tv Power Lunch CNBC November 24, 2014 1:00pm-2:01pm EST
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revenue and earnings growth and i like the space for 2015. >> very quietly long ford, ford has been very strong in the last month. gas prices benefiting. >> i like mobileeye coming down refeuding all the bear cases. it goes higher. >> abbvie, i bought it today. >> the second half of the trading day starts right now. if you thought beckham's catch was good, look how i take the toss from watt ner over there? one-handed, ladies and gentlemen, three fingers. 24 trading days left in 2014. we are looking for value with a capital v. domenick chu is standing by with a bubble screen for super cap stock that is fit into big value. that is 30 short seconds away. now, i dropped my pen but i'll come back to get it. institutional investors starting to close the door on the housing market. what does it mean for your house
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if you own and are hunting and looking to buy? and this was buffalo, where is it, buffalo, just a few days ago. all that snow has turned into this. a mess! there's flooding throughout the area. the snow is melting. the rains are coming and now another major weather system is heading to the east. it could be enough to really hit right around thanksgiving weekend. first, we'll check in with sue at the new york stock exchange. stocks are struggling for gains in today's trading session. the nasdaq has been the big winner this hour. last trade on the nasdaq is up about 27 points, about half a percent. s&p up for a 12th time in four sessions, and it's traded up about a tenth of a percent. dow transports are up a half percent. but the dow is down 12 points on the session. apple is now approaching $700
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billion. so with stocks pushing to new highs, is there still value in the big caps? domenick chu is back to take a look. good to see you, dom. >> good to be back. here's what we did, we looked at the s&p 500 and found the 20 biggest publicly traded stocks in all of america and said which ones have lower evaluations in the overall market and are trading with at least a little bit of price appreciation over the last month? we found a number of them but four of them standout. these are the top four gainers over the last month in the s&p 500 that trade below the 17.5 multiple that the s&p does. jpmorgan chase with a price to earnings ratio of 11. below the overall market and up 3.5% over the last month, so it has momentum going with it. lower evaluation and a price momentum. that's one. another one here, fellow financial, wells fargo trades at 13 times earnings and has gone up 5.5% over the course of the last month. so investors are putting some money to work in wells fargo at
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this evaluation. here we have a technology stock, oracle up 7% over the course of the last month. and another technology stock, intel. 17 times earnings up almost 10% over the last month. so a lot of investors, sue, are looking for values but doing so with little growth component to it. these are four of the stocks with the highest one-month return in the overall market. back over to you. thank you so much. we'll stick with the value theme. christina hooper is joining me on the floor of the new york stock exchange. she's u.s. investment strategist at allianz global investors. david bailan is also joining us at citi private bank. welcome to both how. you, christina, don mentioned the fact that a lot of stocks appear fully valued and maybe in some cases overvalued, do you agree with that one? and if so, where does this market go from here? >> well, we think the stock market is definitely fully valued. there are no screaming values in
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the u.s., but you're getting what you pay for. this is a fairly efficient market where the u.s. is one of the big drivers of economic growth globally so people are paying for that kind of growth. having said that, there are some significant growth opportunities. look at the technology sector. that's an area where many of the companies, 77%, beat their earnings expectations for the third quarter. >> hold that thought, we have to go for breaking news to rick santelli in chicago. rick? hi, sue. 28 billion two-year note hit the streets moments ago. the auction grade, an a. yes, we haven't give out an a for demand in straight up eastern in a while. the bid to cover, 3.71. that's since december when it was 3.77. the yield at auction, .542. the offer side is at 54.5.
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really, you can stop right there. there's the a in terms of indirects. they were better at 35.8 and 16.2 on directs were a little less. dealers took 48%, but it was the yield pricing on the dutch auction and the intensity with regard to the bid to cover that gave the first of 92 billion in splice this week in front of thanksgiving on thursday a solid a. back to you. >> okay, thank you very much, rick. all right, we'll continue our conversation with christina hooper and david bailen, david, what are you hearing from your high net worth and hedge fund clients? >> well, first of all a lot of the city bank clients are putting it to work and moving to more equities. they are looking for value in a couple spot where is the consumer prices will have a profound impact on consumer demand in christmas of 2015. and they are looking overseas at areas like european essentials where evaluations are
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significantly less than they are in the united states and the discounts are appealing to them. >> christina, you also like europe at this point for many of the reasons your city clients like it. so the risk does not deter you, it's that compelling. >> we think the eurozone will skirt the risk. if you look at systemic stress, it's gone down dramatically from 2012. we do think there's a lot of upside potential. there are a lot of risks but some potential. some think the eurozone will follow the same playbook that japan did with a significant increase in equities if they begin a very significant sovereign qe. >> asia you like as well n some cases that also has to do with the drop that we have seen in oil all the importing companies, whether japan or thigh lapd, present pretty compelling values that it could add up to a percent on their gdp.
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we like those countries and within them the driving community finances. >> do you think they will have a softer landing than others? others are very concerned about it. >> they have the financials possible for it, but for the first time they have admitted to need intervention in the markets. and the interventions could be surprises to the market. so in my mind if they are mild and are interventions, i think we can have the upside in asia and china specifically. >> christina, do earnings support the evaluations that we're seeing in the market right now if stocks are fully valued? >> earnings do support most of the evaluation if not all of it. and we expect margin portions to remain significant going forward. cost pressures have been kept down. christina, thank you. good to see you as always.
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big developing story we are monitoring out of washington. defense secretary chuck hagel stepping down amid criticism of president obama's national security team on a series of global issues, including the threat from isis. the officials say a successor will be named in short order. hagel is going to stay in the job at the pentagon until his replacement is confirmed. you remember hagel was actually brought in last week and won't be leaving until his replacement is there. the other threat is not as visible. a new super virus has been discovered and is being called
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one of the most sophisticated pieces of malware ever seen in cyberspace. in fact, it's been used to spy on corporations and governments for more than five years. amin jabbers is in d.c. it's incredible it took so long to uncover it. >> yes, symantec says they found this malware that's been out there for years. very stealthy computer code designed to sit in the systems and send back information to the original hackers whoever they might be for years and years. symantec calls this regin and compare it to the famous -- there is potentially a nation state behind it. a couple clues as to which state on white paper that was released today. there's english language, words inside computer code to make you think that it was an english
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language entity. that produced this but no indication really except who it is targeting. the majority of the attacks are in russia and saudi arabia. and specifically focused on telecommunications systems to intercept communications and track the whereabouts of people. but a lot we don't know here coming from the symantec. eamon jabers there in washington. and housing, big investors are looking for opportunities but it appears now they are moving out and cashing out. so what does that mean for the values of housing and other properties in the months and years ahead? diana is live for us in the nation's capital. hi, di. >> reporter: tyler, the big guys may be slowing down but investor purchases actually rose last
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month and the small er. a new report from auction.com offers a real-time estimate of home sales and says november sales will be flat month to month, but they do point to mid-sized and individual investors driving a good number of those sales. now this morning i spoke to an executive at the mid-sized property services, key property services in atlanta, and we went along with them about a year ago as they busted into a foreclosure to buy and rehab and sell. this morning simon frost said he's seeing a change in the midst, actually, on the courthouse desk. fewer institutions because their cap razz rental is waning. the big guys have a lot of homes they have bought that they have yet to rehab, so they are not showing the huge profit and the smaller guys are taking
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advantage of that and coming in and buying in bulk at a discount and keeping that trade going. for more, it's online. realtycheck.cnbc.com. diana, thank you. after getting pounded with 7 feet of snow last week, we are worried about mass floods. we are live in buffalo in a minute. and more bad weather coming in the middle of the thanksgiving week. your fidelity green lineoot and you'll see just how much it has to offer, especially if you're thinking of moving an old 401(k) to a fidelity ira. it gives you a wide range of investment options... and the free help you need to make sure your investments fit your goals -- and what you're really investing for. tap into the full power of your fidelity green line.
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it feels like april here today and the sudden change in temperatures is causing major flooding in buffalo. right now it is 65 degrees up there. and as the snow melts, it has to go somewhere. sarah is live for us in buffalo. sarah dallof? >> reporter: well, good afternoon. we have ice levels being checked on. and earlier we had an ice jam break and we saw the river swell in a matter of minutes nearly cresting the banks. it is unpredictable conditions like these that have officials cautioning people to be ready to go at any minute. and pack a bag in case you have
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to evacuate immediately. we just returned from an apartment complex that's flooding right now. we saw residents in the apartment complex scurrying to get their items off the ground to get up to a higher area. meanwhile n the surrounding neighborhoods, the snow cleanup continues. keep in mind, all that snow on the roofs now that it's rained has become so heavy and dense there is a lot of concern about more collapsed roofs and more collapsed buildings. so a lot going on here, sue. folks here in buffalo can't seem to catch a break as far as the weather goes. back to you. >> thank you so much, sarah. appreciate it. as buffalo digs itself out to prepare for that flooding, more bad weather is expected to head into your turkey day travel. here's the weather channel's tom niziol. well, here we are on thanksgiving week, one of the busiest travel weeks of the year. unfortunately, it looks like the east has to deal with winter weather. we'll take a look at the setup here with the low pressure system forming off the coast and
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moves northeast as we can see here toward new england along that coastal area. a lot of cold air locked in across new england. that would be brought in by this low pressure system. and it is going to produce a variety of winter weather. on wednesday, most of the i-95 corridor is probably staying as rain. the snow confined to places like central pennsylvania and interior new england. as we get into wednesday night, the cold air deepens across the northeast here all the way from the appalachians, all the way through upstate new york and new england once again. yes, washington, new york city, boston, just out of the snow. snow will still be falling in buffalo and over into the appalachians as well this weekend. we take a look at this and put it all together. the current forecast brings washington, philadelphia and new york into a little bit of snow here. be careful because new york and just west of boston, look at the amount of snowfall here. we'll keep you updated throughout the week. this promises to be a high-impact week for travel
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going into thanksgiving. i'll send it back to you. thank you very much. outer wall shares are soaring up 10% or so. the redbox service is raising dvd rental prices by 25%. overnight rentals will go to $1.50 per night and $2 for blu-ray disks. and goldman said costco has seen a runup since being added to the list in july. and denny's has been sizzling today upgrading the restaurant chain to buy from neutral citing strength in denny's restaurant and remodeling in the overall improvement in the family dining sector. sue, oil shock and prices plunging about 30% over the past five months. the crucial opec decision this week is bound to have a major impact on the oil sector. will the cartel cut production to try and put a floor under
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prices? and a double whammy for putin. what low prices and sanctions are costing russia. the numbers are staggering. we'll tell you after this. it's monday. a brand new start. your chance to rise and shine. with centurylink as your trusted technology partner, you can do just that. with our visionary cloud infrastructure, global broadband network and custom communications solutions, your business is more reliable - secure - agile. and with responsive, dedicated support,
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brokerage incorporated. nice to see you. >> good to be here. >> what are you expectations ahead of thursday in. >> to guess what the price would be is a chance for a big cut is small, but some sort of a broadband discussion of cutting back production is something i think you'll have as far as a -- just a basic tie and put a little bottom on this market. >> okay, now i know that you think that weather is a major factor for this market, but does it trump opec or not? >> no, that has nothing -- the weather will come into play now. now they have to hold up a stiff upper lip to show that they are united and will not panic here. and i think those numbers you're talking about, those low numbers are not possible. >> $60 is not possible? >> i don't think so.
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even with let's say some serious, let's say temporary weather. the market could possibly go to maybe $72 in the next four to six weeks. even the best case scenario, the most optimistic bear would have to agree to that. those numbers are way far away. and russia reveals how much the price of oil is hurting them. the price of petroleum is far more damaging to russia even than the sanctions imposed by the west because of the situation in ukraine. our chief international correspondent michelle caruso-cabrera is live in new york. hey, michelle. >> with oil prices at the current level, russia is losing between $90 billion to $100 billion per year. that's according to the country's finance minister who spoke earlier at the economic ministry in russia. for every fall of $1 for the
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price of a barrel of oil, russia loses $3 billion in export earnings. remember, oil has fallen from $115 per barrel in june to roughly $80 per barrel right now. and he also said the sanctions imposed by the u.s. and european union are costing russia $40 billion per year but both the price of oil and the sanctions together, the impact is near $135 billion a year, which is equal to 7.5% of russia's gdp. russia's economy is nearly 2 trillion dollars. to give you some context, the gdp has $17 trillion. there are estimates about what russia needs to balance the budget. somewhere between $90 to $120 per barrel, but keep in mind that entire range is still above where the price of oil is today. that may be why russia could be hinting that it's willing to cut production if opec does later at this meeting in vienna. this is from a russian daily
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newspaper that suggests it may cut its production by 300,000 barrels per day in exchange for a commitment from opec. remember, russia pumps more than 10 million barrels per day. now the sale of oil is crucial for russia providing hard currency. dollars. sue, it doesn't look like this is affecting putin. the leader of russia gave a defiant interview and talked about breaking away from georgia. >> very interesting, michelle. thank you. the metals markets are closing right now. we'll see how gold is faring at this hour. silver copper and platinum as well. keep in mind we have an abbreviated trading session on friday. so let's take a look at where gold is down $1.40 on the trading session. in terms of platinum and
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palladium, modest moves. platinum is down $20, almost 2% on the trading session. ty, up to you. sue, thank you. now to rick santelli at the cma. what else is new today? >> the auction really made a difference, and especially when i can show you a two-year chart and pick out a two-year move note. you can see it clearly there on the tube. you can see it on the tens. and more importantly, you can see it on the 30s as yields move down. the 30s are really important, though, because they have broken the 22-day streak of closes between 303 and 310. they broke it on friday's close. as you can see here on the chart starting on the 23rd of october when it started, the right side is now below the left. what does this mean? i'll tell you what, most traders on the floor think it means going into year-end, we're probably going to see better
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prices, lower yields on the treasury curve. sue? back to you. >> thank you, rick. you're up-to-date on the bond market. for years we are hearing about the decline for the legal industry, specifically big law firms and big lawyers. money for the biggest firms drying up, but this year the big law bonus is back, almost back to pre-recession levels. david lap and elle cover this for us. good to see you guys. nice to have you back. >> great to be here. >> we have seen a lot of consolidation in the like of partners getting axed, nobody is getting a raise. all of a sudden it is all changing, why? >> it is good news if you survived the storm. i look at the benefits as preparations for those who survive the meltdown. then finally at the end you get your bonus. >> i don't know how wall street
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bonuses tend to compare to legal bonuses, but it is interesting one sector of the high-paying profession is outperforming the other. >> well, legal bonuses have been quite a bit smaller than bonuses you see on wall street. but one vang that wall street firms is they have some edges and bankruptcy departments. and so that enables them to even out some of the bumps that you might see in the pure compensation factor. >> and this shows that law firms are confident about their clients financial stability. you're not throwing $100,000 at your clients if they are not going to be there next year. >> yes, that helps with the confidence level that was not there before, right? >> these firms that announced the good bonuses are the elite wall street firms that work with banks and financial clients. elsewhere in the world, we are
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like wounded animals about to be devoured by a predator. you are seeing this now with a lot of darwinism going on. so not everyone is back to pre-recession levels. >> and that's the logistic part about the bonuses. they are putting pressure on the bands to match. it is forcing the consolidation, right? >> right. >> what does this do for any associations. if you're thinking, i'm going to law school. you should not be going to law school because you have an idea of what bonuses are ten years from making the decision. >> you need to go into it because you love it. i think you are getting more cynical. >> it's the kids. >> it's the kids.
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back to you. coming up, one of the most successful bond funds in the united states. where he's putting his billions to work. plus, should miles per hour be legalized in the united states? we are going to keep asking this question until we get the answer we want. go to cnbc.com/vote to weigh in. we'll take you for a tour of what is being called the apple store of weed. that's right after this.
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welcome back to "power lunch. "i'm morgan brennan. the nasdaq is on track for the best day so far this month. the nasdaq composite is currently up 31 points. now chipmakers are contributing to the gains. intel jumping after beerends said there's an upside for the stock over the next two years. and land research, micron is trading higher today. also take a look at big cap biotech. that is gaining more than 1% as well. amgen and celgene are up 1.5% a
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piece. and apple shares are hitting an all-time high. sue, keep in mind, all this unnotably lighter trade value is as traders get a head start on the holiday. thank you. one of the most successful bond funds in the nation is run at western asset which has over half a trillion dollars in assets under management, including in the western asset core bond fund or core bond plus fund that holds a five-star rating for morningstar and $11 billion in assets. mark was also named manager of the year. congratulations on that, mark. welcome to "power lunch." nice to have you here. >> good afternoon. >> what is the strategy where a lot of people have gotten the fixed market incorrect?
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>> well, sue, ken leech and the entire west asset team are quite pleased with the news and specifically on what has worked well for us this year has been owning many of the spread sectors or non-treasury sector that is performed well this year. however, the heavy lifting has been done by the duration management and top-down view of the economy, inflation and the fed. and as you know, many investors at the beginning of the year thought rates would be higher sitting here today. we had a different point of view and we were more positive rates would come down. we favored the long maturities of the treasury curve, specifically 20 to 30-year bonds. and that again has worked out in our clients favor in our portfolio strategies has long rates have fallen much more than short rates. >> how do you feel about rates at this point, mark? because as you correctly pointed out, you were on the opposite trade of many people, most
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people as a matter of fact, who thought the trade this year would be higher interest rates. and it obviously has not. how do you feel about rates right now, especially given the fact that the fed is unwinding its qe program? >> that is one of the debates of the day, sue. and as much as we look for reasons as to why rates will go up a little bit or significantly, we're more in if they go up based upon broadening and improving u.s. growth if not necessarily non-u.s. growth. the fed as you suggest will begin the process we think some time next year. therefore, we could see a small lift in treasury rates and other rates. however, we haven't changed our positions all that much. we still very much want to own the long-end of the treasury curve, but the reasoning is a little different, sue. the reason we want to be invested there is in case we are wrong in terms of our growth
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expectations or fed expectations. and that growth is, in fact, much weaker. it is not a high probability scenario but we want to have diversified balance portfolios and one of the best diversifiers for us are long-term treasuries. and we continue to hold them in our portfolios. >> the decline in energies is going to give a boost to growth. and the dollar is gaining a little bit again. and global inflation doesn't seem to be there. that all seems to auger for pretty good growth, i would think. >> we've been very, very boring in terms of growth expectations now going on a couple years. specifically we have been talking about two to three in a broad range of u.s. growth. we have no reason to change that for 2015. that is our high probability outcome. and our strategies are built on that sort of growth. broadening, improving, enough to allow the fed to begin the process. and one of the reasons that makes us more positive and
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encourages us on many of the spread sectors we invest in our clients portfolios. >> don't worry about being boring, it's working for you. >> so far it is. we want to be -- go about being very quiet like we usually are and very effective in 2015. >> well, congratulations. i'm sure you will be. congratulations on making it as a finalist for morning star's fixed income manager of the year. have a great holiday. >> enjoy your thanksgiving. >> you, too. ty, up to you. we'll talk about the high-quality shopping. it's been called the apple store of pot. our josh lipton has this story. and we want to hear from you, should marijuana be legalized in the united states? go to cnbc.com/vote to weigh in. meantime, we'll check in with josh in san jose. hi, josh. >> reporter: hey, tyler. well, founded in 2009, spark now serves up to 400 customers a day who can pay $300 for an ounce of marijuana. so why is spark the go-to
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destination for weed lovers here? well, one, the shop boasts an award-whipping design. warm lighting, communal tables and feels like a high-end wine bar than a pot shop. it's executive director also unique in addition to running spark, robert jacob is the mayor of a town in california and says investors should be put to work in marijuana. >> this is an excellent place for investors to put money in. if you talk about the new capital growing and the next hot thing, this is it. >> now, customers in order to buy marijuana at spark need to be at least 18 years old, need to carry a letter of recommendation from a physician. and the dispensary operates as a nonprofit so it only keeps the money it needs to run day-to-day business options. surplus funds are donated to charities in san francisco. business at spark is booming. that's thanks to the growing legal marijuana market.
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america's cannabis industry reached $1.5 billion in 2013 according to the art view group. that sector will hit 10.2 billion by 2018. and investors are excited about the potential of opportunity for marijuana, but the area is still uncertainty about how quickly legalization will come to california and the rest of the country. tyler, back to you. >> all right, thank you very much, josh. the mind races here. let's lock in the vote. should marijuana be legal in the u.s.? 81% said yes, 19% say no. would you pay to send your luggage to your door? one company thinks you will. plus, as the faa decides on manned regulations on drones, do you think the delivery donees pose a safety threat? go to cnbc.com/vote. the dow is down nine points. "power lunch" returns in two.
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jet blue is the latest airline to add baggage fees. profits from baggage fees are climbing to new highs creating new opportunities for some. cnbc's phil lebeau taking flight for us in chicago. over to you, phil. hi, sue. we have heard about baggage service companies, places where here in the u.s. you can check your bag from your home to a destination. now you can do it internationally. there's a new service starting today called sendmybag.com. if you want to send your bag internationally and avoid possibly having overweight baggage fees, this is the way to go. there are fees starting at $99 if shipping to a destination in europe and starting at $145 to australia. and the founder believes there is a growing need for this service in international flights. >> in the 21st century, we should be able to travel with more. things should be getting better, not worse.
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and although on the surface luggage shipping right now may look like it's a niche market, but the international airline market is growing and growing. there will be 3 billion flights taken this year. and that will be increasing to over 4 billion by 2017. >> and that's 4 billion, the number of passengers we should point out. take a look at this, u.s. bag fees back to 2007, barely registered, $500,000 in total bag fees for the industry. look where it is right now, $3.5 billion. it has plateaued, but the bottom line is this, internationally we're seeing more airlines add this service and that is why sendmybag.com believes this is the time to launch a baggage shipping service for those who are flying from here to the u.s. to overseas destinations. >> i am all over that. just to not have to deal with the bags and only have to deal with the kids' backpacks on the plane, it's worth it. >> that would be nice, wouldn't it? >> it really would. thank you, phil. appreciate it. well, from trading stocks to
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the wall street jury room reporting today what faa drone rules might look like once they are officially proposed. the report says operators will need to have a license and limit the flights to daylight hours. it will also need to fly below 400 feet and fly within sight of the person at the controls. this is a very important point there. we want to know, do you think delivery drones do pose a safety threat? go to cnbc.com/vote and weigh in. missy comings is a professor at duke university and a formal navy aviator, and we have mark potter here with us as well. missy, let me start with you. it sounds like it prohibits
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amazon from delivering good to your door. >> yes, that's correct. in fact, the early announcement really doesn't change the game as to what the rules were, say, just a couple weeks ago. >> and do you think that these rules are needed? rules this strict or something a little more liberating? >> well, i'm a big drone advocate, so i definitely think that this falls fall short of what we're going to need to sustain the booming economy. and these rules all but insure business is going overseas. >> what's the biggest commercial use before i turn to robert for drones in your sue? >> right now in this country they are definitely needed for agricultural use. farmers could really benefit if drones were put into place immediately. >> agricultural use, in other words monitoring crops, delivers pesticides and seeds and things like that? >> absolutely. >> mark, what is your reaction
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as a flyer yourself. to these rules and whether you think they pose a safety threat, to not only the people on the ground but to do a story that drones were flying too close near jfk airport. >> i think rules are great but don't make much sense if people don't follow them. and, of course, the one issue we're not hearing about it a all from the faa or anybody within the drone industry is how do you intend to keep these away from aircraft that have people in them. and they simply aren't talking about that. >> if they were flying below 400 feet, that would avoid all but approach and takeoff, wouldn't it, robert? >> well, it would, but my guess is that the drones over at kennedy were probably a little bit over 400 feet to be seen.
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and that's one of the issues the entire industry is having trouble with. and i support the use of drops. what are the operators going to do and how will they be trained? will they understand where they fit in the air space system so they realize they need to stay away from airplanes and those on the ground. >> do you think that this commercial application could very well be in agricultural? >> i think there are so many uses for these, mapping and situations where they need to keep and eye on things. law enforcement certainly wants to look at the federal government again, here in these new rules about very, very small drones. but when you get drones that can
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weigh 20, 30 pounds, if an aircraft collides with one of those, it's going to be a source issue. >> and missy, some of these unmanned aircraft as we were just looking at those military applications, they can be the size of real aircraft, right, mis missy? >> the technology you find would be the same between the same passenger aircraft who will very soon go to just one pilot. so i think that we need to be more progressive about the rule structure we are putting in place and realize we are only hurting this -- i just can tell
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you do not agree with missy. >> prove to me that it's safe. that's the only part the rest of us are asking for. prove to me this is going to work. to be continued, we appreciate you being back. i hope the virginia duke students beat you in football this year. do you think the delivery drones pose a safety threat? 54% say yes, 46% say no. and the dow hitting session lows right before "power lunch" started today to fight to get back to positive territory. it's now down 4.5 points. and investors react to news from the budweiser that the iconic budweiser horses won't be in their holiday ads this year. very sad.
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>> we are the co-founders of joseph and kurtis custom wine cellars. >> but we used to trade stocks. >> to scott cohn now with breaking news from ferguson, missouri. scott? it is now reportable that there will be a decision announced by the st. louis county prosecutor about these long-awaited grand jury deliberations in the case of darren wilson, the police officer who shot the unarmed teenager, michael brown, back in august. we expect an announcement some time today. sources telling nbc news, but we do not know yet what that announcement will be or the exact timing. but we do know there will be an announcement from the grand jury, the process shrouded in secrecy and this community and the entire country is waiting to hear. back to you. >> scott, a quick question, have you been able to see whether or
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not the people are gathering at different places around the city? or anywhere near where you are? in anticipation of this announcement, whatever that announcement might be? >> reporter: well n a lot of ways, it's a typical monday. but then anything but typical. all the businesses or most of the businesses around here in ferguson are boarded up but still open for business. there's been this nervous anticipation that has been going on for days if not weeks about what the grand jury will do. we have not seen any gatherings yet per se, but i'm not in a spot where there could be gatherings. but you can bet as word starts to filter out this afternoon, that anticipation now reaches a fever pitch. >> is there any indication from what you can see or where you have been around in the area of national guard troops, which the governor had i guess called up or mobilized? >> reporter: no, there is a lot of police presence, pretty much everywhere you see. particularly that st. louis county police, i haven't seen
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any federal troops and the national guard has been in more of a sort of backup, sort of a posture from what we have understood. and a lot of the federal forces really looking at protecting federal installations. >> all right. scott, thank you very much. we'll be following that story throughout the afternoon. meanwhile, folks, that will do it for a monday "power lunch." >> "street signs" starts right now. well, stocks finally take a pause but gasoline prices don't. they are showing a huge recent move. we'll tell you what that is as both the political and business world are rocked by sudden high-level departures. hi, everybody. brian sullivan here. those headlines, plus the man you probably know as cliff clavin from "cheers" is here. we have a really good show ahead. i'm mandy drury with really great news. if you are one of the
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