tv After the Bell FOX Business October 2, 2019 4:00pm-5:00pm EDT
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liz: steve auf, is trillion dollar man. nasdaq crushed by 122 points. [closing bell rings] liz: there is the bell. gold moving higher by $16. not bad. nhl season starting tonight. gary bettman tomorrow. melissa: stocks plunging for a second day on concerns of economic growth. the dow closing down, look at that. whoo. 491 point right now. off session lows amazingly enough. we were down nearly 600 points earlier today. buckle up. i'm melissa francis. connell: yes, we are buckled up. i'm connell mcshane. this is "after the bell." s&p 500, nasdaq down almost percentagewise. melissa says it was worse if you can believe it earlier in the day. a lot to talk about. fox business team coverage with blake burman at the white house
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where they had white a busy day. gerri willis on the floor of the new york stock exchange. same there. phil flynn watching action in gold in chicago on the floor. gerri, on the floor, take us through the crazy day. reporter: we started down, continued on. you can see by this chart, worst day for stocks since august 23rd. all subpoena 500 stocks traded lower. a decade low for manufacturing. i'm not hearing from traders a huge amount of surprise about this. in fact it was surprising in the opposite direction we kept hitting new highs. they were more surprised by the fact that we hit nearly 900 points yesterday and today for the dow. looking for earnings next couple weeks. that could be negative. could be a replay of last year's third quarter. we'll see eps down about 2%
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year-over-year. major averages today, dow down 1.85%. the s&p down similarly, 1.78. nasdaq even more so. look al that. meanwhile talk about oil, this is an important thing. you see on the screen right there down seven consecutive sessions. energy the worst performing s&p 500 sector. the energy information administration having data that showed a rise in u.s. crude inventories for the week. worries that the market is oversupplied. back to you guys. connell: gerri, thanks. right to the market panel. jonathan hoenig capitalist pig hedge fund founding member, fox news contributor, courtney dough ming exercise and bubba horowitz, trading show host. jonathan, the growth fears next couple days, maybe some of this was inevitable we knew the trade war would get into the market, we start selling off. what is the takeaway from what you've seen? >> cavalcade of bad news and
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ugly tape. you got fears of ipos like uber, lyft, multilows. compounded that kicked the two-day sell off, ism number, weakest manufacturing, since the global manufacturing crisis wiping 900 points off the dow in just two days. the tape, 255 new lows. 16 new highs. that don't show interest in buying even at the lower levels. connell: courtney, we had two painful days for equities jonathan said, the next two days will be really interesting especially with the expectations game we all play. services report tomorrow, jobs report friday, what should we be looking forward to? >> i have to disagree here. there is three, 5% corrections in the stock market this year. we've only had two so far. just seeing a down day is not necessarily something we need to
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get worried about. we got the manufacturing data we were expecting. looking at one piece of data doesn't mean we were going into recession we need to get overhyped about. yes, we have couple days going forward. friday seeing jobs number will be really important. at the end of the day, having a strong consumer is what drives the economy. seeing unemployment numbers low as they have been near 50 year lows will be a good thing for the economy. connell: todd, what are you seeing? >> well i think first of all there is way too much debt to play on courtney's point on the jobs number. people are working but taking seven year car loans out. i think we're in early stage of recession i said last few months or so. markets are indpressure. if the s&p can hold 2840 i think it will get really ugly. i expect some sort of a bounce next day or two. the path of least resistance will be down until proven otherwise. melissa: fueling slowdown fears. softer than expected jobs number
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contributing to the dow slide today. the private sector adding 135,000 jobs, that was less than the 140,000 that were estimated. this is the adp report about it way. here now is art laffer, former reagan advisor, chairman of laffer associates. what do you make first of all of this number and what does it tell you about the big government jobs number coming later? >> hi, melissa. i don't take this number very seriously at all. looks like right in line and in reason. what i really wanted to say last month's jobs number looked at the establishment number. i think it was up 130,000 or something like that. if you look at the household number it was up 590,000. i would expect the establishment number, the official number to be up quite substantially on friday there is no money back guarranty in my comment, please but i would expect the establishment number to look very good tomorrow. melissa: what would that tell
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you? you heard all the headlines today that this is showing that the economy is slowing down. what do you think? >> well, what i think the rest of the world is slowing down dramatically. japan added two cent sales tax increase which is devastating to an economy that has not seen prosperity for 40, 50 years. i mean it is really terrible. all the rest of the world is down. the u.s. is being hit by that as well. but we're the bright light in the world economy. we're doing nicely. the tax bill coming through well. we're having all sorts of good deregulation results. i'm quite optimistic about the u.s. i dent see recession at all. i don't see anything in the way of policy. other negative impeachment of the president the prospects of that. that is ridiculous. that will hurt the economy. he is a great president at the standpoint of economics and i wish they would stop. melissa: why would it hurt the economy short of removing him which doesn't seem likely?
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>> it gets time to be diverted and in looking at economy and there is lots of things like that. usmca won't be passed. it should be passed. he has a great agenda sitting there. it takes away time and energy as the whole time in office he had this harrassment. and he has been a great president from the standpoint of economics. melissa: really won't go forward? in a press conference earlier today nancy pelosi in between breaths about impeachment was talking about the fact they are close to the finish line. she said they're moving in the direction yes. we heard last friday from our own chad pergram moving closer to the hill. negotiation is going on. it is in everyone's best interest. you don't think they will get that over the finish line in spite of what is going on? >> i believe it when i see it. i have not seen the nancy pelosi and house democrats agree with trump on anything. they really don't. melissa: yeah. >> the question is also
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whatments they will put in it, what changes they will put in it, if they put in enough bad amendments and bad changes it will dilute, if not eliminate really good pluses of that bill. there are lots of others going along -- melissa: art, quick. >> yes, sorry. melissa: the ace in his pocket would end the china trade war, no? >> oh i hope so. that is the ace in the pocket but i don't know if he can do it by himself. he can't do it without some concessions, especially on intellectual property and transfer of technology. i don't know how he can do it consistently without that. boy, would i love to see him do the china deal. that would send the market off to the moon. just hoping for that all the way along. melissa: art laffer. thank you. love seeing you, thanks. >> melissa, thank you very much. connell: as we bring our panel back for reaction to what art said, jonathan, i want to cross breaking news at bottom of the screen at the conclusion of
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china remarks. 7 1/2 billion dollars worth of tariffs on eu imports. those will begin on october the 18th we've been told by the u.s. trade representative's office, following boeing, airbus, back and forth. you talked about the drag, jonathan these tariffs could have globally on growth. what do you make of it? >> connell. a lot of airline stocks were down five plus percent today on exactly that news. so this is having an impact on the economy. defenders of the trade war will put forward economy is strong, we are making progress but we're talking about $6 billion a month in tariffs paid by u.s. consumer companies big and small. once again, look at ism data. 50% of companies reporting said they saw an effect on their sales. a third of companies reporting said the trade war is impacting hiring. it is having an impact on economy. days like today it comes to the
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forefront. connell: to that point, melissa 's question, the cutting a deal with china, with the president under impeachment inquiry do you think he is more incentivized to do it and what could impact of that be? >> i don't think he is incentivized. he will hold his ground. that is president trump at his best. i don't think he will give in more than ever. he is likely get more stringent what he wants if they don't make a quicker. no matter what pain we're going through, i argue with some of the issues we're hearing about price, all other stuff that is excuse like weather excuse, at end of the day he is doing the right thing in my opinion. i think we have to get these things resolved and it will create some issues in our markets but again, sometimes short term pain is worth the gain we'll get later. connell: the last part, courtney, is jobs. you brought it up. i want to ask about art's comments, he expect the a substantial increase in number
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of jobs when we get the report frye morning what do you say? >> i have to agree. i think really strong numbers we're expecting. we haven't seen it bleed into the consumer, the overall economy. you're seeing things like manufacturing data not be where we need it. at the end of the day is unemployment going to be as low as it is, and it might lead us to see how is the trade war affecting thing. companies are not willing to deploy some cash with uncertainty of trade war, not knowing what those costs will look like in the future. considering it gets into hiring so far we haven't seen that. connell: thanks to our panel. good stuff on a busy day. melissa. melissa: oil in the red for the 7th straight session, down 2%, settling at the lowest level in two months. phil minute with more on this. phil. >> good mornings, melissa, it was more about economic doom and gloom than inventory reports today. we saul the oil inventor surprisingly rise by 3.1 million barrels. a lot of that was because of
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refinery outages in california and the midwest. if you look for overall demand for overall products it is very strong. up 2.1% over a year ago. it is not really demand issue that is causing the market. it is fear there is going to be a demand drop in the future because of slowing demand. the other thing when you get fear on the streets best place to run to these days is gold. gold back above $1500 an ounce. if the fear stays there, i think gold will shine. melissa: phil, thank you. connell: down but not out. markets in the red as we've been talking about today but richmond's federal reserve president is not seeing recession in the next year. we know that because our own edward lawrence spokes exclusively with him today. edward joins us with the latest. edward? reporter: richmond federal reserve president tom barkin very positive on the economy going forward. he sees the consumer driving this economy. he sees consumer spending is
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strong and that he sees that continuing throughout the course of the year and he also says he sees expansion looking at small towns. we're taking with a small business owner. tell me, first of all, are you seeing foot traffic come in? how are you seeing the economy play out for you? >> we've definitely seen an increase in the past few month in foot traffic. lots of events going on, lots of new businesses opening up. it definitely has been a great thing for downtown. reporter: you tried to get into the online space you tried to get in there, but you had difficulties as a small business owner? >> yeah. i thought it would be a way to expand without opening another storefront and i definitely felt like with amazon, zappos, free two-day shipping free returns it is really hard for small businesses to compete with that. reporter: you couldn't afford it. that cost you a lot of money. >> exactly.
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reporter: i appreciate that. federal reserve president says education is how we keep the expansion going, more than any rate cut. he says there is liquidity issues. he is concerned about the liquidity issues in the short-term overnight market. he believes that the richmond, federal reserve needs to debate this, talk about it, come to solution to see if this is a long-term problem or just something that was a fluke. back to you guys. connell: thank you, edward lawrence live for us. melissa: securing the future of america's next generation mobile network, president trump meeting with his finnish counterpart at the white house as the administration looks for 5g alternatives to huawei. fox business's blake burman is live at the white house with the details. blake, this was a really important story today and it gets lost in all of the impeachment chaos but tell us more about this? reporter: that could be the case, melissa, for days, weeks, months to come, because the impeachment process could play out for quite some time but
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you're right, president trump over here at the white house, hosting the finnish president sauli niinisto. the white house going into this one of the things the two would talk about is 5g, the buildout of 5g. as you know nokia is one of the top telecommunications company in finland if not the biggest, they are headquartered there they have to do with 5g the administration is trying to push other companies or other countries rather not necessarily going down the line of dealing with huawei, and going down the line dealing with zte. that relates to china. not wanting to go down that road. today the president hosted the president of finland. there was a host of other news as well. impeachment talk, as we saw in that press conference, but the dak drop -- backdrop of the conversation was building out 5g. as you talk about finland, of course their neighbor to the south and east is russia, which
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is always a topic of conversation when the u.s. and finland meet as well. melissa? melissa: lots to chew on there, blake. thank you. connell: putting it mildly. we'll talk about hong kong coming up, the uprising there, amid shots fired among escalating tensions. the officials are calling it the worst violence to hit the city yet. coming up we have the latest where things stand. melissa: not backing down, president trump calling for an investigation of treason into a top democrat as house leaders continue their impeachment push against the commander-in-chief. we'll talk to ari fleischer, former white house press second about the fallout this hour. connell: holding drugmakers accountable. the latest company to dish out millions to avoid trial for its role in the opioid crisis. legal fallout. how one pharmaceutical company is fighting for change. ♪ d. i love you!
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chains. we're also glad that the finnish company nokia, a great company, a global leader in 5g technology is developing its cutting-edge products right here in the united states at bell labs in new jersey. connell: we're joined by ambassador max baucus, a former u.s. ambassador to china. a former senator from the state of montana. good to see you, senator, and the issue, melissa an and blake were talking about the issue for us, 5g, it was overshadowed by the talk of impeachment, but what do you make of this back and forth between a chinese company, huawei, and its competitors both come from europe, ericsson and the finnish company nokia? it doesn't seem as though the united states has been able to convince enough allies not to do business with huawei and go with the other two but how do you see it? >> i think that's essentially
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correct. huawei much ahead of united states developing 5g, ahead of nokia, developing 5g. the more the united states says to our friends or allies and other countries, don't deal with huawei because they might spy on you and so forth we're finding that many of those countries as often is the case try to find a deal. that is, they try to split the difference, split the baby. that is, work with the united states, some more closely like australia and new zealand. other countries not as close to us, try to cut their own deal, my big fear here frankly the more we try to isolate china, the more china gets the perception we're trying to prevent china's rise, they will double down even more, chinese will, they will go overboard to cut deals themselves for the other countries. it's a very dangerous situation. connell: so that gets a whole
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decoupling issue. we talked a lot about that as well. by the numbers, huawei put out a press release, they have more than 50 commercial 5g contracts, more than nokia, 48, i'm not sure it is apple to apples but the get the idea, ericsson is 26, what they publicly disclosed. that gets to your point. you don't think, if i'm reading you write this is not necessarily a fight worth having for the u.s. going after huawei in other countries? >> problem we're making it into a black and white issue, all or nothing. of course most issues are not all or nothing. most are a shade of gray. it is difficult to do i think our government, our president, our congress working with other countries should talk to the chinese, low-key, you know, no twitters, don't try to drama advertise things too much, don't raise a high-profile, we have to work this out, work together,
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that develop technologies that indicate whether or not the chinese in this case, huawei technology is as hardware spying on us or software spying on us or not. there are technical fixes here. we should spend time trying to find the technical fix so we're not making china and huawei the bogeyman here. huawei is a huge country in china, national pride from china. i just got back in from china. i was in china last week. china is very proud of huawei. add to that they frankly see the stature of the united states declining. if that is not turning out very well for us either. connell: boy, that is part of a larger discussion but i do want to get, ambassador baucus your perspective on hong kong, we've been watching that this week especially with the anniversary in mainland china. the demonstrations in the city continue. 18-year-old student protester who has been shot in the chest by the police, bottom line where -- this is 17 weeks right,
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plus. where is this going do you think? >> i was just in hong kong too. it's grim. the airport is virtually vacant. hotel occupancy is down in hong kong. tourists are just not visiting hong kong because of the protests. frankly the protesters, many of them are, see this as do-or-die. they are very concerned about their future. they're afraid as younger people, as they get older they will face a hong kong which is more mainland china than hong kong. the hong kongers think they're hong kong. they don't regard themselves as chinese. they want independence. china doesn't want that china has the power and the army. connell: how does it get resolved or does it? >> i don't think it will get resolved soon. it will take time. and take time where the hong kong government begins to
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back off a little bit, not a whole lot but a little bit. clearly they don't want, the government doesn't want, mainland china doesn't want to send in troops to hong kong. do anything to prevent sending troops. however the bottom line is, china is going to basically keep the thumb on hong kong. they will not give it up. not let hong kong go become any kind of independent sovereign country. that is not going to happen. china won't let that happen. connell: certainly not looking that way. max baucus former ambassador to china. thanks for coming on. >> you bet. melissa: veritas, harvard's motto, means truth in latin. getting a rule whether the administration discriminates against asian students. a final proposal on how the uk could lead the eu by the end of the month. our own ashley webster has details on that next.
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melissa: giving the ultimatum. uk prime minister boris johnson sending a final brexit proposal to the european union as the country expects to leave the group by the end of the month. fox business's ashley webster live in the newsroom with the latest. where do we stand, ashley? >> we heard it all before, melissa, there is joke going around why does britain likes tea so much. because tea leaves. boris johnson was at his political party conference today. look i have a final offer for the european union. they must compromise with us, or in 29 days we'll leave without any deal at all. take a listen. >> this is a compromise by the uk and i hope very much our friend understand that, and compromise in their turn. alternative is no deal. and that is not an outcome we want. it is not an out come we seek at all but let me tell you, my
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friend, it is an out come for which we are ready. >> of course the biggest sticking point is the irish border. what to do with that. they want a backstop so there is no checkpoint on any ireland republic or northern ireland border. he says they would be in the eu single market regulations for agriculture and manufactured goods until 2025. but not in the eu customs union. it is confusing i know. he says 2025, northern ireland assembly, or if you like, could decide the way they want to go. more towards the uk, more towards the eu bottom line will the eu go for this with no backstop in their at all for the irish border? probably not. meantime don't forget the uk parliament passed legislation if boris johnson doesn't have a agreement in place with
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parliament by october the 17th, he must go to the eu, asking for another extension to the brexit deadline. cowell try to ignore it, or try to run down the clock. who knows what will happen next. it is kind of starting to feel like it was with theresa may. she tried three times to get a brexit deal done and failed. melissa: wow. but he has a lot of flourish. so i think when you herd him reading there, i don't know. we could see him get it done, ashley. >> he has panache, blonde bombshell look. >> i love it. i knew you know what i meant. connell: tea leaves. melissa: tea leaves. connell: oh, boy. pushing usmca forward. speaker pelosi says she is trying to find common ground with the president but is that realistic? will they actually get there? melissa: plus a massive opioid settlement. johnson & johnson agreeing to pay ohio counties $20 million. what does it mean for the fight against the epidemic? we're speaking with narcan
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should always be working harder. that's why your cash automatically goes into a money market fund when you open a new account. just another reminder of the value you'll find at fidelity. open an account today. connell: senator bernie sanders canceling 2020 campaign events after he underwent a heart procedure for a blocked artery. he is 77 years old, taken to a hospital in las vegas after he experienced chest discomfort. he had two stents success fully inserted. sanders campaign said he is in good spirits. melissa: president trump firing back as democrats double down on the impeachment inquiry. take a listen. >> this is a fraudulent crime on
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the american people but we'll work together with shift atty schiff and pelosi and all of them. i think nobody has done what i have done when you look at tax cuts and regulation cuts and rebuilding our military. melissa: joining us now, ari fleischer former white house press secretary. he is also a fox news contributor. let me ask you before we get to some of the money angles behind us, when you hear the president say that, having been in the white house yourself, is he under more attack than he has ever been before and i don't know, does he bring it on himself? >> yes to both. he brings it on to himself, after he announced campaign, he was so different, the outsider, that is the act traction to many, that made many people inside of the beltway. i thought that was reflective part of his news conference. he has put up with so much,
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including efforts to reject his election in the electoral college, boycotts of inauguration, all before he took office, not to mention the leak of phony dossier. melissa: so looking at it from a higher level how it may impact the economy, markets, everything else going forward, one thing interesting to look at is the money haul for the republicans at this time. if you look at it at this time, raising $25 million, do you think some of that had to do with the impeachment push, do you think. >> being of course it does. i know people in the grassroots love donald trump. i heard this people in the rnc that he brings more small donations than ever before. trump has turned that around and really turned it into a grassroots juggernaut. and a lot of it is money
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republicans never got before. melissa: there was a fantastic point you made, i think it was a couple months back that we've really see come to fruition. money in politics has changed dramatically. in the joe biden days of old, it was about the really big influential donor. it was about the very big, you know, lobbyists, whoever it was going to be. now in the digital age i guess it has become about that small individual person because they don't max out. they can give and give and give, right? >> exactly right. my first experience with this frankly is when john mccain in infancy of websites, et cetera, beat george bush in the new hampshire primary. he got flooded with grassroots donations, mccain did, helped give him money to go on to south carolina, michigan, et cetera, until he ultimately lost the primary to george bush. that is what howard dean and bernie sanders tapped into. in the old days you would max
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out with tens of thousands of rich people. now you minimize out on millions of low income people. melissa: what is interesting is, as you see the president go around and do these rallies, and you see more of them happen on the back of impeachment, these things that energize people, he does a rally. all the people file in, wait in line, they're handing over email, their personal information that they have gone out and spent the time to go see him in person that is the treasure trove for the campaign in 2020, yes. >> it is more than a treasure trove. it's a road map to victory if you listen to the campaign. the people who donate will more likely people that volunteer. they're trying to get a massive grassroots organization of volunteers and fun raisers, donate, people who donate to touch their neighbors, touch their friends. they're doing something very unusual in politics, making this a bottom up campaign. i also want to point out,
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melissa it works in the other direction as well. there are tens of millions of people who can't stand the president. they're energized. turnout in 2018 was massive, way out of proportion to previous my term elections. we're going to see record-breaking turnout in 2020 from both energized sides. melissa: that's good. people should go out and vote. ari fleischer thanks for breaking details down from your inside point of view. >> thank you, melissa. >> fox news alert. this is on teslas. the stock is down 4% in after-hours trading. missed expectations on its delivery numbers that came out. despite that miss in the minds of tesla, the tesla announced new records in the third quarter, with production of more than 96,000 vehicles and delivery of 97,000 vehicles. the company's quote, we're increasing production demand for model 3 orders. but disappointing, down 4%.
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melissa: nancy pelosi saying that progress is being made on the usmca but with a warning, that there is still work to be done. >> it is going in a forward direction, so we're very pleased with that because again we're trying to find common ground with the president. he always wanted this. we do too and let's just find our common ground in that regard. connell: that was middle of a news conference really mostly about impeachment. she tried to make the point -- melissa: they could still work together. connell: walk and chew gum argument. melissa: yeah. harvard under pressure a federal judge out with a ruling in one of the most closely watched lawsuits on discrimination and higher education. we're on the ground in boston with the latest. one to five? when it comes to feelings, it's more like five million. there's everything from happy to extremely happy. there's also angry. i'm really angry, clive! actually, really angry. thank you. and seat 36b angry.
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♪ >> unbelievable site at the bronx zoo. wait until you see this. a woman caught on camera, climbing over the visitor safety barrier into a lion's exhibit where she appears to taunt a male animal. the bronx zoo responding to the disturbing incident as quote, unlawful trespassing that could have resulted in serious injury or death. duh. police are reportedly looking for the intruder. connell: we translate from that
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to story about harvard. federal judge ruled that the university admissions office does not discriminate against asian-americans. this is important story. molly line covers the story with details. molly. reporter: connell, harvard's admission program passes constitutional muster according to the judge's decision. this lawsuit was filed in 2014 alleged that the elite institution uses illegal racial quota system and discriminates against asian-american applicants via use of personality score ultimately holding them to a i here standard than others. judge allison bureaus writes the decision. they will choose, taken, live around learn surround by all sorts of peel with experiences beliefs, talents. they will have the opportunity to know and understand one another beyond race as whole individuals with unique histories and experiences. the suit is one of several challenges brought by students for fair admission, a non-profit group that argues racial
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classifications and preferences in college admissions are unfair, unnecessary, and unconstitutional. in the wake of the decision harvard sent a celebratory letter to the harvard community, writing, consideration of race alongside many other factors helps us achieve our goal creating a diverse student body that enriches the education of every student. everyone admitted to harvard college has something unique to offer our community. today we reaffirm the response of diversity and everything it represents to the world. some legal scholars have been watching this one closely as a potential landmark case, one that could potentially be sent onwards to the supreme court, appealed to the supreme court. we shall see if it heads in that direction. connell? connell: molly line live in boston. melissa. melissa: apple's tim cook going against president trump, backing dreamers in the supreme court. here is react, david asman, host of "bulls & bears." this is really interesting. apparently he signed on to a brief, passionately arguing for dreamers, saying that apple
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employs 443 dreamers that come from 25 different countries four continents. we didn't hire them out of kindness. because dreamers embody apple's innovative strategy. what do you think about this. >> i think two things. president stood up for dreamers when he came in, president trump. the problem he had with a law that was created by obama done so haphazardly he didn't want like the way the law was created. he wanted protections for the dreamers. second thing, tim cook, president trump have a very positive relationship right now. they have been working together on a number of things i even understand on immigration. they have been talking together about various policies it is not like his relationship with other elements of silicon valley that he has strong disagreements with google, other companies, facebook. if anybody will work out a deal on immigration with the president from silicon valley it will be tim cook. melissa: that is a very
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interesting point. he is he is very thoughtful and logical. tim cook is. what have you got up on the program? >> our panel, mr. lou dobbs is a part of the panel. also miss trish regan is part of the panel. this whole kerfuffle what colleges are doing in california with regard to their athletes. we have mr. herschel walker, one of the best runningbacks ever in the envelope. heisman trophy winner. he is against the california law. a lot of athletes came out in favor, that college athletes should be able to hire agents and endorsements. he is not in favor of this. he is kind of old-fashioned, believes in the athlete f you're an amateur athlete you shouldn't get paid period. he will defend his position. herschel walker, lou dobbs, we have a lot going on. melissa: thank you, david. we'll watch "bulls & bears" right after this, 5:00 p.m.
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>> johnson & johnson announcing it has reached an agreement with $20.4 million with two ohio counties allowing the healthcare giant to avoid the upcoming trial seeking to hold manufacturers responsible for the opioid epidemic. the only one thought the doll would be up today. and doctor roger kristol joins us, will be at pharmaceuticals president called narcan which you take to avoid overdosingi kn something from vaping overdoses as well. but, what would you say first of all about to the culpability of
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large pharmaceutical companies in the opioid crisis to begin with which is what a lot of the settlements are about? >> well, this crisis has progressed and deteriorated over many years. and, the pharmaceutical industry has a large part to play in this, but it is not the only part of it. while we need to be realizing now is how we can look at the current state of the crisis. it really is a defense in all crisis. benton on being an opioid which is 50 times stronger than heroin. and the majority of opioid overdose deaths today arrive from fentanyl. we have the narcan nasal spray which we have developed and as a company we have a version that is going to be better suited to address fentanyl overage doses. >> i believe what you trying to do but the real way to do it is
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to stop at the source. that's what work is being done with china. >> there stopping it at the source but there is an air of caution there. it does not take a lot to fentanyl to cause tremendous harm which is why we have a contract with the division of hhs responsible for developing countermeasures against chemical and biological attacks because most recently for example this year they seized not just from china but from mexico about 100 pounds of fentanyl that could kill about 100 million people. so, they see this nasal lies the important potential way of addressing what they are concerned about which is a fentanyl chemical attack. >> doctor crystal, we have so much breaking news and so much going on that we have to wrap it up. i hope you'll come back and talk about the issues in the future. there are very important, obviously. thank you for coming on today. >> thank you. >> all right. we did have a lot going on
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today. the next couple of days are important. we have this service coming up, jobs friday. >> big jobs number this week. you want to keep an eye on it, the dow is down for 94 points today. that is oppressed. >> will see what happens tomorrow. bulls and bears starts right now. david: market meltdown, stocks plummeting for a second day of triple digit losses amid concerns over economic growth and gridlock in congress. the president blaming speaker pelosi. what he is calling impeachment nonsense for the market mayhem. listen. >> we have to go back to building our country because 99% of ninth see below z's time is spent on this. she should worry about lowering the price of drugs which i have done. but, it's hard to do it without the help of congress. she should worry about infrastructure, she should worry about the u.s. mca. she is not doing it. david: welcome. this is a "bullsea
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