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Liz doou worry aou is ngerinthnolog t lastouue linoas ma aer intestinpoin tha i hadnt outbo. Lf a en istted thnkinabouhat mov minority rort erou remo youretinas and switch them out nobody cour entification. Th tng, apparentl h reaee hacd. Reys goin fnd way uur ingerprintisnt the be idea for loggg whdo you tnk . Well,nk t hki ise not a big dl. ,hethinppen fm time toime, a app and her compies havemart gs, andheyigur out h kno cse athole the isuehathe jud brought up one i hadnthoughof bore, and s ireally dont have any particular insigh d benteresting to hear how appl o others rpond t that what wil say, though, is th italled touch theingin rognir. For ape, i osp a whe new wa inhich theyan doubl owheir service wheter itsor photos or f ecomrce or, u ow, all nds of diffentpplations. I d hope it tns outo be ccul aspple iende it to be. Li well, tim cookwe should g tohim, you have beenuoted as calling stevejobs een though in theearly days yo ha said heres the door, go you been quotedn rent yes saynghates e greatest ceo ever, and a lf people mit agree with you especially consideng his vison and h abity not only to lok thinside of a product, but the ouide and t look inays noby else dd. Tim cook, whats your grade for him . I tink hes doing a peacular job. Just likeop undertimated epple custome tbili apple todesin gre products going forward, they real underestimated tim coo he has put together aerrific management team. You look at the quali if u look at the qualityof its a product company. Yo look theli t pruct design, thelif at the technology is le t do fro an eere standpoint, fr afashion andpnt. I mean, aleins on eve score. I tnk they raised t bar onsideblfor samsung, d think tat tim ok deserves to have a little cebraon today. Liz ok hnm so glad you wer ab jo us to give us that perspective. You, me and the d, well get together and talk about tt fingerprt tenology. [laughter] thank you so much. Thank you, liz. Liz jn sculy, foer aple ceo. Maki som interesti comments here. Ple still moving higher by abo 5 . We do have blackberry,hough, still not hitting that 9 a share de th fairfax financial hasut ofor it. Well, fed heads are out today doing dage cntro unding ff this week about wt the new york what the federal rserv didnt do last week. New rk fedrent bill udle speaking today in ne york cit defending the feds decion not to tarack bondbing rchases. Peter barnes was at the spch. What jumped out at you . Reporter liz, fed oicials gone wil here in new york. [laughter we had dudley speaking today as well aswo ores, an let me start with, rst,all fed nk president richard fisher. He saihismornng that he told bernanke last wek after they decided not to taper and heoesnt like qe, he is an inflation hawk he said doing nothing at this meetg wld increase uncertainty abt the futur conduct of policy and call the credibility of our communications into questio this credility issuhasbeen a big deal. Dudley did vote for this connuing keep qe going at 85 billion a nth, a he said he felt that job creation was not stron enough yet a neither was momentum in the economy. To begin to taper, i have two test that must be passed. The first is that evidence that the labor market has shown improvement, and the seco that information about the economys forward momeum makes me confident that th labor market provement will continue in the future. So far i think we maderogress with respect to these two metrics, but we have not y achieved success. Reporter Dennis Lockhart of the atlanta fed was here in new york speaking as well. You keeping tckf all this . He doesnt tink therell be enough time between now and the meeting of the fed in october toet enough data tha will, quote, show that things will dramatically change the picture on where the economy ands so maybe no taperingin octob. That lvesecember. Weve got six re fed officials speaking this wk, liz. The cacophony continues. Boston, cleveland, Esther George willpeak again from the kansas city fed, governor stein speaks, minneapolis speaks, Charlie Evans fm the chicago liz they dont have defend anything except at they have kept in place for perhaps too long without having said from theeginning there is an Expiration Date on this, and well decide when it is, but dont expect anything. Reporter yeah. Liz the fact is, thats the biggest problem, i think, people just expected this t go on forever. Reporter and this get toss the credibility get toss the credibility question. They never promised, but they sure dropped a lot of hints about it. Now, you know, what are we supposed to believe as they continue to yell about all this stuff . Liz mishandled, okay . Not telegraed pperly over the long term. Peter, thank you veryuch. You have six more of these. Okay, closing bell ringing in 38 minutes as weve been speaking and telling you about. Blackberry is in quite a stew, and it is now going private. What once was an 81 billion company now just a mere shell of itself, but some of its still valuable. Charlie gasparino, exclusive details. Hes got them about whether has any chance of success. With the spark miles card from capital one, bjorn earns unlited rewas for his Small Business take theseags to room 12 please. [ garth ] bjors small busiss earns double miles on eve purchase every day. Produce delivery. [ bjorn ] just put it on my spark card. [ garth why settle for less . Ahh, oh [ garth ] great businesses deserve limited reward heres your wake up call. 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So the turbines of today. Will power us all. Into the future. Liz as you heard at the top of the hour, blackberry may be getting a lifeline in the form of about 4. 7 billion from a Company Called fairfax financial. Now, fairfaxs ceo prim watson, an interesting guy, will he be able to save this troubled company . Is thatteven his intention . I think it is. Now, you know, we put calls out to fairfax, they have not gotten back to us, but ive been talking to associates, i know him pretty well because, remember, prim watson was solved in a lengthy battle with short sellers, sec capital. Essentially, they were wrong about the stock liz wrg about his stock. And that they were unfair and, you know, libelous, you name it. But heres what these Associates Say hes going to do with this. Hes going to try to save it. Hes a longterm player. He went after these short sells, by the way, steve cohen, dan loeb, went after them for many years, like five or sick years and the suit ultimately got thrown out of court. Liz they were trying to undercut his company. They were basically comparing it to enron, and he sued them. Suit got thrown out of court, theyre appealing it, but, you know, you take a lesson from that, what is it . Hes a longterm player, a fighter. And what associates are saying about this guy is hes likely to be in this to try to save it. He doesnt want to blow it up. Theres a lot of talk about him breaking it up. Ackberrys like a passe technology. I happen to really love my blackberry liz so do i. But were, apparently, in the minority. Maybe, but i think this is what these associates are saying about this guy. Hell bring someone in who knows the business, hell try to sell it, but he limits his downside. And ill tell you, the minute he figures he cant do it, thats when hell start, you know, selling off pieces of it. But its not going to happen immediately. At least thats what these associates e telling you telling me. And they are reading the tea leaves from what he did with these short sellers, you know, in a sense that, listen, he lost the case. He knew it. But he essentially saved his company by fighting back, by taking these guys to court. He bacally increased the market cap of fairfax pretty dramatically by sort of refuting what they were ying in court filings, playing very aggressive hardball. He went after dan loeb i guess he subpoenaed some of his email, youve got to see some of the emails. They were insane. And by the way, that embarrassed dan loeb. Liz some of these emails said, you know, die, prim, die. Worse than that. You can look it up. I thought reutersid, actually, a pretty good job of investigating this stuff. You have the emails, you can just look it up. But its interesting. Hes a fighter, he doesnt do anything without knowing what his downside is. He knows what his downside is here. But make no mistake, based on what im hearing and, you know, im not best friends with prim watson, but based on what im hearing, if this deal goes through and if its on contingent, right . They need to secure financing, go through Due Diligence which will be pretty hefty. Liz they said about six months. So this is not a done deal. Far from it. Liz arent they supposed to do that before they put the bid in. You know, just so you know, i think this is regulatory stuff. According to liz s theyre happy with what they bought. Yeah, i think so. But they have to check it out a little more. But if that happens, i think this is play for him to try to save it. And if he cant, he knows that he can the parts are worth with more than the whole thing, you know what im ooh im saying. Liz thats what john sculley said. We can deal with he said byod, bring your own device, put the blackberry innards, all the things we like about it its kind offed that an Insurance Company is buying blackberry . I mean, weve not talked about this a lot. Liz maybe its the canadian thing. Is that it . I dont know, when i heard fairfax financial, the only thing i could think of, this is an Insurance Company that was, that, you know, was attacked, by the way. There were some vicious stories rib about this company written about this company in fortune, a lot of other places that really questioned its viability and questioned whether it was a house of cards. And, you know, the Company Fought back, you know, pretty aggressively. Like i said, the cases got thrown out, but the fighting back helped fuel the stocks rise. The stock has done, you know, very well. Liz canadians know how to fight. Do they . Liz just watch the montreal decade yens. I was going to say, when was the last war they won . Liz hey, they helped us during world war ii. My relatives died. Youre canadian . Liz yeah. My parents are canadian. Everybody is. Except me. Im american. [laughter] california girl. Charlie beverly hills. Liz charlie gasparino, working the angle of it. Closing bell ringing in 29 minutes. Netflix, house of cards snags its first emmy, gives the big networks such a scare. Trust us, everybody in l. A. Is talking about this. But is it enough for investors to start celebrating . Well, they already have. The stock has seen an amazing run up. But what about even higher . Well break it down next. And more than 200 million apple devices are already running on the new ios7 software, so its not a surprise that pandoras stock is getting crushed after a blockbuster weekend for iphone sales. Coming up, shazams ceo richard reilly. You know shazam, you hold your app up to a song or a speak speaker when you hear a song that you like . Weve got him live, coming up. 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Listen. David fincher, house of cards. [applause] liz okay, writers in hollywood are so happy right now pause they no long because they no longer have to be stuck with the big three, abc, nbc, cbs well, four, fox. But fox always went the unique route in taking the different types of stories. Be now you see nelix is an opportunity. The stock seems to be taking a breather, but maybe thats just sell on the news. Nicole pet here d. C. On the floor of the new york stock exchange. Everyone in l. A. Is dying over this, you have to know, right . Yeah. And rightfully so. This is a huge deal. The stock this morning jumped 320 a share just over that. That is an alltime high for netflix. It has since pulled back and moved into negative territory, but this is a 300 stock. So to see this volatility is not unusual. But its a big deal in that they actually garnered their own emmy, their first emmy, and this is streaming. This is not cable networks, this is not amc or hbo or whatever. As a matter of fact, they got two other emmy awards last week that you didnt even get to see, so this is a big deal for netflix in particular, and well see what happens in hollywood. Are the big alist will the big alist actors really start to say, hey, you know what . Streaming really holds some cards, right . No pun intended, but it obviously shows you the validity of streaming. Its the wave of the future, and house of cards really wowed everybody. Liz now you start to read, the l. A. Times just had an article this weekend that said theres almost a paucity of great stuff because the writers are all going to the amazons of the world and the netflix. So now you have networks who are sitting around waiting to be pitched. Usually there used to be a line, but the writers have other places to go, so that is a whole different sort of startup, isnt it . It certainly is. And the viewers have a lot of choices too. You have to consider each one is a real valid, valid competitor. Liz great point. Nicole, thank you so much. Well, netflix, of course, at one point was a startup. Its an exciting day for startups and the money that funds them, the venture capitalists and the hedge funds but could be a nightmare for investors. Why . Well, today the securities and Exchange Commission lifted an 80yearold ban on allowing public advertising for investments in funding. Many think this opens up a huge door for fraud. Liz macdonald joins us. I would have thought this is like, okay, lets pull back on the regulation. Let these guys advertise. Yeah, thats right. Make it easier forhe startups to get capital. Basically, they dont have to do what happens when you go public. They dont have to offer public filings to investors, so were going to see possibly, i dont know if youre going to see a bain capital blimp over an nfl football stadium for, you know, baically private equity crap, but i dont think thats going to happen. Youre not going to see hedge funds going full bore because they already have a lot of money. Thats the word on the street. The question is, what are investors going to be seeing from what types of companies, the small startups that can advertise now on, say, social media. And what are the regulations here. What are the issues here. What are people saying about it. Take a look at some of these quotes of people weighing in. Theyre worried about this being a boom for fraudsters. Disappointed by the reckless adoption of the rule. I want you to encourage him to fight on behalf of investors, theyll need you now more than ever. This is one dissenting vote against this rule change. And barbara roper, Consumer Federation of america, saying its a poor beginning for mary jo whites term. Look at what senator carl levin said, the sec is jumping out of an airplane today and then proposing to check the safety of the parachute on the way down. Now whats happening, heres the way its going to work. The sec is essentially saying you guys are going to be advertising for more investor money and private offerings . Basically, youre going to have to do youre selfpolicing yourself on whether or not youre pitching these offerings to the right people, meaning wealthy people, with a Million Dollars or more of net worth. They need to get to ask for those investors tax returns. I dont even know if thats going to happen. But the sec is also saying youve got to tell us, the sec, about your business. Still sounds kind of weak, but people, youre right, lizzie, saying its going to be great on behalf of the private company. Back to you, liz. Liz well, look, well see. I mean, doctors advertised today n. The olden days the purists said that was so tacky, but now they do. Thats right. Liz truth in advertising, and hopefully, hopefully we can trust these people to regulate themselves on that. Well see. [laughter] liz, thank you very much. Reporter sure. Liz Liz Macdonald. Shazam, now, thats one company that didnt need any public advertising to land huge rounds of funding because the idea was so good and so quickly adopted by people out there. The huge powerhouse now in the Digital MusicMarket Driving 10 of all digital song sales, and its next target, television. Jo ling kent is at ad week in new york with a fox business exclusive. Tell rich riley, we loved it when we he came on the show a year or two ago, but the whole concept is fascinating. Reporter thats right, liz. In fact, right now they just crossed the ten billion pad mark. This is a company, shazam, that is just growing without any external advertising, and we have a fox business exclusive with the ceo, rich reilly, here at ad week. Thanks so much for joining us. You have a lot of exciting stuff going on right now, but you guys just received 40 million in funding from carlos slim jr. , of course, one of the richest men in the world. Tell us about what youre going to do with that huge amount of money. Whats next . So the slims were a perfect partner for us in terms of they have huge market share, they understand mobile and latin america, own a variety companies, and were going to work with them to make shazam prevalent across tv, radio, etc. Reporter how much do you think its valued at right now . How much of it do you guys want to have . So people are downloading music and people increasingly are subscribing to music and paying 10 a month and getting as much money as they can stream, so weve partnered with spotify, and we want to make it so users can have the best experience we can create for them. One of the coolest experiences last night was being able to shazam the emmys, television. You guys are getting into this business aggressively. What can users expect to see . Are we going to see ads, or how do we use it . Sure. Today in the u. S. You can shazammen shazammen in tv show and almost any commercial. The emmys last night, we crypted a special result where all the music in the show was, of course, highlighted. All sorts of links and just ways to engage with the tv. Reporter you guys are incredibly successful, and youve been successful for a long time. When are you going to ipo . Is it going to happen soon . Well, we look forward to going public someday, we certainly hope we can. Its at least a year away, but were adding almost three million customers a week, we just had our ten billionth shazam, the first billion took ten years. So were going faster and faster and faster. Reporter speaking of those tags, we have, liz, the top five new york city shazam songs; hold on by drake and pound cake by drake apparently, new yorkers like drake. Holy grail with Justin Timberlake and jayz, followed by summertime sadness. And also in l. A. , hold on by drake also doing very well there, liz. Liz i must be so uncool, i dont have those songs on yet. Can you ask richard, he mentioned that he deals with spotify, obviously, the brand new iphone is a huge deal. Has he seen business pick up in the wake of that itunes radio . So liz wants to know, you know, th the ios7 launch how is shazam doing . I know you guys just launch offed your new version of the app. We did. We optimized with the ios7 look and feel, and its doing great. Its already been downloaded in huge, huge numbers, and the performance is fast. Its tagging faster than our previous versions, and were really excited about ios7 generally. Reporter liz, it really is exponential. It took them about ten years to get to one breaking point, and now theyre just exponentially growing. Its an exciting time to be shazamming. Liz you know what . Good luck to them. We love that entrepreneurial spirit. Startups becoming something big. Rich riley, thank you. So. Closing bell ringing in 15 minutes. Citigroup taking a hit today after a reported drop in trading revenue. But the stock has actually performed nicely over the past year. Is now the time to get in, buy on the dip or cash out . At least for now . Weve got a shareholder, smart one, with billions in assets under management who says buy, buy, buy. Right after the break, youll hear what he thinks and why. Thank you orville and wilbur. Amelia. Neil and buzz for teaching us that you cant create the future. By clinging to the past. And with that youre history. Instead of looking behind. Delta is looking beyond. 80 thousand of us investing billions. In everything from the best experiences below. To the finest comforts above. Were not simply saluting history. Were making it. Liz we do have shares of citigroup today falling after the Financial Times reported that the bank suffered a sharp drop in trading revenue in the third quarter, but that is not scaring our next guest away at all. Its one of his stock picks today. Joining me now, Danny Montgomery scotts chief investment strategy. He likes citi. I look at this company, and i say they own it. They own that sort of global bank for consumers thats out there, but it is a little disconcerting when you hear that they have this sharp drop. Tell us why youre not worried. Well, liz, because i dont think its something that is specific to citigroup. I think youre going to see that this is an issue that is a Common Thread throughout a number of the Big Money Center banks, the jpmorgans and others of the world. I look at this as a shortterm phenomenon, a huge nonu. S. Particularly emerging market footprint. Liz okay. So where do you go from here . Would you be buying on this dip at the moment . Most definitely. The stock trades at 20 below book value, among the cheapest of the big moneycentered banks here in the United States and on a global basis, and again, the longterm prospects are continuing to unwind. The troubled loans are housed, and i think eventually lead towards raising their dividend which will increase a whole new area of sponsorship particularly in the Financial Services area. Liz youve been in the this game a long time. You have 58 billion in assets under management. Youve seen problems, youve seen great moments. Im much less experienced with about 15 years under my belt when it comes to being a financial journalist here, but i look at this, and i say i have never more so than i have seen in the last two years watched wall street climb the wall of worry. Just as everybody was terrified about europe, then there was cyprus, greece, all of these problems. Tapering, taper, not to taper, and yet it keeps going higher. Whats your yearend prediction . Liz, we have a constructive view on equities still even while theyve advanced as far as they have. And putting aside some prospects for nearterm turbulence over the debt ceiling debate and the continuing resolution and a number of other issues, of course, we could list, we still think we finish the year higher than where we are today. Our yearend target is 1720 to 1750 which is out of the money from here, nice appreciation and might even result in a better entry point over the next couple weeks that would afford even greater upside for investors who are waiting for a better opportunity to step in. Liz and he was back here in march, and he picked names like halliburton and microsoft, everythings up double digits, and even beating the s p 500 with halliburton up about 25 , youve got microsoft better by 16 since you picked it, conocophillips. These are names that are very solid. Would you add to the positions that you had called back in march here . Liz, we still like those names and own them in our clients portfolios, they they offer good value and the prospects for the sectors that theyre in. Energy, i think, remains bright as is technology potentially with the ceo change. A lot of good news yet to come with those companies. Liz okay. Then lets bring you to new companies that you like, and i guess i can begin with emerson electric, up already about 29 over the past year. You think this is more room to run . Why. Good quality company. Low debt burden, about a 2. 5 dividend yield. The industrials are a sector that we like was we believe that were going to see an uptick in Capital Spending on a goforward basis. We know corporations are in good shape, tons of cash thats been sidelined as animal spirits are rekindled on the back of what we think are tentative signs of synchronized Global Growth period. Then i think youre going to see more coffers opening up to spend on things that have been underinvested in. Emerson electric sells that kind of stuff in the Electrical Equipment space. Liz i want to get to your number one moneymaker because a lot of people pick qualcomm. Obviously, it is the sort of smartphone chip company at the moment. Right. Liz but your number one moneymaker trades as an american depository receipt, an adr. So youd have to buy it that way. Lets talk about it, it is a financial. Bnp paribas. Obviously, it doesnt come immediately to mind when you think about banks, particularly because its headquarters happens to be paris, france. But we think the eurozone holds some of the cheapest Financial Institutions by a measured valuation, price to book value in the world bar none. We look at the european situation as one thats curing, its not particularly robust, but at least directionally we know weve had a position gdp print of recent, and pmi readings across manufacturing and services are actually up to twoyear highs at this juncture. So on the back of that with bnp having a big retail footprint not just in france, but across the euro area, we think thats a beneficial way to take advantage of improving conditions across the euro area. Liz and the ceo over there has done a fine job leading that company, up 33 yearoveryear. 17 year to date. Mark, we love your perspective. Thank you so much. Please come back. Thanks, liz. Liz chief investment strategist. Weve got five minutes to go before the closing bell rings. It really hasnt been the markets that are in focus today, its been individual stock stories from blackberry to, of course, apple. But so much is happening in the aggregate. Were getting it as the closing bell rings, as i said, less than five minutes away. Stay tuned. Weekdays are for rising to the challenge. Theyre the days to take care of business. When possibilities become reality. 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W you can get all the online Trading Tools you need without any surprise fees. Its not rocket science. Its just common sense. From td ameritrade. Liz we have sop breaking news. We were just talking about citigroup. Apparently they are initiating layoffs right now. David asman joins me at the moment as we go into the closing bell. David Liz Macdonald has the story. Well go to Nicole Petallides at nyse. Liz put her finger on it, nicole. You look at 44 down day in the market it is not just making news. Individual stocks are making news left and right. Start with apple. We could pick a couple dozen stocks. Apple is up 5 on the basis of blowing out estimates on new iphone sales. Thats news. Nine Million Units in just three days. They set all kinds of records for the iphone 5s and 5c. It approached the 500 mark. Doesnt seem to be quitting. The line is still long around that apple store. Liz well, the financial sector, this encompasses citi as well, leading the markets lower of the as we quickly look at city group stock, it is citi group stock it is moving fast and furious. Revenue numbers for citigroup will be likely weaker than expected. That puts headwinds against the market. [closing bell ringing] david there is so much more to talk about. Blackberry, we have a special blackberry pan them. Well talk about all the stuff as the bells are ringing. By the way, the man who is ringing the bell, you see him in the hat on the left, a at nyse. That is the president of nigeria. He will join us right here in just a couple of minutes to talk about that awful situation in kenya and whether or not that is going to spill over into other countries in africa. How that might affect invests in africa and other emerging markets. Well talk to the nigerian president coming up as you look at all the indices in the red. Could be a lot worse. It is individual stocks were looking at but when you look at the russell 2000 down a tick today, you have to say a Market Neutral day, wouldnt you say, liz . Liz indeed. Not from the standpoint of front page headlines. New york fed president bill dudley says the Federal Reserve will reduce support for the