tv Wall Street Week FOX Business May 14, 2017 8:00pm-8:31pm EDT
administration will act differently. >> lou: dr. fry, thank you for welcome us. and we thank you for sharing and come back soon as we discuss it further. thank you so much. thank yous deal of ed rollins michael goodwin tony schaefer as his guest. good night from new york. from fox headquarters in new york city the new "wall street week". maria: welcome to "wall street week" to show that analyzes the week that was in positions you for the week ahead. i'm maria bartiromo. a special guest cleveland clinic ceo dr. toby cosgrove and we are talking about health care. first we are taking look a look at the market in setting you up for next week. here are the headlines impacting wall street today. markets pulling back just a bit from highs this week as investors digested mixed bag of earning results as well as retail and economic stories. discretionary factors weighing
on the market due to a selloff in big retail stocks like macy's and nordstrom's and the retail sales number that came out at the end of the week. major markets closing mix for the week. meanwhile other major headlines impacting your money president trump fired fbi director james comey this past week. that news dominating the latter part of the week. some investors are worried now that it could delay the administration's economic agenda like tax reform is president trump's new fbi director will need senate approval. former investment banker and centrists emanuel macron handed a defeat to marine le pen to win the french election. he's gone to ignite an economic revival. venezuela continues a massive downward spiral and now may be on the brink of an all-out civil war. rights broke out over the country with close to 40 people dead, seven good we did and 1800 in prison. a report this week that venezuelans have lost an average of 19 pounds over the last year.
it simply is not enough food for the people. a mixed bag of earnings results this past week. snap posted a net loss of $2.25 billion also bacon server investors with slower user growth of snapchat dropping 21% on that day on pre-disney posting strong earnings but even with the success from box office biggies like eating the beast the company missed on revenue the cousin of trouble at espn. that was clouding success after the fourth unit cut over the 100 on their employees and subscription is on the decline at espn. all of that sent stocks lower for the week and retail macy's one of the big stories on the downside. joining me a group of high-powered advisers try to just research partner and ceo -- where are we in terms of the rally that we saw after the election and putting money to
work right now jason? how would you characterize the market for the investor out there watching? >> it is quite strong. one of the things that has been missed about people who write about the markets is this isn't even solely or in part by the trump agenda which in my view is good because there's more room in the trump agenda gets passed. it's driven much more bike earnings and earnings for the first quarter look like they should be up somewhere between 14 or 15% even if you take energy out of that they would be up double digits in some ways that's the greatest story ever told. you have earnings recession in 2015 and 2016 and now the market is being driven by good old-fashioned fundamentals which i think is good. maria: an important point you bring up it's not just earnings its revenue. you want strong revenue because it doesn't have to cut the cost third revenue is a 6% in the first quarter. >> that's right and i do think
if you look at the president's economic agenda some of the can get through without congress and that will lift economic growth going into 2018 and if you get tax reform and good reference on the budget they could lift growth more so the revenue growth could be greater a year from now than it is today. maria: it's a good point. trump policy has everyone wondering what it's going to mean for markets in the economy but the fundamental backdrop as jason pointed out is pretty strong. >> it really is into his point this 6% revenue growth 14% earnings growth without a lot of gdp growth. formerly the toppling piece is going to have to be pushed from x. increase but certainly animal spirits are high. consumer confidence is very high but it does seem to be a catalyst for further growth. fortunately jason's point is the one i would hit home.
this has not been driven by anything the administration has done and not even as much as was hardly driven by energy. the recovery has not been dependent on energy. maria: you have to look for special situations in areas we can find the biggest opportunity. were you finding that? >> i think the energy sector is the most interesting one and does not participate in this rally. it's still a negative return since the election since 2017 began and has the potential benefit of the deregulation not requiring congress. all of this talk about oil prices coming down is a huge boost to the mainstream energy sector. volume has gone through the roof. there's more and more production the whole cabinet and team he has put together tamir behind us. maria: i want to ask some of these large industrial global
companies because we had news thursday if you look at the trump administration a significant trade deal with china when it will list exports and increase access to the gigantic chinese economy of 1.3 billion people for beef producers and natural gas exporters. the white house is working with china to clamp down on the north korean threat. i spoke about this with former secretary of state condoleezza rice and here's what she said. >> they are trying to change. china is the only country with any influence. i don't think complete influence but some influence with north korea. they have always been reluctant to do really tough things with the north koreans because they have worried about the collapse of the regime more than they have worried about a nuclear north korea.the administration o them worry about a nuclear north korea because you can do something about the path that they are on --
maria: it does feel like the president has been able to move china in terms of its willingness to help on north korea as well as a deal and trade. let's your thought on an idea of trade? >> it was a very wise thing for him to do and ultimately this issue with increasing exports is the greatest way to make the trade story beneficial to both sides particularly the political benefit for president trump 80s is going to increase trade and have the economic effect but tell the story that the. deficit came down. to your point about natural gas that is the most amazing thing that we have not been talking about the ability to export natural gas. to go to asia got, there's a huge story they are. the fact that the administration is going in that direction. maria: everybody wants to sell oil and natural gas to china.
russia wants to be that country. jason how vital to the markets in the economy is the relationship with china because i feel like for years we have been saying american companies want to sell to the people in -- but the chinese won't allow it. >> i think it's important but frankly it's more important to china to be able to business with us than it is for us to do business with them because we have such a strong bass caught me. he only help the u.s. economy and the president, imf and i think he is recasting the relationship so it's much more on equal footing so there's going to be more opportunities for u.s. businesses to do business in china. most of the trade agreements were largely done on purpose at the u.s. disadvantage. it was largely to promote peace.
the thing is though 75 years ago especially given portion of the country that are hurting its time for americans to think more about its own workers in that regard. it's a big positive politically and economically. >> we were talking about the trade war and now we are talking about dual sided trade. it's remarkable. maria: thank you so much jason trennert and david bahnsen. don't go anywhere. "wall street week" will be right back. dr. toby cosgrove is maria special
as democrats rail against the g.o.p. plan to repeal and replace a lot. giant health insurer aetna announced this past week he will completely pull out of obamacare citing losses from participating plans. they said they would lose $200 million. joining us to discuss the future of health care in america is the ceo of cleveland clinic dr. toby cosgrove. i want to get your take on where growth is an health care and where the innovation stance today but first let me get your take on the health care battle. as a seasoned surgeon and somebody who has been close to health care celebrity think is necessary to have in the health care law and how do you see the back-and-forth between the right and the left on this? >> let me change the discussion just a little bit. what we are missing and part of this discussion is what the root cause of the problem is that the root cause of the problem is that everybody is trying to deal with but not really addressing it straight up is the increasing cost of health care. it's increasing for two reasons.
one, we have more older people in the continuously add more things to keep people well and return them to health. there are a lot of things we can do and the federal government can do legislatively and administratively that can make care more efficient and keep people well. the first thing is we have got to figure out how we have efficiency for looking after people who are sick. there are things like we need to bring hospitals together and systems instead of having them stand-alone and two-thirds of the hospital are part of the systems that we can have them all being independent purchasing by themselves, competing with each other. we need to have efficiency and we need help from the justice department and the federal trade commission to allow us to consolidate like every other industry has. we are under a tremendous burden about regulation. last year, for two years we have
had 43,000 pages of regulations. we report hundreds of quality mentors to the federal government and we are inspected all the time. we always have so many inspecting us in the hospital almost every single day of the year. it's a lot of things that the federal government could do. it could also, but we also have to figure out how we deal with the nation which is not taking care of itself. maria: what do you advise president trump on this. i know you are on part of his policy forum where he is looking do this. what is the most important with regards to health care? >> we have suggested to the administration that they need to do something to talk about try to get a bipartisan bill to look at all of those things we can do to set the nation on the right track for a long period of time. we are going to unlike every
other nation deal with the rising cost of health care but we need to put things in place right now they can begin to bend that curve. we had an example of how we could do that in our own facilities. maria: we will continue this conversation. you have read in a credible expansion of the cleveland clinic creating an $8 billion health system with ohio to abu dhabi and united arab emirates. don't go anywhere, toby. we will have much more to talk about when "wall street week" comes back. merging medicine and tech dr. dr. toby cosgrove is back with dr. toby cosgrove is back with data and more. ♪ dr. toby cosgrove is back with data and more. here comes the fun with sea-doo. starting at just $5,299
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maria: welcome back to "wall street week." we are talking with cleveland clinic ceo of toby cosgrove and i spoke with molecular biology pioneer dr. craig venter on "mornings with maria" and he said he is cheating death with a new test. watch. how do you cheat death? >> well for example with cancer we have a new technique through the mri that cancer lights up like a lightbulb. we have five people where we found high-grade prostate cancer where they had no symptoms in normal tsa. bre you think people will be living. >> i think much more will. maria: that was docked or venter along with kevin mccarthy the majority leader joining me on mornings i maria. that was so interesting what that their venter said their toby. i know you know him very well. tell me about this idea that you can go to his company ewing
longevity, take a test. you have one test for $25,000 the smaller test, fewer tests for $7000 or something like that and you can get ahead of the disease and he thinks you can live into your second century. >> i think we are going to see life expectancy extended in our understanding is it's going to be a big part of that. increasingly we are going to get ahead of being able to predict who has a certain proclivity for disease and begin to monitor specifically along those lines. i have seen the day when every child being born is going to have a sequence so we know more about what their history is as if they go for it. we are just learning more and more about this all the time and all kinds of ways. i'm very enthusiastic about beginning to use genomics is part of addiction and early detection and also it's going in to enter into how we treat things like cancer and sequence
the tumor and figure out the right drug to give. maria: i assume that's going to sponsor a whole new string of companies and innovations in terms of getting ahead of disease. i think ever since craig festered his colleague master genomes 20 years ago we have learned so much about what you said, what causes cancer. what causes heart disease and we are eating differently. we haven't seen enough around the dash and i want to get your take there. i was told by ken frazier if you live until 85 years old you have a one in three chance of getting alzheimer's disease. what knowledge do we have on alzheimer's and autism and issues related to the brain? >> i think the brain is a new frontier and they have been able to help us enormously understand what's going on.
the two things that worry me about society as you point out alzheimer's and all -- autism are the two ends of life which arcs dreamily expensive and emotionally very taxing and really don't have major breakthroughs in understanding the etiology or the care of either one of those. so these, now alzheimer's moved up to the seventh leading cause of death in the united states and the economics of this are really frightening. we are in the process of researching like many other people are and we are learning more and more about it but still no major breakthroughs that are going to reverse the problem. i think the best thing we can do is the same thing you do for your heart, exercise, keep weight under control, no smoking and reduce inflammation which is certainly part of the problem. maria: a good point. the question of course is how to
get the cost of health care down aside from getting in front of the disease and trying to be preventable and make sure you prevent the disease what else can he do in terms of lowering the cost? >> we thank you can begin to lower the cost as i said by bringing hospitals together into the system and just think for example you have to have everybody purchasing independently or could you purchase as a group and reduce the cost of things? that's one way to do it and there are other ways. ultimately we have to look after patients. now we are using what we call group visits where we put 10 or 12 people with the same problem and get instructions at one time. they like that because it's like group therapy and also it improves the efficiency of physicians. then there is virtual care. we think that you can do enormous numbers of things that you don't have to come to the hospital for. you can monitor people at home.
you can see people postoperatively.you will be abln your cell phone. right now we have an app that you can see a clinic doctor on her cell phone anytime, anywhere it makes care more affordable and easier on people and clearly weekend predict people's problems and get them taken care of in an appropriate time. maria: toby is great to see you. sin thank you maria. maria: toby cosgrove joining us. we are looking for growth and we we are looking for growth and we found the wreck and health care. i count on my dell small business advisor for tech advice. with one phone call, i get products that suit my needs and i get back to business. ♪ ♪
applications and a lot of housing is next week. initial claims worth watching next week. arizona companies reporting earnings to keep an eye on home depot walmart ali baba and row four in. cisco is a market mover so we want to watch walmart after we saw the retail last week. on the political front president trump meets with world leaders including the crown prince of abu dhabi and a person of turkey and on friday the president will begin his first trip. he will travel to israel saudi arabia. "fox business" will be with the present present on the trip reporting live. former fbi director james comey has been asked to appear in front of the senate intelligence committee and a closed hearing on tuesday. we will be watching for any information out of that as well. have a great weekend everybody. i will do it for "wall street week." we will see next week and next week we come to you from assault conference in las vegas. my favorite guest federal chairman ben bernanke.
i will see you sunday morning futures on the "fox news" channel at 10:00 a.m. eastern. join me for that. the hit show "property man" starts right now. >> his dream? big as a t-rex. >> when everybody else told him he was crazy, he just said, "no, i'm gonna build dinosaurs." >> his creation? a land before time. >> he was almost an engineer when it came to dinosaurs. >> can it survive without him? >> a lot of attractions that were the vision of a single person, all of a sudden they're gone, demolished. >> depends on his daughter... >> when you have an absolute passion, you think that other people feel the same way you do. >> his granddaughter... >> are you living on the edge, kiki, to make this all happen? >> a little bit. >> and his great-granddaughter. >> has your mom ever said, "we need to talk about the future of the park"? >> never. [ door creaks ]