everything is for global warming. you are saying it is the same with football. charles: the same argument has been structured around football. bob costa saying there is no way it can sustain itself the way it is right now. the next time someone gets carted off with an energy, they will say, there you go, we have to change the sport. it is the same sort of thing. you know what, whatever it is, they have set us up. stuart: that is the point. it is a set up in terms of future policy. a football injury, well, we told you about this months ago. you are setting up and event which is your side of the political fence.

charles: it ultimately will happen. we have had storms for a long time in this world. >> they do not want information buried in the debate. that is what is really ruining it. dagen and connell, it is yours. dagen: im dagen mcdowell speak. i am connell mcshane. today, we have the numbers. dagen: attorney eric holder will be coming up next. connell: immigration reform. topic number one at the white house this morning. we have lou dobbs here to talk to us about it. dagen: the billions of dollars in time and fuel being wasted because we are stuck in traffic.

connell: at the top of the hour, let's go to nicole petallides. a big day for dell. nicole: a big day indeed. right now, you can see it up at 1339. that is because of the deal michael dell is going to be moving forward. obviously, we have been talking about this. microsoft putting up $2 billion in this deal. silverlake also moving forward. it is something that we have been following. today is the day that it is actually moving forward. that is why you are seeing it right around the same price. let's take a look now that there it is, 14,000. drugs, retail and bank stocks doing well. the dollar is doing while.

we have gotten some economic news as well. we have been watching it over in europe and china. that is what we are taking a look at. dagen: thank you. connell: the dow hitting 14,000 with nicole on the air. this is a snapshot of just how bad our deficits are going to be over the next ten years. dagen: rich edson is live in washington, d.c. rich: $1.1 trillion, that was our deficit for 2012. this is the most recent projections by the office. this year, a budget deficit -- the decade production was $2.26 trillion. these numbers will be much different. much worse.

it must examine the budget as if congress does absolutely nothing. and current policy continues. we have had some changes. mainly that built that passed congress earlier in the year. millions of middle-class americans do not have to pay the amt. it also changed the estate tax bumping down the rate of little bit lower than what it had been over the exception of little bit higher. the numbers we just show you, the real numbers will be much worse. we will find out at 1:00 o'clock. back to you. dagen: are we going to be in a statement from the white house at 1:15 p.m.? rich: he will talk about the

sequester. he will push for congress to pass a smaller package of spending cuts and tax reform to avoid the economically harmful consequences. he wants tax increases and spending cuts. the tax issue is closed, says the republicans. dagen: thank you for that update. for more on the outlook and what the president will say this afternoon, we go to michael perrone. michael, good to see you. start with this cbo report. will it influence policy and what happens in washington and even the smallest way? >> the cbo is required to give a fictitious look forward at the budget numbers. it will be higher than projected unless other action is taken.

the medicare doc fix, for example, will not go away. they have been voting in every year. you know, unless the president is calling for a tax increase or increased revenues, i think that is a nonstarter in not only the republican house, but in the democratic majority senate. dagen: any spending cuts that even the president may propose, washington is just nibbling around the edges, so to speak. at what time do you think lawmakers will have to act in terms of really writing our nation financially? >> well, i think, i think what we will see is congress stumbling. it is hard for me to envision a major budget deal that does anything but extend continuing resolutions. the house republicans, for two

years, have been presenting budget and chairman paul ryan is promising a budget that will send us towards budget balance within ten years. the senate democrats have not passed a budget in three years. they say they are going to pass on this year, but they may have some trouble rounding up the votes. dagen: i want to know what people talk about the behind the scenes. when the fed eventually gets to the point where it unwinds, is that the day of reckoning and do people in washington acknowledge that? >> well, i think if you talk to political people in washington or people who are focused on elections, they do not talk

about that very much. you hear it from some republicans. you may hear from some democrats. basically, they are involved in their budget business and setting policy on things like immigration and they are just content to let bernanke keep his printing presses running. dagen: it is a scary day. great to talk to you. connell: we are just minutes away from attorney general eric holder holding a press conference on that lawsuit. we made a sarcastic comment in the opening of the show how they are just being to getting around to it. >> certainly, there are questions about what went on with ratings prior to the financial crisis.

the clear question is were they out of line with what anyone else was saying. was there any apparent to fraud anyone. all of that remains to be seen. s&p is the one that downgraded the u.s. it does not smell perfectly -- connell: they did not want to admit wrongdoing in a settlement. now you have a lawsuit as a result of that. there are a lot of people that were wrong about the financial crisis. maybe some of them were wrong on purpose, maybe they were not. if you look at the complaint, they may have some issues. there are e-mails. internal e-mails, if you look at the complaint back in 2006 where in s&p employee said rating agencies continue to create an even bigger monster.

let's hope we are all wealthy and retired by the time this house of cards falters. that applies that selig did know it was a mess and they still said it is all right. >> you have to take into account how many employees work at any organization. it is very hard. we have not seen the complaint yet. what it actually stipulates. in terms of prognosticating the future and predicting the financial crisis -- connell: a lot of people were wrong. [talking over each other] connell: i do not know what your personal track record was, but analysts are wrong all the time. they make predictions on our show and others that do not turn out to be right. if you are doing an all-purpose,

that could be a crime. the question is whether -- you have freiss beach and you have the right to be wrong, but if you are misrepresenting what you are saying and you know about it, in other words, you take these and file cons of bonds and you know the bottom half of that is just junk and you say it is aaa, that is a crime. >> a lot of the folks who turned out to be right, in terms of what happened have been negative from the very onset. really even before the previous recession had ended eventually, they will be right. if you keep predicting doom, sooner or later the economy will fall into recession and you will

be right. the problem comes into timing. into what could potentially go wrong and how soon that could happen and how pervasive the weakness will be. certainly, you look at what the federal reserve was saying or what the treasury was saying at the time prior to the financial crisis. you know, the question is, do they mislead people? did they have a forecast that was contrary to what was prevailing? those are the questions that need to be answered. forecasting is hazardous. particularly, when it involves predictions about the future. mark twain said that. i do not know that, i do not know that you can make that a crime. connell: we rate every deal. we will see what eric holder has to say in a couple minutes. thank you for coming on.

we will talk to you soon. dagen: somebody bought that and they turned blind eye to actually looking at securities in the portfolio. connell: it was was a messy time. dagen: barclays setting up a rainy day fund. more than a billion dollars set aside for lawyers. connell: putting your house up for sale on ebay. how the online auctioneers are pulling down profits. dagen: lou dobbs is here to talk immigration reform. take a look at the oil market. people are ticked off by how much gasoline is costing them these days. nearly four dollars a gallon in california. almost $97 a barrel. ♪ (announcer) at scottrade, our clients trade and invest

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connell: breaking news out of washington. looking at the attorney general, eric holder. the lawsuit and the precrisis ratings on herbage securities and what have you. this is the news conference under way. dagen: berkshire hathaway ceo warren buffett donated $26 million worth of his companies stock to four unnamed charities and three individuals. his single largest donation was nearly 175,000 class b shares worth almost $17 billion.

no paris hilton created by buffett. thank the lord. barclays continuing to pay the piper. it has set aside an additional $1.6 billion. 1 billion will go towards payment protection insurance. the remainder will covered mis- sold interest-rate swaps to small businesses. barclays has set aside more than $4 billion so far. see. let's take another look at stocks with nicole petallides at the nyse. nicole: barclays is a very big story. we will continue to follow that. it has an up arrow and that really helps the financials. they are setting aside, obviously, that $1.6 billion to cover the cost. the dow is touching that 14,000.

when you talk about things and we talk about barclays, some of the banks have been among the best performers on the dow jones industrials. twenty-nine of the 30 dow components are in the green with the exception of ibm. connell: thank you. dagen: we do not just make it sprinkled here. we make it rain and make money with charles payne. connell: our amateur poet here. charles: she is no joke. dagen: i stole that from peter on real housewives of atlanta. [ laughter ] charles: you have to catch me up on that show. i am a few episodes back. the first thing, a lot of people coming back to the market or at least they are feeling the urge.

the first thing that people do, people are saying, i do not necessarily want to chase. the market is up from 6600 to 14,000. if it has not moved, more than likely there is a problem there. it is at a 52 week high. i can understand why some would be intimidated. the peg ratio. 0.47. it is trading at one third book value. valero, $1.82. two weeks ago i did a marathon with dennis and cheryl. through the roof.

they are making it so much cheaper for these refineries rather than explicit imported oil. this is a real monumental shift for refineries. this is one of the reasons i would consider chasing the stop. you buy a little now, you buy a little later. i think the street is still behind. this stock could start to trade even higher. july 2007, it is a $6500 stock. connell: thank you, charles. dagen: ebay making a profit in the real estate market. we talk about auctioning off your home. connell: the waist on america's roadways.

what a mess. then, we will also take a look at more markets. here is how everyone is faring against the dollar. ♪

>> at 24 minutes past the hour, i have your fox news minute. iran's president has arrived in cairo to meet with president morsi. a florida judge has denied a request by george zimmerman defense attorney to delay the trayvon martin trial. prosecutors have been slow to release evidence. zimmerman was the neighborhood watch volunteer that shot martin and 2012. zimmerman claims he acted in self-defense. superdome officials were worried about a possible power outage months before the super bowl. they said that tests on the

domes electrical feeder lines that bring far into the dome showed some decay and a chance of failure. those are your headlines. back to you guys. connell: you may be surprised to know the real estate market is part of that. dagen: david lee miller has more on that story. >> we all know you can buy and sell just about anything on ebay. how about real estate? real estate for as well as one dollar. unlike an ebay auction for furniture, clothing or electronics, a.m. ebay auction is not legally binding. they are just an way to get a

buyer. nobody is obligated. one seller we talked with said she had sold about 400 properties on ebay. they usually end up selling for about ten grand a piece. do not expect moving conditions. >> some of the houses thh work. if you are buying a $10,000 house, you may need to put five or $10,000 into it to fix it up. then you can rent it out for about $500 a month. if you have $20,000 into a house and you are getting $6000 a year profit, that beats what you are getting in the bank. >> before shopping on ebay for real estate, keep in mind that the auction is not binding, scams are not uncommon good an alabama man was convicted of selling property that he did not know. it is easy to get ripped off.

>> if you do not do your due diligence and do your own investigation with the assistance of someone who is informed of the area like a local realtor, you could end up buying swampland or something in florida. >> keep in mind, the current national inventory is 1.8 million. ebay currently offers about 150. experts caution, you may find a better selection, more reliable information on real estate specific websites. dagen: you used to be able to buy homes from the catalog. there are some beautiful homes. all over the country. connell: lou dobbs is coming up in a moment to talk about immigration reform. the president has meetings with leaders in the labor movement,

also the business community. lou will weigh in on all of that. dagen: exotic dancers, strippers, they are not independent contractors. they can collect unemployment. that means the club owners have to pay up to the government. connell: thank you for clearing up what exotic means. dagen: well, exotic could mean just wearing a feather boa. [ laughter ] ♪

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dagen: we missed it. every 15 minutes we try to do stocks now. nicole petallides is looking at yum brands. nicole: the parent of kentucky fried chicken, kfc, taco bell, pizza hut. right now we are seeing yum brands down 3% on the day. they have been a disappointment for the most part. fourth-quarter earnings fell 5.3%. they have had negative publicity over in china. that certainly has raised on their numbers. china is such a big revenue generator for names like yum brands. particularly for kentucky fried chicken. i should not leave out ubs. they have a neutral and they have cut their price target $63 from $69. dagen: thank you, nicole. connell: topic number one at the white house today.

that was immigration reform. a lot of leaders there sharing their views with the president. business leaders will be there this afternoon. some high-profile ceos have their chance to talk to the president about immigration reform. dagen: with us now is lou dobbs. host of "lou dobbs tonight." lou: it looked like that in 2006 and it look like that in 2007. the flow of immigration, chain migration, as some may call it, towards the possibility of part. we will see what happens here. the fundamental choice for this president and the democrats in this position and the republican party will be whether or not they do what they did in 2006 and seven. i have always been for immigration reform.

not what is called comprehensive immigration reform because that is a bunch of blogger. what it is about is securing the border and creating an effective, rational immigration reform for this country. i am excited to see senator marco rubio signed off on that approach. i am excited to see the talk about. mortgage security first and then get by this resolution. connell: what is your view, specifically, as we look at the issue of order security. and the economic benefits of allowing more "skilled immigrants" into this country. lou: marco rubio has entered legislation. they will bring in higher skilled. they need to go much farther: in my opinion.

anyone with a high level of education, mathematics, engineering, science, and so on. this should not be complicated for anybody. dagen: it did get complicated. they wanted to come up with a way that people can come and go legally in this country in the guineans do not like that. they guineans do not want additional workers coming to this country. [talking over each other] lou: one of the big problems is they signed on board against their own membership. they have been supporting illegal immigration and amnesty at any price. most of the illegal immigrants coming into this country are

uneducated. they are low skilled workers. it is a limited role and limited number. we have to go beyond the nonsense here. there is an teleological divide. the ceos who are trying to get cheap labor in many instances. they have done so for the past 20 years. we have got to talk about this in terms of national interest. it is to resolve this issue for the purpose of our goals as a nation. not because of the nonsense that is introduced by various senators or congressmen or this president, but to move forward and that opportunity rests with this staff.

dagen: you can rest assured that mr. dobbs will be talking about this very thing tonight. you can see him every weeknight at 7:00 p.m. eastern time on fox business. connell: putting the pedal to the metal. called roads in our country cost americans $121 billion. americans spent 5.5 billion hours sitting in traffic. boston, new york, los angeles and d.c. dagen: it is the worst traffic. i have lived in san fran, as well. driving around the belt way.

connell: we will go to oil right now. take a look at where it has been trading so far today. it has been in the mid- to upper 90s. dagen: now, to jeff flock who is live in the pits of the cme. jeff: those electric cars do much better in traffic jams in terms of mileage. anyway, oil took a bit of a breather yesterday. now, it is back in gallup mode. take a look at oriole. i tell you, this is one of the big factors in gasoline prices. take a look at the junk they have taken in just the past month. $3.52 was the average gas price

for a gallon of regular. a month ago it was $3.29. that was the fastest weekly increase in two years. an invisible tax that changes every day and right now that tax is on the increase. right here on the s&p, somebody is buying something to. did increase here as well. got to listen in and find out what that is. connell: jeff flock, thank you. dagen: i will grow a third arm before i bought an electric car. i edited myself. do not give me that look. exotic dancers in kansas. strippers there want a ruling for the right to collect unemployment insurance after a court rules the dancers are not

independent contractors. connell: thank you for bringing that to us. thank you very much. dagen: blackberry. the new touchscreen phone. you will have to wait until later this year to get one. find out when. connell: dodging the tax man. americans moving to states that have lower tax burdens. first, let's take a look at the treasury market today. yields are up 2%. we will be back with more on "markets now." ♪

>> i have your fox business brief. it is official, dell is going private. the more than $24 billion deal is being led by a group featuring michael dell, the founder of the company and silverlake. shares of mastercard are getting a boost after the company announced its doubling quarterly dividends. they will pay out $0.60 a share.

they will also repurchase up to $2 billion of class a common stocks. companies expecting to report a profit of $1.95 a share. meanwhile, walt disney has forecasted earnings close to $0.76 on revenue close to $11.2 billion. that is the latest from the fox business network. giving you the power to prosper. ♪

connell: we are back in the blackberry phone is available for people in canada before here in the states, you'll have to wait. shibani: people are actually buying this thing. it came out with some mixed reviews. the sales initially are selling like hot cakes. it has been a very wild week and a moment this week for blackberry, that is the new company name.

they unveiled a brand-new phone last week. the stock went down on the release day, but it is back up again. they are pretty excited about the initial review. we have grown more confident in the likely success of the blackberry ten launch. in london in the uk, it shows that the device sold out in 20 minutes at many big retailers. today in canada, they are already seeing record sales. we think we will be able to get our first crack on march 27. you can buy this device today. i checked on ebay. i checked out much it would cost. people said they did not like it at first, but the evidence is showing the contrary. not off to a good start for

blackberry. connell: shibani in the newsroom. just back from toronto with her phone. dagen: like when you have been driving a ford pinto, even the crappy thing is a huge improvement. connell: let's go to nicole. nicole: happy ninth birthday to facebook. let's take a look at zynga. some positive comments from bank of america. it is up 5.8% right now. kellogg, the cereal company, all-time highs today. estée lauder, the customer spending quite freely. green mountain coffee roasters touching a nine-month high. it finally closes that gap.

we are back to where we started. back to you. connell: people with a certain level. giving the boot to tax heavy states like california and others. you have some financial firms leaving wall street with a business shortage. we have jonathan williams with us from washington, d.c. a good article related to this in the "wall street journal" today. they highlight the governor of kansas. basically making a bet, lower taxes, less government, people will want to come and live and do business in kansas. >> that is a bet i would be willing to take. the evidence is so strong from the states that do not have an income tax. also, if you just look at the states that have the lowest

taxes, it is amazing how people and businesses are voting with their feet, as we like to say. more than 4.2 million americans have moved away from one of the ten high tax states. that is nearly one a minute over the last decade. that is incredible. connell: look at california and oregon on the western part and, of course, back here on this side of the country, new jersey and other states. there are only, apparently, 13 states who at the moment, you described a mixed legislature. next control between democrats and republicans. all the other states it is either democrats dominating or republicans dominating. we will get a good test. what you think we will see? >> i tell you what, we have these laboratories of democracy

among the 50 states. it will be very interesting to see conservative economics against the very liberal. i think the history is very clear that their free-market economies will win out. people are leaving places like california. as we see this play out, the low tax rates will continue to be the winners. connell: the question will be, will you get enough revenue and they hope by eliminating some tax deductions you will. we will see a test about this over the next few years. jonathan williams, thank you. appreciate it. dagen: an all-time high for kellogg. big expectations this morning. details coming up in the trade. connell: the trade with sandra smith. first, let's take a look at some of the winners we are seeing today over at the nasdaq. ♪ all stations come over to mission a for a final go.

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dagen: kellogg soars after the report. sandra: $59.01 a share right now. i want to show you and him today chart. still reporting a loss, but a narrow loss. this goes back as far as we possibly can. we are looking at all-time highs

for kellogg. they bought pringles and this was a huge thing for them in the quarter. it really boosted sales overall. kellogg soaring to all-time highs today. meanwhile, hormel foods. this is the chili and meet company. another all-time high. it brought bought skippy peanut butter. that is bringing a boost to them. we will have to see in the next hour. back to you guys. dagen: thank you. we appreciate it. connell: we both do. do not leave me out of it. dagen: we are the city. connell: there it is. right behind us. that is a beautiful shot of new york city. cheryl and dennis have another

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ishares by blackrock. call 1-800-ishares f a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. dennis: i'm dennis kneale. cheryl: i'm cheryl casone. back on track with the dow heading higher. the all-time record back in sight, and jim rogers said this is going to end badly. dennis: of course. take the wind out of the sails, jim. housing, though, so hot from properties in dc to denver they are selling after only two weeks on the market. we'll show you why sellers have to take advantage of this quickly. cheryl: a baltimore company makes a most of it after losing a bet on his home team. >> sunday has two big winners,

baltimore, and the comfort of our furniture. when the second half kicks off and returned for a touchdown, all the furniture was free. way to go, baltimore. cheryl: that's right, you heard it, free. the store's president will speak with us on "markets now." dennis: nicole on the floor of the rebounding new york stock exchange. nicole? >> rebounding; right? dow at 14,000 again; right? that was on friday after crossing for five years. yesterday, pulled back 130 points, and, today, near the 14,000 levels and again crossed through it. you have the dow here up about 109 points. you have a majority of the dow components well into the green. financials have been leading the way. names like jpmorgan, bank of america is the leader on the dow jones industrial average,ibm was the only one under pressure, but across the gain, and 1508.

blackberry, a name we focused so much on, waited 18 months for the blackberry 10 that came out january 30th, stocks sold offing and changed their name to blackberry, and you can get the phone at the end of the march. the launch could be good. with that, we have seen the stock up over 24% this week. yesterday, where we were up over 15% today, 8% gain so we had quite a run just in these two days alone. back to you. cheryl: quite a run, but where are we going? thank you very much. dow hitting, again, the 14,000 mark, again, today, we're maybe not going to close that, have to wait and see, but jim rogers says hold on to the enthusiasm because bad news is on the horizon. author of "streets smarts:

adventures on the road and markets." you had a lot of adventures in your lifetime, jim. we're in for a bad wakeup call because of the bank of japan? that's the reason it's coming from. explain that. >> well, the bank of japan says they will print unlimited amounts of money. that's not good news. ben bernanke said i'll match it and print money too. there's money printing going on everywhere. that's not good for anybody. it's great for awhile, but in the end -- cheryl: good for market performance, especially the large cap stocks, mcdonald's benefited from a weak dollar in international sales, and that's the sweet spot, international, jim. it was good for u.s. stocks in the dow components, why is this not any different, you think? >> no, it's great, it's good. everybody's having a good time. the germans have an election this year, but this is artificial. printing money, cheryl, is

artificial. that's goosing everything up, but it ends eventually. cheryl: you don't think over the next couple years as they scale back, a target of 6.5% unemployment, by the time that hits the tape, if you will, the economy will be recovered overall? the u.s. economy, asia in a second. >> it will be an artificial recovery. i suspect after the german election in the fall, the world economy slows down no matter what governments do. cheryl: you're unstop l today. back in 1973, you launched with george sorros, returns amazing at that time. what are you doing now to book big returns? my book is coming out today. >> it's coming out today, read the book, gar goodness sakes, read the book. i invested in currencies, investments in commodities. call them what you will.

they print money. when they print money, the way to protect yourself is to own assets. stocks are going through the roof. also, i'm worried about stocks because i know it's artificial. cheryl: talk about emerging markets, living in singapore, china in particular, the growth rates there, they can't sustain 8%. the data we get out of the chinese government you can't trust the currency. i can go on and on and on and on. >> cheryl, i don't trust data from any government, including the u.s.. we know the governments lie to us all the time. you have to report it, but they are all lying. i don't know whether china's growing at 3% or 33%, but i know they are booming. i know there's stuff going on in china, stuff going throughout asia. cheryl: what hurt us, jim, and we saw it in asia, hope it doesn't repeat again in 2013, a strong first half of the year, and something happened, usually

out of washington, s&p downgrade, debt ceiling debate, take the pick, and we fell off the cliff. do you see that happening this year? >> after the election in germany this fall, yes, i expect things will be bad in the world economy. cheryl: you mentioned europe four times now. >> yeah, i mean, there's going to be a lot of good news, and she's got one of the largest economies in the world. her central bank in europe is printing money as well now. everybody's printing money. cheryl, it can't go on. it's artificial. it's a pool of par dies. if it's based on printing presses, that's a bad theme. cheryl: the lost decade. gym -- jim rogers, thank you very much. congratulations on the book. >> thank youings thank you, make that two lost decades. cheryl: that's right, thank you. dennis: the dow is now at 13999, but they will be right some day. all right, looks like the housing recovery could be for real.

december home prices making the highest leap in six and a half years, this as a third of listings in some markets, washington, d.c., denver, they are selling in two weeks or less. brian gardener, senior haven't for kbw, ryan, what do you think? is it for real? >> i think it is for real. we're not going into a boom period or back to 2004 and 2005, but we're -- the housing market has bottomed out. it's not going to go lower. it's coming back slowly. dennis: we were told the feds keep rates low until 2015. it's 6.5% in december or up -- 8.5% in december, up 5.5 in november. this rebound is not yet fueled by fears interest rates go up, is it? >> they are ticking up. despite what the fed is saying, i think market participants are starting to fear that rates may start to go up higher sooner than anticipated.

it's crossed above 2% already, and the 30-year mortgage is starting to tick up the last couple of weeks so that is probably going to fuel, and i think in a positive way, a rush by buyers to get into the market. dennis: and then, though, as a result, this is wonderful to watch the supply and demand play out because then when the buyers rush in because they are afraid of interest rates going up, suddenly, sellers, you say, waiting for five years, they flood into the market ready finally to sell? >> that's why i don't think there's a huge boom coming. i think there's a latent supply out there. foreclosures down, but there's a latent supply of current homeowners waiting for years to sell. they now see it that the market is bottomed out as prices start to pick up, i think they are going to find their price and decide it's time to cash out and move on the next and get rid of the bigger house, downsize to something smaller. dennis: nice thing for that, i guess, is it stops home prices

from rising too much. we don't want another bubble that we loose connection with reality. >> i agree. i mean, i don't think we are going back to the late 1990s into the early part of the 2000s with irrational exuberance. monetary policy's different, fiscal, regulatory policy is different. the psychology of buyers and sellers are different. it's not a boom time. we're getting into better time, a more sustainable housing market for the future. dennis: right. what fueled the entire housing bubble was the low interest rates and wall street's hunger for mortgage backed securities because they made made packaging that to sell to investors. now, the government today filing civil charges against s&p, the credit rater, because s&p failed despite the meltdown that everyone else in the market also failed to spot. do you think that that lawsuit has merit. what does that do to businesses and banks wanting to take more

risk? >> what the government is going to have to show not that s&p is wrong because a lot of us are wrong on any given moment. it's that they misremitted their views. they didn't give an honest opinion about what they saw going on in the market. i think that's just a very high hurdle for the government to prove, and if it's without merit, i'll skip over. there's a high burden of proof here, and i doubt they meet it. dennis: now $5 billion if they win. you wonder what that does to s&p as a growing concern. thanks very much for being with us. good day, sir. >> thank you. dennis: join fox business all day, friday, by the way, almost forgot, for real estate story, the state of the real estate industry and market all day friday on fox biz. cheryl: another sign the economy is getting better as dollar stores find it harder to make a buck, and that may be because people shop at pricier stores.

in the recession, dollar stores proliferation could be a problem for them. take a look at the stock. these are the dollars for stock, if you will. $general, family dollar, dollar tree, a mixed bag, but they are under pressure. there's this, one place that you won't save money. you won't save money at all. clogged roads in our country cost americans, get this, $121 billion in time and fuel in 20 # 11. that was that year. another fun fact, americans spent 5.5 # billion hours in traffic that year as well. worst city for gridlock? our nation's capitol, washington, d.c., of course, bus they are about gridlock in dc. boeing's dreams coold take flight again. the company requested permission from the faa to conduct test flights from the 787s after the planes have been grounded for a month with battery issues. investigators still have yet to find the cause of the batteries. the problem is the stock has

been under immense pressure since this all began. boeing continues to have problems, and that is a stock to watch. dennis: gas prices topping $4 on the west coast as prices nationwide hit records in february. live at the cme on the why. cheryl: president obama selling immigration plan to the union leaders and ceos right now at the white house. dennis: plus, why the new wave band talking heads is featured prominently in the justice department's $5 billion mortgage lawsuit against s&p. ♪ [ male announcer ] how can power conmption in china,

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15 past the hour. of course, stocks every 15 minutes. team market coverage for you. jeff in the trading pits of the cme watching gasoline, hitting highs for february. it's early, but sandra in new york looking at disney earnings, and charles payne on a supply chain company. nicole first on the floor of the new york stock exchange, up 105. nice to see it back. >> right, and back to the 14,000 marks that we hit and set on friday. we are back not five year highs we had not seen since october of 2007. yesterday sold off, a lot of kerns about europe. today, a different picture, regaining that, and here we are up about 106 appointments, a gain, by the way,. bank stocks doing well, bank of america, jpmorgan, the dow components well in the green, retail, drugs, transports higher. some of the traders continue to think the market is over bought here at these key levels as we are pushing up against our

recent highs. today we traded as high as 14006. what's going on in chicago? >> energy is what's going on in chicago, not so much in the pits, but oil, and after a break yesterday, back on the rise. oil up half a buck. it puts the focus on gasoline prices which impacts the entire economy. take a look at what gas prices have done in the past week and the past month. up 5.2% in the last week on the average across the u.s.. 3.52 the average gallon yesterday. it was 3.36 a week ago, and 3.29 a month ago, and up a penny today, 3.53 # today. a bad month in a lot of states like the midwest. indiana, in the last month, gone up 50 cents a gallon. minnesota and michigan too.

where's it the worst? other than california, in the northeast where you are, california has 3.91, new york, 3.87, and the rest of the northeast, not pretty. sandra, what about earnings? >> if you want to go to walt disney world, it will cost more, jeff. walt disney reports after the bell tonight, a member of the dow 30 stocks. important to watch, walt disney, now in the green, it is one of the worst performers in the dow, in the bottom five stocks as far as performance is concerned. here are the numbers to look for. right now, earnings at 77 cents a share. revenues 111.2 billion. that number of 77 cents a share would be down from a year ago, and, of course, the cable networks division over at disney is going to be key for the company. espn, of course, the crown jewel of the media networks division, citi group called for a 5% jump in the performance of the cable networks group, but take a look at disney, where it stands

heading into the report, guys. this is a one year chart, going up 36% over the past year, and as we enter the report, it is sitting right near all-time highs. it's a surprise, guys, that could push that to territory it's never been. back to you guys. dennis: nice, thanks, sandra smith. we'll look at disney at four o'clock today. time to make money in the house of payne, charles payne cashing in on a supply company, charles. >> a company called ryder. it's growing, but the bread and butter business is the trucks. they reported last week in the operating margins for both segments up huge. fleet up 10.1 the trucks from 9.1, and they gave great guy p dance. stock like a whole lot of other stocks near the high, there's a lot of anxiety. do i chase it or not? in this case, trading with a 10pe, very under valued peg

ratio, half of the sales, so from a traditional evaluation point, the stock looks fantastic to me. potential drivers to me, there's a conference, and the next day, a conference with bbnt. they are extraordinary important. we can hear news out of there. if so, that could be the catalyst to go higher. keep in mind back in may of 2008. it was $73 a share. it's already broken out, technically, could pick up momentum as the month goes on. cheryl: why is the investor conference crucial, you think? sometimes there's back room meetingsing and we hear nothing. >> of all the things, i think this is one of the things that really is great. the -- people should go to the companies' website, investor relations, and about 90% of them now share the presentations on their website so it's not just these numbers, but you actually get to learn about the companies, and i think they lay it all out there. you can't get in trouble for releasing news at the conference

opposed to accidently telling it to analysts with a buy rating on your stocks for the last three years. dennis: thank you very much. cheryl: president obama expected to speak today at 1:15 eastern time, less than an hour from now, pushing for a short term budget fix to delay across the board automatic cuts. dennis: baltimore furniture store loses big even though the ravens won the super bowl. let's have a look at the currencies against the u.s. dollar. that would be mixed. ♪ [ woman ] if you have the audacity to believe your financial advisor should focus on your long-term goals, not their short-term agenda. [ male announcer ] join the nearly 7 million investors

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at 24 minutes past the hour, i'm patty ann brown with the fox news minute. president obama is expected to ask congress to pass a smaller package of spending cuts and tax reforms proposing a short term budget plan to delay the across the board spending cuts set to hit on march 1st. those automatic cuts impact defense and domestic problems. fox business carries the president's statement live from the white house at 1:15 eastern. secretary of state, john kerry, and south korea's foreign

minister will punish north korea if they produce a nuclear test. they announced the country plans to conduct the test to protest tougher new u.n. sanctions. iran's president, ahmadinejad, arrived in cairo to meet with the egyptian president. the three-day visit is the first trip to egypt by an iranian leader in more than 30 years. those are the headlines, back to dennis. den deny thank you, patty. time for media minute. just when you think cable cowboy john malone rides into the sunset has another deal wanting liberty to take over virgin media in britain. this would pit him against his old friend and foe. chairman of our parent company, and malone had a stake in news corp., and there was direct tv to make him go away. final numbers in on super bowl ratings, fell 2.7% from a year

ago, but cbs drawing more than 108 million viewers, the third highest tv broadcast of all time. after last year's giant-pats super bowl, and in terms of how many viewers watched part of the game, though? cbs had an all-time record high, over 164 million, up 3% from a year ago, and this in by e-mail, 106.6 million people stayed for the black out and watched. also, donald trump with a $5 million charity event daring to prove his mother is not an oranatang. cheryl? cheryl: mcgraw hill trading lower, charging the former s&p unit in the mortgage mess. there's one who says charges against other ratings companies are coming. dennis: a baltimore furniture store backfired costing it $600,000 in free stuff.

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call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. cheryl: bulls back today,ny way. the dough is higher by 105 points. we'll see. again, going towards the 14,000 level, 15 points away right now. plus, why the new band, talking heads, is featured in the justice department's mortgage lawsuit against s&p. yeah. the baltimore furniture store whose super bowl commercial backfired and ended up giving away 600,000 in free stuff. we'll talk with the president of that store coming up. dennis? dennis: bottom of the hour, stocks now, nicole at the new york stock exchange and bank of america. >> looking at bank of america here on the floor of the new york stock exchange, the post where it trades, up 2.8%. the former dow jones industrials

for this financial in particular we're watching, the number one performer last year, but a lot of optimism since they noted the bank's potential for huge returns, trading below book value, and the prospect for the industry improving over all. there are a lot of financials doing well, jpmorgan, for example, a leader on the dow jones industrial average. we watch the dow, pushing that 40,000 mark, 13 # -- 13984 where we are now. the majority of the dow components in the green other than ibm. overall, names on the move like kellogg doing well, estee lauder doing well. that's the environment we are in, erasing losses from yesterday. 130 points down yesterday, and today, gainedded 104. dennis: the worst day of the year so far. nicole, thank you very much, that was monday. the day of reckoning may be here for ratings companies. the u.s. justice department

filing suit against s&p over its role in the mortgage crisis. >> to date, we've identified $5 billion in such losses resulting in cdos rated by s&p between march and october 2007. during this period, nearly every single mortgage backed cdo rated by s&p not only unperformed, but failed. cheryl: the smoking gun in this case may turn out to be an ill-advised parody of "burning down the house." court documents refer to an unidentified analyst performing an off beat panelist of the 80s hit while co-workers laugh and homeowners and investors lost billions. we are joined by the head of the financial services at goldberg, and this analyst, this is part of the lawsuit filed against s&p. these comments, "burning down the house" while homes were lost across this country. is that criminal activity?

>> in and of itself, making a bad video, no. i've seen horrible performances in the market place. it's bad judgment. should you judge a company by the bad judgment of one or a handful of people? i'm not sure. if it is reflective of the mind set of all the analysts and the people managing the institution, then it can be telling. cheryl: he said after the sent the video around, you know, if you want to talk to me, see me in the cube. translation, i don't want to put this in an e-mail. eric holder, attorney general holder, said this is not, you know, politically mote veighed, but i do want to ask your opinion here. do you think it is politically motivated, this move? s&p, the only agency the downgrade of the u.s. credit rating, when they were specifically told not to. >> based on my time at the fcc, any investigations or actions i was involved in bringing, they were not politically motivated. if there was a conflict in connection of the matter, they

were precluded from being involved. i find it hard to believe there's a giant conspiracy theory driven by the u.s. government. cheryl: why not moody's? why just s&p? why not? >> i can't tell you what they have with regard to e-mails if s&p had more e-mails or forced e-mails than moody's or fish had. cheryl: there could be other agencies? >> find it hard to believe if you blame one and not all three, they would be in the same boat. cheryl: what defense strategy will s&p have? other than the easy answer, there's no case here, they don't have enough proof, what would a strategy be for us? >> the ones coming up, no longer holding muster is freedom of speech or gave general overview and nothing specific anyone could hang a hat on. in and ever itself, if you had access to information which you knew to be true, and you publish something otherwise, you'd be in trouble. in this case, if they believe they have information and can't

show the files as of that time in history was reflective of bad information, that would be my defense. cheryl: but are they liable if they didn't, in fact, deviate from internal controls put in place at the time? i mean, does that mean they are liable for what they assert they've done? >> i think it's more than the internal procedures. i think as a defense, if i had interests disclosed, if i had internal procedures and filed them, that would be the best line of defense, but there's things not getting into with regards to that. procedures would be you've -- i imagine, a quality review of the information, and it's suggested that there was pressure to put up positive reviews to bump the revenue of the company of s&p. cheryl: if you look at the chart performance in 2007 and now, the stock performance of s&p, you can see why the question is out there. >> definitely. cheryl: motivation to make the moves is obvious.

>> the function how they on boarded the issues as well. cheryl: thank you very much, ron, good to see you. >> thank you, cheryl. cheryl: more coming up on the story in the next hour with charlie interviews richard larkin, analyst and spent 21 years at s&p talking about the doj case. dennis: president obama wrapping up a meeting with labor leaders on immigration reform. cheryl: this ahead of another gathering this afternoon where the president is going to speak with ceos from some of the biggest companies in the country. also on immigration, and peter barnes has the latest from the white house. peter? >> hey, dennis and cheryl, this meeting with leaders broke up here, and we have a debriefing now from the executive dleghter of the immigration law center, and she just walked out of the meeting with the president, and thank you for joining us on fox business. how did the meeting go? >> really well, a productive

meeting. we are feeling optimistic this is our moment that we can achieve common sense immigration reform this year. >> one of the issues that came up was border security and enforcement which the gang of eight senators on the hill, democrats and republicans say is a precondition for creating this new pallet to citizenship. what did you -- how did your discussion go around that issue? >> so he informed the president from our community's perspective, we feel it's critical that we have a clear, direct road to citizenship that's not contingent on additional border security, and the reason for that is we believe this administration has spent more resources over $18 billion on securing the border and interior enforcement, and that what we need is to ensure people here undocumented at this moment have a meaningful way to become citizens. they want to be citizens. they want to pay taxes and participate in the democracy. >> as you know, senator rubio,

republican from florida, that's a deal break r for him. there has to be a trigger process. more enforcement, more security, and then a clear path to citizenship? >> yeah, i think the devil is in the details; right? what do the triggers look like? what requirements, what benchmarks, what metrics? when do you know the border is strengthened. one of the other enforcement provisions which we are prepared to look at is mandatory e-verify to hold employers accountable so they know whether workers are undocumented or not and ensure that is an accurate system to people like myself, a natural life citizen, i would be 30 times more likely denied a job in the current system currently. it has to be accurate, fair, and due process protections in that kind of a system. >> we have to wrap, but one of the colleagues said the president was sympathetic to your position on the enforcement

on security; is that right? >> that's right. the president wants to ensure there's a road to citizenship that's meaningful and road. >> thanks for joining us. >> thank you, thank you. >> dennis, cheryl, big story, we'll be on it. back to you. cheryl: peter barnes, thank you very much, live at the white house. >> you belt. cheryl: california drivers paying $4 for gas in the west coast minute. >> a super bowl gamble that didn't pay off. a furniture store forced to give out $600,000 on the big game, and a look at 10-year treasuries. ♪ [ male announcer] surprise -- you're having triplets. [ babies crying ] surprise -- your house was built on an ancient burial ground. [ ghosts moaning ] surprise -- your car needs a new transmission. [ coyote howls ] how about no more surprises? now you can get all the online trading tools you need

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♪ tracy: i'm tracy burns with the fox business brief. shares of dell higher after the company announced being taken private by a group of investors led by the founder and ceo michael dell. the price tag is $4 billion, breaking down to $13.65 a share. microsoft lends $2 billion to the deal. now, it's the largest buyout of the kind since the start of the financial crisis. u.s. home prices jumped in the december by the most in six and a half years. core logic says prices road 8.3%, the biggest gain since may of 2006. a slew of companies reporting after the bell like walt disney,

chipolte, banana bread, and zinga. that's your fox business brief on the fox business network giving you the power to prosper.

dennis: how much did you lose on the super bowl? we got a guy who lost $600,000. a furniture store in baltimore made customers a super bowl offerrthey couldn't refuse. >> sunday's big game has two big winners, baltimore and the customers who bought furniture in the super sale because when the second half kickoff was returned for a touchdown, all of their furniture was free. way to go, baltimore, from gardeners. dennis: gary, the president of gaitered nears furniture, and this brave man joins us now from baltimore. thank you for being with us, gary. tell us about this, this $600,000 that 445 customers bought in your store. you will now refund their money.

do you guys always do $600,000 in a single weekend, or did that bet, that promise drive up the sales? >> we spent a lot of money, 50 weeks of the year advertising to get people into our store, and when we get into the super bowl hunt, and baltimore is a really sports oriented town, and this year, i think it's the fifth or sixth year in a row that the ravens were in the finals, and low and behold, they made it into the super bowl. we run the promotion three times, the last three years, but it didn't mean anything because we didn't have the hometown team involved. dennis: i see. >> the week before when the ravens were going to be the team, we changed the -- we changed the deal a little bit so that instead of just being the first kickoff run back for a touchdown and all of your furniture being free, we changed the deal so that the hometown team, ravens, if either in the first half or second half, if they received the ball and we

get a touchdown, everybody who bought their furniture, thursday, friday, saturday, and sunday gets it for free. dennis: you doubled up on the bet, and you kind of lost. luckily, insurance covers the vast majority. what's the deductible, what's it cost out of pocket? >> a lot. the good news is, hey, we -- the town won. everybody in the whole town of baltimore right now is downtown celebrating. i'm in a room her by myself, even the camera man left and went downtown. it's depressing. i tell you, this has been a really good thing for our store, and the best part of it was the customers that won are just absolutely beside themselves. all day yesterday we had people calling, great publicity, happy customers, just a really feel-good thing after the whole town df after winning the super bowl, this was the top that finished off.

>> the stadium is packed with fans celebrating the raven's victory in baltimore. last question, gary, would you do it again 23 the reigns are in the super bowl again, are you going to do it again? >> i think we have to. the odds i heard were over a hundred to one, so let's hope the ravens win next year and we're in the same opportunity. that would be the best possible scenario, so it's been good for us and the town. we're happy. dennis: here's hoping there's a halo effect on the 600k gave away, sir. thank you very much. >> thank you, take care. cheryl: of course, stocks now, nicole's live on the floor of the new york stock exes change with news on yum brands. >> when you talk about yum brand, it's kfc, pizza hut, taco bell, a global company. today, to the downside, down 3% on the day on the same store sales numbers that have been disappointing. it's no surprise because we know yum brands have a lot of exposure over in china, and they

had a lot of issues with poultry and publicity there, bad publicity, and that, in turn, hurt the numbers of yum brand. that being said, some of the analysts now have also come out and bernstein, for example, saying the visibility now for the company is limited. back to you. dennis: thank you, nicole. cheryl: the west coast minute, california is suing bp and arco. the civil suit alleges the company violated state laws on hazardous materials and waste. bp and arco filing to inspect underground takes as more than 780 gas stations dating back to 2006. shares of bp up to 44.08. nevada gaming officials ending the investigation of when resorts found complaints by a japanese billionaire who alleged that wind made an improper donation to the university of

mccal in china. it was a shareholder complaint made, same issue, and the nevada officials found no evidence of the improper transactions. stock, again, on the hair and, up 125.90. it doesn't stop. finally, it's happened. california gas prices jumping 23 cents last week, and surging past four bucks a gallon in the city of los angeles. refinery maintenance, one of the reasons behind the jump, and the spokesman but the blame on gasoline traders. that's the west coast minute, dennis. dennis: small town in pakistan where bin laden hid out for five years, they may be getting a theme park. i dread to learn what the theme will be. cheryl: and as we break, look at some of the winners over on the nasdaq. here's the mains for you. virgin and even amazon.

we'll be right back. ♪ [ woman ] if you have the audacity to believe

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cheryl: chipoolte and paenera breads have earnings. chipolte on a run, in particular, throughout the recession, but now there's concerns about evaluation, concerns about food inflation, what do you say? >> well, i think the problems with evaluations were concerned for the first half of last year. there was a large reset that took place, particularly after the july earnings report from

last year. now the stock having fallen more than 0%, i think it's time for investors to reconsider adding new positions in chipolte.3 i think with regards to food cost inflation and the tough year over year comparisons, those should be behind them as the year progresses. cheryl: discussion about chipolte's competition because they were one of the first that came that fast casual restaurant, if you will. are you concerned about the other names in the space, taking a piece from the brand as people try to come up with the same model, if you will? >> the best mexican category has been around for a decade. there's moes, q'doba, owned by jack in the box, and baja which was owned by wendy's. that antibioctoberric free proteins that got yum in trouble, it's one thing -- it's a calling card. cheryl: talked about that in the

commercial break about what's happened with yum and the unfortunate situation in china, the bad press over antibiotic use in the chickens and things like that, a big market for yum. concerned at all? >> well, i think the longer term outlet for yum is growth, but they have to reconsider the supply chain procedures for anyone with large restaurant in exposure in china. cheryl: interesting. there's shares of yum, i want to move on to panera bread with you, another name coming out, the chairman has been on the show 5 couple times talking about the initiatives in the charitable space, but the company is expanding, growing in 2013, that's more than 600 new stores they will open. are you bullish? continuing to be bullish on panera? >> we upgraded it a week and a half ago, and given that we still think panera's capable of a mid-single digit restaurant growth while growing new unites at yiewns at 7% and 8% growth is

doing well. there's catering, the addition of drive-thru unites. cheryl: love it. steven anderson, thank you very much for being on the show. good to have you. >> thank you. cheryl: all right. dennis: time for bin laden land, not really, but pakistani officials have plans to build an amusement park where field team six killed bin laden. the park, including everything from a zoo to water sports will cost nearly $30 million to build and will span some 50 acres. construction set later this month and takes five years. pakistan demolished that compound where bin laden was hiding out. cheryl: i don't know why if i'm surprised it's from the same country that jailed the doctor that helped cupture bin laden. in a few moments, we'll learn

how bad government spending is. the congressional budget offices looks at the u.s. deficit for the next ten years is going to be released. dennis: plus, the president speaks shortly on the push to delay sequestering. melissa and lori have the breaking news. cheryl: lou dobbs with the ladies weighing in on immigration reform as the president met with leaders of business and labor. you're watching "markets now," stay with us.

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