ashley: hello, everybody. i am ashley webster. shibani: i am shibani with josie. is this a fake market rally or is it real? ashley: boeing shares. and analyst take on boeing's pictures today.

shibani: the midwest is digging out. snow and lots of it. we will go live to hard-hit kansas city. ashley: they say there is no business like show business. we are talking oscar economics. shibani: are you ready? oscar party. ashley: it will be a good one. shibani: time now for stocks as they do every 15 minutes. nicole petallides. looking pretty good here. can we make it a winning week. nicole: we really are seeing some acceleration to the upside. hewlett-packard accounts for more than 16 of those points. i have also been watching the

dollar. the jolley just went back into the red. you do see that correlation. you are saying all the three major averages having really nice moves. make women is working very hard on her five-year turnaround plan. certainly, we are seeing hewlett-packard doing well. s&p not positive for the week. shibani: that was a big surprise out of hewlett-packard. thank you, nicole. ashley: energy traders catching their breath after a wild weekend, or week, i should say. hovering near a new 2013 low. let's head to the cme. fail, you could argue that oil

is coming up slightly today and that is more in line with the fundamentals. >> yes. i think pricewise we are getting closer to the fundamentals. i still think about that 92-98 is where it should be. i really attribute that to the dow being up 100. otherwise, crude oil prices, down 3%. their reasoning behind that is the u.s. oil production. we are up 376 million in total inventory. that is 10% higher than where we were one year ago today. dependence on opec, dependent on nigeria. i still think route oil prices slide a little bit more. ashley: very interesting. thank you so much. shibani: the s&p 500 is up more than 5% in the 2013 year. we are recovering, but have

stocks hit their ceiling? our next guest causes a fake market rally. a little bit of a head fake. i know you have not been a believer. it seems that two days ago your predictions that this was a fake market rally were right. now, we are back up. what do you make of all this volatility? >> we need to put it into perspective. the federal reserve seeks control of this market through quantitative easing. that is what propels the market. the market starts to falter whenever there is even a little bit of hesitation. i think if you really drowned out into the economic numbers, this far into a so-called recovery, it is very difficult to give any kind of

justification to a market advancing at that point. so good is, that has now become good. they continue to justify more liquidity. shibani: that is right. the fed pulling out of the markets would be a major positive. let's fast-forward to the end of the month will we have the so-called sequester that could come into play. how are you positioning yourself into possibly major cuts and impact to gdp as well? >> it is a distraction from the greater problem. the greater problem -- shibani: distractions are the norm these days.

we have been dealing with distraction for a very long time. what is your specific investment and what categories do you like, specifically, while we are working through all of this? >> the first thing is to realize distractions are just that, distractions. focus on the greater core issues. they will move the market forward. if you have an artificial market, anything that is artificial will not have any staying power. it will not have any endurance. the bureaucracy behind how much it will work, people believe it will work, that has been the reason why. shibani: a lot of movement in commodities. that has been a safe haven for a lot of investors. what is your take? >> i made a sale of commodities, specifically grains back in the fall. my contention is that the

federal reserve, as much of the disservice they are doing to the public, to investors, they will continue printing money at the tune of 85 billion. if that continues, commodity prices will be the recipients of that price reciprocation. i would anticipate going back into commodities. shibani: you wrote stay strong. it is not easy to stay strong in this environment. a lot of our viewers freak out when they see a lot of this seesawing. what gives you the confidence to do so. >> you have to keep high levels of cash when you are uncertain. also, by staying strong. that is not giving into the temptation to focus on the distractions of the market. if we get through the sequester, that we can invest and celebrate

or if the federal reserve continues to reiterate their stance -- shibani: pick a path and stay on it and do not listen to all the noise. thank you very much. great words to live by. have a great weekend. ashley: more bad news for europe. average unemployment rates expected to jump, and get this, jumping 27% in greece and spain. topping 27% in portugal. the commission expects the average euro zone budget deficit this year 2.8% of gdp. a lot more pain to go for the euro zone. no big surprise there. we were immature -- we were in madrid last year. they know they cannot get a job

in their own country. they can just get the heck out of there and find work. shibani: we thought we were moving away from the europe story. we were focusing on our more domestic problems. no. we are going backwards. unfortunately. they call it to show me state. i do not think that is what they meant. we are going live to hard-hit kansas city where the snow has canceled flights and closed businesses there. ashley: hollywood gearing up for the oscars this weekend. we have your oscars cheat sheet coming up. don't go away. ♪ [ male announcer] surprise -- you're having triplets.

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ashley: parts of the midwest digging out of lots of snow. fox news in kansas city, missouri. it looks like the sun is out, at least. >> yes, it is, ashley. this was a massive storm. the totals are impressive. 10 inches of snow here in kansas city. 14 inches of snow in wichita. the kansas city airport had to close yesterday canceling many flights. the airport is open now. weather, obviously, starting to improve. what a huge difference from this time yesterday. we are making a mess out of a morning commute. at one point, 100 cars, no less

than 60 buses were stuck in the snow. there were a lot of spin outs and minor injury car accidents. this storm really had it all. freezing rain, sleet and even lightning. those conditions are now affecting drivers in the walkie and chicago. more than 270 flights were canceled this morning. this snow is going to be around for a while. that is good news for farmers who said the slower the snow melts, the more it will help them out. here in kansas city and other hard-hit areas, it is another snow day for the kids. ashley: my goodness. kids playing for a snow day on monday. no doubt. thank you so much.

shibani: their kids will be in school until july. there is, unfortunately, still no knight in shining armor for motor city. yesterday, rick jones joined us on this program saying that it may be detroit's only hope if it is serious about fixing its financial crisis. michigan governor rick snyder is still deciding if he is even going to appoint someone to fix the city's finances. so far, the response, as you can imagine, has been less than dramatic. detroit will have to cut spending or raise revenue by $15 million over the next two months. two months we are talking about. ashley: the mayor and the city

council do not want an emergency manager either. someone has to come in and clean it up. as we do every 15 minutes, let's check the markets. nicole petallides on the floor of the new york stock exchange. nicole: we see a dow that is up over 100 points. 103 points. we have a couple of names in the health sector that are worth taking a look at. the shares are thriving here. you are seeing regulators rejecting an obesity drug over in europe. this drug is actually okay here in the united states of america. we are seeing the stock down 4.1%. something that we will continue to watch here for this one. it was launched in september. web m.d.

revenue topped the analyst estimates. up 26%. back to you. ashley: thank you. let's than a week to go before a massive across the board budget cut. washington is not just crying wolf. the sequester may not be so bad after all. ashley: they need to get the dreamliner airborne again. we will have an analyst take. shibani: let's take a look at the movers on the dow. very nice friday afternoon on wall street with the dow higher by 103 points right now. ♪ all stations come over to mission a for a final go.

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>> at 20 minutes past the hour, i have your fox news minute. a south african judge has allowed oscar pistorious to go free on $113,000 bail. the track star is charged with

the murder of his girlfriend on valentine's day. oscar pistorious says he shot the model accident late thinking she was a intruder in his house. prosecutors say it was premeditated murder. a fire department official says only the flight team was on board the chopper when it went down. it was heading to pick up a patient 70 miles away. cuban president has raised the possibility of retiring, but did not say when he may make that decision. the 82-year-old leader made the comment in savanna. those are your headlines on the fox business network. back to ashley. ashley: all right. thank you very much. shibani: representatives from boeing meeting with the faa today. solutions for the battery fires that have grounded the 7873

minor. peter barnes is in washington. peter: top boeing executives are expected to propose a new design for those high-tech, but faulty lithium ion batteries. it would add insulation to the batteries among other things. the company has been testing the new design. they want the faa to now allow those test to continue and fly. whether the faa believes the new design can work and just how much testing to demand of boeing to make sure the new design was safe. the faa plans to issue a statement this afternoon after its meeting with boeing. if the new battery design checks out, the 50 grounded three minors could be back in the air by april. the company, though, telling the "wall street journal" that it hopes to be flying again by mid-march. teams of hundreds of engineers

working around-the-clock to resolve the battery problem. a spokesman says "everyone is working to get the answer as quickly as possible and good progress is being made." shibani: thank you very much, peter barnes. ashley: the stock price remains steady for boeing. why doesn't the market seem to care? let's ask neil who joins me now by the phone. you have to say that the boeing stock has been pretty resilient. >> one of the reasons is it is so strong. they cannot take delivery of the 787, what will they buy. ashley: those customers of

boeing have to be pretty impatient now. they hope to have these planes back in service by mid-march. is that a little ambitious? >> i think it is. i do not know how the faa will have this test. i know they are already flying some 87, at least one. i do not know if they will allow airlines to sort of flight these during passengers being on there. boeing delivered 11 of the 787. ashley: you know, boeing ceo is getting some slack. criticism for perhaps not doing enough to inform investors along the way at this event unfolded. do you think that is justified?

>> i think there are a lot of issues that go into this. i think if they required to tell us everything, we would have a lot of meaningful and meaningless information at the same time. i know there may have been 50 other issues that we did not care about. only one of them made a big difference. i appreciate their ability to take what they think is important. incidents like this, i think the public always questions what have been told. ashley: what about a reputational damage to boeing? they are certified to be safe again. what about long-term damage to reputation? >> i think the issue probably is

not. the negotiations with the unions potentially could be. they bring great things to life. if they cannot get along, what does that tell us about the company? that really could have more of a factor because of the product innovation. that may be sort of held back over time. to me, that is a little bit more of an issue. we have run into issues. i think, that to me is a little bit more of a concern. these guys have been working without a contract. we are really nowhere close. we are closer now than we were before. ashley: thank you so much. analyst at morningstar. we appreciate it. shibani: breaking news now. adam shapiro is exchanging e-mails with bernie madoff. adam is joining us now from the

newsroom with details. >> this is really important on this day. we just had a ruling from the court of appeals. they are not going to get money back. they have lost another round in court. now we have made off sending us an e-mail. he talks about the loans he gave his son. i told them that it was crucial for them to trace the source of the original investment. he goes on to say "i believe it was possible to recover all of my clients investment principle, although both the trustee and principles that i was being delusional by making this claim."

we are posting this up on fox.com, fox business.com. he also reiterates something he has said in previous e-mails. he told the trustee and u.s. attorney that the banks he did business with with had to know what i was doing regarding the fraud. we will have much more on this at 2:00 p.m. eastern. shibani: fascinating news and developments. adam shapiro, we look forward to that in the 2:00 p.m. hour. coming up, we will tell you about a new travel company bringing private jet travel. you will not want to miss that. black jet. ashley: it will be good. the academy awards this weekend. ceos and movies that changed their lives. which half italian ceo was inspired by "the godfather"?

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but my airline miles take it worldwide. [ male announcer ] it shouldn't be this hard. with creditcards.com, it's easy to search hundreds of cards and apply online. creditcards.com. ashley: what a classic piece of music. we asked above the break which half-italian ceo was inspired by "the godfather"? was it paul ottelini, bob greifeld, or mario gabelli. he is half italian and i love the life lessons of the strong leaders of the family. shibani: strong is a nice

word for it. stocks as we do every fifth teen 15 minutes. let's go to the flash of the new york stock exchange with nicole petroleum -- nicole petallides. stocks still off the highs. but looking good. >> nobody anticipated we're getting the jumps we're getting. plenty of green on the screen. the dow is up 95 points. the nice run, banks, retailers, and transports are all doing very nicely. hewlett-packard is helping to lead the dow back to levels that erased losses we saw earlier in the week. so we can pretty much be flat in the week. we're watching the s&p very closely, still negative this though. let's look at aig. remember aig and 2008. look at the stock now. it is up almost 2 1/2% after the company is coming out topping estimates. this was the biggest bailout

you remember back in 2008. today doing much better and a stellar performer. back to you. shibani: thanks a lot, nicole. ashley: just one week now to go before billions of dollars in automatic spending cuts kick in. if both democrats and republicans are against it, why isn't it resolved? just does anything not get resolved in washington? rich edson in washington with the details. rich. >> transportation secretary ray lahood the latest cabinet secretary to warn of significant consequences to allow the spending cuts hurt. travel delays of up to 90 minutes, perhaps canceled flights because of furloughs of faa air traffic controllers. republicans say this is dog-and-pony show by the white house to push congressional republicans to agree to tax increases. the transportation secretary says there is no other choice. >> the idea that we're just doing to create some kind of a horrific scare tactic is nonsense. we are required to cut a

billion dollars. and if more than half of our employees are at the faa, the faa, there has to be some impact!. >> the senate votes next week on a democratic and republican proposal to avoid these automatic spending cuts. it appears neither would be likely to pass. back to you. shibani: thanks a lot, rich edson. well here's question for you. would you rather fly first class class and wait in line at the airport, or fly private on a jet? easy question, right? well, black jet giving you the choice for a very minimal price difference. take a look at this. a private flight from new york to san francisco only costs about 20% more than a first class ticket. plus, you can book your private flight with a few clicks on your mobile phone. but of course, there's a catch with all good things. you have to be a member here and there is also an annual fee. here to break it all down is black jet ceo. great to see you today,

dean. whenever people talk about flying private it sound really luxurious and really inaccessible at the same time. talk to me about costs because i think that is sort of the biggest hurdle for most people being even able to experience a private jet experience. >> hi, shibani. i'm happy to be here. the what we've done is we have applied a layer of technology to make it very easy to book. you book in just a few seconds. the seats are guaranteed. because we're delivering seats on private jets, just like the airlines don't sell you the entire plane, they sell you seats, we brought affordability into the marketplace. thaa opens up a giant marketplace for our business. shibani: who are the consumers you're trying to reach out to? are you looking for current private jet customers that are looking to scale down, maybe save a few dollars? are the business and first class flyer that may want to upgrade a little bit? >> anybody who has a serious travel need should be looking to us as a viable option for them today. we do have famous clients

who have also become investors. we have business people, second activitieses at large corporations. anybody who has a serious travel need who wants to avoid delays or cancellations should look to blackjet as an option. shibani: you're talking about ashton kutcher, jay-z, some of the celebrity vest, to. talk to me about the other perks that is a big draw for a lot of busy travelers out there, the extra time you have and less has cell that you have to deal with when you fly private. give me some other exams pems. >> i think you hit on the major ones. the idea it is 100% reliable and don't have to worry about declays and cancellations is the best thing. you get to drive up to the airplane n a couple seconds go from your limo or your car onto the aircraft. in ten minutes you're on your trip and you're going to where you need to be. so you completely avoid the hassle remaining in a airport and sitting there wasting your time. shibani: all this comes with

additional costs, dean. it costs 20% more to fly coast to coast first class. also an annual membership fee. tell me about that. >> right. so we have, we have a system where we're providing the service to a set of clients that need to have similar travel, so the best way to insure that is to have a membership fee. basically qualifies you as a serious traveler and that's how come we can get them to kind of self-organize and make this whole thing work and that's how it works. shibani: and it's invitation only. you have to be one of the lucky ones to get the invitation as well. dean, of blackjet, thank you very much for being on the program today. >> thanks, shibani. i appreciate it. >> i got the company credit card. i need the invitation. shibani: i think he may be able to score us something after the comercial. ashley: talking of expensive travel, americans stuck between a gas pump and yes a gas hike. dar den -- darden the latest

to warn about health of consumers. shibani: another cybersecurity breach especially if you're a fan and user of twitter, tum letter or even pinterest. ashley: look at the 10 and 30-year treasurys. the yield is coming down on the 10-year slightly. we'll be right back. (announcer) at scottrade, our clients trade and invest exactly how they want. with scottrade's online banking, i get one view of my bank and brokerage accounts with one login... to easily move my money when i need to. plus, en i call my local scottrade office, i can talk to someone who knows how i trade. beuse i don't trade like everi'm with scottrade. me. (announcer) scottrade. awarded five-stars from smartmoney magazine. but with advair, i'm breathing better.

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>> good afternoon, i'm sandra smith with your fox business brief. it is a bullish day on wall street as the markets snap a two-day losing streak. the dow is currently up 103 points at 1,984. drivers feeling the pain at the pump as gas prices hold steady at the highest level ever for this time of year. according to aaa the national average for a price of a gallon of gasoline is $3.78. that is unchanged from yesterday but up 7 -- 47 cents in the past month. aaa blaming the steep run-up in prices part i due to seasonal maintenance at refineries. rap jay-z teaming up with justin timberlake for a 12 city tour. life nation says the legends of summer tour will kick off in toronto july 17th, rounding it out the tour in miami august 17th. that's the latest from fox business, giving you the power to prosper

ashley: well consumers are trying to come to grips with that payroll tax cut and rising gas prices. and restaurants and retailers, well, they are certainly feeling it. darden restaurant cut its full-year guidance and says that customers are getting pinched. jeff flock is in chicago with more on this story. jeff? >> they say weak third quarter results are coming. look out below!. i'll tell you it is not a perfect storm of stuff but it's not a good thing right at the moment. darden is just the latest of companies to say this sort of perfect storm, unperfect storm is coming together to really hurt them. look at other retailers that are pinched as well. in addition to darden it is wal-mart. they are telling "the wall street journal" they're going with cheaper around smaller items. i didn't know wal-mart could find cheaper items but there you go. kraft is introducing a lower-priced items as well as smaller packaging as well to help consumers. burger king going with the value menu.

they have got the price of the junior whopper. tyson foods with lower-priced offerings. they need to react to the new reality. reminding you what the tax bite is, if you make $50,000 a year, you make $1,000 less as a result of the payroll tax holiday expiration. that is 38 bucks a week and it comes just when sadly the gas prices continue to rise. aaa fuel gauge up another penny. that is 47 cents in the last month. but fair and balanced, not everybody thinks this is a problem. multiple companies saying that, don't worry about it it, it will be okay. clorox's ceo telling "the wall street journal" as the payroll tax shocks wears off, consumers will get more accustomed to the new rate. keep in mind of course, you know, the payroll tax holiday goes, that money goes to social security. if i want social security around when i get old, which i'm doing rapidly, i guess i better pay into it. but it is still not a great time with the prices up at

the same time. and a weak economy. ashley: consumers are definitely feeling the pinch. nice to see you inside a warm studio for a change. >> i love it. shibani: isn't battling any winds or treacherous terrain. well the hacking assault continues. last night the customer service software provider zen desk, announced they also had been hacked. they have stated that they believe data from three of their major clients which include twitter, pinterest and tumbler was downloaded by the hacker and e-mail addresses and e-mail subject line of users that make contact with the three companies looking for customer service support. zen desk said as they learned about the attack they closed the desk for security and hacker's access to the. ashley: sadly, every day. it is just gone past quarter till the hour. as we do every 15 minutes let's check the markets with

nicole on the floor of the new york stock exchange taking a look at some troubled teen retailers, nicole. >> that's right. despite 103-point gain on the dow you are seeing some retailers that are coming under pressure. abercrombie & fitch, for the teenagers, for the young folks, certainly that is their number one group of people that shop there, but it is down 7%. their comp sales have been weak. who lister is -- hollister another name under their umbrella didn't do as well in the holiday season. europe is a problem. they're closing 40 to 50 stores in the u.s. this year. it is weighing on a lot of other teen retailers such as aeropostale and american eagle. aeropostale is down 2%. back to you. ashley: nicole, thank you very much. well, handicapping the oscars, coming up the oddsmakers favorites and big bucks at stake. shibani: our pool, right, oscar pools. with the academy rewards this weekend we combined our love of movies with love of

business and asked ceos about their favorite movies. which world war ii movie inspired coca-cola ceo mike car -- mukhtar kent. casablanca, b, "the dirty dozen", or c, the longest day. write it down. we'll give you the answer after the break. with the spark miles card from capital one, bjorn earns unlimited rewas for his small business take theseags to room 12 please. [ garth ] bjors small busiss earns double miles on every purchase every day. produce delivery. [ bjorn ] just put it on my spark card. [ garth why settle for less? ahh, oh! [ garth ] great businesses deserve limited reward here's your wake up call. [ male announcer ] get the spark business card from capital one and earn unlimited rewards. choose double miles or 2% cash back on every purchase every day. what's in your wallet?

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♪ . shibani: all right. do you have an answer ready? we asked you before the break which world war ii movie inspired coca-cola ceo

mukhtar kent? the answer is, the longest day. the reason? he says it is a story of d-day and shows in the most amazing way the that this must never happen again. ashley: that is a classic,s that for sure. let's talk about the oscars this weekend. let's get to know the highly coveted golden statuette a little better. he may go by oscar but his real name is actually the academy award of merit. he was in at 8.5 pounds. stands only 13.5 inches high. since first being awarded back in 1929, 2809 awards were given out so far with a few more coming. this sunday, rs owens makes each one. they need about three to four weeks to complete 50 statuettes. it only cost 500 bucks to make, oscar's value in hollywood is worth so much more. shibani: eight and a half pounds. you can work out and show off at the same time. ashley: there you go. that's what we love to do.

joining us now, hollywood.com's box-office division president with his odds on the favorite for best picture and who else he thinks may be taking home one of those golden statuettes. paul, thank you so much for joining us. right in with best picture. "argo" pretty much won everything else. what about the oscar, could we have a surprise? >> i think "argo" will win best picture. funny how the movie became an underdog because ben affleck wasn't nominated for best director. so, now, a movie that, you know, has earned almost $130 million. ben affleck has won an academy award before, he is the underdog now. it won a bunch of effort awards leading up to the oscars. i think "argo" is the odds on favorite for best picture. ashley: go best actress. i don't know, what about jennifer lawrence, "silver linings playbook"? >> that's a great choice.

jennifer lawrence is tremendous in the movie. there is jessica chastain who was incredible in "zero dark thirty.". this is one of the most competitive best actress categories i've ever seen. both of these women giving stellar performances. i have to give a little bit of nod or the benefit to jennifer lawrence in this case. ashley: all right. best actor, we have daniel day-lewis, the englishma englishman/irishman playing lincoln or what about bradley cooper? >> bradley cooper was awesome. he is plays the bipolar son of robert de niro in "silver linings playbook". he can do everything. not just a leading man. but day-lewis's lincoln i have to give him the odds on to win. he is favorite. daniel day-lewis. he is a stick figured tall, kind of squeaky voice abraham lincoln. he so per son nice lincoln. this is a guy who can play

really hardcore, intense roles like bill the butcher in "gangs of new york" and there will be blood, the character he played in that movie. so intense and violent, here he is in lincoln. day-lewis, he is my pick. ashley: best director, how about spielberg for "lincoln"? >> yeah. i think that's a possibility because obviously ben affleck can not win for best director for "argo". he was snubbed. kathryn bigelow was snubbed for "zero dark thirty." and quentin tarantino for "django" unchained. it is ang lee for life of bior spielberg for "lincoln". it has a bit of momentum. sally field might get best supporting actress bid. that might be a balance between "argo" and "lincoln". i'm hoping for "silver linings playbook", one in each category to pull out big oscar wins come sunday night. ashley: i have to ask but

the host for the evening. seth mcfarland. talented guy. great singer. we know about phamly guy and ted and so on. is he going to really ruffle some feathers do you think, the stodgy old oscar crowd if what are you expecting? >> i'm totally expecting that. much as ricky gervais has done that in the past at the globes i think seth mcfarlane will mix it up. i think they're trying to get the younger demographic in there. with the nine films already earning close to a billion dollars at the box-office there will be a lot of audience members who have vested interest in the films in the oscar telecast with all the nominations. it should be a very interesting, i think, probably one. best oscar nights ever on sunday. ashley: well, we'll be watching. paul, thank you so much. for your insight into the oscars. we appreciate it. >> sure thing. shibani: it will be a good one. oscars for checks. with seth mcfarland and great movies more guys will

be watching? ashley: i will be watching. watch the first part. shibani: super bowl, sorry about that. ashley: too long for most people. shibani: super bowl for chicks i always call it. tell me what your pick? ashley: i will go with "lincoln". paul said everyone is behind "argo". i think it may be patriotic, "lincoln". shibani: the fan's favorite "argo". ashley: there you go. shibani: coming up next we're feeling the pinch after a our taxes went up at the beginning of the year. now it is starting to impact some of our nation's biggest businesses. what could this mean for our economy, our 401(k)s? we'll ask billionaire steve forbes. stay tuned. [ indistinct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪

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>> welcome back, everyone. i'm shibani joshi. ashley: i'm adam shapiro

maybe because the so scaled sequester may not be as bad as we thought. shibani: citigroup out with 50 global winning stocks . may be more surprising who didn't make the list. adam: some of the nation's biggest retailers an restaurants are starting to feel the pinch. billionaire steve forbes joins us with a look what is could mean for our fragile economic recovery. shibani: first, top of the hour. time for stocks. let's head back to the floor of the new york stock exchange. nicole petallides is looking at stocks up in triple-digit gain territory. >> a lot of people are left baffled. 100 point gain on a friday afternoon. a little unlikely for a market that looked like it had taken a turn back with the pullback, right? we hid 14,000. we were peaking at the all-time high levels. it looked if there was a lot of worry about the stimulus and being taken away by fed

head ben bernanke and the federal open market committee. we saw a pullback but we turned it around. you see over my shoulder they're doing interview for television network in china. he and i were chatting. you don't expect this, one thing is the dollar. it moved back and forth. it comes into play. hewlett-packard added on 15 points to the dow jones industrials with a good quarter and a good outlook. so that is something very good here for the dow but most of the names that we watch, the up volume is 243 million, versus 87 million down volume. back to you. shibani: thanks, nicole. adam: we have breaking news. convicted ponzi-schemer bernie madoff is e-mailing us here at fox business and implicating some of his former clients saying they distributed money to family members in the form of loans similar to the funds he gave to his family members. now in the e-mail we received just a short time ago, madoff says, this is one of the quotes, i told them the trustees and the u.s. attorney, it was crucial for them to trace

the source of the original investment principle include accounting for any interfamily money transfers to related accounts like trusts and gifts. madoff went on to say there was a similar issue with the feeder fund who wu drew profits in the form of amounts greater than their original investment and reinvested those fund through other feeder fund which then showed up as a original investment. all of this you can read about on foxbusiness.com, especially on a day where a lot of people invested through feeder fund suffered another defeat in court. they're not getting their money back. should we sound the alarm? there is only one week to go until $85 billion in automatic spending cuts kick in but the so-called sequester may the be as bad as originally thought. rich edson, joins us from the white house with more on this. rich, why not? >> this is something the administration would have you not believe. they have been presenting us with cabinet secretariesry all we can talk about dire

consequences of automatic spending cuts that are supposed to hit march first. the most recent, transportation secretary ray lahood and furloughs of flight controllers and lead to delays of 90 minutes and canceled flights. earlier it was the department of agriculture and meat inspectors. there is serious disagreement how serious these consequences are. >> it is a big deal taking people money out-of-pocket books and wallets and laying them off and affect people in real level. the most important thing, the president is using bully pulpit. bringing, unleashing cabinet to do the whole dog-and-pony show around the country. >> we are not just moving money around. it just does not. the idea we can move mon from one pot, aip, airport improvement fund, most places has a pretty good chunk of money. sequester doesn't allow that. >> republicans charge these

scenarios are basically to get them to bend and give in to tax increases to avert a number of these spending cuts that are supposed to begin on march 1st. on wednesday, likely sometime next week, perhaps the senate will vote on a democratic proposal and a republican proposal. it seems now, that officials in congress are saying it doesn't appear that either will pass. we are right now it seems headed for the beginning of those automatic spending cuts in a week. back to you. adam: rich edson, the clock is ticking, thank you. shibani: we have breaking news now. moments ago president obama taking a question on the automatic spending cuts. let's listen what the president had to say. actually, we're going to wait on that. we will come back to that sound bite here but, first let's talk about what $85 billion in cuts means for the markets. my next guest says that we're poised for a pullback though we're not seeing it right now. joining me, jeff saut, chief investment strategist and managing director with raymond james. and jeff, i want to ask you, bigger picture, in a week

from now we could see $85 billion in automatic spending cuts. actually, let's break in now. hold that thought, jeff. we'll break in with what the president said moments ago. >> that, these kinds of arbitrary, automatic cuts would have an adverse impact on families, on teachers, on parents who are reliant on head start programs, on our military readiness, on mental health services, on medical research. this is not a smart way for to us reduce the deficit. i've also been very clear that there is an alternative which is for us to take the kind of balanced approach that i presented, where we have more strategic cuts on programs we don't need and we close some tax loopholes that are taken advantage of only by the well-connected and the well-off. by the way that is what the majority of the american

people prefer. so i will continue to have conversations with members of congress both while they're gone and when they get back next week. my hope is that we can see a different course taken by congress. this should be a no-brainer and, let me just point out that the overall impact to the economy will be to slow undo the recovery. and, not only made end up being direct job loss but because the economy is softer it also means that we're not going to be driving down unemployment as quickly as we should. so, with respect to world leaders, i think that unlike issues like the debt ceiling the sequester going into effect will not threaten, you know, the world financial system. it's not like the equivalent of the u.s. defaulting on

its obligations. what it does mean though is that if the u.s. is growing grow slower because we continue to be a central engine in world economic. i don't think in anyone would like to see this outcome. and, particularly when we're poised to grow rapidly as housing comes back, we're starting to see real signs of the recovery taking root, it is the wrong prescription. but ultimate i don't need to persuade world leaders of that. they know that. i've got to persuade members of congress. that can be harder sometimes. >> even if you think cuts are not inevitable, do you see any realistic sign being able to reach a deal over the next week? >> hope springs eternal. and i will just keep on making my case not only to congress but more importantly to the american people. we should take a smart approach to deficit reduction and do it in a way

that doesn't endanger our economy and endanger jobs. i just realized i didn't have a translation of that. shibani: i want to go to straight to jeff saut, chief investment strategist with raymond james. you heard what the president just had to say with regards to questions about the sequester and automatic cuts. give me your reaction? >> it is a replay what you saw going into the fiscal cliff that termed by people as armageddon. politicians inside side the d.c. beltway have a magic eraser. to my understanding that the documents in sequester the cuts don't take place until march 27th. my hunch the boys and girls will come march 27th. thin they have a magic eraser, they can erase the data back to march 1st. i don't think the sequester will have that much impact on the economy and i don't think the cuts will take place. shibani: but in the meantime this magic eraser causes a lot of people to be uncertain.

we've already seen a consumer get a little bit rattled by all the political headlines. how do you position yourself ahead of that march 27th date that you think is moveable? >> well, i will say the same thing i said to y'all going into the fiscal cliff. i think it will be a nonevent. i was surprised that the administration gave up as much as they did. you remember the rhetoric. they would be intransient on 200,000 to 250,000. they moved to 400 and 450,000. the republicans very right of center, those republicans they also gave up a lot. in my 42 years in this business and a long time in washington, d.c. on the hill, when something absolutely had to happen, it's typically happened. so i, you know, i'm still fairly fully invested in equities. i think the past two day pullback has given investors an opportunity to buy some stocks that were put on sale and i continue to think the path of least resistance is higher. shibani: all right. so separating the noise of what we're seeing out of

washington what positive signs or what signs in general are you looking for to drive your investment decisions? >> well, you heard the president talk about the housing recovery. the housing recovery is for real. i'm out here in palm desert right now but where i live in st. petersburg, clearwater, tampa, area the housing recovery is for real. there is a shortage of high-rise condominiums. there are bidding wars going on there. the auto sector remains strong. even with the run rate going from seven million annualized units in '08 to 15 million annualized expected run rate of automobiles this year, the average life of the fleet in this country is still 12 years. i think you will continue to get a pull forward, if you will, from the replacement cycle in autos and i think with the housing numbers coming on, i have a tough time seeing what will put the economy back into recession. shibani: i like that positivety on a day we're seeing almost triple-digit gains. jeff saut, raymond james chief investment strategist.

thanks for rolling with the punches and have a great weekend. >> you bet. adam: he talked about the housing recovery is real but we have someone coming up who says the exact opposite. shibani: a lot of conflicting data we've got, right? adam: especially when you consider everybody's taxes went up this year. it is starting to impact some of the nation's biggs i've businesses. we'll ask steve forbes what this means for your investments and 401(k)s. shibani: with the academy awards this weekend we combined our movies and business we asked big name ceos what movies inspired them. what ceo was a former attorney who was inspired by to kill a mock king bird? was it merck ceo ken frazier. jim mcinerney of boeing or macy's terry lundgren. hold onto it. we'll be right back.

♪ . shibani: before we went to break we asked what ceo was a former attorney who was inspired by "to kill a mockingbird." i know what your answer is, adam, and you're wrong. it is ken frazier, chairman and president, ceo of merck. he said "to kill a mockingbird." it inspired him to be a lawyer and represent people who doesn't have a voice. adam: i think that is the theme music from the opening credits of "to kill a mockingbird.". would put you to sleep on a day when you should be inspired. you have roughly an hour and 45 minutes to make money in this market. we'll check in how you do that. nicole petallides on the floor of the new york stock exchange. >> that music was just dreammy. let's look at names on the move down here on wall street. abercrombie & fitch, teen retailer, down 5%. comp sales unimpressive. hollister under their umbrella not doing as well as they host. europe an issue. holidays sales were an issue and also announcing they will close some of the

underperforming stores. look at a company which was bailed out back in 2008, aig. they obviously ended up being a bigger bailout than anybody had anticipated but now we're hearing, aig, the stock up 1.7%. the couple things to note, ceo, benmosche say bonuses will be less than originally anticipated. some of their underlying business trends, life insurance, underwriting margins have been doing better, casualty businesses overall doing better for the quarter. you see an up arrow for aig. back to you. adam: nicole. thank you. we'll check in with nicole petallides in 15 minutes to see how your money is going. shibani: americans are shelling out more for gas while taking home less in their paychecks. we'll ask steve forbes if this could put us back into recession. that is something people are talking about. we'll get his take on it. adam: but first here is how the dollar is moving right now. friday night, buddy.

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. shibani: consumers have less in their pocket than they did just a couple of months ago thanks to that expiration of the payroll tax cuts. even rising gas prices and that delay in income tax refund is affecting your

paycheck. and it is creating a tough environment for retailers and restaurants as well. jeff flock has the details. jeff, last hour, i loved how you added color to that 2% figure. i think it is misleading. it tallies to hundreds if not thousands of dollars for average americans out there. >> it is $110 billion according to citibank estimates. of course it goes to social security. maybe some day that will be good but right now it is not helping the economy. let's go to darden restaurants, the folks at red lobster and olive garden. they are warning for q3. they say it will be weak. the stock is not doing tremendously wall. they're not only ones. look at wal-mart, look at burger king, look at kraft. they told "the wall street journal" they're reacting to the reality with people with less money in their pockets. cheaper products. kraft raised or lowered its coffee prices. they have to be responsive to consumers. not everybody thinks this. as we reported last hour multiple companies saying we

think this will be okay. clorox's ceo saying people will get used to the new tax rate. i'll tell you right now, if you look up close and personal, compare wal-mart, where are they getting competition from? not from upper but from lower. dollar general, wal-mart, year-to-date, dollar general, dollar general out earning them or out returning them by double. why is this? the well the national retail federation did a survey and they found half of consumers, want to make sure i get the numbers right, will delay major purchases because of the payroll tax increase. another half will spend less. a third will look for sales more. a third will eat out less. that is why darden is not too happy right now. social security will be helped some day but right now the economy is not liking it. shibani: what is fascinating it took just a few weeks for that payroll tax cut to start to impact big companies bottom line. you're seeing it play out in earnings. thanks a lot, jeff flock, for that. >> thanks, shibani. adam: we just broke down

what effect payroll taxes have on consumers and retailers but what does it do to the larger economy? joining us now steve forbes, chairman and editor-in-chief of forbes media. thanks for being with us. you heard jeff talk about how most americans lost money in their paychecks. if you make 65,000 bucks a year, that is $1300 less this year because you have a payroll, tax increase. we're seeing it trickle down into the economy. not in a good way. >> no. when you combine it with other tax increases of january, which were spouse to just hit the rich and you're hurting capital creation and consumption. it is no surprise the first quarter will be a very troubled one. anyone who looked at these tax increases knew they were going to bite and they are biting. people are feeling it. the idea that tax increases are the cure for economic woes, we see it is not working in your are, and not working in japan and manifestly we see it is not working here. adam: mr. forbes, you mentioned something i was asked about earlier. might we be headed voluntarily because of

government policies and tax increases towards another recession? >> whether you call it a recession, i don't think it will be a full-blown recession. it will be like walking pneumonia, a bad case of flu. you may not be bedridden but you don't feel very good. this is not a sign of a healthy economy. we're going with another kind of fiscal cliff with sequestration and talking about more tax increases. i wish the world would learn as we should have learned from times past when you have a weak economy, piling on new taxes is not the way you get people back on their feet again. adam: so help me understand how that's translating to what we witness on wall street for instance today. we see stocks rising today. we're going to flirt, hopefully, with 14,000. we haven't been able to really hold it. but if the economy is weak and people are spending less, seems now is the time to take money off the table? >> well, i'm one of those who don't like stock market timing because you never do it right for very long and you get whipsawed but you if you look at stocks over the years and that's what you should do, markets in real

terms have gone nowhere since the late 1990s. yes we get the bear market rallies like we did in the 1970s but in terms of a long run, we're falling behind, not moving ahead. so the wealth of the nation is now being consumed by washington. people are now recognizing their paychecks are being shrunk by both inflation which the government understates and by higher taxes. so this is a formula for stagnation. adam: not only stagnation but might we see, economists call it deflationary spiral? in simple english, bad news creating more bad news. for instance, burger king drops the white of a whopper. it sound like good news. when retailers drop prices it sound like asset prices might follow and come down. >> the federal reserve of zero interest rate policy, which is form of price control rent control is making it hard for small, unincorporated businesses despite the happy talk they're still having problems getting an adequate lines for of credit. that is downer for economy.

government is hurting us with the federal reserve and what the federal government is doing with taxes and spending. adam: what is the word we should fear? we're here from the government and and we're here to help you. >> watch the wallet what is left of it. adam: editor-in-chief. thanks for joining us today. >> thank you. shibani: does boeing have a fix for its dreamliner nightmare? it is a nightmare that keeps going on and going on. the company is presenting a solution to the faa today. we'll go live to wash an for the latest details -- washington. adam: also look at some of today's winners and losers. today is gonna be an important day for us. you ready? we wanna be our brother's keeper.

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>> it is half past the hour. taking a look at the dow 30. better than expected quarterly report. coca-cola, microsoft, travelers, even disney and the green. healthcare related names also lobbying at the moment. now, let's head to the floor of the new york stock exchange. nicole petallides. nicole: very well known in the business community. what do you think about the markets here? it is not too far off from the all time highs. >> two days ago and yesterday, anyone that was even remotely bearish was happy. it looked like the market was finally rolling over. there are a lot of people on the

sidelines. a lot of cash. a lot of sold-out bowls. nothing more bearish than a sold-out bowl. i think we are going higher. nicole: back to you. >> i love that phrase. nothing more bearish than a sold-out bull. see you again in 15 minutes. ashley: proposing a long-term fix to the battery problems which routed the 787 boeing dreamliner. peter barnes joining us from washington. peter: though boeing executives are proposing new designs and safety features for these high-tech, but faulty, lithium

ion batteries. it would add insulation to the batteries to make sure that they do not catch fire. the company has been testing the new designs. the question for the company is whether the faa believes the design can work and just how much testing it will demand of the company to make sure that the demands are safe. the faa does plan to issue a statement this afternoon after a meeting with boeing. the 50 grounded greenlanders may be back in the air by april. the company telling the "wall street journal" that they hope to get them flying again by mid- march. everyone is working to get to the answer as quickly as possible and good progress is being made. >> peter barnes in washington feared thank you.

>> maurice writing a letter. gerri willis spoke to mr. taylor last night. give us the highlights. gerri: i thought he would be, as ceos often do, backpedaling. the ceo called the french fools for the way they treated him. he was it -- he was angry about it. he said they were using it for their own personal, political reasons. he told us that, you know, his estimation of french workers, he would not back off of that. >> they announced they will close it. the french minister, i spent

four years over there talking with these fools. he kept pounding. he thought that he would leak this out. that he could take the americans, the foreigner and my comments about the work which was true. he would twist it and that you know, get some heat off. if the fool did anything, he would know that i have a history of not walking away from any battle. gerri: i asked him what it was like inside these factories. was it all about getting the work done? he said, no, it was like a beauty shot. >> what benefit does the french government get from releasing that letter? >> it was a distraction from the other bad news that they had.

they had another plant closing down that was a big embarrassment. it is the big bad american ceo who is making things worse. >> the french look bad because this seems to be the reality on the ground. gerri: one of the first demands, they wanted lifetime jobs. they wanted a lifetime job guarantee. he laughed. he said, i cannot give you that. i do not know if i will be around for that long. he was prepared to spend tens of millions of dollars at this plant. it is a goodyear facility. they have had huge labor facility problems there. it has to work for me. he was very critical of these people. he said he has had great response, though, for this country and french people other than french people in government. i told him to come back anytime.

he was hot. shibani: of course, you can see or stuff on "the willis report" tonight at 6:00 p.m. and 9:00 p.m. right here on fox business. >> a lot of people have been asking about housing. has it finally turned a corner? is the recovery sustainable? we will hear from one expert that says it is not. shibani: let's take a look at the ten and 30 year treasuries as we do every time at this day. ♪ friday night, buddy.

you are gonna need a wingman. and my cash back keeps the party going. but my airline miles take it worldwide. [ male announcer ] it shouldn't be this hard. with creditcards.com, it's easy to search hundreds of cards

and apply online. creditcards.com. >> here is your fox business brief. a bullish day on wall street. you can see the dow is up roughly 94 points. casual mail is getting a name makeover. changing its name, monday to destination x outgroup. the company currently operates many stores. they have already changed it thicker symbol. war has been declared on the scooter store. they were rated by roughly 350 stay and federal officers. the scooter store is the

nation's largest provider of single person electric vehicles and power chairs. that is the latest from the fox business network. giving you the power to prosper. ♪

>> we have will closing up $0.29. oil finish lower by $2.73. shibani: there is one big name missing from that list. we have sandra smith. sandra: very interesting on what they based this by. $3 billion. it had to have significant global reach.

that first stock, what exactly sure, coach was on the list, ebay, estée lauder, fossil. cosmetics companies. big stocks to watch there. google made the list. also, credit card companies. mastercard. harley davidson. sando. obviously that is a play on the agriculture market. all of which those stocks are up today. apple, the big stocks that did not make citigroup's big 50 global stop list pick. pretty much every stock from ear to the moon has been bullish on apple for the last couple of

years. it did not make the cut. shibani: a lot of analysts falling out of love with apple. thank you, sandra. we have ricky news. this is not intended to be a short term solution. >> we talk a lot about the housing recovery. the past ten years have been a lost decade for u.s. homeowners. take a look at the median price of a u.s. family home. it is back where it was in 2003.

key point, prices are stuck. >> we cannot really call this a recovery yet. an investor recovery, not a traditional homeowner recovery. >> whether they be canadian, chinese, south american, buying up properties, shouldn't i be encouraged by that pusher mark. >> the foreclosed properties are heavy on one end. a lot of cash, and lot of fha. >> the conventional wisdom

across the country is that we bottomed in housing and that we are on the way up and they call it a recovery. again, it just gets down to the price. if i bought a home in 2003, i am out. this is not a recovery. the discounts on foreclosures are back to about 2003. if they slow down, will we fill it back up with traditional homeowners? i think the answer to that may be no. >> the people who propel the housing market, the traditional people who we talked about at the beginning of this program, have less need to spend because of payroll tax increases. >> well, even worse than that. if you look at a chart of wages and salaries controlled by gdp or debt, since 1970, incomes have been falling. the economy is not getting any

better. it is actually getting worse over time. even though wall street likes to highlight the flash stock market up 3%, whatever the headline is. underlining economy is still weak and not getting any better. >> you also wrote an interesting article. it is on the web. despite the federal reserve attempt to help the housing market, interest rates are actually going up. >> that is right. the whole idea behind qe3, fannie, freddie and ginnie mae, fha loans, despite all of their heroic purchases in these securities, mortgage rates are going up with purchases. things are not working as they had hoped. >> when has that ever not been the case with washington, d.c.? i apologize for cutting it short at this point. we have to let you go. thank you for giving us a new

perspective on what they call the housing recovery. shibani: it is a quarter till. time for stocks now as we do every 15 minutes. nicole petallides, what is the very latest? shibani: nicole: one of charles payne. he recommended it. higher revenue. there are forecast that are looking good. supply equipment for secured wireless forecasting a profit that looks good. as a result, you see a big move for this particular stock. you can see the dow, nasdaq and s&p all without arrows. really testing to see whether or not we can close up on the week. we would have a losing week for the major averages. we are a few points below where we closed last friday.

the dollar is slightly higher. shibani: thank you. >> the city just hired a new city manager. this guy has twice the quick personal bankruptcy and was recently kicked off the board of a community's water company after being sued by shareholders. the san bernardino city council decided to hire the new city manager, alan parker, on a annual salary of $220,000. he filed for bankruptcy back in august. good luck, folks. shibani: unbelievable. >> mr. trump has been associated with some bankruptcies. shibani: he is actually doing something and creating something. >> it was not necessarily have. it was some of the partners. shibani: investing in the oscars. we have a look in the movie

studios. what a win at the academy awards could mean. >> in honor of the oscars, we have combined our loved of movies with business. here is a little trivia for you. what movie inspired cisco chairman and ceo john chambers? "glory", "braveheart" or " "patton"? ♪ ctions of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing.

>> before the break we asked you which movie inspired cisco chairman and ceo john chambers. do you recognize this music? ♪ >> think of a big american flag.

the answer is "patton." he was not collaborative. shibani: speaking of movies, seven of the nine films up for best picture at this weekend oscar academy awards have already grossed over $100 million. what an oscar when been and even bigger job at the box office? it turns into a nice cash windfall if you end up winning one of those pretties that use. put some numbers on paper. >> a lot of these films have gone ahead since the nominations

were announced to actually perform very exceptionally. shibani: you feel that just by being nominated, yoo see it being picked up. >> fast for this year. you have a bunch of blockbuster films that are widely claimed. a lot of these films have great international appeal. the reason why we are seeing a lot of films got nominated -- we may just be lucky to have the ratings improve. >> does the winner, let's say

the best picture, whichever film it is, do they really get a big boost afterwards or are they already priced in? >> they are actually already starting to get it now. a good proportion of the bounce that i alluded to since the nominations were announced occurred in about a third of the films that are still playing. keep in mind, some of these, it is very favorable. shibani: that is only a small piece of the overall revenue stream there. digital backend tale of the burner. also, highly impacted by this. what are we talking about there. you are talking about, you know, a very huge protection in the home video market. that is a major profit center for the studios. you will expect that the

ultimate winner will actually go ahead in the home video channel. i think there are all kinds of potential. netflix and etc. all of these are potential. shibani: who do you think will be the big winner? >> i would go with, you know, "lincoln" although you have to feel for ben affleck. "argo" has had some momentum. shibani: i think so also. thank you. shibani: ashley webster takes us through the last hour of trading. he has the ceo of imac coming up. talking about a couple of box office hits and les miserables. "countdown to the closing bell" is next. ♪ ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪

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