Skip to main content

tv   Countdown to the Closing Bell With Liz Claman  FOX Business  November 30, 2018 3:00pm-4:00pm EST

3:00 pm
the smartest guys in the room. >> it's a warning place to watch. charles: thank you very much. right now, dow jones industrial average, up 91 points. liz claman is at the g20 summit in buenos aries. liz, i'm throwing the cp effect down to you. take it away. liz: thanks, charles. you know how i know you hit me on time? i can hear the church bells right over my left shoulder. i know, isn't that cool? here in buenos aries from the heart of the town, the markets are hanging on to every headline out of the g20 summit in buenos aries. so this final hour of trade will speak volumes about whether investors interpret any real or substantive trade deals are being struck. right now, markets rising in late afternoon trade and hitting session highs after a chinese official just told reuters quote, consensus is steadily increasing on a trade agreement between the u.s. and china. so that was about 15 minutes ago. boom, the dow shot up about 107 points.
3:01 pm
we are still pretty close, up about 98 at the moment. but will that consensus, will a solid deal really happen? sources telling fox business you never know with president trump. he can be capricious and make unilateral decisions and strike deals. we are watching every single bit of every single headline that comes out of this g20. the president has left the site of the g20 summit. he is at this moment meeting with staff at the u.s. embassy here in argentina. it's been an event-filled day, i can tell you here so far. the president wrapping up a bilateral meeting with australian's prime minister about an hour ago. we found out moments ago that his meeting with germany's angela merkel will be rescheduled for tomorrow. you know angela merkel has some serious plane problems. she hasn't even arrived yet. she comes tonight so she's getting here late. earlier we saw all the g20 leaders minus angela merkel pose for the so-called family or
3:02 pm
class photo, positioning is fascinating. you can see right here, standing next to -- sort of in between japanese prime minister shinzo abe and french president emanuel macron, president trump's placement was far removed from russian president vladimir putin and saudi arabia crown prince mohammed bin salman, who was actually way on the far right. you can see it right there. when you put the one far on the right it's like being put in siberia. now, mohammed bin salman, the crown prince of saudi arabia, and of course, putin sending tongues wagging after their bro high five. it was like a low five kind of handshake here. the g20 plenary session was just getting under way and they kind of smacked each other's hands, there were big smiles. but vladimir putin is not showing any kind of love at all for president trump. putin, not biting on trump's suggestion that he quickly resolve the most recent conflict that russia has just had with ukraine in order to reestablish
3:03 pm
a one-on-one meeting between the two here in argentina. it has for now been canceled. russia at this hour, yeah, not interested in following that plan. they have reportedly moved the captured ukrainian sailors to a moscow prison. in turn, ukraine has banned russian men of combat age from entering the country. the latest fallout. this comes following today's historic signing of the u.s. mexico canada deal, where all three countries made that trade agreement, sort of the reboot of nafta that the president called a groundbreaking achievement and probably the largest trade deal ever made. so we are live on the rooftop of the intercontinental hotel in the heart of buenos aries watching all of this. i was there this morning for that meeting and for that event. we've got a couple world leaders. we should mention they are staying here but it may be hard to keep a low profile with hundreds of members of international media here to cover every move of what is arguably the biggest gathering
3:04 pm
of global leaders at a most consequential time and it matters to the markets, your money and the stock market. the host country, well prepared. we should tell you, it's the birthplace of the tango. we got to hit some of the sites yesterday. argentina is the 37th largest trading partner with the united states. the u.s. holds a surplus of nearly $11 billion last year with the top exports being machinery, mineral fuels, aircraft and plastics. just to give you a feel here, security is very tight and we've got the city on virtual lockdown to protect the world leaders who are here. again, it's actually more than 20 world leaders. it's 19 plus the european union leaders so macron, who is staying at this hotel and of course, merkel is coming. we are watching it very closely. public transportation has been shut down in the five square mile area. we have the port closed. every once in awhile we get a helicopter flying very low behind us here. what about the protesters? they are being held very far away. we are looking at live pictures,
3:05 pm
good bit of a distance away from the summit site. so far, no reports of major violent incidents like we have seen at the past g20s. you may remember a year ago, hamburg was just a complete mess. i don't know, it was something that they did not want a repeat of and here in argentina, this was their moment to shine. and shine, everybody did this morning. starting with the historic signing of that u.s. canada mexico deal and some modernized version of the north american free trade agreement. president trump first to speak at the signing ceremony, acknowledging that sometimes very tough rhetoric thrown back and forth during months of negotiations between him, canadian prime minister justin trudeau and mexican president enrique pena-nieto. >> prime minister justin trudeau who has also become a great friend, this has been a battle and battles sometimes make great friendships so it's really terrific. liz: and he called it a great
3:06 pm
friendship and when you look at what really had happened before then, boy, there were some real barbs being thrown back and forth. this included a crowd watching treasury secretary mnuchin had a big smile on his face. i watched him walk in. trade representative robert lighthizer, jared and ivanka trump. president trump said quote, after a lot of abuse and barbs, this agreement was quote, worth it. let's bring in one of the negotiators in a fox business exclusive of the original nafta, ambassador charles reese. ambassador, welcome. i want to begin by asking you just how different is this new modernized nafta deal than what you put together 24 years ago with president george herbert walker bush? >> well, this is a little bit different, largely because of the passage of time. there are elements that came really out of the trans-pacific partnership, coverage for digital trade, better coverage for drugs and intellectual property, things that you would have done if you had just sat down to modernize the nafta.
3:07 pm
the big change between this and the agreement that we did in '94 is in the auto sector, where there are higher rules of origin and there is a provision requiring some proportion of the content of autos and trucks to come from high wage, more than $16 an hour labor. but most of the agreement including the agricultural provisions that are really, really important for the u.s. farm sector is pretty much the same. liz: the perception, i'm sure they all wanted, was that they were selling it to each of their countries this morning as a victory, although i would have to say that canadian prime minister justin trudeau seemed to be the least excited about it, and here's what he said. i want you to then react to justin trudeau. >> there's much more work to do. we need to keep working to remove the tariffs on steel and aluminum between our countries. liz: what about that?
3:08 pm
will there be a quick move? >> well, i don't think so. this was the moment for the sort of generosity of spirit to lift this steel and aluminum tariff which were put on on a national security basis and the canadians have taken this very badly. they are one of our longest and oldest allies, and they have this long peaceful land border with us and they find it sort of personally or sort of nationally offensive that we restrict steel and aluminum imports on national security grounds. i think they had hoped that in the end game before the signature, they could have gotten that relieved. but they could not. liz: i need to talk about what happens next. this is still a moving target. all three countries have to have this ratified by their legislative bodies. now, congress has to look at it but there are a bunch of other issues that have to happen ahead of that, including i guess the president has, what, about 60
3:09 pm
days to report to congress the changes in the u.s. law and then there's about 105 day agreement, within the 105 days where the trade commission has to talk about the impact on the u.s. economy, but then it goes to congress, and we have a new congress here. we have a democratic controlled house and i'm not so sure that anybody's as worried about that as maybe some of the senate members. robert lighthizer has spoken to the press after and he told us, he was most animated, let me just say that, when asked about whether democrats would be fighting this. he said we want democrats happy on this and this has been a bipartisan deal from the start. so i'll tell you something, you look at what that tone is, and now you see that in the past hour or so, senator marco rubio is tweeting that he hates this deal. he thinks it's terrible. and he is on the same side in a way as senator liz warren. who would have thought? >> yeah, who would have thought. i think the most important thing
3:10 pm
about this whole process that we have in the future is that the existing nafta stays in effect. the biggest risk that we had was that for some reason or another, these negotiations would fail and the nafta would -- the president would pull the united states out of nafta on six months' notice. that would have been a little like brexit. a cliff edge that would have been devastating for business for the stock market and so forth. we're not there. so we have the next steps are part of what used to be jokingly called fast track which isn't all that fast, but if these procedural steps are made, what happens is that the administration gets a straight up or down vote on the agreement without the possibility of amendments. it may take really quite some time. there is no time limit on congress itself in doing that up or down vote. and the administration will try to build a bipartisan coalition in favor of this. there are republicans who will
3:11 pm
be doubtful of its more restrictive aspects and there will be democrats that will be enthusiastic about the provisions in auto trade which seem to benefit the labor unions. we'll have to see how it plays out politically. i think that the democrats will be fundamentally a little reluctant to give the president something that he can claim is a big trade victory, especially with all the other trade disputes out there. liz: although their constituents want to see that untercertainty erased. charles reese, one of the original negotiators of nafta 24 years ago. thank you for joining us. market climbing to session highs at this very moment ahead of tomorrow's big meeting with china. so the markets are actually sharply higher this week, starting, remember wednesday? boy, did the markets take off. dovish comments from federal reserve chief jay powell during a speech where he simply said you know what, we're pretty close to neutral which would
3:12 pm
mean that track of hiking rates might be stopped soon. what does december bring? well, we've got this. another major data breach has hit the u.s., this time at marriott starwood hotels. the hotel chain revealing starwood guest reservation data breach exposed information on some half a -- well, 500 million, half a billion guests, really? data that was potentially stolen includes names, phone numbers, e-mail addresses, passport numbers. remember, marriott owns the ritz-carlton. it's not just marriott. date of birth. they've got it. new york attorney general has opened an investigation into the data breach which is now the second worst cyberattack in the private sector in the last decade, just behind yahoo!'s in 2013. we are looking at shares down about 5.66% for marriott. $6.96 down to $114 and change. general electric can't seem to catch a break. the "wall street journal" is reporting that former employees have told the securities and
3:13 pm
exchange commission that certain insurance risks were ignored, which led g.e. to not having sufficient funds to cover their losses. on top of that, deutsche bank has slashed its price target to $7 from $11. it was already $7.43 so another 43 pennies and they are hitting it, saying revenue at the power business remains flattish but does not continue to decline. what is that? that's like faint praise. shares of g.e. are sliding once again today. for many traders and investors alike the focus is not on the final day of trade of november, but rather, how the markets will react to tomorrow's meeting between president trump and president xi jinping. traders preparing ahead for the weekend. let's get to the floor show and our traders at the new york stock exchange and cme group. let me get to john right off the bat. when will we first start to see it? with overnight markets in asia? >> exactly. this has been a weekend that's been on our calendar as we have been waiting for it for a long
3:14 pm
time. like you said in your lead-in, showing the picture of all the world leaders there, it's all about posturing. these meetings are going to be all about what they say, how they say it and what comes out of it. i think what we're looking for most is a non-event. i think a non-event will be absorbed very well into this market. we had a great run-up this week and hopefully there's going to be no big ripple effects or big headlines that come out. we will be watching our president trump twitter feed all weekend. liz: yeah, i know. don't forget lighthizer, the u.s. trade representative, chris robinson, moved the european markets early this morning when he told us in that press gaggle that he felt there would be a successful outcome. he simply said successful feelings, not a real deal. but where should investors be looking on monday for the first indication of reaction to that? >> well, obviously the s&p will open up earlier than the grains but grains will open up and you want the canary in the coal mine, look at soybeans. they have been at the top of a
3:15 pm
nice rally. the markets anticipating a deal with china and i know there are a couple million farmers that are hoping for a thumbs up. liz: we are looking at an s&p that's got a nice 16 point gain. the dow up 120 points. gold moving lower which means there isn't that fear trade. john, chris, thank you very much. appreciate you being here. we have 45 minutes before the closing bell rings. up next, straight from the farmer's mouth. just what chris was talking about. the real impact of the trump trade war. we will take you live to an illinois farm where anxious soybean farmers who have lost their biggest customer have one eye on tomorrow's dinner between the president and china's leader, and the other on their unsold crops that are piling up. this is one of the most colorful neighborhoods in all of buenos aries. i'm standing up here with one of argentina's most famous residents. pope francis. we'll be right back.
3:16 pm
3:17 pm
3:18 pm
comcast business built the nation's largest gig-speed network. then went beyond. beyond chasing down network problems. to knowing when and where there's an issue. beyond network complexity. to a zero-touch, one-box world.
3:19 pm
optimizing performance and budget. beyond having questions. to getting answers. "activecore, how's my network?" "all sites are green." all of which helps you do more than your customers thought possible. comcast business. beyond fast. liz: breaking news. the trans-atlantic -- alaska oil pipeline has been shut down at this hour after a magnitude 7.0
3:20 pm
earthquake struck anchorage, alaska. the measure coming as a precaution only. we should tell you that. the pipeline has not been damaged. but officials in the region are reporting widespread damage across homes and buildings, multiple roads and bridges are closed right now and officials are warning residents to stay off the roads if they can. now, earlier, there was a tsunami alert for the southern alaska coastal region. that's been canceled, but we are going to keep you updated on the situation in anchorage as we get new information. because there hasn't been damage to that pipeline, the price of oil is still falling in the after market session here. we are at $50.67 per barrel, down 1.5%. it's been a horrible week for oil bulls, i can tell you that. major short squeeze here -- major, rather, bull squeeze. if there is such a thing. i just made that up. let's take a look. the markets have suddenly hit bigger session highs. dow jones industrials just a few minutes ago popped up about 138
3:21 pm
points. we do have it up 141 and climbing, so if you're in the markets, you're making money right now. dow stands at 25,479. look at the s&p, at its low it was down five, right now it's up 17. you've got to wonder whether as host of the g20 summit, argenwill tiarge argentine's president, who welcomed president trump for breakfast this morning at the presidential palace, whether he secretly loves this trade dispute between the u.s. and china. in retaliation for president trump's tariffs on chinese steel and aluminum earlier this year, china in turn retaliated back by virtually halting all purchases of u.s. soy. enter argentina, whose farmers are gladly stepping up to sell their soybeans to the chinese. but where does that leave u.s. farmers? hurting. the usda today downwardly reviseing the outlook for u.s. agricultural sports in exports .
3:22 pm
of course we put jeff flock on the ground in illinois with fretting farmers there. jeff? reporter: we had a trade surplus there, yes, and now we are not going to have a trade surplus. you are seeing an extraordinary picture here. this is bags of soybeans. typically these would be in china by now. instead, they are in farmers' fields and grain elevators, being stored in bags because there's not enough room in the bins. soybeans, a huge crop in the u.s. and huge export. take a look at the numbers. typically, huge market, now exports to china down by 97%. even though some areas have made it up, it's just not enough. not only the farmers holding the bag on this, but grain elevators which have purchased these soybeans and now the bottom has fallen out of it. take a listen to grain elevator guy who says it's a tough situation right now.
3:23 pm
>> we're shifting risk from the producer to the grain company, but there's risk in that, a lot of risk with that. because soybeans, there's a lot of money sitting out here on the ground. reporter: if you want to know how much money, well, the beans you saw in the bags, that's about $4 million worth of beans which they can't sell right now. we are walking across the mud here because i want to show you something else. first i want to put up the price of soybeans. chris told you earlier, had a little rally today, about six cents. overall, over the past six months, we are talking down on soybeans by maybe $2. here's the other thing i want to leave you with. because there are so many beans in storage, you can't store beans outside uncovered, this is corn right now. they are storing this on the ground uncovered because they can, for a short period of time. the problem is, leave it outside uncovered and you begin to get sprouting of this corn and you begin to get rot. look at this.
3:24 pm
deep down in this pile of corn, steam comes off of it. this is all rotting. because they can't get it in the bins. that's what it looks like. that's no good. can't sell that. can't use that. liz: storage is a huge issue. reporter: incredible. liz: you just articulated in the best possible way what this really means. all right. jeff flock, thank you very much for that. we've got about 36 minutes before the closing bell rings. we just hit a new session high, we are up 172. tommy walking tall with the closing bell just as i said, 36 minutes away, tommy hilfiger parent reporting an 11% increase in revenue for the brand. they missed revenue estimates but investors think the upside is still good for tommy and calvin klein brands in the fourth quarter. leading the s&p today up half a percent. this is where president trump's first big day at the g20 began, with a presidential breakfast.
3:25 pm
but now everyone's talking about the big presidential dinner tomorrow night. will there be a trade deal or at least a freeze in trade tensions between the u.s. and china on the menu? we're coming right back with so much more.
3:26 pm
i knew about the tremors. but when i started seeing things, i didn't know what was happening... so i kept it in. he started believing things that weren't true. i knew something was wrong... but i didn't say a word. during the course of their disease around 50% of people with parkinson's may experience hallucinations or delusions. but now, doctors are prescribing nuplazid. the only fda approved medicine... proven to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are allergic to its ingredients. nuplazid can increase the risk of death in elderly people with dementia-related psychosis and is not for treating symptoms unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. tell your doctor about any changes in medicines you're taking. the most common side effects are swelling of the arms and legs and confusion. we spoke up and it made all the difference. ask your parkinson's specialist
3:27 pm
about nuplazid.
3:28 pm
3:29 pm
liz: the u.s. is headed head-first barreling into winter but here, it's springtime turning to summer. normally a jam-packed buenos aries is virtually shut down for the g20 summit. president macri declared a bank holiday so businesses and government are not operating, they are closed. but we have still been venturing about and a guy playing, of course, a guitar, this was what we came upon. we saw people tango dancing. we had to eat empanadas and everyone was looking, it's just
3:30 pm
a beautiful area. fox business's blake burman, we are double teaming it here in buenos aries. blake, the arrivals of the dignitaries are almost as scrutinized as the actual meetings themselves, aren't they? reporter: you were talking about the sights to see. they have a red wine industry here. did you dabble in that at all? liz: no. i have been working. reporter: we had to do a little investigative research on our own. yeah, the arrivals have been coming and going and obviously, one of the big no-shows, they canceled vladimir putin's meeting. president trump deciding to do that. there was putin arriving here to buenos aries. you know, as far as we know, these two have not come face-to-face, at least talking with each other in a kind of formal setting. they are all here so who knows what happens behind closed doors. liz: one of the members of the g20 is turkey and erdogan, of course, arriving as well. there will not be a meeting with him and president trump either. reporter: not schedule to be one. this was maybe going to be on the books but wasn't really officially announced by the white house.
3:31 pm
they said oh, these two could potentially meet with each other but as we will see over the next couple days, not going to happen. liz: what you will hear about, whether or not there's substance to it, is the bro handshake between vladimir putin and saudi crown prince mohammed bin salman, who is kind of out in siberia, as i said. i was reading up in advance and i was talking to some people and they said they don't want their world leaders, this is their quote, not mine, shaking a blood-soaked hand. there is that perception because of what happened with the saudi dissident khashoggi, and he was murdered, killed, and it's just been a horrible situation. reporter: on top of that, to the criticisms of vladimir putin himself and what happens to some people with inside his own country as well, journalists, those who speak out against his administration and himself. you've got these two sitting down saying this was the first meeting so as far as we know, this was the first time they had seen each other and there they are seated next to each other. as they were doing it, it was kind of like, you know, a hey, what's up dude kind of handshake you would do to any of your friends. but playing out on the world
3:32 pm
stage. not a lot of people liking to see this one. liz: a little dr. evil-ish, that scene where they were sitting around the table. blake, thank you. blake is doing lots of live shots as well. we have been very, very busy here. but we are covering it all for you, and the markets as well, because what's happening here is affecting stocks. we are very close to session highs right now. please note we have added 100 points on to the dow jones industrials since the top of the hour, when we began. right now, we are up 172 for the dow. s&p better by 19. the nasdaq up 45. and this as the crypto selloff reignites. the original digital currency bitcoin hitting a new one-year low, falling below $4,000 again. kind of punched back up there a couple of days ago. not now. currently trading down $205 to $3,968 per bitcoin. it's a famous name in boxing feeling the heat of the crypto world right now. susan li has that story in today's fox business brief. hey, susan.
3:33 pm
susan: you look great in argentina. that's right. floyd mayweather settling what could have been a crypto tko with the s.e.c. over charges he didn't properly disclose payments when he was promoting the initial coin offering. the company now out of business. dj khalid also accused of improper disclosures. the two set to pay $400,000 to settle this dispute in fines. the co-founders also both charged with securities fraud earlier this year. game stop not feeling the holiday spirit. the video game retailer slashing its full year forecast, citing weakness in its used game business. shares on track for their worst day in over three years. currently down to around 6.66%. tesla shares cruising along after reports they had achieved production of 1,000 model 3 sedans a day. the good news coming courtesy of electric vehicle website
3:34 pm
electric, which is quoting an e-mail from ceo elon musk that he sends to employees. shares are currently up more than 2.5%. so with 24 hours to go until the trump/xi meeting, there will be a cease-fire or new wave in the trade war? we head back to buenos aries and liz claman live on the ground when we come 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. comcast business. beyond fast.
3:35 pm
metastatic breast cancer is relentless, but i'm relentless too. mbc doesn't take a day off, and neither will i. and i treat my mbc with new everyday verzenio- the only one of its kind that can be taken every day. in fact, verzenio is a cdk4 & 6 inhibitor for postmenopausal women with hr+, her2- metastatic breast cancer, approved, with hormonal therapy, as an everyday treatment for a relentless disease. verzenio + an ai is proven to help women have significantly more time without disease progression, and more than half of women saw their tumors shrink vs an ai. diarrhea is common, may be severe, and may cause dehydration or infection. before taking verzenio, tell your doctor if you have fever, chills, or other signs of infection. verzenio may cause low white blood cell counts, which may cause serious infection that can lead to death. serious liver problems can occur. symptoms may include tiredness, loss of appetite, stomach pain, and bleeding or bruising more easily than normal. blood clots that can lead to death have also occurred.
3:36 pm
talk to your doctor right away if you notice pain or swelling in your arms or legs, shortness of breath, chest pain or rapid breathing or heart rate. tell your doctor if you are pregnant, breastfeeding, or plan to become pregnant. common side effects include nausea, infections, low red and white blood cells and platelets, decreased appetite, headache, abdominal pain, tiredness, vomiting, and hair thinning or loss. i'm relentless. and my doctor and i choose to treat my metastatic breast cancer with verzenio. be relentless. ask your doctor about everyday verzenio.
3:37 pm
the doctor just for a shot. with neulasta onpro patients get their day back... to be with family, or just to sleep in. strong chemo can put you at risk of serious infection. in a key study neulasta reduced the risk of infection from 17% to 1%, a 94% decrease. neulasta onpro is designed to deliver neulasta the day after chemo and is used by most patients today. neulasta is for certain cancer patients receiving strong chemotherapy.
3:38 pm
do not take neulasta if you're allergic to it or neupogen (filgrastim). an incomplete dose could increase infection risk. ruptured spleen, sometimes fatal as well as serious lung problems, allergic reactions, kidney injuries and capillary leak syndrome have occurred. report abdominal or shoulder tip pain, trouble breathing or allergic reactions to your doctor right away. in patients with sickle cell disorders, serious, sometimes fatal crises can occur. the most common side effect is bone and muscle ache. ask your doctor about neulasta onpro. pay no more than $5 per dose with copay card. liz: so blake and i were just talking about arrivals here at the g20. take a look at this one last night. chinese president xi jinping receiving an unbelievable red carpet welcome upon his arrival in buenos aries for the g20 summit. there was a marching band. of course, these are put together by the chinese and they were all carrying argentinian
3:39 pm
and chinese flags. really, put that aside. put aside the perception. everybody is waiting to see what really happens when xi and president trump get together for dinner tomorrow night. i asked u.s. trade representative robert lighthizer immediately after the signing this morning of the new u.s. mexico canada trade deal what he expected could even come from the trump/xi get-together. here's his market-moving answer. quote, i would be very surprised if the dinner wasn't a success. i absolutely feel there will be positive feelings at the end of the dinner. i want to let you know, he kind of paused before saying the word feeling, which is a bit less definitive word than, say, agreement or deal. but what's really going to come out of buenos aries regarding china? president trump's trade war with china less than a year old, but the underlying problems are far older. our next guest knows all about that. t.j. rodgers, from cypress semiconductor joining us. thank you for being here. everyone is wondering what could
3:40 pm
even come out of tomorrow night's dinner? >> well, i think everybody is hoping that some sort of deal, freeze the escalation of the tariffs and we can start moving back toward life as normal. we all are free traders. we know that's best for both sides and everybody is hoping that can happen. i'm not so sure it will happen that way. liz: well, you have had your own problems, though, with chinese meddling in the company you co-founded. this has been an issue for a long time. president trump said past administrations have not done what it took. what needs to happen? what do you think is the number one thing? because president trump has said you know what, we need to stop the forced technology transfers, stop the i.p. theft, things like that. >> yeah, and that to me is the biggest point. trade is important, but in the hierarchy of needs, it's one level below security, and security of the process of
3:41 pm
running your country. you know, i'm a chip guy, but i was also the chairman of one of america's top two solar companies, and the chinese have absolutely decimated the solar industry, the panel making solar cell industry in america. only because of the tariffs, there are like two plants that are left in the united states and as soon as the tariff goes away, they will die. so we need to talk with china about their behavior, about predatory behavior, about i.p. theft, and that needs to be put on the table first before we talk about what tariffs will be and how high or low they will be. liz: we have seen the semiconductor industry, back to that, really do well since the tariffs have been announced. in fact, in the new recent list that came out it was something like 200 pages, there were 90 separate individual lines that targeted tariffs on chinese
3:42 pm
semiconductor problems that the u.s. perceives they have pulled off. if you had the president's ear, what would you say to him to solve the overall trade situation that we have between us? >> well, i think he's approaching it, i'd say you're doing it the right way. everybody knows and i think you believe that, too, that free trade is best for all in the long haul, but you have to disrupt it, you have to make a scene, you have to make a mess, and you have to get them to agree to alter the way they deal with us fundamentally before we can go on with life as usual. and you know, everybody complains about president trump and you know, he changes his mind, he says different things, but the fact is, that uncertainty, i'm dealing with a guy that can be volatile, that uncertainty is what forces people to take note and have to come to deal with this.
3:43 pm
liz: i absolutely agree with that. i think that this may really have china on its heels. t.j., it's great to see you all the way in california from here in buenos aries. thank you very much. the closing bell ringing in 18 minutes. up next, at & t getting a lot bigger with its time warner acquisition but now the telecom giant is looking to trim the fat. charlie's working the phones right now. he's got the latest on all of that behind the scenes as the battle looms. he breaks it next. in the birthplace of tango, there will be a lot of delicate political dancing here in buenos aries. more on that when "countdown" returns from argentina. stay with us. i am a family man.
3:44 pm
3:45 pm
i am a techie dad.
3:46 pm
i believe the best technology should feel effortless. like magic. at comcast, it's my job to develop, apps and tools 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.
3:47 pm
3:48 pm
liz: warming up and almost summer here in argentina, but the action on fox business is heating up, too. it will go all night with the premiere of "wsg at large with gerry baker" at 9:30 eastern time. his first guest, former treasury secretary larry summers. you can watch it live, set your dvrs. you won't want to miss it. fox means business. shares of at & t set to finish the week in the green after the telecom giant announced it's looking to lighten its massive debt load with potential asset sales, putting its 10% stake in streaming service hulu in play. that stake of course acquired through at & t's $85 billion purchase of time warner and all of it comes just six, count them, six days to go until the doj takes a second shot at undoing that blockbuster merger. let me get to charlie gasparino. big controversy and big discussion here, big movement. >> yeah. by the way, are you tango'ing over there?
3:49 pm
liz: no. i'm eating empanada. >> eating good italian food, i hope. a couple things that are really interesting here. i'm getting a little blowback from somebody else. there's something in my ear that's going to make this difficult. i will get through it. one of the more overlooked parts of the at & t/time warner merger is the fact that at & t cannot sell certain aspects -- certain assets. they have to keep certain what's known as must-have assets in a separate company. they can't totally integrate it. one of those must-have assets is cnn, obviously. they're not trying to sell cnn. it will just give you an idea of just how difficult this merger is to complete, as the justice department is going out and essentially trying to upend the merger. they have to keep certain assets separate. one of those assets they do not have to keep separate is hulu. from what i understand, they are shopping that. they are looking for someone to buy it. why are they doing that?
3:50 pm
because even with the ability to purchase time warner, this is a company with lots and lots of debt. its bond rating is not junk bond but it's on one of those levels as you go a couple notches down, you start to get right at junk bond. it has a massive amount of debt. it's one of the more indebted companies right now in corporate america among the blue chip companies, and in terms of getting this deal done, and making this work, they have to sell certain assets. now, one of the questions is we don't know the assets they can't sell. i can tell you cnn is one of them. i don't know all of them. i don't think it's public, all of them they can't sell, but there is this deal with the justice department that prevents them from selling assets so it makes completing this merger that much more difficult to integrate. so you know, i interviewed randall, i like and admire him, he's a straight shooter. we asked him about the justice department's appeal of the lower court decision that allowed the merger to take place. i asked him if it was going to
3:51 pm
disrupt things. he made it sound like, you know, he basically had this one covered. they knew the appeal was coming. but i can tell you from a technical standpoint, if you are in the trenches at at & t it's difficult. because this thing is hanging out there and there are certain assets you got to keep separate. that's what we understand. hulu, which they are looking to sell, which is a tiny marginal part of this company. they own a 10% stake in hulu. disney now, since they are buying 21st century fox assets, the parent company of fox business and fox news, owns 60%. they own 10%. comcast owns the other 30%. it's not big bucks. it's not going to do much to their debt load. liz, back to you. bring me back, i don't know how, if empanadas, they stay. do you have to eat them the next day or they turn to rocks or something? liz: oh, like you have never eaten cold pizza before? >> is it like that? liz: you can handle it. i will squish one in my luggage for you. charlie, thanks. charlie gasparino.
3:52 pm
before we hit the closing bell and close out the month of november and all the indices are positive for the moment, east and west meet in south america. u.s. trade rep robert lighthizer predicting as we said a successful dinner between president trump and president xi, but who will really be going home the big winner? up next, the stocks you need to be buying right now no matter who comes out on top, at least that's what our countdown closer says. we'll be right back. jardiance asked- and now you know. jardiance is the first type 2 diabetes pill proven to both reduce the risk of cardiovascular death for adults who have type 2 diabetes and heart disease... ...and lower a1c, with diet and exercise. jardiance can cause serious side effects including dehydration. this may cause you to feel dizzy, faint, 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
3:53 pm
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. isn't it time to rethink your type 2 diabetes medication? ask your doctor about jardiance- and get to the heart of what matters.
3:54 pm
3:55 pm
. .. liz: five minutes left in the trading session. all major averages are set to close out positive forethe month. squeaker for the nasdaq. so far the best week for the dow and s&p since the 2016 election. that goes to jay powell at the federal reserve. let's get to kristina
3:56 pm
partsinevelos at the new york stock exchange. a little bit of profit-taking right now but what about the month's big winners and losers? >> start with the s&p 500. winners on there. newell brands maker of rubber made. moving past a restructure. symantec, rumors after private equity fund would buy symantec that pushed the stock higher. trip advisors crushed third quarter earnings. let's move on to some laggards on the s&p. spinning off midstream assets, almost down 44, 45% for the month of november. pg and activision. suffering with acquisition. caterpillar being quite volatile with tried but did beat earnings. you have american express had their share, their share price
3:57 pm
hit a 52-week high on wednesday. they newly announced a dividend given out in february. you have 3m, gains there. move to the dow losers, boeing, goldman sachs, investigations, continuing within the malaysian government. fraud, bribery, all of that information. apple fears after iphone slowdown, heading into december. a lot of factors change the markets going into december. i'm sure you will get into that. back to you, liz. have them on the screen. liz: christina, the cell phone world would be tariffed. president trump has said, if he doesn't get a trade deal with china, then, that might happen. laptops might be open to new tariffs coming out of china. we know apple manufacturers there. how could tomorrow night's meeting affect the stocks you own. how could they affect stocks that at least one "countdown" closer says you should be owning right now. asset management, chief market strategist oliver perch is with
3:58 pm
us. oliver, before i ask you that, i would thought we would see profit-taking. we're jumping 260 points for the dow jones industrials. what is in the psychology here? >> there is hope fairly positive heading into the g20 meeting. expectations trump formally signed the new usmca agreement and having a deal china speaking postively, investors continuing to buy into the rhetoric and accept that facts will come later. i think that is what the market is reflecting right now. liz: it will be early dinner. i should let our viewers know, everybody is chatter here in buenos aires. something like 4:00 or 5:00 p.m. definitely the early bird in boca raton, darling. get to names you think could be positioned well ahead of meeting, whatever comes out of it? >> one of the names to look at for sure, you spoke about it earlier in the program.
3:59 pm
apple is under threat of potential tariffs if a deal doesn't happen. if a deal does happen, would i think apple will perform very, very well. lionel bassett a great industrial company that has been performing well. industrials, tears, in general which are very trade sensitive should perform well. those are sectors i would be playing closest attention to come monday morning. liz: okay, i'm looking at industrials and looking at technology thinking better be a deal. i don't think there will be anything more than an agreement to perhaps freeze or hold on what is supposed to happen january 1st, but president trump keeps assaulting the conversation, if i can, i will raise those tariffs. go ahead. >> best thing that can happen for markets. president trump announced he is holding off any new tariffs right now, because progress is made in the discussion. that is the best thing that can happen. >> okay. oliver perch. great to see you.
4:00 pm
boy i will tell you something, boy, it only just begun. a big moment in buenos aires, argentina, is that meeting between xi xinping tomorrow night and president donald trump. [closing bell rings] markets wrap up november in the green. they're seeing best performance in behalf of two years. on behalf of new york based crew, that will do it for "the claman countdown." melissa: here we go. the meeting we're waiting for, stocks rising ahead of the formal sit-down between president trump and xi xinping. the dow's best week, wait for it, since the 2016 election. connell: really? that's amazing. melissa: s&p in the green. nasdaq as well. both up for the week after a terrible week the week before. they were both down nearly 4% apiece. i'm connell mcshane. connell: i'm france france. this is "after the bell." we have


info Stream Only

Uploaded by TV Archive on