Transcripts For FBC Countdown To The Closing Bell With Liz C

The bad news for yahoo is that the 4. 8 billion deal between yahoo and verizon may be on life support at this hour. Bloomberg is reporting that verizon is trying to negotiate a price cut or even an outright exit from the deal. Maybe they want out and yahoo taking the potential rejection very badly. It is down more than 5 after it announced it had the biggest hack in internet history. More than one billion users compromised. We have a fox business exclusive with cofounder of aol, steve case, were going to ask him if he were the ceo of verizon, now knowing what he knows about all the yahoo breaches, would he get out with his jacket still on . And is part of this verizons fault . Steve case in a fox business exclusive. Plus, mystery in the motor city at this hour. General motors hastily calls a News Conference but the auto giant wont say what its about. Will ceo and chairman mary barra say her company is officially at war with china or Reveal Technology that could disrupt the entire industry . Jeff flock is there, hes waiting, live in detroit. Well show you. Caravan cam is fired up as president elect donald trump is expected to leave for the next leg of his thank you tour. Next stop, hershey, pennsylvania. Rally comes as the Transition Team closes in on last two cabinet picks. Connell mcshane live at trump tower. With less than an hour to the closing bell just 58 minutes away. Were live at the New York Stock Exchange, so lets start the countdown. Liz so close, but yet so far, i told you guys that the nyse traders said they were not going to put out t dow 20,000 hats until they were within 20 points. They got so eager, they made the dow almost 20,000. Making the run for the border, dow industrials got within spitting distance of dow 20,000. Speaking of running for the border, president elect donald trump about to make the run for the border of new jersey into pennsylvania. To thank the states for giving a hardfought victory on election night. Weve got our cameras there. Were watching trump tower, the minute he exits, well take it. Back to the floor of the New York Stock Exchange where i am live. The dow made 16 Straight Record closes, the blue chip index will finish in record territory. The number to watch, 19,911. We are not there. 19,873. Up 80 points, the russell is helping the situation. When you have the little guys coming up from the bottom that helps russell 2000, up about 10 points. Please, i need to look at the nasdaq. What is powering this index within just a couple points of new lifetime close . Never seen before levels. Technology is the shiny star on this days, i dont want to ignore that. Within ten point of record close, look at xilinx, it is the best performer here, a programmable chipmaker, charging higher, had been up 8 . I thk ght now its up about 6 at the moment after it got an upgrade from Morgan Stanley and hit a 16year high. What did morgan like so much about it . Feels theyre going to be a huge player in artificial intelligence. Artificial intelligence, ai is big in the tech world, the machine thinking. Xilinx is the one to own. I. T. Pushing the s p 500 higher. Corvo does radio Frequency Solutions for mobile and aerospace, doing beautifully. Skyward Solutions Gaming Electronic Company Electronic Arts gaining. Pier 1 surging more than 30 right now . What an incredible runup. The home decor and furniture importer raising guidance. Wicker chairs will do that to you. Lets flip to whats not doing so well. Gold. My goodness. When i look at the big board, gold is down 31 this month. Thats not the low of the session, thats the lowest level in ten months and, of course, you know, you would expect gold miners are having a very ugly day. Check out the few names we see, harmony gold, ashanti, all of them deeply in the red, certainly not shining today. Now we have this breaking news coming in the last couple of minutes, after revealing last night a new epic breach involving more than one billion users, yahoo is staring down a terrifying prospect, and that is that the new York Attorney general Eric Schneiderman wants to know what happened and wants to know how this could have happened . One billion people, theres a good bet if you have a yahoo account, forget it. Shares are tanking on the news right now. We have reuters reporting that Eric Schneiderman has, quote, been in touch with yahoo about the breach. Trust us, you dont want to be in touch with Eric Schneiderman. The new York Attorney general, when he picks up the phone and calls, theres a problem. The largest report data theft in the history of the internet and turns out in august of 2013, just coming to light now. Hackers stole names, telephone numbers, dates of birth, passwords, you name it from more than a billion people out there. This attack is separate from the one you just recently heard about from 2014 where yahoo had 500 million customers breached and people were saying, whoa, 500 million . Add to that a billion. We want to bring in aol cofounder steve case. Not only is this a personal user issue, its a business issue. Yahoo may be left at altar by verizon who proposed to buy the business for 4. 8 billion in july. Is the deal off . Hard to say if the deal is off. Verizon is looking at the information and trying to figure out a way to renegotiate the price down lower. Partly the size of this breach, the billion users and the timing, the fact that happened three years ago, verizon will be, maybe the attorney general as well. What did they know and when did they know it . That will be the focus in the coming days and weeks. Liz if you were running verizon, steve, enough, i got to get out of here with the shirt off my back . Im not sure. I think there are strategic reasons they decided to buy yahoo and complement the other things they now own, strategically they like to own, it they might want to pay a lower price. Liz yeah. They need to understand the ramifications including legal risks associated with it. My guess is they still would like to go forward but theyre trying to digest the new information and reprice the deal or potentially walk away from the deal. Well see. Liz i would say a discount if nothing else. Lets educate our viewers, a breakup fee. Piecing through this, 360page or more i think, report that yahoo put out where they said, look, well pay verizon 145 million if we walk away from the deal. Interestingly it says if yahoo doesnt live up to what verizon thought it would, yahoo owes verizon 15 million, certainly not as much, but man, when you look at this, you see the five top executives including Marissa Mayer ld have gotten a golden parachute. 44 million to go to Marissa Mayer. This looks like it needs scaling down, or at least a hair cut. The numbers are part of it, something in the big acquisitions, transactions and materials change clause whether could this make it easier for verizon to walk away. I dont know what theyre thinking. My guess is theyre using this, trying to digest it to understand the implication in terms of consumers and in terms of the legal risk. If i had to bet, it will be Going Forward as a lower valuation. Liz is our information safe, steve . This is a rhetorical question. If somebody watching right now has a yahoo account, is it safe from this day forward . I think it is. One of the things i talk about in my book is we have a world where we have connected devices, the internet is not the first wave or smartphone the second wave, the issues around privacy, encryption, safety, the risks of hacking, the risks of cyberterrorism are going to go up, which is why its so important the innovators to strike the right balance so we get the benefits of the new technologies and new devices but also can hedge against some of the risks. Liz well, let me get to president elect donald trump, yesterday he held a meeting with big tech leaders, and he uttered those words that Ronald Reagan said you should be careful of. Im a government and im here to help, not in so many words but said were going to help you guys, want to make things easier, im not sure for a lot of the companies who do business overseas if he freezes up trade deals, how do you see it to the Technology Leaders in Silicon Valley. I credit president elect trump for inviting them, give credit for going. Hold out a hand, build a bridge, theres a lot of things said during the campaign on all sides and hes trying to say, im the president elect, im going to be the president , i want to continue to drive innovation. One of the things that was great is drive innovation across the country. Too much focus in Silicon Valley. We need to focus on entrepreneurs and the rise of the cities and focus on investing in them and creating jobs in those places which will help address part of the concern in the election. Lot of people feel left out by globalization and digitization, we need to invest in everybody everywhere, not just people in Silicon Valley or new york city or boston. Liz great to see you, i wish you the happiest of holidays. And you, great to be with you. Liz any time. Steve case, aol cofounder and the founder of revolution. Hes the chairman. Lets looked at markets, varney got closer. I was on with him in the 11 00 hour. He was way closer. Were at 19,861. Lets pick apart whats driving us here and pulling back. One sector thats benefitted from the federal reserves decision to raise rates by a quarter point yesterday is the financial sector. The banks. Not the usual names, theyre already doing well. Lori rothman went to the post of bank of america to look at that one and lesser known names bringing up the rear and the front, lori . Reporter yes, liz, im over here chilling, theyre asking about you, big buzz that youve been with us all week. Lets looked at bank names. Of course, bank of america is one of the leaders and can you see it trait trading right over my head, up 2. 7 . Youve got names like sink ronnie, they will all benefit on rising interest rates, and obviously, as well, youve got many of the Insurance Companies that benefit from higher interest rates, they offset a lot of the Property Casualty losses by making investments of their own. Allstate is up about 1. 5 along with prudential, unum and lincoln national. Back to you. Liz you know what . Forgive me, i cant remember, we had a stock picker on six months ago saying zions bancorp, look at it, doing nicely. Appreciate it. 47 minutes away from the allimportant closing bell. Youre in the right place. Beside financials look at a name thats helping to lead the dow tomorrow. Is chemical giant du pont, after a 50 milliondollar settlement over the pollution of the Shenandoah River system, that stock is on the move to the upside. And the president elect set to descend the golden elevators, he is going to board trump one for the thank you tour rally. Yes, in hershey, pennsylvania this time. Weve got eagle eye producers and cameramen on high alert inside the trump tower to catch any movement of donald trump, see what hes doing, see what he says, if anything. And General Motors, this is imminent. They call a hastily organized News Conference Holding Cards very close to the vest. Wont say what it is. Well find out in just a minute. Mary barra says todays News Conference might be a nice revelation, shes going to be asked a very tough question, are we on the verge of a trade war with china sparked by something china is accusing General Motors of . Jeff flock live in detroit, jeff . Reporter liz, gm mum about specifically what it is. Im going to give you the first hint on fox business, that is a chevy volt ed and on the roof, selfdriving technology, something to do with selfdriving technology. Specifically what . Stay tuned. When a moment spontaneously turns romantic, why pause to take a pill . Or stop to find a bathroom . Cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. Tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. 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Compared to oralb 7000, Philips Sonicare flexcare platinum removes significantly more plaque. This is the sound of Sonic Technology cleaning deep between teeth. Hear the difference . Get healthier gums in just 2 weeks vs a manual toothbrush and experience an amazing feel of clean. Innovation and you. Philips sonicare. Save now when you buy Philips Sonicare. Tits whats inside the person insidwho opens it. Give ancestrydna, the simple dna test that can reveal their ethnic origins. Order now at ancestrydna. Com. Liz welcome back to the floor of the New York Stock Exchange. I wanted to move over to post five, this is where General Motors is. If you come up here, gm is moving higher by about three quarters of a percent in just 14 minutes. The Company Chair and Ceo Mary Barra will be holding a press conference, and what that News Conference will be about is anybodys guess right now. Now, the media wants to ask her certainly this, and it involves china. We had a chinese official who said that china is about to slap sanctions, some kind of penalty on an unnamed u. S. Automaker for monopolistic behavior. Yes, they say theyre price fixing, forcing distributors t hold prices back to 2014. We dont know if its true. Others are suggesting, including jeff flock, that this may be something way more exciting, that is perhaps a new vehicle, but not just any vehicle, jeff flock, youre right there. How many more minutes until she comes out and what do you see . Reporter ten minutes, shell be right here at the podium. In that time, behind it, you see the vehicle that is clearly the center of attention here, youre right, shes going to get questions on china, no question about it. We believe this will be an announcement, rare for mary barra to talk about something, have a press conference. This is a chevy youre seeing on t here on fox business with selfdriving technology on the roof. We believe based on the fact that governor rick scott last week in michigan signed laws that would enable companies to begin testing Autonomous Vehicles on the road in michigan. We believe thats what at least part of what shes going to say that gm will begin to put Driverless Cars out on the road and test them in the public. That would be huge here, obviously it takes place in other places like california, but in michigan, that would be big stuff. Shell be here in just a moment, and again, a scrum afterwards, were going to ask her about china as well. You know, liz, china is the place where gm sells more car than the u. S. It is huge if that were to be gm, that would be huge. Liz its almost like retaliation, and we knew this might happen, that donald trump takes a congratulatory call from taiwan, and china doesnt like it because china is at odds with taiwan, and you know what . So be it. We shall see if this is retaliation, shell be asked about it. Reporter hes asked mary to be on his Economic Advisory council. With one hand giveth, one hand take taketh away. We shall see. Liz come on, taiwan is a democracy, right . Jeff, thank you, interrupt us if something happens. Were going to take that shot. General motors, 8 minutes away from that, as we look for the closing bell, 39 minutes away. Can we move over to post 8. Disney moving higher half a percent. Star wars fans feeling the force and, of course, the Stock Movement lining up outside theaters across the nation for the midnight debut of that first stand alone movie in the franchise, rogue one a star wars story. It soaps in about 4100 north american theaters tonight and expected to pull in between 120 and 150 million opening weekend. Up next, Charlie Gasparino is going to zero in on the true meaning of the socalled trump bump because, you know what . Since the day after election day, these markets have been on a tear. Charlie breaks it. 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