sandra smith who is on her way to switzerland for the davos show. the markets may be closed but fox business is open of the we have a jam-packed show. first let's get to the front page headlines. general electric is acquiring a specialty oil and gas equipment-maker from hhuston-based cameron for $550 million. that business generated sales of approximately 355 million in 2012 of it has approximately nine hundred employees. sandra: reuters reporting ge capital aviation services may be close to ordering 40 boeing medium haul jets. they could include 737 max and. in a deal worth over $4 billion. david: possible sale of low end server business. "wall street journal" saying dell is one of the parties looking at a possible purchase for the company. sandra: deutsche bank shares tumbling in european trading following a surprising fourth quarter loss for the

term. follows a steep decline in debt trading revenues and restructuring costs. david: we saw a frightening sign from china last year. 7.%, same as in 2012. sounds great but economists were hoping for something more. a cool-down in the world's second biggest economy is inevitable as officials and investors embrace for difficult reforms. sandra: political you know rest in thailand has toyota warning it could reconsider plans to invest in $600 million in the country. thailand is the biggest auto market in southeast asia and regional production hub for global auto-makers. david: sandy, good to have you here today. sandra: nice to be here. david: wonderful to have you all joining us. the u.s. market will resume trading tomorrow as the s&p fell from an all-time high as weaker-than-expected earnings reports offset the improving outlook from the global economy. so is this the start of a bigger pullback?

sandra: we want to bring in our market panel, david. we have jared davies, and larry-verity, gabelli portfolio manager. s guys, what are we force canning here? holiday-shortened week. markets are flat so far this year. seems like we have crazy call what is to come. jared, you first. where do you stand in all of this? >> it is very tough. the logical guy side says we're way too much. san doctor, you've been on the floor and know how it works. when you look across the board we all know about the bad stuff. we've seen the warnings. we see the layoffs and market is sort of okay with it. i think the reality is as long as earnings remain sort of on their trajectory which is not that great but as long as they don't disappoint in a big way i think we can continue higher. i see a two, three, 4% correction in the next month but you know what? i will buy the dips.

the psychology, positive psychology remains. >> larry is buying dips. some of the stocks he recommended recently weren't way down. we'll talk about them in a moment. larry, first there is still a fear although hasn't been justified last couple weeks of rising interest rates. although they have been trending down if anything recently. will that trend continue or will they bump up? is it a fear? should it be? >> i think very clearly the rate of interesttis going to be okay this year. if you look at the retail seg mane at christmas, it was very problematic in terms of profit. there have been a number of profit warnings and retail index is down about 5%. people selling stuff in this country are not going to be raising the price of stuff. price of energy looks reasonably well-controlled. price of natural gas which even record cold temperatures hasn't gone up too much. i'm not looking for innation and if you don't have inflation you will not really have higher interest rates so i think the market is going to be okay. sandra::jared, i go back to you

on that, people are painting a pretty rosy picture for 2014 simply based on the fact that we had a spectacular year last year and history shows we go to a positive year. everybody wants to know what you would see as major investment theme in 2014. where should we put our money right now? >> most investors tend to look what we pilots call tombstone forecasts. basically an update you fit on a tombstone i think that is what we hear a lot of. everything will be okay, it will be a good year but you have to quantify and dig deeper. i think back half of the year is more questionable. i agree with larry. interest rates remain stable and prices remain stable. believe it or not i'm looking at oddball areas that have been shunned. utilities is what i'm looking at. not the usual utilities. i like directv, comcast and. i don't think interest rates will rise big. i think these utility companies can provide sort after low beta

space for you to gravitate for and give you decent return. david: larry, we mentioned china as one potential risk at the top of the show and while we're talking about prices not going up there, is risk of food inflation, is there not, and very often that is not a component for cpi of some of their measures. that could be a concern for consumers out there. >> absolutely. that was a real big problem in 1973 when you had crop failure in the midwest. david: we're talking not only cold weather but they have a really severe drought out west that will affect crops. >> that's very definitely the case. california is very major agricultural state. a lot of fruits and vegetables are not a major part of the inflation picture in food but we really need a little help out there or else we'll see around the periphery of the consumer food basket inflation. we already have it in the center of the plate. beef prices are up. they are very, very high. i was in a steak restaurant in new york or las vegas, $68 for

your basic strange. david: whoa. sandra: larry, that is crazy. took the words out of my mouth. that is something i'm looking at a lot. food inflation is really threatening to be a big focus in 2014. cattle, cattle environment in this country a fewest cattle since the early 1950s. that is certainly a fear. you as david pointed out earlier, we have controversial picks. because you do believe there is room for growth in some companies. one that sticks out to me is you think there is room for best buy to improve? >> best buy went down $7 billion in the past couple weeks as they had some problems with the gross margin at christmas but there are a couple of important things here. first of all, they gained market share. ever since the new management has come in they're gaining market share. second thing their consumer environment. net promoter scores are improving. best buy is providing a better shopping experience. third thing and i think most important we're looking at a

very major product cycle in consumer electronics in two areas. one in videogames which already started. we have new consoles. they sold very well. high margin software will go down the pipe in next six, eight months. next thing is ultrahigh-definition tv. in a few years most people will replace their televisions. these sets will sell in my opinion in the neighborhood of 500,000 units this year, perhaps 2.5 million next year. they're also the forecast for the consumer electronics association which knows a lot more than me. but key thing about these products is they will require sales assistance. that is what you can get at best buy. it is what you want get at -- can't get at amazon. in addition the manufacturers are getting very concerned because someone like samsung or sony, they need a place to display their product. so i think increasingly best buy is going to get the better product in this area. they will be able to sell it at a decent gross margin. the stock is very cheap on cash

flow basis. very nicely free cash flow positive. i think in 18 to 24 months you will look at 50, 100% price gains in the stock. i think it will get back what it gave up. david: you mentioned, i spent most of saturday at apple stores dealing with some of the best help i ever had with my new apple machine. i know that is one of your picks. go back to jared. you mentioned layoffs. we've seen them most recently at macy's an intel announcing layoffs. earlier we saw them at american express. very often there is short-term bounce in the stocks because they cut expenses but long term aren't these layoffs a problem for economy and consumers who might be worried about their own jobs? >> it takes a whale for that to come around, david, because you bring up a great point. where do we see pain in the economy. 5,000 jobs here. 2,000 jobs there. macy's intel, like you said. reality, david, these companies are become very, very smart making money.

from a investor's standpoint it is good for them. what based for it is consumers on sort of the lower end, you know, folks on the sales floors of these companies or maybe middle management and getting laid off. and, david, the thing is i think from an earnings perspective we have a long time before that's realized at consumer level. where you can play it this, is real interesting twist to this, i'm looking actually at american express. out of all the credit card companies they're one of the ones that don't have a ton of exposure. they have a lower p-e ratio than their pierce. when you get laid off -- peers. when you're laid off to borrow money until the next job. david: that is risky, borrowing money on the credit card i would recommend but it is true they have been doing extremely well. saw a bump in their stock. also, throw this back to larry for a second here, they also rely on internet sales. you mentioned fact that amazon doesn't do so well with customer

service, direct customer service but people are buying on the internet and usually buy with american express because it is safe. american express offer best protection for card users than just about anybody. >> i think american express has got a very nice niche in the higher income level. they have wonderful service. the thing that's amazing about american express to me is that they have done so well and they charge a premium price. and fewer and fewer places now that you go are not accepting american express. so they have got a very, very good package for the consumer. this he have a good package for the merchant. they have a wonderful brand name and the idea good news is not news. when people are hiring it is not news. when they're laying them off it's news. so you have ups, they didn't make any announcements but hired 30,000 more people to ship amazon stuff in the fourth quarter. so you have bmw expanding in south carolina. there is a lot more good going on than is mentioned.

david: good perspective. sandra: we have to leave it there but i would say the one problem with best buy being so, customer-focused and service oriented, everybody shops and find what they want and go buy it on amazon. >> they're buying at best buy because they're gaining market. sandra: thank you, jared levy, larry hagerty. david: thank you, gentlemen. european stocks have been soaring and they ended last week at a six-year high as investors start to believe that a full economic recovery is underway over there. so is it time to get in or is ee comeback? sandra: plus with u.s. production picking up, iran sanctions lifting and rise of alternative energy could all the extra oil mean a crash in prices and global economic slowdown for oil dependent nations? david: you could answer that question, sandy. sandra: i would love to. david: we love to hear from you on this do you think an oil glut is coming? log on to

facebook.com/afterthebell. your answers coming up later in the hour. ♪ opportunities aren't always obvious. sometimes they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach obalarkets and drive forward with broader possibilities. cme group: how the world advances.

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open to invation. 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, or start a new business here and pay no taxes for ten years... we're new york. if there's something that creates more jobs, and ows more businesses... we're open to it. start a tax-free business at startup-ny.com. >> while cnbc is on tape we're open for business. david: while the u.s. market has been off to a quick start, european markets led to a new high before they closed on friday. will big gains be made overseas?

is this europe's big year? we have david marcus, who is here to tell us where to find the best and cheapest growth plays. thanks for coming on. just a general question do you think europe will outperform u.s. stocks this year? i do. i think opportunity in europe is excellent. for the simplest reason at all, europe is coming from so far back there is opportunity because there is change coming their way and restructuring. it is significant and companies are breaking up businesses, spinning off assets and refocusing on core business. as big companies streamline and cut costs there is big value that can come out. david: despite all the european regulations and they do have more regulations than we do, we're trending more in wrong direction on regulations they're trending in a loser direction? >> absolutely. david: they're making it easier for businesses to spin off and stuff? >> yes. in the old days governments were

very fight tight. their goal is to have companies employ people. they understand if they don't help the companies they will% have bigger crisis. they're loosening the reins and taking advantage of it. david: which company is doing the most? i assume germany shedding the pack. >> germany leading the back but surprisingly spain dramatic changes. david: they had almost nowhere to go than up. that is e.u. gdp but maybe we get spain. they're doing these things? >> absolutely. they're loosening the reins so companies can transform themselves. it is not opening gates but it is easing. as you said trending in the right direction. spain, italy, portugal, germany. david: when i look at germany, we have to mention germany had a .4% increase. it was almost flat. very close to recession level. the year before .7%. we're complain about 2%, 2 1/2%, they are lucky if they get 1%. >> look we're not actually

counting on any significant growth. i think the opportunity is before the growth gets there. it is this cleanup process of this sort of cleaning out let's say the plumbing is backed up in a sense. when you sort of unloose it, all the opportunities in these companies, you have cheap stocks and a lot of catalysts to release value. david: you're looking companies not countries? >> companies not countries. david: instead of going for a german etf or spanish etf you go for specific companies. start with one. vivendi, why do you like vivendi. >> it was one of the great value traps. it kept going down for 10 years. they are breaking itself up. they sold the stake in activisionably ard and sold uners inial music. they will split the telecom business. it's a cheap stock. a lot of moving parts. value is coming out and that can hit the line for shareholders. activist investor is taking 5% and pushing every day for value

creation. david: talking about stocks, talking about buying adrs? depository resets. >> you can buy the adrs and in many cases we buy in the local markets. david: why do you likeng? >> ing was bailed out during the crisis. almost went bust. part of the bailout they agreed to sell all their non-core assets. they sold the u.s. business, ing, ip-o'd it last year. the stock came out. nobody cared bit. it has doubled. they're selling all the asia assets and dumping nonbank business in europe. we think the stock is grossly undervalued, when you peel back the value they can pay back the bailout. core business is highly profitable. >> one more stock. we don't have time, beloir, conglomerate that owns parts across europe and africa. >> it is almost 200-year-old business. largest owner of ports in

africa. sneak into emerging markets at a cheap undervalued european price. they own 5% of vivendi. they are the activist pushing their change. david: you put your money where your mouth is. you own the stocks. >> absolutely. david: thanks for coming out. thanks for the tips. david marcus. sandy, over to you. sandra: chinese economy has huge impact on the global economy. how much of china's growth will slow? we'll find out what is really happening behind the bamboo curtain in a moment. >> computer brain that made ibm's watson world famous on "jeopardy" it has a brand new mission t could be a money printer for the tech giant. we have a fox business leak at the new technology ahead. ♪

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sandra: time for a quick speed read of some of the day's other headlines, five stories, one minute. first up anheuser-busch reach as deal to buy south korea oriental brewery from kkr for $5.2 billion. this is the largest private equity sale through an acquisition. ubs is outsourcing most of its fixed income trading platform. the bank announced that it will replace the trading platform with standardized solutions from technology group. a train carrying crude oil delayed on a bridge over the schuykill river in philadelphia. the coast guard says the crew is monitoring the derailment and checking for pollution. rise edge early upgrade of plan, cutting waiting period from six months to 30 days. it comes after t-mobile announced it will give new customers up to $650 of

potential credit from switching from at&t or sprint or verizon. u.s. is expected to be the top destination for chinese visitors. the number of chinese visitors will triple by 2020. that is today's "speed read." [buzzer] david: we need to learn chinese. sandra: everybody should really. david: our next reporter certainly does. china's economic growth figures shows a slowdown from the previous quarter but china is growing a lot faster than we are in the u.s. sandra: joining us with the details is jo ling kent. >> hey, sandra and dave. chinese gdp was 7.8% in the fourth quarter, down from the 7.8% in the third according to china's national bureau of statistics. full year growth also clocked in at 7.7%, just surpassing the national target very conveniently. what is happening beneath the surface is what is important to watch. stagnating growth rate, weak investment in infrastructure down 15% year-over-year in the fourth quarter compared to 25%

year on year in the third. as economic growth slows down chinese banks are expected to take a hit this year as well. china's listed banks will grow less than 10% in 2014 according to the financial sometimes. that is the first time that it will be below double digits since 2005 -- financial times. it has to do with interest rate liberalization, shadow lending, reforms from the government and internet-based savings products that beat out traditional markets, internet banking from alibaba and other chinese companies are becoming popular especially among young bankers. immediate impact will be limited. these probables are bubbling to the surface still but china is facing a multitude of challenges. look at the other data. average seven-day repo rate was 6.6% on monday. that is up already from 5.2% back on friday. much of this gain reflects rising demand for cash. before the lunar new year they pull out money to give as gifts

but overall credit is very tight as people's bank of china struggles to keep loan demand from overheating without hurting broader economy. bboc provided emergency support with funds to commercial banks and they, plans to add more cash on tuesday. so, dave and sandra, we're expecting to see a lower gdp target from the government in the next couple months. we'll keep an eye on it, but very much cooling that we were expecting in 2014. david: lot of investors keeping an eye on that. sandra: we would love 7.8% growth in this country. david: all about trends, whether you're trending up and down. jo, good to see you. thanks very much. >> weak forecasts from designers and discount retailers are racing questions about the economic recovery that many predicted. has the consumer fallen flat? david: speaking of retailers, ibm's watson, remember that machine? mastermind about new technology that could revolutionize the way you shop, the way retailers use it.

first on fox business preview of the technology that you do not want to miss coming next. ♪ mine was earned in korea in 1953.

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days and the cost to prepare for russia is huge with a 2014 olympics predicted to be the most expensive ever. i guess vladimir has the money somewhere. estimated cost for this year's games is $51 billion. that is $11 billion more than the previous record set in beijing in 2008. and three times the next most expensive winner games held in japan in 1998. what is all the cash being spent on? the olympic stadium which will host the opening and closing ceremonies, cost $780 million to build. the russ shun ski jump is $265 million for the ski jump. six times over budget. you know how those thing go. the 30-mile railroad to connect the olympics to the mountain resort that host snowboarding events costs, get this, $8.7 billion for the road. that is more than entire costs for previous winter olympics in

vancouver. sandra: starting from scratch. david: he has got the money. sandra: retailers disappoint investors with best buy reporting a decline in sales and slew of companies cutting full year outlooks. david: does this reveal weakness in the economic recovery? peter barnes in d.c. with details. peter, what are the stats? >> hey, david and sandra, many economists believe the economy is poised to take off this year but one analyst says they may be wrong from weak earnings and warnings from retailers. two blue chip forecasts from the economic association of business economics see gdp rising to 2.8% this year from about 2.2 -- 2% rather last year and some economists expect growth could top 3% this year, maybe even go higher than that but, brian seizesy of belus capital advisors says weak warnings from some retailers that serve middle

and lower income families like family dollar, zumiez, which i never heard of, express and american eagle suggest that many consumers are still watching their pennies. >> if the economy was so well, the u.s. consumer would be shopping on smartphones, tablets, also packing up their children in the car and heading off to the malls. they're not doing that. once their list is done and once done in one dedicated place that is it. >> we're talking about this because consumer spending makes 2/3 of the economy. the commerce department says retail sales excluding autos rose to seasonally adjusted $350 billion in december, an all-time high but sozzi thinks numbers are skewed by wealthier customers purchasing more expensive goods. by the way i didn't mean anything against that one store, my wife will be the first to tell you i'm not a fashion plate. i don't shop. david: sandy corrected you but her mic wasn't on.

sandra: sorry, peter. it is zumiez. zumiez. >> zumiez? sandra: zumiez. anyway. >> it shows you how much i go out shopping. sorry about that. sandra: moving on. teenage nephews shop there only reason i know. david: watson, remember watson best knownnas supercomputer beat two-all-time champions in "jeopardy" in 2011. it is more than a gimmick. they use watson to manage their data. sandra: they are trying to lure in consumers in a way never done before. joining to us demonstrate this technology and just how it works for the first time on television is joe palari worldwide industry retail leader. joe, tell us how this works. i briefly walked myself through this how does it work? >> think about cognitive computing, not what we talk about watson. system that is learn.

they digest information from blogs, twitter and all sorts of reviews and gives you a probability of the best recommended product. david: take one store in particular, north face. >> right. david: i know they have come to you or you've gone to them and working together. how do you help north face sell stuff? >> best salesperson at north face is someone that climbed a mountain, right? taking expertise of someone who climbed a mountain and put that on the web. i don't know if we show the demo, it talks to you in natural language. you can talk to it hey, i'm planning for a 14-day hike. it will come back and going for a 14-day hike and gearing up, here are some of the products you will probably want. sandra: leeping bags, tents, et cetera. >> exactly. if you think about this is not a typical google search, right? it is going in and going for 14 days. going on a technical hike. it comes back and says you probably want these products. if you go in one example is abs. avalanche airbag system which is

great if you're in a avalanche place. if you went to google and put in abs, would come back with abs of steel or antilock breaking system. that is google search. you're going hiking and mountain climbing and will be in the winter and knows abs means the airbag system. david: gary kasparov, great chess master, played the ibm computer, big blue, he got scared, made a chess move not programmed into into it. in other words it was thinking on its own. that scared the hell out of gary kasparov. that is what this does for retailers, right? making judgments on its own. >> not just -- david: about what the consumer wants. >> not just looking for a needle in the haystack but understanding the haystack itself. if you think about this technology not just for retail but for health care and banking that is the exciting part to this. david: wow. sandra: how does it work from the business perspective?

so you're working with north face but obviously the goal is to branch this out to other retailers. if this is technology, you get approached by kate spade or tiffany or coach, that this technology would be embedded in their website or does it overlay? how does that work. david: good question. >> exactly. what we're trying to do is improve the web experience because when you go into a store and ask for advice they're there to talk to you, they're answering questions. imagine that on the web. if you look at so many people who abandoned their carts and web experience is actually where it's at right now. so this is, taking a look at the web and making it better. david: i don't know if you heard this but amazon has a new thing called anticipatory shipping. >> right. david: have you heard that? it is weird where it ships items to these centers, process centers where it assumes because of customers past choices they will be buying those things. is that the kind of stuff this computer could do as well? >> this is actually a little bit beyond that, because what it is doing taking your questions in context in natural language. it is learning from all the

blogs and product specialists and all the ratings and reviews and -- david: does it scare you at all? this is era where obviously science fiction is science fiction but where big institution has a lot of data, a lot of personal data and people don't like that. >> you know what, this is trying to address? this is scaling expertise. imagine a retailer who has the best salesperson who gives great advice, has all this background persons, that is taking their expertise and putting it online. people buy from people who done it before but have great expertise. that is what we're doing with watson. sandra: could change things. david: ibm, they're at it again. you guys are always innovating. >> it is a great era for cognitive computing. david: great stuff. >> thank you. sandra: if you're thinking of changing your job this year you will want to know who the best employers are in the nation. we've got the very latest rankings on that straight ahead. david: also the world could be on the brink of an oil glut that hasn't been seen in living

memory. it could have a huge impact on the global economy, what the world central banks do. up next we'll talk about that. sandra will weigh in and we'll hear what she thinks. >> can't wait. ♪ ♪

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stomach pain,upset, or. if you or someone you love has afib not caused by a heart valve problem... ...ask your doctor about reducing the riskf stroke with pradaxa. if you have a buness idea, we have a peonalized legal solution that's right for you. with easy step-by-step guidance, we're here to help you turn your dream into a reali. start your business day with legalzoom. sandra: are you looking for a new job. fortune released its list of the top 100 companies to work for and guess what, some are even hiring. here are the top five names on that list. country's largest online mortgage lender, quicken loans took the fifth spot. this firm ended last year with a company record of $80 billion in home own value. volume i should say. number four is the financial services firm edward jones. according to fortune, 96% of the associates are proud to work

there. the boston consulting group jumped one spot to reach number three on the list. this consulting firm has made the top 20 ever since it began participating in 2006. taking second place again this year is business analytic software company, sas. this is the 11th time sas has been ranked in the top 10 but once again, google, david, is the company that takes the cake for the fifth time. they offer employees perks like communal bikes and massage chairs. additionally every employee is a shareholder. this past year google's stock climbed to more than $1,000. david: i wish i could caulk my daughter into computer science. wouldn't that be good? let's go back to old technology. oil, are we about to face a oil glut with huge reserves coming from the u.s. online, u.s. and oil and shale, et cetera and reduction of iranian and libyan oil, deutsche bank just said that saudi arabia may have to slash its oil output by

7.5 million barrels a day just to stop the bottom from falling out of the oil market. sandra: as we've seen, oil prices have been coming down over the past month or some are we about to see a glut of oil on the market? what effect would that have on the overall price of oil? obviously we're looking at it hovering around $100 a barrel. david greenberg, founder of greenberg capital, everybody wonders at this point of the fame, we have libyan supply coming back, iranian supply coming back, the u.s. is producing more than it produced in a couple of decades, will we all of sudden have a glut on our hand? >> on consumer side we should hope so. everybody talks about when oil gets hit it based for the oil market. it's a world tax cut. i don't think we'll see a glut of oil like we're saying. >> times we report that it is not a good sign when oil prices are going down because it shows weakness in the u.s. or the global economy. >> that is one way of looking at it. we look at it in the '90s and year 2,000, oil was trading 30,

$40 a barrel. there are a lot of different reasons why we're at the levels we are now and a lot of it has nothing to do with the supply an demand. david: a lot has to do with the fed, went from 145 a barrel to 35 a barrel in couple months. a lot of people think it was the fed. sandy disagrees. go on to one other issue, we have in the united states a he can extrordinary amount of oil and gas reserves. some people put it $128 trillion worth of oil and gas reserves on public lands. >> right. david: that has got to affect the price of oil eventually, no? >> it ill but as oil starts going a little lower, people worry about shale and whether or not it will be too cheap to keep producing at the price of oil from shale. bottom line is, it can range from anywhere from $25 a barrel to $95 a barrel to produce one barrel of oil from shale. we have a long way to go before we have to start worrying about that. david: 128 trillion. that is eight times our national debt. is there any chance that we

could dig up that much? >> there is always a chance. this can happen but we have to make sure ingenuity and money keeps going into it. what people in the past are worried about, if oil goes too low, it is not cost effective. i don't think we'll see that for a very long time. sandra: well, let's be clear, a lot of this is china as well. u.s., number one consumer of oil on the planet. >> yes. sandra: china, number two. we had jo ling kent on earlier this hour that chinese growth may not be as earlier forecast. >> not even close. sandra: this could be fundamentally bearish in the market. >> absolutely. everybody is talking about china, china, china, the greatest story that never showed up. we're talking about futures. when we talk about the back end of the curve, i can see it higher on the china scenario. right now oil is still too high. $93 a barrel. david: what should it be? >> i said 75 to 80 is fair price with what is going on. david: wow. with the new oil coming online,

sandy mentioned libya. that is about a million barrels a day, right? >> yeah. david: iran, could be three million new barrels a day. i mean that is a lot of new oil. that sounds like a lot. >> a lost new oil but always could be. we always have these bumps in the road. if opec needs to cut, they are going to cut. oil will not drop down $30 in a day. it could rally $30 if an attack comes some way, shape oar form to saudi. sandra: i have to challenge you. i don't believe there is anything other than raw fundamental as the work in the oil market. you talk about a fair price for oil. >> right. sandra: that rubs me the wrong way because oil prices are where they are based on future forecasts, actually to date supply and demand fundamentals of market. when you say a fair price for oil, you have to explain yourself, last question. >> okay. i completely disagree with you on the fundamental part. ever since 2006, oil has been

priced differently than ever before. when the world's oil markets became electronic market where you used to have pit traders and a few funds and actual oil companies were only traders, now you have a tremendous amount of funds that are trading oil. never seen a barrel of oil. they don't care where oil is. you have the brent market is cash-based market that was a tiny little market years ago now the market of the world. in brent, just so you no, when you take delivery in brent you're taking cash delivery, not taking a physical delivery. easy for major companies to just keep buying. when it goes to the settlement price comes out in cash unlike wti is that runs in physical form. much easier than now. david: you guys talked so far over my head. if you could see sandra when you were talking, sandra was about to explode. we have to have a debate on that. >> absolutely great. sandra: i polite. you have thenk

you, sir. >> please have it. sandra: thank you for coming in today. talk about a bar tab? coming up we'll talk about the record-setting price paid for a single bottle of whiskey and what made it so valuable, david. david: if last year is any guide, the department of justice is set to raise huge sums of cash in 2014 from fines, penalties on american businesses. we have the scoop from a former doj insider. that's coming up. ♪ [ me announcer ] this is the story f 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 ia begins. and of ose o believed they had the power to do more. dell is honored to be part of some of the world'great stories. that began much the same w ours did. in a little dorm room -- 2713.

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sandra: after bringing in a record number of fines against corporations last year the department of justice is set to ramp up the pressure on businesses yet again in 2014. >> hard to imagine how it could be ramped up any further. rich edson joins us now from inside the beltway with more on this rich. >> david and sandra, in just antitrust penalties the government collected more than a billion dollars last year for the second straight year around the third time in five years. antitrust penalties are increasing worldwide. the european union collected more than the double the u.s. in antitrust fines. china, japan, taiwan and brazil fined businesses nearly a quarter of a billion dollars each. businesses are facing multiple penalties from multiple

countries for one crime. >> one corporation punished in seven jurisdictions raises natural question how much is too much? do they pay a billion dollars in every single jurisdiction or is one billion dollars fine enough to send a message to that corporation they have done something wrong? that is the challenge going forward as more and more regimes play in this space, can they coordinate with each other and do what is fair and proportional? >> the justice department collected $8 billion in total fines last year. that doesn't include any of the $13 billion in fines that jpmorgan agreed to after the close of the 2013 fiscal year. the government collected bulk of fines from price fixing on auto parts and international scheme to set the libor rate. analysts expect the law enforcement attention especially on financial businesses to continue. back to you. david: very quickly, rich, do we know where that money goes? does it go in the coffers of the justice department or what? >> depends. some go to the victims of the crime. some go to the general treasury. much some of them split up into

different housing programs. remember all the housing fines. really depends on the penalty. david: gotcha. sandra: rich, thank you so much. >> thanks. david: call it a case of whiskey galore. we'll tell awe record-setting price paid for a single bottle of malt whiskey. i assume it is malt. sandra: you have can use bitcoins to buy cars but how about medical care? that story is coming up next. ♪ [ tires screech ]

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david: time to go "off the desk." well, sandy of course you would spend more than half a million dollars on a bottle of liquor, right? >> why not. david: you're with all the rich people. bottle of maccallum m, decanter, was sold $632,000 in sotheby's in hong kong over the weekend, setting a record for most expensive bottle of single malt whiskey ever sold at auction. it was six liters. the bottle of whiskey beat the previous record of 460,000 that was sotheby's sold in new york in 2010. the bottle is so rare, that only four bottles of macallan decanters were made by the distillery. cheap at any price. >> also "off the desk," no cash, no credit cards, no problem at a urgent care in texas. you can use bitcoins.

they are the first to accept a form of payment. they have yet to see a patient pay the bill during a bitcoin. feels it will see more and more patients using it. it sounds risky. david: you knew it would be in texas where people do things independently. >> other businesses taken advantage of using digital money such as overstock.com which allows users to use bitcoin. david: patrick byrne. >> san francisco king fans can buy gear in the team store and pay for tickets using the virtual currency. virgin galactic will accept the currency to pay for the seat intos space. the current flight costs $250,000 which is 325 bitcoins. talking your kind of money. david: bitcoin may replace the dollar. who knows. this currency unaffected by central banks. number one thing to watch will be earnings from ibm set to release results after the bell.

the tech bellwether is expected to report earnings of $5.895, and revenue of $28.25 billion. >> "money" with melissa francis is next. >> world's entire wealth maybe is in the hands of fewer than 100 people. how big of a problem is that? should anything be done about it? the stats are amazing and we got them all even when they say it's not it is always about money. dennis: i'm dennis kneale in for melissa francis. good evening. the top story, 85 richest have half the world's wealth. a new study says 85 richest people on earth have same money as bottom half