lori: progress on the -- narmian behravesh on why he is cutting his growth estimates. adam: the white house may strip the country of military and economic assistance. what the obama administration is saying about it now. lori: once again, welcome. let's head to the floor of the new york stock exchange and nicole petallides. nicole: when we started the show, it was a negative territory, now it is and positive territory. what is interesting is everyone

is factoring and janet yellen taking over the role. they are focusing a lot more on what is coming from the washington. today we get fed minutes. just wanted to take a look at some names that are under pressure. some of them social media type stock. when you look at the group, when you talk to the pros, they just say that this is some pulling back on some great runs. tesla is up nearly 400%. there is some profit with the uncertainty. lori: you can certainly see that. thank you, nicole. adam: let's talk about earnings.

what is making the s&p iq so bullish? christine shortt is with us. why are you so bullish right now? >> the analysts giving a 3%, you know, expectation for the third quarter. as we know, as we head closer to an earnings season, analysts to lower their estimates. we are looking for 6%. 3% has come down quite a bit. adam: we are still talking about earnings per share on average of $26.92. >> it has come down a little bit. $26.84. right now we are a little lower

than the highest we have seen. this would still be a second all-time record. adam: we are still looking at revenue growth on average 4.1%. >> right. last quarter we saw the first negative rate since 2009 will we were were in the recession. now we are seeing the highest that we have seen since 2012. that gives us some hope. only 54% have beat on revenue. a little lower than we expect it. adam: very few companies have reported. >> we have been pretty surprised. pretty small sample. only 48% beating on earnings.

typically we see 62%, historically. adam: i want to ask you about telecom. we took sprint out of the equation. >> we had metro pcs and sprint. sprint certainly being a laker. they were in the s&p 500. a bit of an inflated number. it is the reason. adam: i want to get back to a question about the revenue growth. companies become more efficient. it seems to have exhausted. they cannot do that anymore. if this revenue growth is off, it would seem to me as if the earnings would be even worse

than we would hope. >> it is possible. we know historically that the earnings number going into this season is very low. typically, by the end of the season, we do see a much higher growth rate. this season could shake out a little differently. adam: we always talk about banks. >> jpmorgan is expected to be one of the ladders. we will see what wells fargo, they are expected do quite well, jpmorgan is expected to do not very well. lori: gold.

fox business contributor phil flynn is in the trading pits of the cme. lori: gold not acting like a safe haven today. >> you are right. we did see gold go below 1300, briefly. look at these and industrial metals. they are getting smashed as well. we see copper down. the global economic growth will slow. all of a sudden, the dollar, people love it or -- people love it again. there is talk that president obama will talk to the house.

let's look at some really good news, if you like low energy prices. crude oil prices taking out almost all of the risk premium that we put in running into the egyptian situation. we are pretty much below 102. a big build in crude stocks. almost 2.5 times what traders were looking for. a lot of the roof liner shut down. they stop making product. mainly because it is that season, but also because of the storm coming in. what is fascinating about this market right now, it will be very significant. we are also hearing out of iran, that they may back off on that. lori: that stronger dollar, could that be holding the equities market back today. >> i think that it is.

the dollar rebound has kind of come out of nowhere. things in new york will get worse or they will get some type of a deal done. lori: thank you so much. phil flynn. catch you later. the president expected to announce that janet yellen will succeed ben bernanke later today. peter barnes has the latest. peter: call it bernanke two-point oh. she is expected to continue the easy money policies that she helped to formulate and support. she is known as a dove over there. more concerned about growing employment than fighting inflation. some analysts say do not

necessarily assume that she will change the planet to start tapering this. it would be a mistake to assume3 that she would keep it forever. she became the front row for this job after larry summers jumped out. she joined the fed as an economist from harvard university. she was a governor from 94-97. she is passionate for her beliefs and positions. she believes in good research and fighting for transparency. born and raised in brooklyn. what more do we need to say? she is petite. she is 5 feet tall. i confirm that.

you can see her back there in the pack with all of these men. she is a small lady with a large iq. lori, you know all about that. lori: go petite ladies. i am all in favor. that was nice. adam: it looks like there will be some updates to the company's ipad line. the event will be held on to tuesday, october 22. the second generation of the ipad mini is expected to be unveiled that day. the fifth generation and second generation, many will receive the new chip. adam: they are coming up with

this stuff "fast and furious." i can barely keep up. the nasdaq is taking action in response to high profile glitches. the system will allow traders to interact with market data so they can test trading under real conditions. this comes after the exchange suffered a series of internal glitches and botched ipos. adam: we also want to update you on the case with steven cohen. they are leaning towards a plea deal. as our own charlie gasparino has been reporting, the biggest concern is whether steve cohen would get a lifetime. lori: just three little words. that is all it took to send

hewlett-packard's spiking. adam: we will tell you how do you can get a free cup of coffee next. lori: it turns out men's warehouse stock is falling. we will have details ahead. ♪ capital to make it happen? witht the thinking that makes it real? what's a vision without the expertise to ecute it...

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adam: a stock color with a smile. we are watching tapes steve penny saxe -- jc penny saxe. we want to get a another look at the retail site there. this one is for the men. men's warehouse.

nicole: maybe they will be one together. this morning we are hearing an offer for men's warehouse that dated back to a phone conversation in september. however, the big problem is men's warehouse think this is opportunistic. we do not see this going together very soon. apparently, dow jones is reporting that joseph e bank is willing to be taken over by men's warehouse. this saga is only beginning. back to you. adam: thank you very much. @ori: starbucks ceo trying to set a good example. a tall brewed coffee is free to

anyone who buys another person a beverage. shares of starbucks, down $0.50. perhaps it is not catching on too much. ashley: they are speeding up the line. lori: starbucks said last year we will take our time putting your drinks together so that they get it right and it is more premium tasting. 15.5% of the market share. boosting american confidence. mary jo white says it will be "a game changer." charles payne case had. adam: tony fidel joins us on his

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>> at 21 minutes past the hour, i have your fox news minute. chemical weapons inspectors and syria have visited one side and are moving on to the second. the inspectors need to visit more than 25. the trial of ousted egyptian president is expected to begin november 4. he is accused of inciting the killings of opponents while in office. diana nyad is raising money. she is summoned for 48 hours.

those are your headlines. lori: i do not know what is more challenging. swimming to cuba -- the pool thing is kind of boring. >> you can't go shopping at macy's. lori: what a tease that is. announcing this morning the launch of a market structure data. it has mary jo wright raving. >> it will be a game changer as it focuses the market structure debate on data and analysis as never before. lori: our very own charles payne got to navigate this this morning. charles: game changer -- listen, it may be a step in a certain direction they want to go.

they said they would be easy to rate charts and graphs. a lot of these charts and graphs are anything but easy. i will tell you another problem i have with this whole thing. lori: there you are trying to navigate through that site. charles: the learning curve would be really tough for any average investor. just the idea that, okay, instead of cracking down high-frequency trading, the sec is saying we would rather "level the playing field" so that everyone can do this. it is not reasonable for the average investor.

adam: some are saying we need to absolutely ban high-frequency trading. charles: it is a step in the right direction. you get to see every order. you get to see the modifications. some of which may have some potential. the volume is interesting. dark pools, it is good tt know what is going on there. sometimes a fit guy can accumulate orders by putting them in these lots. you have to have a certain sophistication to be able to see or understand that. as far as the outcry from the general public, this will not solve it at all.

lori: showing everybody that they are trying to do something. charles: for the real argument, a long way to go. thank you, sir. adam: the future of the federal reserve. janet yellen keeping those printing presses on. lori: the economy and the ripple affect over washington. we have narmian behravesh next. ♪

lori: we've seen a sharp jump in the dow the last couple minutes of or so. close to session highs right now. send it back down to nicole pet if he with a little more color on the news. >> looking pretty good. we're bucking the trend and selling for this week. we've been down about 5% since the highs on the dow. i want you to a former dow component, hewtt-pkardlook hoit i farg tod. tay. aseg wtman sd ss sasfiewithhe tn arnd thus f. e tal abo tehangnd says tat se exptseven t abli in tomin ye. whe grths uikel in 14 heposive cment a lpinto bst hlettacka alg. heett-ckarhas en a gre rforr th yea wee se itn tisebou 54to t uid fo t yea 2013. today really bucking the trend. we've seen back and forth action on major

washington. but these positive comments from meg whitman help to move hewlett-packard so it outperforms the market today. back to you. lori: thank you, nicole. adam: the u.s. is eight days away from its possible default but some lawmakers in washington are starting to show signs of bipartisan teaa work. rich edson joins with us the latest. say it is so, rich. >> they met. top republicans and democrats in the house, house speaker john boehner, nancy pelosi and majority leader eric cantor and democratic whip, steny hoyer. president obama invited congress to go to the white house all of it. they will go in groups of house republicans and senate democrats in the next fuse days. they say all the meetings mean nothing if they're not negotiating. >> the hallmark of presidential leadership in quotes become as refusal to have a conversation. we all should be concerned. our country is facing some very real challenges right now.

>> democrats stand before you united. united to have the republicans in the government to allow us to pay our bills and at that time we'll be happy to negotiate about anything they want to talk about. >> in "the wall street journal" this morning one senior republican float ad compromise to resolve the shutdown and debt ceiling. budget committee chairman paul ryan, he says congress could pass a modest debt deal combining medicare hospital and doctors plans, parts a and b, reduce benefits for wealthier americans. open up more of the country for drilling an overhaul the u.s. tax code. as for whether anybody in washington is negotiateing a framework like this yet at least aides say they are not. democrats and republicans have about a week and change to raise the debt ceiling. republicans have yet to release a bill as an opening offer. the white house still refuses to

negotiate. back to you. adam: rich, why did they have the budget negotiations, we're 10 months into the year. why didn't they do in if february or march or did they try? >> the house tried to pass appropriations bills to und the government. the senate didn't really finish that. they passed the budget for the first time in a few years. it is this idea that you are going to get the best deal if you hold out until the deadline and we're getting awfully close. adam: rich edson, thank you very much. lori: so lawmakers in action here may cause serious ripple effects in the economy even if they reach a deal bit october 17 deadline. our next guest is dialing back fourth quarter growth estimates. 2.16% to 2.2% which he predicted just last month. nariman behravesh is chief economist at ihs. welcome to you. >> thank you. lori: first i want to get your thoughts on the impending nomination of janet yellen as fed chief. i wonder if we're quick to label her bernanke 2.0.

after all she is democrat. what is likely she puts more emphasize silks on the unemployment crisis and maybe allows inflation to creep up more than bernanke would have liked? >> that is the conventional wisdom where some people sort of believe that. i think she will take a very balanced approach. in early 2012 she was part of a subcommittee of the federal reserve that pushed for 2% inflation sort of target. she is pretty ad man about that. her credibility, sewelling she becomes the fed chair, will be at stake in terms of any breach of that 2%. so i think it's a little unfair to pigeonhole her as a dove as some people have. too easy on inflation. i think she take as more balanced approach. maybe a little more, sort of prone to inflation than bernanke although it is not hard to say that. they have been together on the whole quantity quantity issue. she has been squarely behind him. he has led and she has followed. i think we'll really see more of the same. continuity here of what bernanke

has done. lori: as an economist, nariman, do you think this economy could tolerate a little more inflation if it meant ginning up, spurring job creation? >> i think the answer is that is a very dangerous game to play. the good news we're well below that 2% right now. if you look at core inflation we're in the low ones. so we have some room to manuever but i really don't think we can play this game. it is like playing with fire. it is a little more inflation and all of a sudden it is out of control. so i don't think that is game we want to play. that is not a strategy we want to follow. i don't think yellen is proposing that. she is very clear inflation is not a problem. don't be in a rush to cut back on quantitative easing. but should it become a problem, i suspect she will call for some action. lori: we'll get the next round of fed minutes at the top of the hour. do you expect they will take on greater significance considering so many people were surprised we didn't get commencement of the

taper? >> maybe a little bit although i think it is clear there is a division within the federal open market committee on this issue but clearly the majority of were in favor of waiting which in retrospect i think is probably a very smart decision they made given what is going on in washington right now. in that sense in retrospect they made a good call even though it surprised the markets. lori: speaking of the growth outlook, you downgraded your expectation for economic expansion because of this stalemate in washington. let me ask you why do you think, this is a bit of a philosophical question i suppose, but if lawmakers are in this heated debate what they think is best for this country in terms of the economy, in terms of job creation when really at the end of the day they're blowing more headwind against it, right? they're doing more harm than good, would you agree with that? >> well to me there are a couple things going on. one is when you furlough people they're not earning anything. they're not spending anything. so that does cut growth.

there's another effect here which is uncertainty. there's a lot of uncertainty in terms of what washington's doing and that is holding back consumers and businesses. that uncertainty is probably the biggest damage in the medium to long term and it has been a big issue for the u.s. really going back a couple of years. so that to me is the probably the single biggest harm that washington is doing to the economy. there is no clarity. they continue to play ttese games games, sort of manufactured crises and brinkmanship. it is a toxic combination. lori: do you think the markets have a solid enough foundation to sustain this uncertainty beyond the october 17th debt ceiling deadline? >> well clearly as you're saying the markets haven't reacted too much to that. they have been through this before. there is this attitude, there ttey go again kind of thing. so, yeah, this is sort of a jaded view the markets are having towards d.c. but still the closer we get to this deadline, the october 17th

deadline, i think the jitterier the markets will become. lori: nariman behravesh, thanks for your time. we always appreciate. >> thank you. lori: coverage in 20 minutes. we'll have them for you. first on fox business. adam: but first, tank but no tank for egypt and the dow. lori: money is not the only thing the country needs. kt mcfarland yesterday. >> the general said to me yesterday we like the aid but like the moral support that wouldn't cost you a penny. lori: kc back with us as the u.s. grapples with the way forward after a recent surge in violence. ♪ [ bell ringing, applause ] five tech stocks with more than a 10%. change in after-market trading. ♪ all the tech stocks with a market cap... of at least 50 billion... are up on the day. 12 low-volumetocks... breaking into 52-week highs. six upcoming earnings plays...

that recently gaed up. [ male announcer ] now the world is your trading floor. get real-time market scanning wherever you are with the mobile trader app. from td ameritrade. always go the extra mile. app. to treat my low testosterone, i did my research. my doctor and i went with axiron, the only underarm low t treatment. axiron can restore t levels to normal in about 2 weeks in most men. axiron is t for use in women or anyone younger an 18 or men with prostate or breast cancer. women, especially those who are or who may become pregnant and as uneected signs ofd contpuberty in children applied or changes in body hair or increased acne in women may occur. report these symptoms to yr doctor. tell your doctor aboutll medical conditions and meditions. rious side effects couldincludek of prostate cancer; worsening prostate symptoms; decreased sperm coun ankle, feet or body elling; enlarg or painful breasts; problems breathing while sleeping; and blood clots in the legs. comm side effects include

skin redness or irritation where applied, increased red blood cell count, headache, diarrhea, vomiting, and increase in psa. ask your doctor about e only underarm w t trtment, axiron. >> i'm jo ling kent with your fox business brief. jpmorgan chase is reportedly preparing to cut ties with pawn shops payday lenners and car dealerships in the face of increased regulatory scrutiny. sources tell "the wall street journal" the bank has begun an internal review of its commercial lending clients seen as a potential risk to jpmorgan's reputation. jpmorgan declined to comment. cargill profit dropped 41% year-over-year. the company blamed the effects of last year's drought on its grain business. cargill reported $571 million in net earnings, down from last year's $975 million. nestle is considering selling the jenny craig diet business according to reuters. they are working with goldman

sachs on the sales process for the underperforming brand. jenny craig operates weight loss centers and sells packaged food. that is the latest from the fox business network, giving you the power to prosper.

lori: we're following the latest developments out of egypt and report that the white house plans to strip the nearly 1.5 billion in aid we send o egypt each year. the administration rebuffing those calls. listen. >> following on the results of the review directed by president obama we will announce the future of our assistance relationship with egypt once we have made the appropriate diplomatic and congressional notifications. lori: we bring back fox contributor kt mcfarland, former deputy assistant secretary of defense who returned from the country with egypt with meetings

with high level firms. thanks so much for returning from yesterday. we ended our conversation with you describing what egypt wanted from the u.s. was just a vote of confidence. our political support. after jay carney, what is your reaction. >> i met with the man the major general in charge of egyptian aid. we haven't gotten aid from july anyway. they have gotten spare parts but american government would say oh, we need a few more weeks. we'll get back to you in a few more weeks. so it has been a few more weeks and a few more weeks. the aid hasn't shown up since july. what general al-sisi said it isn't about the aid. it is the political support. it wouldn't cost awe penny. they would love the political support. it allows them to establish security. they have credibility at home. lori: that ssund so easy. why is this becomeing a political volleyball. >> this is the problem with the political volleyball. i worked for henry kissinger in the early 1970s. in 1973 after the war we flipped

egypt. prior to that they were a russian ally. after the '73 war and deals between united states and israel as signatory, egypt has been our friend. for the last 40 years has been major superpower in the region. what happened with us? got to the ahead of the queue ins suez canal. kept arab-israeli peace for 40 years, one of the longest periods of piece in modern times. they used to go to war every 10 years. it kept the oil flow egg. in 1970s we had long oil lines and arab embargo. we haven't had any of that stuff. lori: you suggest that russia will move into the power vacuum. some people may argue, we want to protect the israel, with the u.s. more energy independent how important is the arab oil? >> i think in the end that will drive us, energy independence because we have to have a reliable source of energy. think about it the following way.

russia is not a member about opec, right? if you have russia the world's second largest importer of oil married up with arab oil oil producing countries flipping egypt back again so to speak, you have a bloc they control the majority of world's exported oil. how is that good for us? lori: the whole world is not looking fondly upon the u.s. and our foreign policy. >> right. lori: we're not a force as we were. look at apee picture with john kerry in the back row and putin in front and center. how do we change that? >> this is gotten me more than% anything. lori: there is the picture. >> yeah, exactly. hmmm. where does that tell you. lori: i wonder because john kerry, secretary of state kerry is so tall? look how much taller he is. lori: i think you're being generous. what got me. >> not only what general al-sisi said it wouldn't cost awe penny and one business leader quoted from the declaration of

independence. saying when a country gone to the leader and asked for reforms, that the leader not allowed them they have not only the right but responsibility to get a new government. how come you guys can do that 200 years ago and you don't want us to do it now? lori: i have to ask you about the persecution of christians. >> yeah. lori: maybe if we're focused on protecting israel and its freedoms do we have to put emphasis on this section? >> it is over 10% of the population. i met with the pope, the coptic christian pope. he said 60 churches have been torched. christian villages were raised, leveled. people have been beaten. there is also the presence of al qaeda on the sinai peninsula. this is a region where we need to watch, if egypt has about six months to get stability and get its economy going again, and if it doesn't we'll have a debate in couple years time, who lost the middle east. it will make the debate of the 1950s who lost china, it will be tame by comparison to what we will have to come. lori: fascinating discussion. your expertise is always so welcome. >> thank you, lori.

it is a pleasure thank you. adam: as we do every 15 minutes we go back to the floor of the new york stock exchange. mark newton is there for us. mark, i know we're up about 50 points. is this a yellen put or something else at play? >> i don't think so, adam. the market pulled back a large amount in percentage terms in just a very short period of time. this is more about, you know, stablizing after a large pullback. market was down 4%. we could see a little bit of a bounce over the next couple days. a lot of people expected yellen would take charge. so that is already well-built into the market. important to know that commodities are showing signs of deterioration on dollar move. the move in the u.s. dollar index people are watching. we'll see, a lot of people thought we would rally a little bit into the fed minutes. we'll see exactly what comes out of that. everybody expected it would be borderline that any sort of tapering would take place. a lot of people are viewing this bounce with a little bit of skepticism at this point to see if it can continue. adam: mark newton.

thank you very much. we'll see the fomc minutes in the next hour. all the best to you. >> thank you. lori: a new deal allows tv watchers to record and watch programing right off the social media site. adam: he is the brains behind the ipod and the iphone. now tech entrepreneur tony fidel has a new creation. he will show us how he is making fire detectors sexy. ♪ [ le announcer ] need help keeping your digestive balance in sync?

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lori: comcast is stepping up its presence in the social media world by teaming up with twitter to connect millions of users with tv viewing. jo ling kent has more on the

story. >> lori, this is pretty cool stuff. you could change the channel on your tv with merely a tweet. comcast and twitter announce ad partnership that is probably most interactive deal so far. the comcast ceo call it instant online remote control. it will be called see-it. it is button at bottom show related tweet that twitter describes as expanded tweet. you have credentials and see the phone instantly on the phone or tablet. you can also tune in to live tv and show a on demand on the set top box or a show online, set your dvr, set a reminder. you can buy theater tickets through fandango with this new option. it will be first available on comcast xfinity for those numb viewers like sunday night football and the voice. they plan to expand it with other channels, more shows an websites. lori. lori: thanks for that. jo ling kent. adam: they call him the godfather of the ipod.

now tony fadel is back with a product that gives the standard smoke detector a brain and a voice. he is ceo and founder of nets. he joins us live from san francisco. simply put this is your fire and smoke detector on steroids in a better way. tell me about this. >> hi, adam, good morning. what we designed it to do remove the annoyances are common in smoke detectors today. what do they do? they wake you up in the middle of night with low batteries or go off cooking or take a shower. what we wanted to do is a take a device supposed to be safe and government says you have to have them and remove the annoyances. we couldn't believe how many people talked to when we designed the product, a story, disaster story how it woke them up in the mid different night. that is not right for a product that is supposed to keep you safe. adam: when the battery is going and get a shrieking alarm. this human voice would call the phone. i'm sure it would have

automobile inside the house for safety reasons, right? >> absolutely. we have built in all the safety features required into smokee3 alarms and co alarms but what we have also done we add ad voice to it to allow you, say, burning the toast. we can sense that toast being burnt and say, hey,,there is something wrong. something is not quite right. head's up, head's up there is smoke in the kitchen. instead of blaring an alarm or crying wolf and takeing a simple situation and making it annoying we wanted to make it easy for you, hey, understand the toast is burning and you can simply got this.roduct. don't alarm. it will be okay. adam: not only that but i read you got inspiration while remodeling a home in near lake tahoe. i was curious you could expand this, could you not? put a camera in there? you would have a bird's-eye view going on in your home from the mobile device, is that coming down the pike? >> sure, there are tons of things we could do over time. we're still a small company.

we really wanted to target the smoke and co alarm world which is 40 million units a year in the u.s. alone. you know, in the fullness of time i would love to add more things to it but we'll stick with nest protect today. adam: the price is $129? some smoke detectors without technology you're offering can reach up to 100 bucks already. >> right. those directors just give you beeps, not information. ours is connected to your smartphone, tablet, computer, so you can know when the batteries are going dead instead of chirping in the middle of the night. it can he will you there is emergency in the home or get a simple head's up. these are the things we wanted to change the game for these types of alarms and try to say this is not like your dad's old detector. adam: very quickly, balterry operated or wired in where do i get it, home depot or through nest? >> battery operated or wired with a battery back up we'll have 5,000 different retailers here in north america.

it should be available in the november time frame. adam: if you have a fraction of the success you had bringing us all the ipod and iphones then you're going to be quite successful. thank you very much, tony fadel. >> thanks very much. adam. adam: all the best to you. lori: determine difference between burning toast and a real fire? i'm sold. moments away from the fed september meeting minutes. will there be clues when the fed will finally begin to taper if ever? keep it here on fox business.

tracy: good afternoon, i'm tracy byrnes. ashley: i'm ashley webster. we are moments away from the release of the latest fed minutes as markets hit session highs. we have an all-star panel for you ready to dissect all of the oct-tape every nuggets. janelle yet len expected to be nominated by the president as the next chair of the fed. what does the market think about that? i think they like it. our twitter question of the day,

what should janet yellen's first priority be? give as you tweet at fox business #mkn. tracy: marcia blackburn will talk as the government shutdown and debt ceiling looms. right now we go to peter barnes in washington. >> hey, tracy. the fomc minutes for the september meeting show the fed members support staying on track with their plan for tapering, depending on how the economic data comes in. if it comes in as they want and expect, more job growth, continued decent economic growth, they say they would start tapering. they say once again, start tapering by the end of this year and winding the program down by the middle of 2014. but, a great debate about this according to the minutes. let me get to some of the key quotes here. in general the minutes say, those who preferred to maintain for now the pace of bond

purchases viewed incopping data as having been on the disappointing side and despite clear improvements in labor market conditions since the purchase program's inception in september 2012, were not adequately confident of continued progress. moreover some of the officials worried according to the minutes any announcement of tapering the qe, the $85 billion a month in bond purchases, might lead to tighter financial conditions, higher interest rates that we've seen recently just beeause of the taper talk. according to the minutes as a result of such concerns a number of participants thought that risk management considerations called for a cautious approach and that, in light of the ambiguous cast of recent readings on the economy it would be prudent to await further evidence of progress before reducing the pace of asset purchases. and according to the minutes one final thing, members very

concerned about how to communicate all this because we heard all that taper talk before the september meeting. the minutes saying, quote, with many outside observers expecting a decision to reduce purchases at this meeting in september, some participants emphasized a need for clearly communicating, to clearly communicate the rationale behind any decision not to do so in order to avoid conveying a message of pessimism regarding the economic outlook or to reinforce the decisions between bond purchases and those concerning the future path of the short-term federal fund interest rate. ashley and tracy. tracy: peter, stay with us. really interesting they're and we all knew and hearing it. there is nothing you can do. it is going to leak. we will bring in our all-star panel to dissect the minutes. nicole petallides on floor of the new york stock exchange. fox business contributor phil flynn of price futures group on floor of cme. american enterprise institute

resident scholar steven ol'er in is in washington. nicole, the dow started up 55. it has fallen since peter read the minutes. what is going on there? >> the first thing

they were forced into a situation where they couldn't taper right now. i think there was a huge debate, you know, based on those minutes what you need to see. what i get the data is not nearly strong enough to get it going. the other thing is communication. the fed failed miserably. they're getting criticism not

only from the trading pits but from the international monetary fund and everywhere else on the globe. how do you bring transparency to these markets when they were so misled to begin with? that is i think the real story of these minutes. this is why the market is very skeptical of the fed's next move and how they will get out of this mess they have got themselves into. tracy: phil, you make an awesome point. steve, i will throw it to you, because the last time we were on together i actually asked you if you thought this went to the fed's credibility because the whole market was expecting taper. we got nothing. at the time you actually said you thought it was a smart move they didn't even though it wasn't what you expected. so can you speak to the credibility issue? >> i still think it was a smart move. central banking playbook where the outlook is uncertainty, is uncertain you wait for more information. i think it was the right thing to do, especially the light of what we're seeing happening in congress right now. i do think the communications

were pretty poor. i would agree with phil about that. there should have been more signal to the market ahead of the september meeting that they were nervous about the data coming in and, that they were likely to stay on hold. so, given that they're really trying to use forward guidance to influence the market. that strategy is undercut when the market is surprised by what they do. they need to pay more tension to the communication. >> peter, let me ask you this. one of the last things you said as you were going through the minutes they were concerned, the fomc, about the rationale to avoid an image of pessimism. but you know that the tact that they weren't tapering pretty much speaks for itself, doesn't it? that the economic data isn't good enough or strong enough to stop paring down these bond purchases. any way you look at it we know what it means. peter? >> well, can you hear me okay?

ashley: we can hear you. >> according to the minutes, of course now we know from the vote and talking to some of the fomc participants, that the data was good enough for some of them to start tapering but not good enough for others. then usually you know, and steven can weigh in on this. when the chairman kind of decide where he stand on this, usually pull as lot of votes over to his side. we saw it 9-1 in favor of contending purchases at the current pace. back to steven's point and issue of communication and credibility, we interviewed charles plosser, philadelphia federal reserve bank yesterday and he told me off-camara before the interview in a briefing with other reporters one of the big problems in the communication was, we had all these fomc members and fed people out there saying, yeah, we could taper, we could start to taper in september, september, september, september, and we didn't hear any push back on that from others particularly the doves.

and he thinks, plosser thinks that is where the communications failed. you do have to set expectations in the market. so, so that investors are not surprised this way. and so, look for efforts to try to clarify this strategy going forward. tracy: good luck with that. nicole, i want to pull you in. market is coming back up. let's talk about the nomination of janet yellen. market i presume relatively happy about it. the white house is coming out now saying, she is the most qualified fed chair ever, bring in balloons and horns while you're at it too. what do you think the guys on the floor think about all that? >> i think they're taking it very much in stride. as i noted appointment in the lead role is factored into the market. we've gotten in a piece of news that we're waiting for at least at the moment here. don't forget, we've had a couple of days of straight selling. we still are concerned about a

government shutdown. but as you noted, she certainly comes with a stellar reputation. it is likely she will get all the nods that she needs in order to take this role over. as far as accuracy and predicting anything from inflation to gdp, she has been right on the money. so she certainly well-respected. christine lagarde, to give it a little color, christine lagarde is happy to have another woman leading the roles here because she felt a little lonely at the top sometimes. that will be interesting to watch how that plays into -- tracy: first woman in the 100 year history of the fed. ashley: you have angela merkel in germany. christine lagarde. you could have janet yellen. tracy: we could have a chick party. ashley: you could have a chick party. steven, there are those who say she will be more consistently accommodative than ben bernanke and second point she may not rely as much on unemployment rate to make future decisions. would you agree with that? >> i'm not sure i would agree with either of those, really.

i think her views are similar to bernanke's. she has been an advocate of accommodative policy that had been the hallmark of the bernanke fed. i think in terms of the actual to be pretty similar to what we would have seen had bernanke remained chair after next january. ashley: what about relying on the jobless rate. do you think she will steer away from that now and look for other measures? >> i think the fed is in a tough position. they're already looking at a variety of labor market indicators. they're not just looking at the unemployment rate when they try to assess what's happening in the labor market. the really hard thing, and i don't know how you solve this, is what they say in theii communication about what they're looking at and whether they set and numeric thresholds that relate to either unemployment rate or other labor market measures. i think there is no agreement on the fomc about how to proceed on that point. tracy: yeah. you know what? steven, i would like your opinion on the timing of this announcement as we, right? we're in the middle of these

debt ceiling debates. will it hinder the debt ceiling debates right now that she is out there? we have no data coming out because of the shutdown. how do we make any decisions going forward on anything including janet yellen? >> well, my hope is there really won't be much action on janet yellen until there is some resolution about the debt ceiling and the shutdown. those really are key issues that have to be dealt with. this was a concern that the fed had in september about disruptions to the economy and financial markets, from both of those events. so i'm glad that the white house -@came out and nominated her. that does reduce one element of the overall uncertainty in the environment but, i really hope that the president and congress focus on dealing with the fiscal issues at hand and then turn to the nomination. tracy: yes because the list of uncertainties is quite long these days. thank you so much for being with us of nicole, phil, peter, thank you guys for sticking around for all this too. keep it right here on fox

business for complete coverage, live coverage of the president's expected nomination of janet yellen right here on fox business at 3:00 p.m. eastern. ashley: 45 minutes away. tracy: yeah, big party. balloons. network connection tivity issues may be plaguing obamacare registration sites but our jeff flock is at a company that is impressing investors and has no bug in its network. ashley: twitter tv connection. the launch of see-it. we'll explain how you can watch tv from a tweet. tracy: really? every day we look at oil. it is down almost $2, $101.59 a barrel. the dow is up 56 points. we'll be right back. [ woman ] if you have the audacity to believe

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[ male announcer ] atdward jones, stick with innovation. stick with power. stick with technology. get the flexcare platinum. new from philips sonicare. ashley: it is quarter past the hour. let's check these markets. nicole petallides down aa nyse. nicole, as tracy was pointed out, the dow at least is staying positive. >> it is interesting to see the market is coming back. don't forget we've had recent selling. we're off five 1/2% of all-time closing highs. it is interesting and everybody is still waiting on washington. we got more news moments ago. i want to look at joseph a. bank

and men's wearhouse. when you talk about buying mens suits you mention at least these two names. they would make a giant competitive player. what we've seen is joseph a. bank makeing a $2.3 billion offer for men's warehouse. that is 30 6% premium. men's warehouse says that undervalues our company and growth prospects. joseph a. bank said, make us the offer with the same sort of premium. maybe we'll take it. this will be interesting to see how it unfolds. meantime men's warehouse is rejecting a potential takeover of from joseph a. bank. ashley: nicole, interesting stuff. thanks. we'll be back with you at the bought hour. >> the computer network behind the launch of the obamacare exchanges having more than its share of problems but some networks are actually able to get it right. jeff flock is in deerfield, illinois, with one of those companies. hey, jeff. >> one of the most successful ipos of this year, a company called textura i'm told it can

be found it. echtura or either way you say it, a stock up over 100%. pat allen is the ceo and cofounder. what is it that you do, pat? >> we provide internet based applications that solve problems on commercial construction projects. >> you build the computer networks all the time for all these projects for billions of dollars in value? >> roughly about $100 billion in construction value today. >> this is the offices of texture a in the chicago suburbs. look at what the stock has done. you get in there and do something very technical in terms of building a network. hadn't been done much in the construction industry. it hasn't been done much in health care either apparently. how is that you are so successful at it? >> we had a good strategy. so single instance, meaning we doesn't have multiple versions of the software and we tried to create value and functionality for everyone using the software. so it is easy to use and they

wanted to use it. >> you specialize in getting people granular data what is happening in your projects. >> that's right. >> can you conceive of a system that after a week of operation is unable to tell people even how much, how many people have signed up for something on a system? >> that really doesn't make any sense. we monitor every single interaction with our technology. i mean that is something that any application solution could do. >> when you look at, from the outside, obviously you don't build health care networks. >> no, we do not. >> but with the volume they have had and time they had to put it together, tell me what comes to the top of your head? >> what happened couldn't have been anticipated. i mean, you know, you're building a solution for large part of the economy. so the volumes were known in advance. and, you know, a lot of it is just making sure you understand the problem and solve it properly with technology. >> couldn't say it much more simply than that.

pat allen certainly has done that. he and his cofounders, textura. whatever you want to call it. the stock is up, what is it, 130, 40, 50%. >> yeah, i don't know what it is trading at day but probably up around 170% or so. >> private industry seems to do this pretty well. tracy: yeah. >> enough said. tracy: we'll call it working, whatever it is jeff flock. thank you very much. so fs-f, say that 10 times, its debut on the nasdaq. we'll go on one-on-one to the ceo. talk about why nobody is many could together party. ashley: forget chocolates for valentines. this may be the gift of choice february. winter's forecast next. we'll look how the dollar is moving right now. we'll tell you that the dollar gained strength after the release of the fed minutes. euro is down to its lowest level since september 30th.

the u.k. pound is dropping under 1. off as you can see. the japanese yen is falling to the lowest level against the dollar for a week 1/2. certainly the dollar gaining strength. we'll be right back. what's better than zero heartburn?

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>> at 23 minutes past the hour

i'm arthel neville with your fox news minute. the white house says it will announce its decision on aid to egypt after making the appropriate diplomatic and congressional notifications. the u.s. gives the country $1.5 billion a year in assistance. the obama administration strongly denying reports that the u.s. will end all aid to egypt. the government shutdown has complicated efforts to investigate the recent salmonella outbreak. nearly 300 people have been sickened by the outbreak found in raw chicken.workers home wity including those at centers for disease control. some staff reportedly being recalled to monitor food boone outbreaks. the detroit tigers forced a fifth and deciding game against the oakland athletics in their american league playoff series. detroit rallied for an 8-6 win yesterday. game 5 in the st. louis-pittsburgh national league series tonight in st. louis. those are the news headlines on

the fox business network. get you back to tracy. tracy: arthel, thank you very much. >> i didn't anything i was talking about with the sports story. tracy: but you played it up brilliantly. go with it next time. >> all right. thank you, sister. tracy: i don't want to talk about baseball. like the beige of my existence. sfx entertainment, the electronic dance service behind electronic zoo raising $260 million in its initial public offering. the stock made its market debut at 13 a share. it is down about to 11.50 a share. joining news a first on fox interview, sfx entertainment and ceo and chairman, robert silverman. sir, people thought you would be done, take yourself out to the retirement and enjoy your money and music career. here you are completely reinventing yourself with a young crowd that loves to go to the big dj parties. >> well, this is such an

exciting time that i don't know if i ever will be done but now is definitely not the time. tracy: yeah. you got a lot of people showing up at these events. the electronic music events from 2007 to 2012, saw attendance at five largest events increase by 41%. >> yes. tracy: what happens when the taste for electronic music goes away and the garage band becomes cool again? >> i don't think that's going to happen. that's why i decided to do this again. you know, the first sfx was, i was going to say legendary but certainly was quite a success. there is something different,

however, and that is, digital communication. this is, digital music made by digital natives for digital nate. -- natives. for something like me, electronic music may be one thing. they are actually 23 gres. i is asroad a, expt ito b a long-lasting as rock and roll. tracy: amen to that i have witnessed some of these events where these guys are just, got a bunch of laptops in front of them and it is amazing how they build a huge arenas. >> yes. tracy: without even, i'm old enough to know what a vinyl is.

>> well, you certainly don't look it. tracy: i appreciate that. sir, quickly before i let you go, are you okay with the pricing today? do you think that ubs jeffries, they came out a little high on it? do you worry about that? >> not at all. my responsibility is to grow the business. we have demand for 300 million shares. so the market will do responsibe this sfx even better than the last one. tracy: i'm pretty sure you could do that, sir. robert silverman of sfx entertainment. thanks for taking the time, sir. >> thank you. tracy: you know what is cool, ash? there is advertising angle to this. ashley: oh good. tracy: he has all these kids in one room at one time, right? it is advertiser's dream. ashley: no kidding. all in one spot. tracy: pretty cool. >> very cool up deed.

gridlock alert, well, d.c. lawmakers are talking about meetings but will any progress be made. we'll go to washington on the latest on the shutdown and looming debt sealing. >> live tech support on your kindle? that is pretty cool, new tablet may day function coming up from amazon in your tech minute. we'll take a look at some of the winners and losers on the s&p 500 as we head out to break. nicole said hewlett-packard was up 7.8%, excuse me. we'll be right back. she's always been able to brighten your day.

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tracy: breaking news for you. oil closing down $1.88. it is now hanging out there, and i cannot do the math.

about $101.57. ashley: there you go. tracy: i need my fourth grader to do the math. i am starting to feel it at the pump, that is for sure. 90 minutes until the close. nicole petallides. nicole: taking a look at yum l great the parent of kfc, choices but what is interesting is what is going on in china. we have talked about bird flu and scares overall and across social media that there was a scare and as result saw sales dropping. you can take a look at the stock, down nearly 7% you know there is a warning involved and that is what is taking place today. it will take longer than expected for china restaurant sales rebound. that accounts for more than half of the companies overall

@rofits. china is huge for yum brands, particularly kentucky fried chicken. it is just taking them a little longer than they had anticipated to regain same-store sales. that is why the stock is dropping so dramatically. back to you. ashley: thank you very much. washington still in a state of gridlock as we get closer and closer to the debt ceiling deadline. president obama warns the u.s. could slip into another recession if we don't raise the debt limit but in a report claims a growing number of republicans are debating if a default would be all that bad. joining me now, republican congressman, thank you so much for joining us. know the house just passed a bill that would essentially funded the faa. so we're doing this piece by piece. the president would veto that

house bill because he doesn't want to do this, what is your reaction to that? speak out to be i would say mr. president every year we go through the appropriations process. we started in june. we do our budget in march and april. we do them one department of the federal government at a time. this is standard operating procedures. since they have not taken up the bills we have passed, we are taking to the floor one at a time. that is what the american people have repeatedly said. do things one at a time, let us look at it, and see what we think about this. basically we are operating in the way they would like to see. we have passed 14 bills a comet in funding of the federal government. the president continues to say i'm going to veto this, he wants

his way or the highway, no negotiation and we are saying please work with us. work with us on this, we need to have that discussion about what we are funding and how we spend the taxpayers money. out of respect to the american taxpayer. ashley: at the same time have the government shutdown and a real threat the country could default, so is this the time and place to do this? >> oh, absolutely. ashley: you could temporarily raise the debt ceiling limit and then by yourself time to deal with some very big issues.0r, speak a couple of things, first of all 83% of the federal government is open and operating. 17% is in shutdown. second thing, when they say a clean cr, we don't want any strings attached. give us the money, don't expect

accountability. we are saying we want an accountable cr. the third thing, what we know is where the debt ceiling coul cane raised, you can move forward, pay the interest first, that has to be done, and then prioritize spending. we are very concerned of getting to the debt ceiling point because we do have so many small businesses, 3.5 million actually that contract and do business with the federal government. we think it is imperative we have a thoughtful process to work through this, but now is the time to be talking about this spending. we cannot continue to borrow in order to keep the lights on in the federal government. we know there is a lot of waste, fraud, abuse and misuse of taxpayer funds in bureaucracy. prime example, epa says 93% of

their employees were not essential. there are components there that we are conducting our due diligence on. we're looking at programs that can be winding down. taking items that have to be funded to the floor. we are asking harry reid please take these pills up 1 at a time, pass them through the senate, join us in this effort, make certain we complete reepening all of the federal government and then focus on how we deal with the long-term systemic problems of the overspending and the nation's debt. ashley: very quickly, lastly we have heard it he will meet with house republicans tomorrow. do you know if you are going to be a part of that group? >> we have heard no idea. we heard he would have house republicans, we would be

delighted to know that he is willing to begin a conversation into work. i think it is long overdue. when the senate skipped the deadlines on budget years ago, this should have been a topic of conversation. we are spending more money than we are taking in. we don't have a revenue problem, we have a spending and priority problem. through this issue of the continuing resolution, the debt ceiling, the lack of a budget signed into law for the past five years, the american people have focused like a laser on this, they are saying you need to rein in some of these agencies, some of these programs. you need to get rid of the snipping is taking place in the federal government with the irs and nsa and other agencies and make sure your return this possibility and controls the american people. get it out of washington, d.c.

ashley: we wish you the best of luck in the continuing negotiations. thank you, as always. >> thank you. tracy: seems like helmet and shoulder pads. this apparently is in an effort to torture the commuter anchor of our panel here. it may not be a white christmas this year, but the second half of the season will make up for it. according to a new forecast from accuweather. december, january quite mild for the east but february carries a strong chance of egg storms and nor'easter's for the west coast. the early part of the season is likely to bring more storms for drought plagued california. really bad for people on the east coast who commute. i will point out. ashley: from syracuse, it is in

their blood. tracy: the super bowl, don't forget, is in jersey. ashley: that would be cool. football weather. tracy: michigan governor testified under oath of the authorization of the largest public bankruptcy filing. we will tell you more next. ashley: forget scratch and sniff, the new touch and feel technology via flatscreen device is interesting. we will talk about the details.

>> this is your fox business brief. twitter connecting tv dealing with social media. starting next month users will find a see it button on tweets. the feature will let users and is simply a light access the shows. they are considering selling 20% stake. possible buyers for the fashion house include private equity funds kkr and blackstone. and cutting ties with pawnshop and some car dealerships with increased regulatory scrutiny. sources tell the "wall street journal" the bank has begun an internal review of the lending clients. seeing potential risk to jpmorgan reputation. jpmorgan declined comment. that is the latest from the fox business network, giving you the power to prosper.

tracy: michigan governor rick snyder testifying about the latest public bankruptcy filing in u.s. history. city of detroit. saying it was the only viable option. gerri willis is here from "the willis report." was it? >> i've never seen anything like this in my entire life. it is costing almost more money to go bankrupt than it is the debt they have on their books. $19.1 miilion. we should quit our jobs, go to detroit, offer our services. you would make a lot of money, i am telling you. attorneys making $1000 per hour. put down a shingle as a financial analyst now making $13,000 per week. giving them expert advice.

ashley: you wonder why they went bankrupt in the first place. >> it's out of control. it is unbelievable. the whole thing is up in the air because the unions are protesting it. testifying under oath, which is crazy to begin with. i am saying this and all the wrong order, what with the stuff that blew me away. they filed for protection july 18, $15 billion in debt. jobless rate almost 9%. populations decline 25% over the last little while and the murder rate the highest it has been in 40 years. no police. do what you want and charge the city for the privilege. tracy: very interesting they call in the government.

are you talking about this at all tonight? >> we are talking about obamacare again. and what is going on with our veterans families because of the government shut down. essentially having to pay to bring that back who were killed in action. there are companies that are paying for them. the government not doing their job, and i bet if you went once or twice, a couple of nichols would fall out of their pocket. tracy: watch gerri willis tonight, "the willis report" 6:00 and 9:00 eastern. ashley: a little after a quarter until the hour. active new york stock exchange. the dow has hung in there, perhaps a little glimmer in washington, d.c. does that have a impact right now? >> is a treasury yields going up

and then right back down. market managed to maintain this, but every 11, 14 days down the drops. normal to see a little bit of stability. the government shutdown in the debt debate will be more important than the fed minntes at this point. so we will see. the two sides had to come together with regards to the government. not a lot of progress, but we are seeing a little bit in financials, little strength in that sector, it has been under relentless pressure since july. a lot of the commodities are getting hit hard. ashley: very good, thank you so much. >> my pleasure. thank you. tracy: time for your "tech minute." they have found a way to let people feel objects on a flatscreen. researchers in pittsburgh developed a vibrational technique that re-creates what happens when your fingertips

passover a real bump. shares of disney up over 28% year to date. speaking of the stock, paper stock certificates with mickey and his pales will no longer be issued after october 16. which is a bummer. i have a few. disney with many other companies moving to only electronic certificates. they cite security, so save the ones you have. and coming next week, live tech support on your screen. the new kindle fire hasn't made a feature allowing customers to summon help. where people cannot see you but can take remote control of your device to fix your problems and i have to say it. retailing $229. apple holding his next invitation only event october 26 according to all things d.

updates to the ipad expected to be the focus along with news of the mac pro and os x. shares down over the last year. i will not make another reference to that, ashley. ashley: all sorts of things spring to mind. minutes away from president obama's nomination of janet yellen at the fed chair. tracy: elizabeth macdonald and what we can expect to hear from her next.

ashley: all right, breaking -@news. that is a live picture of the white house as we await expected nomination of janet yellen as a federal reserve chair.

as soon as he comes out, we will bring that to you live. elizabeth macdonald on her thoughts. by all accounts extremely qualified for the job. tracy: she has seen so many different crises. her priority reading her -@speeches, jobs. what that means is she will do anything to help create jobs in this country. she was the lone remaining foc member who was there in 2004. alan greenspan wanted to double rates. she said no, don't do that. when rates did "-double-low-quote orange county, california collapse. the mexican peso devaluation crisis happened. what she has said since is it would be wise and humane to allow a little bit of inflation to have jobs come back in this country.

what data is she looking at? not just the jobless rate, but the dropout rate. which is so key because of government data being in a vacuum right now. ashley: she has been very strong voice and a reasonable voice but now she has to gather all of those opinions into one, that has been a challenge. >> ben bernanke in his own retiring way, you have hollywood agents. the governor speaking right now. i think she will have one voice, will bring that one voice. there is too much transparency right now. tracy: when will she starts to taper? >> 2014 or 2015. the next point is when do you raise the fed fund rate? i tell you something, her priority again is to create jobs. i know about tte dual mandate,

fighting inflation. she will tolerate a little bit. tracy: coming up on "countdown to the closing bell," when the president's remark on the federal reserve. of course, looking at the record and how she will leav lead the world's largest central bank if she is confirmed. can the president's remarks live. we will be right back.

liz: good afternoon. it is a huge and very significant day for the federal reserve and the market. we are awaiting on the president, he is going to name janet yellen as his nominee to head the federal reserve. we got revealing information about the fed governors meeting back on september 17 and 18th.

the fed minutes released a short time ago so the federal reserve governor sharply debated when and how to begin tapering a huge asset buying program of bonds. in the end they shot a good chunk of the market by not tapering the bond purchases due to the fact the economy was just too murky. the tape rings may happen later this year if there is more evidence of a u.s. economy. let's put your money in focus. green on the screen the dow jones industrials. we have a moment where we thought let's ring in an all-star panel. janet yellen, the debt ceiling. nicole petallides at the new york stock exchange, rich edson in washington, d.c. -@our federal reserve pros, forr dallas fed vice president in nevada and federal investigators in the newsroom. good to see you