tv Markets Now FOX Business February 5, 2014 11:00am-1:01pm EST
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big pr boost but at little cost to the bottom line. jim rogers is in the house, china, russia, commodities, you name it and he will talk about it. reports of terrible conditions in russia as the olympic games get ready to start. no shower curtains, dangerous water, don't even think about watching your face with it and the governor of tennessee wants to offer a higher education for free. at and more including connell mcshane coming up on this hour of markets now. connell: a lot of stuff coming got. get to talk to you in a few minutes and a bunch of different things. the olympics, these tweets from the reporters we will get into. dagen: and dropping on the slope and canadian snow boarders
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calling him a chicken. connell: on the top of your head. but the story everyone is talking about this morning, the business world announcing pulling all tobacco products over 7,000 pharmacies around country and they will get it done october 1st. dagen: cbs stands to lose $2 million in annual revenue with this move but that is only roughly 2% of its annual revenue overall. the retailer plans to have this move complete by later this year, operating 7600 cbs and pharmacy stores nationwide. the ceo on the move. >> tobacco products have no place in a setting where health care is delivered. when we asked ourselves where we expecttto be in the future as a health-care company it became clear that removing tobacco products from our stores is the
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right thing to do. connell: for more on this, jeff flock joins us. he is on the story for us. jeff: interesting, obviously, interesting impact talking to analysts who say cvs is a health-care company taking a shot at walgreen's on this, the concept we provide your health care, they provide other things as well. another cut from larry merlo, provided by cbs care mart, thinking about what they are going to do going forward. we don't have that one. i will have that next hour. positioning the company going forward so that they positioned themselves as a health-care provider. they got one of my numbers here, 800 plus, those minute clinics
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when you get health care bill is that a place you can get cigarettes as well? back in the day, the doctor used to sometimes be smoking when conducting the examination of you back in the day. i remember those days. other impacts you mentioned, the $2 billion revenue hit, $0.17 earnings per share, they estimate between $0.06, and $0.09 earnings per share. but no change in the guidance in terms of profit going forward and in 2014. some ideas how to generate profit this year and going forward. dagen: and alcohol. >> as far as we know. i assume they still sell wine as well. connell: you said it. some good pr and yoo don't cut in too much percentagewise.
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>> they are making a ton of dough on that anyway and that is the others thing. connell: we will hear more from the company. let's look at the report. jim rogers. dagen: got to give you credit because i stole that fought from you. very little downside financially, lot of public relations. connell: with a great thoughts of our times. that seems to be if you are a public company like cvs, people talking about it as we have fallen into today and don't make a big hit in your bottom line that is logical. look at tobacco stocks as i said before. nicole petallides joins us from the stock exchange. nicole: gold moved by cvs to do this, $2 billion. let's look at how tobacco stocks may or may not. notice how i had, the affected move by cvs, it is a bold move indeed, one of the analysts at wells fargo saying the bottom
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line, we believe manufacturers, they will not be impacted by this move by cvs. we believe the volume will be displaced to other stores. people who want cigarettes and are interested in purchasing tobacco will do so elsewhere. so overall most likely heard those crackersmakers, down arrows for those makers and the rest but the big picture here is wells fargo does not believe those tobaccomakers will be affected by this move. dagen: thank you. when i said jim rogers could talk about anything he can. he is determined, rogers holdings, also the author of many books including street smart. jim made a comment. what were you saying about cvs? >> they replaced higher margins. everyone is saying they could be. they are trying to get rich and i applaud them.
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dagen: will this competitor, cvs competitors and retailers? >> more walk in for competitors and so will the competitors. dagen: let's talk about emerging markets, looking extremely weak, certainly weighing on the markets. even in china. >> this is coming from the federal reserve. guys in the federal reserve have been printing staggering amounts of artificial money so everyone is getting free money and they shouldn't have been getting free money. turkey and india and indonesia, huge trade deficits, free money finance that no interest rates. artificial lotion is drying up. it is going to end. dagen: how bad? we are not going to have equal fallout in these markets. which market will be safer and
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which markets will be safer than others? >> no such thing as safe. you better invest -- dagen: the difference between a compound fracture and five stitches in your hand. >> some stocks down 80%, no question, not this week but in this end down 80% or 90% and 30%. you are going to get hurt either way. dagen: do you think that the u.s. is more stable than other nations? >> they will keep cutting back and eventually there will be a lot of pain and guys in washington are bureaucrats and -pacademics, that is why they wk for the government. they could get a real job. they start hurting and screaming everywhere and we are sorry, printing money again and markets will rally again and -- dagen: do you think the retrench the federal reserve central bank retrenches on bond buying that
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is cut? >> even if they don't do that, they won't do any more. and you pick he number and when the pain gets bad they will panic and come to the rescue once again and that will lead to a big rally and probably a bubble or maybe a bobble and you should run. dagen: a couple things. commodities have not done well. >> the stock market and the bull market between 82 and 2,000, 87, stocks went down 8%, 89, 90, 94, double market is over. that is the way markets work. grafting is a miracle. two british big ones, this is not some redneck from alabama
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talking about gradstein. even obama talked about gradstein in the state of the union. this will change the world. it is stronger than steel, astonishing. you can make anything, it is astonishing. listen to the nobel prize. dagen: there you go. it is all about liquid. dagen: two peas and a pot. jim rogers, literally talk about almost everything. connell: except the debt ceiling. we will take this up from washington as the deadline approaches, treasury said gary jack lew urging congress to raise the debt limit. john boehner saying republicans are aiming for deficit reduction steps as part of any deal that gets done and on capitol hill, congressman charlie rangel joins
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us now. they were talking about the stock market, down again today but we had a big decline in the market. does that have an effect on the negotiations, strengthening or weakening position on either side? >> it goes far beyond that. has a devastating impact on the market when the president of the united states will be saying basically congress refuses to allow him to increase the debt ceiling which means he cannot promise that he will be repaying $17 trillion. connell: if you were in the midst of your negotiating position you could point whether it is a direct cause and effect, the market is down and we have to get this done. >> john boehner has made it abundantly clear that he is not going to have the handful of tea
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party people restrict the government and cause a fiscal disaster. what is going to happen is we are going to have a clean debt ceiling bill and if we don't have it, that is the end of the republican party as a national party as we know it and john boehner says it is not going to happen and it is not going to happen because they came to washington last time and knocking on doors and there were not moderate republicans or democratic, they knocked on tea party boards. connell: one of the problems is we get into these conversations and when you are having them, didn't i just speak about this? like groundhog day affect where the public gets bored, they will figure it out. they will come up with the deal in washington, they do every time. does that dynamic have an effect on how you negotiate? >> you bet your life it does. even though the deal is cut it doesn't mean we will lose hundreds of millions of dollars just even talking about not
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doing it so treasury says we have until the end of february, half of that month we are going to be off on retreats and other things. it is not just -- it is the threat of not allowing him to do it. we have to before this week is out that the politics out of this. we have enough things to be political about but not the debt ceiling. connell: one more thing on the economy. people on the other side of the aisle, you know what they say, worried about the economy or health care issues, the cbo report. what is your review, your point of view on the economic recoveries? i you optimistic? >> the president made it abundantly clear that the deficit has dramatically been reduced. the second thing is even though it has improved the republican majority in the house has not allowed the federal government to join the private sector to
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create the jobs that would come with the infrastructure. i am very optimistic that we will have a different republican party in congress if they have a different republican party relating to the presidency. connell: hope all the plowing went right with the district. could be better off down there. eyes, makes,ess. >> i was in korea in 1950. i got out of that. i will never complain about the weather. it was 20 below 0 in north korea. connell: stop winding, new york. good to see you, congressman charlie rangel. there is your prospective about lining about the ice and sleet. dagen: exactly. tomorrow's business today, a new development that could save lives on the battlefield. connell: how about college for
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free? the governor of tennessee is pushing for that. dagen: would you want to be at the olympic games? there are reports of media hotels, polluted water, watching your face with it, no shower curtains, poor living conditions, angry dogs in the street, sean whyte dropped out of one of two events. we will have more ahead.
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dagen: ralph lauren's revenue dropping 10% in its most recent quarter shares are hitting a new annual low. nicole: pretty amazing considering they did have a strong holiday quarter. brian has been on the air many times saying the most recent performance is surprising for the retailer, strong growth, considering apparel margins have not been great overall. flooded is going down 2-3/4 of 1%. they expect full-year 2014 revenue to rise 7% so it started off looking a little better earlier on but you can see it is getting hit to the tune of $4. they did well with wholesale
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revenue, and throw it in. and stocks to the downside. dagen: in tomorrow's business today tiny sponges could save soldiers' lives. as syringe filled with rapidly expanding sponges, the product creates a barrier to blood flow and will provide gentle pressure potentially preventing a hemorrhage which is a leading cause of death on the battlefield. this includes x shaped markers to make them visible on an x-ray image later. the army has provided $5 million to fund the prototype to final development and the devices are awaiting fda approval.
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the company says it got the idea from a flat foam tire repair which you know exactly what i am talking about. connell: college free two year tuition, any community college or technical school that is the plan late out by tennessee governor bill isaac and. tennessee would be the only state in the country to charge no tuition fees for high school graduates who have a plan to go to college. the way it would work is the proposal would set aside $300 million to an endowment from the state lottery fund to pay for the expansion. also part of the mission to make sure 55% of tennessee presidents have advanced degrees, free college, two years. the debate over obamacare heating up again, the program could cost half million jobs over ten years. dagen: from one program to another, the sochi olympics almost here but they are not ready in russia. even drinking the water, even
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>> your fox news minute, new developments in the death of actor philip seymour hoffman. police in new york have reportedly arrested four suspects who supplied him with drugs. he was found dead over the weekend in his manhattan apartment with a syringe in his arm. a new bird flu killing 1 person in china, the strain previously unknown in humans, h10n8 it has infected 300 people in that country. united nations human rights committee strongly criticizing the vatican for systematically adopting policies that allow priests to molest tens of thousands of children over a decade. the committee says the church should change its rules on abortion and teach sexual education in catholic schools. the vatican says it regrets the committee attempted to interfere with catholic church doctrine and teaching in the exercise of religious freedom. those are your headlines on the
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fox business network. back to dagen mcdowell and connell mcshane. dagen: breaking news, house republicans stock on how to proceed on the debt ceiling. connell: rich edson has the latest. rich: republican leadership had been shopping the pill that would have repealed the obamacare record low, a provision republicans call the obamacare bailout couple with an increase in the debt ceiling and republican leadership says the tally came back, they do not have enough republican votes to raise the debt ceiling and real that obamacare provision. they are stuck on this, trying to figure this out but another leadership aide says passed forward with the senate passing a clean-ceiling increase nothing attached, they send it to the house and put that on the house floor, this is working its way out. there are other issues issues going on a hearing focused on the congressional budget office's latest forecast, trillions of dollars of increased deficit and all that back and forth between democrats and republicans and obamacare.
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>> better off in inducing a person not to work who is on the low-income scale, not to get on the ladder of life to begin working, the dignity of work, getting more opportunities, rising their income, joining the middle class, this means fewer people will do that. >> when you boost demand for labor in this kind of economy reduce the unemployment rate because of those people who were looking for work and find more work. rich: this is on the heels of the report released yesterday that obamacare reduces demand or supply of labor around 2.3 million people over the next few years will decide it is a better option for them not to work because of obamacare and the benefits of getting health care, and don't need a job to get health care. connell: rich edson, a couple stories in washington. dagen: sometimes if you go abroad don't drink the water is
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your mission statement but it goes much farther than that. the drinking water if you dare in sochi, russia. chicago tribune reporter was told to keep the dangerous tap water away from her skin. one of the latest blows facing those attending the games, covering the games which are less than 24 hours away. connell: speaking of woes another winter storm has packed with heavy snow and ice causing major delays for travelers. congressman charlie rangel tells us why addition complain about this because it is pretty serious, we will fly to boston, a lot more snow and heavy ice and freezing rain. the mark on the s&p 500, then we will be right back with more markets now. [ chilen yelling ]
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connell: what we saw coming up in markets now, more reports of terrible living conditions coming out of the olympics be a twitter. we will go there live as games are about to start and get a report and airlines with their hands full as more bad winter weather is forcing delays and cancellationss today. craft running out of stringse a. that is coming up and i don't want to tell you. dagen: radio shack set to tune out 5 and a location in the next few months. nicole: we are watching radio shack which is down 25% in the last 52 weeks. they will close 500 stores. which stores? nobody knows. when will they close these doors? nobody knows.
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we don't have the clarity of where and when they're doing them but they will be doing exactly if that. to their defense they have noticed many companies close underperforming stores. it is not unusual when they do. but overall got to watch radio shack. the fact is the stock is to the downside, some attention during the super bowl when they have their flashback to the 80s, there retro image and alf and erica estrada in their picture but the big picture is what is going forward for the next full year of radio shack but they're closing some stores to save some money. connell: in sochi, russia ahead of the olympic games, finding hotels still under construction, and drinkable water, that is a picture of it, pellets, some have been reported not flush toilet paper which can be a problem. we are joined by fox sports
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reporter covering the olympics, sometimes these things get exaggerated so we figured we would bring you in. how bad is it? >> i am sitting here thankfully telling you i am drinking some bottled water and have a functioning bathroom and room so i am happy to say i read the same accounts you have, i don't think any of us are surprised. six of nine media hotels were full the functional as of today, 24,000 rooms have been built in sochi, the most hotel beds area in russia, over 55,000 rooms which makes more hotel rooms than moscow. don't forget sochi is a sleepy vacation town with a population of 350,000 so they have done their best but have added a whole lot of rooms, a whole lot of accommodations, a whole lot of buildings to oppose the world's biggest event. connell: actions comes to mind, cities under the gun to get ready at the last minute. is it going to be, can you tell,
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a tangible effect on the games because some of these delays from together at the last minute and not having things ready? >> it doesn't feel like that. more like there are hotel rooms not ready, people have to bump up all little bit. talking about and believe me i say this because i have water, more of a nuisance that you have to live with but when it comes to these olympic venues and the lockdown they have done to make some safe and ready they have done a terrific job getting sochi ready. connell: the safety has come up, the questions because i don't know, tell me what is your day today like? are you covering particular events or do you do a lot of traveling back and forth and as a follow-up to that do you take precautions to make sure you are safe? what is your time going to be like? >> it varies with whoever you ask in our fox sports 1 department. i am going to be changed to the
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desk hosting in our hotel. we have security 24 hours a day. reporters going out will have security with them. we have our old security as the most media outlets that came here. we have our credentials. no one is getting in here without one. we have taken as much safety precaution as we possibly can and talking to everybody, if you talk to whichever team, the usoc which we have frequently, everybody is doing whatever they can to be as safe as they can but now we all know it is the way of the world's. came from the superbowl, having the same conversations a little bigger in terms of hosting the world versus american games, it is what we have come now -- connell: any big event but it is different. all kidding aside about bad conditions, going to this, in that part of the world where you personally worried about it before you went over there and reservations? some people were really worried?
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>> absolutely. i am a reporter but also a human being and a woman concerned with my safety so i would be lying if i didn't say this was a huge part of our conversation everyday and we are sitting on the roof andoting soideo and sden hear noit might b ngext to doie th thing, construction ing on but jump littl bit. at was that? sell absolutely you feel that because you are right, we can brush it off and say this is the way of the world like it is everywhere but it is absolutely magnified, absolutely more intense because there is so much military, so much police, they are trying to figure out the line between making sochi safe and not spoiling the spirit of the games ended is a hard-line trying to figure that out. connell: we will watch you on fox sports 1 and thank you for appearing with us for a few minutes. >> thanks for having me.
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dagen: american snowboarding and two time defending gold medalist sean whyte told nbc's today shows this morning that he will no longer compete in slope style. this came at day after he fell on the course which many writers ezeasy e skateboarding freestyle where you have to perform tricks on rails and -- he was not considered a medal contender in the event, is new to the olympics, has been highly touted by nbc even in the ads for the opening ceremony. white will still compete where he will try to make history as the first american man to win three winter olympic gold medals in a single event but his competitors, canadians love style metal contender sebastian twoton pleaded about this decision taunting white, and his teammates. mr. white, is easy to find
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excuses to pull out of aacontest when you think you can't win. connell: come on. the more sunlight the better in their coverage because he is such a well-known figure. dagen: he was in aapromos. on white competes in sports style. dagen: they are about as annoying. no more. connell: we will bring you up-to-date on the winter weather, has a grip on many parts of the country. in particular how are the airlines dealing with it? dagen: the fight to export american oil continues. more critics are having their say. connell: kraft coming up short on string cheese. creating a shortage. ♪ [ bell ringing, applause ] five tech stocks with more than a 10%... change in after-market trading. ♪
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adam: adam shapiro with your fox business brief. the service sector expanded at a more rapid rate than expected in january, the non manufacturing index rose to 54. from december's reading, any number of 50 indicates expansion. new orders increased and that workers at the fastest pace in three years. private employers added 175,000 jobs last month. payroll processing firm adp says that is the smallest private sector job increase since
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august. the estimate was 180,000. this ahead of friday's monthly jobs report from the u.s. government. merck missed fourth quarter estimates for profit and revenue but a world's third biggest drugmaker announced collaboration agreement with three other drugmakers to test experimental cancer drug. that is the latest from the fox business network giving you the power to prosper. what does everything mean to you? with the quicksilver cash back card from capital one, it means unlimited 1.5% cash back on everything you purchase, every day.
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it doesn't mean, "everything.. as long as you buy it at theas station." it doesn't mean, "everything... unl you hit your cash back limit." it means earn 1.5%ash back on every purchase, every place, every occasion, all over creation. that's what everything should mean. so consider... what's in your wallet? dagen: then northeast pelted with snow and ice the brunt of the storm moving north wreaking havoc on travelers once again. connell: logan airport in boston, the latest. >> you are right, just blasting the northeast, we are in the thick of it still, 6 to 12 inches in boston especially to the west and to the north by the time this is over and this snow is really have the. this is some serious snowball
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fight in weather. that also means it will be very heavy and tough to move and you won't be able to start moving it until later tonight when it tapers off but at logan airport things are nearly deserted. is quiet, people are heeding those warnings about checking on their flights and cancellations and the lates. according to flight aware that tracks this all over the nation, there have been 2500 cancellations across the country, 1700 delays. we spoke with one family that is trying to make their way to texas, their son is graduating air force and they want to be there but facing a lot of travel. smith family from cape cod. >> we came up from the cape and stayed overnight and we are catching an earlier flight but the earlier flight we tried to get on. >> they have a strategy but it
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is a tough one. they expect to land at 1:00 in the morning and rent a car and start driving. a lot of folks across the country are as similar situation where flights have been delayed or canceled. a couple folks decided to leave for the day, they hope to make their flight and it wasn't happening. that is the sort of thing happening across the country. we have an opportunity to clean up later toniiht but more snow on the way so we could expect another storm coming up for the weekend so winter's far from over. dagen: thank you for that reporting. connell: more bad news coming and that is the fact that there is more snow. dagen: meteorologist maria molina has the forecast for all of us. >> hello, everyone, still tracking this storm that is producing areaa of freezing rain across the new york city area and earlier this morning reports in central park that a quarter of an inch of ice had accumulated in addition to the
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snow already on the ground and as everyone knows earlier this week on monday we got hit hard across the northeast with another snowstorm so you are seeing more and more precipitation, rain snow mix across rhode island and massachusetts and the reason for that is temperatures hovering around the freezing mark along portions of the 85 core, farther north in parts of upstate new york in western massachusetts into new england's where we do have that snow continuing to come down. we have a foot of snow in sections of new york. you see by the overnight hours conditions get drier, quieter, temperatures get colder so that means some of this moisture out here across the northeast could refreeze on a roadways and as people head to work a big concern for me is black ice, 6 to 12 inches of snow in
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massachusetts and new hampshire and vermont. a weekend storm, i want to show you the computer model. later computer model runs are showing they are not really expecting a weekend storm any more so light snow in the area across the northeast but initially a few days ago showing this massive storm system in the northeast 30 inches of snow, doesn't seem to be the case. we will keep you updated. dagen: that is so awesome. i am so sorry, thank you for that. the u.s. oil boom as the industry pushing for expansion calling for end to the ban on exports to overseas countries. others are worried, wringing their hands. connell: dan springer has that story. why is that a ban on exporting u.s. will? >> ever since the arab oil embargo in 1973 americans have been in the mindset of keeping
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every drop of domestic oil right here at home. a long line at gas stations, rationing only being able to buy gas on certain days depending on your license plate number. it may americans feel at the mercy of foreign oil producers mainly in the middle east selling was a no-brainer at the time to ban oil exports but fast-forward in today's oil industry booming, we cut back on imports and there is a worry that domestic production will outstrip our refining capacity. >> this ban threatens record-breaking .s. oil production and american jobs by creating efficiencies and other distortions. >> that was at a recent hearing in washington d.c.. the senator from alaska asked to lift the ban on oil exports. dagen: there are plenty of people who think it is a bad idea. what do they say? >> critical point to the fact while production is way up we still import 40% of the oil that
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we use so we are a long way from oil independence. they argue this is about the oil companies making more money because frankly they could get a higher price if they export. the two sides disagree over the impact on gas prices. supporters say more oil on the global market brings prices down for everyone but opponents say more imports can only mean more expensive fuel. >> crude oil sold overseas can get $10 more per barrel than it can in the united states. that will make oil companies more money but could raise the price of gasoline here, forcing us to depend more on other countries. >> reporter: the white house has not responded to the request. turn next step is to test the waters in congress. connell: thank you. dagen: we don't need another cheese crisis not from kraft announcing thousands of cases of string cheese have been
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recalled. connell: honda taking measures to get rid of drivers's blind spots. that is coming up as well. keep it here. [announcer] welcome to the all-new intuit quickbooks. do more than ever before wit it. make any place your place of business with it. get paid fter with it. run payrolwith it. sync this stuff with that stuff with it. u lovewith it. turn on only what you need wh it. sample from our smorgasbord of apps with it.
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dagen: it is cold, the wet weather is awful, natural gas prices are surging as cold weather forecast through february into march. connell: sandra smith joins us with the trade. sandra: green arrows as we look at commodity prices. natural gas down 2.5% after it jumped 10% as the cold weather and cold weather forecast did yesterday but here is the deal. here is an intraday chart. jimmie rodgers was walking out
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of the building, i said where is this going from here? he said do not sell natural gas at these levels and $5.25. it is up year-to-date, it is up 32%. for one year ago, i bring up a 5-year chart because now it is sitting at its highest level in four years. in late 2009 you see these levvls for natural gas. a supply crunch, lots of this to heat our homes. a very small storage levels, that is why he is still bullish. most is down today after getting a pop yesterday. the resources of barkley's top picks for 2014, and those big oil companies, exxon and chevron pick up a hand in natural gas as
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well. dagen: we made it through the great velveeta shortage but we have another cheese crisis on our hand. kraft recalled 7,000 cases of string cheese. the cheese was becoming discolored. now it looks like it will be out of luck indefinitely. production in the string cheese factory, pending an investigation into what caused the original problem. no word when production will read back up. connell: another olympic story. dagen: what color did it turn? connell: a lot of stories, honda taking a different approach improving its new car, pretty simple, change the side mirror called the expanded view drivers, get rid of drivers and get rid of blind spot for drivers, the new mirror has an
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outer edge that gives drivers a lot of viewing angles. to get to the top spot. honda has made this upgrade standard on most of the vehicles and here is the honda stock price today and now. dagen: didn't strike me as a bad driver. just thinking about it, you and -- you would need one of those, you strike me as somebody not paying attention, doesn't care, thinking about baseball. connell: i tell you what i don't care about, lawmakers and the budget director and obamacare projections for american jobs. another story in the news, go to washington on that, next hour of markets now has reaction from georgia congressman still being greek. dagen: shelling out on a date, may surprise you how much or how little people are willing to
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>> obamacare is clearly part of the problem. it has made things worse for our economy and for working families. >> you will at least increase the unemployed rate because there will be less demand for jobs. over the longer term, you will actually spur economic growth as the economy continues to recover. dennis: republicans and democrats taking two meanings. lawmakers playing tug-of-war with the budget director and his forecast that obamacare will cost the u.s. to million jobs. hello to any of you in the
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northeast that are tuning in while you are stuck at home today. all of this and more on the next hour of markets now. ♪ dennis: the dow department is a chyou have tr, will of it in? top of the hour. the dow is up ten points. i am curious to hear what the traders have to say about the next month. >> some who say you buy great companies. you buy them on a pullback. you get in there and do buy them. there are others that are sounding the alarms.
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it could be some more room to the downside. be mixed feelings. the tech heavy nasdaq down nearly half of 1%.3 friday, the monthly jobs report. a lot of people are looking for that. you do see a drug index looking. the vix also to the upside. back to you. cheryl: .jobs report will be a turnaround. nicole, thank you very much. on the hot seat following a report that obamacare will cost the labor force more than 2 million jobs. rich edson is live from capitol
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hill. rich: it evaluates whatever the cbo puts out. there are discussions about taxes. there will be 2.3 fewer man americans in the labor force because of the healthcare law and the whole deal on that is because fewer americans will have to work because they will not need to work for the health care. this budget committee hearing is continuing the obamacare debate in congress. >> grow the government, you shrink the economy. the economy will be slower as a result. >> the empowered workers choosing to go a different path. rich: also updated its analysis on how many americans will buy private insurance that is march march 31. they had originally predicted
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7 million. because with all of the problems, that will be down to 6 million by the end of march. cheryl: thank you so much. do you remember when nancy pelosi alluded to the idea that obamacare would be not a job killer, a job creator? >> this bill is not only about the security of him go, it is about jobs. it will create 4 million jobs. dennis: she was certainly right it is about jobs. it will cost the economy more than 2 million jobs. let's get some reaction from a republican congressman from georgia. thank you for being with us. what do you think of the production about losing 2 million jobs over the next few years because of obamacare? >> i think it is just more bad
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news for this administration. when they said that the 800,000 a year ago would be lost and now all the sudden it is 2.3 million to 2.5 million jobs by 2021 a lot all of a sudden we cannot believe the cbo, the unbiased scorekeeper on capitol hill and jay carney and gene sperling and justin furman want to put different spins on this. it is nothing but more bad news for obamacare. the very fact that 1 million less people are signed up now they may predicted, how much worse can it get? dennis: why is the office coming out with these projections only now? when we knew three years ago that obamacare would apply to any company with more than 50 employees, you urge companies, incidentally you lower some people to 29 hours.
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why does the cbo, with these projections. >> i do not think that they really realize. i think that they tried to do a good job. they are trying to do the right thing. it is a moving target, unfortunately. in this case, clearly, for somebody to say it is a good thing that people do not have to work because they can get the health insurance without working , they can simply stay home and spend more time with kids and get we the taxpayer to pay for 60: seventy that 80% of the health insurance premium rather than stay on the job, what will that do to the economy that the gross domestic product? i do not see how you could put a positive spin on this. it is just more of the same.
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bad news for obamacare. dennis: it seems this program is moving forward unstoppably. seroquel, yes. the president has said to us repeatedly, if you have an idea, if you have a better suggestion that come to be. i will listen to you. well, mr. president, we have lots of good ideas. let's repeal this law and let's start over again. let's listen to the senate. let's listen to doctor price who is part of my house caucus. let's truly make this a market driven healthcare system. dennis: congressman, no matter
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what you do, anytime you expand health coverage by 25 or 30 million new americans, it does not matter how you shape the policy. >> a lot of these people, of course, are folks who have been eligible for medicaid. they are what we are calling the woodworking numbers. they are now part of the expansion of the federal poverty level. they are people who are eligible at the 100% level. they did not know it or did not bother to apply. i am all for those people being covered under the medicaid program. i do know is expansion. we can get rid of the maintenance which is killing the economy in the state of georgia. dennis: less than a third were
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not covered before. most of these are these medicaid sign-ups. thank you very much for being with us today. we appreciate it. >> thank you. cheryl: from long-term outlook to what is happening right now, payroll processor adp out with its employment numbers. 175,000 jobs last month. just shy of expectations. the big number comes out friday. tom, first i want to follow up all of this controversy we are having over obamacare. jay carney said this yesterday. this is white house press secretary. many factors affect job growth. the actual performance of businesses refute those. from your standpoint, our businesses really hiring in a meaningful way? >> businesses are hiring.
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would you take away the profits, they are less inclined to spend the money on people if there is no thought or vision of business increasing as a result. i would like to see a give and a tape. these $500 trillion companies that will go over 50 employees, whatever the small boutique firms are and they have to now provide health insurance woman draws that 50 threshold, let's give them a break. how about making their expenses 100% deductible instead of 50. you need to get some of these small employers involved in the process. cheryl: that is who we have created the laws or killing them. one of the other think that is kind of happening this week on capitol hill is emergency
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extension of unemployment benefits. some think we should continue to have those in place, others who say it makes those unemployed lazy. what is the perspective of the job seeker right now? >> we see a lot of job seekers that will turn down potential employment that may be lower pay than what they want because it will screw up their unemployment benefits. it gets them back in the workforce. that is what we want to do. maybe unemployment should be a. process. you still get something if you are working. cheryl: potentially have the bias of some employers. they have admitted they are the
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long-term unemployed. let's look forward to friday. what is the weather going to do to the jobs report on friday? we have had a january that we have not seen in decades with the weather. what does this mean for the jobs report? talk to my investor audience. they may be a little nervous about it reaction. >> i think the market may react a little bit differently. it is an interesting thing. the weather caused people to not do their jobs. it does not stop people from going to the unemployment line. when there is something free that people line up to take it. i think the numbers -- i think they will probably be a little over 175,000. unemployment will be flat. maybe a tenth of a percent lower. the only thing that will add jobs is innovation. giving everyone health insurance
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is a handout. look at innovation and see what is happening with this companies and why they want to bring people on. cheryl: i will be looking at christian jobs, manufacturing numbers tomorrow. i think the weather will be a big hit. thank you very much, tom. >> always good to be with you, cheryl. thanks. dennis: calling it quits. why cbs is willing to give up some $2 million a year in tobacco sales. cheryl: americans from texas all the way up to maine, how long will this last? we are living the weather center with the forecast coming up. ♪ [ male announcer ] a body at rest tends to stay at rest...
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negative. want to show you merck. it hit a new 52 week high. 55.20. fourth-quarter numbers coming up. they missed on the revenue picture. earnings down about 14%. merck is definitely a stop to watch. if you look at that nurse, let's take a look. look at pharmaceuticals. i will show you how some of the other two makers are moving right now. let's head to the floor of the new york stock exchange. nicole: there is some profit taking going on. people are taking their money off the table. down 18% as the company is lowering its profit outlook for the quarter and full-year
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numbers. here is the stock right now. they have seen softer demand for parts and consumer demand. 3d printers is a stronger area. they seem to be doing well. overall, they are looking at expectations that are below the analysts estimates. the analysts is looking for a full earning of $1.27. they will miss that number big-time. back to you. cheryl: thank you. we will see you at the bottom of the hour. dennis: announcing it will pull all tobacco product its 7000 pharmacies across the country. that starts october 1. jeff flock joins us now with more. jeff: pity inducing stuff out there. people talking and buzzing about it today.
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they look at what the impact of this would be. how much money do they actually made on cigarette anyway? a $2 billion hit in terms of revenue. they expect this year, since it kicks and a little bit later to only be about six or nine cents a share. no impact on 2014 profit guidance. larry merlot saying that they are positioning the company going forward in a very different place than they were before. >> it is the right time and the right decision to remove cigarettes and tobacco products from our store shelves. positioning us for a growing role in the healthcare delivery system. jeff: big impact, in terms of positive impact from a lot of people out there. take a look at what the president had to say about it.
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i congratulate and thank the ceo. the ama also issuing a statement saying they are happy that the company put profit or the interest of the customers over profit. the stock is down a fair bit earlier. i think it has recovered somewhat. a nice pr positive for them. what it means going forward, i guess we will see. i guess they have other ways to make up that revenue. dennis: thank you very much, jeff flock. it turns out because they cannot buy cigarettes, now they can quit smoking. cheryl: ice and snow. look at it again. ice and snow is pummeling one
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>> welcome to fox business. twenty-three minutes past the hour. russian president insisting that sochi is ready to host the winter games. russia has taken seven years and more money than any country has ever spent on the olympics. just two days before the opening ceremonies. some hotel rooms are not even finished. new developments in the dead of philip seymour hoffman. police arresting for people who may have supplied hoffman with drugs. he was found dead over the weekend inside his manhattan apartment with a syringe still in his arm. a reporter for fox here in new york became the story when he helped rescue a man who had fallen onto the train tracks. the man had slipped off a metro
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north platform. the man was not injured. that is your fox news minute. back to you. dennis: yet another round of snow and ice. disrupting flights. there is more on its way. janice dean has more. >> what did i tell you in the hallway about that storm on the weekend. it may not come. what we do know is some areas got over 15 inches across the midwest in the ohio river valley towards the northeast. a foot in westborough, new york. 9 inches in new jersey, connecticut and massachusetts. new york city is just a bowl of slush this morning. it will be freezing overnight and into tomorrow.
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all of that slush will make it very difficult. it will make it difficult for traveling. that will happen all across the northeast. as a goal thursday, we still have some snow to get true. rig. we will still see those flurries well into the evening hours and into the overnight. taking a look at the forecast radar, this storm will be out of here by this evening. look at the temperatures but any moisture that is on the ground will freeze. some areas could be like a skating rink. this is what i was talking to janice about in the hallway. you know what caught it may not happen. we wiil continue to watch it. it may not even happen.
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that is the way things panned out in the weather department, dennis. dennis: this should be over. thank you. cheryl: we are getting some breaking news. cbs will televise thursday night ballgames. is the economy losing steam? that is the question. the economic reports continue to pull in. dennis: it is almost time to light the torch in sochi. why counterfeit goods could keep you from striking gold with your unofficial gear. ♪ welcome back. how is everything?
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of markets now new insight into the state of the fragile economy. crucial comments from charles crosser crossing. service providers to medical equipment, but health-care stocks in focus on our stock radar today. it is getting easier to buy boots in the neighboring state. details in the west coast minute. stocks every 15 minutes. let's head to the floor of the stock exchange, looking at a few movers, still the big story. nicole: big stories, the dow may not be doing much but we are watching some movers here. we have cvs today, we are watching closely. they announced they will no longer be selling tobacco products by october of this year. the smoking cessation programs and the like they want to focus on pharmacy and the like. apparently not going to be affected much by this, radio
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shack's closing 500 stores. radio shack continues to be under pressure down 4%. 3 m announcing a buyback, big news, google which right now is up 1/2% but today we got a call from bernstein saying they have a $1,500 price target. outperform rating 1350 is up, $1,500. we will see if google detzner and green mountain coffee coming out with numbers "after the bell". tracy: thank you. adam: the latest on the strength of the u.s. economy or lack of it from philly fed president charles crosser and peter barnes joins us with the latest. peter: he says i believe a good case can be made for speeding up the pace of our caper if the economic outlook plays out as i
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expect. that is the saber of the fed's billions of bond purchases, quantitative easing, that is what the fed began in january and continues this month which has spooked markets, really has loved the fed at the economic stimulus efforts, plosser is the fed hawk who has opposed to the wearing it could lead to higher inflation. pcs an improving economy that could push the unemployment rate down to nearly 6% by december. the adb jobs report suggested that could happen. so did the non-farm mfg. non manufacturing report in the service sector which inched up in january. the numbers might provide some comfort to investors slammed by worries the recovery may be losing steam. >> the market probably overreacted a little bit, too negatively to the number is coming out which are very much whether related. on the flip side of that,
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probably over react on the positive side when you get a bounce back from these weather-related numbers coming this month or in march. >> markets are on edge for a confirmation of the economy's direction in the monthly jobs report due out this friday. plosser says turmoil in emerging markets is not a big risk to the u.s. economy. dennis: thanks, peter barnes. cheryl: you got the dow three points sow in stock radar, portfolio manager funds taking a look at health service stocks and we have been talking about obamacare. a lot of plays you say is overall strong health-care play. why do you like this one? >> it is getting huge benefits two years ago.
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they are out for a winner under health-care reform and cover the uninsured with none of the extra taxes and regulations. others are facing. cheryl: this is a 30% gain over the last year so strong performance at a point where you buy it now or do you think you might get more of all pullback considering conditions today and rough month? >> i continue to buy it now. in february they give guidance to the year. earnings will approach $5 a share and stock to go up to 90 as they continue to execute and to buy back as significant amount of stock. cheryl: we want to point out the stock usa and has a lot of cash flow, they may use that for buy backs so let's move on, basically send nurses to the home to do things for health care that any patients can do for themselves. another winner, stocks at 3652,
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is that 6% in the last year. >> this is a turnaround story. they spend five years doing a ton of acquisitions levering up the company and never integrated them so they ran into manufacturing issues, now they are starting to address that. they hired a chief operating officer from johnson and johnson and an activist investor holding their feet to the for making sure they execute. cheryl: hoping they will deliver on the promises, solid performance and i want to show if we can just the three year of the chart, volatility looking at a downturn. nice on that one. let's look at bio script, something we want to show to our viewers and to one year chart if we can because on the one year a different story than the first, this company, this was crushed last year. this guy got it. >> they had a tough year and made a number of acquisitions but it took longer to integrate than they expected the three
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times they cut guidance and lost credibility and the stock had a tough time. cheryl: this is one of those companies where is cheaper to go to a hospital. this would make sense in the long term. i am curious we see a little movement in the last few weeks or so. year-to-date this is a two monk chart, stock is up 10.5%. where is the interest in january with the entire market going down? >> they had a noncore asset to sell, $60 million for says that was more than expected and paid down the debt they took on and got a key recommendation in barron's magazine that gave the stock a nice pop. cheryl: o the overall market average, we can show the dow which is flat right now, 15,455. talk about the markets but what we have seen in the last month here is actually healthy, don't worry about it. we will come back stronger? healthy if pullback in your
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opinion? >> we were overdue, 2013 was a great year that ended on a high note, the pace of growth we are having is 3% gdp or 2%, earnings of 5% or 10%. in the end will work out in our favor. cheryl: for those who are worried about the market, leaving it with the dow 30 chart for the year and we had a good year. we will see what this year brings. thank you very much. dennis: jerry seinfeld biting the hand that feeds him. the seinfeld co creator is worth $800 million thanks to a sitcom rerun. he says he would make a tv series today because the internet is better. a short web show, on -- he plugged it. 90 seconds with two seinfeld cast mates launching pad for a
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network show, no way. i wanted to make a show for a phone. network tv seems smaller than the internet. why would i put a shot a big heavy rectangle in your house when i could put it in your pocket? 112 million people saw the super bowl spot and only a million watched an episode of his web show. you recall saturday night live, succumbed to pressure and an african-american woman to the cast, jerry seinfeld is having none of the. when buzz feed asked about complaints is web show is filled with white guys here is what he said. >> people think is offensive or something, represent the actual pie chart of america. who cares? it is funny. funny is the world that i live in. dennis: the pc police not on the
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fox business brief. anheuser-busch. point brewing co. stunted 15 years ago and makes 40 crack and seasonal beer. terms were not disclosed. the service sector expanded more rapid brief than expected in january. the non manufacturing index rose to 54 from dec.'s 53 reading. any number above 50 indicates expansion. new orders increased and firms that workers at the fastest pace in three years. david back them is back, this time as an owner of the retired soccer star will post major-league soccer stanchion team in miami. he is looking for additional investors. miami will be the twenty-second team and will play in 2015. that is the latest from the fox business network giving you the power to prosper. alright. let's share the news tomorrow. today we failrly busy. tomorrow we're booked solid. we close on the house tomorrow. i want one of these opened up. because tomorow we go live... it's a dayull of promise.
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and often, that day arrives by train. big day today? even bigger one tomorrow. when csx trains mo forward, so does the rest of the economy. csx. how tomorrow moves. we are thinkers. the job jugglers. the up all-nhts. and the ones who turn ideas into action. we've made our passions our life's work. we strive for the moments where we can s, "i did it!" ♪ we are entrepreneurs who started it all... with a signature. legalzoom has helped start over 1 million businesses, turning dreamers into business owners. d we're here to help start yours. dennis: beware of online sales. according to a recent study one in 5 bargain hunters in 2012
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purchased bake merchandize, with the olympics starting this week we look at that. scanners are out there ready to sell you fake so cheap beer. chief marketing officer frederick feldman joins us now. thanks for being with us. how bad is this problem? >> it is a huge. as people try to find good deals on line they are easily fooled by these websites. frankly, as you are looking for a deal you may be duped into finding a fake good and you find on the street too. that is why the sochi organizers are working with retailers to do something about this as well. dennis: is the complaint that you have to pay a licensing fee to the olympics and athletes are not getting funding or the counterfeit there is not very good. knockoffs in china account and are pretty good. >> let's say consumers have a lot of risk, they end up buying
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these, not only the disappointment of a child purchasing a stuffed animal whose arms fall off. you could be buying goods that have toxic materials that may look good, may be using led based guys, maybe using led based paint if it is up in or some other item, the risk is not only risk of disappointment and faulty good, the fault is risk for a health perspective. and consumers have a bigger risk with health and safety. dennis: marketers are hanging and worrying about counterfeit products. i have not read a lot of news stories that counterfeit goods are hazardous and have all kinds of poisonous stuff inside them their regular goods don't. how much of a problem, stoking the crisis here? >> we have seen lots of incentives. nickel poisoning people have used nickel as opposed to silver
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and silver goods, if you search on the web booking for lead poisoning incidents from fake toys, you see those and they crop up so it is a real risk. even the risk goes beyond that also by the way. we are hearing reports that organized crime, running web sites that are selling fake goods and not only do you have the risk of buying the counterfeit good but you have the risk of having your identity stolen. if you buy a stake good from organized-crime unit and give your home address and other information including -- dennis: any time i go to any website whether it is a counterfeit site or not but don't forget to throw in the terrorist threat because the other thing is we say the counterfeits support terrorism, another argument i have heard. give us some news i can use, i am on a website, how do i know, what are the signs i should look for that say this might be, bogus products? >> i look carefully at the web
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site to see if it is constructed in such a way as to fool you but verify the goods are the real deal. you might go to sochi's website, shop.sochi.com, you can look at the olympic emblem and other items they are using and the tags they're using to produce legitimate goods. you can shop on the team usa.org's web site and you can buy legitimate goods. dennis: those are two really good tips. thanks for being with us today, president feldman. >> thank you. dagen: natural gas close to four year highs and the e.r. i out with their latest read on u.s. oil stocks. let's go to the trading pits of the cme. let's start with natural-gas and what you are seeing and your opinion of the contract. >> this has been an explosive
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move. we fill the gaps we saw on the january expiration and we saw prices spiked up. we took that out by a little bit, filled that gap and brought prices back down. you are seeing massive shortcoming, bears in denial about the market and the weather forecast continuing to be cold, a lot of people caught short right now and what you are seeing here today panic and fear, these prices going up to a level people never thought possible, you can never underestimate mother nature and that is driving us right now. let's talk about mother nature and the crude supply, you would think based on this crude number we would be moving more than we are but we are not because a lot of it was a drop in imports in the gulf coast, they are having trouble, u.s. imports down big. and other market close to my heart is coffee, coffee is percolating. unbelievable. the biggest movement, the biggest move in ten years in coffee and is continuing.
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not only are we worried about drive brazil growing areas but also the brazilian real, the break in the currency, if you go to costa rica and they're having problems with a crop as well tightening supplies so we have gone from what we thought was overwhelming supplies to a tight market and the market is reacting to that right now. cheryl: and everything else going on around the world, all that coffee. phil flynn, thank you, we need it. time for your west coast minute. house of representatives is expected pass a water bill today that would lead to drought-stricken farmers in california, for the restricting water usage in other areas but democrats are poised to kill the bill which has drawn criticism from california's governor jerry brown. nasa released a photograph shows how severe conditions are in california.
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look at that. president obama is trying to create national monument in mexico and california by using his executive authority. talked about this in the state of the union. according to a record of 500,000 acre region in the mexico was one of two sites prohibited from any business or open development, the report says he will act of congress does not and it is still being debated there. finally, a bill in front of the oregon legislature would change how the state runs liquor sales and distribution. the bill would let grocery stores larger than 10,000 square feet would triple the number of establishments as soon as a major win for the grocery chain especially safeway and costco. that is your west coast minute. dennis: we made it through the great velveeta shortage but now kraft says we have another cheese crisis, recalling 735,000
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cases of string cheese in october because it is becoming discolored before its expiration date. looks like the string cheese fans will be out of luck indefinitely. production in new york's string cheese factory reportedly halted pending an investigation into string pherae and what caused the problem. no word when it will wrap up. cheryl: that is my favorite snack, string cheese. i love it. but not now. all right. think about this. dinner and a movie. a new study how much single people spend. the number will probably surprise you.
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dennis: the teeth chattering cold redwing much of the u.s. may help you shed some pounds. new research shows shivering for ten minutes can earn as many calories as a 1-hour workout. shivering and exercising stimulate the same hormones that burn fat. this according to research from the garment institute of medical research in sydney. get out there and start shivering but not for too long. you don't want frostbite. cheryl: getting thinner is more important. new survey out today suggesting singles spent less on dating then you may think. match.com surveyed 5,000 singles aged 18 and older and found out spending averages $61.53 on month. $61 working got to $738 and changing year. and food and parties and drinks.
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your money nds an ally. to manage your money.r guy arnd 2 percent that's not much, you think except it's 2 peent every year. go to e*trade and find out how much our advice and guidance costs. spoiler alert. it's low. it's guidance on your terms not ours. e*trade. less for us, more for you. adam: adam shapiro. is doing what is right right for the bottom line? cvs is calling tobacco of store shelves saying health care trump the dollar. downgraded to junk. s&p, the first to pull the trigger on pr. we hear from horacio, the credit analyst who made that call. black rock's peter hayes on what
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this means for your money. will the little blue bird chirps all the right notes? the analysts and schematics to watch before twitter delivers its very first earnings report. from kansas to vermont, 106 million americans remain under some type of winter weather alert. the storm has passed, the travel mess and has got it worse. stocks are searching for stability after the bumpy ride. can they hold on to yesterday's modest gains? we go to the stock exchange and nicole petallides will answer that question. nicole: after the sell-off on monday, we lost 326 points on monday and obviously haven't gained much since then. the dow down one point, those are fractional moves accounting for 0.1%. we're seeing a move for the isn't the 500 down 0.2% and the nasdaq down
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