Transcripts For FBC Countdown To The Closing Bell With Liz Claman 20180227

Delta airlines finds itself stuck between the nra and millions of dollars. Gerri willis on how one Political Party is trying to punish an airline for picking a side in the Hashtag Boycott the nra battle. And the chief mechanic at Advance Auto Parts says hes got to retool. Ceo and president tom greco is here to tell us why the gop tax plan is actually revving up his companys turn around. Hes here. Plus, actress Heather Graham using hollywoods half magic to break down sexual barriers in tinseltown, writing, directing and starring in a movie she couldnt get the establishment in hollywood to buy into. Heather graham on how she turned into a businesswoman and fought the establishment. She joins us on set. Were less than an hour to the closing bell, lets start the countdown. Liz we want to quickly, at the top of the show right now, take a look at gun stocks. They are moving lower by more than 5 , at least two of them here after Sarah Sanders said the white house will have specific policy announcements later this week. This as Senate Majority leader Mitch Mcconnell in his press conference said, quote, weve been down that path before and that we should focus on what we actually can do, can accomplish. So youve got vista kwr0u9 doors outdoors down one and twothirds, American Outdoors down about 4 . Were watching these. Lets go to wall street. Were looking at this classic case of good news is bad news. Stocks trading lower after fed chair Jerome Powell highlighted the strengthening economy during his very first testimony before members of congress. So the dow is currently off session lows. I believe the low of the session was a loss of 170 points, now were down 135 but still on track to snap a twoday winning streak. After turning positive for the month during this hour yesterday, look at the nasdaq, back in the red for the month of february joining the ranks of the dow and the s p. Thats just for the month though. And the bidding war for sky, yeah, weighing on all players involved. At this hour comcast is down, walt disney is down and 21st century fox the parent of this company all down. Theyre really kind of at the bottom of the s p 500 as they all pile into a battle for sky. Sky, this battle is heating up. Come cast made comcast made a surprise 31 billion offer for the u. K. Broadcast in play for one of the most attractive overseas assets that disney is looking to buy from fox. Comcast is offering 12. 50 per share for all of sky, topping a 10. 75 pound a share offer from fox for the 61 of sky it doesnt already own. Ing 21st century fox putting out a statement just a few hours ago saying, hey, wait a minute, we remain committed to the recommended cash offer weve already made for sky that was announced back on december 15th of 2016. And by the way, they also said is there even an official offer from comcast . Well, were going to keep you updated. More details in this developing story, comcast down 6. 5 . Lets get to macys. Dont count these retailers for dead. Macys is up 4 , charging ahead, leading the s p 500 as investors cheer the retailers results for that crucial holiday quarter. The latest sign of the companys turnaround plan is taking hold, it was a good christmas for macys. The stock, as i said is, up about 1. 02 and now at 28. 48. So, yeah, i mean, were just a few points off session lows at this moment. The dow actually saw a nearly 250point swing as Federal Reserve chair Jerome Powell gave his very first testimony in front of congress. We were looking very good just around the time that he was three minutes before ending his formal speech and then taking the q a. He was giving us a road map into how the fed will run his leadership. Also during his testimony, treasury yields started to spike to session highs as powell hinted that if the data change didnt look better, there could be more than just the three previously announced rate hikes for this year. So we see tenyear yields at 2. 91 . Listen to what he said. At the december meeting the median participant called for three rate increases in 2018. But since then what weve seen is incoming data that suggests a strengthening in the economy. Weve seen continuing strength in the labor market. Weve seen some data that will, in my case, add some confidence to my view that inflation is moving up to target. Liz okay. So is it all sounds calm. But suddenly there were a few surprises during his testimony q a session, and one of them coming from a house member from new york. Adam shapiro at capitol hill. You know, i could say hot button issues, but he was just saying that the economy was good. But what happened that spiked the markets downward . Reporter well, Carolyn Maloney was actually pressing him on what would it take to go from the three expected rate increases in 2018 to maybe four or five . Remember, they keep using this term gradual, implying they might be less hawkish than the people who were counting on four or five increases because the fed has been saying three. Watch the exchange, and then lets break it down for you. What weve seen is incoming data that suggests a strengthening in the economy. Weve seen continuing strength in the labor market, weve seen some data that will, in my case, add some confidence to my view that inflation is moving up to target. I think each of us is going to be taking the developments between, since the december meeting into account and writing down our new rate paths as we go into the march meeting, and i wouldnt want to prejudge that. Reporter so he doesnt want to prejudge that. But what hes referring to there is what the wonks would refer to as the dot plot, the survey of Different Bank president s, where they think Interest Rates are really going to fall. And from that, you can determine as the street has that there would be three in 2018. What hes alluding to there is that the in the march meeting were going to get a new dot plot and could see a more aggressive, more hawkish fed maybe calling for four Interest Rate increases this year. So that was the issue, liz, that led to the volatility that you saw in the market. But theres something youve got to Pay Attention to in the fed. It comes from janet yellen, and it continues now with Jerome Powell. Wages are not growing. The pace of wage growth yearoveryear is not what the fed expects to see when youre at full employment and when you have inflation. Even though its running below target, inflation expected to accelerate. So they dont say theyre perplexed, they say this is transitory. We saw janet yellen say that, Jerome Powell is saying that. But this is an issue the fed is paying attention to because, as he said, risks on both sides. Remember, the mandate is full employment as well as inflation. They dont want the economy to overheat. But theyre trying to get as well as they can, because they dont manipulate that much theyre trying to help wages get up there, and theyre not seeing that happen to the degree they would like. Back to you. Liz yeah. She didnt ask such a horrific question, she just said what would have to change if, of course, you had to move rates higher and started to say things look good, well watch the data. But what hes done now is he has proven whether Jerome Powell liked it or not that he can move the markets. Will powell emerge as a more powerful voice compared to some of the former fedheads of the past like ben bernanke, Alan Greenspan or paul volcker who slayed stagflation, or will he just be, in essence, grabbing the baton from janet yellen . To the floor show, weve got john corpina at the new york stock exchange, larry shover from the floor of the cme, and john sylvia in washington d. C. What do you think, john . Well, from my point of view what has changed since december was that january average Hourly Earnings number coming up at 2. 9 . That was certainly a surprise by the fed followed by another Consumer Price index number that was greater than expected. So next friday we get a new average Hourly Earnings number, and i think thats going to set the tone. Liz oh, yeah. If that reinforces what we saw in january liz which was what, 2. 9 . Yeah. You will see the market moving to four rate increases for 2018. Also one other point. Chairman powell also mentioned strength in the economy for the next two years. Well, two years means that maybe therell be moving up the dot plot for 2019 as well. Liz john corpina, were close to new lows of the session. The new low of the session is a loss of 185 points for the dow jones industrials. Well, there we are, were down 185. Whats going on here . What did powell say or is it once again the tenyear yield which is at 2. 9 getting close to revisiting those fourandahalf year highs . You know what . Ill take another angle to it. I think if you go back two months ago and we had this same exact meeting, our whole market would have absorbed it and continued to have moved higher just because thats what weve done the 12 months prior. The volatility, the market has gone shakes up for no real reason whatsoever. I think investors are very fearful that this market can change on anything right now. So when you talk about the fed and you talk about comments coming out of war and what is going to be the landscape moving forward or discussing Interest Rates, i think the Immediate Reaction is just to pull away from this market and to see how its going to react. We had a nice runup yesterday. This is just a little market, you know, a little chatter. The markets just kind of bouncing around not really knowing what the next step is going to be. Does the fed move the market . Absolutely, those headlines mean something. Theres a little bit more fear in this market than there was a quarter ago. Liz larry shover, were looking at the vix up about 18 , showing a little more fear in the markets. Where do you see this going . If somebody is in the markets or thinking about going in, hey, its 187 points cheaper if youre buying the dow index. Yeah. And the same thing i said three weeks ago and that is the fundamental landscape has not changed. The only thing that may have changed is that Growth Numbers arent exceeding expectations anymore. Nominal growth is really sturdy. Consider this, i mean, earnings per share for 2018 mid 150 range. Were talking 2019 being low to mid 170s. That puts our valuation at 16 times which means the s p 500 relative to everything else, especially corporate im sorry, government Interest Rates is still the place to be. Liz right. Thats what i would say is. Yeah. Liz 2754 is where the s p is, john sylvia, we got durable goods numbers. This is purchases of big ticket items that last more than 35 years. They were down 3. 7 . Then youve got the atlanta fed cutting its gdp for the First Quarter estimate down again. They started with 5. 4 , now theyre at 2. 6 . Are you worried about q1 growth q1 growth, liz, has historically shown weakness relative to the rest of the year. Again, when that number comes out in early april, we may see this reinforcement that maybe were only going to do three. The economy has done okay. But also powell made the point that inflation would stabilize around 2 . Thats yet to be tested. Liz true. Indeed. Thanks, gentlemen, very much. John, larry and john. Thank you, liz. Liz closing bell is about 48 minutes away. You may know hollywood actress Heather Graham for her rolls as roller girl in boogie nights or Felicity Shagwell from austin powers, but her latest role has her taking on the entire hollywood establishment and the sexism out there. Heather graham on putting her business hat on and saying, watch this. Shes coming up in studio. And Hashtag Boycott the nra is now forcing some big businesses to take action following that Deadly Florida high school shooting. Gerri willis tells us how one Major Airline now finds itself stuck between making a choice between the growing social movement and millions of dollars. Nah. Not gonna happen. Thats it. Im calling kohler about their walkin bath. My name is ken. How may i help you . 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Hers to manager and yours to grownup. With blue apron, any night is a chance to see what cooking can do. Liz the shock, grief and promises from lawmakers to make a change in current gun laws is not taking the same course as it usually has done in the past. This time following the mass shooting in the parkland, florida, dozens of companies are now Hashtag Boycotting the National Rifle association. Companies on your screen, metlife, United Airlines, avis, budget rentacar, theyre cutting ties with the nra and will no longer be offering discounts for its multimillion members. On the other side, fedex announced today it will continue to offer the nra discount. Within the statement fedex says itll do business with any Legal Organization and the nra is legal, but it also said its own Company Position on issues of gun policy and safety differ from those of the nra. Fedex down 1. 75 at the moment, but one company is under fire for cutting ties with the nra, tell that airlines. The delta airlines, facing threats from Georgia State senators to stop the boycott or itll lose millions of dollars in tax breaks. Gerri willis in the newsroom with the latest big business battle. This one has politicians on one side of the aisle working to punish a company that ends relations with the nra. Reporter liz, youve got that right. Lieutenant governor casey kagel who leads the Georgia State senate is tweeting, quote i will kill any tax legislation that benefits delta unless the Company Fully reinstates its relationship with the nra. Corporations cannot attack conservatives and expect us not to fight back. Now, in the wake of that february 14th massacre at a Florida High School you just mentioned, delta along with United Airlines became the latest major corporations to sever market ties with the nra. Kagel demanded on monday that atlantabased delta make a choice; stop punishing the nra or watch republican lawmakers strike down a 50 million sales Tax Exemption on jet fuel of which delta would be the primary beneficiary. In a longer statement cagle said the if Corporate America wants to make a positive difference on gun violence, it should donate a portion of its profits to Mental Health treatments and School Safety initiatives. Now, neil cavuto pushed the issue with republican georgia congressman doug collins earlier today. Listen. Neil let it hurt their business. Let them suffer in the fee free market as a result. You would be just as aghast if there was something that a leftleaning group had wanted to see and a company did the opposite and wanted to pick at hem. This is just as bad or worseing right . Look, this is exactly what ive said, neil, is, look, we think theyre going to adjust. The senate is going to react as a political body does, but lets also hear this. Governor diehl, i have faith in him and the rest of them to work that out. And delta understands, i think neil no, listen, the governor wants reporter so other politicians making hay here. Democrats in other states like Virginia Governor Ralph Northam and new yorks Lieutenant Governor said delta was welcome in their states anytime. The nra responded by saying its members would not be intimidated by what it called a shameful display of political cowardice from some corporations. Weve reached out for a comment from delta, we are still waiting for that response. Liz gerri, thank you very much. And we should mention that the president has said that policies regarding guns will be coming out. Weve got gun stocks, as we showed you at the top of the hour, definitely moving lower. And you can see right now its really sturm and ruger down 4. 75 and American Outdoor brands down 3. 33 . American outdoor brands is the one that makes the ar15 rifle that is in question here. If you need a tiebreaker here, and i dont know how any companies are looking at this, but here is somebody who stuck up for the kids on this. I have been heartened to see children across this country using their voices to speak out and try to create change. Theyre our future, and they deserve a voice. Liz we will be watching this developing story. In the meantime, the dow is still down about 182 points, and weve got 39 minutes before we hear that closing bell ring. Lots of red on the screen at the dow 30, you can see that here, but intel solidly at the top in the green leading the dow after citigroup said intels the top chip stock you should own this yearyou are so inclined to buy semiconductor stocks. Ing intel hitting thats a 17year high on the news, 50. 01. Chipotle off the chopping block after baird upgrades the Mexican Grill to outperform with a price target of 400. This from 315. Right now chipotles 318, so a long way to go before you hit 400. Says it likes the appointment of brian nichol as ceo, came from taco bell. Chipotle up 20 since he took over. Up next, actress Heather Graham one of the first people to reveal Harvey Weinstein, the disgraced hollywood mogul, tried to pressure her. Now shes disrupting the entire hollywood establishment by breaking the business cycle, opening the doors for not just more female actresses, but female writers, producers and directors. Shes here to tell us about how she got her new movie half magic made. Countdown is coming right back. Theres heather. Got that hear how she did it. Hello. Hi. Hows it going . Alright, how ya doing . Welcome so, this is the allnew chevy traverse. What do ya think . This looks better than 99 of the suvs out there. Its very modern. Sleek. Maybe the most impressive part of the allnew traverse. Is whats on the inside. Surprise what are you doing here . Ive missed you guys. I havent seen you guys in so long whats happening . We flew her out. Its a family car, we had to put your family in it yeah, it gets 7 thumbs up but im not standing still. And with godaddy, ive made my ideas real. I made my own way, now its time to make yours. Everything is working, just like it should liz dow just took another leg down, we are lower by 206 points, looking to be a tough end to the session here. All right, not tough for marvel studios. Black panther continues to slay record after record with global ticket sales now topping 700 million. So a lot is being made of what Hollywood Studios would say is an unlikely superhero, africanamerican. But thats not the only nontraditional hero movie just released. Half magic is a small movie getting outsized attention. Written and directed by lead actress Heather Graham known best for her roles in boogie nights and austin power, she also starred in the hangover, grahams film centers, in essence, on graham and two pals who overcome their frustration with male dominance into massive success when it comes to fighting hollywood sexism. Watch. Im the one that discovered you and gave you your big break, right . Yeah. I want to be a writer. In due time. I dont want to hear about womens stories. Youve got to talk about a man, write about a man. On my end, im going to put more female characters in my next script. Really . Its called kill the sluts, thats the working title [laughter] liz the l. A. Times is calling it a fizzy comedy that sends up hollywood sexism for all its blunt absurdity. Graham fought for years against that very hollywood machine to get the movie made, so we asked her what that was like. Frustrating, traumatic. It feels like the system is stacked imns you. Liz what were people telling you as they rejected you . They said people dont care about womens stories, womens movies make money. If you want to get a movie made, write about a man. Liz how did you say im going to do in anyway . Because youve got an entire industry and a machine all telling you the same thing. I guess i just really wanted to tell the story. I made the movie for myself. I figured if i would enjoy it, other women would enjoy it too. Liz its hilarious, there are a lot of men in the movie and men that other men would relate to, hate or want to hate or want to know and be like. I wanted to keep it funny and sexy so you could watch it as a woman, feel empowered, but as a man you could find the humor, and its sexy. Its about sex. Liz men are not necessarily attacked in this movie. No. Theres some great men in the movie. Liz so from idea, putting pen to paper, to then getting it up on the screen. Can you give me a timeline of how long that took . Seven years. [laughter] liz youre kidding . Yeah, i mean, the system is stacked against women. You start from the day that were born, thereses not a lot of role models for female writer director. To even write a movie and have the confidence its going to happen is hard, and to get the money is hard, the distribution is hard, and once it comes out a lot of men are writing about it. Do you know what i mean . So you have to go through all these men to get to the women that you want to watch the movie. Liz you just mentioned financing. There are people who want to start up companies or in your case start your own little mini company in the form of a film. Right. Liz talk about how you got financing, because you put your businesswoman hat on, and then you lost the financing. Yes. I mean, really two men helped me make the movie. Michael nichols, he read every draft and said you should direct it, and he found these financiers who took us through preproduction and said we dont have the rest of the money. We had to fold the project, it was incredibly traumatic. And then a year later bill shineberg financed the film, and thanks to him liz but your time anything the release is unbelievable because you wrote it and put it all together before the cover was blown off the biggest scandal that hollywood has seen in decades, and that is the Harvey Weinstein, actresses being harassed and pressured scandal. And you were one of those actresses. Uhhuh. Youve written about it where Harvey Weinstein, this big executive, had said to you youll have the pick of any script you want, just sleep with me. He even, as i understand, lied you say to lure you to his hotel. Instead of doing that, you wrote your own script, and hes now a disgraced mogul. Vindication . Its amazing. Its so good. And, you know, every hardship we went along the way to get this movie made, now the movies coming out at a perfect time, like you said. So i guess maybe theres some good force in the universe where people are open to hearing womens stories. Liz maybe its half magic. [laughter] its kind of magic. Liz youre already having an effect along with another movie that some people would not compare yours to, and thats black panther so exciting. Liz these unlikely superheroes. I just read a headline, the National Association of theater owners is now demanding that Hollywood Studios put forth and give them the very things that movie executives have said for years dont sell; africanamerican stars and women stars. Amazing. Thank you, finally, finally its incredible. Liz as a newlyminted director, i dont need to remind you that the oscars are this coming sunday. There is only one female whos been nominated thank god theres one. Usually theres none, you know . I mean, finally this year theres one, you know . Liz one female director nominated. Do you think that will soon change . I think so. I mean, it was exciting when Natalie Portman said at the Golden Globes and now for the allmale nominees. We do need to change this issue. Times up, 50 50 by 2020, thats a great goal to have. Liz which is easier, landing a plum role as an actor or getting a movie made . [laughter] theyre both so hard. Theyre so hard. I mean, its like i gave up trying to get guys to cast me in their movie, and i cast myself. Because at the end of day, no ones going to write that personal story you want to tell except you, so thats what i did. Liz thats what she did. She put her own money in there too. In another unconventional move, half magic is also available on demand, on netflix and digital. Were going to have more in todays claman confidential. We talk about how much heathers invested in this project and her advice for those out there with an eerily similar advice that Warren Buffett gives. Go to liz claman. Com for the online exclusive video. Dow down 193, well be right back. Liz again, its the final hour and now we we see more of a selloff. We have the dow down 223 points, s p down 27. Weve got the nasdaq down 73. All three are now negative for the month. We only have one more session, tomorrow, in february. Were watching this very closely. Okay, weve all heard about the bonuses and dividends that companies are doling out after the gop tax cut went through and lowered the Corporate Tax rate. One auto parts seller says, yes, its giving a big chunk back, but theyre going to use the savings to fuel a turn around. Advance auto parts dropped from 35 to 21 , that works out to a savings of 70 million a year. The stock is down 30 over the past year as the Company Struggles to rev up sales. Joining me now in a fox business exclusive advance auto parties ceo and president tom break coe parts. Greco. Sometimes you get swamped in news that has nothing to do with you, although a competitor, autozone, came out with numbers, and theyre kind of swamping the sector here. Lets talk about how you would use the tax return that youre getting from the lower tax rate to help with the turn around and how you focus that turn around. Well, were really excited about the turn around itself, liz. Weve been working on this pretty hard for the last 18 months, and overall we have a plan that is going to invest significantly back in our employees. We have frontline employees all over the country that are really important for us. We want the very best parts people in the business working for advance. So we already invested significantly in our frontline employees over the past 18 months because we knew that was going to be important. We have 5,000 stores, we have general managers in those stores, commercial parts pros, theyre critical for our success. So we actually introduced a Stock Ownership program for them, for our top performers so that they can earn stock in the company. And we feel that is a really good retention move for us, and it has dropped our turnover liz id say its a very good retention move because i was talking to somebody that works at another company, and its smaller, and he said they couldnt raise my wages, but they gave me Stock Ownership. And smart people will understand sometimes its better to own mcdonalds stock than buy mcdonalds, you know what im saying . Yeah. Liz i am hearing you say you wont be that company writing out 1,000 checks or hiking wages. Instead, youre going to turn this company around by, beyond the employees, doing what . Because youre facing an ecommerce giant, amazon. You cant just ring fence yourself around and say, well, were not going to deal with them. What have you done to take on amazonsome. Sure. Were taking a very longterm approach to turning the business around. As we studied companies that have been very successful doing what were trying to do, you know, youve got to get the strategy right out of the gate, and we feel weve done that. Were investing in ecommerce, in our Technology Platforms because we know thats going to be important. Weve certainly made Big Investments in Customer Service because the experience our customers have both online and in the stores is critical and then in our people. So when you talk about amazon particularly, weve had to recruit some people into the company that can really help us compete vigorously against formidable competitors like amazon. Liz you know, you are a classic case, and when i say you, the company, a classic case of activist investors wrecking something. Because when you took over, an activist investor because we used to, we watch this company very closely for a whole host of reasons. But they took a stake, they started publicly agitating, and the stock had been 171, and i said since then chopped in half. Since then, chopped in half. Are they out of the picture now, and you just do the job thats best for the company and all shareholders . You know, we have jeff smith is the person thats been involved with us directly. Hes starboard value. Hes very involved with the company liz do you have to say that . I absolutely i wouldnt be here if it werent for jeff smith. I absolutely would not be here. Hes a very unique activist. Liz whats his best idea . His best idea is exactly as i just said is, investing back in the frontline organization, investing back in consumers and our customers. Hes very focused on that. And i have been around other activists, liz, and i know what youre referring to that are more financial engineers. I wouldnt describe jeff that way. Hes very customer, frontlineoriented person. Liz well, were watching it, and this company is a brilliant one and might i just say personally how grateful i am because, just so you guys know, Advance Auto Parts since 2012 has given us 8 million to building homes for heroes where we build custom mortgagefree homes for our worst wounded heroes. We really look at you as our most important donor, and were so grateful that youre in it to win it with us. Well, were proud to be part of building homes for heroes. We know its such a Great Organization liz and you guys hire a lot of vets. We do. Weve got 6,000 in the company. So we feel its important when you, everybody has to give back. I think companies have a responsibility to give back to the communities that they serve. Liz even when times are tough . Even when times are tough. We went down to houston for hurricane harvey, we went down to south florida when that hurricane came through, im going to puerto rico here in two weeks. We actually raised quite a bit of money for all of those places and gave that back to our people. Liz well, its great to have you guys onboard building homes for heroes. Youve got to come to our gala next year. Im coming. Liz our viewers have donated like you cant believe too, so youre just right there. We appreciate it. Thank you, liz. Liz tom greco of Advance Auto Parts. We need to take a look at the big board, down 213 points. Thats off the session lows, but looks like its going to be a rough final 15 minutes of trade here. The dow is at 25,491. S p at 2,700 and change, the nasdaq is losing 70, 70 points. Dont go away, its a work in progress. And at 4. 95, you can trade with a clear advantage. Fidelity, where smarter investors will always be. And at 4. 95, you can trade with a clear advantage. Looking for a hotel that fits. Whoooo. Your budget . Tripadvisor now searches over. 200 sites to find you the. Hotel you want at the lowest price. Grazi, gino find a price that fits. 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Democratic congressman mike quigley of illinois telling reporters the longtime trump staffer is refusing to answer any questions about the transition period or about her time in the white house. Meanwhile, fox business is learning that special Counsel Robert Mueller is expanding his election meddling investigation, now exploring the timing of president trumps decision to run. Charlie gasparino you know, i cant tell if this is a fishing expedition or its, you know, maybe it is or its this is what you do, you start from the bottom, you build a pyramid. His investigation is kind of all over place. It involves business things that trump did in russia, you know . And the trump hotel this russia, remember, it was an illfated hotel, didnt actually happen. Hes looking at, hes asking witnesses about that. Hes also asking witnesses about the timing when trump decided to run. Now, why is that important . Because trump is asserting that the russians began meddling in 2014. Remember, thats part of the mueller indictment that just came out, the 13 russian nationals. Well, theyre finding out that he actually consider running in 2014 right at the same time. So what does this mean . I can only tell you this, or this is one of the most if you think its simple that theyre looking at collusion and campaign, theyre not. Theyve expanded this thing to his business interests, to many other aspects. Who he dealt with, what russians he dealt with in trump tower, if hes dealing with certain russian mobsters in the u. S. I mean, they are asking those types of questions. So i will liz a lot of tentacles now. The president said if this thing expands to his business interests, hes going to he might fire mueller. He basically said thats a red line, if they go beyond the core of the, of why mueller was appointed which was to look at collusion with this campaign. It is pretty clear right now based on the questions that Trump Associates and witnesses have been asked, you know, this is recent that they are beyond that line, that theyre looking at his business interests, who he did business with in russia liz this is your individual reporting thats turning this up. Yes, yes. Theyre looking at when he decided to run to try to correspond it to when they know the russians began meddling in the campaign. This is a really farflung investigation. And, you know, the president late last year was talking to friends of his saying, like chris ruddy who runs a news magazine, he was saying, you know, i think this thing is over. Ive been told theyre wrapping this up. Chris ruddty said, well, they may be wrapping up a narrow part of this thing, but watch out because he may have expanded this thing liz i dont think anybody knows what Robert Muellers really doing. I dont. Liz except for people in the office. This could be just dotting the is, crossing the ts and raising questions to see if people would bite, or it could be that they have a farflung investigation liz well, gates now appears rick gates. Liz rick gates who worked on the campaign, hes had charges dropped or hes going to he entered a plea agreement. Whats fascinating about all the plea agreements and indictments that have come down so far, they dont necessarily involve collusion. They involve, in the case of mr. Gates, money laundering. Because he was working with paul manafort, the former campaign manager. Gates was a campaign official. And the charges are money laundering. We should point out that manafort denies the charges and hes going to fight them in court. Gates has cut this plea deal. General flynn, same sort of thing. Lying to investigators. Not collusion. Liz and he cut a plea deal. Well, we know hes going to cooperate. Liz cooperate, yeah. All im saying is this, so far the charges liz alls im saying [laughter] the charges seem not to be in collusion, not to be collusion. The scope of the investigation is so wide that it includes both collusion and trumps business interests. Western point out im going to have a whole we should point out im going to have a whole writeup on foxbusiness. Com. Liz did you see Heather Graham . Why did you, like, not do that interview when i was in the building . [laughter] thats what i want to know. Liz listen, identify been on this ive been on this party train for a year. My brotherinlaw was the one who gave her the financing, and thats how it came on my radar, this is interesting. The timing this was before the whole Harvey Weinstein drama blew up, and now its a woman movie about women fighting hollywood sexism. Shes always one of my favorite actresses. Liz yeah. I guess i should have let you know, but we may have run screaming, thats the thing. [laughter] i, you know, maybe. Maybe not. You never know. [laughter] liz charlie, thank you. I want to meet why do i always get the old white guy . [laughter] you always pair me up with liz because he is one. No, im kidding. I am. Why dont i get liz ill tell heather next time shes in town. Why dont you interview Jennifer Aniston with me me too. Liz can she comment on session lows . She probably can. Liz down 242 points with just six minutes left to trade. You cant miss the last, final minutes here. By the way, youd have been loving it if you had followed our countdown closers advice two and a half years ago. He said buy mcdonalds. Were going to show you how much you would have made if you went in then when he suggest ised, but guess what . Hes here to suggest new names of what you should buy now. Dont go away. How much money do you think youll need in retirement . Then we found out how many years that money would last them. How long do you think well keep oooooohhh you stopped youre gonna leave me back here at year 9 . How did this happen . It turned out, a lot of people fell short, of even the average length of retirement. We have to think about not when we expect to live to, but when we could live to. Lets plan for income that lasts all our years in retirement. Prudential. Bring your challenges. Today, innovation in the finger lakes is helping build the new new york. Once home to the worlds image center, new york state is now a leader in optics, photonics and imaging. Fueled by strong university partnerships, providing the worlds best talent. And supported with Workforce Development to create even more opportunities. All across new york state, were building the new new york. To grow your business with us in new york state, visit esd. Ny. Gov. Liz. As we looked to close at session lows here, the dow down 252 points. I immediately checked volatility index and it is up 19 . It was up 1 earlier. I want to bring jack oliver. Manager partner at rbo and company. You like to pick stocks. You like going in on a day where there is a lot of seven selloffs. When they are getting a little bit after discount. Liz i love to tell viewers why they should listen to people sitting in that chair. It was mag macks two years ago. You came on. It was going through a very rough time. You said buy it at what price . Inned mid 90s the time. Can we put up mcdonalds really quick. It is up 67 since you recommended it. It is at 160. So what are you recommending today on a day where things are cheaper . I should preface that with past importance is not always indyk kit of future results to be fair. Two companies we Like Dominion Energy which is regulated utility. 4 1 2 dividend yield, going . We like Berkshire Hathaway b shares. Couple hundred dollars a piece. The report came out this weekend. Obviously wellknown company. Exceptional management with a huge cash pile. A big part of their businesses which is insurance. In the end it was 115 afloat. Essentially checks that Insurance Companies and individuals write to berkshire which they can reinvest essentially at no cost. Liz buffett loves day likes this. We have ad session lows. What do you say buying on a down day . You were werent buying on up day . You put money to work when youre a little uncomfortable. Versus a feeling euphoria. Its a good stay to buy. [closing bell rings] liz jack oliver, with rbo and company. Were off session lows, still getting hit. The dow off 277 points. A lot of breakings news. After the bell has it. David selloff on wall street as a the new fed chief suggests extra rate hike this year. Melissa oh, goodie. David ending down over 300 points. Hi, im david asman. Were back again. Melissa were back together, thank goodness. Im Melissa Francis this is after the bell. Here is what is happening at this hour. Were waiting knew new comments on historically black colleges and universities. Well bring you the remarks as soon as they happen. Th