tv Countdown to the Closing Bell With Liz Claman FOX Business May 26, 2016 3:00pm-4:01pm EDT
in. trish: yes. a few times. completely ineffective. [laughter] trish: very entertaining. stay tuned. he will be speaking more. with liz claman is taking you through it. liz: we are calling it entered mission. the businessman just wrapped up the news conference moments ago. he is in bismarck north dakota his energy policy at any moment. and it all comes the same day the associated press says donald trump has reached the magical delegate number to officially become the republican nominee. 1237. he's reached that right now. so as we wait for the presumptive republican nominee to address the williston basin petroleum conference in the heart of america's oil and gas boom. in the wide ranging news conference, mr. trump called president obama quote incompetent. attacked hillary clinton for saying she wants to put coal companies out of business. also attacked bernie sanders
for wanting to end fracking. trump says that the country needs to open up more fracking to avoid dependence on middle eastern oil. he would absolutely approve, he said, the keystone pipeline, and he would get the government out of the way of the energy industry. oh, republican senator rob portman is on the senate energy committee. he's joining me exclusively on whether trump's energy plan is viable. donald trump has issued a lot of controversial comments, and he's also gone back and forth on some of the issues. the 2016 race, what does rob portman think about that and whether trump at the top ticket would help or hurt portman's senate reelection campaign. senator bernie sanders going closer and closer to hillary clinton in california. closest now, a dead heat in a brand-new poll as the vermont senator considers debating donald trump if he can't convince hillary clinton to work the hollywood stage. former north dakota democratic senator byron and former
vermont republican jim douglass. we'll talk energy and e-mails and the possibility of a trump sanders debate. oil retreats from $50 a barrel after the market waits for what janet yellen will say tomorrow. and the dow jones industrial can't get above the average here. and the house just took a wrecking ball. no wrecking ball in terms of housing. less than an hour to the closing bell. let's start the countdown. ♪ liz: so, folks, you can see on this bottom screen here and right on your screen, the nasdaq and the s&p clawing their way barrel into positive territory at this hour but the dow holding its breath after two days of gains. energy aims appear at the moment to not yet be ready to make any kind of move on what donald trump and his campaign
are promoting as this big energy policy speech. that is imminent. the speech is imminent in just moments. he's expected to take the stage in bismarck, north dakota. but as you see chevron and exxonmobil along with marathon oil, for example. can you put those up? you can see they're not really moving to the upside just yet. again, we will take the speech in just minutes. as soon as donald trump goes to the podium. we want to hear what he says about energy and what is his hard and fast plan. we've got a spotting of kind of a rare creature these days on wall street. it's an ipo. the big ipo of 2016. we haven't seen many initial public offerings here but here's u.s. foods making its debut on the new york stock exchange today. the ticker symbol usfd. doing pretty well right now. an illinois-based frozen food company. if you bought in on this one, you're up about 7.5%. and we should look at gains in costco stock. coming in bulk. costco moving higher by three and three-quarters percent
after beating estimates but, look, the big box reported no quarterly growth in sales for the first time in more than six years. not actually very good. so why is the stock moving higher? well, short sellers have been caught flat-footed. scrambling to cover their bets. some analysts saying a pretty good deal right now and trading at a good valuation. sears is skyrocketing. bad news is good news. reporting a yawning loss of $4.40 per share but to leverage some of its popular brands lake ke kenmore and of course die hard brands. shares moving 5%. let's get to politics. as we mentioned donald trump is just minutes away from his big energy policy speech in bismarck, north dakota. the speech is of course an effort certainly to win over oil and gas executives once and for all. you could argue they are not there yet because he has backed ethanol, which they don't like.
sort of a forward sinking fuel. and also wind power. here's the thing, though. we've got individuals backing him. texas oil boone pickins, both have said they've got their support and will put it behind the billionaire. one who encouraged trump to roll out his energy agenda in north dakota. north dakota of course the second largest oil producer in the united states. right there in north dakota. let's bring in former democratic senator from north dakota byron dorgan who just this monday endorsed hillary clinton. joined by former republican governor from vermont jim douglass who has been a supporter of course in the past of governor john cake. i want to start with you, senator dorgan. and as we look at what happened in north dakota do you think donald trump will be able to win over the energy industry and we're talking about the fossil fuel industry.
>> well, i think he'll do well in bismarck. north dakota treats everyone with respect. so i'm glad he made the stop in bismarck. look, we have had energy abundance. we went from scarcity to abundance in a very short period of time and that's a good thing. also donald trump carries a lot of badge in other areas because in north dakota i've run in 12 statewide elections, and we treat advisories with respect. he uses terms like loser, liar, low-life, and so on. it's the wrong way to campaign in my judgment. in addition to that, i may just say i have trouble getting past the notion of his proposals. let's give south korea nuclear weapons. let's ban all muslims. let's increase the deficit by about $10 trillion with tax cuts that he wouldn't pay for. there are lots of issues. let's repeal wall street. lots of issues that we need to talk about between now and election day. liz: well, perhaps and as we
await this energy speech, governor douglass, i think senator dorgan makes a point that there's a lot of fizzle with donald trump. people still looking for stakes, certainly with the energy policy. he has said that domestic coal consumption, he wants to get the coal minors back to work. but people are using less coal for a couple of reasons. among them analogous is so unbelievably cheap. it burns cleaner than coal. so there seems to be a of. so what will you be looking for in this energy policy roll out that donald trump is supposed to put here? >> balance first and foremost. i think the american people are looking for an energy policy that's comprehensive. that includes all sources. you're certainly right, liz. natural gas is coming on strong now. expanding its use in vermont and that's the case in other places as well. so i think he's doing what he has to do, which is to reach out to organizations, interests, groups that he'll need to put together in order to assemble a winning coalition. liz: well, here's what he said just minutes ago about hillary
clinton and her coal plan, which is to of course as she has said put coal out of business. let's listen. >> the federal government, the regulations that they have, they put the coal minors out of business, the coal mines are shut. what they've done to the coal -- what hillary clinton, she's worse than obama. she wants to -- she actuallily openly said i want to put the coal minors out of business, i want to put the coal minors out of business, essentially what she's saying is she wants to put the steel million out of business. we're not going to have any businesses left. liz: also said he would undue president obama's climate change policies. you've been a senator. you've watched how the sausage is made. how difficult is it to undo what are has put in place? >> not easy. and clean air is an asset. not a liability. and you made a point a moment ago that's so important as to the governor. the fact is it's not barack obama or hillary clinton that causes a problem for coal. it is natural gas. the pricing of natural gas has
had a profound impact of moving fuel sources from coal to natural gas. liz: to be fair because we're fair and balanced. >> sure. liz: this administration has made it very difficult with heavy, heavy regulation on the coal industry. but i just wanted to make that point. go ahead. >> but my point is this conversion started well before the plan that was proposed by the epa and the administration. the fact is the market system is what's making the judgments here moving from coal to natural gas. and it is the case that our country wants to have cleaner air. we're going to have a carbon reduced future. there's no question about that. carbon restraint is going to be part of our future and part of the future of the planet as well. there are some deniers. but -- deniers, doesn't work. liz: well, governor douglass, as a republican, look, there are people who are not there yet on climate change. i think part of the issue with donald trump that some people are a little concerned about -- and i'm talking about
specifically the energy industry. all you have to do is look at how much they've donated. there's an interesting donation cue up here, and it appears that the oil and gas interests have donated just under $13,000 so far to donald trump's campaign. this is according to the nonpartisan senator for responsible politics. but look what they've given hillary clinton. 332,000, 81,000 plus for senator sanders. this looks like severe push back that the oil and gas interests are not ready to jump on the trump train. what can he say that might change that? >> well, certainly doing the right thing by reaching out. but remember, liz, he hasn't raised much money from anybody. he's been self funding the campaign substantially. so i think it will come. you indicated at the top of the piece that a couple of major oil executives or -, yeah. liz: so i think it will come. in the end, there will be some
warming toward mr. trump. he's got a ways to go. he's got a ways to go even among those who are solidly republican. he's got to tone down his rhetoric and not say inflammatory things about republican governors, for example. but this is the beginning of a process, and i think now he's got the numbers according to the ap, the inevitability will be accepted by more people. liz: you haven't yet. but will you endorse him? >> well, i don't know. i tell folks here in vermont that our electoral votes are not going to go to the republican anyway. so it doesn't matter a whole lot. but i've always supported republican nominees and we'll see how he does over the next five months. liz: we're thrilled to have both you. thank you so much, and as we await the speech, we want to thank you both very much. coming up in about 19 minutes, ohio senator up for reelection. will he be calling in donald trump in the big guns to help him at rallies and issues such as that? look, we're going to ask rob
portman about that and much more, including the convention that will be held in cleveland. that's later on countdown. and then we have this breaking news. we're looking at energy companies making a major rebound in the grand scheme of things as oil touches $50 a barrel. year to date. and remember oil was down for the count in late january. but year to date, you've got names like exxonmobil, chevron, total, marathon oil moving considerably higher year to date. but donald trump as laying out his energy policy, there is this. a crushing defeat of the energy and water appropriations bill. house speaker paul ryan's plan to push it through went down in flames. could it be a cyber that a major budget battle was brewing on capitol hill or perhaps even something worse? fox news producer was watching this happen and, chad, this bill got smoked by both sides. >> yeah. this was pretty dramatic here.
and what's funny is that the issue has nothing directly to do with energy or water. i want to go back to last week. there was a piece of legislation to fund the veterans programs for this year and amendment did i democratic congressman sean maloney of new york that would ban lgbt in contracting. and that is what we call sometimes a poison pill that you put an amendment into legislation and then people vote against the overall bill. well, they not that narrowly got that amendment out of the bill in the va. and then passed it, but those came home to roost on the energy and water bill. and they defeated this overall bill. the final vote was 305-112. the problem was last night that the maloney amendment passed. it became part of that bill and that became a poison pill to the legislation. and this is where house speaker paul ryan said.
>> earlier i stood up here and said some bills might fail because we're not going to tightly control the process and predetermine the outcome around everything around here. well, that's what happened here today. >> ryan criticized democrats for voting for the maloney amendment on the lgbt issues but then not supporting the overall piece of legislation. democratic california congressman lucille said,i couls bill overall. in fact, there were only a handful of democrats voted for the bill because there were endangered species in this. she didn't think there was enough money in the bill to found the drought relief efforts in california so they all voted "no." now, there was a problem with appropriations bills last year in the house of representatives. as it pertained to the confederate flag. you might have to say what does the confederate flag have to do with the federal government? well, last year wanted to ban
the confederate flag on government facilities and had to vote every bill off the floor. liz: it seems like paul ryan is facing almost exactly what john boehner and that's real problems on both sides. by that ironic, isn't it? the same day donald trump is putting through his energy policy plan. paul ryan does not have the chance at least to -- or at least he looks like there was a wall thrown up on the energy and water bill. thank you very much, chad. who was living and breathing this as it speaks. come back to us again. we appreciate it, chad. so as we watch and await, donald trump in bismarck, north dakota to unveil his energy policy plan. the closing bell 45 minutes away. energy shares are kind of neither here nor there or lower. here's the dow heat map, and you can see that exxonmobil is certainly on the bottom five here. not doing well at all and chevron not there either. but we do have some green on the screen. among them, boeing, intel, mcdonald's, we're going to talk more on mcdonald's coming up. up next, new data shows that
jobs markets are improving as the market awaits this woman. fed chair janet yellen what she will say tomorrow at harvard about the state of our economy. we're bringing our traders in the fed, the markets, your money, and more. stay tuned. and the fight for 15. the $15 minimum wage taking straight to the steps of mcdonald's headquarters. jeff flock is live there at the senator of the action. and there is action. we're going to take you live to illinois. show you mcdonald's stock. it's widely held. it may be in your portfolio. countdown is continuing in just a moment
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nothing should get in the way of the things you love. ♪ get america's fastest internet. only from xfinity. . liz: donald trump is just taking the stage in bismarck, north dakota. he's unveiling his energy plan. let's listen. >> all right. let's talk about energy. okay? i'm delighted to be in north dakota. a state where really you're at the forefront of a new energy revolution. oil and gas natural production is up significantly in the last decade our oil imports have literally frankly cut in half. that's something no one little would be happening for a very, very long time. but all of this occurred in spite of a massive new
bureaucratic and political barriers. president obama has done everything he can to get in the way of american energy for whatever reason. he's made life much more difficult for north dakota as costly regulation. and i mean serious regulation makes it harder and harder to turn a profit. if crooked hillary clinton is in charge, believe me you'll see it. she will shut down energy production across this country and, by the way, also unrelated abolish the second amendment. and we're not going to have that. that i can tell you. [cheers and applause] and i appreciate last week i got the endorsement of the nra. and these are great people, and i appreciate that endorsement very much. [cheers and applause]
millions of jobs and trillions of dollars of wealth will be destroyed as a result. that's why this choice and this is a very important choice. november going to be so, so crucial. and here's what it comes down to. wealth, serious wealth for people, for workers, for everybody. versus poverty. north dakota shows how energy exploration creates shared prosperity. better schools, more funding for infrastructure, which we really need throughout our country. higher wages, lower unemployment, things we've been missing for a long time. it's a choice between sharing and this great energy wealth. or sharing and the poverty promised by hillary clinton. [applause]
>> you don't have to take my word for it. just listen to hillary in her own words. she's declared war on the american worker. here's what hillary clinton said earlier this year. we are going to put a lot of coal minors and coal miners out of work. by the way, her timing wasn't very good. the following week she went to west virginia, she didn't do too well there. but i love the people of west virginia, and i love the people of pennsylvania. they don't like her too much. i can tell you. hillary can shut down the mines. she can shut down our whole country and in many cases permanently ruined. so let me tell you how president obama undermined our crisis and our middle class. the president stated that it was his intent to eliminate oil and natural gas production
in america, if you can believe this. his policy is death by 1,000 cuts through an onslaught of regulations. for instance, the environmental protection agency use of totalitarian taxes forces energy operators to pay unprecedented multibillion dollar fines before a penalty is even confirmed. which is actually rather hard to believe. government misconduct goes on and on. the department of justice filed a lawsuit against seven north dakota oil companies for the death of 28 birds. while the administration fast tracked wind projects that kill more than a million birds a year. far more than a million birds. far more i have to tell you. [applause]
the u.s. station wildlife service abuses endangered species act oil and gas exploration. president obama now opposes a $10 per barrel tax on american-produced oil in the middle of a downturn. and you've had a downturn. but we did hit $50 today. i will take credit for that. harold, i want 10%. i want 10%. at least 10%. at the same time, i love you too. thank you. at the same time, president obama lifts economic sanctions o on iran. he imposes economic sanctions on america. he's allowed this country to hit the lowest oil rig count since 1999, producing thousands of layoffs. thousands. america's incredible energy potential remains untapped. it's totally self inflicted.
it's a wound, and it's a wound that we have to heal. under my presidency, we'll accomplish a complete american energy independence. complete. complete. [cheers and applause] and lots of jobs. lots of jobs. imagine a world in which our foes and the oil cartels can no longer use energy as a weapon. wouldn't that be nice? [cheers and applause] it would be very nice. going to happen. if we win. oh, we're going to win. [cheers and applause] we're going to win. but president obama has done everything he can to keep us dependent. and this is so important. on others. he wants us to be dependent on others. it's different thinking. it's from a whole different school. let me list some of the good
energy products that he's killed. he rejected the keystone xl pipeline, despite the fact that it would have created 42,000 jobs. his own state department concluded that it would be the safest pipeline ever built in the united states. and it would have no significant impact on the environment. yet even as he rejected this, and this is really something because we have that great relationship with canada. so he rejected the american canada pipeline. he made a deal that allows iran -- boy, does he make bad deals with iran. to transport more oil through his pipeline than would have ever flowed through keystone with no environmental review whatsoever. what are we doing? president obama has done everything he can to kill the coal industry. that we all know.
you just ask the people of pennsylvania. and the people of west virginia. look at what's happened there. it's horrible. here are a few of president obama's decrees. regulations that shut down hundreds of coal-fired power plants and block the construction of new ones. how stupid is that? [cheers and applause] a prohibition against coal production on federal land. climate rules would effectively bypass congress to impose job killing cap and trade. a disaster. president obama has aggressively blocked oil production of oil and national -- you know, you just take a look. every single move is to block the production of oil and natural gas.
he's taken huge percentages of the alaska petroleum, and you take the reserve. he's taken it off the table. he's taken it completely off the table. oil and natural gas production on federal land is down 10%, which is pretty hard to believe. 87% of available land in the outer continental shelf has been put off limits. totally. atlantic lee sales were closed down too despite the fact that they would create -- listen to this, 280,000 jobs and $23.5 billion in economic activity. president obama entered the united states into the paris climate. unilaterally and without the permission of congress. this agreement gives foreign bureaucrats control over how much our energy and how much we use right here in america. so foreign bureaucrats are
going to be controlling what we're using and what we're doing on our land in our country. no way. [cheers and applause] no way. these actions have denied millions of americans access to the energy while sitting right under our feet. wealth we didn't even know we had five years ago and ten years ago. this is your treasure and you, the american people are entitled to share in the riches. president obama's antienergy -- and this is really antienergy orders, have also weakened our security by keeping us reliant on foreign sources of energy. not going to be long, folks. not going to be for long if i get in. [cheers and applause]
every dollar of energy we don't explore here is a dollar of energy that makes someone else rich and really rich in some cases. i wonder if they're campaign contributors. what do you think? you think? they probably gave to the clinton foundation. i guess, huh? just seems -- just seems like that's what happened. if president -- thank you, darling, i love you too. if president obama wanted to weaken america, he couldn't have done a better job. as bad as president obama is, hillary clinton will be worse. she'll escalate the war against the american worker like never before and against the american energy, and she'll unleash the epa to control every aspect of our lives and every aspect of energy. they'll make it impossible for the worker, the owners, they'll make it impossible for
everyone. she declared that we've got to move away from coal and all of the other fossil fuels. that's a quote. we've got to move away from coal quote and all other fossil fuels. locking away trillions in american wealth. in march, hillary clinton said by the time we get through, all of my conditions, i guarantee i do not think there will be many places in america where fracking will continue to take place. what are we doing? why are we even thinking? what are we doing? let's just vote her out. i don't know if she's going to get to run anyway, you know? i would like to run against her but -- could you imagine that? she wants to close down the primary -- liz: donald trump rolling out what he's calling his energy policy. began by saying that the president obama bureaucracy
and onslaught of regulations have certainly hurt the industry. however, he did point out that we are importing way less over the past couple of years during the obama administration. look, he also pointed out that there's shared energy wealth in communities where fracking is allowed, where the schools and the communities are getting new buildings and schools, et cetera. but let us bring in our traders because as a business network, we want to know the reaction here. so we are joined at the cme, the nyse, et cetera, and senator rob portman just got in the chair, the senate energy of natural resources committee. first of the traders, though, keith looking at the reaction here, we started to make a flat line on the dow jones industrials, not quite there yet. what do you think? >> well, i'm not sure. had a lot to do with what donald trump is saying. i think longer tomorrow, though, certainly when it comes to the energy complex inside of the market, inside of the u.s. as well as inside of the market, it certainly will probably rally those companies a little bit.
but it's been a little bit sloppy back and forth with a little indecision inside of the marketplace. so the longer donald trump talks, i'm not sure what's going to happen with the market. i imagine just stay flat lined right here. liz: okay. let me get to allen because you're watching oil. and, allen, look. the integrated -- i don't know what's going on there, but donald trump pointed out we're going to have the lowest oil rig count recently. but i'm not sure that you can blame that on a administration. you could argue that's because of the global supply glut; correct? >> well, i would argue that it's part of the global supply glut. however, if they do get some of the ideas that donald trump is talking about in place, it would bring down the cost of our energy here and the companies that are producing that energy here. we don't have to travel outside the u.s. to get the oil and using it right here. it saves a huge amount of money for this country and creates a lot of jobs from it. so i would like to see us in a better place where we have lower cost of crude oil, lower cost of our products, and our
companies doing better from it because there's less regulations and less issues for them to deal with. so they can become more profitable. liz: okay. here's what i want to do. i want to keep you all in place. we have to take a quick commercial break. nobody move, senator portman, we're going to get that you minute as well as chris robinson. don't go away. the s&p up one, the nasdaq up 11, the dow can't quite get there. we're watching it all. don't go away. breaking news to come it's more than a network and the cloud. it's reliable uptime. and multi-layered security. it's how you stay connected to each other and to your customers. with centurylink you get advanced technology solutions, including an industry leading broadband network, and cloud and hosting services -
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. >> i'm adam shapiro on the floor of the new york stock exchange with today's tech minute. shares with time warner and netflix are higher on the word that semi-going on a shopping spree that top apple executive discussed the possibility of apple actually purchasing time warner last year. but several main bankers say the iphone maker is more keen on acquiring a stream company like netflix. representative did not respond
to the call. certainly apple may be deploying charging stations for electric vehicles. been talking to engineers. no word yet might be a big problem for electric carmakers. like tesla is the shortage of charging stations. and speaking of tesla, elon musk is gearing up for spacex to lift off falcon 9. after lift off, it will try to land it on a ship a couple hundred miles offshore. more countdown straight ahead
we ship everything you atcan imagine.n, and everything we ship has something in common. whether it's expedited overnight... ...or shipped around the globe, ...it's handled by od employees who know that delivering freight... ...means delivering promises. od. helping the world keep promises. . liz: breaking news. donald trump continuing to unveil his energy policy. it is heavy on building out more fossil fuel, pumping and fracking. and of course he is criticizing the obama administration. too much regulation. almost like a tax he says. the global economy topic is number one at the g7 summit in japan. president obama along with
other world leaders discussing mutual challenges relating to global growth, emerging markets and trade, issues like the south china sea. but of course the president had to face the media who, again, immediately started asking him about gop nominee donald trump. and here's what he had to say. >> a lot of the proposals that he's made display either ignorance of world affairs or a cavalier attitude or an interest in getting tweets and headlines instead of actually thinking through what it is that is required to keep america safe and secure prosperous and what's required to keep the world on a even keel. liz: joining me now ohio senator rob portman, also on the senate committee of homeland security and natural
resources committee. the president also wanting to promote a global and certainly a major foreign policy change. but as he looks at that, he's got to answer these questions about donald trump, who has just spoken about the energy policy. and senator portman, you're in ohio where fracking has been a real boom for the economy there. what do you think of what donald trump has just rolled out? >> first of all, what i've heard through, you know, your broadcasting of it sounded very positive. talked about all of the above energy strategy. we're using the resources we have in the ground in ohio. having worked there, liz, you know how important it is to us? liz: sure. >> also talking about the alternative and made an interesting comment that it will be even worse with hillary clinton. and he says that because of what she said about coal, about fracking, therefore about natural gas and oil. and i think he's right. i do think there's a danger there of us not just -- not progress forward and using these resources to be able to improve the economic situation of so many ohio families who right now seeing this middle
class squeeze with lower wages and higher expenses. but also she could even make it worse where we would actually not be allowing the fracking to continue, not being able to get the permits. having more regulation. so i think he makes a good point. liz: sure. but isn't, senator, this perhaps in part of a case of be careful what you wish for? ohio is fracking quite a bit. so is north dakota, supply of natural gas coming up. it's cheaper. and hence people are turning away from coal at this point. and don't you look at that and say, well, it's the laws of supply and demand. >> well, that's part of it. there's no question about it. but thereto other part is regulations. and the war on coal is succeeded. whether it's the e regulations or new regulations coming out as you know now to keep a lot of the mind in ohio of what's happening. i think there's another approach which is to burn the coal more cleanly and use the 2-300 years of supply in the ground and that's something the u.s. should take a leadership role and we have legislation to do that to provide tax incentives to do
carbon capture and sequestration and so on. that's a better answer. let's use the resources we have to create more economic activity and get this economy moving again. and get better wages and better benefits back. so i think donald trump is on the right side of this one as it to that ohio-working families. liz: okay. well, ohio has done very well and of course governor kasich is part of that. so are you. you're up for reelection. will you call upon donald trump at rallies? is he helpful to your campaign? will you be calling upon him to say come to ohio and introduce -- you know how that works in the election time. >> we're excited about the campaign. we're confident that we can win because we're talking about these issues, economic growth. and i'm running against a guy who was governor at a time who, unfortunately, ohio saw a 350,000 job loss. we were above the national average in unemployment, and he added so much to the debt and deficit that he actually left a record deficit for our state. so we were 48th in the country in job creation when my opponent and now we're on the
top ten and way up. so you're right. we're doing better because these policies having been put in place to create more jobs through tax reform, regulatory relief, the kinds of things we needed in washington d.c. to deal with the debt deficit as well. so i'm excited about the race and looking forward to the debate being engaged here. and i don't know -- i think donald trump probably run his own campaign. i'm certainly running my own campaign and we're very confident. liz: well, it doesn't sound like you need a helping hand here. good luck to you, senator, thank you very much. >> thanks, liz. thanks for having me on. liz: any time. senator rob portman, fox business exclusive. the senator from ohio. i want to get to chris robinson really quickly. chris, we hit $50 a barrel for oil earlier this morning. there are has been a retreat right now. we have reversed. we are down at the moment. to what do you attribute that just as donald trump rolls out his energy policy. >> well, i think it's more important. we've come so far and now also heading into a long weekend. i was on three or four weeks ago.
and we've had an $18 rally off the january lows. went from 13-year lows in the price of oil and had an $18 rally. that's good. i think we're going to grind around $50 here for a while and see if there's one more leg. but i think anybody that was short has been squeezed out of this market. and, again, we're heading into a long weekend so nobody wants to go home short. i don't think we're going to have much trade tomorrow. we'll get after it on tuesday, though, when everybody gets back to work. liz: we're going to be here tomorrow. fox business alive and kicking. >> i'll be here too. liz: you'll be here too. okay. terrific. chris, thank you very much. chris robinson at the cme. dow jones industrial still can't make it into the green while the nasdaq and s&p i can't say solidly but at least to the upside. we'll be right back. don't go away i use what's already inside me to reach my goals. so i liked when my doctor told me that i may reach my blood sugar and a1c goals by activating what's within me
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. liz: we've got breaking exclusive news. the drama inside the walls of viacom just ramped up. while there's been constant speculation swirling about what could happen to ceo philip, we are now hearing his fate could be decided possibly this weekend and could be announced after the memorial day. charlie gasparino, what are you hearing? >> listen, that is clearly the rumor going around at viacom headquarters that sherry is going to make her move against fellowship, the ceo and try to dislodge him. here's what we know from the fellowship side, sources telling fox business network that support of viacom, that fellowship is basically preparing for a major legal battle if that's the case. . liz: so support him. >> to support him. they are planning to file suit, what i understand, file a lawsuit, they have the lawsuit drawn up, they just have to file it if she makes her move. they're preparing a major
lawsuit that prevents her from what they would describe as an illegal attempt to remove the ceo of a company above the board's wishes. so what we have right now here is an interesting potential stand i just don't of. her looking to get rid of him. she essentially runs the company with her investment. or she owns the company with her investor and her father's investment. summer redstone's investment but the board rebelling, the board saying no way we want to keep him there. and, by the way, if you make any extra moves, you go to -- you go to shareholders, you do something to impose your will. we will -- we will sue you in delaware court. we will call this an illegal attempt to dislodge mr. dauman, and we are going to fight you the minute you do that. now, it's interesting because loor a lot of behind the scenes stuff going on. independent board members want to meet with mr. redstone. okay? they want to meet with him for the simple reason to
determine his competency at -- with -- liz: didn't a judge say he's competent? >> okay. so here's now what i understand. there is -- fred, the lead independent board member has gone to the redstones and said i want to talk to summer. i want to have a talk with him with another independent board member. they have said, the lawyer for mr. redstone said we will allow you to sit down but only if you submit your questions first. so this is turning into a real insane thing. listen, the board's position is simply this. mr. redstone is incompetent right now. he's not competent enough to remove redstone. and if sherry wants to remove it, she has to give us a corporate government's reason why because she's better than you. and if you do take that step of removing him and we will fight you in court and sue you in delaware court. they have the lawsuit drawn up. they're going to file it the minute she makes her move. that's what we understand
here. this thing could reach ahead this weekend. although for summer, they'll take memorial day weekend off. liz: you never know, though. >> you never know. liz: sherry redstone. who knows. could be holding the meeting. we're watching it. charlie is going to break it. we'll be right back. don't go away i know what i can expect from usaa because i have my checking with them, my savings with them, my credit card with them. and then i learned i have this usaa car buying service. the usaa car buying app was really helpful. all the information was laid out right there. i was able to see the savings
rates be raised raised in june. liz: not going what the fed is going to do give me your favorite name here. >> my favorite is bed, bath & beyond. my pick for taking advantage of all new home sales. they were late in the game getting online. they made some good headwinds. they are also paying a dividend. great free cash flow. they're coming off the lows. i know it is beaten-up stock. i think now is the good place to get in. liz: as you look at valuation of all stocks, there are cheap ones. does it make sense to look for good quality names, price to earnings ratio not too expensive, is there a level, has >> to me are you turning around. bed, bath & beyond one of companies finally started making money and growing earnings and this is the turn around point. liz: looking at stocks, wouldn's
the preferred asset class. liz: as i'm looking, everybody is depending so much on oim. we're going into a holiday weekend here. gasoline is still extremely even a year ago, erin, why is consumer not taking money, this is age-old question certainly in this cycle and putting it into names like bed, bath & beyond? >> consumer they're saving money on gas and making more money and they're saving more. i think this is something we've all learned after the global economic recession to have a little more money in the bank and that behavior isn't going to change so quickly. liz: we should mention too, durable goods for april surged today. folks sound like fancy name. anything lasts more than three to five years. you're talking big-ticket items, right? that looked like a pretty decent number? >> we've been seeing the consumer, they're willing to spend money on durable goods,
your mattresses, your sofas, your cars but not on new pair of shoes. liz: great to see you, erin gibbs of. [closing bell rings] s&p and nasdaq just barely there. actually s&p just turned negative. let me hand this one to date asman and melissa francis. melissa: stocks ending mixed with the at the close i'm melissa francis. david: i'm david asman with "after the bell." first what else we have for you this hour, it is official, donald trump has now surpassed the number of delegates he needs to be the republican nominee for president of the united states. he just responded to the news at an event in bismarck, north dakota. this is hillary clinton may be moving further away from the democratic nomination. she is getting hit from all sides about the use of her private server and new poll results showing she is neck-and-neck with bernie