Transcripts For FBC Markets Now 20130829

Than expected. The second take on the secondquarter growth, but nothing to brag about. Secondquarter gdp growth revised upward versus the streets estimate of 2. 2 . This is as we are reporting the last gdp report before the fed reports on whether or not it will paper, some transparency at the next meeting next month. His 2. 5 growth good enough . Then, welcome to you. Forecasting 3. 3 expansion rate into 2013, so it is two and. 5 right now. Growth is only a lousy 1. 4 , but if you cut out the cutbacks, growth around the range of two and. 5 . So the fed is seeing a rate private sector demand supporting higher hiring and todays data is broadly supportive of their moves to cut back qe3. Lori lets talk about the strong upward revision in the Second Quarter. Economies are pointing to export growth. An inventory. Can you expand why we saw such a big jump. Inventory stuff has been choppy, but there is something important with the trade deficit. There is large gain for export in the Second Quarter we saw evidence the euro zone was ending its recession, some of the latest data on china is showing acceleration on their activity, so that is broadly supportive of not only overall u. S. Growth but the u. S. Cap the market and Financial Market incorporations to benefit from the ability to sell more goods overseas. Lori does the export growth signal to you possibly a stronger jobs report next week . What are we looking at . Payrolls created . We see jobless claims hold down near the record lows since the crisis ended, generally positive steady as she goes for the labor market, nothing. The robust numbers he wanted to see come out of such a deep slump but something you can still be able to the unemployment and keep growing jobs faster than the rate of the population. Lori what do you see the headwind to the economy now . We are gaining up for another budget battle in washington. Any of these risks in your mind . Some of the concerns appear to be fading a bit but with the budget battle will be the overhang the next few weeks. These things tend to go down to the wire. That puts us on edge through at least midoctober. That is a something that could really hold back the market for the next few weeks and of course has a potential of serious negative effects on the economy. Lori thanks for your insight. Thank you for having me. Adam shares of vodafone and verizon are jumping on word vodafone is selling its stake in Verizon Wireless to verizon. Verizon is talking to several banks about borrowing billions of dollars at the purchase admitted to cost the company up to 130 million if it actually closes. Lori u. S. Military stepping of the middle east adding a fifth Navy Destroyer off the coast of syria. Action would be legal but shouldnt take place until after u. N. Investigators return. Rich james rosen reporting the attack is very likely focused on delivery systems, Weapons Systems use or could be used to deliver chemical weapons coming from fox news james rosen. Waiting to address congress on this issue, 6 00 tonight when Obama Administration officials will brief congress about the intelligence and perhaps what it plans on doing from here. The Administration Says this week it will make public intelligence they have showing the Syrian Regime used chemical weapons but when you talk about the impending action may be taking place, you have the president of the United States and across the ocean the Prime Minister of britain both selling intervention. We said stop doing this, that can have a positive impact on our National Security over the long term. May have a positive impact on chemical weapons not used again on innocent civilians. It is this house that will survive what steps we next take if you agree to the motion i have set down, no action can be taken until we heard from the u. N. Weapons inspectors and there has been further action at the United Nations and another vote in this house. Those of the conditions that we the british government, the British Parliament are setting, and it is absolutely right that we do so. Rich the british Prime Minister and president are running into those conflicts. Asking for a congressional conversation as to whether or not inventio intervention is ape in this case. We will see when the congressional briefing by you ministration takes place. Lori thank you for bringing us up to speed. Adam giving Energy Traders a chance to catch their breath and reassesses supply concerns after closing the highest level in two years. Oil is trading lower by 1 today Still Holding about 109 per barrel. Thank you for joining us. There have been some calls of oil briefly hit an analyst 150 per, that would be brief and come back down. That is a bit overdone, isnt it . It would seem so, but nothing is really off the radar given we dont know how much will be impacted should the worst Case Scenario happen in the middle east, the worstCase Scenario being unrest spreads from syria to other countries and there is some sort of material supply loss. That is unlikely and unlikely that we will see 150, anything like that. Adam it is the contagion perhaps, not really sure which side is better for the United States whether it is the rebels in syria or this dictatorship in charge, but if this spills over into iraq we talk about disrupting Worldwide Oil supplies . Yes. I have so much more supplies than syria. Iraq closer to 3 Million Barrels per day. That said, what were seeing across middle east and little smoke and mirrors, were seeing supply loss is already in iraq itself and libya has been huge, somewhat off the radar at least overshadowed because of syria. They have been producing as much as 1. 4 Million Barrels per day, down to 200,000 per day because of worker protest and oil terminals. That is targeting the market, so even if we did not have everything going on with syria, we would like to see support for crude this week. Adam say it plays itself out over the next two weeks. When a moving toward october, where will we have, will Oil Prices Fall back below 100 per barrel when the syria issues are off the table . Hopefully that would be the case. Seeing demand not just in the u. S. And globally pulling back a little bit, but the problem is wmissing these supplies, actualy in iraq next month potentially coming off, even though we should see demand, they may see lower supplies. Around 100 level. Adam dont they have capacity to increase production . Theyre holding back on production, are they not . I read something that they would likely increase to make up for the shortfalls, currently just below 10. That is a sign they are getting a little nervous and so they should be when we see these in libya, iraq, iran, algeria, et cetera. Adam we will talk to you after the syria situation is in the rearview mirror. Thank you. Lori gold prices down by the most in two weeks. Excitations for an imminent usled military strike on syria begins to fade. Also driving losses betterthanexpected gdp and jobless claims data which may reinforce the fed claims for stimulus. Lou dobbs tonight retired fourstar general joins me sitting in for the dobbs tonight. He will give me his thoughts on what our involvement should be if at all. At 7 00 and 10 00 eastern. Hope you will join me. Adam ford returned to michigan to build its very much in demand fusion sedan. Lori millions served, thousands of strikes. Workers demand higher pay. Adam Silicon Valley budget busting campuses. We will give you a sneak peek inside with the architect. You know throughout history, folks have suffered from frequent heartburn. Butetting heartburn and then treating day after day is a thing of the past. Block the acid with prilosec otc, and dont get heartburn in the first place. [ male announcer ] one pill each morning 24 hours. Zero heartburn. Adam ford is kicking off production of the fusion midsize sedan at the michigan plant. This marks the first time the fusion will be built in the United States. The move expands the fusions availability by 30 in places like san francisco, was endless and miami where the car has been selling in less than 20 days. Not bad if you compare that the average industry average. Of 60 days. This to say about beating toyota in california. Clearly the consumers will decide, but i tell you they love the fusion and i not only like the fusionbased model with gas, but direct fuel injection and turbocharging and more fuel efficiency but they like the hybrid and the plugin hybrid and the highest growth area is in california. Adam investors like the news as well. Ford shares are up on that news. Lori lets check the market, Lauren Simonetti joins us on the floor of the New York Stock Exchange taking a look at earning winners and losers. Lauren lets talk about guess shares. They raise the fouryear numbers but there is weakness at the company. 40 of the sales come from america. That does not mean europe is not a concern. Or is coming out of europe, that is the concern here. Nonetheless this is a winner today. Also wants to show you williamssonoma. They own pottery barn, Pottery Barn Kids and they seem to be the merge in the two companies. Struggling a little bit, having to discount pottery barn looking a little bit stronger but nevertheless this stock is weak today. Back to you. Adam time to make some money with Charles Payne. He is getting your profits with Ecommerce Company helping you get discounts and talking about groupon. Charles i reluctantly came over to groupon. Couple hours ago i went to their website and they demanded my email to give me nice discounts in chicago. Im looking at the tape and the action. It was not the ideal like facebook grabbed every single penny under the sun. But they tried to change valuation metrics, they lost a lot of credibility. This stock is on the verge of becoming a momentum darling. It was 27 back in 2011. One of these stocks breaks out 11, people are going to buy this stock. It might even turn into a daytrading darling. Lori a lot of these guys, there are lots of these guys, amazon has local deals. Adam you dont need to groupon anymore. Charles the street says the company will grow 25 every single year for the next five years. They think the top line will be there. They dont have to do a lot. The stock is down dramatically from where it was. They chipped away at that. I think it will be one of these names people will say groupon is up. Adam they had to restate the earnings at one point. Charles they tried to reinvent accounting rules. They tried some things that were a little flaky. That is why the stock is paid a heavy price for it trying to bring in more people, credibility gets back. This will be one of the momentum stocks. I think people will pile in. Adam watch groupon and watch Charles Payne. Make even more money with Charles Payne right here on the Fox Business Network. Charles we are talking about the crash, everybody is worried about the crash. Adam you mean my wi miley cyru. Lori did you know twerk is in the dictionary now . Interesting. Lets not be Debbie Downer today. That yosemite fire is racing east now prompting more evacuations for residence but there seems to be signs of progress. The latest next. Adam 15 per hour. They are picketing at fast food chains today. Lori and look at dollar today. Safe haven play, we are back with more after this. Nascar is about excitement. But tracking all the action and hearing everything from our marketing partners, the media and millions of fans on social media can be a challenge. Thats why we partnered with hp to build the new nascar fan and media engagement center. Hps Technology Helps us turn millions of tweets, posts and stories into realtime Business Insights that help nascar win with our fans. Im, like, totally not down with change. But i had to change to bounce dryer bars. One bar freshens more loads than these two bottles. I am so gonna tell everyone. [ male announcer ] how do you get your bounce . [ woman ] time for change 23 minutes past the hour. Hello, everybody. This is your fox news minute. The giant wildfire Near Yosemite National Park grew by several Hundred Acres overnight, but that is a relatively small increase compared to recent days. It has burned more than 300 acres and containment only at 30 . The Obama Administration is announcing two new steps on gun control which will not require congressional approval. It will curb the impact of surplus weapons. The ministration proposing a closer loophole allowing certain weapons reregistered to corporations without background checks. Gun legislation collapsed in Congress Earlier this year. Good news for some runners, in the field at the Boston Marathon will be larger next year. 9000 additional runners accepted bringing the total to 36,000. More than 5600 runners had to stop on the course when two bombs went off at the finish line this year. They will be invited back. Lori thank you so much. So you may not be able to get your fast food fix today as what is expected to be the largest nationwide strike by fast food workers hit the country. Elizabeth macdonald has the bottom line. Liz we have been tracking dozens of walkouts across the country and we have a map of about two dozen of them. Planned walkouts in milwaukee, chicago, san francisco, l. A. , san diego, indianapolis, tampa, florida, boston, new york city. They want 15 per hour. 15 is not even twice what they make, but they want the right to unionize, collective bargaining for higher wages in the future. The problem is the franchisees are run by mom and pop. If we are forced to pay wages we may have to automate your job, cut the worker hours, we may have to have kiosks or ipad to take your place. Because these are basically entrylevel jobs, they are not meant to be jobs for people who are parents. That is where the debate is right now. Adam youre the average age of people working in fast food i read it was 28, Single Parents doing this. On the other side the union behind the organizing effort says mcdonalds made billions and billions of dollars, that may be the corporate parent, not the franchisee. Liz your first point is one in four of these workers are possibly parents. A big chunk of the money goes back to the parent company. They have to buy their food and supply, the profits back to the parent company. So what is going to happen is this, the worker movement, they know number one social media event. Number two, they need more press coverage. Sometimes these are oneday events and the coverage goes away, so they are planning future walkouts. We are hearing this could spread to the retail sector. Could hit macys, sears and walgreens. This is just the beginning. Lori look at the balance sheet, certain percentage of your profit or other revenue should go to wages. If you are a franchisee and there is a scale of what they are bringing in, that percentage should be a fixed percentage, fair and simple. Lori it is the worker, franchisee and parent company. Lori thank you. It has been a week since the nasdaq flash freeze, but still no answers. Adam next, Charlie Gasparino will join us to talk about whether or not that will change. Change. Exquisite details coming up. Lori lets break down the indexes and show you who is up, who is down. A look at the chart of the Dow Jones Industrial average is. We are back after a short break. [ male announcer ] imagine this cute blob is metamucil. And this pk is the inside of your body. See, the special psyllium fiber in metamucil actually gels. And that gelling hes to lower some cholesterol. Metacil. 3 amazing benefits in 1 super fiber. Metacil. announcer at scottrade, our clto make their money do more. Re ann to help me plan my next move, i take scottrades free, inbranch seminars. Plus, their live webinars. I use daily market commentary to improve my strategy. And my local scottrade Office Guides my learning every step of the way. Because they know i dont trade like everybody. I trade like me. Im with scottrade. announcer scottrade. Ranked highest in Customer Loyalty for brokerage and investment companies. Lori it has been 15 minutes since we checked in on the New York Stock Exchange. Concerns of syria appears to be on the back burners. Lauren that is exactly right it the dow industrials up by 45 points. The nasdaq is up by 30. For the week we have down arrows across the board. Off about 1 this week. Telecom leading the market if you look at the dow, you have verizon on top and at t near the top. Back to you. Lori thank you, lauren. Okay, breaking news, nasdaq set to bring announcement on flash freeze as soon as today. Charlie gasparino has the latest for us. Charlie around 2 00 we will get from what i understand and more detailed explanation on exactly how that happened, the security information processor. How that information, which potentially be blessed nasdaq were saying came from that problematic information how that cause a freeze in the stock market trading system. We will guess that at 2 00. We should point out i will be speaking sometime today with him and we will update people when i can on that. 2 00 is when this stuff will be made public. The latest version went down, what with this thing say . Here is my surmise. I dont know they will explicitly blame them, but some meat on their bonus from their standpoint. He never said this stuff about being the origination. The never explicitly said it started there. Every exchange had his own trading systems. Europecompanies list their stoe listing the stock on nasdaq, ibm on the New York Stock Exchange. But your stock could trade anywhere. Those two exchanges, the new direct edge combination be it what happens is exchange like the nasdaq and New York Stock Exchange are responsible for those stocks even those that trade in other places. What they say is the pricing of that information, the fed and the nasdaq through something known as the sip is where the problem began. I will be honest with you, i think it will be several significance because i dont know why they would put him on the phone with me. Lori he is becoming embroiled in a controversy with the transparency or lack thereof. Charlie he has made a comeback. Lori you should start the conversation with that nugget. Charlie i think Robert Greifeld did a good job communicating to the firms, basically he did the right thing about closing it down rather than trying to keep it open working off of a faulty system dealing with that aspect of it. His problem was communicating to a broader audience. Looking at the market as a public trust and scared of the market not behaving right. I dont know what else he was supposed to do. Adam whether he was transparent or not is a distraction for the core issue, are he exchanges and sharing of information, are they speaking the same language so they are Going Forward . Charlie some of it is not his fault, with these exchanges having to operate under a market environment with many of the many avenues. They can do trades, used to be the trades of the major stocks occurred on the nasdaq, New York Stock Exchange depending on where you are listed. Not anymore. They are getting feeds from each other. It is convoluted, crazy, something the regulators wanted. They wanted multiple venues so people could compete on price. You cannot blame that mess on Robert Greifeld or duncan niedermayer. This is a big story. That mess is a regulatory issue. They need to get on this like immediately because we have four different markets and a system that they dont put a lot of money to technology. I think it is because it is really complicated and it will happen a lot unless they figure out a way to make the system is less complex. Lori we will look at the official word from the nasdaq in the next hour. Want to bring you back to market and the syrian impact. Treasury falling where the u. S. Economy is expanding faster than the experts were expecting. Adam why now may be a good time to jump in the housing market. We will explain all of this just ahead. Lori which tickets hottest in College Football . It will cost you area did ul end. Then i better use the capital one purchase eraser to redeem my venture miles for this trip. Purchase eraser . Its the easy way to erase any recent travel expense. I just pick a charge, like my flight with a few taps, its taken care of. Impressive baldwin. Does it work for hotels . Absolutely thank goodness. 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The judge overseeing the pregnancy of American Airlines parent is calling arguments of favoring the companys chapter 11 reorganization fairly persuasive. The judge says he will not rule today whether to confirm the bankruptcy exit plan. U. S. Economy grew faster in the Second Quarter than previously expected. The second reading was revised higher rental rate of 2. 5 up from 1. 7 in the prior reading. Buthat is latest from the Fox Business Network giving you the power to prosper. Adam this is just in, new details unfolding on syria. The White House Press briefing, president obama spoke to germanys angela merkel. Another call set between both of those leaders later today. Lori the Economic Data was pretty strong when the Economy Holding onto losses pushing yields up. The benchmark hovering at 2. 8 . So is this 2. 753 the new trading normal range . Yes says the chief fixed income strategist. It is really nice to meet you. Give me a sense of what message the bond market is saying about his expectations for Economic Growth and obviouslyythe fed tapering. Having the bond market, treasury market in particular has adjusted to levels consistent with what is called fed tapering. Fewer purchases by the fed, treasurys and mortgagebacked securities. As soon as a process of tapering beginning the middle of september, but there is also another aspect to the fact that i think is quite important, that has been the shift in the form participation in the treasury market. When the yields had been low the last three years, they have been buyers because of the flight with problems overseas particularly in europe. In the past three months Foreign Investors have been big sellers of treasury securities, has helped push the yields up 280 on the 10year note. If Foreign Investors are relatively not cap next sellers, i think youre right, we can be in the two and a half, 3 range with a bias toward the upper end of that range going because you can cook t Economic Data will be better and maybe indicating faiy soon they will be buying fewer treasuries. Lori so what will be the biggest driver of the treasury market . The lack of foreign buyers. Or the fed discussion. I think they are both important, but the nearterm driver has been the foreign buyer. Like i said, very substantial. Lori where is the foreign buyer going . And may be going into shorter treasuries. They might be going into safer investments. What they regard as safer investments. Or maybe even in the money market fund. There has been significant inflows these last several months. Lori is a statement of concern tightening could lead to a higher dollar than the u. S. Isnt as possible of a place and the Ripple Effect for the global central banking community. I think there is some of that, they might expect a slight strengthening in the dollar as the yield goes up. It is the kind of safety bid when things get a ride around the world treasuries look very attractive. Now with syria, that situation not going to get a whole lot worse. An inclination to scale back on purchases. The market where foreigners dont participate like muniz, that gets backed up for other reasons. Adam a business alert for people who want to buy a house. Speculation continues about the Federal Reserve possibly tapering the bond purchasing program. The average rate declined 4. 51 from 4. 58 according to freddie mac. We should note last weeks rate was the highest we have seen in two years. We check on the floor of the New York Stock Exchange to see how things are doing but we will check with gray wolf execution partners joining us from the floor of the exchange. Continuing this discussion of tapering and if it is priced in or not. You think this gdp read we got today is sending a signal, but not for what we got at the moment, right . That is right. Much of what they have forecast far above what we have registered so far. We are nowhere near that. A lot of what people are thinking now is the fed might choose to taper, but the data does not appear to be there. It is going to be difficult to get anywhere near that or have an employment come down, people leaving the workforce, that is a concern. A lot of questions of the liability of the data and if it is real or not. Crude up from the lows. Heading into a seasonally bullish time. They tend to produce 35 basis point gain for the market the last 30 years. Adam thank you for joining us. Lori if youre hoping to attend the alabama texas a m game, you better have deep pockets. Tickets averaging 744 a piece, this game is the most expensive College Football game of the season. The absolute cheapest ticket 359. Ticket prices have gone up 40 in recent weeks on consents Heisman Trophy winner quarterback for a and m would be suspended because of the autograph signing scandal that he has been suspended half the opener. Just half of one game hes being suspended for. Adam does that include beer . No, it doesnt. 2 pay thi is not mean 2 performance. Why they dont always get the best performance from their ceos. Lori we will give you a sneak peek inside with the architects. Adam take a look at the winners on the nasdaq. Nascar is about excitement. But tracking all the action and hearing everything from our marketing partners, the media and millions of fans on social media can be a challenge. Thats why we partnered with hp to build the new nascar fan and media engagement center. Hps Technology Helps us turn millionof tweets, posts and stories into realtime Business Insights that help nascar win with our fans. Adam a lot of new tech popping up and not just the buildings that are big, it is the price tag. Managing partner with Architecture Firm working on projects for the Biggest Tech Companies in the world joins us with some details. Congratulations on the projects in which you are working. One of them is the samsung project in san jose, is that correct . That is correct. Adam 300 million deal right in apples backyard, how is apple feeling about that . I dont know, apple is not one of our clients. But they are pretty cheap to jail. Adam who else are you working on besides the samsung headquarters . Are you working with amazon . We are doing amazons new projecproject in seattle, about 3 million squarefoot project right now. We are working with google and mountain view. Working with 10 sent in china. And a number of other companies. It is an exciting time it adam that area from san jose all the way up past you guys in seattle to vancouver is called cascadia generating huge amounts of wealth for people across the world. The companies themselves are becoming wealthier. Is it appropriate to build out the corporate headquarters, should they contain themselves in the space they bought and preserve the funds . In general they dont have space theyve got to put people in. A lot of these projects are about expansion and the success of the companies they are having. It is not replacement space, it is expansion space. Adam do you ever worry about from your side of it there is an urban legend when corporations grow and they get really profitable and build a new Company Headquarters they get on the decline. At a michigan citat olshansky ts is there any reality to this . There is a history of that which has happened. I dont think it is causal, however. In the work nbbj has been doing recently versus 10 or 15 years ago we have seen a lot less of this just being pure hubris. Corporate headquarters have become more and more of a strategic tool even at ceo level, they understand the role that these headquarters can play in innovation and in recruiting. Adam a lot of people would say at amazon certainly his team control cost quite dramatically and they would not be hubris involved, any last words you would want to share with us . It is an exciting time, exciting to see the Tech Industry begin to leverage headquarters in a way that can benefit success. We are seeing a very different kind of building happening in california and washington and even china. They are different then where a lot of tech businesses came from because they are Different Companies today. We are dealing with tens of thousands of employees. Different organizational structures and different ways they go about organization. Adam we appreciate it. Have a great day, sir. Thanks. Lori good paid is not always equal good performance. 40 of the nations best paid chief executives and up failing either bailed out, running fraudulent companies. According to the institute for policy studies. How about that folds, the head of lehman brothers. Set a record in the largest bankruptcy kicked off the financial crisis. Coming down to 466. 3 million. Four women made the list including former ceo of avon. She was fired for declining profits with foreign bribery allegations. Adam you dont want to be on the list for those reasons. Lori minutes away from breaking news details. Charlie gasparino next. And charlie he will guide you through the next hour. Stay with us. You know throughout history, folks have suffered from frequent heartburn. Butetting heartburn and then treating day after day is a thing of the past. Block the acid with prilosec otc, and dont get heartburn in the first place. [ male announcer ] one pill each morning 24 hours. Zero heartburn. Tracy welcome back. Im tracy byrnes. Ashley im ashley webster. Breaking news. The nasdaq is about a release new information on what exactly happened during that flash freeze one week ago today. Charlie gasparino will be along. Well have the details in just moments. Tracy a massive football settlement. The nfl agreed to pay more than 3 4 of a billion dollars to settle concussion lawsuits that were filed by thousands of players. Now a judge still has to approve it but well have the latest on that ahead. Ashley waiting for answers on syria. Global markets are in flux as western leaders decide whether to launch military straiks. The heritages Foundation Nile Gardiner says the west needs to be very clear about its goals. He will be coming up. Tracy a warning about oil and Gas Companies about fallout from potential gas hikes. American Petroleum Institute chief jack girard says they would devastate the economy. He is our next guest ahead. Ashley lets take a look at these markets, despite uncertainty over syria, decent Economic News helping to keep the markets up today. Lets go to Lauren Simonetti on nyse. Were up from the high of the day though. At one point, the dow was up 92 points, tracy and ashley. Now up 31. The nasdaqs higher and the s p is higher, but certainly off the highs of the session. We got a positive jobless claim report, near a sixyear low for claims last week. Gdp huge revision to the upside. Second quarter growth is 2 1 2 . Were seeing some things change in the market. Volume is extremely low. Oil it is still down but not as much as it was. That is one of the things change as weve seen affecting markets. Telecom huge winner today. Verizon is certainly powering the dow. That is because talks are back on with vodafone. Both stocks are huge winners. Back to you. Ashley lauren, thank you very much. Well be back with you in 15 minutes. Tracy here is breaking news for you on the nasdaq flash freeze. Fox business Senior Correspondent Charlie Gasparino here with details. I know youve been following this. Detailed report as were saying came out. Quite interesting, they point the finger at nyse problems and problems with their own system for the flash freeze. This is kind of interesting. This is the first real Public Statement the nasdaq made who were the culprits here and to sum it all up and well have a fairly detailed report on this on foxbusiness. Com. So you can get all the details. Well not bore you with minutia of the markets here. Theyre basically pointing at both problems. What theyre clearly saying is this. They got unprecedented, remember the nasdaq operates an exchange, right . It trades, those stocks that trade on, listed on the nasdaq can trade anywhere. Ashley right. They can trade on the arca, that is New York Stock Exchanges trading venue. Those trades occur on nasdaq occur on the arc quarks but theyre priced, nasdaq has to make sure the pricing is right. What happens you get a feed, a pricing feed from the arca about those trades occurring on nasdaq stocks. Ashley got it. They said they were overloaded essentially from the arcca. They had many, many, many more times and they describe it in sort of scientific language that im not going to bore you with, many, many more times. Ashley buried in data. Buried in data that is obviously a problem with the arca sending problematic pricing to ashley is that what triggered it . That is what triggered it. They spent problematic pricing or too much and overloaded the nasdaq system. This is where the nasdaq says it is at fault and it clearly says that. It did not have the systems in place to essentially work through that. This is known as redundancy. In case one part breaks down, it cant digest something, you have another backup system that comes in and makes sure that the thing runs okay. Theyre basically saying, it is pretty clear language they dont have that. Now i will point out, does that mean bob greifeld is bad guy and nasdaq totally screwed up here . When you deal with computers, how much redundancy is enough redundancy . I dont know. This is work in progress where everything is computerized. Anyone that points finger with bob greifeld and Duncan Neiderauer and says these guys are bad guys and theyre stupid and skimped on technology. Ashley that is not the case. Thats insane. The markets now are so complicated and so computerized that i dont know, im not a Technology Expert but i betcha if you get one on here it is impossible to prevent everything from crashing. Let me get one more thing out, ashley before. Ashley yeah. I spoke with bob greifeld before i came on. Interesting quote. He says the sec, Securities Exchange Commission Wants the New York Stock Exchange and nasdaq to Work Together to provide a tick by tick analysis of what went down. Ashley oh, boy. Which is kind of interesting. Tick by tick analysis. Tell us exactly how this goes down. There are obviously there is some sort of a report, public, white paper, where we get to see exactly from both exchanges exactly what went down. So is in the nasdaq pointing finger the other way . Somewhat. Problem started there. Here is where it started. They overloaded us with data, many, many more times ashley anything from the nyse . We do not have a comment from them. I dont have immediate commoditiment. They may comment later on. Ashley right. The nasdaq is saying its systems did not have the capability, the redundant capability to override the error, the problems that they were getting from the New York Stock Exchange. I think what youll see, this will be kind of an interesting political football between the two exchanges, theyre fighting overliesings, theyre fighting over everything, right . Theyre independent companies. Theyre publiclytraded. We should show a chart of the nasdaq to see exactly where it is trading on this thing, i see both players using this to their competitive advantage. Nasdaq is slightly up right now . Ashley it is. What is the market doing . Ashley up 44 points on the dow. Tracy you have to believe Something Like this will happen again. Ill tell you, they will fix this redundancy. Tracy there will be another one. That is the problem here. Listen i would love to bash bob greifeld right now. Tracy right. I would love to take his head off, he blew it. Did not put money. People are doing that. Thats a foolss game. Unless you can prove bob greifeld cut back on redundancy. We have the Sip Technology taken care of. I have to go on a trip to asia. Unless you can prove Something Like that these systems are so complicated, to make sure you have every hole, every scenario covered is insane. Now, i think the New York Stock Exchange. Well see what they say, but my gut. Weed had a price, we didnt have a problem with this type of redunn san system maybe thats true. Remember, every scenario is, is sort of unique. Tracy right. And its, i dont know enough about this stuff to tell you. The one thing i do know, and ive been harping on this for a long time. People look at me like, start falling asleep when i say this, the markets are broken in a sense theyre fractured. The structure of them are so insane. I understand that part. When you have 40 different markets, not just a couple and, you know, theyre all competing and you have to get price data to them. Ashley right. One question i would really like to know, im trying to figure this out, there are a bun of markets out there, bats and stuff like that, i believe nasdaq has to get the pricing of its stocks to trade on those markets i wonder if they have to also get the pricing on the dark pools . The dark pools, when they match buyers do they somehow deal with the nasdaq . Do they tell nasdaq, heres what trading is going on, here is our feed, you know what im saying . If that is the case thats insane. Tracy that is to your point, there are some moving parts. This will happen again. No way it will not. It will keep happening. Computers are great. We all, none of us here can live without being without a computer. When, in the old days the markets were done by human, they broke down every now and then. 87 crash was not a pretty sight at New York Stock Exchange. The back office blew up and it has blown up in the past. That said you dont have stuff like this with humans. That said, if you want computers. They do a lot for us. Unless, this stuff will happen. The way you make it not happen i think, is to make the system a little simpler. There are 40 markets. You know, if you can get your hand around this. Tracy do we need 40 markets . Do we need the amount of information that goes into pricing of a trade. Ashley that needs to be looked at very careful. Very carefully. Ashley charlie, thanks so much. Great stuff. Tracy thanks, charlie. Now to syria. White house officials are set to brief members of congress this evening on the situation out there. This as british Prime Minister David Cameron tries to drum up support for military intervention from u. K. Lawmakers. Rich edson at the white house with the details and the latest. Hey, rich. Hey, guys, the White House Briefing is still on going right now. Were not getting that much information of answers what exact they plan on doing, what the timeline is or whether they plan to go to congress with any type of congressional thorrization if they approve military action. They only will say whether the president decides on the course of action. Tonight at 6 00, Security Administration officials, Administration Firms and think will have a Conference Call with congressional leaders and white house is pushing somewhat for action here and others preaching caution. There is a preponderance of publicly Available Evidence to indicate that the assad regime carried out Chemical Attacks in syria. There is clearly not imminent. He has plenty of time to get congress together to work through the National Security committees, because there are consequences to doing very limited or even, more than a little bit limited, when it comes to syria. The administration will only say it has been of having and will continue to have a series of robust conversations with lawmakers. They also need to make the case to the american people. That is something they will do either today or tomorrow with the release of an intelligence report, the Administration Says, demonstrates the use of chemical weapons by the regime, ad saud regime in syria. Ashley whether the u. S. Is taking the right approach were joined by nile gardiner. Margaret Thatcher Center for freedom. Thanks for joining us. Were doing a lot of talking about the situation but were not taking a lot of action. Is that the right course . Well there is a great deal of discussion what is going on in syria on both side of the atlantic. There is a big debate in the house of commons in london on this very issue. There is a lot of debate in france as well. It has to be said over the past two years, during the course of the civil war in syria there has been a fundamental lack of leadership from president obama and from the u. S. Administration. And president obama is now talking about launching a few airstrikes against some military facilities inside syria. However there is not a great deal of confidence in president obamas strategy on capitol hill. I think he has to convince a very Skeptical Congress with regard to plans for military action. Of course there is a great deal of skepticism in europe as well. It will be difficult i think for president obama to gather together a Large International coalition to use force against syria. Ashley right. Nile, what would an impact be of a limited response to chemical weapons . U. K. Intelligence report says it is likely assad regime used chemical weapons. It is not indeed as assad claims, the work of the rebel forces. But what would the impact be of a limited strike, just to answer the very fact that the syrian leader has used chemical weapons . Is it significant . Could it escalate the situation . Or is it try little too late . Those are all very good questions. Well certainly i think that, that the regime of assad is responsible for these chemical weapons attacks which killed up to 1300 people. This is a barbaric monsterously evil regime. The sooner this regime is out of the way the better frankly. The question is whether or not limited airstrikes or the kind of that president obama are talking about will actually have any real impact. Frankly i doubt that small scale airstrikes are actually going to have a Significant Impact on the direction of the war in syria. They could in fact even backfire by perhaps emboldening assad es regime and stirring up a great deal of animosity towards the United States and some parts of the middle east as well. So there are all sorts of unknowns which could be consequence of this, of this attack. Certainly i think the longterm goal should be, for assads regime to go. The best way for that regime to go is of course through, being removed by the Syrian People themselves. Ashley right. President obama hasnt done enough frankly to support some of the prowestern rebel groups operating in syria. And, one consequence i think of obamas lack of leadership on this has been the rise of islamist organizations affiliated with al qaeda, operating in syria. There is now a threeway civil war in the country but president obama really has been leading from behind. If he is going to launch a series of half harted airstrikes which wont halfhearted airstrikes which wont make any difference of the war on the ground in syria i dont think this is the right strategy to move forward. Ashley were going to continue to follow it closely. Nile gardiner, Heritage Foundation margaret Thatcher Center for freedom. Thanks for joining us. My pleasure, thank you. Tracy breaking news. The so the Treasury Department and irs saying all legal samesex marriages will be recognized for federal tax purposes. Treasury and irs say the ruling applies regardless of law in states, regardless of where the couples are married. So samesex couples can reside in any state, their federal status will stay the same. This is huge for them. Ashley get the benefits. Tracy first of all it applies to for gift and estate tax purposes too. They could leave to the spouse estate taxfree irs, contributions, in addition they can go back, amend their returns and get refunds and go back and file married filing jointly and get money back. Ashley big decision. Tracy that is huge, and great news. Good stuff. Im happy. Coming up, it could be a landmark settlement for the nfl now. The league is agreeing to pay hundreds of millions of dollars to settle thousands of concussion lawsuits. Well have details on that ahead. Ashley stocks pushing higher on better than expected gdp reading last quarter. Flies revision. Rob morgan and leading economist, gus no shea weighing in on what it means for the market and fed taper plans. Lets get a chance how oil is trading hitting 110 bucks a barrel. Down slightly. 109. 68. Well be right back. The boys usedouble miles from their capital one venture card tfly home for the big family reunion. You must be garths father . Hello mother. Mother traveling is easy with the venture card because you can fly any airline anytime. Two words. Double miles this guy can act. Wanna play dodge rock . Oh, you guys and with double miles you can actuay use, you never miss the fun. Beard growing contest and go win whats in your wallet . Tracy lets get a check on those markets again. Lauren simonetti on the floor of the New York Stock Exchange. Lauren, youre watching some losers, huh. I am. That doesnt sound so nice but i am. First one is signet jewelers. They own jared and kay. Down on Earnings Guidance Going Forward. That was weakerthanexpected. The stock is down 4 . Noting weak sales in britain. The other loser is fresh market, the grocery chain. They offered weak guidance and cut their fullyear earnings outlook as a result. Ubs is cutting its rating on fresh market to neutral from buy. Sorry about that. Tracy next time we check the winners. Lauren, see you in 15 minutes. Ashley especially with a lovely smile. Dont feel so bad. Tracy youre a leadser ashley not you, josh. Oil pulling back from a twoyear high, oh, yes, still causing concern for companies who are affected heavily by high gas prices. Jeff flock is in illinois with more, jeff . Obviously, you know they say you got it, a truck bought brought it to you. We, take a look, we are surround much by trucks and freight here outside of chicago. We have the ceo exclusively, doug wagner, of echo global logistics. How big a the past transportation is gdp . 10 of gdp . How many trillions. 1. 3, 1. 4 trillion. Do you do you feel about todays gdp number . Better than we thought . 2 1 2 . Well take that. We would like to see three or four. Echo is growing 21, 22 yearoveryear and were taking our share of the market. Echo has done real well. We have pictures of the downtown office. You coordinate transportation all around the country for your clients. And take a look at other stocks in that space, the logistics stocks, a competitive marketplace right now. Thats right. There are, thousands of Trucking Companies out there, of course there is hundreds of thousands of companies that ship freight and echos uses technology to bring the shippers and carriers together for a seamless transportation service. Trucking companies, well leave you with a Trucking Company board. Trucking Company Stocks have done remarkably well this year, up 50 and 60 over the course of the past year. It has been a great year for them. I understand from talking to doug, there may be shortage of capacity in the trucking market if this economy picks up. Right now they can handle it though because the economy is fairly fragile and weak. Ashley keep on truckin as they say. Jeff flock, thank you so much. Tracy coming up Americas Energy leaders say a push for new taxes will wind up costing jobs across the country. Jack girard is our special guest next. Ashley first look how the u. S. Dollar is moving right now. Oh, yeah, its a plate to safety, isnt it . All the currencies moving lower against the good ol greenback. Well be right back. Nascar is about excitement. But tracking all the action and hearing everything from our marketing partners, the media and millions of fans on sociamedia can be a challenge. Thats why we partnered with hp to build the nenew nascar fan and media engagement center. Hps Technology Helps us turn millions of tweets, posts and stories into realtime Business Insights that help nascar win with our fans. Bounce keeps my clothes fresh for weeks, even when theyve been sitting in the drawer a long time. Like those jeans you cant fit into anymore. Uh. By that, i mean. [ male announcer ] how do you get your bounce . Longlasting freshness. [ male anhelp the gulf when we made recover and learn the gulf, bp from what happened so we could be a better, safer energy company. I can tetell you safety is at the heart of everything we do. Weve added cuttingedge technology, like a new deepwater well cap and a stateoftheart monitoring center, whe experts watch over all drilling activity twentyfourseven. And were sharing what weve learned, so we can all produce energy more safely. Our commitment has never been stronger. Tracy gearing up for another battle over government spending. Of course our nations debt. One possible solution that has been floated, higher taxes on oil companies, specifically these socalled intangible drilling costs like wages and fuel and repairs, things you cant get back. But a recent study finds finds that could have dire consequences for entire economy. We bring in jack girard, president and ceo of the american Petroleum Institute. Jack, like a ton of numbers, i know you found in your study on this, some of the big ones that jumped out at us, 15 to 20 drop in future drilling. Thats right. Tracy 109,000 fewers job in the first year that would have an effect. Those are big numbers and theyre really important. Lets first talk about who equals. This is a deduction. Who qualifies for this deduction . Is it any oil Drilling Company . It is not all of them. But generally those who are in the business of drilling wells. It is called intangible drilling cost or idc. Really as you mentioned earlier, tracy what it covers our cost of wages. The typical things we do to drill for and produce oil and natural gas. The reason it is so important, today that is a deduction. So theyre able to deduct the costs associated with drilling each well. What some have proposed, instead of allowing us to deduct the cost, they would spread that over the life of the well. Which means, instead of getting the money back that we have spent on the first well, so we can drill the second well, the governments going to hold that money. Right. Keep it in their coffers. And then were restricted or makes it impossible for us to drill the second, the third, the fourth well. Because frankly the Governments Holding the money. Doesnt make any sense. Has impact on jobs and candidly over the long term has an adverse impact on revenue to the government. Tracy the accounting dorks, and im one of them, would call that expensing over the life of the well, right . Other industries do do this. Many will argue while the oil and gas industry is getting a little perk, they get it all back instantaneously and to your point, then it is their choice, whether or not they put it back into the company and into development. That is really the big argument here, isnt it . It really is. When we look at what we do with the oil and natural gas industry, the minute we find the product, oil and natural gas we deplete that asset for that particular well. What we need to do is recoup that cost associated with the drilling and immediately invest it in the next well. So we keep the process going. This is one of those areas where weve encouraged those on capitol hill to look closely at the impact on potential changes in tax law. Because, if there, if theyre requiring us to expense that over a longer period of time, what it does is, denies the cash flow ability to continue to invest and drill wells. When we drill wells, we create jobs, we generate revenue, and we make ourselves more Energy Secure as a nation. Tracy so jack clearly that trumps the ability for uncle sam to hold our dollars for few extra days. Where are we . Everything is on the table. Heck the mortgage Interest Deduction is on the table. You name it. Were talking about taking it away. Where do we stand right now in washington on this . Tracy what i think is important in this whole debate, we have a conversation. We get everybody at the table. We need tax reform in the United States because we need it to be more competitive on a global scale. But we also need to make sure it is equitable. We should treat all industry equally. Today, the oil and natural gas industry, pays one of highest effective tax rates in the country. We contribute over 85 million a day, to the federal government. So when we look at these provisions, we need to say to ourselves, where are job creators . Were one of the few bright spots in our economy today. Tracy right. Why would we adversely impact those who are creating jobs and generating revenue. So our counsel is do it smartly and do it in a comprehensive way if were going to do it. I suspect it will be much harder than people say it is and this will take a lot longer than we think it will. Tracy when you say do it smartly you lost me because im not sure what weve done smartly in d. C. A very long time. I dont disagree with you, tracy. Tracy jack girard, thank you, sir. Good to talk to. You too. Ashley the nfl reaching a landmark settlement with former players with a suit over concussionrecommended injuries. After months of mediation, the nfl agreed to pay 756,000 65 million to players. They told the lawyers to do the right thing for the game and the men who played it. There you go, it has been a big contentious issue. Finally a settlement. No doubt these concussions had major impact on peoples lives. Tracy you talked about kids coming up the ranks. Less kids are playing a sport because it is not worth it. It is not worth the end results. Ashley thats right. Coming up next, major averages are on the rise for the second straight day. Top Market Strategist rob morgan and leading economist gus faucher join us next to break it all down. Tracy look at winners. We looked ad losers earlier too. Winners on the s p 500. Ford is up, because theyre making a fusion again. Up 3. 5 . Well be right back. [ male announcer ] imagine this cute blob is metamucil. And this park is the inside of your body. See, the special psyllium fir in metamucil actually gels to trap some carbs to help maintain healthy blood sugar levels. Metamucil. 3 amazing benefits in 1 super fiber. Ashley some breaking news for you, oil closing down 1. 30 at 108. 80 per barrel. Todays laws over 1 snaps two Straight Days of gains. 110 yesterday. Speak out just under minutes until the close. Lauren simonetti on the floor of the exchange. Lauren oil down, like you said. U. S. Airways, 4. 5 gain. A lot of news on u. S. Airways and their potential merger with american today. First of all treating the worlds biggest airline. The department of justice say not to fast, that means higher ticket prices for passengers. First of all, there arguing tomorrow in court of when they should start that trial. The second piece of information, Bankruptcy Court judge is saying he is finding arguments in favor of a confirmation of the merger fairly persuasive before heiouy approves americans exit from. Back to you. Thank you. Ashley are we finally at the point good news for the economy is good news for the market as well . Joining me now, chief investment strategist and Pnc Financial Services Senior economist. Thank you both. Let me ask you from a market perspective, we had this nice upward revision on gdp. Lets bring in the economist first. Gus, gdp goes up nicely in the Second Quarter, good news. F it is the really that strong . There is a lot of really good data. Growth in the first half of 2013 with a little bit 2 . We had a better Second Quarter. That is not great, the Unemployment Rate is coming down but we would like to see growth through and have, 3 to see the labor market going better. That was up about 2. 5 , looking a little stronger. We have an economy growing modestly but it is not fantastic growth. Ashley i am hearing a lot more analysts now, gus, talk about there are some warning signs in their perhaps it is on a downward trajectory. We have u72c prices go up but higher Interest Rates are not helping. What is your thought on the housing industry . It is so important to the industry. Housing will be important this year and next year. I am not terribly concerned. We have seen rates move up on a historical basis, affordability is still very good compared to where it was prior to the housing bubble. And so i think there is still lots of pentup demand out there. We are going to those people move back in the market particularly as credit is more available and as we add jobs. Housing will continue to add to the recovery over the next year or so. Ashley very good. Lets talk about the market, rob. August has been somewhat of a rough month even though a couple of days here, slight gains, adding into september traditionally not a great month for stocks. So what are you expecting as far as the market goes over the next through the end of september, will it be a rough go . u pas you said, ashley, september is historically the worst month. But that doesnt mean every september or this september will be the worst month of the year. Certainly we have had great gains in the market through this year. We will not continue to go up in a Straight Line from here. It would not surprise me, but at the same time i cant tell my clients to sell out of their stock. They are still not expensive, earning estimates continue to go up, gus paint a pretty good backdrop for the economy. Even if the fed after the september meeting says they will taper. When chairman bernanke mentioned this in june, the biggest drop in a year, in july when he testified to congress it was hitting new highs. The market has adjusted the whole paper and talk if we get tapering in september or not. Ashley where are you suggesting they put their money . From a macro standpoint i really continue to like the small cap as i have this year, and as far as sectors go, getting a little more specific we like financials and consumer staples. Those are my two favorite areas. Ashley we have the budget battle looming. How much of a drag has the inaction in washington been on this economy . I dont think it is a drag right now. From the tax increases that took effect at the beginning of the year, spending cuts from thenoio sequester. I dont think the market thinks we will see a Government Shutdown or a default if congress refuses to raise the debt limit. As we get closer to the deadline, they could pay more attention to those but right now the concerns over what is going on in syria. Concerns over what is going on in the fed, the market is not focused on what is going on in terms of fiscal policy. Ashley the serious situation, does this pose a shortterm risk to the market . I am hopeful that is the case, ashley. Unless something unforeseen happens. The way things are lining up right now, i would think this is a shortterm concern. Ashley gentlemen, thank you for joining us. Thank you. Tracy coming up, three Young Americans trying to help thousands of children born with a heart defect. Their company is our Small Business, big ideas today. Jeff bernstein is here next. Ashley checking the treasuries, talking of Interest Rates moving slightly lower. Meanwhile on the 30year, up 6 basis points, yesterday down a couple basis points. We will be right back. [ male announcer ] these days, a Small Business can save by sharing. Like carpools. Polly wants to know if we can pick her up. Yeah, we can make room. Yeah. [ male announcer ]. Office space. Yes, were loving this communal seating. Its great. [ male announcer ] the best thing to share . A data plan. At t mobile share for business. One bucket of data for everyone on the plan, unlimited talk and text on smart phones. Now, everyones in the spirit of sharing. Hey, can i borrow your boat this weekend . No. [ male announcer ] share more. Save more. At t mobile share for business. I am Melissa Francis with your fox business brief. Writing medications in talks with vodafone to pay 130 million to buy a stake in their joint venture, Verizon Wireless. The Treasury Department and the irs announcing all legal samesex marriages will be recognized for federal tax purposes regardless of law and samesex couples may reside. Providing prm6t 92ujp l samesex married couples including gift and estate taxes. Coming up on money, we have an interview with tesla and space x board member, now about 40 billion mini it is more than chrysler. What is the big announcement next week . I will squeeze it out of him. That is the latest from fox business giving you the power to prosper. Tracy in todays Small Business, big ideas, an artificial heart valves specifically designed for kids. It is expected to be on the market by the end of the year. Doug bernstein has been involved in the process since the beginning. He is the ceo. Thank you for being with us. I love in your notes it doesnt matter we all have foofoo titles, we all clean the toilets now and again because you are on a shoestring budget, arent you question marks . Yes. Tracy youb3÷ are an engineer. How did this come to fruition for you guys . I was born with a congenital heart abnormality. During my time i became involved in this project that was started by pediatric surgeon who had developed what he used as part of a surgical procedure that was already saving kids lives but it couldnt be used outside of pittsburgh because it wasnt fda approved, so we realize the opportunity, we realized we had to get this out to people who needed it and that is when we started pushing and we made the2 start up, we have been doing it ever since. Tracy you are all in your 20s still coming out with this lifesaving device. Do you have it with you . Right here. This is one of our sizes. That is what it is. This is connecting between the heart and the longs for people who need that connection replaced. Definitely providing an lifesaving connection for them. Tracy you guys just got a change from a little angel investor, 250,000 from Innovation Works they committed money to you. How much are you looking for . By the time we get through fda approval we will be looking at about 2 million total. Tracy how is that it takes 70 million typically to bring xc how come you are doing this on 2 million . Three main aspects make it work for us. We have ayy  lien, agile busi. Three people putting in every waking hour to make this work so the tasks better suited for larger company, we outsource them for instance. All of the manufacturing is being done. One of the Major Players in the facilities where they produce their class three devices dont have to incur the cost. Were utilizing recent changes at the military and program which provides excavated migratory pathway to approval for pediatric devices while still allowing them to be profitable. Third, we are not inventing devices from scratch. We are translating devices. Because of the nature working with rare pediatric diseases, are usually arrnt sufficient Devices Available to treat these patients. Theyre having to innovate in the clinic. Bringing it out to the market. Tracy kits will be very grateful for the fact you guys with no mortgage a working aroundtheclock to bring this to them. Ashley very impressive young man. Lifesaving work as well. I÷bb a quarter until the hour, lets go down to the New York Stock Exchange. It is interesting. We still have syria hanging out there as what is going to happen next but we had decent Economic Data to go along with it so the market again moving positive today. We are in the second day of this, entering a time preholiday were the market tends to do quite well the day before and the day after the market is up on average 35 basis points. That is certainly some good news. Were still going to close down for the month of august almost two and. 5 . Equities eight out of 10 months, but august being a down month heading into a historical bearish month of september. Now we have rising Interest Rates and oil prices and the threat of potential geopolitical risk ramping up the strike in syria, so a lot to worry about with people heading into september. It is nice to see a couple of days in the green for the u. S. Stock. Ashley it is indeed. Thank you for joining us. I pleasure. Ashley as food workers want their paycheck to double. Why not, right . The latest on the nationwide protest next. Tracy first, a look at the winners and losers on the nasdaq. No surprise vodafone on top with news verizon is going to take them over. 7. 79 increase on vodafone. We will be right back. [ cows moo ] [ sizzling ] more rain. [ thunder rumbles ] [ male announcer ] when the world moves. Futures move first. Learn futures from experienced pros with dedicated chats and daily live webinars. And trade with papermoney to testdrive the market. All on thinkorswim. From td ameritrade. All on thinkorswim. Nascar is about excitement. But tracking all the action and hearing everything from our marketing partners, the media and millions of fans on social media can be a challenge. Thats why we partnered with hp to build the new nascar fan and media engagement center. Hps Technology Helps us turn millions of tweets, posts and stories into realtime Business Insights that help nascar win with our fans. Tracy we have some breaking news for you. A spokesman for House Speaker john boehner says the president called the speaker this afternoon on the status of his deliberations over syria. President and House Speaker talking on the phone over syria. The House Speaker came out earlier saying congress has to make decisions to move forward. Minor details. Ashley you may not be able to get your fast food fix it today as nationwide strike by fast food workers hit the country. It is all about wages. Elizabeth macdonald has the bottom line. Liz basically it was midtown. New york was a big launch for this protest that we counted 24 cities, other Media Outlets say 50 cities. Whatever it is, this movement is getting bigger. Mcdonalds, taco bell, now we [mcqwupico burger king, possibly dunkin donuts. It could spread through till n. They want 15 per hour. They want to be able to be unionized meaning collectivebargaining. If they do go unionizing, the dues are getting taken out of their already low pay to go toward the worker unions. cocg7n ini commoionrv a franchise operation, mom and pops run these. They have had the franchisees have to turn their profit around to the parent. Their jobs could be hurt if the pain does go up. We have seen that before. They could be replaced by ipads, kiosks. We already see that happening Grocery Stores where you, the customer, bag yourself. So i mean both sides are coming down heavily on this. As we have been reporting, this cash sales surged 82 . What are they doing down there . Robbing banks, apparently. They all round out the biggest jumps nationwide. Imagine. Ashley coming up, we will have much more into the report of what was wrong and caused the three hour nasdaq trading freeze. We will have a full report and the rest of the days Market Reaction with cheryl casone. That is all straight ahead. You know throughout history, folks have suffered from frequent heartburn. Butetting heartburn and then treating day after day is a thing of the past. Block the acid with prilosec otc, and dont get heartburn iin the first place. [ male announcer ] one pill each morning 24 hours. Zero heartburn. Cheryl hello, everyone. I am cheryl casone. It is the last hour of trading. The nasdaq blaming itself and the New York Stock Exchange. The nasdaq saying it did not have an adequate backup system. Charlie gasparino spoke with bob greifeld just a short time ago. Investors seem to be