Transcripts For FBC Markets Now 20130214

Extraordinarily well, but it is not a reflection of america. Stuart they are not bringing that money back to america. Charles let them bring back 400 million. Then we will get a 300 billion stimulus that no one watching this show has to pay for. Stuart well said. Our time is up. It is now time for Dagen Mcdowell and connell mcshane. Connell good morning. Dagen we bring you the comments on spending with. Connell 11 billion. Executives promising a better experience for flyers. Dagen i say bring it. A terrible story comes home to ports. The Carnival Cruise ship will dock today in mobile, alabama. The route has been delayed until this evening. Connell people cannot catch a break. Top of the hour. Stocks now and every 15 minutes. Nicole petallides at the new york Stock Exchange. It is not monday, but there are a lot of mergers to talk about. Nicole the first is in airline deal. It was highly anticipated that u. S. Airways and American Airlines would merge. First lets hit heinz. I am going to stick with heinz. Warren buffett, berkshire hathaway. Obviously at a premium. Heinz is up 20 . Watch the 3 00 p. M. Show, we will certainly delve into it more for you. He loves their products. He loves the emerging markets. He thinks it was a great buy. Then, we will talk about u. S. Airways and American Airlines merger. You can see they are finally coming together. The u. S. Airways ceo will remain in the top spot as ceo. U. S. Airways is down right now. Dagen thank you, nicole. Connell we are waiting for the speaker of the house, john boehner. We say take a look at this. A little over two weeks until automatic spending cuts will kick in. Congress taking a week off leaving you just six working days to get something done. Dagen wait until the last minute has become the norm. How do you think this plays out . I think the impact on the economy will be small. The cuts are relatively small. We had 175 billion in tax increases at the end of the year. Connell you are saying to let the sequester kick in . Spending is really going up. Only washington actually appears to go down. It will actually go up next year. This is tiny in comparison. You have to negotiate at least somecompromise. If you dont, you will never cut spending. Connell for example, military cuts. John taylor was in. Very well known. He said, no, we have to cut military spending. Others say, no, that should be the last thing. It is a 8 cut in military spending. I think that republicans have to get together and decide what that they can tolerate in the military. You will now put a scalpel to this and divide the congress. They may even bring some democrats into the coalition. I think that is an alternative strategy. Dagen it has been hey, we are almost near the end. They are almost near the end of that. What do you say to them . How tough do the spending cuts need to be . The president talked about infrastructure spending. Something we have talked about over and over again over the last four years. They are not backing away from stimulus. They are not backing away. We put five trojan dollars of that since the president was elected. We will probably put another 3 trillion. Dagen just quickly, sorry about that, look at spending. I love the spending as a percentage of our gdp. Twentytwo or 23 . What is our economy looking like five years out . They are certainly to use in economics. You will simply get Slower Growth in the private vector. Medium incomes are 2030 lower. Connell thank you a lot. We will see a pretty fired up john boehner. Keep it here to see what he says. Go ahead dagen his face flushes, how do you tell . Come on, he is can. I can talk about that because i take and bake myself. [ laughter ] connell on that note dagen a letter to the eu blasting the new tax on Financial Transactions because it is hurting investors worldwide. Here with more is elizabeth macdonald. Liz it is coming from the Financial Services round table, the big u. S. Bank. They are sending it to the eu. They sent it late yesterday. Eleven countries are moving to the tobin tax. It is a 0. 1 tax that would hit your 401 k s. It is a blistering letter. You have to stop this tobin packs and it tracks. It will increase trading costs. It will diminish liquidity. It is a job killer. They also say they did not want a similar type of tax because it will kill jobs. The eu right now is in depression. It is in serious need of revenue. It will violate international treaties. They are worried about treaty protection. Also, the big and run that is being talked about at the eu is that traders that assess this tax and do the trades outside that zone, those companies will not be allowed to do any trade transactions with those 11 countries whatsoever. This is serious breaking news for investors all over the world. Connell this would hit regular investors. Liz yes, if they have international investors. This would be collected from investors around the world. It is basically an overreach. That is what they are upset about. They are worried it will cycle through the entire Global Economy. Connell elizabeth macdonald. Thanks a lot. Dagen we have breaking news to bring you from the gulf of mexico. A carnival spokesman said the towing of the Carnival Cruise ship is taking longer than anticipated and the ship triumph is now expected to arrive in mobile, alabama between eight and 11 00 p. M. Eastern. The mayor of mobile, alabama is on the phone with us right now. Great to speak with you. Those passengers, carnival does not plan to put them up in mobile. They will either set them to new orleans or on buses to galveston or houston. You are upset about it, why . We could give them what would not be a bad experience here. I do not think a lot of them will want to get on a bus and ride six or so hours to a destination. We have hotels here. Carnival told us that they had already set it in concrete and we could do nothing about it. Dagen explained to us more about that. The carnival executives told you what . Why are they basically sending these people to other cities . They have been in this horrible experience on this disabled ship and now they are going to put them on buses. We really just found this out yesterday. When we found it out we asked one itd be more accommodating for the people and less stressful to just put them up here. They said that they had already made those arrangements and that could not be changed at this point. They did not give us a specific reason why. Dagen what did you have to do at the terminal at the port to receive this vessel . We are ready. It is completely ready. We have solicited 100 volunteers , maybe as many as 150, we have a number of families telling us they do not want their relatives to get on a bus. They will come and pick them up. We have about 100 families coming in to pick their relatives up. Dagen show them some alabama hospitality. Mr. Mayor, great to speak with you. Thank you. Take care. Connell they have been on that ship since last week and then the fire on sunday. We are waiting for the speaker of the house, john boehner, too, on live. We are expecting to hear some fiery words on spending. Dagen the Airline Industry. Bob crandall will tell us what this means for you and the flying experience to put it nicely. Connell the number of foreclosures are falling. On whether this is a good or bad thing. That is coming up a little later this hour. First on markets now, lets take a look at oil. At a dry cleaner, we replaced people with a machine. What . Customers didnt like it. So why do banks do it . Hello . Hello . if your bank doesnt let you talk to a real person 24 7, you need an ally. Hello . Ally bank. Your money needs an ally. Connell just ahead of the speaker of the house, lets go back to nicole. Another addition of stocks now. There is a lot of pressure. A real disappointment. As a result, we are seeing an extremely strong dollar which weighs on our market. Concerns about the Global Economy resurfaces here. Right now, the Dow Jones Industrial is down about seven points. Some of the names that have been weighing on the dial, at t, verizon, walmart, some of those names are the ones with the down arrows. Alcoa is up 1. 5 . Jpmorgan, chevron, express, they are leading. Again, a million. Connell thanks. Dagen we have more breaking news. We are getting reports from the gop has enough votes to block the confirmation of hegel through a villa buster. Connell it is a big deal of a potential secretary here. It would be an enormously big deal. Perhaps senator john mccain has perhaps decided to say that he would support it. I am not saying that i know that. If what he is reporting its true, that would be what is happening here. I think what is being reported here are many commentators saying a couple weeks ago after the president very aggressive state of the union and progressive of marx he was saying about the republicans. Look, the president will need the republicans in congress in his second term to get done some of the things he wants to achieve. Like immigration reform. Well, here we are. He is in trouble. His relationship with the republicans out there is simply broken. Now it looks like the president may pay a price for that. Dagen do you think it will, at the end of the day, get in the way of chuck hagel becoming defense secretary. Also, republicans will have to pay a price, right . Connell it looks like we have the speaker of the house. The breaking news out of washington. Lets listen to the live comment. In two weeks we will have a ceremony here at the state capital. They will gather. This will be the first statue of an African American woman to be placed here in the capital. I cannot think of a more fitting honor for a Great American hero that still inspires us all. On tuesday, the president laid out his agenda. It is one i largely disagreed with. Notably, i think it lacked any new ideas. To the millions of Americans Still asking the questions, where are the jobs . More of the same stuff. The president likes to attack congress. I think it must start with the part of this congress. What cant he get passed in the United States senate . The president wants more stimulus spending. We know that does not create jobs. I would expect the senate to take it out. The president wants more tax hikes that destroys jobs. This is not the agenda that Many Americans are looking for. I think many in the president s own party will not support those ideas. In the house, we will continue to focus on what the American People top party are. Creating jobs and cutting spending. For the last two years, the house has done its work. We have passed legislation. We have seen our Senate Colleagues do nothing. Those days are over. Democrats must begin to do their work. That is why we passed the no budget, no pay act. It is the first time in four years. That is why we are going to insist that they finally pass a plan to replace the president sequester. It was the president idea. His party needs to follow through on their plans to replace it. With that, i answer your questions. Senate democrats will unveil their plans today to advert to sequester for ten months with a mix of spending cuts and cultural subsidies. Some tax increases, notably, the buffet rule. Would you rather see the sequester pick in then accept a deal that includes some new tax revenue . Women Senate Passes a plan, we will be happy to look at it. Theres no reason to comment now on what they will or will not do. Do you think it is appropriate i want to remind that this is the house side of the capital. We are not involved in the Senate Nomination fight. You can ask the senators involved. [inaudible] my friends they. You noted that the house has passed legislation. That expired at the end of the 112th congress. If the senate does pass a bill, how will the house handle it since you actually we passed a bill twice to replace the sequester. Our position is very clear. We have outlined it. If they are willing to pass a bill, we will find some way to work with them to address this problem. Connell speaker of the house, john boehner live on capitol hill today. Kind of calling out the senate and saying, hey, you guys get it done and then we will work on it. We will talk more about this throughout the day. Dagen we also have a blockbuster deal in the Airline Industry to talk about coming up. It will create the Biggest Airline in the world. Executives are promising a better flying experience. Will that ever happen . Bob crandall can tell you what it means. Connell then we have the great tax flight to florida. Cheryl casone on wall street. That is coming up as well. And, we take a look on markets now at some numbers for you. Here they come. The currencies that i was just waiting to see. More to come, including cheryls report from florida. To grow, we have to ost our social media visibility. More likes. More tweets. So, beginning today, my son brock and his whole team will be our new senior social media strategists. Any questions . Since we make radiator valves wouldnt it be better if we just let fedex help us to expand to new markets . Hmm gotta admit thats better than a few likes. I dont have the door code. Whos that . He won a contest online to be ceo for the day. How am i supposed to run a business here without an office . [ male announcer ] fast, reliable deliveries worldwide. Fedex. But with advair, im breathing better. So now i can be in the scene. Advair is clinically proven to help significantly improve lung function. Unlike most copd medications, advair contains both an antiinflammatory and a longacting bronchodilator working together to help improve your lung function all day. Advair wont replace fastacting inhalers for sudden symptoms and should not be used more than twice a day. People with copd taking advair may have a higher chance of pneumonia. Advair may increase your risk of osteoporosis and some eye problems. Tell your doctor if you have a heart condition or high Blood Pressure before taking advair. If youre still having difficulty breathing, ask your doctor if including advair could help improve your lung function. Get your first full prescription free and save on refills at advaircopd. Com. Connell one of the other big stories today, this 11 billion merger between American Airlines and u. S. Airways. Bob crandall knows a few things about this. He is joining us right now on the telephone. I would like to start with your personal reaction, initially, to the deal. Given the events through the last ten years, i think this deal makes a lot of sense. American has shrunk a good deal in order to remain competitive with high cost. Therefore print right now is small. I think you will have a third major competitor. Connell save money, new revenue, if you combine it. The other big picture question is where are we headed . We ask this every time there is a big merger. At some point you run out of airlines. The fact is what you will have is united, d, american and southwest. You have one or two niche carriers. We will see as time goes by. My guess is what you are now seeing is the structure of the industry for the next decade or so. We are talking about a decade out. That would be a long time with no airline merger. That is right. What you had is a string of bankruptcies. It is good for everybody. If our airlines will be competitive, they cannot lose money every year. It is good for consumers because i do not think Consumers Want to fly on old airlines. I do not think they want to fly on airlines that are losing money and at war with their employees. The fact of the matter is a business that is able to make at least a sizable profit, at least earn its return is a much better industry to do business with. Connell you hear complains all the time about a couple things. One would be service and another cost. I think, if anything, it will probably have very little impact on fares. I do not think fares will change one way or another. In terms of service, hopefully, because u. S. Air and new american will be able to better compete with the other guys. Certainly, thanks a lot for calling in. Connell lets go back to nicole. It is the bottom of the hour. We are looking at constellation brands. Nicole a couple of names on the move. You can see a stellar performance here. Of over 36 today. They are jumping on this news. The u. S. Is not too hot on the anheuserbusch deal. Constellation obviously had a lot to go on with that. Now, constellation will gain rights in the u. S. A rework deal to make the u. S. Government happy to make sure that all of this moves forward. That is good news. Then we will talk about blackberry. We used to talk about former cochief executive of research in motion when it was research in motion. We are seeing blackberry today a little bit higher. Back to you. Dagen thank you, nicole. Good to see you. Beautiful weather. No state income tax and a very low cost of living. It is a nobrainer. Cheryl casone is in florida right now. Hey, cheryl. Cheryl good morning. From the tristate to the sunshine state. Many Financial Firms have been leaving new york, coming down to sunny florida to set up shop. I have a place down here. My folks are down here. Cheryl one of the things that you did a few years ago is you work for a Brokerage Firm in this area. You were trading, advising research analyst. It was in florida. I was the director of research at a firm here. I was seriously contemplating moving down. The cost of living is a fraction here than what it is in new york. I am basically getting the paid amount of money. Cheryl that is crucial. The cost of living here in miami is 52 lower than new york city. The cost of living is a big factor on whether or not firms come down here. I would be shocked if it was only 52 . You have real estate 1500 versus three or 500 here. That is just magnified. Look at what private schools cost. Look at what restaurants cost. Everything is staggeringly different. Cheryl in new york it is 59. 43 for a square foot, it is 27. 04 per square foot here in miami. I was comparing the residential side. It is even more compounded over there. Cheryl you made the point it is easier to recruit talent to come down here because of the cost of living. Would you consider coming back to florida . Absolutely. You can go back and forth easy enough. Somebody can go work for merrill lynch. None of those firms are in business anymore. Even if you have security, which you thought you had in the 90s, grow with the firm, you still cannot afford it down there. You could make a lot less here. See six it is a little bit of rain. We are all right. The talent pool will come here. Cheryl the rain really does not bother anyone down here. Coming up in the noon eastern time, we have a double financial resident and ceo. He is of a new york recruiting investors to come down to florida. He has been very successful. He will be talking with me at 1220 eastern time. Dagen tomorrow you get to go to the miami boat show. Look at some sevenfigure yachts. Then we will talk more about real estate. Foreclosures hitting a sixyear low across the country. Katrina is here. You may know her from the apprentice. She was on with us last friday. Great to see you in person. Foreclosures, tell me about foreclosure activity in florida with what you are seeing. Do you think we have seen the worst of it . In january, we saw the lowest foreclosure numbers since the real estate boom in 2006. Foreclosures that are coming in the market, it is the lowest rate. Florida was one of the markets hit the most by foreclosures. What is interesting is we are recovering because of all of the international wires. All the snowbirds coming down to florida. It is still a retirement destination. We are not seeing those foreclosures at the rate we saw them prior. Talk about inventories. Our buyers frustrated at this point. If you go out and just want to look at properties, there just is not that much out there to see. It is really becoming a sellers market. There just is not enough on the market. Sellers now have an advantage. Connell when you think inventory could pick up . Do you think you will see more inventory as the seller becomes more confident and says, okay, i will list my house. I can get a good price at this point. I do. There are so Many Developers in miami that are coming back into the market now and building new inventory. As that occurs, we will have more inventory. The homes on the water, there just will never be anymore of those. The sellers really have an advantage at this point. The buyers have to pay top dollar if that is what they want. Dagen we talked about this last week about the buyers being from overseas. What about a private investor, say up here. Are people buying properties in miami and south florida as second homes . Are they moving into them or are they just letting them sit. This way that i am beginning to see is now your second home buyer or the buyers coming to miami to escape unfortunate conditions in their own countries or unfortunate weather. I think we will beginning to see those investors coming back into the market. I am starting to get calls for commercial real estate. We will begin to see that wave. I think that is what will hit next. Dagen does your phone start ringing a lot more would we have a really big snowstorm like we did last week . Yes. Dagen hopefully it is not as bad as it was last week. Katrina, you are welcome back anytime. Thank you for having me. Dagen Mark Zuckerberg cannot like this. Facebook now facing a big lawsuit over the like button. For the first time in three years, gold sales are falling. Take a look at the treasury market. Talk about income. Still not making much on the ten year treasury. Just over 2 . [ male announcer ] you are a business pro. Exutor of efficiency. You can spot an amateur from a mile away. While going shoeless and metalfree in seconds. And you. Rent from national. Because only national lets you choo any car in the aisle. And go. You can even take a fullsize or above, and still pay the midsize price. Now this. Will work. [ ale announcer ] just like you, business pro. Just like you. Go naonal. Go like a pro. I am Lori Lori Lori lori roth your fox business brief. Shares of on the rise. It teams up with samsung to build a new refrigerator that dispenses sparkling water. A new model will be available, april. The refrigerator will be priced at 3899. The deal which is being financed is expected to close early april. That is the latest from the Fox Business Network. Giving you the power to prosper. Up my moderate to severe plaque psoriasis. I decided enough is enough. [ spa lady ] i started enbrel. Its clinically proven to provide clearer skin. [ rv guy ] enbrel may not work for everyone and may not clear you completely, but for many, it gets skin clearer fast, within 2 months, and keeps it clearer through 6 months. [ male announcer ] enbrel may lower your ability to fight infections. Serious, sometimes fatal events, including infections, tuberculosis, lymphoma, other cancers, nervous system and blood disorders, and allergic reactions have occurred. Before starting enbrel, your doctor should test you for tuberculosis and discuss whether youve been to a region whe certain fungal infections are common. You should not start enbrel if you have an infection like the flu. Tell your doctor if youre prone to infections, ve cuts or sores, have had hepatitis b, have been treated for heart failure, or if you have symptoms such as persistent fever, bruising, bleeding, or paleness. If youve had enough, ask your dermatologist about enbrel. Connell valentines day. Here is something facebook certainly will not be liking. Zuckerberg and facebook being sued once again. A programmer who is now dead. The claim here is that it was awarded the patent for his failed networking site called search book. They shared their lives with a button that allows their friends and family to share their approval. Dagen taco bell rolling out cool ranch flavored doritos tacos next month. Our stage manager gave us a gas. They launch the original doritos tocco territo tocco they are meeting the demand for these doritos flavored tacos. I think the cool ranch gives you worst breath. Connell when was the last time you had taco bell . Dagen i was in college and i weighed 50 pounds more than i do right now. And that is not an exaggeration. We want to get to stocks now. We try to do it every 15 minutes. Nicole all of those things are delicious and wonderful. Everything in moderation. Of course we have hit the big deals. Lets take a look at some other movers. Angies list, for example. It is up nearly 25 . Coming out with quarterly numbers that were better. The Growth Outlook looks good. The stock is up 24 . Whole foods market trying to bring in extra customers. In the meantime, their rising cost still flag them so they are trying to find a balance. Down 9. 5 . Weight watchers, terrible outlook in numbers. The zillow is doing great. Best buy gaining nearly 7 . Back to you. Connell what to make of the gold market. There is a headline today saying that gold is down for the first time in three years. Forbes 30 under 30. We will talk about that straight ahead. Dagen more winners today on the nasdaq. Today is gonna be an important day for us. You ready . We wanna be our brothers keeper. Whats number two we wanna do . Bring it up to 90 decatherms. How bout ya, joe . Lets go ahead and bring it online. Attention on site, attention on site. Now starting unit nine. Some of the worlds cleanest gas turbines are now powering some of americas biggest cities. Siemens. Answers. Connell i mentioned a moment ago that we have this headline of gold sales are down. The gold market is a pretty good place to be is what our next guest says. One of forbes 30 under 30. That is a pretty cool list to be on. Welcome. Thank you for joining us. We can get into some more longterm, but gold. At this point, the economy is starting to recover. Why is gold still a good place to be in your view . I do not think it has really changed that much. I think a lot of what, the reason why people have bought gold will start to come to plant in the next few months. The quantity of money that has gotten larger. The fact that you have and emerging market, that will not stop either. Connell said that central bank involvement, will that change . I do not think shortterm anything will change it. At some point money will get back into the system and rates will have to rise. In the short term, i do not think it will change. You have these underlying dynamics that will be there for a long time. I always think if i was a central banker, the only other thing i could probably buy in scale is gold. In some ways, i almost think they are forced to buy gold and i do not think that trend will end. Connell owsley said, you are one of the forbes 30 under 30. That is nice. It is a great honor to have. You have a lot of people scared for their lives. You are much different than that. It was actually pretty simple. Myself and a couple of my investors and cofounders were trying to buy gold. We went to the market. We ran into some of the characters you mentioned. There were really high fees. You could not go to your Financial Advisor in day, hey, i want to buy gold. I think we were lucky. Our timing was a bit fortuitous. We wanted to create the first platform so people could buy and electronically trade. Connell that is pretty neat. We turned it into a business solution. Connell you will stick with that . Or would you just stick on this path . In time, we may go to other paths. The ownership of gold is still extremely small around the world. I do not think the smartest minds ever got into the gold market. Four us, that is a great thing. We all came from different areas of Financial Services. Connell give me an innovative answer that is not happening now that we may see in the future. If you want to buy gold in and ira, you cannot do that. Connell congrats on all of that and again on the forbes 30 under 30. You are lucky you got it this year. You are 29 years old. Thank you. Thank you for having me. Dagen zillow one of the biggest winners right now. Connell lets talk about it with sandra smith. Sandra people are flocking to their mobile phones to look at zillow. Getting a huge pop in todays session. Up 12 . It reported after hours yesterday. They say the trend will continue as more people who are on the sidelines, property wise, are now looking at these sites. Zillow makes its money on ad revenues. Zillow doing very, very well. What people are not doing while they are looking for properties on their mobile homes, they are not going to their diet meetings. A huge loss for weight watchers. Their fullyear forecast was below analyst expectations. The stock is down 16 . The trend has certainly been lower. On the conference call, a ceo acknowledged a smaller paycheck that we are getting as the beginning of the year. Back to you. Connell all right, sandra. Thank you. Dagen happy valentines day. I look like a heartless soul if i did not say something. Connell i do not think that is the reason. [ laughter ] enjoyed the rest of your day. The dow is pulling back a little bit. In the red on valentines day joke, but that is just not very funny or clever. We will just stick with pulling back a little bit from the alltime high. What should your next move be . Stick around for Dennis Kneale and tracy byrnes. Dagen Cheryl Casone is live from miami. And. Dennis ion Dennis Kneale. The dow down a bit. Warren buffett playing catch up. In the food business, buying heinz and the merger to greet the worlds Biggest Airline, what your next move should be. Tracy we will go behind the American Airlines u. S. Merger, what it means to you the traveler. My guess is not good. Dennis copilot Cheryl Casone live in miami. Cheryl ask yourself this, is new york anti business . We have a guest coming up on markets now. He can recruit lots of guys to bring it to florida. He will be joining me. And then coming up at 12 30 eastern time. The state of miami realestate, a lot cheaper to do business from the realestate perspective in miami. We do stocks now, Nicole Petallides dow in the ran a little bit on this valentines day. Nicole great work in miami. Financial firms by the Stock Exchange heading to florida where it is more business friendly. The dow down 15 points, loss of 1 10 , the s p and nasdaq pulling back slightly, nowhere near the 14,000 mark, we are thirtysomething points away and we have seen some tough Economic News from europe. We have two big deals you talked about at the top of the show. When you talk about a deal in airlines, American Airlines and usair ways finally moving forward with this long awaited merger, 11 billion deal the ceo of usairways stays in place, usairways today pulling back on this news down 7. 5 , oil is just a little higher. And jetblue one of the main factors and berkshire hathaway, Warren Buffett, berkshire hathaway, the balance sheet, liking the expansion abroad and the emerging markets, great brand and great product according to Warren Buffett and you will hear more right out of Warren Buffetts mouth, talking to ms. Claimant in the 3 00 p. M. Show, be sure to watch a key interview on a day when you are talking about a deal, 28 billion. Back to you guys. Cheryl despite the news on jobless claims, markets are still in the red. Dennis our next guest says wall street will stay on this positive half suggesting the dow and the s p could reach an alltime high in the next few months. Joining us is president james lebenthol, thanks for joining us. Every time we see another five year high in the dow or s p, instantly the worrywarts come out and say we are too high, why not go higher . The s p 500 is not too far off of where it was 13 years ago. And the underlying companys more than doubled. Stocks were overvalued 13 years ago but they are undervalued now. Tracy will hit in the next month or two, do we fall into that . Not sure i should be making such a shortterm prediction but let me tell you why the shortterm prediction. We see little to interrupt the current rally in this market. Over the next lets call it four to eight weeks. The only thing that could disrupt it is of something crazy went on in washington. The market is pricing in and like the idea that sequestration is going to go through. If forced fiscal responsibility on a congress and president ial administration that simply cant do it on their own. The tea leaves seem to be reading sequestration going through. Even though that is anti growth of the market likes the 70 coming with and one step in the direction of fiscal responsibility. Dennis in january you put that into equities. Are stocks rising because we are betting on the fed and it is all souffle or stocks rising because the economys improving . It is all of the above. Lets focus on the unmitigated positive. The economy does seem to be improving, we noted jobless claims today came down more than expected and that a good level. The job picture always be better but at a good level in the trajectory heading in the right direction. The Housing Market seems to involve a solid bottom and is increasing in terms of housing prices. That should be a positive feedback loop, people on the sidelines waiting to buy to come into the market and further push prices up. I dont want to be accused of breaching hope here, these are factual Economic Data points. Dennis nothing wrong with preaching hope, monetize. If there were things to worry about they are things that are harder to analyze. For instance iran versus israel, that could go higher to but it could have gone hot at any point in the last five years and hasnt. Not sure i will wait for that. North korea is a worried. It also has always been a worry and i defy anyone to predict what goes on in north korea. Tracy europe, uncertain as well. The m a activity we see today, do you see that as a sign of economy is changing ordeals that have been in the works . I want to hang a lot of hope on that idea that there will be a wave of corporate and and they but u. S. Airways American Airlines merger has been telegraphed literally for months, we know that one come true, the Heinz Berkshire acquisition is a surprise. Warren buffett is probably patting himself on the back for adding that brand his stable but that doesnt make me think the floodgates are about to be lifted. I wish they would be. Dennis u. S. Brands especially advertise on television for decades have a halo effect and they are really undervalued especially if china and india buyers coming once the economy stopped slowing down so much. Warren buffett agrees with you. Dennis thanks for being with us, james leventhal. Lets go in depth on the american u. S. Airways merger. Tracy jeff flock is at Ohare Airport with what it means to you as an airline traveler. I am nervous. Jeff they are happy out here. I have the vps of u. S. Air and america with me. First the details. Look at the deal by the numbers. The combined deal is expected to close some time q 3 of this year. 1 billion in annual savings, 1 billion in costs to put it together, doug parker, the new ceo of the new american and heres an interesting one, 72 to the american side, 28 to the u. S. Airways side and that includes for the american folks some of the folks who had american stock in bankruptcy. That is unprecedented. This seems like a win win. The vp of American Airlines, is a win win. It is win win for employees and customers and as we thought about the combined airline in a position to create for the creditors to our bankruptcy. Jeff kerri, usairways, senior vp this will be a ground zero paddling chicago, you got united, your friends down the terminal there, this is going to be a real battle zone. It is and we at u. S. Airways are excited to become part of the American Family and the combined carrier will be stronger to compete better against the other two Major Network global carriers in the u. S. I want to put up the stocks of the other competing airlines. Someone did a study and found when you do a merger like this the other Airline Stocks move up as well but you are hoping for good things from your company that is now the biggest in the world. We are excited about todays announcement because it does that. Allows us to be the no. One airline emphasized in terms of network, we are looking with a lot of excitement to become the flag carrier for the United States, and give the customer more options as they look to travel on the combined airlines. Jeff two Vice President s, going to be some synergy and combinations to save some money. Is there one job for the two of view . Will we have a pitched battle . Were looking forward to a Good Partnership as we look to build a global premier airline and the important thing is the merger is going to be great for employees, customers and communities that we serve. Jeff all positive today but i leave you with a quote from Warren Buffett who famously said at his 4 bears in the investment industry been farsighted back in the day they would have shot orville and wilbur down if they were looking to make money in the Airline Industry but there you go. I will leave you with a cautionary tale. Tracy your guests are not happy to hear that. Our next guest says the merger of american and u. S. Airways would be the last step of airline restructuring that began 35 years ago when the industry was first be regulated. Dennis we are joined by ray d nyde nydell. I read in for the commentary that said airline prices rise, ticket prices rise 10 . If that were true there is no way the Obama Administration would improve this, interfering in merger talks all over. Will be difficult to stop this merger from the department of justice, there is little overlap. The system is complementary. They will firm up with this merger, that is just going to strengthen the industry as we have rationalization of seats. Tracy we have yet to find an airline deal that works to our benefit . From continental, delta, northwest, prices go up, bags get lost and a lot of disgruntled passengers. The hard part u. S. Airways begins now. Integrating these two systems. As far as the stock goes, i tell people to buy on anticipation of the merger, on announcement sell. It is a rough one or two years as they turn into two diverse systems. Would be beneficial for everybody. Remember a couple years ago when Airline Ticket prices were cheaper, they were losing money. You have to have an industry that makes money if you want to launch a viable system. Dennis their roots are not overlapping at all. They are complementary which means they dont have as much market power to raise prices on their routes. That is correct, very little overlap. What will happen is you have further rationalization of the sea capacity. Tracy we were talking about this was the last of the consolidation. Theres nowhere else to go. This is the end of it. I started my career with deregulation and took 30 years but we finally have got to the end of the road as far as the regulation goes. The only thing that could happen now is if congress changed the International Investment laws. I dont expect that to happen. Airlines will solve [talking over each other] dennis okay. As much as we complain when we pay 25 to check a bag of fact is airfares are vastly lower now than they would be if we had never deregulated. Vastly innkeeper and the thing is pay for your bags, you are paying for your get, some people dont carry bags and subsidizing people who do carry bags. Dennis nightmare at sea, we are live in mobile, alabama where it keeps getting worse for passengers on that really bad cruise ship. Hellish conditions on board. Tracy a far different seen in miami, Cheryl Casone ahead with why wall street firms are relocating down there. Dennis how about diamonds for valentines day . We have a guest who has a way for you to make money on this. [ male announcer] surprise youre having triplets. [ babies crying ] surprise your house was built on an ancient burial ground. [ ghosts moaning ] surprise your car needs a new transmission. [ coyote howls ] how about no more surprises . Now 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. Tracy quarter past the hour, time for stocks as we do every 15 minutes, we have team coverage. Dennis phil flynn in the trading pits of the cme on why stake may cost a little less for your valentines dinner, Charles Payne will show us how to make money on Healthy Eating but first Nicole Petallides. Nicole your making me think of lamb chops i ordered from the butcher. Lets talk about the markets and what were seeing, looking at the dow down 13 points, were testing of those, the s p 500 yesterday broke through the five year high. Today a little bit of a pull back, you can blame europe today because you start to see the growth projections and what we are seeing in italy and france, disappointing numbers and that really has crushed the euro. The dollar is extremely strong so the Global Economy becomes front and center once again. This is the action we are watching and this is one of the reasons we are not taking out the new highs. While we are seeing bank stocks to the upside the banking index, jobs and retailers are to the downside. That is the latest here at the Stock Exchange. Over to phil flynn in chicago. Jeff do the surf and turf, cattle prices, a new low for the year. Bad news for the Cattle Feeders, Cattle Feeders are getting crushed right now, cant afford to feed the cattle or sell them. At these prices right now cattle are losing almost 100 per head. That is a loss that can continue. A lot of these could go out of business if the margins dont improve and interestingly enough these are the lowest cattle prices since last october. Valentines day, dont know if theres a connection but back to you, tracy. Tracy i think you are wearing a pink and red and you are loving it. It is time to make some money here on set with Charles Payne, he is investing in a healthy pick for some hold profits. Charles before we get to that and still people in on the pawn i want to say one of the reasons i wanted to talk about this today was hines, a lot of people say i dont want to play the market, i am afraid of the market, everyone watching the show has had catch up before. Today it is up even more, up 1100 since 1985, 1100 since 1985 for catch up. How many people are afraid of the market . Every time they go to the supermarket they buy at this. Heres another idea to look at, whole foods getting hammered today, look at this, down 10 . One thing that is happening all week is companies that miss or have the slightest bad news getting crushed. That is what happens with big runups, this is the name, you dont sell, you by this on weakness, this is a future hines. July to august of 2011 heines dropped 9 . How about september of 2008 to march of 2009 was down 40 , there are certain names you dont necessarily sell. Tracy catch up is 3 and is discussing but it is 3, whole foods, girl alone is 7. Maybe theres a difference in the consumer. Charles the Consumer Experiences the same. I love going to hold foods, there is no store, no entity i like better than walking into whole food so someone can challenge on them, the stock buy on dips dennis have triple the Profit Margins of regular grocery stores, a great company. Charles payne. Tracy i have never been. [talking over each other] dennis a terrible trip, we are live in mobile, alabama with that Carnival Cruise ship docking, again delayed. Tracy in miami. Cheryl ask yourself this, what does it take to convince someone working at a hedge fund in new york or new jersey or connecticut to come on down to sunny miami . We will ask that question to our next guest coming up after a quick financial break, the president and ceo has been in new york, he has been successful to bring them down to sunny florida. Markets now continue from miami after the break. Twins. I didnt see them coming. I have obligations. Cute obligations, but obligations. I need to rethink the core of my portfolio. What i really need is sleep. Introducing the ishares core, Building Blocks for the heart of your portfolio. Find out why 9 out of 10 large professional investors chooseshares for their etfs. Ishares by blackrock. Call 1800ishares for a prospectus which includes investment objectives, risks, charges and expenses. Read and consider it carefully before investing. Risk includes possible loss of principal. Cheryl a four day nightmare coming to an end, the ship set to arrive later this night in the port of mobile, alabama. Dennis what are you hearing from the passengers . The passengers are within sell range of those on shore. The ship has passed the see billion the main channel marking the main shipping channel leading into mobile bay, ordinarily a ship under full power would be able to make it to port three hours from that buoy but because the ship is disabled and undertow officials tell us it is going to be 7 to 10 hours before triumph reaches porche sometime late tonight. Family and friends have already started gathering out here, waiting here at the cruise terminal in mobile, alabama. We spoke with one couple who have a daughter on board the triumph. She said the conditions are terrible, they had water but it was brown water, they had no bathroom to use, the food has been cold, it has been an awful trip, awful trip. Carnival officials have apologized for the inconvenience. They are offering each passenger a full refund for this cruise, credit towards a future cruise and 500 cash in addition to paying all of their transportation expenses back home. Tracy that does not seem like enough. Got to tell you some viewers are asking why they couldnt swap ships in the middle of the ocean. Unload onto one into another. You got to believe theres something they could have done. That is a good question. They did airlift someone, a patient on kidney dialysis. But barring medical emergencies, healthy passengers on board that ship are actually safer staying aboard the ship until it comes to port. We spoke with a maritime lawyer to set evaluating 3,000 people over a makeshift gang way between ships on high seas would be very dangerous. Back to you. Tracy thank you. I bet you are talking to some angry people. Dennis the cruise ship will probably give two more tickets to give us another chance. Tracy cant people will take it and get back on. Dennis now to a safer and sunnier place, more than the good weather sending wall street executives to florida, low taxes, cheaper Property Values attracting hedge funders to the sunshine state. Tracy Cheryl Casone is live from my favorite place in the world, miami beach. Cheryl a new cafe. Don the news cafe in south beach. Used to have coffee every morning, very famous district in miami. Imagine you are a european living in amsterdam, sick of paying high taxes, you work in the financial industry and decide to go somewhere else and get a little bit of a break and continue to do finance. That is what my guests today did. The president of noble financial is the president and ceo and came here 25 years ago to get away from high taxes, why florida . I was given the opportunity 25 years ago this month and it hasnt been a great move for me. Texas was one motivation but the main motivation was opportunity to work in america and this is not a Financial Capital of the world in south florida but work on wall street and the opportunity that was given to me was very difficult to turn down. Tracy cheryl what were seeing is florida could be the next Financial Capital of the world. We have seen many Hedge Fund Executives opening up shop. You in new york recruiting certainly new employees. How many have you brought down from the tristate area to florida . We have been recruiting from new york and other parts of the country, florida offers great quality of life and as you said, it is starting to become a financial center. Also a gateway to south america. With the american trade increasing day by day there has been an opportunity for Financial Professionals to do well. Cheryl the tax burden from the tax foundation, the tax burden, in florida 9. 3 . In the United States, the top tax burden of all 50 states, breezy to get these new guys and gals to come down. No. In our industry in new yorkers are new yorkers and think it is important to be in new york in the Financial Service industry. Which it is too a great extent. We have seen a trend, people moving down here, becoming a little bit easier after the financial crisis with some of the casualties we have seen with bear stearns and lehman and the like, a lot of guys that work 80 our weeks so disappear, pretty much over night and starting to realize theres more than money and quality of life as coming and at the end of the day in florida where we dont pay state income taxes, no city taxes and easy commute to work and life style that is hard to beat. Cheryl look at this around here, that has got to be pretty good. The business climate, there is an index, the tax Climate Index 2013 new york is last, florida number 5. Obviously the cost of doing business overall is better for you. Has been for 25 years. Theres a lot happening in florida other than the Financial Service industry that governor bush started, getting Scripts Research institute to florida, putting a lot of jobs for biotechnology developments. Trade to latin america increasing rapidly, creating a lot of opportunities for young professionals. Cheryl i got to tell you certainly sitting here with somebody who was in europe and still pay them but a lot less. Thank you very much for coming down to the incredible news cafe in south beach, it is getting more busy by the moment the 20 minutes from now we will speak to Peter Zaleski who will be talking about a commercial realestate here in south florida, huge price difference in commercial realestate her square foot. Dennis and tracy to you, snow in new york is what i heard. Dennis thank you very much. Tracy lose a whole studio down there. Time to leap into playmaker leapfrog, the ceo had unimpressive earnings. Dennis diamonds for valentines day. How you can play to invest in ahead and make some money. This is 100,000. We asked total strangers to watch it for us. Thank you so much. I appreciate it. Ill be right back. They didnt take a dime. How much in fees does your bank take to watch your money . If your bank takes more money than a stranger, you need an allyly. Ally bank. Your money needs an ally. Live on the floor of the new york Stock Exchange, every 15 minutes, we got you covered, stocks now, the markets, hot stocks, and in this case, a name under significant pressure, bringing you over here 20 take a look at barnes noble, which, today, is down significantly, down 7. 3 , at 13. 16 a share. Talking about their environment, obviously, theres a tough environment trying to sell oldschool books and compete with amazon. You talk ereaders, and thats putting them under pressure today and the nook. Talk about the nook and outlook, they talk about a loss for 2013, more than expected, more than of a loss than they thought, and as a result, the stock is tanking. Back to you. Thank you very much, nicole. Leapfrog jumping ahead. Profit up 90 year over year, and sales rising 16 in the Fourth Quarter could be a 28 pop in full year revenue. John bash john barber, the ceo, you had earnings, down 20 in six months. Whats wrong with the picture . Well, its actually 70 in 12 months you joined the company, i believe . Two years ago. We had four of the top ten selling products last year. Im a holder of leap frog and excited. I believe the market will have the opportunity in the near future. The company came up with the first leap pad, in i think, 1999 or so, surprised they didnt have the ipad, coasted on your coat tails, no . No, not really. They are selling most of the products for children way above the age of where we are. We dont see that, no. It was a gift with the apple coming out with with the mini i, thinking it would be cheap, but it was 400, but your machine is 99. We want to give access to the children for the content we create and change chirps lives. Everybody talks about tablets, but when you choose one for the child, the first criteria to use is the quality and availability of educational content. Nobody makes better educational content than leapfrog for 18 years. Is it breakable . That baby looks nice and sturdy. 50 of the revenue is software rather than hardware, and it can run on the ipad. Five years out, what reeenue is software rather than the hardware . Depends on the platforms in the future, but i see content growing as a share of the business. Again, its the content that changes childrens lives. An example thats shocking, for the first time in history, americas Younger Generation is actually being less welleducated than its elders. Thats a scary thought. They know this. They are looking for every chance they can to find opportunities to help the kids learn. Were experts in that business. A quick question, half a billion dollars revenue, might you be a great charm on a bracelet . Is there a takeover possibility . Most ask that question because what we do is unique, but were satisfied with the opportunity ahead of us. The supplemental educational market place is growing faster than the liquid marketplace. I think we got a lot of opportunity to go forward to build this company even way larger than we are today. All right. Thanks for being with us. Appreciate it, sir. Thank you. Good day. We have all the stories when my kids were little. Foreclosures nationwide hitting a sixyear low. Time to buy . And tax flight to florida. Cheryl is live in miami, cheryl . Dennis and tray di, get this, according to trulia, the average price of a new york apartment is 1. 1 million, but 150,000 in florida. We have peter talking about the property tax issues, the commercial real estate issues. They are advantageous in miami. Markets now continues after the break. Axiron, the only underarm treatment for low t, can restore testosterone levels back to normal in most men. 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All stations come over to mithis is for real this time. Step seven point two one o. Rify and lock. Command is locked. Five seconds. Three, two, one. Standing by for capture. The most Innovative Software on the planet. Dragon is captured. Is connecting todays leading companies to places beyond it. Siemens. Answers. This is your fox business brief, foreclosures nationwide hit a sixyear low in january, according to foreclosures, down 28 year over year. Foreclosures were also down 11 from december. Januarys decline pronounced in california because the homeowner bill of rights that took effect there january 1st. Jobless claims fell more than expected last week, a sign of improving conditions. 34 1,000 americans filed for first time benefits. Chrysler recalling 278,000suvs and pickup trucks because the rear axels could lock up. That covered 1500 pickups from the 2009 and 20 12 model year and dodge dakota pickups through 2009 and 2011. Thats the latest from the Fox Business Network giving you the power to prosper. Tracy welcome back to markets now the news cafe, and what does it cost, do you think, to rent a beautiful space like this to actually run a business in miami, and how much would it compare to run this cafe up in new york city . There is a big difference. Peter, the mimes association of realtors tracks numbers and so much more. The difference in square footage, the cost, phenomenal. 59 a square foot against 27 a square foot for property in miami. Absolutely, the new space built, during the crash, believe it or not, they push 40 a square foot. It varies. South beach, rock star prices, 150 bucks to rent it. Cheryl amazing. Is there an influx of business owners, whether its Financial Companies arian regular companies coming from the tristate area because of the region . Its the aaa credit rated entity thats coming down here, paying the top dollar to get in. They are pushing away the locals to different areas, spurring a new development. Its diversification, if you will. The popular areas go up in price. The people who started originally going elsewhere, starting a Grassroots Efforts elsewhere. Cheryl do you think the foreclosure inventory is cleared in miami . Florida, like california and parts of arizona, nevada, hit so hard in the down turn. Is the inventory done . After Lehman Brothers crashed in 2008, you had 108,000 properties for sale in this general south florida area. Whats available today is 35,000. The condo side, everybody beat up when the crash happened, 60,000 properties for sale, but today, 20,000. Cheryl in this area, miami, florida, does it go higher . I think it does. That price is way down by some of the places to the north, away from south beach, but as prices in south beach go up, people look elsewhere because the value is not necessarily in south beach anymore. Cheryl a lot changed quickly here in miami, i have to say. Thank you very much. Thank you. Cheryl theres other areas that are seeing a big boost when it comes to Economic Activity up in the tristate heading to miami. At the 1 p. M. Eastern hour of markets now talking with a Business Development board of palm beach county, president and ceo, astounding numbers, saying she doesnt have to do anything to market palm beach. They are knocking on her door. Thats in the next hour of markets now. Back to you. Dennis thank you, cheryl, nice report. Time for on the road, traveling for work on the cheap. Business travel finally returning back to up prerecession levels, but Many Companies ask staff to pull back on the perks spending on Business Travel expected to reach over a hundred billion dollars this year. Thats almost 30 billion more than in 2009 at the worst of the economic meltdown. Costs rising for both air fair and hotels so Companies Ask employees to cut back. Wall street journal says some Companies Ask Senior Executives to fly coach. Oh, the horror, the horror, tracy. Tracy come on, i mean, look, some of the guys are tall though. Thats tough. Anyway, it is time for stocks as we do every 15 minutes. Nicole, late word over concerns of the u. S. Airlines and airways merging. Whats going on. Some concerned they are paying too much. Thats why we have the down arrow. Its the long awaited merger. The stock of u. S. Airways, merging with American Airlines, to backtrack a bit to say the headline, is right now down. U. S. Airways down 7 on a day where the transportation index actually has an up arrow. A nice oneyear chart of u. S. Airways. You see the gains over the one year. This is a long awaited merger; right . You talk both consolidation, intense competition. Obviously, we know a lot of the Airline Companies have reduced how many planes they get out there because it costs them a lot to move them, pack them to the guild, and in a tough economy, thats another factor that they face so they dont have as many Business Traveler; right, with upper class and the like. This is something that was long awaited and happened, and the stock is pulling back a little bit on the news that we finally get all the real facts, back to you. Dennis thank you very much, nicole. Time for the media minute. Some of the worlds biggest brands are accomplices, unwitting or otherwise to digital pirates on the scourge of hollywood and the networks. A new report named 31 brand giants from at t to American Express to toyota, nokia and walmart that have legit paid ads on illegal down load sites. The report released by the university of Southern California innovation lab, well, to shame the brands into blocking pirate sites and called out the ten worst offenders. Yahoo is one big name in the hall of shame. The full story at foxbiz. Com. Time warner in talks, finally, so sell off the 160 magazines. Fire said to be meredith corp. With tittes like ladies home journal. The price could be under that. Oddly, time warner would hold on to time and fortune, and Sports Illustrated that has swim suits. Direct tv with a buy back, stock up 4 or so on that wind fall. Tracy . Tracy all right. So, diamonds are forever, they say, and our next guest says precious stones are the next big power play for the portfolio. We have the key for gems coming up. Dennis but first, look at todays winners over on the nasdaq. And you. Rent from national. Because only national lets you choose any car in the aisle. And go. You can even take a fullsize or above. And still pay the midsize price. I could get used to this. [ male announcer ] yes, you could business pro. Yes, you could. Go national. Go like a pro. Tracy diamonds, they say they are forever, and for many girls, they are their little best friend, but the next guest says diamonds could be an investors best friend. Paul, pure fund ceo and the man behind one of the most anticipated etfs of the past year joining us now. All right, paul, you recently launched gems, the name of the etf. Correct. Tracy why diamonds . Are people buying diamonds . Well, the supply demand is intriguing. Global diamond demand growth is 6 over the next 15 years, but supplies is less than 3 over the same period of time. The majority is driven by growth in the middle class in china and india. Tracy overseas play. Are americans buying diamonds . Investing in gold and silver, looking to diversify that portfolio. That tends to be High Network Individuals buying high quality. Tracy right, the poor saps whose fiance insists they have four karots on her finger. Youre not buying the stone; right . Stocks of company . Correct. The fund invests in the industry through companies that mine or produce diamonds or through companies that sell polished diamonds, and the reason we did that was because diamonds tend to be difficult to invest, and they lack fundability, meaning they have different characteristics. Tracy the miners are the way to go; right . Correct. They have inventory in the ground, rust diamonds that need to be producedded. That said, they have an inventory thats easy to value and put up quantifies in the ground. They will have operating marketing leverage as the price of diamond increases faster. Tracy with a retailer, you are not. Theres tiffanys, zales, blue nile. Under pressure, arent they . Do well when they turn over quickly, lots of transactions have to take place. I prefer miners to get exposure. Tracy retail guys in the etfs. Etf, gems, i love it. Thanks for being here. Thank you so much, my pleasure. Tracy you cant buy the stone. Dennis most popular gift for the holiday. Cheryl cheryl Cheryl Casone is in florida. Cheryl, whats in the next hour . Cheryl oh, dennis, imagine this. This is what you have to sell to get businesses to come and set up shop, sun, sand, beach. Forget the tristate. Its the sunshine state. At the 1 p. M. Eastern time hour of markets now, we talk with kelly smallridge, the president , the ceo of the palm beach Business Development council. She says she cant handle the amount of interest shes getting from not only new yorkers, but also investors around the world, and then tomorrow, letting everybody know that the Miami International boat show is happening right here in miami. Fox business will be live there all day long, multimillion dollar yachts, sport fishing boats, and much, much more. Its a big economic boom for the city of miami, about 850 million economic hit, in a good way, for the city of miami, and well talking to the ceos of the boat companies. All of that coming up today and tomorrow right here on fox business. Guys, back to you. Dennis thanks very much, cheryl. She was gloating about how warm it is there. How worried is business . Hear straight from the source, Price Water House Coopers joins the firms annual ceo survey. Tracy boehner calling the bluff on spending. No surprise, lou dobbs making calls on that next. Coming up, dont go anywhere