tv Countdown to the Closing Bell With Liz Claman FOX Business March 6, 2017 3:00pm-4:01pm EST
but we've had four people, four experts on this show today that they think he is onto something. in other words, why was there this warrant in the first place? they think there was one, and they question the political motives behind all of it. i want to hear from you. head to my facebook show page and tell me what you think of that story. liz claman has you from here. liz: i do. and you know what, trish? i don't know if we can do this. can we show airline stocks at the moment? they're getting hammered in this final hour. we'll show you these three. united continental down nearly 4%. delta getting killed nearly 3%. jetblue down 4.5%. give us a second. we're going to show you more travel stocks getting crushed and pointing to president trump's second run at immigration executive order. he signed in the oval office just hours ago and here's the question. will the revised order announced by attorney general jeff sessions, secretary of state rex tillerson, and
homeland security secretary john kelly be appeal proof this time around? the president's first order shut down by a appeals court after mass holding at airports across the country. so we have jeff flock live on the scene at o'hare airports where there have been huge protests. what's happening today? we have devout muslim ask azuhdi jasser on whether he sees the new bam as antimuslim and former virginia attorney general kim we'll ask is this order airtight this time? will it really keep america safer? plus, well, the stock market euphoria. remember the day after president trump's speech before congress last tuesday? stock markets shot up? kind of long gone, at least for the moment after his weekend wiretapping allegations against president obama. will his demand for an investigation prove him right? or will it be a case of be careful what you wish for? and then of course there's the slow pace of the obamacare
repeal roll out. richard goodstein and ed martin on whether these distractions put off what investors really want. a tax reform plan. so as political drama shoves the dow below 21,000 in this final hour of trade, what's snap's excuse? did investors wake up and realize that the ipo is a long way from making money? pulling back by nearly 9%. that bull eric here live says chill out. it will be a winner. and did you see logan, the crazy box office numbers and the three stocks that our stock picker will hold up no matter what comes out of washington d.c. we're less than an hour to the closing bell on this monday. let's start the countdown. ♪ ♪ liz: not a surprise. we're not going to overstate this. look, we've had four straight weeks of gains but the dow does seem poised to
start this week down and close down below the 21,000 marker that it really blew through last week. but a claman countdown warning. we have seen some very active fil hours of trade lately, so you're going to have to keep it right here with us to see what happens to your money as we countdown to the close. we've got 57 minutes and here's where we stand right now. dow jones industrials at the moment down 59. we had been down more than that. the nasdaq is down 20. but look at the s&p down only 7 points. can we look at snap stock again, folks? i need to see that one. it is down nearly 9%. down $2.43 to 24.66. day three of trade, some investors are looking at the messaging app through a bearish filter for the first time. after two days of compiling -- i don't know. plus 47%. you can see the stock is pulling back a bit. why? well, a wave of brokerages
just initiated a sell generating on snap saying it is way overvalued after the ipo. i think it was trading at 93 times last year's revenue. so we need to look at financials getting knocked around at this hour. confirming it will raise $90 billion in capital and sell off the stake in the asset management business helping to pay for the multibillion dollar penalty it owes the justice department. bringing down our coloring red bank of america, jp morgan, and goldman sachs. it'sot just the airline stocks. travel stocks are taking a beating right now. we've got priceline, trip adviser, both of them down. actually, they were way worse earlier, so, again, maybe it shows we'll have a come back in the final hour. expedia up 1%. this after president trump officially signed a revised version of the new executive travel order and start the clock. the ban officially goes into effect march 16th.
now, under the new order, foreign nationals for the following countries sudan, syria, iran, libya, somalia, and yemen will not be allowed into the united states for 90 days. black out for 90 days. iraq, though, has been eliminated from the list. earlier today, attorney general jeff sessions said he's quote confident the new order is lawful, but he also shared somewhat unsettling news regarding an fbi investigation for potential terror plots. listen. >> today more than 300 people according to the fbi who came here as refugees are under an fbi investigation today for potential terrorism-related activities. like every nation, the united states has a right to control who enters our country and to keep out those who would do us harm. liz: fox business' jeff flock is at o'hare airport in
chicago and, jeff, i remember back in late january when the first order went into effect how much protesters there were. give us a sense of what's going on on the ground there? >> well, not only are there no protesters, liz, and of course not taking effect for another ten days. but there isn't anywhere near the kind of confusion there was. we saw last time here at the international terminal, see some more mans there, i don't think they're affected by the ban. but there was a lot of confusion about -- liz: okay. a lot of -- there we got him back. go ahead. go ahead, jeff. >> sorry. we spun around a little too much there maybe. and the other piece about this, you know, you said starting -- restart the clock. but restarting the clock also on the 120 days because now it'starting from the date of the new executive order. i would point out also, you know, we saw attorneys here last time. by the way, that's the protest area over there. not a single protester out
today. attorneys who had come out to offer their services pro bono. they are still here, and they say they will remain here because they may trust that the -- you know, the new executive order has eliminated the folks from iraq and not the green card holders. they're standing by still offering their services and of course there will be legal challenges to this. you can be sure. liz. liz: okay. well, will they hold up? that's what we're going to attack next. a couple of things as jeff mentioned will it hold up? is it watertight? and also, you will hear the cries that it is antimuslim. so as you look at what's been going on, and we should tell you as you just saw the fbi is indicating that 300 refugees are currently the subject of fbi terror investigations. these are refugees who got into the u.s. that of course brings in the line of why donald trump was so concerned about putting this travel order back in play.
let's bring in two voices on this. i am joined now by zuhdi jasser, founder and member of the islamic foreign, a devout muslim and ken, looking at the legal side of this. right off the bat, ken. i'll start with you. will it hold up to appeals? is it appeals proof or are there holes within this? >> yeah. i mean, anybody can sue for anything in the united states. it doesn't mean you get to win. this is legally airtight. they excluded the categories that were complained about in the earlier order. they even got iraq to make some changes to take that entire country off the table, at least as far as the immigration pieces. not the refugee pieces. and they also were much more particularized in their language-related to religion, and it clearly includes persecuted muslims. and so it's awfully hard to hold that out there as antimuslim in any way. so this will hold up.
it will be airtight. i'm not even sure any significant organization or entity will even bother suing. liz: okay. let's talk about the antimuslim aspect of it. zuhdi, you have been one of our favorite guests because you call it like you see it. and you unlike many other very serious muslims are unafraid to really speak out about these things. you have to tell us from your perspective because there are others that are going to say this is antimuslim. is it? >> i really don't believe so, liz. i mean, it's pretty obvious. these are seven countries whose governments are chaotic. they're not our allies. we can't trust the information they give us. so i would say that i hope this is the first step in a long journey in which i think there's nothing more pro muslim than telling the islamists, the jihaddists that america is not your home. we don't welcome those who don't share our values and most muslims around the world would say america is the place you want to come if you want
to be free, but we should not welcome those who don't share our values. and i think this executive order 2.0, if you will, gets it right a little bit more accurately. i believe that the, you know, stakeholder that have been brought to the table are a little bit more organized this time. and the only thing the agitators who use propaganda to mislabel this as a muslim ban, which it's not, are simply going to look for anything that they can, which is not there this time. liz: you know, i don't know why anybody would ever be surprised. president trump during the election process is going way back fed, let's put a pause on bringing in immigrants and especially when you talk about refugees. he said the first thing he would do is pause this to quote figure out what's happening, who's coming in. so you've got a 90-day pause. a 120-day pause. ken, extensively the pause is to improve the vetting process. >> right. liz: iraq was removed from the original situation. iraq was removed.
the order said iraq was removed because it will cooperate. but how much did it have to do with what happens the first time around? and that was when this gentleman who was a u.s. military interpreter, he got ensnared the first time around, and he's been one who helped the u.s. military. if he were to be sent back to iraq, he would have been in deep trouble. he would have been in danger. >> right. well, both the iraqi government and our -- and the president have talked about changes generically that have been made since january january 27th, with the obvious suggestion that iraq is more willing, more ready, and more able to provide the kind of important information that allows us to verify whether the person coming to this country is safe to have here. but these other six countries, it's hard to imagine them ever getting to a point where we can rely on what we're getting from those countries.
liz: some of them, we don't have to an embassy there, it's too dangerous. i mean, libya was closed. yemen. you can't vet from those countries. zuhdi, before we go, look, as from a lot of ceos who is the immigration order, it's not so much those countries that are muslims, but we -- you've got a lot of immigrants coming in, and they do the agriculture work. they do a lot of the services and the hotel work. do you see this as hurting the business climate in any way? >> well, i think we need to look beyond the 90 to 120 days. the long-term. there's nothing that helps free market businesses than knowing that americans can perceive that these businesses are having people work with them that share our values. and it's not just about muslims or islamists or jihaddists. i don't want russian advocates, chinese communists, any type of folks that come from dictatorships or tyrannies that don't share our values we should be vetting.
the last administration did no ideological vetting. i hope this is a control group of seven countries, and we do start to look at countries that we consider allies like saudi arabia and pakistan that make no mistake are also cauldrons of jihadism that we need to start vetting -- >> can i make one comment along those lines? liz: quickly. >> you asked a business question and the way it was phrased is how business makes money but there's employees here too. there's labor here too and americans should have a shot at those jobs. we hear all the time, oh, americans don't want to do this work. well, guess what? if there's more of a shortage for that work, the prices for those wages are going to go up. americans will make money. liz: but the product gets raised in price. >> better to obey the law. liz: but in any case, we thank you for your perspective, zuhdi jasser and ken, former virginia attorney general. so we're looking at this market. a little bit of a pull back, but we are off the lows of the session.
the dow down 30 and with about 47 minutes before the closing bell rings, you've got jp morgan, travelers, and intel as the biggest drags on the dow 30 right this second. and skiing season. we're in the middle of it. downhill is great for skiers bunot for stocks. gopro shredded after goldman sachs cut it to a sell, lowering its price target to 6 bucks a share. that's more than 30% cut from current levels. so look what gopro's doing today. down 8%. earlier it went slightly below $8 a share for the first time ever. currently it's at $8.13. and has the trump rally? we're headed to the floor show and waiting for the traders to tell us if dow 21,000 is in the rearview mirror or if it comes back within the next 48 hours. countdown coming right back whether it's connecting one of the world's most innovative campuses.
liz: breaking news, folks. i'm going to ask you to watch two things. number one exxonmobil price and number two, you should be watching what he is going on with the dow industrials because exxonmobil is breaking some decent news here. jobs, jobs, and more jobs saying that they're going to expand operations in the u.s. gulf region, and that will
mean 45,000 new jobs here in the united states. specifically, they are going to expand their manufacturing capacity when it comes to analogous operations over a ten-year period. they say they're going to invest about $20 billion over that period. and, again, exxonmobil says it plans a new chemical capacity investment as well. they will grow this program that consists of about 11 analogous projects. but 45,000 jobs over the next ten years all in the united states. okay. so let's watch as the dow jones industrials is getting closer to the highs of the session. even though it's down about 27 points, it had been down more than 90 points. more breaking news that we're following for you right now. a voting member of the federal reserve is speaking out at this hour. he is minneapolis federal reserve bank president. he's appearing at the national association of business economics conference. that's in dc.
the topic banking regulation wie parsing and pulling apart every word for any indication on when he feels the fed should raise rates. and while this is going on, look at the fed fund futures. 86% probability that we will see a rate hike next week when they meet. so let's get to the floor show. scott, new york stock exchange, the cme, scott, i'll start with you. he's a voting member. we don't know what he'll say but, again, it's the voting members that we really need to watch, don't we? and is it all but a done deal? because a lot of the people who spoke out for a rate hike last week were nonvoting members. >> no. i think that people are expecting that it's going to be done in march. so let's move past that all right? we also think that there's going to be three rate hikes, not just another one. so at this point the banks have responded well and once we get that rate hike, we'll see if it's priced where they continue to ask. what you mentioned before, i
thought it was awesome as far as exxonmobil, a lot of new jobs. the oil sector has been lagging. so this could be a catalyst to get that group that hasn't performed in 2017 to get going. i like the xle right around here around 72. if it gets above 73, that's where tears are going to be looking for more. liz: now you're stepping on luke's tows because that's his area. and down a, the s&p just hit the market highs. we have the market coming back at the moment. it could be hitting mobile news. by the way, the high for the session is minus 24, we're down just about 20 points right now. luke. >> yeah. you're absolutely right. exxonmobil was a big part of the s&p. so this news is pretty aggressive. but i'm just going to say one thing. with the ipo, there's going to be a rebalancing and recalculation of all oil companies, energy copies, oil assets globally.
when this thing comes out, it would be t biggest ipo of all time, believe, obviously the biggest energy ipof all time, you have to be careful in the energy sector. because that ipo is -- and depending on the price and how well it goes is going to pick winners and losers in the energy sector. liz: well, guys, also people are waiting on a tax reform plan. i know our viewers are. and when you see dc getting caught up and republicans arguing with each other over obamacare and then the wiretapping accusations, joe, how important is it for this market to hear something on tax reform by the time that steve mnuchin, the treasury secretary promises. >> it's paramount. you saw the reaction today. once you saw the wiretapping and the snippets between republicans and democrats, bottom line is the market just started to react quite negatively. we hit session lows right on the open. there is a lot of uncertainty.
we're seeing a lot of executive orders, but we are seeing no policies in tax reform on a corporate level to get done this year. otherwise, you're going to start to see investors really not believing the rhetoric going forward. liz: great to see you guys. and, by the way, the dow is just about four points away from highs of the session. even though it's down 27, high of the session down 24. we are watching this. i cannot tell you how many times over the past couple of sessions we have seen a major come back or at least a fight to come back. you've got to stay with me because we've got 37 minutes before the closing bell rings. comics are not just for kids. logan's r-rated record at the box office. the latest proof that fox has a formula for superhero success. and snap's ipo last week has silicon valley torn. snap bears cannot see how this company famous for rainbow
♪ >> did you see it? so dramatic. hugh jackman's "logan" clawing its way to the top of the box office. the third installment of the wolverine movie franchise raking in over $85 million in the u.s. what does that make it? the fourth rated biggest "r" rating opening ever at home. the best r-rated debut internationally in history. $159 million made overseas. "logan" made by twenty-first century fox, a unit of the twenty-first century fox,
parent of fox business. now thursday, investors were shredding and clawing over each other to get to the snap ipo. it was 44% higher on the first day. it tacked on another bunch the next day. in the final few minutes of trade i asked smart tech investor ross gerber, who made a lot of money on things like tesla, he is a snap bear. i asked him if there was a price he could buy snap at? >> i will pay 10 times revenue. liz: okay. but is there a price per share that you would pay? >>eah, that isike $7, or sothing like that. liz: okay. $7. if it is $25 at the moment. a snap bull couldn't disagree more. eric was a early investor in tech companies such as yahoo!. he is silicon valley insider. the manager partner at lara hippo ventures.
he said 7 bucks. what do you think of hills assessment because this company is not making money right now. >> he clearly shouldn't be buying the stock. probably didn't buy the stock. way i see it snapchat captured the imagination of 10 of millions, close to a 100 million people who love it, think it is the most innovate of it songs network who share it. 20 times a day or more. if you look at it two years from now, what is driving consumer technology today is social and video. there are two companies, facebook and google that dominate the whole world. there is now a third company, snapchat. two years from now snapchat will be, you know, major presence in that field. liz: ipo definitely showed that there is investor appetite for sexy, young, startup companies that go public but that lose money. that proved very dangerous during the dot-com bubble. i'm thinking ubid, and ktel and
all of these other names, theglobe.com where everybody was excited and it didn't matter they were losing money. how would snap be different somehow? >> well the difference a lot of companies you mentioned were business plans that went public. they really had no customers. they had, they had an idea, if the idea worked it was great. most of the time the ideas didn't work. in the case of snapchat it ian established social network. you can feel it. yocan play wh it. and you can communicate with it and it's very exciting for the people who are on -- liz: what did you think when "barron's" over the weekend said snap shares could be chopped in half if they don't make a billion dollars in revenue this year and two billion next year? can that be even done? they lost 500 million last year. >> their advertising business is growing very, very fast. you have to think about a lot of advertising that the want to do is video. liz: can we -- we're putting numbers on the screen here.
can they hit those targets? >> i don't know. they did about $400 million last year. can they double that this year? absolutely. liz: you say it can? >> yes, absolutely. it can go from there. liz: people said that about names like gopro which is getting crushed today or twitter or groupon or zynga. you look at the ipo prices of those companies and where they are trading today and it's, it almost is gut-wrenching for anybody who took a shot and, i think we have a boar here that we could put up about that, but took a shot back then and believed what you were saying right now about snap. that it will happen. that it is in the long run. >> well, the stock market is not 100% foolproof. therefore there is always a risk but nevertheless, it's, i think that snapchat is the most innovative company in its field. liz: look at this. so twitter was 26 bucks. today it's 15.
the killer is zynga, a $2 stock. >> zynga got killed by facebook. they were completely dependent on facebook by distribution and facebook cut them out. liz: got to ask you about uber. had the worst week ever. terrible news. sexual harassment investigation. the video released of the founder kalanick, he was arguing with a driver who makes one tiny fraction of what travis is probably worth. it was unseemly. how does uber come back? >> well, uber has to straighten its ways of doing business -- liz: travis stay? >> i, i don't know. he needs to better management team. perhaps to needs to listen to other people but the thing is, there is a lot of bad things going on in silicon valley, bad governance. stocks -- non-voting in the case of snap. secrecy, et cetera. all that is going to come and
bite silicon valley if they don't get their act together. they have to get their act together. liz: we'll remember snap is a long-term name. eric, thank you very much. eric hippeau. we're 27 minutes away from the closing bell. the dow struggling to get back to the highs of the session. down 38 points and below 20,000 at 20,966. what a difference a week makes. remember the euphoria in the aftermath of the president's joint session address before congress? well, it is kind of vaporized here. attorney general jeff sessions was accused of lying. republican party divided over repealing and replacing obamacare, and the president himself accusing his predecessor, barack obama, of ordering a spy hit on him during the election. it is a battle royale even the wwe couldn't scrip better. president trump is reportedly angrier than he has ever been.
up next richard goodstein, ed martin duke it out on bitter battles republican against republican, democrat against republican. the president against the former president. "countdown" coming right back. why pause a spontaneous moment? cialis for daily use treats ed and the urinary symptoms of bph. tell your doctor about your medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. do not drink alcohol in excess. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have a sudden decrease or loss of hearing or vision, or an allergic reaction, stop taking cialis and get medical help right away. ask your doctor about cialis. dearthere's no other way to say this.
it's over. i've found a permanent escape from monotony. together, we are perfectly balanced. our senses awake. our hearts racing as one. i know this is sudden, but they say...if you love something set it free. see you around, giulia this is my new alert system for whenever anything happens in the market.
♪ liz: well the word is, and you can see it from some of these pictures, that president trump is unhappy, in part because his own party, republicans, are coming out in decent-sized numbers knocking down his claim that president barack obama ordered an illegal wiretap of trump tower during the presidential campaign. house oversight chairman jason chaffetz remarking that, quote, he has seen nothing to support that accusation. in addition to congressman trey gowdy saying he doesn't believe
the fbi is on obama's team and, spying on the president. but let's bring in democratic strategist richard goodstein and former missouri republican party chairman ed martin to talk about this because it sent the whole weekend of journalists and politicians into a tizzy. ed, we're not really hearing a lot of republicans come out and say, yeah, looks like president obama ordered illegal wiretapping at the moment. >> yeah, look, liz, i have said for a long time when donald trump stumbles there will be a lot of people around to hold him down. i think he is fighting against the establishment and, you know, others who don't want to see what he is doing go forward. look, what he said in 140 characters was an allegation about what obama's white house has already admitted in "the new york times" that they were working to leave a trail of bread crumbs is the way their source called it, to try to make it harder for trump to lead. so let's get to the bottom, whether obama actually said, put a wiretap on that, you know, or
whether obama said to his people, let's make it difficult for trump, let's try to make it a problem, look obama's not an innocent schoolboy here. he is somebody that has shown how to bring a gun to a knife fight. that's what we're dealing with. let's get to the bottom of it. liz: okay, richard, a couple things. absolutely "the new york times" did put that out there was what appeared to leaving that trail of bread crumbs, yet, no clear evidence yet that the president summarily ordered illegal wiretapping but what do you say to what ed has just argued and that is, that really starts to look like people are trying to keep president trump down? >> president trump is keeping himself down. look, one of two things can be said about what trump said and wasn't actually just 140 characters. he went on with one tweet after another. either one the fisa court ordered wiretapping in which
case they concluded, the fisa court is put together by the chief justice of the supreme court. liz: the foreign intelligence surveillance act? >> they concluded there were foreign agents working at trump tower. that is not good. or this is donald trump trying to change the subject from the inner weaving between russia and his kind of, orbit, okay -- >> that is not what a warrant means. that is not what a warrant means. >> evidence by his reports him becoming unraveled that the pressure of the office is getting him, some might say agitated. some might sader ranged this is not what straight thinking leaders think. liz: the bbc reported there was a fisa request that was granted. >> sure. liz: to investigate possible activity between two russian banks and a computer server at trump tower. that would be illegal. let me say that illegal.
a legal wiretap. what if that reveals there was activity. is this a case of be careful what you wish for? >> well, perhaps but what the president is saying is that president obama, former president obama has been known to politicize massive areas of things that americans expect it to not be politicized. the irs, the justice department and now we have during a campaign, action taken by his justice department to seek warrants. now, richard just committed fake news. he claimed a fisa warrant means that there was evidence of something. that is not what it is. there is probable cause to go look at something. let's get to the bottom of it but let's be clear. >> that is true. probable cause. >> president obama politicized fisa court during a presidential election it weren't surprise anyone, they know obama's style. >> donald trump said it waa fact, ed. not saying we're looking into something. he is saying it was a fact whi causes his spokespeople to be tied up in knots.
they want to be loyal to him but don't want to say something laughably unbelievable. >> you just said it was possible. you just said it was possible. you just said the fisa court may have done what trump tweeted. so -- >> no, no. stick to the facts here. trump said barack obama who he labeled bad or sick was in fact personally responsible for wiretapping trump tower. there is zero evidence. zero, james comey, ed. liz: let me jump in here, ed, at what point will president trump go to james comey and ask him for some real evidence? >> well, you know, liz i thought we were going to get to this in this discussion. he has been president for six weeks. he has done awful lot of stuff. i think we will get to the bottom. what he is sick of, i agree, leaks only targeting his own administration. at certain point, obama is playing dirty pool, richard admitted it. get to the bottom of what obama did. that is important. liz: that will play out.
>> understood. liz: weeks again before we get more details. we'll have you both back. >> sure. liz: i have good news for both of you, rich aarp and ed, while you were arguing the market hit session highs. we'll still down 20 one but that is the high of the session. thanks, gentlemen. we're 15 1/2 minutes before the closing bell. 20,986. we're still below 21,000. high-flying hedge fund billionaire, grounded by an insider trading scandal may be plotting a return to wall street way sooner than you might think. charlie gasparino, exclusive details. he is running down here on whether stevie cohen will be become the comeback kid. tune in tonight for all new episodes of strange inheritance. jamie colby introduces us to a collection of invaluable toy soldiers that took 40 years to build. a musical selection that makes avenue q look like child's
liz: breaking news. the white house has just put this out from the office of the press secretary but it is president trump congratulating exxonmobil for the news that i just brought you a couple minutes ago. he is congratulating the oil giant on its 20 billion-dollar investment program. it is a proposal, to expand about 11 different natural gas operations. this was begun in 2013. i just want to be clear about it, but it will be a 10-year project. exxonmobil is putting a fine point on number of jobs it says it will create with these projects that is 45,000 construction and manufacturing jobs. so president trump is issuing this statement congratulating exxonmobil saying these are high-paying jobs and they will
have a multiplier effect creating many more jobs in the community that service this investment. >> this was started in 2013. liz: yes. it will go to 2022. they're putting a fine point on number of jobs. 25,000 here in the u.s. important to note, this is what we do. if you have much more capacity of natural fast on -- gas online, does that mean oil workers lose their jobs, if people are using more natural gas and the price goes down? you don't know. >> you don't know but i think the bigger question is this the white house trying to take credit for something that occurred under obama? i hate to break it, ruin the little celebration here. liz: haters are coming at you. >> no, it is true. if you will congratulate every company that had baked-in plans as they start the jobs there is fake news element. liz: these were 2013, started. by the way i will talk to you about what we can take credit for. >> okay. liz: "countdown to the closing
bell" has crushed the competition. we are the number one business program in america in the key demo. we beat cnbc on dow 20,000 day, dow 21,000 day and on the snap ipo day. >> nice! liz: there we were. that was march 2nd for the snap ipo. >> who could resist bit of red on the floor of the new york stock exchange. liz: look at my creative team. did the flower crown where everybody was else at other business network and showing charts but we won. i can not thank our viewers enough. that is the guy, alan valdez, he had a bunch of orders in for that stock. >> he said his client, i think he meant goldman sachs -- liz: he works it through his thing. >> yeah. liz: charlie, you were a big part of that day. big part of dow 21,000 day. so viewers love to hate you. >> come get me.
liz: break this story, hedge fund billionaire making a comeback? >> steve cohen. ran sec capital. maybe greatest hedge fund investor of all time, before he was forced to shut down his company in 2013. he was booted from the hedge fund business. not charged criminally. failure to supervise actuaries, booted from securities business for two years. i think that ends, not i think, i know that ends in january 2018. about a year from now. here is what we do know, steve cohen is telling people he is looking to return to the hedge fund business. he says it is pretty definite in 2018. liz: wow. >> remember january 2018 his ban is up. cohen is meeting, here is interesting thing, he is meeting with potential and new investors as known third party marketers can present his fund to family offices and institutional investors. he is meeting now in preparation
to restart the business. here is the interesting thing, cohen says he see as lighter regulatory environment under ump allowing him to get back in and basically, go back to being the top investment advisor he was where he did a lot of trading. he used not necessarily illegal inside information. that is what the fund was shut down for. he was never charged with trading inside information although other people at his firm were. but i think he sees a it lear regulatory environmental louing him to get back to what his business was, essentially, not saying this is illegal, it was arbitraging, arbitraging information that you don't find elsewhere. some of the people in this firm, i know they're wrapping me up, i can't end this thing in 35 seconds, some of the people in his firm stepped too far in doing that he didn't. he thinks lighter regulatory environment will allow him to return. we should point out yes, it was shut down in 2013 again, that is
sac capital amid this insider trading probe. he is managing money through point 72 asset management. he is managing his own massive network which is 12 to $15 billion. plus he has a separate advisory group which he may be managing money through that. here is what we do know. he is talking to investors. he is saying he is pretty certain about raising money now to restart in 2018. liz:comback kid, maybe. charlie, heard it here first. thank you so much. we'll be right back, three stocks that are d.c.-proof.
liz: turmoil across the globe. political gridlock in the d.c. beltway battles over replacing obamacare, allegations of the white house that president trump's phone lines were tapped, north korea launched four new ballistic missiles. bear yes james, give is three stocks d.c. and drama-proof right now.
-- barry james. >> trump rally race car needs to come in for a pit stop. three we would like, influenced by his plans. number one, is trinity. does railcar and other industrial types of products that should be pretty good in this economy. united rentals, another one that works in construction. huntington ink billions, president visited them. hey, we'll order a lot more chips. we think that has a lot of room to grow as well. liz: you have five billion under management. we went through the 21,000 mark last week. slightly below it now. what keeps you up if anything right now? >> as we look at the market today, we see that risks are fairly high. coming into a pit stop. probably not the end to the rally this year but probably will have a pause. sentiment is way too extreme in terms of being positive. insiders are selling very aggressively right now.
and there is a lot of margin debt. so people are really betting on the market rising. [closing bell rings] the ides of march on the 15th. that what we have to watch for. liz: bewe the ides of mch. great to see you, barry james. today is the the dow has gone without a 1% drop. narrow trading range. david and melissa with breaking news. david: good stuff, thanks. melissa: the dow ending about 40 points off session lows. a rocky ride for s&p 500 and nasdaq as well also closing lower. i'm melissa francis. david: i'm david asman. glad you could join us today. this is "after the bell." we have you covered on the big market movers. here is what else we have for you at this hour. the president meeting with his economic council behind closed doors, getting back to business after a wild weekend and a very busy day at the white house. we'll bring you the headlines as we get them live. earlier president trump signing a new executive ordeon