tv Markets Now FOX Business December 5, 2013 1:00pm-3:01pm EST
more positive news on the economy, lower on the statement that the fed will real in the stimulus. nicole petallides on the floor of the stock exchange on track for a fifth day of declines. nicole: we come off of the lurch and worth noting technology stocks, and attack have been nasdaq moved into the green moments ago for the nasdaq. up four points at 2,049. the s&p and the dow have down arrows. 15,823, and the loss is just 24 points. keeping an eye on the fear index, some strength in retailers, and what the fed will
be doing. j.c. penney under pressure again, topsails coming in for j.c. penney and the lot of analysts say those 6 months are they're looking at markets, whether or not they believe some funding for next year. cheryl: thank you. huawei adam: the world's largest carrier may be carrying the iphone according to the wall street journal's china mobile, will likely author the phone later this month so what does this mean for companies? with more details and to break it down. >> to give some perspective, seven hundred million subscribers, the number of users of verizon in the u.s. so there will be potential for sales here who are expecting apple to rollout the i phone and on december 18th after the conference is on the go after so many years, largely tweet his things, the fact the chinese
ministry announced, other carriers operate the 4 g network, so after the full year, the meeting with the head of china mobile in late july. can apple explain its market share with the contractor, not likely -- top-selling samsung and chinese brand looking at the customers in china according to analysts. interestingly, apple broke into the top five. and the number of contract guys earlier this year. the global launch for the first time and stock was up more than 1%. apple, a huge percentage potential. fitting in with what they
actually need. adam: this is probably a win/win, thank you. carl icahn renewing his push for the company to buy back more stock. the activist investor appears on the cover of time magazine and told the magazine, quote, he is not bank. this is not a proposal to be voted on but it does appear the side of the buyback and a tweet, he wants it raised but not to the $150 billion level. cheryl: looks great in that cover. bad news for banks, the volcker rule set to be completed no closed-door meeting and not expected to limit the ability of banks to protect themselves against certain losses. elizabeth macdonald, what this means for the big bank. >> portfolio hedging is a
broader definition of the volcker rule, behind closed doors on december 10th, the treasury secretary, we need to crack down to stop public bailouts, here is jack lew. >> with the completion of the volcker rule, resolution authority and capital liquidity requirements, the schools of financial reform used to make our financial system safer and hold financial institutions responsible for bearing their own risk without a backstop of public support. >> risky trading like abundant whale that have risked mitigating hedges. cheryl: they did change the direction of the volcker rule. now it is portfolio hedging meaning hedging the banks did to protect the loss of asset portfolio. bottom-line, the outlet researchers, they are saying goldman sachs, jpmorgan chase, bank of america and citigroup
could be hit hardest by this broader war. they are also saying the trading activity should be shoved off of the business to go elsewhere to the private equities like blackstone into the shadow banking sector, like jeffrey and the california state treasurer saying barring costs that go up, and consumers don't too because banks make their profits elsewhere. congress did extend treasury bonds from the volcker rule because of government costs going up. you can seat the costs that go with banks and other securities. back to you. liz: i suppose you won't get this out of it. cheryl: thank you very much. adam: it would be the largest shake up in regulations since the financial crisis when bank of america slipped in and change the merrill lynch.
our next guest was a somewhat respected witness to a firsthand and wants to set the record straight, the former merrill lynch international champ and author of the book catch lightning, your father is one of the founding fathers in 2001. you started to get into trouble. i heard you talk about this issue, almost complete failure. that you use to focus on client focus, respect for the individual, team work and integrity. this is the culture you were part of. that change and led to your departure. >> it was very sad to see. the reason i wrote this book, the true history of merrill lynch, the company that came and it was successful in 2000, a lot of vicious history was written to change it and those principles got pushed down the
line, they were not in trouble to the overall operation and what happened is we got overleverett in 2007-2008, got into a business we would not have gotten into to that extent. >> the man in charge was sam o'neill, something you have been critical of but in hindsight, the culture on wall street seems, you have actually claimed that pretty well. was that really across the street? >> it was across the street, but very often we did differently and diversified the business on very strong principles. and dependent on trading
profitability. >> and the recent financial crisis, at bank of america? >> in 2001, clearly -- have to make some cuts in judgment. management in my opinion cut into the bone, businesses we have spent years developing. and restore the profitability. >> un die were talking before the broadcast, there seems to be throughout the country as versus them attitude, particular investment, that they can't get in on wall street and get the announcement coming down.
is that perception, against the banks using portfolio hedging at any time? >> one of the great stories, wall street to main street and main street to wall street and investments of the percentage, the understanding of how it affects you. institutional investors and a mortgage of integrity. and have to regain that. >> the volcker rule said that. >> and worried that the volcker rule to play games around, and
storm trust. >> in part of the business, catching lightning in a bottle, thank you served joining us. >> the country with the control of the exchange by volume has banned financial institutions from trading in them. it was prohibiting the use of the financial sector. it was knocked back by any government of central banks on the news that the dollar skyrocketed. 100% in the past two months. >> bond yields rising again on the back of the economic data. the yield on a ten year treasury inviolable in three month, better than expected gdp jobless claims leading some to think the federal reserve could start winding down of program, a key factor in the decision for the jobs report, the last before the fed next meeting and ben
bernanke's last recovery. cheryl: he hands over the baton to janet yellen. this is happening today. fast-food workers across the country going on wyatt, 15 our -- $15 an hour wage. a live report coming up. adam: 9-5, 24/7, co-founder traded in a corporate life for an iconic grand slam. cheryl: a cold snap covering tweet 2-thirds of the nation, freezing rain, freezing temperatures, stood around, we will give you an update coming up next. [ male annncer ] here's a question for you:
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♪ ♪ ♪ [ tires screech ] chewley's finds itself in a sticky situation today after recalling its new gum. [ male announcer ] stick it to the market before you get stuck. get the most extensive charting wherever you are with the mobile trader app from td ameritrade. cheryl: an arctic blast pushing temperatures below freezing from the. more details right now. >> a big cold batch, areas across california, the salad bowl of the country, temperatures well below freezing, could have big
agricultural impact across parts of california. look at your current temperatures, only 5 degrees in denver, five in rapid city, ala of areas across montana be the zero, 45 in dallas. won't above that for the next five days. the cold is here for a while. would get your wind chill. -28 and-9 in omaha, look at the rate picture, this is where the precipitation is going to be the next couple days, stuck right here, we continue to see impulses move across and bring freezing rain, rain and snow, to the north is snow, to the south is rain and there is an area in tennessee through areas like little rock and much of arkansas and dallas so at least half an inch of ice accumulating on the roads, the trees, the power
line, widespread power outage event and potentially a lot of dangerous conditions on the roads, a lot of leaves on the trees, you will see those with the freezing rain, a very significant one. cheryl: thank you very much. adam: nicole petallides is there looking at different retailers with one thing in common. nicole: both of these are hitting all-time highs but $1 won't get you too far at tiffany's. dollar general came out with their numbers and this is every retailer's dream, to have more customer traffic and have the same customers spending more. the average cash year ticket is bigger than it used to be.
winner of 55% year to date. adam: you are wearing tiffany. cheryl: i like tiffany closed. the downtown revival in new york city continues, mall operator westfield group shelling out $800 million to gain full control of the retail space at the world trade center. this brings the total investment in the project to $1.4 billion. the 365,000 square foot premise will include street level real-estate and occupied three floors and world trade center towers 3 and 4. the first phase expected to open in 2015. ashley: adam: working on a cloud, walking on a cloud got cheaper, walking down sunshine, a price war broke out between tech giants cutting prices on a gigabyte of storage from $0.10 a month to 4 sense. amazon charges nine.five cents a month with an extra charge for shipping date out of the system
on to the internet so this could be bad news for older i team names that are slow to follow suit. the infrastructure has a service business, growing $30 billion a year industry, very soon, 2017, companies will benefit from the price drops. hard to believe, and wanted wine. is there is such a thing? hard to think it could be but cameron hughes turned that into a big business. the man behind the brand that bottles of a jury leftovers from the world's best vineyards especially in the united states. cheryl: a different kind of vineyard. we are kicking off your wish list series with vineyard fines co-founder and brothers coming up next. ♪
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>> 22 minutes past the hour i am jane e. colby with your fox news minute. hazardous air pollution forced schools to shut or suspend outdoor activities in eastern chinese cities. people with heart and respiratory conditions are warned to stay indoors. scientists said buildup of pollutants is caused by a
combination of stagnant conditions and high temperatures. the operator of the new york city train that derailed last sunday experienced a kind of highway hypnosis just moments before the accident. according to his lawyer. jeffrey chartier when questioned by federal investigators, in a metro north chain going nearly tweet 3 times the speed limit before it derailed at a curb killing four and injuring 60 others. senator elizabeth warren says she will serve her full term in the senate and will not run for president in 2016. the massachusetts lawmaker telling reporters he is working to be the best senator she can be. those are the latest headlines on the fox business network. cheryl: thank you very much. adding a little prep to america, whimsical ties and iconic ping
whale. the brothers traded the corporate life for more laid-back setting and never looked bad. your wish list, the co-founders, welcome. you were in your 20s. you were working in manhattan and hated and decided to start your own business. where did ties come from? >> what we saw was a need in the workplace, and at the height of the dot.com boom, nothing is black and brown, let's put this back in the workplace and with the good life to work and that is what we did. >> who came up with the idea first? >> we just knew we didn't like what we were doing. we didn't have a lot of responsibility, leverage the power credit cards, took on some debt, figured out how to make ties, cut them apart and put
them back together. cheryl: you have a call like following especially in the northeast, and did town, mass. based on sailing and all the things you guys love to do. >> we are doing the things we love and helping people do the things they love and tell people listen, i like sailing or fishing or whatever it was and that was the idea of bringing the good like so we involve making -- our way of life, ever
the be and want to is make sure we maintain the culture and quality and customer service we have. cheryl: how do you do that when you are manufacturing in the united states? >> we learn as we go about our thankful we make more rate -- right decision then long ones. cheryl: what would you say about the ceo of the company? >> the most important thing for
a successful leadership you have to love what you do. you have to believe in what you do. a lot of people ask us what was your exit strategy? we don't have an exit strategy. we talk about tweet love coming to work every day and making great product for our customers and have this incredible team in 42 stores in the office and in the warehouse everywhere who kind of created this awesome culture so kind of the whole idea is you got to love what you do. cheryl: never work the day in your life. reported in $100 million in annual sales a your doing something because you love it and it is working well. thank you very much. >> you were shopping during the commercial break. a little bit closer. adam: congress is moving closer
to a budget deal despite calls for government spending on education and unemployment benefits. cheryl: minimum wage watch out for new york and chicago and the joy. fast-food companies demanding $15 an hour.ill hear from them p next. so i can reach ally bank 24/7, but there are no branches? 24/7. i'm sorry, i'm just really reluctant to try new things. really? what's wrong with trying new things? look! mommy's new vacuum! (cat screech) you feel tt in your muscles? i do... drink water. it's a long story. well, not having branches let's us give you great rates and service. i'd like that. a new way to bank. a better way to save. ally bank. your money needs an ally.
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cheryl: time for stocks now. as we do every 15 minutes, let's head to the floor of new york stock exchange. nicole petallides looking at one of the big videogame makers. having a rough start to the holidays. >> tough day today. electronic arts is up over 44% this year. so had a great 2013. however, they have a new game and that is battlefield 4, except the problem with the new game, this has been revealed
today and talked about today, that's why we're seeing it sinking today, to a new 7-month low that battlefield 4 released on october 29th has been plagued by crashes and problems. has been highlighted some analystses in the press and insiders knowing that is somewhat problematic. actually hurt the numbers going forward that people don't want to get battlefield 4, that is a problem, get what i'm saying? cheryl: thank you, nicole. adam: ignoring presidential pleas, of the congressional negotiators are moving closer to budget deal, according to president obama's demands for things like more spending on education and extending unemployment benefits. rich edson is on that story. he is joining from us capitol hill with where those negotiations stand, rich? >> well, adam, congressional aides say they are getting close on this one. this is patty murray and counter part, paul rye yawn. they will eliminate automatic spending cuts known as sequester
for next couple years. in doing so, raise fees by tsa pay more for your airline ticket. government workers may have to pay more under the pension. other spending cuts will offset the sequester from the budget deal a few years ago. even if congress reach this is deal and pass this deal. they won't have a threat of a government shut down for next couple years. but congress still has plenty of work to do. >> definitely not be extension of the debt ceiling. not be part of this, based on part of this debate right now. there are number of outstanding issues. we talked about unemployment insurance. we got over 50 tax extenders that will expire this year. they're important to number of important industries and costs to the economy. >> one of the big issues you talked about, extending those emergency unemployment insurance benefits. democrats are arguing about that on the house floor. republicans say these are emergency measures. democrats say that, look,
economy is still in trouble. we still need to extend the emergency unemployment benefits. on january 1st, the maximum unenemployment benefit goes from 73 weeks, to a maximum of 26 weeks. house speaker john boehner says president obama has proposal to extend those benefits. back to you. adam: rich edson, thank you very much. >> factory workers and labor organizers. raising, to raise a federal minimum wage. >> few moments ago the demonstrators lift the scene. look at video. reported just a short time ago. at one point, things got very tense. some demonstrators tried to force their way into the
restaurant. restaurant hired a security guard. and apparent the demonstrators decided to give up and hold their rally outside. throughout the morning, the restaurant was conducting business as usual. many critics have argued, overwhelming majority of demonstrators have rallies here and across the country are not fast-food workers, really special interest groups and union members. demonstrator of working family party, said the fast-food worker turn out is not the issue. >> there are 50,000 fast-food workers and millions of people supporting them. so, it is not unreasonable for there to be more, lots of people on the outside but workers themselves, as you will see, are fiercely in favor of the idea that they deserve $15 an hour. >> you're r you're not just that
criticism, you're arguing with me. >> criticism. it is a great thing. >> similar demonstrations are taking place in coast to coast today including washington, d.c. where we are told that federally contracted workers at smithsonian walked off their job. national restaurant association says only 5% of restaurant workers earn the federal minimum wage and they argue that especially in light of demand put on them by obamacare, raising the minimum wage could cost jobs, cording to one study, nearly half a million jobs could be lost. and the lobbying group, union fact, simply says raising the minimum wage sun reasonable demand. listen. >> you can't just translate your need for more money on to every business and say, i've got three kids to feed. you need to pay me more. that is not how the compensation system works in this country. >> bottom line here for the most part it appears that most
fast-food restaurants are conducting business as usual. it at appears only relative small number of fast-food workers have in fact walked off the job. thank you david lee miller. adam: charles payne has a few thoughts on the minimum wage strikes. charles, you have a different angle on how this is all playing out. >> well there are two things. i think the while movement itself is disingenuous to a large degree and misguided. irony we had a bunch news this week that is underscores this point. beginning of week, one of the news items, amazon using drones. that will take a way a lot of jobs when it eventually happens. google the last few months, they bought seven robot companies, robotic companies when you make order online, instantaneously the robot goes to the where house and gets it. we're talking p again losing jobs. applebee's will have tablets at each table. 1800 by next year. that will lose jobs. they will not have the oecd which came out with this report on 15-year-olds who take the
test. united states came in 26th out of developed nations. 36 overall. underscored yesterday by beige book. i want, federal reserve, go around the country and get a feel at what is going on. one of the things they came up with difficulty finding qualified workers especially for high-skilled positions frequently reported. boston they went even further, labor supply instead dilly recent months, across regions were soft in the software, i.t. and engineering sector. strategies to attract more johnable can't and improve marketing tactics and exchange programs that temporarily recruit it professionals from abroad. what we're essentially saying there are high paid jobs out there already. you have to have the skill set to get it. that is misguided part, thing. will we award mediocrity? do minimum and be rewarded outside of this? i will be honest of you guys, this is liz begs warren fashion
its going. business and professional should be shared t wasn't achieve by you alone and therefore any fruits that come from those labors or those successes should be shared across the board. cheryl: if you look and we'll get the jobs number tomorrow, all the service sector jobs, just showing the most growth and lowest paying jobs. even if that growth goes away. higher unemployment. >> young people say, barely got out of high school, if you drop out we still, quote, unquote, president we got your back. no, we don't have your back. step up to the plate. adam: charles payne. thank you very much. >> thanks, guys. >> charging for a charge? former university professor arrested after plugging in his nissan leave at a school. we'll have that story coming up. adam: using instagram to gauge how happy an entire city is. we've got the top five in the nation and top two cities come from the same state
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that helps maintain digestive balance. ♪ stay in the groove with align. yep. got all the cozies. [ grandma ] with n fedex one rate, i could ll a box and ship it r one flat rate. so i kn tilt was fu. you'd be crazy not to. is tt nana? [ male annouer ] fedex one rate. simple, flat rate shipping with the reliability of fedex. >> i'm dennis kneale with your fox business brief. twitter is named its first female board member. marjorie sardino, former ceo of pierson, twitter board director. she left a 12-year stint on board of nokia in april. u.s. economy grew in the third quarter fastest pace since early 2012. reading on gross domestic product 3.6%.
up from initial 2.%. weekly jobless claims tumbled by 23,000 last week. 2,980,000 people filed for first time benefits. that is falling below the 300,000 mark for only second time in seven years. tomorrow we get the big november jobs report. that is the latest from fox physician, giving you the power to prosper.
cheryl: if you thought that you could charge your electric car wherever you please, think again. one man in georgia was arrested when he charged his car at his son's school. former university professor argued that he did not know he wasn't supposed to be using the charger and he admitted he charged his nissan leave there multiple times. value of electricity he used likely in the penney's range.
was arrested on warrant for misdemeanor theft and defend himself in court in february. if he ever makings it that far. adam: i love a leaf. test drove. 100 miles on a charge, fast, fun. cheryl: five cents for electricity? come on, who cares? adam: should have given him the electricity. better than expected headlines on u.s. economy are driving today's market action. phil flynn from price futures group in trading group of cme. jonathan corpina on floor of new york stock exchange. phil, we'll start with you. gold prices are falling near the lowest levels of the year. $1200 is danger point, right? >> eally is. that is the talk where the nominal cost of production. it had a real hard time, every time it is been below there once. it didn't stay there long. a lot going on. we're looking at economic data here in the u.s., better than expected. mario draghi, didn't sound like
the dove we thought he would be. that means less stimulus in europe. gold bulls do not like to hear the talk. we'll wait to see how the jobs report tomorrow is before we get excited about the market. up big yesterday. a bit of a pullback today. adam: we had quite a bit of, understanding about oil yesterday. what is happening with prices. they're on track for another straight day of gains, phil? >> they really are. we're seeing big unwinding right now in the brent wti spread. if you remember last couple weeks it would be buying brent, selling wti, that is all changing. we're getting oil from the gulf coast. down towards the gulf of mexico, down towards port arthur, texas. that is causing that spread to come up with a little bit. first draw down in supply over 11 weeks. that of course drove the, that drove the oil back up, we're getting out of that spread. we'll draw down inventories for tax purposes that will keep us supported for next couple weeks. a lot of it is seasonal.
the other big seasonal sorry is natural gas. oh, my goodness, we had a big drawdown. over 160 bcfs today. that actually drew the market up. with a storm coming in, freezing pipelines keeping market high. lowest supply since november of 2008. so it will be a good one for gas. back to you. adam: thank you, phil. >> turning to stocks, let's bring in jonathan right now. the dow and s&p on track for the longest losinghe month of september. all this based on taper fears jonathan. are the fear flexes a little bit overblown? >> i don't think this is overblown. this is a conversation we've been having for a long time. we know as we get closer and closer to the end of the year reality of tapering is going to occur. the real question is when and how. as we are continuing trading throughout the month. the more positive news we get in the market, economic data, earnings reports, company buybacks, mergers and acquisitions all the positive stuff put together is spelling out tapering is going to occur in a very short period of time
and the manner in which it is going to happen, i think, might be a little insignificant in the beginning but the fact it is happening will give investors this fear that this stimulus into our economy isn't going to help the markets stay higher. but that being said, take a step back the economy is getting better. the numbers are getting better, it all leads up to the big unemployment number tomorroww cheryl: jonathan, thank you very much. >> thank you. adam: social travel startup company jetpack is analyzing instagram pictures. people are smiling and laughing and what they're participating in while they're having those emotions, jetpack determined the happiest cities in the u.s. are, drum roll please. rounding out of top five. pittsburgh, pennsylvania, he said with a question mark? indianapolis, indiana. go to indianapolis, eat at st. elmo's get the shrimp cocktail. cheryl: that is your town. adam: number two, kansas city, missouri. finally the happiest city in the
country, maybe something about the midwest -- cheryl: saint use? adam: they make beer. lots of beer. >> one city? that's it? they are very positive people. adam: south bend, cleveland, ohio, i loved living in the midwest. st. elmo's shrimp cocktail, to die for. cheryl: wine shortage, question mark? what wine shortage? adam: next we'll introduce to you the man behind cameron hughes who buys top winery excess and resells it to you at really terrific prices. ♪ tñ
year. our next guest says are up over what we expect this holiday season and online sales for his company were so strong on cyber monday that he extended deals through tuesday. joining us now is cameron hughes. founder of cameron hughes. total disclosure i buy from your website. i was on there before the segment. old vine sieve fin dell. and in your face. >> in your face is more popular brands. for us, cabernet is king. >> so you actually have a business where you're basically taking groups from some of the top wineries up in napa. >> that's right. cheryl: i don't know what i'm drinking where the grapes are from and borrowing that and selling that? >> that's correct. there is a shadow bulk wine market where there are huge lots of half million gallons of wood chip central valley shard dough ney too. -- shard today ney. i buy needles in haystack.
i bought like this wine here and sell it. when it is gone it is gone. we also make a lot of wine, right? 70 to 80% of what we made this year we made ourselves because of shortages after 10 or 11. we had to contract fruit. make wine with partner wineries. lease thousands of barrels from ge capital and make wine virtually. adam: you're making wine. being negotiated i think is the term. we heard stories, is this true or not. there is a wine shortage worldwide? >> absolutely. this report that came out, two reports came out from investment banks, aussie investment banks, both of which, my own understanding these are pump a duck schemes for treasury stock. basically what they are. and they take the oib report. they don't accurately report the numbers. so they show this perceived shortage of global wine when in fact we're absolutely swinging into excess supply at this point in time. there is always this huge buffer, right? that it will go to industrial
alcohol, nobody buys it. that is what they do in france. when prices of right, all that wine moves out into the marketplace. cheryl: california produces 90% of the wine that is sold in the united states. we're fourth in the world. >> right. cheryl: do you think that the u.s., specifically california could actually make a bigger producer than spain, france or italy? >> there is not too much land left in california that can be planted. there is some out in the central valley but our costs are going to be harder. as long as the dollar stays weak, there is artificial barrier that keeps europeans out of the u.s. marketplace. but california, yes, we can be just as big, but i think the key for california is always going to be to sell, to premiumize, right? we have got to go upscale and make better wine and compete on that level. adam: wrapping up here, when you buy overstock, sound there will years.ot to buy in the coming >> yes. adam: if i'm buying a 16-dollar bottle of red zin, that might
have been sold by actual vineyard for lot more. >> chop the price in half, or better. when i make wine, for instance we're making wine lot 451 or lot 450, on our website, chwine.com. these are 25 to 28 buck as bottle. vineyards we're sourcing from, 100 to $150 a bottle. adam: nice to see you. >> happy holiday guys. cheryl: you too. if you already picked out the christmas tree. you're not alone, christmas tree sales are booming this year. that is according to isi annual survey a record number were sold during the first week by a very wide margin for those looking for the perfect tree, uber-is getting in the game. popular car service app is teaming up with home depot to deliver trees 10 cities throughout the u.s. they will arrive in minutes. it is not cheap, set you back
$135. adam: that new christmas tree smell though, it is wonderful. he could be the next governor of illinois. republican state treasurer dan rutherford in fox business exclusive why he opposes the plan to cut state worker pensions. on this 80th anniversary of end of prohibition, how will you celebrate it? new york brewers guild president is next, with tracy byrnes and ashley webster. hmm. mm-hmm. [ engine rev] ♪ [ male announcer ] oh what fun it is to ride. gethe mercedes-benz on your wish list the winter event going on now -- but hurry, the offers end december 31s [ santa ] ho, ho, ho! male announcer ] lease the 2014 ml350 for $599 a month at your local mercedes-benz dealer.
tracy: hey, good afternoon, i'm tracy byrnes. ashley: i'm ashley webster. illinois state workers protesting plans to cut pensions for retired teachers, nurses other state workers to help balance the budget. joining us for a fox business exclusive, republican state treasurer dan rutherford, the man who could be the next governor of illinois, who by the way opposes the plan. he is coming right up. tracy: in our tech minute, apple
high on china. at 52-week high is china mobile which is 700 million subscribers strong. actually agrees to finally sell the iphone. ashley: a lot of customers. plus gotta have it. a doubleheader for you today in our week-long series as it continues. ceos of toy-maker leapfrog and upscale department store chain neiman marcus. they have some great gifts. tracy: so fun. and happy days are here again. it is the 80th anniversary of the end to prohibition. how are you going to celebrate? that's a tough one. tweet us your responses and presidents of the new york brewers guild will be here. all that and much more on this hour of markets now. ashley: that wasn't me in the video. i was not around when they ended prohibition. stocks are on track for the fifth down day. stuart varney maybe? thanks to winter temperatures, natural gas futures hitting six-month highs. we have love coverage with nicole petallides on floor of
new york stock exchange. sandra smith is in the pits of cme. let's begin with nicole. five down days, nicole, as we wait for tomorrow's november jobs report? >> there is feeling market was overbought. don't forget we were setting all-time record highs on dow and s&p. nasdaq broke highs we hadn't seen in 13 years. there was this run-up. so watches contingent upon the fed printing more money, right? easy monetary policy. right now what we're seeing with stimulus whether or not it will be cold at any point, will the fed begin to taper? we're looking at major averages at the same time. right now the dow is down 42 points. s&p is lower by 1/3 of 1%. tech-heavy nasdaq fraction alley lower at this moment. we're watching 10-year bond so closely which is at 2.85%. a crucial level traders are watching as yields continue to tick up very slowly, that obviously puts jitters in the market. coupled with the fact that you have the employment report
tomorrow. so the jobless claims we saw with little better. gdp numbers were a little better. that obviously gives fuel to the fed to pull back a little bit. back to you. tracy: nicole, we'll see you in a bit. as mentioned he it is guesting cold outside and natural gas prices rising and people are getting their bills and saying what the heck is going on? >> you're paying 21% more if you use natural gas to heat your home which 49% of the americans do, then you were when we started 2013. looks like that might continue at least for the next couple weeks. mda weather services is calling for below normal temperatures through, in the lower 48 states through december 14th. guys, accuweather is forecasting 9 degrees temperatures in this city of chicago. they're looking december 9th. that would be 15 degrees below the average this time of year. we're looking at frigid temperatures. natural gas is spiking. it is biggest winner down here
today, natural gas hitting a six-month high. not only because of cold temperatures. we just got a government report out that showed the biggest drawdown in natural gas supplies last week in any november month on record, guys. so, we are really in record-breaking territory right now. the drawdown was 162 billion cubic feet. estimates for a drawdown of 146. this blue away analyst forecasts. that is causing a big shocker for the market. if you use heatings oil to heat your home which is rest of the half of the united states does your prices are about flat from where they started the year. heating oil not reacting to calls for cold temperatures next couple weeks in today's trading session. you're in luck if you use heating oil. tracy, ashley, natural gas, you've got a problem because it is going to keep being cold next couple weeks. back to you. tracy: sure is, sandra smith. thank you very much. ashley: heating oil ain't cheap either as we're finding out. he is treasurer of illinois
and could be the state's next governor but dan rutherford is opposing a controversial bill to cut state's financially crippled pensions. treasurer rutherford joins us live from chicago for fox business exclusive interview. thanks so much for joining us. >> absolutely. thank you. >> illinois governor pat quinn says pension reform in your state, is quote, necessary for the economic good of the people but you disagree. why? >> no, i don't disagree it is important to have happen. i think the important thing is this piece of legislation i opposed. i said on your show a number of times we need substantive, fairo our state public pensions. the illinois constitution, and this is the fundamental issue that i have with the bill as presented, specifically points out that you can not diminish the pensions of the current enrollees under a contractual obligation. so for that reason i believe the bill that was passed is
unconstitutional. tracy: but, sir, you have your hand in the investments of this state every day, right? >> sure. tracy: since 2010, everyone knew it was bad then. how come things weren't done? how come steps weren't taken back then to potentially prevent this from happening? >> well, it has been going on for years. it hasn't been just since 2010. tracy: of course not. >> it has been going on for quite some time and we all can appreciate that. again i do want to have fair, substantive but constitutional changes to the state public pension system but under the way it has been drafted now there is not consideration and that is going to ultimately have to come down to the courts. i understand that our governor will be signing the bill very shortly, and i am not the kind of guy that wants to have a lot of litigation, a whole bunch of lawsuits but ultimately that is the only way this will be resolved. so as soon as possible i would hope this does go through the court system, it does eventually get to the illinois supreme court to look at the illinois constitution and if it is ruled unconstitutional we have to go
back to the drawing boards and put something together correctly. if it is sustained and upheld then we move on. ashley: so the plan to reduce the cost of living increases for retirees, is that something you could support, taking this bill apart?% or do you think that is off the table? >> no. if i were negotiating this contract, if i were governor of the state of illinois i would have it on the table. i would have everything on the table. everything from health insurance to retiremeet age. and, i've been 25 years in the private sector. i've been vice president of a fortune 100 company and i have negotiated contracts all over the world and all the continents all over the world. one thing i learned in negotiating a contract is, you can't agree to one thing without having complete comprehensive put on table and agree to totality. start talking about specifics of colas, health insurance, retirement age, depends how it fits into the complex puzzle of solving this issue. the most important thing, no matter what ultimately it comes out to be it has to be
constitutional and that is where i commend the general assembly for their efforts but they did not have in my opinion a constitutional piece of legislation. >> you know as well as everyone in this country knows, constitutionality or not, illinois is in serious trouble. >> absolutely. tracy: pensions will have to be cut. they will have to be cut. everybody knows that at this point. if you were to come to the table with a plan i think it has to be all-in, everything on table because everything has to -- >> that's what i said. tracy: you can't -- you have to cut the pensions too. >> i just said that. everything should be on the table. there is no question everything should be on the table. but no matter how much one gets lathered up over this and how many sound bites put out there if it is not constitutional doesn't matter what you pass. that is where i agree, i said it before. i want to have something done, let it get to the courts, let it get to the supremes, if it is upheld we move forward. if it is not, we have to go back and put everything on the table. ashley: you're saying ultimately the future of the pensions and
finances will ultimately be in the hands of supreme court justices at the state level? >> at this point, this bill is going to be litigated. there is no question about it. and ultimately the decision will come to the supreme court off the state of oil know. once that -- illinois. once that is resolved we determinewer where go. if it is upheld, we have one set of issues and if it is not we have to go back to the drawing board and i want a fair solution. tracy: i'm an illinois resident and i going to the voting booth, why am i votings for you and big budget mess and nothing happened and nothing changed and legacy? i understand it is legacy. a debt has been made. why am i voting for you? >> well, first of all i'm not here to be a candidate for governor. i'm here talking about a state treasurer's office and what it is regarding to pension. the second thing as you apparently don't understand the treasurer is not the one that determines the appropriations. the treasurer of illinois does not determine the revenue.
treasurer of illinois is the investment officer. tracy: and that is the pensions. that is all your pensions. >> no it is not. tracy: sure it is. >> no, it's a not. let me finish here. this, the state treasurer is not in charge of the state pensions. this is not like in rhode island. the state treasurer of illinois, the investment officer, not of the pension systems but of the state portfolio. tracy: but it is all overseeing budget sir, i hope you can convince your constituents it will be better going forward. dan rutherford, thank you for being with us. >> absolutely. ashley: difficult situation. tracy: real live difficult. ashley: to make the numbers work and ultimately he said it will end up in the courts and go up to the supreme court whether they can touch those pensions. story being played out more and more across the country. tracy: then it become as cold-hearted decision. regardless of people put lives into these pensions, doesn't matter, it will come down to numbers. ashley: no easy solution. tracy: exactly. the company behind those little blue boxes that many, many women
want. shares are well into the green this afternoon. chars payne is ahead on whether you should buy the tiffany stock. ashley: if that blue tiffany's box is not in the cards for christmas, we have ideas, in our week long, gotta have it series. we have ceos of leapfrog and neiman marcus. tracy: plus on this 80th anniversary of the end to prohibition, we want to hear from you, how will you celebrate? your responses and the head of the new york brewers guild all coming up. ashley: cheers. every day we're working to be an even better company -
tracy: time to make money. charles payne is here. breakfast he is not talking about, lunch, maybe dinner. tiffany's buying me a vacation or something too? >> i think you bought people at tiffany's a few vacations over the ears? tracy: i doubt about that. >> goldman sachs jumped on the bandwagon and put buy on tiffany's conviction buy. ashley: finally. >> finally. i've been pounding the table on it. one of the stocks, i think i had it on this network seven times this year. the reason i like it, i want to talk to people about it. you have the global economy angle there. you have the rich people there
and you also have the american angle there. tiffany's is one of these brands a representative of america and the diamond engagement ring, i got to tell you, it is catching on in parts of the world, like particularly in asia, i think japanese brides as percentage, get more diamond engagement rings than americans. sales in asia-pacific, mostly china, up 22%. japan 9%. even europe up 4%. america up 5%. same-store sales for the week is only 1%. tracy: not america story. it is global story. >> a global story about america. people still want our -- we're dumping on ourselves. the world really admires america a lot more than we admire america. tiffany's is one of those symbols. harley is one of the symbols. we have a lot of them out there. coca-cola is one of those symbols. people out there really, do love us so. ashley: even at this price you would jump in?
>> goldman sachs says great at this price. ashley: who are we to argue? >> want to talk about a global company. last quarter, these are the places they open stores. paramus, new jersey. tracy: whoo-hoo. >> cleveland, ohio. west edmonton, canada. opened one in about brazil in a town i can't pronounce, stuttgart and china. tracy: more retail sales in paramus, new jersey than anywhere in the country. >> more malls in paramus, new jersey. tracy: that's true. >> you can walk from maul to mall in a rainstorm and not get wet. ashley: new jersey loves the mall. >> they are five minutes from their house. i haven't been able to get in touch with my wife at all today. >> thank god for the blue laws. closed on sundays. ashley: thank you, charles. love them all, don't you. tracy: i've been to them all. ashley: it is quarter past the hour. time to check these markets. nicole petallides also loves the mall. watching costco though, nicole. >> keeping close eye on costco,
right now down 1.5%, sitting at 121.14, down a buck 83. we're watching costco closely because the numbers came out for the latest shopping season here. what we've seen, sales at the costco stores, same-store sales, rose 2% in november. you know what? that missed wall street analyst estimates. so a disappointment there. that increase that we saw, it was actually the least increase, the worst increase we've seen since september of 2009. so we're going to see some tough, tough season selling here. not only costco but the whole group overall. don't forget all the promotions where they don't make as much money on that. back to you. ashley: nicole, thank you very much. we'll be back to you at the bottom. hour. tracy: fast-food workers out in force trying to push their pay and their minimum wage higher. so do they even have a shot at this? ashley: he's back. yes indeed, bill bratton returns to new york city as police commissioner after running cop shops in boston and l.a. details up next in your fox news minute.
tracy: we talk with the ceo of toy-maker leapfrog. should you jump on the stock or the product? we'll talk about that next in our gotta have it series. the dow is down 65 points. don't go anywhere. [ male announcer ] here a question for you: if every u.s. home replaced one light bulb with a compact fluorescent bulb, the energy sav cod light how many homes?
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>> 20 minutes past the hour right now. hi, everybody, i'm jamie colby and this is your fox news minute. hazard does air pollution forcing schools to shut or suspend outdoor activities in two eastern chinese cities. folks with heart and respiratory conditions being warned to stay indoors. scientists say the buildup of pollutants is caused by the contamination and stagnant conditions and also high temperatures. and it's back to the future for william bratton. the former city police department commissioner has now been appointed by mayor-elect bill de blasio to lead it again. bratton ran the nypd from 1994 to 1996 under former mayor rudy giuliani. he developed tactics that led to a steep decline in crime. a handwritten manuscript of bruce springsteen's 1975 hit, born to run, sold for $197,000 in auction in new york. the presale estimate was 70 to
$100,000. sotheby's says the document a used to be in the collection of springsteen's former manager. that is valuable. those are theenews headlines on the fox business network. now back to tracy. are you a fan? tracy: huge! i could actually recite every line to every song on that album but i won't, then i will -- >> who has time. tracy: i just get enough of that around here. jamie colby, thank you very much. ♪ all right to the special series, gotta have it. no one enjoys holidays more than the kids, the big trick to find toys fun but educational. they stand apart producing learning toys for kids and parents, leapfrog. the ceo joins us. nice good ol' friend of fox. john, good to see you. how are the holidays looking? there is nove it toy this year, is there? >> well we're finding that the leap pad ultrais very popular. it was picked as one ever the
top picks for the holiday season of i've been a whole bunch of stores over the weekend and seems to be selling pretty quickly. for the children that don't have a tablet, i think one of the top products they have on the list is to have their own kid's tablet. tracy: so --, here is the gotta have it in front of me. i will draw on it too. make an attempt to draw. the really cool part about this i was talking to parents and surveying, my initial question was, why not just buy a mini ipad and put all the kiddie games on it. this puppy is indestructible. throw it against the wall and won't break and not pension the the -- mention the price point. it is only 150 bucks. >> it is the best tablet out there for children three through nine years old. totally safe out of the box. tablets offer a world of education and discovery for children. but it can also, kids can have some pretty bad experiences and go to bad places in the
internet. when you're picking a tablet for a young child i think it is important you pick one robust, kid tough and super safe out of the box and has a safe internet experience. that's what we tried to do with it. tracy: it has all the fabulous cartridges and completely upgraded from what i certainly saw with my kids. my son will be 13 now. i wrote fbn on it. isn't that fun? you can take pictures. kids love the stuff. i'm so smart. i learned it from leap pad. let's move on though. you have the leap reader. we had that when my kids were little as well. this has come so far. >> yeah. you know 18 years ago mike woods started leapfrog with the mission of teaching children how to learn to read. there is nothing more than important child's learning journey than learning to read. amazing technology inside happy reader brings words and sentences to life. it teaches the children alphabet. it teaches children phonics. it teaches children how to read. i remember as a parent sitting
around the kitchen table, listening to my sons jack and james read their leap books. it is magical experience. tracy: it has a pen and they get to write and you brought along scout. it has gone a long way since my kids had them. a color transformation too. nevertheless scout talks, interactive stories. my kids at least loved it. we have all the products. i still have the leapfrog drum, i have to tell you. my son's is? >> really? tracy: we play with it. it is fun. >> the importance about the scout you've got there that is real key, that children learn best to read from their parents actually read to them. and the problem is these days that fewer and fewer parents have the time to actually read to their children. tracy: that's true. >> we wanted to create a really cool friend for the child that could read them stories and make up for the time they are missing with their parents. tracy: it is sad but it works. you're right. how are people buying this stuff though, john?
are they buying it online? are they buying it via amazon? are they buying it in the stores? where are you selling it these days? >> we're fortunate, that leapfrog is a such a popular and trusted brand it is available in all major retailers and online. you can buy leapfrog products at toys "r" us, target, walmart and amazon. it is really down to each individual consumer where their local store is and where they want to shop. we're fortunate in the fact we've been a leader in this space now for 18 years and people, people pretty much trust what we do. tracy: how could you not? i got to tell you for anyone with little ones out there, two to five, you can throw this thing against the wall. we were trying it in the green room. >> you can do that just so much with an ipad ultra, or ipad mini. we've designed this to be kid-tough. tracy: awsome. john basher did barber, with leapfrog. i dropped my mini once a day. ashley: you drop your phone all the time. tracy: i drop my phone.
maybe i need this. ashley: upgrade you to the leapfrog. more gotta have it next for the adults. how about a $344,000 aston martin? yeah, i will take it for christmas. we have the ceo of neiman marcus with gift suggestions for the man, let's face it or woman, who has everything. tracy: how are you celebrating the 80th anniversary of prohibition? your responses and the president of the new york brewers guild all coming up. we'll be right back.
microsoft bringing up the letters. nicole petallides at stock exchange watching the airlines ahead of monday's close of the merger deal but all sorts of news in this sector. nicole: let's take a look of the group overall, big news for monday. let's start out with what we see with a major airlines, three airlines including delta, usair ways, raising the price target of those three names. the group is mixed at the moment but we are watching closely. doesn't hurt when you see the analysts. southwest airlines and virgin america are looking at those spots that new york la guardia, as u.s. airways and american airlines have to sell off some of those spots. they can't -- you do have that part of the agreement as well. i-man and the agreement, the merger is due to take place and closed on monday, the ninth of
december, u.s. airways and american. tracy: nicole will love this story. the extravagant to the stylishly luxurious i can deegan say it it is so high end. big gift destination for the rich and famous, joining us with the year's best sellers and the state of the consumer, the greatest job on the planet. how is the high end consumer, are they back in full force, on a technical? >> after the recession they pulled back in terms of spending, they are feeling much more comforttble about being in the store and being on line, shopping. a level of discrimination they want to make sure there is value in the things they are buying. it does matter whether it is a
$4,000 chanel handbags, $25 cookies, there is great value. ashley: i want to talk about china but maybe there's time to get to that. some of the other gifts you brought in, got the watches over here. >> these swatches are a brand new company we started doing business with. they are all manufactured in deep flight. european craftsmanship has been brought to detroit. it is about made in the u.s.a. beautiful in her workings, very proud of the fact the we carried these and it is a whole line of watches, 550 to 950, any man or any women in their spot would elevate them. tracy: and must have cataloged, they are sold out.
>> only ten exclusively made for the markets. $345,000 and as usual sold them out. tracy: do you say i will take it? >> you cannot believe what goes on when we select a different automobile, they customize it, they go on sale two weeks after the catalogue comes out and usually within ten minutes they are gone and there is the long waiting list and they become collector's items because one of 10, two of 10 or whatever. ashley: was it hard to come up with a new array of luxury gifts? >> we have a terrific team of people, looking for unusual kinds of things every single year. an amazing job. tracy: can you guys see that? and the cadillac has a little
bit of everything, the car down to -- >> $395, a very unique, 25 different colors, highly unusual. this is so cool. every woman is going to want one, $16 a pillowcase. when you sleep on it, it helps your wrinkles during the night. it is washable. tracy: and massage your feet. >> big is the biggest selling item we have. ashley: is it working in 30 seconds? tracy: the ecommerce. the girl who started it. how is it? are they still come the? >> the customer today really
wants and integrated experience. in most cases she is starting her journey online because she is doing a lot of research, any other web site and she really wants to understand what all of the offering is but that is driving her into the store but she wants it all integrated and 22% of our business comes from our online sales which is huge relative to competitors. ashley: you want to be in store experience. >> both are important and she's shopping on her mobile while standing with her sales associate, the whole experience on line to store is important to heard today. tracy: and the catalog, many people don't realize. >> part of our group. ashley: a chocolate smell. >> happy holidays.
>> we will have an ophthalmologist. ashley: story of my life. tracy: much more to martha. the president of premium outlets will join us for the got to have it series at 2:00 p.m. eastern right here. ashley: 5 pounds. tracy: cookies. ashley: starting monday there is a new shell on the fox business network, the independence which will be hosted by kennedy of mtv fan, camille foster and matt walsh. will focus on the protection of economic and civil liberties, 9:00 p.m. eastern starting monday night. good luck to those folks. tracy: fast-food workers off the job into the streets. protesting for a higher minimum wage. will they unionized? ashley: on the 80th anniversary of the end of prohibition. how are you celebrating?
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twitter him its first female board member, former ceo of christian publishing education company has been elected to the twitter board of directors, she left the 12 year stint on the board in april. fast-food workers in 100 cities across the country have walked off the job. that strike is part of labor group campaign that demand wages be raised above $15 an hour and for the right to organize. that is delayed as from the fox business network giving you the power to prosper.
>> new york celebrate for the first time since that bleak january morning when the great drought, was itself again. the vast amusement center comes into its own. [applause] ashley: a bleak day when prohibition went in and a great day when it ended. how are you celebrating today? your answers will be on the bottom of the screen. a few ron burgundy references as we head to now, jeremy callan was the president of the new york brewers' guild. thank you for being here. hard to believe present -- prohibition even existed but it did. how are you celebrating today? >> wonderful. new york city brewers' build, we're having a fund-raiser tonight at brooklyn brewery in a few hours so people should come by and fund-raiser for the guild hall small breweries in new york city banded together as a nonprofit to promote great craft beer and the new york city
bureau, the last week of february, first week of march. they are off that week. tell me about your company, how it got going and why did you get into it in the first place? >> i started 17 years ago. the west coast of my apartment and 17 years later i am the founder of hebrew beer but in new york coney island brewing co. we have coney island dealers based in new york city and that is my group with these wonderfu based in new york city and that is my group with these wonderful brewers from new york city. ashley: do they go hand-in-hand with the jewish religion? >> jews don't drink beer, that is totally not true, total fiction and has been a wonderful hanukkah this year. we had events all over the country and we sell hebrew, the chosen be in 35 states around
the country and it is a great way to celebrate the season. ashley: i am sure it wasn't easy to get going for any small business but what advice would you give to someone out there? >> small breweries are very popular. more than ever and it is wonderful, great quality beers, a passionate individuals. new york city brewer's gilda's growing, kkaft beers is growing like mad so wonderful new passionate young people are getting involved. there's a lot of competition whether it is for financing or real estate or consumers. it is about passion and creativity and having a unique angle. ashley: you are putting in the hard work but what about the state of the economy? people in the mountains drink more? >> they say beers is recessionproof but that is not the case when it comes to the big beer world which is struggling but the craft beer world is succeeding and growing at 10% every year for many years
in a row right now and these are small businesses the might be two or three guys in the basement or a hundred people and once in awhile little more than that making these wonderful craft beers from breweries in new york city which is very unusual to brew in an urban setting like new york with its own challenges and opportunities and guys and women all over the country are excited and wants to make it work. ashley: how many employees do you have? >> my company we built our brewery in upstate new york this summer in clifton park, new york, it has 20 employees which is twice the number we had last year so we are growing and really excited and we love getting the beers in to people's hand. ashley: very competitive field. >> with the big companies and also competitive because there are 2500 small craft breweries in america, more than ever even before prohibition so that is an astounding statistic and a thousand of them opened in the
last two years. is a wonderful time to drink graph to be. ashley: continued success. you'll take part of the audience right there. thank you so much. appreciate it. tracy: we won't have a crew and they will all be off. ashley: make a note. tracy: is a quarter till, time for stocks. we head to the floor of the stock exchange. mark newton is hanging out today, dow down 51 points. a lot of people, guys like yourself are closing the upshot, kicking profits calling it a day or a year. thome much for the santa claus rally. >> i don't think so. in the near term back on the rise in the data is coming in stronger. if you look at adp numbers and gdp people point out the flaws in this data with regard to consumption numbers and inventories humiliation interest rates are rising and if you look
at two sings that started happening when the market turned down financial started to roll over and a ten year treasury and 30 year treasuries started to rise and those are two things that are important in the near term to the market and look like they could have farther to go so that means between now and the fed meeting you will see a bit more on the downside because it doesn't seem to be any sign of fear, just a drying up of buying and no one cares at this point but the market here is starting to pick up a little steam, not nearly the extent we saw in europe. they are down 5% and what you saw in the nikkei over the last couple days. slowly but surely we will pick up and joined these other indices. we have a correction which a lot of people have been waiting for for some time. in the latter part of december it is tough to fight the uptrend and that is the bottom line, we are still in an uptrend so these pullbacks are shallow and will lead to buying opportunities along awaited santa claus rally.
tracy: thank you very much. ashley: time for your tech minute. let's make a deal. china mobile and apple came to an agreement allowing china mobile customers access to iphones, a mobile world's largest mobile market, will give apple access to seven hundred million subscribers. for comparison china mobile these seven times bigger than verizon which is the largest carrier in the u.s. shares of apple getting a new 52 week high today, up over 1%. two million passwords were stolen in a massive hack attack, users names and passwords associated with twitter, facebook and the female were exposed to. accounts in the united states, germany and thailand were the ones that targeted cybersecurity firm cost way of discovering the
intrusion when investigating a server in the netherlands, cybercriminal act to control a massive network of compromise computers misrepresented its, facebook and twitter have reset the passwords of the affected users. an easier way to get plugged in sounds good. the next generation of u.s. the devices will be reversible. this will allow users to no longer worry about the plug orientation direction, it was a 50/50 shot, there is that catch. the new u.s. be drives will be smaller in size and shape, great ease of transport but not so great because they may not directly connected standard ports. available in mid 2014. any time i would try to hook in i was always on a wrong side. tracy: especially dark and you can see, i never get it right.
dennis kneale i had with interesting stocks as soon as you get in. ashley: on this anniversary of prohibition's repeal we will tell you about the man who wants to build a company he calls the anheuser-busch of marijuana. this blood is for you. twins. i didn't see them cing. i ed a new investment pn. i need to rethink the core of my portfolio. ishares core etfs are low-cost funds. so you can keep more of what you earn. get started with the new ishares core builder. design a personalized an that can help you achieve your investment goals. ishares by blackrock. call 1-800-ishares for a prospectus, which includes investment objectives, risks, charges andxpenses. read and consider it cafully beforenvting. risk includes possible loss of principal. every day we're working to and to keep our commitments. and we've made a big commitment to america. bp supports nearly 250,0 jobsere.
$2.7 billion in annual revenue, but the company year-ago and, now wants to go public but instead of simply going through the usual suspects amc also will offer stock in direct sale to members of its customer loyalty, basically soliciting fans rather than pension plan managers to buy its new stock. two million fans a twelve dollars a year to be members of the anc's customer loyalty program. they get at $10 discount after every $100 ticket purchases but now anc promises, quote, a chance to own a piece of the action at the same price as wall street investors, taking $2,500 of new stocks with no fees, the same terms to amc employees, hoping to raise $400 million in total, riegle is the nation's largest theater chain up 20% in the past 12 months but the customer loyalty program and to spin, studies show canceled on to a stock longer than regular
investors. rather than sell and bailout true fans can buy more of it after a dip. tracy: my mom has one of those. dennis: this will be an interesting plan for moviegoers to buy stock they never would have heard about. ashley: this might follow suit. dennis: will free might be on that. ashley: as marijuana is legalized in some states one man is hoping to smoke industry competition in an attempt to establish what he calls the anheuser-busch of marijuana. justin hard field is investing in everything from retail stores, emerald green capital, sees a lot of green on the marijuana market, estimates 30 to $45 billion market will grow to $150 billion in ten years. that is if the government
restricts the use of pot he is getting in early. tracy: he is industrious. ashley: you got to love the entrepreneur spirit. coming up on "countdown to the closing bell" the iconic muscle car getting a makeover and worldwide launch, the ford mustang turns 15. the president and ceo alan mulally will be geared to show it up and tell us how he plans to take china by storm. stay right here. tdd#: 1-888-852-2134 there e trading opportunities
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economists were expecting a renter hundred 25,000 claims. any number below 300,000 that is something in this past couple of years and the economy people have wanted to see. another big positive, third quarter gross domestic product, supposed to increase. that is up from the government's initial estimate. the number blowing past analysts' predictions for 3 percent growth. well, you put that together. you would think it would be sweet and savory. renewing investor fears instead of early next year or, perhaps, and the spring. all the major indices lower. the dow jones industrials earlier today was about seven. it has been quite a slang. fifth consecutive down day for the dow jones industrials and the s&p 500. the longest losing streak since september 25th. we have just blown through the floor of what had been down 67 points.