Transcripts For FBC Markets Now 20131107

Markets, the ecb cut rates unexpectedly. The u. S. Dollar has been very strong this morning. Euro has been tanking. We continue watch other names on wall street. Other names are on the move. But the big picture herr the banking index right now is slightly higher. Seeing stock market pulling back to a certain extent. Were watching other names. A lot of retailers here. A watching jcpenney on the move. Retail focus, last 10 minutes are about twitter. In the crowd there. Now we refocus on a lot of our story stocks weve been watching as well this morning. Thank you, nicole. Nicole petallides at New York Stock Exchange. On a busy day. Fox business network, Senior Correspondent Charlie Gasparino is here with us in the studio. Bringing us inside the twitter deal. What do you know, charlie . Kind of interesting, kind of what we were talking about yesterday, underwriters, Morgan Stanley, Goldman Sachs, jpmorgan, saying if they can sell to their best customers at 40, right . They had a lot of orders at 40, right, this would be a good deal. It would not shoot through the roof. It would not be a 80 open price. Why is that important . You dont want retail, small investors in, at market order, buy me at the market at 80 because then it could go straight down. Customers goldman, a Morgan Stanley, flipped it back to us to stabilize the price. That is why it was delayed 45 minutes. They said it would go out at 1015. They had to delay to make sure the price came down it was a little character intuitive the you dont want something that is so realistic and unrealistic with the opening at 80 or 60 you wanted where they had it at 45 the underwriters like dash 40. So now here is the of question. The flippers are probably out the back the stocks they sold the stock no detail comes where do they pushed the stock . Nobody knows where. Dagen the allocation was less than 0. 1 of retail. That is interesting if it is less and then do they buy they dont want people selling into the ipo. If the sellers are out, remember, wall street builds in the cellars. It sounds to intuitive but twitter doesnt want there first day to trade at 80 a share. Dagen they left all the money on the table. Then they lose money if they trade at 80 with a market cap of a Million Dollars it is the moneylosing operation then with the retail. Dagen and then if you are at the bank your Company Leaves many of the table. Of Morgan Stanley that is the retail firm we mean small investors with a broker, and they screw their investors. They dont want that either. They opened at right about the right place. Retail is now in and we will see how many flippers are left. If they are out because of the small amounts of there is no telling how high this could go. Like to predict these things you have jpmorgan, Morgan Stanley but it will be fun to watch. Connell we were talking from Court Trading to get a perspective in charlie can add to that. Chris . What dooyou think so far how it has been managed . I think he has been right on point. The main difference with New York Stock Exchange you have a floor system of Mike Facebook over communication of information going to the floor and that was helpful to get a right to really get the price right in the marketplace. Dagen what about the long run prospects for this company . Still small in size compared to facebook with zero earnings and it is not a clear road ahead by any stretch of the imagination. Twitter is coming to the market they are not profitable right now for a number of years but the retail demand is just huge up the tweet that surged in price they thought they were buying twitter to step in to change the symbol. It is clear there is huge retail potential for the stock. The price is not showing that right now. Dagen north of 40 million shares. There you go it isnt trading through the offering. Our chief statistician points out at 49 twitter would have a market cap of 26. 7 billion there 25 cap right now facebook has a market cap over what he did billion. This is a much smaller offering this is something that they bet over the next tenures. To just say this is scary to buy into. Every mutual fund wants to hold the piece of twitter just to say they have it but if you buy into this who knows . The last thing you want to do is buy it at 49 but that is where the underwriters would love to see this. The market comes tomorrow faugh and remember this is about headlines than perception. Everything else will be down do you agree with that as a general point what charlie articulates . Absolutely. The important piece about twitter is a highprofile ipo. To bring into the market smoothly the market is fraught with a comedy of errors and technical glitches. So to have this process paves the way for other companies that are looking to go public in to call fiers if the market is broken. It is important but but to be prudent about their Investment Decision know what they are going into a clearly it is a longterm play. They have the guys on the floor but i dont think they are happy but you know, the market order . Dagen i want to own this stock by it at whatever price you can find a seller to. When the s p goes up we dont think therell be an end to the tapering but there are safer ways to put your money. I and just putting it out there. Connell what ever it is that . Goldman Sachs Jpmorgan and Morgan Stanley spent a lot of time thinking about the price. Twitter did not get greedy. Dagen if you buy it and own it you can take a breath and wait a day instead of having a market order at the open. Which you may not know what four months. Bet t. Rowe price are the people that god did have 40 inflicted back at 45. Dagen it is and gambling it is investing. [laughter] my dad was a degenerate gambler i never gambled. Connell there you go. Lesson learned. Dagen stay close with every here we will be your. Connell now going out west they have woken up on a the west coast. Dagen they are popping champagne robert gray is out there in these inferences go area. They were a lively and excited crowd. It was before the sun rise atwitter headquarters across the street and the employees filing and wearing tshirts or hoodies like the other social Media Company that has the blue logo of their airmen to what you have to imagine is the party supply after the first trade was completed in most not open to talking to us but one woman did share her thoughts and said simply it will be a good work day and i am sure it will be. The builders say and the ceo isnt he is the largest shareholder 56. 9 million shares at 26 of shares he earned one for 5 billion he will make catholic and at as much at the moment. Another cofounder and another former ceo of 23. 5 million shares as worth 610 million and the current ceo 200 million so you have to adjust these up a lot higher but a lot of joy behind us as people are on the twitter real road. Dagen that is laid. [laughter] data give a shot out half to give a shout out. Connell so now with the twitter founders and cofounders they all hate each other they can individually be happy today. Dagen we continue to watch twitter of its firstever trading at the New York Stock Exchange uptotheminute developments as the stock keeps moving. Connell we have things to talk about. Our friend from the law street journal is here with the latest of the fallout of obamacare that actually played out last night on the cma. So i can reach ally ba 24 7, but there are no branches . 24 7. Im sorry, im just really reluctant to try new things. Really . Whats wrong with trying newhings . Look mommys new vacuum cat screech you feel that in your muscles . I do. Drink water. Its a long story. Well, not having branches lets us give you great rates and service. Id like that. A new way to bank. A better way to save. Ally bank. Your mey needs an ally. Pop in the drum of any machine. To wash any size load. It dissolves in any temperature, even cold. Tideod pop in. Stand out. Dagen and twitters starts trading today will acquire the shares are at 45 issue was priced at 26 a share closed at 50 a share at one time but right now is back at where it opens. Chart long dash Charlie Gasparino was showing the retail demand less than onefifth or parts of the float watched them twostep bid and zero or maybe they take a breath and wait. Connell we will checkin talking about twitter but obamacare was trending during the Country Music awards last night. Obamacare no car by morning. [laughter] [cheers and applause] im going to wind up with hemorrhoids and set your intel dawn. Well have cataracts ian dementia its getting on my last nerve. Delco obamacare by morning knowhow. Dagen it was funny but it is very real people were laughing bet big picture nothing to laugh about spee that cannot give your name is barack obama the word obamacare is a word of derision and mockery it is getting to be a big political crisis for the president. George w. Bush used to make a verbal calfs that would get on jews saturday night live but this is much bigger than that. It resembles what happened to Richard Nixon with watergate where you have these stories but the constant stories about a Major Political issue just like a tree with george to the bush has suggested rate a incompetence of the part of the federal government and the president being responsible. Those issues are not artificial is a substantial political problem. Connell with he had the meeting yesterday with the 60 Democratic Senators lets delay this said the president said no. But that is his own party so that is a little different than political opponents. Leptos service this gets to what is really becoming a part of the political problem. The website feeling about all that callaway at the time soon. There is the enormous software challenge but the cancellation of these insurance policies. Everyone remembers he said if you like your Insurance Plan you can keep it. If you like your doctor you can keep your doctor. Both of those are turning out to be false. For a lot of people and the president s preachy a word is a breach of trust and a breach of judgment. Dagen just related to individual market with the big in employer sponsored plans the administration acts as if they will not be impacted but as tte world of Health Insurance changes they will change their policies as well. Bigger picture you will see dramatic changes to the way we all get insurance. Also what they are afraid that the dam will break if the larger employers decide to end programs to put people into the exchanges know nobody will do that if there is no exchange. The states of delaware signed up for five people but if people are pushed into them and start losing their choice of doctor, i think that is the heart of the crisis what most average people think of my family doctor. Theyve learned to trust them if that is taken away then this administrations presidency will begin enormous trouble. Connell then the question is will this work eventually . The president goes to dallas yesterday this will be worth it in the long term they could only argue that with so many problems that people say this will never work. It is my opinion it will never work. I know people in the big data business they have undertaken one of the Biggest Software programs imaginable with hhs, defense department, the insurance companys individual programs all talk to each other . That was the enormous undertaking now what did they know and when did they know it about the fact this would not work . What we are learning is that most of the people working on it did understand it was impossible to go on line october 1st but the white house insisted. Dagen but with the conspiracy theorist but it was designed to fail to get to single payer . A think they have discredited that quite well. Then after going this why would they throw them self on the mercy of the government for all coverage . I dont see the logic. Connell i did realize that you are on twitter. I did not know that. Follow him. I follow you guys every day. [laughter] connell a monster storm is about to take over the philippines we have the latest from the fox business weather center. Dagen the chief of police next job could be on wall street. [ bell ringing, applause ] five tech stocks with more than a 10 . Change in aftermarket trading. All the tech stocks with a market cap. Of at least 50 billion. Are up on the day. 1lowvolume stos. Breaking into 52week highs. Six upcoming earnings plays. That recently gapped up. [ male announcer ] now the world is your trading floor. Get rltime market scanning wherever you are with the mobe trad app. From td ameritrade. Help the gulf when we made recover and learnd the gulf, bp had two big goals so we could be a better, safer energy company. I can tell 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 waand were sharingling actiwhat weve learned,ven. So we can all produce energy more safely. Our commitment has never been stronger. And this park t inside of your body. See, the special psyllium fir in metamucil actuly gels to trap some carbs to help maintain healthy blood sugar levels. Metamucil. 3 amazing benefits in 1 super fiber. Connell breaking news today twitter started trading after the first 30 minutes 57 million shares changed the lives with 45 stock price. Said it is up 70 with the fear that it would go up too much we are Holding Steady with the intraday shows you after the peak is up around 50. Dagen and air transportation has been grounded as they are bracing for a super typhoon. Connell our fox meteorologist is standing by we are tracking a super typhoon headed for the philippines considered the strongest storm we have seen over the entire world during 2013 headed to parts of the philippines maximum sustained winds at 190 Miles Per Hour looking at some gas as high as 230. That is what we are forecasting across sections of the philippines lowenthal is forecasted it to thursday into tomorrow the specifically across the central portion although the center of the storm will stay south of manila but there will be bette people in the path and millions of people. Weakening the forecast would it makes would fall is now considered category five but it is a significant storm system. There have been other storms of this maximum sustained winds like hurricane will last at 185 Miles Per Hour storms have reached this intensity also hurricane you treated and hurricane you drew the we also know of that have occurred category five straight at some point but storm surge the hell we are expecting immokalees some areas could pick up over a foot of rain so well keep our thoughts and prayers with the people of the philippines. Dagen your citys top cop could end up working on wall street. Connell motor Trend Analysis of carr of the year the markets continue a big day for twitter. There they are. J. C. Penney is up and we will be right back. Sometimes they just drop in. Always obvious cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. Connell following the first day of trading for twitter 45 is the price over the last how many minutes with a 64 million shares up by a 75 updates throughout the day we obviously see how high it will go as the day continues. Dagen other stocks after the bell we have the latest from the ball. Of course it is earnings season not like twittered the look at the major market averages. Right now Dow Jones Industrial average is down 60 points onethird of 1 but the nasdaq is getting beaten down 1. 3 on the s p also to the downside. Thh big picture has the retailers on the move like American Eagle and j. C. Penney but look at price line and the groupon. These are ones to watch. Groupon is down 5 emprise line is down 2. 6 both reporting after the closing bell. Taking a trip witters year to date watching this that 65 percent and groupon rolled out a new web site so we will be watching those with the latest quarter. Connell the economy did grow at its fastest pace gdp comes in at 2. 8 the growth rate at an annual rate with the initial jobless clips are also falling for the fourth straight week still above end of this summers levels and what was a surprise move that European Central bank cut Interest Rates so with the reaction to all that all things that are not twitter we have our chief investment strategist bill stone. With this Economic Data today we work our way through a period where greasy shut down the ways of professionals talk about you dont know which numbers to believe. What did you learn this morning . The initial jobless claims tuesday as were going on with the shutdown in problems with the California Computer system. It looks that might have worked its way through with the down trend hopefully to even through the summer but the four week moving average we use that because even on its own it is of a title so that is some good news in terms of the labor market moving in the right direction. Added terms of gdp the headline was unfortunately better than the underlying sova get the headlines point 8 was provided by a buildup of inventory you are likely to get some of that back so think of it as the underlying growth in line with what people were expecting but that is the way to think about it. Connell talk about Interest Rates here if we are keeping them too low for too long been the europeans cut rates which was a surprise to some but what did he think of their move . We expected them to do something this week or to the end of the year. Honestly it was hard to know. But this move was largely more symbolic than it actually accomplishes but for the ec to send a signal they build there is worries of the recovery is fragile because there friday until system remains more fragile they and others with the leveraging and it sends the right signal be will be taking more action to the end of the year. Connell this is have been over the last week we have heard the word bubble in people say is there a bubble . David stockman was it here he has strong views the address talking about the next big bubble even this morning with twitter. Ru worried about the irrational exuberance or the bubbles . Eventually lower Interest Rates make you worry about some of that so long term but shortterm may be specific little ones may be twitter but at the end of the day the valuations on stocks it doesnt rise to the bubble level david while a bond is expensive relative it is not like the bubbles with the kit is a little premature to talk about that yet. I would like a little more irrational exuberance. [laughter] i am hoping for it to. Dagen and jamie died in one sam sat sources tell the New York Post the financial giant is lucky to higher new York City Police commissioner ray kelly for the top security post overseeing the cybersecurity no secret the newly elected mayor will plan to replace and the january but the citys loss is kellys gained one of the most decorated cops his revolutionized pose security city is no stranger to the financial scene having Battery Energy director at bear stearns which is now part of. Connell they could make some money there. Watching twitter today on the first day of trading there is more of that coming up on. Cadillac. We will talk to motor trend the design chief for generall3 motors coming up and i have a special question. Get will be awkward. Stay tuned. Connell now i dont like that surprise. [laughter] europeans cutting rates something we have not seen in a couple of years and sandra smith has more from the chicago mercantile exchange. Keep it here. You really le, what would you do . [ woman ] id be a writer. [ man ] id be a baker. [ woman ] i wanna be a pie maker. [ man ] i wanna be a pilot. [ woman ] id be an architect. What if i told you someone could pay you andhat if that person were you . When you think about it, nt that what retirement should be, paying ourselves to do what we love . Tralign. Its t number one ge recommended probiotic that helps maintain digestive balance. Stay in the groove with align. Reported combined Third Quarter earnings of 40 million. They will return cash to taxpayers making inhouse a dividend paid in fannie mae will pay 8. 6 million to the treasury. Toll brothers will buy the business of show industries fell 1. 6 million cash. To the portfolio has one of the 52 homes in affluent areas like of loss in angeles in Orange County according to the airlines of america of 1. 5 increase over last Year Airlines are adding sees to meet the demand. That is the latest from Fox Business Network and giving you the power to prosper. Dagen twitter started trading today. There you goo 45. 11 is the share price now below where it opened. It was twice priced at 26 a share and here is a photo taken from the floor of the New York Stock Exchange you can see the of very interested parties who are all very wealthy today looking up to the camera. Connell as far as Business News pictures go that is a good one. Of little bit of a surprise cut dean the key lending rates and the hero has been plunging on the news. Dagen citrus myth is in the pit at the chicago mercantile exchange. At move affects everything in trading at the treasury yield also through the orioles starting off with the euro plunging against the u. S. Dollar with two month lows in the trading session with the job of the road against the dollar the biggest one day drop date back through december 2011. It was a surprise move with the ongoing concern of the ecb of the health of the european economy. Stock market averages while have been lower mostly today we are watching the vix index watching a spike back at 13. Three. We had been lower in the futures artifacts as i hear that back we are watching the short end of the yield curve of a fiveyear treasury notes, 1. 3 percent the lowest since june. Keep in mind so with the flight to safety with the yields drop at the five and the 10 and 30 year into the Government Bond market. Back to you. Dagen motor trend car of the year is the 2014 cadillac cts sedan and the opening executive along with motor trend editor in chief. Ed, what does this cadillac have going for us . It is an amazing designed peace is gorgeously designed with a strong engineering it is 5 inches longer than the previous generation by leiter by a to madrid pounds great fuel economy and a great vehicle as well. Dagen i think that your new corvette was also in the running for this award. Leo go out on a limb to say you like a cadillac better than the corvette . [laughter] i love them all. This is a very special project. I am proud of everyone involved. Dagen this particular Cadillac Sedan is a bit more expensive of the last generation. That has to be intentional. Do you find you need a more luxury price to have the luxury buyer . It surprised us how the vehicle is equipped. It is priced very competitively with the other leading luxury vehicles it is a bit lower than they are but of our customers wanted of refinement in the interior, authentic would a and swayed a and leather. So i think this vehicle gives them what they are looking for. Dagen i was up against the corvette or bmw or Mercedes Benz just to pick off a few what were they missing that the cadillac has . The way we structured the award we do not compare them head to head over criteria of designing and engineering. It had the whole package. The top finishers were the of mercedesbenz in the corvette that make strong compelling cases with design , technology, efficien cy, and also getting 29 miles per gallon on the highway but the one that had all this year was the cadillac. Dagen how is the car selling so far . Has not been in showrooms for very long. It is just now being delivered to the show room. Cadillac sales are up 25 this year which is very exciting news. This is part of the whole product renaissance so i feel very good about the future of the brand. Dagen do you still occupy harveys office that the Design Center . Yes i do. Is a very special place. Dagen it was designed by the same person toodecide the st. Louis arch i and totally obsessed with the office and the Design Center you are welcome to come by and visit any time and i will take you on a tour of most of the building. [laughter] there are some places you can go but it is a treasure in three would preserve that dagen i am totally serious i am completely assessed without office and of that history with hardly a and General Motors so i will show up one day but i will be there. Great to see you both. Congratulations. General motors and cadillac. Take care. Connell wonder if he would say no. Dagen i was going to be real Public Relations i dont take no. Connell you think using humans to battle cancer . And dr. Marc siegel is year to do talk about vaccines to ba [ male announcer ] once, there was a man who found a magic seashell. It told him what was happening on the tradg floor in real time. The shell brought him great fame. But then, one day, he noticed hat everybody could have a magic seashell. [ indistinct talking ] [ male annouer ] right there in their Trading Platform. [ indistinct talkingontinues ] [ male announcer ] so the magic shell we back to being a. Shell. Get live squas right in your Trading Platform with think or swim from td ameritrade. Connell and our own bodies may hold the key to treating cancer studying use seeing human immune cells to battle the sees. Dagen dr. Siegel joins us more. There is promising news today a new vaccine that shows signs of keeping various forms of cancer in check the vaccine lets your body do the work for the First Time Ever your own immune system is exposed to the entire tumor triggering a powerful new response it is proving be sold to all cancers that has been under fda trials for several years and is currently in the third and final phase in hospitals across the u. S. And overseas forebrain and Prostate Cancer doctors believe this could alter our current methods to treat the answer a way to do it without using poison or radiation. This could be a game changer it is possible to be incorporated with cancer therapy. If approved it could have other benefits it is expected to be better price than previous and you treatments about 100,000 and trials have shown almost no side effects of the patient. Did not hurt be did not poison me it did not irradiate be the wave radiation does. One patient with brain cancer is completely symptom free if results from phase one and phase two were impressive legal forms have been remained cancer free for years now they are expecting the final phase from the end of the year it is not a cure but it is a step in that direction according to one doctor it takes it from ed death sentence to a chronic disease that is manageable. Connell that is interesting we dont know if insurance will cover this 100,000 over three years is probably 10 times cheaper it is more comprehensive. Dagen back to twitter it could always be worse. [laughter] we follow the stock we will give you the inside dirt we are live at the New York Stock Exchange and at the twitter headquarters. Connell Charlie Gasparino had some good stuff now you have Small Business facing a big dilemma, the two obamacare. Coming up speaking with one Small Business owner from texas on markets now. Sometimes they just drop in. Always obvious. Cme group can help you navigate risks and capture opportunities. We enable you to reachop in. Global markets. Cme group orward with how the rld advances. Pop in the drum of any machine. To wash any size load. It dissolves in any temperature, even cold. Tideod pop in. Stand out. I think we got it exactly right. Companies have become investors happy, we just got confirmation every participant has the reports. Now if we can just trade normally the rest of the day. Adam twitter takes flight. Breathing a sigh of relief when he spoke to Nicole Petallides earlier. I am Dennis Kneale with Cheryl Casone to take it to the next hour of markets now. So how high will this dirty fly . Going off without a hitch. Stock almost double from where it started today. We have you covered from the floor of the nyse. And crisis in the democratic party. Senators up for reelection in 2014 putting the pressure on the president to fix obamacare now while millions of americans are getting dropped off their health care plans. The number of uninsured is falling. Tweet me your thoughts. This and more on next hour of markets now. Well, the facebook flop, forget about it. Twitter soaring. Cheryl it worked. Everything went according to plan at the New York Stock Exchange. How does bob gra feel this morn . Twitter making his big debut this morning. Nicole petallides on the floor, and robert gray standing by outside of twitters headquarters in San Francisco. First to you, a good morning, certainly. Nicole it really was. When i asked him about how this ipo, it is like all of the other go. Basically very smoothly, perfectly. They are in this outcome of the test everything and one of the moments at 10 52 and notable amount of record trades in that one second, so that handle that, they made it through, got the communication through. Saw the stock up nearly 100 , so that was an exciting moment. Huge crowds they had to handle, but i dont know if it was good news or bad news, but it might have been katy perry or Justin Bieber might be showing up. That did not happen. I dont know if we would have been able to handle those crowds. An exciting day on wall street. 45. 75, a gain of 46 for twitter. Robert gray on this story. Robert absolutely. We are outside of twitter headquarters in San Francisco. You can see that little blue birdie behind me. Predawn this morning. The chairs outside. Certainly all of them wearing their tshirt and hoodies and all of them are quite happy. A good workday, they would not elaborate any more than that. Some guys were pretty happy right now have to be the cofounders and chief executive officer evan williams, one of the former ceos and cofounder worth 1. 5 billion at the open. 26 per share. So he is doing quite well now. Jack dorsey another ceo, one of the other cofounders up 20 as well. Current chief executive officer doing pretty well himself. Not doing too poorly after the big pop at the open. Certainly holding onto some of those gains right now. Definitely a lot going on behind us. Appeared to be some sort of a large party set up here around the open time. Nobody going in or out of the building around the time the stock began trading so everybody must have been waiting to see what was going to happen at the open. Certainly the three gentlemen we showed you cant be too disappointed with the results at the moment. Dennis theyre going to party like it is 1999. Stick around for more. Bring in the devils advocatt group, cofounder and gfi Group Director of trading. John, lets start with you. Technically, do you like how the trading is going this morning . In the stock opened at 26 but now up 20, does it mean it should have been priced higher at the open . No comment with a great job by Goldman Sachs. They got the pop, it wasnt a debacle. We had no problems this morning getting those back. Went up to 50, came back down and retested 45. 10. Went down a little bit below that, not too much, about 1, 0. 75 below, now were back above the initial 45. 10 praise. I think it is trading very well right now, puts us in between the market cap of linkedin and yahoo. Given the fact they have 250 million customers, facebook has 1 billion customers, the revenue we really arent given that good of an idea until we see earnings reports so we will be around this level for a little bit of time until we see some reports. You have 10 million shares on the side. We have some time here. Dennis lets go to paul did you spend a lot of your time as a writer and consultant criminalizing companies that fail. What do you think of twitter . Will it be the next myspace . Or do we truly have a platform for the future . Speak out weve got a platform for the future. The whole sectors a little bit more matured so it is interesting to see how things will play out and make the mistakes myspace made. Twittetwitter is one of the thrl pillars of social. You have facebook for pictures, linked in for business connections, twitter for news and ideas and maybe as a scrapbook. This is a winner. It wont necessarily be a disguised situation with the stock, these stocks tend to be volatile. You may be safer if you buy Something Like a motif or motif investing. Just because it is safer than twitter, but twitter is the winner. Cheryl Nicole Petallides with the numbers behind the launch of twitter. 7 million orders, this thing took off and debuted at 45. 10. Now the question is where do we close, nicole, and many are wondering if the momentum can stay throughout the day and if there is any flipping in the stock. Nicole the idea was you knew twitter was running up in the morning. They had a huge order at 40. I watched it move higher. It opened at 45. 10. It was up at 50. 09 per share, outpacing facebook today be had it dropped down to 44 but now back above the 45 mark, well above 26. The analyst across the board had by ratings outperform. We got in a sell rating, which is interesting. So we watch that. They are turning in saying it is time to sell now. In the meantime so many folks to talk about sales and Going Forward with the revenue due in. Will this be a longterm play or are you trying to flip it . Cheryl google was a success but the difference between that ipo and now is google ge a major bre like amazon was able to do. Many people still have a stink on the ipo because of what happened with facebook in particular to the tech bubble that burst. There is a reticent on some. It is just like facebook, they are sitting it out. Not advising any of the clients under management, theyre going to take a wait and see. Eventually bought facebook for their lients but waited to see what happened and that seems to be a pretty prudent move given the debacle of the initial public offering. Seems to be a little bit of a distaste out there among investors burned in the dotcom bubble who may have been burned a year ago. You are seeing a little bit of ray ferber here. A little bit of what we saw in years past. Dennis so we are seeing reports that there was demand for 34 times as many shares as twitter was selling on the open here. At the same time individual investors were getting a hold of only 20 of all of the shares put up for sale. You guys are gobbling up most of the activity. Is there a need for some sort of new mechanism to instead say 80 of individual investors get access to the shares instead of those institutional guys . I think obviously again going back to Goldman Sachs, they did a good job to keep flippers out of the initial public offerings. We saw some big long only accounts have these shares as well as those who were initially into twitter before the ipo. Right now the risk of a big selloff is probably a little bit nail because we have such a thin float and so many people recognize the name, had orders in. The fact we continue to trade above 0. 45 so even if you did not get it this morning, there was a slight window to get it below 45. 10. But we will stay around this level. Going forward, google tried to do a different ipo concept when they went, more of an auction method, getting their users involved. Google left a lot of money on the table. Cheryl we are looking at a 10year chart, where it came 10 years later but almost the same time we had a guest on after the bell last night, he said analyst have blown the sting out of proportion. Calling for this stock to take in the next year to two years. No way putting a 20 billion valuation on twitter are not smoking something when the Investment Bankers are the only ones who will benefit to that. Would you say to the investor guy . One of the things we have to remember. I am not sure you want to touch it at the moment. If you look at facebook, for instance, these stocks tend to have a lot of excitement and crest and drop and you have better opportunity down the line. But people who look just at the numbers are taking too shortsighted views. Twitter is pouring money into building a platform and if they got this right, theyre going to be in a situation where they dont have to pay highpriced talent to moderate the discussion. They will have everybody there is they dont need people like dennis and me or you guys, they will get the whole conversation going and it is a great conversation and they dont have the pay anything. They can mint money. Dennis i hate that idea so were going to wrap it there. Thank you very much. Cheryl i like the idea of you and paul there at the wall street journal. Dennis we did a 30th Birthday Party five years in a row. Cheryl spoofing healt health cn the Country Music awards last night. Why is it spinning . It does that. Whh is it smoking . Maybe we can restart it. Dennis they wanted hollywood stars to talk about obamacare, and now they have. Cheryl quite the laugh they got last night. Some Senate Democrats are not laughing though be at dennis what is bugging me today quick mark states like oregon and washington doing better then the white house. Is the best fit for obamacare something to expand state run Medicaid Program . Tweet us. Lets look at energy prices. [ male announcer ] need help keeping your digestive balance in sync . Try align. Its the number one ge recommended probiotic that helps maintain digeste balance. Stn the groove wh aln. Cheryl dow down 18, bit of a different story than what we hhd when the market actually opened today. The ecb cutting Interest Rates. We are dealing with negative gdp coming out over there. Things pulled back worse, now a sluggish economy. Here is your doll right now. Walt disney the one stock dragging it down a little more than six points on the dow, i want to show you really quick accomplished sectors moving. Every index in the red but if you look at the different sectors moving i kind of wanted to focus just on financials. A big day for a lot of the banks with this twitter ipo. Some names like Goldman Sachs involved with the twitter ipo and there you go, the stock is down. A big day for the banks and of course a big day for investors, dennis. The europe news is not helping us out right now. Dennis thank you very much, cheryl. Whats bugging me. Obamacare. Again with this. A rea reallife, realtime case study of all that can go wrong when government decides it knows best how to run a business. President obama in texas yesterday squirming like a skittish usedcar salesman as he defended his landmark law he told a crowd arkansas has reduced its uninsured ranks by 14 this month and oregon by 10 . But not because of obamacare. Because arkansas and oregon expanded their medicaid coverage for the poor. There lies a solution. Instead of remaking coverage for all, why not expand medicaid for the 16 million poor people who want coverage, cant afford it but dont already qualify for government help. Obamacare aims to cover the uninsured vehicle cause the loss of insurance for 100 million other people who already had it because obamacare sets a new government mandated minimum standard. All insurance must have pregnancy Coverage Even if you are 60 years old, and the health Coverage Even if you dont feel like subsidizing woody allens psychotherapy. Plans that dont meet the standard are outlawed. Calling them junk. Translation, government knows best. Is the best fix for obamacare state run Medicaid Programs . I think i have a fix here, cheryl. Nicole if you look at the rollout and the disaster of it, should have expanded across the country and forget obamacare. Dennis what she said. Cheryl where going to stick with the issue of health care. Midterm elections around the corner and Democratic Senators given the president an earful over the botched rollout. Dennis as twitter takes flight, so did the founders incorporated accounts. We will be following how much jack dorsey and company are making as twitter hits the streets. Heres how the currencies are faring against the u. S. Dollar. You really love, what would you do . Woman id be ariter. [ man ] d be a baker. [ woman ] i wanna be a pie maker. [ man ] i wanna be a pilot. [ woman ] id be an architect. Hat if i told you someone could pay you and what if that rson were you . When you think about it, nt that what retirement should be, paying ourselves to do what we love . Help the gulf when we madrecover and learntod the gulf, bp had two big goals so we could be a better, safer energy company. I can tell you afety is at the heart of everything we do. Weve added cuttingedge technology, like a new deepwater well cap and a steoftheart monitoring center,he 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. Tdd 800345255050 life inspires yo trading. D 18003452550 where hers see fads. Tdd 18003452550. You see opportunities. Tdd 18003452550 at schwab, were here to help tdd 18003452550 turn inspiration io action. Tdd 180052550 weave intuitive platforms tdd 18003452550 to help you discover whats trendi. Td 18003452550 and seasoned rket experts to help sharpen your instincts. Tdd 103452550 so you can take charge tdd 18003452550 of your trading. 24 minutes past the hour. Thii is your fox news minute. A third person dying from last nights shooting in a detroit barbershop. Police say the shop is a known gambling location. Nine people shot in total. Police are looking for at least two people who are believed to have carried out that shooting. Hall of fame Football Player has confirmed he has been diagnosed with signs of a rare degenerative brain disease. That did it has been linked to concussions and suicides of former players. He tells espn his quality of living has changed dramatically and that it deteriorates every single day. On a much more lighthearted note we take you to washington where a twoyearold named marshall meets a sixyearold tiger cub. He went to the zoo and aquarium dressed in a tiger costume and the cubs took notice following the boys every move from behind the safety glass, thank goodness. Those are your headlines on the Fox Business Network. See how easy it is to make friends. Cheryl he wanted to play. He wanted to play with the other tiger cubs. Dennis time to make money with Charles Payne this hour. The European Central bank cutting Interest Rates and what it means the u. S. Market. But first, the twitter hype. Might ittbring individuals back into the market to feel better about stuff . charles if it closed at 100, maybe. But it was more prevalent with facebook, coming after we came off of the 2009 low. I think they got too greedy and everybody will say that is what you are supposed to do. But i disagree, publicly traded companies should try to have a relationship with their shareholders. Cheryl is talking about the ecb earlier. The dow indicating an open of 80 points higher. If you couple why they had to do that with the last medication with the Federal Reserve were talking muddy threat of deflation. No one is talking about that. I think the market is talking about it even over the last two weeks if you notice like a llt of the highfliers, the dow has been doing a little bit better. A real cautionary tone beneath the surface for the stock market. Saying something has to happen. Also what about the idea that maybe Central Banks i wont say they dont matter anymore, but they run out of bullets, run out of tricks. Dennis it makes us worry the fed will not stay easy, right . Charles consumption was horrible. So even with the betterthanexpected gdp number, something is wrong and i dont think it is about fiscal policy, Monetary Policy can it has to be fiscal policy. You have to have pro growth of grow economies. You know what, we have a eureka moment the fed cannot save us, we dont think the white house will either. Dennis a more somber charles today be at cheryl obam. Cheryl obamacare making the tough call on play coverage. Dennns and how investors are making out, but first as we had to break take a look at the days winners and losers on the s p. Ally bankas a raise your rate cd thatonthats correct. Rate. Cause im really nervous about getting apped. Whys that . Uh, mark . Go get help i have my reasons. Look, you dont have to feel trapped with our raise yr rate cd. If our rate on this cd look, you dont es up, yours can too. D oh that sounds nice. Dont fe trapped with the ally raise your rate cd. Ally bank. Your money needs an ally. I need a newnt investment pn. I need to rethink the core of my portfolio. Isharecore etfs are lowcost funds. So you can keep more of what yoearn. Get started wi the new ishares core builder. Design a personalized plan that can help you achieve your investment goals. Ishares by blackrock. Call 1800ishares for a prospectus, which includes invement objectives, risks, charges and expenses. Read and consider it carefully before investing. Risk includes possible loss of principal. [announcer]. If you think the best bed for one of you might be a compromise for the other one. [woman]ask me about our tempurpedic. [announcer] theyre sleeping on the newest tpurpedic bed. The new tempur choice. [man]two people. Two remotes. [announcer] firmness settings for the head,legs,and back. And with tempur on top,that famous tempurpedic comfort comes any way you like it [woman]ask me about the lumbar button. [man]shes got her side. And ive got my side. [announcer] tempurpedic. The most higy recommended bed in america. [woman]dont touch my side thats. As the glitch continues for obamacare thousands of Small Business owners have a daunting task whether to cover their employers employees now we have a smallbusiness owner and taxes congressman think you for being a kid here you have a Design Company in the Pool Services company how many employees in each we previously giving Health Care Coverage . Yes. Think you for speaking with me. We have one dozen employees. Were like many businesses 80 percent of the jobs that have been created have been created by small and Mediumsized Companies like mine. We provide coverage for them but this is the letter from United Healthcare stating that because of the Affordable Care act provisions upon your plan renewal 2014 your current benefit plan will longer be available. They have known about this as we are now finding out over the last three years. Dennis your part of the state legislature you only meets every two years of government can screw up even less. [laughter] you have been told that your policy that you were providing has been cancelled. Obamacare says it is not a minimum standard of pregnancy for all its does not count as a policy so that means your minimum policy will be more expensive. How much more is the increase . We have not seen that yet but preliminary numbers is that the point is not affordable for as any more. We offer Health Insurance and compete against a lot of companies that dont. It will drive fewer and fewer im sorry more into more of these into the uninsured market. It will create fewer and fewer people being injured. Dennis trying to injured more than are uninsured but basically you will end up withdrawing coverage from your employees and not cover them at all forcing them onto the exchange that does not work. Exactly. They knew three years ago i will not and say of unintended consequences it was intended. If this was about insuring those that are not insured we could purchase insurance for them but instead they created a situation with the end goal to employ the Current System to have a single payer system like in europe. Dennis that sounds crazy conspiratorial. Said million will lose their coverage because it does not meet the new minimum standard than 94 Million People of the employer premiums that fall below the minimums. I just did a commentary today saying why dont we just expand state Medicaid Programs to cover more people . What do you think of that and dont do obamacare . It is a disaster. Medicaid is a busted system and the people that are truly on it will be hurt terribly. Support governor perry in his call to not expand medicaid in texas fighting against the liberal House Speaker trying to make spee and it in texas. It is the wrong thing to do. Dennis medicaid doesnt work to obamacare it doesnt work maybe we just go back to paying for each emergency room care. Thank you for having me. Cheryl the big market story is the debut of twitter of a the New York Stock Exchange nobody knows that better than and Nicole Petallides. It was so anticipated waiting what feels like an eye turns ane treated a. Everything went smooth for everyone involved particularly investors you dont want to have Consumer Confidence be hit again. Take a look at this picture. This was this morning you can see the ceo in the center. Obviously it was a huge opening and lots of people were jammed packed. Has dwindled you can still see the stock continues to do well. Moving on to the retailers watching abercrombie and fitch with another downgrade gap end of old navy theyre offering the first seven choppers the black friday a chance to win 1 million. Ceciles for j. C. Penney show improvement in that growth improvement is two years there is a look at American Eagle that is soaring on the heels of their quarterly reports. All retailers without perraults and twitter looks good as well. Cheryl i cannot take my eye off the trading pricier and it is still in active trading stock right now. Think you so much. His his time for the west coast minutes johnson and johnson agreed to pay hall why a 1. 4 million for allegations of fraud. They were accused of illegally promoting to have the best selling drugs against fda guidelines. Antipsychotic drugs. Now the stock is flat. Toll brothers agreed to buy a shell industry is in 1. 6 billion deal getting 5200 lots in the lawsuit angeles and save Francisco Bay area doubling the lots they will control of the state. It is up and coming to roads and highways the west coast wins by a landslide the latest addition los angeles and honolulu and San Francisco take the top spots tieups in seattle six member for new york is in the top10. Dennis my obamacare has some scrambling before reelection. The fcc is not happy with conan obrien and we will look at the 10 year treasury. We will be right back. Capital to make it happen . Without the thinking that makes it real . Whats a vision without the pertise to execute it. And the fincing ake it grow . Whatever your goal, it can change more than your business. It can change the future. Thats why, at barclays our ambition is to always realize yours. Thats w y, at barclays our ambition is to alwayrain horn yours. Vo wherever our trains go, the economy comes to life. Norfolk soutrn. One line, infinite possibilities. 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 olesterol. Metacil. 3 amazing benefi in 1 super fiber. I am tracy burns. The fda is proposing a ban on artificial trans fats a assay in reducing partially hydrogenated oils from the diet could prevent 7,000 Heart Disease deaths each year the proposal is subject to a Public Comment period. 25 million passengers will fly over the thanksgiving travel period. 1. 5 increase over last Year Airlines are adding shares to meet demand. Followed by Virgin Atlantic in jetblue and atlantic and southwest. The rankings are based on ontime arrivals baggage and customer satisfaction. This is the latest from fox business, giving you the power to prosper. Only fox business. Jury perspective on the twitter ipo that no one else king give you. We were able to track the amount of data crossing by the minute in the social media landscape and take a look. These are all the tweets that you see right there 220 to every single minute going out to. The big question is how or they going up against facebook . Content shares per minute 1. 7 million pieces of content that now lets go over to other names this goes back to the social mediator of the distribution look get you to 100 hours of videos are uploaded in one minute this shows the power that is social media and also Instagram A Andrew gold we were talking about googles early as lucky and the earlier. 2. 3 million querys per minute but that it and did you only get this on fox business with the of global data generated analytics. We have fun toys over here. Now from the new york stock the change and must be a proud moment on the floor because you had no glitch today. To focus on the positive everything went off without a hitch it is a wellplanned process but people forget we do this every day. Reopen thousands of stocks every single day and go through the same pricing process with multiple ipos with a total of for yesterdays of the process that we do discovery is something very common to us. People were looking at past performances of other exchanges but the preparation that went into today clearly shows here at the new york stock the exchange. Cheryl thank you jonathan. Dennis the u. S. Economy last quarter grew at the fastest pace of the year with gdp 2. 8 growth blowing past estimates Sam Peter Barnes takes a closer look at the numbers joining us from washington governments first reid came in higher than expected but for the wrong reasons 2. 8 was well above expectations compared at. 5 in the Second Quarter but the biggest contributor to the unexpected increase was growth of inventory when producers and manufacturers make something that counts as spending and with growth in the Current Quarter expected to weaken with fiscal uncertainty inventory could reverse the trend in the Current Quarter meaning less production with speaker job creation. Inventories build them that slows beyond what was planned and with this large as it was common than businesses will have to slow down production. Consumer spending grew at 1. 5 of the slowest pace in nine quarters of the also was not good. Exports were a bright spot they could strengthen in the Current Quarter thanks to the cut of the key industry by the European Central bank cutting from half a percent at 0. Two 5 the lowest on record to help them recover from their recession. Cheryl democrats feel the key to after the rollout of obamacare. 16 senators at the white house yesterday and all but one are up for reelection in so will that be the straw that breaks the donkeys back . Democrats are worried it is a great day. What are you talking about . Maybe not virginia. They said that was the key issue in virginia of the 27 only a small number of plurality voted for could generally it is not as big of a deal. Cheryl i think it was a little bigger of the deals the mentally a smaller percentage gave the plurality. Virginia is not exactly a blues states look at others places like new york, of liberal leading mayors, houston, a charlotte north carolina. Cheryl if i am a for reelection in diamond the white house i would say what will you do to fix this . The web site . People are conflating the web site to the policy itself richer two Different Things people love the policy that is what conservatives are worried about if they get it they may like it. Cheryl how many millions of people have been kicked out of their health care plan. Brookings institutions did a chart showing a small percentage are losing. 3 percent of americaas you will wind up paying more s a result. Cheryl but new jersey was. That he was a moderate republican. Cheryl cuccinelli was the tea party candidate. Thats fine but look at health care that was big in the exit polling been that is where the senators have gone to the white house tuesday we have to talk. We are a party not democrat of one pushing through the referendum in the second term. Chris christie did not win because of health care but because he is Chris Christie he is a huge personality who won because people like him personally. Cheryl but when you go to the white house, now you have Health Care Ceos undertaking the blame. The president says it is the companys fault. People wanted to work they have nothing to replace it with they have no ideas of their own and they complain a flawed wee site was the same problem with Medicare Party and nobody worried about it than with the plan itself. As of last night 4. 2 million and they say it will grow. Insurance companies did what they should not have done they cancel policies all the time they cancel them because they did not like obamacare it is their problem. Cheryl we have hours to go on the radio. With the third day the real loser e merges with the blackout. Time warner cable with a loss of 300,006 in the Third Quarter cvs posting record high earnings. The ceo admitted yesterday clearly results in shortterm pain for us. The customers know just how you feel. Disney ceo Robert Geiger said they would start making original shows for online platforms. Now they have agreed to produce for a new series for netflix debut 2015 and marvel with a new shield one of the highestrated new shows of the season. Sec to conan obrien bad boy finding time warner tbs for using the official saudi fax for the appearance of jack black with a fine of 25,000. Why bother . Millions of americans are dumped from the health plan your responses to what is bugging me. Next. Taking a look of some of the winners on nasdaq like micron and celegene. We will be right back. [ male announcer ] wh if a Small Company became big business overnight . Like, really big. Then expanded . Or their new product tanked . Or n . What if they embrace new technology instead . Imagine a companys future with the future of trading. Company profile. A research tl on thinkorswim from td ameritrade. Dennis is the best fix for obamacare staterun dicaid . Close state subsidies the federal oversight with Insurance Law would go along way and people say its dead goal was to get out of the emergency room but no doctor takes medicaid that is where they will go. Yes. Medicaid as it is today has failed they need to look at alternatives that are working. Credit causeway more than people going to emergency rooms. Cheryl a bird of a new feather twitter at the new york stock kishis to day the stock is basically pulling back from the highs we saw earlier we will talk about that. Dennis i save 48 a share. Cheryl fisa 47. Dennis one prediction for the monthly jobs report has been spot on we will see what he says before the release. Coming up. The oceage warmer. The peruvian anchovy harvest suffers. It raises the price of fishmeal, cattle feed and beef. Bny mellon turns insights like these into powerful investment stratees. Bfor a iversity endowment. Like these it funds a mine biologt. Who studies the peruan anchovy. Invested in the world. Bny mellon. Nothing, thats what . Thats why i take plosec otc each morning for my frequent heartburn. cause it gives me a big fat zero heartbu. Woo hoo [ male announcer ] ilosec otc. The number one doctor recommended frequent heartburn medicine for 8 straight years. [ larry ] yocant beat zero heartburn. And best of all, it means i can enjoy all the foods i love. Oh, zero heartburn is awesome. Just like zero clery. [ male announcer ] prilosec otc. One pill each morning. 24 hours. Zero heartburn. [ male announcer ] prilosec otc. Help the gulf when we made recover and learn the gulfbp hafrom what happened so we could be a better, safer energy company. I can tell you safety is at the heart of everying we do. Weve added cuttingedge technology, like a new dpwater 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 nevebeentronger. Im, like, totally nodo 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 cnge [ male announcer ] how do you get your bounce . announcer at scottrade, our cexactly how they want. T with scottrades online banking, i get one view omy bank and brokerage accounts with one login. To easily move my money when i need to. Plus, when i call my local scottrade office, i can talk tsomeone who knows how i trade. Because i dont trade like everybody. I trade like me. Im with scottrade. announcer scottradeproud to be ranked best overall client experience. Happy twitter day birdseye view the debut of the New York Stock Exchange openings 73 of the ipo price. Not so fast one about the valuations in the numbers make it worth more than a harleydavidson or Campbell Soup or others . The jobs report is due tomorrow forget the expectations we have a duty for your investments. Predictions have knocked out of the park once just ahead well tell you which major wireless carrier has voluntarily given the government the users call data. But first we will go to Nicole Petallides at that New York Stock Exchange looked as stocks overall in the red but it looks like it is trying to you raised the losses after all the excitement. Lets just turn off with the major market averages of six indexes to the upside the dow was out 15,700 just a loss over onethird of 1 in the s p 500 is down just a bit but the ec moved unexpectedly with the euro dropping in the dollars erkhart