going away and banks and retailers need to fight this together. fixing the nation's power grid. harvard has a master's presently to researchers will show us the future. tomorrow's business today. nasa's by a robot and why it could be crawling through your window during an emergency. matthew martoma could flip the sec's leader steve cohen. that and more on this hour of markets now. let's do this. connell: right to it today. dagen: breaking news from jpmorgan chase earnings call. the bank's chairman and ceo jamie dimon talking about babe reaches and that the credit card account, it is a big deal, not going away. calling on banks and retailers to come together to battle these attacks on the heels of a report

saying the attacks on personal information tied the markets are just the tip of the iceberg. security experts telling leaders of the retailers could be coming out with similar reports about reaches over the same time. connell: we have talked a lot about it on our show. remember the hackers stealing nearly 15 million credit and debit card numbers, tjx 2005-2007, then it went on from there. best buy, j.c. penney, on and on, similar experiences or infiltrations in recent years and you add to the more recent newsweek and there are the stock prices we had today, jamie dimon, tip of the iceberg. dagen: you covered online attacks and cyberattacks, what do you think of the way they handled it? the breadth of the attack at target was breathtaking for

sure. connell: normal people are affected by it, companies go on about how they're prepared for it but in some cases they are not, they're not staying ahead to the latest on technology and a guy yesterday using new technology having to work in some of those things like that to get ahead of the hackers. dagen: that was a concern, the new technology cards, security technologies won't be in place for another year or so. connell: you hear about companies with new ways to combat that but how many hacks will there be before those systems are in place. it is the tip of the iceberg but a lot of people like mike baker and others will tell you this is one of the more serious threats. dagen: this walmart, sears, home depot and toys r us to name a few came out and said their information has not been hit and information was not compromised but i will say this. this attack occurred in the middle of december, it only revealed its when contacted by

the security writer. you got to do a better job of that even when you told your own customer. won't find out from your credit card company, your information could have been compromised. that leads to a better job about telling the public at large what is going on. otherwise you will lose business. stuart: talk about transparency that is forced transparency. and the rest of that jpmorgan call, and down 7.3%. we will talk more about it. >> two bank earnings that came out this week, we noted this was going to be a lot of focus on banks, the security breach and personal data, a huge story which is only now unfolding, a lot more going forward. jpmorgan chase, $57.93, we saw earnings for the quarter dropped

0.73%, they had weak results in the banking unit, better profits, how much they have been paying out as well pertaining to government payouts, private claims, legal claims, bernie madoff, but in the meantime shares have been trading not far off of those 2,000 levels, doing pretty well, 25%. wells fargo profits have been on the rise in the fourth quarter. the largest u.s. mortgage lender but you should see the stock down 1.3%, cutting thousands of jobs to streamline this company but obviously still under pressure. dagen: just as we feared with obamacare young adults are not signing up, at least not near the numbers that health and human services were hoping for or is necessary to make this financially feasible.

connell: what they need. >> critics argue this is a growing insurance:older sicker customers who will use more in health care services than they pay in premiums dimming the system. the administration says 2 million americans elect a private insurance plan. almost a third are younger than 35. a quarter between aging, and 34 and 1/3 are older than 55. there are reports citing 38% as the goal on a roll these younger than 35 but officials refused to specify their targets. these statistics, john boehner writes, quote, there's no way to spin it, use enrollment has been a bust. when they see obamacare offers high cost for limited access to doctors of the roman goes through at all is no surprise young people aren't rushing to sign up. one health care analyst says it is too early to determine failure or success. >> too early to tell but again, there are three months left in

the open enrollment period and you are going to have obviously a fair number of people who come, first contacts or wait until the end, too early to tell. >> officials say they have an appropriate mix of young parolees at this point and expect more to sign up in the next few months, they point to the trend messages is where most younger customers signed up for the end level but enrollment. there are independent studies ages matter less than the overall number of enrollees, administration targets but total enrollees for this year at 7 million, they have less than 2.5 for open enrollment. connell: this brings together something we have been talking about for years, the idea of meeting to update our nation's power grid. the research team from harvard may have an answer for us. will be important to develop a cheap battery that can store wind and solar, and the reason,

thank you for coming on, so important, you have done all kinds of interviews over however many years about what topic related to renewable energy or advancements in the automobile industry, and somebody who is against it will always say it is too costly, costs too much. tell us what you have come up with and maybe you are able to help with that important front. >> a new kind of battery is able to store large amounts of power especially electric power on the grid and this is critical now because the grid is pretty reliable at present as we add solar and wind capacity we need to store more and more electricity in order to make the grade reliable. in parts of southern california

right now there's more electricity being made during the day than the local grid can absorb. connell: how does it work? how much can be stored for how long? >> the new thing about our battery is it consort energy for delivery over a longer periods. when you discharge your battery typical solid battery you may be familiar with you have less than an hour before it is drained. we have a design that allows us to discharge for many hours to even days because we store the energy and chemicals outside the battery itself, that allows us to have larger and larger tanks of chemicals without driving the cost up very much. stuart: sorry to interrupt, i want to focus a little bit for the next couple seconds on the cost which i started with and we can talk about reliability and other issues and feel free, the

two of you to jump in and play off of each other but how much of the difference might this make in cost? real people and what they pay monthly? >> typical retail electricity price, $0.11 a kilowatt hour. i don't know any commercial battery system now that can store the electricity and give it back for net cost increase on something like $0.04 a kilowatt hour. that is a pretty hefty markup. we have the first battery chemistry that has a good chance of coming in less than a cent per kilowatt hour because we have some chemical energy, very inexpensive chemicals whose cost is going to be something like a quarter of the penny and that allows had room for the battery system which we haven't completely cost out yet and be

able to have less than a penny a kilowatt hour. connell: may be picked up on this time frame, and get into reliability. does it make any difference in terms of how effective this battery would be versus what we do now? >> the story that is available is pumping water to reservoirs and pumping back to get the power back but that is not available in a lot of areas, the midwest too flat to have that storage. we have to expand the storage and if you were to go down to the hardware store and to buy batteries that might seem like a solution but that is too expensive as mike mentioned and at the same time, the scale needed on the grid, there aren't enough metals around, lithium batteries, a fairly rare

elements. not enough lithium in the world's to satisfy the need for the grid. stuart: tell us when you will see this. >> restaged right now, we were looking at sustainable -- to commercialize this, expect in two or three years to have something worth demonstrating, works really well and could be tied in to rooftop solar panels. stuart: keep us up to date because it changes the conversation to the first point we have been having about these topics, prof. gordon, thank you to both of you for coming on today. dagen: pizza hut testing out how to sell its prize targeting a younger audience. pizza by this twice. dagen: testing starts today but you have to get more details coming up.

stuart: nasa with a futuristic look at our first responders and how they can get help with search and rescue during an emergency. interesting new technology in a moment. dagen: dismantling of sac. how one is -- might be forced to testify against them. as we go to break, all public traders.

connell: may have noticed this, boeing, japan airlines detected a problem in the 787 main battery. let's go back to the stock exchange. nicole: the story behind this, the stock is reflecting this, stock dropped $2 in positive territory, trading 141 and change and it dropped to 1780 and recovered some. so loss of 1.3%, positive

territory straight into negative territory on this news. the news is japan airlines detected smoke from boeing's 787 battery, free flight at a tokyo airport and they detected this fall in the 787 main battery and charger, liquid scene from a power pack so you see liquid and smoke certainly doesn't do well, we know that boeing had battled some issues with this in the past and so with this we see the stock moving to the lows of the day and it came off of the lows of the day but still to the downside for boeing in a story that is not over yet. dagen: thank you. pizza hut starting to sell by the slice, starting today the pizza chain will rollout pizza by the slice at two locations at $3 each. it will take 3 minutes to heat up. the concept, here are your

places, york, neb. making the move in part to take on new work change, growing competition, these restaurants, let customers design their own quicker cooking beets ofs, even to put the getting in that business. would get shares of pizza hut's parent company. connell: tomorrow's business today, for you to take a look, lot of technology talk on the show today could be crawling through windows and opening doors during an emergency. the newest video you're looking at, nasa's robot city, a robot at the jet propulsion laboratory, something one day could help first responders remove debris or whatever it might be, climb ladders, turn wheels, that kind of thing, obvious practical uses for something like this in support of disaster response, dangerous situations where the human can't go or should go, explosions or chemical melt down, all kinds of

uses for this robot. pretty good video. dagen: pressure mounting on matthew martoma, on trial, will he slipped on the government's real target, steve cohen? connell: only one person to ask, charlie gasparino on with his friend elizabeth no wiki and the flu season is in full swing, how can you protect yourself? pieces in half the country. we will talk about it coming up. how often does the idea of a slice of pizza -- dagen: it is the concept. we are used in new york city, the whole pie. connell: donate the night before. we will be back. dagen: that was funny. as a business owner, i'm constantly putting out fires.

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>> 22 minutes past the hour your fox news minute egypt holding a key vote today on a new constitution, the first time egyptian voters have taken to the polls since the ousting of

mohammed morrissey. this as violence continues to erupt throughout the country, the egyptian army deploying 160,000 troops to secure polling stations. iranian president rouhani claiming the west surrendered to tehran, coming days greta van susteren six world powers announced a timetable to implement a controversial deal with iran to curb its nuclear program in exchange for the easing of some economic sanctions and a remorseful dennis rodman returning to the u.s. late last night, a former nba star says he is sorry about what is going on inside north korea. fresh off a trip to the impoverished country where he organized a birthday and basketball game for his friend dictator kim jong and. those are your headlines. back to connell mcshane and bacon and -- dagen mcdowell. dagen: no way. you know who we are always glad to see? charles payne making some money.

charles: reiterating and led them indeed, and maybe a couple weeks ago we talked about it but i think this thing is ready to pop. three months ago the street was looking at $0.45, consensus is $0.64 but there is a gigantic short position 20 to% and stock is short. in the past they had in consistent execution, one of these names you can rely on to miss at some point but it feels smoother and they beat three of the last four and have done amazing things with their mobile platform which will be the key like any online business but numbers are absolutely huge and the growth of the business seems to have hit its stride pretty nice lead. connell: i was talking about the mobile platform. dagen: a we're ration. why don't we go to break?

charles: we will do this bump and what i should do here. connell: is it contagious? let us know. let dagen mcdowell know at least. misery loves company. dagen: least likely to have physical contact with him in this building. connell: it is all your fault. dagen: can't recover. connell: charles -- charles: the same thing as connell mcshane. dagen: taking a picture of it. connell: the government says -- look it up on web m d. dagen: valuable for them. connell: talk about what you should do with it. dagen: the argument for why sac capital portfolio manager mathew martoma might slip on his former boss steve cohen, charlie

gasparino is here with elisabeth noa week, they will go head to head straight ahead here, winners on the s&p. [ male announcer ] here's a question for you:

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management couldn't make that happen. [ male announcer ] introducing fedex one rate. simple, flat rate shipping with the reliability of fedex. [ male announcer ] introducing fedex one rate. (voseeker of the sublime.ro. you can separate runway diculousness... from fashionhat flies off the shelves. and you...rent from national. because only national lets you choose any car in the aisle... and go. and only national isanked higl customer satisfaion by j.d. power. (natalie) ooooh, i like your style. (vo) so do we, business pro. so do we. go national. go like pro. dagen: time to sit up straight. the argument for why mathew martoma could flip on speed. the flu making its mark across the country.

what is being done to fight it. connell: let's talk about google for a moment. making a big investment. smart home. nicole: it appears to be focused -- by the way, google is up 1.6%. they seem to be focused on thermostats and smoke alarms. it is according to the wedbush analyst. this is a big step for google to go inside consumer homes. this is a 3.20 yeah dollars to buy this maker. it could lead to promising products in the future. this is the second largest in the history.

back to you. connell: all right, nicole. thank you. dagen: they are great thermostats. i have one in my house. switching gears. that the martoma. accused of insider trading. connell: spec -- speculations with testifying. we have an sec attorney. she is joined by her good friend charlie gasparino who is here in the studio. first, what do you think, elizabeth? >> i should say, by way of disclaimer, former sec attorney. i think there is almost a 90% chance that this man will split mathew martoma.

everybody is on pins and needles regarding his sentencing. he could face over 20 years in prison. easily. that is a long time for a family man. connell: are you flipping, charlie? charlie: i think it is 5050. if you know something about the culture of the capital, he may not have the direct evidence needed to convict somebody of insider trading. basically proving that: knew that he "misappropriated" or stole. he had an expert working on the deal. he misappropriated it.

steve cohen what have to know that he misappropriated that information. >> it does not have to be a smoking gun on that. charlie: actually, it does for a criminal case. >> no. that is not true. charlie: let me just make the point. it walks like a duck, talks like a duck, sounds like a duck -- they had a telephone call where something was said. it caused steve cohen to reverse a previously long condition. it is known to speak in code. they speak in conviction levels. that does not -- >> that is why the government needs martoma.

unless you think 426 mean -- i dow it. there are far more criminal charges that could be brought against: other than pure insider trading. charlie: they could have brought all of those already and they have not. those are not easy cases to make. i will say this, once again, steve cohen has abated criminal prosecution for 20 years. they put a tap on his home phone. even before this stuff went down, he did not speak, he did not give anything up. >> that is why they need martoma.

charlie: why would he in a previous conversation be very careful about what he was saying to the fed traitor? in 2007, 2008, basically, you know, let it rip with martoma. there is a degree of logic that it failed. one thing in elizabeth weber, i will say this, in 2009, it was bouncing around the entire blog that they were rats. that the u.s. attorney paid for people. they actually sent an informant. that was in 2009. this was a 2008, before it started to spread. >> listen, as a matter of law, we do not need martoma to say that. we need him to tee up what

exactly took place. it should have been clear to the conversation to. charlie: i agree. i agree with you 100%. they speak in code. maybe that is a willful -- >> martoma will translate the code. connell: we have had this conversation. >> at the end of the day, steve cohen does not like to lose. had to know or be completely

reckless about not knowing. charlie: ten conviction levels. i am so sure. i have sources. it is bouncing around the marketplace. you will have to really believe that steve cohen sat there and said -- i just think in 2008 -- >> he will not say that. we do not need him to say that. charlie: remember one thing about steinberg. the jury looked at him and basically convicted him. >> the law does not require as much as you think it requires. charlie: i just think it is

lower. >> we know the ongoing investigation of steve cohen. charlie: the one thing i will say is this. if this guy was not careful, they would have gotten him when he actually had his phone calls tapped. >> no. they needed martoma. connell: let's continue this on another date. martoma cracked the code. that is what i have come up with. thank you to both of you. the flu is now widespread. we will talk about that and show you what it means for doctors and caregivers coming up on markets now. dagen: one biotech firm getting

a very big investment from a bigger company. what does it mean for the development of drugs to treat rare diseases. connell: time warner cable turning down a contract. all of that ahead. markets now. keep it here. ♪

♪ >> i am lori roth and with your fox business. consumer spending rose more than expect did last month.

alcoa investing about $670 million in iowa, tennessee and saudi arabia. the company finished an upgrade at the iowa facility and will be adding 150 jobs. the demand for aluminum sheet metal should double by 2025. the china sales hit a new four-year record. that is the latest look at business from the fox business network. giving you the power to prosper. ♪

connell: the seasonal flu is now widespread in more than half the country. our next guest to tell us how to

protect ourselves, from other things. he is from orlando. good to see you, sir. more people have a common cold. >> absolutely. what i tell people is, it is an analogy. a cold is like a mild winter storm. the flu is like a hurricane. the flu you have a temperature greater than 100.4. severe ♪ ♪ lakes. sore throat, cough. a cough is much milder as a cold. the flu is severe. connell: 104. all right. this may be more than i think it is. they are trying to decide whether they should come to work or not and risk spreading what they have two coworkers and other people. what goes into that?

>> well, again, if they have been around people who have the flu. if they are having that fever with the muscle aches and sore throat and cough, it is usually the flu. they can go to a clinic or their family clinic. they can tell in ten minutes whether they have the flu. the most common is the h1 and one or the swine flu. connell: a lot of people say don't bother with the flu vaccine unless you are really young or really old. >> not true. presently, this outbreak of the flu is in the young adult and middle age adults. typically, it is in the very young and very old, but not this

year. it is important for everyone over six months of age to get that vaccine. i got the new vaccine this year. it was introduced last year. connell: why one of them other than the other? >> now we have flu vaccines that do not have eggs in them. there are a lot of people that are allergic to eggs. there are more choices. there is a nasal spray. >> there are none that are dangerous. the flu mist is not used for people under two years of age or under 49. connell: thank you very much. we appreciate it.

dagen: making a $700 million investment in biotech firm. it could dramatically speed up the development of drugs needed to treat rare diseases. joining us now from san francisco is president and chief operating officer. good to see you, barry. what does this investment let you do that you could not do before, potentially? >> well, thanks for having us. appreciate it. it is a game changer. it is transformational for the company and that it allows for us to heavily invest in translating our platform of medicines for genetic diseases. i think the investment is a testament. dagen: we should point out that

it is therapeutics that target the genes to prevent them from producing certain genes. the fact that is exactly right. they won the nobel prize for medicine in 2006. it is really a breakthrough discovery. dagen: i want to know, what diseases are you targeting. how much faster could these drugs potentially come to market and reach the people who need them because of this investment? speed up what is really fascinating is that we are targeting specific genes that we know are cause of the disease. this investment really allows us to devote more programs and leverage the global

capabilities. dagen: why did you take this investment now versus six months ago or even a year from now? did you need the money? >> well, as i think you are aware, developing break new medicine is a capital intensive endeavor. now with over $1 billion on our balance sheet, we have the capital to develop a number of drugs and take programs to the commercial stages. as i said before, it transforms it imports us on another plane. dagen: how closely will you be working with? >> we had a partnership around a program. it is the most advanced program. the relationship was going so well and, i believe, they were seeing the progress we were making in our program and the rest of our pipeline that they had an interest in doing

something more broader and strategic. we on the other hand certainly need global capacity. the thing about these diseases are people have for genetic diseases all over the world and in countries that we may not have gotten to as quickly as we will now with the genzyme collaboration. dagen: i know that you are in san francisco right now, but you live outside of boston? >> in the heart of mit at cambridge. dagen: so, go patriots is how we should in this? $700 million. connell: we have this time warner cable story. we have time warner cable to get

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connell: time warner cable has reject abe did. dagen: dennis kneale has all the details. dennis: finally after messing around four weeks they go public. the value of the cup -- this could be one of the biggest deals of the year. here is where things are interesting most.

time warner cable after insisting for months put a price tag on itself yesterday. it said they want $160 a share. there is a price at which they would marry. dagen: the ring just need to be bigger. [laughter] dennis: since june, when people started to say charter wanted to take over. if charter goes away, if time warner succeeds, will time warner fallback behind that mark? a couple things could happen. it is like a rubik's cube. charter could say they have a whole new slate of directors. you could replace direct nurse. time warner cable has lost subscribers in the last six months alone.

watch if time warner with start talking to comcast. they could force all kinds of new controls. will they turn to cablevision? connell: thank you, dennis. dagen: okay. dennis will be speaking in a fox business exclusive with a former executive. also, that new appeals court ruling. some action in the stock market their. streaming has been soaring. listen up.

the president of the music association coming up. the biggest songs of the year 2013. this is number five. ♪ ♪ ♪ [ cellphone rings ] hello? [ malennouncer ] over 12,000 financial adviso. good, good. good over $700 billion dollars in assets under care. let me just put this away. [ male announcer ] how did edward jones get so big? could you teach kids that trick? [ male announcer ] by not acting that way. ok, st quarter... [ male announcer ] it's how edward jones makes sense of investing. ♪ of the dusty basement at 06 35th street the old dining table at 25th and hoffman. ...and the little room above the strip mall f roble avenue. ♪ this magic momt it is the story of where every great idea begins. and of those o believed they had the power to do more.

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drink water. it's a long story. well, not having branches let's us give you great rates and service. i'd like that. a new way to bank. a better way to save. ally bank. your money needs an ally. >> last year's thinking they could do their own taxes americans left behind more than $1 billion, that is $500 on every single seat. cheryl: all about making out your tax return. sandra smith with dennis kneale taking you to the next hour of markets now. taxis and in full swing. what if you are one of the millions who haven't signed up for obamacare? the ceo of h&r block with what you need to know. state across the country facing a budget crisis. peter barnes as a first on fox business interview with a

co-author of a new report, former new york lt. governor richard ravitch. charter makes a bid for time warner, 04 sec commissioner robert mcdowell weighs in on fox business, and this and more in the next hour of markets now. dennis: news breaking out all over the place. happy tuesday, stocks trying to rebound from the biggest sell-off in several months, got down nicely up, stocks every 15 minutes, let's get to nicole petallides on the stock exchange. nicole: tough day on wall street took a lot of people by surprise because the jobs numbers seen on friday translated into monday's trading with the dow dropping 180 points and the nasdaq under significant losses as well. the nasdaq had the biggest drop

for the s&p and the nasdaq, let's look at markets now, dow jones industrials up 73 points, the s&p and the nasdaq also gaining. what we're looking at on the dow jones industrial average is technology, intel, microsoft, travelers, disney and pfizer, we are seeing a rebound, and we are seeing a rebound, better than expected retail sales and we watch all ten sectors trading off, today it different picture, today they are trading higher, technology, healthcare would go into that material as well so we will see if we can rally and halt all ten sectors in the green and jpmorgan in the green moving back and forth from spec back into positive territory. dennis: negotiators agreeing to a $1 trillion spending meal to fund the government through

september 30th, this contains dozens of trade-offs between democrats and republicans putting to rest the budget battles of 2013. with more on this let's bring in senator john kyl. thank you for being with us. what do you think of this deal? the government shutdown threats are over or do we get a reprieve until sept. 30th? >> at least until sept. 30 the fights are over, this is the usual compromise between senate, democrats and republicans, 1500 page bill. there are plenty of things not to like but the bottom line is nobody wants to shut down the government. this bill will pass by the middle of the week in the house. a big elephant in the room is what to do about spending that is addressed, the so-called mandatory spending, medicare, medicaid, food stamps, and by

sequester cuts and other attempts to reduce federal government spending so this pays the bills of the government through the end of the year but not much to reduce. dennis: total federal budget is $3 trillion per year. this is discretionary spending of $1 trillion. we have sequester cuts in place both parties agreed to that or automatic and ready to go and now all even republicans agreeing to peel those back. is that a good move? does it lack backbone? >> not fair characterization if i can correct it. there are offsets for most of the spending increases, reduction in spending somewhere else or new revenue in the form of new fees. even though the sequester cuts are not as deep as they otherwise would have been those are mostly made up for to offset the cuts. dennis: if those are available, why not keep those sequester cut

in place? of >> that is what the republicans want to do but you have another side of the equation. and this is a compromise. dennis: based on what you have seen in the progress for the latest approval that washington has any chance at all in making any real reforms any time soon to that bigger part of the budget that entitlement spending? >> that is the distressing thing. this had to be done, this is paying for your groceries through the end of the year. the big question is $2 million home that you can't afford an enormous mortgage every month what do you do about that so this all the immediate problem of funding the government but that is small potatoes in washington. the question is how we're going to get a hold of the entitlement? dennis: washington can do anything right until there's a crisis facing them live interest-rate started to spike up and the cost of all the debt we have suddenly starts to spike up is that the impetus to get

congress to make progress in entitlement reforms? >> you would sure think so because that will drive up the cost enormously and that is inevitable. we won't continue to have 1% inflation. the promises we made for medical health or social security that cannot be funded under the current structure dictate we find a way to do it. there are plenty of ways to deal with this problem without taking benefits from people which nobody wants to do. and the democratic leaders won't let the republicans oppose those reforms. dennis: one last curve ball you won't like giving a republican lineage, this deal today a sign that even republicans have given up their status to avoid budget cutters? >> no because democrats would argue there is too much cutting here. this is a compromise, pragmatic people on both sides of though we'll realize neither one can get everything they one.

when democrats controlled white house and senate republicans can't cut everything they would like to end can't do things to stimulate economic growth. americans should see this as a compromise, not a big deal. the real problem is long-term spending. dennis: never undersell the news on cable. some much appreciate your time and in sight. what is bugging me is the chris christie scandal. we have become a nation of drama queen. the media call it bridgegate but the agenda is the chris christie scandal. the republican front runner for 2016 orchestrate retaliation against his political foes. we know is minion snarled traffic on the george washington bridge for four days because a democratic mayor ticked him off. it is a penny mean-spirited stunned. kristy denies any knowledge of it, fired a couple culprits, two hours on live tv answering reporters' questions. has anyone in government done anything close to that in a far

bigger scandal? the irs crackdown on tea party conservatives? look at the media overkill on chris christie, outrage on overdrive, jersey democrats say impeachment is a possibility, the fed are probing, the press is pouring over thousand internal e-mails and we are all shocked at hardball politics in new jersey. can we get a grip? it was a traffic jam. with offenses golan all time in our capital without raising an eyebrow. have you seen house of cards? serious offense or overblown media circus? sandra: we will speak with richard ravitch on his new record breaking down the crisis in state budgets. dennis: streaming services will still debt for music downloads, we will talk to the music business association lewd. and most screamed songs of 2013, here is number 4. ♪

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sandra: we are watching the dow jones industrial average near its high of the session, 16330, individual sector performers to watch in the financials lot of green arrows after we get reports from jpmorgan and wells fargo ahead of the opening bell jpmorgan had a lot of hefty legal fees tied to the bernie madoff scandal and to the government to handle, still posted higher quarterly profit, as you can see the optimism spread throughout the financial as we look at midday trading. let's head to the stock exchange, game stop taking a large hit, the biggest loser in

the s&p 500. >> that was good news and bad news, the bad news from the pieces of good news. the game stop cut their numbers, sales of games and software and even older games not doing very well. intense competition not only for that but also mobile games that are cheaper, stock is down 17.7%. it has been like this all day long, not like it is down 18% wednesday but up, one area they did well was the hardware, the sony play station, a microsoft x box i came out and they saw sales nearly doubling over the holidays so there was good news there and wanted to check in on the lead story at boeing, a falconer 787 main battery and from the boeing spokesperson

realizing that it occurred i will go ahead and reputable obviously they're taking care of it and the fixes they made on the battery will suffice. >> thank you very much. dennis: to obamacare to get airborne and needs to sign up for the young healthy people who pay an but don't recover much care. new numbers show 1 third of the employees are ages 55 and older. it is not the demographic the administration needs, clearly struggling to sign up and rich edson is live with the story. >> the administration released the first and roman demographic statistics, how many people signed up, and how old they are, so far is an older crowd, so far they are older, sicker customers, those who will use more in health care services than they pay in premiums meaning of what is physically and sustainable. 2 million signed up, a quarter of between 18-34, 20% and

between 45-54 and a third are between 55 and 64. it ministration officials argue they have an appropriate mix of young enrollees and they say they expect more to sign up in the next few months and there are the safeguards in the law for the next three years known as risc corridors shielding insurance companies from massive losses if they sign up for it sick customers. one analyst says once the safeguards expire we will know if obama is really sustainable. >> by the end of year iii we will have a better idea whether this thing lives or dies. and a better idea what happened in the next round of elections which will also fail lot about whether it lives or dies so by the time this risk corridor, by the time they sense that we will have a much better idea where we are going. >> too early to tell of the administration of his goals with

younger americans. the administration had expected to have been rolled 1 million more customers by the end of december than in already has. dennis: thanks very much. sandra: if you have not signed up for obamacare what will that mean come tax time, that is one of the issues. we were talking, rich was talking, these are fascinating numbers so far so lot of folks haven't decided yet or maybe don't intend to sign out and tax season is coming up. what does this mean for those folks? >> it means something for everyone. if you signed up for are about to sign up you will be eligible to receive and a lot people use the term subsidy. is an advanced tax credit, think of subsidies like a grant from a college, this is only an advance tax credit that will be up against your taxes the year from

now when you do your 2014 return. if you choose not to take insurance you will pay at tax penalty which starts out a year from now loans also there are nuances to the law that will surprise some people in the rams quickly in subsequent years. cheryl: you are running this ad campaign. a lot of people have seen it, get your billion back, america. a survey over the summer that concluded about half of americans that tried to do their taxes at home to them incorrectly in u.s. to me $1 billion left on the table, people not collecting of their own money. seems like that is because the tax code keeps getting more complicated. >> that is true. i am wearing my green both high, and it your billion back, america. it is more than $1 billion but we thought we would leave it there but it is very complicated. the affordable care act has added 40 changes to the tax code that will come in next year.

the tax code i believe is 90 one hundred 91 single spaced pages. and figuring that out texans are hard. there's a lot on the table. cheryl: this has to be great for her business, you got to train your tax professionals for changes in policy in washington. >> we have an experience tax growth base, tax experts, 7600 people at highest level of certification from the irs and we train every year the average trainee is 40 hours a year, so we know how to do this but we have a dedicated -- cheryl: there is more h&r block location, physical locations, duncan donuts and walgreen's in this country. the company is growing, complicated things the better you do, your stock is 52%. >> we are a tax preparation

company, the purpose we have is to look at people's life through the lens of tax but to complicated business, we have additional financial services and the debit card, the emerald card, and a probable piece of mind, we are trying to make this a simple story but a powerful story, high margins, and -- cheryl: of family friendly tax breaks, and turned -- in -- these at the most overlooked tax breaks. interesting how many people are overlooking how much money this could save them. >> you missed one here. if you file your taxes it is what is. that is why it is best to come for assistance to get the maximum refund for you. gerri: have a hard time charging rate in this environment where so many folks are out of work?

>> it is valuable for service. get your billion back. and there's plenty of money, and we only charge that. sandra: congratulations to you , should be interesting tax season. thanks so much. dennis: a new report outlines the key risk points in the country. new york lt. governor richard ravitch put together paul volcker. sandra: music site causing major declines in digital music sales. and the most streamed songs in 2013, no. 3 hit. ♪ hi, i'm terry and i have diabetic nerve pain.

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dennis: time warner rejecting a bid from charter communications pefy with the cable giant, $132

a share, calling that bid, quote, grossly inadequate open to selling and $160 per share basically put up for sale and joining us on the fox business exclusive, commissioner and hudson institute visiting fellow robert mcdowell, thanks for being with us. do you think we see some kind of big deal get done and do we see any other new bidder come in? >> i think so. it means time warner cable is hot property, comcast potentially interested, charter, may be in a partnership with cablevision or even cox. they could reach by different pieces of it so the bidding war is gone and time-warner cable is the bell of the ball. dennis: i'm surprised to hear time or cable previously said we independent, better of independent apprize tag on companies often will say someone offered a great price but won't be so specific as to the $150 price tag, does it come to a

negotiation over price? >> i think so. these boil down to a matter of money, time warner cable, they are on the auction block in a lot of ways, that is the exit strategy. and tremendous opportunities, tremendous suitors for them. dennis: the obama administration interfered in plenty of deals, and buying a much smaller rival t mobile but you say they would likely approve the deal involving the number 2 cable operator because this gives the sec and regulators a chance to impose rules they want that a big buyer that could resist. >> first of all if time warner cable was chopped up into different pieces and given different buyers that helps it goes through more quickly. you might see comcast for instance in key markets like new york city where you are but it is an opportunity to impose rules like net neutrality condition and the d.c. circuit

court of appeals struck down a big court decision, struck down the sec attempt to regulate broadband internet access. that is a fabulous opportunity and great news for consumers and internet freedom. those types of rules in a transaction and precisely what it will try to do with cable companies and phone companies in the future. dennis: was able to get some type of net neutrality from comcast and in exchange for approving comcast by nbc universal. lying in the pace of a federal court of appeals, just this morning, the sec has lost two other court rulings, the court said sec, overstepping to impose rules forcing comcast and other cable guys in terms of how they want to price traffic. >> i hope the sec at this point tries to impose tight 2 rules, these are ancient rules designed

for now extinct phone monopolies and railroads from the 1800s. on the nimble, a different animal, that would harm consumers, increase prices, it would inhibit innovation and investment. dennis: google kind of helped start this entire net neutrality push, google, netflix, apple, they don't want comcast and time warner cable to be allowed to charge them more to carry more -- netflix alone consumes one third of all night time bandwidth sell lot of consumer groups say they worry about raising prices on netflix if it pays more money than time warner cable. >> the sec didn't know market study or economic analysis before it jumped to regulate. let's see how the market development, this could be a good thing for consumers if some of these edge providers, content application providers are subsidizing consumer usage. that could keep consumer rates low and help spur investment in

broadband infrastructure. could be a big win for consumers but let's matt -- led the market try and if there's a problem the government could step in and there are lots of laws already on the books that could help consumers if these internet service providers act on anti-competitive or harmful ways, plenty of laws already there. dennis: great anyone, it is a big deal and a big court ruling that could make that more valuable. >> so happy. dennis: robert mcdowell. sandra: the s&p and the nasdaq suffered their biggest one day drop ever, our next guest called this correction months ago, wealth management chief investment officer joins us next. dennis: not really down 10% or even close to a correction. music streaming sites taking away business from digital download sales. we talk to the president of the music business association. as we go to break we continue to count down, the screening songs

of 2013. here is number 2. ♪ ♪

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dennis: stocks back in after suffering their biggest decline in month. digital music download using -- losing ground and pizza by the slice, domino's looking to beat the competition one piece at a time. stocks near session highs today

happily let's head to the floor of the stock exchange, nicole petallides. nicole: bouncing back, the dow jones industrials right now be points, bounced back from yesterday's loss of 180 points. we are turning around, raise losses yesterday, the s&p and the nasdaq with the arrows, nasdaq up 1.5% and call tech sectors, all ten sectors in the green led by tech. that is why i put in tel in there, intel is a leader obviously in the market, shows that technology is doing very well today, jpmorgan raises the company, jpmorgan talked positively about it, but a new price target at $29, the price at 45%, and has led doing well, now forecasting global sales to do so well, and expecting all this to double, and lulu lemon

can't make out a new 52 week low, 4899. they're taking their bad p.r. very seriously but they are doing well in the teen segment and really all the social media stuff, yelp, facebook, twitter, linkedin, up arrow across the board, yelp is a great example up 4.5%, a performer on this one and when we talk about commodities, put u.s. steel in and that is a winner, the memo read late -- and the couple were 3% today, lot of green on the big board today, with the exception of gold, back to the vix, plenty of green arrows and every sector and all three major averages. dennis: nicely done, thank you. sandra: paul volcker finds that despite improving tax revenues state and local government finances remain in need of major fixes. peter barnes in capital hole with co-chairman of the task force with the first on fox

business interview. peter: the state budget crisis taskforce issued its final report after three years of research and has a number of recommendations. we are joined by rick ravage. let's start with the highlights of your findings after three years. and highlights of recommendations. >> what we found was many states and many cities are arguably at an unsustainable course fiscally because they are contractors for the mandate of expenditures, retirement obligations, health care costs, rising faster than revenues, states were too frequently balancing their budgets by using the proceeds

and assets to cover operating deficits and that by definition is not a sustainable practice. peter: one recommendation would be to stop doing that. what about the other ones? >> we pointed out what is being crowded out as a result of a fiscal stress is infrastructure investment and education, tuition and public university going up every year, three kids in public universities. for every one in a private university. rutgers university published a study that showed pre k education spending, 650 million this year more than a year before, that is not a formula for growth of our country. peter: your recommendations are multi-year financing?

multiple year planning, rainy day funds, reserve funds. all of this more urgent because we had bankruptcy in detroit and a couple municipalities in caliiornia, a pr is in trouble. what isuerto rico is in trouble. what is the message you have? change the public interest is served by more transparency, cool forms of budgeting so politicians can't kick the can down the road, pretend they balance the budget by d for in writing the check to the next fiscal year for rent obligation they incurred this year or before this year. that accumulates and ultimately means that we are pouring on the next generation of dollar obligations for services that our generation received. we think that public pension underfunding is an example of

this. it doesn't attract a lot of media attention. nobody really knows. every incentive in the process is to defer paying in to these pension funds as much as possible and consequently they could be underfunded by as much as $3 trillion in the united states. dennis: good luck trying to sell this to state and local authorities and fox business is paying attention. sandra: thank you so much. the s&p 500 after a rocky start in 2014 the index has fallen 1% in nine trading days this year and goldman sachs as you heard are starting to call into question whether or not the equities' rally is over and whether or not the stock market is overpriced. the cornerstone wealth management manager joins us now, thank you for joining us and we're bringing you back on because you were called for this, correct? we are not in a correction yet but maybe you will tell me we

are on our way to one but the dow was up 246 points from its recent high, the s&p 14. are we entering into a correction mode? >> this may be the correction we have been waiting for but the point i make is corrections are normal part of the investing process. we had 93, 10% correction over the last 85 years, that is one a year so corrections are healthy for the market, the refresh and if we see that correction we are not going to get more bearish or get out of the market. sandra: let me hold you more to it than that. if this is a correction and you are calling it healthy for the markets does that mean we will continue this bull market we have been on for the equities market or is there a possibility we could enter into a bear market territory? >> i think we are still in a bull market, that will be supported by a healthier economy in 2014, we are seeing steady audience in payrolls and income and that means the u.s. consumer

will be in a more upbeat mood and the u.s. economy is all about consumer spending. sandra: goldman sachs i reiterate said stocks are close to fair value and this is it for them. are you saying you disagree with that at this point? >> if you look at the goldman sachs report more carefully here is what they said, the market will be higher at the end of the year than it is today and if there's a 67% chance of a 10% correction that is not a real bull call. we get 10% correction on average once a year and we too think the market will be higher. sandra: jpmorgan, wells fargo, and find some reasons to be disappointed, profit numbers beat expectations. and the rest of earnings season and the stock market in general. >> i think it is. this is an unusual earning season, negative prius

announcement exceeded positive pre announcements by a ratio of 10:1, a record level, corporate america said the bar very low for this earnings season, it will be easy to step over that bar and we think earnings will be up by 8% to 9% for the quarter and 10% for 2014. sandra: if we have you back two months from now, what does concern you? you made mention of the bond market, there has been some complacency, what keeps you up at night? >> i do think investors are too complacent when it comes to the bond market. in spite of assurances from the federal reserve we think interest rates will move higher again this year and investors need to keep their maturities very short because the market is going to get ahead of the fed and start moving rates higher before the federal reserve ever comes in and puts a rate increase because the economy will be continuing to improve and we think the employment rate will be 6% by the end of the

year. cheryl: sandra: we finished with the stock market higher or lower for 2014? >> higher for 2014. we would not be surprised to see a gain of 80%, that will put the mark above 17,000. sandra: a lot of folks would be happy with an 8% the for the stock market this year. thanks for joining us. >> good to be with you. sandra: pizza hut trying to steal a slice of the local pizza shops's high. adam: dennis: digital download are on the decline. the president of the music business association will be here to talk about it and as we go to break more from spotify's most streamed songs. here is number one. ♪ ♪ ♪

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jobs but they caution a struggling retailers may not let seasonal workers go. eminent full-time workers as well. and 2:00 eastern, classic cars on the auction block, adam shapiro with jerry jackson's ceo craig jackson on the fox business network giving you the power to prosper.

dennis: streaming music services like pandora and spotify are killing digital music to a mode. streams were up and digital download drop. nielsen, a jim donahue is businesses as the president joining us to talk about this trend. i thought the music business finally getting the old digital thing, embrace it but 2013 numbers in, streaming music which you don't the 4 except a monthly fee of 32% bid digital

tracks sales fell 6%. now one kind of digital is cannibalizing another kind of digital. >> i would not look at it that way, i think it indicates a shift in consumption. i have been through this before, business models have shifted and changed over the course of the music business. we look at how consumers are discovering and accessing music. we have been very used to a new unit based sales model, and we have to get our heads are around the fact that when people are paying for a subscription when they are streaming, taking advantage of advertising that comes with those services there is revenue there. that is the sale. the revenue accruing. we don't have all of our numbers for 2013 but when it is all factored in i think you will see there is a significant impact in offsetting those declines because of the revenue coming

from screening and subscription services. dennis: musical performers, artists are complaining, then when one of their songs streams thousands of times. and the music industry, and download the songs to streaming. >> it is a completely different model we have to get our heads around and adjust to over time. artists, creators, songwriters, the commerce partner is, labels, everybody along the channel is read calibrating, looking at the way consumption is shifting. and physical to digital to mobile to streaming. all of these are available now. more choice than we ever had before for consumers to take advantage of music and we still have a physical business

alongside these other new models that are coming together. and the momentum shifts. dennis: and driving sales of legitimate music. i heard some copies from a young nephew and bought a bunch of extra albums by those hon commands. the r i m a is the bigger better known music outlet, you represent the music merchandisers use for the natural associated recording merchandisers. what merchandisers are even left in this business? retail outlets going out of business like crazy. >> it is a misnomer, and in april, merchants, looking at the term merchants, anybody who is looking for people to pay for

music, one of the best is to find those today, created with the recording industry association, why in music matters.com and you go to that site and you can find any number of licensed legitimate places to get music. dennis: ymusicmatters.com, thanks for the blood. sandra: phil flynn of price futures group in the trading pits in chicago at the cme. it is back to below normal temperatures and that is why we are getting the spike today. >>:4 tech ii coming soon. we have seen the price of natural gas go up 10% since the warm weather. we are knocking on the door of 440. above 440 we could spike

dramatically higher. what could make that happen? very possibly this week on inventory. and weego we can history reflecting cold temperatures, lack of production and all of those situations coming together and a lot of people didn't think we would ever be in this situation, never thought demand would be strong enough to draw supplies down 10%, that is where we are, could be 15% very soon and big story on oil, going to send a letter to president obama to say we are going to start this oil export, doesn't make economic sense to have an oil policy in the 70s. dennis: the chris christie scandal, serious transgression or overblown media circus? your response is next.

dennis: the chris christie standing, serious offense or another overblown media circus? what is bugging me. eps his one lane circus unless he lied using traffic lanes for punishment is to the appointments to a responsible office. michael says how about equal treatment to the chris christie scandal that bad, presidential scandals should get the same treatment. overblown media circus plus democrats with nothing better to do and peter has the greatest line, what is bugging me? suppose a guy like chris christie with staff like christie's had executive branch that included the nsa. december retail sales better than expected, despite all the credit hanging and new warning signs of growth weans. sandra: jamie dimon hoping to work with retailers for the

future credit card reaches. dennis: paradise found. capitalists only need apply. next hour i join lori rothman on the effort to turn a tiny island off detroit into a free-market utopia. welcome back. how is everything? there's nothing like being your own boss! and customers are really liking your flat rate shipping. fedex one rate. really makes my life easier. maybe a promotion is in order. good news. i got a new title. and a raise? management couldn't make that happen. [ male announcer ] introducing fedex one rate. simple, flat rate shipping with the reliability o fedex. open to innovation. open to ambition. open to boldids. that's why n york has a new plan -- dozens of tax free zones all across the state. move here, expand here, e

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and in dire need of budget reform. dennis: google, the $3 billion deal for start up nets as it tries to understand you and the way you behave at home. >> setting the bar-a crucial week for a quarterly results. the outlook for the big names down the pike. dennis: could detroit be the new hong kong? the former chair of the chamber of commerce brings his plans to turn the state's belle isle into

a capitalist uw. lori: more conflict of interest on wall street, charlie gasparino with the exclusion detail on an analyst's upgrade raising eyebrows the first to the markets, what a turnaround for this time yesterday, stocks bouncing back from the sell-off, the stock exchange and nicole petallides, we are near the highs of the day. nicole: everybody was surprised yesterday, jobs report friday, was a tough one. and the sell-off yesterday, dow jones industrials, 185 points and gaining back some of that up 84 points at the moment, a gain of 1/2% and traders were surprised by the move yesterday on the heels of the jobs report a day later, the truth is we know this has run up so far, so fast in 2013, 2014 was a tough one so far. and the dow up 1.5%, and that doesn't mean it won't turnaround but a tough start