One famous wall street name. We will get the very latest from the white house. And the daytona 500 overshadowed by a final lap crash that sent ryan newman to the hospital right there. There goes his car. Also sent denny hamlin to victory lane. The man of the hour himself will join us in moments on his second straight victory in the Great American race. Incredible stuff. Less than an hour now to the closing bell, im Ashley Webster in for liz claman. Lets start the claman countdown. Ashley all right. We have this fox business alert. The jury has just returned from recess during day one of deliberations in the Harvey Weinstein case. The jury made up of seven men, five women. Weinstein is accused by two women of rape and criminal sexual acts. Weinstein also facing two aggravating counts which could keep him in prison for life and of course, we will bring you all the latest developments in this case if the jury returns a verdict. Thats going on right now. Well, as the markets search for direction, just take a look at gold, breaking past the 1600 level, spiking up now little more than 18 per ounce. That is on pace for its highest close for gold since march of 2013. Almost seven years. Also pushing higher, investment manager Franklin Templeton is popping after announcing it will be acquiring legg mason in an all cash deal valued at 4. 5 billion. Franklin templeton agreeing to pay 50 bucks per share which is currently trading above that value and hitting a multiyear high, as you can see shares of franklin up 7. 5 . Legg mason up 24 . Absolutely surging. The u. S. s largest grocer by revenue, kroger, touching its highest price since november of 2018 after Warren BuffettsBerkshire Hathaway disclosed late friday it had bought up about 18 million worth of shares. Thats worth more than 500 million. That gives Berkshire Hathaway about a 2. 3 stake in the grocer giant which has been hit recently due to increased competition in the space. Look at that stock today, up nearly 6 , close to 30 a share. Well, it is a tale of two coronavirus stories. Walmart says it will not be lowering its 2020 forecast because of the virus just yet. The retail giant saying it will continue to monitor the outbreak but so far, sales at their 430 stores in china have not been hit. But this of course comes just one day after apple warned of a slowdown at chinese factories where smartphones are actually made. Apple also saying demand for the popular iphone in china has been hurt and all of apples 42 stores have been closed. Two very different stories there. Apple, though, remarkably, not just dragging down the u. S. Markets, which it has been. Take a look at how the european markets closed today. Awhile ago, they were all down anywhere from a half to. 75 . Major apple suppliers like broadcom, corvo and Skyworks Solutions taking a hit on the back of the apple outlook, all down 1 to 2 . The question is, is walmart being too optimistic or is apple being too cautious . Or is the answer somewhere in between . Its maybe too early to say how much of an impact the coronavirus will have on major corporations but lets get to the floor show and get some opinions. Lets get to tim anderson. Hes down at the New York Stock Exchange. Every day we talk about the virus, coronavirus, we get a comment like we did from apple, kind of sends a chill through the market. But then walmart says its okay. What impact is this having on the psyche of the markets . I just think you got two completely different situations with apple and walmart. Apple is kind of getting it on both ends because they have very direct manufacturing right if china and also connection with foxcon and they have a tremendous amount of stores, retail presence in china also. Walmart, on the other hand, they are getting maybe hundreds of their suppliers and people that sell through walmart, they may all have different experiences as to how much disruption their supply lines might be going on and even though theyve got some Retail Operation in china, its probably a very small part of their global sales. Ashley thats very true. Phil flynn at the cme, come on in. Despite what apple has been saying, remarkably, the nasdaq which is very techheavy, still on the Positive Side today. I would say overall, with even the dow just down half a percent, from record highs, frankly, the reaction so far has not been that great. Rather muted. Absolutely. You are trying to compare apples and kmart. It doesnt work. Like apples and oranges. At the end of the day, listen, is anybody surprised that apple was going to take a hit from this . We have known for weeks and weeks and weeks that they have closed stores, shut down cities in china which was one of their biggest areas of growth for their product and we know thats all been put on hold. But at the same time, we know that this isnt going to last forever for apple at all. Theres going to be an end game to this. So theres probably going to be some pentup demand. As far as kmart, absolutely. Their focus on china totally different than apple. They dont rely on everything from china. A lot of their products. But at the same time, theyve got a strong u. S. Economy to get them through and are going through a transition phase where they are very optimistic that this year will be a great year for them. I would agree with where we are seeing from kmart ashley walmart. Yes. Walmart, im sorry. Whatever happened to kmart . Bring back kmart. Ashley they both have blue light specials, i believe. Not sure. Scotts in the house. Scott, we talked about this with Stuart Varney today, but his belief and many is that the u. S. Markets, its still the only game in town, if you like. Yes, the rest of the world is trying to recover but now we have the coronavirus but the u. S. Is still a very strong market to invest in. Yeah, and its losing competition by the day. We still dont have anything to talk about as far as Interest Rates go so if you have any extra cash around, you have to put it in the u. S. Market and by default, thats shown to be a lot stronger even in the face of Something Like the coronavirus, which i agree with phil, we are going to get through it. Its just going to be about timing, when you want to jump back in and see some of the demand pick back up. However, with whats happening so far, i dont think its over yet, there is definitely going to be some sort of slowdown. I dont think apple is wrong by coming out and saying what they have said, number one. Number two, i think that maybe, you know, apple is getting punished for telling the truth and walmart is being rewarded for putting their head in the sand a little bit. Im going to have to wait, i dont think its over and i like to think that we will get through it. I dont know when we will. By telling the truth, i think apple is playing a better game than walmart by trying to ignore something that really could be a little bit of a global slowdown. Take a few Percentage Points off the gdp. Ashley little cynical today. Scott, i hear you. Others agree. Phil, tim, thank you all, gentlemen, for joining us today. We really appreciate it. To the white house now. President trump boarding air force one in just the last hour for a trip to california, but not before breaking some news at joint base andrews. The president pardoning or granting clemency to a whos who list of famous names, from former 49ers owner eddie dibartolo, jr. To junk bond king Michael Milken. Blake burman has more at the white house. Reporter President Trump in the air right now aboard air force one as he will head out west for four different states over the next four days there. One of the events the president will be partaking in on thursday at a prison in nevada for a Graduation Ceremony there. Ahead of that today, the president announced that he would be pardoning the sentence or commuting the sentence of 11 different individuals, that includes some of the names you just went over, Michael Milken, the financier, former San Francisco 49ers owner eddie dibartolo jr. And the former new York City Police commissioner bernie kerik received pardons. The former illinois governor rod blagojevichs prison sentence has been commuted as well. Here was the president. We have bernie kerik, we have mike milken whos gone around and done an incredible job for the world with all of his research on cancer and hes done this and hes suffered greatly. He paid a big price. Paid a very tough price. But hes done an incredible job. Reporter before boarding air force one this afternoon, the president also shot down the idea that china wouldnt be able to buy some u. S. Technology due to the fears of some citing national security. Listen. Im very concerned about national security. Number one, im concerned about national security. But i will say that were not going to be sacrificing our companies for all of the growth and Everything Else that theyre exploding, theyre doing so well, by using a fake term of national security. Its got to be Real National security. Reporter President Trump will land in california later this evening. Once he gets on the ground there, he will be hosting a fundraiser in beverly hills. He will also partake in a meeting for the 2028 olympics in los angeles, a planning meeting, then tomorrow, he heads to Rancho Mirage for another fundraising event, this one got a high profile name attached to it, Larry Ellison will be hosting the president and there are some reports out of california that it could be up to 250,000 per guest. Ashley oh, yes. I have to look through the window. Im not getting into that one. Blake burman, great stuff. Thank you. Lets take a look at the big board for you. The dow still off some 140 points at this hour. We were down at one point like 281. So we have come back. Its been in the same range for awhile now, in the session. Coming up, that fiery crash at the daytona 500 results in a dramatic photo finish and a second straight victory for denny hamlin in the Great American race. The man in the center of that action will be joining us in moments. And President Trump, by the way, hitting Vladimir Putin where it hurts. New sanctions on russias stateowned oil company. We will also take a deep dive into the oil market when the claman countdown comes right back. As a struggling actor, i need all the breaks that i can get. At liberty butchumal cut. Liberty biberty cut. Well dub it. Liberty mutual customizes your Car Insurance so you only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Can you help keep these iguys protected online . . Easy, connect to the xfi gateway. What about internet speeds that keep up with my gaming . Lets hook you up with the Fastest Internet from xfinity. What about wireless data options for the family . Of course, you can customize and save. Can you save me from this conversation . That we cant do, but come in and see what we can do. Were here to make life simple. Easy. Awesome. Ask. Shop. Discover. At your local xfinity store today. And now for their service to the community, we present limu emu doug with this key to the city. [ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Ashley a fox business alert. The Trump Administration revealing new sanctions on russias oil giant, accusing it of circumventing sanctions on venezuela. Now, this as west texas oil settles flat for the day, 52. 07 a barrel. By the way, gas prices now averaging 2. 44 for regular. Thats down from 2. 55 just a month ago. As the Energy Industry braces for the impact of the coronavirus, whatever that impact will be. Were not sure. Lets bring in bob phillips, cre Crestwood Equity partners chairman and ceo. Great to have you on the show. I guess at this point, it is very difficult to get your head around the coronavirus and what it means. We dont know how long this is going to last. But if people are traveling less, businesses are shutting down, industry is slowing down, thats got to be negative for the oil industry. The demand goes down, right . Well, i think thats right, ashley. Its clear that theres going to be an impact on consumption in china, in asia, at some point in time in the future. I think the fact that prices didnt move a whole lot today given the apple announcement, the new russian sanctions, really just tells you that the market doesnt quite understand and appreciate what that impacts going to be. We know that some china oil buyers have been issuing force majeur alerts, turning back some cargoes. Its not really impacting u. S. Production that much, as you know, because of trade tariffs, we have pulled back significantly in our deliveries of lng and crude oil products back in 2019. So probably not a lot of impact today and possibly in the future. Ashley when we talk about price, west texas, i was just looking, is at 52. 07 a barrel. At what point does it not become worth the effort, time and money say for frackers to start producing this product . Is it below 50 a barrel . Its really not. Its significantly below 50 a barrel. Thats a common misconception with investors and with the public. At 50wti, there are a number of shale plays in the u. S. Like the delaware permian, like the powder river basin in eastern wyoming. They are very economic at prices well below 50 a barrel. Thats due to the Significant Technology improvement that our upstream producers are experiencing at the drill bit. They can drill longer laterals, bigger frack jobs, the cost of the well is coming down as Service Costs come down and the wells are just much more productive. Thats why you have seen volumes expected to increase in 2020 despite a lower rig count. Ashley amazing, isnt it. More and more, is opec becoming of less significance . They are. U. S. Production has just reached an alltime high of 13 Million Barrels a day. We expect that will be stable for at least 2020, if not into 2021. There were, of course, some expectations that production was going to grow faster, like it did in 2018 to 2019, but the realities of the Capital Markets are investors are demanding more financial discipline, as a result producers are pulling their capital budgets back on the order of 15 to 20 . I think we will see fewer wells drilled, less rig activity, but volume stay flat to up slightly. Oil is expected to increase by about 6 in 2020. Natural gas going from 93 bcf a day to 98 bcf a day, about a 7 increase. The markets will remain solidly supplied and largely in balance here in the united states. Ashley very good. Very quickly, i want sustainability is a key for your company. You say that should be a key for the industry as a whole. Can you quickly explain . Esg sustainability is what we are all talking about in the midstream space right now. We have to embrace it as an industry. We need more transparency around risk. We need more community engagement. We need more Environmental Stewardship and crestwood has taken the lead in the sustainability effort in our peer group, the gatherers and processers. We were just recently recognized by corporate nights, a canadian sustainability ranking firm, as one of the top 50 in the world, in their global 100 countdown. That really is attributable to our commitment to operate a more Sustainable Business here in oil and gas industry. We hope all of our partners along the Energy Value Chain can embrace sustainability and make significant moves in that direction over the next several years. Ashley very good stuff. Bob, glad you got that in. Bob phillips, Crestwood Equity partners chairman and ceo, thanks for joining us. We really appreciate it. Thank you. Ashley lets take a quick look at the big board. Just under 40 minutes to go before the close. The dow still off, we have been in this same range, down half a percent. 29,250. Advance auto parts rallying after posting higher Fourth Quarter earnings. The auto parts retailer beating estimates as its spokesman, nascar driver ryan blaney finds himself in the center of that daytona 500 crash controversy. Doesnt hurt the stock, though. Its up more than 7 . Advance auto at 143. Blaneys bump did help Denney Hamlin squeak out his second straight daytona 500 win and touch off the victory lane celebration. The man of the hour himself, denny hamlin, joins us next live from the floor of the New York Stock Exchange when the claman countdown comes back. Are comm. And when you open a new brokerage account, your cash is automatically invested at a great rate. Thats why fidelity leads the industry in value while our competition continues to talk. Talk, talk while our competition continues to talk. My body is truly powerful. I have the power to lower my blood sugar and a1c. Because i can still make my own insulin. 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