tv Countdown to the Closing Bell With Liz Claman FOX Business April 23, 2019 3:00pm-4:00pm EDT
me an twitter. liz claman, over to you. liz: you and me, tomorrow, i like that. >> don't call me out on that. liz: i like it. are you kidding? thank you very much. >> thank you. liz: the big moment at hand folks in the final hour of trade. markets on your screen, they are on the verge of history. the s&p and the nasdaq currently trading above their all-time highs. now, if they can hold these gains, for 59 1/2 more minutes, you get to witness new records. the s&p's last record came on sent 20th. -- september 20th. tough go back to august 29th for -- you have to go back to august 29th for the nasdaq's last record. range of companies driving today's rallies. our floor show traders are in front of our cameras, ready to react. the president's top economic advisor adding to the optimism. a few hours ago national economic council director larry kudlow saying quote a lot of progress has been made in the trade talks with china and he's
cautiously optimistic about the negotiations. this as president trump uses the same iconic american brand he bashed last year to threaten the european union with tariffs now. harley-davidson citing costly tariffs for its poor first quarter earnings report. could a new trump trade war this time with europe help turn it around or hurt harley more? we will take it live to the white house. and one tech disruptor tossing a life vest to small businesses desperately trying to weather multi-front trade war storms. it involves a thousand bucks a piece to companies who qualify. that ceo is here to explain. plus twitter is eliminating a key metric saying it will no longer give investors this number. what is it? we will tell you. a billionaire bitcoin bust and hollywood writer fire the first shot against their agent. less than an hour to the closing bell, let's start the countdown.
we have this breaking news that just hit the tape. the faa, federal aviation administration just approved google's wing aviation unit to be the first company to deliver goods by drones. okay, this is big news. we should also as google moves higher by 1 1/2% be checking on amazon because amazon is trying to do this too, but google apparently has beaten them to the approval game. the program will start in virginia later this year. google's wing had become a commercial service to deliver goods from local businesses to people's homes. now, while current faa regulations prevent drones from being flown out of the operator's line of sight, this particular approval will allow for deliveries to happen beyond the line of sight. so again, okay, google is continuing to climb just a bit here. now, it's up a full 1 1/2%.
google standing right now at 1,272. okay, while the s&p and the nasdaq are both on pace to close at record highs, the dow still about 1% away from its record close at 26,828. that was hit back on october 3rd of 2018. but right now, look at the dow. 26,637, nice move to up the side of 126 points. look, we're looking at a very nice day overall, and you can see the s&p up 25. the nasdaq seeing the biggest percentage gain, up 107. three stocks are accounting for about 50% of the dow's gains at this hour. we're talking about united healthcare, united technologies, and johnson & johnson, all of them are up, anywhere from 1 -- let's call it 2% to nearly 3%. it was just 24 hours ago, we need to get to tesla because remember right here? the news started breaking. tesla's ceo elon musk took to the stage at the company's
investor day to unveil its samsung-produced computer chip that will be at the heart of tesla's self-driving initiative. well, the full self-driving computer will fit apparently behind the vehicle's glove box, and according to elon musk, the ceo, any part of this could fail, and the car would still keep on driving. musk also says he expects autonomous robo taxis will be available in some markets as soon as next year. so early this morning and yesterday, in the aftermarket session, tesla's stock wasn't really showing much, and investors weren't buying it, but look at it now. it has managed to go from down all day and then punching back up above the flat line. now we are up a fraction, but still let's call it a gain at the moment. now, we do want to point out that during elon musk's presentation, he said that the so-called sensors are quote a fool's errand and companies relying on it are doomed.
well, that would be news to one company that is thriving on this technology. it was nearly three weeks ago that we gave you the exclusive ride along in one of google's self-driving vehicles out in phoenix, arizona. the company announcing today it has now picked a former american axle plant in detroit as one of its first factories where it will install its autonomous vehicle hardware and software into the cars made by, you know -- we have a couple of them, you know, including jaguar that they have. waymo says the plant will be up and running by mid 2019. and will bring up to 400 jobs to the area. cost of the total investment, 13.6 million dollars. american axle and manufacturing flat but boy did it punch up on the news from waymo. from self-driving cars to transforming cars, bumblebee a spin off the transformer franchise boosting toy maker hasbro sales last quarter. the toy maker reported a surprise rise in quarterly revenue pushing the stock
higher. this is its best day in nearly two -- not years -- two decades. look at the gain for hasbro. nearly 15% of to the upside. hasbro $101.23 a single share. sales of its digital version of magic along with classic like monopoly and play-doh. don't eat play-doh. >> why? liz: why not? it won't kill you but who among us didn't at least taste it. shares are spiking as we said for hasbro. 5.8 million shares. other toy makers are popping, kind of in sympathy or excitement with hasbro. mattel up 3, nearly 4 percent. i think what you can hear from all of this is that earnings is the story that is driving the markets in this file hour of trade -- final hour of trade. four major dow jones components reported this morning better
than expected results. united technologies, coca-cola, everybody loved the news that coca-cola and its coke zero and its orange vanilla are finally getting attention. so that's what's lifting the dow on the left side of your screen. but we did get disappointing earnings on the right side of your screen from verizon and procter & gamble. that's pushed the two companies to the bottom of the dow 30. we bring it right to our floor show traders. what do you focus upon more? the impact of the companies that have already reported within the last couple of hours and their guidance, or do you spin it forward and look ahead to what else is set to report in the coming days? and john corpina i will begin with you. >> we live in an instant gratification society. we want to know what's going on now and what will impact us in the short future. earnings season is important. it does help our market. but investors sometimes look at the bad news or good news behind them and look to what's coming forward. we get boeing tomorrow, should be, you know, a big headline most recently and those results will be something we can look at. i think investors need to look
at couple things. yes, stick with the fundamentals. look at what the company has done this quarter. it is going to come down to paris and moving forward and the expectations of that. the investors major focus has to be what's directly if front of them right now. what is going to be the verbiage coming from these companies as to how tariffs are going to affect them next quarter and moving forward. liz: yes, it's always been forward, scott. i agree with john on that. you have to look at who is saying we're going to have a fantastic quarter. i mean, you know, a bunch of names out there that have said it is actually looking better. so who is looking like they were behind the eight ball now? because everybody expected this to be a dud of a quarter for earnings. >> well, i think what the street and analysts were really expecting, liz, was not that it was going to be necessarily a dud, but that maybe that we were going to be tapering off, and what we have seen is with all of these lowered expectations, things are not so bad. i wouldn't say that these
earnings have been blowout earnings to the upside, but they haven't been so bad. it's kind of been in that goldilocks realm of where things need to be. liz: -- beat on earnings per share, scott. >> absolutely, but they have beaten on the lowered estimate. if you take away the lowered estimates and compare to where some of the p-e ratios have been in the past, i think we're okay. i don't think it's blowout. i think we're okay. that being said, i think we do need to look forward. i look at a p&g which disappointed a little bit here, but that's coming off a stock of almost record highs. rsi in that stock that was so overblown, so this is probably just some profit taking. i think we need to look forward because earnings season is very stock specific, not necessarily market specific. liz: phil? >> uh-huh. liz: i could hear the uh-huh, i know you have been angling to jump in here. go for it. how do you see this? is it the names that have
already reported? the coca-colas of the world that give you the guidance, or are you more interested in knowing we're getting facebook and tesla later this week? >> we are getting facebook, tesla, microsoft, amazon, so there's a lot of biggies ahead of us that's going to tell the story. what we're getting from the early returns is that they are probably going to beat -- we're going to get more beats, better expectations. you know, both scott and mr. corpina is absolutely right. we came into this earnings season, you know, the companies a couple months ago, they were saying things are going to be bad. we're worried about the trade war. nobody is going to drink coca-cola ever again. we're never going to play with toys. i mean, this was -- all this negativity about all these stocks. look at it, coca-cola, fantastic earnings. people are drinking soda drinks. people are going to keep doing it. hasbro, they made some great deals with the paramount, with the movies, you are selling a lot of these transformer toys. and if you look at, you know,
the other big picture here, you know, verizon of course, they are going to have problems, but they are still a very good stock. they are coming off good highs. yeah, amazon, we have some big names here, but i think this is setting the stage for another up move in the market, and i think we're seeing that being priced into the market today. liz: well, people who sold thinking that it was going to be an ugly quarter of reporting missing out on a very big day. i'm so glad you guys are here to witness it for us and with us. john, phil, scott, we will see you next time. >> thanks, liz. liz: we need to get to the white house right now because one of america's most iconic brands thrust once again into a spotlight it did not seek. harley-davidson, remember this, drew the ire of president trump last year when it announced it would open a manufacturing plant overseas due to the pressures it was feeling from global trade wars. the president first attacked the iconic american motorcycle company on june 25th of last year saying quote surprised that harley-davidson of all companies
would be the first to wave the white flag. i fought hard for them and ultimately they will not pay tariffs selling into the eu, which has hurt us badly on trade, down 151 billion. taxes just a harley excuse, be patient, maga. the president followed that up two days later with this harley-davidson should stay 100% in america with the people that got you your success. i have done so much for you and then this. other companies are coming back where they belong. we won't forget and neither will your customers or your now very happy competitors. so today harley is trading down, just over about 2 1/2%. since president trump fired that first tweet nearly 10 months ago, it is down about 7%. but flip it to today, the president now tweeting a completely different tune, now using harley-davidson as a tool against the european union. let us get to edward lawrence live at the white house. you know, a, let's put aside the whole are we for free markets or not?
do we need the government bearing down and telling companies how and where to do their business? but why is the president now seemingly attempting to use harley to attack the eu? >> yeah, this is all about tariffs and pressuring the european union and getting our businesses back to the united states. the president famous for calling out companies, not just harley-davidson, he's done it on other companies, to try and get his point across. the president trying to remove those tariffs. he's insinuating that the eu needs to come to the table for a trade agreement with the united states. we're likely to see more companies used by the white house, but this time also to push ratification of another agreement, the usmca. larry kudlow saying usmca will create jobs and also help industry. >> it by itself exceeds the sum of all prior trade deals in terms of their estimates on gdp and jobs.
increase in gdp. >> and the hard part may be trying to get this through congress to ratify it. the white house needs 24 republicans to vote with them for ratification. if they get all of the republicans -- 24 democrats, if they get all the republicans in the house and now some republican senators are saying they also may not vote for this if steel and aluminium tariffs are still in place on canada and mexico. i can tell you today that the u.s. trade representatives office is trying to remove those tariffs, trying to get a deal, a side deal with mexico and canada on this. the sticking point, though, is with canada. canada doesn't want quotas, and the u.s. needs to use in order to make sure we don't pass through of other companies to flood the market here. the push is on here at the white house, touting some 176,000 jobs that it will create according to the report from the u.s. international trade commission. >> in terms of the very strong
entrepreneurial and investment effects of strengthened intellectual property and patent protection which is hugely important, you know, we think we'll pick up another 30, 40 billion per year in gdp, just from that alone. >> and all the data is in. all we need is that ratification process to start. no date on that yet. liz? liz: okay. okay. we're just keeping our eyes on the wires because there is a bunch of headline here on mexico's foreign minister talking specifically about immigration. so you know the two are tightly woven together, aren't they? >> absolutely. immigration, also the ambassador for mexico in the united states said yesterday that she believes this is all just window dressing. they will not move on the deal that is on the table there, and the democrats need to approve what has been passed here. so mexico saying this is the deal. we've signed off on it. the u.s. should sign off on it too. liz: edward lawrence live from
the white house, thank you very much. when we come back, wait till you see the twitter numbers and how this stock is performing. what's really behind it. we're coming right back. the dow is up 130 points. ♪ there are roadside attractions. and then there's our world-famous on-road attraction. if you've never seen yourself in a mercedes, you've never seen these offer. lease the 2019 glc 300
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oral arguments for may 14th on president trump's effort to block the congressional subpoena seeking his financial records. the judge says president trump's accounting firm would not have to comply with the subpoena until -- just working with this here -- until seven days after the ruling on the president's motion for a preliminary injunction. again, of course congress on the house side has requested these financial records and tax records, and as you can see, a judge is working through that. in the meantime, let's get to twitter. has twitter finally found its footing? the little blue bird chirped its way to a stellar earnings report. the social media giant beat on both profits and revenue, and its monthly active users increased 9 million quarter over quarter to 330 million. but through all of this, twitter made a major announcement. this is going to be the final
quarter that the social media giant will reveal a critical metric, monthly active user account. instead twitter says it is going to go by what it's called monetizeable daily active user. in the web world, you know that ad views equal money. our next guest is a social networking pioneer turned ad data guru. he co founded the globe.com back in the 90s. he is now the ceo of media radar which does ad analysis for more than 3 million brands, a fox business exclusive. they are saying you don't need to look behind the curtain anymore on the monthly active users. instead we're going to go with the monetizeable daily active user. explain to our viewers if twitter is above board on this, or if they are trying to hide what could be an ugly number year over year. >> well, look, i think for a very long time, there are always
these debates about how real these numbers are. and twitter has been actually i think very open about saying they are trying to remove anything that's blocked traffic or anything that's inauthentic, i think this is both a desire to present this real number formally, but i also think it's an opportunity for them to say hey you can't -- they say it in their press release. they say look, you can't compare us to all the other social media companies. i think that is clever to sort of say hey, we're not the same as all these other companies. makes it a little harder to make comparisons. liz: i see it is the comps they want to avoid. i get that. there really isn't anything that's exactly like twitter. >> that's right. liz: let's talk about what you do. you just said to authenticate -- how many eyeballs really do see the ads? they can claim all they want. they came with great revenue numbers and props to twitter but what does media radar do to give the real story?
>> our job is to be looking at which advertisers are placing on twitter and really everywhere on media, whether it's newspapers or websites. what we see they are selling to more clients and selling more revenue per client. in that regard i think the results are very real that clients are having real success with twitter. liz: i think that's a headline there. as we spin it forward to snap which has struggled certainly, similar in a way to lyft, which, you know, they spike on ipo day, and then snap has had a very rough go of it. however, it is still up year to date. it was an incredible number that i was looking at for snap up 118% year to date, but year over year, it is down still 25%. so talk to me about what you expect for snap and its ad eyeball views. >> so i think there's some things to be encouraged by. we ran the numbers this morning for this for you. and we were excited. 58% of their q1 advertisers and discover channels they are renewing.
these are people who already bought with snap in the past and are coming back. and 42% are entirely new brands that snap had never won before and that's a big deal. and so i think look i think there's a lot to be encouraged. we won't say the exact number they are likely to have, but there's some stuff in there that's certainly positive. liz: can you give me a quick word on facebook? instagram's ads are considered a notch above. that stock is up 40% year to date. they're reporting tomorrow. >> well, look, instagram is just a piece of the facebook empire. liz: uh-huh. >> but similar to the last guest on fox, i agree, i think bottom line is people use facebook and do like facebook despite all the stuff in the news. there's still real use there. and from an advertiser perspective, their ability to target is very compelling. liz: media radar, who actually can tell whether these companies are telling the truth on ads because you look at how ad companies are feeling about it, and they resubscribe. good to see you. thank you very much.
>> great to see you. liz: we are coming right back. nice big moment here for the dow, up 129. billionaire bitcoin bust. wait till you hear that story. that's coming up next. heading into retirement you want to follow your passions rather than worry about how to pay for long-term care. brighthouse smartcare℠ is a hybrid life insurance and long-term care product. it protects your family while providing long-term care coverage, should you need it.
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liz: are you still beating yourself up for buying bitcoin at the top? it may be easier to forgive yourself for the bad call after this. founder of one of the world's biggest venture capital fund, made a huge personal bet on the currency just has prices peaked back in late 2017 at $19,000 per coin. now, shortly after, bitcoin crashed and he cashed out. his net loss, 130 million dollars. now, if you look at the price of bitcoin at this moment, it's well off its lows of 2019. that's for sure. up $206 today, hitting 5,589 per
bitcoin. but we have details on the story. do we know where he cashed out? we don't know how much he lost? >> we don't know exactly we just know at least according to our sources that he started selling in 2018, liz, essentially the opposite of buy low sell high. so even expert investors can get caught out by the latest craze. in this case, latest digital craze. we have a chart up what you were just talking about of course liz where bitcoin in december 2017 hit pretty much near that 20,000 mark. keep in mind, during that 12 month period it was a rise of about tenfold. he was not alone with that. i want to make the distinction, this was made from his personal account, his personal money. it had nothing to do with soft banks investment. he was actually encouraged by a big bitcoin believer which was fortress, the hedge fund, but again, he made this in his own private accounts and not as the
founder or any part of soft bank or any of soft bank's investments. essentially he did sell in 2018, basically bought at the high and then sold as it was coming down. we know him, liz, as one of the richest men in japan, estimated worth of 19 billion dollars. we don't think anyone has to cry for him. his reputation as an investor at soft bank still very much intact. he is known for making very quick decisions, risky bets. he decided, for example, to back alibaba's after spending little time with them. right now he does have a controlling stake in sprint and that is the only mark that we can see on his u.s. investment record so far, as we know, our colleagues at the journal have reported that this sprint t-mobile merger has been challenged by the u.s. justice department according to
reporting from our colleagues. that doesn't look like bitcoin bad but he's in for some tough sledding. back to you. liz: you win some and lose some. big risks sometimes big rewards. deirdre, thank you very much. trade war life preservers, the closing bell coming in 28 minutes and the dow still looking healthy, but look at the s&p. that's a record at 2,933. yeah, by 3 points. the small businesses around the world suffering from the trump trade wars and brexit chaos might just get a life preserver thanks to a start-up with a generous plan to help the little guy avoid some of the hazards of anti-globalization forces. we are about to introduce you to a global tech disrupter providing what it calls the simplest way for your business to pay and get paid across the world's borders. the ceo next in a fox business exclusive.
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liz: okay. well now 1 point above a record for the s&p 500. this is a horse race here folks. you have to stay with us till the end. if you are counting, it's day 418 of the u.s. china trade war, and a resolution remains stubbornly elusive. the latest hitch, president trump's love affair with tariffs. senior u.s. officials telegraphing that while they may be close to a deal with china, president trump concurrently floating the idea of keeping tariffs in place. the self-proclaimed tariff man not lifting a single tariff he's imposed as president, instead boasting of the revenue those tariffs have generated. indeed there has been revenue. the federal government has
brought in 12 billion dollars from tariff collection in last year alone. but remember, those tariffs are on foreign goods coming into the u.s., and they are paid by americans and businesses here who purchase those goods. experts including larry kudlow who before he went to the white house said trickle down to you the consumer, but it's small businesses really feeling the pinch as they have less wiggle room to absorb higher prices. one company is ready to throw out the life preserver to small businesses amid all the uncertainty by offering money, a thousand dollar discount to u.s. small businesses impacted by tariffs, as well as not just the china tariffs, but a thousand british pound discount to british businesses impacted by brexit. marwan forzley ceo of veem, a global payments platform, he's doing it and is here in a fox business exclusive. welcome. how does this work? i would imagine businesses have to qualify before they get this
thousand dollar discount. >> they do. let me give you context. we do business transfers in 110 down tris and we focus -- countries and we focus mainly on small business markets, and one of the things we noticed when we were looking at data is that there's specific patterns that we're seeing both in china and the u.k. so we ended up putting this program together to help these businesses. the way it works, we provide a thousand dollars usd for the ones that are dealing with china and that are being affected by the tariffs, and we do a thousand pounds for the u.k. part. they have to be on the system and process a minimum of $100,000. but it's a simple program to enroll with. it is a way to help the small businesses deal with uncertainty that's going on in their market. liz: i would love to think that you are a nice guy and completely magnanimous, but what's in it for veem? obviously you have to make money. i'm sure you have investors that would like to see a return on
what they have given you. tell me why you are doing this. >> it is a win-win. it is a win for us. it helps with customer acquisition. it is a win for the businesses that are dealing with uncertainty and trying to figure out the market to help them stabilize their businesses. liz: what are you hearing from customers who have been accredited for the thousand dollar discount and give us an example so our viewers can understand how it works. >> yeah. i have a customer that imports wine accessories from china, and, you know, it is really interesting, the tariffs are going up from 58% to 25%, they view the increase as a tax that they have to deal with, so what they end up doing, they start reducing the size of the purchases to derisk their operations and also look for other sources outside of china. so what we did with the tariff plan is help the customer essentially stabilize the cost that is going to be incurred and
offer it to them as a way to help with their bottom line. that's an example of a customer who benefitted from the relief plan that was affected by the china tariffs. liz: we have heard it from both sides. some say they are thrilled about the tariffs, especially companies that felt that china was dumping certain goods and certain materials at very cheap prices and they of course get subsidies from their government, and so some people do like these tariffs. but other companies especially the small ones are drowning in some cases. in fact, we started to look up how many companies have filed for bankruptcy since the chinese tariffs, and it is more than 5,000. we can put the number up here. but it is about 5,394. to be fair, we should mention that it was actually slightly higher in the previous 12 months before the tariffs, but it is important to note that maybe the cause is more tariff focused. have you dealt with companies that have finally said thanks, but we're going under?
>> you know, we haven't had that, but i tell you, the small businesses are underresourced. they don't function like big companies where they have planners -- liz: and lobbyists. >> and lobbyists to figure out their supply chain so it is harder for them to deal with this. what's interesting it is the combination of the events, brexit, china tariffs, eu tariffs, previous to that was mexico and canada. there's quite a bit of anxiety in the market that's going on that's affecting their business. i have another customer for example that is going to change their suppliers from china, and they started shifting it to europe. and now the euro tariffs are coming up. and they are thinking where am i going with all of this? so you can imagine uncertainty that's created by all these macro events that are hitting their business. liz: we have small business owners who watch this show religiously.
what should they do? is it veem.com that they can look at and possibly sign up for this? >> yeah, absolutely. veem.com, there's a relief plan section. they can e-mail us and we'll enroll them in the program. liz: marwan we like this and we like you. we think this is a good idea and we will be watching it. please keep us posted. thank you. >> thank you for having me, liz. liz: veem is the company, veem. drawing blood first. the closing bell ringing in 1 minutes. -- in 17 minutes. the first page of the hollywood drama written as thousands, not hundreds, but now thousands of scriptwriters officially fire their agents. plus the rank and file may not all be falling in line. we have the new update on the tinseltown tussle straight ahead on countdown. under care by focusing our mind on whatever's on yours.
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liz: we have no hollywood ending yet in a battle pitting some of the biggest screenwriters from movies and television against their high powered agents. the writers guild now confirming it has delivered its first batch of more than 7,000 termination letters on behalf of its membership to talent agencies and that 99% of writers have fired their representatives, their representation, rather, fired their agents. at issue is this 43-year-old agreement the writers want changed because they say it for years has allowed agents to get paid more than the writers whose work the agents are selling to the studios. some of the silver and small screens biggest names have joined the fight against the most well known talent agencies in the world, everybody from, you know, steven king to tina fey, not all the wga's members are apparently on board. the creator of show time's happy fish criticizing the wga's
actions in his letter that he titles the quote official coerced termination letter in which he compares his situation to that of being held hostage saying this pr stunt of forced mass firings is nearly that, a stunt and one that hurts writers. the wga member says lesser known writers would suffer harsher consequences of these firings versus the, quote, 800 fabulously well to do writers and show runners who signed the wga's letter of support. he's saying of those famous writers, they will be fine, assuming tesla doesn't go under. better than fine, fantastic, having used agents their entire career to achieve their well to do-ness. these folks now insist we fire ours. and the story continues. all encompassing e-commerce giant ebay making gains ahead of its first quarter earnings release this afternoon. we check the shares right now, up 1 1/4% to $36.61. so already they are gaining more
than 28% so far this year. gerri willis as we await these numbers what should investors focus upon? >> let's look at the numbers we're expecting first. we're expecting a nice bump to eps 63 cents a share. that would be up 18% year over year if it happens. sales, revenues expected to be flat at 2.58 billion, as you can see right here. that would be absolutely the same as last year. this is a company under duress facing declining sales in previous quarters. they are currently going through a review of their business operations. ebay announced plans to appoint a new board member and a review of assets like stubhub. they are looking for sales growth but we are expecting a very positive report for ebay when it reports this afternoon. liz, back to you. liz: okay. gerri, we have some breaking news here, the cdc is now sending out an immediate update
on the outbreak of e-coli. the cdc is saying now 156 people across ten states have been affected. 20 have been hospitalized after being infected with e-coli 103 strain. now, the south break has been linked to ground beef and was first found in patients in kentucky in late march. but this is important. we wanted to get that to you immediately. all that glisters, yes, it is not glitters. it is glisters. check shakespeare. the ipo pipeline is glittering and gushing. but our countdown closer has some stunning and quite frankly disappointing numbers that have him pushing aside the market's new glitter for three names he says may be dull, but they bring in the dough. those names coming up on "countdown."
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♪ lis we're moments away for new records for the subpoena 500 and the nasdaq. new all-time records, five minutes before the closing bell rings, here are the numbers to watch. for the s&p 500 we need to close at or above 2930. we're at 2934 right now. for the nasdaq we need to close at or about 8109. we're at 8120. so you can't move. you're stuck right now watching me to see if your money grows more with these two records. meanwhile there is buzz in the business world with all these new and exciting ipos hitting the market, lyft, pinterest, uber is at horizon, everything else but buyer beware. today's "countdown" closer says 81% of the ipo class of 2018 was
unprofitable! despite wall street adoring what he calls a risky growth story, he says tune out wall street for the moment, listen to him. president of intrepid capital funds. he is mark travis. these ipos are unprofitable. certainly takes a while, twitter for example, has a great number but you're saying stay away. why? >> i was saying at lunch how ipos launched really own people benefit are the big fund managers. the general public doesn't participate and frankly i think a lot of times the business owners, when they sell probably leave a lot on the table due to the way issues are brought to the public. so, you know, i want to invest money with the hopes of having more back, you know, higher return over time, and i think you're frontage lot of losses for the foreseeable future in
things like lyft and uber. just call me a doubting thomas on some of those deals. liz: that's okay. as we look at something like pinterest, the whole market seems to be up today we're about four minutes, three minutes away a way from record for s&p and nasdaq with levels we haven't seen before but these names are names you say glitter too much. let's go with so-called duller names. we have your choices, cabot oil and gas, voice interest energy and sp plus. what makes them interesting to you? >> they're not part of the green new deal for one. i still believe people will need energy. cabot is focused on the marcellus properties in pennsylvania. they generate natural gas. they're very efficient. and you know, they pay a dividend which is kind of uncommon in the small cap energy
space. vist are a was spun out of txu which was a big bankruptcy. it is one of the few companies increasing the dividend, deleverring or buying back shares. they're buying back 16% of their share base. i think those have long term merit. i'm again skeptical things like lyft, where they lose $1.47 every time they pick up a rider. liz: mark we have less than two minutes, two minutes before the closing bell rings. can we put up the s&p, dow and nasdaq. it is the s&p and nasdaq are at records. it is a whisker for the subpoena 500. we need to see that close at above 2931. we're only two points above that. mark, do you believe in the excitement here? would you tell people to be mostly invested in equities at the moment? >> well i think so, liz.
again you've had bond rates lift off the trough in july of' '16 on a 10-year. longer term if you have a value priced equity and a good business generating positive earnings that are reasonable price and reasonable multiple of cash flow, i think that is where you're long money should be. liz: don't ignore the russell. while hot at a record, it has the biggest percentage gain of 1 1/2%. mark, what would you avoid at this moment, besides the glitery ipo names that are not profitable? >> i think with the proliferation of etfs, liz, i think you're starting to force money into fewer and fewer names whether in the russell or s&p. so i would look for what i like to call index orphans. high quality business at good
price. you know i think your money is safer than some of these higher priced issues. [closing bell rings] liz: mark travis gets to witness it for both you guys and me. appears to be a record for s&p and nasdaq. all-time records. the dow still 200 points away from the record. connell: pretty good stuff with positive earnings surprises lift the stocks. record highs. 78% of companies when you look at it beaten on earnings per share estimates so far. we're looking good. covering biggest names this week. we have big week still ahead of us. the dow settling in 145 point gain. within one percent of a record close. nasdaq kind of a story. a record high. a record high for the nasdaq. it is the 96th record for the nasdaq under president trump. the first this year, it is a big deal the s&p 500. fighting into the closeout arouks