criteria to file chapter 9 bankruptcy? working out 400 troubled debt financing more than 35 different states. he will tell us who has the upper hand. lori: president obama were to contain the political damages and the public outrage over the problem playing online health exchanges. recruiting super bowl champs to promote those health exchanges. your taxpayer dollars are going to the baltimore ravens to help get the word out. adam: the apple of t-mobile's eye. a boom for the wireless carrier. t-mobile the only one of the four carriers to provide a data plan for free. the ceo will join us and tell us why in an interview you will see first on fox business. lori: we all know to back up our files online but what about historic landmarks?

the husband and wife team, the world making digital copies of the famous structures and valuable places and historic sites all using 3d laser scanners. the latest and greatest technology. a busy hour. check in with nicole. stock taking a breather today. nicole: we are. we have seen the s&p 500 setting for straight records in a row. the dow pull them back a loss of a half of 1%. the s&p 500 sitting at nine. taking our cues from abroad which saw some weakness abroad. a mixed bag of earnings as well. i wanted to get to boeing and caterpillar. two very different stories. boeing soaring to new record highs up over 4%. after they posted their number 16 straight earnings, raise the full-year earnings guidance.

on the other side of the claim, caterpillar shares are under pressure and cautious outlook for caterpillar laying on the dow jones industrial. lori: thank you. adam: a critical hearing underway to determine if detroit is eligible for the nation's largest ever municipal bankruptcy. going head-to-head against detroit's creditors fighting for bankruptcy, which he calls the city's only way out. even if he gets his way, what is the chance the city will file for chapter 9? partner at the law firm, and author of municipalities in distress. thank you for joining us because this is an issue while the attention is on detroit, this is an issue that will spread from detroit, you are in chicago joining us, it will be illinois perhaps next. right? >> i am glad to be here.

i think the issue of detroit is an issue in which we must really kind of realized principalities in a downturn always have problems. detroit unfortunately have had problems over decades. one of the issues they face if you don't invest in services, you lose population, you lose business, you lose revenue. and that is vital. adam: lets make it in a way i can understand. the constitution in michigan according to creditors requires detroit never to cut pensions and to pay its obligations to retirees. saying we have no money. at the end of the day a piece of paper, the constitution or a city with no money. who wins? >> i think ultimately hopefully the municipality wins. it can only pay what it has fundus to pay.

it is the best interest of the workers, terry's and the creditors that you are sustainable and affordable, you pay what you can pay. one of the bigger problems is of one creditors as i get everything, everybody else gets nothing, it will lead to the demise of the municipality. they need to recognize there needs to be a compromise or an adjustment that helps the municipality reinvests in infrastructures, as to increase business and opportunities starting to move in. adam: chapter nine really gives leverage to finally negotiate with the unions and the pensions and so you are going to take a cut. the key is the rest of the state that are in turmoil. the federal law supersedes state law, because edition in michigan

clears away for illinois illinois to deal with its horrendous worst in the state problem. correct? speak of the state cannot going chapter nine, only municipalities. the issue is still the same. we need an oar-else. things can get a lot worse. better than to be in more than can be paid and find out we all get far less. adam: of the judge rules in favor of kevin or, you can go to the creditors and so you better do a deal with me or else. i would assume the borrowing cost for detroit goes up as they tried to refinance their debt. invisible bonds, the interest rate i'm invisible bonds may be more expensive. wouldn't that be a more logical outcome? >> there are consequences to actions.

the reason, which all had financial problems and distress, chose to refinance and restructure their debt outside of chapter nine was because they didn't want to lose the ability to have access to the market at a low cost. the state help them and they did it. adam: didn't they give it back up to the dead? >> first they asked and president ford said no. they help with a recovery plan and the federal government came in and added to it and helped the success. adam: we can have much more of a discussion for this. i really appreciate you joining us on this. it is not going away anytime soon. >> thank you, adam. my pleasure. lori: detectives heading to the white house to discuss major issues plaguing the rollout of obamacare. rich edson with the latest.

rich: secretary kathleen sebelius will be on hand to meet with the health care executives. she is also traveling to phoenix arizona on saturday to tour a call center and meet with community leaders. that is what the white house is saying. she is not capital him act as final capitol hill to discuss the problems with it. >> repeatedly they were told by numerous the ministry of officials don't worry, everything is fine. we have it under control. now that is simply not the case. >> i will not have this be something that undermines what this administration is for the american people. rich: republicans will talk with a number of the contractors who were paid to set up this website. we are told by the administration kathleen sebelius will be available to testify before congress next week.

back you're at the white house another daily briefing for the press secretary. pretty rough going all focused on obamacare's market place website. lori: thank you so much. so the white house using all kinds of ways to push its health care reform plan. they are even using ads like this to target younger americans. check it out. in the twitter sphere it is being dubbed brobamacare. clearly they need younger ads to work. gerri: i'm hearing from a ton of people. people are calling us, people are nervous and worried. paying less attention to ads like those in more attention to the fact i cannot sign on. i know a deadline is coming. how much is the fine? some people are complaining about the equity in the system, younger people are supposed to be sponsoring older people.

but i have to tell you the main thing i get it right now from people who are trying to interact with this website is fear, anger, worry. adam: when people get upset, it is like when you're in somebody's space and up against their face and you are changing the way millions of americans that had health insurance. i don't think anybody agrees with the uninsured need help, but those who have had feel they are in jeopardy. gerri: i'm hearing from those people who have had their policy canceled outright. i'm getting e-mails from men 65 to say i don't need pregnancy benefits, why does my policy have to have this? and i'm hearing from young people who are worried, did not expect it to be this expensive. i am getting online and it will cost me a time to get coverage. lori: what was that?

the baltimore ravens. now it is jogging my memory. they have accepted an offer of a couple hundred thousand dollars to actually push and promote obamacare. the league says absolutely not, we will not get involved in politics. gerri: i have no idea they talk people into signing up for obamacare. this makes no sense to me. this is like a ham-fisted efforts to push the program down people's throats. this administration is many things. a marketer is not one of them. adam: you bring of the fact of young people supporting older people. they need 2 million young people to sign-up and by insurance. 35,000 total at this point? gerri: i was asked what is the good news? the one bit of good news they may share with the president today, that is not many people are signing up.

that is good news because they are not getting good information out of the system. they look at these reports that come out of the system telling us who is signing up, what are they signing up for. they have the kids signed up as spouses. none of it makes sense, so they're having to go through item by item, report by report, and if they are inundated by hundreds of thousands of forms, they wouldn't be able to keep up. lori: it is going to implode on its own. thank you. adam: thank you. lori: tune in monday. she will open a phone line to talk about obamacare live at 6:00 and 9:00 eastern. adam: we are going to switch to a different kind of phone call. t-mobile's plac push to be a top wireless provider. the stock is up 60% since it started trading in may.

talks about a possible deal with sprint. lori: the second social media outage. the latest on linkedin troubles. adam: craving cranberries? the harvest hitting its peak ahead of the prime thanksgiving season. when we made our commitment to the gulf, bp had two big goals:

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lori: huge run as of late in the equity market. let's head back to the floor of the new york stock exchange and check in with nicole petallides watching some technology movers. nicole: we are going to a look at netflix and linkedin. see how they are faring on a day the major market averages have down arrows. netflix up 1.4%. yesterday hit a new high of 389 and change, today pulling back as we heard carl icahn sold off his stake in the company. his son said it was a better investment than in blockbuster back in 2004. keeping a ke keen eye on lookint

mobile. accounting for 50% of the members for next year. they did actually have linkedin website issues earlier. they did tell fbn they are working on the problem. the problem you may not have known about, they have already fixed it. watching linkedin up 109% this year. a momentum stock. lori: what we don't know doesn't hurt us, essentially. adam: the nation's number four carrier is about to become number one. as in the first to offer free data on the new ipad. joining us a first on fox business is john ledger, ceo and president. you're going to give people even if you ar are not a t-mobile

customer, 200 megabits for free. that is like 200 minutes of streaming music, 800 photos. that is a pretty good plan. >> what we are doing is unleashing tablets. this is part two. it is about solving pain points. there has been about 115 million tablets sold, 100 million are in use. 90% of those are without a data plan. that is because people are petrified they are going to face huge bills, very expensive prices, restrictive contracts so what we announced today is great for everybody. $0 down. this beautiful ipad air.

zero down, very long prices. 200 megabits of free data per month for life. very simply, which is different, very easy, $5 for additional data. adam: i have to interrupt you. you are trying to get market share. up year to date. you are doing this correctly. number four carrier in the country. sprint's number three. >> so far. adam: so far. wouldn't this be an ideal time to not only capture the market but joined sprint? your cfo said a month ago the logical ultimate combination is for you to join forces with sprint. >> first of all, since we launched in april, we are the number one provider of smart phones or devices in the u.s.,

that is more than verizon, sprint and at&t combined. this is to continue that growth. to your point, what he talked about that we feel is ultimately consolidation in the industry is inevitable. it is a matter of when as opposed to if. right now what our game is is to continue to grow. shareholders are doing well. adam: have you made the phone call? what kind of discussions are going on? >> what i said is consolidation is if, not when. i did not say sprint. there are lot of other entrances. who knew about softbank. adam: the government would not let at&t join with you. they want there to be a players.

right now you have a duopoly. >> i think as i said we gained more postpaid customers than all of them combined so we're in a position of strength. as you said, who knows who's out there, wher who are the playerso can play. it is a scale game. we want to look at ways to grow ourselves, become very strong, provided shareholder value. if there is a way to scale together good for customers, we are interested. adam: if the phone were to rank, you would take the call, wouldn't you? >> if the phone rings and it is a customer i will answer it and sell them a tablet. obviously i have an obligation to shareholders to listen to anything in the best interest to them and that is my job, i would do it. adam: 200 megabits of free data when you get the new tablets, the new ipad.

congratulations, thank you for joining us first on fox. lori: fedex forecast for cyber monday next. adam: the great wall of china. the taj mahal. all in need of saving. the team trying to duplicate the one-of-a-kind landmarks. [ male announcer ] sheets or bar? how do you get your bounce?

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>> 25 minutes past the hour, this is your fox news minutes. the irs saying the government shutdown could lead to a delay in processing tax refunds. the agency says it won't begin processing returns until late january, possibly even early february. that could get pushed back even further should budget negotiations fall through again by the end of the year. fedex expecting record shipments on december 2 also known as cyber monday. delivering 22 million packages. that would be an 11% increase over the company's busiest day last year. preparations underway for the 2013 world series. the first game kicks off tonight

in boston. the st. louis cardinals taking on the boston red sox. you can also watch all the action live tonight at 8:00 p.m. eastern time on your local fox station. get you back now to lori. lori: my dodgers are done, so what do i have to lose? thank you, we will see you soon. this is cool now from pompeii to mount rushmore. making it their life's work to make most historical landmarks. the founding directors, we welcome them now from london. to you first. actually short for cyber archives, so what are you watching to get these historical sites? >> we are using 3d scanning

systems, high tech photography, using of the technology to digitally capture. lori: what inspired you both to come up with this idea? >> we ran a technology company in the '90s. when we sold the company, they had loan up landmarks. if we did not do something with that technology developed for the commercial world, when would be a better time? we decided to see if it could be applied. lori: who is going to get to learn from them? >> basically first and foremost these are equivalent to the 2d blueprints from the 3d laser scanning we produce blueprints

for conservators and site managers the wonderful heritage site. they can use them to reconstruct it. that is one use. going to the public and create from it a virtual tour for tourism, cultural tourism to create lesson plans and ipad or iphone apps for educational purposes as well as armchair adventurers. lori: so, scotland from what i understand was the first nation to invest. paying for five sites to be digitally stored, five internationally including mount

rushmore in the united states. who are the other major investors? are the individuals? can you give me an idea of who else is involved in your project? >> there are many governments who rely on us to help them with the digital documentation it took to produce media for preservation services. the world monuments fund who has invested heavily. i use a word invested in terms of helping us go out to places like babylon in iraq to digitally preserve some of the very important monuments, buildings. as well as mexico. and then there are individuals who have been very generous in

giving us a grant so we can go out to the government's or the owners who do not have the appropriate funding that would allow them this work to be done. lori: my final question, is there interest or have you discussed going into some of these unfriendly territory's? the value of the pyramids in egypt, dealing with such unrest, these are such wonderful landmarks, historical archaeological sites that are in jeopardy right now. >> they are in jeopardy, it is a very major concern of ours. we have had a team that went to baghdad, it did some work at babylon. as you can imagine, it was a project that was difficult to execute, but these are important things to do. if we can get our teams and

partners in there safely, it is something we certainly consider important. >> we have corporate sponsors who have been extremely helpful to us such as autodesk and auto mountain to help us with the technology and archiving. lori: best of luck to you. look forward to more of these digital preservation's. thanks again. >> thank you very much. adam: breaking news an on what e president has called the unacceptable technical problems with obamacare. the white house says health and human services all start daily briefings for journalists over the obamacare unacceptable technical problems. those briefings will start tomorrow. you heard the president talking about bringing in the best and brightest in the technical world to do that and the means are

putting out why didn't you hire the best and brightest in the first place to get this thing up and running? lori: closing at a record high for the fourth straight session yesterday. adam: our next guest is taking a long-term approach. why ignoring equities is the wrong take right now. ♪ 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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adam: time to check stocks again. we'll head to the floor of the new york stock exchange. nicole petallides is there and corning is a big winner, right? >> it really is. it is moving to new highs we vane seen in a couple of years for corning. we are seeing the stock, take a look, up 13%. it hit a high today of 18.07. a big move there. we're talking about a deal, joint venture between corning

and samsung. samsung buying $2.3 billion stake in corning and also you have corning as part of this deal buying samsung displays for a joint venture on lcds. corning is known for gorilla glass used in a lot of devices like the samsung galaxy and nokia loom minute yaw. this will give them product control as well but great for corning as it moves to new highs. adam: thanks very much, nicole. lori. lori: with the run-up we've seen our next guest says equities are the place to be for the next four years. here is the long-term outlook brian jacobsen, chief investment strategist at wells fargo. welcome to you. what is your investor advice right now. >> a lot of investors are probably worried whether or not the market got ahead of itself here after somewhat of a relief rally as a result of the debt ceiling deal that got done recently and i think the market is fading a little bit today

perhaps in anticipation of a little downgrade to analyst forecasts for fourth quarter earnings but over the longer term i would expect we'll see significant gains in the s&p 500. u.s. stocks i really think over the long term are the place to be right now. lori: so what is your 2,000, let's call it 14 year-end forecast? what is the price target for the s&p? let's nail it down, why don't we? >> for the s&p 500 at the end of 2014 i'm anticipating we'll be close to about 2,000 on the s&p. so that is a very decent gain from here. i have to warn you it might be a little choppy going between now and perhaps union but i think that we'll actually see corporate profits continuing to be resilient and as people begin to accept that we're in an economic recovery and not dip being into a recession, that should restore some investor confidence so that people begin to pay up a little bit more for those corporate earnings. lori: i think investors have gotten comfortable with volatility given the last couple of years here so what is your more near term advice then?

today the market is down a little bit as you point out but you see strength ahead in the underlying fundamentals supporting that. of course you have the fed still bullish for the stock market these days continues to look like, so would you be buying in on a day like today. >> a day like today we would be buying in but i would be careful where you buy in on a day like this. some of the names, there is a lot of dispersion shun and there are a lost winners and a lot of losers so there could be a big gap between the two. on a day like this i think it makes sense to reposition our part foal. take some of the gains and invest in some losers you have a long-term conviction in. i would expect we'll see a little more downward draft in the markets over the course of the next month as expectations of fourth quarter earnings come down a little bit. lori: are you rotating sector to sector or asset size? how does it work for you? or a little bit of both? >> it is actually a little bit of both. i think the way i'm approaching

it here taking a little off the top in terms of large cap, looking more at the mid-cap stocks because those tend to sucher from the middle child syndrome where people tend to overlook them a little bit and i think that is where some of the valuation opportunities might be. looking into say, energy, information technology and industrials. those are my three favorite sectors but i would also encourage to people look globally. europe presents some tremendous valuation opportunities and so do a lot of the emerging markets. >> that is great advice for us, brian but back here in the u.s. curious when you think about technology? seen apple come down a couple hundred bucks a share. got the new ipad announcements yesterday and also the financials, a lot of news not so great on financials specifically with jpmorgan with the big fine they're likely about to pay. >> correct. and so as far as with technology i actually think within the technology space you have to differentiate those that are more consumer discretionary stocks and those are more business-to-business type stocks and i spend more on the

business-to-business side i really like in the technology. they aren't necessarily subject to whims and fancies of the consumer. now as far as on the financials that is one of the areas i've been recommending people to underweight in their portfolios because what i think is a very unfavorable regulatory environment. there are likely to be banks and other financial services firms that do quite well in 24 environment but if you're just looking broadly speaking i think effectively the government might be trying to turn them more into utilities as opposed to large profit-making ventures. lori: appreciate your analysis. really clear. you do your homework, brian. thank you so much for joining us. >> thank you. adam: speaking of doing your homework and charlie gasparino does that every day. jpmorgan is getting closer to settling. fox business senior correspondent charlie gasparino is here next with the very latest details. lori: it is a car dealership. which color is it? take a guess. we'll tell you what the rest of the world thinks next. ♪

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try align. it's the number one ge recommended probiotic that helps maintain digestive balance. ♪ stay in the groove with align. >> i'm jo ling kent with your fox business brief. stocks continue to trade lower as investors react to disappointing quarterly earnings from caterpillar and a number of chip-makers. checking the dow industrials right now we're down about 75.5 points. shares of us airways are down nearly 2% after the airline said third quarter net profit fell from last year as it set more money aside from taxes.

excluding one-time items, us airways earned $1.11 a share, four cents above the estimate. revenue of 3.6 billion also topped the forecast. us airways is trying to emerge with american airlines. shares of safeway are rallying on a report that a handful of buyout firms including cerberus capital management are exploring a deal for all or part of the supermarket chain. it could lead to one of the largest leveraged buyouts since the financial crisis. that is the latest from fox business, giving you the power to prosper.

lori: with a record amount of money flowing out of jpmorgan because of litigation costs are key jobs now in danger? here is charlie with the very latest on saga of jpmorgan. >> yesterday we had tom gorman, fairly prominent lawyer who basically said this, jobs might be on the line but from what we

understand jamie dimon is telling people no major jobs are on the line. steve cutler --, adam -- adam: making a face. >> adam is giving me a face and you're right give me that face and here's why. when you enter into this 13 billion-dollar settlement stuff going down, i never seen a situation, the point i was making with mr. gorman, i never seen where there wasn't a structural change in terms of management. either the ceo giving up something or half his job, general counsel resigning, something structural is going to happen. this is what we're getting and what jamie dimon is specifically ceo of jpmorgan chase is specifically saying that he has no major management changes planned. and this is the key thing, he says, he is telling people he still has full confidence in steve cohen. i can tell you there is lots of speculation that cutler may step down. i've been hearing that from people, other lawyers at other firms. people talking about this left and right. from what i understand, there is, if he steps down, it is steve cutler saying, i want out

because i made my money. got them through this thing. you know, i want out. from what i understand, dimon is telling people he still has confidence in cutler. here is something interesting. dimon believes, same sources are telling us, sources inside the bank, that the people responsible for the regulatory lapses that leading to this settlement i could be announced today. lori: there was talk we could hear sooner rather than later. >> there is good chance it will be friday. lori: news dump kind of situation. >> who knows. complicated thing. lots of moving parts. they have language they have to agree on because that is key. what exactly jpmorgan is agreeing to that they did wrong. he really believes, dimon, that the people responsible for the regulatory lapses have left. there has been a lot of people that have left jpmorgan. i think, read a laundry list of people who left there in the last year. i thinks those are the people responsible, not the people there. at least that is what he is telling people.

adam i think was right to give me the face because here's the thing. there never has been a time when i've seen something like this. i haven't seen something of this magnitude for a long time. lori: do you think this ripple into the bonus season for jpmorgan? come into the fourth quarter. >> it will have to. this deal is half a year's earnings. lori: half the cost of the u.s. shutdown you point out. >> a lot of money here. some is not pure money. it is like savings, you have to still pay for it, giving homeowners some concessions stuff like that. there was an interesting report. remember what the justice department is doing here, this is what we're talking about yesterday, taking the penalty and the penalty will not be as large, what is known as penalty but concessions and other stuff, whatever they're describing as disgorgement, that will be gger. penay will be smaller because they don't want to penalize them for the bear stearns thing based on reporting we did, how unfair that is, bear stearns and wamu purchase, faulty mortgages

related to that. because of that, and here is the irony of this move, you can take tax deduction on other stuff. reuters story made a good point the bill will be lower because of those tax deductions. there will be a $9 billion charge in the end rather than full 13, even if you pay 13 billion up front. so that's where we are right now. lori: thanks for unpacking that for us. >> it's a daily grind this story. i don't think it will happen today. i hear it will not happen today. maybe tomorrow. more likely friday. lori: charlie gasparino. adam: thank you, charlie. we have breaking news about the two p.m. meeting at the white house between the president, administration officials and health insurance ceos and our rich edson has got a list who is going ceos from a, healthnet, care first, well., kaiser permanente and dependent health care services corporation. what is groucho marx comment, i would never join a club that would accept me. here is a club meeting the president.

he will get an earful what he called unacceptable problems. >> any internet people? don't they need one of those guys to set up website? adam: they called in best and brightest since they didn't do that when they built this thing. you would have think this done that. >> i would convene committee of smartest people who know how to put together websites. adam: in 2011. not now. lori: there were hardly any people added in information technology jobs. adam: i have to get back to the floor of the new york stock exchange. >> uh-oh. adam: jonathan corpina joining us right now to talk about stocks and how things are going. always good to see you, jonathan. earlier we saw the transports resurging. is that still the case? >> seems the market stalled where we are right now. let's not get too panicky that we're seeing red on the screens today. the market had a good run considering all the factors. what is going on in d.c. economic data delayed that turned our week backwards and forwards and earnings season. what we're seeing on the market

should be viewed as positive. this is healthy step in the market. we still have a long week ahead with earnings that will continue to propel our market to the upside. adam: jonathan, thanks very much for joining us. >> always a pleasure. thank you. lori: silver the rein of the world favorite color is over. white taking top spot ppg says maker of automotive paint. silver and black tied for second, 18%. oddly enough ppg's apple use of white on iphones and it pad led to a surge in popularity. i love white. but i think it is feminine color for cars. adam: no. >> not necessarily. adam: not at all. beautiful color. problem keeping it clean. lori: i was going to say. adam: you can write your name on it every day in the dust and grit and soil. not good. cranberry crash crop, a record breaking season for this year's harvest. lori: jeff flock in the heart of it all in wisconsin or we're off to wisconsin next. when we made our commitment to the gulf, bp had two big goals:

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.

adam: we have breaking news that will upset a lot of people with our ally in germany. germany's angela merkel is calling president obama after receiving information that her mobile phone has been monitored by the united states. now this is being reported by "the wall street journal", dow jones news information. so merkel told obama, if such monitoring actually took place, it would be and this is a quote, completely unacceptable. german government spokesperson issued that statement within the last 20 minutes. lori? lori: looks like angela merkel and the president, president obama, did discuss this alleged tapping today according to a german spokesman. >> it will be interesting if it has legs. if it is accurate it will be

fence-mending with an ally. lori: you said it. we'll talk about cranberries. how about this for a segue. cranberries are a cash crop for state of wisconsin and season's harvest is looking like a record-breaker. jeff flock is live. jeff. >> this is special one. take a look at this. this is cranberry sort at haberman brothers. they make sure no rotten cranberries get into the bin. ray, you have such a tremendous crop this year really driving down prices. >> unfortunately there are a few too many cranberries out there. we need people to eat more. great tasting fruit and health benefits are numerous. >> look at statistics, u.s. by far the largest cranberry producer in the world. about 78% it what it comes down to and you just, going crazy this year. >> we're growing crazy. we have a lot of good quality cranberries. we're packing as fast as we can. getting into the busy season

right before thanks giveing. >> love the harvest. love to watch a harvest. big year for corn, soybeans and, cranberries, lori. lori: so healthy. jeff, thank you. adam: motown to grow town on the first day of detroit's bankruptcy trial. the president of a company that wants to turn the motor city's urban blight into tree farms. speaking of growing things. a first ever "gallup poll" showing majority of americans favor legalizing, our twitter question, should marijuana be legal and heavily taxed? tweet us. tracy byrnes and ashley webster up next. 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.

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tracy: good afternoon, i'm tracy byrnes. >> i'm ashley webster. mo town to grow town? first day of detroit's bankruptcy trial, we have the president of a company ho wants to turn the motor city's urban blight into tree farms. tracy: speaking of growing things, marijuana happens to be

high on our agenda with the first "gallup poll" ever showing majority of americans favor legalizing it. should pot be legal and heavily taxed? tweet us your response and we'll post them. ashley: we're live at the white house where the obama administration just gave in and said they will hold briefings every day on this health care mess. with reaction to late reports that the german chancellor's cell phone may have been monitored. we'll have the very latest. tracy: it is high time. in your tech minute is it free it's for me? that is the standard saying. apple's newest strategy of giving away software we'll see if it works to fend off competition with later in "markets now." dow is off0 points. we have to go down to the floor of the new york stock exchange. what is happened, nicole? >> after gains and records we set on the s&p 500 several days as well we're pulling back a

little bit taking cues from abroad if particular and say seeing major averages. s&p down half a percent much like the dow which is down a half a percent losing 70 points at 15,396. one name doing well in the dow would be a name like boeing. on the other hand we're watching a name like caterpillar which is giving a cautious outlook. with that we're seeing caterpillar weighing on the dow and shaving off over 30 points. that is a name we're watching closely. we've seen key names we're following. names like panera and tesla that are under pressure as well as coach and others moving higher, would include corning. a lot of stocks going on as well as earnings east season. back to you. ashley: nicole, thank you very much. detroit's bankruptcy trial getting you know way this morning and people gathering outside the courthouse to protest possible cuts to their pensions but one company is willing to invest millions of dollars in the city using vacant land as tree farms, all the while making a distressed

neighborhood looking more desirable to live in. interesting stuff. joining me the president, mike score. mike, i'm having a hard time visualizing detroit's east side as a forest. exactly what is going on here? >> over the years the city of detroit acquired several square miles of property through tax foreclosure and they don't have a budget to form maintenance on the property. so it is gone downhill over the decades and we're making an investment to make neighborhoods more liveable and recover our costs over time by managing the farm, the property as a tree farm. ashley: so you are buying 1500 lots for just over half a million dollars. that comes in at about just% under what, $350 per lot. what do you have to do? do you have to demolish some existing buildings on that ground? i'm sure the cost of clearing it out is not going to be cheap? >> it is not cheap. our agreement with the city involves purchasing the

property, removing brush growing in the alleyways. picking up garbage that has been dumped on empty lots over the years and tearing down at least 50 dangerous structures n the first 15 years we'll plant 15,000 trees to begin with. we'll plant out rest of property over time and based on needs and interests of our neighbors. ashley: how does this help the people of detroit, especially those in the disadvantaged neighborhoods? >> the property has declined in value because so much public property is not maintained. by putting the property back into the private sector what we'll be paying taxes and performing good maintenance practices on the property, it will make neighborhoods cleaner and safer. it will improve property values of remaining residents and it will strengthen the city's tax base so over time city services can improve.

>> we negotiated over a five-year period and at that was open and transparent and people weighed in. they shared perspective with city council. in the end city council approved agreement because we'll be investing in demolishing dangerous structures and removing brush from landscape and on going maintenance costs of the property over time. so the price is more substantial than the simple purchase price. ashley: mike you were born in detroit. you graduated from mesh -- michigan state. this city is obviously very close to your heart. are you very saddened what you have seen happened to this city? today we have the bankruptcy trial getting you know way today. give me thoughts as someone who comes from detroit. >> it is my hometown, like most detroiters an eternal optimist. we believe the detroit lions will win the super bowl every year even though they haven't. we're resilient people. i'm not saddened.

i see it as period of transition. i believe there are good leaders within the city and within the economy and working together, public and private sector can put together a good plan for the future. ashley: mike, i guess the question, how do tree farms bring investment and business back to detroit? >> it is a landmark investment. it will become a permanent feature of detroit's landscape. it is bold and innovative. it attracted a lot of attention around the world. people come to see how we're going to replace blight with beauty and our farm becomes a platform for more than just production. it's also a platform for tourism, education and other types of business development. so it will be a new type of center within detroit's economy. i think people will come to see that and see how it functions. ashley: we wish you the very best for the project. >> thank you. ashley: and for detroit as a whole. mike score, thanks so much for joining us. >> my pleasure. tracy: breaking news for you. "the wall street journal" reporting that german chancellor angela merkel called president obama after getting information

that the u.s. might have been monitoring her mobile phone. rich edson is at the white house with the latest and the craziest details on this. rich, what's going on? >> awful lot going on at the white house this afternoon. this amid all the allegations about the u.s. domestic spying program, international concerns about that. that report coming from "the wall street journal" and others saying that the united states is tapping the personal cell phone of angela merkel, the german chancellor. the white house just addressed it. >> president obama and changes lore merkel spoke by telephone regarding the allegations that you mentioned, that the u.s. national security agency intercepted communications from the german chancellor. i can tell you that the president assured the president that the united states is not monitoring and will not monitor the communications of chancellor. the united states greatly values our close cooperation with germany on a broad range of shared security challenges. >> white house daily briefing is still ongoing. most of the questions have to do

with the health care law and the props with the health care website. a number of nation's top insurance executives, health insurance executives just arrived. you see honor guard behind me. they're not there for the executives. they are here for the visitation of the prime minister of pakistan but ceos from aetna, humana, healthnet, care first, blue cross-blue shield of florida, wellpoint, kaiser permanente. some largest insurers are here. they're meeting with hhs secretary kathleen sebelius discussing problems with the website. they need the websites working and the exchange working to make sure they get all the customers, young, healthy folks to pay all the premiums so health insurance premiums don't skyrocket for everybody else. that is continuing ongoing challenge. one note the press briefing mentioned jay carney beginning tomorrow there will be daily updates from the administration on the progress that they're making or not making on the website. information has been lacking from the white house as to exactly what is wrong with this, how many people have signed up

through the marketplace and online exchanges. so we've been asking every day for more information. haven't been getting all that much of it. now the white house is promising daily briefings to reporters on this. back to you. tracy: you're right, busy, busy stuff going on at the white house. rich edson, thank you very much. that angela merkel thing was, icing on the cake. ashley: who was listening in to that conversation between merkel and obama? someone was i'm sure. we want to hear from you. tweet us. should marijuana be legal and -@taxed heavily? a "gallup poll" showing for the very first time a majority of americans favor legalizing pot. we'll talk to an advocate ahead. tracy: a billion here, 6 billion there, who knows. jpmorgan chase's ceo jamie dimon closing in on another multibillion-dollar settlement. liz macdonald is ahead with her bottom line on it all. ashley: netflix shares defying all logic and going even higher. dennis kneale will be here with a note of caution. tracy: good news for you or me

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axiron. tracy: that time of day. we've got to make some money. charles payne is here. this hour he will add a homebuilder and mortgage finance company to your portfolio. really now? >> yeah. you know what i like, wall street is hating homebuilders. i love it! that's good. hate it, hate it! today homebuilders look interesting. the whole housing universe looks compelling today. here is a company that has beaten the street last four quarters pretty big. june came in with earnings 500% above the estimate. people are focusing in on rates which peaked at 30-year fixed of 4.5. they're down to 4.28. they will not do anything until the first quarter of next year. maybe not even then, you know what i mean? valuation metrics of pe of 11. price to sales, one, two times book. but what i like in all the

regions they sell the homes they're in sort of the sweet spot. texas is their most expensive market where the houses are. no, actually the west, arizona and california. ashley: right. >> nevertheless new orders are up significantly. they blew them away every way. cancellation rates were 14% from 20%. their margins are expanding. what i love they have a lot of lots. tracy: that is big rise. you're getting in this here? >> i'm getting in here. one year and five-year charts on some of these things because back in july of 2005 this was an $80 stock. right now looking for the next leg to take it to 45. a breakout from there to make the stock go parabolic. i like it. ashley: you're optimistic on the building industry as a whole. it's a little -- >> it is a little -- but i keep pointing out the existing home sales last time out only 28% of first-time buyers. america is not taking the bait. watch gold and stocks. when they start trading in

tandem that might mean inflation is kicking in. the good part it expands assets and people get out there. some of the money they're printing that now goes to the fed and banks that should helping housing market. ashley: good stuff, thank you. >> we're all simpatico with the purple. tracy: it is bipartisan purple. >> never way it again. [laughter] ashley: just ruined charles's day. >> good to see you. ashley: coming up quarter past the hour. time to check the markets. nicole petallides down on the floor of nyse. watching corning, nicole. >> we're watching corning very closely. i'm taking this out of my ear because i hear myself. dow jones industrials we're watching corning and it hit a new high. this is on a joint deal they're doing with samsung. the deal is shares of corning are hitting high on the deal as we're watching that corning knew, with samsung, making a deal. this gives samsung the

opportunity to have the corning glass under their belt so that is certainly good. then you have corning right now, up 13% at the moment at $17.33 a share. a deal for both of them that will probably take place in the first quarter of 2014. that is when the deal is likely to close. back to you. ashley: thank you, nicole. we'll check back with us in 15 minutes. i know you can't hear us because you're hearing yourself. cheryl casone goes one-on-one with the corning ceo wendell weeks on the closing bell. tracy: boeing shares soaring after the earnings estimates. an analyst is upping his rating on the stock. ashley: check this out. a sneak-peek at a secret jetblue plane. more on this cool video and store next in the fox news minute. tracy: why haven't you set the center button on the sirius/xm radio at channel 113? fox business is here now.

you have to listen. ashley: thank you to everyone that is listening. tracy: good times, like when you're in the tri-state area traffic. the dow is down 58 points. don't go anywhere. when we made our commitment to the gulf, bp had two big goals:

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>> at 19 minutes past the hour i'm arthel neville with your fox news minute a district judge in colorado ordered documents related to the 1999 grand jury indictment against the parents of jonbenet ramsey to be released. the 6-year-old girl was found dead in the basement of her boulder, colorado, home. the documents will be available to the public on friday. another royal milestone reached today. prince george, the three-month old son of prince william and his wife kate has been officially named and christened into the angle can church but the archbishop of canterbury at the chapel in st. james palace in london. very nice. jetblue giving new yorkers a sneak-peek to top secret new plane built to honor the new york fire department. the plane which blue dubbed, the bravest, had the first flight of off the hudson river on west side of manhattan today. those are the news headlines in the fox business network. back to tracy and ashley.

all the people were letting everyone know this is authorized flight over the skies of manhattan. tracy: i can only imagine. good stuff. arthel neville, thank you very much. i'll get to the babe. real cute. 16 straight quarters of earnings wins for boeing, even with the disaster that is their plane problems. third quarter beat the street estimate. we have "morningstar" analyst who raised his fair value estimate $16. i have to tell you, it shocks me that even with all the problems this stock keeps going. everyone kind of brushes the, you know, the errors aside. why is that? >> so i think there's a lot to be said for boeing's operating profit, sort of focus that started after the delays in the 777, postlaunch in 2011 when they delivered to japan airlines and all nippon. i think they have had a real

focus on just managing the business for profits and partnering for success is one of those sort of ideas. but literally i think the surprise this quarter was on the 787 margins and how they're able to get the cost down of each plane. tracy: that is what it is, right? if you didn't look or hear any of the media noise about the delays and everything and you look strictly at these financials, those operating margins will proyou away. that is why, that is why they did so well, right? >> yeah. i think that the 77, if you went back a year ago, when people were asking the questions, what is the 77 going to make, they said 0%. now they said it will make low single digits compared to big number compared to 0%. i think that is a big change. i was quite surprised by it as well. it's a lot quicker than i would have thought. we're basically nine months when they gave that kind of guidance. tracy: right. >> here we are with low single digits. tracy: talk about teflon? revenue up 15%.

deliveries up as well. interesting the commercial aircraft side is offsetting the defense side. so they are suffering by the sequester and things like that, aren't they? >> a little bit. i think this quarter, you know, the defense grew revenues 3% which is in stark contrast to lockheed, again do nam micks that reported last several days that were down. i think they're holding their own. i think in the quarter profitability was down with one time issues. in general international component, 20% of the sales and 40% of the backlog i think will hold and get them through some of these tough times but they have been managing that business. that side of the business they took so much cost out of it even at these lower revenues on net they're making more money. tracy: kudos to the ceo and his financial time. so you raised your estimates based on the strong operating margins. i mean is this barring anyone other catastrophe or could something derail your numbers going forward? >> you know i actually think there's more upside to our numbers. i think the street, at least

stock price i think is reflecting higher 787 margins as the production rate ramps up to 12 and 14 beyond the end of this decade. i think the newer aircraft coming in, triple 7-x and orders will be good margin as well. it's a good aircraft people want that the airline talked about last couple years actually. so my sense is there isn't a whole lot i would say downside because you think they're actually planning and manufacturing capabilities have been a lot better last couple years. tracy: do i buy it here? if i do not own it do i buy it today? >> my fair value is 113. so i can't say you buy it here. tracy: there you go. if i have it, don't sell it is what you're saying? >> yeah. i think within range of, you know, differences between myself and market assumptions i think it seems reasonable. tracy: neil, thank you so much for your insight on all this. >> thanks. tracy: tell you the company is teflon literally. ashley: despite all the challenges just keeps marching

on. we're keeping up to the minute on charges that the u.s. spied on german chancellor angela merkel's mobile phone. the white house reaction to all of that next. tracy: looks like chase may have to fork over even more money to settle. liz macdonald is ahead with the bottom line with just how bad the bad mortgage loans will cost ceo jamie dimon after all. ashley: don't forget, tweet us. should marijuana be legal and taxed heavily? a "gallup poll" showing for the first time americans favor legalizing pot. we'll be talking to an advocate straight ahead. ♪ ♪

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>> some breaking news. we want to keep you up to the minute on this one. the white house denied charges from germany u.s. snooped on angela merkel. they spoke on the phone. about german fears u.s. national security agency had been spying on her. saying mr. obama assured merkel in a state is not monitoring the communications of the chancellor. we will keep you updated if we get any more information on that. ashley: thank you. 90 minutes until the close. a lot of read on here. tracy was talking on alice about boeing leading the way on the dow. caterpillar down on the day. optimistic, lowering its guidance. look at the impact on the dow

down 35 points, more than 50% of the loss to the dow can be contributed to caterpillar. nicole petallides with more on caterpillar. nicole: that shows when the worst and best performers are moving on quarterly numbers, it brings us to what we are going to be watching after the bell today. watching angie's list, at&t and cheesecake factory. all of which have down arrows, but they are good performers year to date. angie's list up 27%, cheesecake factory at 32% this year. we heard from panera bread, they did not do so well in the latest quarter. we will see what the cheesecake factory has to bring. what kind of traffic they have had in their restaurant.

tracy: we will see you in a bit. ashley mentioned caterpillar. it is being blamed on demand. the signals of a decade-long boom happens to be over. is that true, or is this a one off for caterpillar? >> tracy, i don't think it is a one off. i don't follow line by line, but i watch the megatrends for the international market. this is not a one off. they have missed in demand but it is construction equipment or i guess this last quarter more on the mining side. both of those to me signal a bigger picture issue, which is for economies based on selling commodities to other countries, i think it is a red flag. for places like australia and latin america countries, this is

an important signal. the developed markets, particularly outside the u.s. developing specifically europe and japan the biggest in the portfolio. ashley: europe, japan, korea on your list. you had a slight overweight to korea, how come? >> korea is very interesting. it is a classic case of a cheap global cyclical that you're going to want to own. it has turned to the positive. if you look at global pmi data, we have had generally persistent upward trend not just global pmi, but the countries reporting pmi are above 50 indicating expansion. what that tells me is a country like korea trading on a low multiples per earning ratio.

a chance you continue to get multiple expansion in korea. tracy: we have talked about germany and chancellor angela merkel. germany is where you have a heavy weight, right? >> we have overweight year up everywhere. mother term portfolio total toward germany because at the end of the day similar to korea, it has a political perspective and economic perspective long-term germany stands to gain the most from europe's economy bottoming. for all the portfolios we have a broad european overweight as well because even in some of the troubled areas places like spain and italy which have been the source spot in europe. those areas are bottoming. the earnings are potentially bottoming and the stocks are cheap. i think we can continue to see it do well as well.

ashley: anybody can do it if spain can do it. i know you are generally bullish. >> i don't know that is accurate. long-term i am even more bullish. the reason i say that is because i think we are in a new regime, and new secular regime reedit here on riverfront we have price matters which tries to gauge reversions of the market is a lot of historical data. what those models suggest to us is that the u.s. is slightly cheap relative to its long-term history. but places like europe and japan are extremely cheap relative to long-term history. that should mean pretty incredible long-term, talking 10-year inflation related

returns. i would chart as a long-term bowl in the market. tracy: what would derail this a4 i leave you, what could blow your theory out of the water? >> the biggest risk in my mind sadly is political. i don't just mean in the states, but obviously internationally as well. it is hard for us in the u.s. to throw stones given our political situation, but obviously in europe over the last 15 years it has been a mess. i guess one thing i would say is at the margin the political situation globally in the developed world is improving. looking at germany, angela merkel reelected which is a good thing for the market. in italy the circus is over, which is a really good thing for the market, for the country. in the u.s. we are still in kick the can mode, but at the 11th hour and the 59th minute next

year find some sort of compromise to the debt issue as well as here in the state. it is a tough thing to predict, the policy purgatory, predicting the politician moves. i think when self-interest is on the line, you can generally expect politicians to act. i think generally speaking at the end of the day the situation will be fairly benign. tracy: you never know they will do in d.c. or anywhere else. thank you, sir. >> my pleasure be at ashley: all right, we have breaking news. oil closing down $1.44 at $96, $0.86 per barrel. under $97. after crude fell to a three-month low today as u.s. inventories rose more than expected last week. $6 billion more, that is what jpmorgan may be handing over to investors as part of the bad mortgage-backed bonds.

but how much will this cost the nation's biggest banks? the bottom line from elizabeth macdonald. liz: latest developments. when you're talking about $6 billion settlement, jpmorgan chase could deduct some of the settlements on tax returns. the $6 billion deal is with blackrock. bank of america settled with investor group. i can tell you something, the latest developments separate from that, we do not know whether or not there will be a deal struck by friday or even early next week. this is what i heard from people close to the deal. what we are talking about is a separate tentative deal with the u.s. government over bad mortgage bonds. what we are hearing is again the sticking point is initiative guilt, that is what the government wants, and also we are hearing from people close to the matter.

sources are saying the e-mails coming from characterized as an lower-level employee at the bank, this is behind the criminal probe in sacramento, california, into the bank. e-mails that are characterized with an lower-level worker, bank insiders telling me this person did not have any knowledge of the value of the bond. this lower-level worker saying the bank had inflated the value of the bonds build on bad mortgages, but the insiders are telling me this worker wasn't that heavily involved. the bank feels to have a stronger case and can fight back against u.s. department of justice saying we should not admit to guilt, we do want the nonprosecution. you don't have a case there. overall when it comes the tax deduction for this, this could add to the controversy because we know if it is remedial, consumer mortgage relief, they can deduct it.

we saw that with exxonmobil deducting half of their cost for the alaska oil spill. this adds to the controversy. ashley: thank you so much, we appreciate it. tracy: fedex is planning for the christmas rush already. we will tell you the day you might want to avoid sending a package. it is the one day fedex forecast adds their busiest day of the season. ashley: apple's new strategy, we're giving stuff away. paying off for the company. tracy: and should pot be legalized and taxed heavily? the dow down 59 points. don't go anywhere, we will be right back.

david: i am david asman with your fox business brief. hundreds of irs workers are behind on their taxes. about 5% of contract employees or 700 workers only total of $5.4 million in back taxes. fedex is forecasting a stronger holiday season compared to last year. the company censorship 22 million packages on

december 2. known as cyber monday. an increase of the busiest day in 2012. the sec taking a step to allow startup companies to sell stock over the internet to smalltime investors. unanimous vote sends the measure out for public comment. final rules could be such next year. it has been popular for financing films and art projects. that is the latest from the fox business network, giving you the power to prosper.

ashley: we have more on the breaking news story we brought to you at the top of the hour. outrage calling president obama after receiving information that the u.s. might have been monitoring her mobile phone. the president spoke and assured her the u.s. is not tapping her phone. here is jay carney earlier this

hour. speaker say president obama and angela merkel spoke by telephone regarding allegations he mentioned that the u.s. national security agency intercepted medications of the german chancellor. the president assured the chancellor united states is not monitoring it will not monitor the communications of the chancellor. made states greatly values the cooperation with germany on a broad range of shared security challenges. ashley: former u.s. investor to the united nations, joining us by phone. whether the u.s. did this or not, how damaging is it for relationship with germany? >> i don't think anybody should really be surprised if we were listening to angela merkel communications. the first question i would have is how did they sig find out abt it? let me say this.

and i don't have any insight information, so i'm not breaching any confidences. from the perspective of the united states, think it is a moral and political imperative for us to spy on anybody we think is necessary in the u.s. national interest. i don't have any apologies from that perspective. whether it is politically wise to do it, whether it is the best source of resources, that is the question. i would certainly like to know how this information came to the chancellor's attention and if this is yet another deliberate effortby tse le tm to try anama relionsetwe the itedtate anone our st mporantalli. acyaren youappi my ones woulthinshe an act me ing uy sps aneverody ith verfewxceion the reemt beeen e

unted atescana, enand, w zeand nd astraa o of e rre eceptns. ifhis del s aparedn t gern prs, iouldully uerstdhy e wod be outgedt mbli goi on the cano, kinghe cl sh id. t's y tdivoehe doesticlinal pturi aw fr wh thereal fl. was very carefully worded. we were not monitoring her cell phone. but maybe we were monitoring somebody else who called her, that is a possibility. and for good reason. we do what we have to do. we should conduct espionage on anybody we think is important to do it. while it can be politically embarrassing when on one of your operations, and to public view, that is part of the cost of doing business. you have evaluated when you make decisions. sometimes they go wrong. but nobody should think it is just so shocking beyondallies.

they spy on us. ashley: thank you for joining us, we really appreciate it. tracy: i am spying on you, you are spying on me. ashley: with good reason. tracy: a check on the market, dow down 40 points. we talked about how boeing is the big leader. much of the loss goes to caterpillar for the day down 40 points right now. hashtag s&p 500 also down as well the end ashley: from that to this, should marijuana be legal and taxed heavily? the latest survey shows the first time americans face legalizing pot. we will be talking an advocate coming up next. don't go away.

less energy. hp is helping ups do just that. 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.

tracy: time for your "tech minute." free, that should have been the headline we are talking about the apple event. the newest business strategy, aggressive pricing. apple giving way the mavericks operating system completely free. it will come without charge from certain purchases. the new strategy targets small businesses and an effort to keep up with the competition. twittetwitter getting a $1 billn line of credit in 2018. revise in a filing and the microblogging site will pay an interest rate of 1.1.75. and twitter stock brand for five

outside board of directors $13 million each. they do not have these included. forget pen and paper make your grocery list. the company is changing the game. creating a device that scans barcodes and recognizes your voice instantly create a shopping list. it can appear on a mobile device or tablet. coming soon i will find available items online, show the price including whether it is eligible for free shipping and allow you to buy from your phone. right now that's device costs $79. not sure if that is worth it but i would love it if i opened my phone and said we have no more pairs. ashley: in your case it would be wine. in this case, legalize marijuana. first time ever a gallup poll finding half of americans think pot usage should be made legal. 58% now back legalizing weed, 10-point increase from 2012,

just last year. our twitter question, do you favor eyes legalizing pot and heavily taxing it? tweet us. joining us with her taken all of this, deputy director of the national cannabis industry association and appropriately she comes to us from the mile high city of denver. thank you so much for joining us. okay, lay out your case, why should marijuana be legalized and taxed heavily. why? >> americans have demonstrated very clearly they are sick of putting people in prison for marijuana related crimes. sick of punishment adults for choosing a substance that is worse than alcohol. if that is the case, we have to find a way to regulate it appropriately. it can be regulated is similar to alcohol, similar as medicinal product as it is 21 states plus the district of colombia.

at this point with well over half of americans believing it is time for marijuana to be legal, even the department of justice indicates it is better than the black market. ashley: what are the economic bonuses to this as well, betty westmark >> estimates of a potential marijuana industry range up to $50 billion per year market. it is a very popular product we are learning so more everyday about the potential health and wellness benefits of marijuana as well. it is a pretty enormous market. we have created tens of thousands of jobs. generating $8 million per year in tax revenues in colorado. the potential for taxes if there are additional sales and excise taxes added non, multiplied by those factors. ashley: the department of corrections and so on and so on, doesn't that kind of wipeout a lot of the economic gain from

the taxes? >> nobody wants to be spending our criminal justice resources on punishing adults for using marijuana. broadly vast majority of americans don't think that is a good idea anymore. let's spend our resources on the crimes people care about like violent crimes and ensuring the cartels are not gaining any more power in our communities. voters agreed that was a good idea as clearly the rest of america is ready. it is time for congress to act. ashley: critics will say marijuana is a gateway drug to harder drugs. how do you respond to that? >> it has been debunked by pretty much everybody who is left over it. the fact of the matter is keeping marijuana in an unregulated market introduces people to those other drugs. marijuana itself is no more a gateway drug then milk.

ashley: we're out of time. thank you so much, we appreciate your time. tracy: i will think twice. i don't know. coming up on "countdown to the closing bell," the smart phone and tablets, one company makes a key component used by almost all of them. struck a long-term deal with samsung, believe it or not. the chairman and ceo will be joining. on "countdown to the closing bell" next. don't go anywhere. [ male announcer ] once, there was a man who found a magic seashell. it told him what was happening on the tradg floor in real time. ♪ the shell brought him great fame. ♪ but then, one day, he noticed that everybody could have a magic seashell. [ indistinct talking ] [ male announcer ] right there in their trading platform.

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part lackluster earnings today from one key member of the dow. caterpillar often seen as a bellwether for the health of the economy was disappointing earnings and outlook this morning. this is fourth consecutive quarter caterpillar has reported declining profits. right now take a look at the stock as you can see on the screen under pressure down $6 per share. certainly a substantial loss for the company right now. a very different story from another dow component. boeing 12% increase third-quarter earnings and increasing revenues. the ceo says the company is pushing hard to fix my bloody by problems on the flagship dreamliner aircraft. $0.99 per share today, a new all-time intraday high for this company. this is a 17th record high this year.