tv Making Money With Charles Payne FOX Business September 6, 2019 2:00pm-3:00pm EDT
point cut in rates is coming. anyone's guess as to whether it could be bigger or more down the road. but responding to a globe right now where deflation is the issue, not inflation. right now the hope is that they can just contain that. now to charles payne. charles: charles: hey, there two things, i'm glad you shared the line, secondly, that's one heck of a suit, my man. [laughter] >> i just painted it myself. the comments i'm getting. thank you, buddy. charles: good afternoon, everyone, i'm charles payne, this is making money. moments ago we did hear from the man himself, jay powell, the fed chair commenting on the state of our economy and also world outlook, this perhaps public comments before that nextgaterring after report that saw giant surge in labor force, in the labor force and also wages continue to be stronger than anticipated. plus attorney generals are launching separate antitrust probes in facebook and google.
hurricane dorian continues to battle the east coast, we have update in north carolina after storm made landfall only a few hours ago, all that and so much more on making money. ♪ ♪ charles: federal reserve chairman jarome powell speaking ongoing tensions with china, last time we will hear from fed officials before that september policy meeting, right now the betting is that they will cut at least 25 basis points. i want to go to fox business edward lawrence who joins us now with complete recap from the entire speech, not entire speech but recap. >> he also mentioned the job's report that came out, the job's report showing stable economic foundation, the job's creation 130,000 in august, below the estimates but still very strong, white house economic adviser
larry kudlow says that it doesn't matter that it fell short of job creation estimates because labor force participation edged up and people are on the fringe of the labor force are coming back in. >> america is working, america is getting paid well, america is spending and saving and producing. so i think this is a dynamite report which got to look under the hood. >> a big number especially for the federal reserve is 3.2% and that's the average hourly wage increase over the past 12 months, labor force participation rate edging up to 63.2%, so people are making more but not enough to put upward inflation pressure and workers are coming in on the edges of the labor pool, wrap all of that in with unemployment rate stable for the past 3 months at 3.7%, could signal green light for the federal reserve to go ahead in
rate cut on face of uncertainty, jarome powell hinted. >> we would never comment on trade policy, we don't do trade, it's not a responsibility of the fed but i think it is the case that uncertainty around trade policy is causing some companies to hold back now on investment and so our obligation to use our tools to support the economy. >> you heard him there, to support the economy using the tools. now the decision to cut or not will be made on september 18th, he also says the economy is growing between 2% and 2 and a half percent when the year is said and done, the chairman does not see a recession any time soon, charles. >> edward lawrence, thank you very much, to help it break all own, powell's comments, fox news contributor liz peek and neil richardson, let's start with you, the market was drifting a little bit as jay powell began to speak, the anxiety, will he
say it an won't he say, it turned on two things, they will take the appropriate action to sustain the economic, meaning this is powell the wall street we wanted to fall in love with, we will do anything to make sure we won't go into a recession and by the way, there won't but recession. >> i didn't consider remarks ground breaking, look -- [laughter] >> another fed meeting and everyone is expecting and hoping for a rate cut whether or not that actually impacts economic activity, charles, and more and more people are saying, wait a minute, at 2% does it matter to corporations whether it's 2 and a quarter will have much impact, nonetheless, the market likes that. investors are not -- charles: question about fed credibility and if they did hike too much last year, take some of that back regardless of how much they have impact, could have impact
on confidence. >> credibility sustained by cutting or sustained by being data driven and right now where is the fed going to be on this because by the fed's own admission the economy is doing pretty well, if you look at all major indicators in fundamentals you see no recession eminent, you see low inflation and you see really well unemployment, 50-year low, where is the fed going back to impact question going to make that impact, is it just rate cut to sustain credibility or a rate cut that's needed to extend the expansion, right now we are not sure where chair powell is. >> or to bring the united states in line with other countries, that's what happened last year, they got way over the skis in terms of raising, hiking rates at time with everyone else was going the other direction, the united states really the may jar
-- major disadvantage and now catching up. >> switzerland almost negative 1%. >> funny to think that the fed is not affected by what's happening around the rest of the world, $16 trillion in debt at negative interest rates, of course, it's going to play out into fed decision making but the rest of the world is not involved in two mandates, stable prices and full unemployment, we are there. charles: on the stable prices, maybe not as stable as you say they are, ben bernanke, he talked about it, charles williams on new york fed keeps pointing out about the risk of deflation and i think powell wants to hint that but not creating uproar but talked again about low inflation which could become deflation, it's a lot easier to stop it before becomes inflation, and once inflation it's hard to stop deflationary. >> when was the last time we had depletion?
charles: is that a legitimate reason? >> decade long problem. >> it is. >> it's the reason why the greenspan fed led to record interest rates that help drive that. it's not something new, it's something that the fed is grappling with. charles: $4 trillion in accommodations and everything in the tool box, maybe take some of that off the table, could it become powerless if this happens? >> good thing is wages are going up, a, it's good for workers, frankly good for the president but also very good in terms of helping the -- boost inflation numbers, you're not going to see inflation of 2% or guide posts without wage increase. charles: i'm running way behind, i have to ask you, fannie mae and freddie mac coming out of conservatorship, they paid back
300 billion, borrowed 191 billion, is it okay for them to go out on their own? >> no, it's not. first of all, they have to recapitalize and you have to make sure these firms are not subject like the last time around. charles: we will keep it there, i can talk to you all show but we have other guests. >> why? charles: talk to the producers. have a great weekend, last week market exhibited improbable results, all week long and to me hinting that smart buying was buying -- and what does the trend suggest and how powell's speech factor into the market, chief investment strategist rob. rob, we drifted, hit the red for a little bit but buyers keep emerging on and now a couple of percentage points from the all-time high.
>> amazing, charles, tall pessimism, doom and globe, recession talk, like you mentioned we are just 2% off the all-time high, if you look at the number that came out today, charles, goldilocks situation, i think it's going to be 25, i think you and i both know i don't think this is about interest rates right now, i think it's about confidence especially ceo confidence and the narrative that they are talking about that they are beginning to worry about trade again. i think we will continue to bump up against this resistance, stay around the levels. if you're an investor you stay invested but in terms of getting past resistance that we have been talking for a while, we need to get to see something with china getting done. charles: it's pretty -- reportedly telling suppliers that they have to cover the cost of tariffs and not consumers, how does this work into your
work and how should investors look at this particularly in a week where we have seen beaten down retail stocks make upside? >> it's interesting that they have that buying power to send notice to suppliers and not raise rates, i don't think that's going to impact the consumer but the consumer, charles, as we saw today really the strong story that's going on right now. we had pmi numbers, manufacturing sunk, on consumers keep making pay rises, royal caribbean, that company is up 5% even in the midst of hurricanes right now, we think some of the names, even the retailers like nordstrom that have a strong value proposition to consumer, you can get -- those look pretty attractive to us and people have been steering clear all year long, we think the consume certify the strong story here and as investor you want to gravitate towards.
charles: broad market you still think would be range down, all-time high being resistance level but within this market you are seeing opportunities? >> yeah, absolutely, target has been 3100, 3 to 4% from here, puts 17 multiple on the s&p which we think makes sense in this environment, stocks that have, nordstrom, royal caribbean, those are names investors probably could have 10, 15% upside before the end of the year. >> yesterday broad market rally but the sector, utilities, real estate, consumer staples, those are safe haven, a lot investors are going into them, those safe havens when things are shaky, could safe havens from time and time be too expensive. >> yeah, absolutely, i mean, we have been talk about dividend paying stocks all year long but the dividend paying stocks you want to go into now are probably some of those that are more like
3m's, the ones that haven't performed as well, procter & gamble is the stock that we have earned for a long time, valuations are a little bit stretch and concerned here, those safe havens are crowded trade along with fixed income, as investor if you're looking for an opportunity that's not the place to be there right now. charles: rob luna, appreciate it. we will go to north carolina where hurricane dorian has made landfall bringing powerful winds and dangerous storm surges, the first google facebook lower today as dozens of states are preparing for lawsuits of antitrust investigations as early as next week, we will have details for you when we come back what a time to be alive. the world is customized to you. built for you.
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charles: facebook under pressure, new york announcing today that if its leading multiinformation of possible antitrust violations, hillary vaughn. hillary. >> separate antitrust probes from attorney general as cross the country, new york attorney general announcing her investigation on twitter this morning saying i'm launching into an investigation into facebook to determine whether their actions endangered consumer data, reduced the quality of consumers' choices, largest social media form in the world must follow the law. she's combining, launching this probe in collaboration with
attorney general from colorado, florida, nebraska, north carolina, ohio and tennessee, facebook responding to this probe saying people have multiple choices for every one of the services we provide, we understand that if we stop innovating people can easily leave platform, that underscores the competition we face not only in the u.s. but around the world. google facing their own antitrust inquiry, that being led by texas attorney general ken paxton. but then also in the same hand having access to those consumers at choices, google reacting to this investigation saying in a statement we continue to work constructively with regulators including attorney's general and answering questions about our business and the dynamic technology sector on monday the multistate investigation in tesla firms will be announced on the steps of the supreme court at 2:00 p.m., that is right across the street from congress who this week, their senate
judiciary committee just announced they also will be holding their own antitrust hearing looking at how digital platforms like facebook, google and others buy out the competition, charles. charles: hillary, thank you very much, we will take that announcement live 2:00 p.m. eastern time on monday, meanwhile i want to bring senior policy analyst patrice. so coming after all sides, individual complaints, some legitimate, some i think it's sort of government money grab, this is where all the money has been generated and all governments around the world local and states, hey, we want a piece of the action. >> charles, i kind of agree with you, $5 billion is what facebook paid to sec recently, that's not a small pot of money when you're in new york city looking to fund some of the socialist policies that they have here. the question is really whether being a big company is a bad thing and i think that's a very
fundamental question and it start with assumption that because facebook, google, you know, amazon are big companies they have done something nefarious to get big, i think that's concerning because unless there's evidence to prove, you know, price gouging or some of the other traditional antitrust behaviors you have seen in the past it may be hard case to make for those -- for the statetorian nerals charles: i think what they are arguing, hey, different sort of antitrust, this is antitrust with competition, in other words, because their prices are so low, because they have billions of dollars, any time shows and dangles money at them or try to crush them. i know in the past there's been antitrust in the manner, is there some legitimacy to it? >> well, i caution, you know, i can see the point but still, you know, other different industries, you know, buying a smaller competitor because they
offer a new service that would convenience your customers is something that is celebrated and let's not forget the value that's generated for users, particularly not around user experience, i mean, very often when you look at facebook purchasing instagram, for example, i know that it's so much easier for me to be able to post to two different sites at one time because of the kind of seemless integration, now, there's a price that i pay for it which, you know, my personal data and i think you know, that's where the privacy issue comes in, you know, how much are we willing to give up when we talk about free services, well, really they are not free, they are paying for it with our personal data, does that mean if that's a bad thing? i think that's another huge question to tackle. charles: handy cap this for us, will there be efforts to break these companies up or continue to ride a bunch of checks, business as usual and being part of doing business? >> i think it's the latter. i mean, i understand that the
sec said that the 5 billion-dollar penalty was meant to both penalize but also change the privacy culture at facebook, but i don't think that's going to really change, you have headlines, you may have window-dressing but the fundamental business processes which is really about the user experience and keeping customers satisfied is not going to change, so they'll find new ways of doing that. the federal government, the states, you know, they all probably get some money out of it, they may get good face time but i don't think we will see any major fundamental changes to big tech and that may not necessarily be a bad thing. charles: thank you very much, always appreciate it. >> thanks, charles. charles: not just techs facing antitrust investigation, now doj looking at honda, bmw and volkswagen, former starbucks ceo ruling out joining the very crowded 2020 presidential field but should his view be greater concern to our republic, we will be right back.
♪ ♪ ♪ charles: after the last two market crashes investors have been on guard for the next bubble, the focus has always been on stock valuation, consumer debt, has grown well above historic average in unsustainable level, the thinking everything comes back reciprocal and the problem is they generally crash before the mean, these days the only bubble i see and make no mistake it's very dangerous is the who -- --chorus complaining that donald trump's trade war is bad for
business, same person who on election night when futures were selling off that trump would plunge the world into recession and that markets would never recover. well, now consumer confidence is plunging when in fact, the most recent consumer confidence report saw present conditions at the highest levels since 2000, he says prices will rice -- rise but ceo of target said that the consumer will not pay for tariffs, business bottom lines are doing well under president trump, corporate prices hit all-time high in second quarter of this year, operating income hit all-time high, $63 billion in the last quarter, so it's fine, okay, analysts to ask questions in conference calls but it will ashamed if those questions and media head pieces actual trigger economic slowdown. chief economist jeffrey cleveland, jeffrey, you're the guy i really wanted on this
because, you know, we keep reading gloom and doom and americans rushing back into the labor force. >> well, charles, i think watching people focus on after job's report, not the headline number, that's getting all the press, getting all the media coverage, it's the 25 to 54-year-olds, the core working age population, that share of that cohort is working up to 80% now, that's a new cycle high, it's the highest in about 10 years, that is what matters, that tells us that the labor market is tight and it's getting tighter and that will show up, i think, charles, in a little bit slower pace of overall job growth, 150, 160,000 jobs per month, it's a sign of tight labor market, good labor market. charles: i'm sorry, jeffrey, i remember not long ago, maybe 15,
20 years ago when 4% was considered full employment and expect monthly numbers to decline. >> well, charles, for economists the natural rate of unemployment so-called is a bit like big foot, nobody has pinned it down, has seen it in reality, it's statistical myth, so i think it's probably lower than people think, we can go lower but we have all seen wage growth, it's not that we have seen low unemployment and no wage growth, if you look at the numbers in august, charles, if you look at 3 months annualize rate change for job growth, for growth, best in 11 years, 4.2%, great find that the labor market is tight and feeding through into the pocketbook, the wallet of the average consumer. so i'm upbeat about the state of things. charles: some nay sayers are saying, they can pick apart
anything, if you look at, for instance, wages, maybe what's happening is that the low-end wage earnings are getting fired and that's skewing the number and also the notion that these kind of sign that is you and i are talking about are late-cycle developments which means that the end is right around the corner. >> i would say even for nonsupervisory workers, average hour earnings, you still see 3 and a half percent year on year, we are still seeing wage growth there, i'm seeing across broad swath. look at the atlanta fed's median wage tracker, that's going to be the cleanest, clearest picture of this, it is also or near cycle highs right now, so nay sayers are wrong, i think we will have more wage growth down the road, it's good for the consumer, as to your question on whether this is all late cycle actually it turns out the statistic i cited earlier, 25 to
54 wage employment cohort, that is at 80%, typically gets to a cycle high well in advance of a recession, that's what we saw in the late 90's, early 2000's, that's what we saw last cycle in 2000's, i still think we have time before tend of the cycle the here, i think we are still in a good solid-labor market, that's the message from today. charles: right, we can breathe sigh of relief, jeffrey, thank you very much, appreciate your insights, folks, we will be right back howard schultz new role will be greater concern of republic, billionaires influencing in our election, we will be right back. i'm off to college. i'm worried about my parents' retirement. don't worry. voya helps them to and through retirement... dealing with today's expenses ...while helping plan, invest and protect for the future. so they'll be okay? i think they'll be fine. voya. helping you to
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adviser to george w. bush bret blakeman and capri cafaro. i'm not going the run for office but i will spend a gazillion dollars to determine who is in the white house particularly democrat or progressive because they rail so much on citizens united? >> well, we haven't seen it work yet, you know, look, tom had spent so much money on impeachment campaign spending millions of dollars on cable news trying to run adds to try to jin up, he spent a lot of money to try to raise more money from individual donors to get on debate stage and it didn't work, so, you know, i think that the issue and the concern that, you know, billionaires are buying elections i think is as
individuals that are self-funded candidates i think is erroneous, you know, i think that frankly we have a billionaire president of the united states as well, so this is fe -- phenomena for democrats and republicans, it's not new and we will continue to see it. >> your thoughts on it? >> at best a well-funded millionaire, billionaire could be a spoiler, we saw it with ross perot. charles: i'm talking about something different, brad, if russia spent hundreds to influence the election, how about when you spend millions of dollars to influence the election. >> they're not seeking the election for them to win, they are seeking for somebody to lose
and that's certainly possible and i think it happened with ross perot. charles: howard schultz is out, he must think biden has enough strength and maybe he will be the moderate, maybe the lone moderate to win this thing and if biden doesn't win, they'll be left-leaning candidates as democrats. >> yes, i think this is problematic for the democratic party going up against donald trump in general election, i said it before and i will say it again, we have electoral college, we have to deal with that as reality, it's in the constitution and electoral map was the same in 2016 democrats have to gain back state that is donald trump won in 2016, incredibly difficult and i hope that democrats come to their senses and really take a close look, we haven't seen that as
much, we are seeing moderate candidates, tim ryan following short, but it may be short-term stuff maybe long-term peril. charles: drugstore chains, cvs, walgreens, telling customers to stop openly carrying where the law allows it to happen, brad, maybe i'm overthinking, should we be worried that corporate america, not lawmakers, corporate america are getting the second amendment? >> no doubt about it, customers have a say too, if a retailer says you're not welcome in my store, i suspect that the customer may seek to go elsewhere, big boom to gun sales has been wal-mart's decision not to sell them in other big box stores which is creating huge
opportunities for mom and pop stores all over the country. they do it at their peril and i think that some of this has just been part of the times and depends way far to one side and i think as you quickly point out, charles, they are legislating from the register. charles: capri, your thoughts on that? >> i think that this is an issue that individual property owners and proprietors have right to determine who comes into their establishments and under what circumstances and i think they are exercising that right and they also probably want to limit their liability and they are making a market decision but as brad points out if, you know, the market could actually dictate in the opposite direction and they could lose business as well, i think right now this is, i think, well within purview to do and i think they're making a business decision that they think isn't going to be beneficial for them
to keep shoppers but only time will tell if the pendulum goes the other way. charles: thank you very much. >> thank you. charles: 50th anniversary and man who revolutionized america forever? they are ramping up developments, billions of dollars being poured into this to shift public opinion which is democratic presidential candidates talking about climate change and maybe more will pay off those investments, we will discuss them when we come back. at fidelity, we believe your money should always be working harder. that's why, your cash automatically goes into a money market fund when you open a new account.
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justice announcing investigation of ford automakers, the doj investigating the decision of these automakers to voluntarily adopt california's state emission standards, something the white house imposes. epa and dot telling california that appears to be breaking federal law, kristin tate for young americans for liberty. kristin, what do you make of the idea that they cut side deal with california and violating federal law? >> well, i think a lot of the automaker like ford and honda are siding with california here because they want short-term regulatory clarity, right, but in the long term siding with california lawmakers will probably come back to bite them because the rules that california has put in place incentivized the production of car that is have no connection to market forces, so this will lead to failed slumps and job
losses and a lot of this probably comes down to virtue signaling as well, you know, these companies wanting to take public credit for green posturing but i read multiple reports that, you know, leaders at the automakers have approached the administration privately behind closed doors and urged them to move forward with efforts to weaken obama-era regulations on gas mileage standards because that would be better for the industry in the long run. >> but the uproar and all the guys said that president obama was in office, gravitate to where you want to go, it's just how quickly you want us to get there, california standards are not as onerous as the obama standards are but they are substantially higher and i think also people should study how fleets may have one vehicle and gets them gazillion miles a gallon, i find it fascinating that all of the industries that were so upset are now saying and can go along with this kind of
stuff and the president are trying to help big businesses, we can't give up short-term gains of california sales. i also want to ask you about sales, every auto company around the world ramping up development big time including all electric ford mustang, i think they are betting on public opinion starting to shift, you know, they think it'll be better job for government subsidies, do you think they're right? >> consumers are not buying electric cars, charles, and i think it's great that the liberals want to make a push towards greener and cleaner cars, however, the standards that are in place in california and the obama standards, they are unrealistic and they end up hurting lower and middle-income earners most, the same people that can't afford electric cars, they also create regulatory costs that have been over
$77 million that are passed down directly to consumers, the trump administration proposals would save average of $2,500 on every new car per purchase, this would, of course, allow families to buy safer, new efficient cars and, you know, california meanwhile is just trying to squash consumer choice at the hands of government burr -- bureaucrats. charles: my wife got new navigator, that bad boy needs serious juice to power. have a good weekend. >> thank you, charles. charles: category 1 storm making landfall in outer banks, live on the ground where residents are dealing with life-threatening storm surge.
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oh, and happy birthday... or retirement... in advance. charles: death toll in bahamas from hurricane dorian is rising fast, now topping 30. health administer anticipates that the number will go quite significantly higher, dorian making landfall in north carolina, stranding hundreds who chose to tough it out. jonathan with the very latest, jonathan. >> hi, charles, the concern is island, isolated community now experiencing flooding from storm surge, you know, most people think of storm surge that's coming from the ocean, but it can also come from the intercoastal water ways on the other side of these barrier island communities and that is what is happening on oaker coke island, we will tell you more about that in a moment, for now
you can see in atlantic beach, the sun is out, beach goers are out here, far cry from the scene earlier this morning, we lost power to this barrier island community around 3:20 a.m., daybreak in atlanta breach to see if there was any damage from localized street flooding, most of the buildings held up extremely well in the storm, however, there were occasional exceptions, case in point, motel that lost its roof in dorian's heavy winds, by mid-morning, nearly 230,000 people without electricity, i should say 230,000 customers, that figure is below 190,000 and crews are out restoring the electricity, this video from duke energy from their drones and in many cases they have to go into hard-hit areas with heavy equipment to remove fallen trees and other debris before the linemen can go in and start restoring
electricity, so in harder-hit communities the repairs are not necessarily instantaneous, further up the coast, the remote community is a big concern because there are no roads and bridges from the mainland heading to the island, on a good day, you get there by plane or by boat, right now the seas are too choppy to go by boat and emergency aircraft are having to wait for the winds to die down a little more before they can go in, charles. charles: jonathan, thank you very much, and we, of course, following the markets as we head into final hour of trading, stocks up second day of gains. fiftieth anniversary of the animated machine. the inventor of the american atm will share a story.
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charles: this week marks the 50th anniversary of the automated teller machine, also known as the atm, making its american debut at a chemical bank in rockville, central long island. the anniversary comes as new data finds that entrepreneurship in the united states is still below its pre-recession levels. i want to bring in the inventor of the american atm. donald, thanks for joining us. >> glad to be here. charles: this is so amazing, because i was just thinking the other day, what happened to the american tinker, what happened to the small businesses that used to think big? i mean, you had this idea and you made it come true. i wonder if that spirit is missing. do you feel like it's starting to fade from this country? >> i think i do, to some extent, yeah. yeah. everything seems to be getting bigger and everybody's working for bigger groups and so on so that individualistic approach to things i think is kind of simmered down a little bit. charles: i think it's a shame
that's happening, don't you? >> i think so, but you know, it's understandable, i think. charles: well, walk us through, if you can quickly, the genesis of this. you had this idea, but how did you make it come true? >> fortitude, determination, i guess. we had to come up with a product and we thought this was the product, and we were sold on making it successful so we worked very hard at it, and it took a lot of effort and a lot of determination, really, because at first, you know, most everybody we talked to, the bankers, they thought we got tellers, we don't need a mechanical teller. so we had to convince them otherwise that there were many other benefits, that you will get more new accounts and your deposits will go up, et cetera, et cetera, and then one joins and buys the machine and then
oh, i want one like that, too. charles: sure. the sort of hockey stick thing of business, once you get it going, maybe it takes off. but you had the two-pronged issue, inventing the thing, then selling it and getting banks to believe in it. >> yeah. it took a lot of determination and it was discouraging at times, because bankers, especially back then, they didn't like change. we have been doing it this way for the last hundred years, you know. charles: real quick, eric schmitz said your invention created teller jobs. i read you were concerned initially people would lose their jobs. from 1970 to 2010 there were over a doubling of teller jobs. you feel better about that because in this era, many people are afraid of losing their jobs to technology. >> yeah. well, i tell you, we never sold any banker on you can justify the cost of this machine because you can get rid of a teller or
two. never. it was always on the premise that this will be better for your clients, you will get more clients. charles: donald wetzel, congratulations. you changed everyone's lives mostly for the better. thank you very much. liz claman, i got a legend here and the market is up 85 points. liz: i remember when i used to go to the atm and take out a single 20 dollar bill when i was in columbus, ohio. for a whole week. charles: impacted everyone's life. liz: did i just sound like my father? i walked to school ten miles uphill both ways. thank you so much. good to see you, charles. can the bulls pull it off? yes, in this final hour of trade, markets are trying to pick up a win for the week, fighting through what some see as a disappointing jobs report and revelations that not one, but two of tech's biggest names now have bull's eyes on their backs. those would be google and facebook. now at this hour, the targets of