doesn't sound like he's going to be the economic advisor in the white house on this administration.
3:43 pm
liz: but larry summers was also the guy who sat up on the stage and said the next president should have a big mandate like fdr, like jfk and ram it down the throats like them. >> well, i think the swind certainly going to be wind donald trump's back. okay? if you were going to look at streets -- >> the world? >> the wind. the electorate, the popularity of his campaign. we're always talking about wall street. okay. but i predict this is going to be a battle of entrepreneurial avenue and the clinton cul-de-sack. >> let me ask you this. donald has made a couple pretty controversial statements on debt of whether he would refinance with the chinese, not refinance, but get them to accept less money. he did a couple of 180s on taxes. i know from the fact talking to people here, they're worried about that inconsistency. but one other issue i have here, if he's going to make those types of statements, how
3:44 pm
is he going to get a treasury secretary? one that knows what he's doing? >> so, again, this is a historic candidacy. this is an entrepreneurial candidate that had no résume as a politician. so he's finding his way over ten months, he's done a good job. >> shouldn't he know that one issue? >> let me finish. this is about adaptability. >> right. >> what people are confusing, they think he has swerving principles, that's not the case. bits adaptability. liz: thank you very much. steve, the man in charge for donald trump -- >> cutting him on air? >> charlie, you're asking -- stop bashing my buddies, and then we'll get another chance. today you're not bashing, but you're usually bashing. bashing gasparino. liz: by the way, you've got to watch wall street week every friday night. particularly this friday night because this from the salt conference right here on the fox business network. as i've said, fox means business. we're going to have much more
3:45 pm
live from las vegas. tomorrow charlie and i will be back. we're talking cyber currencies, bit coin and is bit coin yesterday? cameron and tyler winklevoss, yes, the famed twins, and countdown to the closing bell is coming right back. the dow down this time by 205 points. stay tuned you didn't read
3:46 pm
3:47 pm
3:48 pm
your car insurance policy. you just stuck it in a drawer somewhere and forgot about it. until a dump truck hit your pick up truck and now you need a tow truck. does your policy cover the cost of a tow truck? who knows? you didn't read it. you can't even find it. the liberty mutual app with coverage compass makes it easy to know what you're covered for and what you're not. call liberty mutual for a free quote today at
3:49 pm
coverage compass gives you the policy information you need at a glance. available 24/7 on your mobile device. switch to liberty mutual and you could save up to $509. call that's see car insurance in a whole new light. liberty mutual insurance. . liz: closing bell about 11 minutes away. folks, it's been a rough day on wall street with the dow now down 200 points. low of the session down about 211. so we're almost there. we should check on what the real problem is. it's the retailer names. the consumer names. so the spider s&p retail index
3:50 pm
plunging more than 4% at this hour, now down about four and a quarter percent, the steepest loss in near this four years. what we're coming off the s&p's best day in about two months. so today now having a horrible day. s&p 500 down double digits right now. we are at salt conference in las vegas, nevada. and there's also so much excitement going east of the conference that's happening in brooklyn. the annual tech disrupt conference where tech fans unite. i'm obsessed with that show silicon valley. they had a big episode about tech crunch. but guess what? it's live and living. and jo ling kent is there. joe, i'm sure you've been talking to very successful entrepreneurs. >> it's been ground zero to new ideas and what is to come. the future is definitely bright here. some of the biggest names who have been here, general michael haden, the head of the
3:51 pm
nsa and cia, the new and up coming ceos are here. but i spoke with new york knicks player carmelo anthony, and he is a tech investor. he's been in venture capital now for two years. we talk all about lists, and his plan for the new york knicks, i asked him what he thinks about the sports fan out there about what's going to happen to his future head coach and who will it be? and if he has any input. >> as a leader in your venture company, you obviously have a lot of input. you do management. but at home on the new york knicks, there's also some maybe head coach changes. have you had input on the coach search? >> as of right now, no. i haven't really talked to anybody. at this point it's just a matter of letting them -- getting back off vacation -- and they'll figure it out. when it's their time to sit down and talk to me, i'm pretty sure they will. >> what's your input first down were to ask you?
3:52 pm
>> i don't know. it's hard to say at this point. >> as for this summer, carmelo anthony says he is still not sure if he's going to play on team usa. he's very concerned about zika. his decision coming within the next week. liz. . liz: okay. jo ling, thank you very much. would you have got a great assignment there. 18 minutes to go and stocks are down right now, folks. i wish we had better news but the bears, they love it. and speaking of bears, one of the biggest bears of all, peter of pacific capital here with me live from the salt conference in las vegas. his battle is a big, hot titting. weighing in on the 2016 race and the markets like only peter shift can. what our favorite has to say about the economy, the presumptive nominee donald trump and his next biggest worry. the next big danger to the economy. you've got to hear that next on countdown. dow is down 213 now
3:53 pm
. . . .
3:54 pm
you can fly across welcome town in minutes16, or across the globe in under an hour. whole communities are living on mars and solar satellites provide earth with unlimited clean power. in less than a century, boeing took the world from seaplanes to space planes, across the universe and beyond. and if you thought that was amazing, you just wait. ♪
3:55 pm
in new york state, we believe tomorrow starts today. all across the state, the economy is growing, with creative new business incentives, the lowest taxes in decades, and new infrastructure for a new generation attracting the talent and companies of tomorrow. like in rochester, with world-class botox. and in buffalo, where medicine meets the future. let us help grow your company's tomorrow - today - at business.ny.gov i'm in charge of it all. business expenses, so i've been snapping photos of my receipts and keeping track of them in quickbooks. now i'm on top of my expenses, and my bees. best 68,000 employees ever. that's how we own it. anything worth pursuing hard work and a plan. at baird, we approach your wealth management strategy the same way to create a financial plan built to last from generation to generation. we'll listen. we'll talk. we'll plan. baird.
3:56 pm
liz: breaking news in the commercial break, we just hit session lows, down 217. moments ago we come up off of that but still down 20points for the dow jones industrials -- 207. macy's dragging down other department store chains. there is whole laundry list. lori rothman is talking about this. one bad print from macy's is tearing the market down? reporter: peter took off. looks like einstein 2.0 with gray curly hair. it is about disney and macy's eviscerating market. what a difference a day makes. you had 222-point gain on the dow. that visiter allly erased today. everyone was optimistic about earnings. economy may into not be so bad.
3:57 pm
fed ray not raise interest rates. surprising miss for disney, that has everyone concerned. does any widely-held stock. a lot of retirement plans have disney shares. thinking about pocketbooks, people may be stingy going forward with the spending, back to you. liz: intraday picture, walt disney looking ugly. what is not looking bad, gold up 14 bucks. goldman sachs up forecast for price of gold next few months. jpmorgan joining party, that gold will jump to $1400 an ounce. that is in the cards for precious metal. peter schiff you know him. he is bullish on gold when it was down and up. europacific fund. what is the investments year-to-date. >> gold investments are doing the best. liz: define that? >> double or more. goldman upgraded newmont mining from a hold to a buy. newmont is doubled.
3:58 pm
now they're saying price target. liz: they're late? >> it is not late but i think it goes much, much higher. their price target is only 10% of the current hike. why let it double and get last 10% if that's is all you think. these gold stocks are recovering ground they never should have lost. i don't know why anybody is surprised bad numbers out of macy's of the retailers have been reporting horrible sales all year. the consumer broke. we're back in recession. why trump is nominee. why bernie sanders is beating hillary clinton in primaries. voters know how awful the economy s they don't have money to spend. liz: can i jump in. jim murren is saying he has best year for mgm. owns bellagio, second quarter day saleh. all the did. >> a lot of people coming here are foreigners. they have money. there are wealthy people. sometimes people are desperate
3:59 pm
go to vegas an gamble. they have no other hope if this economy wasn't a disaster, trump wouldn't have support he does. neither does bernie sanders. this is phony recovery. that is what is going to happen. the next big thing. when the fed has to capitulate acknowledge we're back if recession. that is the last thing janet yellen wants to do. liz: how is 17 million cars sold on annualized basis a phony economy. >> because it is a bubble. look at terms cars are sold on. of course a lot of young people are buying cars because they still live with their parents. that's only thing they can afford. a lot of people are living out of their cars. liz: peter? what is the next big danger to this economy? >> i just said. i think it will be the revelation that the recession is, recovery is over. and we're back in recession. and that instead of rate hikes the fed will cut. the fed will do qe4. they may even go negative. you have your gold dress on for reason.
4:00 pm
liz: hit new session lows a second ago. peter schiff. much in deman here at the salt conference. [closing bell rings] markets wiped out yesterday's gains. more live from the salt conference with guests. david asman, melissa francis, pick it up here. david: indeed we will. stocks dropping in the final minutes of trading with disney and retail stocks pulling the dow down more than 200 points. i'm david asman. melissa: i'm melissa francis. this is "after the bell." we got you covered on the market but first at this hour, battle in the beltway. speaker of the house paul ryan trying to say all the right things ahead of tomorrow's much-anticipated meeting with donald trump. herman cain and howard kurtz are among our guests to talk all about that. bernie sanders more than just a bee in hillary clinton's bonnet, that's for sure. more on the trail after his big win last night, another one. how much of a toll is this taking on the clinton general election campaign? our panel will weigh in.

29 Views

info Stream Only

Uploaded by TV Archive on