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Not much of a market move, but still five in a row. Reporter yeah, well, five in a row to the downside. Yeah. Reporter the bottom line here. The dow jones industrials, up modestly 45 points in the middle of the day, and ended slightly in negative territory. If you want to know, what happened in the last hour, because thats why im here, folks, exxon. It did it again. Look at this. There it is. Are we down . Down. Exxon is down 19 out of 20 days by my count. And, yes, yesterday was 18 out of 19. Theres your problem. Energy stocks, chevron was also weak throughout the day. Volume picked up. Lets move on here. One of the reasons we were calm throughout a good part of the day is the 10year flat lined. Look at that. Its just about a flat line here. The yields, i mean, on the downside. Prices on the upside. That helped throughout the day. It helped, also, that emerging markets were a little calmer. It was generally downside day in emerging markets, but a little calmer. Theres the eem, the emerging market index, just slightly to the downside, but you can see throughout the day relatively stable. A lot of people keep asking me, gee, should we get out of the emerging markets . Can i point out that the big guys, the chinas and the brazils theres plenty of volatility in indonesian, philippines, but china, brazil bottomed two, two and a half months ago, and people have been picking at them because the Economic Data has been better out of china. The shanghai index. We bottomed back in may beginning of june, im sorry. And theyve been picking at those stocks now for a while. I have no idea if theyll go down anymore, but theyve been trying to pick bottoms on that. Remember, buy low, sell high, folks. Interest ratesensitive stocks, utilities, telecom, homebuilders all did a little better today. Finally on the retail front, the key story here, home depot had an outstanding report today. Dont worry about the fact that it ended to the downside. Some people quibbled with the margins for home depot. On the bigticket items, people are watching, kitchen applian s appliances, those kinds of things, flooring, the numbers were outstanding. And i think the fact that the stock was up 80 the last year and a half might have weighed. Tjx, jcpenney, best buy, also had excellent reports. Maria, back to you. All right. Thank you so much. We have our market pros ready to break down todays action. First, i want to bring in my special guest host for the hour, cme chairman and president terry duffy. Good to see you. Thank you for having me. What are you seeing at cme . Were in the dog days of august now. But volume has been deadly for a long time. You know, volume has been a struggle. Maria, weve talked about it many times over the last year and a half. It continues to be a struggle. But i think more and more people are getting comfortable with the marketplace and looking for opportunities in the market. But right now, it appears for all practical sake that the markets are going nowhere for the short term. Weve got opportunities in Interest Rates rising. I know cme, youre counting on it. Right. Tell me what the big opportunity is for you as rates go higher. Obviously, its our biggest product line, is Interest Rates. If, in fact, we get a different shift in the fed policy, you know, that will affect the biggest product line the cme group had, the eurodollar complex, and the treasury complex. We see huge volumes, anytime theres any kind of movement in Interest Rates or even sean conversation in Interest Rates. Thats a big mover. Are you seeing money move into those spaces in anticipation . I mean, the 10year going to 2. 9 i think was a big deal. Yeah. Throughout wall street. So i can only say this, maria. About six months ago, our open interest at the cme group was 881 million contracts, which is about normal. Weve seen a spike of 90 million contracts now, of open positions on the books of the cme group. A lot of that is in the largest end products, which is Interest Rates. Weve seen a lot of interest into the marketplace into the Interest Rate complex in eurodollar and treasuries. All right. Well talk more about that. Thank you for joining us for the entire hour, terry duffy. Thank you. Joining us now to further break down the markets is michael santoli, and michael tower, and mike. Mike times three. Mike, let me kick off with you, in terms of the fed, weve seen the Economic Data. Can it be possible the fed begins not tightening, but the tapering next month . I think it is possible. But i do think were at a point where were susceptible to any dovish noises here. I think the fed wants to calm the markets a little bit. The markets have overanticipated this a couple of times. I dont think the Economic Data has been unequivocal, that would say septembers a lock. Obviously, the august job numbers will matter here. I dont really think the fed wants to see the treasury market get that far ahead of itself and pricing in not just the end of qe but just a large increase in Interest Rates before the fed feels the economy can handle it. Whats your betting, terry . Its hard to say, maria. Theres so much uncertainty out there. And it also depends, also, what will happen with the next treasury secretary. Will it be bernanke . Summers . Will it be yellen . I believe if we have a shift in that position, the fed chairman, thats when youll see a significant move in rates. You do. I do. If Larry Summers gets the b job, do rates what happens to rates . Rates shoot up. I think rates go to a more normalized of qe . No, well see more normalized rate environment and well see a selloff in the equity market and i dont think thats an overall bad thing. Okay. Micha michael farr, you say the trend is clear with rates. Well, to me, were in one of the dole doldrum periods of the year, all of the pros are probably in the hamptons, and the rest of us are here at the desk. These are lightvolume days. Clearly, the trends been negative. Not a lot of news. Congress is out until september the 9th, and this is important, because washington is the Financial Capital of the world. When they come back in september, theyre going to have nine days until nine working days until they have to deal with the continuing resolution for funding the governments expiration. That, i think, will be very important. It will add to the noise. The weak Economic Data. And i think the fed will not begin tapering, which would probably be good for stocks, in september. Yeah. Mike queen, terry duffy said something interesting, when we do get the news of the new fed chairman, we probably could see a selloff in stocks as rates go higher. And obviously, some real activity around rates. Do you think we see a stock market selloff as rates move higher . I think its not unreasonable to think the stock markets going to have a rough several weeks ahead of it with the fed chair uncertainty and the budget battle. But we spend most of our time working with affluent individual investors, and they really theyre not focused on the when of Interest Rates going up. They know its inev ait itable. They want the portfolio positioned properly, so theyre already figuring its here and they want to make sure theyre already positioned with shorter durations and focused on more Growth Stocks over dividend stocks. Yes, i think its not unreasonable that august and september could be tough. But its going to be a nonevent long term for most investors. So what do you do then . What are you telling investors to do if, in fact, we do face a pretty good selloff in August September . Well, were taking our time to put the money to work, but were focused on tech knoll, because they have great Balance Sheets and good growth. Focused on healthcare, because the demographics are strong and will carry us through. And selected cyclicals, companies with a north american focus. We think the dollar move up is a longterm event. And we want to have more exposure to north america than weve had in a long time. So thats what were going to do for quite a while. You called yesterday, what, the oversold story of the day. You came in you came in a little oversold with the market. You got the cursory bounce today. You know what i find interesting is that its so logical that august and september should have all of the excuses to be weak because of all of the things were talking about. Political stuff, policy stuff, fed stuff, anticipation of a new fed chairman, that actually sentiments cooled off quite a bit. Youve had a few times this year when the market goes down 3 , 4 , people get nervous. Thats a constructive thing. Im not saying the period is over. It seems to me that nothing as much has really disrupted the uptrend just yet. And i would also say maria, i dont think you can underestimate the importance of this change in the trend of Interest Rates, this 100basis point increase in mortgage costs so far this year has really changed the ability to buy, the ability to purchase in the housing market. I think the ripples will continue. And as this as these rates head higher, i think you could it would not be too hard to stall this economic recovery. I think the fed cant leave the table very soon. Right. And i think that fed chairman will be an important choice. Yeah, terry, what were you going to say . I just completely agree with that. And on the overall housing market, you have to look at the rates of where theyre at today. Theyre basically at nothing for the most part. Yeah. The sellers think they want a higher price and the buyers think it should be another shoe to drop and it will be cheaper. Thats a very difficult market to look at the overall picture of the economy, because it is what it is now. Weve seen that movie, been there, done that, and now were going to focus on earnings. I think weve seen the political fallout, what it can do to the mark place. And then when we saw what happens with quantitative easing and sequestration and things of that nature, marie yashs the markets starting to say, were not so focused on washington, d. C. , anymore. Well start focus on corporate earnings. Thats a good thing for the overall market. Earnings were okay, but revenues werent great. How do you characterize the economy now . I characterize it as somewhere good to flat. I just dont see that changing for the near term. I still am a believer that stocks are the place to be ultimately. But i do think that were going to get some normalized Interest Rates over the next year or so, and in return, well see a selloff in the market, which is an opportunity to buy it. Its been so hard to move the needle on revenue and on, you know, economic growth. Why . Theres a whole host of reasons. Can you go into supply and demand. You can go into other factors that impact the overall marketplace, whether its Government Policies that are in place. Were talking the big thing today about minimum wage. You know, jobs. Its all about jobs, right . Yeah. We talked about this, the gentleman said it earlier. The minimum wage going up to 9 is a big deal, so you could have a lot of companies that cant afford to pay that minimum wage of 9 and all of a sudden, now, unemployment could go down, not up, so its a big deal in where this goes ultimately. Right. Isnt that right, mike . You hear that from so many ceos today that the uncertainty of policy as well as the certainty of policies like the minimum wage going up is whats keeping them sitting on cash. I think thats part of it. But theyve also had theyve been reinforced in their conservative im, because theyve been rewarded for sitting on cash, not hiring, buying back stock and things like that. Until that cycle breaks, until they see nominal gdp growth across the world, going up to where they want to reinvest, maybe its selfreinforcing. I dont think the corporate side is the part falling down. Its much more macro. And the problem is mismatched cycles. The Financial Recovery was front loaded, a great move before the economic recovery has cycled the corporate sector is among the healthiest its ever been, with the cash on Balance Sheets. The point is, theyre not spending the money, because of all of the unknowns. Thanks, everybody. Appreciate your time. Well see you soon, guys. Meanwhile, even Author Stephen King could not write a story like this wacky one of jcpenney and its stock. After weeks with a sinking stock, a board room brawl, parents complaining about a backtoschool Television Ad that supported bullying, now this, penney stock soared after it reported a 500 million loss. That story is coming up. And watches, glasses, shirts, computerwear, fun to wear. Wearable technology, the next wave. Apple is on a hiring binge so sew up the sector. Will Wearable Technology become a fashion nono . The story coming up. Welcome back. Analog devices sinking on earnings tonight. Josh lipton with the story. Josh, over to you. Reporter watching Analog Devices with reports, and now dropping here in the after hours. On the bottom line, actually a beat, 57 cents, ex items, street wanted to see 54. Revenue, 674 million. The street had wanted to see 672. Looking ahead, q4 eps, the company says theyre looking for 55 to 61 cents. The street was looking for 59 cents. That stock down about 1. 8 right now in the after hours. Maria, back to you. Okay, thank you so much, josh. We want to keep the focus on the markets and the economy and the cme group, joining me once again, the special guest host for the hour, cme executive chairman, terry duffy. Let me ask you about the new, and it has to do with the incentive programs, because bart says your incentive programs, which i know there are plenty of incentive programs out there, that that program is creating what he is calling fantasy liquidity. Obviously, this program is coming under fire. What can you tell us about it . Well, i didnt quite see what commissioner shelton said today, but i know how he feels about this, and, you know, we feel very strongly about it, too. Maintaining the integrity of the market, maria, is the single most important goal for the cme group. Any trades that dont meet the obligations or what we set them out to do to benefit the commercials and end users, we dont compensate those participants if we dont think that they are abiding by the incentive programs we have. We have over 40 million a year that we spend on oversight of our marketplace alone, and i think its more than any other exchange in the world that spends that kind of money. If anyone is violating our rules or that of the Commodity Exchange act, that will be pursued vigorously. Is there a violation right now, do you know . Are you in the middle of this . Again, mary again, maria, we dont comment on that. We dont comment on rumors and speculation. Right. All i will say is that, as i said earlier, the market integrity is the single most important thing to me, and the single most important thing to the cme group. The incentive programs are not new. No, been around forever. There are different types, whether theyre Market Makers or liquidity providers. Its very important that we monitor these programs and they are highly monitored by not only the cme group but by the government. Let me ask you about the consolidation in your business. I. C. E. Acquiring the new york stock exchange. You have deal flow all around. Are we done . Are you going to acquire do you need to acquire at this point to compete better with i. C. E. . No, i first of all, in 2007, the cme group, we were very fortunate to do a transaction with the chicago board of trade, and then we were very fortunate to acquire the New York Mercantile Exchange in 2008, and subsequently thereafter, weve taken small stakes in changes all around the world. We have stakes in changes up and down the coast. Thats what the intercontinental change is doing now, putting pieces of the puzzle in place to remain competitive. We are a 25 billion market cap company. Weve traded over a quadrillion dollars of notional trade. Were a significant player in the industry. We have the right components in place to compete with anybody. So i guess theyll try to take some of the International Exchanges either public or, you know, perhaps ipo all of the international the european exchanges. Would you be in the market for any of those exchanges in europe . Let me just say, i think the plans are to ipo the european equi equities, but we already have opened a clearinghouse in london, cme group has, and we are now opening up an exchange to be traded there the end of september. Were very excited about our initiatives over there. So we would not be participating in the cash equities in europe. Do you think europe has bottomed at this point . Is that part of the play there, or you have to be international . Ive been very bullish europe, you know, ever since right after the crisis. I think this they got oversold. I think theyre oversold compared to the u. S. And theres great opportunity throughout the u. S. Im a big fan and i think theyll do a lot of good things and we want to be a part of it. What about the outflows out of emerging markets . Would you look to the emerging markets for a valuation play here . Or are there things to acquire in the emerging markets for cme given that prices have come down . We already have, as you know, a very vested stake in brazil, in the bmf exchange, so 5 owner of their exchange, and theyre a 5 owner in cme group. We have a stake there. We have a stake in the mexican exchange. We have a good stake in south america already, into mexico, so we feel confident in the things weve done. As far as the other emerging countries, to be honest with you, i dont think were looking at them now. Yeah, are you surprised to see the heavy outflows . No, not at all. I think there are ebbs and flows and thats the reason theyre called emerging, because quick inflows and quick outflows and the United States is the beneficia beneficiary of all of the money. Yeah, michelle did a piece earlier saying this is because of Interest Rates. Yeah. Their currencies are getting squeezed because the u. S. Dollar is getting is getting impacted from rates. When do you expect a big move in Interest Rates . I mean, its abouten a slow move up been a slow move up on the 10 year. Do you expect a sizable move, 2014, 2015 . I cant predict when. I think everybody has already recognized we are going to have a sizable move back to a normalized rate environment. That doesnt mean it has to go to 1980 or 1981 of 20 Interest Rates. But to go into a normal rised rate of 3 , 4 is not that big of a deal. Actually, i think it would benefit a lot of people, especially people that retire, looking to put their money, to get some benefit from it, but not wanting to be in the stock market to get some yield coming from treasuries and products of that nature. I dont see it as a bad thing. What about regulation now, terry . Everybodys complaining that the regulatory, you know, pendulum has swung too far. Yeah. Look at jpmorgan. They will not get off jpmorgan. Theyve got attacks and investigations everywhere you look. Is it a burdensome Regulatory Environment at this point, or no . Well, first, ive said this throughout the cme, i said we have to stop putting regulatory headwinds in our Business Plans and we have to understand we all have to deal with the regulatory issues. And its not just here in the United States. Theyll have to deal with them in europe. Right. Well all have to deal with it them. When you have 2,000, 3,000 pages of doddfrank, there needs to be rule writing with that big law. That takes time to do. Unfortunately, when you take that much time to write the rule, theres uncertainty in the marketplace, one of the reasons i think its hurt volume, people dont know the rules that are written. But were getting there. Well have to get this behind us and move forward. It kind of reminds me of stoxle when they thought it was way off, it would cost them more, but now you dont hair them talking about it, because they are complying with it. Whether you call it doddfrank or something else, it was very important for the United States government and throughout europe to put in regulations to what i like to call adult supervision. There was a runaway going on in 2006, 2007, 2008. Right. And if we didnt do something, we could have knocked ourselves back into the stone age, and that would not have been good for anybody. Yeah. As much as you dont like doddfrank or you do, we have to make sure theres no unintended consequences to make us anticompetitive in the United States. This is still the best place for Financial Services and it benefits everybody that lives here. What about the derivatives going on to public exchanges . Im sorry, what do you as part of doddfrank. Oh, okay. The derivative legislation. Yeah, title 7 is what youre referring to. First of all, im a big believer that we shouldnt have mandated that. I think we should have less regulation, but regulation with more teeth into it. I think that would benefit everybody. So i did not support the mandatory trading and clearing onto exchange dub clearinghouses and to what are called seps, swaps, and theyre clearing a substantial amount of overthecounter Business Today and will continue to do so, and when weve set up an association with the both and the buy and sell side, so its fair, equitable, and efficient price for them to clear. All right. Well talk more with terry duffy as the hour goes on. Thank you very much. Well take a quick break. Jcpenney getting a vote of confidence from major investor kyle basque. Hes building up his stake in the struggling retailer, and maybe thats why jcpenney was higher today, up better than 6 . Thats next. All signs point to apple making big bets on Wearable Technology, but is it biting into an empty core. 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We cure alzheimers disease. Every little click, call or donation adds up to something big. Welcome back. Jcpenney gained ground today despite posting a wider than expected quarterly loss. The retailer up big today. Take a look at that chart. 6 . Courtney reagan, what gives . Reporter yeah, important things, reporting a loss instead of a profit, still sharply negative samestore sales isnt good news, but investors are reading into the commentary and expectations for the rest of the year and seeing hopeful signs of life. Jcpenneys sales in store and online did decline, but penneys said both improved each month of the quarter and they expect that trend to continue. Ceo Michael Ullman said early backtoschool sales are encouraging, and also called the Supplier Relationships strong despite what he called an erroneous media report says cit had cut off financing to jcp vendors earlier this summer. On the earnings conference call, he said consumer response to the revamped Home Department hasnt resonated saying the underperformance has been a major obstacle in the turnaround. Remember, that was a cornerstone to the Transformation Plan of the former ceo. Jcpenney restating the Home Department by category rather than the shops by brand. Ullman also said the current Home Products may be too upscale, which was a key concern of many in the beginning of this revamp. So the retailer is changing the allocation of soft and hard good Home Products. Now, jcpenney continues to rebuild its inventory of private label brands, most of which johnson had gotten rid of. The retailer also bringing back its tiered loyalty program. The key objectives Going Forward are to regain loyalty, trusted brands, and customer service, though remember, that store traffic remains a concern. We know many of the other retailers that Consumer Sentiment in general is a little bit troubling. Maria . All right, thank you so much. Big, big moves out of jcpenney, as well as a number of other activist investors on other stocks. Is this a good thing that activist investors are sort of being more aggressive lately . Im not sure if its a good thing or not, but when you look at jcpenney, you know, it had a significant move today to the upside of 6 . But lets not forget its basically still a 52week low. Close to its trading at 14, i think 52week low is 12. 50, somewhere in that neighborhood. So were not up that much yet. Im rooting for the jcpenneys of the world. I love to see them do well. Theyre good for competition. But you look at the montgomery wards, the others that have gone out of business yeah, a lot. Kind of in the same ballpark as jcpenney, and yet jcpenney and sears have been able to hold on against the walmarts, targets, and other ones that have a scale where the jcpenneys dont have it. Its a difficult uphill climb, i believe, but im certainly routing for them. Its interesting, because when dan loeb was very aggressive in some of the stocks that he has been investing in, there was some talk that, you know what, maybe this is getting too much. You know, the fight between carl icahn, you know, so you just wonder when an activist takes a stake in any company, does that name immediately go up, because we know that theres a brawl coming . Well, i think that maybe not, because we saw what mr. Ackman did. He actually got off the board of jcpenney. Exactly. And i give him credit for doing so. He has a very supposedly a large investment in jcpenney, and hes going to let the ceo and the management and board of directors do what theyre supposed to be doing and not talk his own book. So maybe thats a good thing for the company, and thats one of the reasons he got off. I dont know. I dont know the man personally. Yeah, probably pressured to get off, because mike ullman, they supported him, who ackman wanted out. Absolutely. Well talk with terry duffy the rest of the hour. The iphone, the ipad, how about the iwatch . It may be challenged with Wearable Technology. Will it be a multibilliondollar game changer or a dud . Stick around. And the ceo of a chipmaker sounds off on taxes and says higher taxes cost america jobs. He states his case next. Keep it right here. Vo two years of grad school. 20 years with the company. Thousands of presentations. And one hard earned partnership. It took a lot of work to get this far. So now im supposed to take a back seat when it comes to my investments . Theres zero chance of that happening. Avo when you work with a schwab financial consultant, youll get the guidance you need with the control you want. Talk to us today. Welcome back. Some Cypress Semiconductor ceo says washingtons targeting of higher taxes on corps corporations and the wealthy is keeping jobs. He uses his own company as a an example. In an op ed he wrote for wall street journal, he says progressive taxation gives the government more control of the economy and creates fewer jobs at higher, less efficient expense. Joining me now is t. J. Rodgers. T. J. , good to have you on the program. Welcome back. Thank you. So lets talk about this. Why do you think income equality and the use of progressive taxation is such a big part of this administrations goals . Well, they keep talking about it. You know, right now, to take me, im a top one percenter, i pay about 60 of my income in taxes, and i havent written any editorials against that. What really aggravates me is they now talk about how the top 1 isnt paying their, quote, fair share, and the fact is, you know, the top 1 pay 40 of all taxes. 40 of taxes paid by 1 of the people. Were paying our fair share. But the real problem is not griping about whether or not i get to keep enough of my money. The real problem is asking if its a lie that taking the money from wealthy people and bringing it to the government will create jobs through government programs. I believe thats a lie. I believe its a treacherous lie that misleads people into believing that higher taxation is going to help the country when its going to do the exact opposite. So how do you move the needle, then, in terms of helping the lowerincome part of the country . Well, its simple. If you work for me, you arent lower income, for starters. We employ entrylevel people. But here in san jose, california, in this plant, if its subtract off me and the executive Vice President , the average employee earns over 100,000 a year. My secretary earns over 100,000 a year. We all have healthcare benefits. We have paid vacation, paid time off, et cetera. And the real question is, do you want to work for private enterprise, which can afford to take care of people right with good jobs that are lasting, or do you want to go into some government makework program that gets created every time we have a recession, where the administration arrogantly and wrongly says, were going to create jobs by doing this and that . Yeah, weve got terry duffy here, president of the cme group. Go ahead, terry. T. J. , i subscribe to what youre saying. I think youre absolutely correct. My concern is something very similar, where 50 of the people that live in this country pay nothing, and that is a big concern. I think this country would be much better off if we all paid a little bit. How do you feel about distributing the income throughout the system and not just having the wealthy pay all of the taxes . Because thats exactly whats going on today. Im really i really have never thought about the lower end. First of all, you know, romney made a mistake. I think it cost him the election, where he said theres 47 of the people who arent going to hear, because in effect, theyre taking a free ride. I dont believe that. I think Americans Still want to work. They want to pay their own way. I believe theres a pride in being an american. That wants independence and doesnt want to be awa ward of e government. I never begrudge the fact that some people cant pay taxes, cant pay them now but maybe pay them later. What im concerned is the exact thinking of the minimum wage. When you raise the minimum wage, you cause the poorest people to become unemployed and you hurt them. You can say, im a liberal, i believe in america, im going to take care of the little guy, and thats what you do, but every time you raise the minimum wage, you screw the little guy. Every time you tax rich people who are job creators like me, who create jobs more efficiently and more cheaply than the government does, every time you transfer a dollar from me to the government, youre going to lose the jobs i would have created, which are more jobs than the government jobs youre going to create. And thats the problem. Its a big lie. Yeah. The government will take care of you. The governments not going to take care of you, because they cant. Because if they could take care of you, they wouldnt be in the government, theyd be running a company like i do. But what do you say to, for example, you know, those people out there who say, look, ceo salaries keep going up, the average guy is seeing his salary go down. Well, first thing i cant say exactly what i say to those people on the air here, but i can tell you very simply that i dont earn that big a wage. You know, my salary, and, of course, people will go, oh, my god, my base salary is 600,000, and on top of that, i can earn a bonus. The way i got to be a multimillion air is i bought stock in my own company, i earned stock in my own company, ive been here 35 years, and by turning that company into something that has a multibilliondollar value, then my share of the stock in the company is worth money. Most really wealthy americans you see dont earn money by virtue of lavish salaries. Its more nfl than corporate america. They earn money by building things. Those things pay them well. They make the net wealth high. I give it all away. Im 65 years old. I guarantee 20 years from now somebody will own my wealth, and most will go to charity. It will be directed properly. Yeah, i earn money. Be proud of that. You should wish to emulate that. Right. Exactly. But, you know, the truth is that thats not really the tenor thats coming out of washington. So lets say these policies continue, because thats where we are. I mean, we can complain about this and we can, you know, make the points that you did so eloquently in your op ed, but whats your worst fear . What is the ramification of all of this if, in fact, these policies continue . I used to worry a lot about that. I used to say we should do this, we should do that. And i used to blame politicians for it. The fact is, barack obama, president obama, says things that people buy into. He causes them to believe theyre victims. He causes them to believe that if they confiscate even more money from wealthy americans theyll be better off. And theyre voting for it. And as a consequence of that, many of them have been unemployed for a long time. So if we have yet another president weve had two of them back to back, george w. Bush, republican, big spender, barack obama, democrat, big spender, its not about liberals and conservatives, if we have yet another four or eightyear term of this thing, therell be more people unemployed and well start looking like the european economies. At that point, somebody will wake up, somebody will say we have to fend for ourselves, like Ronald Reagan did when he got rid of jimmy carter, and then we can move forward. So i guess the answer is people kind of get what they vote for. And theyre getting exactly what they voted for. Now, for the last three terms, in our fourth term. Yeah, well said. Good to have you on the program, t. J. Thank you so much. Thank you. Well see you soon. T. J. Rodgers joining us. Up next, if apple builds it, they usually come, right . Apple is used to drawing huge demand for its products, but will customers chomp at the bit for the Wearable Technology . Thats in the pipeline. Thats next, stay with us. [ indistinct shouting ] [ male announcer ] time and sales data. Splitsecond stats. [ indistinct shouting ] its so close to the options floor. [ indistinct shouting, bell dinging ]. Youll bust your brain box. All on thinkorswim from td ameritrade. From td ameritrade. In a we believe outshining the competition tomorrow requires challenging your Business Inside and out today. At cognizant, we help forwardlooking Companies Run better and run different to give your customers every reason to keep looking for you. So if youre ready to see opportunities and see them through, we say lets get to work. Because the future belongs to those who challenge the present. And experience the connectivity of the available lexus enform, including the es and rx. This is the pursuit of perfection. Welcome back. Sony unveiled details about its playstation 4 game console. Jon fortt speaking with Sony Entertainment a few minutes ago. Jon . Reporter hey, maria. Yes, we have a release date. It is smack dab in the middle of november, right as the big Holiday Season is kicking off, november the 15th. Now, this is important, first of all, for sony, the global console business is about 75. 2 billion a year. The u. S. Is a third of that. Jack trenton, who i spoke to, just about an hour ago, leads up those efforts. Take a listen to what he had to say. And ive personally been biting my bottom lynn, and heard the advent of tablets, and thats additive, bringing new gamers into the ecosystem. Reporter and thats the big question with the new iphone expect, ipad, new kindle fires from amazon. Will this ps4 be able to compete in this mobile environment . We expect to see a big battle for the living room on the internet this season. We just saw tivo coming out with new boxes this morning. We have the ceo on squawk on the street talking. But tretton says sony is ready for all of that. Listen. I realize that were competing for peoples free time, and we realize were competing for the entertainment dollar. Im feeling pretty good about where we sit. I dont think our technology or Entertainment Experience is in danger. I think its leading that migration. Reporter and over the top, all of the different things, are definitely going to play into this, especially since some of the games are costing 50 or 60, after you buy the 400 console. But tretton says the quality of entertainment is going to be worth the money. Well see if consumers agree this Holiday Season. Maria. All right, jon, thank you so much. Apples hiring of highend fashion house yves st. Laurent and the guru behind nikes fuel ban is pushing into Wearable Technology. Samsung getting close to a smartwatch. And Silicon Valley is funneling tons of money toward these types of ventures. But is Wearable Technology a fad or really the future . John milloy, a general partner with tech Venture Capital firm blue run ventures says it is the future. But kyle roth thinks its a deal that will wear out. John, why is wearable tech not just hype . It is the future. I do. Especially when you see the news or the potential news that apple will be the company that starts it and samsung will be competing with them. Thats exactly what we need to sort of drive consumer adoption for this kind of big category change. Carol, whats the problem with it . Why are you not a believer . Well, im a believer, but its a question of scale. I certainly think Wearable Technology is very interesting. In fact, i was an early investor in a Company Called body media that was acquired by jawbone, and theyre a leader in Wearable Technology. But i think that the function has to lead fashion here, maria. And i get concerned when i see names like the ceo of ives st. Laurent being brought on board, that maybe this is being overplayed. If you think about what apple stands for, it stands for simplicity. It stands for clean design. And fashion is really about individual choices. So when you think about a company like apple, will this really fit with what theyre doing, and will it move the needle for a company that thats large . I have my doubts about that. Would you wear Wearable Technology, terry . No, i wouldnt wear it. The glasses . No, i wouldnt wear it. I get a little concerned about it. You cant have people cross the street today without getting beeped at by six different people, because theyre tethered to their iphone today. Can you imagine if theyre looking at their wearable watches or wearable whatever, the wearable glasses . I mean well have people getting mowed down in the streets. I have 10yearold twins, maria, and ill tell you, technology has been a wonderful thing, and its going to continue to grow, and its good and really helped us all advance. At the same time, these kids and everybody else are going to have no social skills whatsoever. Theyre not going to be able to find their way around. They need to have a practical sense of playing sports, growing up in an environment thats healthy for them, not tethered to a pair of glasses thats got a computer built into them. Yeah, john, what do you say to that . I think i agree with part of it, and the other part is its the wrong demographic. What matters is not us, its the kids, what the emerging audience thinks. Technology is, in fact, fashion. Were already living in a fused time. The clean, simple designs that were mentioned for apple, thats exactly why a watch makes sense. And then, lastly, thats actually why i like the form of a watch versus glass, because its safer. Youre going to be walking youll be walking across the street and actually looking around and glancing at glancing at your wrist, as opposed to consumed in glasses or even staring at your existing smartphone. Thats where the i think, to me, thats where the problem is. Thats a good point. Its a form factor that makes sense. Yeah, but john, let me ask you a question, people are walking across the street right now, and theyre texting, theyre emailing, theyre not paying a bit of attention. This will just add to the problem. I think there needs to be better awareness around the products. You have to decide where do you draw the lines for safety reasons. So no doubt safety is a concern. Look, you cant be texting and driving, absolutely. You cant be texting and walking across the street, of course. What does a new display mean . It means that youre going to be able to access that information in a more discreet, efficient way. Thats really what its about. Yeah. You can glance at your wrist efficiently versus covering your face, covering your ears. Thats really why a screen makes sense to me. Right. But i think well leave it there. Carol, real quick. I was going to say its about added functionality. You cant keep doing the same thing its already doing. We have to add functionality into the mix. One more thing, maria, they should add some women to the boards if theyre going to get into the fashion industry. Good point. Thats right. Thanks, both of. We appreciate it. Well see you soon. Thank you. More with my special guest, cme executive chairman, terry duffy, and ask you about one trade that could cost one big bank up to 100 million. Stay with us. announcer scottrade knows our clients trade and invest their own way. With scottrades smart text, i can quickly understand my charts, and spend more time trading. Their quick trade bar lets my account follow me online so i can react in realtime. Plus, my local scottrade office is there to help. Because they know i dont trade like everybody. I trade like me. Im with scottrade. announcer scottrade. Voted best Investment Services company. Otherworldly things. But there are some things ive never seen before. This ge jet engine can understand 5,000 data samples per second. Which is good for business. Because planes use less fuel, spend less time on the ground and more time in the air. Suddenly, faraway places dont seem so. Far away. Welcome back. We want to get some final thoughts from my special guest host. Cbc chairman and president terry duffy. Goldman sachs faces losing up to 100 million because of erroneous trades that disrupted trading activity across multiple options exchanges. Today did you see any unusual trading on semi . The markets were relatively quiet today. Its fragmented i guess is the issue here. Goldman sachs could lose 100 million after making these trades that disrupted trading activity. The losses from the trades could amount to 100 million if they were not cancelled. What kcan you tell us about the fragmentation of the impact . If the trades are not cancelled, every exchange has different procedures and in the equities world it goes against 60 pour talls of liquidity. Nasdaq may do one thing and all these other dark pulls and things of that nature might do something else. In a vertical group, we can make that decision by ourselves on our rules. We dont have to go against multiple exchange to figure it out. Im not certain what happened to Goldman Sachs on this 100 million loss but its difficult when you are trying to bust trades and you need multibillion buy ins. The ceo are saying theyre doing trading alerts, reviewing transitions that took place in the beginning of the days trading for erroneous execution. They can say that but they have to coordinate with the other institutions to make sure they do the same thing. If trades stand at one institution and not the other, it could be a big fallout. The regulators, i dont think, are there yet. I dont know that they actually understand the Market Structure and this fragmentation issue. Market structure is a huge issue and its going to continue to be at the forefront because were going to see problems like this in this world that we live in and we have to mitigate this and the best way to do it is to regulate this issue. Jpmorgan just agreeing 410 million over energy trading. The idea of holding the actual commodity, where are you on this. For the last decade deposit banks have been allowed to trade. I personally believe everyone should be involved in a marketplace. Its better for the end users. Helps the ecosystem for the marketplace. When it comes to delivery two percent of futures contracts actually go to delivery. If theyre saying that these banks are doing certain things they dont have the captive supply of the market. If the market was overinflated i assure you many people would be making delivery at a much lower level. They dont make it for a certain reason. Probably because the price is fair and act tabl and whats presented here is not probably the truth when it comes to Banks Holding commodities and trading them. As it relates to jpmorgan, you dont settle for 410 million unless you feel like you did something wrong. I dont know all about that but in the broader issue of the Banks Holding commodities its important forgot farmers and producers. All these people that have the wherewithal to stand for delivery and provide liquidity day in and day out. Its essential for everybody. Terry duffy is executive chairman and president of the semi group. [ male announcer ] its time. Time to have new experiences with a familiar keyboard. To update our status without opening an app. To have all our messages in one place. To browse. And share. Faster than ever. Its time to do everything better than before. The new blackberry q10. Its time. Little things anyone can do. It steals your memories. Your independence. Ensures support, a breakthrough. And sooner than youd like. Sooner than youd think. You die from alzheimers disease. We cure alzheimers disease. [ marco ] im a student at Devry University. And this is my home team. This is my large lecture hall. This is my professor. And also my coach. This is my booster club. This is the guy whos graduating ready for a great career in technology. [ male announcer ] in 2012, 90 of Devry University grads actively seeking employment had careers in their field in 6 months. Join the 90 . Learn how at devry. Edu. Welcome back. Before we go lets look at the day on wall street. Today was five days in a row of declines for dow. The dow finishing down 7 and three quarters points tonight. The nasdaq was the big winner, Technology One of the bright spots on the upside. 24 points higher on nasdaq. S p 500 picked up six and a quarter points. Thanks for joining me. Stay with cnbc. Fast money begins right now. Live from the Nasdaq Market site in new yorks times square im michelle ka review sew in for melissa lee. Im here with my traders. Lets get right to our top story, retail detail. Its been a mixed bag for the retailers this Earnings Seasons so far. We asked the question tonight, how strong is the consumer right now . Karen . I

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