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tv   The Claman Countdown  FOX Business  September 20, 2019 3:00pm-4:00pm EDT

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by the way, they still do business. check out the next earnis report. great to have you in studio. the dow is off 72 points here. not really alarming but i got to tell you, i was concerned about the problems in technology today. liz: well, yes, because again, a lot of that hinges on what happens with trade, right? charles: absolutely. liz: speaking of technology, nobody listening more closely to president trump's comments this afternoon on china trade than apple's ceo tim cook. cook getting a hero's welcome as our cameras caught him right here in manhattan as he arrived to throw open the doors to his revamped apple store in the heart of new york city. he's like a rock star here, right? apple manufactures billions of dollars worth of hardware in china, including some for its new iphone 11. while apple does have crucial manufacturing here in the u.s., the company has pushed back against trump's tariffs on chinese goods.
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plus president trump described his trade war with china during a news conference with australia's prime minister a few hours ago as quote, just a little spat. the markets were holding early gains but quickly reversed course, as you see on this intraday chart, after the chinese trade delegation here in washington, d.c. was instructed to cancel its visit next week with the montana farm bureau. the order to cancel, we hear, came right after donald trump's spat comment. up 99 points at the high, the dow jones industrials have turned tail, now down 71 points. and we've got a dissenter in the house. boston fed president eric rosengren voted against wednesday's interest rate cut and has just told fox business and edward lawrence rate cuts now boost the risk of financial instability. he doesn't think we need them. edward lawrence has just finished up an extended exclusive interview and is rushing to get us mr. rosengren's reason for dissent. plus, the saudi oil attack
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raising a major issue about global energy production. remember these fires saturday night? they also raised solar stocks this week as well. will the attacks speed up a shift to renewable energy? sun power chairman and ceo tom wernor knows the fear about adopting solaris that it can't be stored. he's here with his solar power storage system that eliminates worries about blackouts and the aging grid. happy friday. less than an hour to the closing bell. let's start "the claman countdown." liz: breaking news on fitbit. look at the wearables stock. this is a device maker and apple watch competitor spiking at the moment 18%. why? it may be up for sale. reuters is reporting that the company has been in talks with
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an investment bank about whether it should start speaking with potential acquirers. why would they do that? well, fitbit stock is down 40% over the past year and it has been very difficult to go up against not only other competitors and watches, but of course, the apple watch which is striking all kinds of deals with health care companies. now, from one device maker to another, yes, the launch of the apple watch 5 series was akin to a rock star event. if you just go back to may, i met apple ceo tim cook at the berkshire hathaway annual shareholder meeting where crowds jostled for selfies and a glimpse of, of course, the silicon valley star. today in the big apple, look at the crowds. the apple chief attracted rock star sized crowds hours ago at the grand opening right up the street, the fifth avenue store. apple fans eager to get their hands on the iphone 11 and other products, showing up in droves. some of them not to buy anything
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but to catch that glimpse as he greeted employees who opened the doors. a lot of these devices hit the stores today and they are already selling. checking the leader board for the race to a trillion dollar market cap. apple earlier comfortably there. it is still there at the very moment. actually, microsoft slightly above it. then kind of in a neck and neck race here, amazon and alphabet google. when you talk about tim cook and all of that, if anybody has waged a high profile campaign to try to convince president trump to ease trade tensions with china, it is tim cook. despite his best efforts, you look at stocks nosediving technically when it comes to the dow jones industrials, as china trade officials as we said decided to cut their visit short. it was supposed to extend and visit some farmland out in the heartland but apparently they were called right back, just
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about an hour ago, saying cancel those meetings. now, could it be a result of what president trump said just a few hours ago? when he met with the australian prime minister? chinese agricultural purchases he said will not be enough to cinch a trade deal. to blake burman. what exactly went down in this little spat here that has some ramifications? reporter: these were the comments made by president trump in his news conference he held with the australian prime minister, who is having a state visit and state dinner later today. the president saying as it stands right now, it is just a spat with china, that a agricu buy, would not do. the president said he wants a larger, more effective, bigger long-term trade deal. now, the market reacting today to the news that the deputy level negotiators right there from china would not be visiting farms in the u.s. to be clear here, as you can see on the screen, the deputy level negotiations in washington did take place between the u.s. and
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china, but it is the extra field trip to points well beyond the beltway that will not materialize and that is what the market reacted to. here at the white house, though, the president did mention how talks would resume in the coming weeks as the principals, the group above the deputy level, are scheduled to meet at the beginning of next month. however, the president also shot down the possibility of some short-term trade deal with china. the president said that ag purchases would not suffice. >> we're looking for a complete deal. i'm not looking for a partial deal. so they would like to do something, as you know, we're talking a little bit this week, talking a lot next week, and then top people are going to be speaking the week following, but i'm not looking for a partial deal. i'm looking for a complete deal. reporter: 3:00 here at the white house. later this afternoon, the president, next hour, by the way, set to be briefed by his national security team about possible next steps regarding iran and an update to potential targets inside that country,
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though the president today also announced, as he was joined by the treasury secretary steve mnuchin in the oval office earlier today, new sanctions against iran, specifically against the iran central bank and its national development fund. the president describing this as the most severe sanctions to date against that country. liz? liz: yeah. well, again, this is a headline-driven market and it's the fed and trade that hold the reins. good reporting, blake. thank you. dow jones industrials down 68 points. yes, while the chinese feel trip to montana cancellation did dunk the markets which fell to session lows, the dow and s&p are still about 1% away from record levels but will the markets be able to hit those record levels next week or beyond? here's what we have going on next week. world leaders kick it off. united nations general assembly kicks into gear. it will be, of course, the climate change summit that they
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are speaking about. president trump along with leaders from brazil, turkey, south korea, france and others, maybe even iran, will be here and of course, will speak at the general assembly tuesday morning. then next thursday, investors are preparing for a deep dive into just how well the economy is performing, as the final second quarter gdp reading is released. we're looking at 2%, right? what's going to jolt the markets? what will be that catalyst for next week and what should investors be watching most closely to get ahead of the game? to the floor show and our brilliant traders on this friday which is also quadruple witching friday, where we are supposed to see a lot of volatility because we see the expiration of all kinds of options and futures. chris robinson, cancellation of the chinese delegation meeting to montana certainly adding some fear and spooked the horses here. >> yeah. you saw it in a lot of commodities. oil broke, you had lean hogs, that broke hard as well as
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soybeans. soybeans have been on a really good rally and we ended the week on a down note. it's very sensitive and we are going to be, again, we are kind of a slave to these tweets. who would have thought somebody canceling a field trip would have done this? you never know what's going to come down the pike, you know? when we got the news it was like that's all it took? i think there was some disbelief there. again, it's a friday. we are heading into the last week of the month next week. there could be some evening up. all in all, look at the overall markets, we are still again, we are within a stone's throw of the record highs. liz: stone's throw, spitting distance, whatever analogy you want to use, tim anderson. of course, wednesday when we got a quarter point rate cut, everybody was saying should it have been 50 basis points. the markets really digested it quite well but we have another fed meeting next month, october 29th and 30th. i just want to tell our viewers, eric rosengren is in the
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building. he is one of the three dissenters. he's the only one speaking to a business network today. we have him exclusively. we are getting the tape right now because he said more after his interview on charles payne's show. tim, give us a sense of if we don't get an october rate cut because he hinted that he wouldn't vote for something like that if all things being equal with the economy staying the same. >> we are aong way from that. there's a tremendous amount of macro data between now and then. i really think that the market has handled this week very well, with everything that's been thrown at it from oil turmoil early in the week to fed ex being down 15% to getting through the fed meeting in much better shape tha we did six weeks ago, and now obviously, just some more uncertainty about where we're going with china trade. we are easily less than 1% from new highs on the s&p and the dow. six trading days left to go in
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the quarter. the market almost seems to be consolidating gains from the last movgher, aost building a base but just below all-time highs. i really think it's a question of when we get there, not if. liz: and when you look at the oil picture which tim just brought up, phil, it is amazing to see the changes during this week. oil spiked 14%n mondayfter those attacks on the saudi oil fields. we still tok end up about 7.3% this week, but we're off 22% from the historic highs, right? >> we really are. i'll tell you what, i think what happens this weekend can have a major impact on where we go next week. liz: what do you mean? >> there will be a lot of things happen. this weekend we are getting ready for the.n. meeting next week. there is going to be the possibility that we are going to see some reaction from what's going on in yemen right now. there has been an olive branch
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from yemen to saudi arabia to quit bombing us and we'll do the same to you. so there are a lot of things under the radar right now that could pop the top off this market. one thing we didn't even talk about hardly this week, because we were so focused on iran and saudi arabia, was the flooding down in texas. we have major refineries shut down, we had transportation shut down, we had shipping shut down because of that storm. it was supposed to be this little storm, don't worry about that, and all of a sudden it really gave us a sucker punch in the u.s. energy industry. that's going to probably raise your gasoline prices and diesel prices next week, too. i would go fill up before the weekend's over just to be safe and keep a little extra money in your pocket. liz: i did that sunday, thinking i was smart. now i have used up -- i have a hybrid. but i agree. everybody fill up. good to see all of you. have a good weekend, guys. chris, tim, phil, always a pleasure to have you. we are watching the dow. it was down 90 points. it's down 87 at the moment.
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low of the session, a loss of 168. we are off the floor but way off the heights which had been up 99. and we are awaiting exclusive comments from eric rosengren. he is the only one of the three fed heads who of course voted against hiking rates a quarter of a point. edward lawrence has just wrapped that up. i was able to greet him and he and edward had this conversation and by the way, we are going to hear more of what eric said about why he doesn't think we probably need another rate cut this year. with the closing bell ringing in 47 minutes, on a wing and a prayer, want your lipitor via drone dropped on your front lawn? walgreens leading the dow 30 after announcing it will be testing a new drone delivery service in conjunction with amazon startup wing. as the number three pole position, walgreens is up to $55.09.
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it's getting in on the moonshot economy. one of the original lions of silicon valley's internet age, larry ellison of oracle, torching the young whippersnapper names that are recently dominating the startup stock scene. up next, the market guru who lives and breathes all things millenial is here next on which companies are the real new economy rock stars and which stocks are just part of the hype machine no investor, young or old, should buy into. grizzled thomas george, next when a jam-packed "the claman countdown" returns. as a struggling actor, i need all the breaks that i can get. at liberty butchemel... cut. liberty mu... line? cut. liberty mutual customizes your car insurance so you only pay for what you need. cut. liberty m... am i allowed to riff? what if i come out of the water? liberty biberty... cut. we'll dub it.
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liz: never one to mince words, silicon valley lion and oracle
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founder larry ellison has come out swinging at uber and wework, essentially calling these names quote, worthless. here's some choice quotes from a conversation barron's had with him wednesday night. on wework's assertion that it's a tech company, ellison mocked its business model saying quote, wework rents a building for me and breaks it up, then rents it. basically asking how is that a tech company? on uber, he says quote, they could have an app my cat could have written. meow. that's just two of the latest. with all of these flashy millenial-esque stocks hitting the tape this year from airbnb coming, et cetera, robin hood, peloton, which ones will be legit to invest in and how do you spot them? grizzled president tom george is here. grizzle helps not only millenials but all investors dodge the millenial stocks' hype machine and cut through all of that and find the good ones. tom, yes, there's cloudflare,
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lyft, peloton, but let's tackle calling uber essentially worthless. what do you say? >> he's bang on. the reality of these companies, specifically uber, wework, you've got what we consider very weak tech layer and trying to get a big multiple out of it and ultimately are burning a ton of cash. liz: the performances of some of the top ipos this year have been less than exciting. you know, i think that that becomes an issue for people who buy in right as they spike at the top, correct? >> 100%. the ipo process is a wealth transfer process. the real thing is a lot of these companies just really don't have sound business models to last let alone three years, four years. they don't have the cash to even get them that far. liz: why are we calling these millenial stocks? >> well, because they use them. the growth rates are really big,
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it's a -- the cohort is really driven by -- they are the core customer. that really is the flag in the ground. liz: let's flip through some of these we are talking about. airbnb and peloton are biggies that are coming up. peloton specifically this month, airbnb probably next year. give me a sense of how you view these companies. >> yes. so peloton, we just did our big report on it. peloton, we view it as you know, the range they are looking at $10 million valuation which we think is ridiculous. liz: why? why is it ridiculous? >> so basically, if we were to use that ten billion and back into what we would need, you would need 60% of all gym equipment to be peloton. that's what you need. or another way to look at it, every $100,000 household would have a peloton in their living room. that would be -- we would call that a miracle.
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liz: okay. i have a peloton. i love it. i use it a lot. i know some people used to say oh, yeah, the old spincycle bike, you throw your jacket on it and let the laundry dry on it. i like it. i see a lot of people as real a fanati fanatics. that becomes the issue, millenials send it out on social media and everybody gets hyped up. e-cigarettes are under attack right now. in fact, there's breaking news that walmart is going to cease according to a memo, walmart will cease sales of all e-cigarettes and sam's club as well. they are discontinuing it. u.s. senators, this is also hitting the tape, a bipartisan group of them are saying in a letter to the fda remove all pod and cartridge based e-cigarettes. that would be a little scary if people think everybody is using them, these are 18 to 35-year-olds who are predominantly participating.
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>> yeah. it's a huge hit. huge hit. we cover those stocks very closely. obviously tobacco was ex-millenial until the vaping became huge. so both sectors rely on vaping to be an important part of their pillars of growth. it's a very challenging outlook. especially when you take away these fun fruity fun flavors. no one really wants to be vaping tobacco. it's an awful thing. it was awful when it was cigarettes and it's awful when you take away the flavor. liz: by the way, in case you think he's all negative, he likes two of these momentum names that are very millenial. beyond meat and slack. as we show those, give us your tips on how to spot the good names out there. >> yeah. so we have really three key highlights here. we just say valuation and valuation is tricky because these companies are growing 300% year over year. these are growing really quickly. what we really look at is valuation, then we look at profitability and then finally, we look at share structure.
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those three combined. but at a very high level we think beyond meat, it's very big when you look out ten years. it's a very big pie. and we think they are the nutella of alternative meat. liz: check valuation, look for long-term profitability and share structure. great to see you. tom george has just given you an idea how to do it for millenial investing. thanks so much. call it christmas in september. with the closing bell ringing in 37 minutes, jc penney shares finally snap a six-day losing streak on reports that the retailer is preparing for restructuring talks. what would they be, the 38th in five years? to help ease debt obligations ahead of the holiday season. this is a 93 cent stock, folks. a gain of 12 pennies is a gain of 15%. up next, central banks
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dissenter, eric rosengren in the house. his exclusive comments on his no cut call and going against the central bank's majority rule. "the claman countdown" is coming right back. ♪ ♪
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liz: breaking news. just moments ago, boston fed president eric rosengren arrived at fox business and sat down with edward lawrence in a long form interview and said that unless economic conditions warrant it, quote, i don't think we need another rate cut this year. he was one of only three dissenters at this week's federal reserve meeting that resulted in a second rate cut in the last six weeks. edward lawrence just finished up the extended part of the interview. more in your fox business exclusive. he's the guy to hear from today. >> really interesting interview here. when he's talking about policy's already accommodative enough. he says they made enough
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accommodation in this going forward. he worries with the accommodation, it incentivizes businesses to carry more debt, concerned about possibly a bubble on that front there, but he's saying that that debt is bad and puts risk, increases risk in the economy so he would not see any more accommodation on this front. just listen to these comments from moments ago. listen. >> so we shouldn't be targeting industries, we shouldn't be targeting just manufacturing. we should care if the economy has enough stimulus that we're going to continue to have tight labor markets and inflation near 2%. that's actually what the objective function of the federal reserve is. >> eric rosengren, the boston federal reserve president, believes we are there, that they have met their congressional mandate. one more thing, talking about the liquidity in the short term market there, he said that he does not believe the fed should continue with the overnight stimulus. he says there needs to be a long-term solution to this and that long-term solution is increasing the balance sheet. he believes that the fed needs to increase the balance sheet to handle that liquidity problem
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going forward. he believes the balance sheet needs to be a little bit bigger than where it is because it's too close to where the market is right now. liz: i find it fascinating. when he came into the building, i looked at him and said this is a dissenter and he's looking at a very strong economy. in fact, we've gotten so much data this week alone, i wrote some of this down. jobless claims historically low, august existing home sales best in 12 years. beating expectations. philly fed was a beat. business activity in the mid-t. boone pickens atlantic is ramping up. we have the trade issues but eric rosengren says all things being equal, if what we have today is what we have in october, we really don't need to use up one of those arrows. >> he says no more rate cuts. he believes the economy is going to grow at 1.75% and we are at 2% now. he says that's above where their estimate is so things are hunky-dory. liz: can we get a check on fed
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funds futures? it looks like there is a chance, there are odds of a rate cut at the moment for october 30th. at least one more. >> it seems the market has priced that in and other federal reserve presidents and the fed feeling is at least one more rate cut this year. liz: okay. good to see you. great job. thank you very much. edward lawrence. from fed verbal fisticuffs to new kills, shots in the streaming wars, the closing bell ringing in 30 minutes and the dow jones industrials down 99 points. roku and netflix taking on some pretty serious water right now. the new market holes sinking the device makers and content king's ships. and a woman who is tough as steel nails. suzie wise-fishman is one of these business leaders, if you have a business, work at a business or dream of starting one, listen to my everyone talks to liz podcast about her.
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gerri: i'm gerri willis. roku drowning after pivotal research slapped the streaming device maker with a sell rating
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on increasing competition despite the company's own new product announcements yesterday, shares are down pretty substantially today, 18%. falling nearly 26% over the past week. digital giant netflix also taking on water. ceo reed hastings warning that it's a whole new world of streaming rivalries that could push content costs off the chart. this coming after reports that netflix is upping its offerings. for the trifecta, evercore warning of a miss on international subscriber figures in the third quarter, the literal triple threat, sending shares down. streamers feeling the heat. one of the most famous names in reading moving higher. scholastic reporting a smaller than expected loss, higher reven revenue. shares up 5.3% right now. coming up next, global energy
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liz: breaking news. let's take a look at live pictures, some of them taped here, all around the world. it is the world's largest coordinated protest regarding climate change, and the concerns about climate change. they are pouring out on to the streets in cities around the globe from new york to d.c., paris, sydney. but we want to tap into the live picture in los angeles. there are protesters gathering right now. you can see they are holding all kinds of posters, our future,
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our profit, act now, clogging a lot of streets. lot of schools, maybe some of your kids participated in some walkouts. our next guest knows a thing or two about creating a sustainable future. he is the chairman and ceo of sun power, one of the world's most innovative energy companies. tom wernor is our solar guy live in a fox business exclusive. tom, your stock is up about 19% on the week. i know some of that had to do with the saudi oil field attacks and as we look at both your stock and some of the pictures from that, what has this week been like for you as the ceo of sun power? >> it's been a great week. it's been a great year, actually. i think the irony of what's happened in the middle east is really quite striking. ifou think about solar in the middle east is now the least cost alternative to generate
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electricity, yet you have what you had happen this week so the two do kind of tie together. liz: well, yeah. it's interesting, solar used t be almost too expensive, sort of a boutique thing. that was 15, 20 years ago. ten times what it costs now. it's sort of been commoditized which makes the implications quite profound, i would imagine, as it pertains to all that's going on. let's talk about both the climate change protests which are a one-day thing but are people suddenly becoming more aware and if your stock is doing well and by the way, it's not just one week, it's up 200% year to date, give me a sense -- or year over year. give me a sense. >> well, you know, the climate protests are pretty impressive. think of high schoolers and what they are saying. they are saying why are you giving me your problem. then if you think about what's happened in solar, just ten years ago i was at a utility in
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california who was scoffing at the idea of solar, saying it's too expensive, why am i even wasting my time with you. today, utilities will tell you it's the least cost alternative so you can reduce carbon emissions and go solar and have a low cost alternative simultaneously. by the way, those protesters are voters. i think what you are seeing is a lot of secular change here and you have leading companies that are going to benefit from that. liz: the guardian had an interesting op-ed and the headline, it relates directly to all that's going on in saudi arabia and the concerns although i would say it was a relatively muted reaction to knocking off half of all of saudi arabia's oil output, but because new energy has been out there, maybe the decibels of the concerns about saudi arabia have been tamped down but in the guardian they said if the world ran on sun, no one would fight over war, no one will ever fight a war over access to sunshine
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because you can't block somebody out from the access to sunshine. but that leads to the storage issue. when it comes to things like cloudy days, explain to people your brand new situation that you've got, the equinox way to store things and how much it can store and why i shouldn't be worried, how this will help things like outages and blackouts. >> thanks, liz. it's really a great time to be in sun power because we have driven the cost down of solar as well and of course, if costs come down, the adoption of solar has gone up dramatically. so you have areas of the world like where i sit in california where during sunny days, there's excess energy. when people go home and it's not as sunny, there isn't enough energy so there's a need to shift energy to most valuable times in the day. if you think of who best to solve that problem, is who created it. sun power is a leading innovator
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in solar. we sold over ten gigawatts of solar around the world. we are now introducing something we call equinox storage which is included with your solar system, you can get storage plus all the other parts, you get one complete system from sunpower, you get the software, most importantly, that will optimize your solar energy so that you get best value and another cool feature is being in california, this is super-important, is you have backup, you can configure what you want to back up so that if you lose power, perhaps because of a wildfire, you have solar backup in the form of storage. so one-stop shopping, software that optimizes and a backup. pretty cool. liz: by the way, you have it for businesses, too. the helix storage system which a company like whole foods uses,
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when it comes to trying to be sustainable but also, it's got to work, if you have to refrigerate food. it's been positive for you guys. we will be watching it. sunpower stock as well. great to see you. thank you so much. >> thank u. liz: we are coming right back. the dow has now increased its losses. we are lower by 116 points. don't go away. much more ahead. ♪ ♪ ♪ [upbeat♪action music]
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liz: it hasn't even been two weeks since activist investor elliott management revealed that it had taken a $3.2 billion stake in at & t, angling for change, right, but they are full steam ahead when it comes to shaking things up at the telecom behemoth. the next item in the crosshairs may be none other than at & t's top brass.
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charlie. >> we are getting this from sources close to elliott management and this is where right now, there's talks have been very, you know, very benign essentially. you know, the ceo acknowledges that elliott management has a stake in the company, you know. they are a major player. they have a big enough stake they can prod for some change. elliott management has been judicious and nice to them. we interviewed randall and we broke the story the government was going to retry the case to try to break up -- liz: he told you bring it on, we are going to win, and they did. >> they did. everything has been hunky-dory now. this is where it could get nasty. this is the first sign this activist investor is going to push some buttons over at at & t, that may not sit so well with randall and the senior people there at at & t. what we understand, now, no firm decision's made, we are told, but elliott management is weighing whether to prod at & t
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about a succession plan for randall. we should point out he has said in the past he has no plans on stepping down, he is getng up there in age although some people say he may stay for another couple years. he has pointed to john stankey as heir apparent. he's the c.o.o. of the company. i think it's called not warner brothers. not called time warner anymore. warner communications? i can't remember. anyway, time warner -- liz: media group? >> maybe. it's not time warner anymore. they renamed it. stankey essentially is the number two. stephenson has pointed to him as the heir apparent. what we understand, elliott management is in this whole thing, if they go this route, by the way, activist investors often go this route, we should point out that nelson peltz prodded ge to get rid of jeff
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immelt and then to get rid of john flannery to put in the current guy that runs it. remember, this does happen. what we are hearing is elliott management is weighing whether to prod at & t senior management about bringing in outside talent, considering outside talent as a successor of randall stephenson. we don't know if they made this decision yet. they are talking to people about this. that's how we are getting this. but there is clearly discussions at elliott management which declined to comment on this. everything is being sort of hunky-dory so far between randall stephenson and elliott management. from what i understand, they had a meeting earlier in the week. i think that's been out in the press, where they discussed some broad topics. this is where it could get very very nasty, if they do prod for major management changes. if they do prod stephenson not to appoint stankey as the heir apparent. this is where things get rough.
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by the way, no word on what's going on with dish and directv, whether there's going to be some hookup. we do again, we have heard from private equity sources, there is talk about bankers bringing that deal to them, meaning at & t. there is no decision from what we understand or even maybe a real discussion about making this happen. liz: charlie, thank you very much. charlie gasparino. closing bell, we are eight minutes away on this friday, in full swing. the so-called quadruple witching expiration of options, et cetera. dow is down 106. red flags and checkered flags, markets are sending signals that are a bit mixed on a tough track but our billion dollar closer says if you can find the middle of the road, you can steer your portfolio right into first place. we will tell you how. "the claman countdown" coming right back. ou. so why isn't it all about you when it comes to your money? so. what's on your mind? we are a 97-year-old firm built for right now.
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liz: you know the chinese canceling their field trip to the montana farmland that was supposed to happen after they left washington, d.c., where they were today. canceled. the markets are reversed. all of these indices had been higher earlier today. mark the clock, four minutes before the closing bell things. apple and boeing are accounting for half of the dow's losses. they are the trade sensitive stocks in a very big way. so it is not a surprise that those two names would be ones that are intently dragging down the maj averages which means the major averages are set to close down for the week but the dow and s&p just 1% shy of record territory. can weet there next week? that is why you have to tune in to fox business every day, especially the final hour of trade with gerri willis live on the floor of the new york stock exchange gives us the weeks biggest movers. reporter: let's talk about s&p 500. biggest losers fedex.
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this company having another rough quarter lowering out look. losing amazon business. macy's, they have a company called blue mercury. the people founding founding thy are leaving. they don't have replacements. macy's down, rotation into value reversed this week. gap retailers exposed to china tariffs. bank of america mentioned gap specifically. there were winners on the s&p 500 ubs upped conocophillips. morgan stanley hiked its price target to $87 for that company incyte. traders are betting people go to fast-food companies like chipotle. back to you. liz: good to see you, gerri willis.
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there are winners along with the losers, checkered flags so to speak. today's "countdown" closer says balanced approach can make you money and protect your capital. a balance sounds, dare i say boring but is it? you tell me? >> boring is not bad, liz. liz: okay. >> in a market where you're getting mixed signals in terms of inverted yield curves and poor manufacturing data, having exposure to some boring companies that we think are poised to grow in pretty much any environment is okay with us and our clients. liz: red flags are the yield curve which by the way is dropping nine basis points the chinese a few hours ago canceled their field trip to the montana farmland. they were supposed to go, an olive branch thing, we'll check out your farms, your farm output. you like these names. middle of the road, raytheon,
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lowe's, progressive. what do they do for you? >> all three of these companies consider high quality, quality balance sheets, quality earnings growth. they are growing revenue. raytheon is in the defense area, regardless of what may come in terms of a slowdown. defense budgets are pretty much inked and people will buy missiles and missile defense systems. progressive a kind of boring car insurance. if you drive, you're supposed to have car insurance and progressive has a technological lead in that area and is earning market share. finally lowe's we think the early innings of a turnaround where they're trying to increase profitability and track closer to home depot. lowe's in particular mid-teens dividend growth. all these companies are buying back stock, lowe's aggressively so there you go. liz: mike, we like the way you think because, okay, boring is actually not bad, for once, right? >> that's right.
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liz: thank you so much, michael. we're looking at session lows. [closing bell rings ] 15 seconds before the top of the hour. the dow down 157 points. you can look to the late-breaking development with the chinese pulling the plug on a field trip. now the closing bell. melissa: trade fears hit wall street. the dow closing down 163 points for the second day in a row. s&p 500, nasdaq both finishing day and week in negativer to. we'll show it to you i have confidence. i'm melissa francis. connell: i'm connell mcshane. similar confidence. there we go. the cancellation of the trip we'll talk about it. got into people's heads. more on the big market movers. first here is what is new at this hour. possible military action against tehran. president trump meeting with


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