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tv   Markets Now  FOX Business  October 18, 2013 11:00am-1:01pm EDT

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the focus today, we will talk about that as well, but the focus is on the obamacare exchanges, insurance companies say they are getting flawed data making it impossible to handle the people. deep divisions on capitol hill. what else is new? there might be something new. why they might be a chance for real tax reform, the stories coming up. getting paid double. government workers are getting twice the pay now that the shutdown is over. what investors are supposed to be doing right now. the bull and bear argument for getting in stocks right now. coming up this hour on "markets now." ♪ connell: here we go. dagen: i have been reading about that. if you got unemployment benefits
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during the shutdown and you get back pay as a federal worker, you may have to repay those unemployment benefits. connell: people literally getting paid twice. thank you. dagen: the s&p making a record run. and look at google go. nicole has the latest on the new york stock exchange. nicole: remember when is it going gaga for google. you noticed the s&p 500 record all-time high. today, you probably did not expect today to be the day you hit an all-time high after all of what we said on washington. the partial government shutdown and reopen again. there is the s&p 500 up 1 quarter of 1%. up 22% this year. nasdaq on track for the six weekly gain in seven weeks.
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over the last three months, the nasdaq up 7%. google and morgan stanley helping to lift the sentiment as we noted. $1000 trading as high as 1046 after its quarterly report. back to you. connell: we will spend a few minutes talking about the stock market. where it is, where it is going. should you be long, should you be short. the 27th record close this year. wall street continues to trade record territory. that said our first guest says the speculative easy money market is going to come crashing down. bill fleckenstein joins us now. we have not had you on in a while. you have been in the news yourself, you are starting up your shortselling fun begin. that tells you, tells us where you are coming from.
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tell us why you are doing that first and then we will talk about the market. >> the reason i closed the fund in the first place of march l '09 was under the federal reserve would pursue policies that would make it very difficult to make money as a short seller, and we had the bubble crash and stock prices weren't ridiculously expensive in the s&p was at 666. connell:) >> i said it wants to be short stocks until they stop printing money. nothing has stopped the fed from printing money, but what i think is the bond market is beginning, interest rates five years and out are beginning to advance a different drummer than the fed. tenure not has gone from 162 as high as three when people were concerned with tapering and now it is about 250-ish. i believe the backup in bond
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yield is because interest rate, the bond market is pricing in something different the longer to do with what the fed wants. if that turns out to be the case, life will be different, the fed won't be able to print as much money and that will have ramifications for valuations and the economy. i am not saying that has started yet. it could, so i want to be able to take advantage of that. if i was in business today, i would not be short anything yet. connell: that is interesting on the timing. it gives us a good lead-in to all of this talking about the idea that the stock market gets what it wants from washington referring to a lot of the same thing to talk about with the fed printing money. so what would change that environment? it looks like you're looking for something to come in and be a catalyst for change, what could that be? speaker that is exactly the point.
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throughout history when central banks have done with the fed and other central banks are doing, to monetize debt, your currency would get weak or your bond market would get weak egos ultimately it is inflationary. what the dollar being doing battle against the pound, against the yen and the euro, the currency market is not going to be doing that. it will not be the catalyst. it has to be the bond market itself. the 10-year note still at 250 when it is quite clear the fed is not going to taper. you have to ask yourself why are rates there? a process has to start somewhere, so i believe the bond market is going to be the catalyst which will eventually get the insane policies. connell: for somebody saying i follow what they'll is saying saying so far, next question they are asking themselves as we
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know. is it a certain yield, some sort of a trigger or a sign, how will they know the process is underway and you and other people will start to that against it which mark you will short stocks as opposed to being prepared to do so. speaker that is and other concern. it is guesswork. let's be clear about that. in my mind, is the tenure rate trades back through 3%, without any taper talks, you get a look at what the market is doing with nothing having changed, that will be a signal the bond market is pricing in different outcome for longer willing to listen to the fed. if that starts to you have to be on red alert as relationships are changing. stocks don't behave the same way, maybe they go down on bad news instead of relatively ignoring it.
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look for the 10-year note to go through 3% as a moment in time to be prepared. connell: prepare for a big-time drop. you don't know? >> it would not be instantly. these take a long time to play out, but things could get dicey fast. connell: i wanted to get that. you gave us something tangible to look at, we will have you on hopefully again soon. dagen: that is charles penn, he is here to give us the case. right? charles: i think we do the audience a disservice why talk about the market. they are a fantastic opportunity that would own. some stocks are overbought right now. some aren't. i worry about particular in the market because were me i pick individual stocks people can
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pick individual winners. we did this special. i said i love this stock. interviewed 100 people, none of them owned the stock. connell: in any environment they will do well is your point. >> my company is growing, i worry about individuals in the market. i do think is on a few things with respect to the fed. connell: him saying that, 3% on the 10-year note is a macro problem for stocks affected by the trend. charles: it could be. but one thing i am watching for, guys, is gold. when we see gold and stocks rise in tandem, that is when the inflationary story will become
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more relevant with regards the money they are printing. i don't think it is seeping into main street. i don't think people have access to it. dagen: you would want to own stock to the inflation is here because companies can raise their prices. charles: we look at the cycle of fed money printing. a good part of the phase because inflation is also your house is worth more, there is a feel good part of it before the pinprick. dagen: we do have to talk about on in the market does anybody investing through a 401(k) plan, large percentage of this country is buying for the most part an index fund or a large stock fund. they have to own stocks or bonds. charles: you have to be an owner. how many crashes have we had in this country. you look up and we are back
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neared all-time high. you have to be invested. we talk about 1% since 1979 until now, i have a larger percentage of the assets. they are owners. we go to chipotle mexican grill, they own the stock. on things getting with bum rush the store at that, they're selling the stuff we buy. it is not ethical, it is not mean-spirited, it is capitalism. we are all invited to play the game. i'm looking around 16,500 to get really nervous. watch gold and stocks. when they start to trade in tandem, starts to take some profits into that if you are a stock player. connell: thank you, charles, good stuff. dagen: more trouble for the health insurance play. this goes way beyond just problem with website traffic and software glitches.
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insurers tongue the "wall street journal" they are getting flawed data that is straining their ability to handle even the members have gotten through so far. thousands reported as children, eligibility all reported. front page of the journal today. here to weigh in, the news director of the tea party news network. welcome. you saw it coming, but does it get worse? >> it does. even those kind of fix the problem say this will take two minutes to correct. say wait a minute, ipo but ready start this by january 1. they will not even know the premiums will be. they will not know what a due date for the payments will be. there are so many unanswered questions in america today with a 14.6 million people who visit the website, only a quarter of them have been able to sign up successfully get an idea, but that will change.
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dagen: they can't accurately price and delivery insurance is there getting incorrect data. they make you feel better some democrats, they are concerned about this, surely, and they're putting pressure on the ministration on health and human services to do something about it and fix these problems fast. >> reform will help drive came out in 2009. it makes a little bit. they try to fix it by appropriating millions of dollars to have navigators. was the whole point of putting that much money of a budget to make sure these problems didn't happen? dagen: have had to sort through and hansard incorrect data. if you look, the tea party and the government shutdown, they basically gave the obama administration these problems.
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if that hadn't happened to come if he hadn't shut the government down trying to hit obamacare, this would have been front and center the last couple of weeks. what do you say to that? >> he got the american people's attention. you think they will be frustrated what is going on with the obamacare.gov. dagen: compared to what center a cruz did if he had not done that and instead everybody focus their energies on the real problems at hand with the exchanges, or that have a greater impact on how people feel about obamacare? >> we were expecting this to work from day one. who would have thought they are going there is no way this has not been tested, this is going to fail. the majority of people especially on self-assured programs never going to visit the website. now the american people are paying attention because they
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know this is going to affect them eventually. dagen: with younger people, if there premiums go up, it is contingent on young people enrolling. older america. if they don't enroll, i wait for the day the federal government actually tries to go after them and collect these penalties from them. that is a different set of problems. >> this is a business network. no way financially obamacare is going to work. we cannot pay for it when you're on the backs of young adults who can stand the parent plans until their 26 and then they can pay the fine and not sign up for the program until they get hurt and they can sign up at the hospital. this is not how insurance works. no way the program will financially survive this. dagen: great reporting, it is troubling. good to see you.
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be well, we will see you soon. connell: the most desirable places to work. the company's would-be workers and how they'r they are being td coming up on "markets now." dagen: the wisdom of the security exchange commission going after billionaire mark cuban in a case they lost. bad move. what does it say about the maneuvering of the agency? dagen: it was nine years ago this happened. dagen: picking up checks for time off, getting paid double, essentially. cashing in on the standoff in washington. keep it here. [ tires screech ]
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connell: all right, we are back. the market up. one of many stocks hitting new 52-week highs today, so thought we would talk about it again. specifically the stocks. how are we doing? nicole: looking at chipotle mexican grill. we already hit google, let's go over to triple libyan they came up with quarterly numbers approaching $500 per share. trading as high as $497. third-quarter earnings jumped 15%.
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interesting because revenues were really impressive. they have seen more traffic, that is good, right? effective media, effective marketing through social media according to some of the analysts and guidance going forward is looking good, same-store sales continue to improve. they did note they plan to raise menu prices going into 2014 anywhere from three and 5%. that'll be the first time they are doing so in three years because they are incurring additional costs, food inflation they are facing but the big picture is new record high. not so hot on chipotle talk, talk about taking market share away. i guess today is revisiting that perhaps. back to you. dagen: the government shutdown is over but the work just beginning for the congressman hashing out a long-term budget deal.
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connell: one of the things they will be talking about, tax reform. it just seems like it is over and over, but maybe it is for real this time. rich edson with the latest. rich: the goal of this committee is to take a budget passed the senate by the senate and republicans and democrats to come out with one product. but maybe given the differences of the two, that is not achievable. without the chairman of the budget committee will lead negotiators came up with a shortened version that could break the budget impact in the "wall street journal" including means testing, wealthier people pay more for government benefits getting less of them. higher government employee contributions, more energy expression on federal land and tax reform because there is a proposal right now the chairman of the house and ways and means committee have been negotiating. maybe there is a bipartisan agreement. however when you look at the two
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budgets they are trying to conference here, one with no tax increases and the house, and one with a trillion dollars with the democrats. the idea of tax reform could be difficult. >> it was such a challenge even the chairman of the senate finance committee democrats chose not to vote for the budget because it was such a big tax increase. i would say based on that come out on a limb, further out on a limb relative to her caucus than is paul ryan. >> but the thought is still there may be enough between democrats and republicans to find something in the bill to overhaul the tax code with all the work democrats and republicans are doing in the house and senate. we will have to see. connell: thank you, rich edson in washington, d.c. dagen: the government failing in its attempt to prosecute mark cuban for insider trading.
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was it a smart move? and i guess a long-term impact on the image. connell: charlie gasparino has something to say about it. papa john's, poplar pizza chain coming up under fire for not compensating employees. say it ain't so. coming back in a moment. more "markets now." when we made our commitment to the gulf, bp had two big goals:
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>> 26 minutes past the hour, this is your fox news minute. it has been a rough commute in san francisco today. workers the bay area rapid transit system walked off the job the second time in four months after contract talks broke down. people took to the roads to get to work pretty much higher traffic volumes than usual. and as a leaker edward snowden says there's no chance the u.s. or russians got their hands on secret documents. telling the "new york times" and mapping enables documents to russians to leaving them with journalist. the doctrines have released numerous stories of surveillance activities. in sports, russell wilson threw three touchdown passes as the seattle seahawks beat the arizona cardinals 34-22. 6-1 with a game and half lead
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over the san francisco 49ers in the nfc west. arizona fell to 3-4. those are your news headlines on the fox business network. back to you. dagen: thank you. chicago o'hare international airport is well known for delays, cancellations and just being a traveler's nightmare. hopefully that changes, all of it, today. connell: with that we go to jeff flock with the story w. jeff: i'm actually in a construction zone. some of the latest in the renovation project that promises to make chicago o'hare better. it is a huge airport. the new runway being open today first full day of operations today. that promises to reduce congestion by 50%. really need to take a look at the latest numbers from the
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department of transportation and you see when it comes to on-time departures, chicago o'hare is the worst, only 67% of the flights leave on time. midwamidway and chicago is second-worst. new works third, dallas forth. where don't you want to fly into? thla guardia second, o'hare is e worst place to fly into. they say this is going to make it better. they call this the cemetery runway. because they had to dig up a cemetery to actually build this runway. still moving the dirt around. a big day for airline stocks. i leave you with a look at airline stocks, a number of them hitting 52-week highs today. among them delta united, jetblue, spirit and usair.
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up year-to-date by the way 108%. keep an eye on those airline stocks. maybe you won't have to sit around and wait as long. dagen: please be careful standing so perilously close to the highway. connell: thank you. we're going to talk about the government's failed attempt to get mark cuban on insider trading charges. dagen: how about basically getting double pay for the government shutdown? some people collecting unemployment. in one state they don't have to pay it back even though they're getting back pay from uncle sam. [ indistinct shouting ]
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how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longe one thing that hasn't changed much is the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪
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connell: well, know the government shutdown has ended finally but not without some fallout. the report some oregon federal workers will be paid twice. paid through unemployment and also paid through back pay. the opinion editor of forbes joins us now. what you make of this one? >> it is human nature to be less careful in your spending money not your own. i think this is the inevitable result of that. we have a federal government with a huge budget in washington, d.c. it is inevitable clerical errors like this are going to occur. the answers and so much reform has to return a lot of government functions to stories and states where we can watch them more closely. connell: the back pay so people understand where the story comes from, fox was report, it would come from the federal government and the states you would be filing if you are for load they would be filing for unemployment
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in their state. so than the state would have to say we need our money back. many other states may say give the money back, you know. >> absolutely. i think it would be much harder to pull off if the functions were localized these are inevitable and they are a parcel the government growing so large and unwieldy. connell: let me change the subject slightly. what do you think the fallout is of the republican party, your analysis of it the last few weeks now that this thing, the shutdown and the debt ceiling not being raised now that we're past that, what is the fallout? >> the fallout is kind of negative. a lot of the base like the idea of this partial shutdown. they wanted all america to see the could be shut down and there is really no change in our day-to-day experience.
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why did they spend so much political capital to get nothing in return? it seemed they had the power to continue to basically hold out until they got real concessions from the obama administration. there was never going to be a default. each side of the island of this, why given now? connell: i would think because of the math, right? but they ask you how the dynamic would even change because if you had a senate take for example it happened this time. a bill supported for the next time around that supportive and it was in the senate and the president supports it they may even passed the house but not brought up for a vote, the math favors the president and the democrats, on the same math favor them in the next round of discussions? if the tea party folks continued to push with a pushed last time, won't they lose again? >> it is possible but it goes back to the basic point republican house has the power of the purse. even president obama realized.
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unless republican party is going to back its rhetoric, we should expect it to regularly block legislation that is inimical to the outcome, expected to regularly block the growth of government if the republicans aren't going to do that, if they will be complicit in the ongoing growth, what is the point of electing them to begin with? i think they have a real chance to establish themselves because we are the party that will remove this big party from you, why given now? connell: mid-january, early february. good to see you. we will talk to you again soon. dagen: mark cuban, billionaire investor cleared of insider trading charges. should the government ever pursue this case? connell: opinions and thoughts on that coming up. how about papa john's underpaying drivers with mark investigators are looking into this.
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>> i am lori rothman with your fox business brief. china's economy grew by 7.8% in the third quarter year-over-year, spasticity pace of growth in china of the year. including tax cuts and investments in railways. previous quarter growth 7.5% growth was a two decade low. raising eyebrows. jcpenney will operate the stores 8:00 the same time as macy's much earlier than when they did not open until 6:00 a.m. friday. safeway notes and hence increase company stock repurchase program by 2 billion. i bring 1400 stores, announcing plans to close and exit the chicago market by early next year. that is the latest from the fox business network, giving you the power to prosper. [ female announcer ] who are we? we are the thinkers. the job jugglers.
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connell: all right, here we go. dagen: billionaire mark cuban, owner of the dallas mavericks, cleared of insider trading charges by a jury in a civil case brought by security and exchange commission. now we ask should the sec have ever pursued these charges in the first place? connell: i have been looking forward to this segment. leus go to charlie gasparino hee with us in the studio and elizabeth nowicki. this is like flashback friday. i have quite a history on this show. you first, charlie. cuban's role in all of this. what is your take? charlie: we know there was no real law involving insider trading. just a court presidents depending on the type of behavior, it is all about doing inside information. if you're a company insider like a board member and tape information and sell the stock, if you take what cuban did,
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misappropriate, stealing that information. that is insider trading depending on that level it can land you in jail. the problem with the cuban case even though i think his behavior was despicable. i think what mark cuban did was despicable. he knew he was getting an unfair advantage. he is a billionaire. he did not have to trade on the stock. he was an investor, he knew his shares ar were going to be delud because they said we would like to onboard for our new capital plan. he turned around and abused his position and sold the stock. what mark cuban did was a disgusting, despicable act but i don't think it is illegal. elizabeth: the case with a difficult case. it hinged on whether or not cuban promised not to trade on the information in order to get
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the ceo to give him information. that is the key. charlie: that would be stealing. elizabeth: there you go. we are on the same page. charlie: how many years has this taken? dagen: do you think the sec made a major mistake pursuing this case? elizabeth: huge mistake. you know having worked there i am normally in support of the sec but this case was disaster from the word go. charlie: here' there is where im going to disagree with you. if you think insider trading is a bad thing, i don't think it is the crime of the century. if you think having a rich guy like mark cuban, a rich fatcat billionaire have an inside advantage is not necessarily a bad thing, i think you have to
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pursue the case. i hear these stupid statements. the bottom line is this. how many no names were in that book. a lot of people they do stupid things and the sec catches them. they have very sophisticated tracking devices, you trade a stock before, this shows up, but we see journalists and it makes me sick when we see journalists go out this elevating what mark cuban did, he had an unfair advantage. i believe he knew it was wrong, they couldn't make the case. dagen: that is what dagen was doing earlier. dagen: i was just running laps around the studio. elizabeth, go ahead.
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does the sec go after these celebrities on purpose? if they win, it is a great victory. go ahead and say what you want to say. elizabeth: no, it is the reverse. the sec goes after whomever they believe is generously engaged in insider trading. when they lose a case like this there is a huge downside so the sec has to be careful to only bring the cases to trial if they can clearly win. dagen: this happened nine years ago, and was actually the charges were thrown out and then reinstated. why did they keep pursuing it?a. i would just say this, to work at the sec you have to firmly believe, this is where it elizabeth blease insider trading is a bad crime and people have an unfair advantage.
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i don't necessarily believe that, but martha stuart, lot of people point to that, they brought in insider trading case. went to jail for lying about the circumstances surrounding the stocks, but remember there was a lot of people that was caught up in that it got charged that we don't know about. we focused on martha stuart. when you are a ceo you have something interesting. mark cuban was the ceo of a company. what is wrong with the sec holding a ceo more accountable than an average person? they should know better. i believe mark cuban knew what he was doing was wrong. dagen: so why did they pursue it? elizabeth: why didn't they give up? i think it goes back to policy. at that point they were involved in it would send a bad message if the sec backed off. that is the problem. and they could not back off.
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charlie: he ran a company, major investor. how can i let somebody like that do questionable behavior? we talk about how they don't go after rich fatcats, so when they go after a fatcat, i see journalists attacking them for going after the rich guys because it is a celebrity thing. it is so perverse how the media works. you bust and no name. elizabeth: the reality is who has the money? you made the point about electronic detection. the electronic monitoring of the market. who has enough money to have big blocks of stocks? in order to trade. that is why the fatcats get caught. charlie: this is why we are targeting ceos. these guys should know better.
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there are reports we focus on him because he is a celebrity? yeah, he should know better. i have no problem going after ceos who do bad things. dagen: i had no trouble with them going after martha stuart. we heard all that evidence and it was like law and order. it was the worst behavior ever. charlie: she went to trial about she lied to investigations looking at if her sales per insider trading. she settled that case without admitting wrongdoing. in criminal case about lying. the lies were so stupid. they were so dumb how can you do that and not go to jail? you are a ceo he had to put up public statements every day. they have be truthful. hold these guys with higher standard. dagen: it was great to see you.
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thank you, charlie. elizabeth, wa and was great to e you. connell: so sweet. where are we? still got your e-mails. jason weisberg on the floor of the new york stock exchange, he joins us. did you enjoy that discussion? charlie in rare form. what are you looking at? jason: not as colorful as they are up there. we are in such a strong bull market. in the 20 years i have been in the business i have never seen people hate such a bull market. they want the market to go down, they can't do it no matter what they throw at it. it is a very impressive take. other than ibm earnings disrupting things on the dow index, the s&p is just magnificent. what a performance. a lot of people are talking about that. certainly i am with my peers.
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it is really impressive. connell: click on the tech stocks. we talk a lot about $1000 google, apple today 500 plus. what do you make of those? >jason: these companies make moe and more money like they are printing money. they let the financials eight years ago. they have the ability to constantly re-innovate the wheel. the rumblings of people betting against apple because improving to sell as much. you can list a very long list of people that have tried to bet against apple and have gotten blown up. it is not something you do. it is like betting against goldman numbers. they figured out how to do it. the streets still doesn't get it.
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that is the bottom line the matter what they are selling. one company that sells things to people at a premium and things they do not need. dagenconnell: jason, thank you r coming in. dagen: a wild week of trading in all asset classes. connell: it actually has been. with everybody reacting to it including sandra smith. sandra: everybody talking about the s&p 500. we're kind of used to that down here. as a professional trader, that is what you tend to look at. the s&p 500 continues to gain because of strong corporate results, growth in china worth taking a look right now at 1739 on the s&p. we hit an intraday high of 1741. if we close there, that is a new all-time closing high for the
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index. closing 1733 yesterday. yield on the 10-year, the lowest level we have seen in 12 weeks. 2.576%. for the 10-year yield, guys. we're breaking through some big numbers. it is up today. the big round number with the s&p, the dollars hitting eight and a half month lows. dagen: the companies that everybody wants to work for. linkedin put this list together for everybody. thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind...
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delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. your financial advisor should focus on your long-term goals, not their short-term agenda. [ male announcer ] join the nearly 7 million investors who think like you do. face time and think time make a difference. at edward jones, it's how we make sense of investing. face time and think time make a difference. stick with innovation. stick with power. stick with technology. get the flexcare platinum. new from philips sonicare.
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connell: so you have been dying
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to know about this papa john's story. you're thinking about pete's anyways getting close to lunch in all the games to watch this weekend. papa john's maybe not the better employer. several new york papa john's locations being subpoenaed. new york post has the story today saying investigators want to know if these restaurants are using deliveryman to perform general workplace chores like cleaning the floor while paying them less than the minimum wage. there is your issue for papa john's, which is traded at the nasdaq. dagen: job applicants have spoken to google and apple taking the top spots on linkedin list of the most in demand employers. linkedin excluding itself from the competition, more than 25 billion people to determine the company's popularity and engagement score. let's take a look at shares of google and apple. i would think that would be 25 million people.
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connell: look at the stock, google. dagen: more problems with the affordable care website. the shocking details and the ceo of maxwell health weighs in on the next hour of "markets now." connell: one of three cars featured in the sequel to "ghostbusters." how you can get involved, coming up. s why you take charge of your future. your retirement. ♪ ameriprise advisors can help you like they've helped millions of others. listening, planning, working one on one. to help you retire your way... with confidence. that's what ameriprise financial does. that's what they can do with you. ameriprise financial. more within reach. help the gulf when we made recover and learn the gulf, bp from what happened so we could be a better, safer energy company.
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i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new deepwater well cap and a state-of-the-art monitoring center, whe experts watch over all drilling activity twenty-four-seven. and we're sharing what we've learned, so we can all produce energy more safely. our commitment has never been stronger.
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and this park is the inside of your body. see, the special psyllium fir in metamucil actually gels to trap some carbs to help maintain healthy blood sugar levels. metamucil. 3 amazing benefits in 1 super fiber.
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>> you have said the children and once again tonight you have raised millions to addressed a variety of health care crises. dennis: joking about the meltdown. i am dennis kneale here with
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tracy byrnes. good job. no laughing matter, though. we have the shocking details. one upside to the shutdown is that the fed may wait until next year to club back on a loose money policy. papa john's pizza feeling the heat. this is all on the next hour of "markets now." ♪ dennis: tracy, it looks like wall street is read to focus back on business. the dow is down a little bit, but not terrible. tracy: today i got fbi and --
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fbn on sirius radio. dennis: stocks now and every 15 minutes. the s&p extending its record run. nicole: indeed. the nasdaq in the s&p have up arrows. the dow jones industrial average is pulling 27 points. we have seen technology doing so well. s&p 500, record all time. with that being said, we have an unbelievable run for stocks as well. google.
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it crossed the one that dollar mark. that was a really big deal. it happened right after the opening bell. dennis: thank you. tracy: may i add, nicole looks stunning. any sign of when the tapering will begin. some saying it could march or way later. peter barnes in d.c. with the details. peter: don't i look stunning as well usher mark. tracy: absolutely. [laughter] peter: looks like they may get it for a while longer. more economists now forecasting the taper.
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one problem is the data, delayed and damaged. it will finally release the jobs report for september next tuesday, 2.5 weeks late. the cpi inflation reports have been delayed as well. the shutdown will also affect the accuracy of these statistics for month to calm. the repercussions will continue for at least seven months because of the delay and data collection during the shut down. as a result, richard fisher, told the "wall street journal" for those that really look at the data, it will be basically delay thought of changing
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course." in the real economy, households that rely on payments from the government may take more precautionary action to insulate themselves from potential future disruptions. a delay of said tapering into 2014 would seem likely. dennis: in october, it did not taper because of all the static coming up. now we will have another crisis by mid- january. >> easy money forever. no, not forever.
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i certainly agree with you. we think the fed had singled tapering. i think bernanke solve the dysfunction in washington. i think he had a pulse on this market. now that we know in 90 days we will have the same fight again, i do not see why he would change course between now and year-end. you can expect it to be ugly again. tracy: you have to be in this market it it is going up. where do you see the s&p at the end of the year? >> a little bit higher. corporate is continuing to build their balance sheets we think
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that the market goes higher. this cannot go forever. dennis: i am still saying now 16,000 by year end. tracy: that is not much of a reach, by the way. dennis: it is one week of government shutdowns. you are saying a full half of a point has been lost by two weeks. what about the private economy?
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they did not have the numbers. we keep pushing the envelope a little further. ike the hiring will slow. dennis: consumer spending was up. tracy: i think that the consumer is set up. almost to the point where they are ignoring the government. >> they did not believe that washington would not find a last-second deal. part of that is, if the fed stays on course, this is a market to buy. mortgage refinancing almost this continued. vivid is really betting on the fed. today, the fed stays of course.
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dennis: nicely done. new numbers show that of the 209,000 users registering on monday and tuesday, only about a quarter actually finished the process. the government has had three years to get ready for this. they have totally blown it. >> it is very complicated. you have to connect multiple government agencies to share data. then you have to connect with companies across america. this is very complicated. i know you have kids. i have a couple little ones. when i brought them home for the first time, there were glitches. four years later, the kids are fine. it is amazing what we will
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tolerate. we tolerate even the most mundane things. despite how difficult it is, you told me in the green room that there is simply no excuse for what is going here. >> clearly, we need to do the best possible job that we can. clearly, are putting a lot of effort into fixing this. we need to get these things right. at the same time, we have to give it a little bit of time. dennis: you figure all of these laws, they can get fixed in just a few weeks. this computer stuff is hard. >> it is difficult. it is technical.
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dennis: you help small businesses figure out obamacare. how much of the problem with these goods is simply that, oh, you know, there are technical problems. >> first of all, let's not forget the fact that the vast majority of people that sign up on the exchanges will get subsidies. i wish that this was working smoothly. if you have a family and you are bound to get healthcare at 80% off, you will come back and get that insurance.
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if you are advising the white house right now, what are two or three key things that they need to do to fix this. >> be humble. admit your faults. i think you are seeing more commentary. the second thing is they need to make sure that everyone is coordinated. dennis: thank you very much being with us today. tracy: i thought he was fantastic. papa john's pizza feeling the heat. being investigated for what it pays its delivery men.
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the five charles payne will tell us where you ought to buy in. first, take a look at energy. ♪
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♪ tracy: look at howard dow 30 right now. every 15 minutes, we head down to the floor of the new york stock exchange. nicole petallides. nicole: it is such an exciting
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day for tech and google in particular. it is not too often that you see for places at $1000.63 a share. google obviously has been a stellar performer this year. they cannot leave out facebook. also, netflix. it continues to try to boost the opportunities. we are seeing it up 51. the s&p 500 hit an all-time record high today. the nasdaq is also at records we have not seen since 2000. back to you. tracy: thank you. we will see you in a bit. ♪
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dennis: time to make money with charles payne. tech is which. there are some other things that make me feel better about the overall economy. i knew it would get kind of lost in the sauce. better for all of us. google is more of a singular story. when you start to talk about this company, they have climate, they moved things around the economy. also, they are a global company.
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huge sales in europe. the volume was on in america, but up big in europe. forget about this. i think the longer term trend is encouraging. tracy: is the u.s. participating? tracy: nowhere near what it should be doing. the kind of strength and power we have as a country, 2.5% gdp growth is just not cutting it to
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be quite brand-new. speech. dennis: thank you very much, charles payne. former house speaker tom foley has died. he was 84 years old. his wife heather says the washington state democrat died at his home in the nations capital. regulation nation. the rent by owner industry is under attack. dennis: efforts to save a hollywood icon. how can you get involved. we will find out coming up. we will find out how the world currencies are for and against
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the u.s. dollar. we will be right back. ♪ it's a growing trend in business: do more with less with ss energy.hp is help. soon, the world's most intelligent servers, designed by hp, will give ups over twice the performance, using forty percent less energy. multiply that across over a thousand locations, and they'll provide the same benefit to the environment as over 60,000 trees. that's a trend we can all get behind.
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stick with innovation. stick with power. stick with technology. get the flexcare platinum. new from philips sonicare. ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that:
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you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it.
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♪ >> 24 minutes past the hour.
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i have your fox news minute. it has been a rough commute for workers in san francisco today. people took to the roads to get to work creating much higher traffic volume than usual. wildfires are burning and the australian state of new south wales. the number of visitors to the 15 chapel at the vatican may have to be limited as the new air purification system does not help to help pollution levels. the new system goes online by the end of the year. those are your news headlines on the fox business network. i am patty ann brown. back to tracy.
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tracy: better pizza, better ingredients. investigators want to know if papa john's are using deliveryman to deliver regular chores and paying them less than minimum wage. peyton manning recently some chains out in the denver area. dennis: let's talk fox biz all-star showdown. we started with eight stock pickers this summer battling head to head geared we are now down to the final twosome. they picked their stocks before all the turmoil. we have some green arrows, but
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barely. there is still time for robert to make a comeback. make sure tune in next friday at noon eastern to see which guy takes it home. regulation nation. the rent by owner. tracy: a fire in brazil. it has shown glimpses on the rise. we have the details ahead. take a look at some of these winners and losers on the s&p 500 as we head out to break. google up 12.7%. the dow is down three points. we will be right back. ♪ when we made our commitment to the gulf, bp had two big goals:
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help the gulf recover and learn from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new deepwater well cap and a state-of-the-art monitoring center, whe experts watch over all drilling activity twenty-four-seven. and we're sharing what we've learned, so we can all produce energy more safely. our commitment has never been stronger. trust your instincts to make the call. to treat my low testosterone, 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 not for use in women or anyone younger than 18 or men with prostate or breast cancer. women, especially those who are or who may become pregnant and children should avoid contact where axiron is applied
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as unexpected signs of puberty in children or changes in body hair or increased acne in women may occur. report these symptoms to your doctor. tell your doctor about all medical conditions and medications. serious side effects could include increased risk of prostate cancer; worsening prostate symptoms; decreased sperm count; ankle, feet or body swelling; enlarged or painful breasts; problems breathing while sleeping; and blood clots in the legs. common side effects include skin redness or irritation where applied, increased d blood cell count, headache, diarrhea, vomiting, and increase in psa. ask your doctor about the only underarm low t treatment, axiron.
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dennis: rent by owner sites under attack. the cofounder joins me next. checking in with i hg. a fire in brazil boosting sugar prices. details coming up. tracy: first, we do stocks now. nicole petallides. i am not even ready halloween. what are you talking about? nicole: let's talk about candy corn. they are easy and cheap. you have that entire holiday
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season. let's take a look at jcpenney. it is down 3%. jcpenney, not a good picture. they are still air pressure as they certainly try to do store within store concept. they have had management changes. then there is maze. we have seen jcpenney down this year. that, not moving too much. we have to keep an eye on these retailers. the big picture on the markets, the dow is down about seven points. the s&p hitting new all-time highs today. tracy: candy corn is my
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favorite. i.e. so much of it that i disgusted with it until the next year. dennis: landlords, hotels and now the new york state attorney general are criticizing users of these sides for what they say are unsavory practices. are they being unfairly targeted? we have the cofounder with us right now. thank you for being with us, carl. this is no small business. >> we operate in many companies.
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dennis: as an owner of an apartment rent out the bedroom to a visitor to new york and earn some money on the side for that. what are some of the key problems? is this just potted by local hotels i do not want the competition? >> these are second homes that have been in operation throughout the world. the idea of renting a back room is something that is more associated with competitors at the end be. dennis: continue wide law enforcement is coming at you.
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>> what we have found over time is that is an internet privacy issue. i like to separate the two. our customer list is our customer list. what we tend to do with subpoenas likely receive from the new york attorney general's office is to work with those municipalities so we can work with them. dennis: what problem do government officials have? >> i think the law in question that they are trying to enforce started when whole apartment buildings were being converted from family occupancy to short-term rentals. this law was designed to combat
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that. you have type of landlords rebranding their apartments. this is what they are concerned out. what will this do to the housing stock in their area? dennis: the problem is these people are competing with local industries. i am just wondering where the damage is being done to local consumers. >> i think that you have to separate the tax issue. there is no place in the united states that i am aware of that is not a taxable instance.
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the affordable housing is in another bucket and we do not want our apartment buildings converted into a legal hotels. speak if i want to rent out my room, i do not understand why government has to get involved. thank you very much. tracy: we have some twitter ipo headlines. nicole petallides has the details. nicole: hey, tracy. november 15. that day is not fully confirmed.
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the nyse is taking all precautions for investors to maybe worry that you may see a duplicate. they are offering weekend production testing on october 26. this is in preparation for the twitter ipo trading. you may remember that between the exchanges, sometimes there is a communication error between communications even. they say that it is great. let them do the testing. this certainly seems like a good
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start to do the production testing ahead of the ipo. tracy: that is great. if you. maybe everyone will wake up and continue doing their jobs again. dennis: will ravage the come back down to earth. tracy: the ceo of ih g. take a look at your ten year treasury. it is down one basis point the dow is up three points. we will be right back. ♪ we went out and asked people a simple question: how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone
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who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed much is the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪
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♪ nine i am ashley webster with your fox business brief. morgan stanley reporting higher income. an adjusted profit of $0.50 a share. revenue climbing to $8.1 billion. also topping the forecast. china's economy grew. that is the fastest growth rate of 2013.
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previous quarter growth of 7.5% with a decade low. general electric reporting a higher adjust profit. that is the very latest from the fox news network. giving you the power to prosper. ♪
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the ten consumer confidence is on the joe klein. we are joined now by i hg american president. we have to talk about how this s a fact being. >> we have the strongest summer we have ever had in the history of hotels.
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tracy: business is finally coming back. >> it is. we are showing some of the hotels right now. holiday inn, holiday inn express. you are at a good price point. >> our brands cover a wide variety. the bulk of our brand is in the mainstream category. tracy: you just had a little groundbreaking. tell us about it. >> we had a month ago.
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it is great to see what is happening just across the river here. tracy: speaking of business, you said that there are two big months that are really big for you. >> they are may and october. the u.s. travel association has estimated it in excess of $150 million a day. stuart: there are all these rules, taxes. is that affecting you at all sure mark. >> we are over 100 countries. the opportunity to continue to invest on the back of great demand generators and factors for our business, we find ways to get things done. tracy: what is coming up?
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>> we have a very robust pipeline. a very strong outlook in terms of this uncertain that you know, macro economic environment. tracy: do you not worry holiday travel? >> not worried about them. tracy: thank you for being here. >> thank you. my pleasure. dennis: let's head to the trading pits of the cme.
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>> two warehouses under fire. one fifth of the world's sugar goes through those ports. the concern that that fire could have spread could really take a dent in supply. this market will be way oversupplied. now, these types of situations are developing that are tightening supply. something very hot is going on in the sugar market. this can actually impact gasoline prices. sugar is used for ethanol. the high price of that could trickle down.
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it could happen this year. steve thank you very much. box office battle. though warner's sci-fi flick looks like could take the top spot for the third week in a row. first, "gravity" will have to be out "carries." "captain morgan -- make that "captain phillips" with tom hanks. the new york post says his the is looking at selling the eight tv stations that owns it.
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disney made out when everyone is buying. we have had four deals totaling $5.2 billion. disney may keep the av network without the station. abc can turn into a cable channel. tracy: i actually think is really smart. why would anyone want to buy a local tv station these days? the five some people think tv stations are going the way of newspapers. tracy: everyone is watching cable. many ghostbusters fans. the beloved car from the movie will actually be destroyed. they are fighting it.
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we will talk about it. dennis: i am glad we have the time to talk about it. ♪ ♪ [ 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-volume stocks... breaking into 52-week highs. six upcoming earnings plays... that recently gapped 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. ido more with less with buss energy.hp is help. with the mobile trader app. soon, the world's most intelligent servers, designed by hp, will give ups over twice the performance,
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using forty percent less energy. multiply that across over a thousand locations, and they'll provide the same benefit to the environment as over 60,000 trees. that's a trend we can all get behind.
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♪ dennis: fans of ghostbusters are a little bit afraid right now. one of the cars could be headed toward the scraps. >> this is one of those movie
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props that fans are just not letting go of easily. this makes us feel old. there are a lot of fans that will never forget this thing. this prop, obviously, is not going away. who can forget this ghost busting mobile. it is reportedly set to be scrapped after restoration project. it has sat on a sony pictures studio back lot and may soon be sold for scrap value. who are you going to call? you can call on the fans. local ghost buster followers are coming to rescue. they have started a petition and it's on a website.
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the petition currently has almost 6000 signatures. it needs a lot of work. it has gone through some rough times. it is an expensive project. it was ultimately struck by a vehicle leaving car with a broken windshield.
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tracy: i wish i had that kind of time. dennis: names like google, amazon soaring. the tent coming home to roost in puerto rico. dennis: if you think that is scary, how about. a sequel. rolling your way soon. details coming up. ♪
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thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best expeences below... to the finest comforts above. we're not simply saluting history... we're making it.
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stick with innovation. stick with power. stick with technology. get the flexcare platinum. new from philips sonicare. your financial advisor should focus on your long-term goals, not their short-term agenda. [ woman ] if you have the nerve to believe that cookie cutters should be for cookies, not your investment strategy. if you believe in the sheer brilliance of a simple explanation. [ male announcer ] join the nearly 7 million investors who think like you do: face time and think time make a difference. join us. [ male announcer ] at edward jones, it's how we make sense of investing. adam: i am adam shapiro. lori: i am lori rothman. record-setting day for the s&p 500. a new intraday high. the bullish run is just getting started. lpl financials chief market
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strategist says what he sees markets rising 5% this year and 10% next. one concerns are growing over puerto rico's debt. before you say this doesn't matter to me, oh, yes it does. but maybe a case of wolf in sheep clothing. lori: and buying stock in a professional athlete. 27-year-old houston texans running back arian foster may soon be up sale. adam: making your money back in 30 weeks. the producer of tony award-winning musical joins us this hour with how they did that. but first, a check of the market. nicole petallides on the floor of the new york stock exchange. the s&p hitting new record highs. nicole: it really is great. everybody's making money with the 401(k) and ira.

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