the group is microsoft. those stocks have done exceptionally well and brought the technology index back up. it's still not where it could be if the others were participating. charles: we will see where it goes from here. shah, thank you very much. pass it back to my friend liz. we are up 156 points. liz: more importantly, you look great with that purple tie and the new graphic. charles: i g all dressed up for the refresh. liz: okay. that's what we do, right? making the silk purse out of the sow's ear. now we have silk. i love the look of it. charles, thank you so much. what do we have here? breaking news, as we look at all that's going on, we see that in our top stories, the trump administration is working overtime the right now to knock down these rumors that have been out there from friday's report that its trade team considered de-listing chinese companies from american exchanges. shareholders in companies like alibaba, of course, as you know what happened there, which back

in 2014 debuted as the top biggest ipo ever, absolutely hit the sell button on friday because people were very concerned about whether that was true. well, that stock, you have to see what it's doing now after multiple denials. what's the idea sent up by the administration as a trial balloon that fell flat? we will take you straight to the white house to find out where this idea really stands. as the u.s./china trade war simmers, house democrats have made their pitch on an updated free trade agreement with canada and mexico, and what it would take to get a vote. but how far are they really down the path to yes? the trade representative who pulled the original free trade agreement together is ready to game it. the ambassador has been there and is here in a fox business exclusive. wall street putting a pretty positive spin on the final trading day of the month and the quarter. what happened to september being the worst trading month of the year? historically, right? will we clock a monthly win?

you've got to stay with us for the next 59 minutes to watch the action. plus, ipo insanity. rocking investors from silicon valley to wall street, tech legend scott mcnealy, the sun microsystems founder is here in a fox business exclusive on the one difference between then and now that should give you pause before you hit the buy or the sell button. plus, nothing lasts forever 21. and charlie breaks it on the always colorful overstock founder, burning his ties. you've got to see that twitter battle between those two. less than an hour to the closing bell on this jewish new year. let's start "the claman countdown." liz: we are getting this breaking news. dustin and the old crew will be back in the upside down world.

"stranger things," so huge, has now been renewed for a fourth season and the streaming giant has signed the series creators to a multi-year film and tv deal. now they are getting into features. sources say it's worth not seven, not eight, but nine figures. that is good for a 1% move on netflix to $265.92. "stranger things," a lot of people will be thrilled with season four, i'm sure. from series to seasons, as the autumn leaves change to yellow and orange, we are seeing green on our screen this final trading day of both the month and the quarter. thanks to everyone's favorite fall fruit, apple. or rather, shares of the iphone 11 maker which are trading near an 11-month high right now, after jpmorgan this morning raised its price target on the stock to $265. they say it will hit that by december of next year. right now, we are at $224.05 but

apple is now above that $1 trillion market cap once again for the first time since, what, about september 18th. just a few weeks ago. jpmorgan raised its iphone shipment volume for the next few quarters and much of it has to do with fact that tim cook told the german daily that sales at the newly launched iphones are off to a quote, strong start. plus listen, they are doing a lot of share buy-backs so that's always good for a lift on the stock. let's get breaking news on wework. the company's junk bond price we hear right now is tumbling to a record low price and its spread is widening to more than 1,000 points. that's a big spread, folks. basically, all in the family does not we-work as the s-1 registration statement, the so-called confession all companies filing to go public must put out to prospective investors has been yanked. the s-1, gone.

they have to redo the whole thing. so you can basically triangulate that it looks like there will be no ipo for the foreseeable future. to ex-founder adam neumann's all in the family drama. he totally derailed the ipo due to reports of his not just erratic behavior and the "wall street journal" story stating he took $700 million out of the company before the ipo, but that of course, he employed his wife, he employed his cousin, he employed a brother-in-law. listen, this has been an issue and now that company never even got to see the light of the ipo day. we will talk ipos in just a minute. in the meantime, friday, seeing a new high water mark in the u.s./china trade war with the threat from the u.s. and this- we don't make this stuff up. i know that there's this belief that there's fake news but we have some of the best reporters on planet earth and they were told that there is a possibility that the u.s. would de-list chinese companies that trade

here, baidu, all of these companies like alibaba, and they would cut off u.s. investment flow to china. that would be a trillion dollar threat. look at how the stocks of the companies that run the major indices reacted. the cme, the nasdaq, those two are down at the moment. intercontinental exchange had been down earlier. it is now about flat. but these exchanges operate some 12 regulated exchanges in marketplaces. of course, the new york stock exchange so the heat between the two countries is at a simmer. headlines came fast and furious friday. bloomberg broke the news that the u.s. was weighing limits on u.s. portfolio flows into china, then fox business, our reporters confirmed the news with our sources. you know, barron's followed. it's called probing in the military and in hunting it's called a stalking horse where you send something out and sort of test the waters. friday, when that happened, and the "wall street journal"

followed, oh, boy. yeah. it hit a boiling point. the dow dropped 100 points instantly on the news and the asian markets reacted as well very negatively. china's indices closed down today and by the way, they will stay closed until next monday as the peoples republic of china celebrate 70 years of communist rule. it's called golden week. it starts tomorrow. let me get to edward lawrence in d.c. with the late-breaking details of the u.s./china talks that are set to resume thursday and again, we stress, we here at fox business did not pull this out of thin air. reporter: yeah, exactly. liz, i tell you, the heads of the trade delegations expected to meet thursday, october 10th and friday, october 11th. there's an internal debate going on right now between the treasury department and the national economic council about if chinese companies should be allowed to be posted on u.s. stock exchanges. the treasury department is pushing back against the idea for now. investors shrugging it off. just look at the big chinese companies listed, alibaba up, tencent up 2.25%, flirting with

more than 2.25%. look at china automotive systems. this might be one of the reasons investors feel more secure. over the weekend, the treasury's chief spokeswoman made it clear the u.s. is not trying to block chinese companies from listing shares on the u.s. stock exchanges at this time. she says at this time. other advisers to the president say there are significant transparency issues with chinese stocks. just a suggestion of the debate has the spokesperson for the chinese foreign ministry pushing back. listen. >> translator: to exert extreme pressure and even attempt to force the decoupling of china/u.s. relations would definitely damage the interests of the u.s. and chinese enterprises and people. our financial market turmoil and en danger international trade and world economic growth. reporter: a spokesman goes on to say the chinese hope the u.s. meets them halfway to work out a

resolution. now, this is just an idea being kicked around and it has not gone to the president for consideration. liz? liz: all right. edward, thank you very much. these things, they gyrate the headlines so that means they gyrate the markets. let's get to the markets which yes, have recovered very nicely since friday's drop. both the dow and the s&p 500 have ended lower, though, in september more than any other month but right now, look at this, all three major averages are on pace to end the month higher for the s&p, this would be the third out of four months to the upside. talk about the quarter. the dow and the s&p solidly on pace for decent gains, closing higher. the nasdaq, call it too close to call. are the markets off to the races for the fourth quarter and what's the leading indicator you should be watching in the final quarter of 2019? let's get to our floor show traders. i know you guys probably have some ideas. hi, john. john gagliardi at the nyse.

what are you watching to make sure we are off to the races? >> i have a lot of clients with a lot of cash on the sideline. i keep hearing it over and over again, the market just can't keep going higher. just based on price, i'm not sure what they're talking about. if we looked at the markets from january of 2018 all the way to present, the most we've gone up is about 5.5%, from one high to the next. so that's not really a great in in the market for over two years. if the markets were to protepel higher and say the last quarter we put in roughly a 10% move, that would be about 15% over the last two years. that's 7.5% average per year which is what american investors expect from capital markets. however, if you are looking at other indicators like relative strength index, maybe the bears have a point. liz: well, phil, to that point, you will see a lot of bears come

out tomorrow if the ism manufacturing index is ugly once again, so you know, we had a terrible number back in july. you wonder exactly what's going to happen there but stretch it out over time, and this has been one incredible run. does it continue and what are you watching? is there an indicator that gives you a sense that it has more legs, more of a vapor trail? >> i think your other guest just mentioned it. there's a lot of money on the sidelines. where does that money go in the next quarter? they are going to look at september and listen to all the doom and gloom predictions we are hearing about how bad things were going to be, how the market was going to pull back, and they have been sitting on the sideline. in the meantime, they put their money in bonds, they are losing money in yields there. if they put their money in gold, it was doing great until today, where it got obliterated. so there's going to be money looking to go somewhere to find that return. if you look at anywhere around the globe right now, any stock marketn the world, the u.s. is going to be the place to be. i think we will see movement back into the stocks the last

quarter and it should be a pretty incredible year. liz: luke, what about your sense? you tend to sometimes look at it through a different prism. lukevision as i like to call it. >> well, i can't believe it but i kind of agree with the two guests and what phil said but here's what i'm seeing in the market. you just mentioned wework. it's a small rounding error from where it was a month ago, about $47 billion. it ipoed at $47 billion and now might not make it to the end of the year. we are looking at dollar funding really difficult around the globe, we are looking at the repo rate, everyone saying don't worry about that. well, i am worried about it. so this is what i think. we've got another china date coming up, it's going to be number 28 or 29 or 32 times where a deal isn't going to get done, right, and i just think right now it's better to miss the next 3% or 4% and wait and see what the market's going to do rather than try to be fully

invested. right now, look for companies that have good cash flow, strong balance sheets and pay good dividends. stay there for awhile, you will catch some of the upside but if the market really goes bad, at least these companies have the money to stick around and if the market increases, then you can invest a little more. but there's no reason to be fully invested right now. there just isn't. liz: gentlemen, thank you. it's all-intelligent advice because as you look at this long run, not a big problem to take some profits off the table. we love our traders and the floor show. closing bell ringing in 47 minutes. merck just behind apple at the top of the dow 30 heat map on what? this is important. the success in two late stage studies related to its joint cancer treatment with astra-zeneca and a new antibacterial product as it jumps $1.59 on this no germs idea. we are talking about ipo'ing like it's 1999.

up next, the pipes are freezing on the red-hot ipo pipeline and that's conjuring up comparisons to the dot-com boom and bust. before you turn tail and run, one of the original titans of tech, scott mcnealy, says there is one major difference between then versus now and it could mean the difference of a higher value portfolio. and mulling whether to buy the new iphone 11? check out the new and improved foxbusiness.com website. i was just looking through it. one of the pieces that caught my eye there was everything you need to know about the iphone 11. look at that before maybe you buy the stock or maybe you buy the phone. plus all the latest business news and stock info you and fox business have and need. fox business invested in you. so is "the claman countdown." we'll be right back. liberty mutual customizes your car insurance,

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liz: breaking news and we have some breaking news at the moment involving twitter. first up, this tweet has just come from the president. it involves stocks. business focused here. navistar, this is a quote, navistar, a trucking company, will be building a new $250 million truck factory in san antonio with 600 new jobs. congratulations, san antonio and texas. america makes the greatest trucks in the world. that was the first tweet. he also, we should let you know navistar does own the manufacture of international trucks, commercial buses. shares are up 1%, off the highs of the session but we are at $28.27. we are still below the 52-week high for that stock. here's another tweet. great news. at apple, this is from the president, apple announced that

it is building its new mac pro in texas. folks, i believe we knew that last week. but he says this means hundreds of american jobs in austin and for suppliers across the country. congratulations to the apple team and their workers. apple was already getting a nice bump. i'm looking at it right now, it's up 2.33% at the moment. session high today is $224.57. we are not far from that. then he adds big news by hyundai, kia on a $4 billion joint venture to develop autonomous driving technologies in the usa. that's a lot of money and jobs. great jobs coming back to america. folks, these are coming fast and furiously. i just need to let you know this. they are all business related here. then there's this. which is less business related but could affect the markets here. the first national poll on the impeachment of president trump is now out. again, national poll. quinnipiac university is reporting a strictly divided

america on the issue with voters. 47% say the president should be impeached. 47% say the president should not be impeached. less than a week ago, the divide was wider. in the poll released on september 25th, voters said that the president should be impeached. that was 37%, and the president should not be impeached had a much higher number, 57%. so you can see the should be impeached number has come up to 47%, should not be impeached has come down from 57% to 47%. all right. we are watching all of this and more. dow jones industrials up 148 points. 1998. 1998 called and wanted its economy back. btig is saying there are striking similarities between then and now. you ready? weakness abroad, yield curve inversion, the federal reserve cutting rates, steady gdp growth and an impeachment inquiry.

silicon valley ipos were shining back then on wall street, just before the dot-com bubble burst one year later. today, newbie stocks like uber, lyft, peloton, zoom, pinterest, et cetera, have sparked maniacal excitement and crazy valuations but most led to disappointment weeks or sometimes days after their public debuts. before you stay away or sell, hold on. our next guest is a silicon valley pioneer ceo and founder who not only built his startup from the ground, scott mcnealy's software giant sun microsystems ipo'ed in 1986. six years later, it hit $253 so it ipo'ed $21, then hit $253 as its java programming language hit critical mass. his history gives him special vision during today's ipo history and hysteria. scott joins us live from california. scott, it sure seems like we are in this xerox copy of 1998-99.

how is now different from back then? >> well, i think the big difference is that the rate of change, everything happens very very quickly, much more quickly, and it's an accelerating rate of change. i always said technology has the shelf life of a banana and you know what, brands now have the shelf life of a banana and corporations can have the shelf life of a banana. i have seen everything go up very fast but it will go down at an equal velocity. things that go up very quickly tend to go down very quickly. liz: let me jump in here. what we have on the screen, i know you remember those names. can we put it back? dr.koop.com named after the surgeon general back in the day went public in 1999, priced at $9, gave it a $1 billion valuation. hit an all-time high of $45 and three years later, it was sold in bankruptcy court for $186,000. webvan, of course, now it's

defunct but ipo'ed for $15 bucks, hit a high of $34. these are tales that are very very serious that people need to remember. today, we are seeing something similar but not quite exactly the same. >> yeah. i will give you an example. sun was selling at ten times revenue at one point. to give you a ten-year payback on buying our stock at ten times revenue, we would have to have zero cost to goods sold as a manufacturing company. then we would have to have zero spending, like no r & d, no sales force, no whatever, and keep our revenue at that number for ten years. then we would have to pay no taxes on our 100% of profits flowing to the bottom line. that would give you a ten-year payback if 100% of our revenues flowed straight on the bottom line after tax which would be illegal given we have to pay taxes. to get a ten-year payback on ten

times revenues for a manufacturing company is utterly impossible. so the question is, do you see stunning and absolute and unimpeded revenue growth whenever you see something selling for ten times revenue. i have often said build a fund that takes anything at ten times revenues and short it. i've got to believe you would make a lot of money. liz: almost easier to short rather than go long but if you look at some of the real disasters, whether it's blue apron or you know, lyft, uber, these are names that are trading now below their ipo prices. when you look at blue apron, it ipo'ed at $10. it's about eight bucks today. lyft ipo'ed at $72, it's now at around $41. then you've got the solid ones, whether it's zoom or cloudflare or beyond which are all trading above their ipo prices. what is your advice about strategy for the investor watching right now? >> well, i think you need to

either go for the trendy ones and try and ride the wave and then get out before the professional investors do, or be really smart and pick the googles, amazons, apples, oracles or microsofts or whatever the long-term players, and ride them. or invest in areas that do real r & d, have real product and may not grow as fast, but have a sturdier -- i think if you have real r & d in markets that really are durable like health care and medical and bio and that sort of thing, we will all get sick at some point. that's a good solid long term play. liz: scott mcnealy, great advice. thank you so much for joining us. he's been there and knows. when we come back, tomorrow at this time, one of the winners, zoom founder and ceo, he is very very under the radar, rarely gives interviews. we've got him.

liz: from $4 billion in revenue to three years ago, to chapter 11 bankruptcy today, it's a reminder that sadly, nothing lasts forever. founded in 1984 and at its height had 700 stores in the u.s., asia, uk, middle east, teen outfitter forever 21 is filing for chapter 11 bankruptcy. a victim of hyper expansion at a time when brick and mortar chains started crumbling. many forever 21s are mall-based. simon properties obviously bought some properties, you would think these would be tumbling because they own many of the commercial real estate spaces across the country, and forever 21 is in some of them, but they are slightly down to flat, if not higher. so we're watching all of this and more. to kristina partsinevelos right at the door of forever 21. it's not publicly traded but the ramifications are pretty extensive. reporter: yeah, it's pretty extensive because they have a

huge presence around the globe and the united states. the store behind me is massive, it's over 90,000 square feet large, four floors. it's open until 2:00 in the morning here in times square. they even have a live dj. i reached out to the company to find out if they were closing down this location or downsizing. they haven't confirmed the locations just yet but they did confirm they could close up to 178 stores in the united states, according to their court filing, stores in the u.s. and eu losing on average $10 million per month. the company only has $19 million of cash on hand. i spoke to some shoppers about the store and the bankruptcy. listen to what they had to say. >> whenever i go in there, there's never really -- it doesn't like fit today's styles necessarily. like i just, i don't find it. >> i think it's sad.

reporter: what we're seeing across the retail landscape, the retail landscape is changing, consumers are changing and that's why you're seeing a lot of bankruptcies. even barney's filing for bankruptcy in 2019. forever 21 just add it to the mix right now. it's not quite forever, i guess. back to you. liz: kristina, thank you. i know teens' hearts are breaking across the nation. no more crop tops for cheap. good to see you. thank you. a path to yes. with the closing bell ringing in 29 minutes and the dow up 126 points and the nasdaq better by 58, our next guest was the architect of the original free trade agreement. ambassador carla hill was a former trade rep back in the day. she's going to tell us if she thinks the trade reboot is really on the right road. and what a week we've got in store. wall street ledge byron reen of

blackstone has decades of history of calling it right. he's here. terry duffy is the king of futures trading. the trends he's seeing. and you can now bet on nhl games. the nhl commissioner gary bettman talking hockey and whether my team, the l.a. kings, are going to make it all the way to the stanley cup. join "the claman countdown" all this week and quite frankly, forever. we'll be right back. ♪ - in the last year, of cybercrime every second. when a criminal has your personal information, they can do all sorts of things in your name.

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liz: tag, you're it. house democrats have made their usmca counter to the white house and now the trump administration has the next two weeks to ponder it while congress is in recess. so is the usmca, also known as nafta 2.0, on track for approval this fall, or could there be some unforeseen roadblocks ahead on the can-am highway, the highway that goes from canada to mexico right through the u.s.? joining us now in a fox business exclusive is someone who might know. she's the lead architect of the original nafta trade agreement. ambassador carla hill is with the u.s. trade representative under president george w. bush. good to see you. herbert walker, right? i'm sorry, let's get this right. >> it was george herbert walker bush. liz: that's what i thought. okay. the counteroffer from the democrats is in. what are you hearing about it and what do you think is going to happen? >> it's very hard to say. the best thing that could happen was that they come to a decision

rapidly because the uncertainty is rocking the market. and the benefits of negotiating and figuring out what they're going to do is ongoing. speaker pelosi has formed a team of nine, nine members, to work with the u.s. trade representative, bob lighthizer. they seem to be making progress. of course, there are going to be differences even at the end of the road. the question is, with only 28 days, 28 legislative days remaining in this congress, will they get it through. liz: do you know robert lighthizer? >> i do. liz: i figured you did. he apparently responded favorably, according to the house ways and means chair, richard neal, who said that lighthizer actually responded quite positively to this counteroffer from what he had to look at and of course, they will have to go through with a fine tooth comb, but some of this has to do with issues concerning

everything from labor, environmental enforcement, drug patent protection. is that a good sign, that robert lighthizer's initial response was not the worst thing i've ever seen? >> absolutely not. congress has the jurisdiction over trade and tariffs and taxes, so it's right that the administration should be negotiating with congress because they've got to pass it. so their negotiating is a good thing. you know, when we negotiated the north american free trade agreement, i went into executive session, i would say about every 20 days with congress, and we were on the same road at the end of the day and we negotiated that in 14 months. but i think the current catch-up is going on because i think there's probably been less consultation between the executive branch and the legislative branch during the process, and now the u.s. trade

representative is doing a good job of trying to negotiate. liz: i was at the signing of the usmca in buenos aries. we are coming up on a year. you talk about meeting when you were trying to get the original free trade agreement through. how many iterations did it go through before you finally had a deal that both sides were comfortable with? >> well, we negotiated understanding the limits of what each side could do including our own, then we would discuss that with congress, the ways and means committee, chairman rostenkowski would get a few and we would have a closed door session so they were kept up to speed. we had negotiated with canada before and concluded a free trade agreement so the question was could we enlarge it. we had all of north america and that was our dream.

to have supply chains that were really efficient. our trade has gone up more than five-fold since we negotiated that agreement, and canada and mexico are two largest export destinations. liz: obviously it needed to be modernized just like what was appropriate then needs to be tweaked today, because things change. you have senator mitch mcconnell putting an op-ed in the "wall street journal" saying the democrats are quote, dragging their heels, and quite focused on dragging their heels to make sure that the prede quote, doesn't have any wins. yet they have produced this. do you think this may actually turn out to be a win for the president, for the american people and democrats, too? >> i do. i think it's a win/win situation. there are some things in the new agreement, nafta 2.0, that are more managed trade than open trade, but you're right, we needed to modernize. we didn't have digital trade when we negotiated the nafta in

1991 and 1992. there were so many things where the economy has changed. so yes, it needed to be modernized and we have picked those items out of the trans-pacific partnership so that they have been kind of tested in negotiation and i think that the sticking points are -- have come down to three or four. i hope that we can get through. i think the democrats will get a pause, i think the administration will get applause and certainly our formers, workers and corporate leaders will get applause. liz: we will be watching it all. your perspective is very invaluable, knowing it went through multiple backflips and pretzel twists in the day. ambassador, thanks so much. >> thank you. liz: it was interesting to see names like gm, fiat chrysler, ford, they are all moving higher. these are names that are very usmca-sensitive. with the closing bell ringing in 19 minutes and the dow still up about 126 points, up next,

investors not sleeping on bed, bath & beyond shares. the reason behind the home goods sell seller's move to the upside next on "the claman countdown."

liz: no coupon needed for bed, bath & beyond shares at this hour. shares are surging as wedbush goes bullish, upgrading the home goods giant to a buy from neutral ahead of its latest quarterly earnings.

those are due out on wednesday. the stock is jumping, look at this, 7.6%. wedbush is also raising its price target by $2 on turn-around hopes for bbby. this is now a $10.66 stock. obviously it has fallen 34% in the past 12 months but climbing back at least nearly 8% right now. climbing always in my estimation is connell mcshane. let's find out what's on tap coming up on "after the bell." i can't believe what's going on in california and i'm not talking about the fact that my cal bears are really doing amazingly well. but with the college athletes. connell: i like that story. we have a great guest on that next hour, talking about this new bill wihere college athlete can get paid, not necessarily directly for playing their game but for outside endorsements and the like. a congressman will join us. reason why he's a great guest, this might end up being something congress has to deal with at some point, state versus

federal government, but congressman gonzalez played in the nfl as a wide receiver and was a college wide receiver at the ohio state university. he should have a great perspective on that. we will have him. melissa will talk to karl rove on the policy side about bernie sanders' tax plan, little bit maybe on how impeachment might affect the president's ability to get things done which is what investors care about. finally, 13 minutes left in the month, and the quarter, we will have perspective right off the top of the show about stocks and this is a pretty good first three quarters of the year for the stock market broadly speaking. we will talk about all that at the top of the hour. liz: and just so that everybody knows, cal berkeley bears, they beat uc davis, north texas -- connell: just so everybody knows. liz: they missed out on arizona state. connell: can't win them all. liz: but you can win on "after the bell" at 4:00 p.m. eastern. make sure to tune in for that in just a few minutes. the dow just climbed another about nine points. we are up 134 at the moment. we are coming right back.

please don't go away. you've got to see, as connell put it, 13, 12 minutes left of the quarter.

liz: always interesting and always original. former overstock ceo patrick byrne is still burning up about the media backlash to his ouster. charlie gasparino, i don't know if you guys saw this twitter battle between charlie and patrick over the weekend, but i'm in l.a., i start looking, i thought oh, no, not now. what happened, charlie? >> well, you know, let's unpack this. it all relates to your show. you start so much trouble.

liz: finally you realize that. >> last week on tuesday, i reported that patrick sold all the shares of overstock and the timing looks suspicious. the timing looks suspicious because after -- right after he sold, the company gave negative guidance on its retail business, the cfo resigns. so it looked bad that you sold, you're an insider, you sold your shares before all that happened. liz: what did he say? >> so it took a couple days. if you notice, no one returned my calls. patrick didn't return my calls. so yesterday, he returns, he says, there's a tweet and he starts sending me e-mails and text messages to describe why he sold. i tweeted, i re-tweeted -- he tweeted that out, i tweeted out that we put a lot of calls in to you but now i've gone through all his material. patrick, we should -- liz: then you said hey, look, i asked hours before i went on the air and i got nothing. >> now i got to the bottom of whyatrick byrne says he sold

all his shares. he says it has nothing to do with insider trading. that's one of -- this gets to the heart of it. it's a little confusing. but he said it had -- he didn't know about the negative guidance that was going to come out. he thought it was still positive guidance. but he said he learned, this is why he sold all his shares, i learned something interesting, something that had nothing to do with the operation of the firm, and that caused me to sell all my shares. liz: now the stock is down 5.25% at this very moment. >> so here's what we can say. he's in indonesia, there's not a lot of contact. you can get some e-mails to him, text messages. he is providing more detail on why he sold all his shares. he's basically saying just so you know, that he's totally out of the company, totally out of the country. sold his house in utah. he's living in indonesia overseas right now. he also told me he never wants to step foot in the state of

utah again. liz: why? >> and he sold -- i mean, he feels they betrayed him in some way. liz: utah? >> the company, which is located in utah. liz: i was going to say. >> he feels they betrayed him in some way. what he's saying is he learned something that was going down -- liz: how about that he was dating maria butina? >> nothing to do with that. it had something to do with directors and officers insurance and a letter that was compiled for the board about that insurance. remember, one of the reasons why he resigned he said is because he thought the firm may not be able to get or may have to pay up for the insurance after the thing with maria butina broke. liz: the red-headed spy. >> so something in that letter, let's be clear here, really got byrne, in his view, annoyed. he said he didn't know about the guidance that was going to go down so he sold because of what was in that letter. i don't know what was in that letter. the company won't tell me what

was in that letter. the company has no comment. this is one of the strangest stories i have ever covered in my life. just so you know. liz: charlie gasparino. dow's up 125. we'll be right back. where an american icon uses the latest hr tools to stay true to the family recipe. where a music studio spends less time on hr and payroll, and more time crafting that perfect sound. where the nation's biggest party store can staff up quickly as soon as it's time for fun. this is the world of adp. hr, talent, time, benefits and payroll. designed for people.

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liz: with two minutes left you can tear up the old tome that says september is the worst month for stocks. it wasn't that bad. this month the markets appeared to close up, not bad. we're joined by the president of sarge 986 steven guilfoyle. cvs is not selling zantac because of ingredients but you like cvs for a while. >> i have long for a while. i am long the name. the integration with aetna is going well. i think it will improve services across the health spectrum. the ba lance sheet they are

starting to delever. they went out on a limb. eight times earnings, 3.22% yield. it undervalued. liz: that is very cheap. >> it is very cheap. liz: historic numbers around 19. >> technically they, the chart shows a recent golden cross. technically and fundamentally reasons to own the stock. i do own the stock. liz: no heartburn portfolio you say at pepsico and wells fargo. i'm less interested in common threads of those and what you see for the final quarter as we head into right now? >> what i say and what i do might be different things because i'm a trader. i have a decent year going. i'm going into the era where we might get a santa claus rally so i will protect myself. i'm above 40% cash. i moved into defensive names like ones we discussed here. i'm taking more after tack leaving open to some degree of wealth pop with china relate not too much.

liz: scott mcnealy says the rate of change is fast. [closing bell rings] sarge, thank you so much. the markets close higher. that is all you need to know, the last day of the month and the quarter. as always if you're here this is the "claman countdown." melissa: investors shrug off impeachment fears. pushed higher by apple, ibm, unitedhealth, s&p 500, nasdaq closing in positive territory for the first first time in three days. throughout the hour we're keeping you and your wallet in mind. we're invested in you. i'm melissa francis. connell: i'm connell mcshane. welcome to "after the bell." first though here is what is new at this hour. the white house fighting back. president trump demanding to meet the