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tv   Countdown to the Closing Bell  FOX Business  July 31, 2013 3:00pm-4:01pm EDT

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oh, you guys! and with double miles you can actuay use, you never miss the fun. beard growing contest and go! ♪ win! what's in your wallet? ♪ >> a game-changer for one of the world's largest chemical companies. dow chemical opens a research center in pennsylvania. it is a fox business exclusive the end corporate america is hiring and the economy is growing faster than expected. this is a good omen for the friday's job report, and what does it mman for the fed? we are breaking it down for you. and mark zuckerberg must be smiling. face the pricee fighting back to the ipo price. is this just the beginning of facebook's comeback story? "countdown to the closing bell"
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starts right now. liz: good afternoon, everybody. i am liz claman. i am standing in the middle of a brand-new facility that just had the ribbon-cutting today for dow chemical. the stock has been a winner over the past year and part of the reason is that they have continued to innovate, continue to put capital expenditures in place. this is a perfect example. an 800,000 square foot brand-new facility where they will be taking northeastern technology coming up with innovative patens and ideas solving the problems of the world through chemicals. we are looking at a whole story here. we have the ceo coming up, the governor of pennsylvania, talking bookkeeping jobs and growing jobs in the state like pennsylvania. in the meantime, the market and
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the fed. the pace will remain in place. i mean the fed made no moves on tapering. if you see the market has charged higher. at one point we were up 113 points. right now dow jones industrials up 70 points. the nasdaq better by 30 points. the s&p covering up or down about 12 points. 12 to 10 points. the only point we can pull out of what fed chief ben bernanke has indicated in his statement was that there might be something others are calling disinflation. a slowing of inflation. the target of 2%, we are below it right now, that seems to be a slight concern but the word modest economy improvements continues to be used in the fed dealings in the fed announcement today. let's get back here to the facility in collegeville,
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pennsylvania. what they did was they moved some 800 employees from 15 miles away at the chemical plant where they had a plant as well. they moved it here. this place has the capacity to have 1300 employees. it is a real message of jobs. chemical companies are a real interest to investors lately. in the meantime, had to talk about herbalife. the stock is charging ahead by 10%, and another billionaire jumping into the freight. this time it is george soros. charlie casper now confirming it. coming in on coral icons side. saying i am taking on the guy who does not believe it, shorting herbalife. saying herbalife is a real problem. the company which makes all kinds of health and nutrition
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shakes says that is a complete miss her resentation of the company and now it is george soros who says i am on herbalife side. jumping responds by more than 10%. charlie gasparino will have more on that story. speaking of bill ackman. bill ackman saying i have kind of lost out on herbalife and jcpenney which happen to be a long investment, so today he announced he is going into another company, a chemical company taking a very significant stake in the company which started to move higher on this news but this time his mormon activist agitator investor. in fact what he is doing is taking this position to say they have thin margins, it can do so much better. he is going to be an agitator there. perfect timing. the ceo of dow chemical has an
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agitator activist investor because he feels his stock performance and his company's performance and investment what we have in collegeville, pennsylvania, is what keeps the stock doing well. i had an opportunity to do a long interview. much more of that in a moment. but first, what he said about investors taking stakes in chemical companies. >> every shareholder whether it is the activist type or the warren buffett type, if they own parts of the company, their voice has to be heard, whatever that voice is. you have to do your job for every shareholder and when you can explain that to every shareholder, every shareholder, you are doing your job. that is the only thing you can say. liz: doing his job means the stock has done pretty well over the past year up 21% and jet setting some poor performing individual areas of this trying to get out of the singular
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chemical divisions like chlorine, et cetera. he told us so much more newsmaking information about what they are doing here making investments and innovation. coming up exclusively with the chairman and ceo of dow chemical. the traders have been watching quite an interesting day. volume pretty much at regular levels. i am looking at the reaction to what happens with the fed. we were shown some confidence on a dow jones industrial board when the dow came out and so we are not touching anything that is happening at the moment. what do the traders say of the moment? >> sometimes the less the better. today we liked what they said. nothing new, the market was up 29 points when he starts speaking, up 60 points right now, so the fed the market liked what they heard from the fed. basically status quo.
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liz: what did you see when it came to trading as soon as the non-announcement announcement came out. they didn't really do anything. what inflation remains persistently below the target, does that start to move treasuries? >> the non-announcement like you just said was just that. there was more frustration than anything else. we have so many of these traders down here looking for the tapering coming up. almost like going up against lebron james, throwing in the towel because you just can't fight the fed. what was disappointing this morning's even though the new gdp number was good, the revision of first-quarter, the second is actually pretty disturbing.
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what is to say when they get the next number this one is not revised down the it the number on friday, the job number on friday will be a huge number, 1700 later today or for sure by friday. liz: expectations were slightly lower than that. more companies and more businesses for example would be using more company to create more products. >> look at us today particularly in the front month, we rallied up here. we were surprised to be honest with you we could rally a strong as we did. along the day we shot up and the spot down over a dollar, but you
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are right, up front maybe we are anticipating that anticipating that. the last day of the month today, maybe that had something to do with it. i am a little bearish but it doesn't seem like it wants to get below $105. if everything will be good going forward like you said, that will increase demand and in the back of everybody's mind you still the geopolitical stuff, so it is a tough short right here come he have to be very careful. it could rally very easily between now and labor day. liz: great, so we have that going for us. we want to thank our traders, we do see a rallying equity market right now. we do have a rally going on, see if we can hold it until the end of the hour. we love the bears, we want to see what exactly happens, so stay tuned. a great show coming up but now let's get to two former fed insiders.
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these two gentlemen know exactly what has gone on inside the federafederal reserve in the pad they have a pretty good sense of the fed peace that came out in a statement. a former federal reserve vice president from the new york fed. david jones, former fed economist. i wouldn't exactly say this was an innocuous announcement. they are not making any moves on the bond buying program. what is your best guess about why they said that? are they worried about derailing the stock market we have seen? >> after what happened last time with the chairman's press conference that this was going to be boring, they should have stayed home. you can hold up this week's announcement and today's announcement, the other announcement and see tiny differences. the day is coming when the fed will have to do something. but it is not now. there was no discussion really,
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in terms of the board, did not issue a comment, so we need to wait and see. liz: david, next meeting is september 17, 18th the announcement, is that your best guess as to when we will start to see some sort of indication? we have decent gdp data today, what do you think? >> i think it is data dependent, but my best guess is we will in fact see some tapering. it will probably be a modest amount, maybe they will cut 20 billion from that monthly increase, but i think they will start it but they won't want to talk a lot about it, so it is true there is not much news in this report. i woul was still stick with thed before the end of the year they would do some tapering and they
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would end it by the end of next year. liz: your gut feeling the announcement happens because it has been well telegraphed, does this somehow derail interest rates, mortgages, recovery, what is your opinion on the first reaction we might see. warren buffett even said another announcement is made, there will be a trade by every trader. what do you think? >> they made the announcement last time to speak to people interested in the home mortgage market they are saying a better hurry up and get my mortgage. it could have a positive effect. the same way if you're going to borrow, you know the rates are going to climbs sooner or later. the chairman is there until february depending on when the new chairman is appointed, i thought he would want to do something on getting out of the
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program. if you go into the program you have a plan to exit the program and he would want to start the exit before he left. liz: i am dying to hear from both of you who you think the suucessor to ben bernanke will be. staying with us through the next block. what the insiders think will be the decision. we've got about 47 minutes before the dow jones industrials closed as well as the rest of the market. coming up we have more with the fed panel fund. chairman and ceo, why the investment, what does he need to see from the government, from the economy before he will start to really see the walls bursting in the facility. i ask a very important question, warren buffett is one of his big investors, when will the preferred trade be over because it is costing great business for
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warren buffett and the number one spot on the planet where he says he sees the best growth. wait until you hear what he says and more importantly how he says it. we are live and exclusively at the new facility for all kinds of innovation in collegeville, pennsylvania. we are coming right back. before copd...
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liz: welcome back, everybody. live from collegeville, pennsylvania. about 40 minutes before the bell closes down and we have a rally on our hands. the federal reserve announced still keeping 85 billion per month and bond buying in place. we are at the northeast technology center of dow chemical just opened today, big ribbon-cutting ceremony. i have in microbial division. i will show you quickly, they treat clothes that ten tends tot really stinky like workout clothes, like shoe soles. 50 washes, this treatment will never come off and it keeps all the microbes away. i know you played soccer, you have been in many locker rooms.
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nicole: i like that. it is very innovative. in a great job, we're enjoying the interviews. take a look at what we are seeing with the major market. the dow has been higher. facebook, where we saw the highs of the day. you know what 38 was? that was the ipo price last may. let's talk about the fact they will have tv style advertising on facebook. they have done so well with mobile ad revenue. we know that from the latest earnings report and the fact they're going to have this for ray into the games which would hit zynga ultimately. the shareholders thought they were getting the deal of the century with facebook, the all-time great ipo. it went up to $45 but then down to $17.55. probably a lot of relief on wall street and some selling.
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dr. you. liz: relief at facebook on the west coast. it was fun while it lasted because they touched it, went through it and back. bendable paint, this one is treated with dow chemical's property that they have, and this one, this is the old paint that would of course crack. you can squish this forever, does not crack. it does not appeal. let's get back to the fed panel. both former fed insiders. i left by asking you who you thought would be the best replacement for ben bernanke. that may be a different answer than who you think would be the chosen one. >> i am delighted to have first crack. i think everyone is heading on the vice chair of the fed, she
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is highly competent, trained well for the job but i think it is a horse race and the horse that is gaining is a gentleman by the name of larry summers. he was head of the national economic council, is really and, the smartest person in the room. only problem is he tells you he is the smartest person in the room, so my bet is on summers. liz: i think david perfectly encapsulated what larry summers is about. an individual finger. i'm just wondering if the president would go for somebody like that. >> the president of the federal reserve bank of san francisco and on the board managing the board, the lady is experienced. i really set it aside the statements about very summers and his view on women, i just don't believe.
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people don't say lady lawyers. she is an economist. janet is an easy person to live with than larry. i lived with him at the fed when he was in the treasury, and he can be a little difficult to get along with and work with. his voice and who it wants to see as the next fed chairman between the two. the matter who gets it, they are both incredibly confident in the country will do well with either of them. it is not like we're really going to suffer. i fa prefer janet. liz: i feel like he is one of those very brilliant economist
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as well. needed to get to mortgage rates. almost at the whiff of discussion of tapering. is it so terrible if we start to see tightening of rates? >> exactly right. it is absolutely the case. the fed is forecasting a self after a soft first half of the year even with a better-than-expected second-quarter. the economy will be led by a better housing sector, it is good news because people will be motivated to buy a house i in ts he rates gradually moving higher. i don't see any damage done by moderate rate increases.
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liz: we want to thank you both. we will have you back. september 17 is right around the corner. thank you both. we will see you next time. 36 minutes away from the closing bell, and coming up next, dell, i don't even know what to call it at this point but the big news is the dell bios group says it is unlikely to pursue the $13 share that michael dell and silver lake partners have brought up. so what happens this iconic company? and you have no idea the hounds from new jersey and delaware and new york have to kick back to keep the dow chemical jobs in the state of pennsylvania. it is a fox business exclusive. we are coming right back, stay
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liz: we have breaking news out of washington, d.c. president obama is naming a brand-new deputy treasury secretary. he is picking sarah, taking her for the fed, one of the federal reserve governors and he is putting her in what is the highest ranking position a woman has ever held at the treasury department. now moving from the federal reserve to the deputy treasury position under jack lew, president obama just make that announcement according to reuters. dow jones industrial really pairing the games. now up by about give or take 40, 42. i want to quickly talk about the issues of what is going on here. an area that could have very much just gone down the recession like a lot of different industrial areas, but
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this brand-new dow chemical facility where they're doing a lot of research and development has just opened today. what about for the state of pennsylvania? in a fox business exclusive, we sat down with tom. i asked him what a day like today is for his state. >> it is a great day for the state of pennsylvania because clearly a corporation such as how had options to move anywhere in the country. the states, we compete with each other on a regular basis. not that far from new jersey, not that far from delaware, they could have gone anywhere. they stayed here and we believe they will grow here. pennsylvania is on the move, we are growing particularly when it comes to the life sciences, biotech. in addition to the fact we are growing on the energy side. i think it is our energy side
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that helps allow us to grow because we keeping down the cost of energy and when you are conducting a business, more importantly keeping taxes down in pennsylvania. liz: it is something that he feels will sting the late job growth, but also he proposed to lower the corporate tax rate on balance 28% but for manufacturers like dow chemical. one of the things about you as a republican, but more of a centrist perhaps as you work with both sides of the aisle, three distinct the temptation to have knee-jerk is awful, will not work. what could be improved upon his plan? >> he have a tremendous debt in the united states, we are way underfunded and what he is doing is he believes government can stimulate the economy by spending taxpayer dollars.
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traits are next and does happen but i believe it is the private sector. i believe there are other ways estimate the economy. his energy policies are not helping the economy of pennsylvania, not helping the united states. at the same time his epa is clearly at war with paul, a huge issue in pennsylvania, west virginia and kentucky have a difficult time with the energy industry. liz: is started in germany but came here in 1909 and stayed here. they of course were the original venue fractures. isn't it amazing to think there is new life for original companies that started in pennsylvania? >> absolutely. what you have going on is
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manufacturing. i was talking about the people from dallas. what yo you'll see is a manufacturing plant. many people picture pennsylvania as the old manufacturing. the steel mills, if you take the tours i've taken, i've gone through many plans manufacturing different products are very clean. our goal here is to get the new generation to understand that manufacturing is very important taking science and engineering, we need to increase that, these are good, very strong family sustaining jobs. with a challenge to get people, teachers and colleges and universities to understand manufacturing is just as important as a four-year degree. liz: the governor of pennsylvania in a fox business is elusive. he just mentioned teachers. he was a high school civics teacher back in the day.
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become the governor of the state of pennsylvania. when we come back, herbalife. the stock is jumping a last 26 minutes before the closing bell. yet another billionaire jumps in. this time going long on the stock. charlie gasparino has more on the george soros affect on herbalife. stay tuned. ♪
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billionaires absolutely whipped into a frenzy. some hate it, some love it. charlie gasparino i brand-new billionaire jumping into the fray of herbalife. the author of "circle of friends." charlie: i will tell you this, you're not here for all of the first flying. this is a wild story. we should show that graphic, soros has to be in it under 5%, he would not do a filing. bill ackman has a massive short on this stock. this caught my eye early because the position was leaked to a network that is very much affiliated with carl icahn. he is long, trying to squeeze bill ackman short. bill ackman thinks this smells pretty bad as well.
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his representatives have got the security and exchange commission asking them to look into whether this short squeeze is manufactured, whether there are like-minded parties, basically teaming up to go out there and squeeze his position. we should point out the position is in the right more than $200 million right now. liz: let me jump in because i have a question for you. some nerve, he started all of this. right? anybody who wants to jump into any stock they want can do so. now he does not like how the game is working? >charlie: if you go in there wih a bunch of like-minded people jump in and squeeze a short in concert, you have to disclose that to investors. you have to fill out the form. he believes there is some degree of collusion as he would put it,
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or cooperation among the like-minded investors. it is kind of interesting, what soros is telling the sec, they are not nine they are examining this whole thing. over the last couple of days or maybe the last week or so, the soros per folio manager about 35, just did a dive into his background has been holding idea meetings with other investors about joining this thing. he did not return repeated calls for comment. he is not denying it. when that happens, when you go in there as a group and you go out there and you basically short as a group, you're supposed to disclose that, i will tell you this, this is just opinion. forget whether or not it is factual, but it was very, very
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bizarre. who is associated with brand x. i am pretty even criticizing both sides, but the sec should look at this basin all the evidence. if he invested less than 5% does not have to disclose. and it came after, we should point out. liz: doesn't he do for a family item now? charlie: these are active traders. this is a family fun. it is a very big family am a very powerful family, so the way this thing got leaked out is very, very suspicious in my view. bill ackman is telling the sec to look into it. if he doesn't invest more than 5%, he does not have to
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disclose. you don't know that unless it is leaked to you. they leaked this out right after herbalife earnings. shares were still up. if it is coordinated, like-minded people, having to file. laying out the suspicious stuff and the way this thing got leaked, to raise my eyebrows, i sent it out immediately something looks really fishy here. i personally think they will kick the tires on this thing. bill ackman is asking them to do so. liz: okay. charlie: you'r you are missing e dirty stuff here. liz: i got it all.
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bill ackman made a big investment in a chemical company today and he is more of an activist investor on that one. dow chemical ceo comments exclusively on that and so much more for fox business today. we have got about 70 minutes left before the closing bell rings. the markets are falling right now. stay tuned, we are going to be right back. [ male announcer ] if you suffer from a dry mouth
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liz: welcome back, everybody. take a look on your screen to
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jcpenney. jcpenney stock plunging, this is rather sudden. according to "the new york pos "the new york post," one of the largest credit lenders is apparently very concerned about jcpenney's credit. this actually all ties in to bill ackman. he has taken a very long bet on jcpenney is an activist investor but once again the news is the largest commercial lender in the united states according to "the new york post" has stopped, so this is a little bit more serious than just worried about but has actually stopped lending to jcpenney. our sister company reporting on it. want to now get to dow chemical.
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this has been a company of more than 20% over the past year simply by doing slow and steady progress and investment. today is one of the pieces of the investment puzzle here. behind me is the 800,000 square-foot technology sector in collegeville, pennsylvania. i had an opportunity and fox business exclusive, he went to tell us and you why he is doing what he is doing and what matters here and what is a dream for this facility and dow chemical. fox business exclusive. >> the scientists here who need smarter food, smarter lifestyl lifestyles. independent of how much money to spain getting valuable lifestyles improve helping solve problems. liz: don't need a more fertile environment, yesterday the
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president came out with news that he is proposing a 28% corporate tax rate, 25% manufacturers. do you imagine yo you'd fall unr the manufacturer type? >> the president is doing all the right things, making it a core part of the policy. during what you said before about that. if you have manufacturing you get innovation. if you have innovation and don't have manufacturing you will lose innovation that is what the chinese and other countries have figured out. how do i get manufacturing of the advanced kind and put facilities like these? that is wh what he's putting the policies in place. to actually do a special manufacturing to get the jobs, the high-paying jobs here. liz: so the 25% level? >> sure. it has to be revenue neutral. we all get that.
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all of us get that. taking it from where it is, if it ends up being the same tax rate for all of us, i get that. if it has to be a special incentive, manufacturing has the best multiplayer. there are more jobs created around me. that is a great multiplayer. really good high-paying jobs. liz: you get better margins and happy shareholders. as you know talk about this. there is whirling around chemical companies. i would not call warren buffett an activist shareholder, but 3 billion into your company and thumbs-up back in 2008 to help you purchase now housing a lot of those employees from the previous location. but that costs you money. wendy expects to be out of the position? >> our balance sheet has gone
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down. the next that is the lowest has been since the time frame, so have ingested all of that. the part you just referred to. he has cast them out of other companies. a cheaper version, having said that they are, as you say, pretty high expense item. talking over time to see with wt the best way of doing that. as interest rates go up, they are worth less. i will tell you balance sheet focus, taking down the debt, generating the cash, rewarding in the near term is a focus you get not just out of science and innovation like this, it can only be the short-term results, so people like me, we have to solve for every shareholder, the short-term to generate the long term.
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liz: your opening up like this one, part of that has to do with cheap natural gas, which you use here, dow chemical. last time we spoke it talked about how you were sort of on the fence, you weren't happy with a big push to export natural gas, tell us how you feel right now about it. speak of the administration doing a balanced approach. this is a 100 your advantage. $90 billion of capital. puputting new capital in this country and high-paying jobs. let's not low it all away. many% of it is gas. domestic consumers pay japanese prices. why would you want to do that to this country all at once? a balanced approach, everything we've talked about is balanced. liz: hit one point on the globe
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doing the best at this point for your business. >> united states of america. and amazingly strong statement. i have said for three quarters in a row we are on the past, just have to keep at it. the politics of descent and partisan politics, put it aside, get the corporate tax reform, the trade agreement in place. get the good things done. this company two country is on the beginnings of a recovery. liz: chairman and ceo of dow chemical ending on a very firm, positive but forceful note here in pennsylvania and a fox business exclusive. jcpenney stock down 3% in just the last few minutes as we told you, new york post reporting its lender has very, very strong concerns and have stopped lending to jcpenney. the closing bell ringing in four
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from td ameritrade. liz: about one minute before the closing bell. david asman, take us to it. david: what a change of fortunes today. we thought we would end up on a up note. looks like the market is settling down. thanks, liz. we'll come right back to liz in a couple of minutes. let's go to nicole petallides to tuned out what happened. before we talk about change of tort tunes, we have to go to jcpenney. a change of fortunes. >> look at the stock now, down 10 1/2%. it traded as low as 14.10 because cit said they will no longer support vendors who deliver to j-c penny. this is a credit problem. cit met with jcpenney on tuesday. according to the "new york post"
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and sources they're not supporting those vendors. [closing bell ringing] david: this, by the way was a wild day. we first saw the market go down. we saw it go up after the fed notes were released. as much as 70 points. then again settling down. it is off the lows we saw a couple minutes ago. fed notes were seen on more money printing. fed and others thought the economy was worst than they thought and more money printing and good news for markets. towards the end of the day the good news began to dissipate. one of our guests said exactly that would happen and todd got it right. we'll go to todd in just a minute. first a look at the front page headlines. in the latest statement the fed said it would keep its

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