got? connell: hopefully more of that. good morning everybody. isaac now on shore. we will go back to just hear it in moment. hundreds of thousands are still without power. then the politics. we will talk business. government made it possible for entrepreneurs to build their businesses. united and continental margin. it is all during this hour. first, the breaking news of this hour is the latest on hurricane isaac. hurricane isaac has been battling a number of areas in alabamaand louisiana. >> at this hour, hurricane isaac

is centered over louisiana. it has been meandering over the past several hours. it is a low was -- westward motion. we will have a very prolonged period of flooding rains, storm surge still occurring here and portions of louisiana and mississippi. rain a few 20 inches can be expected. we still have some hurricane force winds occurring. moving into this area. tropical storm force wind occurring in here. one thing to point out, the wind increases as you get off the surface. if you have a category one, they could be one category higher than that about 30 stories up. the wind increases very strongly

as you go up. and that will continue for the next several hours and to the new orleans metropolitan area. then we also have a very strong gust. still a hurricane with 75-mile per hour wind. connell: the latest there from the weather center. let's bring in joe. he is the chief meteorologist at whether bell.com. i think what is important there at the end. we talk about the strength of these storms. this has a feeling of being a

category two storm which is obviously stronger in terms of wind. >> it is -- when they do the damage, when they do damage assessment, what happened is they got -- they will tell you that was a major hurricane that hit southeast texas. this whole scale, actually over the years, i will say something, have a scale where to go from one-ten. that is very important. as the hurricane comes to the coast, use all this, because of the very low pressure, it tightened up in those wind showed up did that is why we are having the damages we are having in the parishes south of new orleans. people are saying that this is

worse than katrina. katrina was seven years ago. we have people say that type of thing and you watch your wind gusts of 100 routine miles per hour and you see what that data boys are doing, you understand that when push comes to shove, this was no category one hurricane. i brought that up yesterday. if this was a tropical storm yesterday at this time, that was the lowest pressure we have ever seen in a tropical storm in the gulf of mexico. the fact is, even as this was coming to the coast yesterday, i was talking to dagen yesterday, this is a bad situation. slow moving and the rain coming down. the problem we now have is it will crawl. new orleans will start to back off. connell: you have been out ahead, as you mentioned, let's

not underestimate this storm. we will get jeff flock's take on this because he is in new orleans in just a second. are you worried about what the affect maybe? more surprised by the strength? >> i do not do that anymore. i do not sit there and worry about what someone else thinks. i try to forecast the weather. i was on with meal a few days ago, if this takes that western track, what i was a little bit surprised at how i will be frank about it, it did not intensify quicker. i knew it would intensify as it came to the coast. that storms this year are especially dangerous near the coast. we may have to deal with something like this again and the standard procedures of forecasting do not apply. you take katrina.

it was weakening as they came to the coast. when you look at alisha, camille and charlie during el niño season, they intensified coming to the coast. connell: thank you, joe. we will check back. thank you for coming on again today. >> my pleasure. connell: let's go to jeff flock. i don't know how much you heard because you are getting loan all over the place again. shows you how strong this storm is. jeff: i was fascinated to hear joe's comments. i will be able to show you a little bit more by showing you while i walk. we heard this on the ground from a lot of people saying, wow, this is less than katrina. in some ways, it did not have the catastrophic winds that katrina had, but take a look at

some of the damage out here. i say had like it is passed. keep in mind, it is not passed, it is not even to us yet. this is typical of the damage that we are seeing out here. not catastrophic damage, not buildings, and apart, but the kind of damage that you see up the street over there. staff knocked over, windows blown out. it will be, it will get a pretty darn good blow. it is this water situation that is the worst part. before we get away, over here to the storm drains them they are all clear. other than having a pond. the pump system is keeping up with it, so far. we are not done yet. connell: that is the key. jeff flock, back to jeff in new

orleans as the hour continues. to the other big story of the day right now. republicans taking to the convention stage. bashing president obama for saying government made it easier for americans to build their businesses. >> from a woman on a bus, to a man with a dream, this is our story. this is our america. this is the america we know because we felt it. [ cheering ] connell: that is the argument. you heard it over and over. editorial page editor joins us now out of utah. that was just one selection that we made to highlight the theme of yesterday with mrs. romney and governor chris christie and runtime. do you think they establish what they went out to accomplish?

>> you know, it is a good topic and what president obama said was somewhat revelatory. you had this where he and elizabeth warren who is a candidate in massachusetts has made, you know, somehow the government is responsible. that if you think you worked really hard and were smart and all of that, you are wrong about that. you did not build that. it is not that government did not contribute. i think what is important, though, yes, there is a sense in which the community is always working for the common good in certain ways. we have replaced the community with big government. remember when obama said that you did not build it. he was saying that an argument that you need to pay taxes. people should be grateful to fork over a higher percentage of

their revenues when, you know, at a time when businesses are hurting and people are out of jobs. i think that is why the line resignation very well. they said it. they must have said it a thousand times. connell: over and over. in the writing and the background and the signage. to your point, we heard elizabeth lawrence and i have seen articles about it. you know, that is essential argument in this campaign. how big of a government do we want? how does paul ryan articulate that? does he do it specifically and go one program after another and say here is what i propose or does he need to be broader than what he usually is? >> i think that he will be rod. it is so impressive to watch him

get into that nettie reddy. we have reporters who are experts on health care. not what he wants to do. he wants to present a broad vision. you will see him talk about something he talks a lot about which would be the idea of managed decline of america versus the idea of future prosperity. that we are reaching a point where entitlements are just one issue, but they happen to be a big one because of high number of retirees and a small number of workers behind them. that is a problem that he is known best for addressing. as far as his overall vision on taxes and entitlement and fiscal and economic issues, generally, ryan has generated a large number of ideas. i think we will hear a lot about economic austerity going into the future versus management

decline. connell: in the meantime, think you david. we will continue to bring you the latest on hurricane isaac as we continue both from the ground, we heard from jeff flock, and also we have an announcement on the economic impact. of course, that includes energy. the path that isaac took. missing some of the big oil rig operations in the gulf. him and samsung with a new smart tv. it looks pretty cool. walt not exactly sold on it. stick around to see what was mossberg from the "wall street journal" has to say. take a look at oil now. see where the trade is at the moment. we will be right back. ♪

connell: markets now and eight quarter past three hours. let's go to lauren simonetti. looking at well point. lauren: it is one of the top performers in the s&p right now. their ceo is stepping down. that is good news for the board of directors. this stock is really responding nicely. it is also one of the top performance. of a similar percentage. their ceo is retiring as well. back to you. connell: at the moment, let's make some money with charles. charles payne is here. charles: some would actually call them a patent.

they are starting to perk a little bit after that apple samsung case. the june quarter beat the streak. they are saying that within their patent, their portfolio of patents, they only have a few blue chips and they are spending too much money on the not blue-chip stuff. look at this chart. i think it is oversold. what i find compelling, during that particular quarter, 32% of the money they made, the revenue, went to inventors. they just signed a deal. because this is a higher risk idea, someone out there like that, i would suggest something

at 23 just to protect yourself. connell: 25.39. thank you, charles. as isaac marches to the gulf, we will have the latest on the energy. the hundreds of united flights have been delayed. not because of the storm, but because of a computer error. we will get to that. first, a look at the world currencies and how they are faring today. the euro down a little bit. we will be right back. ♪ >> 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

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taking a look at isaac. still a hurricane as of the last advisory. still a very massive star. we have a thread for tornadoes until 4:00 o'clock local time including mississippi and alabama and into the florida panhandle. the threat for tornadoes continues along with the threat for wind and rain and surge. wind right now 70 miles per hour around new orleans. forty-eight gusting in mobile, alabama. this storm will stay with us along the coast for a long duration of time. there is wednesday afternoon into thursday. ringing rain and wind and storm surge. connell: janice, thank you very much. as we go to gasoline prices now. shooting up five cents overnight. let's bring in frank holmes in.

u.s. global investors talk about the trade. it is good to see you, frank. gas prices go up a little and oil prices have been coming down. it is kind of an interesting trade here with the hurricane acting as it is in the gulf. what do you make of it all? >> over the past 35 years, there is a very defined seasonal patterns that oil prices rise in august and september and then change in october and november. this is a normal seasonal pattern that investors should be aware of. connell: you are not seeing anything different and there is the gasoline price, by the way. $3.80 nationally. the oil price is that today is down by dollar 57 a barrel. you do not think the weather or the hurricane season or this hurricane in particular will have much of an effect? >> no. i think it will have the normal

seasonal pattern. i think what is more significant in what took lace and venezuela. you are basically saying almost a million barrels a day not being refined hitting the marketplace. i think that is much more long-term significant to the final product. connell: the correction that you talked about earlier is starting early kind of build up and we should be looking at $100 oil and it would come off? >> i think you can go off another two to 5% and then you will have a normal correction that takes place in the shoulder months as you go into the fall. i do not think that is going away. i think gas prices can rise until october. then i think the gap will start to come off again. connell: we said five cents overnight.

$3.80. will we see five dollars nationally? >> well, you know, it is possible. it will be a very short duration. these refineries are pumping out 2.5 million a day. the scale of the storm should not be detrimental for long-term issues. connell: all right, frank, thank you, as always. as we move onto a little bit of technology. the new samsung smart tv. walt osberg not exactly thrilled on that. paul ryan, the man of attraction tonight. he will be live on the republican national convention. much more on the storm as well. but first, some of the winners we are seeing in the stock market. let's look at the s&p 500. google is doing well. we will be right back on fox business.

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♪ la la lla la la la [ male announcer ] dow solutions help millions of people by helping to make gluten free bread that doesn't taste gluten free. together, the elements of science and the human element can solve anything solutionism. the new optimis connell: we do have our eye on hurricane isaac. the newest and latest movement in the storm category one moving slowly on short. slow being the operative word. the rainfall is sticking around. jeff flock has been sticking around. the levees are holding up for now and so is the pumping system. the wind gusts have been tough around new orleans. seventy plus mile-per-hour winds as we speak in that city. we will go back to jeff here in

a couple of minutes. we have a lot more coming up in this hour of market now. right now stocks. lauren simonetti is that the new york stock exchange. we will go to charlie gasparino and a few minutes. it is a very interesting story. first, before we get to charlie, let's go to lawrence and talk about sears. lauren: the board has approved sending off their hometown stores. they are actually small, but a huge chunk of private. that is why sears is up today. as for stocks overall, we still have these flat market. energy was the best performer yesterday. lots of weakness and cool and

utilities. not just for today. back to you. connell: mr. gasparino has now called in from tampa. we have talked the last few months, really, about how the republicans they do pretty well and fundraising from wall street largely because of the perception that the president is anti-wall street. charlie has come up with a new wrinkle and all of this and it has to do with the interest. charlie: libor fundraising story. granted i got the story between three martinis last night. you will have to bear with me a little bit. here is what i am hearing. they are all down here in tampa at the convention. what they are saying is this, that the libor scandal is tapping how much contribution

they can get wall street. wall street wants to to support romney. what fundraisers are saying when they go to the banks, like jpmorgan, bank of america and even ubs, when they go to people like mccann, what they are hearing is this, they cannot give as much money as they want and if you look at those contributions, they are there, but they have been sort of capped. specifically, they do not want to anger the obama justice department did the obama administration is investigating this thing. even though went tim gardner, everyone ignored it. now everyone is investigating it should let the executive, bank of america, jpmorgan, ubs, they cannot show a lot of support for romney because of the libor

scandal because they don't want to anger the justice department. we do know there are cooperators and they are looking at place like our place, jpmorgan, bank of america and citigroup. they have to hold back on the contributions because this is pulled from the upper levels of the bank and the reason is that they are worried about retribution. having been threatened by the obama administration, i highly dow any threats have been made. the impression is that they cannot do anything to get on the wrong side of this administration in this environment where, obviously, there will probably be charges. we do not know the severity of the charges. it is an act of criminal investigation. because of all that, they have to hold back on the contributions. at least that is what they are telling several key fundraisers.

these are gentlemen who are either on the street or have left wall street and trying to actively raise money for mitt romney. connell: charlie will be on throughout the day from tampa. it is kind of interesting how these things play out and interesting that wall street has and certainly a lot of the money does come from wall street. again, back to charlie throughout the day in tampa. let's talk about technology with the great walt mossberg. he is joining us today about the samsung smart tv. we have all been waiting, walt, i don't know if we all have, i have, for apple tv to come out and say this is how you integrate the internet with the television. you do not need a separate box. these other television makers, samsung, and others, have already tried.

it sounded like from reading your column, even on some issues with the samsung smart tv. >> i did, connell. i did not do this with three martinis and me. although i envy charlie on that. [laughter] you set it up right. they have been trying now for a few years. you all know, i think most viewers know, there is a big surge in buying each hd tvs. now they are trying this thing that a lot of people want which is to integrate the streaming video and apps and rousing and everything you do on the internet with your regular cable without having a lot of extra boxes and input and separate remotes. samsung has been a leader in this. it really was a very mixed bag.

if you are just interested, first of all, the tv has a camera and to microphones built in to the top of the tv and a new kind of touch pad remote with a microphone and eight. if you are doing something with a good app like skype or you are streaming video from netflix or lulu, what you can do right on the tv without an apple tv box or an xbox or anything, i found those things worked pretty well. i am pretty disappointed in almost everything else about it. i thought that apps offered, they offered their version of facebook, twitter, web browser, they were all pretty crude. hard to operate from across the room without a keyboard, which they charge another $100 for.

they have a set of things called smart interactions, which sound really cool. you can supposedly operate aspects of the tv with just and gestures or voice command. i just found out those did not work well at all. connell: you can tell me if i'm completely off-base, when i was reading your column and hearing you speak, it sounds to me like history repeating itself in a. way. there were mp3 players before the ipod, "smart phones" before the iphones, and these smart tvs are out before apple comes out with its final product. they learn from the mistakes and come to again. you wonder if it will be 3434 apple. >> i think that very well could be. all the others that i knew, i knew very early that apple was working on tv.

actually, steve jobs talk to me about it before his death, in very general terms. i do not know what apples device, software, ecosystem combination will look like. we at the "wall street journal" have reported that apple has been trying a bit heart of their strategies is to negotiate their deals with studios so they can present a complete package. that has not succeeded yet. i do not know where apple is on this. you know, i think one of the lessons here is that, and this is not a knock on samsung, and has nothing to do with the patent trial, but they have a ways to go to become a polished software company. the hardware and this tv, in terms of being a tv, is beautiful. the software and integration with services is not very easy to do and apple is not the only company that knows how to do this, amazon, obviously does and google to some extent.

these guys have to get better at that. connell: someone will eventually get better at it. walt, we have to run now. thank you, as always did walt mossberg from the journal. we continue to track isaac. we have that straight ahead. keep it here on market now. speaking of markets, take a quick look at treasures. ♪

>> i am lori rothman with your fox business brief. pending home sales rose more than expected in july. the number of find contracts

climbed 2.4%. pending home sales are at levels not seen since april 2010 when the home buyers tax credit was set to expire. despite lower interest rates -- application activity which includes both home purchases fell 4.3% from the previous week. zynga shares under pressure. this time by the companies chief creative officer. he is leaving the social gaming firm to start a new venture. that is the latest from the fox business network. giving you the power to prosper. ♪ want to try to crack it? yeah, that's the way to do it! now we need a little bit more... a little bit more vanilla? this is great! [ male announcer ] at humana, we believe there's never been a better time to share your passions because the results... are you having fun doing this? yeah. that's a very nice cake! [ male announcer ] well, you can't beat them. [ giggles ] ohh!

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naysayers, the dividers and status quo, i have faith in us. i know, i know we can be the men and women our country calls on us to be tonight. belief in america and our history. there is only one thing missing now, leadership. it takes leadership that you don't get from reading a poll. you see, mr. president, real leaders change goals. connell: brett joins us now. give us a quick read of governor christie and mrs. romney before we talk about paul ryan. >> i tell you, mrs. romney, but all account here, really hit it out of the park did really identified with people here and that thought is it had a thought

across the country. she humanized romney. she talked anyway that a lot of wives and mothers, i think, just judging in a devotedly from the action, can identify with. chris christie really had a good speech where republicans believe and democrats were they believe, he did spend a lot of time on his own personal story which critics were saying may have been too much. connell: it took him a while to mention who was the nominee this year. you are right about that. if you had to say there is, i know everyone says this is the speech of his life and we will hear it over and over again until he actually delivers it, and then did we meet expectations. what is the key for paul ryan tonight? >> the personal story. his personal story.

he is a god who loves to get down on policy, taxes, budget, entitlement reform, when he talked personally, i just talked to him this past week, he was, you know, rethinking whether he wanted to be in congress back in 2006 and he did that in a tree stand while he was bow hunting and wisconsin, those kind of stories, he can tell perhaps better than most politicians. he comes off authentic. some politicians come off as cheesy. four some reason, he pulls it off and most people say i believe this guy. connell: that is interting. we will see if that is the direction that he goes. he is known for the policy side of it. brett, thank you so much. now it is a quarter to the hour.

every 15 minutes on market now we check on stocks. lauren: shares are down today. in many ways it is a growth story. demand is down for many materials at this point and they cut their outlook for the full year for the second time so far this year. down about 1.4%. as for stocks, overall, we continue to see this flat market. we did have two better than expected reports this morning. home sales, it will take a lot to move these markets. as you know, connell, we have had some of the lightest trading news of the year. connell: thank you, lauren. we have had plenty of breaking news to cover. we continue to do that with hurricane isaac.

nearly 600,000 businesses without power. jeff flock has been tracking this and joins us now. where are you and all of this now, jeff? it looks like you are getting it pretty good now. jeff: the things that have changed since we first started talking this morning. i tell you, things have not changed. we continue to get the wind, we continue to get the rain, you look at the radar on this. this is actually, if you are a hurricane lover, this is a perfect hurricane for you. it is a cat one storm. if you are in new orleans, essentially you do not get the eye. you do not get that break at some point. you get right in the teeth of the worst of it because you are in the northeast quadrant.

right now this is just northwest. it will not have and i come over new orleans. that is the worst case scenario. you instead get continued bad conditions until the whole dog on thing is past due. in terms of when it is past due, the headline on this is that it will not be past us because it is moving so slow for maybe a total of 24 hours. we continue to get this. it is not a killer storm. it is not the fierceness of a katrina or andrew or hugo. it is just relentless. it keeps coming and keeps bringing water into this city. the levees have held. the mayor has made it clear that the levees have held. the pumps continue to run. they have done their job.

all is good. but we are still getting hammered and we are still not done with it. connell: we have been watching you. we have been watching this scenario all morning. it has been moving jeff flock. more with jeff at the top of the hour. we will check in with rick leventhal also. then, on the economic side of it. the economic side of it. sandra smith. stay tuned for all of that as our kids now continues. here are some stocks that are winners on the nasdaq today. ♪

connell: jeff flock should you new orleans a few minutes ago. let's go to alabama now. rick leventhal is there with the latest. >> i am standing on a concrete dock. we are getting a steady rain here. wind has improved dramatically from yesterday and last night. right now, it is ten-15-mile per hour range.

much different than the 50-mile per hour gusts we were getting overnight. the big issue here is the water. the storm surge. it is up to-3 feet above normal. it is coming up on the dock here. it is coming up on people's front lawns. it is covering the roads here on dauphin island. we went to the west side of the island, which is closed now. police are there to stop anyone who may try to get in. most of the residence, if not all of them, have gotten out of town. i can tell you this, connell, the bridge in and out of dauphin island is closed. no wind-- no one can come in or leave. connell: thank you, rick leventhal. we will shift to the market

impact on this now for a moment. sandra smith is here. sandra: of course we have been watching how the energy sector has been affected by this. allstate one of the major companies that covers the area. it is important to look at some of the property insurers. allstate is one of the biggest ones. it is actually getting a pop in the trading today. adequate capital reserves are on hand and the property insurers going into this. i will show you a list of those. they were very well-prepared heading into this. they could withstand a much more serious hurricane. a lot of the trade right now is actually up. allstate is getting a bump. we have another one down in today's session. you can also look at prudential. travelers is another one.

look at this, it just now turned positive. there has been a lot of concern and volatility. investors stepped in and by this stock knowing you can still rate the premiums. that actually helps the profits. connell: thank you, sandra. back to sandra smith throughout the day. cheryl and dennis are coming in here and just a few minutes on market now. they will have the latest on how they are handling things down there. stay with us. all that and more on market now. ♪ i'm breathing better. so now i can be in the scene. advair is clinically proven to help significantly improve lung function. unlike most copd medications, advair contains both an anti-inflammatory

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has oats that can help lower cholesterol? and it tastes good? sure does! wow. it's the honey, it makes it taste so... well, would you look at the time... what's the rush? be happy. be healthy. >> our markets now continues and our coverage of hurricane isaac continues. we've had a lot, boy, some storm that's been moving so slowly across the gulf today we'll

continue to track it and the market impact and dennis and cheryl comes in. cheryl was telling me earlier this morning and on together, and great guests lined up. the police chief of new orleans. cheryl: connell, i was able to spend time with you as well and the new orleans police chief coming up and new orleans and the levees under a lot of pressure. dennis: i'm dennis kneale. cheryl: hi, i'm cheryl casone, hurricane isaac is howling, bringing dangerous storms, surges, massive flooding and widespread power outages to the city of new orleans. jeff flock is live in the middle of it all with up to the minute coverage, and new orleans police chief joins us live with how his department is coping with the massive storm. dennis: and romney tried to fix mitt's woman problems with a direct appeal. we'll ask kay bailey hutchinson

if romney succeeded. cheryl: and sam stovall with the latest numbers, and how they're goi going. and that's the sam stovall. and the gdp numbers we got out. first the top of the hour, and stocks now every 15 minutes and we have lauren simonetti on the floor of the stock exchange. you're seeing the nice positives, and turned it around. >> turned it around and flat in terms of sectors and weakness in the utilities and materials, and energy the big winner, yelp. more than $22 a share and the ipo is back in march was $15 so that's a nice performance for social media stocks. and the story for yelp today is their lockout period expired so many early investors have a chance to sell and more hit the markets. you don't see a million shaurs at the end of the day. and cheryl and dennis, back to

you. >> thank you, hurricane isaac continuing the track inland causing widespread flooding and leaving hundreds of thousands without power along the gulf coast, our jeff flock is braving the elements on the ground in new orleans. >> pushing 600,000 now, dennis, without power, though we continue to have power here in the quarter. it's interesting, you'll have the chief serpas on later. and if you want to see what it's like, stay at home and turn your garden hose on. he was joking, but clearly, about what this has amounted to, right here on the canal street in the french quarter and we have just been getting hammered all morning as cheryl knows, and she was right there at four o'clock local time here in the central time zone this morning when we began our coverage from in corner with the wind and the rain pelting us and take a look. that's what's still happening and according to the

forecasters, this is going to continue to still happen. this is not a tragedy in new orleans at this point. it's not a fierce storm, but it is a relentless storm. as you've pointed out, dennis, it's just moving very, very slowly, and packing 80 mile per hour winds. now down to 75 prieps and all this water. before we're done, i think the story will be more about water than wind. but right now, we're getting plenty of both. >> and the forecasters again, jeff, telling us and telling you that's happening throughout the day in the city of new orleans. >> we're ready. cheryl: all right. jeff, thank you very much. of course you are, but you didn't buy goggles, i did advice you to do that. and we'll see you more live. jeff flock. and we're pleased to welcome, the chief of new orleans, thank you for taking time out today. and can you give us an estimate on the city of new orleans, are

services running, electricity going? what's happening. >> thank you, cheryl. it's good to be able to talk to the show and the ration. new orleans is doing as well as we want right now. we do have some electricity outages and some trees knock down, the police department's performing at full functionality and assisted by the national guard. fire department and ems and the emergency responders in the field doing what we do best. and new orleans is going to face the storm i think with dignity and pride and jeff just said it, it may end up being a water event more than any other event. as long as the storm sits on top of it the pumps are working and canals over top and so far we're holding our own. >> chief, one of the big questions, and get an update from the army corps of engineers, telling that the levee is holding. the other question is about the outer areas of new orleans and those rural areas, a lot of reports coming out throughout the morning and residents without power and people trapped in homes, and things like that.

at this point, new orleans is safe and secure and you have the ability to go out to the other areas. >> and we speak to the sheriff's and police chiefs, and we helpion another, some parts of new orleans are to the eastern edge of our city the at the flood protection barrier system and chief smith and the sheriff, and they've agreed to handle our calls for service on that side of the city and like-wise, we would do the same on the other side of the city. and we have coordinators. >> chief, are you concerned about crime? on days like this, certainly, you have an element in any city that would want to take advantage of damaged store fronts and damaged buildings. has anything happened this morning that you're aware of? >> we have a very aggressive anti-looting and visibility campaign and just in the last 24 hours there's only been two events and our officers were on the scene immediately, affected arrests and we also used an ennanced statute in the state of

louisiana that requires three years of mandatory prison with no suspension. and our message has been clear and calls for services incredibly low and people are heedi heeding our advice to stay inside and we're not issued a curfew because people by and large have been heeding the advice of staying inside and letting the public providers doing their work. cheryl: and chief, thank you, our prayers are with you and of course the people in that city. thank you for taking the time, chief. >> thank you very much, we appreciate the support. dennis: officials expecting isaac to dump water as highways are shut down in mississippi as well. fox's steve harrigan is on site in ocean springs, mississippi. i think we've just lost him. cheryl: dennis, one of the things throughout the morning and kudos to our correspondents on both networks and jeff flock

from the fox business network and these correspondents doing amazing work thus far and so far no deaths reported, but the power, closed the nuclear plant down and trying to keep the lights off, but you have the businesses in the dark and the people. it's got to be frightening. dennis: in the wake of katrina from five years ago, they're so much more ready and the police chief we just talked to, sounds like they've seen few instances of looting and boom, they were there. i think we have the shot back up. steve harrigan on site in ocean springs, mississippi, steve? >> we're right here in the whalen family's back yard and our cameraman is up on their roof and try to give you perspective just what the storm is doing to the coast l area of mississippi and how much it's appearing. and their house is okay, built it up high, but i'm standing in their back yard garden about six feet under, goes to about 20 feet further down and further out shall the real danger, when

the roads are overcome with water, washington avenue is about four feet under, the coastal road disappeared. the pier disappeared so we're seeing national guard come as far as they can in their humvees to try and rescue anyone who might need help, but limits to what they can do. the number of boat rescue orangeses fewer boats to do that. a real concern now that people could be cut off from rescue. a lot of the smaller towns, we can't even get to because the roads are simply too deeply covered in water. and right now about 14,000 people in southern mississippi without electricity. so, it could be a dangerous situation for people without power and without a way to get out and very difficult for mnl aid to come in. back to you. dennis: thank you, steve harrigan, hip deep in the isaac flood waters in mississippi. all right, gdp came out this morning and for the second quarter revised upward 1.7%, and what will it mean for stocks in september and the election. sam stovall is here to get

through the possible dog days ahead. sam, 1.7% revised up from 1.5 from second quarter gdp growth. you actually think it reduces chances the fed will come up with some loser policy to stoke the economy? >> yes, dennis, i think that's right. or at least delay it a little bit. some people are hoping that fed chairman bernanke will make some favorable comments when he speaks at the jackson holce v symposium on friday. at the fomc, when they members come out with 2014, but there's a press conference coming up and we had the better numbers gdp today and better than expected s&p case-shiller numbers come out earlier in the week. and unless they are convinced that we are, you know, slipping once again, we think there's a possibility they might hold off. >> now, at the same time, the new report out today shows that

inflation is running at only 1.7% and that's low, low inflation gives the fed more room to maneuver. didn't the minutes in the most recent fed meeting kind of show that more members were in favor of acting sooner not later? >> you're absolutely right. they've switched the word some some members to many momenember that was out months ago and that statement is relatively stale now that we've had the other economic data come out it was better than expected. and i think the fed wants to wait until next friday with the august payroll reports, if we have a number that's surprisingly strong, similar to the july payroll numbers, then, again, there might be additional cause for the fed to wait and see. >> now, october is a month of meltdowns, we all remember the '87 crash, old enough. you talk about september is the worst month for stocks, since

1945, 0.6% stocks have fallen for all septembers. why is that? and will that hold next month? >> well, we've had negative results going back to 1990, 1970, 45, 29, 1900, maybe it's because investors are trying to get out early, get out before the meltdowns that they remember from '87 in october, that they read about in october much 1929. so, like car companies putting out cars early, investors get out of stocks early, so, there's certainly a possibility. we have an awful lot of headwinds out there, no pun intended with isaac, but just concerns about u.s. data. concerns about the conventions and the presidential election coming up and worries about europe and whether they will be able to, you know, put forward all the things that will help resolve their crisis. >> okay, and looks like obama, business might want the other guy, thank you so much, sam stovall.

cheryl: well, continue to follow hurricane isaac and it's hitting today insurance stocks, we're going to take a look at the stocks and see if there are some investment plays in there. dennis: plus, gasoline prices surging in the gulf area, due to isaac. and phil flynn, how long that might lost. cheryl: and economist, tom miceli, whether or not ben bernanke is going to hint at mo more stimulus in jackson hole. oil is substantially lower in the last hour, down a buck 35. we'll be right back. [ male announcer ] if you believe the mayan calendar,

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>> it is 15 past the hour, stocks now every 15 minutes, lauren, you're watching some movers, what do you have? >> the big winners today are up

because their ceo's are leaving the company. the first one is wellpoint. angela braly, stepping down and the share price has been stuck all year, down 13%, nice here 8% gain because she's resigning immediately and good news for the board and investors in wellpoint. and sealed air, similar situation, their ceo is retiring, and an executive at dow chemical is coming in. and stocks overall. we're seeing flat markets, but a lot of individual stocks moving pretty big time right now. i want to point out the utilities. not only are they one of the weakest sectors, they're weakest for august, for the second quarter and for the entire year and as we talk about names like entergy and exelon, everything going on in the gulf. they're important, back to you. dennis: thank you, lauren. the time to make money with charles payne and following up on a nutritious retailer we'll call it. >> gnc.

we know the company and they make the vitamins. 7,000 stores around the world and just absolutely amazing story and recently reported the earnings and blew them away the stocks, reverse head and shoulders formation and i think it adds to 43 and i like everything about this, retail sales are up. more begins are up and they are he' just clicking on all cylinde cylinders, and sometimes i worry when i like a stock too much. this goes back to 1935. it seems like it's new, but a guy started it laxzoom. dennis: where is the p.e.? >> it's under like 9, 10, p.e. ratio. everything is cheap about the stock, i think it's going to break out. cheryl: and charles, we have some news, pictures from the

republican national convention, looking at former secretary of state condoleezza rice, she's doing the preparations, the walk through, if you will, preparing for tonight. this is where they go to the logistic, where is your mic, where do you stand and what camera do you look at and a big piece of what we see from condoleezza rice. dennis: a week or two ago, she was going to be the vp nominee or something. let's talk about ann romney, and trying to fix mitt's woman problem at the polls, with last night's g.o.p. convention and ask senator kay bailey hutchinson, whether she succeeded. cheryl: and how new orleans is coping right now with hurricane isaac. you're looking at pictures, this storm has been very, very, very active and it's still going right now. but first, as we go to break, here is how the world's currencies are faring against the u.s. dollar. the euro holding its own against the u.s. dollar. we'll be right back. want to try to crack it? yeah, that's the way to do it!

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>> at 22 minutes past the hour, i'm laura ingle with your fox news minute. the national hurricane center says that isaac should keep its strength through most of the day. sustained winds of 80 miles per hour and it's moving so slowly it could take a day and a half to clear louisiana and remember, this is the 7th anniversary of hurricane katrina hitting new orleans. 600,000 people are without power as isaac moves through southeast louisiana and most of the outages are in the areas around new orleans while the levees have held, the hurricane did push water over one levee.

and those affected by the hurricane, one group is looking after our four-legged friends. the part of the story that cheryl is going to like. greater birmingham humane society are taking care of puppies rebuilt after katrina. they didn't want to take any chances this time. that's your fox minute, back to you, cheryl. cheryl: you know i love a good animal story. thank you, laura ingle. we want you to take you back to the floor of the stage. and dr. condoleezza rice and she's beginning to do her preparations so we'll see her again this evening. >> ann romney was in the spotlight last night at the republican convention making the case for mitt in a direct appeal to women. jing us with more from the rnc is our own rich edson, rich. >> well, dennis, the quiet of

preparations and last night incredibly loud here and keynote address from governor chris christie told the story of the republican party and the republican position and what their plans are for the future and to treat voters like adults and tell them they have to make tough choices and leave. ann romney telling the dinner table made up of an iron in a small apartment when i was a student, going to law school and business school at the same type and she also tried to disspell the thmyth that trying to runni bain capital and taking-- trying to disspell the myth of her husband as a corporate raider. >> mitt will be the first to tell you, he was the luckest person in the world. two parents who loved him and the chance at education that his

father never had. as a partner on this amazing jersey, i can tell you that mitt romney was not handed success. he built it. >> so, we'll hear from former secretary of state condoleezza rice this evening, followed by the vice-president nominee, paul ryan. he'll speak around 10:20 or so tonight. back to you. >> rich edson live from the republican national convention, joining us now from dallas, texas is republican senator kay bailey hutchinson, senator, always good to seek with you. i wanted to ask you, do you think that ann romney's speech last night worked in helping governor romney gain some support from female voters? >> oh, cheryl, i think she was spectacular with oak leaf clusters. she was so good. i just think she spoke to things that are not usually said to women, and women under stood it. that we have it harder, that women are the ones who have to

work harder at the office, to get respect, and then go home tired, but the child still has a book report to do and she's got to do that, too. and she's got to be on the phone with the elderly parent. i thought she was fabulous. cheryl: you know, senator, i'm curious overall, the party in general has been under attack recently, some that have of course coming from the democrats, that the g.o.p. is not friendly to women. some of that has to do with reproduction rights and things like that. but do you agree with that? do you still feel like the g.o.p. kind of maybe has to hear women's voices better when it comes to certain rights that women want to keep, frankly? >> well, i think that the republican party and somewhat the democratic party, too, need to focus more on the needs of women, absolutely. because women are carrying a huge share of the burden of this country, which i think na ann romney said so well last night.

but, i think that what republicans are trying to do is say, do you really want your college graduate student to come back home, because he or she can't get a job, do you really want that student to work to get the college degree, and now has probably student loans, who has to take an unpaid internship and that there are no jobs available. i think that we are appealing the women who understand that a lot of them don't have jobs or underemployed and their children are not getting jobs and they've worked awfully hard to educate them and we want to change that. and four more years of barack obama will go in the same direction where we've been. cheryl: senator. before i let you go really quick, i understand from a fiscal standpoint that you think the g.o.p. is going in the the right direction, but i have to ask you from the social standpoint. do you think they're going in the right direction? >> well, i think that republicans are a pre-life party that really values life and the

protection of the unborn. i think that is a fact, but i think more than 50% of the women in this country agree with that and we all know that life is very special. i think that is a fact. and i also think, cheryl, that we have to look at the things that we've done to protect rape victims, to protect violence against women. every single woman senator, republican and democrat, voted for the violence against women act. every single one of us has worked to make rape victims have a fair chance for, in the courtroom. so, i do think that we're working on that as well, but i think the economy is the focal point of this election. cheryl: all right. senator kay bailey hutchinson from texas, senator, always great speaking with you. thank you for taking the time. >> hey, thank you, cheryl. dennis: breaking news on the storm, chevron says it's shut all gulf of mexico production, evacuated all workers due to hurricane isaac. but chevron says its refinery in

pa pascagoula mississippi continues to operate and they'll go to the platforms when it's safe to do so. and look at chevron down a teeniest bit and wobbles. and due to isaac, phil flynn is live at the cme, whether it's going to last. cheryl: and the markets are waiting to hear from ben bernanke, there's a big speech coming friday at jackson hole, wyoming and tom porcelli is going to tell whether the fed is going to hint at more stimulus. we'll wait and see. dennis: and take a look at some winners and losers.

am lauren simonetti on the floor of the stock exchange looking at some retail stocks. big winners. the popular men's store it legal right close to here at the new york stock exchange that traders like to go to bed it is surging 17% today. same-store sales between now and next year. internet and cadillac sales and point out j.c. penney also. this is one of the top performers on the s&p 500 in addition to seers and family dollar doing really well today and the reason is they unveiled a store within a store concept that j.c. penney. liz claiborne will be one of them. five point range for the s&p 500 so we see pretty sideways

trading but we have green arrows. dennis: retail rally going on. breaking news. evacuation sins in new orleans, might be for the best sins 6,000 people are without power. the brunt of hurricane isaac just missing new orleans but the big easy taking a pounding from heavy slow-moving rain. jeff flock is in the middle of its all with the latest. jeff: the brand did come to new orleans because it was on the leading edge of what we got in new orleans and a calm situation. we stepped out of the wind and we see more activity. those are our trucks in the center of canal street and beyond those palm trees here and the front of a category 1 storm is not so bad. keeping our eye -- we could do a better job giving you reliable pictures. that is one of the storm great

sir. as you can see the water is moving out. and hasn't stumbled something. that kind of debris and broken windows on occasion but no catastrophic damage. new orleans is reasonably okay. cheryl: i will take it from here. keep tracking yourself and your daughter and your crew while you are down there. we will see you in a little bit. hurricane chasing. we continue to track hurricane isaac as it did make landfall last night. let's check with janice dean in the weather center. how are things looking? >> the worst of this storm will be the relentless rain and wind and storm surge because this

storm is crawling northwest and it is looking very good on satellite presentation as well as on satellite. you can still see the center of the storm as well over land but look how circular this is. it is holding together. still considered a hurricane. the track continues to bring this storm at a crawl moving up the state of we the and and eventually it will push into the plains states and the midwest where they need the rain. that is the good news but we still need to get through it. look at the wind gusts. 76 miles per hour. one of the station in new orleans, 45 in mobile. this storm -- this area not out of the woods yet. we are still dealing with relentless rain and wind and surge over the next 12 to 24 hours. cheryl: thank you very much. gulf coast energy firms are

hunkering down waiting for the hurricane to pass. phil flynn of price futures group and fox business contributor watching everything in the pits of the cme. i want to ask about the oil contract. it has been selling off in the last couple hours. is it just because of isaac or is something else going on? >> we had the inventory today where it was supplied so that is good news but it is interesting. you want to see a story on oil you look at the spread between wti and brent crude. brent crude is going up. europe will produce more gasoline to the u.s. to make up for the loss. there are a lot more problems. energy traders need to listen. some of these traders are trying to signal the all clear sign. we got a report that the saving pipeline which is the natural gas price line in louisiana has too much water in the pipeline. that has to be shutdown. i am concerned we will find out there will be more flooding problems the market is expecting

right now. that may be another reason these prices are hanging in. cheryl: thank you very much. and we're lucky what is happening with the market. wall street is waiting for hints of more stimulus from ben bernanke. tom will be weighing in coming up. >> pictures of prince harry's naked romper spawning big ad campaigns. we will have that but look at the ten year treasury.

>> your see it -- european central bank president mario draghi with new bond buying plan in a german newspaper. the ec must take exceptional measures to fulfil the mandate

of delivering stable prices. has to be made to manage. liberty media bursting its stake in serious x and radio. they purchased forty million shares bringing its total stake to 48.8%. this is weekend half after liberty media filed a decision with the fec to take control of the satellite radio co. and eli lilly stop the development of a drug after independent analysis indicated it was unlikely to have a positive outcome that was not based on any signal. that is the latest sins the fox business network giving you the power to prosper. [ female announcer ] they can be enlightening. hey, bro. or engaging. conversations help us learn and grow. at wells fargo, we believe you can never underestimate the power of a conversation. it's this exchange of ideas that helps you move ahead with confidence. so when the conversation turns toour financial goals...

turn to us. if you need anything else, let me know. wells fargo. together we'll go far. >> european markets searching for direction as investors search for clarity and central-bank action. ashley webster joins me with that and an update on the big

meeting between angela merkel and mario draghi. >> we will defend the euro and the euro zone and the integrity but they did clash over giving the banking licence to the gsm, the bailout fund. angela merkel said in front of reporters in berlin is not compatible with e.u. treaties. monte felt up and said a banking license may not fall within the treaties that they can be changed although local came back and said mario draghi agrees with me that that is not correct but talking to mario draghi he is firing back at the critics in germany saying i understand you don't like what the pcb may have to do because it is not in the mandate but extraordinary time standard policy does not always save the day and may be forced to look outside the box. it is all about what germany is prepared to law with regard to bond purchasing and changing the rules and giving making license

to the permanent bailout fund. this does not bode well because we have seen this go on for three years because they can't agree on how to fight the debt crisis. week from tomorrow the ec will talk about what to do with regard to bringing down borrowing costs. it could be key but last month they let the market down because they did nothing. cheryl: we will see what next week brings. thank you very much. see you at 2:00 eastern time. dennis: ben bernanke's jackson hole speech set for friday. more stimulus is coming but when? the chief u.s. economist of rbc capital market joins us now. gdp in the second quarter 1.7%, two better. a guest earlier this hour it reduces the chance that ben bernanke will ease it all? >> it is very old at this point.

this is a second quarter number. this is a second look at the second quarter. i don't think that ways into their thinking at all. instead what we do thank will way into thinking whether to engage, and in the retail sales report, this report and a lot of ways will make a break weather and not it happens in september. dennis: are you still betting that easing comes in september or will stocks get a good run about of that? >> it is mixed with regard to market's thinking any particular reaction is split 50/50. i would say in terms of this coming meeting, i will hang my neck out in almost any call but this will hinge on this one

payroll report. to get a number that is 150 to 100 or better the fed takes a pass or more specifically allows the fed to take a pass but something that is closer to 100,000 you will get q e but sitting in the right direction here, what we have to ask ourselves is does it matter? does q e matter? the answer is no doesn't. >> thank you very much. have a good day. cheryl: we are getting more breaking news. we are just learning that officials are ordering the evacuation of the phillips 66 refinery in bell chassis, louisiana due to a power loss and flooding in that area. the stock is still trending higher at $0.24 but the evacuation just ordered by officials due to risk of blood. let's bring in lauren simonetti.

you are watching gulf coast banks. >> we have spoken about the energy sector. utilities being affected by hurricane isaac but what about small regional banks in the area putting together some gulf coast banks and hancock holdings and the bigger one and i say bigger meaning a $10 million market cap is region financial turning in a mixed performance. on a day like today some range for how the major averages overall have traded today. the dow from our to low 41 points and the nasdaq 17 and the s&p 500 just five point range. we are seeing a up arrows across the board with the gdp report today so we have some real important financial information about volumes that are pretty light. dennis: a developing story at the republican national convention. the latest scandal hits wall

street put a cap on how much money republican presidential contender mitt romney can raise from big banks. charlie gasparino has the exclusive details from tampa. charlie: they are saying the republican fund-raisers basically have to hold back on their contributions because it is from the upper levels of the bank and the reason is they're worried about retribution. i highly doubt any overt threats have been made but clearly the impression is they can't do anything to get on the wrong side of this administration in this environment. dennis: here's how big banks have traded right now. most in the green. cheryl: time for your west coast minute. california leads texas went comes to growth.

just last year california sent a delegation to texas to find out how they stay at number one. a new bill in california will allow home makers to sell muffins', cakes and pies at local stores and restaurants as long as they don't contain cream or meat products. is a risk to public health. lawmakers have to vote on the bill today. and banned from the chef's hotel on the sunset strip. and $46,000 bill. and some type of candle are dispirited. >> prince harry's naked vegas from creating a marketing boom and to is cashing in. cheryl: the latest on hurricane isaac and the impact on everything from insurance to the travel industry. up-to-date details the first take a look at today's winners

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cheryl: all flights have been canceled to and from new orleans in the wake of hurricane isaac. a lot of hoopla and many were hurricanes than this one. tom parsons joins me from fort worth, texas. obviously any hurricane weather category 1 or 2 or 3 is still a

hurricane. you think this is overblown? >> the first big one we have seen all year. we have had one in cancun and ships with hurricanes and just that right now you got to look when we have a hurricane is dangerous and living in texas we have tornadoes and all others things but this one we saw coming and people had time to take care of themselves. tornadoes and other things we don't have that. we have been talking about one thing for days, and that was probably smart and serve a lot of lives. cheryl: this is having an affect on the airline sector which you know very well and ask about the cruise industry but, flights in and out of miami, vacationers -- that was monday. 516 flights of gone and this is for the traveler and the travel

company's a bit of a problem. >> i expect planes will be starting back into new orleans tomorrow. the good news is what happened in new orleans if there is any good news is the fact that tuesdays and when theys the slowest and weakest travel base with less passengers and have to accommodate and it comes down to the point that it should take the airline's 24 to 48 hours. if i am sitting in new orleans today and could not get out i would call the airlines if your flight is being cancelled and have a confirmed reservation back to the airport. cheryl: that is good vice the what about the cruise industry, a lot of families trying to get the last minute vacation in. and you miss the boat. >> anytime you take that vacations such as a cruise the

cruise industry is pretty tough if you don't make the crews so i would try to buy the air with the cruise package and the insurance. it is up to the cruise industry to get you from point to point but when you are going on a cruise, if you miss san juan and your next stop is barbados they will fly you to barbados but if you don't have a passport you can't get there and saying there's an emergency on the road you can't leave barbados without a passport so get that. cheryl: good to have you on the show again. dennis: a prickly problem in the facebook age. a prince pops up naked in smart phone photos seen around world. what to do? make it into an ad campaign. british prince harry got caught in a las vegas romp with the lovelies. now the picture ranked full page ads cashing in, repricing the

british slogan keep calm and carry-on and the industry leaked to the photos and the body spray air when linked in some parts of the world council the princess, we had something to do with it and here are a few more that might benefit at the expense of the prince. trojan condoms and pfizer and biographer and greg deuce, accent on the deuce and co-starring role for prince harry in hangover part 3. cheryl: we are getting more gulf of mexico production shutdown. chevron shutting down all the gulf of mexico production. and looking at the damage isaac is leaving. how big a hit insurance co. and homeowners take. dennis: lori rothman and nicole petallides, keep it here on fox business.