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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  August 15, 2018 3:00pm-4:00pm EDT

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have held up like a rock compar ed to everybody else unless that continues. trish: it's all well there we're still the best game in town let's keep it that way thank you so much good to see you both deneen and gary. ashley webster is in today for liz claman so i'm sending it over to him. ashley: thank you very much, trish indeed, anxiety on wall street at this hour as markets trip over trade a strengthening dollar and a crude hair cut, i mean a bad hair cut i'm talking about oil as you can see the dow off 207 points down less than 1% but nevertheless its been a down day throughout the session the s&p, nasdac and as you can see oil down 3% on the day. the so-called fear gauge the volatility index hitting a six- week high, that gauge now at 15 up 17% in the old days it was in the 20s and 30s so let's keep perspective but nevertheless the vix finally coming up a little bit the selling started right at the opening bell the dow falling 334 points at the low, after the
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latest report showed a big jump in oil stockpiles, retail sales gave a boost to the dollar, but retailers taking a punch to the gut as macy's drags its competitors down. also, fresh worries on the trade front from turkey yes it's a currency crisis and a wto challenge that u.s. tariffs by china, and has investors looking for safety, all right here to analyze it all and this big story of the day, charlie gasparino reporting that tesla has been subpoenaed by the sec over elon musk's funding secured tweet. there you have it folks the dow coming off session lows in the final hour of trade we go after briefly dipping below 25,000, come back a little bit, still a big sell-off but nevertheless it's coming back a little bit the dow and s&p are on pace though for the sixth down session in the last seven trading days with the nasdac down three of the last four sessions. oil let's get to that falling sharply along with the markets
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today after the latest data show ed an unexpected rise in crude inventories, expecting a drawdown of more than 2 million- barrels, we're up at least 7 million-barrels according to the energy information administration, those analysts had expected as we say 2.4 million-barrels oil as a result dropping 3% or over $2 to settle at $65 per barrel that's the lowest level since june 6 and energy stocks taking the biggest hit on the inventor ies reported as you can imagine some of the bring its decliners include marathon oil, pioneer natural resources, new field exploration and anadarko petroleum all getting hit hard marathon down more than 6.5% also putting up pressure let's not forget a strong u.s. dollar which hit its highest level in more than 13 months against a basket of currencies today, helping the dollar can strong retail sales numbers, manufacturing output, and worker productivity, the
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u.s. economy humming along very nicely, the euro, the pound, the canadian dollar, mexican pesos all currencies hurting against the u.s. dollar. one of the biggest losers today macy's and while the retail giant raised its annual forecast and reported a rise in key sales measures, a drop in sales causing the stock to tumble today down more than 14% down nearly $6 at $35 and q2 sales falling a little more than 1% according to macy's overall not a bad report but getting punished on slow growth. other retailers like kohl's, nordstrom, the gap, jc penney and target all falling in line with macy's. it's a tough day all around as you can see kohl's down 5.5%, jc penney is a $2 stock but down 9.5%. the strength weighing on yellow and red metals, gold hitting an 18-month low, check that out even though you'd think people going for safe haven not gold apparently down $16 at $11.84
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and copper is more reddish orange but we'll go with red a key component in construction and manufacturing is now in bear market territory the drop is a red flag for investors that see base metal as an economic indicator, copper. with all of that said, let's get to the floor, show we've got traders as always at the new york stock exchange, and the cme group. let's get to teddy wiseberg, migrate friend, you've seen it all two or three times over. >> [laughter] ashley: never talked about the turkish lira more than we have in the last week or so at least the last three or four days what's at play here? is it turkey fears about china's economy? is it a profit-taking session what's going on? >> perhaps all of the above but when it comes to the commodities obviously there's aplite to our currency because of all of this turmoil outside of the u.s. whether it's created by our government or created internally
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at the various countries but the bottom line is the dow has been extremely strong and that weighs heavily on commodities and a lot that i read on the screen this morning almost all red haven't seen that in a while, but there is some green, the big pharmaceuticals are acting quite well today they're all up and some of the other defensive stocks are up, so on balance it's a pretty ugly day but i don't think we're quite ready to throw the baby out of the bath water. ashley: you're still smiling teddy so i feel okay. ira epstein at the cme. listen our economy is humming along quite nicely with a very solid foundation but there's continuing concerns about the rest of the world, china in particular, but there is slowing growth around the world. does that eventually catch up to us? >> to a degree but remember this is part of president trump 's plan. when you go into a tariff war and you go against all of our partners and others, what takes
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place is you slowed their economies down you hurt their currency, you hurt their trade, so i think the presidents looking at this in one way, that it's a win for him and he owns the stock market, i don't think he'll let it get out of control and keep in the back of our mind , june, july, and august are thin trade months in the summer, volatility picks up and doing it right now and then come september, things get their footing back under them. do one trade deal and watch how the stock market recovers. ashley: that's a very good point to make ira, larry i wanted to mention oil to you, if i could. my goodness, oil heading down we have a lot more in supply i don't know if we have a lot of oil but is this also a reflection of a slowing global economy? >> you know, i think it could because for weeks maybe months, the story has been supply and the log jams and the political strife around the world, supply supply and nobody, the markets didn't really care about the demand side of the story. when you have china in the
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middle of a deleveraging process that started a year ago we're seeing that effect in copper prices, gold prices, also oil prices, and so it's just a trickle down approach, demand, keep in mind, was at a 10-year high, as of maybe the first quarter of 2018 and it just could not continue in that tragically so i think we are plateauing from a very high level with regard to demand growth. ashley: gentlemen very good thank you very much. teddy, larry and ira, appreciate your input on this day where the markets we're down 169 on the dow and trying to come back perhaps a little bit but let's get to this story my oh, my, tesla shares sliding as you can see currently down 2.75% down nearly $10 and it was over the $ 15 this morning, so it's tempered a little bit on tesla stock, all of this after fox business' charlie gasparino reported exclusively this morning that the sec has subpoenaed tesla after ceo elon musk tweeted about taking the
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company private, we all remember the secured funding charlie joins us from the news room where he's been working the phones all day. charlie? certainly elon musk now squarely in the crosshairs what does he face? charlie: well he faces an investigation now, not just the sec kicking the tires with fox business was first to confirm i believe the new york times has now followed the story. hasn't cited us yet, they should , because i cite them when i have to eat their dust, which isn't that much, but you know, whatever. ashley: [laughter] charlie: what he faces now is a formal investigation into the sense that the sec has subpoenaed tesla over the whole issue about whether or how he was going public and whether he did indeed have funding secured and whether that was a materially false statement or whether it was just a statement with wiggle room. this is going to be a, from what i understand this is the beginning of the process and here is, i think, something that is interesting and it kind of
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tells you the sort of situation that the sec, the securities regulators are in this thing. if they really go after elon musk, if they say that he definitely issued a false statement that he did not have funding secured that's a violation of the securities laws , 10 b5. he put out a materially false statement. the charges for something like that, the sec is a civil agency it doesn't put people in jail but the charges could be very severe. they could be fined and remove you as a director or an executive of the company. there are really severe issues that could go on that could really hurt tesla's shares. if elon musk is taken out of the company in that sort of capacity if he's barred, faces a bar for a certain period of time, that could hurt the company and that could hurt the companies attempt s as they are right now. they are in the process of trying to go private and talking to people and booking bankers and trying to get funding. this is what the sec is trying to figure out, could they
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possibly thread the needle here and do something in the sense that does not materially hurt tesla since musk is such an integral part of the company. ashley: but charlie does the sec want to be seen as strong in such a public case if indeed it's proven that he wasn't truthful? >> yeah, that is the question, and what i will say is this. they're playing with fire if they have real information that this guy blew smoke, because while it may save tesla shareholders and it may allow them to go private, the company will survive with musk there, they are basically signaling to corporate america that you can get away with blowing smoke if they do have a case against them and i always ask because he doesn't think he did anything wrong if you read some of his blog comments although if you read this blog comments they almost confirm that he didn't have funding secured right? he said i spoke with the saudis and i left with the impression they were fully on board and they also indicated to him that
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they need to do due diligence so that's not quite secured if they still need to do due diligence so this is a mess for tesla, and he got himself in a mess, and there are no good solutions anywhere, but you know, the news of the moment is simply that the sec is ramping up its investigation. it is now an investigation not just kicking the tires they have issued subpoenas. its gone from inquiry to formal and this could be a lot of trouble for elon musk and tesla. ashley: any idea on the timeline on this charlie? there are those that say these investigations could take well over a year? charlie: they're under pressure to really do this fast i think, but i don't think they are going to do anything dramatic. i think the only problem that they have here is it's so obviously cut and dry, right? i mean, what am i missing? funding is either secured or it's not. you either have the papers drawn , that's secured or you're talking to people and it may be secured but he didn't say that. ashley: no he didn't.
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charlie: that's the problem and listen i'm not saying he did this intentionally. maybe he doesn't know better. listen smart people do some dope y things as you know. ashley: by the way, you have to show a level of intent to break the law. charlie: i'm not saying he's showing that. he made a statement that was at very least rash. and a lot of people are blaming twitter that ceo's shouldn't be on twitter. i don't think that's the issue. ashley: i don't either. charlie: if he said funding might be secured or is on the verge of being secured he could get away with that probably. ashley: i agree. whatever happens next we know you'll get it first charlie. charlie: i'll try. ashley: you're doing a terrific job. charlie gasparino thanks so much appreciate it. let's check the dow 30, big pharma pfizer and merck holding gains along with travelers and the down day on wall street there is some green up there, walgreens, boots, verizon and 3 m, in the green the dow up 182 a
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lot better than it was this morning when it was down more than 300 points and a comeback, kind of. up next trade wars blamed for the days sell-off but could a trade war turn it all around? the mexican trade minister is in the nations capitol. edward lawrence will have the latest on finding a deal for a new nafta, that's next on countdown. >> on the next kennedy the president's war of words with former white house aid omarosa continues, how much nasty will it get? join me right here. .s. it's america's most popular street name. but allstate agents know that's where the similarity stops. if you're on park street in reno, nevada, the high winds of the washoe zephyr could damage your siding. and that's very different than living on park ave in sheboygan, wisconsin, where ice dams could cause water damage. but no matter what park you live on, one of 10,000 local allstate agents knows yours. now that you know the truth, are you in good hands?
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ashley: sarah sanders just moments ago calling out turkey for its new tariffs on american products and sanders saying u.s. economic actions were in the interest of national security. well turkey's new tariffs were purely out of retaliation and now the nato member firing back at the u.s. today by slapping a hefty tariff on u.s. imports, this as the country continues to struggle with its worsening financial crisis. meanwhile, a nafta deal could soon be a done deal. u.s. trade representative robert lighthizer and mexican economy scheduled to resume talks for a fourth straight week about 4:30 p.m. eastern time, all in hopes of reaching an agreement by the end of august. fox business edward lawrence is in d.c. outside that trade rep's office. edward are we on the verge of a new and oh, yes improved nafta deal with mexico? reporter: well, ashley we could very well be. there's still a lot of details
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to work out but everyone you talk to associated with this says that we're very close to a deal but do you know what's taking the news today is turkey you mentioned at the top of the show. turkish media reporting the american pastor being held there andrew brunson lost an appeal today and remains in jail. now in part that's why the u.s. put those tariffs or doubled the tariffs i should say of steel and aluminum on turkey sending the turkish economy into a spiral and turkey retaliated by adding triple the amount of tariffs on u.s. cars coming in up to 120% they've tariffed everything from beauty products to coal to energy products. now, the trade minister coming out and saying "in response to deliberate and continued u.s. escalation of trade tensions, turkey today has again raised tariffs on key u.s. imports." trade wars help no one but turkey will do what is necessary to protect our economy from the assault and our stock market is feeling the pinch but again
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these tariffs from turkey not big enough to dent the total u.s. economy. >> tariffs are certainly regret table and a step in the wrong direction. the tariffs that the united states placed on turkey were out of national security interest. there's are out of retaliation. reporter: and the u.s. not shy about tackling multiple countries at the same time and that shows with nafta in about an hour as you said the mexican trade delegation will be here talking with u.s. trade representative robert lighthizer to try and see if they can finalize a nafta deal. they are very close, the sunset clause of the u.s. would lick to see nafta end in five years still out there. the mexican economy minister saying they are very close to a deal and it all hinges on the spirit of the talks that happened here again today. ashley? ashley: hopefully the spirit is good edward thank you very much appreciate that, the latest in d.c. about the trade deals
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especially with mexico and perhaps a new nafta deal. let's check the big board the dow was down more than 300 points this morning down now 188 , 190 points at 25, 109 and a little bit of a comeback, no doubt it's a down day and on this day about shares of chipotle spicing up, the mexican casual chain getting the confidence, morgan stanley upgrading and price to $600 a share and citigroup following suit, also raising its price target from $573 a share, and that means the stock hit a 2.5 year intra-day high today shares currently up 6% nearly $30 at 522, on track for its highest close since march of 2016. finally some good news for chipotle, but big tech certainly taking it on the chin today. facebook, apple, amazon, netflix and google, parent alphabet all moving low, coming up next the
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ashley: now this the defense moments a grow wrapping up its closing arguments in the trial of ex-trump campaign chairman paul manafort. the case could be in the jurors hands at any moment now prosecutors telling jurors manafort had a "huge dumpster of hidden money abroad that he used to live a lavish lifestyle" and defense telling jurors the prosecution failed to prove its case saying manafort had no need to hide money nor needed any extra wealth holding up his net worth of $20 million as a counter argument to the governments claims we'll continue to follow the developments for you. now this, fang stocks we talk about them all the time, minus apple taking a tumble at this hour look at apple bucking the trend, and red arrows across-the-board from facebook to google and netflix seeing
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biggest impact as you can see netflix off $11 now down to 325 the market spooked it seems by the troubles in turkey but internet stocks may be reacting to a downturn of china's tech giant so online retail power player alibaba the world's largest gaming company 10-cent dropping this hour, hitting a new annual low down as you can see more than, well 6.5% down two, nearly $3 at 41 and this after reporting a slide in profits for the first time in 13 years, obviously investors weren't expecting that. anyway here to weigh in is someone who knows a thing or two about caltech david morgan co- founder and ceo of bandwidth joins us in a fox business exclusive. david thank you so much for joining us. we can start with china if you like because it's interesting tencent showing growth slowing down. i read somewhere that they're big into video games and the
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chinese government is saying video games aren't good for kids and we've seen a bit of a slow down in that big giant company in china called tencent, and its hurt the other big internet players any comment on that? >> well i have six children three of which are boys and fort knight and other games have proved to be unbelievably immersive and there's no question we're facing great opportunity with games but i think also as parents, there's certainly challenges. ashley: you got out ahead of this again you're with bandwidth you've been around 20-plus years what kind of service do you provide to the big silicon valley companies the big tech companies? >> we give our 1,100 business customers many of whom are in silicon valley a software platform and network that allows them to invent phone calls or text messages in any software application or divisor consumer experience. ashley: it's impressive to me that they couldn't have come up with that themselves? >> well you certainly could. ashley: don't want to do your business any damage.
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>> i agree that these large technology companies could do almost anything they put their minds to from putting rockets into space to creating extraordinary experiences but they trust us to have a secure, wonderful, high quality network and a software platform so that they don't have to know anything about communicatesing. ashley: you say secured network which brings me to my next question which is something we talk about these days when we talk about tech. security, and steps being taken to protect our privacy our data which will lead to regulation. where does this all go is the government getting in there is it heavy handed how do we figure this out? >> we're gdpr complaint and on track to do all the right things where does it all go? i think when you have devices listening to us in our living rooms and being very effective in helping us do search requests we absolutely have to have great assurance that our information and privacy is being
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protected but i think companies will innovate to get their far faster and more effectively than government will despite whatever accused bias there might be in favor of revenue it's in all of our best interest for these companies to figure it out first ashley: but is privacy just an illusion these days david? can we expect privacy because most of us willingly put it out there and for the most part i don't like the fact, i don't like what they do with it but i understand for these amazing gadgets and the services i can get on these gadgets i'm thinking okay. i can live with that. >> i can too our bank accounts with login and password and two factor authentication are private we all check our balances online. i don't think there's any reason why we can't have a policy-based approach from a company enabled by technology that lets us have confidence in our homes and offices we are indeed being kept private. ashley: but can regulation be imposed that enables businesses these huge tech companies to maintain their current business model? >> i think regulations will always trail innovation.
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they won't lead it and i think companies are doing the right thing some of the largest most creative technology companies in the world are doing the right thing to make sure the wonderful experiences and value add that they're offering come with a level of assurance and i'm seeing companies do the right thing to get there and i think they'll get there first. ashley: why do we have such a hard, why can't we stop the hack ers? talking about being one step ahead. they're always ahead no matter how secure something is, a kid in a garage in st. petersburg russia can get into the pentagon why is that? why can't we stop it? >> i believe that the frequency and intensity of a tax over time will come down. i think the level of complexity needed to sustain large scale attacks against big data and ais are hard to sustain outside of a state actor and that's why you see things like tariffs and threats going on economically. there are state actors trying to penetrate commercial enterprises including our own every day. ashley: you say state actors but we know very well that china, north korea, russia influence in
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our elections it is an ongoing problem, is there anything that can be deviced some sort of caltech actual software that can be done to stop this from happening cold? i mean obviously that's the dream right? >> that's the dream. ashley: it doesn't exist. >> it doesn't i think it's a running gun battle but one that big tech will win. ashley: you do think that? >> i do. ashley: because that's the biggest thing holding us back. >> it is and i think these companies have demonstrated in the past great fidelity to their user bases and i think they're committed to us as hard as it maybe to get there but hacking from a garage is going to get much much more difficult when you're up against large large data sets with lots of complexity and scale. ashley: i hope you're right. david morgan thank you so much appreciate your time. okay, uber by the way reporting second quarter sales rising 63% year-over-year to $2.8 billion. ceo is trying to move the company in the right direction
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after many controversies of course under former founder and uber continuing to invest in new markets scaling back operations in cities that it wasn't doing well in and also building out its uber eats delivery service more people doing that and uber's net loss narrowing to 891 million in the second quarter from 1.1 billion a year earlier the company still though not in profitable territory the losses are not as bad as they were i guess that's the improvement. take a quick look at the markets for you the dow we're down more than 300 points in the morning session, trying to come back a little bit less than half an hour before the closing bell the dow up 171, down .6% and the s&p down 8 and the nasdac down 1.25% retail sales though heating up in july, americans buying into the economies growing strength, literally, but could the trade battles and the tariffs spoil the shopping spree? we'll have that answer and more, coming up on "countdown."
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ashley: all right, we could be watching a major reversal in the making here the dow cutting over 200 points of losses, after being down 334 points at the low of the session now we're down a mere 118 what's going on let's down to the floor, nicole petallides, taking the temperature of the traders. nicole: yeah and do you know what ashley all day long i've been saying that they're still bullish in the long term. they expected some volatility and here this is also summertime where you have a little less volume. we've come across those lows of 334 points to the downside and we're watching financials, some of the financials are turning into the green, and what we're seeing also is that the vix fear index has come off that earlier
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moves to the upside, still people are taking a breather so you can see goldman sachs turned green but all these thins are coming off their lows much like the dow jones industrial average but when you take a look at the drugs pfizer and merck had been winners all day long so some of the traders that i've spoken to here on the floor still are picking and being very careful and selective in what they buy but they are still liking it look at the big pharma. look at merck and pfizer certainly help leading the way and the feeling here is they are trying to somewhat to ignore the emerging markets weakness what's going on in turkey and china and they know that there's lost momentum that over the next four weeks, just cautiously moving but the big long term bull markets and for the dips saying that scott redone saying the dip s that mayo consider over the next four weeks those are better entry goodbying points back to you. ashley: very good point nicole the vix is up near 18% gain now coming back a little bit i think everyone saw teddy laughing and
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saying do you know what it's going to be all right nicole thank you very much. are retailers lower despite positive data the sharp sell-off in macy's shares pulling down the s&p retail etf as you could see macy's off 15% despite of the etf also down 2.5% and the broad sector decline comes as government data shows that retail sales rose half a percent last month joining us now to break it all down as they say is brian dodge senior evp of the retail industry leaders association brian thanks so much for joining us. it seems to me a strong economy is translating into confidence from people going out to the retail stores and buying right? >> that's absolutely right. we're seeing exactly the kind of momentum that we would hope to see going into the second half of the year. we've got a strong economy consumers are feeling comfortable opening up their wallets as we would hope they would do leading into the back-to-school season but i
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think what's most important is we're seeing retailers able to capitalize off of this because of the investments they've made over the course of the last several months and years to right size their store set, to make sure they're capable of serving customers where they want to shop whether that's in stores online, sitting on their couch on their cell phone, however they choose to shop so this is really great news all around for retailers. ashley: you represent a lot of the big brands out there of course home depot, wal-mart, gap , a long list of names. is there any fear that the trade war potential tariffs, is that a concern of the retailers? >> it's absolutely a concern. i think the data we're looking at today tells us the economies in a good place, and we want to continue to do things that encourage continued growth in the economy. one thing that we worry could takeaway from this bullish economy is the idea of global tariffs and this escalating trade war. we're seeing some impact from the tariffs that have gone into place up to this point, but
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we're seeing a rapid escalation as we get deeper into this process so we're closely engaged in this as are our members watching it very carefully trying to discourage any further escalation. ashley: what did you make of the macy's report? i thought there was growth slowing down and it was pretty harshly treated in todays session. >> you know, i haven't really, i don't make too much out of days worth of trading i look at the fundamentals and the fundamentals are very good. what we want to do is make sure that they remain very good and that we're doing the kind of things that encourage continued growth. ashley: we talk about retail we talk about the retail ice age with regard to how amazon has become such a giant but those that have adapted are doing quite well. wal-mart has been very aggressive, kroger supermarket another ones that have gone very aggressively into e-commerce. are the retailers finally able to respond to the challenge that amazon & companies like it present? >> i think retailers are doing a great job serving the customer
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s today. there's no doubt that amazon has changed the model somewhat, but the reality is retailers were making this evolution long before amazon accelerated its growth. customers are changing that's the real driver of this and all retailers are adapting to serve those customers. ashley: ever since the financial crisis there's a sense people always want a deal now. they follow their pennys a lot closer perhaps and they want a deal they expect a deal. this is the era of the two-for-one and free shipping and everything like that. how hard does it make that, how hard is it for the retailer to constantly, you know, provide those incentives to get the shoppers in? >> i think it is a great time to be a customer. you've got lots of options, you've got lots of deals, and a lot of companies that are competing for your business. i think that's great. to go back to a point i made a moment ago one thing that would interfere with their ability to continue to offer those great deals is any kind of cost pressure coming by way of tariff s. tariffs are ultimately taxes
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that are paid by end-users here in the united states and we want to avoid that. ashley: i agree with you there, brian dodge thank you so much we're out of time we really appreciate it. on a tough day for the retail sector but overall the numbers, the outlook for retail sales has been pretty good recently brian thank you very much. >> thank you. ashley: betting like a bullion air here is a look at the big board down 130 points it doesn't look great but is oh, so much better than it was earlier in the day the dow at 25, 167. the so-called smart money, macy's the major moves what stocks do warren buffett and what are they buying in bulk and what companies are being dumped? we want to know. christina partsinevelos has all of the action, next on " countdown." my father passed this truck down to me,
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ashley: well, a buying opportunity here the last hour as the dow is slashing its losses, but oh, what so buy. one strategy of investing is following the moves of the big players people like warren buffett come to mind so what are these investing giants buying right now? well, christina partsinevelos is in the news room with a break down of what the billionaires are betting on and getting out of their portfolios christina? >> yeah there's a lot of hidden gems in these filings but before everybody rushes to go get a piece of paper and a pen there's two caveats i want to mention. the first one being that these filings are filed 45 days after the end of the second quarter, so the positions could have changed and then the second thing which is the most important, is that if a company has a bearish position on a stock they believe that it's going to fall within these filings they're only showing the long position, so we don't know if they're shorting any of these companies so those are just two pieces of information. let's start with george soros in
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his fund what is he getting into he's definitely buying more popular technology. he's seeing an increase in shares on your screen facebook, apple, twitter as well a huge boost in blackrock. blackrock is a large investment asset management fund with over $6 trillion in their portfolio so they are doing well and then this doesn't mean that they sold off completely they just shrank their size so did sell-off some shares in alphabet , amazon, snap, pay pal, ebay, and netflix definitely quite a few on that screen there's more but those are the big ones i wanted to get on the screen. moving on to the fund that started in 2005 i want to bring it up because they have about $10 billion of assets under management so definitely a big company. what are they focusing on? they got a huge stake right now in nvent electric a company that focuses on data infrastructure the company has done quite well in the past two quarters and also increased their stake in
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bank of america mellon, increased their stake in ge a little bit but if you look at their previous filings they've dropped shares and then a confectionary company, what they did sell on your screen, you're seeing wendy's recently said they are focusing on global expansion, nonetheless, present air which is a manufacturing company and then s ysco on the bottom of your screen and a marketing and distribution company for food and beverage and last but not least let's get to warren buffett for berkshire hathaway i'm sure some of you heard yesterday he too is increasing his stake in apple by about 5% so that clump of logos you're seeing on the left hand of your screen account for 47% of their fund, 47% of their portfolio and what is that? apple, wells fargo, craft, bank of america, cola cola and none of these are new positions. these have actually berkshire hathaway has been holding for
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quite some time has just in creased the size and they did decrease and dispose verisk and monsanto, but i want to focus on a few other big names that popped up a lot of filings let's start with spotify you're seeing an increase, george soros buying into spotify like i mentioned, other big names satya nadella is nvidia, a used car e-commerce website and their stock has gone up 189% year-to-date, and last but not least we'll end on this tesla. two major companies sold off tesla, fidelity investments and t-row price group sold off more than 20%. ashley. ashley: i almost ran out of paper on all of that. i've got facebook, apple, twitter, blackrock, bank of america some very good tips in there. >> you wrote it all down that's amazing. ashley: i'm going to put my $ 9.50 to work. >> we may not be as wealthy as
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them but at least we can start to play like them. ashley: yes, lacking some zeros there. no kidding no kidding, but very good information christina appreciate it thank you very much. >> thanks. ashley: the closing bell ringing in right now, eight minutes and turkey and tesla dominating the market headlines we've talked less about that but there are investment opportunities all around it. our countdown close i have some pointers, next. ♪ a hotel can make or break a trip. and at expedia, we don't think you should be rushed into booking one. that's why we created expedia's add-on advantage. now after booking your flight, you unlock discounts on select hotels right until the day you leave. ♪ add-on advantage. discounted hotel rates when you add on to your trip. only when you book with expedia.
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♪ ashley: closing bell ringing in five minutes. markets still solidly in the read, don't fet me wrong. it could be oh, so much worse. the dow off 123 points right now. the second-quarter earnings season isn't done just yet. cisco systems set to report after the bell. get down to the new york stock exchange and nicole petallides. hey, nicole. >> ashley, this is an exciting
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one. we're keeping an eye on this. they saw revenue jump 2.2% earlier. they hadn't seen a jump at cisco for two years. last quarter same sort of action. the revenue increased 4.4%. on this round they're expecting roughly 5% gain in revenue. this whole switch under the ceo who is transitioning this company from a hardware company to a software company, earnings per share revenue is up, we're watching for, everybody who loves all things tech will watch cisco to see how they fare today after the bell. this is what we're keeping an keen eye on and a dow component. back to you. ashley: nicole. thank you very much the dow falling 300 points at one point even though the economic data is strong, with rise in retail
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sales. worker productivity, all good signs. the question, where should we put our money. ross gerber joins us now. he is all the way out in l.a. you're a big fan of the company, a fan of elon musk. how are you feeling today about tesla? >> i feel the same way i feel every day. i get in my tesla model 3. i drive to work. i don't have to pay for gas. i think it is the best product out there. i think we should spend less time worrying about elon musk and his tweeting than the offers and services. they're meeting production numbers. we expect them to break every record of sales next three to six months. we're very excited about the product. ashley: we can't forget about elon musk. he is the ceo of the company. he is the guy in charge and putting out tweets, having people question what he is doing, and now he is being subpoenaed. you have to have questions about him? >> yeah, the question is he
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going to take the company private or not. i think he has every intention of doing it. this continued assault on his credibility furthers his resolve to take the company private and make his shareholders a lot of money. i'm all for it. i think, elon got himself into his own mess. he is a very smart guy. he will get himself out of it. ashley: you sacreddability, he has secured funding and doesn't appear. >> what we can tell it isn't a credibility issue. >> that's true. how do we know whether it is secured or not. we don't. we came to the conclusion it is not secured. that may be premature. my thoughts saudi arabia absolutely wants to buy tesla. ashley: we shall see. >> we will. ashley: move on to other subjects. apple on pace for a second record closing price. look at apple now up fenn 210, what has been a tough day. do you like apple?
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>> it is our top position. apple has been a top position for us for a long time, going back to tesla. we saw the same things in apple 10, 12 years ago we see in tesla today. apple has played out over the last decade beautifully for us. still so much more to come with the wonderful financial engineering that they have been maneuvering with the enormous capital that they have to buy back their stock. ashley: before we run out of time, ross, what else would you like? where else would you definitely put your money. >> well i love what's happening with constellation brands today. it is down heavy on a buyout in majority of stake in canopy growth. the marijuana, cannabis industry will boom next couple years. starting in canada next couple months. constellation will be the first company that combines alcohol and weed together in one. we're very excited about this opportunity. ashley: wow, what a place to leave it. ross gerber, thank you so much.
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great information in a short amount of time. really appreciate it. ross. thank you. [closing bell rings] dow closing down six of the last seven sessions. nasdaq, three out of four. we made it lower. david and melissa are next. david: the dow clawing back about 200 points. it is still down. it is still down triple digits, 136 but we were down as much as 334. amazing chart earlier in the session. it is red for the s&p 500 and the nasdaq both ending off of session lows. it was a comeback story today. hi, everybody, i'm david asman. melissa: aisle melissa francis. this is "after the bell." we have more on market movers. here is what we're covering in this very busy hour ahead. an unexpected announcement from the white house press briefing today. sarah sanders just revealing president trump pulled the security clearance of former cia director john brennan. whats

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