tv Countdown to the Closing Bell With Liz Claman FOX Business September 22, 2017 3:00pm-4:00pm EDT
strange all happening in alabama. he is campaigning for the incumbent while many of his backers are pushing for the challenger, roy moore. it's going to be a very interesting night. i'll be there with you right after lou tonight at eight. see you there. >> well, you know, trish, i think it will be even more interesting with the events of the last hour as senator john mccain seemingly spiking the senate's republican last ditch effort to fix obamacare. he's done it again, john mccain, the senior senator from arizona. of course, fighting that deadly brain tumor, giving the thumbs down to the graham-cassidy bill on lasting reform. really dramatic. now, it comes the same day president trump and north korean leader kim jong un engage in a game of verbal chicken. the commander in chief and the so-called rocket man attacking each other, the president calling kim jong un a madman.
the president did sign an executive order that could lead to new sanctions, the north koreans threatening to test a hydrogeneral bomb over the pacific -- hydrogen bomb over the pacific. ralph peters is here, he'll give us the threat assessment on north korea. plus a congressman from north carolina with a preview of next week's house go pucks tax re-- gop tax reform rollout to. health care and technology stocks have been dragging markets a little bit lower, if emphasis on a little bit. less than an hour to go until the closing bell. i'm connell mcshane in for liz claman. let's start the "countdown." ♪ ♪ connell: want to go to some breaking news that's coming in as we get started this afternoon from president trump's twitter
account. this is business-related, a bit of a shout-out to american airlines. its chairman and ceo, there's the tweet: thank you to doug parker and the american airlines for all the help you've given to the u.s. with hurricane flights. fantastic job, says the president. so calling out an american company, an american airline. there's the stock today up by 89 cent, it gets us into the broader conversation about the markets. the dow and the s&p 500, we mentioned the dow being down. it's only a little bit lower, all things considered here, not very much at all, 30 points. the s&p 500 is basically flat. you know, the russell 2000 has been the best of the bunch today. only one-half of 1% to the gain there, but that small cap benchmark, the russell, on track for what could be a record close. and if it does hit a record, it would be its 16th of the year. now, for the week both the dow and the russell are on pace for a second straight weekly gain. sonot so much for the others.
let's look at some individual movers, sprint/t-mobile have been trading higher. reports that the two companies are closer to agreeing on terms for a merger, so we see gains from both of those stocks and healthy gains today. and some major breakthrough in the possible deal between what are the third and fourth largest carriers in the united states. sprint and t-mobile. one group kind of bucking somewhat of a lower trend today on wall street, this makes sense, the defense stocks, all-time highs for a number of the defense and defense-related stocks with the war of words escalating between president trump and kim jong un. the united states and north korea. now with that we kind of all woke up this morning with these threats from north korea that they would test a hydrogen bomb over the pacific ocean. what would president trump's response be? to fox news strategic analyst,
lieutenant colonel ralph peters. always good to see you, thank you for coming on. i know i'm starting kind of worse case and working back, but if they do go forward with that test, how would the president respond? >> well, i don't think anybody really knows because when you're presented with it, suddenly things can look different. but an atmospheric hydrogen bomb test anywhere in the pacific would be an order of magnitude greater threat wise. it would tell us that their program has really leapt forward. of course, depending on where it was detonated, you've got possible radiation in the atmosphere carried by the winds, depending on where it's detonated, the possibility of emp, electromagnetic pulse, doing a great deal of damage. does it fly over japan? this is -- that would be as close to an overt act of war as anything we've yet seen -- connell: right. would it need one of those variables, flying over japan, getting close to a u.s. territory to be a, quote, act of
war, or is it just the act of testing a hydrogen bomb in and of itself enough to say it's an act of war? >> unless it has a direct impact, influence traceable to the bomb, it's not technically an act of war. flying -- if you fly armed fighter planes over japan's air space, it's an act of war, but we're vague on missiles. if a missile outside of the earth's atmosphere goes over, we don't really know. north korea plays this very well under the terms of international law, but they need to be careful because the north koreans have been used to bluffing us and getting their way and us never responding -- connell: right. >> -- it's last quarter century. and now you've got a president who is unpredictable, just as your first question to me was what would the president do, i'm not sure he knows. the event tells you how to act. connell: and one of the options, i guess, maybe we shoot one of these missiles down at some point. are we getting close to that
point where if there is another missile test, there's a shootdown of the missile? >> well, if the missile were on a trajectory to harm u.s. territory or our allies, we would make every effort to shoot it down. if it's headed to the middle of nowhere, it makes more sense for us to actually track it, read the technical aspects of it to know how far they've perfected their missile technology. plus, there's a psychological component. if it's headed to the middle of nowhere and we try to shoot it down and it's a public failure, that strongly encourages kim jong un because our missile defenses have made enormous improvements, but they're not yet infallible which is one more argument why if china doesn't live up to its global responsibilities, if china doesn't step up, if china doesn't crack down brutally hard on north korea's economy, mercilessly hard, this is going to end in war. connell: well, you know, if they do though, i think we've gotten to working our way back now, if they do, we could be in a pretty
good situation if you take the glass half full version of what the president talked about yesterday about the chinese central bank getting involved. and if the chinese follow through on what we think they're going to do -- we don't officially know what they'll do, and i know it's a big if, but if they follow through, that could be what we need, right? >> well, if they follow through. connell: i know. >> there are two really encouraging things that happened within the last 48 hours, within the last 24 hours. kim lashed out, the north koreans lashed out at china. that's new. that suggests they're starting to feel some real pain. the other thing was there's still unofficial announcement that the central bank of china will push all of the other chinese banks to stop to dealing with north korea. but let's see what the details are. first of all, it's not about loans. it has -- it's about the money transfers, the money laundering, etc. if china were to crack down, they could paralyze what's left of the north korean economy.
but again, will china do what it always has done, talk a good fight but then turn a blind eye to smuggling, etc. plus, you've got the russian factors. the russians are carrying on a very lucrative smuggling trade with north korea, and putin's just delighted to see the u.s. fixated on north korea because it means he can do what he wants elsewhere. connell: yeah. >> there are a lot of moving parts here but, yes, we can be encouraged by china's announcement. let's see what they co. connell: colonel peter, thank you again. even with all this from north korea that we've been talking about, it just seems like nothing really seems to shake up the stock market much, and it leaves many wondering whether maybe we're approaching bubble territory. maria bartiromo sat down with the bridgewater associates' founder and asked him about the state of the u.s. stock market. let's listen. >> no. unlike 2007 when we looked at 2008, we could see at the time
that when we did the calculations, individuals, companies and so on we could see that they were not going to have the cash flows to service their debts. that's not the case now. connell: all right. to the floor show. we have traders today at the new york stock exchange, cme group and nymex. that's matt cheslock at nyse, mark sebastian and alan harry at the nymex. matt, let me go to you, new york stock exchange, on this question about valuations. it doesn't seem like much stops this rally. understand we're down a little bit, basically flatted today, but what do you make of where we are? >> listen, we've had nine straight up days in the dow, so it's about time we have a small pullback. and you're not going to be buying this dip. this isn't what we're looking for. this market continues to grind higher on sector-related moves. so certain sectors are taking us higher while one or two give back. technology was soft early in the week, it was made up by financials and some of the consumer discretionaries.
valuations aren't high enough to even get close to calling it a bubble. connell: now, the other thing, mark, that doesn't seem to shake up the market much, these geopolitical events. this is serious stuff with north korea, but, you know, i guess until something actually happens, the market doesn't do all that much. what do you make of it? >> yeah. i mean, the half-life on north korea's running out. every time something happens, the fear is about half. so now unless they really up their game, i think markets are inclined to just ignore them. thus far nothing has really come out of it, and i think that's going to continue to be the case unless there's an actual war which i think everybody doubts. connell: right. and there's also the question about how much you could really -- and we've talked about this before -- kind of price that in. because an actual war with north korea is beyond disastrous. so maybe it is, you keep going, alan, right? you keep going day-to-day. what do you make of the market? >> well, when it comes to a
conflict with north korea, it'll be interesting what will happen in the crude oil market. at first if it's not a long war, crude oil would go down. the reason why is because it's going to be insurers that are pulling their insurance from shipping into china, into that area. so there'll be a glut of crude oil on the market. however, i think it won't happen, and because of that i am buying dips in crude oil. right now i see a low for us at $47 in wti, and i don't think we go any lower than that. connell: all right, so you do buy, okay. you do find a dip and buy. matt, you started the conversation by saying you're not really looking to buy dips in stocks versus alan's seeing something different in the market he follows. that's interesting, what do you make of it? >> i'm ready to buy dips, this isn't a dip. connell: right, i know. >> we're looking for something much steeper. you know, money managers are sitting on a ton of cash because they've missed this big move. they want to insure they get a discount, and that's why this market keeps going higher. connell: looking for dips. maybe look for a little dip in
apple. there's cisco, verizon, but we're going to talk about apple and that iphone 8 in a few minutes. matt, mark and alan, thanks to you. appreciate it. now, the dow is down 28, as matt points out, not much of a dip, but down by that much. up next, this graham-cassidy bill that we've talked so much about, supposedly the last ditch effort from the senate gop to fix obamacare, not so fast. looks like senator john mccain has done it again. chris wallace, "fox news sunday," is here with us to talk about what turned out to be the big political story of the afternoon. chris is coming up. "countdown" will be right back. ♪
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♪ ♪ connell: okay. we're back here on the "countdown." news alert on twitter. this is senator lindsey graham moments ago, the senate says that: i respectfully disagree with senator john mccain's position not to proceed on the graham-cassidy bill, and then he follows up with another tweet, and he says: my friendship with senator mccain is not based on how he votes, but for the respect in how he's lived his
life. his friend is the sponsor of it, but he's not a supporter of it. the republican senator from arizona opposes this republican proposal to eliminate the affordable care act. i mean, this crossed as a headline a little over an hour ago, whatever it was, and it became a big, big news story. susan collins, who we're showing here from maine is, quote, leaning against the bill as well. we knew that earlier in the day. so as the senate rushes to finish this health care bill before the clock expires, it looks like it's in -- to put it mildly -- big, big trouble. so tonight president trump will be in huntsville, alabama, plunging into that alabama senate race. we're going to talk about that. you've got senator luther strange in alabama against roy moore. so i think one of the questions will be does the president talk about that race? i'm sure he will, but how much does he talk about some of the other issues we've talked about already, be it north korea or, certainly, health care and john mccain. chris wallace, "fox news sunday," will join us in a few minutes, but before that, let's talk about apple.
it's down for a third day in a row, on track for its worst week since april. iphone 8 and the watch series 3 launching today, but since apple unveiled its new products september the 12th, the stock's down more than 6%. you start wondering are people just not that excited? are they waiting for the iphone x? hillary vaughn is in los angeles, good to see you. what are you seeing at that location today? >> reporter: hey, connell. here on the west coast this apple store's been open for about two hours. we've seen around 300 people come and go, people waiting in line now right behind me. shoppers can get their hands on two of apple's new products, the iphone 8 and the apple watch series 3. the iphone 8 isn't as flashy and gets upstaged by the iphone x that hasn't hit stores yet, but still because of its more reasonable price point and new features is the mainstream phone that millions of people will upgrade to this year.
its big three features, wireless charging with a glass back, 4k video camera, it's designed for augmented reality apps and games. weed is shoppers why -- we asked shoppers why they decided to go for the 8 instead of waiting for the x. >> i think i'd be embarrassed to walk around with something as expensive as the iphone x or 10, whatever they're calling it. so the iphone 8's a lot more normal to me. >> i'm still spending a lot on the iphone 8. the x is a lot more expensive still. it's like i need to save up to spend on my technology. at the same time, i'm using every single day. >> reporter: also apple's new bling for your wrist, the apple series 3 watch with lte is in stores today. we talked to some shoppers and asked them what they think about the bug that comes with this watch, the wi-fi glitch that sometimes makes cell capability not work 100% of the time. they said they really went concerned because they kind of expect a few bugs once new
technology hits the market, and they are aware that apple's working on a fix more that. but, connell, people here today are very aware that they're still dropping a lot of cash on the iphone 8. they aren't fooled by the $1,000 price tag of the iphone x. for the cheapest version of the 8, shoppers are still going to pay out $700. connell: not exactly a bargain. it's interesting about the watch, we'll have to see. if they're there, they're interested, but what about the people who didn't show up today? hillary vaughn out in l.a. now, as promised, let's bring in chris wallace to talk -- good to see you, chris -- about the politics of the day and how about that john mccain, huh? he's done it again. >> well, yeah, except he's not the final vote here. connell: true. >> he's the second vote. they need -- one more will kill this. and as they said in the princess bride about the knight, this bill is mostly dead at this point. [laughter] you've got rand paul a firm no because he says it doesn't repeal obamacare. you've got mccain, now a firm no because he says, basically,
this is an ugly way to pass a bill without going through hearings, without getting a cbo score with which they're not going to get next week. so now they just need one more, the opponents, and this goes down and basically repealing and replacing obamacare is dead for the foreseeable future. i would say it is more likely than not that they will get that third vote. connell: right. >> you've got susan collins who's voted against every one of these, lisa murkowski of alaska has voted against every one of these and a bunch of others. it really is just hanging on by a thread here. connell: what would be the next step, say, as you say, for example, if susan collins who's said to be leaning against it leans all the way, does senator mcconnell still bring it to the floor just to say that we, one of those situations you sometimes see in washington, to have a vote to say that we had one? >> that is probably the biggest issue right now, what they would do. some people say, look, it doesn't do any good for anybody to have a vote and go down to
defeat. it just, to the degree that a lot of your base is upset already with the fact that obamacare repeal and replace has gone nowhere with a republican house, senate and white house, this is only going to rub salt into that wound, but there's other thought and there has been some talk from the white house let's put these people on the record. let's make it clear. i'm not sure that in the long run that's what mitch mcconnell will want, however, because you've got to figure he wants to protect all these members who are up for election in 2018 or subsequent elections. connell: right. speaking of talk from the white house, the president is at a political rally as we mentioned a few moments ago this evening in alabama. i would have to think that's appointment television given the politics we've seen this afternoon on top of, obviously, everything else that's going on, north korea and what have you. >> well, yes. that and also -- that's a very interesting race because it's almost a race between the establishment and the base. you've got luther strange who
was appointed by the governor who is very much backed by senate majority leader mitch mcconnell. he's put money in there. his pac has. and the president has gone along with that as well. and then you have the insurgent, roy moore, the former chief justice of the state supreme court, who was taken out of office a because he put the ten commandments in the lobby of the supreme court, very much part of the bannon wing of the party. bannon has been supporting him. so in a funny way, you've got trump on the side of mcconnell against bannon, you wonder how much his heart is in it -- connell: right. >> -- and it'll be interesting to see what the president has to say. he's not very good when his heart isn't in something, and he's kind of having to say what he thinks he should say but not what he wants to say. connell: you're right about that. let me ask you about "fox news sunday" because you have as your guest this sunday one of the -- well, the guy who's probably been known as one of the big gets, as we say in the business
it's lean a that forever -- arena, bill gates. coming off u.n. week, what are you going to talk about? >> well, actually, we did the interview on wednesday. he was in new york for the u.n. general assembly because a loll of world leaders were there, opinion makers, and we talk about the gates foundation. folks may know, but it is the single largest private charitable foundation in the world since it was founded in 2000. it has given more than $40 billion to more than a hundred countries for public health and development to save literally millions of lives. one of his concerns is the fact that president trump and his new budge calls for cutting back -- budget calls for cutting back a lot of foreign aid on development and public health, also calls for cuts in the national institutes of health. and i think he wants to talk about that. but we get into other subjects as well, and for a lot of your business audience and particularly given the segment you just had before me, i asked him given his famously
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seemed to simmer seem to simmer down a bit it looks like he may still leave on his own terms if he does. see mac that is the word that's coming out of the white house. not gonna say exactly where i'm getting it but people close to the white house. as of right now like you said it could change is that he es tax rorefm ande works to try to get it de. and if he doesn't g the fed job then h leaves. it looks lik he's n getting that. a professor at stanford university. they are seen to have the inside track on this.
the longtime republican. very close to trump. it looks like his pathway was to be the fed chair. it looks like that second happen. and people close to him or send it that's not happening he is gone. you are telling us essentially. they are saying totally focused. it's all baloney. this is ridiculous. he's focused on his responsibility. and a the statement i gave you. is not exactly the hardest denial. he could've left after
charlottesville. you are saying that he stayed for tax reform. if you could get corporate tax reform done. this is something that the big banks in all major corporations have wanted for years. if they are the guy that brings it down. when you say return to wall street deeming returned to work. like 20% and is a real savings to corporate america. i could see him running a major private equity firm. it's because he did something that corporate america has not been able to do in decades and
is a lower this tax rate which makes the country very anti- competitive. they are under pressure themselves because of they are not doing as well. your old friend by the way. for the resignation recently. you are saying that conant comes back. i think it's the corporate tax rate done 15% i can see him coming back running goldman sachs. thank you charlie. good to see. we will look at the markets for a moment. as you see there. coming up, and then vice president pentz expected to make his speech in his home state of indiana. tax reform also maybe health
peace of mind. we had a power outage for five days total. we lost a lot of food. we actually filed a claim with usaa to replace that spoiled food. and we really appreciated that we're the webber family and we are usaa members for life. from the floor of the new york stock exchange. we are taking a look at the russell 2000. they're on track to close at the first record high since july. also huber in the news today. he has lost its license to operate in london. also we are watching j.p. morgan. the most popular u.s. bank.
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it will be the largest tax cut in our country's history. i'm asking members of both parties to come together to put aside innocent artisan innocent as princes into pass historic tax reform and tax cuts. present trump is pushing hard for tax cuts. next week is a big week for tax reform or tax cuts. the congressional republicans are leasing the first outline
of the tax reform plan. as they are racing to get a law passed by the end of the year. to talk about all of this. is from the state of carolina. good to see you congressman. how confident are you that the health care reform looks like there is a broad consensus. we all recognize the impact of what happened during the 1980s when ronald reagan cut the taxes and regulations. and the economy took off. this is that jobs bill. when reagan cut the taxes and they were brought in 18 months we are creating 400 jobs a month. there was one quarter that they grew a 7.3 percent.
on the other side of the split screen. this is where the vice president is about to speak. we may dip into that. it will be interesting to see what he has to say especially after what senator john mccain said about healthcare. this was taking a federal mandate. going back to the states. it gave every state to carve out and develop their own model. it would be so critical and so successful. they can see who is really deserving. i worked on this for 14 years. i can tell you that it is pervasive throughout the system. there are software capabilities that can identify those groups and organizations as well as individuals you
also know how to exploit the system. the states well then have a incentive and the able the ability to give oversight. there is set consensus given that this republican congress has have its difficulties it appears to be the latest example. what makes you so confident that is there for taxes. if medicaid programs that are out there in the market. it's hard to retract some of that. it's not fair. if twice as many people living in. but massachusetts has twice as much money. people don't want to give up on that. the dynamics of tax cuts are
far different. people can see the bottom line effect of reducing these rates. effect of reducing these rates. give me an order of priority if you can we talk about corporate rate 15%. what about across-the-board cut. we get some sort of tax cut. and finally we do talk about tax reform. you will close loopholes. get the whole the whole thing paid for. in the system more simple. in 2005 i did a study of north carolina comparing us to all of our neighboring states about nine states and then i found out that we were the highest tax state. we reduced both of them. now it is a strong economic engine.
the companies are now coming back to north carolina. the more we reduce it the better. we are at 35 percent. that's why he you've hundreds of companies that have gone there. as low as possible. it's good to talk to you. out of north carolina. now a reminder make sure to turn in. of the intel report. trish will be on at 8:00. present trump is there for senator luther strange. stick around for wall street week either way. the rally will be closely watched given what has happened today with senator mccain and what happened.
the leaders let's take a look. cisco has been leading the charge. a two and half% gain. in the market today. fax is bouncing back today. has been a company in the news for all of the wrong reasons. they expose confidential data. it has been down done almost 30% since that july high. whilst fargo though. i think that's enough. cut the price target from 135 to 127. that seems to be a big reason why. more countdown straightahead. kevin kevin kevin kevin kevin kevin kevin kevin
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breaking is coming from us on washington from the travel ban. the travel ban was only temporary and now it is expiring so we had been hearing that the new plan would be to deal with the country is not with a blanket requirement but the deal with those countries on a country by country basis. let's bring blake burman in from dc. are we learning more about how that might actually work. the 90 days expires on sunday. the recommendation that is gonna be made to the president from the department of homeland security. it's kind of a country by country basis. when they put out the first versions of it it was seven mainly middle east countries. now. potentially up to 17 countries. this is gonna be a little bit
of a different approach. they are going to try to tailor this country to country. they come into that united states. they have the ability to properly screen. that is why they are going by this tailored travel restriction we do expect from the white house and the upcoming days as i mentioned and you did as well. we are expecting the full details is that kind of set in stone. the number is an interesting point. the guidelines or what the u.s. wants to see happen. this is a number that will move because countries want to keep it the standards and protocols. get yourself together.
give us a chance to get things checked out. and then you start doing it right. they can come off the list just like they can be added onto it. the travel ban that the president has campaigned on and try to implement and was implement it for this 90 days now there trying to go by this country to country approach. as you know this was gonna go before the travel man before the supreme court in the few weeks time. now that they have changed to this at least the recommendation is to change it. that kind of throws this possible supreme court case up in the air now all the son they're going from one thing to the next. a little complicated. but think you for explaining
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it's a champagne and models potpourri on my yacht made of cuban mahogany, gany, gany, gany♪ ♪watch this don't get mad (bell mnemonic) get e*trade and get invested connell: watching for breaking news in the state of indiana. at lecturn vice president of the united states will step up we believe in few minutes, mike pence. we're very interested to hear what he says about tax reform. after senator john mccain said he can't support his friend lindsey graham's health care bill what will he say about tax reform. let's go to nicole to see what she has eye on before the closing bell. >> the dow is down two points. that is indication of kind of week we've been having. we made it through the fed.
we had back and forth action. stocks finishing mixed for the week. we finished the dow and s&p and nasdaq up three of last four trading weeks. now we have a mixed bag. what is interesting the old adage, sell in may, go away? market watch took a close look at rosh hashanah and yom kippur and said you might want to sell rosh hashanah and buy yom kippur. they looked back to 1971. there is love of half of 1%. i will further expand say september is month of selling we see selling average of 1% since late 1800s. connell: jets are 0-2, jewish holidays, forget
about the market. thank you, nicole. let's go to etf distributors. you're not a jets fan? >> no. connell: giants fan? just as bad. >> cowboys. connell: come on. >> see that is wrong. i am a jersey kid though. i lived in texas for a long
time. connell: nicole is saying, market, one. things you talked about earlier nothing seems to shake it up. i know we're flat today. you get north korea, whatever it may be wants to go up. >> volatility is nine, trudges along, blows through all the bad news. there is a lot of strength. first two quarters were terrific on earnings. gdp will increase, potentially above 3% for first time in long time and up employment is low and overall attitude is good. connell: warren buffett says we could go towards who knows when doesn't it feel a bit much? you say the numbers don't -- >> averages are permanent and declines are temporary. market eventually over time goes down but eventually it foes up. i don't see complete euphoria.
when you see euphoria you worry. there is respect of risk in the market and fear, that is good underpinning for it to keep going. connell: you like microsoft. you like oracle as well. is it technology in general or old big ones you like for some reason? >> it is two things. those names come from the cash cow series. we screen a broad based index for free cash flow yield. talk about warren buffett he is big fan of free cash flow and free cash flow yield as well. those companies screen into the portfolio because of that. microsoft generates $31 billion a year in free cash flow. there is a company up pretty well. up so far for the year. could be poised to increase dividend. they're a dominant player in the space. connell: quick on oracle before they ring the bell. >> oracle big in the cloud business, up 53%. in the cash cow series, for same reason. lots of free cash flow. connell: what kind of phone do you have? >> apple.
connell: wonder what gates has? wallace interviewed him on "fox
news sunday." [closing bell rings] dow is up, no it is down, five points. up for the week. david and medical sis a "after the bell" right now. david: thank you, connell. stocks staging a comeback. they are closing into the red further. melissa: look at the chart. david: they're trying. the dow closing in the red for the second straight day. it is down abo 15 points, we had bee down, just to remd you, 60oints at low, so there was sort of a comeback. s&p and nasdaq turning positive. small caps and russell 2000, climbing solidly. that is good news. closing at record high. i'm david asman. melissa: i'm melissa francis. this is "after the bell." more on big market movers. here is what we're covering during this very busy hour ahead. the l