appreciate your insight. >> charles, great to be here. charles: survey versus reality has been completely different throughout all of this, but the reality is also the dow is off 289 points as i hand it over to my friend and colleague liz claman. liz: what a day already, charles. charles: already. liz: we didn't have to wait long for the famed october surprise but nowhere is the surprise bigger or uglier than in trains planes and truck stocks. look at the dow transports crashing at the moment on the first day of the new trading month. the trigger september's ism report which gauges manufacturing activity contracted for the second straight month, sending those stocks that are involved in transportation and manufacturing down. investors scared straight into hitting the sell button. markets are tumbling across the board either at 1% or slightly below it. dow jones industrials, it is falling more than 1% at the moment, down 283. s&p is down 29.

that's good for about a peent. s&p down justlow 1%. -- the nasdaq, rather, but should you believe that ugly ier the dow was up as much as 129 points before that number sent the shockwave across wall street. i warned you about this yesterday, watch out for the ism; right? well, legendary investor and blackstone vice chair is here in fox business exclusive to look into his crystal ball as the traditionally most volatile month of the whole year, going way back, begins with quite the bang. byron will guide you on what to do and what he sees. plus, one recent unicorn, you know a unicorn is a start up that's valued at a billion dollars, well, one of them is bucking the trend by becoming a pegasus, actually profitable. zoom video communications is up more than 100% since its recent debut. its newly minted silicon valley

billionaire ceo is here in a rare interview and a fox business exclusive to tell us how he managed the process which right now is actually under attack in silicon valley at a secret meeting. and there's a hearing in new york federal court set to start literally at any moment. congressman chris collins expected to plead guilty on of all things insider trading charges. we will take you straight downtown for the details. that's a live picture. you can see the nest of microphones there. we are there front and center. plus wildcard stock picks, j lo's latest hatesnd charlie breaks it on why we works implosion may not be so shocking after all. we're less than an hour to the closing bell. let's start "the claman countdown". ♪ liz: we have breaking news. charles touched upon this, but we're getting more. the united auto workers have

rejected general motors new comprehensive offer that attempted to end the two-week old strike. now, the uaw says it has responded with a counteroffer. now, this is all happening in the last i want to say 16 minutes or so. it all comes of course as general motors announced today it has to lay off 6,000 workers at a truck plant in mexico. this is a plant that makes chevy silverados, gm's highest volume u.s. vehicle, but gm is saying the plant was forced to close due to supply shortages of parts caused by the strike. look at the stock, down 3 1/2% right now. it did drop to session lows on the news. you can look at it $36.21. we will be checking on gm throughout the afternoon, but the annual high is 41 bucks. annual low is 30. so kind of slightly above halfway through there. incoming bombs lobbed by the bears as we head into the final hour of the trade on the first day of the fourth quarter, 2019.

if you're skittish about all the red on this side, it switched on the new graphics, all the red on the screen, perhaps your finger is off the trading button, and boy, is on-line brokerage giant charles schwab feeling that. the stock is getting absolutely crushed. look at this, down 10% at the moment. but it is not so much the red on the screen you see overall with the broader markets. it is the fact that schwab announced something that customers under normal circumstances would absolutely cheer. schwab is going to slash commissions on on-line stock, etf and options trades from $4.95 per trade to 0. this comes during a year's long battle in the brokerage industry over just who can offer the lowest fee. the zero commission trades are effective on october 7th. guess what? charles schwab's decision isn't just hurting it. it is rocking other e brokerage firms. take a look ameritrade down 25% right now. yep. that turns out to be its largest percentage decrease in more than 13 years.

and then e-trade down 16%. that's its lowest close in more than two years, if it stays right there, in the next, let's call it 56 minutes of trade. now, that's not the only rivalry that apparently is coming to a head. there's also this battle of which battery can outlast the other. duracell or energizer? well energizer is taking the matter to court now suing berkshire-hathaway owned duracell for falsely stating its quote optimum batteries can outperform all the other batteries. according to energizer, customers actually need to read the tiny little mice-sized print to see -- that's their term, mice-sized print to see that optimum batteries may actually outperform duracell's copper top batteries not rival batteries. duracell is a small part of

berkshire business. energizer still getting hurt, down about 7% at the moment. to the economy, u.s. manufacturing saw its biggest contraction in september since june of 2009. that's when the great recession last month the manufacturing index fell to 47.8% from 49.1% the previous month. now, we should tell you that anything below 50% in this number indicates contraction, shrinkage. to our floor show and john, we know the markets hate it right now, but can you glean from this manufacturing number and the impact this data will have on the markets let's say beyond today? >> i think there's so much going on that's on our plate. you throw this number on top of it today, and the plate just started to wobble and things are starting to fall off. so we're talking about interest rates. talking about china. talking about regular economic data, impeachment, iran, saudi -- all these different things, brexit, are on o plate. today it seems like we couldn't

keep it all together anymore. run up in the market yesterday, some window dressing. was expecting a bit of a sell off coming in today, didn't see it this morning but it was the catalyst from the economic data. moving forward this opens investors' eyes that there are so many of these gray clouds that are out there that can move our markets in different directions. one day it will be economic data. the next day it will be china. the next day it will be impeachment. all these things you have to keep perspective together. in to the fourth quarter historically over time have been relatively strong if you look over long period of data. as of right now, not getting off to the fourth quarter on the right foot, but time will tell. i think overall as we get towards the end of the quarter, through the middle of the quarter, things will certainly solidify. liz: phil, the markets are like teenagers. i mean they are throwing fits and then there's sun shine the next day. why aren't the markets look at this bad number thinking this

makes the federal reserve with cover to cut rates again. yet the fed funds futures were about 40%. today at least the last check they were at about 50%. the odds are going higher. why isn't that helping the markets? >> it think it will, you know. i think the main reason is because this was a sucker punch. no one saw this coming. you hear about the data we were hearing from some of the manufacturers, the orders, the actual things that are happening on the ground, so the headline number really caught people by surprise. my bet is that this number is going to be adjusted to the upward direction next month because it doesn't coincide with what we've been hearing. but it doesn't matter. the damage has been done. the word is out there, and this is going to hurt confidence, and it is going to make donald trump look smart when he picks on the fed. liz: we will be watching it. i tell you something, as we look at the fed funds target rate, that's not exactly what i wanted to look at, but we have rates

very very low here, 13/4 to 2 percent, d 1 and three quarters to 2%. we shall see whether we get another rate cut. john, phil, thank you very much. 9 minutes past the hour, the dow is down 262. low of the session more than 300 points. we're not there. we're off the low. breaking at this hour, a hearing is expected to begin at any moment now in manhattan federal court as republican representative chris collins of new york is expected to switch his plea to guilty. this on insider trading charges. the congressman submitted a letter of resignation yesterday around this time. let me get to the courthouse and kristina partsinevelos who is right there in new york city. it is an about-face of this embattled lawmaker when it comes to what our viewers know all about, and that's insider trading of stocks. >> yeah, it's an excellent example of insider trading, should it prove to be accurate.

you have chris collins who had put in a change of plea, so we're assuming he's going to plead guilty because he pled not guilty. he is facing 8 counts of felony. he also could face up to 130 years in jail, which pretty much shows the severity of this case. but what does that actually mean? what did he do? according to the court documents, mr. chris collins received information from innate immuno therapeutics about a drug trial that failed. chris collins is a large shareholder of this company. he then went on to possibly tell his son about the failed drug trial. his son also a shareholder told his father-in-law, also a shareholder. all three potentially saved over $760,000 of losses once the announcement was made public that the drug trial failed and the stock dropped. excellent example of insider trading should it be proven accurate. what we hear now is that there's eight charges against representative chris collins.

he could be facing examples of wire and security fraud. he's expected to walk up the stairs right behind me. the judge, though, will have to look at the plea agreement which is between chris collins as well as the government. that's sealed at the moment. they will also have to look at probation. the probation department will be looking through his financials, gathering evidence. that could take weeks. then the third part ofhat that the judge has to look at is just sentencing guidelines. is the representative guilty? did he act alone? is he involved in any other criminal activity? we have all those three things which means sentencing could take a long time, anywhere in late december. the 27th district of new york which was represented by chris collins could be facing a special election. liz, back to you. liz: there are so many implications, kristina, thank you for enlightening our viewers on that. of course we have our cameras there. kristina is there. we will let you know when it happens. with the closing bell ringing in 59 minutes, look, as long as they have the hot apple pies

that's all i care about but the golden arches are kind of cooling down and losing their luster in this final hour of trade. mcdonald's is among the very bottom losers of the dow 30 after jpmorgan forecast that a coming miss on same-store sales for the third quarter, but despite that bearish sales call, jpmorgan says we're still hot on mcdonald's shares we reiterate a buy rating. the stock is down now. but investors clearly not loving the notion of a slowdown in foot traffic. while they got their october surprise and an unwelcome one, could the broader markets be in for a bigger scare? a fox business exclusive with the wall street guru who for decades has had almost supernatural midas touch. blackstone's annual ten surprises report each january 1st are the most widely read on wall street in history.

we have him now, well before january, when "the claman countdown" comes right back. ♪ hmm. exactly.

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liz: no need to hunt for red october, it's already here. major averages are plumbing session lows but off at the moment, still down for the dow jones industrials. even though the stock market crashes of 1929 and 1987 happened in the month of october, it is far from the worst month for stock bulls but it does have the historical distinction of being the most volatile. by the way, the vix or fear index is up about 11%. but october is also a case of competing narratives. a jinx month for the stock market is about to get underway

market watch warned but over at barron's stocks are a winner in the fourth quarter. it is time to buy. what is an investor to do or believe? who better to ask than legendary investor and blackstone advisors byron wien. what do you see for this october? >> look, the fourth quarter of last year was pretty bloody, and the manufacturing numbers are pretty alarming this year. what we're really seeing is the fear of a recession in a bear market anticipating, and my view is, we're going to have a recession sometime, but i don't think we're going to have one next year. so at the beginning of the year, i thought the market would be -- get to 2850 before the end of the year. it's exceeded that and maybe we'll consolidate around these

levels, but i don't expect the fourth quarter bloodbath this year. liz: okay. we certainly had an ugly picture last year, exactly at this time and of course that was triggered by j powell who at the time had said we're far from neutral on interest rates and the markets took that to mean that he was going to hike and hike and hike. do you foresee a fed rate cut october 31st? >> yes. liz: by how much? >> i think the fed has one more rate cut in it because our rates are so much higher than they are elsewhere around the world. so i think the fed will cut rates, and that will help stabilize the market. liz: okay. i want to ask you your target for the s&p. you at the start of the year and i have your ten surprises right, so he comes out with this every january 1st and everybody clamors to read it. you predicted about 2850 for the s&p. what is it now? >> i'm still sticking with the 2850. i think the market will consolidate during the fourth

quarter. it may be somewhat lower than it is right now. it could get over 3,000. but i basically think the fourth quarter is going to be one where the market will be marking time. you won't make much progress or deteriorate much further. liz: we are about 100 points above that right now. folks, what he's saying is that the s&p is going to probably drop about 100 points, is that fair to say? >> drop no more than 100 points. liz: okay. i want to ask you about something that the founder of sun microsystems said during this time yesterday on this show. he said the rate of change, no matter what the news flow is so wild lately and so fast that it's very hard for investors to navigate. i mean, take what happened with oil, for example. two weeks ago, a measly two weeks ago the oil fields in saudi arabia were on fire. they were blazing. we've got video of this, and 50% of saudi's oil production off line, gone.

we had oil spiking to, what, $63 a barrel. >> uh-huh. liz: 15% jump. look at it today. it's even lower than where it was before that attack. what do you glean from that -- what do you glean from that? what did you predict? >> beginning of the year i thought oil prices would stay in the 50, 55 range and that's what they have done. i think one of the things we have learned from that is saudi arabia is not as important as it once was in terms of world oil production. hydraulic fracking in the united states has produced a tremendous of supply. and nobody is dependent -- as dependent on saudi arabia as they used to be, but nevertheless saudi arabia is still an important producer but it is relevant. also saudi arabia was able to get back on stream pretty fast. liz: they did, but again, if people got nervous and dumped out of -- or jumped into oil or whatever and they bought at the

top thinking this is going to remain, that was a problem. by the way, byron is so spot on so many of what you came out with january 1st of this year. in fact, you had said you predicted that iran would destabilize the middle east, and that was some ten months ago. you were wrong about gold. >> yeah, that was one of my -- well, i thought the stock market would do well, which it did, you know. i thought the bond market would do well. and it did. so i thought you could make money in financial assets, you didn't need to own gold. liz: you said it would drop to about 1,000 -- 1,486. >> right. i never get them all right, liz. [laughter] liz: i do want to ask you what you foresee as it pertains to the markets, this impeachment inquiry of president trump. you know yesterday the first sort of international poll came out -- national poll came out and it is dead even 47% people

feel that the president should be impeached. that number was only 37% about last week, the president should not be impeached. that has dropped to 47%. how much could the president being impeached, if that were to happen, affect the markets? >> well, it's hard to say. i think what you have to worry about is the market liked donald trump being president. and if it looks like elizabeth warren is going to be the candidate, and donald trump is going to lose the election, i think the market would not like that. the market would probably interpret that negatively. that would be my judgment. if joe biden is the candidate, i think the market likes joe biden. but this impeachment hearing has hurt not only donald trump, it's hurt joe biden. liz: yeah. >> there are no winners here. there are two losers.

liz: boris johnson the prime minister of the u.k. says brexit october 31st deal, no deal, he doesn't care. he promises that will happen. you had predicted back when they said it would be in march, you said it will come and go and there will be no brexit in march. that was last march. will there be brexit october 31st? >> no, there will be a deferment till december 31st and there will not be a brexit without a deal. there will not be a no deal brexit. that would -- brexit itself is a disaster. i think britain will leave the european union but it will leave wit a deal, some sort of deal. -- leave it with a deal, some sort of deal. liz: byron wien saying that folks is news. thank you for joining us. >> thanks for having me. liz: we got it before january. byron wien, blackstone. the closing bell 37 minutes away. the dow is down 279 points, but first political tensions in hong kong are boiling over.

folks, this is just hours ago. not only did china flex its military muscle, it used live ammunition on an 18-year-old. the growing threat to stability in the world's second largest economy and how it could impact the u.s. trade talks. "claman countdown" coming right back with a live report. lanet as with signs of opportunity. but with opportunity comes risk. and to manage this risk, the world turns to cme group. we help farmers lock in future prices, banks manage interest rate changes and airlines hedge fuel costs. all so they can manage their risks and move forward. it's simply a matter of following the signs. they all lead here. cme group - how the world advances.

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like aarp medicare advantage. [sfx: mnemonic] liz: we have a wild and quite frankly disturbing scene playing out in hong kong this morning that we want to show you. look at this, protesters and police clashing in an antigovernment demonstration. you can see and also hear police officers in a bloody battle with umbrella and sticks carrying protesters, and those shots that you hear, oh my goodness, look at that. they are pointing guns, but again, they were also getting lobbed at with makeshift bombs and things like that. and 18-year-old was a shot in

the chest during the demonstration and remains in critical condition. it is the first time police shot someone with live ammunition, not rubber bullets, live ammunition for the very first time. more than 50 others were reportedly injured. this all taking place on what was supposed to be a week of joy in that country as parades across the country celebrate the 70th anniversary of communist china, coming into power. to washington and edward lawrence, edward, the violence, what impact if at all could it have on trade talks between the u.s. and china which begin next week? >> right, well, liz commerce secretary ross says today it may affect the chinese as they come to the table buzz hong kong is critical -- because hong kong is critical to china trade. also celebrating the formation of peoples republic of china 70 years ago with a show of force and strength in their country, military parade. president xi jinping attended the military parade which

included china's newest nuclear capable ballistic missile. this is the first time we have seen it and said to have the range to strike any target in the united states. during the speech, president xi talked very little about opening markets or trade. he did say that china has to hold to the strategy of win-win cooperation. the chinese president also saying that no force can stop the chinese people and the chinese nation fornling ahead. -- forging ahead. it was a very strong nationalistic speech, against that backdrop, it may be hard for china's top negotiator to come here to the u.s. for meetings on october 10th and 11th and offer concessions, still the u.s. pushing for them. >> the issues, intellectual property transfers, the issue of subsidy of soes, the disrespect for intellectual property, the whole of equal market access complaints that we have had over

the years. without those, it isn't really a very satisfactory arrangement. >> and the white house hopeful china will come to the table with more, not just buying more agriculture. secretary ross also says we could have a deal including just agriculture -- we could have had that two and a half years ago. they want that full deal. back to you. liz: edward, thank you very much. check the dow, down 1, but again, those transports are getting just crushed. the transports still down about 220 points or 2 full percent w. with the closing well ringing in 30 minutes with strife over china's politics to the video conferencing superstar ceo who years ago -- there he is -- left communist economic superpower china for the glory and opportunity of america, silicon valley. zoom ceo talks bucking 2019's ipo doom and gloom, taking on tech's mightiest of titans and his strategy for treading trade

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liz: and now we have the breaking news, former u.s. representative chris collins seen exiting the courthouse right here has now entered a guilty plea, pleading guilty to conspiracy and making false statements in an insider trading case. this event happening at a new york city court this afternoon. collins told the judge he is sorry and he regrets what he did. he apparently passed on some insider trading information about a biotech stock to his son who then told other people. the judge in the case has accepted the guilty plea, and of course the next point would probably be sentencing. also breaking at this hour silicon valley power players and venture capitalists are huddling together at a top-secret summit -- well not so top-secret

because we know about it -- top-secret summit at this hour to discuss how to cut bankers out of the ipo process, which lately has been pretty disastrous, meaning investors who buy on ipo day are losing a lot of money. we just learned that air bnb is already considering bucking bankers and kicking them out of the deal. they are considering what's called a direct listing. direct listing means you just cut out the middleman, no banker. this after so called unicorn names like uber, lyft, pinterest led to some serious investor disappointment after valuations plummeted after their public debuts. but our next guest's company successfully navigating the traditional ipo process and is among a growing number of tech companies that recently ipoed but with a twist, it is not a unicorn, it is a pegasus meaning it's profitable.

since pricing shares on april 17th. video commuons platform zoom which has video communications up in the cloud is up 112%, its first day of trading. of course as we look at shares, they ipoed at about $36 and now they are considerably higher. ceo eric yuan became an instant billionaire, about 3 billion dollars, and the ceo of zoom joins us live now in a fox business exclusive. we're thrilled to have you, eric. thank you for being here. >> liz, it is my great honor to join your show. thank you. liz: we are so happy you are. this is a great story. you are one of the few that actually just hit it as we say out of the ballpark. we have this silicon valley secret summit going on with top venture capitalists who are so over with the way bankers have handled things. you actually used bankers as i understand it for your ipo, if you had the chance to do it again, would you instead do a direct listing which entails no

new shares being put out but shares insiders and employees would sell, and it cuts out the bankers. >> if we start over, i think we're going to do something similar because we do enjoy working together with morgan stanley, jpmorgan and -- i think we would likely follow the traditional ipo model. liz: you told the story how you got turned down initially when you started the company by a lot of venture capitalists, and you are the one laughing now, aren't you? how does that feel? >> i think, yeah, back to years ago when i started, the market was extremely crowded. there were so many -- [inaudible] -- i would also probably turn down the offer as well --

liz: liz: really? >> that's why we worked so hard. we wanted to prove we could have a much better solution. liz: the solution was to offer video conferencing that was much more crystal clear and you can change the backgrounds. we have some video of what zoom video conferencing does. we have zoom rooms as they are called built into fox now and our studios buecause they work. on the outside everything looks great. what's going on on the inside of the company? what challenges are you facing right now? >> we are hiring more and more employees and we have more and more customers. our company culture, how to think about how making our customers happy and for me as a ceo, my number one job so to make sure our employees happy. i think that's the challenge.

not having the company culture broken. >> china remains a wildcard, you have chinese engineers in that country right now, what are you hearing from them? does that concern you, the company based in silicon valley there are all kinds of rumors flying around and they change day-to-day here between the u.s. and china. you are of course chinese and now you live in america and you're an american citizen. tell us what you really believe is going on behind the scenes as best you understand that culture. >> if you look at our international -- in terms of china, the total revenue is relatively small. we do have engineers in china. however our core technology is developed here in silicon valley in san jose. we do have some engineers for testing, for all those things. i think overall you look at what's happening between the china and u.s., i think the good news is the -- [inaudible] -- i

think given some time i'm very optimistic that they are going to fix the problem. the problem is if they don't admit there's a problem, then in the future things could get worse. they are getting together to try to come up with a solution, i'm very optimistic. in the future i think it should be okay. liz:he chinese have to admit that they do kind of pilfer some of our intellectual property. as we finish, i want our viewers to know what a background you have. you were rejected for a u.s. visa eight times. the ninth time was a charm. how many americans do you now employ in the company you founded once you got here? >> overall looking back, that's good, you know, because it tested my perseverance. it's really helpful for me to start a company to have that ability. liz: we're thrilled. it is hundreds and hundreds of americans that you now employ. we're thrilled. we're thrilled you got here, eric. thank you very much. >> thank you. thank you for having me.

liz: by the way, folks, zoom has just been one of those rare ipo winners. again, up 112% since it went public. look at the dow, though. it is now falling, closer to session lows. down 323 at the moment. we're going to find out exactly what's going on and what changed in the last six or seven minutes. ♪ ♪♪

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been absolutely bloody and violent, when you heard the gunshots, those police were shooting in the air, and again, as we mentioned, one person ended up getting shot, as the police themselves were attacked. connell mcshane is coming up right now on "after the bell" with more on the story. connell? connell: we have a key activist, liz, right off the top of the hour that will join us. she's been with us before. she's live in hong kong, and she's been involved in a lot of the organization of this protest movement. so today as you report maybe more than any other day may be a great day to get her perspective not only what happened on the 1st of october which's now come and gone as they have -- which is now come and gone as they move into the 2nd of october in hong kong. we will talk to her. one other thing i have seen in social media today is the contrast between what's happening in hong kong and what's happening in beijing as the chinese show off their military, celebrating their 70th

anniversary. we will talk about the new ballistic missiles they would on display. all that. and we will see how the market closes. liz: quietly amassing more troops near hong kong. thank you very much, connell and melissa at the top of the hour on "after the bell", coming right back. the dow is now down 311. ♪ ♪

liz: as the golden boy adam newman who founded we work has gone back into the back shadows after his ipo totally collapsed, you have to look at whether investor and i'm talking about early investor worked the valuation way too high or whether the company itself was a real piece of work. who wasn't surprised? charlie gasparino knows. he has insight of people who were -- >> soft bank was very ebulent.

is that the right word? it's one of those sat words that you like to throw at me. it was soft bank valued at 45, what, billion dollars, whatever it was. liz: 47. >> 47, but it was the traders i the pre-ipo market that snuffed this thing out. liz: sniffed. >> snuffed or sniffed. let me tell you something, they figured it out. this thing for about a year and we should point out that mr. newman sold some of his shares -- liz: a lot of them. >> a lot of them. we have calls out to him. we don't know exactly -- liz: where is he? has anybody out there seen him? tweet us and let us know. >> yeah, good-looking guy, huh. liz: look where that got him. >> look where that got him. the investors in the private markets know this a mile away. the shares were almost ill

liquid i'm told in the preipo market. everybody says you can't trade stock unless a company goes public. the sec chairman wants to change that. he wants to figure out a way to help small investors get access to the very vibrant market that occurs privately where the pre-ipo shares, stakes and companies are actually being traded among sophisticated investors, and what was fascinating about we work and i've been speaking with traders today a lot about this is that they didn't trade much or when it did trade, you got a huge discount to the valuation that soft bank was putting on it. liz: what did they see? >> well, they said basically that this company wasn't what it was. it was somewhat of a -- [inaudible] -- liz: that's not an sat word. >> it is an italian word from the bronx, made famous by the great mob movie where they looked at a fake gem. i don't know if it is quite that

but we work is a troubled company where the finances and the concept was not matching the valuation. so they pulled the ipo. we all know that. but it was totally predicte totally predicted by the pre-ipo market. we should point out that uber's ipo was totally predicted in the preipo market. we should point out i think the good thing about we work is it didn't go public; right? the public didn't get its hands on a falling knife. uber was kind of a falling knife. pelloton not so great obviously. another big ipo that's coming. liz: bed, bath & beyond is already public. >> who is coming? liz: the big one is air bnb. >> that was the one. liz: don't they direct list? >> that one i heard the trading is pretty good.

it is pretty good both in the secondary and primary. that one is matching up to the hype from what i understand. you are a small investor, you want to invest in ipos, we're going to help you. i don't make recommendations. i can tell you what the sophisticated guys are saying. they were negative on we work. they are very good on air bnb from what i understand. liz: charlie, thank you very much. we have some news on deere that is bringing down caterpillar which is a dow component. we will explain what that is and that is in part why the dow is down 316. we're coming right back. ♪

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liz, folks we have market alert as dow falling to session lows which would be a loss of 347 points. we're down 340 at the moment. nasdaq is down 86. we should also look at the transports. deere, they make heavy equipment. deere is announcing it will lay off 163 workers in the u.s.

indefinitely. the reason? decreased customer demand. that in turn is dragging down dow component caterpillar, which is now lower by more than 3% that by the way is shaving 27 points off the dow. let's bring in essex investment management senior portfolio manager. at a time when big caps are struggling at least today, give us a sense of the small cap names, so-called wild card names as we head into the wild card baseball playoffs. what would you like to avoid that kind of exposure? >> we're looking for companies growing, particularly growing in innovative industries where they're disrupting new technologies and disrupting ways of doing things. as such in a challenging market environment and in an environment we're seeing a economic slowdown we might be seeing now, there are plenty of growth opportunities we can benefit from our early discovery

of companies in the early stages of exciting industries. melissa: we can put up the names of all you like. alpha tech holds, wildan group, you like skyline champion. important to note as we hit session lows with the dow down 349, these names are looking pretty darn good year-to-date. >> yes, they are. we've been benefiting as i said through very interesting emerging growth opportunities. for example skyline champion is a company benefiting from the growth of manufactured housing. liz: up 100%. >> a cyclical and secular play. the cyclical play homeownership is up. new household formation is up. the secular play manufactured housing is gaining share. similarly wildan is play on energy efficiency. liz: great to have you, nancy, on a very busy tuesday, folks t has been an october surprise. we're not saying it sets the tone for the whole month but

we're closing close to session lows. [closing bell rin caterpillar swooning worse than it had been in the session, dragging the dow down 340 points. the nasdaq down 89. i hand it over "after the bell." connell: have been on edge today. stocks falling throughout the day with weak economic data on manufacturing. stark warning from the world trade organization. we'll talk a lot about trade with the dow settling down 340 points right around the lows of the session, reinvesting early gains this morning following is surprise drop in manufacturing. that is what really started it off. i'm connell mcshane. melissa: we told to you watch the manufacturing number and there it was. this is "after the bell." s&p 500 and nasdaq closing down more than a percentage point. e selloff coming as the wto cut its global trade forecast for this year and next, citing threats from a weakening