tv Countdown to the Closing Bell With Liz Claman FOX Business August 19, 2016 3:00pm-4:01pm EDT
drill down over and over and over again. it might change the outlook. go to my facebook page, let me know what you thought of today's show and your thoughts on all of our segments, and i'm going to be in for our friend lou dobbs tonight. so i'll see you there 7:00 p.m. eastern. liz: trish, thank you very much. listen, we have two major apologies. a man made disaster, and a natural disaster dominating the news at this hour. donald trump is now on his way to michigan for a rally this evening after getting a firsthand view of the devastation and deadly flooding in baton rouge, louisiana. his running mate mike pence coming just hours after trump came as close to an apology as we've seen during this campaign for not choosing the right words and sometimes saying the wrong thing. trump's campaign chairman using the words "i resign today" adding more intrigue to a campaign trying to right itself as poll numbers flump. american swimmer ryan lochte also apparently using false
words. that's called lying, folks. when he said he was robbed at gun point in rio after doubling down yesterday on the tall tale, today he apologized. we're getting this all covered the way you need it to be. congressman garrett graves represents baton rouge. lifelong louisiana resident here on whether donald trump's rival brought welcomed light for the community struggling with disaster. our political panel breaks down the paul manafort resignation. what's really at work there? and the expert on sports and sports marketing on the ryan lochte mess. did the swimmer just blow the biggest paycheck of his life? on wall street, we've got markets moving in a very mediocre range right now. lighter volume but guess what? this numbers with the dow down 41 have another billionaire entering the bear cave. why are the big money guys cashing out? less than an hour away from the closing bell on friday.
let's start the countdown. ♪ ♪ liz: okay. yes, so the markets aren't as exciting as bolt running down the track to the finish line but are they so bad that yet another member of the three club he's out of stocks, bonds, that's what these guys have been saying lately. we'll tell you who that is in a moment. but why this, the nasdaq, down 2 points right now, but more the level you need to watch here. the nasdaq is in a race to stay positive for the week. if the nasdaq finishes above last friday's close, which is 5,232, right now we're at 5,237 right now, that will mark the eighth straight week of gains. of a winning week, and that would be the longest winning streak in nearly six and a half years. we're going to be keeping an eye on the nasdaq level for you this entire hour. and while the markets are down, oil is not down or out. it's a big winner this week. guys, it was just three weeks ago that crude was in bear
market territory. today, it has now entered a new bull market up 22% from recent lows back on august 22nd. we have oil right now up half a percent. it closed today at $48.52 we're 10 cents below that right now in the aftermarket. but we have this as well. the world's largest equipment maker deer, john deere seeing its largest increase since march of 2019. why is it jumping 2%? conflictive news here, it plans to cut production of its tractors and harvesters due to a downturn in the global farm economy. so this number that you see, this jump of 13%, it might not last. we don't know yet, but we'll be watching it. and pricey basketball shoe sales elevating foot lockerbie 11% right now. double-digit gains after seeing second quarter sales rising 4.7% thanks to strong demand for, yes, higher high topsails. and running shoe sales.
so we're looking at shares $68.46 up six bucks. to the deadly flooding in louisiana, the pot slight of the presidential campaign putting new focus on the devastation there. republican nominee donald trump with his vice presidential candidate mike pence seen here helping victims of the flooding and surveying the damage. look at these floodwaters. in some cases they are draining, but then that has as we told you yesterday, other areas seen rising water levels. take a look at these aerial shots. vast areas under water still, the disastrous flooding leaving an estimated 40,000 of those homes demolished. this is news comes out today that some 86,000 people have now applied for federal disaster aide in the wake of the flooding. officials in louisiana scrambling this hour how to provide the extreme need. let's bring in lifelong resident of baton rouge where the worst flooding is happening.
a member of congress representing louisiana's sixth congressional district. congressman, thank you for taking time out during what is a disastrous time. just yesterday on the show, we were asking jill steyn of the green party why wasn't she surveying the damage? where were all the candidates? why were they all silent? and now donald trump got in a plane, showed up. how do you view his rival? >> look, there are a lot of people down here that are very much hurting and in many cases feeling left out, left behind, neglected. and his rival here, it's just having a high profile national figure come down here very well received, very warmly received in the community that he visited. liz: would any of the candidates be warmly received? i look at this, and i have covered so many disasters. and there's sort of a double-edged sword here. in fact, even had the newspaper, the baton rouge newspaper, the advocates saying "sometimes presidential visits -- and we're talking about president obama because he's on martha's vineyard
golfing. sometimes presidential visits can get in the way of emergency response doing more harm than good. he's taking a lot of heat for golfing on martha's vineyard in massachusetts off the coast there. but i'm with you. i think when people show they care, when people show up, that matters to those in the boats. those who are struggling to get back on track just even if there's nothing to be done, just have their voices heard. >> no doubt about it. seeing the pictures of the president out there golfing while people in louisiana in chest deep water, it's really hard want to for one minute people here to digest and understand. but bottom line great people here. great neighbors helping out. it's amazing. as we go to places where people say, look, mime michigan home's still under water my neighbor down the street helping clean his house out, people have been incredibly generous. liz: louisianaians are incredibly gracious, i
remember covering hurricane andrew in louisiana, and i couldn't believe how people were helping each other out. and you look now the job to be done. you sit on the house committee of transportation and infrastructure. i understand, congressman, that some 1400 bridges before they can even be reopened need to be inspected. this looks like the shovel ready project to me. i'm wondering, you know, why can't we get an infrastructure project that does something good and immediate like that? higher some inspectors. >> well, you're exactly right. it is something that needs to happen. it's no secret that louisiana has a tremendous number of waterways, so we do have a lot of bridges, a disproportionate share, similarly there was a core of engineers project that has been in the queue since early-to-mid- 1980s that would have prevented or tempered this flooding in many of the areas and that project has been stalled. another good example of
something that could have been done or needs to be done. liz: let me tell you as we look at these disastrous pictures, all of these people need housing, don't they? flood insurance has declined since 2009 because you have rising premiums. are we in for a massive insurance fight when it comes to louisiana and the people who -- once they get their heads back up out of the water are able to say "i need some help here. i didn't have flood insurance." >> well, you've got to look at this event. this is a 1,000 year event. in some areas, we had 31 inches of rain in just a couple of days. i mean 31 inches is the national average for rain in a year, and we had that in just a couple of days. this is really an -- and 700-year floodplain that were completely devastated. so this is going to require additional assistance for recovery, and we're going to have to look at some other ways to help come in after the fact and provide assistance to
some of these homeowners. liz: we're with you, representative graves. we hope everything works out. please join us again. >> you bet. thank you very much. liz: any time. congressman graves dealing with what is an under water louisiana right now. by the way, we wanted to help in some way. the red cross is accepting donations for flood victims. you can call 1800 red cross or donate through the american red cross website at www www.redcross.org. and up until today when donald trump showed up, the only candidate who had done anything was hillary clinton and all she did was tweet that information. but, hey, at least did something. all we can say for now donald trump is the only one who has actually gotten on the ground there and listened to what people are going through. to the markets. we now have yet another billionaire entering the bear cave. he's got $27 billion in assets, he is elliott management's paul singer, and the rising course of bond and stock bears have just gotten a little bit more crowded
because he's joining the bill grosses and the carl icahn's of the world in a letter to investors singer called the global bond market quote broken and says we're experiencing quote the biggest bond bubble in history. carl icahn had said that months and months ago. now, despite -- look, negative yields below 0%, investors are continuing to pile to government debt, understand, folks, that negative yields mean people are parking their money with the government and paying the government to hold their cash. that does not make sense. on wall street, the executive chairman of 1800 flowers, jim mccann founded the company he says he likes borrowing money at such low rates but come on already. >> as a small business person, we benefit from the rate environment. and frankly when i hear you talk about the fed rates, i wish they would raise it a quarter already so i don't have to hear you guys talk about it all the time. liz: well, we only saw one last december and right now
mccann clearly being flipped still cannot see anything in the forward down the street. because what do you have? you have under 50% chance by december of seeing whether we will have a rate hike. so let's get right to the floor show. traders at the new york stock exchange, cme group. is that why we're seeing such a meandering market right now? >> we have no direction being given from our own federal reserve, so all we're left to do is to wait and see what exactly is transpiring. far more action coming out of the other central banks of the world making decisions on devaluing their own currency. we've seen the bank of england that maybe they don't need to be evaluated as quick as they thought they need to. their economy seems to be holding up in the middle of the brexit. but we have this continuing conversation. fed head after fed head saying we need to raise rates, look like we're raising rates, et cetera. the fact of the matter is a better economy, this is not a tightening mode. it's a naturalization mode.
and do i agree with the billionaire club? absolutely. the largest holdings of bond issues in the world are held by the central governments that issued it them. if that's not cornering the market, if that were anybody else, they would be under investigation. but that's the way -- that's the market they're in. liz: the 3comet club as they call it on silicon valley. the billionaire club, they're all very nervous. now, carl icahn was on this network sounding an alarm saying everybody should get out. this is really dangerous. and yet we haven't seen that. in fact, we've seen the markets hit record high after record high, and we haven't seen some type of bond bubble bursting or equity bubble bursting. is it coming still? i mean you know that we'll see many, many more recessions in our lifetimes or bubbles burst. but something that's so damaging everybody should convert to cash? >> well, what we've been looking at, and i've been saying it with you here for a long time. it's the only game in town. and when you're the only game in town, what's happened is
there's a change of.the -- all of these people are disappearing. and they're giving it to who? the last guy standing. whenever i've seen that, that last guy standing, that chair gets pulled out from under them. who's generally that person? the general public. so you've got to be very careful here. that's the game. it's a rotation right now and the valuations of stocks as people have chased dividend yield don't make sense in some cases. up to what? 21 on the s&p. got to be careful right here. and that's what these gentleman are saying. they're saying they don't like any of this, it is a bubble and a correction is needed. that's what they're saying. liz: so you're saying listen to the three club. they got there by being smart. i'll get to you, allen, right now. we have quietly seen oil jumping 22% from the early august recent lows. i mean february was much lower. but we went from 40 to 48. is that going to be a bear trap? or a bull trap in some way,
shape, or form? >> well, three weeks ago we were talking about crude oil being at $40 and on that show, we were talking about the fact that it was oversold and on the way back up. it related almost $10 since that point. now on this show, i'm going to be saying the opposite. we're getting close to a high. it's overbought, we're heading back down. i don't think we get much above $50. back down we go in crude oil. liz: yeah, because this is not a fundamentally driven indication. we still have anemic demand. we still have too much supply. it's just maybe a technical issue where we hit a low -- at least an interim low. great to see all of you. ira allen and ben. have a great weekend. you deserve it. and we just showed you what 1800 flowers founder jim mccann said about rates and whether we should see them rise. this guy is an entrepreneur, he started a business during a recession. 8:00 p.m. eastern. he's the top guest for wall street week. and then stick around for
stossel tonight at 9:00 p.m. eastern. closing bell 46 minutes away. nike burning down the dow heat map leading the charge of the 22,000 30 not because of the free ride but mic got off of michael phelps not even divorced by them. so he gave it to them for free. but rather for something way more boring, logistics. yeah, the sneaker company with private equity firm apollo. so nike is jumping nearly 3% 1.71. well, nike might be thanking its famous swoosh ryan lochte. lochte apologizing today for his rio robbery tall tale. but could it the sponsors he does even have? and. [car engine revving] liz: that's just an average
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liz: the ugly american. liar, liar speedo on fire and the lochte monster are just a couple of headlines describing ryan lochte following release of surveillance video showing that the gold medalist lied about being held up at gun point by somebody in rio dressed as a police officer. no, that didn't happen. so what is at stake for ryan lochte? well, how big at least for now 1 million in sponsorships and untold more money he might have gotten from winning in rio. now, of the companies that pay lochte, among them gillette, ralph lauren, gatorade, procter & gamble, only airways mattress has expressed support so far for the swimmer. we should mention that speedo, who's agreement with lochte expires this year says it is monitoring the situation. let's look at shares of some of the sponsors. not a real move here. we do have at&t and procter &
gamble slightly down, polo and nissan up slightly. but saying he's sorry fix anything and open up the endorsement purses again? while lochte is stealing oxygen and headline space from other champions in rio, who might really be this year's game winners? joined right now by director of sports business washington university. pat, did ryan lochte just blow the biggest paycheck of his entire career? >> he's drowning. his endorsement career is done as far as i'm concerned. there might be opportunities for him, liz, in reality television as he's done before. we've seen that there's plenty of examples of people in reality tv that don't show the most fruitfuls, and he's certainly exhibited that time and time again. but in terms of endorsements, i would not be surprised if ralph lauren and speedo were to drop him within the next seven to ten days. liz: really? that's a big call. you say ralph lauren and speedo, maybe others might be out. look, he apologized and
his excuse was that, look, there was a gun involved. the security guard tried to prevent him from leaving after he had vandalized the bathroom at that gas station, and he said it was traumatic to be out late and to have something like that happen, and i'm really sorry. i should have been much more responsible in how i handled the situation. but he mobilized a lot of people who turn against what was already a down for the count rio. face it. there was crime there already. so let me play devils advocate. he's done? really? >> really and here's the reason why. when you talk about corporate endorsements, what do they want from their people? they want their people to exclude excellence, trust, likability, team work. and here's a guy who essentially leaves town while his teammates are left to deal with the situation. he has taken the emphasis away from all the other athletes -- liz: let me interrupt you.
we're showing some of his other teammates who didn't get to leave -- in fact, they were pulled off a plane. that would be traumatic in and of itself. and at least one of them had to pay a fine of several thousands dollars just to leave the country. >> that's right, liz. so when you think about what is actually taken place. just the lack of intelligence of even -- why do the interview in the first place with matt. you wouldn't be talking about this right now. liz: let's talk about someone who deserve it. have any of you guys heard of ashton eaton? i hope you have. because he has won the decathlon not once, pat, but twice. this guy's unbelievable and yet he's not a household name after bruce jenner won the decathlon, he was the first world's greatest athlete to capitalize and get on the box. why aren't people for ashton eaton? forget about this and go for this guy. >> yeah. that's a great
question. jenner when he won in '76, the decathlon was looked at a little bit differently, liz, than it is today. what eaton has done is tremendous. he's certainly going to cash in to some degree. when i say some degree, we're talking about maybe a couple million a year for the next few years. it's not going to be the same take that the other athletes, certainly simone biles, i would expect her to do much better than eaton. liz: yeah, i think they're given a very tiny window due to the u.s. olympic committee. they pose such ridiculous onerous limits on when they can capitalize, and i don't think it's fair for these young athletes who are in debt many of the times to just be able to reach for their medals and represent the united states. pat, it's good to see you. thank you very much. >> thank you, liz. liz: saying lochte is done. calling it one of the most
important spacewalks in human history. why today's work on the international space station could open up a new galaxy to american businesses. which ones? we'll tell you. and dodge new engines giving muscle car fans heck of a ride. jeff flock is drag racing in michigan. >> i'm in the middle of woodward avenue, liz and look at all the hotrods lined up here? whoa going to get run over by something. take a look at them. legal drag racing today in michigan. you won't see it anywhere else. but here on fox business. stay tuned.
streak in six years. 5240, we're several points above the level we need. that would be 5232. we put the little bug right there, there. on the screen we're going to leave it up there, so you can see, we do have billionaires saying get out, get out of stocks and get out of bonds? right now doesn't look so bad. one small step for man, giant leap for jeff bezos and elon musk? yeah, look at this, nasa installing a new component on the international space station in the last couple hours t will be used in 2017 by companies like boeing, elon musk's spacex, to dock with the international space station and start ferrying crews to and from the station. it marks the first time private companies, such as musks and even jeff bezos, ending russia's current monopoly over astronaut transit.
this was delivered by spacex on jewel toth. the historic -- july 20th. it was founded by jeff bezos and united launch alliance, joint project with boeing and lockheed martin, will compete to bring private commercial space travel to the masses. bring it down-to-earth where legal street race happening just outside of detroit right on that street, where american automaker dodge is looking to cash in. the car company is sponsoring, love the title, road kill nights. 350 drag racers will run a course for thousands of prizes. i hear engines are called hell katz? that sounds awesome. >> hellcat, this is what this one is. that is what the hellcat engine looks like. 707-horsepower. liz: whoo. >> tim is the guy in charge at fiat chrysler making muscle car cool again.
this fellow souped his up more. >> he is pushing serious power out of this car. 700-horsepower was not enough. he has the thing running 1000 horsepowers. running unbelievable quarter mile times. that is what this is all about. we give them a base template and they take it to extremes. reporter: this is racing legally on woodward avenue. you see the track. they're clearing the track right now. they have shut an area of it down. you talked folks shutting this down so you guys could run. >> city of pontiac is fantastic letting us do it. people have been street racing for 50 years. not legally. they have shut it down all day. running to 10:00 at night. you can see from the crowd, people having a blast. reporter: liz, they are lined up as far as you can see, they are racers ready to go out here. dodge is making the muscle car cool again.
liz: i want to be there. i love that stuff. i know. can you believe that? reporter: they would let you wave the little you know, flag. liz: i'm wearing a yellow dress right now too. is there a tesla there? reporter: caution, caution. liz: approaching the redhead. have a great time. jeff flock and dodge making it happen in american auto industry business. closing bell, we are 27 minutes away. the dow is down 34. oh, nasdaq just turned positive by 10 cents. nasdaq is now in the green. so is russell 2000. we have 26 1/2 minutes to to now to see if this happens. exactly two months ago we told you who had the best chance to picking up the charred leadership piece of viacom. sumner redstone has won the war picking who he wants to be the ceo. charlie gasparino with the exclusive details you hear only on fox business, as viacom drama
comes at least to a near-term close. donald trump's campaign evolving, as he visits flood zone victims in baton rouge, less than 24 hours after apologizing in a speech incarolw campaign shake-up leave the billionaire feeling sorry for himself come november through know fault of his own? we're talking all things 2016. stay with us. >> sometimes, in the heat of debate and speaking on a multitude of issues you don't choose the right words. or you say the wrong thing. i have done that, and believe it or not, i regret it. i don't want to live with
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will nasdaq clear eight weeks in a row of gains? we'll watch to the closing bell. we haven't seen that in six 1/2 years. keep an eye on gap. came out with numbers for latest quarter. same-store sales numbers a little bit of weakness. stocks is up 3 1/2%. we're watching iex. you may remember it from the book "flash boys." michael lewis's "flash boys." this is new public exchange. coming up we have charlie gasparino coming up with all of the scoop on whether the battle on sumner redstone's 40 billion-dollar empire, will that survive and how will that go on? is it over? charlie gasparino will bring it to you as we continue right here on countdown on the closing bell. but getting it doesn't have to break the bank. introducing the comcast business summer savings event. now you can get a lot for a little. as little as a cup of coffee and donut a day. fast internet speed to drive performance,
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territory that damaged president george w. bush during hurricane katrina. he didn't go to the area. he flew over it. and he was in trouble with that. well, president obama was seen golfing wednesday in martha's vineyard just as louisiana began to grapple with deadly floods, what is now a full-blown major crisis. this as donald trump and running mate mike pence already landed and left baton rouge today. donald trump surveyed damage. listened to flood victims. he spoke with them. he took a look at the scene first-hand. trump of course capitalizing on the fact that no other candidate has gone to the region, let alone publicly spoke about the disaster. here yesterday i demanded if green party candidate jill stein why neither she nor any of the candidates had been talking about this? they were silent on it. hillary clinton apparently has no events scheduled for today. we have not heard whether she would go there. meantime trump arguably doing exactly the right thing, instead of drawing attention to a worse situation for his campaign, and
that is paul manafort's resignation as the campaign chairman. manafort stepping down amid allegations that he funneled stolen money from the ukrainian government to u.s. lobbyists. we have the a former clinton pollster bernard whitman, what the dynamics play for donald trump and hillary clinton. bernard, hate to say it, right now donald trump looks like he is in a better position having at least gone there. i know uh-oh, turning it into a circus but we heard from a congressman there, he is a republican congressman, people want to be heard or at least somebody pace attention. >> goes to show you donald trump is in it for one person only and donald trump. if you talk to governor, john bel edwards, he explicitly asked candidates please don't come. it diverts, time and money, resources away from flood victims. hillary clinton has sent out a note. i got it a couple hours ago. she is talking about how 40,000 homes have been damaged, 100,000
people been affected. encouraging supporters and her volunteers to give money to the red cross and baton rouge area foundation. donald trump is scooping in there to distract people from the real problems as his cam pan continues to sink and drift in the wind this is exactly type of situation and positive and people in baton rouge dealing with this mess do not want. liz: except, though, john, nobody had gone yet. not president obama. i mean we're still waiting to hear if he would do something like that. you don't want to get into that george bush katrina territory where, brownie is doing heck of a job. it was a deadly situation. granted there were more than 1000 deaths from katrina. every death matters. 13 in louisiana, but a death is a death at this point. but, to bernard's concept, and i would expect democrats to say that. i would expect you to counterbalance, paul manafort's resignation is bit of a problem, not because paul manafort may or may not have done something
wrong, paul manafort and donald trump said great things about vladmir putin. that is at the heart of the big problem. putin had snatched part of crimea in 2014 around paul manafort was getting paid by yanukovych who was president at the time. >> on the point of the flood, i've been very critical of donald trump for many, many months. trump is doing a right thing. it sets up a contrast good for the campaign, president obama is aloof and distant. he is not there. trump is on the ground. i give trump credit for that. the criticism from the governor of louisiana is itself opportunistic and trump has this amazing capacity to connect with people. he has an ability as bill clinton show to feel your pain, to have empathy. trump's problem his policy proposals have not unified the country. they haven't unified the republican party much less the general electorate. part of his problem as he tried to pivot his feet keep getting stuck in the mud. the mud now is story that you
mentioned about paul manafort. it is damaging on multiple levels for trump. look, trump, positioned himself as outsider, anti-establishment candidate. when you have your campaign manager involved in the most, really nauseating insider deals with dictators overseas, that undermines his entire platform. >> man paying him, victor yanukovych, had to scurry out of ukraine to russia and into vladmir putin's arms. >> that's right. liz: it doesn't pass the smell test, but, bernard, looking what happens next year, hillary clinton really might want to go there or at least president obama. >> we're missing point in both of these stories. president obama is not running for election. he does not need to have poet foe on. liz: he needs be the president. >> doesn't need a photo on in louisiana. as disgusting it is and troublg paul manafort had ties to ukraine mh more concerning issue that donald trump has
praised vladmir putin over and over and over again. this is straw man dictator, marginalized populations, one of most corrupt leaders in the entire world. praises him repeatedly. liz: will he stop doing that, john? >> hundreds of millions of dollars of debt to russian oligarchs. donald trump is likely in debt to russian businesses while at same time praisings the leader. >> john. >> i think what has happened again, trump keeps diverting attention away from winning issues. hillary clinton's foreign policy record is a sham bell, a mess. she was part of the obama administration's policy of ignoring crisis in syria which has blown up and created enormous humanitarian catastrophe terrorist problem around the world. that is what he needs to focus on. liz: we got to run. we'll see what happens. john heart, opportunity lives editor-in-chief, bernard whitman, democratic strategist. good to have you both. 15 minutes before closing bell rings. s&p down three points. dow down 41.
we're watching nasdaq. still in the win column for the week. tv saga and the movie drama, captivating audiences for months coming to a close now? viacom founder sumner redstone and his daughter sherri taking the win over ceo phillipe dauman how charlie gasparino and i got this right two months ago. charlie is breaking more. when we come back. ♪
where all beds are on sale! save 50% on the labor day limited edition bed. know better sleep. only at a sleep number store. liz: well, timing is an interesting thing. we now have confirmation just now that president obama will visit flood-ravaged baton rouge, louisiana. his visit will come tuesday. we have been told that he was coordinating with state officials as to when the most appropriate time would be for
him to come, and this news just breaking. president obama will arrive in baton rouge tuesday. 13 people dead. worst natural disaster since superstorm sandly. republican presidential nominee donald trump saying during his baton rouge earlier today, the president should have already been there. that sentiment certainly was felt by perhaps some people on the ground who were trying to be rescued and wanted some attention brought to the region. once again, president obama will now visit on tuesday, baton rouge, louisiana, to deal with the flooding victims. two months ago, this very week, almost to the day, we reported exactly who would be in the best position to replace former ceo of viacom philippe dauman. after searching public information on viacom contracts i surmised it would be chief operating officer tom dooley. and charlie gasparino and his producer brian schwartz were on the story from the get-go on many fronts. charlie joins us.
it all came down to platinum parachutes. not even golden parachutes. >> we were the first to property that dauman, his advisors said he was out. it was matter of time. we thought his golden parachute, correct me if i was wrong, i talked to brian who led me on reporting, brian schwartz, from my producer, we figured the golden parachute at $90 million. he is only getting 70. liz: waa. guess what, itas potential golden parachute, the guy who got it, tom dooley, as we told you -- >> right. liz: maybe that led them. he is capable. widely respected at wall street. been at the company since 1980. >> right. liz: if he had not gotten ceo job, it was in his contract way back in march, that he would get a $60 million payout. >> that was the whole thing. now you're bringing back memory, we said there is good chance he would stay, that they would have
to pay two, correct. liz: shareholders would be in uproar. >> we should point out, if you're shareholder, you want to buy the stock, b shares, redstone's own controlling shares, a-shares, you want to buy biab, which is the stock symbol, this company, no matter who is running it facing massive structural issues. liz: selling paramount movie unit. >> more than that. cutting the cord, cord cutting is essentially when people drop the cable subscriptions and get their internet other ways or don't have two cable subscriptions. they don't go for cable. and it is having impact, it is much the same way how internet had impact on print. it took out the weak players first. i was with a weak player, "newsweek" in 2004. by 2008 and 2009 it also almost out of business. liz: who will be interim ceo until september 30th? can he be that guy who can
permanently turn that around? >> let me make the point, the structural changes occurred in broadcast, occurred in print and online with cutting the cord, usually take out the weak players first. i don't think anybody can fix this company. if you're a shareholder, you have to hope they sell paramount to get extra cash or do buyout. i don't see long term -- weak companies get crushed first because of structural changes. viacom is among the weakest of the broadcast companies. every broadcast company stock will get affected to some extent. if management is smart they get ahead of this stuff. try to deal with it in different ways. for example, comcast did it by merging content with cable, with their cable operations. so i mean there is a lot of ways to go about it, but there are ways to go about but everyone -- liz: dooley get the full-time job you think. >> who would want it? liz: maybe les moonves?
>> he doesn't want it. it will affect cbs at some point. he has his hands full. this, if you're a shareholder in this, i don't think this, this doesn't solve your issues getting rid of philippe dauman. your issues are structural. liz: charlie, thank you very much. we'll be right back. we're watching that nasdaq. it is above the level it needs to be to make it a win for the 8th week in a row. stay tuned. ♪
liz: we're watching nasdaq. will it be a win? we have three days left -- i mean three minutes left. new oak capital president tim fish link with us. get to it, number one, what do you think of nasdaq move? eight weeks in a row. >> lot of people telling you to take money off the table. where do you put the money?
nasdaq still one of the best games in town. don't be hero, take some profits. you never go broke taking profits. liz: which stocks as you return from the beach, as you leave at sand and what should you bring back? give me buy and sell. >> i had fun thinking about this. airlines have great tailwinds with job in oil and whatnot. i want you to bring home, luv, southwest. i want you to leave american airlines. luv customer orientation, cost-cutting measures they do better than any other airline with efficiencies per airline mile. take luv, leave american. liz: take whole foods and leave cvs. >> both in consumer space. aging population, cvs and brethren in pharmacies, expanding reach across u.s., take that home with you. in terms of whole foods they were king of innovator of farm food to fresh. they have fierce competition. struggling with foot traffic.
people find they can buy the stuff elsewhere and cheaper. liz: we'll put jim's buy and sell what to leave at the beach, what to take home. [closing bell rings] at the liz claman facebook page. longest winning streak for the nasdaq in six years. ashley, melissa, pick it up here on friday for "after the bell." ashley: liz, thank you so much. my, oh, my, by five points the nasdaq finishes in red territory. we'll look at some stories we follow for you coming up. stocks, we should say sinking -- teleprompter -- melissa: we can sit here and talk. ashley: but as you just heard the nasdaq up for the week. longest winning streak in six 1/2 years. hello, everyone, i'm ashley webster in for david asman. melissa: definitely friday. i'm melissa francis, this is "after the bell," got you covered on big market movers. what else we have in this hour. go ahead and scroll up if you can.