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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  November 16, 2018 3:00pm-4:00pm EST

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if they start creeping back up, watch out for stocks and stay away from facebook forever. charles: all right. i don't feel so bad that i'm not on it now. hey, guys, appreciate it. always love talking to you. have a great weekend. dow jones industrial average, up 130 points. it's been something of a quiet session but still, volatile. we have been up and down a lot already. liz: wait a minute. 360 point swing on the dow is quiet? what planet are you on? charles: after a 500 point swing, yeah. liz: well, exactly. it's all relative, darling. good to see you, charles. have a great weekend. breaking, can wall street wrap this crazy volatile week in a big bow, or a big bear hug? the nasdaq right now has just turned positive. it was sort of the one lone holdout. it's now up one single point. look at the dow, up 137 after enduring a 361 point swing from high to low. health care and utilities keeping the bulls alive but retailers, internet and tech kind of keeping a lid on any bigger upside moves we might have seen. the most volatile investment of
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the week, oil, finishes flat as a pancake. right now it's moving slightly higher in the after market. so what happened here? we have the dow yanking itself out of a sea of red during president trump's market-moving comments about china trade. you can see it right here on this intraday chart. president saying he wants a trade deal with china. we're not there yet. but that maybe the u.s. won't have to impose further tariffs on china, maybe. blake burman is going to weed through the maybes and possiblies from the white house and get us breaking details. oil's crude week creating winners and losers from big business to the average joe. the man who represents 150 of america's biggest and quite frankly, some of the smaller oil companies, is here exclusively to tell you what plunging crude means for the pump and your portfolio. plus, we have the miracle monitor, now on the market, that could save lives of sufferers of diabetes. the ceo is here in a fox
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business exclusive you have got to see. this implantable device he has making life so much easier for those with diabetes. less than an hour to the closing bell on this friday. come hang with us. let's start the "countdown." liz: what a difference a day makes. breaking news, check out pg & e's meteoric rise on the right side of the screen after plummeting the first part of the week. this as a california regulator says he does not want the state's biggest utility to go bankrupt. why would it go bankrupt? well, pg & e, as we have been telling you, is facing liabilities from wildfires in the northern and southern parts of california, and this as the news of missing people, the number of them soars to 630. nobody knows where they are. the so-called camp fire death toll stands at 63.
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the woolsey fire, three dead. some 52,000 people have been displaced. we are watching that, but at the moment, while pg & e had really gotten hammered over the beginning of the week, right now it is moving higher. a turn-around on wall street now. if you look at the indices, who knew that hype around crypto currency fizzled, so would sales of specialty semiconductor chips. now nvidia and advanced microdevices know. nvidia on track for its steepest loss in more than ten years, down 19% in this final hour of trade. is crypto currency mining chips, they are piling up as bitcoin wanes in price. it's been nearly a year since bitcoin saw $19,000 per bitcoin. today, it almost hurts to do the math, if you invested in that price. advanced microdevices down 4.5%. here's bitcoin. it may be up 28 bucks today but it stands at only $5,495 per
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coin. whether you shop are bucks or bitcoin, retailers are not seeing enough of you. shares sitting on the clearance rack now. everybody is down on this list. disappointing results from nordstrom and williams sonoma setting an ominous tone for black friday which, by the way, is exactly one week from today. we have williams sonoma down 11%. president trump hoping to play let's make a deal with china, speaking earlier at a bill signing ceremony, the president called america's current trade situation with china quote, stupid. he said china wants a trade deal, he wants a trade deal, and there's a possibility that he won't have to impose mortar e tariffs on the chinese if they can come to an agreement. blake burman, the chinese have a list of points they are willing to negotiate on but he looked at that list as not quite there yet.
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reporter: right. the president confirming what we have been talking about the last couple days, that chinese negotiators have sent u.s. trade negotiators a list as the possible trade reforms and i'm told the list breaks down into three different ways. one, what the chinese are willing to negotiate on. the complete opposite of that, what they are not willing to negotiate on, and then sort of the middle ground as well, what is under discussion right now between both sides. the president saying of that list just a little while ago here at the white house, quote, it is not acceptable to me yet, but he also said that he believes that china wants to make a deal. >> it's a pretty complete list. it's a lot of the things we asked for. there's some things, four or five big things left off. i think we will probably get them, too. but as you know, it's a very complete list. i think it's 142 items and that's a lot of items. reporter: the president saying there are four or five big things. we don't know exactly what he is referring to there, but keep in mind, the u.s. is calling for
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major structural reforms. they want changes that relate to i.p. theft, as it relates to the forced transfer of technology. the president saying, sort of reminding here a little bit that if this were to suddenly fall apart, that more tariffs could be on the way. >> we put our tariffs on $250 billion worth of goods and we have another $267 billion to go if we want to. we may not have to do that. china would like to make a deal. our country has done very well and china, as noyou know, has n done very well. reporter: sources i spoke with close to the trade negotiations tell me this list should not be viewed as a major breakthrough as it relates to the conversations that are taking place right now between the united states side and the chinese side. no spiking of the football for people that i talked to who are close to this stuff. also, as one person reminded me, this shouldn't be scoffed at, either, considering as to where these two sides were just a few
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weeks ago, and we have got this pretty big meeting coming up in two weeks between president trump and president xi of china. liz: it all comes down to the g-20, does it not? and fox business will be there. we know this, this is why i'll be taking "countdown" and blake will be there as well. the two of us will be hammering this issue big-time, watching every single step of it. two economic heavyweights with vastly different views on the economy's trajectory in 2019. the banker sees sunshine. the fed head sees rain. listen. >> what i'm conscious of is part of the bump this year we think is due to this fiscal stimulus. the government spending that we talked about. not the corporate tax reform so much as the individual tax cuts financed by increasing debt to gdp. that's going to start to wane into '19 and '20. >> but the year 2019
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[ inaudible ] still may be one of the fastest global growth years on record. liz: jamie dimon says unbelievable growth for 2019 and robert kaplan of the fed says we'll start to see it wane. who's on point when it comes to 2019 growth? let's ask our traders. these three are ready to take sides. phil flynn, you with dimon or with kaplan? >> you got to go with dimon. he's rated one of the best executives in the world last year. he's done a great job at jpmorgan. and he knows his stuff. he's a pretty savvy guy. if i had to break the tie, you know, we have the fed guy saying one thing, we have dimon saying the other thing. we had mario dragi overnight and if you put him into the mix, he sounded pretty optimistic, saying the slowdown in growth he saw was probably overstated a little bit, and so he's leaning more towards that area. i am going with dimon. it's going to be a great year and i think if we can get a deal
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with china, that's going to set the stage for incredible growth. liz: okay. i love your optimism. scott, let me just ask, could we see a slowdown simply on purely cyclical bases, meaning we have had an unbelievable run of ten years of economic expansion. at some point do we see a little bit of pullback and maybe they are both slightly right? is that a possibility? >> yeah. i think we can, liz, no question. both of them can be right. but i'm in phil's camp, quite frankly. phil, you can be the deciding vote for me. i'm in phil's camp. jamie dimon has been spot-on, and i'm not just saying with bullish calls, bearish calls. he's been spot-on. to me, what i look at is all this incredible, extraordinary headline risk that the entire marketplace has, not just right now, but over the last six months, and continuing, and yet, yet we are cranking out incredible, incredible growth numbers here. to me, the upside risk is still
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actually more prevalent than the down side risk, because like phil said, if any of these issues happen to get resolved, whether it's china tariffs, whether the fed actually backs back a little bit off of their hawkish stance here, boy, we are really in for a driving force here. liz: tim, okay, you get to then weigh in and then we can figure out where we stand on is it dimon or kaplan? >> both guys are very smart guys but mr. dimon's career has always been a lot closer to the real transactional part of the economy, and i would just, if i had to go with one of them, i would certainly think he has a better feel for where consumers are and where businesses are in terms of whether they're going to push the pedal a little bit next year or push the brake. i would go with him. i really do not buy into the fact that we are almost on the verge of having a recession next year, by any stretch of the imagination. liz: it's jamie dimon but let me
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remind everybody, robert kaplan was a banker at goldman sachs so he, too, has a vision from both sides. great to see all of you guys. have a great weekend. thank you, tim, phil, scott. an apple a day, you know how that saying goes. with the closing bell ringing in 49 minutes, united health group at the top of the dow 30, after announcing participants in its wearable device program can now use their apple watch for its specific program designed to get people to walk 12,000 steps per day. i was 10,000. you have to go 12,000? up next, the fda pulls out it is machete and slashes red tape to help one tech company bring its futuristic life-saving device to market. yes, you can see from this animation, it's under the skin. you guys have got to see how this new implant is fast-tracking the war on diabetes. the ceo is about to show you
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only on fox business. that's next. kevin, meet your father. kevin kevin kevin kevin kevin kevin kevin kevin kevin kevin trusted advice for life. kevin, how's your mom? life well planned. see what a raymond james financial advisor can do for you. starts with a december to remember at the lexus december to remember sales event. lease the 2019 nx 300 for $329 a month for 36 months. experience amazing at your lexus dealer.
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that simplify your experience. my name is mike, i'm in product development at comcast. we're working to make things simple, easy and awesome. it's a revolution in sleep. the new sleep number 360 smart beds are on sale now during sleep number's veterans day sale. it senses your movement, and automatically adjusts to keep you both comfortable. it even helps with this. so you wake up ready to put your pedal to the metal. it's the final days of our veterans day sale where the queen sleep number 360 c4 smart bed is only $1299 - save $400. plus, 24-month financing on all beds. ends sunday. sleep number. proven, quality sleep liz: we have this breaking news out of google parent alphabet. the tech giant's health care division says it has to halt and put on hold its glucose-sensing
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contact lens. an early research project to help those suffering from diabetes, better manage their disease, by putting, imagine this, sensors on contact lenses to measure glucose levels. the problem was that measuring glucose levels through tears coming through your tear ducts, not the same as measuring from your actual blood. shares of alphabet are pretty much flat right now. again, they aren't canceling it. they are putting it on hold. while this news underscores the real difficulty for testing glucose levels in diabetes patients, our next guest has found success that alphabet has yet to find. meet everset, pretty much a game-changing technology in terms of monitoring glucose levels but there's a catch. it's the only fda-approved long-term implantable sensor that provides realtime data. it's implanted under your skin. in a fox business exclusive, sensionic ceo, the company that makes it, tim goodenow will show
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us how it works. 8% to 10% of the population suffers from diabetes. this could be an unbelievable game changer. how does it work? >> thanks for having us. it's very exciting technology, as you said. the thing to keep in mind about managing your disease, diabetes, is the fact that it is long-term and chronic. so any time you look for any improvement in that, you are trying to make people's lives easier. that's what we approach with the implantable product. the value behind it is just as you said, you put it under the skin and forget about it. that whole ability to make your life easier is what we're trying to enable with that sensor. liz: a doctor implants it and we will show all of this on camera. doctor implants it, then you put a sensor over it, is that correct? >> right. we call it transmitter. liz: does it hurt to be implanted? what's the size of it? >> very small. think of it as a couple grains of risotto rice. it goes under the skin, we typically put it in the back of the arm, and a transmitter goes over the top of it. that's how we talk to the cell
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phone. liz: i'm assuming that's an app. this is your app, correct? >> it's our app but you can get it through the android, the google play, or at the apple store. liz: when the sensor and the device sense that you need some insul insulin, it sends a note to your phone? >> it will send your glucose level to your phone, exactly. why that's most important, think about it, eight hours a day for many people, you are sleeping so what it will actually do is alarm you, say you are going really high or going really low. with the advent of these new glucose monitors, it's been really important the last decade. liz: i find it fascinating that you don't have to be the only one who is on the app. in fact, your mom or parents or somebody you care about, who cares about you, can also be in the alarm sensing app as well. correct? >> exactly right. you are able to do that. in fact, a lot of people will monitor just to make sure, sometimes you need to call, sometimes you need extra help. somebody living alone, it's really important. liz: kind of had a nightmarish attempt, you know, trying to get this through the fda regulatory
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red tape. everybody has this problem with medical devices. it takes a long time. scott gotlieb has been here, the new head of the fda. he says he wants to get rid of the red tape. do you sense that there was a difference between the previous fda chief and gottlieb because it was june you got your approval, correct? >> we were in front of the agency for about 22 months so it's a relatively long process that you go through, but we do see a pretty resceptive fda. they were able to give us feedback and information on what we needed to do which resulted in a positive panel meeting. we feel good about how the process went. liz: this company, it's publicly traded. it is a small cap, half a billion. as you look to expand, how much revenue as a business network do you see coming from this? to me when you have this many people, 100 million adults
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suffering from some type of diabetes or pre-diabetes, i'm looking at a lot of revenue here. how much are you charging for this and i believe it has to be changed out every three months? >> every three months for the u.s. version of the product. we will be bringing the european version which is up to 180 days, to the united states in a couple years as well. the area of continuous glucose monitoring is about $10 a day is what a payer, the insurance companies will pay for you to have the continuous glucose monitoring. it's a little over a $2 billion market now and growing pretty fast, because of the excitement. liz: what's the risk of infection? >> quite loechw. it is about .7% in our product and that comes from the natural breaking of the skin barrier. liz: i look at this and say bravo to you and your developers and your team. this could be amazing for so many people. i hope they hear about it. >> thank you. liz: insurance is paying for it? >> insurance is starting to pay for it. we had a great win with aetna a few weeks ago. one of the top five is covering
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it. we are looking forward to that process. liz: congratulations. thank you so very much. we appreciate it. >> thank you. liz: eversense is the product. we have another hard pill to swallow for consumers, with the closing bell ringing in 40 minutes. pfizer says it's planning price increases on 10% of its drug portfolio. translating to 41 of its medicines come january. the price increases for most of the drugs, 5% with one drug jumping as much as 9%. according to the "wall street journal" sources no details on exactly which pfizer brands are involved but shares, of course they like this. they are up 1%. i don't know if president trump will like it. he says these guys are getting away with murder. up next, one of the most memorable scenes in movie history involve that big piano that tom hanks jumped on in the movie "big." well, it is back. yeah, there you go. you can see it now. it's the famous toy store that
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had it, reopens today in new york after being shuttered for years. we have the big toe store straight ahead. plus the movie deal coming to a tv near you. we'll be right back. jardiance asked: when it comes to managing your type 2 diabetes, what matters to you? step up to the stage here. feeling good about that? let's see- most of you say lower a1c. but only a few of you are thinking about your heart. fact is, even though it helps to manage a1c, type 2 diabetes still increases your risk of a fatal heart attack or stroke. jardiance is the only type 2 diabetes pill with a lifesaving cardiovascular benefit for adults who have type 2 diabetes and heart disease. jardiance significantly reduces the risk of dying from a cardiovascular event... ...and lowers a1c, with diet and exercise. let's give it another try. jardiance can cause serious side effects including dehydration. this may cause you to feel dizzy, faint,
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or lightheaded, or weak upon standing. ketoacidosis is a serious side effect that may be fatal. symptoms include nausea, vomiting, stomach pain, tiredness, and trouble breathing. stop taking jardiance and call your doctor right away if you have symptoms of ketoacidosis or an allergic reaction. symptoms of an allergic reaction include rash, swelling, and difficulty breathing or swallowing. do not take jardiance if you are on dialysis or have severe kidney problems. other side effects are sudden kidney problems, genital yeast infections, increased bad cholesterol, and urinary tract infections, which may be serious. taking jardiance with a sulfonylurea or insulin may cause low blood sugar. tell your doctor about all the medicines you take and if you have any medical conditions. so-what do you think? well i'm definitely thinking differently than i was yesterday. ask your doctor about jardiance- and get to the heart of what matters.
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liz: back in business in toyland. new york's iconic fao schwarz reopening its doors ahead of the holiday season after abruptly shuttering three years ago. new parent, 360 group who purchased the fao schwarz brand from toys "r" us in 2016 has relaunched the famous toy mecca amid booming retail sales and near all-time high consumer sentiment levels. in a good job market, tax cuts, people have money to spend, the new store is located in rockefeller plaza, about five blocks south of its original fifth avenue flagship location. it's stockpiled with mattel
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barbies, that guy, and multiple interactive displays including the iconic floor keyboard on which tom hanks, you remember, played chopsticks in the hit movie "big." that was a showstopper. that scene, right? they don't make movies like that anymore. all smiles for fao schwarz but michael kors shares not having any fun at this hour. deirdre bolton has all the action from the new york stock exchange with today's business brief. reporter: shares of kors are hitting a new low for the year. oppenheimer downgrading the shares to perform from outperform, sayings the fashion brand's $2 billion deal to buy versace could be too costly and hurt the bottom line. investors like what they hear from the speaker maker, who reported a narrower than expected loss. it reported better than expected revenue due to strong sound bar sale. you can see where that stock is now. paramount picture's ceo
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announcing a multi-picture deal with netflix. viacom owns paramount and is looking for new revenue streams bee beyond traditional theater releases. sa shares are moving higher. netflix under pressure. up next, big winners and big losers in the tug-of-war. does it really come down to investors versus consumers? we'll be right back. a business owner always goes beyond what people expect. that's why we built the nation's largest gig-speed network along with complete reliability. then went beyond. beyond clumsy dials-in's and pins. to one-touch conference calls. beyond traditional tv. to tv on any device. beyond low-res surveillance video. to crystal clear hd video monitoring from anywhere. gig-fueled apps that exceed expectations.
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liz: what a week it's been for crude oil. down nearly 6%, that makes it dmou down more than 25% from a four-year high it hit six weeks ago. gasoline prices down 37 days in a row. all of this affecting your
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household's bottom line. earlier this year, moody's chief economist put a fine point on that, saying every penny increase in gasoline prices costs the american consumer a billion dollars so it works in the reverse, too. you're getting a discount here. you're certainly getting a little bit of what you would call the gasoline tax cut. a research note from a company called capital economics says the plunge in oil prices is putting $40 billion back into american consumers' pocketbooks. but for every winner, there's a loser. is it crunch time for oil companies and those of you who invest in them? who better to bring in than barry worthington, who represents no fewer than 150 energy companies for the u.s. energy association. good to see you. part of the price drop, i was thinking about this, has to do with the very thing that's fast-tracking the u.s. to energy independence and that's the shale revolution stateside. but opec has also slashed demand forecast. what are you hearing from the companies you represent? >> well, what's happening right
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now is we have a combination of phenome phenomena. the united states, saudi arabia and russia are hitting record output numbers for oil production. at the same time, there's complications with the iranian sanctions on their oil exports. there were several countries that got waivers from those. that was a bit unexpected so we have increased production and continued iranian crude in the global marketplace, and then you combine that with the notion that right now, we're in a slow driving time of the year from mid-september to mid-november is slow, the weather's not bad yet, it's not that cold, so people haven't been using home heating oil, so the market fundamentals are a combination of these factors. liz: i did a quick search of various oil companies because our investor audience loves to know where to go next. they're at a discount, you have apache, exxon, transocean, all
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down year-to-date. actually, marathon might be up just about under 2%. then i thought let me look at the xop, that oil and gas exploration exchange traded fund. it's just at a bear market for the quarter. it looks really bad. stocks are getting hammered. something's got to give, barry. will we soon see them put in a position where they self-regulate and cut their own output? >> i don't think you are going to see that in the united states. liz: why not? >> well, because unlike other countries, the oil industry of the united states is all privately owned. they have to make decisions based on what's best for their individual corporation. they actually cannot get together and say i'll cut 5% if you cut 5%. liz: we're not an opec cartel, i get it. but i bring this up because canada, the canadian price of a barrel of oil just hit u.s. $50.
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so it's trading even at a discount. that's a record low for canada. there's a company that i saw, it was really surprising to me, because when you see these companies say you know what, we need to not be putting out so much energy, it's calling upon the government in alberta to temporarily cut, ask for people to cut output for all the drillers. >> well, the prices coming out of alberta have more to do with a lack of pipeline capacity because they didn't and won't build -- well, have not yet decided to move forward with the keystone xl pipeline. you are shipping oil out of alberta by rail instead of by pipeline. liz: a bottleneck. >> it's a pipeline bottleneck. we see it in parts of the united states as well. but that's why the price differential between u.s. crude and canadian crude, they have to sell at a discount because they can't get it to market.
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liz: i see. i see. that's why we get smart guys like you on. jpmorgan ceo jamie dimon today was speaking at an axios conference and was confronted by a protester. when we all finally figured out what the confrontation was, this protester wanted to put this sign, chase stop profiting off dirty energy, because i would imagine chase lends to certain energy companies and they handed him a pamphlet. how are you sensing the american public now? we're really kind of moving to a mixture, are we not, of wind, crude, solar, electric cars. do you get the sense that most energy companies are like say, for example, berkshire hathaway energy where they are salting everything, looking at every opportunity in energy, not just fossil fuels. >> absolutely. some of the largest electric utilities are the biggest purchasers of renewable energy, both as a developer and just
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buying the output from the facility. so we're in a transition in this country where we are simultaneously developing additional supply, shipping them all around the world, and meanwhile, in a transition, reducing carbon dioxide emissions in part because we are deploying wind and solar and where they make perfect sense and are economical, that's what we ought to be doing. liz: rig count moved higher today. we always get the rig count for the week on friday at 1:00 p.m. we saw two more back up. so when are we -- what would be, for an investor, just an indication when we see fewer rigs being fired back up, or layoffs, do you anticipate anything like that coming with such a low price for crude at the moment? >> well, i think the imbalance in the crude oil market globally is going to be a short-lived phenomenon. i think you are going to see the additional sanctions put on the
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countries that are importing iranian oil. as you know, there are eight countries that were given waivers. the indication is those are not permanent waivers, they are temporary waivers, give them a little more time to find alternative sources of supply. when you have russia, saudi arabia, the united states all hitting record output, and iranian and venezuelan oil staying on the market, unexpectedly, by the way, that's what's causing the fundamental lowering right now in prices. liz: we have to run, barry. i found it fascinating when president trump said to saudi arabia opec has got to stop, got to bring the price down and continue to add more. we are now going to be the world's largest oil pumper. the u.s. will have the most output pretty soon. at what point would we ever listen to the saudis if they said you guys are destabilizing the price, you need to either
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cut depending on the situation, cut production or add production? do you ever foresee that happening? >> we will never pay any attention regarding our own domestic production based on what opec says. liz: why should they? >> why should they? well, it's up to them. they're not reducing production now. they're increasing production. they are at their highest level of crude oil production that has ever, ever, ever existed. and you know, there's one hidden value of the lower prices that you alluded to before. how about you get a couple billion dollars extra in the pockets of u.s. consumers a month before christmas? liz: we'll take it. barry, i don't know if your clients will but we love it. good to see you, barry. thank you very much. >> thank you. liz: barry worthington. lawyering up to do what? to chill out? well, with the closing bell ringing in 20 minutes, tesla hoping for the best, preparing for the worst, but there's suspicion that continues to plague elon musk and his
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electric car vehicle maker. charlie gasparino is on his way to the set on this fine friday on what the insiders and lawyers really think of tesla. he will shed some light on it. he just hit the wires. ♪ ♪ ♪
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we're all under one roof now. congratulations. thank you. how many kids? my two. his three.
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along with two dogs and jake, our new parrot. that is quite the family. quite a lot of colleges to pay for though. a lot of colleges. you get any financial advice? yeah, but i'm pretty sure it's the same plan they sold me before. well your situation's totally changed now. right, right. how 'bout a plan that works for 5 kids, 2 dogs and jake over here? that would be great. that would be great. that okay with you, jake? get a portfolio that works for you now and as your needs change from td ameritrade investment management. liz: breaking news. i told you charlie just hit the wires. well, his tweet just hit the wires on tesla. it is moving the markets again. fox business learning that elon musk and his team at tesla are growing increasingly optimistic, seeing a clear road ahead despite an ongoing department of justice investigation. charlie, what's the scoop? >> caveats here, okay? this is what his legal team are telling my sources. we have been able to confirm that's what they're saying. doesn't mean it's true. it's their impression, that's what they're saying, and
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sometimes these guys pick the rosy scenario. i think some of it, i will just let the words speak for themselves. we will bat it around a little bit. what the lawyers for tesla and musk are telling people, they feel increasingly confident the doj won't proceed, the doj won't proceed with a case on the funding secured tweet. as you know, they settled it with the s.e.c., fines, elon has to give up half his job. he's no longer chairman, few other things. liz: for having tweeted out hey, i'm going to take this private, funding secured at $420. >> he settled that with the s.e.c. they believe that thing is off the table. basically off the table, with the doj. they don't think there's a case there, a criminal case there. that's what they're telling people. they believe the only serious regulatory issues involve the model 3 projection. some of the statements elon and team made on those model 3 that they are going to produce x amount and they didn't, blah, blah, blah, blah, blah. now, mr. musk would come back and say hey, what part of production hell does it mean
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that i'm lying about my production -- my projections about model 3 production. lawyers believe that he's got a good case on that as well. so they are discounting the remaining doj s.e.c. probes. they believe to show that he's lying is going to be a very, very high bar for the government. not impossible, but that's what they're saying. liz: you said this months ago. >> listen, i can't tell you that the s.e.c. and doj don't have an e-mail from elon musk or somebody that proves that they are all lying. you know what i'm saying? i don't know that. i can just tell you that right now, that's the feeling on the part of the tesla people, that they haven't really received a subpoena from doj yet on the projections, model 3 projections. the s.e.c. hasn't subpoenaed them but again, they don't believe they have reached a bar. now, that doesn't mean they won't. again, i can't predict the future.
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i'm just telling you what they are telling other lawyers. we should point out tesla has retained bradly bondi on this s.e.c./doj matter. so this is a guy that worked on the s.e.c. case on funding secured. he's been retained on this other thing, the second part of it, as well. liz: does it cut him any breaks that he now says, and it looks like he will be able to deliver on this, that anybody who puts in an order for the model 3 now will get a delivery of it by the end of the year and he's looking to get to about 7,000 per week. if he delivers on that -- >> remember what you have to show with these projections, like when the s.e.c., they do this all the time. they investigate the doj whether someone lies, a corporate executive lies. you really have -- liz: with intent. >> you have to show that intent. by the way, the criminal intent is even higher than the s.e.c. intent. you have to show that elon musk for sure, for sure, knew he was lying.
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not that he made a mistake. not that he was being overly optimistic. not that he was drinking the kool-aid. not that he was even smoking pot before making these statements. they have to show that he is intentionally lying. remember what they did with martha stewart? that insider trading case, they didn't nail her on insider trading. they got her on obstruction and lying to people. they had contemporaneous e-mails -- excuse me, they had witnesses where people, she was telling people specific things about what went on during that trade that gave the prosecutors enough evidence to bring a case about lying, intentionally misleading investigators and the investing public. that's what they have to show here. it's a high bar. my point is on this caveat, this is coming from elon's people, the s.e.c. and doj have no comment, but this is the word they're letting out. liz: remember yesterday, you followed sergeant aaron hale who
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was blinded by a explosive device. we crashed his website but it's back up and running and i need to tell you guys, he got 413 orders for his caramel chocolate-covered caramel, salted caramels and chocolates and fudge. he is amazing. he has been -- >> he's a neat guy, isn't he? liz: neutralizing bombs in afghanistan, one blew up in his face and he's blind and his eardrums are blown out and he starts a company. you guys have come through. i hope you continue to buy from him. extraordinary delights fudge. >> these are -- i don't know what you say with a guy like that. he's amazing. we all should be -- liz: i love these people who complain the government's not giving me this or that. here's a guy who sacrificed just about everything. >> he gave to the government. forget about taking. he gave. liz: he starts his own company with his wife michaela.
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by the way, the chocolate covered salted caramels are the sickest thing i ever had. >> i have to buy some of that now. liz: charlie, thank you. charlie gasparino. dow jones industrials up 131 points with about ten minutes to go before we hear that closing bell ring and shut out the week. what a day yesterday. a snovember to remember, destroying the commute of millions of new yorkers last night, making many long for sunny beaches and frozen drinks. snow-cation stock is what i was stuck in last night. >> that's exactly what i was thinking yesterday. a september to remember,
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♪ liz: five 1/2 minutes to go before the closing bell rings. look how the markets performed for the week, it is friday.
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dow, s&p 500 and nasdaq are on pace for first down week out of three. it has been really rough ride, deirdre. i'm looking at you on the floor of the new york stock exchange. i think we're all really tired, but before you bag out there we need to hear your winners and losers. >> as you said it was a very volatile week. 3m, verizon, proctor & gamble, basically consumer staples, pretty safe bets among larger volatility. if you look at weekly losers we'll call them up now, walmart, boeing, goldman sachs. really focused on walmart at the moment, the company reported earnings. they were pretty good. most of retail was hurt today with this idea if the consumer is not spending now as we've seen with walmart competitors, maybe in the higher end like williams sonoma and nordstrom which are higher end, walmart, both of those companies are reporting disappointing
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earnings, a lot of concerns when the consumer will spend. we have near record unemployment. wayne growth for first time in decade. there are the winners on one side, pretty safe bets. on losers just a little bit of concern creeping in lear about the u.s. consumer. liz: you saw this too, deirdre, williams-sonoma said, china trade. their inventory they bring in from china is coming in very slowlily. i think we'll start hearing more anecdotes of different publicly-traded companies starting to feel it. what do you think? >> that is exactly right. to your point that is what williams-sonoma said talking about the west coast ports are really slowing down. it also seems to be perhaps for luxury there may be a soft spot which backs up as well what we heard from nordstrom. that stock not a weekly loser but today trading down the biggest decline since 2008.
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whenever we reference 2008 that is not a great moment. liz: when we started 56 minutes ago nasdaq was up. inches of snow, six-inches in manhattan, awful commutes, freezing temperatures, not even december. if this crazy winter weather has you down maybe check out a stock that reflects warm weather, beach resorts, better moves for your portfolio. mark travis says he has the stock pick. he has other names too that may have not hit the radius of your portfolio. give us your snowcation stock pick. you came from florida, you got hit by the snow. >> temperature was inverse when i landed. temperature went from 73 to 37. then it started snowing. win ham destinations is something people familiar with. it gets scorned because it's a time-share business.
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it is stable reoccurring cash flow business. it has 221 properties. they refinance people's purchase of time-share. they spend 25 grand. they finance it at 13%. go to the abs market at three so they keep a spread. liz: stretch it two or three years that may tell a better story. dividend plays was hot. this one looks like a dividend play? are those going to be back in vogue? what is the dividend here? >> rates move up, long duration assets get hit. they give you cash now but maybe netflix will give you cash later, right? in windham we have 400 plus million in free cash flow. it comes back to you. we own the equity and short duration debt. 3.7 on equity, and we get five to six on the debt. liz: the yield around 3.9.
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>> right. liz: talk about your other picks. what do you like? >> i like manhattan. i don't like when it is snowing. there is a block not too far from 7th and 32nd madison square garden. 31 million square feet. liz: we heard of it. >> they have a couple of iconic franchises. knicks and the rangers. we think the dolan family oaf time created a lot of value. they're willing to monetize it in cablevision. we think forbes is underestimated the value of the knicks at $3.6 billion. it is the third most valuable franchise out there behind the cowboys and yankees. liz: you're not buying at 52-week high which i believe was more like $330. >> right. liz: right now at 257. you know it can reach that level. >> right. so again they own a facility now where the golden knights play hockey. liz: that's vegas. >> they have the forum, back to
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your old turf. liz: fabulous forum where i saw peter frampton. >> maybe you amaze me? no that is paul mccartey. [closing bell rings] liz: mark travis, thank you very much. today's gains for dow and s&p not enough to make up earlier losses in the week. tech takes it on the chin once again. hope you have a good weekend, everybody. connell: stocks end the day in the green. still down for the week. comments on trade from the president enough to turn early losses into gains. the dow settling in her with a gain of, oh, 129 points we'll take it. a little off the highs. but not bad. s&p 500 closing out on positive territory up six. nasdaq fought but came up short. charles: who cares. connell: down by 11 points. melissa: i was trying to see the bright side o


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