bucking the trend up 18%. [closing bell ringing] raise its outlook. very good numbers. bells ring on wall street. stayed negative for the year. the other indices hitting a one-month low. here are stocks finishing. adam in for david asman. russell making a gain of four points. adam: a guest says you might want to look at mid-cap and small cap stocks going forward. liz: why not. they're the growth names. we're waiting for whole foods and tesla. "after the bell" starts right now. liz: give it 11 seconds and the dow will flip to being positive for the year, by that much. just last 11 seconds, looks like numbers are settling to the upside at least for the moment. leah bennett of south texas money manage anti-is here.

the sector she loves is one you have to be in. she will tell you who to play it. ron weiner says it is time to double down on foreign stocks. which area? he is telling us right now. todd horowitz from the cme. we begin with todd. we got the adp number a preconsiders sore to the jobs number on friday. it missed. it did not make numbers people expected. that was the first destablizing factor but then janet yellen opened her mouth, right? >> hi, liz. janet yellen is talking. right now you see by watching the bond market. the bond market is telling us they want to raise rates no matter what. bonds are up. once it got through 2.19, it was off to the races. there are a lot of indication they will raise rates sooner than later. i don't think they can. i think they're making mistake. pressure on dollar, rise in the permanent man rate, all of

sudden makes sense that they possibly raise rates. although i don't think they will. rate increase is being priced in sooner than later, based on what i'm seeing in markets here. it is creating a little bit of turbulence with the overall market. friday's job number, if it is a big miss, i think it is off the table. we'll see. adam: janet yellen'sish rational exuberance statement. you think there is opportunity as we said two minutes ago, with small cap and mid-cap stocks. tell me about that. >> sure. at southwestern money management we believe in diversification. so we look to own stocks in variety of different market caps we find a lost opportunities in the small, mid-cap area, especially health care sector as you all alluded to. liz: ron, is that how you look at names? you say let me go with smaller mid-cap, for the reasons leah just articulated because they

don't have that much exposure up until what has been until a couple days ago a pretty strong dollar? >> mid-caps, if you look at all the indices over long period of time, mid-caps are really quite stable and better performers than s&p. small cap value historically, stomach it, stay in small cap value and stomach the move you just can't do that. large caps, we were big, multinational guys for years and years. we sold a bunch of that off, about 10%. bought emerging markets and foreign starting back if january. liz: which countries emerging markets, ron? >> good question. so we -- liz: that's why i asked. >> we could have bought the etf, eme, or something like that. we picked an etf called econ. it is the emerging markets consumer goods and staples etf. dow jones picked 30 of the big titans of it. walmart of mexico. unilever of india. it is ambev.

what it is, is plays on research and others that says $15 trillion consumer market for consumers in emerging markets will be 30 trillion by 2025. instead of going all-in, we took staples, toothpaste, the shaving cream, and beverage, the beer, we bought that in emerging markets. it is in about 14 different countries. adam: so, look we know, ron, that you doubled your exposure overseas since january from 10% to 20%. but, leah, i'm curious about you. there are specific stocks you like. medical imaging company. tell me about this. liz: hold on a second. we have 21st century fox numbers, our parent company. cheryl casone has fox a. >> we're getting for third quarter 2015 earnings per share number of 47 cents. excuse me, 42 cents. earnings per share, estimate was 39 cents. coming in 42 cents.

estimate was 39 cents. that is a beat on earnings per share on twenty-first-century-fox. also revenue, the estimate 6.89 billion. the company coming in 6.8 billion for revenue. cable network programing coming in strong. film entertainment looking pretty good, that segment got a nice boost as well. we're going through the press release. 3.28 billion for film. satellite broadcast revenue coming in, looking pretty good. the company announced they repurchased 59 million class-a shares during the quarter. we're looking at stock on our screens, guys. a little bit of a slight miss on revenue but a good beat on earnings per share. liz and adam. adam: thank you, cheryl. leah, i want to talk to you about medical imaging company. a company that also does sensors. i didn't realize the sensors are everywhere in our world. at the time us why you like the stocks. >> great questions.

we were talking about mid-cap stocks and actually these are both mid-cap stocks. we believe owning value and growth stocks. both of those fall under our growth criteria. a lot of people talk about the health care space and how technology has a big impact and talk about biotechs. hologic is company with 3d mammography machine which allows less false-positives. obviously more patient friendly and positive to hospitals. because needle biopsies are not profitable procedure for them. so hologic we think is interesting. the stock has done very well for the year. there is quite a bit of upside based on up take of new technology. the other company is a european company that does trade in the u.s. on adrs. regardless if you believe in the recovery in europe, and we do, we're actually bullish on europe, this is in an industry

growing quite rapidly. sensors that used primarily in autos but also the industrial sector and air-conditioning and heating. >> when you pick these names, this one is to todd, when leah mentions these names, seems like why are we worried about the volatility index? here in the u.s. people look at that indicator and maybe they shouldn't if they're just looking for great names both ron and leah talk about, and should ignore what happened with the vix today which by the way hit a one-month high and is above 15? there is temporary fear but that gets to be dangerous, doesn't it, todd, when you look tick by tick and moment by moment? >> absolutely, liz. if you're an investor you shouldn't look at anyappened wi, we look at our phone and long-term portfolios but as investor never look. check once a week to see what is going on. volatility for traders that is what we need, we survive by seeing wild swings in the market. but as investor you don't want volatility.

20 year moving average for volatility is up -- liz: whole foods coming out, wfc. cheryl, how did whole foods do? >> liz, not so good. the stock is down more than 7% in after-hours trading. couple things. earnings per share they met, 43 cents. revenue slight miss. looking for 3.7 billion. actually came in 3.65 billion on revenue. they're giving us full year fiscal targets. sales growth overwall as 9%. but same-store sales which is a big retail buzzword, if you will, that is where the issue is. low to single, low to mid-single digits for comparable store sales. also, looks like the stock as well as moving again more than 7% to the downside. and it was the sales growth. so basically they're not growing. we're not seeing the company grow as they should be and slight miss on revenue. liz: down 10% right now on these numbers. a little bit of a correction. wfm is the ticker symbol. my mistake.

comp sales in the third quarter negatively impacted by approximately 100 basis points. people do not like to see that kind of outlook. i guess in the end this is a company that delivers what the customer really wants but right now the stock is not what the customer wants. adam: competitive space. a lot of grocers, it is very difficult business of the we have to say thank you to leah bennett, ron weiner and todd horowitz. see you in a few minutes, ron. report by nfl that new england patriots deflated fees balls and quarterback tom brady, this is a quote, generally aware of the deflated balls. liz: this is in strong contrast to what brady said after the allegations. >> i always felt like i played within the rules. i would do everything within the rules. i believe in fair play and believe in the league. liz: joining as you nfl insider

and toyoka jackson, former nfl lineman that played for 12 seasons. welcome to both of you. as a former defensive lineman and you see this, the report i have right here, more than 200 pages, texts between the twice in the locker room, all kinds of things that look awful for the patriots, what is your gut reaction? >> well, my gut reaction is that this unfortunately seems to be a part of the culture of the patriots. in of itself, the "deflate-gate" is not big of a deal. sure you can certainly make the argument that smaller footballs are easier to throw and would give one team an unfair competitive advantage. there are pci limits for the balls for a reason. but this stand on top of another big controversy and that is spy gate. which i think was a lot more egregious even than this one. seems to be a pattern, that patriots as culture,

organization, push the envelope, skirt the rules and even break the rules. adam: mike, can we call the patriots dirty playing team? bill belichick gets absolved in the report, doesn't he? >> he gets absolved. ted wells goes out of his way to say the patriots were cooperative except in one area. mcnally, handle the footballs available for extra interview. he was interviewed total of four times. wanted him for a fifth time to follow up on some text exchanges they had there. by the way they had those text exchanges because patriots provided them. tom brady asked for his. he didn't provide them. more on brady here, as far as the hit to his image. ted wells called him a liar. said he skirted rules. also said that he wasn't cooperative with the investigation. but the tee as a whole didn't take that much of a beating here. it depends what the league is going to do as far as punishing the individual and the team. liz: tayoka, jim mcnally, who apparently the guy putting the needle into the balls and

deflating these balls would often according to the texts within the report, get yelled at by tom brady, an angry tom brady. he would say afterward, quote, tom brady sucks. i'm going to make that next ball an fing balloon. inflated too much what he would like. this looks terrible. what should happen to tom brady. >> well, i mean i certainly think there will be a fine coming down the pike. quarterbacks are very quirky. i hated quarterbacks. i chased them for a living but there are two things you know about quarterbacks. you don't hit quarterbacks in practice and don't screw around with the footballs. going into games, backup quarterback would have his own set of balls. i'm used to seeing initials. they don't like their balls to be played with by someone else. liz: does it surprise you guess what we didn't find? we didn't find anyone messing with the kicker's ball.

the kicker as balls for punting were just fine. if you deflate ad kicker's ball it wouldn't go as far, right? >> well, depends how much you deflate it. if you deflate it a little bit helps with compression, control of the football, all that kind of stuff. this is solely focused what happened with, because steve gone goss to us skis, they asked him for his texts. he didn't provide them. more focused on what tom brady and his text messages. i wouldn't blame brady giving up my phone except with a court order asking me or demanding me to do so. the other stuff will make brady look bad on this one. liz: i'm not saying because i'm a cleveland browns fan but this looks awful for the patriots. you are laughing. you played for dolphins, tampa bay, detroit, st. louis. can't believe you didn't play for the browns. >> i certainly would have came if they offer ad contract. we shouldn't overemphasize this

"deflate-gate." i don't believe that caused them to beat the indianapolis colts and win super bowl. the problem going forward, resume's of brady and belichick are as fine as ever been for positions in the league. this take as hit overall when you look back at them. adam: at the end of day tom brady goes home to gisele bundchen. >> he is winning, guys. liz: he is winning. tyoka jackson, mike, thank you. adam: breaking news within the last hour. the pentagon announced the u.s. navy ended it accompany mission to accompany merchant vessels in the persian gulf. they had begun it last week after marshall alands container ship was seized in the straits of hormuz. liz: they don't get you big returns on balance but why are state pension funds still invested in hem? is that your money? time to ditch them as investments all together? we debate. adam: plus a dozen states including some led by republican governors, are actually

considering significant tax increases. is your money and state at risk? liz: fed chair janet yellen saying today these markets look pricey now and a little dangerous. her words. if she's right, how can you protect yourself? we have three strategies for you straight ahead. adam: california takes unprecedented action to fight the state drought. we have details for you next. is getting relief. nicorette mini starts to relieve sudden cravings fast. anytime. anywhere. i never know when i'll need relief. that's why i choose nicorette mini.

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liz: "fox business alert." california regulators passed unprecedented drought restrictions ordering an emergency 25% cut in urban water use. this will restrict how people, governments and businesses use water. now in order to achieve this goal the state is telling california residents first and foremost cut back on watering the lawns, people! no more cabbage roses. telling cities to limit watering public property. governor jerry brown wants to fine districts up to $10,000 not complying. that still has to go through the legislature. california is in its fourth year of severe brought. adam: talk about residents and your money. residents demanding improvement in infrastructure and education in many states. governors push taxes include runs states by republican governors? the proposals may not be popular. we're asking the question are they even necessary?

joining me curtis dubai, heritage foundation economic tax policy research fellow. for the record, a new england patriots fan. i know you want to get that in there. >> a proud patriots fan. i wanted to get that in there. adam: state budget officers association, in 20 states revenues are running lower than expected. you get a push to raise taxes. seems to me in a economy not recovering at the rate it should be, that is a death blow to raise taxes, am i wrong. >> usually states raise taxes because they are not willing to to hard work of growing-cutting growing spending. if they're raising taxes they're not doing what they're supposed to be doing, getting spending uncontrol. adam: talk about ohio. he wants to cut income taxes but raise taxes on businesses as well as sin taxes. when i lived in cuyahoga county i lived in county tax, cleveland

tax, i had four income taxes. isn't that nuts. >> every state is unique. they have their own quirks. ohio has tremendous number of tax jurisdictions to apply sales and income taxes. it convoluted and complex. any governor going back to governor kasich, if you want to raise taxes to get more revenue you're not getting spending under control. kasich very unique example, he is one of the republican governors that expanded medicaid. that will require more revenue even though the federal government is picking up portion now. adam: kansas is lowering taxes. pub opinions say we need to retract some. taxes we already implemented this will upset core constituency, will it not. >> kansas did seeing, zero out taxes small business. any business which is pass through. paying tax on individual income, passive business you're not paying any tax in kansas.

that is, that has caused a huge revenue hole for them. they will have to fix that in some way. they will have a huge massive tax cut. now they will have to raise taxes back up to get revenue to sustainable level. a unique circumstance. a quirk and error way they did tax reform. adam: you say it is unique state to state to state. isn't it a fact states that don't have revenue projections they thought are not making spending cuts they need to make? isn't that what it boils down to. >> higher taxes chase higher level spending. i'm from connecticut. governor wants to raise taxes again. they just had a massive tax a year ago. because they're unwilling to cut spending. taxes keep getting higher and higher. eventually people say heck with this, i will go to low taxed state. we have migration from the northeast down to the south and out to the west. adam: curtis, thanks so much for joining us. we forgive you for being a patriots fan. >> thank you. adam: liz? liz: a dry run. new developments in the fatal

germanwings crash that killed 10050 people. did the copilot practice the deadly descent earlier in the day and why didn't anyone catch it? plus you may not know the name newell-rubbermaid but you know the products from sharpies to graco car seats. a company that truly infiltrated all of our homes. what is ahead for this american staple? we have the ceo next.

adam: the copilot of the german wings plane that crashed in the french alps two months ago appears to have practice ad rapid descent on a previous flight according to french investigators. the report is based on analysis of the doomed airplane's flight recorder that andreas lubitz practiced a descent early they're day. it happened over a five minute period and conducted when he was

alone in the cockpit. liz: back to business and companies that can really win no matter what's happening in the economy. newell-rubbermaid. it is a household name. it is in your house. it is products can be found in nearly every american home providing customers with everything from sharpie pens to tools to window treatments, to car seats and baby joggers. now we've got the guy transforming newell-rubbermaid into a bigger more profitable company. this is mike polk. he is the newell-rubbermaid ceo. you are in every american home. you want to be in every global home, don't you? >> thanks, liz. we have a great business. we do 65% of our revenue in the u.s. today and about 35% of our revenue in countries outside the u.s. liz: do you like that balance? >> we think we have opportunity to extend a footprint for this business over time. build share positions at home and extend a portion of our portfolio into faster growing emerging markets. liz: i see a big blank area in

russia. hold on one second. we have tesla numbers. if you don't mind. just a moment. let's get to cheryl. how did tesla and elon musk do. >> you will want to hear this first and foremost we were looking for a loss of 50 cents. adjusted number of loss, 36 cents per share. a little bit better. revenue a little light there. we were expecting 1.04 billion for revenue. 939.9 million. get this stock is actually higher in extended trading. the stock is up a little more than 4% after the results. there were a lot of buzz going for tesla, we would see one of the biggest moves after-hours on shares of tesla. they are talking about some of the models, the cars. they plan to deliver 10,000 to 11,000 vehicles in the quarter. they're still on track for that 55,000 model s and x car deliveries. they're sticking with their estimates we to the in the last quarter. the stock is moving higher. even though they got the revenue miss, earnings per share, loss, better than expected. so that is some good news, liz,

for tesla and for elon musk as well. send iting back to you. liz: very interesting to see it still on track to deliver approximately 55,000 model s and x cars. cheryl, do you see anything about the x crossover starts to roll over the assembly line. okay you let us know, please. >> i don't have it right now, actually. i'm still going through numbers right now. liz: that is what a lot of people want to know. they want to know what mike polk does. let's talk about all of your products. sharpie, graco, newell-rubbermaid. amazing all you do. >> we're in five core business. we have the largest writing instrument in the world. we have the largest baby gear business in the world. we compete in professional tools market working with tradesmen, craftsmen who build the home and build infrastructure around the world. we have commercial products business and then a collection of products you find in the home, call -- califon.

we have tremendous amount of businesses we have fun trying to manage. liz: you talked about a whole diverse products you manage in companies. i think about activists who jump in, yeah, mike, you know what? you should spin off the call fill lon part of this? are you prepared for activist? don't you think everybody ceo should be. >> you have to be in position to create value for your investors. if you don't do that you will be vulnerable for folks coming in outside to help. we've been on a journey to change our company from holding company to operating company. we're taking a set of capabilities putting them across a diverse portfolio of businesses to try to unlock growth. we're beginning to see that yield, the outcomes we've promised. we delivered 4.7% growth in the first quarter, with 5.4% growth in the u.s. liz: is there a single household in america that doesn't have a black sharpie pen in it.

>> you know what? 15% of the world can access a sharpie. everybody in the world knows what one is but only 15% of the world can get one. in the u.s. we have 86 share of permanent marker business. outside the u.s., huge opportunity. liz: i don't know if everybody knows newell-rubbermaid stock up 32% year-over-year, besting the s&p 500 by a long shot. good luck to you. >> thank you, liz. liz: mike polk, newly rubber made. cheryl, you have more numbers on tesla? >> you asked me about the model x. the tesla is saying model x is on track for deliveries late q3, to begin deliveries of that model, the x crossover. a lot of investors are anxious to hear progress. a lot of buzz and excitement about that liz. you were asking about that so we wanted to give you that number. liz: thanks, cheryl. adam: with profits at historically high levels and stock prices tripling since the

march 2009 lows there are lot of reasons for investors to be worried. we'll give you strategies how to navigate a pricey market. jpmorgan catching flak for proposed $20 million compensation package for ceo jamie dimon. we'll discuss why next. ♪ a howl, we scream shout, shriek with joy. until, inhibition creeps in, our world gets smaller, quieter, but life should be loud. sing loud, play loud, love loud. dentures shouldn't keep you quiet, life should be ringing in your ears. live loud, polident. excellent looking below the surface, researching a hunch...

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new york state is reinventing by leading the way on tax cuts. we cut the rates on personal income taxes. we enacted the lowest corporate tax rate since 1968. we eliminated the income tax on manufacturers altogether. with startup-ny, qualified businesses that start, expand or relocate to new york state pay no taxes for 10 years. all to grow our economy and create jobs. see how new york can give your business the opportunity to grow at ny.gov/business liz: today with our panel jpmorgan getting some purr back over proposed $20 million

compensation package for ceo jamie dimon. regulatory complications force uber to tamp and smash down on the brakes on operations in kansas. first while big hedge fund managers are raking in cash by the billions, investors in hedge funds certainly are not. according to morgan stanley, the median hedge fund return in april was a loss of under 1%. is it time for state pension funds, which invest in hedge funds, to just cut them out from their investing game? bring in the panel. rob frost, alan knuckman of bulls-eye options. rob, this weekend warren buffett said during the annual shareholder meeting, i'm not saying hedge funds haven't done well, it is investors in hedge fund who haven't done well. the managers are making billions. >> he has a very good point there. we tell our clients all the time, not necessarily what they make but what they keep. you look what hedge funds are charging, typically 2% fee, plus

20% performance bonus. it is hard for investors to feel it. hedge funds in all fairness met up against the perfect storm. we had the dollar trendenned started to weaken again. economy started to stall. and then oil prices have come roaring back. makes it very difficult. liz: rob, you're being kind. we put the performances up over the past three years, and they did not pete the s&p 500. it is almost a crime. look for individual can do whatever they want. i want to invest in this hedge fund or that hedge fund but when it is state pension funds and teachers and police retirement funds, these guys who run hedge fund, collectively the top 10, 25 biggest hedge fund managers easterned collectively 1 is .62 billion. we love people here at fox business, that's great. when returns are like that is that problematic. >> that is half the money the group made last year. so profits are on the decline but still a lot, a lot of money.

look at function of hedge funds. that they used to be exclusive. that used to be a lure. hedge funds can be used almost like a bond-like safety hedge. they're prepped for when and if the stock market does move the opposite way. they're not correlated to the stock market. so you can have comfort and safety not getting returns you like but as mr. buffett said a long time ago, he put on a bet for 10 years that the s&p index would beat any hedge fund over that time period. looks like he is way, way ahead. liz: he won a million dollars against a hedge fund manager who took on the bet. from hedge funds to banks, news breaking today that major proxy advisory firms iss, and glass lewis, two of them, recommend voting against jamie dimon's compensation package over at jpmorgan. he is supposed to get $20 million. should he get it, rob? >> well, first of all, if you were to peer into what they recommended, it wasn't necessarily they were recommending his compensation. they wanted more disclosure what that compensation is all about.

jamie has done a good job, jpmorgan has outperform the market, one years, five years, 10 years. liz: okay. >> i don't think anybody disagrees he is worth a lot of money but what performance numbers, what the metrics are i think is what iss wants to know about. liz: rob, alan, report rather, there is something called the pay ratio where you compare the ratio of highest top employee, the ceo, to the lowest. right now the pay ratio is at 160 to one over at jpmorgan. in the0's, the average pay ratio at american companies was 58 to one. peter trucker, known as founder of modern management, this is a little unrealistic today, it should be 20 to one. >> right. liz: i don't deny jamie dimon anything. he probably works 24/7 and works hard for the investors but what do you think? >> well, he is unfortunately getting the brunt of this attack. that that, has screwed dramatically in last 20 years.

he is not behind it. if you were basing it on performance like you just alluded to there, the stock performance, the stock has gone in 2005 from 33 to 66. the stock has doubled. he has done his job. that is what he is paid to do. look at xlf, the whole financial index that is negative over that same time frame. he is outperforming. he is doing his job. he will take a lot of criticism but he is getting paid well for it. liz: i like meritocracy, if you merit it, you get it. fine with me. just like dorothy in the "wizard of oz," uber is leaving kansas. unlike dorothy uber has been forced to leave, out, stopped operations in multiple states and country as regulatory pressures mount. what is the future hold for the ride sharing company that really wants to go public i would imagine? >> the public issue is secondary. i thought this was set up from david. i thought he would host me and trap me saying something negative about kansas.

kansas is not metro revenue center. maybe if they had a ride sharing for tractors, that might be an issue. but i don't think it's a big revenue generator. but i think what is interesting, remember their governor is the most conservative out there. is a regulatory issue. look at uber, uber will cash out on its ipo. all the money it made, who billion valuation has been private investing money. when they do go public a lot of that money will be cashing out and public will be looking to get in. so be very careful. liz: that's a good point but, rob, it is a major disruptor lying anything i haven't seen. can't live without in new york. >> makes you wonder what states my follow suit. am a big uber fan. i use it every time in new york. i used it in kansas city. i'm very disappointed. i think the government should get out of the way. liz: amen. >> this is american technological entrepreneurism at its best. liz: innovation, absolutely. >> yeah. innovator die. >> very disappointed. next time i'm in kansas i want

to ride a uber. liz: good to see both of you, maybe you will, if there is enough pushback. mark frost, alan knuckman, thank you. adam: turkey day may be without a turkey this year due to shortage. you can blame the bird flu. the worst outbreak in u.s. history. we'll serve up the details next. liz: you have six months to plan though. fed chair janet yellen says the markets may be a bit overvalued and could be a little dangerous at this point. if she is right, what should you do to protect yourself? you don't have to worry. coming up we have three really important three smart money moves for a pricey stock market. stay tuned. ♪

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the rest is up to you. call now, request your free [decision guide] and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ >> the equity market valuations at this point are generally quite high. there are potential dangers there. adam: okay. fed chair janet yellen earlier today, if you agree with her, what moves can you make to protect yourself in a pricey stock market? here with some suggestions is jonathan clements, columnist for "the wall street journal." also author of the money guide, jonathan clements money guide for 2015. she essentially said, we heard years ago the irrational exuberance comment and isn't that what she is saying and should i get out. >> she is saying stocks are

expensive and she is right. i've been kicking around wall street for 30 years. for 25 of those 30 years people complain about the stocks are expensive. i think we have to say have we moved into higher band? if you look from 1946 and 19890, schiller adjusted earnings, average pe was around 15. over the past 25 years the average is 26. we've had an expensive market since 1990. it is time to except that -- adam: that is the new? >> that is the new norm. adam: if that is the new normal. that doesn't mean we're in a bubble. that is what other people say when we get valuations. you disagree. i hope you don't disappear. >> look at late 1990s, tech stock run-up was over three or four years. early 2000s, that was run-up over three or four years think, is 25 years. >> this is tongue to say it is bubble. it doesn't mean we could see a

steep decline in stock prices about i don't think we go back to market where pes are 15 and yields are 3%. adam: what you're saying to people who might be younger than us you will have to save more cash for retirement. returns you get, long run returns in the united states will be lackluster. one bit of advice, save more cash. what is the other bit of advice? where do you invest? >> returns are lower going forward. that is what you expect with valuation so high. you make sure you get more of whatever the market delivers. keep invests costs low. think about tax efficiency. what that really means, thinking about what you hold in your retirement account. that is where you want tax efficient investments and real estate fund and tax managed stock funds and focus on index fund so you don't get big annual tax bills. adam: what about arguments some people are saying in regards this is great time to get into u.s. equities because we're seeing companies, there is so much capital. people talk about liquidity, the fact capital is flowing around and companies buying back shares

and paying back dividends. >> that is true. companies received, 80% of their earnings either by buying back stock or paying dividends. what that he wills you not -- tells you it is not great time to be in the stock market. companies are having hard time what to do with extra cash. they're not seeing great opportunities. adam: we've seen in the united states, with earnings reports the revenue picture is not what we've seen in quarters past but i want to turn attention to europe because a lot of people, we were having this discussion over glass of wine or scotch, you should be investing in europe. that doesn't seem to be easy solution to this you don't just run over and go to european equities do you. >> i would say the answer is yes but not invest in one year period time frame. if you invest, not just europe. you want to be in asia and also emerging markets. yeah there is sort of concerns about those markets but don't get great opportunities unless the investments are a little bit smelly. adam: unfortunately we're out of time. let's continue this over a

scotch of at show. jonathan, thank you very much for joining us. liz: adam, outbreak of bird flu rippling through the industry could be felt at thanksgiving tables all across the nation this coming november. the most significant outbreak in 30 years has spread to 14 states and led to deaths or scheduled youth thattizations of more than 21 million birds. once a farm has been infected, buildings must be thoroughly cleaned and process can take up to three months. adam: coming up, the ceo from live stream video app meerkat will tell you how they battle illegal streams of the may weather-pacquiao fight. liz: mayweather-pacquiao fight. he is a football fan. why she is the best candidate for the job. that is next. >> i'm gerri willis, coming up on my show at top of the hour,

state tax revenues are back to prerecession levels. a dozen states want more and pushing ahead with steep tax increases. that is one of the big stories on "the willis report" in just a few minutes. [ male announcer ] whether it takes 200,000 parts,

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adam: the annual techcrunch disrupt conference is taking place in new york city. liz: fet getting major names here. to talk about the current state of the industry and meet

startups that will define the future. jo ling kent of course has to be in the thick of it. she is with industry titans all day. can't wait to hear about meerkat. >> yes, liz. we were on the packed trade show floor on the final day of disrupt new york where i talked to a number of major silicon valley executives, including reddit founder, alexis o'hanianian where his company is diversing their technology. he founded the company, where elaine pao who lost a major discrimination suit is and asked him if he was making his work place for diverse. >> it is good. it is not great. it is no the great. i think one of the things that i was really, really, interested to see was the discussion when ellen, our ceo announced we would no longer be allowing salary negotiations. her thesis being women tend to fare poorly at those. so we don't want to disadvantage. we'll find the market rate offer

it. you will not get rewarded for being a better negotiator. it was really interesting to see the discussion that it generated. like i had, i really thought -- >> very controversial decision. >> i really thought, all right, this is what reddit is doing. but i really hope that a year from now we'll have some data and we can actually show how much this helped us. won't necessarily be able to show causal relationship but show some correlation that it helped us get numbers we want to get to. it definitely has work to do. >> a lot of work to do there. meerkat ben rubin was at techcrunch talking to us how they have been battling illegal streams of the pacquiao pacquiao-mayweather fight last weekend. he said they did the best they could. >> every time we got a notice we took down the stream. i think we did good. we didn't get a note from cbs. i think we were very great with the consumers. with our users. so they didn't feel like,

they're missing, like the product is, or we're being aggressive a they worked with us and worked with content providers so it all worked out. >> the ceo also said he has a new system in place to fight this problem in the future. i also asked him if other companies reached out to meerkat to acquire them. his answer was a flat no. and, adam, check on more of my interviews with foursquare founder and ceo, dennis crowley and hotels tonight ceo. it will air at 1:00 tomorrow. liz: jo, great work. so much fun. >> thanks. liz: form hewlett-packard ceo announcing her candidacy for president. she woke with our own neil cavuto today and said why she would be the best candidate. >> people look at me and say she fixed things before. i talk in language people understand. most people have common sense. they're tired of sound bites. they're tired of the vitriol. they are tired of anger, arguing

and nothing ever getting done. most especially of all they're tired of people who stand up and talk whether it is donald trump or hillary clinton, and actually don't do many of the things that they say they're going to do. adam: catch the rest of neil's interview with carly fiorina tonight at 8:00 p.m. eastern right here on the fox business network. liz: we have breaking news we need to bring to you right now. there is a tornado watch being issued in areas southwest of oklahoma city. these are live pictures courtesy of kotv, kwtv in oklahoma. look at that sky. they're now saying this could bring about tennis ball or baseball sized hail in the area. southwest of oklahoma city, fox business will keep you posted on every development in this. adam: now of course we'll be watching what happens as we move towards the jobs numbers on friday. we got the adp report today. see how it affects investors on thursday. liz: a lot of big numbers.

stay with fox business. fox means business and we're here to watch your money. meantime, thank you so much for joining us. adam: "the willis report" is next. liz: have a great night. ♪ gerri: hello, everybody, i'm gerri willis and this is "the willis report," the show where consumers are our business are the government's economic numbers a lie? that is what legendary businessman steve wynn just said. >> the idea that america is the grips of a great recovery is pure fiction. it's a lie. gerri: we'll examine the evidence. brace yourself for a slew of new taxes. several states, some led by republicans, are reportedly considering big tax hikes. we'll break it down. also, homeowners raided by the government. why your property tax bill keeps going up, even when the price of your home doesn't. and thanksgiving without turkey this year? >> getting bad out there because