Transcripts For FBC Markets Now 20131219

Shows everyone is comfortable with the level of the levels for now. The Dow Jones Industrial average up fractionally 16,174 and the s p, 1808. Reaffirming the full year guidance, you think of ready wept, and some other names. And right now it is up 5 , and the near term volume, a little cautious on that. That is good news overall. Dennis chef boy are the ones from cleveland, ohio. Turning to commodities, metals are losing their luster. Gold, silver and copper on the decline. Phil flynn of Price Futures Group is in the trading pits of the cme. Gold is on track for its lowest close in three years. Phil if the fed is worried about inflation their policy of capering is failing miserably based on preciousmetals and this could be a concern. There could be a reason the stock market is not rallying. Yesterday in Ben Bernankes comments, the fed was worried they were not hitting their inflation targets and we are seeing in the gold market is the opposite. People buying stocks selling gold, running to that level, putting downward pressure on prices. When buying stocks and selling metals they are getting crushed and basically the first is when you talk about capering, we see a stronger dollar that is going to be no demand for metals and slow down momentum, that didnt happen yesterday. That is putting downward pressure on prices industrial models are not doing well either. We were supposed to stimulate the economy. It is down as well. Adam gold cant be below 12 an ounce. It is not worth pulling it out of the ground. Phil it always gets to a point, for every action is a reaction and we will see the metal dry p last time, we went below this area last july, looks like gold would never go up again or go straight down. With a cutback in production, capital spending, a decent rally. This is being driven by the shortterm concerns about the fact that it is bad but we were down here before. Adam phil flynn from Price Futures Group. Ben bernanke gave the u. S. Economy final nod of approval with that decision to dial back the Bond Buying Program and forbes media chairman steve forbes said it couldnt have come soon enough, steve forbes joins us, welcome back to markets. 10 billion is nothing lucien did have been a larger scaling back . It is not the number but the fact theyre actually scaling back. Earlier in the year they hinted at it and when markets reacted adversely, they backed off end in the fall they said we are not going to do it. They are finally doing it. Once you start they can be pushed to do it lori at a press conference yesterday the benchmark Interest Rate staying at zero indefinitely, miniscule tabor, 10 billion is all, this is just the reality we are facing for again, indefinite period of time. This is the normal here. Those that concern you . The fact that they are starting to back off is the huge thing. A thousand mile journey begins with a step, finally taken that step, a growing number of economists have recognized instead of helping the economy it hurt the economy, made it easy for the government to get credit, large corporations to get credit, and certain lines of credit for Small Business and new business which is where jobs are created. That is why these punks jobs reports, one reason the market is going up is the idea that capering, theres quantitative easing now tapering, that means more credit for people who create real jobs. Adam the fed will raise the benchmark Interest Rate. We will see Interest Rates, Mortgage Rates go up, wont that make it harder for Small Businesses in the long term to get the money they need . There was an old joke in the old soviet union, health care is free but you cant get any. In terms of what we have your credit is free or lowcost but try getting it if you are a small start up business. Regulators cracked down on banks when they make those loans. Go to local business and they will make you paper it 6 days to send a. You would like to get the credit and pay for it than have no credit at all. Lori do you think the credit situation, the health of this nations credit, start on the consumer level do you think that is an underreported story . Everyone is pointing to strong Economic Data, especially indicators moving in the right direction yet you are describing a situation where companies have access to capital. It is beginning to change. Companies have been finding alternate sources of credit at a high price so this is a step in the right direction getting normalcy back in the credit markets. Will take awhile to do it but this is just one step. Finally they are moving instead of hinting at it, maybe not. Adam too little too late . Talking asset bubbles, stocks, housing once again . Do those bubbles exist . You see very little single ownership of housing coming back. Most of its is rental and that indicates the Housing Market is skewed by what the Federal Reserve has done and there are a million starts a year, in a normal economy get 1. 5 million starts a year so we have a long way to go and once you get a normal credit market you get a normal economy so stop helping the fed. Like doctors use to believe the patients, had had strong patience for that treatment. Lori please to see the tabor commence. What else is going right for the economy . The very fact our entrepreneurial spirit is very strong we saw that in the 1970s when we had a horrific decade, and fries up to Big Companies so that is out there but unfortunately policymakers dont understand Monetary Policy or fiscal policy but that is beginning to change so only 10 billion on quantitative easing, at least moving in the right direction. Adam thank you for joining us. Lori millions of target shopperss personal data at risk following a massive data breach starting on black friday. Rich edson following the story, joins us with the latest. This is a big trouble spot. Rich the secret service has jurisdiction over crimes like this, so theyre taking the lead on this. The scheme could have hit all 1700 plus stores in the United States between november 27th and dec. Fifteenth, most of the Holiday Shopping season meaning the scheme hit 40 million credit and debit cards including name, account numbers and expiration date. The retailer says there is no breach of Online Shoppers information. As for whether this will cost targets reputation, one expert suspected wont. Customers are fairly sophisticated and understand this could happen anywhere. If any advice is being given out, one piece of advice, only do business with trusted retailers. Target is one of the most trusted retailers out there. Is an example of it could happen to anyone at any time. Rich target will spend millions figuring out what exactly happened, upgrading its Network Defense and offering Customer Services to further protect their credit. Tech expert suspect a Company Employee could have downloaded Malicious Software that spread through the Payment Systems sending the criminals credit and debit card information once used like it. Secret service and target will only say the investigation continues. Lori thank you so much. Dennis retailers are not getting the holiday boost they were hoping for. From november 1st, sales are up 2 this holiday season, less than 2. 4 shopper traffic forecasts. This is despite Stores Offering the most discounts seen since 2008. Lori wire you telling me that . Dennis the n r s standing by the forecast of 3 growth which includes instore and online shopping. The production is falling behind forecasts this year. Lori you told me you wanted boos for the holiday. Dennis there is this black sweater over it. Webmac shares of garden restaurants down big, Second Quarter earnings dropped 42 . The company which owns all of god and, long or in state cars and capital girl missed on the top and bottom lines, restaurant chain said it will sell less than off of red lobster business buckling under pressure from activist investor bairns Capital Group which pushed to spin off olive got in and red lobster brand. Telling fox business the move is, quote, incomplete and inadequate. Adam facebook running 7 million shares, Mark Zuckerberg is selling 40 million shares of its own. Lori in the meantime brazil snapping boeing. Below that the nsa scandal is plaguing american business. Adam the largest commercial realestate firms plan to shake up the work place. We will hear from the ceo and coming up. Mm. Mmhmm. [ enne revs ] [ male announcer ] oh what fun it is to ride. Get the mercedesbenz your wish list at the winter event going on now but hurry, the offers end december 31st. 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If you have any suen decrease or ls in hearing or vision, or if you have any allergic reactions such as rash, hives, swelling of the lips, tongue or throat, or difficulty breathing or swallowing, stop takg cialis and get medical help right away. Ask your doctor about cialis for dai use and a 30tablet free trial. Adam social media stock sale, facebook and ceo sharing a big block of shares, 7 million to be exact, in the first secondary offering. How will these shares easy for you to say. Voting control and the company, covering this story. A big week in the event of facebook racing 4 billion in the secondary offering and tomorrow you will see a change as well but facebook announced Mark Zuckerberg will sell 40 million shares worth 4. 3 billion to pay a hefty tax bill as part of an offering of 70 million class a common shares. Mark zuckerberg wealth pay 60 million Class B Shares meaning he will not retain control of 62. 8 of the companys voting power which is a decrease from 65. 2 . Facebook as the Company Plans to sell 20 million shares. Other stockholders will sell the rest of them. Yesterdays Closing Price of 55. 57 the total offering will be worth 3. 9 billion. Facebook joins the s p 500 at the end of trading tomorrow and no doubt the timing of this sale is totally strategic, told dow jones the sale is to take advantage of that demand, mutual funds index through the s p 500 must buy the stock which serve to support the price by taking away the downside risk. Facebook proceeds from working capital and other corporate needs and taking a look at the stock, it is down 1. 9 . Facebook announcing Mark Zuckerberg giving away 18 million shares worth 1 billion to the Silicon Valley community foundation. Last december he donated 500 million to the same organization. Lets get an update on the markets with Nicole Petallides on the floor of the stock exchange. You are taking a maquette Pharmacy Companies feeling pressure from generics. Nicole taking a look at riteaid, walgreens, cvs caremark, raise their dividend yesterday and the stock hit a new high. Riteaid and walgreens pulling back and riteaid in a big way down 10 , talkedabout the fact their revenue is under pressure because of generic competition and with that it is all about the margins and they had to lower their numbers for earnings per share. We are seeing that stock down 10 as they cut their estimates for, they had seen continued sales growth but in the drug part of the business prescription drugs generics are eating into the profits. Adam the effectiveness a spying allegations affect business around a world, boeing lost on one of the most coveted emergingmarket defense contracts when the 4. 5 billion contract was awarded. Some analysts believe the reason for the break down in the decadeslong negotiations was brazils and ability to trust a u. S. Company following the organizations of nsa spying on brazils president lee shares of boeing to the hon news. Lori wells fargo on ben bernanke, the companys announcement, and spike opportunities now. First they say imitation is the highest form of flattery. We will check in with the head of the whotel brand. The parent Company Plans to stay on the cutting edge. Announcing plans in the same luxury lifestyle category. My customers can shop around see who does good work and compare costs. It doesnt usuallyork that way with heal care. But with unitedhealthcare, i get information on quality rated doctors, Treatment Options and estimates for how much ill pay. That helps me, and my guys, make better decisions. I dot like guesses with my business, and definitely not with our health. Innovations that work for you. Ats health in numbers. Unitedhealthcare. Where does the United States get most of its energy . Is it africa . The middle east . Canada . Or the u. S. . The answer is. The u. S. Most of Americas Energy comes from right here at home. Take the energy quiz. Energy lives here. 20 minutes past the hour, a growing diplomatic standoff between the u. S. And india sparking protests in new delhi. This started after Police Arrested an indian diplomat who was living and working in new york city. India is angry over this but the u. S. Attorney in new york says she was treated appropriately and even given luxuries an average american citizen would not get while in custody. Ukraines president telling the u. S. To mind your own business instead intervening in ukraines affairs, and to join the economic union, a move that will move the country farther from the United States. I called him weird last hour and Connell Mcshane didnt like it. Former nba star dennis rodman, he is weird. He says he is there to train the National Basketball team, expects to meet his new friend, north korean dictator kim jong knew who he called a very good guy despite his atrocities. This is his third trip to north korea. Those are your headlines. Back to lori and adam. Lori thank you for the update. W hotel going after the new generation of luxury travelers, changing the way the hotel chain does business. Paul james is a global brand leader. Please to welcome him, celebrating 15 years in business, nice to meet you. Your parents hit an alltime high, the stock outperforming its peers, international and hyatt, analysts, w hotel brand. Largely behind the success because you have totally captured this year under high end traveler with whatever or whenever you need it. How did you know there was pentup demand . W hotels was the first brand that was taken to market. Was not taking an old hotel but invent something new because it was new york. We see something in new york which is a High Energy Design savvy, we want to be part of something where there is an atmosphere and the mood. Lori that is a huge risk because you are depending upon younger people with more discretionary dollars. The economy has been so volatile in the last 20 years. The health of your business depends on people having extra dollars and younger people who want the lifestyle stuff, the hotel lobby to be more like a night club lounge. When you saw that and realize it is not just 12yearolds who want the place to be buzzing the people who go to ordinary hotels going why cant we be more like this so they were drawn to the living room, and what was fascinating, what was happening in new york 15 years ago has been repeated in shanghai and mumbai, a generation in charge of its life and conscious of the things it wanted to be part of. Living and not just the compartmentalized. That spirit of new york, of local content and local energy has resonated. Lori is there a backup plan in case discretionary it is of vulnerable economy around world. A Global Economy. And up and down motion, they were very sensitive in one location because the markets are about a global customer, traveling on business to do Global Business and staying and extending to stay on ledgers, this blurred between work time and playtime suddenly becomes fits in that gap wonderfully. I can in singapore and spend three days in a Business Environment and enjoy a couple days. Lori financials that you . In the most recent quarter starwood reported, this is how we measure rooted room occupancy, rose by 5 worldwide, 5. 8 in north america. Do you see the trend going . look at occupancy which is the first driver, industry in north america in 2007 numbers, Luxury Brands, tracking them 1 4 before that, the highest levels ever. Occupancy in Luxury Brands are up over the time last year so that drives that is going to give us the opportunnty to see continued strength in this market and we have seen this in switzerland. That has opened full, we opened on a first of december and we run occupancy through the month of december and through the new years end that brings energy, excitement and it brings more people wanting to build demographics. Lori more competitors wanted peace of the tie. Hilton has made plans, announcing plans for the boutique business. Star would and hilton head dustup, starr would suit and settles with you all, stolen confidential documents was the allegations on now this time period has expired so we can go ahead. How do you feel about a competitor coming in . A smart competitor, looking at the same thing, the same date a trend, younger demographic, more people travelling, people engaging in hotels. And 45 hotels, gives us an amazing ability to lead that discussion and is a new expression and truly expresss a luxury environment. Lori sounds good to me. It is amazing. Food and cocktails. Lori so nice to meet you. Thanks for sharing your business. Adam in jordan, you may not know the name, that is not the same all memoirs hit the big screen in the muchanticipated Martin Scorsese Leonardo Dicaprio film. Charlie gasparino talks to the man who knew the real wolf of wall street when the fed is on the street next. vo you are a business pro. You can separate runwayridi. Seeker of the sublime. From fason that flies off the shelves. And you. Rent from tional. Because only national lets y choose a car in the aisle. And go. You can even take a fullsize or abovmidsize price. The natalie ooooh, i like your style. vo so do we, business pro. So do we. Go national. Go like a pro. [ bell ringing, applause ] five tech stocks with more than a 10 . Change in aftermaet trading. All the tech stocks with a market cap. Of at least 50 billion. Are up on the day. 12 lowvolume stocks. Breaking into 52we highs. Six upcoming earnings plays. That recently gapped up. [ male annncer ] now the world is your trading floor. Get realtime market scanning wherever you are with the mobile trader app. From td ameritrade. Adam lets go back to the floor of the new york stock exchange. Nicole petallides is there and the dow is actually at a new high. Right and moving to the upside now, tacking on to yesterdays gain about 300 points, right on the day there with the fed tapered. We saw the markets take off. Today were up 70 points, up off the lows. Great market if youre a bull out there. I want to take a look also at oracle. Oracle hit a new high today after its quarterly numbers and oracle is up about five 1 2 at the moment. Betterthanexpected results and quarterly revenue outlook was somewhat cautious but we are seeing it is on track and we are seeing oracle as a real winner. As i look around the floor, Toll Brothers is to the downside. American express is slightly higher. It is a mixed bag. Cvs is higher. Dupont with up arrows as well. Adam nicole, thank you. Lori sticking with the markets, as nicole reminded us were at another record. The fed yesterday voted to reduce its Bond Buying Program although very slightly could cause some volatility in markets for days to come but our next investor says that would provide buying opportunities for investors. Scott wren, wells fargo investment advisors. Great friend of the show. Thank you for joining us. Are you going to be working hard here toward the end of the year or packing it in for christmas next week . Seems like everything is behind us, fed, congress, no . Lori, it really does. For now the market is satisfied with what we heard yesterday. I was certainly surprised by the decision. I didnt think that would come until march or so but i think the market is going to be pretty quiet next week. There are a lot of people that havent done their shopping. Im one of those people. So the market is going to have a bit fewer participants, but i think its good that the fed tapered. Typically the fed is behind the eight ball. This time theyre out a little bit ahead of it because i dont really think the Economic News was that great to substantiate the fed starting to taper but they did and in the end the sooner we start to unwind this incredible amount of easy money thats in the system probably the better. Adam so if we start unwinding even at just 10 billion, what kind of pace do you see picking up . Would be greater than 10 billion taper in march or later in the year . Adam the way i read the statement yesterday was that 10 billion is pretty much what we can expect every time and i think that if things keep on pace, which is modest growth with modest inflation, i think youre going to see the next few meetings the fed do 10 billion every time. They could skip a couple of meetings in here if the data dips or if we see a bad gdp number for the fourth quarter, Something Like that but i think, i read into the statement that look for 10 billiondollars increements when we do the tapering. Lori which is really minuscule, right, scott . Combine that with the fact that Interest Rates will stay zero indefinitely according to bernanke himself what does that say in terms of your investment out look for the new year . Have you changed your outlook . We have not and i think the fed had to be very careful and they had to go very slowly and they had to put those sentences in there about leaving rates at virtually zero past the 6. 5 unemployment rate. They had to do that. That is what the market wanted and thats what they put in there. As far as our outlook, weve been leaning stored the more cyclical sectors, industrials, technology, the Consumer Discretionary sector, away from the defensives. That is the way were positioned. I think that is the proper way to be positioned. So while im not optimistic on the economy and unemployment as the fed is, i things are growing to improve and you need to be in those sectors that are sensitive to a little bit better economy here and a little bit better economy globally. So really what the fed did yesterday does not change our plans. It doesnt change our target. It doesnt change our earnings estimates. We still would love to see some volatility that would give our clients opportunities to get that cash on the sidelines invested. Adam scott, im going to ask you look two years out. Do you have have anything that you can read from the statement that indicates when they would start to raise Interest Rates concretely . I still think its a 2016 story probably. You know, adam, this is, this is a situation where it is going to take the fed a long time to completely extricate ourselves from this easy money. That is not only tapering the bond purchases but then also normalizing Interest Rates. This is going to take years and theyre not going to be in a hurry. I think this modest growth environment is going to last a long time but really for me fed funds rate hike in 2016, hat sound reasonable to me. Lori scott wren, thank you. Adam who is afraid of the big bad wolf of wall street . Not bo dietl. Lori former nypd detective turned private investigator joins charlie exclusive and that is next. Adam his real connection to Financial Investor jordan whose story is hitting theaters on christmas day. announcer scottrade knows our clients trade and invest their own wa with scottrades smart text, i can quickly understand my charts, and spend more time trading. Their quick trade bar lets my account follow me online so i can react in realtime. Plus, my local scottrade offic is there to help. Becae they know i dont trade like everybody. I trade li me. 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Liberty media which owns 27 of Charter Communications believes a Time Warner Cable and charter merger would generate 700 million in annual synergies. This is according to reuters. Time warner cable executives believe savings would be less, closer to 500 million. Pending sales of existing homes drop for the Third Straight month. The National Association of realtors index fell by 4. 3 in november. Because of low inventory and higher Mortgage Rates. 4. 9 million homes sold last month. That is the lowest number since december of 2012. Mortgage rates have increased again. According to the freddie mac the average rate for a 30year fixed mortgage jumped to 4. 47 up from the previous week of 4 heroin 42 . That is the latest from the Fox Business Network, giving you the power to prosper. Adam well the latest financial film, the wolf of wall street hits the screen next the Jordan Belfort, real life wolf of wall street was protected by none other than than bo dietl, right investigator for rich and famous. Charlie gasparino with exclusive interview. Private detective for rich and famous and fox news contributor. Fox news also. I said fox news and fox business also. Give you a quote in 2001, it is over 10 years ago this is quote bo gave me, story in the wall street journal. Profile of bo dietl and talking about your work with Jordan Belfort. The wolf of wall street. Who Leonardo Dicaprio plays. You were doing private detective work for oak month. I had to sit down with wiseguyses that wanted to kill, wanted to kill those guys. We were able to diffuse the situation. That is interesting. The mob wanted to rub out according to bo dietl Jordan Belfort and danny porsh, two sort of coconspirators . Not rub them out. Break their legs . One of those tick things, embed themselves into the skin. They wanted part of the money being made. I had sitdowns, one restaurant in long island, i had sitdown with guys. What mob . I cant tell you which one. Come on. Charlie, last time i told you something i dont talk to the guy anymore. Well get into steve cohen in a minute. Shouldnt you have just let the mob kill these guys . Im serious. You made money from these two clowns. These were some of the worst, dirtiest dealers on face of the earth. They ripped off little old ladies. You dont like him, do you . Jordan belfort. Sold his book. He got scorsese and youre in the movie many times ive heard. I play myself in the movie. Youre in the movie. But wouldnt it have been better off for the world that Jordan Belfort is dead . We dont want any why not . Why not. What would be so bad if a guy that ripped off i dont want to see nobody die. What would be so gadd a guy that ripped off little old ladies, caused this much harm, may not be around anymore . Honestly, as far as that goes, he wore a wire. All the people he set up there. He turned evidence . Only did 18 months. To me that is kind after travesty doing 18 months. He should have gotten more jail time. I dont understand what is going on. If you stole 200 million, every dollar you earn should have to by it back. Should he give this back . I dont know what is going on. Movie is great. Entertainment value. I will. The movie glamorize as piece of garbage. Put it this way. When you leave you want to wash your hand because you feel disgusted because of all the things, when he said, i dont care about the people. I want to just make money. That is what its all about. The drug usage and all that. Right. Very high no redeeming factor. He didnt do anything good with the money. If he started giving it to kids or research would have been nice. You were in goodfellows. Youre in a lot of scorsese movies. You were in goodfellows. You were in the one withal pacino. Car letos way. Youre a good actor or good guy but do you feel your lending your name . You know what . I feel i did as probably best acting of my life in this movie. Really. Playing on sit of Leonardo Dicaprio. One of the great actors. Did he capture belfort because belfort was a piece of garbage. Absolutely captured. Did it up in rails. Did scenes up there. When you see the movie, see what happens drug uses Proctor Gamble taught . In the scene we go off script. Called off script and Martin Scorsese, do what you did that not with him up there. One. Nights he was whacked from the quaaludes he fell asleep in the macaroni. I didnt want to use the words i used he kept the line in the movie. The movie is good. Doesnt sound good. Its a bunch of scenes of guys having sex. No redeeming quality. Sex, drugs. Charlie it is glamorizing dirt bags. Casting of the beautiful women, not hard on your eyes. That woman is, what is her name. She is beautiful. From australia she is beautiful. She is gorgeous. That might be a reason to see it. Leonardo dicaprio i think is probably greatest actor. Played every aspect. So he play this is dirty creep that youre saying better than anybody else can. You made a lot of money from. Who made a lot of money . I make exaggerate. Made a lot of money . Let me ask you this. You protected him from the mob. Was dick grasso involved in calling you to protect him from the mob . Dick grasso told me Jordan Belfort was in his house in manhattan. Brooklyn. Grasso is the, sort of auxiliary Police Captain of the town. He hears from belfort, this is what he told me, that the mob is many coulding to get him. Grasso calls none other than that you, is that true. Heres the deal. When they were making all this money, whenever people make a lot of money, guys who are on the other side want to get a little bit of it. Right. We were called in. We had rocco day and rocco night. One guy worked night. One guy worked days. Their name is rocco . First names is rocco but call them day and night. What happens we had lights all over the backyard. He was paranoid because he was doing cocaine too. What as grasso involved being a cop in long island . Grasso is my man. All i know is one thing. We were brought him to protect him. Okay. Parse on top 6 of it, ipos, jordan, they are supposed to have 15 offices. They dont have any offices. All the ipos were scam. Only one, steve madden. He got caught. Let me ask you before we go, im getting a wrap here. Steve cohen has not spoken with you since you came on this show you. Put me and quoted me, charlie. Youre like sammy gravano. Are you glad you defended him to us . Excuse me, i defended him and his family. I love him and his wife. By you quoting he in the book was it accurate . Charlie, you dont give up your source. I didnt give up, i said he side this stuff to you. I know youre 30 years. I love steve cohen and his wife and i hope the best for him. But you havent seen him since . I havent seen him. Havent been invited to any partys. Im sorry i burn ad source for you. Back to you. Adam how do you follow that . Lori my takeaway, i clearly have not lived. Really, i missed out on everything. Lets check the markets for you. Alan valdez. There is no way to segue. No way this will be anymore interesting than that. Alan, lets give it a shot, shall we . New records intraday again. What is driving the market. Is this the postfed sort of exsubarration here . Yeah. Were back to basics basically. Home sales are not that good. New unemployment claims high again. Were back to the usual metrics that run the market. Were up a little right now. But light volume. Quiet day. Tomorrow we have a big reweighting going on. A lot of guys are on the sideline until tomorrow. Lori great stuff. Alan, always a pleasure. Thank you. Thanks. Adam thinking outside the cubicle, the Worlds Largest commercial Real Estate Company is shaking up thins at the office. It could inspire your business. Lori the ceo of cvre on that and his take on the health of the commercial Real Estate Industry next. [ female announcer ] theres one thing daves always wanted to do when he retires keep working, but for himself. So as his financial advisor, i took a look at everything he has. The 4 k . Insurance pies. Even money hes invested elsewhere. Were building a Retirement Plan to help him launch a seconcareer. Daves flight school. Go dave. When pele talk, great things can happen. So start a conversation with an advisor whos fully invested in you. Wells fargo advisors. Together well go far. Adam is your desk decorated with pictures and items that make it yours . Well get rid of them because it may no longer be yours. Our next guest is getting rid of assigned seating in the office and literally changing the corporate layout. He is the ceo of cvre. We welcome you to fox business. Thank you for joining us. This concept of the free address office, explain to me how that works because youre actually doing this and the benefits of doing this. Well, theres a number of benefits to doing it, adam. First of all it really promotes collaboration among people in the work place. Secondly, particularly with younger employees, but not just with younger employees, but with all those employees who have become accustomed to wireless, mobile environment, it is an appealing way for them to work. Third, it can provide significant cost savings over time. Adam okay. So the actual concept is, for instance, if you walk into my office, you see pictures of family and of Different Things and all kind of clutter on the desk. In this environment all the desks are everybodys. So you have a locker. You keep your stuff in the locker. Pull out the materials you need for the days work and go to any desk you desire, correct . Well, not necessarily any desk you desire. You have to, depending on the type of space in the space we have in our Headquarters Office here in l. A. Now there are 14 different alternative types of space, depending which of those areas you choose, you may have to reserve them in advance if theres a lot of demand for them. But yes, you do keep your materials in a locker. Check them out and go to the space youre going to use for the day. In terms of your personal effects, things have changed a lot over the years. Used to be we had half a dozen pictures on your desk or on our credenza of our family. Now we have hundreds of pictures of our family on our iphone or laptop. So we dont need them anymore. Adam talk about the iphone and the laptop. You guys have gone paperless. I know at love offices tried to do this and wind up even creating more paper because you get the memo were going paperless on paper. How have you been able to pull that off and have you been successful . Well we did, we went paperless and wireless in number of offices including our Headquarters Office in l. A. What we did we went through a transformation process that educated all our people who needed to be educated how to do it. We had a lot of employers east who already gotten there we pretty much mandated they go from paper environment to a paperless environment. We got rid of about 90 of the paper in our Headquarters Office in our local office here in l. A. And about 80 of the our Storage Space. We measured and found it to be pretty accurate. Adam can you share with us a dollar figure for how much you might have saved and how much more efficient the business is with the free address concept and the paperless concept . We think over 10 years well save about 30 on the cost of that space in aggregate over the 10 years. So very material cost savings. You take less square footage. Not only for people, because what, the effectively what you do is you share space, so the principle is that everybody is not there every day. And you have this mobile capability, so people go from space space. You take about 70 of the space you have otherwise taken, plus as you just mentioned, you dont need the Storage Space because the paper is gone. Adam right. It is significant cost savings over time. Adam very quickly, are some of your clients asking you, how can we do this . A lot of our clients are asking us to how to do this. Weve had thousands and thousands of clients since that space since we moved into it several months ago. Theyre quite intrigued with it. A number are moving in that direction themselves. Were advising number of them how we did it and do it. No just the use of space but the transformation in the space where people work. There is enormous amount of interest. Adam 30 savings speaks volumes. Bob, thank you for joining us on markets now. Thank you, adam. Lori forget sticking you your thumb out on a street conner, the app that lets you hail a taxi before you walk out the door. Mark zuckerberg wants to sell facebook shares. Want to sell yours too . All this and more next on fox business. Stay with us. [ engine revs ] [ male announcer ] the mercedesbenz winter event s back, with the perfe vehicle thats just right for you, no matter which list youre on [ santa ] ho, ho, ho, ho [ male announcer ] get the allnew 2014 cla250 stting at just 29,900. See who does good work and compare costs. It doesnt usually work that way with health care. But with unitedhealthcare, i get information on quality rated doors, Treatment Options and estimates for how much ill pay. That helps me, and my guys, make better decisions. I dont like guesses with my business, and definitely not with our health. Innovations that work for you. Ats health in numbers. Unitedhealthcare. [ ma announcer ] if cod see energy. What would we see . The billions of gallons of fuel that get us to work. Wed see all the electrici flowing through the devices that coect us and teach us. Wed see thatlmost 100 of medical plastics are made from oil and natural gas. Anan industry that supports almost 10 million americanobs. Life takes energy. Anan industry that supports and no one applies more technology to produce American Energy and refine it more efficiently than exxonmobil. Because using energy responsibly has never been more important. Energy lives here. Tracy hey im tracy byrnes. Ashley im ashley webster. The feds tickertaper parade marchs on. The dow is at a new record high. Well look at the feds move and market as reaction. Wall street journal Jon Hilsenrath and doug cotes decision are here to break down the feds decision. Tracy wait until next year when fannie and freddie start charging more to get a mortgage. Michael tony from the Mortgage Bankers association is here on why he thinks this is really dangerous and misguided approach. Ashley bullseye, retailer target confirming a hack attack beginning on black friday weekend until this last sunday. Why the secret service is now involved. Tracy that is so crazy. In todays tech minute, a new wave of interactive magazine ads that fingerprint, that is changing the print media. Crazy. Ashley kind of cool, isnt it . Tracy yeah. Ashley first top of the hour, time for a look at these stocks. Lets go straight to Nicole Petallides down on the floor of nyse. Nicole, the dow, marginally higher today. Thats right and the big story would really be the fact that yesterday we gained 300 points after ben bernanke and the fed decided to taper by 10 billion. The markets moved to record highs and today were virtually flat even squeezing out an up arrow here on the dow. It shows were heading those gains. Right now the Dow Jones Industrials are up about 12 points at 16,180. The nasdaq is pulling back about nine points and the s p is down two points. Big picture though this has been a great year for 2013. Tomorrow well have a rebalancing of some of the indices. You will see heavy volume, could be some volatility. The vix today, the fear index, is to the downside. Gold is a big story, im sure you will be hitting that at this hour, down 40 bucks. Thats what were looking at and we noticed the initial jobless claims came in and they jumped by about 10,000. But overall the fourweek moving average still seems pretty good. Still under key thresholds. Back to you. Tracy thanks, nicole. See you in a bit. All right, taper, its finally here. Whats next . We got to ask everybody. Well bring in doug cote, ing chief Market Strategist here in studio. The man oversees a 200 billiondollar platform and john hundreds sells rath wall street journal correspondent, guessed yesterdays taper. A lot of people did. Jon, i will talk to you first. A lot of people were expected 10 billion. A lot of people calling january or march meeting. Is it high time the fed stepped up and did this . They thought it was. I think what they were looking at is an economy thats in better, looks like it necessary better shape today than was the case in september when they decided to hold off on doing this. So, you know, the employment numbers have picked up. The Growth Numbers for the second half of the year look like theyre coming in all right. Of course there is less fiscal restraint for 2014. So i think, you know, the fed thought it was time to put trigger. Ashley doug, ironically the data today has been pretty weak. I dont know if that has any bearing what the fed said yesterday but you think they should have started tapering back in september . Absolutely. Because back then corporate profits were coming in very strong. You had manufacturing back then was coming in strong, consumer, housing. The same things happening now, what was different back in september was probably the washington shutdown and what i think they correctly, you know, better part of valor to wait but now december came in huge with the Economic Statistics and it is high time it starts happening but the mantle is packed to the markets. So instead of central Bank Managing the economy now youre going to get some, the economy backing the markets. Ashley still 75 billion. Can i say one other thing . Ashley yeah. What theyre doing is, theyre still throwing a lot at this economy. You know, if you work out the numbers based on the path that bernanke set out yesterday, were talking about another, maybe 450, 460 billion of bonds that theyre going to be buying in 2014. Their Balance Sheet will hit 4. 5 trillion when theyre done. Theyre throwing a lot at this. They have also done something very important. They really promised to keep shortterm Interest Rates low all the way out to 2015. A question we have to be asking for next year is, are they going to make the same mistake they made in 2004 and 2005 when they kept shortterm rates too low for too long . Tracy jon, to that point, they also said it in the meeting today if things go bad with the Economic Data, like ash just pointed out, unemployment claims back up will they turn on the spigot again . Are we in this ad infinitum . No. It all comes down to the forecast. If the economy looks like theyre going along with the forecast they will proceed with the plan but if you know growth sinks again and if job numbers start looking week, if inflation, if the numbers dont go according to the forecast they could turn it back up or at least keep it going at the pace they just set out. I mean, i hate using these cliches but they say data dependent. If the data dont hold up they change their plan. Ashley doug, this is a difficult balancing act, isnt it, easy money policy and not creating financial bubbles. You know, that is the, that is the thing that janet yellen will have to take on board. They are all in right now. There is no turning back. I disagree they will be data dependent. They waited, they were so conservative because they were waiting for unequivocal signal that the economy was on track. Were in a Global Economic expansion. If you compare the data to a decade ago, the Global Economy has doubled. We actually are out of this mess. Were five years out of a really bad crisis. There is no turning back. There is a lot of catalysts for growth. Tetonic shifts in energy. Global trade, frontier markets, im very optimistic on the economy but it is not going to be smooth. Actually, lets get into it on that one. I would say it is not unequivocal when i look at whats going on with global Inflation Numbers right now. You know, the u. S. Inflation data has been pretty soft. In europe it is very soft. You know, i think we could, we could hit, you know, new stress, new crises in europe in 2014. I dont think it is unequivocal. And im very worried about china too. I dont think it is unequivocal that were out of this mess. I think the u. S. Is in better shape but the world is not necessarily a place that is on a glide path to prosperity next year. Tracy lets talk about handing the baton back to the market, doug, as you alluded to earlier. Do you think that therefore brings more volatility if the market is the one that has to keep things smooth Going Forward . Of course. That is normal volatility. Going from the 12, 13, 14, to the 16, 17, 18 on the vix. I think that is normal. I think it is very dangerous. I think the market is very mistaken if you think you can go back and forth. Give to it market, give it back to the fed give it that is a very dangerous situation. That breeds uncertainty and expectation. Were allin now. The expectation is theyre not going to hand it back unless there is some egregious problem i dont see. Certainly europe. China is doing better than before. True. But it would have to be extraordinary circumstance, not just down markets. Ashley very quickly, to jon, it was interesting the Market Reaction yesterday. We saw a very quick dip in the dow, down by 60 points then rocketed back up. The markets looked at what mr. Bernanke had to say. Interest rates will continue to be low for wwy off in the distance. Right. Yeah, i think there are a bunch of things going on with the market. That 460 billion i talked to, they like that. The fed took uncertainty off the table by saying the way things were going to go. As you say Interest Rates will stay low for a while. So you know all in all, investors got what they want and i think a lot of people are just tired of having this conversation already. At least now we know the path they have set out. Tracy that is the truth. Jon hilsenrath, doug colt, that was great. Thank you so much. Ashley we have breaking news. Verizon announced it will publish a transparency report disclosing Law Enforcement requests for customer information. This is all stemming from the nsa spying controversy. Verizon says it expects to publish an initial report early next year and update it twice a customers privacy. Verizon moving slightly higher in todays trading. Interesting. Forget losing its luster. Gold is on track to end a 12year bull run. Were live in the pits of the cme with how low gold can go. Tracy Mark Zuckerberg selling 2. 3 billion worth of facebook stock. So what does that mean for his Voting Rights and basically his plans . All that money, well find out. Ashley looking to share your shares of facebook too . Coming up in the tech minute. Interesting story of zero Commission Stock trading that just secured 3 million bucks in seed funding. How about that. As we do at this time of day every day, look how oil is trading. It was 99 a barrel. It is just below, 98. 84. Traders rising eyeing demand after the fed begins tapering in january. Dow is down 11 points. Dont go anywhere my mantra . Family first. But with less energy, moodiness, and a low sex drive, i saw my doctor. A blood test showed it was low testosterone, not age. We talked about axiron. The only underarm low t treatment that can restore t levels to rmal in about 2 weeks in most men. Axiron is not for use in women anyone younger than8 or men with prostate or breast caer. And children should oidwho are contact where axiron is applied as unexpected signs of puber in children or changes in body hair or increased acne in women may occur. Report these symptoms to your doctor. Tell your doctor about all medical conditions and medication serious side effects could include increased risk of prostate cancer; decreased sperm coun ankle, feet or body swelling; enlarged or painful breasts; problems breathing while eeping; and blood clots in the legs. Common side effects include skin redss or irritation where applied, increased red blood cell count, headachediarrhea, vomiting and increase in psa. Ask your doctor about axiron. Our time is short this is our fate imours ashley well, the feds taper announcement hitting gold prices hard with the precious metal dropping below 1200 an ounce for the First Time Since june. Sandra smith in the pits of cme with todays golden trade. Sandra. Great point. We havent seen gold dip below this level dating back to june but now were looking at prices we havent seen in at least three years. We sell another 3. 4 today. Actually saw gold in the pit trading session close firmly beeow that 400 a troy ounce. This is where it gets interesting. The selloff is led by the fact that the fed will begin curbing stimulus for in january. Investors are not seeing a need to hold on to a safe haven asset like gold which they have been throughout the fed stimulus program. That is up about 70 over the course of a threeyear period, when they first implemented quantitative easing. Things get interesting here because a lot of big traders are very vocal they would be buyers of gold once it dipped below 1200 an ounce. The next few days will be very telling if there is enough gold out there to start buying at these levels. Nonetheless, trend is certainly to the downside. So far yeartodate, guys. Gold prices are down 2 and on pace to end a 12year bull run for gold this would be at first annual drop for the precious metal in last 13 years. A significant one. We havent seen this big of a drop for gold for the year since 1981. It is not just gold, guys. Silver on a percentage basis down even more and for the year, silver losing 36 . So even more volatility in that precious metal. As far as, next stop possibly a thousand bucks, guys . Goldman sachs, ubs, jpmorgan have all soured on gold and many are predicting like Goldman Sachs a 15 drop in the yellow metal in 2014. So next few days, next few weeks will be very telling, guys. Back to you. Ashley those charts tell the whole story, dont they, for the whole year . Sandra smith, thank you very much. Tracy lets get a check on these markets now. Coming up on quarter past the hour, Nicole Petallides on the floor of the exchange, watching facebook. What is Mark Zuckerberg doing . Mark zuckerberg and another director is selling off shares which dilutes the shares out there. When you hear about a ceo or someone selling a large chunk of shares sometimes you will see that the stock itself goes down and that is exactly what were seeing today, right . Not rocket science. Down 1. 5 for facebook to 56. 69. However that being said, weve seen a runup in facebook. It is going into the s p 500 tomorrow after the close of trading. Mark zuckerberggs story is that he is now expected to retain control of about 62. 8 , down from 65. 2 and they are selling off 70 million shares together. So obviously thats what were watching for. Thats really almost about 4 billion worth. And the stock itself has had a great run. It is up 102 in 52 weeks. Back to you. Tracy after all that, Nicole Petallides. Thank you very much. Thanks. Ashley well some Economic Data to digest today. U. S. Home resales falling sharply in november to their lowest level in nearly a year. 4. 3 drop last month to 4. 9 Million Units marks the third monthly fall in a row. The rate came in far below analyst estimates and hasnt been this low since december of 2012. Sales have been hurt by rising Interest Rates and ongoing price increases that are shutting buyers out of the market. If you look at the homebuilders and how theyre trading today, pretty much on the downside except d. R. Horton is moving slightly her. Certainly Housing Market showing signs of losing what momentum it had. Tracy to add insult to injury, the cost to get a mortgage is actually going up next year. The chief economist from Mortgage Bankers association is here with what hes calling a dangerous and misguided approach ashley chinas new plan to combat its smog problem. Put it this way, it will get a whole lot colder. Well explain next. First look how the dollar is moving on, well, as we head toward the holiday week of next week, the dow up slightly today, but the dollar for the most part mixed today. The euro, pound, mexican peso moving slightly lower than the green back. Well be right back. At 20 minutes past the hour, im Harris Faulkner with your fox news minute. Guilty, two islamic extremists convicted of murder today after hacking to death a british soldier on a london street earlier this year. You remember when it was happening it went viral when it went online. It took the jury 90 minutes to return the verdict. Activists in syria are trying to rescue a man trapped in his car after a building fell on it. The building was hit by government airstrikes in the city of aleppo, the commercial heart of syria. The a aerial attacks by the assad regime killed 200 people in recent days adding to the estimates of 100,000 that have died in the civil war so far. Urgent matter on the International Space station. Two american astronauts are getting ready to take a spacewalk this weekend to repair the cooling system on the iss. In july, an italian astronaut nearly drownedded when water for his cooling system filled up his helmet like a fishbowl. What a scary thought. Good to see you guys. Tracy have a wonderful merry christmas. Merry christmas to you. Tracy all right, fannie mae and freddie mac are raising fees they charge lenders on mortgages made to people without perfect credit or big down payments. The move is meant to reduce the role governmentbacked giants play in the market but will it make mortgages more expensive next year our next guest says it is dangerous and misguided. We have the chief economist at the Mortgage Bankers association. So the idea behind these fees or at least they think the logic is, they will level the playing field, right . That was the spoken goal, tracy and thanks for having me on. So last week fannie and freddie announced that the average rate they were going to charge was going to go up by 14 basis points but as you noted late on monday this week they are going to raise rates on really the heart of the purchase market, that firsttime homebuyer with the lower down payment really to a much greater extent, almost half a percentage point. We think this will have depressing effect right to the heart of purchase market. Tracy to your point, people with Credit Scores 680 to 760. Not perfect by certainly not awful, putting down anywhere from 5 to 20 this is the firsttime home buyer, right . Were looking potentially increases of Mortgage Rates of a quarter of a percent. Thats right or more. You have to think about some of the interactions with this move which will really push people out of the conventional Housing Market and into the market for fha loans and some of the changes that fha made where fha is lowering their loan limits. You may have some borrowers who really dont have a good option in the conventional market and dont have a good option for fhh loan either. In many cases they may wind up with ad justable rate loan instead affixed rate loan. Youve been talking about on your program about rising rates and impact of the fed tapering. Might not be the best time but really to have no choice but an justable rate loan. Tracy the increased fees are supposed to go to some kitty that will pay stuff down. We both know that never actually happens, right . When are these rates supposed to kick in . Right at the worst possible time, right at the beginning of the spring buying season. So any loan delivered to fannie mae or freddie mac by either march 1st or april 1st, depending upon the nature of lender selling loans to them. They will see the higher fees. So right at the time when the spring buying season when we need the purchase market to be stronnest will be facing this other hurdle. So is there anything people can do other than try to be, obvious, get their Credit Scores up and try to beg, borrow, plead to get more money from the down payment . You know . I think for a consumer, the biggest thing at this point is to reach out to some of their policymakers and certainly at of the Mortgage Bankers association were going to be reaching out to the regulators and to folks in congress and try to say, this is not really the right angle. Tracy right. The strategy to get more additional private capital into the market is exactly right and weve actually got a proposal out there for a better way to do that which doesnt involve higher fees from fannie mae and freddie mac. We think there are ways to get more private capital into the market to reduce the risks of the government and that will be a better outcome for consumers. This is just too blunt of a tool and it will really on a short fuse it will hit during the spring buying season. We just dont think it is the right approach. Tracy michael, you mentioned that rates are going up again. We had a chart of credit availability. That is coming down. Why is that . So, that is something weve been tracking for the past year or so. A lot of it is related to the implementation of some new rules that were coming out of doddfrank, probably the most notable one of that is the qualified mortgage, ability to repay rule. And what were see something that many lenders are reducing their product menu. There are certain product that is in the new world under this qualified mortgage rule are effectively off limits. So were seeing a credit tightening there. The one exception is for wealthier borrowers, for people with jumbo loans, above 700,000. We are seeing a fairly significant increass in credit, but at the other end of the scale, that firsttime homebuyer, were seeing reduction in the number of loans being offered. Tracy so between that and fees and higher Interest Rates people that need the money the most cant get it. Michael, with the Mortgage Bankers association. Everyone listen to what he said. Talk to the policymakers about this. This is wrong. Thank you. Ashley timing could not be worse. Tracy really. Ashley all right, so could the solution to chinas smog problem be more chemicals . As the country desperately tries to find a way to clean up its smothering air pollution. Scientists think they found a promising solution,. Cleaning the air pumping a fine miss of 320 degree fahrenheit lit quid nitrogen. The nitrogen would cause heat, causing water vapor to condense and drag down the dirty matter with it as it falls to the earth. That is not all good news. The plan could be hard to implement, and used improperly liquid nitrogen is quite dangerous. It has trouble written all over it. Tracy killing chemicals with chemicals. Ashley dirt falling out of the area. Air. They have to do something. I dont know that is the answer. Tracy the caveat it could be potentially dangerous doesnt bother anybody . Were only ones bothered by that . Ashley i think so. Tracy target was hacked. The data of 40 million shoppers were impacted as well. Were live in washington why the secret service is getting involved in this. Ashley hashtag tv is better than movies. Why the true story of twitters creation is coming to the bob tube instead of the big screen. Stick with innovation. Stick with power. Stick with technology. Get the flexcare platinum. New from philips sonicar the energy in one gallon of gas is also enough to keep your smartphone running for how long . 30 days . 30days . 3,000 days . The answer is. 3,000 days. Because of gasolines high energy density, your car doesnt have to carry as much fuel compared to other energy sources. Take the energy quiz. Energy lives here. Yep. Got all the cozies. [ grandma ] with n fedex one rate, i could ll a box and ship it r one flat rate. So i kn untilt was full. Youd be crazy not to. Is tt nana . [ male announcer ] fedex one rate. Simple, flat rate shipping with the reliability fedex. Tdd 18888522134 tjust waiting to be found. 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Tdd 18888522134 so you can take charge tdd 18888522134 of your trading. The dow just moving into negative territory down 5 points. More red than green on the screen. And on the home resale numbers, the most recent one showing the housing momentum is slowing down and bring up home depot slightly lower. Overall, it is a so snow day after all the dramatics from yesterday. Lets get to Nicole Petallides who is looking at riteaid today. Nicole i am indeed. Keeping a close eye on riteaid lets talk about generic drugs, think about generic drugs, turns out generic drugs carry higher margins than branded drugs. In fact they can hurt the sales at drugstores because they command lower prices and a story not only for riteaid but for all of these pharmacy retailers but riteaid in particular saw their profits rise 16 . They have had continued sales growth but they had to cut their full year numbers and we are seeing that riteaid has been pulling back. You should see cvs care march today hit a new annual high of 70. 70 a share, they raised their dividend yesterday. Many companies have been doing that lately. Tracy we will see you in a bit. The secret service is investigating targets massive creditcard data breach leaving millions of americans at risk. Rich edson joins us from d. C. With the latest. This is big. Rich they are still investigating this. A wide spread claim that tens of millions of credit card numbers, target says the scheme could have had all of its 1700 stores from november 27th to december 15th, the bulk of the Holiday Shipping season meaning this can hit 40 million credit and debit card numbers, names, expiration dates, retailers, no breach of Online Shoppers so those who shop that target in the u. S. From november to last sunday should check their statements. As for how the criminals pull this off, one security expert says there are a few possible ways. Someone on the inside was able to propagate and move among the 2,000 stores or social engineering attack, or someone went to a web site and click on the link and down loaded a virus that spread laterally across and allow hackers and criminals to suck up the creditcard and debit card information from every store that fog that operates. Connell customers should look for fall of scams suspecting criminals will send a blank emails pretending to be from target and personal information to click on a link that could compromise their security. Back to you. Tracy thank you very much. Breaking news now, u. S. Senators introducing a bill to slap sanctions on iran. Of the country breaks its promises to curb its nuclear program. Was it menendez, the chair of the committee on Foreign Relations and charles schumer, republican senator mark kirk introduce legislation with 23 others. The bill would choke funding to Irans Nuclear program by cutting off its oil sales, it faces an uncertain path because the Obama Administration urged the senate to hold off introducing iranian sanctions. After the house passed a similar bill in july. Ashley breaking news. Oil closing 0. 99 at 98. 77 a barrel, it is up 1 on the day, crossing above 99 for the first time in two months. This is the second day of gains for crew as you can see. It is also time for your tech minute. Hash tag tv is better than movies, the book catching twitter a true story of money, from japan be trail quite a title, may be coming to your tv screen soon. The book and ians and dows of twitter option by lions gate, and the author nick build and will write the screenplay and get producer credit. The distributor behind a hundred games and twilight to name a few is up over 85 in the last year and today up another 2. 6 . What to share buy shares but didnt want to buy a commission . There is an apps for that call well, how do they make money . Robin hood will offer margin trading as well as a p i access and have plans to offer a Premium Services for active investors. Robin hood is the venture funded by google and recent horowitz to name a few and the apps startup just raise the mere 3 million in the ground, robin hood is out to prove young people do care about trading stocks, just been expensive until now. Changing the fingerprint of the ads in the january issue of wired magazine you can push a button that changes the color of the object on the page, 11 different colors to be exact. How cool is that . It was created using a battery, l e ds and keyboard membrane, a quarter of readers in chicago and new york will see and be able to touch these ads starting today when the magazine is distributed and a whole new trend of advertising in magazines and elsewhere. Kind of cool. Tracy forget sticking your thumb out on the street corner. At next the ceo of halo, to hail attacks the before walking out the door. Ashley do we need a new farm bill . Jeff flock out on the farm. Jeff do you hear that . That is the sound of money, money may be paying for milk at the store if we go over the dairy cliff. Details on that when we come back. Mm. Mmhmm. [ enne revs ] [ male announcer ] oh what fun it is to ride. Get the mercedesbenz your wish list at the winter event going on now but hurry, e offers end december 31st. [ sant] ho, ho, ho [ male announcer ] lease the 2014 glk350 f 419 a month at your local mercedesbenz dealer. Open to innovation. Open to ambition. Open to boldids. Thats why n york has a new plan dozens of tax free zones all across the state. Move here, pand here, or stt a new business here and pay no taxes for ten years. Were nework. If theres something that creates more jobs, and ows more businesses. Were en to it. Start a taxfree business at startupny. Com. David asman with your fox business brief. Detroit as mayor elect in charge of daytoday operations for the government when he takes office next month but kevin war, the state each Agency Manager will oversee the Police Department and city finances as he leaves detroit to its municipal bankruptcy. Garden restaurant plans to separate its red lobster chain from the rest of its casual dining brandied as aspen of foresail. And today, it is incomplete and inadequate. The vatican is about accouuting firms, mackenzie and kpmg. And the reforms aimed at bringing the vaticans accounting procedures up to international standards. That is a latest from the Fox Business Network giving you the power to prosper. Tracy congress is inching closer to a dairy cliff as lawmakers hash out a new farm bill before we can start. Eight dollars a gallon, this craziness. Jeff flock is at a dairy farm in gardner, aea tor bdracyed ag iinvrs s oioffs dunthe m mothers name is class what is known 2. 73 average gallon of milk could be as much as 80 those secretary of agricultu does have the ability to mitigate against that at the beginning. He has some ability not to reenact the 1949 law. Congress is closer to getting something passed. As we look at our friends out here, some people have said farm bill, we dont need a farm bill anymore. Farmers are doing great, prices are decent, have a great crop, what do you need a farm bill for . Crops were pretty good but there have been years in the past, at the close of last year there was a need for a farm bill, with the insurance component, save the lot of farmers. Jeff no more direct payments to farmers anymore. It is only insurance which they are subsidizing. These of the new calfs and they will be disappointed. The only teeth on the bottom. Although they are good teeth on the bottom. I must say. Tracy she is delightful whatever is they named her. Thanks, jeff. You got nine more. Thank you. Adam from cattle to cavs and tomorrows business today, a low, one of the most promising internet startups is changing the way we hail taxes, before leaving the front door. It is huge in europe and its footprint continues to grow. The halo anywhere apps allows you to hail taxis anywhere in the world. Joining us is a low ceo j. Redman. Reading what you are saying, we have one of your main competitors, but you want to connect cities, existing taxi networks instead of what has it done. What advantage does that give you . There is a taxi network that is large and lucrative in every major city and around the world. Needs to evolve in the 20th century. What we use his existing infrastructure and turbocharge it and make it more efficient for consumers and this is the most efficient way to create the best experience for consumers and drivers. Ashley what our viewers through how this works . You will be sitting inside, open the apps, you will see literally tens of thousands around, you will see them get to you, press the button, have credit card details stored, you will finish and a walk out and at the end simply walk out. Everything is charged to your phone. Pretty seamless. Adam take existing infrastructure and use Smart Phone Technology on the part of the driver and passenger to create a much more efficient and much more controlling experience for the passenger and the driver. Ashley how do you get your drivers . They are fully licensed taxi drivers. They have to pass all the rules and regulations required by local licensing authorities. And they picked people off of the street. And be sure that you are getting the safest possible driver in this city. Ashley the beginning of this interview you have been successful in europe, based in london, use the black cabs there. What imprints are you making in the u. S. And what is the biggest challenge in the country . I was born in new york and happen to be in london doing a masters degree that turned into a 15 year what was happening when we were making another plan, started two businesses and this was the second one. This is technology we want to deploy globally. London is the crossroads between various cultures, europe, the u. S. If you can make it work there you can make it work everywhere. We have an enormous footprint, 15 cities around the globe. The only one that has operations that are successful, not only in north america but in europe and asia. Ashley what about the pricing. We had controversy with your competitor, the way prices surged in recent snow storm. Is that company your company would do as well . We recognize from time to time there will be events the cause there to be less supply on the road, we do that in a transparent and upfront way. A passenger must know what it is to pay for this Optional Service in cases where there might how we would never operate a system where it wasnt clear what was being charged, whether it was going to the driver or not and that gets passengers upset. Not knowing why that prices so high or where the money is going and in many cases it is going to the driver. Ashley thank you so much for joining us and continued success. It is a pleasure. Tracy anything to get a cab in this city, no joke. Time for stocks, we head to the floor of the stock exchange, martin hanging out with us toddy. Finally heard the paper talked yesterday. The euphoria tapered today, after the third biggest one day move we have seen all year is normal for indices to back off a bit or stall but a couple emerging, you are starting to see Interest Rates creep up quickly if you look at the ten year, youre getting 3 levels from september, obviously a detrimental affect utilities and a lot of Interest Rate sectors. Emerging markets have been lagging and that is interesting. Financials yesterday won the best performing sectors as interestrate rise slowly that should be a boon to the Financial Sector so that is interesting. It wags since july and could show some performance in the weeks ahead. Cheryl waiting to hear that. Thank you very much. Ashley uncontroversial duck call could be the end of one of americas most popular reality series. The future of duck dynasty. Who found a magic seashell. It told him what s happening r in real time. The shell brought him greatame. But then, one day, he noticed that everybody could have a magic seashell. [ indistinct talking ] [ male announcer ] right there in theirrading platfor indistinct talking continues ] [ male anuncer ] so the magic shell went back to being a. Shell. Get live squawks right in your tring platform with think or sm from td ameritrade. Just by talking to a helmet. It grabbed the patients record before we even picked himp. It found out the doctor we needed was at st. Annes. Wiggle your toes. [ driver ] and it got his okay on treatment from miles away. It even pulled strings with the stoplights. My ambulance talks with smoke alms and pilots and adiums. But, of course, s a good listener too. [ female announcer ] today cisco is connecting the internet of everything. So everything works like never before. Senator harry reid confirming the senate will be sticking around through saturday for a very rare weekend session, what are they doing . They are going to vote to confirm janet yellen as chairman of the Federal Reserve. Ben bernankes term expired january 31st but while. Ashley they never stick around especially this time of year. Tracy unless there is free food. It is a duck dinahs the disaster. The patriarch of the wildly postulate popular a and the reality shows getting in hot water over antigay comments he made, Dennis Kneale is looking at the fallout. Dennis it is a andys channels version of the beverly hillbillies, 12 Million People watch the show just to see what stupid thing this country clan might say next but phil roberts and may have gone too far and the bearded patriarch of duck dynasty has outraged pro gay groups by saying gay sex is a sin. In the same ballpark as bestiality and homosexual offenders and male prostitutes like the greedy and drunkards wont inherit the kingdom of god. Dont deceive yourself, it is not right, he admonishes and this interview coming out justintime production dynasty to begin its fifth season in a few weeks perhaps inviting higher tune ins. The series is already in the can and this may get left out. Pro gay groups responded with obligatory and highly quotable outrage. And apologize, suspended roberson and gay groups praising the swift punishment. Robertson joins rising ranks of the gap gallery, alec baldwins antigay share, martin bashir, sarah palin, added over 20 years ago, supporters note Bill Robertson didnt use any slur or he full term. He simply bluntly uttered his religious beliefs. He may be making it worse. After the outcry he issued a non apology apology saying he respect all of humanity but the bible teaches that men should be with women which may not be enough to mollify Program Groups who are threatening a sponsor boycott. Tracy i dont know if the bible teaches that. You can read the bottle anyway you like. Theres a lot of stuff in there. The old man is just giving his opinion. What happened to freedom of speech . Dennis supporters amounting a backlash against the backlash. More on that at 4 00. Tracy thank you. On countdown to the closing bell, ever seen this before . Guess what, it has to do with the sac insidertrading trial. For those of you on serious x m i am not sure what i am looking at to tell you, something about a ghost. I dont know. Apparently liz claman and Charlie Gasparino will explain it all. Very visual explanation for everyone out there. Dont go anywhere. [ male announcer ] my client gloria has a lot going on in her life. Wife, mother, marathon. But one day its just gonna be james and her. O as their financial advisor, im helping them look at their complete financial picture even the money theyve invested elsewhere to create a plan that can help weather all kinds of markets. Because thats how theyre getting ready, for allhe things they wa to. [ femalannouncer ] when people talk, great things can happen. So start a conversation with an advisor whos fully invested in you. Wells fargo advisors. Together well go far. Where does the United States get st of its energy . Is it africa . The middle east . Canada . Or the u. S. . The answer is. The u. S. 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If you he any sudden decrease or loss in hearing or vision, or if you have any allergic reactions such as rash, hives, swelling of the lips, tongue or throat, or difficulty breathing or swallowing, stop takg cialis and g medical help right away. Ask your doctor about cialis for daily use and a 30tablet free trial. Liz countdown to the countdown. Rise of the machines, 3d printers can make everything from victorias secret angel wings to undetectable plastic guns, and investors are rushing to cash in. A fox business exclusive with one of the industrys pioneers, ceo abi on whats coming up in 2014. Lost in translation r tesla doesnt have a chinese name yet because for its brand. Can tesla make it in china without a name . And is it fainting guts or hedge Fund Employees . Sac cap aal manager Michael Steinberg appeared to pass out as the jury found him guilty of insider trading. Hes the second employee at sac to faint. Well find out if the feds are closing in on founder steve cohen. Countdown to the closing bell starts right now. Liz i mean, two employees now fainting over at sac when the feds come in . We thought the fainting goat analogy was appropriate. Good afternoon, everybody, its the last hour of trading, there is a very serious angle to that story well get to it. In the meantime, one day after the markets took off like a rocket on that taper news from the Federal Reserve, investors seem to be breaking just a little bit for the holidays. A little earlier we were up, we were down, we were all around, and right now at the moment we do have just the dow jones moving higher, a singledigit move up, eight points, but adding on to the big move from yesterday, you could look at that as a thumbs up to the fed decision. Be right now even though chairman ben bernanke indicated Interest Rates wont be going up anytime soon, there are new signs of jitters in the Housing Market. What are they . Well, we got sales of existing homes falling in november to the slowest pace in theory a in neary a year, the third