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

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president al gore in miami just moments from now. clinton and gore, anyone else having a '90s flashback? sources are telling us that al gore will be talking about, well, among other things climate change, his favorite topic. liz, over to you. liz: you know, we're going to get that the minute it happens. in the meantime, wall street awash in red right now. health care, technology, oil, materials, those are the main sectors dragging down your money in the markets after alcoa got the earnings season a off to a disappointing start. you can see that while the dow and the s&p are down by percentages, the nasdaqing and the russell are getting slammed. forget texas hold 'em, we've got a full house in florida at this hour with exactly four weeks to election day. hillary clinton and donald trump going all in on the sunshine state. to miami-dade college, this is a live picture where in just moments we expect the former secretary of state to be joined on stage by former vice president al gore.
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you're looking at live pictures inside the theodore gibson center on the kendall campus of miami-dade. why is this significant? because al gore is making his first-ever campaign appearance with hillary clinton. we're going to take you there live as soon as the two appear. meanwhile, after two morning fundraisers in the lone star state, mr. trump is also headed to florida for a rally this evening. it comes on a day where fox news has just changed its projections on the race in that battleground state of florida. mercedes schlapp dives into these developments and more. plus, samsung was hoping its high-end galaxy note 7 would light9 the world on fire? unfortunately, it did. you're looking at pictures of what happened to many of those phones. the company now killing production overall. is samsung's pain not just apple's, but google's gain? we'reless than an hour to the closing bell, folks. we've got a lot of breaking news here, stay with me. let's start the "countdown."
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♪ ♪ liz: so as you look at the dow jones industrials in the bottom of the corner here, the market bears have been in full control the entire session, but just moments ago they took it a step further, squeezing their claws around stocks which are awfully close to session lows with just about 58 minute toss go before the closing bell rings. it's health care stocks that's really giving the market a big black eye. health care is the worst performing sector in the s&p 500 with all but one of the 59 health care stocks in that group trading lower at this hour. now, take a look at ill lumina. look at this, it's tumbling 25% after the maker of diagnostic testing equipment cut its third quarter revenue forecast for a second time. it's bad enough the first time. they're currently the biggest loser in the s&p 500. following closely, alcoa. i mentioned it came out with earnings, now down 11% standing
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at $28.01. in the last hour of trade, we're watching this closely because it is on track for the worst drop in five years. alcoa's an aluminum giant, but they do a lot of other stuff now. they tried to exit much of the aluminum business because it was so complicated. it posted results that missed analyst estimates, widely considered to be sort of a scene setter for a third quarter earnings season, so it's casting quite a gray cloud over the start of earnings season. so we'll leave you with this one, the dow component that has been desperate to hold onto gains, at the moment it's still holding onto 39 p cents in gains here, it's apple. trading at its highest level of 2016 on the news of samsung's announcement that it has officially had to end all production of its galaxy note 7 due to spontaneous combustion. coming up, we're going to tellyo make off samsung's nightmare. there's some new numbers here you need to see. so we have florida, we have
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samsung, the markets, team fox business spreading out, fanning out an owl these stories -- all these stories. we have adam shapiro at the clinton/gore event, jeff flock at an at&t store in chicago, and ashley webster or live from the floor of the new york stock exchange. that's where i do want to go first, ashley. >> reporter: yeah. liz: you know, specifically, we were talking about how bad the russell is looking. i wanted to show people, it's down 25 points. it is the biggest percentage loser of all the a major indices, down two full percentage points. this is a mess today. >> reporter: it is a mess, and it is pretty broadly heading lower on most of the markets, liz. you mentioned the russell off 2%, the nasdaq just yesterday we're talking about can it finish in record high territory. well, today the bottom has fallen out just a little bit, off nearly 2%, down990 points on the -- 90 points on the nasdaq. take a look at some of the big tech stock names you know.
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here we are, netflix down nearly 3%, yahoo!, same story. ebay down 2, microsoft also down 1.75%. let's take a look at oil. oil finishing, closing down some 56 cents at $50.79, that's after-hours trade. we had a report out of paris from the international energy agency there saying that, look, supplies are starting to rise again. we also heard from a russian oil official, a big boss saying i don't care what opec's going to do, i'm not going to freeze or even cap production. that has also helped to put pressure are, downward pressure on oil,. liz: liz yeah. when they say forget it, i don't care what anybody says, until somebody shows up at his door at midnight sent by putin -- [laughter] >> reporter: you always answer the door too. liz: and, folks, we really try, ashley, lori rothman and i always try to get people to understand that opec is highly
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unreliable as are the russians. right now it's oil that's alsoen continuing the pile-on for the markets. we'll go back to ashley if there are any new legs down with the markets. now let's get to politics and the age-old bumper sticker with a newtist. bill clinton -- twist. bill clinton and al gore were considered highly successful campaigners, winning two presidential races. hillary clinton hoping a newer clinton/gore team-up in florida might bring similar magic. the former secretary of state is set to speak any moment now in miami, florida -- as we mentioned, the miami-dade college. secretary clinton campaigning for the very first time with al gore who, of course, served in the white house under president bill clinton from 1996-2001. the focus of today's rally is the issue of climate change. meanwhile, republican presidential nominee donald trump poised to campaign later this evening in panama city beach, florida. so why are both candidates picking florida today? well, it's quite possible the spire presidential race --
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entire presidential race could hinge on the sunshine state. little history lesson for the viewers. the state of florida greatly impacted the 2000 presidential election. the problem of the so-called dimpled and hanging chads, remember that? problems with the voter and those actual ballots that kept the nation on edge after al gore won the popular vote but lost in the electoral college to president george w. bush. so just hours ago fox news announced it has shifted florida and its 29 electoral votes into the lean-democrat category along with nevada. that puts hillary clinton over the 270 electoral votes needed to clinch the presidency. fox business' adam shapiro standing by in miami, florida, at the clinton/gore rally with more on why florida matters so much in 2016 is. you know that state well, adam, it does matter. >> reporter: it does matter. 29 electoral college votes, as you pointed out. this was the center of the 2000 election which decided when the
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u.s. supreme court, if we can take a look at some of the video of then-vice president al gore who was campaigning against george bush, but it was the supreme court that actually stopped the recount in florida, giving the election to mr. bush who, when the recount was stopped, was leading by 537 votes. florida is key, and both candidates know it, anthey intend to be here heavily over the next roughly 27 days leading up to the election. but it's because florida is not only a key state, it is considered a swing state, although fox news says as of right now florida is leaning democrat. but it has been leaning democrat in the past and come back to the center and then possibly leaped republican. the -- leaned republican. the other issue for donald trump is that florida, as a key state, no republican has won the presidency without winning florida since calvin coolidge going all the way back to roughly 1924. so the issue for hillary clinton is to turn out the vote, and she faces a hurdle in some respects.
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according to pew research, if you go back to about 2006, there are 400,000 fewer white democrats than there were -- today than there were then. there are, however, more hispanic democrats. so everything is shift anything florida. liz? liz: oh, boy, sure is. adam, thank you very much. we just want to remind people as soon as al gore and hillary clinton come out, we will definitely bring that to you. we've got more news on donald trump ask some tweets he's been sending out. we'll get to that in a moment. in the meantime, we have to get to these numbers that we have, we now have some more numbers on the samsung phone that's now off the market and out of production. the problem with the galaxy note 7 is projected to be a $17 billion loss for samsung as the smartphone and electronics titan decides to the scrap the phone entirely. the decision, of course, as we've been telling you came after a blood of reports claiming that -- flood of reports a claiming that the phones were overheating, in some
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cases melting and catching fire. some were banned by airlines. for samsung, this is the culmination of a drawn-out drama over the note 7. take a look at the stock over the last month. with shares nose diving over the past week, samsung, of course, trades in korea, but it's very thinly traded here in the u.s. now, take a look at how telecom giants who have had to either pull these off the shelves or just decided not to sell them are being affected. sprint and at&t moving slightly higher, verizon and t-mobile down. in the meantime, rival apple? not complaining at all about the disappearance of the note 7. a new report suggests -- and here's another number -- that apple could stand to sell an additional 14-15 million iphone 7s now that the new essam sung model is no longer -- newest samsung model is no longer standing in its way. to jeff flock in evanston, illinois, with the latest on the plans and the impact, jeff, on the smartphone industry at large. it's a big deal. >> reporter: oh, it is a big
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deal and, you know, i get from people out here though a little bit more beamusement almost and making fun than anger. i don't get a lot of anger out on the street here. in fact, one person said jokingly they think that the galaxy note 7 is to samsung as donald trump is to the republican party. maybe a couple of dumpster fires there. but the fact is that it's huge for samsung because they are the nation's and the world's largest smartphone maker. take a look at these numbers in addition to the ones you quoted, liz. 19 million phones of the galaxy note 7, that's what they thought they were going to sell, 19 million worldwide. that would have been $17 billion in revenue that now is lost. their market cap lost 8% just in the last session, and they do not have a new phone coming out which would be the note 8 until next year, and some people think that's why they ditched this one, because they don't want to muddy those two things together. who can does this help? well, you mentioned apple.
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certainly, that helps apple, but it also may help google because you know they've got, liz as you know, this new pixel phone coming out in just about a week or ten days. that'll be on the market. so that could be a big beneficiary of this as well. samsung, though, big loser. liz? liz: yeah. it's, it's tough, but maybe they just should have pulled everything. they were asking people to sol aren tearily bring back the phones. that only, you know, extends the pain there. so now it's done, no more -- we'll see how long it takes before those things show up on ebay. don't use 'em. don't use them. >> reporter: you don't want to be compared with the ford to pinto in the any way. liz: that's harsh. you had to bring it up. >> reporter: sorry. i'm sorry. [laughter] liz: we appreciate it. 48 minutes before the closing bell rings. tough day on the markets. we already told you apple's the one green standout there. look at the bottom, it's merck that's dragging the 0 on the dow lower -- 30, falling along with the rest of the health care sector.
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look at rent a center, it may be looking for new potions because the magic is definitely not happening there. right, that's their theme. the rent-to-own furniture and equipment company saying its third quarter same-store sales will be down 12%. what are they blaming it on? a new cash register system for the drop in sale asks profit. profit will be flat for the quarter. rcii already down 14%, getting hammered today, down 28.5%. hurricane matthew still wreaking havoc in north carolina. rescue operations still going on as the death toll rises along with the record flood levels. yes, the death toll still rising here in the u.s. we're going to have a live report or the few you from one of the worst-hit areas of the tarheel state. that's next on "countdown." the dow down 231 points.
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♪ ♪ liz: this is unbelievable. in a rare turn of events post-hurricane matthew, it appears, folks, that the hurricane is being blamed for having accelerated an already-existing cholera epidemic. twelve people have died from cholera since matthew hit. the world health organization is on the case.
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it has now sent a million cholera vaccine doses to haiti while the united nations is launching an emergency appeal for nearly $the 0 million in -- $120 million in aid to help those suffering. now, hurricane matthew slammed into haiti one week ago, yet many areas of the devastated nation are still without any help at all, and the death toll there rise ares to more than 1,000 people. meanwhile, here in the u.s. the death toll is still rising as well along with the flood waters. to north carolina, the death toll in the tarheel state up to 14. three people still missing, in total 27 people have died in the u.s. as a result of hurricane matthew. and and earlier north carolina governor pat mccrory warned of, quote, extremely dangerous conditions. believe it or not, over the next 72 hours. you thought this thing was in the rearview mirror? no, it is not. in the central and eastern parts of the state, the threat is still there. specifically, the town of lumberton. that's located 70 miles inland
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in north carolina. it's still submerged. look at these pictures. that's under flood water, more than 2,000 people have had to be rescued. steve harrigan is in lumberton. how are the rescue efforts going on? >> reporter: liz, you can actually see some of it going on to my right here now. we've seen some rescuers coming in, they've just brought water out to some public housing units that are surrounded by about 3 or 4 feet of water. we've talked to people who have come out of those units who haven't electricity or water for two days. it's really the only way to get around here right now in lumberton. things are so bad, you have to have boats. so we've been seeing them all morning long rescuing people, three or four at a time, bringing them out. some of the people pretty visibly shaken from what they've been through, some in wheelchairs, some holding pets, others holding bags of belongings, so a real tough ride here. many people thinking the storm is over but it's actually, as you said, getting worse here in north carolina. that's because the storm dumped 15 inches of rain in parts of this state.
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that means we've got three rivers at record levels, and some of those levels will still be cresting as of friday. so we could have a couple more rough days ahead despite the sunshine with heavy, high water here many north carolina, liz. liz: this is unbelievable. now, we're showing some buildings that are submerged. i was wondering, steve, if your photographer can pan back over your left shoulder so that we can see some of those first p responders and those rescuers -- sorry, your right shoulder. >> reporter: sure. show the first responders. a lot of these first responders have been from pennsylvania, so they've actually come from around the country to help out. liz: wow. >> they have some rafts, some have metal boats, sometimes they're using oars to get around. the interesting thing is initially when this all started, they were finding out where people needed help by phone calls or social media. some of the people now have been out of electricity for so long, that option's gone. so we've seen rescuers going from house to house in their boats shouting, trying to see if anyone needed help.
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liz: good hearted people. steve, thank you very much. amazing pictures of live rescues going on right now even just getting people fresh water. it's a huge problem right now in the carolinas. the closing bell ringing in exactly 39 minutes. as we mentioned, we are awaiting hillary clinton at any moment, she's about to take the stage for the first time with former vice president al gore in miami for this election cycle. it is their first time campaigning together ever and, you know, he waited til july to endorse hillary clinton. so we're watching for that. if the news wasn't bad enough for samsung today, well, it made its case to the supreme court over the millions it owes apple for copying certain aspects of the iphone. peter barnes is outside the supreme court. he's going to tell us how the justices are reacting to samsung's argument. that's live from the supreme court next on "countdown." ♪ ♪ you can run an errand.
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liz: apple samsung showdown arrived on the steps of supreme court. the two giants fight it out over epic patent fight. the judges will have to decide how much samsung owns apple on infringed patents of iphone and design. explain to our viewers which part of thes design are in question and how the opening arguments went. reporter: this is fight over three design patents on the iphone, liz. one is kind of the frame of the iphone. two is the surface of it. and the third thing is, the actual screen design with a grid that has all of the icons in it. and today, at the court, this lawsuit started by the way in 2011, because, apple said that samsung had stolen these features that were patented and used them in its samsung phones.
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apple ended up winning that case, when it came to damages and how much it should get paid, apple asked the court to strictly interpret the patent law which reads as follow. the patent infringer must pay total profits, quote, unquote, on the article of manufacture. and it turns out to the court the article of manufacture was the entire phone. so, samsung ended up paying, had sold 10 million of its phones with some these features and ended up having to half a billion dollars to apple. it appealed that ruling. appellate court said no. samsung went all the way to the supreme court. it asked the court for a different interpretation of the patent law. it says the article of manufacture is actually the individual components of the iphone. in fact all these patents were for the individual components, not for the whole phone itself. the justices seemed to struggle
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a bit with that they're saying, how do we get profit out of a component? that is a little difficult. apple says these penalties are high for a reason and let a jury decide what the article of manufacture is and the profits and damages. liz? liz: patents are funny thing. really are. reporter: yeah. liz: very specific. we'll see what the damages are. we'll see, thank you very much. peter barnes live from the supreme court steps. reporter: you bet. >> 32 minutes away. when you see the dow losing 207 points. please remember we were down 267. the s&p down 27. had been lower by 34. coming up off the floor, slightly. wells fargo management out with a new strategy to help the embattled bank move past the phony account scandal but should ceo john stumpf watch his back? is that part of new plan? more of management shake up.
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charlie is breaking that. we're waiting hillary clinton to take the stage with former vice president al gore. that is miami-dade college. the stakes could not be any higher in florida, 29 electoral votes. mercedes schlapp and chris at this setzer who is closer to taking the battle ground state. whether it's bringing cutting-edge wifi to 35,000 fans... or keeping a hotel's guests connected. businesses count on communication, and communication counts on centurylink.
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liz: let us take you live to miami-dade college. this is the kendall campus, theodore gibson center. hillary clinton. you see vice president al gore appearing for first time on behalf of hillary clinton and her campaign. it is almost 16 years to the month that al gore face ad
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florida recount in that very state. we'll listen in just a little bit to hillary clinton. then we'll get in our experts here. so let's listen in. >> and above all we can fulfill our moral obligation to protect our planet, for our children, and our grandchildren. [shouting] now let me just say -- [shouting] so, let's, let's remember, let's remember -- liz: so there apparently a heckler that you just witnessed. we don't know what is happening with that. hillary clinton continuing her discussion at miami-dade college. when al gore begins to speak we'll listen in to a bit what he
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has to say therein lies the question what does he add to hillary clinton's campaign? we're keeping an eye on this as we bring in democratic strategist christie setzer, along with republican strategist, mercedes schlapp. we should, right after the bottom, begin with you, christie, what specifically does al gore bring to hillary clinton at the moment? is there group of voters? is there somebody that she hopes he connects with that she doesn't have already? >> yes. the answer is millenials. you have to remember that the one thing that, that really killed al gore in 2009, i remember it more than most because i worked on his campaign for a year-and-a-half was the fact that just enough people went third party to keep the race so close between him and george bush. so he remembers quite painfully as well. right now, millenials are not deciding between trump and clinton. they're deciding between clinton and third party or clinton and not voting. so he is there with one very
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express purpose. it is to remind millenials it is too important to not vote. it is also too important to vote third party. that is why he is there. liz: listen, we're all getting older. he is 68. i need to press you here how he somehow speaks with a different voice to millenials? >> yeah. yeah, right. well, i mean the truth is they probably know him as an important voice on climate change, more than they actually do as the guy who won the popular vote yet somehow didn't become our president. so i do think he has moral authority on issue which is incredibly important to them. one resonates with them very much and on which republicans seem completely out of touch by denying science of climate change. liz: he won nobel peace prize, an oscar. that perhaps brings in different groups of people? >> sure. liz: mercedes, where do you sit, what does al gore do? >> do you know being 68 is being the new millenial age? come on.
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i really don't feel, not that he helps or he hurts, i view al gore as a name from the past. yes, he does talk about climate change. i don't think there is direct connection with millenials. bernie sanders is a much better surrogate. >> he is 74. >> exactly. and i think he is more effective at connecting with millenials for the democratic party. i even think president obama, michelle obama, do as well. i don't know why they decided to bring in al gore. he must have been quite bored, not knowing what to do. why not bring in another surrogate for the democrats. liz: let's talk about donald trump right now because he has been tweeting quite a bit over the past couple of hours, taking swipes at john mccain, calling john mccain foul-mouthed. he is really taking aim at speaker paul ryan, speaker of the house who has said yesterday he was not going to be helping the campaign at all. he didn't disavow on donald trump.
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i'm focusing now on down ballot. donald trump put out this tweet, specifically calling paul ryan our weak ineffective leader. he had a bod conference call with a lot of republicans where members went wild at his disloyalty. meaning he is not supporting donald trump. regarding with donald trump said about bill clinton and affairs of women, i want to play a sound bite that happened, it was very interesting one. it was jerry falwell, jr., who has supported and does continue to support donald trump. he was on with neil cavuto, on "cavuto: coast to coast" earlier. here is what he said about donald trump going after bill clinton. >> trump needs to stay focused on issues. not get sidetracked. don't attack, no matter how bad establishment republicans are, no matter what they do to him. don't attack hillary in the ways he did in the first debate and stop talking about bill clinton's past indiscretions. liz: so that is from a very
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conservative yes falwell, jr., mercedes. donald trump will he listen? this is supporter. this is somebody sticking by him? >> look, i feel that donald trump, he feels like he is under attack by not only democrats but by some members of his own party. when donald trump gets attacked he punches back. i think it has been very disappointing to see certain members of the republican party decide that they are not going so support their nominee. i think ultimate goal should have been to defeat hillary clinton and it creates greater division among our party. the one thing democrats really do effectively they stick together, despite in the case of bill clinton, he was impeached, disbarred. had to pay fines for his sexual scandals. they all stood by him. donald trump apologized because of the video, because of the tape. i think it is very unfortunate the party decided, that they have decided that they're going to not support the nominee. liz: one quick footnote here. it appears bully bush, the anchor of "access hollywood,"
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who was on that tape with donald trump is working on an exit package with nbc. so it is definitely possibly hurting his job prospects. as we finish out, christie, if we dip back into the picture of hillary clinton, you can see over her shoulder, al gore is teeing up to speak, we'll take it when it happens. what does he nee florida was that state that just didn't come through in the end for him. and it was a very complicated relationship in the beginning with hillary clinton. not so complicated he doesn't want to help the party? >> i still think it is complicated relationship. he is fairly retreated from politics and political life in general. and the reason that you are seeing him out here right now is because gore is taking the stance a lot of republicans have, frankly, those who have broken with their party to come either support hillary clinton or at least say they're not doing to support -- going to support donald trump. that it is too important to stay
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on the sidelines this time. >> christie setzer, mercedes schlapp. what is newsworthy about this, he has come out to support hillary clinton of the hasn't happened yet during the entire cycle. keep it here on fox business. listen to all of our coverage but specifically the third and final presidential debate a week from wednesday. maria bartiromo's election begins that special starts 6:00 p.m. eastern, lou dobbs and "coast to coast." wednesday, october 19th. markets are still falling at the moment. wait until you see the vix. we'll show that to you on the other side. there is fear in this market. we're taking you back to the trading floors. don't go away. company says they'll only paye three-quarters of what it takes to replace it. what are you supposed to do? drive three-quarters of a car? now if you had liberty mutual new car replacement™, you'd get your whole car back. i guess they don't want you driving around on three wheels.
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♪ liz: wells fargo reshuffling the ranks after two disasterous con expression al hearings for the bank and embattled ceo john stumpf. the bank is fighting back against criticism for creating millions of fraudulent accounts. former employees are now saying they were forced to add costly overdraft protections without their customer's permission. the former employees said once they started to refuse to go along with the scream they were immediately fired. charlie gasparino, i i guess more specifically on john stumpf and where it r his future lies. >> be clear, i covered corporate implosions much of my career. back in 1999, 2001, stan o'neal got duties from dave komansky, he was dave komansky he's number two. john stumpf is handing a lot of duties to his coo.
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what you see, that generally presages the next corporate move that john stumpf is out and someone else in management -- liz: this is from what you have seen in the past and triangulating how it goes down like that. >> this is what is happening right now. you have his other people assuming his duties in a corporate restructuring. when you have that, you have some real problems. that means, essentially, that the coo and, whose name just escapes me for some reason because i was worried about a twitter headline we're going to talk about in a minute. liz: okay. >> the coo is probably going to become the ceo at the end of the year. he is, tim sloane. just i had a brain meltdown for a second. mr. sloane is now getting, i would say, about 1/3 of john stumpf's duties if you look at latest corporate restructuring. that means, john stumpf -- liz: none of his pay. >> well you don't know that. here's the thing, i think after the election -- liz: making me do this, start paying me.
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>> after the new year we point out it is probably a good shot that mr. sloan gets the job. that is usually what happens. let's go to twitter because we are hearing -- now we should point out, we should say sources and should be unconfirmed this, and twitter is getting a little ride out of this thing, we should put up, unconfirmed, there is a, a lot of speculation out there that prince, as you know twitter was down 11% yesterday. we took it up a little bit on your show when we said there was some bankers were talking about still some interest from sales force and others if the price is right. so the stock popped on that. came back a little bit. now the stock is up today. kind of a relief rally. part of it is this. this is pure speculation. we should say it is unconfirmed, he is considering basically increasing his, he has got a stake, increasing his twitter stake. i think, if you asked me whether this is possible to happen, i
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would say that is very, that is much more real possibility than salesforce buying it at 24. liz: let people who might not know alwaleed. he has stakes in huge companies. citibank. used to sit on the board of news corporation. he likes to get involved. >> he was involved in citibank, citi corp. back in the city i remember. i could see him being a white knight to twitter to stablize the stock. that is something that buffett does off then, warren buffett did it with wells and other companies. liz: look to bring in capital to firms. goldman sachs brought money for -- >> this is something you could see happening to stablize the stock. i'm not saying it is happening and it is completely inconfirmed reports out there bouncing around but iting helping the keep the shares up. we should point out before anybody, "new york times," cnbc, we were first on fox business yesterday to report that even though these talks have broken down, sales force, all these
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players, still interested in twitter, if the price is right. our reporting was confirmed by everybody this morning and late last night after we reported it here. i still caution anybody to get involved in the stock, you're crazy if you're retail guy. this thing will be whipsawing on every report. liz: good to see you, charlie, thank you. i need to say this. which have fear on the market. we're off the lows of the session the volatility index is spiking by 15 percent right now as we see the celloff underway on wall street. the dow is off session lows, i want to stress that, however, it is still down 117 points. weakness in health care, weakness in technology and weakness in oil-related names. with this, little dramatic to call it a total nosedive, we want to do work with the traders on the floor show, new york stock exchange, cme group, matt, what are you seeing with the flows? we had been down 220 points here. we're down 192 at the moment.
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what is the psychology driving the market at this hour? >> there is nowhere to hide right now. we're not seeing any huge volume. downside volume is five times greater than the upside volume. people are lightening up. nowhere to hide. 10-year yields at four-month high. utilities are down. oil down. biotech down. nowhere else to put your money so everyone is going to wait and see. earnings started with alcoa that were disappointing. people will say we're not counting on earnings to be our next catalyst. have a wait-and-see attitude. liz: u.s. dollar at seven-week highs. we're looking right now at the overhang of a december rate hike which we're hearing might be at 70% probability, when you look at fed funds futures. while most currencies are weaker against the u.s. dollar, that certainly hurts oil. oil's retreating. larry shover at cme, you see all of these things crystallize and come together? >> the way i look at it right now. there are some things in the pile. we have earnings reports.
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the pile is growing bigger. we have sovereign yields that go higher. our yields go higher as well. we have to remember that's okay. we're seeing nominal growth. the dollar overshot but always does overshoot. it does affect the oil price. also traders are really worried about the growing chances of a complete 2008-style democratic rout of washington. it is okay if hillary clinton wins, that is built into the market but the market doesn't want complete democratic overtaking of washington d.c. we have opec. there are so many moving pieces right now and let's consider the fact on a year on year basis, third quarter earnings were supposed to be up 10% year on year. right now we're looking down 1%, down 2% in europe. so things are not really good. there is going to be a reset, something i've been talking about since july, a little bit early on my call. yeah, just a reset in the market liz: listen, i know you guys
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have to make calls, if i were holding your breath i would have died right now. listen, matt, larry, thank you very much. >> you're welcome. liz: the markets are falling. looks a little alarming. thin volume. matt made that point. so the moves are exaggerated at the moment. thanks for joining us on the floor show. we're seven minutes from the closing bell ringing. we're still awaiting al gore, former vice president to take the stage with hillary clinton in miami. as you whip out your visa to pay for home depot bargains. don't stop there. that might be investment lesson in and of itself. larry rosenthal is coming up. why he says buy the two names for your portfolio. there is clue and a key. why he is betting big on you, the consumer, when the "countdown" is coming right back. the dow is down 196 points.
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liz: breaking news al gore taken the stage for the first first time in miami. let's listen in. [shouting] >> i don't want you to be in a position years from now, you welcome hillary clinton, you actually did win, it wasn't close enough to make sure that all the votes were counted or whatever. elections have consequences. [shouting] your vote counts. your vote has consequences. [cheering] and in this election the future of miami and cities up and down the west coast and east coast of
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florida are on the ballot as well. indeed the entire state of florida and its future are on this ballot. so is our economy. our health, our national security. the common thread that binds all of these issues together, what when he decide to do about carbon pollution. and its damage to the ecological system of the earth. i don't have to tell you here in florida that the climate crisis yes, it is true that some of your elected officials have not recognized that it's real but every single, every single night on the television news is like a major hike through the book of revelation. you look at floods, droughts, mudslides and fires and incredible downpours. as secretary clinton just mentioned, hurricane matthew
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just recently. you know it spun up from a tropical storm into a category 5 hurricane in just 36 hours. that is extremely unusual. the reason that happened is the climate crisis is trapping so much extra heat in the earth's system, equivalent to what would be released by 400,000 hiroshima class atomic bombs going off every day. it's a big planet. that is a lot of energy. it is warming the oceans. more than 90% of the energy goes into the east oceans. the southern caribbean where it spun up into a category 5 quickly was much warmer than normal -- >> liz: former vice president al gore imploring the audience to understand your vote matters. as we bump up against the closing bell, the dow is 194 points off the lows of the session. thing volume ahead of yom kippur
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holiday. [closing bell rings] david asman, melissa francis picking it up here for "after the bell." melissa: stocks slammed, major averages ending the day down more than 1%. i'm melissa francis. david: i'm david asman this is "after the bell." we have you covered on big market movers. here is what else we have for you this hour. donald trump unshackled launching a twitter storm against paul ryan and other republicans in congress who have severed their ties with him. we'll be speaking with one who is still standing by his man trump, calling his colleagues in the gop, gutless. new trove of emails released from clinton campaign chair john podesta apparently show collusion between the clinton team and the department of justice during the email investigation. the latest details on that to come. this as al gore joins hillary clinton at a campaign event in miami.
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