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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  May 7, 2014 3:00pm-4:01pm EDT

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liz: janet yellen speaks today, but it is alibaba i feel that has the largest buzz. will it give amazon and ebay some hard lessons on e-commerce? what do we know about alibaba financials? we have experts who rates companies before the ipo. m&a awfully worrying start this year. will some of the megamergers take over a bid even go through? we will ask one of the smartest and most experienced minds in corporate finance. it is a fox business exclusive. and hot wheels for high rollers. rolls-royce celebrating 110th birthday this week but will
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tesla drive off with bragging rights? we will weigh the differences as tesla gets ready to report earnings. "countdown to the closing bell" starts right now. ♪ liz: good afternoon, everybody, i am liz claman. we begin with breaking news. giving us a window into how americans are feeling about the economy. in a word, they feel confident or at least confidence about to take on more debt. the federal reserve issuing a trait report for the month of march and it looks like an annual rate of 6.7% to $3.1 trillion. credit card debt, student loans and auto loans all increasing. that may strike fear in your heart, but wall street tends to like it because it looks like we have a little bit more confidence.
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on wall street it is a tale of two markets as we enter the last hour of trading. the dow jones industrial, this is a happy one for the bulls. after fed chair janet yellen gave an upbeat take on the economy. much more on that in just a moment including the one issue she refused to allow herself to be pinned down on. the other story, the nasdaq. take a look at the nasdaq shutting 30 points down 59. what is going on here? this is largely due to another major selloff with social media and momentum stocks. the big fall being led by groupon. slightly better-than-expected results late yesterday but being punished for lackluster second-quarter guidance. i will get a quick look at groupon for the moment, 24% at the moment.
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about 21%. yahoo is tumbling about 6%, now officially announced alibaba ipo. this is a major stakeholder. more than 20% stake. they were smart enough nine years ago to buy up a chunk of alibaba. alibaba has announced its ipo, we will get the impact on that in just a moment to get clarity of how much money this company could really race. twitter falling once again down another five.33% after getting smacked to the two and lower. today it hit a low of 29.51. the first time it had gone below $3 per share since many months. investors are also losing their appetite for non-internet and high tech stocks. whole foods plummeting 18 and three quarters of a percent.
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natural and organic food giant cutting saying that they were overly optimistic about the competition from likes of walmart family had struck deals with health food companies and organic food companies. the big moves in commodities. u.s. crude prices still jumping $1.23, one and a quarter percent. after u.s. inventory had come out every wednesday fell last week from record highs. gold moving in the opposite direction down $18, nearly 1.5%. when you say you're going to keep rates low, that's very negative for gold and the u.s. dollar.
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they rallied at the fed chief saw indicators pointing to a spending and production rebound. the breaking news we brought you at the top of the show, the credits numbers, that shows more positive feelings and sentiments about taking on debt. janet yellen said before the joint economic committee, if the economic metrics remain healthy chemical ended their bond buying program. when i came to the timeframe for an interest rate hikes, she refused to give specifics. listen to what she said. >> if the fed economic projections hold, what is that range? if i were to say we will begin normalized interest rates and 2015, would i be wrong? >> there is no mechanical formula or timetable for when that will occur. >> i know you work through your projections going forward, certainly in those with to have some range of time to begin that
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process, which range is it? >> the committee has set a considerable time without mechanically stating what that time interval is. liz: remember back in march she said six months after we ha hita certain lower employment rate they would start to consider tightening, but that was not good for the market, so she has walked back on that and refused to be pinned down on that number she gave in march. what does tha it mean the u.s. d economy and your money and your investments? former fed senior economist and "wall street journal" chief economics correspondent. two things jumped out at me. >> the thing i love, calling them the brooklyn dodgers today
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because she was so busy dodging questions to pin her down on raising interest rates. she was born and raised in brooklyn, so we can now call her a brooklyn dodger. liz: i was going to call her will in mays hayes stealing bases left and right trying to get away from the ball is self because i thought that was interesting except we have seen or tried to walk that back in the past. major statements were she said readings on housing are disappointing and labor conditions are far from satisfactory. therefore she keeps rates low for a significant amount of time and the dow takes off. what do you think, are you with me on those two points or did you get interested about the prominent risk of global problems like vladimir putin? >> i thought the really big news, i thought this was a big day, this is nothing to ignore. they are giving guidance of what
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to look at inside of just the unemployment rate, it was no longer their point of emphasis. pointing to housing, this is the weakest point in the data: the market because the jobs report was so strong. she was pointing at the unemployment rate, i think, which includes people part-time and voluntarily. i think what she is saying is sto.looking at the headline unemployment rate, when it goes down, that is when we are worried about inflation, that is when we will start increasing interest rates. liz: she did play it safe, but the market love that, didn't they? i think the nasdaq is a lost cause for the next couple of days. >> she did say very clearly the fed will be seeing a pickup in hiring, a pickup in production and business spending and
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consumer spending, so that was the positive story, but the other part of it is she is still not happy with where the job market is and still risk on the horizon. they ended the bond buying program, making no commitment on what interest rates go up because of housing. they spooked the housing market and grounded the recovery to a halt in housing as they don't want to do that anymore, so they are laying back on the interest rate question. liz: we can throw up some homebuilders and see what the relation is, but i was more concerned about the latest reading we got on gdp, up a measly one-tenth of a percent. she tossed that off to bad weather and made it seem like she knows something we don't and it will get better. >> there are a lot of people like my colleague who have made
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a career looking at the data that the weather is not 100% of the story, but the bottom line for me, if you look at the second quarter, we are probably growing 3.5%. the market will start to get nervous what interest rate increases, she came out as janet the dove. i don't care how good of the data, if the housing market is in skyrocketing, we are still not to change our for forward guidance. liz: sandy koufax, is she tommy lasorda? >> i am a lifetime yankee fan, so i cannot give a thumbs up to any of this, guys. liz: good to see all of you. like what janet yellen had to say, she did go through an extended question and answer. max. refused to be locks down.
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that is good for the housing market but we showed you. the nasdaq still swirling for a whole host of reasons what we are much closer to what could be the mother of all ipo. chinese internet behemoth alibaba. yahoo owns more than 20% stake. we're going to look at that and what the financial suggest about the public future. and we have a former yahoo finance chief with us live. you cannot pick up a newspaper without a big merger acquisition. we are well ahead of an announced a deal that we were at the end of last year. what is behind the excitement? what is next and how long will the m&a boom last? the perfect guest to give us an answer. a fox news exclusive. he knows the acquisition space
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advises some of the most successful ipos. he will tell us where he sees the next big ipo next. ♪ (mother vo) when i was pregnant ...i got lots of advice, but i needed information i could trust. unitedhealthcare's innovative, simple program helps moms stay on track with their doctors to get the right care and guidance. (anncr vo) that's health in numbers. unitedhealthcare.
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liz: inspired by 1001 arabian nights, former english teacher turned the story zero alibaba into the namesake of his massive e-commerce company. alibaba open the secret door to a treasure trove with the phrase "open sesame." a treasure trove of his own. we now know some of the details of alibaba riches and potential to earn much more. for more on what might be the biggest ipo ever, steve scholz, former head of yahoo finance and current coo. here in the studio. you have been picking through some of the numbers on what you
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have seen so far, do they get a positive rating from you about the value of the company and its ability to make profits? >> they do. alibaba rated 76 i us from zero to 100, which is a very strong rating. ahead of the other tech companies that have ipo did in the past year or two. but also ahead of apple and google. this company demonstrated already it has the ability to generate returns on a cap of employees, assets, equity and clearly it is a great growth story that is making money. liz: here's what is less clear. how much it can raise during its ipo. they came up with a global number of $1 million. but they would obviously rather underpromise and over deliver. what is your best guess of how much they could raise on this ipo? >> it could be north of 15 billion.
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when you look, they're already making money, they have great margins and still tremendous room for growth. this is one of those companies already doing the right things and with more capital investment could really take off. liz: quickly explain what alibaba does. it has a whole bunch of customers and sellers. >> alibaba is a mashup of amazon, ebay, paypal and google thrown in, serves china. they're doing 72% of all of china's mobile commerce comes through alibaba. lot of mobile sales, digital currency stuff so it is a platform for people to sell an exchange things but unlike amazon they do not store inventory say don't have to worry about those incurred cost or pay for shipping, they're just a platform that acts as a middleman. liz: you were there running yahoo finance.
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so we decided let's take a 23% stake in alibaba. >> jerry yang our founder led the investment. liz: what a brilliant move it appears to be now. what was alibaba back then? what did you think about why we are taking a billion dollars stake in this company? >> a lot of us knew about the company. they drove it for the investment it made back then. we wanted access to new markets, china being one of the biggest. and yahoo is a graphic designer business. it really diversified. liz: what do you see as the real driver here? the chunks that it has amazon and ebay cannot really compete with yet on that level.
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>> what caught my eye was the attraction the company has. like consumers here in the u.s., consumers in china are doing more and more with smart phones. already 20% of the business is driven through mobile devices. that is up 3 times from a year ago. liz: journalist can really be cynical, but do you see any cynicism in any of the numbers, worry some numbers with alibaba? >> one area people should be paying attention to is the relatively to the asset base. the ratio is a bit low but they have stockpiled cash and they will have even more after the ipo. looking at how the execute on their growth plan, what kind of acquisitions they get it to make
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will demonstrate what they are able to grow the business based on the invested capital. liz: ebay's paypal unit. they have 70% ability to generate mobile payments there. >> ebay should be worried because of the payment scheme. if they wanted to expand this globally, the primary focus is china but if they want to go beyond china to have a real advantage and they have proven they will get payments to work in a region where 50% of the population is not online, that is really important because that is where the most opportunity is with these emerging markets. liz: it is interesting to have been in on the early part of that. former head of yahoo finance and coo. and giving it a very healthy
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rating at least at the moment. supposed to go public sometime in the summer. the closing bell in 38 minutes. breaking news on herbalife, more on this at the center of the war between bill ackman and carl icahn. one short, one long. charlie gasparino giving us that exclusive a new era of health care with the biggest between pfizer and others. who is next? which sectors are poised to move ahead? who better to ask than citigroup institutional vice-chairman. what he thinks the next flurry of activity will be exclusively on fox business.
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tigers, both of you. tigers? don't be modest. i see how you've been investing. setting long term goals. diversifying. dip! you got our attention. we did? of course. you're type e* well, i have been researching retirement strategies. well that's what type e*s do. welcome home. taking control of your retirement? e*trade gives you the tools and resources to get it right. are you type e*? liz: other news outlets reported
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the attorney general has launched a formal investigation into herbalife and its business model, but not so fast. says charlie gasparino, who joins us with exclusive details on the health shake maker at the middle of this. >> carl icahn billionaire investor, the other the other billionaire investor, bill ackman. we should point this out, this information is solid as of right now. i can't tell you what will happen in the future. as of right now i can't play what will happen in the future, but as of now herbalife has not received a subpoena from new york attorney general eric schneiderman. has not as of now. schneiderman as of now has not launched a formal probe into the business model along the lines of what ackman is complaining about that it is a pyramid scheme and does not sell products, it brings in
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distributors, when the distributors dry up the whole thing crashes. as of right now, there is no formal investigation of herbalife by schneiderman's office. what there is going on is people walking in and there are distributor complaints. along the lines of what you saw in the documentary last week, which connie chung did not participate in for some reason. liz: she backed out. charlie: something happened. she had to go eat pizza with maury povich. whatever she had to do. that is her husband. liz: she said i need more time to investigate because i don't see the issue. charlie: i would like to see how she got involved. liz: i am sure bill ackman involved for legitimacy.
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she backed out is more important good charlie: when you do a story about this, that doesn't mean he won't investigate. i'm not saying he will investigate. right now there are no subpoenas. i don't use the word investigation a less subpoenas are beginning to file or somebody. he is not exactly bashful about the issues that set. you try to get a comment out of this, they have never confirmed or denied, they never confirmed or denied they are looking at this. that does not mean they will not launch a formal thing tomorrow. liz: when did you tweet? charlie: about five minutes ago, 10 minutes ago. liz: it is down right now.
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charlie: of course. even on positive news, i kill companies. i would just tell people the stock is way up today for other reasons, there's a lot of noise going on from herbalife. if there is an investigation, it will start today may be. but it didn't start when those reports were first coming out. there is no formal investigation. it is the same thing. they are talking to whistleblowers. the southern district is even more stuff in that one because the fbi is talking to people. liz: i like to say this about herbalife like any other company, they're going to be disgruntled employees. always. charlie: they clearly have gilded people coming in and talks to them about the business model. as of right now it is
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nonexistent. liz: a company around for more than three decades, it would have imploded by now of it were a ponzi scheme. charlie: why don't you invite connie chung on to see how she got involved. it is kind of interesting, isn't it? bring them both in. liz: that's a man. thank you. 29 minutes before the closing bell rings. m&a activity in the health care industry so far this year on fire. deals all making it a year crew member. citigroup all-around genius when it comes to institutional client groups, a vice chair, an the man behind the scenes as an advisor. ceos around the world.
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and what is arguably the world's most upscale carmaker, rolls-royce is celebrating its 110th birthday. is a hip, young upstarts just about 11 years old? we look at the fight for auto breaking hebragging rights in ja moment.
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liz: listen, aol is getting hammered, groupon has a double-digit plunge dragging other social media stocks down. nicole petallides has more on today's social media selloff.
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nicole: it is unusual to see is getting hit so hard. groupon came out with the numbers they saw a wider loss, we could than expected. to the downside. with this plunge, take a look at the rest of the group and what you would anticipate are some down arrows. waiting on the alibaba ipo. we have seen yahoo to the downside down 7%. down 40% this year. twitter, pandora, facebook all to the downside. new line today for twitter. the lockup expiration where the insiders have the opportunity to sell this week. yesterday down 18%. linkedin squeezing out a gain. all underperforming the s&p 500.
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only one has an up arrow this year out of all the names we spoke about, that is facebook about 4.5%. liz: twitter, the high here is 74, just getting hit once again. the winds of change are blowing through the health care industry. thathere has been massive rush f megadeals recently including the $14 billion acquisition that was kind of the most recent. activists bid going through. how about a thre 3-wheel deal? at the same time, selling the animal health division to eli lilly for 5.4 billion. and then you have two major blockbuster deals currently in the works. teaming up with bill ackman in a $40 billion acquisition.
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finally the mother of all form a deals, this is getting crowded, $106 billion bid for the uk after zeneca. -- astrazeneca. what is behind all this consolidation in the farm a space? joining me now in a fox business exclusive, citigroup institutional client group vice chair. is there a building on fire suddenly everybody is rushing to do m&a deals? what is going on? >> potentially the next m&a. everyone knows the stock market is close to an all-time high. everyone knows corporate balance sheets have significant cash, everyone knows interest rates are close to all-time levels of low.
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the real question is how the market life looks at the equities. if you look at the way the equities have performed, acquirer stocks have gone up. they usually are down. if you go back to aol, time warner, other transactions, they deteriorate. now they're going up because they are very focused transactions. the pricing being rational. they believed many ceos have decided doing acquisitions and expanding their business is a much better use of capital stock buyback. liz: they must be able to feel they can borrow my to do this or for they have enough to do it and can use their stock as a currency. >> there is significant liquidity on their balance sheet. stock threat levels where they feel comfortable issuing them. two or three years ago very few people would have issued stock because they would have all-time lows or close to it.
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the credit market remains robust, people searching for yield. liz: you won't be surprised, but some people are. 464.6 billion completed deals, only may. we are already up 20%. >> it is a stunning number. it is interesting to see because given that we have not really seen this almost in our careers, it is going to be get other transactions. people are more comfortable and confident they should go ahead. the amount of discussion going on with corporations at the executive level to look at strategic transactions have accelerated beyond anything i have seen in the last decade. liz: are they good prices though? >> overpayment is something people look at five years down the road and decided.
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they look at the relative stock price, all of these transactions are usually are treated. from a valuation standpoint one of the reason the equity market has been comfortable is they are being very disciplined on price and if something look like it is overvalued, they will walk away. there is a different atmosphere in the boardroom, people want to expand, people want to be aggressive and people want to be very disciplined. liz: where do you think the next sector, we have seen a massive, i don't know if it is fully saturated, but where do you see the next sector that might have this kind of m&a activity? >> you will see more and health care, the biotech arena has had a big run, it slipped back a little bit. simply a way of being able to use their rnc as opposed to
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internally. one of my old favorites will continue to see that. some companies have looked at growth rates are not necessarily what they want. there are some interesting acquisition ideas and you will see some of it will be cost-cutting, some of it will be expansion. the other thing that is important to note. looking at it from an investor standpoint, we are in too many sectors. let's be a strong one, two, three player. things that were not strong, let's get out of them. >> how do we pinpoint what is next? >> honestly my own personal view, give it to somebody who knows what they are doing.
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>> if you look at it here, it will see more activity, energy will continue to see more. retailers had some activity. frankly multi-strategy acquisition has not had the greatest activity. the health care site is stunning. the other side you have to note is cross-border. europe, asia. >liz: it is just hard to find te right companies who wants to sell. good to see you. leon kalvaria, citigroup vice chair. grt to have you. >> always a pleasure. liz: the closing bell ringing in 15 minutes.
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liberty mutual insurance -- responsibility. what's your policy? liz: rolls-royce. this is the luxury automaker celebrating its 110th birthday this week. but is a new kid on the block, 11-year-old tesla, crashing the party with a hig high-tech super cool cars? let's check the gas mileage for the rolls-royce which some call a land yacht on wheels. city driving it gets 11 miles per gallon. on the highway, 19 miles per gallon. that is not what people are driving it. compared to the tesla, thanks the electric powertrain reaches 88 miles per gallon in the city, 90 miles per gallon on the highway.
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tesla comes in at 94,900. the phantom excludes taxes, fees and any tax credits. the rolls-royce cost $475,000. rolls-royce is predicting despite all of that, record sales this year. as for tesla, the latest sales numbers and earnings after the bell. don't miss that. let's check tesla stock before that report. having a little bit of a rough day, but it is still up more than 30% over the past year. major stock averages holding onto their gains with the notable exception of the nasdaq, it has paired many of the losses down 59 points earlier today. let's get to the floor show, traders at the new york stock exchange, cme group and the nymex. there is a diversion between the dow and the s&p and the nasdaq.
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earlier today it went below the 50 day moving average but it bounced back. >> for the s&p, what you cited on your opening comments is the divergence between the nasdaq and the s&p and the dial, but look closely at the russell 2000. that is the one that worries me the most. that is a warning shot the equities. they have not participated in this rally. the fact the small caps are not getting in and struggling again today. liz: it is disconcerting for a lot of market experts that while we have a pretty decent rally the last couple of weeks, the russell has not participated. people are still too scared to get in, now they may start pouring in as it is too late and yet we still don't see great
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numbers for the treasuries. there was an auction of 10 years, right? >> right. this is the tale of two cities. bonds rallying as well as stocks trying to rally. real disposable income since the election was declared over, up 108% from wall street. too many things like the taper. it will be lower longer. the market is frozen because we can't make up our mind and that is okay to understand nobody knows where we are going next and that is why we started this in the first place. i think it will be safer, the rate goes down to two and a quarter, so they will rally. liz: i kind of like that prospect better. looking at oil, if somebody was long oil, they are doing well today. one energy sector's natural gas, a quick note, the ceo, they are
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big in natural gas transportation, so we are looking at that. >> we are expecting 67 tomorrow, which is pretty much around the five-year average, but when everybody is looking ahead thinking the supply concerns of the future is what is holding the market up right now. liz: we do worry about a very hot summer. a cold winter, lesch for energy companies at the moment. >> should we have a hot summer and somewhat of a winter, there will be problems down the road. crude oil looks very strong trading around 1.5, test those levels. the big thing today is heating oil and gasoline kept up with crude oil because over the past two weeks heating oil and gas when both lost 5% in their value. liz: we are just about six points away from the high of the session, which was up 118.
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the nasdaq off of its lows. we have been down more than 59 points. it is rarely down double digits. we are watching this all quickly. thanks to our traders. after the bell, we are awaiting results from very interesting names. tesla, green mountain, and more. what surprises could we see? don't go anywhere. david asman train me for "after the bell." ♪ (mother vo) when i was pregnant...
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(anncr vo) innovations that work for you. that's health in numbers. unitedhealthcare. became big business overnight? ♪ like, really big... then expanded? ♪ or their new product tanked? ♪ or not? what if they 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: david, we punched through our earlier high of the session for the dow. not bad. david: and also, some of the stocks we were reporting on, even the negative ones have come
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back quite a bit like tesla for example. but you have a very healthy gain on the dow. liz: not so much for the nasdaq. let's go to nicole petroleum. she is on the floor of the new york stock exchange. nicole, a fall from grace for the social media names and that is sort of the big theme on the market from that end. >> we're looking at zynga, twitter, "candy crush," we had twitter lockup expiration, big move. 20% lower for groupon and king digital down 13%. david: we have another negative move. whole foods, we saw it coming yesterday after the bell, it was down 13%. it was much lower today. >> down 19%. we're talking about competitive situation and margins weaker. tesla is down 2 1/2%. we're waiting for that after the bell. liz: a quick note as we get close to the closing bell. the s&p 500 now hit its high of the session, slightly off of it for the moment.
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>> that is a great one to look at. [closing bell ringing] sectors, eight of the 10 were higher. let's not forget aol, down 20%. that's tough. david: getting killed. liz: bells ringing on wall street. some of us have whiplash seeing up and downs. dow jones industrials having a very nice day considering earlier today it started to fall about 44 points. right now the gain up 117. s&p's gain up 10. earlier it was down eight. the nasdaq though just couldn't make a go of it, but barely. david: down about 1 1/2% at one point. liz: it had been down 59 points earlier. watch out for the russ tell 2,000. it is almost flat there. got to watch out. this one has not participated in last couple of a weeks of a rally. but the moment, "after the bell" starts right now.

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