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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  March 6, 2015 3:00pm-4:01pm EST

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elephants will be joining a conservetory in florida. it's not like they're just -- >> get some sun. have some food. thanks, guys. happy friday to you. that's all i have for you today. hope you're making money. here's liz. liz: i have more, melissa. watch out. in this final hour, a river of red after better than expected jobs number which is actually, of course, good news. led investors on a chicken little ranch that interest rates were coming. investors dumping bonds. seen their biggest one day increase in more than a year and a half. they stand at 2.2% for the ten-year. by now, everybody on planet earth knows we will most likely be looking at this man's first original product. the apple smartwatch. on monday. yes. that's what's expected. talk about timing. today the mighty apple. now, the largest company
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in the world by market cap invited to join the dow replacing at&t. huge news for apple and its investors in just a moment, a fox business exclusive, the man who cofounded apple and who immediately recognized the genius of cofounder steve jobs. ronald wayne known as the third man at apple. only on fox business. you have to hear his reaction. moments ago, we learn that the british drug company blackstone firing 100 and ten employees in china for misconduct following a major bribery scandal that wounded up costing them $47 million in fines. shares under 2%. last hour of trade. (?) so much to talk about here. hank out. let's start the "countdown." ♪ breaking news,
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stumble, tumble, toil and trouble for the markets after that solid jobs report convinces people that june will be janet's juncture. they believe the fed chairman will finally choose to tighten interest rates and put fear in the markets. lower by 294 points. the s&p stumbling down 28. nasdaq lower by 53. you can see the transports also losing nearly a percent. even this news was not enough to drive the dow higher. apple and its market cap will be taking a seat at the dow jones industrials exclusive table replacing at&t which has held that spot for 100 years. out at&t, apple is in. apple has come a long way from its start in a california apartment of stevsteve jobs. why the switch? our maria bartiromo asked david blitzer.
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kind of the man in charge of this. he explained how the decision was made to add the company to the dow. >> that's not the reason we put it in. the reason is, given the situation in the index, this is the right moment to do it. and it's really what the index needs to properly represent the market. >> well, one of the three men who toiled in obscurity back in 1976 is with us now in a fox business exclusive. ronald wayne who alongside steve jobs the original apple founders is on the phone with us. i called you the moment i heard that apple would be joining the dow. what was your first thought when you heard? >> well, it was quite remarkable, of course. and as i mentioned at the time, even though i knew that apple was going to be a successful product, it was the right product at the right time. no one could have anticipated that it
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would become what it has in the last 40 years. >> i mean, amazing. back then, we're looking at these pictures of you and steve and steve. they're really kind of poignant. you guys had no idea how big this would be. even back then, were you bloviating and puffing out your chest saying one day we'll be on the dow? >> no. no. no no one gave it a single thought. i have to add an interesting curiosity here in that replacing at&t, a century old company is not only remarkable in its own sake, but the fact that the transistor came out of the bell laboratories. we eventually came out with a computer that founded a company that's replacing them on the dow. >> there's more irony. i think the irony is delicious that apple handed at&t its hat when it came to control over
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the operating system for the apple iphone. there's no logo. no at&t logo. on my blackberry it says at&t on the bottom. i have that too. obviously, somebody, you know, was striking a harder deal. here there's no logo. no at&t icon. on top of it, even more ironic that at&t exclusively first unveiled the iphone. they were the system, the carrier. right? >> i'm not certain of that. no. i'm not saying it didn't happen. i'm saying that i'm not familiar with that. >> well, i find it funny. here you are one of the cofounders. and you're a little -- i wouldn't say disinterested. but you came from atari. that's how you met steve jobs. and you were brought in to be one of the adults. and, in fact, you designed the first apple logo which shows isaac newton sitting under the tree waiting for the apple to hit him on the head for that great
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idea. here's the logo here. you designed that thing. then you also did the manual for one of the first computers. what was it like? i heard you guys sold your own calculators and vw buses just to keep this thing going. >> well, my job was actually to keep a little peace between steve and steve. they had minor difficulties, which i had no adul difficulty in resolving between them. and providing the technical background i had as a result of 30 years of engineering. and some personal experience in corporate enterprises. >> yeah, you were the adult supervisor brought in from atari. great to hear from you. you have written a book about apple. wrote it in 2011. it's just fascinating to see. but one thing, apple unveils the iwatch on monday, supposedly. that's the big expectation. >> right. liz: will you be buying one? >> i have to admit, i've never owned an apple
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product. but i may very well buy one of those. >> somebody gave you an apple product. >> an ipod. i gave it to my boy to have him show me how it works. my chances of getting it back are between slim to none. >> one just left town. it's great that you're in town to talk to us. thank you so much. wishing you the best. ronald wan wayne the original cofounder of apple. the other big news, apple pay. latest victim of hack attacks. the mobile payment platform that was touted to be safer than traditional credit cards. in and of itself hasn't fallen prey to a hack attack. the banks are finding charges for very big-ticket items that they never tap their phones for. but apple is not really to blame here, at least some say. whose fault is it?
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vice president of payments innovation. tim sloan has his expert opinion. people are saying, wait a minute. wait a minute. i have apple pay too. i haven't used it. i'm more like ron. i have to be taught how to use this. whose fault is this? >> this is a failure on the bank's side. they were supposed to be authenticating the users that were asking to have apple pay authenticated into their home. but fraudsters who have a significant amount of stolen information have been able to pose as the individual account owner and have the iphone enabled for somebody else's account on their iphone. liz: mobile payments, you will agree, are in their infancy right now. but does this scare people off? should it scare people off? >> well, i think if you take a look at credit cards when they first came out.
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the fraud ratios were up in the 15 basis points range. it takes time for a new technology to get out in the market and for us to start to understand how the fraudsters are going to attack us and be able to ratchet that back down again. i think this was something that probably should have been pretty obvious when we initiated it. but there was a real rush to get this apple pay announcement out the door. and perhaps some of us forgot. take care of the bases. liz: maybe they went to market too quickly. but wait a minute. what do banks need to change this second to make sure this stops happening? >> oh, i'm pretty sure they've already changed it. it's in the authentication instance. they allowed somebody to call up their call center and say, i would like to have apple pay on my phone. they would ask them for their last four digits of their social security
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number. they have to perhaps send an authentication code back through the mobile device or mobile app that that consumer has from the bank on their phone or perhaps send a code to the email address that that individual owns that is known to be authenticated. in order to close this off. >> we only have a little bit of time left. if you are tim cook and you're standing there inside the hallowed apple walls with the guy in charge of apple pay, are you sitting there saying, let's ditch any bank that can't keep this thing safe? >> i think i would have faith that the regulations as they exist which will do double damage on those banks. the banks have to make the consumer hole and the merchant hole. those banks will fix their problem darn face. the regulations put them in the hole. (?) >> tim, the vice president. of payments innovation. he's the guy who looks at this stuff. something tel tell tells me, hes
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not too worried. don't count out the tiny and powerful pebble. eric migicovsky is the founder who will be sporting his latest smart watches. our crew will be sporting them. we'll ask him if he's worried about the big unveil of apple's iwatch. he likes his chances against the apple mighty machine. our very own jolene jo ling kent. she'll be there as its unveiled. whatever it is. we're not 100% sure it's the watch. we're 99% sure. stay tuned. closing bell, 49 minutes away. the markets are just in a real pickle here. sometimes being first has tremendous advantages. the pebble smartwatch, as we mentioned, boasting a long battery life, outrun, out syncing the apple watch. but we have the pebble founder coming up.
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and investors and traders alike might be feeling like mel gibson's character in braveheart after today's sell-off. why people run for the executives in this final all important hour. who is holding tough, and how can you still make money and be with those tough guys? ♪ ♪
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a guy that can take the king 7 and make it 8. heck. maybe even 9. make no mistake about it. they're out there. i guarantee it. welcome to the nascar xfinity series. liz: gold is getting hammered. the actual metal itself down $30 a troy ounce. look what's happening to gold and other minor stocks. the spike in the us dollar got strong as a result of the strong labor report that showed employment fell to 5.5% has sent gold down. with it a lot of the stocks that are involved. names like new upon the mining. goldcorp. baric. remember, within that jobs report, what did we see? a loss of 9,000 mining jobs. so not a great day for this. (?) why are we looking at coal mining? that would be part of the -- all ten sectors of the s&p 500 are down
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today. the vix is having its biggest gain since january. all a result of investors becoming more convinced that a rate hike could come as soon as june. what's the smartest way to play it? let's bring in the traders. join our floor show. rob. you never really know why a market is falling or jumping. but i think it's pretty safe to say that people think we'll see a rate hike. it seems almost ridiculous. but why the sudden dramatic drop in market? >> liz, it's a great question. what you're seeing right now is the jobs number coming out today, people are thinking that that september raise of interest rates won't be in september, it will be moved to june. they're pricing that action in right now. >> pricing in the action right now. charlie at the cme. what's stunning, treasuries. the yields spiked the most that we've seen since 2013. it was a huge move for the ten-year because money came out of the prices of treasuries. is this again an
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interesting fit of behavior, i would think? >> it's an interesting bit of behavior and it shows investors are coming out of one asset class that have been piled into. in terms of the asset market, this is healthy. we're starting to see the break. if you look at the technicals, we've come down really for the s&pes and we've come through the 20-day here. the hundred-day is down in the 1235 day. or 2035 area, excuse me. i think thi this would be the most positive thing that can happen. the market prices this in. if we do see rates rising in june, you'll also see markets react to that in a sense that it's already been priced in. liz: exactly. exactly. which brings us back to rob. if you look at how stocks could react. what could possibly be the thing from a tiny rate hike?
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>> i don't think you'll see much. it's almost a positive that the market is getting under itself. the economy is improving. from the negative side, if you're seeing a rate hike, you're seeing these staple companies. they're driving the dow lower. colgate. procter & gamble. the multinationals are under pressure with europe. so i think the dollar's strength against europe, the consumer staples are under significant pressure today. liz: with all this exciting news and the markets gyrating all over the place, we do have oil back below $50 a barrel. next stop, 48 or 51? >> well, zero. it's coming soon, isn't it? liz: yeah, right. >> let's put it this way, strong dollar is knocking down the stock market. good news for the consumer that the price of oil, price of gasoline is not going out of control here, even though the market really seems to want to gravitate a little higher. again when this kind of news coming out, that
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will keep a lid on this market. very tough to get this market up with what we have weighing on top of it now. so enjoy. fill up your gas. >> i've got sunshine. we have sunshine outside. we can only hope that the heat will actually come sooner with that sunshine. great to see all of you guys. thank you so much. have a great weekend. closing bell ringing in 40 minutes. a civil war has broken out within goldman sachs over which potential presidential candidates they should support. oh, the pressure intense inside those hallowed walls of goldman. charlie gasparino the only one with the scoop on that story. and we are some 70 hours away, 70 hours away from the big apple announcement where the company is expected to reveal final details and the actual apple watch. but the original smartwatch creator, pebble right here with us at fox business. breaking records with its own smartwatch.
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we have right in studios, founder and ceo, eric migicovsky in a fox business exclusive. ♪
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liz: the music discovery app. you hold up your phone and it tells you what it is. it enables hundreds of of yours to figure out -- you'll be able to figure out a cereal box. or dvd's that you want to purchase the soundtrack. it raised $30 million to fund the expansion. not public yet. (?) and another bump in the road for uber, the ride
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hailing service has suspended its peer-to-peer uber x in south korea following a series of clashes with the local authorities. despite the set back, it will offer it in south korea. if you notice your likes on facebook have been tanking recently, sweetie, it's not you. it's them. the social media giant changing the way it's calculating the number of likes for your facebook page. it will subtract any accounts that are no longer active. troll accounts. facebook investors aren't liking the stock today. down 1.5%. for those of you looking at how many likes you get. hey, i have a question, what has goldman sachs ceo all hot and bothered? it's apparently how goldman employees are seemingly going to vote in the next presidential election. charlie gasparino with the scoop.
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charlie: yeah. interesting that yesterday, or two days ago, politico did an interesting piece on how goldman sachs -- they'll hold fundraisers for jeb bush in the coming days. but what we understand, when the ceo of goldman sachs, a long time hillary clinton supporter, he saw that article and hit the roof. he's worried about the firm's image for hillary who wants to go all in for 2016 and believes hillary will win in 2016. the election. what you essentially have inside goldman sachs is a civil war. a lot of partners are still annoyed at the democratic party. they believe the democratic party, the party of elizabeth warren, the party of barack obama are going to continue to bash the banks, even if hillary is in there or not. and you have roy a loyal supporter of hillary and believe she will return to the clinton glory days of the 1990s in terms of deregulation of wall street and being a friend of wall street.
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as you know, hillary clinton earned hundreds of thousands of dollars in speaking fees at goldman sachs over the last couple years. >> and her husband bill actually was the one who effectuated or saw -- or the leaving of -- >> right. yes. and it's an interesting thing going on here. i have to give a tip -- to ben white of politico. he talked about how they had these two fundraisers. that got -- lloyd hit the ceiling. he doesn't care if you want to vote for jeb bush. i think what he's worried about is to give a public display of support for jeb bush. >> it's pick who you want, just don't make it public. >> because he wants to show her that the company is in her corner. interesting story. will keep going. liz: very nice. and, no, we're not talking about veronica
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vain for the fifth time in a row. >> i wonder who veronica will vote for this year. who do you think? you know, the porn industry is divided on this. some of them are feminists, some of them aren't. it's interesting. >> let's ask larry, larry flynt. >> he coming on? >> he has in the past. the face of the dot-com era to the face of the american circus, "countdown" had you covered on the biggest stories. here are the highlights. >> we just recently invested a quarter of a billion dollars into israeli companies. so we are investing in the future of 3d printing all the way from health care to edibles to aerospace and manufacturing. and we feel it's a game changing technology that will help us do everything that we do better. >> when the nasdaq lost a trillion dollars in
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value, i think that was a big -- a wake-up call to the bubble that had everybody had been worrying about. that said, that laid down the foundation of the internet. >> you have to look at the fact that even thousand, compared to 15 years ago, each and every one of our companies has a dominant tech component to their operation. you cannot compete in any industry today without having core competency in technology. >> first of all, it was a long well-thought out decision that our family made. and we've been thinking about it for quite some time. but it's really because there's been somewhat of a mood change or shift with consumer sentiment. >> lots of mood changes going on, especially in the markets. although, right now, it's a down move. right now, the closing bell, just 30 minutes away. will you watch -- which watch is the question? less than three days
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until the highly anticipated apple event. the stakes are high for the smartwatch makers out there. coming up next, the industry pioneer, pebble watch smartwatch founder. he's with us. what he's doing and feeling ahead of apple's big cameo. triple digital losses right now for the dow jones industrials losing 200 points. seconds ahead, our market panel shares their road map for the smooth money ride. ♪
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liz: oh, look at that. our superstar "countdown" nancy. keeping floor manager often on time. did you notice what they were sporting on their wrists? one of the original smart watches, the pebble watch. kickstarter campaign for its pebble time and pebble time steel watches has become the most funded kickstarter campaign ever. with the apple iwatch on the way, could this hurt their success? fox business exclusive, founder and ceo eric migicovsky. you must love that seeing our crew sporting the watches. >> it's really cool. liz: i'm sure you see people on the street wearing them, or are there enough out there? >> there's a million pebbles out there. it's a crazy feeling. we started this seven years ago in the dorm room that i lived in. to see it go from zero to a million, it's incredible.
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liz: you're like zuckerberg. steve jobs has an apartment room. everyone has a garage. but you're about to show us the brand-new pebble steel. show me. >> this is pebble time steel. the brand-new watch from pebble. it displays the information in the form of time. basically what we've said, the original thing that people do with watches is tell the time. so a smartwatch shouldn't be that much different. with pebble, you can see what's coming up next at a glance without having to take your phone out. >> it has 7,000 apps that will link to it correct? >> that's correct. >> i'm geekd up about the battery life. >> you can use it as a great watch. the screen is always on. the battery lasts seven to ten days. >> ten days, okay. any sense of whether people are waiting to pull the trigger on buying your steel before they want to see maybe what apple may unveil on
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monday? >> i think it's exciting. apple is the biggest company in the world. they're coming into the space hot. they're coming in strong, you know. and i think what they've said is smart watches are a thing. they will be what people wear on their wrists in the future. >> you put this on kickstarter. how are the orders trending? >> we launched a week and a half. within the first seven hours, we sold more watches than motorola sold in the entire month of september. >> really? which is now over in lenovo, we should mention. do you get a sense from people, i like that pebble, but i'm not sure because i want to see the apple watch? >> i think what pushes people over the edge is the care and attention we've made for making sure pebble is an amazing watch first. it's earning the spot on the wrist that watches have always had. >> here are the competitors nipping at your heels.
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huawei, apple, samsung. they're all in there. i think you have something that they don't right now. that's the ability for people, if you have a 3d printer to print your own watch band. the possibilities are endless. you could put your alma mater on there. your favorite sports teams. what are the possibilities? >> people are putting sensors inside the watch band as well. while pebble is a smartwatch, it could be more. imagine if it had a gps. all these other sensors that could be integrated into the brand. >> what can i print? this part of the brand? can it be plastic? >> it can be plastic. it can be soft. >> anything i want. can i make a design on the band as well? >> what we're excited about is actually third parties building accessories for pebble based on the designs we've published. they can do anything. >> are you scared? people are looking at you through the screen
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and saying, is he nervous that the apple iwatch will knock you off the radar? >> i'm an optimistic guy at heart. >> you have to be in silicon valley. >> there's a lot of risks out there in the world. while apple is a great competitor, strong company, this is our entireocus in the world to build amazing smart watches. we're determined to do it. >> sold more watches in the first couple of hours in kickstarter than motorola did in the entire month of september. thank you very much. where will you be watching? >> we'll in the office maybe a little of popcorn. >> good to see you, thank you. please tell the pebblers that we said hi. founder and ceo. eric migicovsky. twenty minutes before the closing bell rings. down nearly 300 points for the dow jones industrials in case you haven't been watching. stocks, in trouble. nicole petallides is at the new york stock
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change. any good news? >> we have some earners that bring good news. down 300 points. all ten sectors are lower. here's a peening at a couple of winners. foot locker moving to an all-time record high with great sales numbers. (?) stocks four and a quarter percent. with big lots, sales been on the rise. guidance is a little bit soft. that's a winner. staples to the downside. down 2.5%. they missed their numbers, and they were blaming the stronger dollar. but overall, we're seeing selling across-the-board today. weakness in every single sector as we go into the closing bell. great interview with the pebble ceo. and the most beautiful manicure we've ever seen, liz claman. >> is that crazy? it's a little immature. put the sparkle on the third finger. i have a teenager.
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get ideas from here. nicole petallides. closing bell. nineteen minutes away. us market, they don't look good. they're starting to price in the strong possibility of a rate hike in june. what will it mean for your portfolio? don't worry, we'll give you the road map to avoid the potholes, next. and while the markets close at the top of the hour, we're always on call for you. go to foxbusiness.com/oncall. do this, i'm ordering you sign up for claman on call. we'll deliver the biggest headlines of the day directly to your smartphone for free. you like that word. ♪ ♪
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>> we're now arguably in the most vulnerable final 14 minutes of trade here. what is really losing in the s&p utilities index falling the most in a month with all 30 utility names. all of them in the s&p 500 down. take a look at some of the losers here. we have ppl. american electric power. edison. all moving lower. on a positive note, let's look at winners on the nasdaq. real leaders here. as we look at these. remember the nasdaq is down about 61 points. not a great day. i want to mention one stock that's actually looking pretty good. it's gamestop. gamestop up a third of a point. gamestop is at $30 and 14 cents. one of the s&p leaders right now. we've all experienced this feeling at some point. >> oh, my gosh. oh, my gosh. oh, my gosh. liz: the vix having its biggest
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gain since january. bumps in the road for the markets. my next two guests have the perfect road map for your portfolio to navigate past the bumps. bob dole. manager and chief equity strategist. and bill lee. citigroup director and head of north america economics. gentlemen, i would say, just don't look. right, bob. if you're in the for the long-term, don't look. people are nervous on a day like this. it appears we'll lose 300 points on the dow alone. >> not a fun day to cap off a week where the markets look tired. don't look every day is what we've been trying to get people to do since the stock market began its tripling three years ago. there have been days like this. and there will be a lot more like it. in the environment, just before the break, when we start thinking about the fed commencing rate normalization, stocks have usually done well in it.
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pause and have some turbulence in it. and then resume. some economies are okay. which we think it will be. resume to the upside. this is a dicey period as you point out. liz: bill, i like how he put it. you need to work with good shock absorbers, in fact. you were actually smiling when we introd it. that made me feel better. today, we had an economic speed bump. that would be that we still have a certain portion of the jobs market that's labor participation. it's not budging. it's horrible at this point. does that worry you? >> in fact, the job market report is considered a very good report. the numbers are great. unemployment rate is down. the parts that have often been ignored, not just the participation rate. that's an important factor. one of the factors that why the employment rate declined. i'm worried about turnover. do you realize that we are not creating the kind of jobs we used to create? do you realize we have
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not come close to the precrisis levels of job levels and hiring that we've had before? that's what i'm worried about it. liz: i'll start with bob dole. when you're making your investment decisions, how do you make it a smooth road that's bin recentlbeenrecently paved? >> it's not simple. stocks are not a straight line. it's the highest returning class of the broad asset ones over time. it's bumpy and volatile. focus on companies with good positive free cash flow. companies that get more of its earnings in this country than elsewhere given that our economy is better than most places. and i think we're still in a disinflationary world. companies that benefit from that. >> yeah, you meant about disinflation? >> bob is pointing out a great point. we have markets that are dealing with distortedrkets. distorted because the
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policy has been at zero for too long. it's not appropriate. liz: what's the worst thing that could happen, bill, if we tighten rates a tiny bit? i'm thinking, will it be that bad? >> not at all. if we raise rates a little bit, everyone would be relieved. if the fed does it too early, they'll pause for a long time. people will ask, have they made a mistake, will they reverse themselves? that lack of credibility, they don't want to have going forward. they want to make sure that once they move, the economy is in gear and inflation is at the upward. liz: if we were to put nice stocks on the sides of the road which have been smoothed out by you gentlemen. bob, your cap core fund. you're beating the bench fund index here. looked at some of the names. amazingly apple going to join the dow jones industrials in just a week or two. what did you think of that announcement as
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it's one of your big holdings? >> part me says, where have we been? it's the largest company. in front of a large of trends. americana, it belongs there years ago. >> tell me what you're liking right now aside from apple. >> so boeing is on our list of favorable names at this point. we like the fact that the airline industry is doing better. it has a lot of old planes. the replacement cycle, obviously accrues to boeing's benefit. the stock did very well in 2013. lagged in '14. we think it does better this year. target and the retail area, i want something in the consumer area that benefits from the decline in the price of oil. a lot of consumer names fit that bill, liz. the difference here, this company is doing restructuring and gaining market share. then i want some defense in my portfolio. and so, century -- telecom, we think ctl, yield of 6% gives me a
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little bit of ballast. bob has a tough job. he's facing an exchange rate that's making life difficult. it's changing the relative performance. >> the strong dollar. right? >> the strong dollar, exactly. liz: can i challenge that a little bit and say, it's challenging for some companies that didn't hedge properly. i say the best job in america where people will pay you a lot is teaching ceos how to hedge with this strong dollar. because there are companies like yahoo who have done it very well. there are -- >> hedging is only a short-term -- it can only give you short-term protection. what you have to do is find centers of growth. centers of growth that are based upon fundamentals. us happens to be the main center of growth in the world. the exchange rate is changing in the balance of forces around the world. liz: it may change more, gentlemen, when we on monday, not just the apple watch being released. you have the european central bank starting
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its quantitative easing, or stimulus, to both of you, bob, i'll take you first. do we see meaningful movement or is it baked into the cake, such a cliché? >> as long as they're looking for ways to continue to ease. and the fed is looking to tighten, that will be a strong dollar. that's what we've seen. at some point we get overdone and take a pause. i think the dollar will be higher at the end of the year than it is now. when you couple the fact that the us economy is outperforming the europe company. i think bill is right on. this economy is doing better. and interest rates at the fed funds level should be low, not zero. there's a big difference between low and zero. liz: right? here you are head of north american economics you said it's not that big a deal. will the ecb move mean anything for you? >> it's a big deal for people who are just doing the minutia of the market.
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for mom and pop on the streets, it's b not a good deal. the rates will still be conducive to growth way into 2015 even if it goes to the one to 2% levels. liz: you have to take your act on the road. come here. great to have you here. bob dole. senior portfolio manager. and chief equity strategist. along with bill lee. citigroup manager and head of north american economics. closing bell, five minutes away. the dow jones industrials down 290 points. a lot of red on the screen. friday's job reports came out today. great number. not spreading cheer on wall street. in just a moment, why this jet is soaring. this product is expensive, but its chairman and founder has news he's breaking here after the bell. this will change your mind. after the bell starts in just a sec. ♪
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liz: it is a market selloff. a very tough day. guess what else is selling off. 10-year treasurys with the yields spiking. david: another thing selling off which is fold. in the fed is tightening sooner than expected, that means we'll see less inflationary characteristics in the economist. gold is taking a hit. down almost more percentage wise than the market, as bad as that is. liz: nicole on floor of new york stock exchange. any way you slice it, a huge downside day but pick it apart, it is led by two specific sectors that really be safety plays which is weird. >> no doubt. selling across the board. consumer staples under pressure with a strong u.s. dollar. so of these do business across. strong u.s. dollar is not great for multinationals. utilities are safe haven but if rates go higher because of jobs report utilities get killed.
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david: nicole, gold is down $31. [closing bell ringing] >> $31. the dow recovered a little bit, down 29 points. david: some people are -- 279 points. david: they're selling bold. keep it cash. if cash will be king, why not? liz: throw it under the mattress. david: have to do something with it. liz: don't to that. bell ringing on wall street, 4:00 p.m. eastern time straight up. here is how stocks finished the day. david: ouch. liz: we knew it would be bad. dow jones industrials down 279. why? we got much better than expected february jobs report that scares people into thinking june will be janet's hour. david: that's right. all this talk about how the fed will be putting off a rate hike until 2016. well, when they saw that jobs number, it will be tough not to raise rates a bit. liz: don't worry. we'll make you money right now because "after the bell" is starting right now.

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