tv Countdown to the Closing Bell With Liz Claman FOX Business October 6, 2014 3:00pm-4:01pm EDT
there is the guy who is going to be on. melissa: thank you so much. that's all we have for now. i hope you're making money today. market is just about flat. count down starts right now. liz: melissa, i'm just checking all of the news that is breaking on ebola with, and, of course, we will get that to you in just a minute. doubling down on nba disney and timewarner agreed to pay more than twice what they are paying right now to keep showing basketball games. will it mean even bigger salaries for nba superstars, but more importantly, what about your table bill? tickets you want for the game. we're getting the answers. financial crisis, the biggest players in the melt down six years ago testify in a landmark lawsuit over aig's massive bail out. former secretary paul wiping his bra about
testifying what ermtz. still to come. at this point in time geithner, the former secretary at issue whether aig shareholders got a raw deal during the bailout. and wall street giving its blessing to the break up of a company that started out in a garbage in 1905 and grew into a massive dow component. heat packard is crappingr cracking itself in half. first ebay then hewlett-packard. who is next? let's start the countdown. (?) liz: and, of course, we're going to start with ebola. it is on the top of a lot of people's minds. everything from travel, to hotels, the top story. that freelance photographer who contracted ebola now under a team of doctors care in nebraska right now.
he contracted it in liberia and the situation is getting worse. the pentagon said 1600 soldiers from the u.s. army is being deployed to liberia. rich, a lot of people are outraged that the us has not banned flights in and out of west africa. is the government taking this risk appropriately and seriously enough? >> well, that's certainly an issue that the white house has addressed today. talk about this spreading from europe today. a spanish nurse according to the ap who had treated a missionary for the disease has tested positive. this is the ap citing the minister. while the white house is about to kick off a meeting with the united states also a director of cdc will be here. they'll be talking about the ebola outbreak and how to confront it here in the united states and worldwide. and you mentioned it, liz, the question is why hasn't the united states
initiated the travel ban. why can you still come from africa in the united states? there's no travel ban because that would keep aide going to africa. make sure that people coming in the country aren't showing symptoms of the disease is working. >> the way that we will solve this problem is by confronting ebola at the source, and that's why you're seeing so much time and attention and resources being dedicated to trying to meet the needs of these individuals in west africa. >> the white house says the chances of an outbreak are exceedingly low. however there are still calls for that travel ban. that freelance photographer is in dmebs being treated. and i patient in the dallas hospital, the hospital there says he's in critical condition and fighting for his life. liz. liz: rich, thank you very much. if anything comes out of the white house, interrupt us. we need to look at some of the names moving on
the news. there are certain stocks that are considered an opportunity for ebola. there are the medical stocks we've talked about. tekmira, chris pharmaceuticals was the one that was higher because it got an approval as i understand it, obtained approval for an emergency application to provide investigative drug work. all of them are down. just doesn't appear to be a winning opportunity for a winning drug in this case. in the market, stocks are giving up their earlier gains. it's hard to find any direction at the moment. at the moment, we don't have a little bit of red at the moment. let's look at treasuries. we're seeing a lot of money flowing between the treasury and equity markets, which is why they seem to be moving in tandem today. what does this tell you us about -- at the new
york stock change. to me, i would look at this and say that perhaps we were a little oversold the past couple of down days. but at this moment, it doesn't seem like there is real direction, why? >> they don't have any real direction because we're still taking a breath from what we got on friday. the press is 50 percent good and bad. it's whoever's side of the aisle what you want to believe. there wasn't any good articles written about where the truth would be coming from. we can keep rearranging the deck chairs, but at some point in time we need to have some real true growth. that is the problem here. the ratios are better because there's less stock here. number wants to pile in at these levels. the close off the economy in ypresr europe. that emperor isn't wearing clothes. thing aren't good that's for sure we'll probably get another injection or
some sort of injection from far east. that will keep the stocks biod. liz: how about nicole a better fine quarter and i'm just thinking to myself we've got a real good jobs number and then you had stewart hoffman from the last hour telling melissa this is a real opportunity to move higher? >> it's easier to fine bulls on wall street than bears. no doubt. we've seen the pull back. (?) some people are looking for particular times and technical levels, when to step in. last week we were hearing 1960. and a great day on friday. the dow is up over 200 points. the concern today is about the russell. something you and i follow very closely. the rally we saw yesterday, it did manage to break through a down trend line. some people found that
bother some. while the dow is down, the small caps have really been under pressure, today is no dirt different. people are watching that closely. the fourth quarter, goes all the way back to 1928, 86 percent of the time you're going have an up arrow. traditionally if you look at the odds of those years that this would likely be a good fourth quarter. liz: and mike, one of the best partners we have not necessarily for you the oil and energy traders. we have very low gasoline prices. that is a big gigantic plus sign for the consumer. what do you expect to see for the next couple of weeks. i want people prepared. >> i tell you what, liz, everything we've been talking about the stock market going higher. what i have to say is going to help that as well. i think there is a lot of pressure on the curve going back and looking at those cracks. the gas prices. the gas between the
crude and the refined product. that has come in dramatically over the past year. if you look at the last couple of years, those crack prices are historically low. i think you'll have lower prices at the pump. and more to spend on everything else in the holiday season. when should help the stock market. liz: is it razor thin the margins. how tough is it there? >> it is tough. the way the market trades with this heavy lecture -- it gives you more of an opportunity to be patient. it is tough to pull the trigger either way you want to go. i think the way we have handled the market this past summer, the crude market isn't getting easier it's getting more technically so you can pick your stocks better. >> it's really interesting, have you heard some of the retailers are st the seasonal
hiring. of course, ups has more people that they're hiring year over year because they really just did not execute on getting those -- liz: game stop was here friday. they're going to be jumping thousands of employees, hiring. >> i'm really excited for the holiday season. we have a very fragile economy. some of the retailers are hiring more people than they did last year. the question is: are people going to be hitting those stores? liz: what do they see? >> they got to be online buying. and the prices -- the price of gas is going to be cheaper. that will help everybody else. i want one of those jackets for holiday. that's what i want. >> i'll send you one. liz: i'll wear it if you send it. great to see all of you. this certainly woke up the markets. i get the alert yesterday. tech giant hewlett-packard jolting wall street. investors love, hp stock
now jumping five and a half percent. what is the strategy? cracking up the company into two different pieces. which tech giant could coo face break ups next. is it good for you to take a jump and on those gains. >> liz, as the tech companies just get bigger more investors are calling for them to downsize perform some of the names on the chopping block that you need to know about. cisco, computer science and even perhaps microsoft at the helm. so a company like cisco should break up. market says, split spin off parts of cisco's business and we think the lagging stock could get to $40 a price. not seen in 14 years. they want to see growth components for data centers. wireless and security. that's where we see things all of this value can be unlocked.
goornd notes cisco's 50 billion dollars' worth of cash make it a usual suspect getting acquired. that could come from a break up of some kind. as for hp, splitting up, liz, also means new and i a long list of competitors against for both entities. hp enterprise will compete directly with ibm, or cal, and box, and, of course, amazon web services and hp, inc. will face len ovoand other companies that make printers and computers. plus start-ups and all those new computing experiences, but what's very interesting here as well is printing and a lot of these big companies are actually not generating as much revenue so hp, inc. facing a different kind of challenge. liz: sure is. and again this is an hp computer weighs about
1800 pounds. i've been a supporter it's hard when you feel like they're lagging so hopefully it had it may help with that turn around. we have the closing bell ringing about 48 minutes away. when a yee says we're putting our troubles behind us, you want to believe them. right? well, last wednesday, gm chief did just that. but 24 hours later, there was not one, not two, three more recalls of gm vehicles. why did bar announce a new aggressive turn around plan only to have the bright paint on it crack. the wall street journal jeff, he's been breaking all kinds of news on general motors particularly on their recalls. what does he think? he's joining me live next. and double your money plus then some. the nba and nfl just did it. lucrative new deals for tv rights. who will ultimately pay the price though? sports fans need to hear
liz: you can't keep an exciting stock down. our power mover of the hour is gopro. shares of the wearable camera maker jumping of nearly 7 percent. this after jp morgan said we love it happen hiked its stock from $60 to 100 and $5. well, they're a little late. it's already at 93. i don't know what they were waiting for. gopro shares have more than tripled since they debuted so investors didn't need to wait what a jp morgan analyst said they were already charging ahead. let's get to general motors. we talked about -- we were puzzled last week. and we brought it up, but now investors are
puzzled. just last week, mary, met with stockholders promising higher profits while assuring them that the recall issue was being handled. three days later, gm had to -- on that brings president total number now up to 30 million this year. meanwhile, new reports out today the number of compensation claims for gm's faulty ignition switches is up 30 percent. that could be people seeing money and saying let me file lawsuits. we bring in someone who has been at the forefront front. jeff, right off the bat, there is this debate about whether mary pulled the trigger too soon and should not have come out and said, everything is great.
i don't think she said it's in the rearview mirror. to say we're moving ahead, but the next day and the day after and the day after three new recalls. >> it's a mixed bag what gm is all about. she had the investors there. she had the analyst community. she had us there. she tried to put a new face on gm. gm is moving forward. it's meeting its targets for profitability. but then when you have over the next three days, a total of six safety recalls, that covers more -- about 600,000 cars, and then you stop selling your brand-new sh chevrolet pickup trucks, it shows two different sides going on. on the positive side -- liz: let me tell you what we're showing. four different magazine covers. she looks great. but maybe she some might say should not be
spending too much time on the photo studio. i know it's a great way to get the message out when you're on the cover of time, but my goodness, fix the problem at hand then do the pictures. reaching back to jack the ford roll over problem, he wanted to fix that issue. no photo shoots. >> i think the pros and cons, do you see. gm being proactive, that they're being proactive. do you see it as a con that gm still has quality issues. these are new pickup trucks that are just going into the market, and already they're having to be recalled for a parts problem. that's never good for a for an automaker to recall new -- liz: why is it even getting to the dealers floors? i'm sure the dealers are pretty serious, but knowing what they know and this is now going back to pretty much the start of the year, wouldn't they be -- i know i would be -- i
know steve jobs would be, anyone who runs a company that cares, they would be hand checking every single car to make sure they don't to put out that announcement. >> and gm has done that. for their part to give you them credit on that. they are catching these problems early. even having the stop sale is good for them. yes, underground to be stretching your head. remember throughout this entire chain, the pressure on every company is to come with quality parts. you know, automakers will turn away parts from suppliers if they're no good. how some of these cars are still getting out with problems is just a real head scratcher. liz: i want to mention tesla which is moving higher once again. their brand-new pr guy summon who had just come from nissan is now moving pop where is he going? he's going to aston
martin? i wonder why. i mean, tesla is kind of the hot cool company, you know? >> yeah, but elon musk is his own guy, and it's kind of hard to work way guy like that in the room. you notice auto companies who has kind of a big presence of. chrysler, mark i don't has that kind of presence of where he's his own guy. when you have an elon musk and you're trying to work scbmp trying to contain him, it's a tough job. liz: he's putting out tweets and saying all kinds of things. i know liz with tesla does a great job. we'll be watching them too. jeff, great reporting. thank you so much. jeff beenit of the wall street journal. he's there in michigan. closing bell. thirty-eight minutes away. it's not every day a former treasury secretary has to lift his stand, give testimony in court. he's that gentleman there with the glasses had to do just that.
he looked the stand in the aig bailout trial. no cameras in the courtroom. we have fox business producer charlie, possibly the only reporter who has read the sealed depositions from them in this case tells us what is next. and score one for nba lebron james. he's maybe a better businessman than a ballplayer. his contract deal is looking right on the money because of one tweet he made before he signed with the cats. now, the nba has inked a massive deal with timewarner and disney right on lebron's timetable. we'll find out who won and who loses on this deal. we battle it out coming up. don't go anywhere.
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liz: a very important question -- [laughter] can you remember what you did six years ago? three of the most prominent government officials during the financial crisis are required to tell us what they remember about the bailout of aig six years ago. well, if it's that dramatic, you remember, right? >> i remember covering this six years ago. liz: so do i. >> i remember breaking the t.a.r.p. story six years ago. i actually broke the story about the aig bailout. when i broke that story, it's funny, one of my colleagues on cnbc right after i broke it, said the government was planning a bailout for aig, came on and air and said, no, that wasn't accurate. liz: don't you love that? how about supporting your -- >> so my report went up 200 points after this guy came on, it went down 200 points, and then it went back up again after he had to admit about an hour later that something was in the works, and by the end of the day -- i think that was a tuesday.
lehman went under sunday, monday was an insane day. liz: insane. >> markets were getting crushed, nobody's borrowing, the credit markets were getting crushed. by the end of tuesday, aig was bailed out. still did not solve the problem. by thursday i broke t.a.r.p -- liz: okay, but so the point is you remember -- >> yeah. liz: i can remember i was in l.a., i'm getting a call, obviously, i'm at a shoot there, and i'm getting a call from somebody we all know and love and saying there will be an orderly bankruptcy of lehman brothers this weekend and then, of course, aig became a huge story. but today hank paulson, did he say i don't recall? >> you know, he didn't. hank paulson, we should point out, former ceo of goldman sachs, took goldman public, became the treasury secretary for president bush back in 2006, a job that he really didn't want at first. bush had to coax him to take it, and he was considered a very good ceo of goldman sachs. but he did take it eventually, and he was right in the middle of the financial crisis. there were three major players all giving testimony this week, powerfulson today -- pretty quick, about an hour or two --
geithner will probably be tomorrow, bernanke will be after that. you know, here's the thing, and i'll say this again, you know, he said some interesting things. he said -- remember, hank greenberg's lawsuit, which this is about, against the federal government, it was that the terms imposed on aig were harsher than the firms -- liz: higher interest rates. >> government wiped out shareholders, and hank was a shareholder. so it's an illegal taking of property. he hay may or may not -- he may or may not win. it's before one judge, federal claims court. but i'll tell you, when you hear what hank said, you know, it really didn't give us much, there wasn't much there. he said, yes, there was harsh treatment meted out to aig which we kind of also know. he said -- liz: did he say why? >> yes. he said aig was a symbol of the financial crisis -- liz: according to whom? so they made that judgment call. >> the question is was that judgment call to impose a
harsher penalty on them illegal? i'm dubious about this, i'll tell you why. the one thing that was kind of interesting, paulson denied that more michigan stanley -- morgan stanley was about to collapse. you gave them bailout toes, and without taking massive amounts of equity, and what he said was morgan stanley was going to collapse, and you bailed them out without the same sort of harsh treatment, and he said, well, i didn't think they were going to collapse. but inside morgan stanley, they believed they were going to collapse. liz: they did have to pick winners and losers. >> yes. liz: and hank is saying you shouldn't have picked aig as a loser, illegal seeds your. >> it's illegal seizure. listen, the aig board could have voted against it. liz: you're going to take that side, i'll take the other side, and we'll see what happens. >> i think it's 50/50. the judge was very friendly to hank on this -- liz: he didn't throw it out. >> i read the sealed depositions. those were actually more enlightening than these, and
they basically show these guys had no clue what was going on. and by the way, being stupid might be their best defense here. liz: right. which is not a defense. >> i'm just telling you, that's their depositions which are sealed -- they don't want you to seal them -- liz: timothy geithner tomorrow. charlie, thank you cell phone. and not to worry, anything that happens, you get it. technology onboard what's being called the world's first smart ship. royal caribbean's quantum of the seas. well, heck, if they can get total wi-fi on that thing, why can't we get it at 57th and the west side highway? >> gosh darn. liz: golly dang it. billions of people. this one company -- not the cruise ship company, but the company that outfitted that ship with all kinds of wi-fi capability is with us. it's a google-backed technology, o3b network ceo joining us in a fox business exclusive. >> oh, fudge. liz: oh, fudge. shut the front door.
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is moving just 12 months, slightly lower. but there has been a lot of action, right? we were up 90 points, we sold off and now coming close to that unchanged line. the vixx is moving, it's up about 6%. the russell, something we've been watching, has sold off, still pretty dramatically, down over half a percent, and the transports which really got the drop and then the pop last week because of airlines, again, the worst performer today, down 1% led lower by the airlines, united, continental the worst of the bunch. i also want to take a look at gt advanced, and this is because this is a company that makes glass that was supposed to be indestructible. there was speculation it would replace the glass on the iphones, but when the announcement came for the iphone and the iphone 6, look at, this is a two-day chart because they filed for bankruptcy now to the try and reposition the company to do better going forward. but there's a one-year chart. it really ran up. it ran up to $24 -- i'm sorry,
$20, and now it's sitting at 95 cents. i mean, imagine you had this and you were a shareholder. so they are going to use the glass, it's going to be for the apple watches but not for the iphones as people -- only some of the watches, not all of them. but those that have run up there on high hopes, that didn't come true. liz: i mean, this had a billion in market cap, now it's got 131 million in market cap. it just proves that apple decides not to choose you, it can cause you to go bankrupt. it's scary. >> reporter: amazing, it really is. liz: nicole, thank you very much. let's get to the cruise ship industry, in fact, how advanced they are compared to just terra firma. the cruise ship industry counting down to the november arrival of royal caribbeans quantum of the seas, dubbed the world's first smart ship. now, last month we showed it to you. i was joined by royal caribbean cruise's chief operating officer adam goldstein who shared exactly what makes this new ship so special. listen. >> when quantum comes out, she will have as much bandwidth as
the rest of the cruise industry put together. it's o3b, stands for other three billion people of the world who don't have the internet yet, pioneered a new satellite technology. we turned out to be a perfect application to create boatloads of bandwidth. liz: i want that, don't you? cruise ships aren't only o3b's business. the google-backed company delivers high-speed, low-cost internet connectivity all over the world, particularly to places where it's not there because it has this network of satellites. what's the secret of the rapid success and what's next? joining me now in a fox business exclusive, steve steve coll lahr, o3b network's ceo. i can't make a left on the west side highway without losing my cell phone service, and melissa francis was saying 96th and third is a tough one for her. where are you guys? how do you do it for an entire cruise ship? >> well, so we've launched a next generation satellite fleet, we've brought our sat heats
much, much closer to the earth and launched a lot of them which means we can provide connectivity to places that just don't have it. our main focus isn't 57th, it's in the emerging markets where there really is no terrestrial activity at all, and there we can make just a huge difference. liz: chantilly road in bel air will pay you a lot just to get them connectivity. so what is the process of it? when at least you're starting with a cruise ship that's out hundreds and hundreds of miles in the middle of the ocean. >> yeah. so this is the secret, we have got steer bl beams on both our satellites, so we can literally point huge, huge, huge amounts of bandwidth wherever the need is, whether that's following a cruise ship, whether that's to fixed locations in the emerging market, wherever the need is, we can be. liz: well, cruise ships are the ultimate unconnected vehicle. now let's talk about where you're going. you talked about emerging markets. where's their profitability in emerging poorer nations? >> well, it's incredible.
so our name, o3b, is a reference to the other three billion people who don't have access to the internet today, who don't have broadband connectivity, and they're our main focus, our main target. and we're talking about large parts of latin america, large parts of africa right across indonesia, the pacific islands. i mean, there are people, the difference between being connected to the internet and not is incredible from a social development but principally from an economic development. liz: when you talk about the other three billion, to me i see dollar signs, opportunity, large areas that are dying to soak up what you offer. your investors, google, ses, allen and company, northbridge venture partners. how did you attract such big names? obviously, you have to start early with very high start-up costs launching satellites in the air. >> right. but i think the reason we were successful in raising, we've raised about $1.5 billion, is exactly as you see. this huge opportunity out there, the need is very, very clearly there, it's just finding the
right technology to deliver. liz: who sends up your satellites? >> it's a french company, and the launch company is called -- [inaudible] they're a great combination -- liz: do you use them because they're less expensive than the lockheed martins of the world? >> we've designed our satellites to be low cost. if you're going to serve the emerging market, you have to have a low cost satellite system. liz: well, that, to me, means we're going to be left behind unless spacex can come up with a quick solution. they're trying. doesn't the u.s. aerospace industry need to get up to speed and compete with the companies of the world that are doing this for cheaper prices? >> elon's doing a great job, and we look at what he does with enormous interest, and i think he's changing the face of the space industry and, in turn, the satellite industry. so i don't think the u.s. is behind, in fact, elon's at the cutting edge. but there's a big sort of capability in the satellite industry, and right now the europeans have got the edge as far as the close-to-earth
constellations. liz: your investors probably want to see a return on their investment. would you ever consider going public? >> sure. yeah, we hope to be back in new york at some point in the future. for now we've raised all the money we needed from our existing group -- liz: do you envision that moment at the nasdaq or the new york stock exchange where you're ringing the bell and suddenly you've got a lot more capital to grow? >> sure. there's a lot to be done between now and then but, yeah, that's a moment we look forward to. liz: thank you so much, steve. o3b, and i bet you're excited when that ship, the ultimate unconnected vehicle is going to be launched. that's amazing. >> going to be awesome. liz: steve coll lahr, o3b ceo, the other three billion people who don't have connectivity. closing bell ringing in 15 minutes, they're possibly the last sports rights to be negotiated before the end of this decade. next, we find out what these landmark new nba and nfl deals mean for pro sports, for big media, for investors, tv viewers
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liz: walmart turning up the heat on drugstore chains like wall glean's and cvs by taking its, quote, everyday low pricing business into health care. the world's largest retailer teamer up with -- teaming up with direct health.com to help customers enroll in medicare plans or the public exchange plans created under the affordable care act. independent insurance agents from direct health.com will be based in 2,700 walmarts, more than 4,000 stores. they're ramping up here. customers will also be able to enroll online or by phone. now, walmart will not receive commissions on health care sales, but it's hoping that this
new program attracts customers into the stores who then, of course, as you know, the bed, bath and beyond syndrome, you end up buying way more than you ever wanted. let's see how walmart's stock is trading, it is flat on the session,. breaking news coming out of metlife. the news is that treasury secretary jack lew is going to hold hearings to review, quote: putting a systemic label on metlife. what does that mean? well, it means that in you put a systemically-important label on a company, it is held to different standards where it will need more capital on its books. lew is saying u.s. regulators will also review the process more designating a company systemic. metlife has sought hearings last week about this. systemic label comes with regulation by the federal reserve. trust me, companies don't want to be labeled as systemic. the stock moving lower by half a percent at the moment. why don't they want that? because again, as i said, it means you are then held to the same standards as the goldman sachs and the jpmorgans of the
world, the banks that got us into trouble the last time around. but breaking news, metlife, there will be hearings about whether it is systemically important. today the nba announced that walt disney will retain the rights to broadcast games for the next nine years. there's still no clear number on how much the deals cost but, listen, we can figure it out. we've extrapolated, it'll be upwards of $24 billion over the time span. that's three times the value of the previous deals. who takes on the burden of this hefty price tag, or is it simply an exchange of money between the league and the networks? could it be you, the tv subscriber, the ticket payer? here now to break down what these deals mean for sports fans, research horizon media senior vp as well as jim gray, sportscaster and fox business contributor. jim, you ever seen anything like this? i'm looking at these numbers. nine years, 24 billion, about 2.5 billion per year. that is more than double the previous deal between tnt and,
of course, as we know, time warner and espn. >> well, yes. we just saw it with the nfl, and we do see these deals. they're all escalating, and it's a terrific deal for espn and tnt. they know they get to keep the nba, a very popular product on their channels, and it goes through 2025. it's great for the nba and their franchise values, and it's also excellent for the nba players who will have a new collective bargaining agreement coming up in a couple of years, so they will get their percentage which is negotiated through the union. as far as the fans, it doesn't cause the ticket price to go up one penny because of the tv deals, i'm sure that will change, however, with satellite tv and cable distributers, that's where you'll see the cost and ultimately probably with advertisers. they're going to have to raise the rates on whatever they're selling to the public. liz: brad, is jim right? i agree with him the advertisers, certainly, the one thing about how people view live sports, is i just said it, live.
97%, and they do watch the commercials. >> this shows you, you know, this deal is eight years ago done, it just shows you how popular live television has become driven by dvrs, social media and also the from an advertising perspective. it's a very young audience -- liz: but you don't think that the tv viewer is quick to have costs passed on to him? >> oh, yeah. it's going to increase for espn which is already the most expensive at $6. there are estimates it'll be $8 per moment, per month -- per home, per month. liz: hey, jim, it's widely believed that lebron james struck his latest contract at only two years because he anticipated this. he anticipated this massive deal and realized, hey, i should be dealing with this, i should be getting part of this because i'm a big draw, right? doesn't he look like a genius right now? >> well, i don't know that he looks like a genius, but he was 100% right. and, of course, he should share in it, he's the most popular
player in the world, and he should be paid accordingly. their also going to move -- they're also going to move, the union will move to try to get rid of restrictions on maximum salaries. but lebron james should be paid, that's why he signed a two-year contract. perhaps he blows out his knee, god forbid, so there is some risk involved, but lebron james should be paid as the highest-paid player in the league, and he should not have a cap on his salary. and you also have to tip your cap to adam silver, the new nba commissioner. he's done an amazing job, and i sure hope the owners give him a raise, because look at what he's just negotiated for them. liz: one word, quickly. >> oh, yeah. he's off to a great start. he handled that sterling situation wonderfully, and now this contract with the nba. liz: we'll see how the atlanta hawks' sale goes. this jacks it up. brad, great to have you, jim gray, great to see you, sportscaster and fox business contributor. thanks, guys. closing bell, we're five
minutes away. the value of bitcoin talking abouted over the weekend. why -- tanked over the weekend. why? causing some to predict the glory days are over, but the co-founder of falcon global capital says, chill out, definitely another side to this virtual coin. he's joining us "after the bell." ♪ ♪ so ally bank really has no hidden fees on savings accounts?
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with our visionary cloud infrastructure, global broadband network and custom communications solutions, your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every day of the week. david: call this market flat but not flat to all the news. david: gone above and below the flat line 31 times today. a real roller coaster ride. nicole petallides is at the new york stock exchange. i want to talk about fannie mae and freddie mac. they're falling today dramatically because stockholders got word they will not get any profit from the company. they had to pay for it when it went underwater. now that they're making money the stockholders don't benefit. >> the legal battles continue. you have the shareholders, the government, the stock, both of fannie and freddie to the
downside. freddie mac is up right now. down five 1/2%. those are big moves. liz: it is horrible to be in a business where you supply a company who pulls the rug out from under you and you go bankrupt. that is what happened to apple supplier. going into the close. it is a disaster. >> it's a disaster. it was a $20 stock. now they are 84-cent stock. they're going for bankruptcy. they think they will be a great company. this will give them the power to do better business. they had high hopes that iphone would pick up their glass but they didn't. david: jcpenney, not quite as bad as that company. it is down significantly today as a lot of retail stocks. >> in bayer rohn's, there was talk about -- "barron's" that good thousand was priced into the stock. some retailers got hit. liz: no hit on tesla. up about 2% higher in anticipation of that thursday
announcement, right? [closing bell ringing] >> there is something about driving, automatic driving, right? you don't have to worry. drive itself. i bet something about that. david: bells ringing on wall street. it is a down day this monday as we begin the trading week and significantly down in the case of russell 2000. we'll talk about that. we have a market analyst coming up saying now is the time to get in on small and mid-size caps, represented by russell 2000. now they are beaten down. we have busy hour for you. "after the bell" starts right now. liz: apropos of nothing, palladium jumping today. david: there you go. liz: zack shepard says the investors need highs and lows to act to rebalance their portfolios. lee munson, telling investors which areas of the market they need