tv MONEY With Melissa Francis FOX Business April 30, 2014 2:00pm-3:01pm EDT
2:00 pm
expecting the fomc to trim the monthly bond-buying program by another $10 million to $45 billion. taking a look at markets. could today's dismal gdp report be a game changeer? now let's go to peter barnes. >> the fed continues to taper, the fed continues to taper, cutting its bond purchases by another $10 billion a month as expected. the policy statement is almost identical to the last one in march except for the economic analysis which is somewhat upbeat. quote, information received since the federal open market committee met in march indicates that growth in economic activity has picked up recently after having slowed sharply during the winter in part because of adverse weather conditions. labor market indicators were mixed but on balance, showed further improvement. the unemployment rate however remains elevated. household spending appears to be rising more quickly. business fixed investment edged down while the recovery in the
2:01 pm
housing sector remains slow. of the fiscal policy is restraining economic growth although the extent of restraint is diminishing. inflation has been running below the committee's longer-run objective but longer run inflation expectations have remained stable. the rest of the statement is almost identical to the statement in march. i will skip ahead. the fed cut bond purchases to $45 billion a month from 55 billion. it is maintaining the federal fund, short-term federal funds interest rate at zero to quarter percent. its forward guidance, qualitative forward guidance is the same as march. so i will skip that, the vote for this one, melissa was 9-0. back to you. adam: peter barnes, thank you so much. don't move. stay with us. let's bring in charlie gasparino. we have former dallas fed chief economist, michael cox. lpl investment strategist, anthony valari and economist steve moore. anthony valari, let me start with you, what did you think about that? >> pretty much as expected. i think this meeting wasn't
2:02 pm
going to produce many surprises. we got an acknowledgement of soft data. i think that is a positive for the markets. realize that the weather definitely played a role. this is, the bar for the fed to adjust its tapering is pretty high. i think this is a good vote of confidence for the economy. i think markets will ultimately like this statement. it, the vote of confidence on economy and stocks. melissa: steve moore, we're looking at stocks bounce around a little bit on this they dipped initially and popped back up. now they're falling again. what do you think the market thinks about this? >> the market is addicted to cheap money. i would say this. as i listen to the report that peter was just reading from, i think that fed is little more bullish than i would be because i looked at that gdp report and business investment was down considerably. even if you account for the weather, melissa, maybe that knocked a percentage point off gdp we're still only 1%. i just don't see where they're upbeat. melissa: michael cox, let me bring you in.
2:03 pm
>> i was actually thinking they were going to back off than air tapering. so i think you will seal see a little market surprise because of. fed must know something we don't know about strength in the economy. melissa: like what? >> strength in the economy since that time over the past month. looking at smaller indicators in overall gdp growth. >> we're presuming that the fed sees strength in the economy. that is why it is tapering. melissa: that is what michael is saying. >> i don't believe. they have cut back from 55 to 45. not exactly the biggest move in the world, right? we're still printing a lot of money. we should point out the fed,
2:04 pm
often the rhetoric of the fed is different than their actions. this was rhetorically bullish, but if you're only cutting it by 45, cutting it to 45, 10 billion, whatever? melissa: 10 billion. >> a month, you must see inherent weakness in the economy because that's still printing a lot of money. i will say this, that gdp report was lousy today. that's why they're continuing to current state. i will say one other thing. when you've been printing money for this long, there is a point where you push on the string and the more you print, it doesn't help the economy and creates bubbles in the economy. we've seen a bubble, we've seen bubbles in technology, which is bursting right now. and who knows what else is out there. the fed knows that. that is one of the problems when you print money. melissa: peter, let me ask you because you're in washington, what was reaction to the gdp number today. >> yeah, i think people were clearly taken off-guard by that one. i don't think anybody expected it to be that weak, 0.1% expectations. i think consensus was for about
2:05 pm
a 1% increase. obviously the fed members, the fomc members saw that report this morning as they were continuing the second day of their meeting and clearly had to acknowledge it, which they did, saying that the economy slowed sharply during the winter because of adverse weather conditions. >> bring it back to the investor this is good for the market. they will not taper much more than that. this stock market is addicted to cheap money. melissa: we're seeing it bounce back right now. >> why fight the fed? let's be honest here. do you need to make money? do you want to be out of this? melissa: go ahead. go ahead, is that anthony? >> this is michael cox. the fed might be addicted to the cheap money but the -- >> market is addicted to the cheap money. >> i'm sorry the market. >> i want to take this out of the realm of economics and just be for the average guy, where are you going to put your money when they continue to print? you almost have to be in this
2:06 pm
market. i feel like sleazy saying that but, how do you fight this? melissa: steve moore, do you agree with that? go ahead, steve moore. >> i have this question maybe peter could answer is, did the fed change anything that they were going to say today based on this gdp report? because it seems to me when i look at this report it basically, it was, you know, that they were going to say what they said today, notwithstanding this lousy gdp report. that nothing changed s that true, peteer? >> well, i think as again steve, that they did have to acknowledge that after we all saw it. they said that the economic activity has picked up recently. we heard from that janet yellen in her recent speech here but after -- >> tapering didn't change, right? >> was off sharply during the winter. but taper didn't change. >> rhetoric may have changed but policy hasn't changed. >> policy hasn't changed you're absolutely right. melissa: michael cox, let me ask
2:07 pm
you, if they say things are picking up lately do you believe that despite this gdp number? how much could they possibly pick up since we heard this gdp number? >> we need to look at m-2. could be banks are observing and banks are starting to lend again. at beginning of this cycle in 2007, money multiplier came down from nine to three which would have contracted the money supply 2/3 if fed had not engaged in qe1, qe2 and qe3 to. we could have rampant inflation and could be the fed is observing potential for tremendous inflation -- >> or maybe, just asset bubbles developing and, you know -- melissa: anthony, give you the last word. react to all that. give me a reaction. >> melissa, there is a pickup in bank lending. you look at retail sales. >> unemployment was good. >> industrial production, has all bounced back here in march. so -- melissa: i guess. but you look at mortgage bankers
2:08 pm
association. they're saying that applications fell another 5.9% last week. refinancing is down. loan requests are down. employment doesn't look good. >> housing is probably one of the few soft spots. melissa: we'll leave it there. guys, thank you so much. antisocial stocks, twitter just getting hammered in trading. not only one. high flying momentum movers are losing mojo. president obama back from the week-long trip from asia and already running into trouble on his plan to raise the minimum wage. more "money" coming right up.
2:09 pm
2:11 pm
melissa: that thud you're hearing from down on wall street is the sound of twitter falling back to earth. the little bluebird crash landing after its earnings report hovering new all-time lows but twitter is not the only one hurting today. some fellow social media high-flyers also getting crushed. here to discuss all that capitalist pig's jonathan hoenig is also a fox news contributor. fdb capital partners founder susan full town. here so gloat is charlie gasparino. >> why? melissa: because you've never been a big fan of twitter as a
2:12 pm
stock. you love it as something to use and to harange people on. >> just to be fair, i'm not crazy about facebook and they're doing pretty good, as a stock. melissa: yes. >> here's what i would say, based on my reporting, i've been talking to a lost bankers lately, they believe this is bursting of a tech bubble. maybe not as bad as 2000have no- melissa: david einhorn -- >> irrational, irrational exuberance, very cheap money. you finally have a bursting of this stuff, twitter is not making money. a lot of these companies don't make money. people are coming down to, the valuations are starting to come down to some sort of reality. the scary thing, wall street is not saying this. the reason why wall street is not saying this, because they continue to do -- melissa: they want to keep doing ipos. they will not really talk about of the susan what is your opinion of twitter? >> i think that twitter is a momentum stock like wiley coyote came off the cliff. so that is typical of momentum
2:13 pm
stocks. and momentum moves from place to place. stocks that are up are dominion electric, caterpillar, wells fargo. stocks that are down are all the big high flying network stocks that were owned last year. amazon, netflix, twitter. melissa: john, is it an opportunity? whenever you see everybody hating on the stock, i always have to wonder is it an opportunity? >> not in a momentum stock, melissa. the only thing that matters to susan's -- point, that is momentum. i disagree with charlie, the whole market was being overvalued. this is case to susan point's point momentum stocks moving from one area to another. melissa: jonathan, you don't think the whole market is overvalued when you see the market jet propelled what we're doing? we were talking about in the last block, tech stocks are most
2:14 pm
inflated of all of them. >> no, i don't think so. no. >> and i don't think so, either, melissa. the historically the market -- >> these are not companies, jonathan that make money. you know, listen one of the things that you do, that history does repeat itself and you do learn from history, maybe it is not the whole market but enough of it. listen, why did twitter come public when it came public before in 2013? they wanted to get in before the fed started to taper. melissa: good point. >> this is bubble. melissa: we've got to go. thanks, guys. markets holding steady following fed decision to continue, taper by another $10 billion. our own nicole petallides watching one major mover. nicole. >> hey, melissa, that is absolutely right. we have the fed doing exactly what everybody anticipated, which is continuing tapering program by 10 billion. we saw the markets gyrate to a certain extent, drop, pop back and basically back to where we started. dow is up 11 points. s&p is higher. talk about a major mover.
2:15 pm
look at panera bread, it was cut at bar kay, cut at wunderlich. the reason for that, snowstorms hit sales of panera bread. they had to cut their outlook and with that analysts began trimming price targets. barclays with equal weight and put a $174 target. that is not bad, up from 152. they still think there is upside potential. as the winter storm did hit stores that prevented customers to go in there and visit their cafes. that's why their latest numbers were somewhat after disappointment. that is why they trimmed their profit forecast. back to you. melissa: nicole, thanks so much. the white house may be ignoring numbers from fallout from minimum wage increase but others from washington are not. the senate blocking a bill to increase minimum wage to 10.10 hours ago. the text campaign didn't convince them. we'll see how president obama continues news when he continues
2:16 pm
a push for wage hike. charlie gasparino, capitalist pig's jonathan hoenig and joining conversation, former ceo of hostess, greg rayburn. greg, what do you think of the whole debate about raising minimum wage? they put a thing out on twitter, a lot of people responded. cbo says it will cost up to million jobs. do you believe that math? >> absolutely. for me it's a fundamental question why government should be forcing one size fits all across states as diverse as we have in this country. so there may be states where it might make sense but should be a state decision and not federal decision. but the fundamental problem i have with it underneath that is i can't think after single program or service that the government provide or runs that wouldn't be better privatized. so i don't know why the government is trying to impose something on business in the first place. melissa: yeah. >> it will cost jobs. it will definitely cost jobs. melissa: jonathan what is your
2:17 pm
reaction to that. >> mr. rayburn is absolutely right. wages are not arbitrary, melissa. they're not paid out because you like someone or feel sorry for them of they're not charity. they have to accomplish an economic goal and to his point, if you pay somebody $15 an hour for a job that will only worth 5, six or seven, that job and that business will not be around for so much longer. melissa: but the argument is always, the guy who is running business that is hoarding all the profits and that he can afford living in his mansion to give more money to the workers not living above the poverty line? >> i want to be for raising minimum wage with all my heart but i will tell you this, when you read the economic research it is not good on this. this will cost jobs. you had a guest on yesterday, someone from the movement to raise minimum wage said it might cost anywhere from zero to -- melissa: million jobs. >> could be zero. i am telling you that, yes it could be. i might -- melissa: i don't think -- >> some today. >> jennifer aniston.
2:18 pm
it may never happen. >> but bottom line is this when you look at the economic research, it's really bad. >> you don't need, really don't need the research because the pie is fixed. people are talking about this issue like -- melissa: they say the pie is not fixed. if you pay people more, you spend more and more money. >> keynesian effect. melissa: we've got to go. thanks, twice. paid to snitch. san francisco residents are fed up with air b in b they want to pay you to report illegal rentals in your community. are you ready to tell on your neighbors? tweet me, tell me what you think. [ male announcer ] if you're taking multiple medications, does your mouth often feel dry? a dry mouth can be a side effect of many medications
2:19 pm
but it can also lead to tooth decay and bad breath. that's why there's biotene. available as an oral rinse, toothpaste, spray or gel, biotene can provide soothing relief, and it helps keep your mouth healthy, too. remember, while your medication is doing you good, a dry mouth isn't. biotene -- for people who suffer from dry mouth.
2:22 pm
pay you to rat on your neighbors will legal airbnb rentals. joining me fox business's own jo ling kent. wow, this is an aggressive, ratting out your neighbors. >> essentially housing activists in san francisco saying people who rent apartments and live in certain neighborhoods don't want them to turn into hotels. they're essential proposing idea they are taxed 30% if they rat someone out and of the back taxes or fines that are paid. 30%. the person who i guess the snitch person will receive that money. melissa: yeah. >> but it is not happening yet. this is a proposal. it is getting a lot of attention. airbnb themselves saying we don't support this because a lot of people -- melissa: that is shocking they don't support this. airbnb says, this proposal will make it even harder for san francisco to make ends meet. more than half of airbnb hosts in san francisco use money they earn to pay mortgage and rent.
2:23 pm
poor airbnb. charlie what do you think about this? would you rat on your neighbor. >> no. but i don't answer the door when the census guy comes. melissa: i don't know how that is related but i'm going to leave that alone. jonathan hoenig what do you think about this? i think this is a big problem for airbnb. now there are folks out in san francisco trying to pass laws that to encourage people to give them a financial incentive to bust airbnb's business. it keeps -- >> the folks that are trying to do that, melissa, are government. the people of san francisco by and large look at polls are supportive of airbnb and why not. trade is mutually beneficial this. company provides tremendous value not only pour people who need a room, because of regulations property prices and in fact tenant prices are extremely high in san francisco to rent a many room. also to your point, people who want to make a little money. only government object in this case. >> they want to control the whole market. >> they want their piece. >> they want rent control.
2:24 pm
here is other thing. it is somewhat orwellian. isn't that in 1984, the kids and communist countries kids were encouraged to rat out on their neighbors. melissa: on their parents or whatever or neighbors? >> let me play the other side of this then. >> maybe just italian in me. i don't like rats. melissa: let me give it a shot. so i'm living in my building. i have a nice apartment. i'm happy. all of sudden people are traipsing out all the time over and over again -- >> are they violating the law? melissa: what if they're renting it out for you know -- >> there are laws. >> this is private property. >> wait a second. if they're renting out to prostitutes that is against the law, right? except for maybe las vegas. melissa: what if they're strangers with their pets and stuff coming in and out all the time? >> people can't have pets in that apartment, they can't have pets. melissa: jo, get in there. help me out. >> i have seen apartments, seen apartments in my own neighborhood where i suspect there might actually be some airbnb action going on.
2:25 pm
but it is again not violating city -- melissa: you will not help me at all? >> what i definitely think is true -- >> are you worried where you live for airbnb. melissa: just trying to represent the other side. >> i'm giving it to you here. >> over there on fifth avenue and 6 street? >> oh, wow, here we go. trying to build a community, right? this is certainly something that works against that because you want, for your kids safe environment. no who is living there. >> nobody will be left in these cities. they have rent control of the you can't afford to live there. this is one way to make affordable housing and government is basically encouraging people to rat out their neighbors. melissa: i don't like that. that's it. that was fun. banned for life by the nba. l.a. clippers owner donald sterling receiving the harshest treatment possible after his racist remarks. he is not going down without a fight. have you heard the latest? and campus ka-ching. mit is giving away one hupp
2:26 pm
2:28 pm
cozy or cool? "meow" or "woof"? exactly the way you want it ... until boom, it's bedtime! your mattress is a battleground of thwarted desire. enter the all-new sleep number classic series. designed to let couples sleep together in individualized comfort. starting at just $699.99 for a queen mattress. he's the softy. his sleep number setting is 35. you're the rock, at 60. and snoring?
2:29 pm
sleep number's even got an adjustment for that. find your sleep number setting only at a sleep number store. know better sleep with sleep number. melissa: donald sterling receiving of the harshest judgments possible from the nba but despite the lifetime ban sterling tells fox news's jim gray he has no plans to sell the team. here is w n y dubya sportsday kurt duke castiglione. b. hawkins is with us as well.
2:30 pm
is anyone surprised by this? >> i am not surprised. if you look at donald sterling's history he is going to court. he has gone to court on many occasions. >> he is a self-made billionaire, made all of himself. why should he? he is 80 years old. why should he give up? >> he could try to run it behind-the-scenes. there are a lot of things he could do without giving up, refusing to sell. >> there are two legal hurdles the nba has a problem with potentially. the first is the nba constitution although a
2:31 pm
3-fourths vote, a specific circumstance when it is drafted, more of how financial factors, financial firms and insolvency, this unbelievable case that is not a ground here so they can devote all they want. the second of two problem is how to force a guy to sellout professional sports team? it will involve a bloody battle and agree with your panel, this is a fight. melissa: can they force him to sell based on this? is there a way to force them? >> adam silver made his announcement and didn't have to know he would win a case definitively. he could have known that, the boners, he felt he had a viable case. melissa: he would look silly. if they insist and he doesn't have to sell the team. >> from a public-relations
2:32 pm
standpoint that a silver did the right thing because racism is bad but it is bad business and this was not about altruism, it was about have capitalism. melissa: if he is able to keep the team is in that debacle? >> i don't see that happening? the nba, adam silver, his tone was right, he said all right things, i fully agree with his ruling and i think the other owners are on board. we have seen a tweet. they are very supportive. we have seen statements from the owners and they will all be together on this to get donald sterling out of the nba. melissa: how does it play out? what happens in the end? >> it will be a two phase situation. there will be a bloody legal battle, sterling is not going away quietly. in step 2 the commissioner has to take off his general's hat and put on his mediator's hat. if they are not able to negotiate, is not in the interest of the nba to continue
2:33 pm
a long protracted legal battle, this commission and get a lot of legal discretion and he wins but to mediate this out. melissa: thank you so much. and you know about a lot of extra cash. it is not drafted in the first round, and the insurance policy, for 20 grand when predicted to be the no. 3 pick all the has to do is prove he is ill or injured. and in the nfl's top prospect reports say no player buying it for the draft has ever actually collected. how interesting. what do you think of this? >> he has to prove injury or illness. that is why no one has collected. that is difficult to do and there will be a court battle if it is found otherwise.
2:34 pm
melissa: what do you think of this? >> the actual insurance policy is not my area of expertise. from what i have seen him play, it looks like a great quarterback. he had a bad day, bad workout and we all have that they. i like him as a quarterback. >> i do too. he is compared to russell wilson who just won the super bowl. people have been wrong before. melissa: we will leave it there. today is the last day in april but before you sell in may and go way there could be reason to stay. jonathan core pena is at the stock exchange, james rill mallee at the chicago mercantile exchange. sell in may and go away traditionally has works. we had an interesting statistic. the only time it doesn't work is during the summer before midterm elections that are also the president's second term in
2:35 pm
office than the summer return is 6%. is this not the year to sell in may and go away? >> you have to dig deeper that correlation but looking at the economy which we have today is quite different from last year. with a little bit of a correlation sell in may and go away, do landscape now, did capering going into effect on market and overall -- melissa: there's something wrong with the mic. so sorry. can you hear us? what do you think? is this the year to sell in may and go way? >> i don't think it is. you need to be careful if you're going to try to invest on these correlations and relationships because they don't always hold true. where do you go to? equities are the only place where an investor can find good returns and that means volatility environment we have right now. if you are concerned about the market going forward this summer
2:36 pm
i think protection is cheap and volatility has managed to stay low. melissa: tell me about the g e d number, i huge trading well on these pieces of news? >> straight down the middle. what we were expecting. the fed will not sway from the script they used before. it seems that has worked already so why not stay with it considering current economic conditions we are in now. melissa: thanks to both of you. call it the mid going, the first-ever bitcoin economy, an experiment the world will be watching. at the end of the day it is all about crystal money.
2:37 pm
why relocating manufacturingpany to upstate new york? i tell people it's for the climate. the conditions in new york state are great for business. new york is ranked #2 in the nation for new private sector job creation. and now it's even better because they've introduced startup new york - dozens of tax-free zones where businesses pay no taxes for ten years. you'll get a warm welcome in the new new york. see if your business qualifies at startupny.com it's called truecar. and truecar users... save time and money. so when you're... ready to buy a car,
2:38 pm
make sure you... never overpay. visit truecar.com today. melissa: private-sector adding them to 20,000 new jobs in april. and and the first time since back-to-back months of job gains. and since april 7th. that is after that e i a reported record high inventories, up nearly 400 billion garrels. energy stocks were among the worst performers as a result. energy regulators have given the environmental green light to an export facility in louisiana. the impact on the surroundings won't be significant. that is the latest from the fox business network giving you the
2:42 pm
project everybody has to have access to? what do you think they are going to do? what businesses will pop up? >> absolutely. that is one of the big focuses of this project and we don't know what students are going to create. we would love to see things like micro payments or social payments for there are colored implementations of embedding other pieces of information on bitcoin so they can be publicly lauded. a lot of different things students can do. we are excited to see how they choose to use bitcoin because the students are brilliant and we think they will -- melissa: how did you raise half a billion dollars in bit coin? where did it come from? how did you do that? >> funding is mostly from alumni donors. additionally sponsors from the bitcoin community at large so
2:43 pm
the reason they are doing this is they are committed to making bitcoin a larger thing, that -- >> an interesting experiment. almost like a monopoly game for an entire university. one question i would have is the volatility, and a month ago a full paid and you might get half a cake. melissa: i would ask either of you what do you plan to do? are you trying to track the value? is it exchange when it happened? >> it is an exchange, we raise money in dollars because we think $100 in u.s. dollars, and the actual distribution date. there is that purchasing power.
2:44 pm
>> one interesting thing was students are going to be using this idea lee. a lot of settings across campus. something mit is working on, they are able to adopt in a seamless way. melissa: what do you sing is the biggest hurdle you have? what are you most worried about? >> the column leasing is people not using it. this is am i t. people are excited to get their hands on new technology and play with it and see what they can make of that. melissa: i hope you come back and tell us what happened. >> we will do it. melissa: coming up is liz claman. what should we expect at the top of the hour? liz: the fed's announcement was not exciting, markets look healthy. we will talk to the top fed watcher who has the ear of some
2:45 pm
members of the federal reserve to talk about what happens next, when we might seek, he will face off with a macro head of u.s. macroeconomics. a very ugly gross domestic product, we are two picks away from contraction. that is disconcerting. what do those guys see? fox business exclusive with the ceo of csx railways. you got to hear what he has to say. forget the fed and the economists out there. he is on the ground doing business. how does it look to him? we have exclusively. melissa: whacks on wax off, self cleaning, that could make going to be, watch a thing of the past. i love this story. you can never have too much money.
2:48 pm
even when we cross our t's and dot our i's, we still run into problems. that's why liberty mutual insurance offers accident forgiveness if you qualify, and new car replacement standard with our auto policies. so call liberty mutual today. and if you switch, you could save up to $423. liberty mutual insurance.
2:49 pm
responsibility. what's your policy? melissa: wall street or means 3 years who is making money today, anyone with a piece of columbia sports where. it is 4 to mounting deer but columbia wants a piece of the yoga high, $190 million. shares climbing right now are around 5%. billionaire ceo tim boyle getting a boost to his wallet, 14 million shares of the company, he has made $60 million. good for him. also making money the winkled lost wins quietly backing for delivery site that raised $15 million in funding. it is called caviar n is seamless for folks bringing food from high end restaurants to your doorstep. one customer ordered $5,000
2:50 pm
worth of food in one sitting. caviar has had a place in their portfolio and has attracted investments from the likes of horowitz. ready to spend more money, the people behind the film phenomenon sharp nato. sci-fi has given the green light to part iii of this movie franchise. before the sequel even aired. whoever survives that installment will once again come face-to-face with a man eating fish deposited on land by a freak storm just in case you forgot that believable plot. no budget is posed yet but it cost a whopping 250 grand to make. i saw it. it was pretty funny. first step, sales driving cars, next step, self cleaning cars. nissan is testing this idea covering half of a car in a special water and oil repelling
2:51 pm
paint. does this mean you can finally skip that line at the car wash forever? fox car reports gary gasterlo. it drives me crazy, i love this idea. does it really work? >> it is not dirty, not with either. oil, dirt. melissa: what about bird droppings? >> they are water based. melissa: don't want to think about it but probably. how does it work? >> a coating that goes over the paint. all for a tech international for industrial uses. it creates surface texture on the nan no scale that doesn't let water get into it. it repels it to the surface. melissa: seemed this was an enormous breakthrough. we see this on all cars next year by the time i need a new car is ready and waiting?
2:52 pm
>> not next year. the dirty secret about this video is it leaves a white haze which is why the car is painted white and black car, shiny blue car. melissa: you can only do it on white cars. my car is white. still in the game. i like this idea. >> it has a finish to it, like an aide shell but it works, you can't get spice to stick to it either. what you will see first is big truckers using this sort of thing and more industrial applications where appearance isn't quite as important. as far as showing up in a fancy luxury-car might be awhile before they get it shiny enough. melissa: i like it. a little breaking news, stocks continuing to climb after the fomc reels in capering by $10 million. checkout the dow. it has just rolled into positive territory for the year. we are basically flat on the session. before the fed came out and make their decision we heard the decision and now we are climbing
2:53 pm
up 51 points so the market liking what they are hearing. the gdp news, we urge this morning the fed staying on the path they are on. google not content just telling you about the traffic. now they want to be the cause of it. theirself driving cars have racked up more than 700,000 accident free miles. google has plans for them to dominate highways. don't move. you can never have too much money. you make a great team. it's been that way sincthe day you met. but your erectile dysfunction - it could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet
2:54 pm
approved to treat ed and symptoms of bph like needing to go frequently or urgently. tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take alis if you take nitrates for chest pain, as this may causan unsafe drop in blood pressure. do not drink alcohol in excess with cialis. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, seek immiate medical hp for an erection lasting more than 4 hours. if you have any sudden decrease or loss in hearing or vision, or if you have any allergic reactions such as rash, hives, swelling of the lips, tongue or throat, or difficulty breathing or swallowing, stop taking cialis and get medical help right away. ask your doctor about cialis for daily use and a 30-tablet free trial. cozy or cool? "meow" or "woof"? exactly the way you want it ... until boom, it's bedtime! your mattress is a battleground of thwarted desire. enter the all-new sleep number classic series. designed to let couples sleep together in individualized comfort. starting at just $699.99 for a queen mattress.
2:55 pm
he's the softy. his sleep number setting is 35. you're the rock, at 60. and snoring? sleep number's even got an adjustment for that. find your sleep number setting only at a sleep number store. know better sleep with sleep number. stick with innovation. stick with power. stick with technology. get the flexcare platinum from philips sonicare and save now. philips sonicare
2:56 pm
melissa: keep your head on a swivel and look both ways in the crosswalk because google's self driving cars are gearing up to take on city streets. the driverless vehicles have been adapted to the urban landscape and even programmed with a defensive driving techniques. google says the sell-off driving cars haven't caused any
2:57 pm
accidents. jo lin king and jonathan honig. do you like this concept? does it make you nervous or do you want to get a self driving car? >> i would consider it. these are miracles companies like google and amazon and air b&b make day after day. think where google has come in its short time of being a company from a simple search engine to the entire map and information storage facility for the whole world. the thing at worry about is not so much the cars crashing but google's stock crashing. at these high values companies even when they achieve their means, a self driving car their valuations contract. melissa: i can to imagine the accident it will cause the first time a google cargoes out without a driver and people are like there's no driver in that car and there crashing around it. >> that is a possibility. a lot of european countries trying to pioneer the same
2:58 pm
technology so it is an exciting thing but if you look at the competition google, facebook and all these companies, dronemaker, there's a lot of competition to figure out what the next thing is post internet so watching these developments, very useful to the investor. melissa: reports surfacing the amazon is trying to design its own computer server ship. one analyst tells fox business word on the street is amazon plans to use the chip to get into the cell phone market following reports the company plans to release the funds this year. what do you think? this doesn't make sense because it won't be in a phone but i am betting is a smart phone cit since they're getting into that business and don't want to pay intel for it. >> don't you wish we had as many companies competing for education as we did in the space for cellphones? amazon wants to pick up where samsung and apple have already created tremendous innovation.
2:59 pm
amazon, the company that started it, simple bookstore has become the entire online marketplace and technology innovator in cellphones, in the clout and across the entire space so amazon is one player i would by no matter what they're doing, whether it is cellphones. melissa: one thing i like about amazon is when they run into a problem more high price they want to fix it themselves. they had problems last holiday season of deliveries. they won their own fleet of trucks going to deliver that last mile. i am sure they are thinking they don't want to pay for intel chips so they go out to develop their own chip. >> it is really smart business for amazon since it already worked a lot of ways. they cut down on the price and deliver the services and they are able to widen their business and their market. if you look at the way they shift books in the beginning and shifting to kindle and amazon fire tv, goes on and on. successes are tremendous because they are reinvesting a lot of
3:00 pm
revenue into the company bought there is discussion among analysts. melissa: got to go. didn't mean to cut you off but it is liz's time. that is all we have, hope you are making money. countdown starts right now. liz: as the fed be the markets absorb the message. our own experts at the wall street journal, john hiltonwrap. the perfect economic indicator, one of the leading railroad giant's shares up more than 7% over the past five years but when will it be? the ceo with us live. hash tag guide bomb. twitter gets the angry bird street from investors in the wake of its quarterly report. what can a micro blogging site due to gain
64 Views
IN COLLECTIONS
FOX Business Television Archive Television Archive News Search ServiceUploaded by TV Archive on