tv Countdown to the Closing Bell With Liz Claman FOX Business June 21, 2017 3:00pm-4:01pm EDT
now i want to hear from you what do you think there is a special counsel. does it have a bias problem. how is that right. how is it fair to follow me and tell me what you think. liz, over to you. liz: we are watching the markets very closely right now. i did a due to multiple disk developing stories right now. this news conference has just started. america's leaders putting their have together at this hour. the live picture. they are working very hard to deal with the threat facing our nation. they are discussing what happened in their meeting and that was in top diplomats.
where to get you details with what they're saying. this is dramatic video just released. by telling the flame. and then getting chased off by a russian fighter jet. tensions are at multiyear highs at right now. jared kushner has just arrived to meet with benjamin netanyahu. can he jumpstart middle east peace talks. in the former nato allies the supreme commander. on which of these we just talked about. on wall street you can see markets are mixed. new names bubbling up a minute by minute.
we will show you the new sports car so fast you need a helmet to drive it. and charlie gasper in zero breaks breaks in a new troubles facing the ipo. where less than an hour to the closing bell. where all over every story that matters. -- we are all over every story that matters. liz: breaking news they are struggling to regain levels. both are feeling the pressure. not so for the nasdaq. it is muffling higher by 40 points. the down 49:00 p.m. the biotech which make up a lot of the nasdaq at the moment is having a great day. look at the xpi. you can see it as is jumping
4% right now. due to real strength of that we are seen. we will keep an eye on that. in the meantime look at oil. it is spiraling lower. settling a ten month low in the last hour. $42.68. it is settled at 42-53. we are continuing the slide in the aftermarket session. it has fallen 3.1% when you can see it has gotten worse. down 21% so far this year. just how local oil go. with the integrated oils. look at these companies that supply that. a key component in the hydraulic fracking process. it is is down 7%. fairmont essential is down very significantly by 6%.
all of them are moving lower. let us get to breaking news out of the state department take a look. this is secretary of state and the secretary of defense james mattis it was just that before the microphone. they've been holding a joint press conference at that started for a half minutes ago. and secretary of state rex tillerson dissing moments ago that china and the u.s. both seek complete verifiable the nuclear station of the korean peninsula. north korea has to stop developing nukes in china might be the key. china and other countries have to step up their efforts to crack down on north korea criminal enterprises that fund weapons. china does a huge amount of business not necessarily nuclear but with north korea. and in the last hour you heard
them. we may have to lay down sanctions on china for the very first time. it is happening at a time when the u.s. in china had officially begin talks. first, let me get to blake burman live at the white house. a lot going on here. the white house official was talking about the day and it's events. this is the first time that you've have something like this of its kind with the secretary of state rex tillerson. the secretary of defense james mattis sitting down for white is described as a forum alongside their chinese counterparts. as it was laid out to me. the talks will be centering around better cooperation between these two governments. the focus of course being the number one priority north korea. in dealing with the situation there. now you have this joint press conference right now they are talking about these issues.
to have us play a role. the need for these governments to work together. not just on the north korean issue but as they have laid out to me. issues like counterterrorism. in the brief news conference. in areas that might be of contention like the south china sea. what you head on this day is a top diplomats and defense officials with united states sitting down with their counterparts from china. it will continue into the dinner time our focused on the main issue that the trump administration sees in that part of the world be north korea. how to handle it and what to do with it. right now is the q&a session and we have just hard to
things. number one that u.s. and china according to the secretary of state he said that they are in complete agreement about the nuclear rising north korea. except that nothing is really happened and we know the power china has. i believe the first question has to do with the three americans who are still being held as prisoners in north korea and the real tension has ramped up due to the fact that the 21-year-old let's call it what it is. he was sent back to america died a day or two later. i am sure behind the walls of the white house they are chattering about what to do next. you have the north korean issue as it relates to the military front there. there nuclear threat. this white house official was
telling me what you're watching today and right now stemming stemmed from that very meeting. and that is why we are here today. the unexpected in the horrific. they had elevated everything on the state to a larger issue. i was told to listen, let's see what these two sides talk about discuss income to an agreement on. blake, thank you and know that north korea will hold onto those americans as bargaining chips but we are going to take up all of this with the former nato commander he is here in just minutes he is gonna tell us which of all of the issues russia, north korea all that is happening are the most dire threat to our nation's security.
with the dow down 48 points. we also had this breaking news. moving up half a%. just announced in the last hour. it's pulling out of the exchange in the two red states and it has become another blow to the legislate piece of legislation. this comes as senate majority leader will unveil their version of health care reform tomorrow at 930 a.m. eastern time. make no mistake this is a huge story not just for all americans but for investors. as you see my on capitol hill. we are waiting until 9:30 tomorrow morning. we are to find out the details of the legislation. it will post online for all of us in the united states to read that will come sometime around 9:30 in the morning. but you hit upon a big issue. when you are talking about anthem. the ceo alluded to what
happened today pulling out of wisconsin and indiana. he alluded to that about ten days ago in the discussion about why they were pulling out of ohio. he talked about the fact that these markets are not sustainable. part of it has to do with the uncertainty over the survival of obamacare. that they give to insurance companies. instead of waiting to see if those subsidies will continue the uncertainty being what it is anthem has made the decision they are out. that is only part of the problem. the other problem is figuring out how to repeal and replace obamacare and as that is what we will learn tomorrow is the republicans do unveil the senate version of the american healthcare act. he has gone public now to say what we can expect. here is what he said. we face a choice allow the assisting of all to continue hurting more americans or to
take action to finally move forward. early on democrats made it clear that they did not want to work with us towards the goal and the serious or bipartisan way. i regret that but we have a responsibility to move forward and we are. now of course democrats are furious about what is taking place. chuck schumer said on the floor i've never seen a more radical or reckless legislative process in my time in politics. and there's not exactly what you might call uniform opinion about the republican plan susan collins was talking to a group of us about two hours ago. she is concerned. she is concerned about the formulas for medicaid and what will go forward with those she has not signed on to anything nor had other republicans who could possibly kill this bill.
they expect to vote next week possibly. if the fight through all of the other reporters. thank you very much. with the down 46 points uber the unemployed ceo are cleaning up the resume. the search is on for his a successor. it would be on our short list to shortlist to take the job. we will have the names. and 17 million people are in the path of this right now. tropical storm cindy. it could bring deadly floods and maybe even tornadoes to the gulf coast. but can also stop the hemorrhaging of the price of oil. we will show you the latest
[no audio] whether it is the big producers they are all in negative territory. district has been in the drugs and to it a certain degree in technology. but the drugs in biotech's debit in the doghouse for months. they have come to life the markets have been down all day. we consider where we are and how far we've come in the relatively short. of time. is a $40 a barrel will next.
is it next. that looks to be the next waystation. i am a little surprised for the last couple of months on the show we had been saying that we think oil was too strong. and last time i was on it said it doesn't look good. i am a little surprised about how far it's going down. i think what we really had to watch out for. if oil breaks 40 is not going to be just the supply story but it will be opec they will once again say that we let you marginal producers come online. and eat our lunch.
they drove down oil to around 28 or whatever. and you so what happened saw what happened with the oil producers in the u.s. if it breaks that you should expect some action out of the middle east same is about to drive it. and not let them go that direction. we were already on track to have the worst start since 97 and i were now were on track to have the worst start of the year since 1991. let's get to the other things that are really driving the markets. what are you seeing there. >> you're getting the bounce and rotation. and i think that is healthy. the stock market is still acting like a bull market and i really don't see that going away anytime soon. we are in the summertime. after you get a rally like this. to say that we are entering the bear sector that could be
very nasty very quick. it could be a real tug of war. we are getting down to a level where it is important. are we just finding a new trading level. the cured old prices is old prices. it's a busy day we appreciate you taking time to leave the flow -- and come before the cameras. look at nike the biggest leader what happened here it hit $52.50. nike might be running straight into the arms of amazon. it might be able to sell the athletic gear directly. it will control the inventory.
equipment might be next. investors in dick's sporting goods and footlocker hated the idea that you can see that down. they're one of the biggest losers on the s&p 500. present trump getting ready to fly to iowa. for the first time since he became president. they are standing by. one of our kids jeff flock is right there live. he will tell us what the opinions that they head of the president president and whether it has changed its january. ...so build a better website in under an hour with... ...gocentral from godaddy. the internet is waiting. start for free today at godaddy.
the founder and president bad boy bailed out of the driver seat. so far while no replacement has been announced the names are being added literally hour by hour. here is some of the analysts are talking about. this is the rumor mill. and they say according to the new york post it could be more than ready to give a thumbs up to her or cheryl sandberg the current facebook coo. we thought we would put together a list. to drive it into the future. they are grown-ups that had run big companies. they are on the market also. already on the indefinite
lead. they resigned from the position of the ceo late yesterday not only months of scandal and setbacks. including a loss of about $3 billion last year but also his mother died in a horrific accident it's really been piling on somewhat unfairly depending on which issue. they will remain on the board. we will be watching it. in the meantime president trump has been largely out of the public eye this morning. he is about to jump before our cameras he prepares to depart the white house to have to a rally at 8:00 tonight. only the first time he has been iowa. he will hold a rally there. it's possibly in cedar rapids,
iowa. jeff, you had been talking to folks we just saw in line. what are they telling you as they prepare to get into the events. the trump supporters in the real strong backers had not moved 1 inch. and you came all the way here. what possessed you. to see donald trump my president. given loss in helping him at all. they are on the line. the caucus here he was a
loser. and even in the presidential race he got barely 50% of the vote in iowa. there are a lot of independent voters in iowa. even those that would be critical who voted for him but are now critical of him. they are still not prepared to say i want to change my vote. i think the backers are still pretty strong. take a look at this. this guy right here mister trump called him up on stage. he called me up on stage. he saw me i to i with him up upfront on the stage. i saw that you love trump. i jumped the fence. i'm just was worried he's going to give me a kiss. the next event i have to jump over the fence again.
the president said no let him go. i run up the stage i give him a quick man hug. i did my first speech. and that he patted me on the back. unbelievable. you cannot make this stuff up. i want to thank you for foxbusiness. you guys are wonderful. it's a passion for trump to get intact no matter what else has been transpiring. he should market this shirts. they look pretty good. great to see it. it is great to hear it. he just indicated to a lot of
our viewers what struck people about donald trump that helped them turn from a losing iowa caucus to a win of the white house. it's gonna be live coverage. we have a special two-hour addition. followed by a live addition. please never change the channel. at the top of the hour secretary of state rex tillerson just broke this news. north korea should not had it. they're standing by life. that is next on count on. don't go away.
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the threat in the region today is posed. we both call for complete verifiable and irreversible deep nuclear station and we call on them to halt the weapons program and its ballistic missile tests. that was the secretary of state rex tillerson. talking about the underscoring the fact that china and the u.s. are in total agreement about the escalating the situation in north korea. china and other countries regardless had to step up
efforts to crack down on north korea in the criminal enterprises that fund their weapons program. they also had just offered the new book seapower. this really seems to be disconcerting at the moment. they might be up for a sixth nuclear test. we've a situation of the death of the american who was just returned to the u.s. after being held prisoner and they said were in agreement but we haven't done anything. what do you think happens next here. i think we make china walk the walk considering they have already talked the talk. actually using the leverage they had to begin squeezing that north korean economy. they're perfectly capable of doing that.
the denuclearization of the peninsula. that is making north korea walk away from its nuclear capabilities. we need to force china to make good on those words. let's see how it turns out. i am encouraged by the fact that we see the united states in china align fully on this issue. we really look at how the commerce between the two countries is continuing at full throttle. i believe like somebody something like 90 percent of the business is most -- most beneficial. at what point do you late on a sanctions against china. is that a possibility. they just said we may see the u.s. slapped china with a sanction or two. do you see that happening. at least not yet. i think we have other cards to
play. in the diplomatic and economic realm. the two leaders seemed very simpatico on this. president trump walking away from his discussions and putting big tariffs on chinese goods. before we go there. it is down 71 it is heading back down to session lows and some of this obviously has to do with geopolitical tension. there was yet another incident this time over the skies of the baltic sea were a jet buzzed a plane that was carried the russian defense minister. and then the russian fighter that was a company not chased up that claim and it almost seems like to an untrained eye it sure looks like russia is trying to hook the allied
forces into some type of dogfight russia is really pushing the edges right now militarily and those kinds of close calls which have been accelerating over recent months are only going to continue because of our disagreements over russian support. as well as the problems in ukraine. we have real tension with russia. it is ratcheting up. i think it is affecting the markets. which one should our viewers the most concerned about. strategically it is russia because of the russian nuclear arc -- arsenal. it is much less likely. tactically worry about korea. there is a lot to worry about
out there. good luck with the book. good to see. thank you so much. with the closing bell ringing in 18 minutes. it is still in positive territory by 40 points. there is a new twist in the potential to trillion dollar ipo of the stock that the world is rushing to grab. a major shakeup in the line of succession it's all coming up next on count on.
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with will done about an hour it has market watchers watching. they are breaking with royal tradition. he has just ousted his nephew. his own son. just met with president trump three months ago. the newly crowned prince is also the mastermind behind what could be a gigantic to trillion dollar ipo the scene. let's just be really clear. it is kind of like a sovereign wealth fund.
it does a lot of various functions for people in the country. it's owned by the government. what they're they are trying to do by spitting it out as a separate company is diversify their economy not just for oil but saudi arabia is a tech sector. that's why they need to raise the money for the sink. here is what they are doing. this plant ipo. it would make it twice as large as apple. i think it's about a trillion dollar investigation. just below that. it would be twice as high. they are doing in the face of
declining oil prices. the likelihood of that 2 trillion-dollar investigation. given the fact that let's face it the keep producing oil. we are now a major oil producer. saudi arabia does not control the float anymore. if that does happen how hot could it be. the positive is that they would be ipo in it was the last one that got snapped. if you buy one is going through tough times. there's always a chance. i think this is a net positive for the stock.
when is this supposed to go public. do you think it will be oversubscribed interests. it's a novelty there aren't many of those. they would have to then reveal about what was going on. we are going to see that. that is where we are right now. think about this. a 2 trillion-dollar ipo. if they did it today it would probably be larger. that has a lot of bankers chasing that. and what they are telling us they are leaning heavily towards the new york stock exchange. here's why that is a huge slap
in the face. nasdaq handled a lot of stuff with them in terms of fighting information and data. the fact that they are kind of like ignoring it. it is kind of the big thing for nasdaq. right now it is new york's toulouse. the bankers are pushing it heavily to go to the new york stock exchange into a blowout that is going to be a spectacle. if they tried to dress out of that one they tried to manhandle foxbusiness. and then they complained about it.
he's unemployed at the moment. they have to want it. she knows everything about this tech world. make that eight minutes before the closing bell rings. they hold onto gains of 44 points. finally upon us. the one top expert in the market who is about to finish the sentence. the summer is not the time to we will let them fill in the blanks. when it comes your mommy -- when it comes your money will talk about that too.
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earnings shortly. they're waiting to see if the software giant has been able to grow its cloud business even further. lori rothman, i see the stock is up about 1% right now? >> because investors have very low bar to see for oracle, liz. the story is a revenue flat line over the last year. we're looking for declines in earnings per share and revenue for the quarter but what you want to watch for is what oracle says about the full-year revenue. even switch from software licensing has been successful, oracle says it is up 73% in the fiscal first quarter, it hasn't generated into solid revenue growth. that is what we're watching. back over to you. liz: thank you very much, lori rothman. today is the first official day of summer. we decide to ask one of the top market experts, s&p global vice president, aaron gibbs to finish this sentence. are you ready, erin? >> yeah.
liz: when is comes to people's money it is not the summer to do what? >> hold on to the winter winners. instead start seeking some summer stunners. what i mean is, we're really seeing a change in leadership in the market. so, it is time to take some money of the table when it comes to the momentum, specifically those technology stocks. we're really seeing some mon outflows into the technology field. end of q1 with the hedge funds moving $5 billion out of the technology sector. liz: tell you what, i want to tackle first what you say are summer stunners that you should somewhat hold on to, then look at the ones, winter winners that have been jettisoned. would that include something like amazon or tesla, the ones really, really seeing run-ups all over again? >> exactly. exactly. all those momentum, your "fang" stocks. we're seeing breakdowns.
those are the wint are winners time to take money off the table, put them back into something a little more postively valued. what by that specifically, one of our favorites is the financial sectors. those could be your summer stunners. liz: we've seen a little bit of weakness day-to-day when it comes to the financials. with will get them to turn around? is it rising interest rate environment? we've already had two this year. will we see a third? that of course would be i guess positive for the banks, right? >> yeah. the one, one is not even interest rates changing but also just having the yield curve steepening so they can make a little more money off the profits. but we actually have been seeing a little more when it comes to value. we've seen some of the financials pickup. we always seen asset flows, more into financials as well, past week starting in june. this is an recall call. they are much more attractive valuations. we do see good value stocks.
one of our favorites is schwab. they actually make money off of short-term interest rates. any fed hike is great for them, or international continental exchange, commodity trading. those are another two really good plays. >> you could say april was a real opportunity because we saw it hit a pretty much a year-low back then and now it is back near highs. do you buy a stock at the highs? >> when you're looking at price valuations yes, but when we're looking at prices, yes, but valuations are still attractive looking at three years historicals, especially looking at the type of earnings growth we're expecting from a lot of financials. that is one of the reasons we see value there versus momentum stocks were really based off more on sentiment rather than fundamentals. that is what we're concerned about, particularly the technology sector. liz: great to see you, erin, thank you very much. >> thank you. liz: erin gibbs.
market intelligence. we're waiting for president trump to leave the white house and head to cedar rapids. [closing bell rings] how about the nasdaq jumping 45 points. green on the screen for the nas. david and melissa pick it up for "after the bell." david: the dow moving away from record highs, sliding the second straight day. ending down 52 point right now. the s&p closing in the red as well. not so far for the nasdaq. hi, everybody, i'm david asman. liz: i'm melissa francis. this is "after the bell." more on the big market movers, first here is what we are covering during this very busy hour. president trump heading to the hard lant. he will take air force one to cedar rapids, iowa, where die-hard supporters were camped out overnight. we'll take you there live. meanwhile in the south, we're tracking a major storm that is barreling down on the gulf coast. it is already claimed one life.