Skip to main content

tv   Countdown to the Closing Bell With Liz Claman  FOX Business  April 19, 2019 3:00pm-4:00pm EDT

3:00 pm
you both very very much and normally i start looking up to let you know how much the market has changed. it's unchanged the market is closed but we're here for you every single day now we pass it on to liz claman. liz: and we are here, precisely because there is news even on days like this where the markets are closed, charles. we're getting breaking news on a brand new poll post-mueller report which of course the report itself setting off shockwaves from capitol hill all the way to the kremlin. what vladimir putin is now saying about the newest allegations against the russians , and just how far bad actors from the country went to skew the 2016 election, and the president potentially facing another hurdle, could joe biden be ready to run the newest reports with the former vice president, one gigantic step closer to the starting line for the 2020 race. consumers, are you among them? pulling out the plastic fueling retail sales and big bank earnings but could this spending
3:01 pm
boom actually be setting up a dangerous collision course for the economy? you need to hear what we're talking about the numbers are getting a little questionable. u.s. telecom giants t-mobile and sprint looking to join forces and help tko huawei in the boxing match for 5g global domination, but could this 5g grudge match also lead to a better faster, more sinister web better and faster good sinister, not good. coming up, the warning from the hacker, helping the department of defense and homeland security fight back against those looking to harm us all online. the writers guild following through on its promises and then some. we are crunching the numbers on just how many agents have been written out of the scripts in hollywood. writers getting revenge, elon musk and the sec needing more time to work out the differences what will it take to ink a deal between the market regulator, and charlie breaks it yes, plus
3:02 pm
the moves you should be making ahead of big tech earnings next week shutting out the world of noise in the market and notre dame picking up the pieces this good friday. we'll take you live to paris, but before that let's start the countdown. folks, thank you so much for joining us. we are just getting this breaking news, reuters has just released a brand new poll on both president trump's approval ratings and how americans now perceive him post-mueller report release and now the poll done in conjunction with ipso syndicates that president trump's approval rating has dropped three percentage points to a 2019 low after release of the report on whether the trump campaign colluded with the russians during the 2016 election. now the report exonerated the president on collusion, but left the question of obstruction of justice open when asked whether americans believe president
3:03 pm
trump obstructed justice, 58% after hearing or reading about the mueller report say they do believe he did. we are looking for the methodology on this we'll get that to you as soon as we see it but in the meantime we need to get to this other unrelated breaking news a tornado threat ramping up right now extending from florida all the way up to virginia, as the storms turn deadly in the south. millions remain in the path of the destructive weather through the end of this week, we're going to be bringing you more details on that but here is the radar and you can see the very serious yellow and red lines and of course the blue lines indicating heavy rainfall. i want to take a quick look right now at how the markets ended upper forming even though they're closed here are your numbers the s&p only major average turning negative during the shortened holiday week the nasdac climbed for the fourth week in a row. now, accounting for half of the dow's gains this week, big names like apple, mcdonald's, and nike , and mcdonald's and nike
3:04 pm
both by the way hit all-time highs yesterday, as the dow touched 2019 highs. we've got one digital payments company looking to go old school to boost its revenue stream, according to sources, pay pal's venmo has been meeting with bankers since last year to discuss creating an old school branded credit card. yes a venmo branded credit card that could be closed to select ing synchrony financial. last year, in partnership with master mastercard began offering debit cards to users even with more than 27 million users expected to make a payment in 2019 the money transfer company still expected to report an operating loss of $394 million this year. shares of pay pal though are up about 27% this year that's been a winner. former nissan motor chairman, carlos gone could now be indicted on an additional charge as early as monday. this according to public broadcaster out of japan, nhk
3:05 pm
tokyo. prosecutors say they will charge him with aggravated breach of trust, just as his current detention period comes to an end now, gone was just arrested for a fourth time on new allegations that he sent himself millions of dollars from nissan's money accounts to his own. the new indictment will keep carlos gone in prison for a longer period of time and as of yet, still no trial. so there are a lot of questions about how japan is perhaps unfairly holding him for all this time. we've been following that story and will continue to do so. i want to put this in quotes. "putin has won." put it on the screen. those were the words sent by an unnamed individual accompanying the kremlin spokesperson to new york city the morning after the 2016 election. the e-mail sent to carol demetri a, the ceo of the russian direct investment fund and that fund serves as a poignant
3:06 pm
summary of the takeaway from the mueller report or at least the e-mail here does. house judiciary chair jerry nadler today subpoenaed attorney general william barr for the full unredacted mueller report and he set a deadline of may 1 for that. now, we're on day two of the actual release, let's take it to blake burman at the white house and blake, i don't know if you just heard about the reuters ips os poll but we're waiting on the methodology to find out just how many people were part of this but it's kind of the first biggie post mueller report release and it does not bode well for the president at the moment. >> first look no doubt about it a little bit of a move in the wrong direction for the president but as the president or his team or anybody really who follows politics might look at it, one of the questions with this mueller report or at least in the grand political scheme going forward is what does any of this mean towards 2020 you look at the one poll of course it's just one little snapshot as we move forward, but you know, something to keep an eye on in the upcoming days and weeks, but
3:07 pm
especially months ahead as we steam toward 2020. as far as president trump goes today, liz we've got a little bit of a reaction from the president. he tweeted out the following. i can't read all of it, so let's put it up on the screen. the president appears to be responding to the obstruction portion of the mueller report the president said that he doesn't feel the need to respond to all of the statements that were attributed to him, the president saying at one point of during that tweet, he says that it was total bs though he used a lot more colorful language, than the bs. you mentioned jerry nadler, the top democrat on the house judiciary committee. he went forward today with his threat to subpoena the entirety of the mueller report, the un redacted version of the mueller report. he had subpoenaed now officially the department of justice and nadler is doing so this way, writing the following saying, " even the redacted version of
3:08 pm
the report outlined serious instances of wrongdoing by president trump, and some of his closest associates. it now falls to congress to determine the full scope of that alleged misconduct and to decide what steps we must take going forward. as far as the white house is concerned they say they are not worried." >> we're not going to deal with jerry nadler in that manner. we have already cooperated so much with the house democrats and we'll continue to do so but the fact is this is just more political grandstanding by someone who has nothing to run ontoing to talk about, other than trying to attack a man whose now been proven completely innocent of any crime. reporter: president trump today down at mar-a-lago by the way for the easter weekend, right now, or at least he just wrapped up we believe, liz playing golf with rush limbaugh. liz? liz: blake thank you very much blake burman live, yes folks we're live today because there is so much news and among it we'll take it from the mueller report to credit reports. we're getting all of these
3:09 pm
numbers in. americans will pay $122 billion in credit card interest alone this year. that's up 50% from five years ago. non-bank lending and it's what some people call shadow banking, also exploding, it accounts now for $15 trillion in assets in the u.s. , up 75% globally, since 2010. jp morgan chase ceo jamie dimon warned about it in his annual letters to investors and specifically he said the growth in non-bank mortgage learning, student loans, leverage lending, and some consumer lending, is accelerating and needs to be monitored so let's tackle student loan debt it of course overtakes some forms of debt except for mortgage debt in the u.s. now accounts for more than $1.5 trillion, subprime mortgage s also making somewhat of a comeback in big bank lending and goldman sachs in essence is flagging five pockets
3:10 pm
of risk. the markets for investment grade bonds, leverage loans, subprime auto loans, student loans, and commercial real estate, so should we be concerned? well economists say relax, he's not seeing over indebtedness while markets watch markets editor who covered the 2008 financial crisis says there is concern about the economy and the consumer. calvin i'll begin with you we just outlined a laundry list of hard numbers that indicate we're bellying up to some kind of debt buffet and yet you're not worried. state your case. >> i would actually say it's really important to be looking forward to say what types of debt people are taking on and how big it is, and particularly if you look at household income growth, household wage growth has been it would be easy to think well maybe household finances are still fairly fragile but that would be a mistake. if you look at the data from the federal reserve you see that household financial positions are actually much better than they were than they were in 200n
3:11 pm
they were in much of the decade or so prior to that period. for example, if you look at the delinquency rate on credit cards , the credit card delinquency rate and bank portfolio according to the fed right now is 2.5%. it was at 4% or more for most of the period prior to the financial crisis that's just an indication that the households really have not taken on that much debt. they firmed up their finances. liz: all right, but mark, history, okay, doesn't repeat itself and it doesn't appear to be repeating itself right now but history does tend to rhyme. what rhymes are you seeing when it comes to what's happening now to the banking and financial crisis that you covered so specifically back during the crisis? >> i think that it's important to take cues from guys like jamie dimon who said as you mentioned during congressional testimony as well the shadow banking industry is certainly an area of focus for the markets and they should be worried about how much debt is
3:12 pm
being offered by the shadowbanks and that's a big concern. liz: by the way the 15 trillion that we cited is really for the united states. it's more like 56 trillion globally so you add that with the credit card debt, and no wonder jamie's concerned. >> yeah and liz, certainly at this point in time, the market and the economy seems to be pretty steady, but you need to be thinking about where the risk might be and that's where a lot of folks i speak to are worried about leverage loans, leverage lending, and although some of these things may not be apparently systemic, we heard a lot of that during the financial crisis, that mortgage-backed securities that were only being passed on to a small group of people wouldn't spread across across the world and become toxic assets and they did. liz: calvin, we know we've had a housing recovery but are you concerned about the housing slow
3:13 pm
down, and maybe the trend albeit quite slight toward subprime lending once again, and we did get a piece of data today it's why we're live folks unlike the other guys but u.s. markets may be closed but we got homebuilding for the month of march, and it's near a two-year low. >> that's right the housing starts number this morning were actually quite weak. it was a disappointing number and what that's reflecting is housing markets overall have slowed. construction activity peaked in early 2018, but then as interest rates increased it's tapered off. now this is not likely to continue. interest rates have retreated we've seen interest rates move back down both the 10 year treasury rate and also more importantly, mortgage rates are quite a bit lower than they were previously. liz: oh, yeah absolutely i think 4.12 for 30 year fixed certainly very low, markets we finish up though do you see any systemic risk coming from any of the debt numbers that we've talked about
3:14 pm
whether they be consumer, housing, auto loans, subprime auto loans? >> i mean, again to echo the earlier comments, i know a lot of people are focused on car loans and student loans, and as it stands now, we have a federal reserve that we believe is on hold, but we need to be concerned about the fact that they could be back on rate hike moves and that could actually start to push up interest rates and then you have a knock-on effect that starts to hurt everyone from student loans or everything from student loans to leverage lending, and that could be a problem that needs to be addressed. liz: look where the soccer ball is going, not where it is at the moment but for the moment calvin says don't worry too much about it, mark says listen to jamie dimon we might want to keep an eye on it, great to have you today. thank you so much. the 5g danger zone, coming up a warning from the white hat hack ers so good that even a show
3:15 pm
mr. robot has used his hack in their storyline. his warning to all smartphone, wearable, laptop and pc users, why better broadband and faster download speeds even those made in the usa could put all of us at risk. don't go away we're coming right back. ♪
3:16 pm
there are roadside attractions. and then there's our world-famous on-road attraction. if you've never seen yourself in a mercedes, you've never seen these offer. lease the 2019 glc 300 for just $479 a month at the mercedes-benz spring event. hurry in before april 30th.
3:17 pm
3:18 pm
3:19 pm
liz: t-mobile and sprint investors getting a busy signal for the moment at least on their $26 billion mega merger deal, the number three and number four largest telecoms are leaning heavily on the 5g argument in order to clear their union with the department of justice, but if t-mobile and sprint are hanging their merger hat on this need to link up so that they can build-out a super high speed wireless network in the u.s. one saying they can forget it. gene kimmelman is a former anti- trust attorney for the justice department and he said for the wall street journal " there's no justification to
3:20 pm
concentrate or see another merger in the wireless market in order to get 5g in better competition" but if the merger hangs in the balance chinese telecom and smartphone giant huawei took to the stage yesterday in china to unveil what it calls its wi-fi 6 air engine product which promises to shorten wi-fi network latency meaning the time it takes for devices to communicate with each other, shorten it to just 10 milliseconds, but, no matter who wins this 5g race, we've got the guy who says there is a very sinister side to this next generation of wireless connectivity. ceo of red balloon security, and this is a cyber sabotage contract for the department of homeland security, and the department of defense, so the big guys all are turning to you. sinister is a loaded but vague word. what do you mean by sinister? >> you know, we have about maybe five maybe 7 billion of these embedded devices connected
3:21 pm
to the internet today. these things control everything from the gas pump, the atm, things that keep our planes in the air, our telephones working so when we do that ae have to worry about securing 5 billion of these thins that are there everything will be fine. there's nothing to worry about and of course you have all of these thins that every aspect of our lives depend on and just like your laptop and your desktop, from 15 years ago, these things can be hacked fairly easily so what does it mean if attackers from the other side of the world can all of a sudden exploit your car engine, the same way they hacked your windows laptop from 15 years ago liz: i thought the whole point of the trump adminitration and u.s. businesses that are building out 5g, the whole point of them saying only use our equipment and everything will be fine, was to calm everybody down and say oh, then it'll be secure are you saying even made in the
3:22 pm
usa equipment provides this massive new i guess you could call it an attack surface? >> actually, unfortunately we don't really have a 5g competitor that is entirely based in the u.s. that's a sad fact but that's true. liz: we're behind is what you're saying? >> we don't have a 5g solution we're not competing with the rest of the world and the one company that's getting most traction is from china, so if we allow china to come into the united states, and build-out our communication infrastructure, we're not talking about just making cell phones faster here. we're talking about connecting every single thing around us. liz: talk about that. door bells beings baby monitors, wearables, right? >> everything, everything from the thing that automates your house to the thing that you have three dozen computers inside your car, and if this technology rolls out all of those computers will potentially be accessible on this new network and one, we don't know how safe that network is to use the equipment and the code that goes into that thing and all of the devices that connect to it allows anybody to hit those devices.
3:23 pm
liz: see the way verizon and everybody else says it'll be so wonderful is all of these cell towers will be talking to each other, and you will seamlessly from the hundreds of miles away if you're on a business trip be able to look at the camera inside your house and check on your puppy or what have you. i just find that this gets disconcerting if you're saying even if we didn't use huawei equipment, it'll keep us sort of vulnerable and you have something called botnet that was also able to illustrate how it would actually happen. >> yeah, absolutely so 10 years ago, 15 years ago my friend gave me a really cool quote. sometimes when you connect to the internet the internet connects back and that's always bad, so when you put something on the internet, maybe you can connect to it and see your little puppy from your house but who else can do that? so and that is the major thing we have to deal with we have billions in secure devices that are going to pose a problem and
3:24 pm
we wrote a paper in 2009 that predicted the fact that it was going to exist and the size and the nature. liz: basically it turned everybody's wearables and everything 2 million devices into bots that then infected everybody else. so after talking to you i'm going back to the dial phone. >> good, you should. liz: [laughter] are you though? what are you doing to protect yourself? >> well, from my perspective, i know that if somebody wanted to reach me and people like me, the offensive capabilities that we have is so far outmatched than the defensive capabilities that currently exist, so unless i am building out a very secure defense network or something like that, i kind of just see a reason to give up, because if somebody wanted to get to me or you, it doesn't take very much. liz: ang, thank you, red balloon is his company and again, i mean even the show mr. robot founded his hacks, that he figured out,
3:25 pm
are useable, and fact is stranger than fiction good to see you. >> thank you. liz: thank you very much. when we come back much more we're live and we're open, unlike the others. some things are out of your control. like bedhead.
3:26 pm
hmmmm. ♪ rub-a-dub ducky... and then...there's national car rental. at national, i'm in total control. i can just skip the counter and choose any car in the aisle i like. so i can rent fast without getting a hair out of place. heeeeey. hey! ah, control. (vo) go national. go like a pro. when it comes to type 2 diabetes, are you thinking about your heart? well, i'm managing my a1c, so i should be all set. actually, you're still at risk for a fatal heart attack or stroke. that's where jardiance comes in. it reduces the risk of dying from a cardiovascular event for adults who have type 2 diabetes and known heart diseas. that's why the american diabetes association recommends the active ingredient in jardiance. and it lowers a1c? with diet and exercise. jardiance can cause serious side effects including dehydration, genital yeast or urinary tract infections, and sudden kidney problems. ketoacidosis is a serious side effect that may be fatal.
3:27 pm
a rare, but life-threatening, bacterial infection in the skin of the perineum could occur. stop taking jardiance and call your doctor right away if you have symptoms of this bacterial infection, ketoacidosis, or an allergic reaction. do not take jardiance if you are on dialysis or have severe kidney problems. taking jardiance with a sulfonylurea or insulin may cause low blood sugar. so, what do you think? now i feel i can do more to go beyond lowering a1c. ask your doctor about jardiance today.
3:28 pm
3:29 pm
liz: it is good friday, and the faithful in paris are making the most of it despite the ugly scene earlier this week at france's most famous cathedral, that shook the country and the world, though an official cause has yet to be identified the cathedral's rector is now saying that a "computer glitch" may have caused the blaze but police officials are pointing to what they believe is a short circuit as the cause. regardless of this moment some 40 people have been questioned by investigators, and sort of concurrently, donations to help rebuild historic landmark are flooding into the tune of $1 billion. fox news is live in paris, where
3:30 pm
the sun may have set but hope and prayer, i bet, are shining, molly. reporter: yeah, good evening and it is of course as you mentioned good friday. the faithful today were unable and will be unable throughout the easter weekend to get inside notre dame which could be a possibility for years to come, but they were able to come out on these streets surrounding the historic cathedral as well as gather together on the bridge to that historic church take a listen. >> [singing in unison] >> catholics walk in remembrance the way of the cross is a traditional procession that emmulates jesus cross carrying his cross, done in many places around the world but took on unique significance in paris this afternoon with the treasur ed themes of easter, hope , renewal so close to the hearts of those praying that this great spiritual home in the heart of the city rises from the ashes. the safety of the structure is still being assessed in the area immediately around the cathedral
3:31 pm
remains closed, they are using scaffolding and netting and french president emmanuel macron welcomed officials from the united nations today, and the cultural arm of the agency of course to begin discussion about the very difficult task ahead. and this week, macron's focus turned to saving and restoring notre dame but this weekend he may not be able to ignore the people who feel like they have been ignored the middle and lower class protesters dubbed the yellow vest, complaining about the economy and high taxes and they are taking to the streets once again saturday despite the fact this is of course easter weekend. liz? liz: live from paris thank you very much. folks we wanted to take a moment to say goodbye to one of our favorite "countdown" closers, we love all of or closers but jeani e wyatt held a very special place in our hearts. she was a tough as nails banker at a big firm who one-day decided do you know what? i'm going to take the leap and she left to found south texas
3:32 pm
money management from one tiny little office and 10 million in assets, jeanie did grow her dream to six offices around the state of texas with 3.7 billion under management. her generous nature led her to create a non-profit giveback program at her firm and charitable contributions now total more than $6 million. jeanie died this week after a brave battle with cancer, but her gutsy and above-all kind and sweet nature will live on in our memories. we'll miss you, jeanie. a business owner always goes beyond what people expect. that's why we built the nation's largest gig-speed network along with complete reliability. then went beyond. beyond clumsy dials-in's and pins. to one-touch conference calls.
3:33 pm
beyond traditional tv. to tv on any device. beyond low-res surveillance video. to crystal clear hd video monitoring from anywhere. gig-fueled apps that exceed expectations. comcast business. beyond fast. kevin, meet yourkeviner. kevin kevin kevin kevin kevin kevin kevin kevin kevin trusted advice for life. kevin, how's your mom? life well planned. see what a raymond james financial advisor can do for you. ♪ ♪ i can do more to lower my a1c. because my body can still make its own insulin. and i take trulicity once a week to activate my body to release it, like it's supposed to.
3:34 pm
trulicity is not insulin. it starts acting in my body from the first dose and continues to work when i need it, 24/7. trulicity is an injection to improve blood sugar in adults with type 2 diabetes when used with diet and exercise. don't use it as the first medicine to treat diabetes, or if you have type 1 diabetes or diabetic ketoacidosis. don't take trulicity if you or your family have medullary thyroid cancer, you're allergic to trulicity, or have multiple endocrine neoplasia syndrome type 2. stop trulicity and call your doctor right away if you have symptoms of a serious allergic reaction, a lump or swelling in your neck, or severe stomach pain. serious side effects may include pancreatitis. taking trulicity with a sulfonylurea or insulin increases your low blood sugar risk. common side effects include nausea, diarrhea, vomiting, abdominal pain, and decreased appetite. these can lead to dehydration, which may worsen kidney problems. i choose once-weekly trulicity to activate my within. if you need help lowering your a1c, ask your doctor about once-weekly trulicity.
3:35 pm
2,000 fence posts. 900 acres. 48 bales. all before lunch, which we caught last saturday. we earn our scars. we wear our work ethic. we work until the work's done. and when it is, a few hours of shuteye to rest up for tomorrow, the day we'll finally get something done. ( ♪ )
3:36 pm
3:37 pm
liz: all right, is that gluten free there? it better be. kidding! no, i love whole wheat. that's good, all right they used to say as financials go so go the markets, but have banks taken a back seat to tech stocks now the markets following technology, wall street sure is bracing for the biggest most sparkling names in tech to report earnings, next week. who? well we've got facebook, microsoft, amazon, snap, twitter and tesla, all we'ring up for their big reveals but which bell weathers are really scoring the biggest goals for not just the sector but the markets at large and which stocks should you say do you know what you're going in the penalty box, wedbush managing director dan iv es is joining us along with axe cross market editor and dan we'll begin with you which names are you watching the most closely? >> look in our opinion it's really amazon and microsoft because right now cloud that continues to be the key theme intact and strong numbers at aws
3:38 pm
and especially microsoft with azure we're seeing a lot as more enterprise move to the cloud those are two key bell weathers that put more fuel in the engine for the bulls this week. liz: but not facebook or twitter or snap when it comes to social media? >> look right now i think social media names continue to be a bit in the pounding box not just given regulatory but a lot of the headwinds that we're see ing in the market but what investors are willing to pay up for like you see the zoom iph and others, you'll see the secular trends light cloud which is why we need microsoft, amazon which is really the key driver in the tech earnings season with cloud strong and i think right now it's a huge prove me quarter especially for zuckerberg and facebook. liz: isn't it amazing? microsoft for so long felt like it was oh, good old microsoft now suddenly it's hitting all-time highs, so dion talk
3:39 pm
about technology and how this weeks earnings have real power? what kind of impact might they have on say the nasdac and s&p overall? >> well right now the market is really looking for direction. we got the fed pivot that turn their back from the old regime or turn towards this new regime of lower for longer, at least being on pause so that's out the window now. we've been dealing with that and we got back to where we were ahead of that big sell-off in december so now the market needs a new direction and it's going to look for that from earnings. these big tech names you talk about facebook, amazon, you talked about those names, if they have consistently delivered when it comes to earning day despite all the bad headlines and negativity they've come through earnings and shown good numbers and if they continue to do that we can get another leg up in this market but if we do get a pullback that that can spell real trouble for a market running out of gas. liz: everybody by the way should subscribe to the newsletter that dion and his team put together because it really gets you up to speed on a daily basis. dan? talk about the stocks or the
3:40 pm
stock that you feel should be in the penalty box right now when it comes to technology. >> yeah, right now, the penalty box in the dictionary you'd see musk going to next weeks earnings because look right now it's a rip the band aid off feeling in terms of the 1 q just given demand issues in the u.s. , you're seeing europe strength but right now, this is a fork in the road situation, and the big question for investors going into earnings next week is the capital raise on the horizon of four to $5 billion capital raise that continues to be a major overhang black cloud over the stock. liz: maybe we'll be watching and they say they don't need it right now but dion having just two weeks ago been out to phoenix where waymo gave us this exclude ever ride along with the ceo, well this is the largest self-driving ride hailing
3:41 pm
service. everybody it seems this week, had some type of news, they're kind of fighting for domination. you had apple buying into a sensor deal here and in the meantime, waymo has its laser bear sensor deal with just what enables self-driving to really happen. apple is buying into that. you have soft bank and toyota investing 1 billion, ahead of a stock market debut when it comes to uber self-driving unit now valued at 7 billion i saw, so where does self-driving juice up all of technology now? >> we've got to get to a point where the self-driving is a reality and it can be a reality and right now most experts think that's still years away so waymo is a big name to talk about obviously you talked about the investment that's going into the sector but these companies are investing for the long term investing to get out of these trends and really, pull up and make a big difference and make a big dent in some of the losses especially when you talk about a company like uber that's losing billions of dollars a year, so
3:42 pm
we're still way off but the other thing that you have to find here is you've got to be able to sell this to people and get people to feel safe about self-driving cars not just taking them but having them on the road, and that's something i think we're still a ways away from. you still see negative headlines about crashes and self-driving cars crash less than cars and drivers, right? liz: a lot less. dan, dion, thank you and dan i want you to come back after tesla, if they do indeed announce they need a capital raise because you will have predicted it thank you very much happy holidays to both of you. they say making up is hard to do , well, speaking of elon musk and the securities and exchange commission say they need a little more time to kiss and make up, hammer out a deal in this ongoing fight over the tesla ceo, and whether he has freedom over his tweets. up next, charlie gasparino has the inside scoop on the reasons these two simply cannot agree. plus, what the street is saying
3:43 pm
about new reports confirming the former vp joe biden is ready to kickoff his run for the oval office, charlie breaks it, next. no infomertials and reruns on fox business folks we're live with us on this friday and we're doing it for you. we're coming right back. heading into retirement you want to follow your passions rather than worry about how to pay for long-term care. brighthouse smartcare℠ is a hybrid life insurance and long-term care product. it protects your family while providing long-term care coverage, should you need it. so you can explore all the amazing things ahead. talk to your advisor about brighthouse smartcare. brighthouse financial. build for what's ahead℠ brighthouse financial. state of the art technology makes it brilliant. the visionary lexus nx. lease the 2019 nx 300 for $359 a month for 36 months.
3:44 pm
experience amazing at your lexus dealer.
3:45 pm
3:46 pm
3:47 pm
liz: we now have episode 3 season 1, the wga and their talent agents are in this battle over packaging fees that the writers guild says unfairly line the pockets of hollywood's top agents while paying the actual show creators and writers far far less. while the wga now estimating that more than 92% of its ranks
3:48 pm
who supported the call for a new code of conduct have effectively fired tear talent agents and that letters of formal termination will be delivered to the top agencies come monday. the writers guild also accusing the agent's representation group the association of talent agents of fear mongering saying, " that's their biggest weapon to spread undue fear and try to intimidate as many people around town as possible." that accusation coming in the wake of the agent unions efforts to prevent managers and other representatives from negotiating future contracts on behalf of wg a members, a move the ata is calling "shocking and disturbin" when it comes current laws governing contract negotiations, the agents say only they have the legal right, not managers, not personal attorneys, but the writers are saying no that's not going to holdup in federal court
3:49 pm
charlie: does this mean i don't have to pay my agent 10% any more? i'm sick of paying my agent. he does nothing. he gets nothing done. liz: you do it all? charlie: i do it all. why do i pay these guys? liz: [laughter] charlie: i'm so sick of them. sick of the middlemen. liz: well elon musk not sick of him because he has the gift that keeps on giving he and the sec have had a hard time kissing and making up after a judge in new york ordered them to. they sent them back to the negotiating table. you're faster why didn't you shove everybody down? charlie: i did there was a lot of them. liz: dan ives in just the last block says tesla has to raise money. they will have to. charlie: okay we've been talking to a lot of an acquits and as you know i reported last week that they are telling wall street bankers that are approaching them they don't need to raise money i've been getting this from some interesting from analysts and other bankers saying if they even wanted to go first off there's no shelf registration which is kind of
3:50 pm
interesting. usually you have a shelf out there, right? liz: you have to explain to our viewers what the that means. charlie: shelf registration means you file something or at least it's not current, but if you're going to do a debt offer offering or a stock offering generally you put it out there it's called a shelf offering and from what i understand there's an old one or not a current one so that's what they don't plan on doing anything any time soon. the other tell that's interesting or possible is is that analysts are saying even if they wanted to to give them some of the crazy stuff going on at the company and some of their recently shakey finances you might not be able to find a wall street bank that would be willing to under write the stock offering so remember that's kind of out there, so if that's the case, and they really do need to raise, again they're saying "no ." liz: that's going to shock the markets. charlie: it's going to be very bad for the stock price. liz: now what's going on with the tweets?
3:51 pm
>> charlie: you know he changed it. did you see like his picture? it's like a weird animal. liz: well he also tweeted today -- charlie: i wish he used the one where he was smoking the big joint. liz: okay, what's going on with the tweets and the sec? they still haven't come to an agreement? charlie: i don't think this is a big deal, i'll be honest with you. in you're an investor in tesla stock you have to be worried about the financing, cash position, stuff like that. this sec is none says and they're not seeking to bar him which would hit the stock at least as of recently unless he walked into the last meeting with them and literally gave them the finger and there is no way they are going to blow him out and crater the stock, so i think this is a lot of noise. i don't think there's anything that will happen that's super material to the stock. liz: how about this tweet today? my twitter is pretty much complete nonsense after this point. charlie: who said that?
3:52 pm
liz: elon. charlie: think about that. okay would you want to do business with a guy that says whatever he says? liz: my twitter is pretty much complete nonsense. charlie: suppose you came out -- liz: a lot going on here. charlie: what does this mean? liz: what's going on with biden quickly? charlie: do i have to get into this now? biden is going to run as i've reported a hundred times. liz: why do they only listen when the atlantic says it? charlie: no, atlantic put a date on it they say he's going to announce wednesday i said towards the end of the month so kudos for them getting the day, where everybody knows it's coming. i will say this. if he runs he'll have money. this is wall street's preferred candidate if you're a democrat on wall street. they are scared to death of bernie sanders getting into the race, and actually, running against trump. they don't think that in the end he's going to win because he's a socialistic and maybe a communist i don't know. he's kind of been all over the place during his career, so i
3:53 pm
think joe biden is going to get enough money and now every time you see a picture of him it's like this and you think he's going to be touching someone that could be the problem. liz: charlie thank you we'll be right back with boeing. lots to tell you about that. m. . liberty mutual customizes your car insurance, so you only pay for what you need. nice. but, uh... what's up with your... partner? not again. limu that's your reflection. only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ . .
3:54 pm
3:55 pm
3:56 pm
your daily dashboard from fidelity. a visual snapshot of your investments. key portfolio events. all in one place. because when it's decision time... you need decision tech. only from fidelity. ♪ liz. we need to tell you tornado watches still in effect this hour across the southeast, day three of damaging, severe weather wraps up. this is the scene in mississippi. torrential downpours. at least four people have been killed. while airports across the country dialing with issues from mother nature, airlines continue to struggle with delays caused by reduced fleets by boeing 737 max jets which remain grounded. jeff flock at midway airport. jeff? reporter: looking at board, liz. fort lauderdale canceled. long island canceled. northeast as well. laguardia, three, four hour
3:57 pm
delay. newark the same. it's a mess out there. we'll show you how many, 4500 delays, another 1000 cancellations because of the weather. this will go away, the problem with the max 737s will not go away quickly. outside in seattle. planes painted up for the airlines that bought them they're not being delivered. deliveries on hold. the issue, liz, the latest issue is around how much training do pilots need before they get back into the air on 737 max jets. liz: sure. reporter: some people think simulators. people think ipad training. faa currently says they will not require simulators but other airlines say they will implement them anyway, just abundance of caution. i leave you with a stock look, last three months, if you bought stock in any of the airlines,
3:58 pm
that have 737 maxes you didn't do that well. if you bought one like skywest, that doesn't have any 737 maxes, you win. liz. liz: jeff flock, thank you so much. from north korea's new missile launch. actually it was rocket launch of sorts, china trade war, venezuela, unrest there, the wall of worry couldn't be any higher says the "countdown" closer. we have ralph acampora. how do we tune down, at least keep the decibels lower. >> liz, before i start i want to wish everybody a holy, happy, healthy holiday. liz: thank you so much. >> farce the markets are concerned, i have been doing a long time i never seen this confluence of distortion. having said that the market is doing extremely well. it is discounting all the
3:59 pm
negative news with all the confusion. we're couple percentage points making all time new highs in leading averages. so i'm very impressed. liz: you're seeing rotations from one sectors to others. what are the rotations so our viewers know? are they correct? are they on the money? >> rotation is the lifeline of every bull market. remember what happened to technologies late last year. how could we forget the "fang" stocks literally got crushed. they're on the comeback trail. facebook, apple, gaggle, they're starting to look very, very good. last year emerging markets did poorly and eem, an etf of emerging markets very strong. china, fxi, a large cap china stocks look very, very strong. the financials are coming back. this is very healthy. bank of america, jpmorgan. i'm very enthusiastic. liz: we've got tencent, alibaba, taiwan semi, in emerging markets
4:00 pm
etf we like to show top holdings here are the top holdings in the xlf. ralph, we always appreciate your views. have a lovely holiday. >> you too. bye now. liz: i want to wish all of our viewers a happy passover, happy easter. see you next week. it is time for no bell. ♪ >> because the markets are closed today, but the news however not taking a day off. we have new contender for the white house. fresh signs of the blue state tax exodus. i'm lauren simonetti in for melissa francis. ashley: i'm ashley webster in for connell mcshane, this is "after the bell." while cnbc take as day off, here is what new for you at this hour. he is the front-runner in the


info Stream Only

Uploaded by TV Archive on