hertz global is falling. news broke. [closing bell ringing] >> restating their numbers. the stock is to the downside by almost 5%. david: bells ringing on wall street. the actually the dow is moving a little bit to the up vied from the lows today. look at this, probably won't get to the flat line but it's close. the real action as we said is the nasdaq. doesn't look like it with an eight-point gain. we're talking about highs we haven't seen in decades since march 2000. the we have not seen that. highest in the nasdaq? 5048. we have a while to go before we reach the absolute highs. russell kind of meandering here. we really have a lot to talk about concerning commodities. "after the bell" starts right now. liz: we break down the action on this friday. got to stay with us because we have ernie cecelia of bryn mawr trust, says investors, you have

to be wary of valuations right now. wells fargo bryan piskorowski is with us. he says u.s. is still the best market but where are the opportunities? bryan has them. as the s&p numbers hold we're looking for a gain here. that is pretty interesting. >> four now consecutive weeks after making new all-time highs for our purposes. i know you throw in the nasdaq but the nasdaq is, you know, 5,000 is the record but that doesn't really count as much. david: all right, ernie, a lot of people are waiting for pullbacks. before the end of the year do you expect another pullback along the lines of the one we got in september, october? >> no, david. actually think that between now and the end of the year the market will probably hold in there. there aren't a lot of catalysts we think, of course there could be some extraordinary external event that occurs. we don't think there will be

anything dramatic take occurs. investors and money managers want to stay full invested through the end of the year. earnings season is essentially over. there are not at love fundamental catalysts that would do that. we also think interest rates will stay pretty much tame into the new year. so we'll see a lot of catalysts and market will move somewhat side way, barring any unforeseen circumstances. liz: bryan, let's get right to it. we're showing year-to-date pictures. everything looks very healthy. another winning week for. another time people say trees do not grow to the sky. is there another time to worry about valuations or do you jump in specific pools of great stocks? >> right. so, liz, i think first and foremost, it wasn't too long ago everybody was talking about how rough and volatile the month of october was. and how quickly perceptions change. how we're 9 1/2% off those mid-october blip lows that we had. from our perspective here at wells fargo, what we're really

looking at there may be more volatility as we move into this transition period for monetary policy by and large when you look at data how it was borne out. plight of the american economy. see that reflected in stock prices. u.s. is favorite of equity risk assets but we want to say, hey, you can wait for pullbacks. there may be more volatility for the u.s. transition period and obviously into 2015. bigger picture we still like cyclical areas of the market that haven't done as well. you've seen areas like consumer discretiona being a little bi undeerfoingere. sondusial whih we lik tn so lkin inthenfo tech sce. ut yu kw,he oth aa, w taedbou th bore earer n thehowas been ergy. obvislytas bn hrd hit, venardrop we've seen in the energy crude commodity prices. that seen a little bit of a bounce here today. if you were equally allocated before this hit you are probably a little under allocated now. we recommend make sure you get market allocation for energy

here. david: alan knuckman, we're getting a bun of fed news coming out. earlier in the day st. louis fed president bullard who before seemed to be saying dovish comments today was much more hawkish. current inflation less so low do not justify interest rates so low suggesting te rs. wetioro isas barred until 4:00 p.m. fed governor jerome powell said the fed will not set monetary policy because of market volatility. in other words they will not look at the market when to raise rates or begin another qe. some people would say, yeah, if you believe will sell awe bridge in brooklyn. on the other hand combine that with the bullard statement that is the not kind of music wall street likes to dance to. >> he is balancing out. the market is holding up. price action is reflection of everybody's comments. we're not raising rates anytime soon. look at 10-year note and yield

at 2 1/2 resistant are getting closer and closer. if short-term rates raise them a quarter after percent for next year, that will not have any catastrophic effect on markets. we made new highs today and closed lower. that is -- david: dollar doesn't exist outside of the fed. dollar bets mostly value because of fed and what other central banks do. if the fed, of course if it begins to tighten more the dollar might jump even higher than it already is, right? >> that's correct. >> i think a lot -- david: hold on, that is for ernie. go ahead, ernie. >> okay. i think the fed is very cognizant of that. i think it will temper their movement to the upside in terms of raising rates. we think they will be slower because of global concerns because of raising rates and what that could mean for cross-border currencies. the other thing that was mentioned by your other guest is that we have also been

overweight u.s. equities. we think the dollar will continue to stay strong. so, and in that environment we would continue to favor u.s. assets. that we'll enter the fed. we think when the fed begins to raise rates, we think that the curve, the yield curve will actually flatten. the 10-year will stay relatively close to where it is. certainly would revise it a bit. but the curve itself would flatten. we don't see the fed shrinking the balance sheet anytime soon. liz: we have breaking news on warren buffett's berkshire hathaway. we're getting filings from the securities & exchange commission which tend to come out after-market close for big eninvestor names like warren buffett and carl icahn. here are the stakes that are shifting or changing. he is taking a bigger stake in liberty media. buffett buying into liberty media. he is completely eliminating his stake in deere. eliminating what stake he owned in deere and company. and taking a brand new stake in express scripts the pharmacy

benefit manager. that stake is about 449,000 shares. so that stock is moving higher in the after-market session. it is upping, i see right now, berkshire hathaway upping its shares in general motors. that's a pretty new stake it recently took within the last year. warren buffett said in the past he believes in mary barra's leadership. they're increasing their share in general motors to 41 million shares. another thumb's up for directv owned this a year or two. adding to the stake in directv by 27% to 30 million shares. we already mentioned express scripts and ditching deere and company. warren buffett making some big moves in his portfolio. david. david: indeed. brian, let me go over to you, do you ever look at people like buffett do in terms of indication for your own portfolio? >> i think what you need to look at, take a look at the buffett philosophy, looking for companies, buying long term and

our general philosophy as well. looking where there are values an opportunities looking beyond the current cycle or this current move. good way to transition or pivot off of that, look at things outside the u.s. we like the u.s. first. one thing we find with our investors they have a tendency to be underallocated to international markets. we want to make sure we have allocation to those in this environment. while it not be our favorite market to be in, allocation in international we nudged up, looking international developed as well as having broader base and we believe in the global recovery story and global expansion story. remember look at gdp growth rates they're firmer outside the u.s. than in the u.s. liz: ernie, one of your picks is popular overseas and that is cummins engine. it is a popular pick for a lot of people over the last couple years. they have done very strong business. they sell overseas, correct? >> yes they do and they have strong presence, liz in emerging

markets. and our thinking on that, and you mentioned or david mentions valuation earlier, we are very valuation sensitive. so the, stock trades at very reasonable multiple to the market. actually discount to the market. and thesis really is, replacement deman cycle, both here in north america as well as overseas. strong demand here but also sells strongly into the emerging markets where we see continued growth for diesel engines and more efficient diesel engines in particular. liz: good to see you. ernie, bryan, alan knuckman, we'll come back to you when the s&p futures close. one addition. berkshire hathaway also upping its stake in charter communications and suncor energy and visa. david: i was looking, liberty media is flat. hasn't changed at all on the result of this news. some people take it as a hint. put their money there. some people look at it and nod, interesting. liz: what is interesting and scary is cybersecurity. spending on cybersecurity, well

because of that fear it is growing at a rate of 15 to 20% a year. you as the investor, what should you know? is there easy way to take advantage of the boom with a new cybersecurity etf? we'll show you what it is. details are next. david: plus this is the news of the hour and certainly of next week, the president expected to take executive action on immigration without congress, a move that could have a big domino effect within congress. could it lead to an impeach mane? what about the economy? is it a win or a loss? liz: apple hit as very big new milestone. do you know what it is? plus government planes secretly tracking american cell phones. are you impacted? it is a "wall street journal" exclusive we're talking about. who is the most powerful leader in the world. all that and more with our panel straight ahead.

how could switchgrass in argentina, change engineering in dubai, aluminum production in south africa, and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 70% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing.

you can't breathe through your nose, suddenly, you're a mouth breather. a mouth breather! well, put on a breathe right strip and shut your mouth. cold medicines open your nose over time, but add a breathe right strip and pow, it opens your nose up to 38% more. so you can breathe and do the one thing you want to do, sleep. add breathe right to your cold medicine shut your mouth and sleep right. breathe right. and look for the calming scent of new breathe right lavender, in the sleep aisle. my motheit's delicious. toffee in the world. so now we've turned her toffee into a business. my goal was to take an idea and make it happen. i'm janet long and i formed my toffee company through legalzoom. i never really thought i would make money doing what i love. we created legalzoom to help people start their business

and launch their dreams. go to legalzoom.com today and make your business dream a reality. at legalzoom.com we put the law on your side. we asked people a question how much money do you think you'll need when you retire? then we gave each person a ribbon to show how many years that amount might last. i was trying to like, pull it a little further got me to 70 years old i'm going to have to rethink this thing it's hard to imagine how much we'll need for a retirement that could last 30 years or more. so maybe we need to approach things differently, if we want to be ready for a longer retirement. ♪

liz: yahoo! posting gains after two firms boosted price targets for the stock. david: let's to to nicole petallides on floor of nyse. give us more. >> while david, liz, people watching intoday sees not do too

much not far off unchanged line, yahoo! reaching a new high today. as you noted analysts are hot on yahoo!, particularly because of the investment in alibaba in particular. we did have william bird over at fbr saying yahoo! offers low cost play into alibaba. also raising the price target over at oppenheimer by 12 bucks to $61. with that we saw yahoo! moving to a new high. alibaba finished higher on the day in case anyone was wonder about that one but a winning day for yahoo!, up a buck 20 five. back to you. liz: nicole, thank you very much. david: 22 seconds ago the s&p futures were closing. let's head head to alan knuckman in pits of cme. any signs what might happen over the weekend, alan. >> everything is positive. finishing five points from all-time highs after making new highs and higher weekly action. my focus is on the reversal in the dollar to see how it follows through next week. that could relief pressure on

assets and asset classes brutalized and beaten down. could you see a bounceback in energy and bounceback in metals. i like canadian dollar currency and australian dollar currency and as your last analyst talked about, some foreign markets have not recovered have more upside than downside as positive contagion starts to move around the world. david: thank you very much, alan. liz: with data breaches at target, home depot, who knows whom next, companies are spending so much more money on cybersecurity software and services than ever before. david: so as investor how can you cash in on the rising cyber threat? how about a cybersecurity etf? there is one joining us. christian ma goon, founder and ceo. i love symbol, hack. wonderful stock symbol. specifically, how much more are companies spending on cybersecurity on annual basis? >> well a significant amount, dave.

anywhere from 15 to 22% more. it is probably going to only increase in the future. as you mentioned, liz, that hacks are just growing. funny we launched etf earlier this week. that morning, the news came out china was hacking into the u.s. government's forecasting services. so the news continues to happen. that will drive spending and success of these companies i think from a capital appreciation standpoint. liz: christian this will not surprise you. we had a guest come on the set yesterday talking a little bit this and david turns to him in the commercial break, says, have you been hacked? he said, today, today we were hacked. it is just stunning. however, it is obvious it is a growegmet. e queionecos, i itoo ealyo ckinns a loses? is it t eaytag your etf jumped 2% today. that is certainly good news. brand knew here. make people understand why they should be investing for this in

their portfolio. >> cybersecurity is becoming essential spend to technology. there is fickleness to social media spend or maybe e-commerce companies. but when you're going to have any presence online you have to tha these companies. the other issue is, how will you decide which is the correct one? a lot easier to be in the right sector than the right stock. investors with hack et get basket of 25 to 30 names selected from around the world because of their focus in cybersecurity, hardware, software, or service providers. david: sometimes, however, christian, there are individual companies that, particularly in areas of cybersecurity, that get a real pop on theis of say a government contract or huge corporation. wouldn't it be better at certain times to pick certain individual companies? >> absolutely there is going to be times, events that happen, related often times as you

mentioned, dave to contracts that certain firms are awarded. individual issues will pop. one way to play that potentially own a basket of cybersecurity companies through hack but also as a hedge, be able to use some individual issues because just like they can pop, they can also drop should they lose individual contracts to another competitor in the space. liz: as long as china exists and russia exists, you're going to have a business, christian. how do you grow this thing? >> yeah. really, you know, at this stage we've had one of the most successful launches of any etf in the fourth quarter. baron's put a note out yesterday that the first day of trading volume was the most successful, i think 7 or 8 etfs launched already in november. we're trying to get information out because up until this point, liz, there wasn't a way to access a basket of cybersecurity companies.

that's right, the basket. david: we love it. hack is the name of symbol for the etf. christian maggon thanks very much. >> thanks for having me. good to see you. david: first mit economist jonathan gruber saying the affordable care act passed because of the stupidity of the american voter. and now, there is a second, a third, a fourth and a fifth video. how is this going to affect the future of the health care law? liz: tech giant apple, hitting a new market cap record high. what will the company do with all of this money? we're debating this with our panel. stay tuned. david: apple former ceo john sculley joining us, one big key lesson he learned directly from steve jobs when he was his boss. ♪ so ally bank really has no hidden fees on savings accounts?

that's right. it's just that i'm worried about you know "hidden things..." ok, why's that? no hidden fees, from the bank where no branches equals great rates. hard it can be...how ...to breathe with copd? it can feel like this. copd includes chronic bronchitis and emphysema. spiriva is a once-daily inhaled... ...copd maintenance treatment... ...that helps open my airways for a full 24 hours. you know, spiriva helps me breathe easier. spiriva handihaler tiotropium bromide inhalation powder does not replace rescue inhalers for sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. these may worsen with spiriva.

discuss all medicines you take, even eye drops. stop taking spiriva and seek immediate medical help if your breathing suddenly worsens, your throat or tongue swells,... you can get hives, vision changes or eye pain, or problems passing urine. other side effects include dry mouth and constipation. nothing can reverse copd. spiriva helps me breathe better. sfx: blowing sound. does breathing with copd... ...weigh you down? don't wait ask your doctor about spiriva handihaler.

they take us to worlds full of heroes and titans. for respawn, building the best teractive entertainment begins with the cloud. this is "titanfall," the first multi-player game built and run on microsoft azure. empowering gamers around the world to interact in ways they never thought possible. this cloud turns data into excitement. this is the microsoft cloud.

so i can reach ally bank 24/7, but there are24/7branches? it's just i'm a little reluctant to try new things. what's wrong with trying new things? feel that in your muscles? yeah... i do... try a new way to bank, where no branches equals great rates. liz: apple stock continues to squeeze the juice. guess what, the market cap soaring to all-time high. it is 2/3 the way to trillion

dollar market cap. with so much cash under its umbriel last, what will apple do with it? let's bring in all-star panel. fox business's cheryl casone, kim forest, fort pitt capital group president and dan stesich from athena services. apple $119 today per share. another mice move. it has a huge market cap that continues to grow. does it get more attacked by activist investors or do people back off because things are going well for shareholders? >> i don't think you back off on this stock. this is one of the few stocks that doesn't have a ridiculously high p-e. they have been managing business quite well-overtime. when they were hit at $700 level and banged down it came back up again. they're running pretty well. coming into the holiday season. things look good. i like the stock. liz: iphone generates 55% of sale. new larger iphone 6 cannibalizing a bit of tablet

business there, are you in, are you out? what would you advise people watching right now? >> we take a little bit of money off the table. we think they have done really well but their market share around the world is dropping as cheaper alternatives come up, especially in china. there has been a product that is just been taking over the smartphone space in china. it is a cautionary tale. >> talk about lenovo's new phones, what are you saying? >> the, jami. i think that is how you say it, right. it's a big competitor for them. but i don't think they're in any immediate danger. that cash pile certainly is nice. we anticipate that they will continue to buy back shares given that so much cash is probably offshore as well. david: here are the top companies -- liz: here are the top companies by market cap. you know this, cheryl. of microsoft took over by capital. two technology behemoths, iconic names in here.

sticking with apple, here comes the iwatch. will be a little late, not for the holiday season. >> problem for them. liz: what will it do for them. >> so much from a product perspective as we follow every single big news announcement coming out of northern california the iwatch was a bit of a stumble and they will not make the holiday season. to your point about the iphone and iphone 6, a lot of their products are starting to converge. we still see a lot of desktops being sold because they have the cloud. all the operating systems are compatible. good for the company, good for apple. some products will get squeezed out. i think ipad mini could be potentially in trouble and nice flat air right now. i think you will see consolidation for the customer. i think that is rough for apple. as far as the stock buybacks and amount of cash they have on the books, to be frank with you, they have always been a little tight to let go of that, you noticed? so i hope they kind of start to do some r&d. liz: iwatch will not be in christmas stockings this year,

but regardless ups will have enough to send around because it is predict record holiday shipments of anything this season, setting ambitious goals not just for the holiday season but the next five years. kim, ups considered a real bellwether when it comes to the consumer. >> they are and the consumer will get more and more of stuff they actually consume through ups. liz: can i ask you, kim? what stock -- call this a derivative play, if not owning ups, what are they going to be sending around so much of? should you be buying those names? >> sure. i mean, just if i look at my own buying patterns, i buy stuff as diverse as, i get looks and electronic from amazon and get laundry detergent that i can't find in stores around here. that sound crazy. a lot of people are buying a whole different class of unusual food at that they can't find at

their local supermarket. things like beauty items, vitamins, stuff like that. liz: i know somebody that buys all the gluten-free food to be shipped to buy on amazon. of course ups will be part of that. dan stesich, what about you? what is the derivative play here? >> we have amazon. everybody knows about amazon. when i reserved this, i came up with other stocks in the top five that kind of surprised me. walmart and apple being one. apple is good and a lot of online retailing is going there. walmart is another one. previous guest mentioned she can't buy laundry detergent and buys it on amazon. walmart does the same thing. fact they're in same business they do well. >> don't forget target as well. target will be a big competitor for walmart and amazon this holiday season. all people getting earnings this week, tell us e-commerce is critical to the numbers for holiday season. i want to caution on-ups, i saw this happen last year.

the weather, very angry customers hit ups. whether or not that affects the stock is something different. if we have a polar vortex, just saying. liz: can't blame it on the weather. does affect it. great point. up next, the government possibly spying on 10 of thousands cell phones? is this legal to do it? were there warrants filed? is who is the not best but most powerful leader. david back to you. david: real cost of obamacare, more videos of obamacare architect jonathan gruber surfaced. more of that next. president obama is about to do something he once said he couldn't do, bypass congress and use executive action to legalize millions of illegal immigrants. what will the consequences be? tell us what you think. should the president take executive action on immigration? or will this just lead to more divide inside of the beltway?

send us a message on facebook or beat us, fbnatb. ♪ (receptionist) gunderman group. gunderman group is growing. getting in a groove. growth is gratifying. goal is to grow. gotta get greater growth. i just talked to ups. they got expert advise, special discounts, new technologies. like smart pick ups. they'll only show up when you print a label and it's automatic. we save time and money. time? money? time and money. awesome. awesome! awesome!

awesome! awesome! (all) awesome! i love logistics. what if one push up couldcoli cprevent heart disease?cancer? one. wishful thinking, right? but there is one step you can take to help prevent another serious disease- pneumococcal pneumonia. one dose of the prevnar 13 ® vaccine can help protect you ... from pneumococcal pneumonia, an illness that can cause coughing, chest pain, difficulty breathing, and may even put you in the hospital. prevnar 13 is used in adults 50 and older to help prevent infections from 13 strains of the bacteria that cause pneumococcal pneumonia. you should not receive prevnar 13 if you've had a severe allergic reaction to the vaccine or its ingredients. if you have a weakened immune system, you may have a lower response to the vaccine. common side effects were pain, redness, or swelling at the injection site. limited arm movement, fatigue, head ache muscle or joint pain, less appetite, chills, or rash. even if you've already been vaccinated with another pneumonia vaccine, prevnar 13 ® may help provide additional protection.

get this one done. ask your healthcare professional about prevnar 13 ® today.

...the getaway vehicle! for all the confidence you need. td ameritrade. you got this. david: yes, there is another video of m independent t economist jonathan gruber appearing with more comments about the president's so-called affordable care act. this comes after shocking comments about the bill getting passed because of stupidity of american voters. what is uber saying now in this

video? peter barnes with the latest. this stuff is endless. >> keeps on coming, dave. another remark from jonathan gruber who is the mit professor that advised the obama administration on creating obamacare. in this new tape he points out, what he believes was the key to the passage of romneycare in massachusetts. >> the dirty secret in massachusetts is the feds pay for our bill. okay. in massachusetts we had a very poorful senator you may know named ted kennedy. ted kennedy figured out and smart people of massachusetts figured out a way to rip off the feds for $400 million a year. >> well, the string of comments from gruber have inflamed republicans who are about to take control of both houses of congress. some are suggesting hearings and calling gruber to testify. >> with this new revelation in the oversight we'll do in robust

way in the house. with a new republican senate. >> another revelation in this continuing controversy is that in addition to the nearly $400,000 the department of health and human services paid gruber for his consulting work on obamacare, it looks like five states, at least five states may have paid him more than a million dollars for obamacare consulting services according to government and media reports. dave? david: and he got 2 doll million from hhs over seven year period -- $2 million over seven year period to consult on prescription drugs. this guy has been raking it in. i hope he saved his money. peter barnes, thank you very much. weed ask you on social media if the president should take executive action on immigration, he face on facebook, should negotiate. a lot of good the sit-down meeting had after theon. tweet us @fbnatb.

more answers coming up. liz: consulting or insult? david: both. good point. liz: the government may be targeting you. devices placed on planes, cessna planes, apparently scoop data from tens of thousands of cell phones in a single flight. "wall street journal" broke this story today. we're back with cheryl casone, kim forest, our panel. you have been digging into this, cheryl. >> covering the story for fox business network. what is so interesting, the marshall's service coming out and saying, yes there is a program not confirming its existence but saying they swear by this, that these devices only are keeping personal data of the targeted criminal they're chasing. think of car chase or something like that, by metro airport. the device on board the cessna. can survey thousands and thousands of cell phones, ping the one that it needs and suppose toddies regard the other but these devices, liz, i want to be cautious here, can actually save the data. we're not getting confirmation

from the marshals service this is free and clear. there is controversy here. liz: dan, i am all for personal privacy but also for giving police the tools to track down terrorists. could this be part of that? warrants at least must still be filed? >> you know i would like to say i'm not bothered by this because i want our government to be doing the things to protect us from whatever terror-related activities are out there but whenever the government gets involved in something they seem to go way too far. there is way too much overreach. so the trick here is to balance the oversight and the ability to spy on whoever to make things be up and up. but that is really, really hard thing to do. liz: kim, the patriot act under george w. bush, they wanted to be able to listen in on phone conversations. some people were very upset about that. judge napolitano, a big constitutional guy, doesn't like it but in th case as youk believe that it is okay or how do you feel about this? >> i don't feel great about it.

i was a software engineer. i know, i used to take comfort in the fact there was so much data out there that we could probably be protected because people can't sift through it. and now it is clear that they can. very troubling to me. and i think, and i hate to think like this. i'm not a conspiracy theorist, but what if, you know, your target is not just a terrorist but somebody who is political opponent? where is the barrier? so i think a whole lot of governance has to be around this. liz: or slippery slope. >> it will end up in the court system guys. this will end up in courts. >> global unrest affecting investor portfolios. we've seen headlines when they hit, whether it is ebola or what is going on in syria or isis. needless to say europe, when you consider the world's most prominent leaders out there, who is the most powerful? who could hurt or help our portfolios the most? kim? >> well, i would say, it is not a person, but let's put congress

and the in there, because they can write the rules. liz: okay. dan, what do you think? i personally have watched the markets gyrate on things that vladmir putin does and when he invades ukraine. we just had richard haass, council on foreign relations. i asked them this question he didn't give exact answer when putin moved into crimea and took it and nobody moved to stop him, that would not be the last thing that putin would ever snatch out. >> that absolutely right. if you're looking who the most powerful person i would still have to say the president despite his standing in the world right now because the world looks to the u.s. for leadership. one of the problems we had with the putin situation is we didn't act strongly enough. the world does still look to us, despite all the warts that we have out there, this country and president of the united states. liz: okay. cheryl? >> vladmir putin actually, liz, you were talking about him, he is my pick.

i think he does affect the markets in fact we just don't know what he will do next. his power grab in eastern europe over? i don't think it is. i also think he has great disrespect now just for our country you about for countries in the middle east. he seems to think it is his time. he will go for it. this is ex-kgb guy. i am very worried about him. liz: very unsure how much support he has in his own nation because their ruble, their currency in just a disaster. we want to thank kim forest, cheryl casone and dan stesich. david: i'm surprised nobody said janet yellen. >> i say it is david asman. david: the president once said he couldn't take executive action on immigration but now he is about to do exactly that! what are the implication of his actions? could reaction to it divide the gop and is it actually legal? plus looking for bargains in a market continuing to hit new highs. coming up we have very cheap and

neglected stocks. yes, there are some. you just heard about government plans to secretly track cell phones. we'll hear from one company who developed a phone they say absolutely, postively, can not be tracked. details straight ahead. ♪ how could a luminous protein in jellyfish, impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 70% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. health can change in a minute.

so cvs health is changing healthcare. making it more accessible and affordable, with over 900 locations for walk-in medical care. and more on the way. minuteclinic. another innovation from cvs health. because health is everything.

i've got a nice long life ahead. big plans. so when i found out medicare doesn't pay all my medical expenses, i looked at my options. then i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call now and find out about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans, it helps pick up some of what medicare doesn't pay. and could save you in out-of-pocket medical costs. to me, relationships matter. i've been with my doctor for 12 years. now i know i'll be able to stick with him. [ male announcer ] with these types of plans, you'll be able to visit any doctor or hospital that accepts medicare patients. plus, there are no networks, and virtually no referrals needed.

so don't wait. call now and request this free decision guide to help you better understand medicare... and which aarp medicare supplement plan might be best for you. there's a wide range to choose from. we love to travel -- and there's so much more to see. so we found a plan that can travel with us. anywhere in the country. [ male announcer ] join the millions of people who have already enrolled in the only medicare supplement insurance plans endorsed by aarp, an organization serving the needs of people 50 and over for generations. remember, all medicare supplement insurance plans help cover what medicare doesn't pay. and could save you in out-of-pocket medical costs. call now to request your free decision guide. and learn more about the kinds of plans that will be here for you now -- and down the road. i have a lifetime of experience. so i know how important that is.

liz: the team at merrill lynch put together a list of neglected and inexpensive blue chip stocks that could be big winner in the future. cisco reported solid earnings on wednesday. forward guidance fell short but merrill lynch believes the guidance can be beaten of the firm has a price target of $28 a share. closed at 26.32 today. next exxon. the stock is down 7% for the year, had a disappointing second quarter number but merrill remains bullish. $110 price target. closed today at $95.09. let's look at ford. america's best-selling car brand will see a sales boost from america's aging vehicles. investors paid pretty decent dividend of 3.5%. closed at $15.14. freeport-mcmoran may be down 26% so far this year but natural resource company pays

investors substantial 4.4% dividend. merrill lynch with a $39 price target. lastly intel. intel new commitment to smartphone and mobile applications can help the company continue to beat earnings and raise forward guidance. merrill believes it's a winner. david: well, president obama is just about to unleash a hornet's nest by doing what he once said he couldn't do. >> with respect toed the notion i can suspend deportations through executive order, that is not the case. some people want me to bypass congress to change the laws on my own. that is not how, that is not how our system works. david: but the president is about to overrule himself by providing amnesty without congressional approval to millions of illegal aliens residing in the u.s. what will the consequences be legally, politically and economically? we turn to immigration policy

analyst. alex, thank you for coming in. >> thanks for having me. david: first, legally. the president is a lawyer. he was head of the law review. he knows his law. he first said he doesn't do it. now he is about to do it. how is that possible? >> the president does have a broad amount of discretion enforcing immigration laws especially because deportation proceedings are not criminal actions but civil actions. he has broad amount of discretion. that includes up to point where he nullifies the laws in congress. unfortunately there is not a whole lot of case law to determine whether this proposed executive action goes far enough to do that. if it is determined that this action actually does nullify laws that congress has passed and put in place, it would be unconstitutional but it is really high burden and barrier to get up to that point. david: i mean the constitution is pretty clear, alex. i know you know the constitution. article i, section 8 of the

constitution, the congress shall have the power to establish a uniform rule of naturalization. it is clear, alex, that congress shall do that, not executive action. >> exactly but president has a lot of authority when it comes to determining the, the how he will prosecute these cases, exactly how much priority he will give -- david: yeah but usually that is on issues of small groups much people, pardons. bottom line, hold on a second if it ever went to the supreme court, this brings us politically, if it ever went to the supreme court it would be 5-4 ruling against him. question how it gets to the supreme court. this brings to political ruling. how do you think republicans will react to this executive action. >> important to realize how people reacted in past to similar style orders. president george h.w. bush in 1990 did he professorred deportations of 15 million illegal immigrants which is

about what president obama's would do now. only few actions open to the republicans to counter this. they could sue the president but that has been case so far with immigration with that fualaau first want to take up going forward. they could fund agencies would do the legalization. that is another whole big, thorny complicated mess -- david: then alex, forgive me pushing ahead. there is the i word, impeachment. some people are talking about it. is there think chance we would see another impeachment? >> i think chances of that are very small. i don't think there is much appetite in republicans to do that. there is a lot of other options they could use and exhaust before trying that i think we will try to do. defunding citizenship and immigration services stopping them with going forward with any of the president's plans going forward. david: okay. finally, most important for our purposes here in the business network, the economic implications, quickly. >> the economic implications are positive. this is something that virtually all economist who is study this issue agree upon.

legal workers in the country paying taxes move about without fear of the law is a good thing for workers and good thing for business climate going forward. david: i can't tell you, alex, how many times i heard people say, all experts agree on exactly the opposite of what you just said. >> yes, but we need to take into account this is something that left-wing economists and right-wing economists have taken a look at over the decades come to about the exact same conclusion. the only real disagreement who benefits the most and exactly what amount. it is not a matter whether it is positive or negative. david: i don't know, at a time when there are some jobs alex on the smaller level, a lot of people are getting paid minimum wage, very low wages, part-time work, these are the kind of works that immigrants would take, right? >> yeah. but a lot of these immigrants are also consumers and support a lot of jobses in the economy. you can't say taking people out would create jobs for other people. there is not a fixed supply of jobs in the economist. moving people millions from the economy working in a black

market would decrease economic growth and job opportunities for millions of americans as well. david: i think we agree on first two points. more of a debate on second one. great to see you, alex from cato institute. >> thanks for having me. david: anytime, sure. liz: coming up, hear from bob nardelli, former chairman and ceo of chrysler how the new health care plan impacted him personally, not for the better. plus we have a lot of economic data coming up next week including the fed meeting. we break down the number one thing to watch with kim forest. >> hi, everybody, i'm gerri willis. coming up on my show at the top of the hour, health apps are all the rage. new iwatch is expected to bring it to a whole new level but what is happening to your personal data? is it being protected? we'll have answers. that is one of the big consumer stories coming up on "the willis report" in just a few minutes. but for me, it starts with the opening bell.

and the rush i get, lasts way more than an hour. (announcer) at scottrade, we share your passion for trading. that's why we've built powerful technology to alert you to your next opportunity. because at scottrade, our passion is to power yours. there was no question she reminds you every day. but your erectile dysfunction-that could be a question of blood flow. cialis for daily use helps you be ready anytime the moment is right. you can be more confident in your ability to be ready. and the same cialis is also the only daily ed tablet approved to treat symptoms of bph, like needing to go frequently or urgently. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache.

to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision, or any symptoms of an allergic reaction, stop taking cialis and get medical help right away. ask your doctor about cialis for daily use and a free 30-tablet trial. dad,thank you mom for said this oftprotecting my future.you. thank you for being my hero and my dad. military families are uniquely thankful for many things, the legacy of usaa auto insurance could be one of them. if you're a current or former military member or their family, get an auto insurance quote and see why 92% of our members plan to stay for life.

[annit's working forny. new york state. already 41 companies are investing almost $80 million dollars, and creating 1750 jobs. from long island to all across upstate new york, more businesses are coming to new york. they are paying no property taxes, no corporate taxes, and no sales taxes. and with over 300 locations, and 3.7 million square feet available, there's a place that is is right for your business. see if startup-ny can work for you. go to startup.ny.gov. does your mouth often feel dry? multiple medications, a dry mouth can be a side effect of many medications. 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 a dry mouth. so ally bank really has no hidden fethat's right. accounts? it's just that i'm worried about you know "hidden things..." ok, why's that? no hidden fees, from the bank where no branches equals great rates. liz: we need to make a correction. next week there is not a fed meeting. actually the release of the fed minutes from the most recent fed meeting. the next fed meet something two-day meeting that begins december 16th and announcement what came about will be december 17th. it was a busy day on fox business. here is look at some of today's highlights. we start with former home depot ceo bob nardelli who told maria bartiromo how the new health care law personally impacted him. >> i have to buy insurance for myself and my family and i have seen the rates go up 300% on my

youngest two sons. >> wow. >> who live out here in california. one of the first carriers canceled. they wouldn't insure anybody in california. then blue cross-blue shield, 2:30% increases. then they canceled the plans. we had to go to boutique. on personal basis i felt impact of this plan. >> a lot of these lessons i really learned from working with steve jobs that, to look at a company like sony that did the walk mann and a wild success. did the television as a wild success. now they're struggling, when they come out with smartphones they have maybe 40 different skus on smartphones. apple only has, a few. the thing about steve jobs was, he understood focus. and then you have an urgency to do something really well with no compromises. >> what it does, it detects when

the phone is being intercepted. on a cell phone, phone on a clear voice, signal with a catcher on the air or ground the phone will alert you that has occurred and recommends you terminate the call. david: catch these and all of today's interviews on foxbusiness.com. we asked you on social media if you think the president should take executive action on immigration as it expected him to do next week? andy says i think he should hit the golf course. it is safest option. everything he has touched so far has been a disaster. liz: let's see. kkxg, taking executive action against congress is impeachable offense. david: time for one thing to watch. let's bring back kim forest, fort pitt capital group vice president. what do you think it will be next week? >> i think it will be the cpi number. the fed has a dual mandate.

they want to be driver of full employment if they can. other thing they want to do is inflation low. i think cpi is big number. that could inform us what the fed will do in the medium term. gerri: in the medium term. talk about price action when it comes to the markets and investing in stocks. our viewers want to know do they stay in? we have weeks and weeks of upside moves? now the economy looks good. good consumer sentiment number and better than expected retail numbers and here comes the holiday season. >> good time to look at overweight positions. we classify that as anything over 5%. no shame in taking money off the table. i would never drive with my foot on the brake and on the gas. we never say go all-cash, all-in. that is what we recommend, as

the market marchs higher your positions will get out of balance. take some money off the table. liz: kim forest, thank you very much. david: we hope you have a wonderful week. watch "forbes on fox" on fnc at 11:00 a.m. gerri: hello, everybody, i'm gerri willis. round two of obamacare kicks off tomorrow with no fanfare from the white house. no wonder. humiliating tapes from the obama care architect jonathan gruber keep being uncovered, next one more damning than the last. the man who called you stupid, paid a consulting fee of nearly 400,000 smackers from the white house. here to weigh in, dr. scott gottlieb, scholar at american enterprise institute, chris holt director of health care policy at american action forum and steve moore, chief economist at the heritage foundation. welcome all. steve, i will start with you. get your reaction to m