Transcripts For FBC Countdown To The Closing Bell 20121004 :

FBC Countdown To The Closing Bell October 4, 2012



and that outfit. category five hurricane. i got to cover all the biggest stories. i knew cleveland was a great city for business. keep in mind, ohio, a key battleground state. you saw how many times ohio was mentioned last night. already, we have spoken to the brand new billionaire owner of the cleveland brown's. he is from knoxville, tennessee. telling me this is it. he will make the browns a winning team. mark shapiro, the president of the cleveland indians. his team is facing, yes i know, major league. it goes back many centuries. many decades. this is one of the original american league teams. i asked him who will get the manager spot. of course, there is a position open. we are live at the rock 'n roll hall of fame. it attracts more than 50,000 visitors a year. a total of 9 million people have walked through the doors here. we are sitting down with terry stuart. a huge money driver. lots of money comes into this state because of the rock 'n roll hall of fame. i took this from my hotel room this morning. it is in the shape of a guitar. rock 'n roll, that term, was created right here in cleveland. let's get you up to date. the markets, both the dow and s&p holding tightly onto gains all day. we have healthcare taking off as well. ten of the 52 healthcare related stocks in the s&p 500 got not only are doing well, they are hitting her and new highs today. initial claims rising. jobless claims rising to 367,000 last week. that is a number you want to see going down. talk about a comeback. after posting its biggest one-day percentage decline since 2011. oil. following the release of the minutes from the most recent federal reserve meeting. let's go to the inside of the scoop. let's get right to the floor show. we are talking to the traders at the new york stock exchange, cme and the imax. you pick it apart from the sectors and from all that is happening. what is the most important aspect of today's move? >> if you look at hr for the day, we opened high and we stayed high. what we have seen over the last couple sessions is the market seems like it wants to rally in and it loses steam toward the end of the day. if we continue to maintain these levels and we are trading at the highs right now, it will show a significant move in real momentum into the market that we are showing today. liz: tell me about the volume. this is always an important question. is there a conviction behind the rally today? >> i would not say there is conviction volume in the rally today. it is the right type of clients that are getting into the market now and are continuing to build positions they have already. liz: ira, at the cme, i am less interested in a $13 move in gold than a smaller and oil. we are starting to see some real bullish activity. why the change? >> syria going after turkeys borders. that immediately got iran, always a problem, of course, getting their military goofed up towards the border as well. now you have that israeli conflict, turkey going at it, that was enough. a one-person debate last night. i think president obama had a stand-in. i am convinced that was not him. he must have had the flu. that romney drove these other market. he is pro-business. he really invigorated the next shot at winning some people over. especially in ohio. liz: the question is was that really president obama and was not really that romney last night? [laughter] john, you are looking at that activity over at the imax. we just talked about crude oil. gasoline is something we always watch for the consumer. >> if you look at what wti has done in the last few weeks, it has really underperformed. ethylene prices have been rather strong. when we look at today, some of the supply concerns in texas and new jersey, it is not a surprise it is up over 5%. if you look at wti, you have the s&p on multiyear highs. you have crude oil selling down to the lows. at least in the last couple months, if you ask bernanke a few weeks ago, this would be the result, you would have to be fairly happy. you had the s&p beginning to rally as much of wall street pretty much discounted romney's victory. romney victory is very polish for wall street. up until last night, it was not a factor in overall risk market. liz: isn't it interesting, though, the market has done better under democratic presidents. you just don't know with these things. gentlemen, thank you so much for joining us. the dow jones industrials up almost 90 points. a big rally today. we are watching it. dow jones industrials 30,585. closing. [opening bell ringing] soon. about 53 minutes away. i want to tell you a quick little thing here. these go in the middle, yes, of 45 records. the eight and the b side. randy newman, donna summers, all have been to their names. they were all announced today as the newest nominees of the rock 'n roll hall of fame. we will speak with terry stuart. first, we have some trivia for you. which rock star was inducted into the rock hall of fame the greatest number of times for playing with different bands? for more than one band. jimmy page, paul mccartney or eric clapton. put on your trivia hats. coming up, i will tell you the answer. stay tuned. ♪ energy is being produced to power our lives. while energy development comes with some risk, north america's natural gas producers are committed to safely and responsibly providing generations of cleaner-burning energy for our country, drilling thousands of feet below fresh water sources within self-contained well systems. and, using state-of-the-art monitoring technologies, rigorous practices help ensure our operations are safe and clean for our communities and the environment. we're america's natural gas. you see us, at the start of the day. on the company phone list that's a few names longer. you see us bank on busier highways. on once empty fields. everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank. ♪ >> welcome back. we are taking a look at your top commodity movers. looking at rbob gasoline. reversing yesterday the big losses. crude almost completely erasing yesterdays losses. rbob up. crude oil prices also a big gainer. back above $90 a barrel. crude prices in the range of 91-$92 a barrel. gold also shining. about three quarters of a percent. we got some comments from mario draghi. they are going to do something, another bond buying program of some sort. that eased concerns over in europe. also, by the way, we had a weaker u.s. dollar, stronger euro scenario on that. it was a big winning day for commodities. yesterday was a big loser. we opted a lot of yesterday's big losses on the day. gold certainly shining. hovering around 1800 out. now we will go out to jeff flock. he is on the far. jeff. >> we brought the cme out to the farm today. you know our old friend scott. what better place to have you guys been out at the horn harvest. as we watch it here, it is better than we thought. >> it is. there is a surprise by how many fields can give us so many bushels an acre. forty or 50%. jeff: give me a prediction. we just heard this farmer say, tom, where are our prices going to be? >> next year, let's start with what is going on right now. 960 area. we had a 40. we are kind of in congestion right now with this price range. we will go a lot higher next year. jeff: one of the factors is the moisture in the soil. take a look. this court has gone down to get a lot of moisture out of the ground. if we do not get significant moisture, we will have another major drought situation in another skyrocket and prices. this is what one horn called -- corncob looks like this year. i leave you, liz, with a picture of the harvest. you are on the road. we are on the road. there you go. liz: i will take it. thank you very much. i am over at the rock 'n roll hall of fame. do you know who this is? take a look. this is a young robert zimmerman at the piano. oh, i am sorry, he changed his name to bob dylan. we moved into the architect part of the hall of fame. the piano, guitars, what with these singer songwriters really be? come meet the ceo of the rock 'n roll hall of fame. terry stewart. thank you so much for joining us. the rock 'n roll hall of fame is here in cleveland because the term was coined by this guy, alan freed, a dj. talk about that moment and why he coined that phrase. >> he was very egotistical. he had an insight about the music. he fell in love with it. he really wanted to sort of on it. he gradually took over that world. and that whole process he thought there was a bigger universe of people out there. he renamed it rebranded it. he knew what it meant. they told him not to use it. he used it anyway. [laughter] it took off like wildfire. liz: you learn something new every day. we will go over here. i have to quickly pointed out. these are alan freed ashes. we do not have to get into the details of that. i would be way more interested in getting into these guitars. >> these are all gibson paul guitars. owned by very famous people. these guitars are all vintage guitars for the most part. they go for hundreds of thousands of dollars today. liz: could you imagine one with the song "blue sky." here is a piano. by the way, this is a business and tourist location. unbelievable. people come to see stuff like this. >> this is the centerpiece of the million dollar quartet. all four of these superstars got together for the first time. elvis on the piano. johnny cash -- they played about two hours. they turned the tapes on and recorded it. it was sort of mythical. the music was released in the 80s. liz: that is the piano. as we look at all of this, talk about this as a tourism hub. >> a hundred million dollar impact. we have a half million people that come here. 95%, from outside the region. it is remarkable. liz: that is just incredible. i want people to see what is going on in here. you know, they bring it up to modern day era. talking about architects. someone who could be recognized. he changed the face of how we listen to music. if you pan left, these are the older artifacts. something out of a museum or out of my mom's garage. the boomboxes and stereos run by batteries. >> big boomboxes. liz: how many of us were dying for the one with the double cassette? that evolution is something you have been able to capture through all of this. >> beauty is in the eye of the bow holder. we all have our favorite artifacts. i love, there is a moneybag, suitcase, downstairs. he did not trust banks. that put him ahead of the curve. [laughter] he carried it around with all this cash in it and put it under the seat wherever he was. that is the one thing we left in the attic. liz: what about the beatles stuff? >> we have the largest beetle exhibit in the world. uniforms, jackets, instruments, original lyrics. it is remarkable. people will sit in front of that case four hours. liz: paul mccartney wrote "yesterday." >> voted often the best song ever. liz: we are here looking at the business climate of ohio in cleveland. cleveland is open for business. what do you think people need to know about the city? >> i think it has had a bad representative for a long time. liz: why? because of the river that caught fire? >> cleveland, first of all, people do not realize we are on a body of water that looks like an ocean. we have island out on the lake. jimmy buffett bill is out there. you have the water. cultural arts. one of the biggest and most proud orchestras in the world. art museum. of course, the rock 'n roll hall of fame. a very small footprint which allows you to navigate the city, feel safe and do this in a very short period of time. and, it is less expensive. liz: you do a great job, terry. terry stewart who is the ceo. they call it the mistake on the lake. i call it best location in the nation. coming up, big businessmen joining us exclusively. the president of the cleveland indians. they had their last game last night. they had a great first half of the season. collapsed in the second half. what will they do next year but back this is a team that has stuck by the city and vice versa. we have a fox exclusive coming up. ♪ ♪ forz(power!) andiamo! andiamo! (let's go! let's go!) avanti! avanti! (keep going! keep going!) hahaha...hahahaha! you know ronny, folks who save hundreds of dollars by switching to geico sure are happy. and how happy are they jimmy? happier than christopher columbus with speedboats. that's happy! get happy. get geico. fifteen minutes could save you fifteen percent or more. liz: welcome back. the rally hold. dow jones industrials up about 76 points. the nasdaq up 33% year over year. a huge rally for the nasdaq. the most hated rally of all times. the s&p 500 that are by nine. we are seeing sharp declines, though, and wireless companies. sprint nextel is considering making a rival bid. they tell fox business no comment. the stock is down. at&t better by about 2%, or just, a 3%. verizon is up 2%. rising communications hitting a pretty significant high. did you guess the trivia question? which rockstar was inducted here into the rock 'n roll hall of fame in cleveland the greatest number of times for playing with different and? the answer -- eric clapton. he was inducted into the hall of fame for playing with many different bands. we have the announcements this morning. deep purple, randy newman, rush, donna summers, what are you going to do. let's talk about the bad news bears. i am kidding. the cleveland indians. i am allowed to say that because i am a cleveland fan. they are already making plans for 2013. we talked business of baseball with the owner last night. how could you not be in india than having lived here? i know i am. we welcome the president of the cleveland indians. going on through 21st year. >> it is great to have you here. liz: you really deserve a medal. [laughter] it is not easy. >> i feel fortunate. i am not from cleveland. it has been a great ride for me. a great place to be. liz: let's call it what it is, a really terrible last half of the season. disappointing. what happens now? >> we get better. we fight to get better. we have a managerial decision to make in the next couple of days. we have some great choices to choose from. we looked to build off of the positive things that happened this year. we are finding ways to keep moving forward. we have to put a whole season together and move forward. liz: -- >> we look at it this way, we have two very exciting choices. i have worked with some and have a relationship, respect and trust. we think cleveland and the indians know our situation and are excited about the challenges. we feel the same way. we are in a good position. you have two good choices to interview and talk to. liz: let's talk about the business of baseball in cleveland. one of the four founding members of the american league. it would have been so easy because it has been a tough road to have left cleveland. why have the indians stayed and with a stay forever with cleveland? >> a historic passion is there. at times that passion comes through another wave. you cannot be a cleveland -- the team, brand, history, baseball is that one unique explorer. we are a generation of fans. the amazing thing about it is while time goes on, the game is still relatively the same. the fabric in the uniforms is a little different. the game is still the same game that will be played here in just about an hour. in exciting thing for memory and generation of fans unite around. liz: i was here for opening day in 1994. to this day, it is a very forward thinking ballfield. now it is progressive. you have 16 year licensing deal. will that affect the price of the experience of coming to an indians game? >> progressive is a great partner to us. a crown business in the city of cleveland. so actively involved here. we are proud to partner with them. they are a great supporter of ours. liz: back in my day-- you go all the way back. the pitcher who was fiercely loyal to cleveland and the indians. it is very important to look at that and say, you know, what is it about cleveland that keeps you here. >> i think it is that generational aspect. the fact it is a truly great place to raise a family. it has all the benefits of a big city. the culture you want to see. it has the ease of living in the schools that makes it great. liz: the browns have a new owner. you look at larry and paul. are they committed to spending and keeping the team competitive >> i think they have spent beyond revenues multiple times. it creates a greater challenge for a market of our size. we are a small to midsized city. our revenues are reflective of the corporate face and population price. that creates challenges. ownership gets beat up a lot. that is money that needs to be spent. we have a young foundation. he is also going to talk about what he thinks about the uk. they are on sticky ground as well. we will be back with a whole lot more from cleveland where we are open for business. let's hear it from inductee bruce springsteen. they are helping us out here today. ♪ follow the wings. >> announcer: meet mary. she loves to shop online with her debit card, and so does bill, an identity thief who stole mary's identity, took over her bank accounts and stole her hard-earned money. now meet jack. after 40 years, he finally saved enough to enjoy retirement. angie, the waitress at jack's favorite diner, is also enjoying his retirement. with just a little information, she's opened up a credit line, draining the equity in jack's home. unfortunately, millions of americans just like you learn all it may take is a little misplaced information to wreak havoc on your life. this is identity theft, and no one helps stop it better than lifelock. see, ordinary credit monitoring services tell you after your identity has been stolen. they may take 30 days to alert you-- too late for jack. lifelo has the most comprehensive identity theft protection available. if mary had lifelock's bank account alerts, she may have been notified in time to help stop it. if jack had lifelock's 24/7 proactive protection, he could have been alerted by phone or e-mail as soon as they noticed an attack on their network, before it was too late. lifelock has the most comprehensive identity theft protection available, guarding your social security number, your money, your credit, even the equity in your home. while identity theft can't be completely stopped, no one works harder to protect you than lifelock. you even get a $1 million service guarantee. that's security no one can beat. you have so much to protect and nothing to lose when you call lifelock right now and get 60 days of identity theft protection risk free-- that's right, 60 days risk free-- use promo code: notme. order now and get this document shredder to keep sensitive documents out of the wrong hands-- a $29 value, free. call the number on your screen. [♪...] nicole: i am nicole petallides live on the floor of the stock exchange. we're getting ready for the closing bell but before that we look at one sector, these are the coal stocks doing very well today. a couple things to note. we are looking at coal which is cost competitive with natural gas and power generation. that is one factor as well as the fact that last night we heard mitt romney talking about cold. i like cole, he said. saying more and more he would use cold. and it is to the upside. it is 5% to the group doing particularly well. this is also the administration is currently crushing the coal company. back to you in cleveland when you are doing an unbelievable job. liz: hard not to. here in cleveland i don't mean to be a total emissary but it is a great business story. we're looking at something no one man can control which is spain on the brink. we could be hours awa

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