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tv   Countdown to the Closing Bell  FOX Business  January 29, 2014 3:00pm-4:01pm EST

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tell your doctorbout all medical conditions and medications. serious side effects could include increased sk of prostate cancer, worsening prostate symptoms, decreased sperm count, ankle, feet or body swelling, enlarged or painful breasts, problems breathing while sleeping and blood clots in the legs. common side effects include skin redness or irritation where applied, increased red blood cell count, common side effects include skin redness headache, diarrhea, vomiting, and increase in psa. ask your doctor about axiron. ♪ liz: showtime for facebook mark zuckerberg. the stock has been on a tear. will it get tw to thumbs-up from wall street? and a homegrown mobile ad network. should online news aggregator sites like flip board be threatened by facebook and yahoo muscling in on its business?
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fending off the challenge with a few new tricks up his sleeve. it is a fox business exclusive. plus, dow chemical crushes earnings estimates but will the strong numbers quiet down activist investor and his plan to break up the company? we will take you there to ask chairman and ceo, and wait until you hear what the oracle of omaha has advised them to do. "countdown to the closing bell" starts right now. ♪ liz: good afternoon, everybody, i am liz claman. it is last hour of trading. you need to be with us because as we go on air, federal reserve is sending tremors through the market by expanding the taper. releasing a new policy statements just one hour ago and the big headline is the fed is cutting its bond buying program again by an additional $10 billion per month. that takes it down to $65 billion per month.
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the markets move lower on that news. while the dow is down 185 at its lowest point it was down 220 points. s&p 500 down 17 right now at its low point was down 22. we are up off the floor because the nasdaq down 44, was down 51 points. at its worst point just a few minutes after the fed announcement. now while likely expected, he fed announcement shows he federal reserve tends to stick to its winding down plan of the bond buying program that was initially put in place a couple of years ago to put a floor in what it really was a very tentative situation. now we've got that problem with emerging market currencies wavering and a drop in u.s. equity markets but yes, many stocks are getting clipped for all of those reasons and more. beyond this very moment, what does the fed's decision mean for your money and your portfolio? let's ring in the panel and we have a whole bunch of very intelligent people to cover this
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from every angle. we also have our traders. first i want to get to peter barnes down in washington. do you think the federal reserve is a price but market reaction? i know they never talk about it, but what is your sense? >> we were wondering if the fed would include any comment about the recent market volatility about the problems that have just started to emerge in the emerging markets some say as a result of the fed tapering and the way it is affecting some of these capital flows in and out of the emerging economy, but no mention of any of that in that has some analysts saying that shows you the fed is not panicking. in fact it is going to continue to taper by an additional $10 billion per month because of a pickup in economic growth. this is the key line i want to bring your attention to.
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two changes from the statement in december. number one, economic activity picked up the last time around and said economic growth was moderate, so that sounds like a slight upgrade in its views on the economy, and it says in recent quarters, the last time around i'll mention of a time. iit is what i says in recent quarters. 75,000 or so jobs created in december maybe because, which was loper has because of the bad weather in december, maybe the fed considers that month to be an outlier. some consider the use of the phrase in recent quarters, that is quarters, the third quarter was about 4% growth, the fourth quarter coming in 3%, so perhaps the fed does think that jobs report was just a one-off and it has confidence economic recovery is proceeding firmly. it feels comfortable in
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tapering. liz: had enough tapered again, that would've scared the market a lot. south texas money-management ceo and cio. i will first get to you because from an investment standpoint, what is most important thing out of the fed's announcement today that you did here? >> well, i hear consistency, consistency in what they have been saying, what bernanke has been saying and the u.s. economy is on and even growth pattern and will probably again have another year of positive gdp for this year, but what the fed did not say today but was factored into their decision is what is going on in europe. europe is actually a brighter spot, a much brighter spot now than it has been over the past few years so i think that gives added confidence between the
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u.s. and europe. what i am very encouraged about is how steady the 10-year u.s. treasury is today. there is no panic even though there is a selloff in the stock market. we are not overly concerned. we think janet yellen will be a great fed chair person and we not concerned interest rates will get out of control or that the market will go into a freefall. liz: she is a longer-term investor, but you as a trader, give me a sense as to why the market last time around to the tapering is a very positive sign, yet today it is gyrating to the downside. >> a couple of things. i think there was a wish list perhaps contrary to what you just said when you introduced us, the fed maybe wouldn't have done anything in tapering in this go around.
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the fact they continue their policy, which doesn't surprise me. i think was in some way disappointing. but the bigger issue is the game has changed, the fed has changed the policy, they have gone a accommodative to be more restrictive which as far as i am concerned, that takes the fed off the table and the focus now becomes emerging markets, the euro zone, two steps forward, one step back u.s. economy all of which could be decent, but also runs a real risk the news would be disappointing and without the fed as the underlining bid for the market i think it becomes problematical for the market going forward whether it is down 185 or down 20, i think we're on the other side of the mountain. liz: we had a trader who says i hate to disagree with teddy. we have two very good pieces of data yesterday, consumer sentiment, i am not sure the fed was so i think keeping up the
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market. looking at the markets today, the dow is down 220 points, getting some real pull back there. the problem with the currencies, hiking interest rates is a little bit of concern about contagion that is coloring this issue. >> everybody i quick shot of reality, their reality. we looking at a confidence the fed is taking the right steps right now. everybody anticipated it, a lot of this was priced into the market for the emerging markets are still going to be hovering over us and everybody reacting to it right now. it was a little bit too aggressive, but let's see how all that falls into place.
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as you were talking about the currencies, the dollar is having a hard time gaining ground on any of this right now. liz: isn't this surprising? it should have been dollar positive, should it not? >> i thought we would see it up over the 81 range at the announcement, what it has all been tapered in. everybody was buying into this they would do the $10 billion taper again. what could have changed had he gone to 15 billion, throw a little something in there to show that the more confidence in the u.s. economy. liz: throw a little love to the u.s. dollar. we know a lot of commodities are basically counted in u.s. dollars, and therefore talk to me about what you are seeing on the floor of the nymex. >> i am seeing chaos today. one of the strangest days i have seen in a long time. we had natural gas languishing for a while down here, finally looked like it had given up hope
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and was going to back off, down under $5 at the end of the day rallied up to a new contract high and has blown out all expectations here. it looks like we're going to see numbers going to approach $6 now before you know it. i talked about earlier talking $5, he looked at me like i had three had sped but it came to provision. liz: it is more important to everybody here in new york as we watch the super bowl. there is a yankees hockey game at yankee stadium. everybody looking at how that temperature welfare. we have the closing bell ringing in 50 minutes. yes, we are not seeing any kind of rally here but we are off the lows of the session. just three weeks ago i was with yahoo at the iconic consumer's show. the teenager who sold his hugely popular new summarizee app to yahoo for millions.
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now rivals are fighting back. among them, which may be was an original, not even a rifle. the cofounder and ceo gives us an exclusive inside peek at his totally remodeled app that just went live 10, now make it 11 minutes ago. at the top of the hour, mike mccue talking about that and how is that he sells ads for $100,000 apiece. facebook founder and ceo mark zuckerberg would love to sell ads for that much. he has a hotly anticipated earnings report coming out in less than an hour. superstar analyst will tell us exactly what to watch for. facebook has been on a tear lately. ♪
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liz: flipboard has been in the business of personalizing news delivery since 2010. that is kind of a lifetime in the digital age. the company is aiming high expecting to hit, and maybe even surpass, 150 million users this year. but competition is fierce and heating up as more and more companies look at flipboard and say why don't we try to launch our own products in this space.
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in las vegas i spoke with ceo and founder 18-year-old, remember this kid? he created that service and yahoo bought his, we did it and called it news digest. i have news digest and facebook rumored to launch a new service called paper. the key to staying ahead, staying cutting edge. that is exactly what flipboard is doing. and just 16 minutes ago at 3:00 p.m. eastern time, the company unveiled a new look for its cover story features to make news more personalized and organized for all of their users. joining us today fox business exclusive is mike mccue, flipboard cofounder and ceo. i want to make sure, so many people are trying to download the new look. was that it? it looks similar, but i believe there is a different organization here on what i am seeing that i normally wouldn't. >> that is right.
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what we are trying to do now is prevent content in a more structured way. see the latest and the greatest in an organized way similar, very similar to what you would see in a magazine. the industry today is dominated by products that are reverse chronological, you see the very latest stuff and you kind of see everything mashed together. we want to create an experience that is more structured, more organized. you can still see the latest but you are not overwhelmed by the content. a nice easy to digest content like a magazine. liz: i look had an article on the verge about spotify. i had technology in mind. this is one of our team members ipad. look at all the things on the flip board, i think you are an original but so did facebook. we want to do something similar. are you worried about facebook?
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>> we are close partner with facebook's. let you see facebook's content on flipboard. with that you put flipboard content on facebook. this is a very valuable space, everybody is going to have their own take on it. a magazine full of all the things you care most about. personalized to you and presented in a really beautiful way that is really easy to flip through on a mobile phone and i tablet. yahoo will have his own take. but we have hours and we feel great where it is headed. we have over 100 million users where we close the year last year adding over a quarter of a million new people every day. and people have now made over 6 million magazines on flipboard about all different sorts of topics. we feel great about where we are. it is exciting to have so much
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activity in this space. it will be fun. liz: i bet it is exciting. we were over at yahoo, the news digest out, that was pretty popular when it was first announced at the consumer electronics show. but you are unique in that i saw the customized ads you guys are able to put together that are just incredible, are you still commanding? when we were in the garage where you started, you are demanding $100,000 for some of the super customized ads bid is it sustainable? >> absolutely, in some cases more. we are trying to again bring the ideals of print and the magazine to the digital world. that includes advertising. the advertising market is a $600 billion per year market. and only a small percentage, less than 20% of that has moved online. so we are very much in the early
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innings as it relates to digital content presented on mobile devices. we wanted to take a holistic approach that encompasses the content and advertising and a nod toward what has always worked in print. mary that with what is working in social media. that is the mission we are on. we are just doubling on that. it will be a big space for lots of players and i think you're seeing the market starting to mature. liz: are you seeing a brain drain? >> we have had extremely good retention of our team, we just passed 100 employees at the end of last year. and we focus on giving people a sense of craftsmanship around a great product they love and users love, and if you have th that, that tends to keep people
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really excited. so, you know, it is always hard to build a team and motivate and keep a team, but it is actually one of the things i enjoy most doing. liz: one of the nicest places i've ever walked into. i like silicon valley workplaces. it is in a garage, based the original but everybody seemed really cozy and it was nice, really was. we are watching to see if he can hit 150 million users in 2014. we love the entrepreneurial spirit you all have, thank you so much. >> it was great to talk to you again. liz: anytime, anytime. he always says the same thing. google a couple years an ago wad to buy them, he turned them down. they have grown exponentially. we have been on a story first and fast. we are back in business, 49 minutes away, actually 39 from the closing bell. big news in a showdown over
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herbalife. a key member of the team behind the inner phenom shortselling on the stock has resigned. charlie gasparino has exclusive details on this. and dow chemical knocking it out of the park with its earnings report. but can they keep activist investor at bay? chairman, ceo and president talk to me about the earnings. and stock buybacks. plus, on his side, billionaire warren buffett speaking to me at fox business. we will tell you what he says about this showdown over dow chemical. stay tuned, the oracle of omaha and his comments next. ♪ [ male announcer ] e new new york is open.
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♪ we are entrepreneurs who started it all... with a signature. legalzoom has helped start over 1 million businesses, turning dreamers into business owners. and we're here to help start yours. gerri liz: this is interesting because we're in the business about the people in business. persian square, a big hedge fund, finally conceded that a key herbalife analyst has left the firm. charlie gasparino was the one putting pressure on it with the details. charlie: putting pressure on them, putting a pressure on the
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p.r. department. you would think the guy i haven't dealt with my entire career, his son might call me back, when they did they were completely unhelpful and rude to us what we had good sources on this and we reported exclusively on this show in addition to the analyst and the private equity guy that wanted to buy herbalife, the guy that actually helped co-author the negative herbalife report for bill ackman, sources are telling us was leaving. we understand right now he has left, they're finally confirmed he has left. liz: a huge losing bet for bill ackman. is that what he is losing? charlie: he may want to get back to the society community, be with his family.
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if you are in a private equity fund, you believe you want to get paid on your call, you don't leave can we wait until the call materializes. herbalife has been going down. a high of 80 and stories of chinese investigations and red raiders looking at stuff, about 62 today. we should take a look at the stock chart. it was down yesterday on the possible chinese. liz: is this you? charlie: maybe. if you look at what is going on since the last couple of months, it has been getting hammered from 80 but this has been a huge losing bet for bill ackman. i say this over and over again. bill ackman and the co-author, they make some compelling points about herbalife.
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it is a very common get a corporate structure. these people are not idiots, they are smart guys. the problem they face is that it might take years for this thing to materialize to the point where it impacts shareholders and people say they are running out of distributors, which is what a pyramid scheme is. we don't have real end-users. liz: ackman has argued it is a pyramid scheme. a long run for a pyramid scheme. some people like carl icahn are saying this is a legitimate business and there is money in it. charlie: i will say this, this last story about the canadians looking at it, we haven't been able to confirm that. liz: the chinese don't like it but the canadians might. charlie: if you look at the company, it is not as clear-cut of the canadians or the chinese. new vistas of the stock is
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getting killed anyway and the reports on these things. i will say this, these revelatory concerns, and i think ackman has basically said this, until the regulators mov move-i, this company is kind of going nowhere. leaving ackman means he is giving up a potentially big payday. >> he is at the podium there. >> looks like conan o'brien a little. >> he wrote the original negative report for bill ackman who doubled down and has really-- charlie: they were not returning my calls. liz: and then they finally did. charlie: and then he finally did. charles hung up on my producer, hung up on her. can you imagine? liz: that never would have happened.
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charlie: he would tell you if he couldn't tell you something. he is usually pretty helpful. you are either there or you are not. i didn't ask anything else. liz: once again, charlie breaks it and confirms it. charlie: on this show is when we smoked him out. this is a big thing. fox business takes no prisoners when it comes to a story. liz: charlie, thank you very much. we have about 29 minutes before the closing bell rings. facebook has been on quite the winning streak over the last six months. the stock jumping exponentially about 60% over that time, but just a moment from now we will find out if that continues, facebook's earnings coming out right after the bell. andy telling us whether mark zuckerberg will hit another home run and which red flag investors should really be looking out for. and you'll want to hear what dow
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chemical's ceo andrew liveris is telling us about the backing of none other than warren buffett. here what warren buffett had to say coming up. welcome back. how is everything? there's nothing like being your own boss! and my customers are really liking your flat rate shipping. fedex one rate. really makes my life easier. ybe a promotion is in order. good news. i got a new title. and a raise? management couldn't make that happen. [ male announcer ] introducing fedex one rate. sile, flat rate shipping with the reliability of fedex.
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♪ liz: earnings season well underway. we have more heavyweights including facebook and qualcomm coming out after the bell. we will take a closer look at facebook in just a moment but another big technology internet's name, yahoo sorely disappointed in its report yesterday. revenue continues to fall and the stock is feeling the pain
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today. nicole petallides on a for the new york stock exchange with the details. nicole: that is right. we have seen it higher by about 90%. today a different picture as we talk about revenue. a new low here today on yahoo. the low today 34.82 on yahoo. what we watched is revenue slid for the quarter. add prices online have been sliding so we saw a drop of 6% in ad revenue. also, the fact that trying to compete with the competition. google and facebook and twitter and the like competing for ad revenue. they did have the repurchase of $3.3 billion in the last year. but overall the numbers were disappointing and the ali baba growth we have seen ad revenue has also been slowing. revenue growth has raised questions. that is what we are watching overall.
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liz: i want you to watch this. interested in billionaire warren buffett. he owns stock in many companies but he was watching one in particular today and that is dow chemical. dowd knocked the ball out of the park in terms of earnings this morning. jumping about 6%, still up nearly 4% on these better-than-expected numbers, but do the much better-than-expected earnings quite down activist investor daniel loeb who just last week announced he was taking a stake in dow chemical's and issued a whole bunch of demands about breaking off certain pieces of the company and shaking out shareholder value. of the stellar earnings today don't clarify matters, perhaps warren buffett can. the billionaire made it clear to me and fox business today he's fine was jumping into andrew liveris strategy. he owns $3 billion worth of dow
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preferred shares. i spoke on the phone with this afternoon and he told me "liz, combination be run for the shareholders who are staying, not for those who are leaving. i believe dow is following the course." you guys can read between the lines or not, but companies should be run for the long-term investor, not the johnny-come-lately or the hedge fund guys looking to make a quick buck. which what drove dow's earnings and dealing with daniel loeb. >> think you for having me. the phrase i use is a self-help. a slowing economy 12, 13 continuing into 14 china not doing what we all wanted to do, europe still sidelining, the u.s. a slight bright spot. we recognize 18 months productivity it self-help, managing cost cash capital, being productive was what we had.
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record cash flows, doubled earnings, sales growth because we have targeted growth, expanded margins with a little bit of price, really self-help. gerri exactly. the whole list of things that drove it. this was a wide margin. so now the question comes, what message does this send your new activist shareholder who has taken a significant stake and has been extremely vocal on how he doesn't like exactly how your business is being run and things you should be shedding or petrochemical business. do these numbers immaculate you from some of his complaints? >> a letter to the investors obviously in everybody else has read is actually quite aligned with what we believe that we're executing against, which is we believe we are undervalued as
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well, the drumbeat we have been on. the comprehensive review we did with our board his last 18 months that yiel yielded outcomo the late advisors for the lease of value. the carveout we announced december 2, 32,526,000,000,000 in revenue. it is a carveout of what has been opposed by third points b had we are with all of our investors including them and with time here be will get to bridged understandings of what to do what everybody wants to see the share price go up and increase shareholder enumeration. liz: around the time in the fall when we, fox business, where visiting your incredible operations in pennsylvania
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meeting with your brilliant chemist. it is a little bit disconcerting because in the case of acumen and air products, but ceo 37 years has resigned and ackman has taken some board seats. you loved dow chemical. i've interviewed you enough to know this. you want it to stay, correct? >> we have one of the lowest turnover rates in the country. we don't lose people at out. you mentioned lots of them. you saw their passion. i have that same passion but we are not blinded, and in this job working with our board and shareholders, releasing value from the value we built, we transform this company from a commodity company to a value add specialty company based on low-cost imports from our investments saudi arabia, our investors that you saw, there is nothing about this company that isn't releasing value.
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we will do what is the right thing for all of our shareholders and listen to all of them. liz: warren buffett saw value with preferred shares, and they do convert immediately when a stock hits around $53 change. you are getting awfully close when it looks to that exact point. how often do you talk to warren buffett? he doesn't often picked loudmouth activist standpoint. the other gets in our gets out if he likes the company. >> last week i made the comment that we, as you just said, equity prices rising, his in the money is looking like an equity investor. when he gets the point of conversion, the point to talk about he will be in the common. we talk quite often, i was with him actually this week. he is very supportive of the company and strategy. he looks at the company's strategy, the way he puts it is you have been running the company for the investors that will stay not investors that will leave, don't stop doing
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that. frankly he is an owner that matters, he has a lot of interest in us doing what we need to do to raise the share price as well. everybody is aligned on this point. it may be noise around the edges of some of the things we have often been asked to look at is what about '05 until now. i had the misfortune coming in to be the ceo at the top of a commodity peak. if i came in in late '08, it would be a different conversation. it is irrelevant the moment you came in, it was you have been doing to liberate your value and that is what we have been doing these last many years. liz: when i look at some of your product categories, some of those discussions of plastics you just talk about, but things like home office, nutrition, water, and it is looking very much in a way like a consumer business so that leaves the question what point do you shed the word chemical and go with dow?
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>> you guys are in these markets, these markets are much more consumer centric so the word chemical is diminished in your language. that is absolutely totally correct. as you saw in the lab you visited in pennsylvania and philadelphia, chemistry, biology, physics, the scientists who work at dow, some of the best in the country in every country we are in really look at the market and say how can i add value to considerable strength in those sciences? that is a market driven enterprise with advantages and great science. that is how we choose what we are in. market driven. liz: don't count out the guy from darwin, australia. he knows a little thing or two about survival of the fittest. warren buffett speaking up for him telling fox business this afternoon yes, he is the guy to
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run this company, he has been very supportive and continues to be and told me run the company for the long-term shareholder, not the guys who jump into make a quick buck. dow chemical still holding onto gains of about 4%. facebook celebrating its tenth birthday next tuesday. facebook has been around for 10 years. don't you feel old now? mark zuckerberg seems to have mastered the universe mobile making money off a mobile ads. we look ahead to the fourth quarter earnings report with one of the top facebook analyst did that is next, don't go away. life's an adventure when you're with her.
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liz: we need to take a look at the volatility index, and you can see since it is dropping rather precipitously put off the lows of the session, down 11% here's the fear factor is back in. at another 10 billion to the tapering project as we are calling it here at fox business but we have that situation with emerging market currencies gyrating causing concern globally about maybe seeing some contagion of some sort although we haven't yet. we have been down more than 220 points at one point today on the dow jones industrials. has mark zuckerberg mastered mobile for good? in less than 12 months facebook has seized the title of the second largest digital ad sales company in the united states bumping down both yahoo and microsoft. the fourth quarter earnings report just minutes away.
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viewing how profitable that status has made the company now and how it will grow in the future. good friend joining us now from the neapolis. what is the number one data piece that you will be checking out as soon as those numbers come out? >> it has to be that mobile number. between a billion and 1.1 billion in mobile revenue, that will be the key one. if they do the midpoint of that, that will apply 54% of facebook business is on mobile. it is going to creep just above that 50% threshold. that will be the key number they will be looking at. liz: the mobile revenue, looking at how thi the stock has perfor, up over the past six months, is there a wildcard concern?
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last quarter mark zuckerberg not many were joining the site. what are you looking at? >> the we are talking but is still an important topic, that is engagement. that is something we're still looking at. the piece that is a little more interesting is of the two hours, they monetize a very small portion of that, 5% of that. they could inch that up. think about the key trends, it is within existing base they have, how they can start to creep up the monetization within that base. how they think about turning up the monetization dial. liz: you are less worried about how sexy and youthful it is, but
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still of issue here. that brings me to instagram. kids i know are still very engaged in instagram, which facebook owns. >> instagram has just under 200 million, so an order of magnitude smaller eventually it will obviously grow a lot, five, 600 million. a nice growth curve. they really haven't started to make money from it. they just started to try, something you will hear more of in 2014. liz: we appreciate it. don't move, the closing bell is ringing in just five and half minutes. tune in tomorrow because we are taking "countdown to the closing bell" on the road to the nasdaq and super bowl boulevard here in new york city. our own times square. we are ringing the closing bell.
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so cool, super bowl bears down on it. that is me, you will see me there. we have an all-star lineup of guests live from times square and the nasdaq tomorrow. can you start tomorrow?
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yes sir. alrit. let's share the news tomorrow. today we failrly busy. tomorrow we're booked solid. we close on the house tomorrow. i want one of these opened up. because tomorow we go live... it's a day full of promise. and often, that day arrives by train. even bigger one tomorrow. when csx trains move forward, so does the st of the economy. csx. how tomorrow moves. open to innovation. open to ambition. open to boldids. that's why n york has a new plan -- dozens of tax free zones all across t state.
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♪ or not? what ithey embrace new technology instead? ♪ imagine a company's future with the future of trading. company profile. a research tool on thinkorswim. from td ameritrade. liz: well, when you have the volatility index jumping 10% and david asman just joined me, you can see that while we're still off the lows of the session. tough day for the market. david: it is indeed. remember about the vix, like reporting after-hours stock movement t moves rapidly from day-to-day. let's go to nicole petallides at new york stock exchange. liz: nicole, we're looking facebook just minutes away from reporting numbers. >> facebook and qualcomm, two
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names we keep eye on, both with down arrows going into the close. david: natural gas. we're focused on stocks but we have to look at commodities, but when you look at eng, natural gas etf, why are they on a tear? over 10%, forgive me. >> frigid temperatures across most of the country over next couple weeks that pushed natural bass. that fund is up 10 1/2% today. liz: boeing is the worst performer on the dow jones industrials. it shaved 50 points off the dow. how significant is that? every time boeing fall it is looks like a buying opportunity a few weeks later. >> it really does. it comprised a third of the loss throughout the day. tepid forecast for 2014. like many companies, that has been part of the problem. the dow at lowest point was down 220 points. david: we're about to get facebook and qualcomm but yahoo!, we saw those earnings, ad numbers down, not very good
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situation there. [closing bell ringing] >> alibaba also a concern. so yahoo! dropped. david: way off on yahoo!, down 8%. liz: the bells are ringing on wall street so let's take a look to see how your money and stocks finished up. dow jones industrials getting chopped by 182 points. look at nasdaq, down 46. everything is off the lows of the session but when the federal reserve came out and said we'll cut another 10 billion off the bond buying program and taper continues, the markets took a dip but they were already down early this morning when turkey jump and hiked its interest rates pretty exponentially. so we're looking at a fall for most major indices. david: turkey, all emerging markets were basically doing the same thing, to jack up rates to strengthen the currencies. that hasn't worked. we'll see how that spills over into the markets. today's front page headlines. chairman ben bernanke's final policy meeting today and as

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