we're not considering this to be a defeat for exxon. we think it's a slight miss. >> reporter: fourth-quarter earnings dropped 20% from the previous year and many in the industry and on wall street are worried over capital expenditures in 2015 not just for exxon, but for all the other oil majors as well, some of which have curtailed investment because of plummeting oil prices. >> none of these companies are showing good reserves for replacement. we're going to see much less spending. and it's going to be difficult, i think, to avoid much higher oil price the in the future. >> reporter: the company's slashing of the buy-back program raised red flags after chevron said last week it was suspending its share buy-back for the year. management tried to stay upbeat saying that the company's balance portfolio uniquely positions it to deliver superior results throughout the commodity price cycle. traders anticipate more trouble ahead. >> the markets in some sort of flux right now. it looks like there's a lot of people think we could test $60 fir

i understand you just jumped off a call with exxon mobil.t can you tell us in terms of the highlights and the tone on oil prices and how exxon is dealing with it? >> the call was frankly boring. it always is. but i think the tone here today that we're beginning to rally a little bit in oil prices. and exxon is going up relatively less, but still catching a bid here given that the market stopped going down every day. >> i think that's what some of the investors are wondering, if exxon earnings were down about 18% from last year, nearly halved from last what does that mean for the smaller companies if exxon is considered the powerhouse and the more insulated one of the group? >> yeah and don't forget that these results were flattered by a legal win that they had regarding venezuela and some additional tax give-backs neither of which were true operational earnings. so we're not considering this to be a beat from exxon. >> we think it's a miss. >> extremely defensive. a terrific standout here right now. we think it's retained some kind of buybac

exxon is the major oil company. still if you like oil you can go buy exxon. if you don't like oil you shouldn't buy it. you should sell it. don't try to mimic buffet. you're going to get burned. he increased his stake in ibm by 9.2%. now has a huge position. ibm has been a terrible performer for ages though and many thought that buffet would be dumping the stock because of the inability to meet it's own targets. they always tell me he's dumping, he's dumping. again ibm jumped a buck 23 on this news. what do we make of the move? it's safe to say buffet believes in the new ceo although she's hardly new anymore even though she failed to deliver the growth we expect from a tech company. they have sample cash flow. we know that buffet likes how the company used it's cash to keep buying back stock. but should you like that? should you like the stock of a company that's challenged on so many fronts? buffet could sold it 30 points ago for a nice profit. but here's what you may not know if you bought ibm today, next thursday they have an analyst meeting. in that meeti

education foundation on behalf of exxon scientists, and... captioning made possible by the annenberg/cpb project i'd like to show you the most important piece of equipment you're likely to encounter in a chemical laboratory. how much will it cost? was it invented in the united states and made in japan? let's see. this is it. not a superconducting supercollider, is it? not a piece of equipment that's worth $100 million. just a piece of paper, a chart, an idea, a tool for the mind. this was invented by mendeleev, a russian, 120 years ago. it's called the periodic table, and it's worth more to chemists than all of the pieces of equipment in our laboratories. what are the properties of the substances in the world around us? there are two types of propertis. chemical properties refer to the element's ability to combine with other elements and form compounds. physical properties include density, hardness, melting point, boiling point, and conductivity. each element is different from every other eleme in its chemical and physical properties. this un

three houses were so badly damaged exxon knocked them down. most sat empty. even after an accident, defeating keystone could be a long shot. if you look at the polls, two thirds of americans do support the keystone pipeline, and that number hasn't budged. >> it really hasn't. >> it seems you are a minority. >> i think this is a topic in which people don't understand what it is, and it is always presented as either we do this or we do nothing. that's absolutely not true. we are not going to run the society without energy. it is just a question of how we think about it. >> keystone is just part of the problem. he says the biggest issue is how oil is recovered from the canadian countryside. 20% of the oil is mixed in sandy soil lying just beneath the surface. it is strip mined and spun in centrifuges to separate the oil from the dirt. the remaining 80% is trapped hundreds of feet below solid rock. steam is injected to loosen the oil. it is pumped out. the thick tar like crude must then be mixed with chemicals to make it flow to the pipeline. this requires 70% mo

exxon, a little bit of conoco national oil well varco. does this suggest i made my money and don't want more anytime soon? >> i don't think anybody knows what warren buffett is thinking besides warren buffett. and maybe todd colmes but the interesting part about this, it speaks to warren buffett's style and the kind of moves he made. now, warren buffett has always been viewed as a man who has had the long-term view on things. the next five ten, 15 20 years. it was interesting for investors to see him sell out of a large cap oil company in a complete fashion. what does that say about the the future of oil and gas? i don't know what that says about warren buffett, but what's interesting about this is that this is a very high profile exit from a very large position. this was a $3.8 billion position. >> that's what i was going to ask. >> $4 billion worth. 41 plus million shares of exxon mobile. >> he's known as a valued investor but just because a stock is down in price doesn't mean it's a value with the long-term potential. maybe he's drawin

. >> new details about the exxon mobil refinery explosion. there was a problem before the blast.cting gas prices. how high the prices could go and a new face of demolition at candlestick park, why it has neighbors concerned. have you heard of the new dialing procedure for for the 415 and 628 area codes? no what is it? starting february 21, 2015 if you have a 415 or 628 number you'll need to dial... 1 plus the area code plus the phone number for all calls. okay, but what if i have a 415 number, and i'm calling a 415 number? you'll still need to dial... 1 plus the area code plus the phone number. so when in doubt, dial it out! greg >>> san jose police announced they have arrested two suspects in connection with the killing of a security guard last week. he was watching the door at a nightclub saturday night when there was a robbery next door. he rushed over to help and that is when someone opened fire. he ended up dying afterwards at the hospital. police have surveillance video from the liquor store. they say right now they are not releasing more information about the two people wh

did it whether they were liable there was not even a question about what exxon did.n it went to trial, the only question was how much they would have to pay for it. the dollar amount. that is what remained to be decided. the state of new jersey for the last 11 years has been seeking $8.9 billion in damages. they wanted $2.5 billion to repair damage and another $6 billion to compensate the state for what they had done. so that trial to determine what they owed lasted from january to september of last year. the last filings happened in november. and that judge was expected to rule at any time. butt the "new york times" reports today that the chris christie administration just settled the case. remember the state officially had been seeking $8.9 billion. how much did they settle for? not bad. not even one billion. they settled for $250 million. how did new jersey go from wanting $9 billion to a quarter of a million. the judge was due to rule on this case in any day, but the chris christie administration said don't issue your ruling we're in talks with exxon and they e-m

i got my hands on an itemized receipt of exxon for a show oil well in oklahoma. it is way cool. >> [indiscernible] >> this is a big get. a journaling cost. $5.7 million. you are trailing, moving mud and chemicals and water to the drilling site. then you have your filling cause. you frack and that goes in to produce oil. that costs over $3 million. all told for one well, you're looking at a cost of $9 million. exxon explored and drilled last year. that is an insane amount of money to actually run in place. the question really becomes, what do they do now? you spent $9 million. will you close up shop and go home or will you keep producing the matter what the oil price is because you already spent the money? we are seeing the latter. they continue to produce. parkways coming out and saying there are about 4 billion barrels per day of oil. the cost is already sunk. why bother shutting production. >> part of it has to do with the expectation on part of investors and others that exxon will meet some of the target that it has set out over time. the same goes for chevron

fourth-quarter earnings plunged at exxon mobil, still, exxon beat estimates, but u.s. refining losses at a billion dollars, and cash flow fell 36%. the u.s. justice for department stepped up a investigation into movies. they're looking into whether they inflated ratings during the housing boom to win business from wall street banks. prosecutors are wrapping up a similar case against standard & poor's. the biggest tv rating in super bowl history, that's according to pre-luminary data from nbc. the network says the last-minute win over seattle was seen in 49.7% of homes in large u.s. cities. more on the super bowl ads coming up at the bottom of the hour. that's a look at the top stories we're following on this monday. coming up, the g.m. ignition switch controversy raises on -- rages on. we hear from ken feinberg, the lawyer handling the payments. that in more when "bottom line," continues in a moment. ♪ >> welcome back. it's 15 minutes past the hour. let's check bloomberg world news. the new prime minister of greece is looking for allies in his fight against austerity.

refinery fire in california pressuring exxon. we'll tell you the impact on gas prices, retail and refiner socks. and solar city and sun edison stocks getting smacked. you can see on the reports, we have the details. from the nasdaq, getting closer to the key 5,000 mark. last time it was around these levels, was year 2000. we've got the three next generation tech plays that could power the index higher. we start off with a developing story on the refinery fire. exxon stock closing down 2%, while other fires like de soro closed higher. exxon, we should note, a laggart compared to its peers, especially on the back of the news yesterday we got from the filings that warren buffett dumped his stake. >> it's clearly part of it. the buffett announcement is putting pressure on exxonmobil. that and the fact it really hasn't moved the last couple months, vacillating between 8 1k39 92. i think the trade is tessoro trading $87-ish prior to. we said it would be a buy and effectively that's what's happened. obviously this news today not good, b

selling exxon, and 77 selling halliburton.tock names in favor of technology seems to be dominant. apple, google facebook saw 10% of the universe of hedge funds add positions during the fourth quarter followed by citi and allergan, the pharmaceutical company, soon to be acquired by actavis. among the best stock pickers, the media and technology trend played out as well. best performing hedge funds in terms of long equity load up on time warner cable, cbs, netflix. i should note a tough quarter to generate alpha, with symmetric noting that 20% of the hedge funds surveyed through the s.e.c. filings were able to beat the benchmark with stock picks. of course we don't know what they're doing on the short side or what they might be doing in other products like bonds and rates but from the stock perspective, a tough climate beginning part of the year. >> layot of interesting narratives embedded in all of those. >>> tomorrow, live from arkansas with the ceo of walmart. doug mcmillon, after the company reports earnings. you do not want

it is 30% lower and exxon mobil ended up being an obvious name. maybe they feel the worst is behind it and they can get organizations and cut out some fat to make more profit. >> there are a lot of people who are not interested in the bp stock. is that a benefit for them? >> it would be. >> in the long-term, the problem is that it gets taken over and the dividend sustainability comes into question. it will come into question with oil prices staying at $50. i do not think it will. >> let's talk about what you have been doing. you look at the last months and you see some of the pieces. have you? >> i have. i have been picking up certain areas. not so much bp, shell, and exxon. it has been absolutely decimated. you look and see producers. and you are getting fantastic value. >> there is a lot of pain to come. how long are you going to hold it? >> we have seen sharp drop -- sharp drops and oil prices are way higher. i'm thinking ok we are going to get a lot of supply destruction and capital exchange is getting -- capital expenditure is getting slashed

. >> exxon.ces being down, there were times when exxon used to earn $10 billion in a quarter and people wanted full profits back. hopefully those people will help the struggling company right now as they're earning only about $6 billion. in the current quarter, don't hold your breath for that. $1.56 was above expectations. $1.34 is where estimates were. the revenue numbers pretty much in line little bit shy. $87.58. they usually do $100 billion in a typical. i think they did $82.2 and change. exxon does have -- it's a major integrated so it's got downstream where input costs could be helped theoretically. >> he says because of the balance portfolio, he claims that exxonmobil to deliver superior results through the commodity price cycle. >> and i think the stock at furst blush is indicated up about 3% right there. 2.25% so far for exxon. we'll see whether that helps the dow. and as the dow component. trying to hit up the actual press release. >> downstream number earnings were $497 million which w

exxon mobil.roke the news earlier and reported a 21% drop in fourth current -- fourth-quarter profit. that stock has been bouncing around all morning in the free market trade, currently down. the coal miner up by 8.4%. still trying to figure out a reason why resources will be reporting earnings after the close. shake shack, $21 thursday night and more than doubled in its debut, 119%, surges building on that debut. one thing that is known all here is the price to sales ratio of shake shacks, 1406. five companies in the s&p 500. by that measure, 495 stocks in the s&p 500. and a nonprofit in massachusetts, and not a big company but the fda granted one of its statements, breakthrough therapies, a big boost by 18%. finally, netflix $1 billion in two parts. also, the goodwill generated after last month's earnings report, progressing ahead of schedule. the proceeds will be used for general corporate purposes content acquisition we will see what happens. i did see how netflix did buy a show about hot girl

the massive explosion at an exxon mobil refinery in southern california. the images this evening of the charred aftermath. neighbors for miles describing what felt like an earthquake. tonight, investigators are on the scene, and already, analysts warning of rising gas prices. abc's cecilia vega on the scene. >> this was just a terrible explosion here at the exxon mobil refinery. >> reporter: the blast ripping through the refinery, leaving just a mound of twisted metal and twisted machinery. fire and hazmat crews racing to a blaze that melted steel, charred cars and left a layer of ash in its wake. residents and school children here in torrance advised to stay indoors. >> it felt like we had a car crash or a car hit our house. >> reporter: this morning's explosion so jolting neighbors say it felt like an earthquake. >> we just heard this loud bang, we weren't sure. we saw the walls cave in. it was like, it flexed in. and we were like -- kind of scary. >> reporter: four workers taken to the hospital with minor injuries. >> i can see the bellowing of the smok

investigators are trying to determine the cause of an exxon mobil refinery in california. blast ripped through the processing unit at the plant. state officials ordered exxon not to operate the unit until their investigation is complete and the shutdown could last for six months. gas prices surged to the highest level on fears that local supplies would be tight. >> u.s. commerce secretary joined the talks with shippers and dock workers at the west coast ports. they're urging the two sides to settle their contract dispute which has lead to major back ups of cargo at 29 ports. several republicans who chair congressional committees are urging president obama to become more involved. so a developing story, indeed. >> nestle reports sweet sales. we'll talk to them after the short break. ♪ know your financial plan won't keep you up at night. know you have insights from top investment strategists to help set your mind at ease. know that planning for retirement can be the least of your worries. with the guidance of a pnc investments financial advisor, know you can get help staying

it happened at the exxon mobile refinery in torrence. that's south of downtown los angeles, and production there has been scaled back as a result. ktvu fox two's alex savage live in walnut creek this morning. you're saying many drivers are wondering how gasoline prices are going to be affected here. >> there's something else to worry about in the bay area. you probably remember, at the beginning of this month, the de soro refinery not far away in martinez, shut down because of a labor dispute. that led talk steady increase in pump prices. what things look like this morning in walnut creek. things are only going to get worse, and that's because of that huge explosion and fire at the exdon mobile refinery in torrence south of l.a.. at least part of it has been shut down indefinitely. combined, the torrence refinery and martinez refinery produce about 16% of california's gasoline. some analysts this morning are forecasting as much as a 10% spike in gas prices across the state because of the two shutdowns. drivers we talked to say they didn'

exxon has been beat up. but exxon has been approaching lows. bounced off two times. when you get to the congestion further down the chart, a risk of two or $3 for a possible move back to 96. look at the oil price, i expect a dip in oil. production continues to grow. that hasn't changed even with the lower rig counts. demand isn't increasing as of yet. a bit better consumer demand. but globally it has to increase to stabilize oil in the 60-dollar range. i think it will open. if we don't see a 30 handle on oil by may, it won't happen. driving season will come. refineries have to turn around. we'll get that spike. it will help exxon. liz: spun it over to may. today is in the history book. let's look forward. bernie, what do we expect in this next month, in march, will people pile into stocks when it comes to their portfolios? >> no, i don't think they'll want to pile into stocks. and we certainly haven't seen that. but we're clearly off to a pretty good year on the market. better than i would have expected, given the earnings that have come in from the u.s. liz: and giv

warned has gotten out of exxon mobil. exiting its $3.7 million investment in on as oil pr exxon.ing again at an ipo -- preparing to replace its ceo as the first step. in just a few moments, we will get some more data on the u.s. housing market from january. housing starts in decline last month -- the market has risen remarkably from recession lows. will we ever get back to pre-recession levels? my next guest says probably not. gary shilling president of a gary shilling and company and wilbur ross staying with me as well. you say there are several signs out there that the housing market is never going to recover to the way we were. >> that was a very -- you had a tremendous money available, the conviction that you can't lose by buying a house. they were virtually giving it away. those conditions are not going to return for a while. lenders are under a lot of pressure and regulators are boorish. house prices can and have fallen you have much tighter credit score requirements. a lot of people don't have the incomes or the job security. some of these factors are transitory. in the lo

exxon, really new york fan of exxon, but a lot of things that they said that basically said, we are readyd to hear that a company's ready for oil price cut in half impressive. >> we are shifting to macro and jobs in a few days. three days to go until the jobs report. another chance to nail the number. tweet us predicts for january nonfarm payrolls. winner will receive a prize perfect for winter. cnbc ear muffs, autographed by the "squawk on the street" gang. you've seen these. sign the case. here's the case right here. we'll get you a pen, too. >> you want these. these are -- wow. i can't believe it. it's like -- >> you will have, of course, until one minute until the jobs report released friday to tweet us predicts. consensus 235? >> look everything's stronger in january. i don't know what to say. look, there's a couple maybe weather could. the data's strong. i thought, by the way, when listening to what rick was saying today i mean worldwide, there's a sense of maybe things better. so funny it could happen quickly. i know people should be skeptical. who doesn't like $2 gasoline? who doe

and exxon will be moving to houston. >>> the red carpet royalty was out last night. and big winners were easy to predict like sam smith. there were a few shockers too. >> reporter: music's biggest night. and sam smith takes home four grammys and lots of surprises. we have a report from los angeles with all the details. hi, kevin. how are you? >> what a night for sam smith. he takes home four grammys and it validated that his music has really been the sound track of the last few months round the world. only guy to sell over a million albums in both the u.s. and the u.k. i want you to listen to what sam was thinking about after the grammys. what was the first thing he wanted to do. >> i'm going to -- i've been like juicing and i'm going straight to burgers. >> reporter: he was talking on the platform and sam just wanted to eat. i can get that. i understand that. another big moment at the grammys last night. the album of the year. the one thing that sam smith didn't win, neither did beyonce. and that bothered kanye west. sitting in the front row and he decided you know

exxon is certainly no different than anybody else.ve the biggest share buy back in the world. they can easily go on the share buy back. like chevron the other day they'll do that. the yield is good. 4%. it's not anything like as good as the european. shale is 6%. it's good in u.s. terms but not necessarily global terms. >> let's talk about opportunity and shale. analysts say that though exxon is a little late to the shale party they've been interesting and it's on the radar. now the opportunity as some of the shale assets and companies get cheaper and cheaper. are you going to see exxonmobil get in there and make some purchases? they have to try that. a few years ago they spent a lot of money on that. it was gas-related shares. it didn't work because gas prices fell. i can see exxon running the rule over medium sized shale companies given the huge decline we've seen in the share prices. some are in financial distress. >> you step back and looking a the energy sector. the worst performing sector in 2014. the second worst this year. fin

getting out of exxon mobil. exxon mobil and conoco phillips are helping to pull stocks down today. show you a fossil watch. that is a fossil watch. i like it. apparently, people this holiday season did not. they are lowering their sales figures. back to you. melissa: fossil is becoming a fossil. >> hey watch it. melissa: looking good. thank you, adam. adam schapiro. >> hundreds of students faulty e-mails accidentally pulled 800 applicants. they were sent rejection letters right after. rolls-royce now developing an suv. offering all of its usual luxury. the 15-inch bugle out the best in show award. only the second bugle to ever win. we are approaching the last hour of trading. >> ringing it in altogether. the actual meaning of what is going on behind the scenes. the man who knows the fed. he will talk about, not just the word patience and why they are keeping it in, but the low inflation picture. is it low energy prices? a series speaker. maybe that is too simple for what we will show you. they developed a speaker that remind your mind it knows what you want to hear and at what time

exxon led the dow jones industrial average.nicole, you need to stand on apple box. >> airlines pulled back. thousand of airlines canceled. higher gasoline and oil prices. that put pressure on a group really has been. jordan and jj, a few are hanging out here. >> looks like they're bundled up for new york cold. hi, guys. they're having fun. >> slamming you california girl waving to you guys. need to pull out. >> we love it. listen, thanks a lot. enjoy the closing bell. guys. [closing bell ringing]. >> certainly will. shake shack came back a little bit. >> bells ring on wall street as they host the lakers and shell and sgbk. nasdaq listed. take a look to see how stocks are finishing up. this is an interesting trick. 194-point gain for the dow jones does trees. look at percentage point we see for the s&p. 1 1/3%. a big move. adam: nasdaq was up. all the indexes are up. russell 2000. the russell was up. that is lot of people say, small cap stocks. liz: in the face of disappointing data, the markets muscle up. "after the bell" start

the second largest company in the country is exxon in terms of its mobile. apple, as of today, based on its stock price today, apple is valued at more than double the value of exxon mobil. apple is gm plus ge plus mcdonald's, plus wal-mart together. this is a point of reference. if apple were a country apple would have somewhere between the 19th and 20th highest gdps in the world. apple would be a little smaller than saudi arabia a little bigger than switzerland. if you want to get to the valuation of apple as a company right now, add together the entire size of the economy of iceland, brewny nicaragua, jordan, lebanon, guatemala, new zealand, kuwait and ireland. add them up and you are not quite at the valuation of one american company. if apple decide to give the world an allowance every human being on the planet earth, each individual member of the human species would get 100 bucks from apple. that's how big apple computer is with what its stock price hit today. that's the kind of news day that today is. it's just -- it's just weird. it seems like you are

you cannot be in it. >> exxon. it could be a big winner in the oil crash. >> explain. >> despite the big plunge in oil prices they are reporting profit. yes a lot of it is the work with conoco phillips and this essentially says they are paving the way for a repeat of the 1990's and it was touted many times. price stalled and demand stalled. no company is better placed than on sitting on nearly $5 billion in cash and equivalent. >> how are americans spending the windfall from cheap gas? vegas is the title. goldman sachs says it equates to a tax cut of $125 billion for the u.s. economy and much of it gets spent and not saved. people are driving more and taking more holiday. >> we will have breaking numbers from bp headquarters. all of that and more after the break. stay with us. >> crude cuts. bp expected to cut spending as oil prices plunge. we will be speaking to the ceo this morning. >> the central bank cuts interest rates to a new low. rick retreat. the country is backed off from calling for a debt write-down. in

if you think what he did with exxon, you wonder.t tesco, one example, they had accounting issues last year and he sold out. he talked recently about conoco phillips and how he did not foresee the drop in oil and he had to sell out at a time when the shares were dropping after buying in essentially at a near term peak. sometimes he gets it wrong like the best of us. >> the thing is, he may have decided as oil prices started to crater he's got enough exposure given that the railroad is essentially pulling crude out of the bakken. >> owns burlington northern santa fe. >> fully. >> maybe he feels he's overexposed. >> the -- >> that stock looks like it's about to explode higher. checks all of buffet's boxes, cheap, great american brand, big market share, good cash flow, that's a really interesting stock and i would be long that name. i like it. >> kate, thanks. >> thank you. kate kelly coming up financials popping over the last month but is that rally for real? the traders are split. we're heading inside the hotel industry with the ceo o

exxon mobil said no harmful emissions have been connected. a gas station worker told our nbc affiliate after the explosion happened his boss called him and told him to raise the price by 5 cents. a few weeks ago, inspectors completed a safety inspection of the refinery but did not include the area where the explosion took place. >>> today, the white house's summit on violent extremism enters its third day. leaders from 60 different countries traveled to washington for the event. yesterday, president obama warped that terror groups are luring poor and uneducated muslims with money and twisted interpretations of religion. the president insisted we are not at war with islam. tracie potts has the latest from washington. ♪ >> reporter: the pain is still very raw in preston, arizona, where friends len family mourn the death of kayla mueller, at the hands of i.s.i.s. >> i have a hole in my soul that will never be replaced. >> reporter: since then another video shows the beheading of 21 egyptian christians including one executioner who sounds america

. >> reporter: the thunderous explosion at the exxon mobil refinery was so strong. >> my house shook. >> reporter: many thought they were in an earthquake. >> you could just feel the vibration. it literally felt like just a pulse going through your body. a sonic boom going. >> reporter: the blast ripped apart buildings and damaged cars on refinery grounds. four workers received minor injuries. >> it was a gasoline processing unit where the explosion occurred. >> reporter: but it's unclear why it happened. exxon mobil says we will conduct a thorough investigation of the cause of this event. >> it's pretty good size flare-up there. >> reporter: after the explosion a giant flame burned atop the refinery's flare stack. it's like a safety valve releasing pressure when there's a problem. neighbors see the flares on occasion but say this was bigger than normal. >> i just saw the flames going up in the refinery. and i saw some ash starting to drop. >> reporter: many noticed the ash falling from the sky. this car coated in soot was 2 1/2 miles from the refinery. no harmful air emissions have b

it happened just before 9:00 this morning at the exxon refinery in torrence. christina gonzalez, what have they been telling you? >> reporter: the injuries were minor. these people got checked out of the hospital with minor injuries. when you are looking at this kind of damage, look at this. from sky fox, looks like a bomb went off at one of the processing units of the exxon refinery in torrance. they have let to figure out what caused the explosion. employees say it began with a smell. >> i smelled chemical smell at first. i went and looked and didn't see anybody evacuated so i went back to the electrical room. >> reporter: half an hour later. >> i heard a blast. a very large blast. an explosion. and my whole area shook. >> reporter: according to cal tech, it created shockways equal to a 1.7 earthquake in the area. >> right away you think earthquake? >> it could have been an earthquake, nope, it's the factory. >> reporter: the exxon refinery. >> we found there was still some active fluid on the ground. as a result of the explosion, the fluid, gasoline, it was

, exxon down 1.6%. depravity. that is the word to use, local police officer in an iraqi town st. isis round of 45 people and burn them alive. fox has not confirm those reports. refuses to call them islamic terrorists. day 2 of the white house summit on violent extreme is an starts today. listen to what vice president joe biden says is one of the goals. >> we are here today because we all understand that in dealing with violent extremism that we need answers that go beyond a military answer. we need answers that go beyond force. stuart: come on in colonel ralph peters. this audience wants to see you. i want to bring to mind of the editorial president obama rogan los angeles times. twice he mentioned winning the hearts and minds of potential terrorists. don't use force when their hearts and minds. what do you make of this white house summit? >> i have got a much better chance of dating every female star in hollywood and he has of winning the hearts and minds of jihadis. the administration, they are living

four workers were treated for minor injuries. >>> now that exxon mobile refinery produces about 8% of sold in california. oil industry experts say that's one reason why prices will go up. >> alex you witnessed the price already going up. >> reporter: prices have sort of been creeping up in the bay area over the past month. this morning, we witnessed a big jump at this station where we've been all morning in walnut creek. this morning out here, the early birds, they got the cheaper gas. take a look. when we first arrived a gallon of regular was selling for 2.85. an hour ago, we watched the attendant come out and change the signs, bumping the price up here 4 cents to $2.89. there was yesterday's huge education motion and fire in northern california at the exxon mobile refinery. remember the tesoro refinery in martinez remains shut down because of a labor dispute. that led to a steady increase in pump prices. analysts say things will get worse. some forecast as much as a 10% spike in gas prices across our state because of those two shutdowns. drivers we talked with this morning are braci

. >> gold bounced hard -- an explosion rocks and exxon refinery today. four workers were slightly hurt, but no signs of foul play. get ready for the third auction of bitcoin from silk road. bitcoin prices have fallen about 52% speaking the winners we now know who plunked down 300 grand for dinner. the winner was fisa ceo shane smith -- vice ceo shane smith. two of the hottest tech startups around -- snapchat raising more money -- they've been talking about raising funding revenue for a month. they are talking about $2.8 billion. heavy interest in this. snapchat has a valuation of between $16 billion in $19 billion. how can a photo disappearing at have such a whopping valuation? what does it tell us about what snapchat actually is? >> you know it as the smartphone app that lets you send photos to friends but then self-destruct within 10 seconds. founding in -- founded in 2011 -- at the start of this year snapchat is pushing the on those snaps. that is a team between cnn, vice and comedy central. the content is packaged in a cooler, hipper way that lists f

fossil fuel industry has seen a series of disasters in less than a week, including an explosion at an exxon plan in los angeles, the derailment of a crude oil train in ontario, canada, and the explosion of a so-called oil bomb train in west virginia. >> i made it about 10 feet and heard the house caving in behind me. i ran out of the house in my sock feet in the snow. the house was engulfed in flames . >> was it murder or suicide? as many as 400,000 people march in argentina demanding answers to the mysterious death of the state prosecutor who was investigating the deadly 1994 bombing of a jewish community center in buenos aires. all of that and more coming up. welcome to democracy now!, democracynow.org, the war and peace report. i'm amy goodman. pro-russian rebels are now fully in control of the town following a pullout by ukrainian troops. heavy clashes continue their over the past several days despite the cease-fire agreement that went into effect sunday will stop the ukrainian military finally withdrew after suffering heavy casualties. the rebels claim the cease-fire never applied to t

one of the questions, we have solved one of the problems that we identified in exxon valdes, you need to be down howell. wait a minute. it still happened. how do you solve that? how can you fix that, but it's not a good situation, it's migratory bird season. >> as we're sitting here, there were cannons going off in galveston bay trying to keep the birds from mingling with the oil. this all feels frighteningly familiar. >> it really is amazing 25 years to the day later that this happened. >> what do we do? is there no way -- is this going to be essentially a cost of doing business deals, victim of our own success, if we're going to have this much activity on the energy front, we're going to be transporting large amounts of oil all over the place because that's our destiny economically, that's our destiny in terms of energy, we're going to have to accept that a certain amount of error is going to happen and these are going to be the consequences? >> well, one of the things in the united states we do is -- well, let me put it this way: in europe, they always -- before you start something

exxon is going to import in less than 20 minutes.he heel of conoco and world dutch shell cutting spending on the outlook. that is what we want to know is going to be in the forecast. look for potential m&a talk. ubs may see a reduction in price target. it implies double digit. >> they have less cash abroad been upside. >> can we have a moment of silence for big oil? >> i am not into moments of silence. >> they got it right. >> i have a perfect segue. this is philip. he says there is such a thing that is too much information. evidence that a high frequency of reporting lowers the cost of capital but is offset by the drain on management time. is this something you are sympathetic to? should companies -- when there is significant rules report? >> you are supposed to report what is material. i think there is some truth to this. i have to work hard to figure out what matters. >> it is a phonebook. >> i am interested in how financial markets are or are not rational. people do not know what is really relevant. they mistake volume of informa

exxon, chevron, exxon came out with their quarterly report, exxon and chevron winters on the dow -- winners on the dow jones industrial average. telecom also a big group, and we saw verizon and at&t also leading the way. worth noting that oil itself has been up three days in a row. we haven't seen that since august. and the other side of the coin, by the way, would be airlines. they got hit hard. you had higher oil, concerns about, obviously, two storms in a week, cancellations, so that group got hit hard. and shake shack came under some pressure, charles. back to you. charles: all right. digesting those shake shack gains, i couldn't help it, nicole. okay, guys, here to help, jim frischling, president of new oak capital, hillary kramer, president of a and g capital, matt mccall, founder and president of penn financial group and darren wolfbrg. okay, guys, a crazy session. let's do it, let's dig into the first real, real deal. seesaw all the way. could have gone either way, to nicole's point, but stocks gained an amazing amount of traction, the dow finished up almost 200 points, and the rall

the second largest company in exxon. apple right now is valued at more than double the value of exxon mobile. apple is gm, ge, mcdonald's, and walmart together. they would have between the 19th and 20th highest gdp if it was a country. if you want to get the to valuation, add the entire size of the economy of iceland, jordan, lebanon, new zealand, kuwait, ireland and you're not quite there. if apple gave the world an announce, every single human being on the earth would get $100 from apple. that is how big apple computer is with it's stock price today. that's the kind of news day that today is. it's just weird. today was also this kind of a news day. that brought us this from idaho. i have to say if you're a toddler watching this program, hi, ask your mom, dad, or a responsible adult near by if it is okay for you to see this next part. it's from idaho. brace yourself. this is their state representative vito barbiari. today, a bill about abortion restrictions. he voted to impose those new restrictions. prohibiting them fr

. >>> an a explosion at an exxon mobil refinery rattled a southern california community with residentshey just experienced an earthquake. it sent flames in the air and ash-like substance to the neighborhoods. authorities say the power of the blast equalled a 1.7 magnitude earthquake. four people injured. a disruption to production is likely to spike gas prices in california. >>> we're in the surveillance video of the fatal crash involving bruce jenner. law enforcement source says the video appears to show that jenner started the chain-reaction crash. jenner's suv reportedly rear ended two cars including the lexus of the woman who died when her car was pushed in to oncoming traffic. police are considering citations that could lead to criminal charges. >>> a man who was about to go on a tour with rapper nicki minaj was stabbed to death after a bar fight in philadelphia. the killer left another tour member in critical condition. minaj tweeted the men were in the city for rehearsals. she described the man killed as a great guy saying he was taken by another senseless act of violence. >>> p

the oracle of omaha is bailing on exxon mobil.investment -- ending a $3.7 million investment. buffett eliminated a smaller hold in conoco phillips. a big surprise at the westminster kennel club were a beagle became america's top dog by winning best in show. today, she will meet with none other than donald trump and make her broadway debut with a walk-on part in the hit musical "kinky boots." she will be getting a steak dinner. >> very good. to howard ward, chief investment officer. he has been rewarded with patients on apple -- patience on apple you had a believe in the persistence of their product. >> the financial success made possible by the product success. the iphone has exceeded all expectations. this is a stock that is now up 100% over the last two years. two years ago, it was being criticized for lack of innovation and tim cook was being criticized for not being steve jobs now we see a company that is flourishing. the iphone six and six plus, huge success. revenues of $200 billion. iphone 60% of the revenue. >> is a blue-c