that should count for something. stuart: no, it is empty. dagen: quoting the lyrics felt like watching an autopsy. stuart: okay. dagen: it was great tv, just disturbing, very, very disturbing. thank you so much. and then there is this, the motor city goes bust. the largest in u.s. history musicality. some detroit creditors are not sure they will ever be paid back. that could be dangerous implications for borrowers and lenders across this country. peter hayes at black rock, he will explain. a business owner in detroit making custom vehicles too much success. and why this is a good thing for businesses.

we will try to come up with something on that note this hour on "markets now." connell: interesting to see what the governor has to say today. dagen: an autopsy, was that too harsh? connell: it might have been. they can have all the retweet and he would have no idea about it because he isn't on twitter. he would not know somebody storming into his studio. let's go to nicole, starting off before we get to the governor. good morning, nicole. nicole: down 22 points on the dow jones industrial. despite the fact we have pulled back from an august earnings in a moment, looking that we are going to clock in four straight weeks of gains. despite all of those worries of ben bernanke and the fed, you

may remember m we moved down. we have regained those points, but we're seeing down arrows today. microsoft has weighed heavily and other names on the move to the upside. a lot of names hitting new highs, all-time highs. a lot of this depends on earnings. connell: thanks. dagen: there is no going back now. an effort to sort out the debts, detroit filing for chapter 9 bankruptcy, that would be the largest in the simple bankruptcy in this nation's history. connell: jeff flock joins us now. >> the press conference just concluded in the building behind me with the governor and emergency manager, to me the headline is no comment at all the impact, potential impact on the municipal bond market. we will ask in one hour.

confirming the numbers on this bankruptcy, 18 plus billion dollars of debt. much of that unsecured in the municipal bond market. this could change the market and the ability of troubled cities and towns all over america to get funding. not addressing that in the press conference, this is what he said about why he did what he did. >> how long has this gone on, people had not stopped to say stop kicking the can down the road and do something. we are doing something. >> we will also talk to kevin or, in the noon hour. as we talk to governor snyder. we will be asking about the impact on that bond market. i think that is huge. the governor did confirm he in fact beat the attorneys for the

pension fund that will go into your local court and get an injunction precluded the governor from filing bankruptcy petition. they were ready to go in and the judge was going to grant an injunction against the bankruptcy. this is breaking news but the goverror and his team beat him in there. interesting to see what he says. dagen: jeff flock in detroit. speaking of the municipal bond market, let's find out what one professional investor thinks the way some are being treated in this bankruptcy could set a dangerous precedent with far-reaching implications. so says peter hayes, who runs the fund group overseeing $114 billion in bond assets, a frequent guest on this program joining us now on the phone. thank you for calling in, especially today. we are talking the general obligation bond and the lenders that they are being treated like all other unsecured creditors.

what does that mean for the bond market in general? >> thank you for having me on. i think the first part of that answer is in terms of the total amount of the claim about 18 billion, a little over 11 billion is unsecured. of that, over 9 billion of that pension obligations. talking about that as i can component of the overall claim. the overall part goes to your question, the general obligation bond. we consider other investors to do and have always been considered whether it is a city, a state or a nation, sovereign debt backed by the state and credit of that particular entity. can raise taxes a variety of different ways to pay the service but in this particular case i have actually taken a

general obligation fund treating them as all other unsecured claims and that is the one i think the market will be watching as this bankruptcy moves forward. it may take years and years to move forward because of the size and complexity. dagen: some people were talking about the beginning of next year. you don't think this will be resolved by then? >> very difficult. we can look at vallejo, california. it took them three years to emerge, not nearly as large or complex situation as we have here. there are lots of stakeholders involved so it is likely to be a very long battle. first will be a test of whether the bankruptcy is constitutionally correct within the stat state of michigan or n. then they have to prove they are

insolvent over the next several months before they could even think about moving into bankruptcy court and looking at all of the stakeholder claims have to move through those steps as well. ultimately it will be very expensive for the city to move to this bankruptcy. dagen: before the bankruptcy filing which the creditor shot down, about $0.17 on the dollar, which would also have gone, correct me if i'm wrong, to the general obligation bond holder. is there any entity that can intervene to make sure the bondholders are made whole, preventing that part of the bond market from being turned upside down. >> i think it is a great question, that will be answered moving through bankruptcy court. it will have the full faith and credit aspect of the general obligation bond, that is

something we will be watching very carefully. that brings up another point in terms of the amount of unsecured claims, the original proposal by the emergency manager would settle all of that with about $2 billion note. we did not start from a very realistic point. you may have gotten better concessions and a better negotiating standpoint from all the stakeholders prior to bankruptcy. this did not start from a realistic standpoint. moving through bankruptcy, this will take a long time, watching the market very carefully to how they will be treated. dagen: do you guys own anyyof the debt at this point, and are you already seeing signs of concern show up in municipal bonds?

the yield going up, borrowing rates going up, prices falling? >> we own a small amount of debt. important thing to remember is the price of the bonds has been for quite some time now reflective of a bankruptcy so this is something where all the sudden the price of the bonds plummeted dramatically. this is decades in the making. some say it has been accelerated over the last several months. also some discoveries of more liabilities by the management. it has already been reflected in terms of the bond. another great question because again this has been telegraphed, it has been foreseen but i think we're sensing a bit of nervousness in the market this morning about what this might mean. it is important for investors not to be reactive to headline, not indicative of the broader

market, detroit is a very interesting population decline over 12 years, very high unemployment, we just don't see that in other cities. it is not indicative of the broader market. it is important investors realize that. dagen: thank you for your insight, peter. connell: jeff flock will conduct the interview live from detroit. our next guest, his firm got out and long time ago, detroit and the news we have today is essentially expected. chairman and chief investment officer joining us now. i want to follow-up on what peter hayes is saying in the end of his comments to start off about detroit being a unique situation as he is making those comments, the big bond manager wrote a comment, saying

government mismanagement, overspending and global competition threatened u.s. cities and business models saying detroit could happen other places, what is your take? >> it is probably closer to our view then peters. disclosure, we have $100,000 piece of detroit insured by berkshire hathaway. the double-a credit. we have been trying to sell down that peace which came in from another client's account. we have not walked detroit for a long time, we stay away from weaker cities. the message is to stay away from weaker city credit. but his crew when it was california, detroit, this list will grow. connell: what about the qualities of detroit and the

struggles going on, anybody who has analyzed the financials knows because it is there and has been there, it has been coming on for a very, very long time. while you are able to extrapolate that out and include other places that may be in similar situations? speak of our view is this, you run from credit problems in the municipal bond space quickly and early, which means 19 out of 20 times they get cured. the fact is you run early, when you run early, you sell, you say i am going somewhere else. $3.7 trillion space. there is no reason in the world for a bond investor willing to do their homework to take credit risk. you're not getting paid for the credit risk so that is our position. more discipline than other firms. we don't reach yield by sacrificing credit quality.

if you had done that the past few years, during the time you get paid from detroit would have said look at how smart i am, i would've got extra yield. now you're going to get pennies on the dollar. that is the price you pay for taking credit risk. connell: the governor coming up, so we will wrap this up for now. as always, thank you. >> thank you. dagen: i will say your risk assessment based on how the bonds and securities have been treated in the past, they are treated differently than in the past and are not made whole. connell: that is a big difference this time around. dagen: it is a big deal for detroit, clearly, and the state of michigan. the governor will join us in about 20 minutes from now. connell: other issues today, fugu founder, one of the sharks will join us to talk about some

interesting options in the environment. dagen: we are all baking in the east. we found them, we will tell you about it coming up. i want to make things more secure.

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connell: charles payne in a second. but google and microsoft in the red today. nicole: let's take a look aa how these numbers are looking. microsoft down almost 10%. that is a huge move weighing heavily on the dow jones industrial. microsoft, their profits miss. the analyst analyst talking of a big miss it was good and all they have to do better, that is why they have done the restructuring. down for $10, still $1000 price targets, google down for the price per clicks dropped. dagen: time to make some money with charles payne.

charles: speaking of spacey, i wanted to talk about this because last year david einhorn, the hedge fund manager but our list of stocks he thought too short, and included was tripled the mexican grill. i thought it was not. i like the stock at the time, he thought taco bell was eating their lunch. talk about the chart. one of these brilliant guys who knows everything. every time he speaks there is a knee-jerk reaction obviously goes his way. the stock went down by octobe october 23 to something like $236 per share. now we're looking at the $400 mark, all-time highs 444.

one of the spots was designing and restaurant space. as people tighten their belt, certain areas they choose. with respect to the market, even when we are having a bull market or a rally, pick the companies that are winning. this company is winning. everything across the board. operating margins increase, everything you want in a stock we saw in this. dagen: charles coming into my morning on the fox news channel on "cavuto." connell: sweltering temperatures could translate into green for business. dagen: and fracking impact on our drinking water. take a look at the price of oil. rising above rent crude for the first time in about three years. incredible.

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>> 23 minutes past the hour, this is your fox news minute. a police photographer faces a hearing for releasing photos

without authorization. a boston bombing suspect. showing him bloodied standing of the boat where they captured h him. countering the rolling stone cover. asking please not to give george zimmerman his gun back. the official tells fox news the gun that killed trayvon martin and other evidence is being placed in holding status pending the investigation into possible civil rights violation. a study of fracking used to release natural gas found chemical used in the drilling site in pennsylvania did not reach or contaminate drinking water supply. the results are preliminary and the study continues. those are your headlines. dagen: thanks did connell: heat wave, continues across the country. boy, does it ever.

temperatures are finally expected to arrive over the weekend. dagen: when you thought new york city cannot smil smokey worse than it does, he can tell you what it is like outside and what businesses are doing. >> i have the answer to how hot it is, it is so hot these costume characters are taking their hats off because they cannot stand the heat. the tempter respected to reach 99 degrees with a heat index of 108, triple threat. excessive heat warning. and oh zone advisory. some businesses are benefiting from this. air conditioner sales are up 40% in four major cities in the northeast, new york, baltimore, boston. bottled water up 12%.

a lot of people are going into the stores instead of hanging out in the street, times where relatively empty on a friday morning afternoon. taking shelter in stores and movie theaters. there are some businesses that benefit. connell: we're on the radio in the morning, we had a train derailment which is a nightmare on top of everything else for people, right? >> i don't know if you have been down in the subways on a day like today, it is an oven down there. if you get stuck on the metro-north heading out of the city, there was a train derailment, that affected their train because they were on the same track. waiting for a bus to take them where they wanted to go, not a pleasant night for those folks.

they had to take alternative transportation. we have seen people trying to cool off, even in city fountains, and we talked to some of those folks of how tough this is for them. >> it is refreshing, it is a nice environment. try to beat the heat. >> staying cool, relax. i live in the bronx, this feels like a citywide sauna right now. >> it is so hot the nuclear power plant in plymouth, massachusetts, has reduced its outage, productivity because the water it uses to cool the cooling towers was too hot. that is another example of just how hot it is in the region. dagen: you look great. i don't know if you have ice down your pants or something. i know him, i can say that to him. >> i am wearing shorts.

i know him well enough. connell: just trying to keep you in check. getting back to our top story of the day in detroit the governor of michigan coming up, saying he is not sure if detroit predators will be paid in the news conference earlier. the interview coming up the ad you don't want to miss this. dagen: look at the numbers behind the bankruptcy. astonishing and well, sad reedit announcer: where can an investor

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connell: a news alert from the city of detroit contact our top story on the $18 billion debt hole. dagen: we're joined by jeff flock who has a special guest with us. jeff: i have the governor with us. you have been remarkably accessible, everybody appreciates that. i had to ask about the impact of the on market. doing this, classifying this debt as unsecured, that means a lot of these people will take a major haircut. securities industry who said this could have potentially significant negative impact on the market. our other cities in your state may not be able to borrow money. you see that as a problem?

>> first vote happens in detroit is unique. $18 billion in debt in comparison to the revenue. it should not generalize the other communities. the other part of this is about solving this problem. this is a huge issue. detroit has been on a downward path for years. downward path for 60 years and as a fact of the matter, this is something at some point things have to get resolved in detroit. we are not kicking the can down the road anymore. timtime to step up and understad to do it into context for a fair fashion terms of using bankruptcy as an effective tool, i don't want to be here. now that we are here, let's do it right. get better services to citizens in detroit.

jeff: people in the country a mac city look at other cities in the country. the u.s. auto industry got in trouble and got help. they look at that and they wonder about the fundamental fairness of detroit being in trouble and not getting that kind of help. you don't have somebody waiting to help you out of bankruptcy. >> no, i don't think that would be appropriate. but i think is for the state and federal government is to be a strategic partner in this process, and we are. how di can we get better servico citizens making a long-term difference in a growing detroit? we have done that in terms of public safety, transportation, multiple areas that will pay off. jeff: they were about to go in and get an injunction to block you from filing for bankruptcy. detroit news for workers treated to retire with dignity, don't

think you treated them fairly. how much jeopardy are these pensions in? how much trouble an am i in? >> they have done hundreds of meetings and in terms of doing that the response ability to run the court. that is part of bankruptcy again you have one for him to address all these issues and so the getting caught in all of these? i emphasize with them. hard-working people on a fixed income and one thing to mention to them is the plans are funded, there is funding to pay the pension. it is significant numbers. that hopefully will develop one good thing in bankruptcy missing, they don't have representation. one of the first requests the city made collectively is to ask for representation as creditors from the retirees to make sure they'rthere at the table, they n talk about these things.

jeff: real quick, when we hear pennies on the dollar, somebody with a pensions says oh, my god, if i was going to get a pension of $20,000 per year, now i'm getting what? 10% of that, without the wait is it is going to come down? >> there is the funded peace versus the unfunded. these pension plans have not been managed well. you have probably done stories on the pension plan for bad investments, all these things and unfortunately ther there's a price to be paid for that. again coming back to the point many hard-working people that rely on this income, how can we do this in a thoughtful way to be fair as we can, less movie try to forward. to a great things are going out in detroit. jeff: i appreciate your efforts,

i'm sure everybody appreciates you not kicking the can down any further. we return him to what else he has to do. connell: a big player, and a big story on the day. dagen: we will talk t a business owner coming up operating the vast majority of the products made around detroit. from the shark tank to our set, google founder on the environment for entrepreneurs in the u.s. connell: one company still building success, the ceo of american expedition vehicles. we will tell you his story coming up. coverage of detroit continues on fox business. the 10-year yield what the market just below two and .5%. hi, i'm terry and i have diabetic rve pain.

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with a few taps, it's taken care of. impressive baldwin. does it work for hotels? absolutely thank goodness. mrs. villain and i are planning our... you scare me. and i like it. let's go what's in your wallet? dagen: employment rate is about double the national average. 13 and .5% combined with, let's just be negative. impairment in the country for jobs, young entrepreneurs. connell: founder and ceo, investor on abc reality show

shark tank, which is a terrific show. barbara has become sort of a regular with us on the real estate specials we do here. >> barbara is great. connell: the whole news cycle, the news of the day video to detroit, bankruptcy, everything else. a pretty good time in this country to be an entrepreneur, is that true? >> you don't really have a choice. what is the bigger risk? potentially losing that investment or working for somebody else on their dream and a happy fire you or let you go. dagen: you are staring into a black hole a lot of times if you are young person and have an idea you don't know where to start or where to get guidance or where to get money and they feel hopeless. >> right now is an opportune time because it is really easy to get into entrepreneurship.

they're coming out of college, a lot of your friends don't have jobs, your deep into debt, you have to do something. lots of kids becoming wealthy entrepreneurs themselves. connell: everybody has an idea. this woman comes in, she has a shoe company where you can take off, i guess you can use one shoe in multiple ways, so she comes into you and everybody says no. but her parents had taken out a second mortgage, they had taken a risk, spent all the money she had injured in the fight with her at that point and said your parents have taken a shot on you, but at the same time were very careful, he did not give her much and you got a lot of company for not a lot of money. >> the challenges where do you get the funding, how do you understand i from a prototype distribution to manufacturing.

this information really is out there. again, this is the best time to become an entrepreneur. the wealthiest individuals have made their money during times like this with no other choice. i'm going to go out and do it myself and fail. at least i know i failed by myself. if i succeed, it is overwhelming. dagen: would you start a clothing company today? you can create an app and put it out there, it is just you come you don't have to rely on the funding. one of the most capital intensive businesses. >> i would start something and technology now because with the push of a button everybody globally can acquire it. people are definitely not buying another pair of jeans or

t-shirts or something they can wear a thousand times. it would be a technology base. dagen: you say it was something like blessed to be with dyslexia. how do you overcome this how do fault is that? >> i was diagnosed with dyslexia and i realized i would always go left and i was supposed to go right. obviously had to use it more, so i realized my dyslexia and me concentrate on things longer. i was never good at reading but math at the top of my head. i made sure i had it right. i started analyzing companies and everything else in my life. >> in the technical age came

around, they said you can't spell, what is going on with you? you didn't have to do that years ago, that is i realized, i was told i was diagnosed with dyslexia. connell: at the first time you hear about it where someone's biggest challenge becomes the greatest strength. dagen: thank you very much, we would like to see you very soon. connell: let's get back, general electric come into the new york stock exchange. ge with the earnings, what do you think of the stock? >> a great example of why we love earnings season and why you really have to look at the reports coming out. when you dig down, it is numbers

pushing the stock higher. clearly what is generating and moving the business. think of the movement it has seen so far today. a 5% move to the upside, a huge stock. clearly institutional players are in there, they think they had a good quarter, forecast moving forward is profitable. connell: things, from the exchange. dagen: the company taking your jeep to the next level. in and around detroit. connell: but first, windows we are seeing in the market over at the nasdaq.

dagen: detroit may be busted, but our next guest is making business work. co-owner of american expedition vehicles, producer of custom jeep wranglers and parts and accessories that go along with people who like big vehicles like myself. the bankruptcy filing of detro detroit, does it impact your business at all? i wanted to get your thoughts on it. >> no, does not impact our business at all. our feeling on it, it is unfortunate, inevitable they would be restructuring and it

have to be a bankruptcy process because of the psychological issues with that, but all in all i think is a good day for detroit. the city and the area will be much better for us. dagen: the development still happens, correct me if this isn't right, but about 90% of the accessories are manufactured in and around the detroit area. why do you decide to concentrate the manufacturing in that part of michigan? >> there really wasn't much of a choice. to build the product we built, the quality really in the u.s. and really anywhere in the world there is no better place to do that than the detroit area. a beautiful area, he does a great job with all of our product development but it is impractical in that area.

in the detroit area you have so many choices for so many skill sets that we need, the technologies we need, it was really a no-brainer. dagen: you make these complete vehicles. you make one that is a four-door pickup truck, you make accessories and for these vehicles, what is businesslike right now because it seems to me i see lots more of these types of trucks on the road. >> business is very good. first and foremost jeep created a fantastic vehicle with the current iteration of the jeep wrangler. our product goes to those folks who want to take a great vehicle and go further with it. oftentimes that is off-road.

unlike a lot of our competitors, you can take one of our vehicles and drive down the highway and feel like you are in a regular vehicle. in his combination of increased capabilities for those who want off-road. i drive one every day myself. dagen: some black magic lights on it, and a wench on the front. i know where you are coming from. i do need upgrading, by the way. i got rid of the suspension on that car. it is better than it was when we got it. thank you for being here, we will talk to you soon. we will talk to you anytime. connell: more coverage coming up, but we want to take one moment quickly took knowledge

one of the people who help put the show together on a daily basis. there he is with the blue arrow. he is leaving today, h you don't need to know what his name is. he is in recess is all the time, but one of the best in the business. we wish him the best in the future. dagen: come back, we want you to come back. connell: cheryl and dennis are coming up. dagen: find out the first winner of the showdown crowning the best stock picker. stay with us.

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dennis: i am dennis kneale. cheryl: i am cheryl casone. technology stocks are one of the reasons we have negative numbers. chad morganlander on whether tech is overboss and ready for a correction, the first week of the fox business summertime showdown. we will find out who is moving to the next round, will it be chad or oliver? dennis: detroit, your money, your portfolio, jeff flock talking with before the emergency manager kevin war about the city's chapter 9 bankruptcy filing and presidents into municipal-bond holders and retirees plus when you should do with me any bonds. cheryl: regulators, taking a

look at whether there are enough safeguards in place. dennis: the top of the hour, stocks every 15 minutes, nicole petallides at the floor of the stock exchange where we are indeed free to. nicole: a lot more calm as the fear index is to the downside and the markets are moving lower for the down jones industrials, you can blame that on microsoft, worth 30 negative dow points. the tech and nasdaq as you noted, technology has come under significant pressure, the worst of the bunch. the nasdaq down nearly 1% but as we watch major market averages, a pretty flat for the most part, watching earnings which are driving stocks in particular so we have seen a big lagger whereas general lack is a great performer but it is on a case by case basis and we are posting a

winning week on wall street which makes the fourth straight week of gains. good news for the bulls out there. cheryl: we are ending on a positive note and we got four hours of trading. we will see you in 15 minutes. shares of microsoft, google, getting swept. both companies disappointed "after the bell" last night. joining us are returning contestants oliver porche and gary goldberg and chad morganwhen there. welcome back. what is interesting about having you here today is both of you had different times recommended shares of microsoft. you said you liked it in october and oliver three months ago talking about microsoft. what do you like or not like today? >> microsoft is still up year to date around 16%.

it is going through transition, they are at this inflexion point undervalued considering the free cash flow. it is a growing company so it is growing revenues of around 5% or 6 is in with $9 of cash per-share so you are getting a company that is earning $3 next year. and 2.7% dividend yield and the dividend growth trajectory is roughly 15%. cheryl: where is microsoft, 389, all is often 1 quarter. >> everyone is focused on the windows operating system. the real story is the enterprise software side of the business makes up 60% to 65% of the revenue, 80% of their earnings still growing. cheryl: we got a big restructuring of microsoft, steve ballmer comes out and

realign some people, but kind of real line who is communicating. >> we want to see how that shakes out over coming weeks and months and get more information before we commit to new capital but on the fundamental basis i agree with chad and 100%. you are looking at the next seven years microsoft is fine as an investment. we think there are better buys so we're looking at other opportunities and one company of that size starts to go through restructuring you have historically a 50/50 shot at being successful. cheryl: it is the big cap and not one of the things you favor which we will talk about later, basically saying this is the problem when you have a bomb in the road for someone like microsoft or google. >> one thing about microsoft is you are not paying a lofty type

of multiple. you are getting a p multiple roughly eight times net cash, they have no debt and you are getting paid for waiting out with regard to dividend yield so you have to wait like oliver is suggesting but returns could be quite favorable over the next five years, just have to go through this transition period which could be frustrating. >> stocks are down but we are more bullish because the fundamental reason the stock is down is because they are re-engineering and improving the customer experience and if that is the case and we heard facebook talk about that in recent months and they are doing that to be explosive on the upside from a customer experience perspective that is followed and we expect it followed by additional revenues from advertising. cheryl: even mobile advertising, the point you are bringing up,

is that a possibility with google? it is the billion dollar question, who can deliver? >> google is a leader in its business model and will continue. one has to consider the mega cap companies trading at multiples below the market. if you can get a company like google or microsoft consistently growing and profitable it will do well over a longer period. >> i will fundamentally agree but there are lots of places to get dividend growth and can't go to the mega caps to do it. cheryl: we are going to be there for now but ahead of this we will see you both come back later in the hour and we will see which of these will advance around the fox business summertime showdown. don't miss it, we will be back. dennis: detroit breakdown, jeff

flock with detroit emergency manager kevin orare on with the unions are to blame for the chapter 9 bankruptcy filing. cheryl: we will look at the fallout for the nittany bond investors, there will be some winners and losers. we will talk about it. every day we're working to be an even bter company -

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dennis: without microsoft it would be up a little bit off of an all-time high yesterday. i am not worried, no one should be that worried. cheryl: we will follow this but we want to focus your attention on the infatuation happening, and chapter 9 bankruptcy, this is the largest in u.s. history. jeff flock joins us with the man who followed it to defend it. jeff: we only heard about kevin orr in the cries the bankruptcy but now front and center. your 134 page plan for reorganizing but i could go over it line by line. >> i have a couple days to do that. >> you put a loss into this going in, felt there was no other choice but to file for

bankruptcy and you do that why? >> as we said on the fourteenth when we published it and the monday before that on the tenth we are running out of time. i have an 18 month term and i have 15 months on average left and there's a lot of work to be done. what i have been saying since march, april, may and june, negotiated let's reach a resolution. we had some success with creditors. >> today or yesterday, just last week, from the head of action, kevin orr claimed the union would have months to address these issues but that was not the governor's in tent. >> i heard that chatter. sued the governor and the treasurer, we didn't do anything. i was sued this week by another union, they didn't do anything

that they. it came to the point that we could negotiate bankruptcy but we can't run in place. jeff: sunset when you went through chrysler bankruptcy you change the bankruptcy rules forever and wrecked the system. they say that again about this, the municipal bond market, these unsecured lenders invest municipal-bond, municipality raise taxes and covered that. >> we heard that which is why people invest but the reality is devoid's problems are so long standing weekend raised taxes. the legal rate is 20, we are 19.95. there is nowhere else to go. >> are you worried about the impact? >> you mentioned chrysler. we heard going into chrysler no one will ever buy from chrysler again. they make tremendous products

now. we hear that every time. it is hyperbole, have to be careful with it. the thing we are dealing with is the exigency and realities on the ground. $18 billion in debt and no way we can pay it, not in the years, not in 50 years. jeff: there is outrage in some quarters, you suspending democracy, as people should have been more outrage what was going on in detroit for 50 or 60 years. to do you lay the blame on? you know as much about this as anybody. municipal unions? >> i have stayed away from the blame game because there are enough books and treatises on all that. i am looking to try to restore city services. this city is going to thrive downtown to midtown to north end. all i am dealing with is however we got here and there's a lot of blame to go around. however we got here let's deal with it now so we won't be here again and we can restore

services to citizens of the city so the city contrive. >> lastly the business investment, so important to see. >> we have great foundation community, great patrons in builders, i'd go on and on, the college family, a am confident they will thrive. jeff: appreciate it. how many, 15 months left? >> 15 months or so. we will get at it. jeff: kevin orr, emergency managers city of detroit. big job. cheryl: wonderful interview, thanks to kevin orr for is time. thank you. cheryl: made me feel better. dennis: what might the stumble mean for the broader muni bond market? let's ask the ceo of municipal market advisers, both sellers and holders, thanks for being

with us. how are other newes--munis reacting? >> whether it is default is related with the municipal bond outflows from the mutual-funds and that put extraordinary pressure on the municipal market today. the detroit bonds that are in the market already that are going to be impacted, we have seen some transactions, $0.40 on the dollar, the buyers, hedge funds, distressed programs that try to take at vantage, more about the complexity of things but individual bondholders shedding detroit for some time. we have been following this for a year and you need to be careful. dennis: if i am holding municipal bonds in other cities should i view the deflate situation as foreshadowing and a

warning because of the cities have the same problem or is detroit an exception and out wire and i need not worry about bonds in other large cities? >> in other large cities you don't have to have those concerns that you are living in another indeed troy . this has been telegraphed -- those cities are still struggling. each state is different in how they view bankruptcy laws and how they implement them at the local level. next week will be fascinating. five small deals that will come to market common coming competitively and we will understand within the state of michigan whether there is a market impact that higher interest rate for those

associated. dennis: talk about general obligation bonds. i had thought that general-obligation bonds were always at the top front of the line in any bankruptcy because they get paid first. in they five they say in general obligation bonds are not secured debt that get in line first? zaria finest the definition of. >> for what you are in bankruptcy everything changes a little bit. we have seen this in different areas of the country where the general obligation, but more obligation pledge is being redefined and reconsidered in stressful situations. one of the interesting elements of the detroit is michigan's is a state itself, hasn't stepped in with any form of assistance or restructuring except to put

kevin orr in charge. so the pledge remains very secure, you are seeing people wanting to know little more about who they are investing in so someone making a alone to a city or municipality of any size what is the management team, what are the obligations especially around the pension which is the big story and the big issue, they are looking with greater scrutiny. if you don't have a thriving economy can't raise taxes it is a moot point. dennis: when they say they are no longer number one in line the cost of debt for cities everywhere will go much higher because i take on more risk than you have to get beyond higher interest rate to justify the risks of it will cost him in the long run. , so. >> you are welcome. cheryl: let's talk about bonds

and look at the stock market once again, let's go in in nicole petallides from the floor of the stock exchange. nicole: i am watching one stock looking at advanced microdevices which is down 14%. if you are a shareholder you are not happy to see this. the one piece of good news going forward, is really changing what they are doing. it is a ten year chart. see the big spike in 2006? $43. in 2000 there was another spike where it was nearly $50 a share holders have bben frustrated but they gave a forecast stronger than expected for revenue growth and they are switching what they're doing and moving to game consoles from personal computers. they were a chipmaker competing directly against intel but like so many companies having to move away from pcs and move on to things that are growing more like game consoles. cheryl: thank you, we will see

you at the bottom of the hour, dow down 46. dennis: here it goes, having trouble taking of the pounds off? what if we told you you would be paid in gold for every pound you lose? we will fix you up on that in the fox news minute. gerri: you are rich and thin. a/win. going for an ice-cream truck. there's an apps for that. we will tell you about that on a hot day.

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>> 24 minutes past the hour your fox news minute. two senators are encouraging the russian government to hand over ed snowden to stand trial in the united states. republican senator lindsey graham and democratic senator charles schumer offered the joint resolution. ed snowden has been in russia since june 23rd. a police photographer has been relieved of duty and faces a hearing for releasing foes without authorization. austin bombing suspect, dzhokar tsarnaev. sergeant john murphy said he released the real photos showing a bloody tsarnaev to counter the

rolling stone cover. in dubai government will give presidents the wages they losing gold as a one month shy lunch. wapner dieters one gram of gold for every grams a drop. -pdubai is one of the united ar emirates which ranks among the most of these countries in the world. how do you like that? those are your news headlines. dennis: sign me up for the lose weight for a bold program. i got lots of margin to use. it is the heat tsunami that continues across the country with temperatures hitting the 90s, cooler temperatures this weekend. fox news's rick leventhal has the assignment braving the heat at times square. power businesses fairing in these conditions? >> i would make a lot of money in gold today if they offered us the same deal because it is

extremely hot, near painful i would say with the temperature nearing 99 degrees, heat index of 180 degrees today. the answer to how hot is it, so hot they had to shut down a nuclear power plant in plymouth, mass.. it reduces its power outlet in because the heat wave made the cape cod bay water too warm to use to cool the reactor. we are told the water has cooled since yesterday and they are back to full power but they had to cut back because it is so bad. across the city a lot of folks are doing what they can to escape the scorching temperatures by going into fountains, pools or businesses, going to movies where they would normally be out sightseeing because it is air conditioned. stores are cool but streets and sidewalks are empty because it is so unbearable in new york city with the heat index expected to rise to 100 a day and probably 104 tomorrow.

u.s. about business doing well, air-conditioner sales are up 40% across big cities in the northeast including baltimore, boston, philly and new york, sales of 15% in all these cities and bottom water up 12%. that is the advice most people getting, stay hydrated, don't eat too much and don't overexert yourself in the sun. it is brutal out here and will be for some time. the governor of new york asked people to reduce power usage because they are concerned about rolling outages and possible brown outs. dennis: stay hydrated out there. put out some sun screen, thanks for being with us. cheryl: one way to stay cool courtesy of the smart phone apps. for today only the output used by people in a dozen cities including me to -- they will get you an ice-cream truck. they will send the truck out to you. there is a catch.

you have to order more than one cone. when you use that, have your credit card. dennis: six ice-cream cones costing $30, they say inflation isn't breaking out all over. presented another flash crash, investors -- investigators looking at high-frequency trading and looking at whether there are enough safeguards in place. cheryl: chad and oliver back with us to see who moves on in the summer time showdown. look at oliver, will this be enough?

>> time for stocks now.

nicole petallides at the new york stock exchange. nicole: a lot of names hitting new highs. take a look at a few names we were picking out, general mills, kellogg's. you are seeing other names in energies such as exxon retailers, all kinds of different areas where we have a lot of winners. hitting a 52-week high. stocks to watch, chipotle has done so well with the quarterly numbers, sales expanding beyond. general electric and microsoft to huge names on the dow. and then you see google getting hit hard today despite the $1000 target. some up stocks to watch. cheryl: none of us have eaten. let's turn our attention back to

the city of detroit. standing by with the latest on what is happening. a busy, busy day for you, jeff. jeff: in the hot streets of detroit. but the numbers up, $18 billion, we know that. just talked to both of them on the unsecured portion of that, $11 billion in unsecured debt, much of that in terms of unfunded pension and a lot of that invisible bond owners. the burn they will take, said if you're investing in detroit immiscible debt, this should not be a surprise. >> this is a huge issue, sophisticated investors. we look at it, downward path for 60 years. a downward path for 60 years and fact of the matter is this is something a some point things

need to get resolved in detroit. we are not kicking the can down the road anymore. timtime to step up and understad detroit is broke. jeff: i will tell you, cheryl, lot of other cities and disabilities that have somewhat similar problems they will be looking at municipal finance market to float the bonds they need to continue to function, impact on that market is yet to be determined. cheryl: the largest so far in this country. jeff flock, thank you so much. dennis: thousands of trades per second. program practice of high-frequency trading specifically algorithms high-speed firms use. computerized practice to controversial one as it has been blamed for the high-profile selloff like the one following the associated press twitter hacking. we have global security attorney

brian finch. what do you think about the high-frequency thing? i wonder if the demonizing bid, where overselling it. spea>> little bit of both going, dennis. these things happen so lightning quick. anytime you're involving a high-tech technology involving software, there is a possibility of a problem whether it is coding based on the software or somebody deliberately trying to hacking and create a problem. a little bit of both going on here. dennis: doesn't it also provide more liquidity? it was a bungee jump, they went down, but then they came back up in parts because of the same guys. >> you have that ability to recover pretty quickly, which people are not focusing necessarily on. there are concerns about volatility.

50% of the trading floor across the world recently acknowledged they had been hacked some time in last year. it is showin shown there is some concern related to the software, something the traders and the institutions have to worry about. dennis: the idea of tapping into the system to manipulate something. do we know is that has actually happened? do we know if this is actually happened yet? >> we are not exactly sure, but it is trending that way, because we see more efforts to disrupt the operations and still the data. more has to be done to investigate this but really one of the most important things everybody has to understand is that it hasn't happened yet, the likelihood of it occurring is great because this is so cheap to do. only $30 to make sure your malware oes not get caught by

your average antivirus software. only $5000 to create a zero day attack. it goes in it can create a massive destruction. dennis: are the market exchanges aware of the hacker threat, have a bulletproof the system in mind? or have they never even anticipated that and still super vulnerable? >> they are aware of the threat and taking measure. nothing is bulletproof. bulletproof vests are not bulletproof, they are bullet resistant. they have to stop u as many attacks as they can and be resilient when one does get through. the simple ffct is if the north koreans or iranians or chinese with the state resources behind them want to do some sort of disruption or cause data disruption, they will be able to do it. institution is putting a lot into the defense as well as the recovery efforts.

dennis: give me a price act for making a market as bulletproof as possible and tell me who should pay that. where the market themselves that by the gear. >> obviously while the incentives are all in the side of the attackers, any time you stop one of those, you are allowing yourself to prevent millions and millions of dollars in losses, tens of millions of dollars. while it will cost $250,000 for a piece of hardware that will catch a zero day attack like in next-generation firewall, that will cost you a couple million dollars. that really is responsibility of the institution at the end of the day and the investors realizing some of the cost of what they are doing like a public utility when it has a recovery rate for cutting down trees all part of making a safe transaction occur.

dennis: thank you very much. more of the media titans. cbs taking on time warner cable. ahead in the media minute. cheryl: and speaking of titans. get ready for the summertime showdown. two men enter, only one will move on. the first "showdown" results next. i want to make things more secure.

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>> this is your fox business reef. shares of retail may not jumping 30% on the nasdaq debut. pricing the initial offering of the range of $0.21 per share.thn 450 million visits to the website and smartphone at this year. investors bullish for diamond resorts international on the first day of the publicly traded company. las vegas-based time-share company price the ipo at $14 below the expected range of 16-18. the marriage rate in the u.s. at the lowest level in a century according to the national center for family and marriage research. dropping nearly 60% since 1970. now 31.3%. that is the latest from the fox business network giving you the power to prosper. you make a great team. it's been that way since e day you met.

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cheryl: all right, fox business summertime "showdown." every friday. we have been pitting two stock pickers against each other, we have tracked them for a month and now we're bringing them back to see whose picks performed best. kicking it off with us back in june, we have results and we will see who moves on in our competition. less than 2% separates the winner from the loser in this round. you began with acre is better, you went with walmart. are you sticking with walmart? >> we like walmart because we are looking 35 years old, or 12 month target is roughly 83, $84 per share.

the company consistently growing, consistently profitable. it is a very boring company but we think it will outperform on the upside over the next 12 to 18 months. investors perhaps wants to look toward the holding period cheryl: the stock is up since you picked it. oliver, your pick was tootsie roll. you like that they were growing in mexico, what do you say now? >> we still like it a whole lot. we think we're going to do very well and probably raise the guidance for the rest of the year, so we're optimistic about that and think they continue to execute on plan. they are not facing any of the currency headwinds multinationals are seeing. you saw that with coca-cola, fox business did a great report on that.

the small and midsize companies are well-positioned in this environment. cheryl: little bit of discourse on tootsie roll, but we shall see. back to chad. this stock is up since a month ago. you said you liked the commercial aerospace markets. they just raised their price target. >> we like it, a price target is still 90. they will continue to grow and we will raise the price target. one of these companies you can play the whole aerospace call and you can ride the wave with that. this company should be a three to five-year core holding and about $6 billion market cap. cheryl: all for stocks are up, we should say. less than a 2% difference. as of the close of trading yesterday.

last one was wd-40. is it kind of a small, made cap name. you like the fact it was a product everybody needs and a consumer staple we buy and don't think about. >> they reported earnings last week, a great quarter beating estimates, they raised their full year guidance and continue to execute well and have new sales trends developing. i think it is a terrific story, a simple story that everybody understands just like tootsie roll. we like the strong cap position, the good balance sheet, the straightforward growth stories were nothing is complex. cheryl: let's look at the percentages. this is where we will see where we are. walmart up over 5%, triumph group up almost 7%. tootsie roll up almost 8%, wd-40

up 7%. let's show you the averages. the winner for week one, congratulations. so there you are. >> i will say this, we looked at triumph as a result of the pick and would like it, so we're considering adding it to the portfolio because he has some great picks in the portfolio. cheryl: go to game, good fight, it was a close one. we will see you back because we love you on this show. moving on to the next round. next week, this will be really interesting. rob morgan versus jim. let's see how they are doing with one week to go. jim is crushing rob. he picked microsoft. it is not over until it is over. these two guys that food. hopefully we will be the recipient of that.

all that will be coming up next friday, so stay with us. dennis: and the floor of the new york stock exchange. jonathan, dow down 33, but it is all microsoft, what do you say? >> ge keeping the dow where it is right now. so, back and forth we see this. take a step back, look at the week we have had this week. economic data supporting the rally so far. earnings season although it is the early stages of it, seem right in line where we should be. forecast expectations moving forward. that is going to be important for investors to get a good gauge where we should be the second half of the year. dennis: the nasdaq looks like it is falling, four times as much as the dow. >> absolutely. when you look at the index, the

tech sector weighs heavily on the nasdaq and that is why we are seeing that pressure. wwith the notation into the financials as well over the last few weeks so that is a pattern that has been helping this market for now. dennis: thank you very much. cheryl: phil flynn. phil: oil prices were popping this morning on china interest rates bank reform. loser monetary policy, more demand. the story of bahrain overnight. demonstrations, the car bombing perhaps by an iranian backed group, will traders talking about that, seems to be calm and down. taking some profit into the weekend. a big spike in gasoline prices on word of another refinery

problem going down, but that is coming down a little bit so hopefully it comes down a little bit, hitting the highest levels we have seen in weeks. back to you. cheryl: thanks, phil. phil: thank you. dennis: in today's "media minute," cable class. blasting time warner cable in the current contract talk. cbs says it will go dark by next wednesday in 12 million homes searched by time warner cable unless they can agree on a new pricing. say it ain't so. they could disappear for weeks. time warner cable began talks by demanding a price cut but this is a fight for respect, more than five times as many viewers as espn, but espn gets $5 per month, cbs fee is less than $1. just getting started, already we have two more likely flops.

comcast universal film of dose who are cops or cops who are ghosts. our sibling about a speedy snail. and shampoo fights back. blasting sea world for keeping killer whales captive. a film you would never hear about except sea world went on a preventive strike the detailed critique to 50 film critics. what are they thinking? cheryl: thank you for inspiring me to see the movie. all right, tha zappos pumping my into las vegas. [ shapiro ] at legalzoom, you can take care of virtually

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cheryl: time for your "west coast minute." the ceo of zappos is mak makinga big bed to revitalize downtown las vegas. heading of the project that change the face of downtown vegas, which he is backing with his own money. the downtown area has fallen to the wayside as tourists and casinos focus on the strip. those of you looking to retire, maybe our retired at 65 he may want to consider this, hawaii. you could live in extra two decades if you retire to the aloha state. rating hawaii number one for life expectancy. mississippi rated the worst on that list. the cdc did this. cheryl: everything is bigger in

texas including the job growth over 2 million jobs created since president obama took office in over 39% of them were in texas. cheryl: joining us on how the lone star state is getting it right.

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asking your classmates to check a box if they like you. now a new app helps. dennis: time for stocks now as you do every 15 minutes, let's go to the the new york stock exchange with the great nicole petallides. what do you think? nicole: that seems like a lot of pressure. i like both of you a lot. seeing an little bit of a pullback today, dow jones industrials down 28 appoint 28 . the s&p virtually flat. this is a winning week on wall street, four straight weeks of gains on the dow jones industrials and many names hitting new record highs, multi-year highs. the dollar pulling back as gold gains.