tv The Claman Countdown FOX Business August 8, 2019 3:00pm-4:00pm EDT
folks, dow is up 288. that's about where we started the show but one thing we have seen, not just for the last two weeks but all year long, the last hour of trading is dynamite one way or the other. liz, i got a feeling it's going to be another one. liz: that's why i have the battle gear on. got to be able to see all the tick by tick moves. thanks, charles. breaking news, an all-out currency war between the u.s. and china is actually pulling back from the brink. that threat seems to be subsiding as investors rush back into equities that had been trashed earlier in the week. heading into the final hour of trade, the bulls look unshakeable as the dow holds on to gains of, as charles mentioned, about 288 points. all day long, investors have been moving out of safe havens like bonds and gold after china's central bank stabilized its currency rate just above that key seven yuan per dollar level, and chinese exports showed a surprise. we will tell you more about that in a second. but the fear of the trade war's
not only going nuclear but mutating into a currency battle. that's still an overhang for the markets. we are about to show you what supplies china is stockpiling. that is a sign china is piling up what it may need to withstand an extended siege? ambassador terry miller is here to tell us what it would take for china to break out its most potent economic weapons. the businesswoman known as the cutthroat queen of reality tv is here. how abby lee miller stared down prison and cancer to become the comeback queen. don't you want to know how she did it? she's about to tell you in a fox business exclusive. plus waiting on uber's quarterly report. roku's new record. and charlie breaks it on cbs. will it or won't it announce after the bell today an official merger deal with viacom? less than an hour to the closing bell. let's start "the claman countdown."
liz: we are just getting this breaking news out of washington, d.c. the u.s. state department is having its daily briefing and right now, as you see, it has just called china a thuggish regime for releasing personal details on a u.s. diplomat who apparently met with leaders of hong kong's pro-democracy movement. hong kong of course has been roiled by protesters furious with china for what they say are china's authoritarian tentacles reaching from the mainland. waiting on more details from the story, but this could cause more agitation ahead of continuing trade talks between the u.s. and china. right now we are still holding on to gains. we are watching it, 298 points for the dow. the bulls appear at the moment to be oblivious to this constant brinkmanship between the two nations. check it out. we have the s&p better by 1.66%. as you see, the dow up 1%. but the true leadership is coming from the small and
midcaps and technology. both the russell and the nasdaq are both up -- well, look at the russell, now up two full percentage points. the nasdaq is almost there. who at this moment, individual names, is unable to play at this party? kraft heinz. well off its session lows of 15% losses, kraft heinz still down 11% though shares are now cutting the mustard in this final hour, after the brand known for velveeta cheese dropped a cluster bomb as it released its second quarter earnings. for the second time in six months, the food conglomerate revealed it had to write down the value of its businesses, this time by 1.2 billion. it then said earnings for the first half of the year have plummeted 51% and then the cool whip on top, the maker of cool whip's ceo, miguel patricio of kraft admitted quote, we have been too focused on the present and literally have just been firefighting. just breaking in the last
hour, we are getting this. green century equity fund has filed a proposal asking the kraft heinz board to issue a report on saying what's your long-term strategy toward, as they put it, protein diversification in its product catalog. they want to see that, because you know, we have been reporting this, beyond meat has been such a popular partner for many food companies, and the tastes of consumers are changing. now, warren buffett's berkshire hathaway owns 26.7% of kraft heinz. in may, two and a half months after kraft's first write-down which was $15.4 billion, that slammed the stock, i asked warren buffett how he viewed the situation at kraft. >> i don't remember exactly when i heard, but the write-down is intangible. it isn't like money disappears or anything of the sort. it's because we paid, in my view, we paid too much for kraft. we didn't pay too much for heinz but we paid too much for kraft. liz: did you know you were paying too much at the time?
>> i'm not known for buying things where i know i'm paying too much. liz: okay. but he said it's not like money's disappearing. well, money is disappearing, at least on paper. buffett's stake worth $15 billion before that first write-down, is today worth $8.7 billion but we need to make this clear. bes berkshire will not need a write-down because it intends to hold kraft heinz until the price recovers. this is not a sector story at all. while kraft heinz stock is down 38% year to date, look at competito competitors, hershey up about 39%, general mills up 38%. i don't know what that 7.6% is. these names are really crushing it. let's check consumer staples overall. the spdr etf for consumer staples right now is up about 1% but look at the intraday. it just continues to go higher as more of the names in there ex kraft heinz appear to do well.
so when you want to find the bears, we know the bulls are out there in obvious areas, but when you want to find the bears hiding, follow the trail of the hedge fund managers. data from morgan stanley is now showing the ratio of prime brokerages long to short positions, falling to the lowest level since february 2016. in other words, hedges are increasingly paring their stock holdings, selling off stock and in some cases making bets that stock prices will fall. will other investor groups, be it the big institutional names, the private wealth management types or even the individual retail investor, follow that scent? to our floor show traders. guys, look, to be forewarned is to be forearmed. sarge, we acknowledge the bulls are flexing their muscles right now and yesterday, too, but we don't ever want our viewers to get stampeded if the herd suddenly changes direction. so first to you, what are you sensing out there? >> well, there is something to your bearish statement to lead off the segment.
the quit call ratio has been above the 50 day moving average for that ratio for seven straight days. so there is certainly some measure of protection seeking. as for the long/short strategy the hedge funds are taking, that's not as dangerous as it sounds. let's say you short one share of mcdonald's at $220. you go ahead and buy 11 shares of wendy's for $20. you have $440 of total exposure but zero net exposure, because you are long 220, short 220. it's a dollar neutral type trade a lot of these guys are doing. so yeah, i think on monday we saw some margin calls. i haven't seen any since. but i do think the hedgeies are not really getting as dangerous as it seems in the article. liz: yeah, and hedge fund managers have been wrong. we know that. phil flynn, are you seeing anything beneath the surface that indicates to you, whether it's on the floor of the cme or somewhere else, that indicates to you that there might be some let's start to look at the end at least of this bull market?
>> i don't see -- i see exactly the opposite. yesterday what we experienced down here was fear, pure and simple. the way the market turned around and came back yesterday, ended up higher in a lot of the sectors, that to me is a sign that we way overdid this market. your call on the hedge funds doubling down on short bets, to me is another sign that this thing is way overdone. liz: look at oil. i'm glad you brought up short squeeze. if people started shorting oil on monday, oil is up 3% in the after-market right now. so they are out of money, i would think. >> they're in trouble. like i say, yesterday, the headlines were oil's in a bear market, you know. you get that headline, everybody's like maybe it's time to short oil. every time we got into a bear market for the last couple years, it's been a buying opportunity. and people are misreading what's going on here a little bit. you know the chinese/u.s. trade war, the tariffs haven't actually gone into place yet, so we don't even know if they are,
or if there's going to be some kind of discussion. so this can change on a dime. but let's face it, the market has been pricing in armageddon. what concerns me, i get concerned when i read the headlines. i look at the news websites, economists are calling for recession, and this kind of thing. that kind of stuff worries me. liz: and ira, let's look at the fundamentals when you look at the economy. we got a very nice labor market number. it is still healthy. first time jobless claims falling. so i don't see the same sort of march for march pattern step for step that we saw back in 2006 or '07. >> what i think people are missing is we're in august. august is a summer month where everybody goes away. it's that simple. other people have gone, you have probably gone. you have to understand where we're at. second, nobody has mentioned the 200 day moving average was hit in the nasdaq, s&p or the dow. what number did the market turn on yesterday? that number, where did it turn, in the june break, on that
number. so you're getting a bounce. but every day that we talk about and worry about what's the yuan going to settle at at 8:15 at night, well, the market's refocused itself to currencies and to worry. so this rally we're getting right now, let's see how it does if it gets up to the key moving average of the 18-day average and if it stalls a bit there. this is short covering rally, probably not a lot of new buying. liz: is your beard because it's august? >> i'm covering all my lines. liz: i like it. i like it. ira, thank you. sarge, phil, we appreciate it always. these guys know what's happening on the floor. china exports, staged a surprising turnaround while the expectation was for a 2% drop, exports of goods that china manufactures and then sells to other countries increased 3.3% from june to july, even in the
face of this trade battle. the government puts out these numbers. we are never sure if they are real. but while china's trade deficit specifically with the u.s. decreased from june to july by 1.95 billion, let's get to edward lawrence at the white house. clearly the global markets all ended in the green, whether it was asia overnight or europe earlier today. they took this to mean that china's economy isn't as worse off as originally thought, but september 1st is not that far away. and that's where the president comes in with his new tariff threat. reporter: yeah. and that's why we're talking about currency. china stabilized their currency which helped our markets today, but the central bank in china has lowered the reference point of their currency every single trading day in the month of august so far. that signals to experts in china or in asia that there may be more devaluation on the way. now, should those devalued currencies weaken other asian countries may come in and cut rates to get in front of that. if that happens, the dollar gets a little stronger, the dollar
gets stronger, our goods are more expensive to other countries. the administration has laid the strengthening of the dollar squarely in part at the feet of federal reserve chairman jerome powell. >> he raised interest rates by 100 basis points. that has suppressed investment directly and suppressed exports indirectly through currency effects. we saw that in the q2 data but they did cut a quarter point, they ended quantitative tightening which is so important. so that's on the right track for investors. reporter: -- may be looking for a scapegoat should the numbers slow but consumer spending is very strong. new numbers just out from the bureau of economic analysis said that from may to june, consumer spending increased $41 billion in the united states alone. liz, the fundamentals are there. back to you. liz: they really are. they provide certainly a foundation. stronger than scaffolding. thanks, edward. edward lawrence. uber and lyft, off to the
races. with the closing bell ringing in 48 minutes, the ride hailing leaders moving in tandem to the upside in trading today after lyft gave quite the guidance boost. but will uber be able to break away from its closest competitor after the bell when it reports its latest quarterly results? no, i didn't say earnings because it's probably going to report a loss. susan li has a preview of the next lap in this market indy 500. later, the businesswoman who battled bankruptcy, a stay in prison and cancer to make a triumphant comeback. reality queen and star of "dance moms" abby lee miller in a fox big exclusive when "the claman countdown" comes right back. (vo) the ant mindlessly marches on.
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liz: lyft says you know what, we are on the way to profitability and investors can come along for the ride. naer they apparently say okay because look at the stock, up about 4% with 43 minutes left before the trading ends for the session. big question is still out there, though. how will its competitor in the ride hailing world accomplish profitability? well, lyft says riders in a number of cities are fine with paying higher prices. those hikes began back in june. wall street really loves that news, as many top financial companies have been quick to raise the price targets. we have seen price targets upgrades from credit suisse, s, jpmorgan, suntrust, evercore, just to name a few. they listed an adjusted loss of 68 cents per share but came in with revenue of $867 million. coming up after the bell, top rival on the street, uber, set
to unveil its latest result. susan li, i need to know your road map to all things uber. susan: lyft is a pure play. they only do ride sharing. they only work in the u.s., whereas uber is much larger. 70% market share here in the u.s. and they operate a lot more diversified companies and operations. not only do they do ride sharing, they also do uber eats, food delivery, they do freight as well, and now bikes and scooters. so we are expecting a much bigger loss for uber which operates in 700 cities around the world. this is close the another billion dollar loss in this quarter. revenue should be over $3 billion. there are lots of questions to be answered by this company that's almost ten years old. first of all, of course, path to profitability. we heard from lyft yesterday saying that peak losses are in the rear view mirror. really? okay, then what about for uber? also, what about ride subsidies because we know they have been subsidizing each and every ride to gain more market share.
that's costing about a billion dollars which is pretty much the loss we are expecting from uber, has that been tamped down. also, the regulatory environment. we do have this california bill right now that's being considered where drivers might be classified as employees instead of contractors and of course, you know that comes with benefits and the costs will boom. also, the lockup period, i should note, for early investors in uber because of something that really impacted the stock yesterday for lyft, they moved that lockup period by a month early which is very unusual. uber's lockup period is on november 5th. liz: of course, for those who don't know, that's when the insiders get to finally sell their shares. a lot of employees have been waiting for that. they have been paid in shares in some cases, right? susan: yeah, that's right. liz: they are dying to make some money off of this. one thing, we should really stress this for our viewers, wages that lyft and uber have to pay their drivers suck up a huge amount of the revenue they make. these companies are making
revenue. susan: two-thirds of the bookinbook ings basically go to the drivers. can you imagine if now they have to pay benefits on top of that if the california bill goes through, because other states will pick that up as well. that's going to be detrimental to i would say the business model of both of these ride sharing companies. liz: we will be watching for it. keep it right here on fox business. susan is keeping her eye, you are not allowed to take your eyes off it. top of the hour, in the next hour, up to the minute details on uber's quarterly results after the bell. 4:00 p.m. eastern here on fox business. intel getting chipped by amd. it's one-time david versus goliath. intel lingering near the bottom of the dow 30 after amd signed up two very big names. current intel customers google and twitter, spreading their wealth to rival amd which
announced landing the two online meganames and customers for its second generation processor chips for data centers late yesterday. but look at the shares of amd, soaring 14.5% to the very top of the s&p 500. twitter and google also trading in the green. you have twitter up by half a percent. gooigle up 1%. intel ping-ponging between small losses and gains, intraday currently up just about 47 cents or 1%. up next, oh, she's all smiles now but that was not the case recently for "dance moms" star abby lee miller. we will ask if she mellowed after a prison stay, cancer scare, bankruptcy. hint, she is cutthroat. if that gives you any idea, stay tuned for this. "the claman countdown" is coming right back.
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i am going to be tougher. and meaner than ever before. liz: forget the computer generated monsters from "stranger things." the new season of "dance moms" might strike greater fear in your heart. the brand new season has begun and it is just as dramatic. adorable dancing kids, vicious stage moms and a cutthroat queen just out of prison heading the whole danniged thing. she scared ctared cancer in the and it ran away. with us in the studio is abby lee miller, star of "dance moms" which just rolled out season eight on lifetime. she's also founder of abby lee miller dance company. this is the ultimate business comeback story.
>> if you say so. liz: i'm saying so. >> you are the number one woman in america. the whole news business thing, you've got it going on. liz: you know what, that's why we have you here. we cover business but we cover fascinating business stories. how are the ratings this time around? >> they're good. they're good. yes. you know, tv has changed. even the two years we have been off the air, television has changed. people watch netflix, they watch on their phone, they watch it on computer. i would guesstimate that if the ratings were based on how many times over and over and over the kids watch the show, we would probably be the number one show on tv. in all of television. they watch it because they want to learn dance routines so they turn it on, and they stop and rewind and again and again and again and again because they want to dance like the kids on the show. liz: the parents who are of those kids want to see the other dance moms and how they react.
they can be crazy, right? how are the moms different this season? >> well, the moms originally that were cast on the show were all my actual students. they were customers in my dance studio. so they had ongoing, you know, trials and tribulations. they had problems. they knew things about each other that nobody else knew from being, you know, neighbors for years and years and years. the new moms, they watch this in their living rooms. they watch the show. so you would think they would know what not to say to work me up, correct? liz: of course. now, the show itself, you did spend prison time, what, one year and one day. >> yes. but i was there for eight months. liz: for eight months. >> i was told it would be four months. liz: convicted of hiding earnings. you served your time. i'm not going to relitigate that. but when you got out of prison and you beat back that one monster, that demon, another one popped up. >> i went to a halfway house.
unconventionally. every other girl left with her hair done, a change of clothes and their parents picked them up or their siblings or whoever. not me. my bed was kicked, i was kicked in the head and you know, thrown in the back of a car and driven to the halfway house. i didn't even know i was going. because i was always treated a bit differently. liz: why do you think that is? >> i don't know. i don't think they had any celebrities or anybody known there before and i think because of the character i portray on tv and how lifetime and "dance moms" set that up since day one, people were out to get me. i have heard from other inmates that there was brewing and talking and whispering about me coming there three months before i ever even arrived. liz: but this hiatus you took for two years -- >> say vacation. liz: you are calling it vacation. folks, it was a prison stay.
>> it was. i read 150 books, i laid in the sun. for the most part, it was pretty good. liz: i'm just wondering, has the experience mellowed you at all? >> no. everybody asks me that. why would you think going to prison would mellow you? it hardens you. it makes you look over your shoulder. it makes you second-guess everybody's integrity that you come in contact with. liz: you are still yelling at the children is what i'm hearing from you? >> absolutely. liz: abby lee miller of "dance moms" on lifetime. lifetime of course is a joint venture between disney, joint owned by disney and hearst. >> thank you for having me. this is wonderful. liz: next tuesday, 9:00 p.m. eastern. because abby lee miller served time in prison, i asked her about whether she's heard from or would consider even teaming up with fellow reality star kim kardashian on prison reform efforts which is something
kardashian has now been pushing. wait until you hear abby's answer. go to lizclaman.com. we have much more of that interview. you may have known, abby lee miller also went into serious depths in my everyone talks to liz podcast but in my latest edition, we talk to another businesswoman in the entertainment industry. she is known as the queen of comedy. you've got to hear how caroline hirsch launched the standup careers of everyone from jay leno to jerry seinfeld by giving them a shot onstage at caroline's, in times square she founded. she shares stories of robin williams working the front desk, how she found kevin hart and that secret something every comic from don rickles to mel brooks to ellen degeneres must have to make it on her stage. "the claman countdown" is coming right back. we are still up 282 points. same as when we started the show half an hour ago.
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november 12th. take a look there. shares up almost 2%. the streaming crown still up for grabs but it's cord cutting power house roku making out like a king this hours. shares hitting a new record high after a narrower than expected loss and a revenue beat that helps boost the device maker's outlook for the rest of the year. shares up more than 20%. on the flipside, prepaid card giant green dot getting cut down this hour after slashing its full year outlook for both earnings and revenue for the second time this year. shares falling to their lowest level since 2017 after the company reported a quarter to quarter loss of almost 400,000 users. green dot shares are down 40%. coming up next, china stockpiling its economic fallout shelter amid the trade war, but could the asian superpower itself actually be the one in control of the weapon of all weapons when it comes to making or breaking the global economy? that's next on "the claman countdown."
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liz: the united states has the most powerful military in the world, but economists say china has a trillion dollar bazooka up its sleeve. >> creates more havoc in the debt market. liz: that's the forbes shanghai bureau chief on "the claman countdown" yesterday listing one way china could swing at the u.s. and maybe leave a mark in the trade war, by unleashing a flood of u.s. treasuries it owns. beijing is the u.s. government's biggest creditor and if it were to decide to sell some u.s. debt, panic could ensue in bond markets. the ten-year right now is doing anything but panicking at the moment. it is coming well off the 2016 lows yesterday. it's now at 1.72%. we had seen a low of 1.6% so that is an indicator as the price of bonds comes down and the yield goes back up, there's a little bit of fear coming out
of the market. joining us now in a fox business exclusive is ambassador terry miller, heritage foundation's international trade and economic center director. ambassador, thank you for being here. why would the chinese sale of u.s. treasuries cause any kind of earthquakes in the market? >> well, because it would affect interest rates. a big sale by china of u.s. treasuries would cause interest rates in the u.s. to rise and in fact, around the world. that tends to slow down economic activity and could even plunge us into a recession. but i do think it's important to keep this in context. china owns about 5% of the u.s. treasuries that are out, owned by everyone in the world, including americans. japan, for example, holds a similar amount to china. so there are people who could have an impact on the market, but as we have seen this week in
the stock market, a very small movement in chinese currency rates caused a huge drop in the u.s. stock market, but then over a couple of days, we recovered all of that. liz: indeed. yeah. >> so i don't think we would need to worry about anything other than some initial panic. the markets would be able to adjust to this pretty rapidly and the u.s. can respond also. the u.s. has the ability through the federal reserve to buy and sell these bonds in the market. so we have the ability to counter any particular chinese moves in this regard. liz: on top of that, these weapons they could turn from bonds to machetes or whatever it is, they could also hurt china in doing so. look at what happened with the yuan. the yuan hit a, what was it, an 11-year low. in fact, it's still at 11-year lows even though it is back
above the psychologically very important level of seven yuan to the dollar. so it fell below to like 6.99 the other day and the market had complete freak-out, but that can in turn really hurt china, because they will see capital flight at some point where people say these yuan are worth nothing, we've got to get them out. >> that's absolutely right. same thing with the bond market. this is going to slow down growth in china if they were to take this action and they can't afford that at this point. president xi jinping needs to keep the chinese growth rate up at at least 6% to 7% to satisfy their growing population and to provide jobs for all the people that are moving to the cities in china. he can't afford to see growth just tank in china and anything that would attack the international bond market, particularly the u.s. treasury aspect of that, would cause a
kind of disruptive instability. sure, that could hurt the u.s. a bit until we reacted but it's going to hurt china, too. liz: we also noticed that china's stockpiling or at least it appears it's stockpiling gold. it is in its eighth month of purchasing a lot of gold. i think in the month of july, china purchased something like ten tons of gold. they're on this buying streak. it's almost like they're preparing for armageddon or something like that. by the way, gold is still above $1500 an ounce. that is a six-year high. >> there's not enough gold in the world for china to shift entirely into that to hold all of its reserves, all of its dollar reserves, but i think what we're seeing here is as u.s. trade with china gradually declines, there's less need for
china to be holding substantial u.s. dollar denominated assets. you would expect over time that china would reduce its holding of u.s. treasuries in a gradual way, in a way that doesn't disrupt the market. that's just a natural effect of these declining trade flows that we're seeing right now between the u.s. and china. liz: we should just mention that we are at session highs for the stock market. doesn't appear that the stock market's nervous and you don't sound too concerned, ambassador. thanks for joining us. >> my pleasure, liz. liz: any time. ambassador terry miller. we are coming right back. yes, as i mentioned, look at the high now for the dow jones industrials. we are up 358 points. don't go away. great riches will find you when liberty mutual customizes your car insurance, so you only pay for what you need.
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liz: the billionaire behind l brands and victoria's secret claiming disgraced financier jeffrey epstein misappropriated quote, vast sums of wexner's fortune, saying in an open letter yesterday he has recovered some of the $46 million that was reportedly misused by epstein. epstein for his part is still sitting in a new york jail after pleading not guilty to federal sex trafficking charges. >> i have done a ton of reporting on wexner and epstein. if you go back and look at the comments that wexner has made about epstein over the years, he basically said this was one of the greatest guys in the world, the greatest money managers. the one thing i don't get, if he misappropriated or stole money, why didn't he report him to the feds at the time? it would have clearly extended his sentence --
liz: why didn't wexner? >> yeah. he was being investigated for the charges of having sex with underaged girls. he got a sweetheart deal. if you came and said on top of that, he was financially misappropriating funds, that would have added to the sentence. to me, i have no idea what went on here other than wexner, i know wexner was a major client of his and they did a lot of business through bear stearns. liz: seems like there was a lot of time between the arrest and -- >> when he did this and now. why did it take him this long after all this stuff because he's put out other statements. lot of questions to be answered. liz: cbs after the bell. hello. >> it will be interesting to see if joe ianniello answers any questions. bob bakish, the viacom ceo, did not today. liz: said nothing? >> that's what we reported yesterday. bingo. we were right again. like a broken clock. here's what we know. it's unlikely that he's going to say anything as well because you can't really get forward-looking
statements when the deal's not done. the deal is not done. okay? it's likely to be done. that means you never know what's going to happen. i always say this has a t-mobile/sprint feel like tomorrow, tomorrow, tomorrow. just so you know, it's not done until it's done. this is not done yet. what are the remaining i guess issues, snags, and when do you think it's going to get do one issue is price. we don't know exactly how it's going to break down, how many cbs shares do you get, how much money is your cbs shares worth in the combined companies or how much money is your viacom shares worth. the other is management structure. they want to keep, bob bakish is going to be the ceo. most people think he deserves it. right? liz: um-hum. >> but you know, joe, they want to keep joe in there for awhile running cbs and maybe being kind of a backup and a voice and dealing with wall street. so that's one of the things. slight chance it could be announced tomorrow. i'm told more likely if the deal gets done, again, if it's not done until you see the thing, i'm telling you, next week.
but i'll be reporting this out tomorrow and today as well. what are you laughing at? liz: because i just, this is like t-mobile/sprint all over again. >> you understand how this stuff goes. liz: of course. they're not ready. i'm thinking labor day. >> i don't think so. i think it could be next week. but you know, i kept saying that with t-mobile/sprint. here's the thing. we are giving our viewers, like this is how the sausage is made. liz: yes. >> they often don't see how the sausage is made from behind closed doors, it doesn't leak out until the last minute. liz: and the personalities behind it. >> bob bakish, viacom ceo, did a very good job bringing -- liz: this is why you go to other networks to just see the stock price of kraft. we are showing -- >> joe ianniello took over and restored some stability there. after les moonves got blown out over sexual harassment allegations. if you think about it, this is a company with two really good ceos. lot of people like working for
bob bakish. shari redstone, who controls it through national amusements, likes bob bakish. the real question going forward, do they build, do they buy discovery -- liz: are they bought. >> you should ask him on. or are they bought. but being bought by a tech these days, they don't, they're not showing a lot of appetite. liz: they want to wait until the price goes down. charlie, thank you. charlie gasparino. pennies from heaven. closing bell ringing in eight minutes. our $4 billion "countdown" closer is looking skyward for a name in the cloud space you may not have heard of, but you might want to think about adding to your portfolio. he says you should. find out what it is, next on "the claman countdown." can i get some help. watch his head. ♪
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in the fine hour of trade. look at stocks surging. with four minutes left of trade, the russell 2000 at the very top here, charging by 2% higher, at 30 points to the upside there. the nasdaq 28 point above 8,000 now. the dow jones industrials up 345 points. s&p better by 50. tech, small and mid-caps, jackie, tell us at the new york stock exchange what you're hearing about the late-day surge. reporter: floor traders say part is earnings driven momentum. part of that is we don't have headlines shaking up global markets. part of it is buyers getting back into the game looking for beaten up bargains. they found some. cross sectors, all things got beaten up the most, technology, financials, media, disney seeing a move to the upside. visa higher, microsoft, chevron, energy space. you can see there is broad-based buying. liz, this is expected to last,
albeit, as long we don't see anything coming out of china and the back and forth with the night. right now august is supposed to be quiet. it has been pretty volatile. we'll have to take it day by day. liz: yep, day by day is right. 337, 340. the dow continues to climb. jackie, thank you so much. cloud has been such a hip word to use, when you think of the companies making serious coin in the cloud, you may think, microsoft, amazon, google, the major players here in the united states but today's "countdown" closer will take us overseas for a pick in the cloud you may be missing to send your portfolio sky-high. he has $4.5 billion under management. pacer etf president, sean o'hara. sean, what is the name? i'm dying to know. >> inxn. what we call call the equinex a
name we talked about on the show. it had a big year. part of server, data infrastructure internets. srvr. the cloud is this term that people don't really understand. we can't have a buildout in technologies everybody is expecting to become big things, a.i., internet of things, streaming, e-commerce, autonomous vehicles, all of that requires a massive build-up in computing power and the big cloud names, amazons, microsofts they have their cloud facilities but they're all linked in on a local basis closer to the population centers through companies like like in europe interxion. this trend we believe will continue for the long haul as the technologies become a bigger
part of everyday life. liz: let me play devil's advocate. why knot just buy a cloud etf, like clu, global cloud computing? this is something near its 52-week high. it is up 3%. you don't want to buy in up market. you want to wait for it to come down. that way you include a basket of names that include amazon and google? >> our version is srvr. we believe it is bigger than the cloud. it is cell phone tower companies like american tower and cloud capital. names you would not think of like technology plays, like lamar advertizing. they have the billboards all across the country. they have the infrastructure that cell phone companies put their nodes on to get to 5g. liz: srvr hitting 52-week high of $31 and change. sean, great to see you.
thank you very much. [closing bell rings] we hit another new high on the dow, 373 points to the upside. we're slightly off it. all green lights to the close. major indices higher after surging right here in the all importantin hour of trade. that will do it for "the claman countdown." ashley: what a finish. uber, the world's largest ride share company, you know it, reporting in a few minutes. second report from the company. it could also impact your wallet tomorrow. get back to stocks with much more positive day. investors decide to jump into the markets. ending in the green on easy global growth fears. the dow ending up 375 points. what a turn around. i'm ashley webster, in for you today for connell mcshane. melissa: i'm melissa francis. this is "after the bell." the s&p 500, tech-heavy nasdaq ending in positive territory the third day in a