do you think it has anything to do with the koch brothers and exxon mobile pouring huge amounts of money into the political system? that's what goes on in america. i am not -- [ cheers and applause ] there is a reason. there is a reason why these people are putting huge amounts of money into our political system. in my view, it's undermining american democracy and allowing congress to represent wealthy campaign contributors and not the working families of this country. >> i don't think you can find any person in political life today who has been subjected to more attacks and had more money spent against her by special interests, among whom you have named a few, than i. i'm proud of that. when i took on the drug companies and the insurance companies for universal health care coverage, they went after me with a vengeance. today you have hedge fund billionaires aligned with carl rove running ads against me to try to get democrats to vote for you. i know this game. i'm going stop this game. while we're talking about votes, you're the one who voted to deregulate swaps and derivatives in 2000,

shares of exxon mobil falling today.he world's biggest oil store cutting its budget to a 30 or low. -- 30 year low. takatside panel finds that ta had no program in place to -- theality problems airbags have been blamed for 11 deaths. that is your bloomberg business slash update. julie: we are seeing this acceleration of losses as the day goes on. dowmajor averages, the falling to its lows of the session. now down it nearly 300 points as we head closer to the closing bell. we've been watching a lot of the auto related shares today. we start with tesla. from 450. the shares rose today. another car stock getting hit is for. errari.ar this is a slowdown of growth. the shares down by 13%. we heard from a number of automakers today on their u.s. sales. even the many of the companies -- there are concerns that auto sales in the u.s. are peaking. we did hear from auto data. light vehicle sales at an annually adjusted rate of 17.5 million units. there is this perception that we are nearing a peek in auto sales. you have the five-

do you think it has anything to do with the koch brothers and exxon mobil pouring huge amounts of money into the political system? that is what goes on in america. i am not -- [ cheers and applause ] >> you are the one who voted to deregulate swaps and derivatives in 2000 which contributed to the overleveraging of lehman brothers which was one of the culprits that brought down the economy. so i don't know, i don't -- i'm not impugning your motive because you voted to deregulate swaps and derivatives, people make mistakes and i'm certainly not saying you did it for any kind of financial advantage. >> i want to bring in msnbc hard ball host chris matthews. boy, somebody gave them both some red bull last night. >> it was one-on-one. one of them is going to be the nominee and one is not going to be the nominee and that's it and that's history. >> did we see any clarity on that last night? >> i thought secretary clinton was well prepared for a lot of the charges that bernie has made against her and some other people have and i thought she was ready on that definition of a progressive. she po

. >> you have to anticipate, bay xle or exxon mobil or get a yield out of it. >> buy now. >> dip a toe in, don't buy a full position in anything right now but if you're going to buy you have to go with a big name like that already up on the year. >> who says dipping a toe is a good idea? do you? >> no. >> not from the short side. >> exxon mobil at $81 is 22 times forward earnings, an expensive stock in this environment. the answer is no. >>> still ahead the showdown with the government has created a very unique situation at apple and can hold the key to a win-win trade. we'll explain. i'm melissa lee and you're watching "fast money" on cnbc, first in business worldwide. here what else is coming up on "fast." >> want to see something else scary. >> check out the so-called safety stocks because they are doing something very strange and it could signal a major shift in the market. >> plus. >> they can't deny the fact that you like me. >> that's because "fast money"'s going to the red carpet in search of oscar worthy trades for your portfolio, and the names might just surprise you. that's

exxon mobil reported a drop in profits as well. earnings-per-share beat estimates but they are still declining. this is a real result of the real price to climb. conjunction, a sharp drop in a treasury yields. julie: yes, it is remarkable. 1.87%, which is the lowest since april so investors are ramping back their expectations for the federal reserve to raise rates this year. but they aren't just buying treasuries, there are other places that investors typically go for safeties as you take a look at gold. that is one of the places we see it go. people are buying the yen. betty: thank you so much. we will keep a close eye on these markets. let's check in with on the bloomberg first word news with vonnie quinn. vonnie: thank you. good morning. are underwaytalks in geneva. but the expectations are not very high. a united nations mediator met with syrian opposition leaders yesterday. there will be a government delegation today. the two sides refused to negotiate directly with each other. the pentagon is asking for a 35% increase in fund

let's start with the daily chart of exxon mobil. in late october. he said exxon would basically trade sideways despite seesaw like action. between then and now, the stock is pretty much unchanged. sideways, from the case he made in october. exxon broke down below its average causing the stock to plumet. then went through a volatile, erratic period from rallying dramatically. breaking out above both its 50-day and 200-day average. in short, exxon spent the past month roaring higher. plus, he notes when you look at the moving average, that's up here this time, which helps technicians predict change, it's tracking higher. that's pretty positive. mean whim, the accumulation distribution line, the ad line, a way of measuring supply and demand, is extremely positive. kind of amazed. however, he's worried that as exxon has been rallying t volume has been declining. it's right here. that's a polygraph. when it comes to charts, we find -- can be deceptive. overall, he thinks technicals look good for exxon, but he's skeptical pha the price can keep getting hig

lagging the industrial for quite some time now. >> one stock is exxon mobil.ugly. not as bad as bp seeing a record annual loss but exxon mobil has been cutting for a while now. that slide in oil prices really hurt it. and that really falls on the heels of bp which we saw earlier today saying it lost $6.5 billion. let's get an idea of the long-term damage. from theyour take away companies we have seen reports >> bp only a few months sizing talking about themselves to live with $60 oil and now it is below $60. we are seeing chevron which used to be fairly consistent with oil prices having to come back. it really talks about protecting the dividend. budget and even exxon isn't immune but there may be something else going on. exxon talks about being able to means or the cycle which the best time to invest is when it is cheap. even exxon is cutting back. part of that is prudence. they want to protect the balance sheet. that maybe they are preparing for m&a which has been the missing factor in the markets. >> he will have 10 major projects coming online over the nex

exxon mobile says s at the profit in the 4th-quarter was down 58% compare today last year. the prices have been at the lowest level in more than a decade. and bp says their profits fell 91% if the 4th-quarter compared to the year before. they are cutting 3000 jobs by the end of next year, that is in addition to the 4000 workers that the company already said they are going be laying off. and would you buy an expensive sports car if you could not drive it yourself? want full control of th vehicle. bmw and mercedes working on cars. and that is your cbs money watch report. i am jill wagner. >>> justin and rebeca have the weather for us after this. but fist a take a look at the weather advisories are now in effect through tomorrow morning. heavy snow is possible, especially near and north of highway 20. to the south, rain and ice possible and could lead to slick roadways. for totoy, in the so >>> winter s srm warnings and winter weather advisories until tomorrow morning. to the north, snow continues, so it is not quite over just yet. we are goingo get dry time but the roads, not

exxon mobil not much changed following its drop after earnings yesterday.te that big buildup, we are seeing oil come down, but not a huge move. julie: not a plunge. sometimes you see delayed reactions. we will see what happens. and if the dollar is down -- the dollar is also taking a leg lower. betty: thank you, julie hyman. there could be big changes in store for the nation's air traffic control network. under a proposal out today, the faa with the overhaul. the job of guiding planes would be put in the hands of a new nonprofit. airline passengers would not be able to talk on their phones while on the air and some baggage fees would be refunded if the bags are not returned. joins us now from the hill. congressman, thank you for joining us. this is a pretty big revamp. how do you plan on getting this through congress? >> thank you for having me on this morning. we intend to introduce the aviation innovation reform and reauthorization act. it is a challenge, but this is a transformational bill. it will separate the regulatory and safety function of the faa a

this happened at the exxon mobil on big bethel road near hampton highway around 6:30 saturday office says the man showed the clerk a gun and demanded cash. it is not known if he got a way with any money, but he ran away from the scene. the man wore a surgical mask and all black clothes. if you saw him, or know remember, you don't have to give your name when reporting a crime. norfolk police need your help to find whoever sent three people to the hospital during a drive-by shooting over the weekend. one of the victims is just 13-years-old. it happened around 3:30 yesterday afternoon near widgeon road and partridge street. that's just a few blocks behind norview high school. paramedics took that 13-year-old, a 16- year-old, and 20-year-old, to the hospital. police say all three victims should recover. officers say a man, driving a blue s-u-v, fired several shots at a basketball court. neighbors tell us the court was crowded with people playing in the warm weather no super c23 5:34 - my first instinct was like to see if my brother was out there because i knew he was going to play basket

microsoft holds the number three spot and facebook following a strong showing as passed exxon mobil into the number four spot. >> the wall street journal is reporting yahoo will announce job cuts when it releases its quarterly earnings today. marissa mayor will lay out a cost cutting plan to include cutting about 15% of the work force or approximately 1600 positions. the cuts would come as a key investor in yahoo is pressures the board for a management change. >> consumers cut their spending flat in december and instead boosted their savings to the highest level since december 2012. income in december increased three-tenths of a percent, matching november's gain. the higher income and flat spending pushed the savings to 5 these latest numbers underscore how cautious consumers were feeling at the end of the year. >> free snacks returning to the economy. on monday and soon free snacks will be available and back for american airlines coach class customers as well. american is also adding more free in-flight entertainment options. free snacks may not be a huge change in how airlines operate

oil giant exxon mobil is already facing a criminal investigation over similar charges that it mislead investors and lied to the public about the risks of climate change. the white house has announced president obama will visit argentina later this month in a trip that signals a "new era" in the two countries' relationship, only months after argentina's new right-wing president mauricio macri came to power. deputy u.s. national security adviser ben rhodes said he expects the u.s. and argentina to have a closer economic relationship moving forward. >> with respect to argentina, we definitely anticipate there will be a closer partner on a range of issues, in fact, president macri has been a strong voice for democracy and human rights in latin america. he signaled he would like to have closer economic and diplomatic cooperation with the united states. we believe this is a new beginning and a new era in our relations with argentina. massives comes amidst -- the dismissal of nearly unionized public sector workers, 20,000 and the elimination of taxes for mining corporations. macri's has also

exxon mobil, 81 bucks. that's pand out. can you come back to us on that trade. >> absolutely. basically i suggested having a relative value view on momentum versus value, you know, so s&p looked expensive. some of these tech names look expensive so what looked cheap? cheap sectors within s&p were, for instance, materials, energy sector, multi-nationals, so companies that have a high dollar exposure because our thesis was primarily multi-asset thesis. we were thinking that dollar will at some point need to weaken. fed will need to fall in line a little bit more with the rest of the world rather than diverge even more drastically from the rest of the world which will help the commodity sector so we -- i highlighted goals so goals work well both when you have a very sort of risk averse investor and may also do well when you have and reflattionary type of trade so gold, energy, emerging market as well relative to developing markets so these work with the various degrees of return, so i would say the gold thesis is the best. >> you're sticking with the thesis calls. >> i'm sticking

microsoft remains in the number three spot, exxon mobil passed facebook which had been in the number four spot. >> the internal revenue service suffered a hardware failure which left many services unavailable. the outage could affect refunds but the i.r.s. is not anticipating major disruptions. the i.r.s..gov website still remains available pu where is my are not working. the i.r.s. is making repairs and hopes to restore normal operations as soon as possible. >> a huge recall of deadly air bags expands to include more recent car models. air bags at risk for exploding when they inflate. that could cause injury or death add wheel. the move prompted the biggest recall in american history. now the national highway traffic administration says tocatta told a dozen auto makers that newer models are at risk as well. >> toyota is ending its scion brand. scion was started to target younger buyers while products were related to toyota vehicles. they have a unique style. the market changed and millennium buyers are less interested in standing out and they would rather buy cars from known and tru

profit in exxon mobil plummeted 58% in the fourth quarter. look at that.hose are the annual profits. $16.2 billion in annual profit last year. half of what it made the year before. exxon mobil is one of three american companies that have a higher credit rating than the federal government. along with microsoft, johnson & johnson. now standard & poor's is flet threatening to kick them out of that elite group. what's bad, terrible, horrible, horrific for oil companies is great for your wallet. the national average, $1.78. that's down 20 cents in just the past month. it's now more than $1 below peak prices last year. check out missouri and oklahoma, the lowest averages in the country, now below $1.50. what were you paying in iowa when you were there? >> $1.80. i think i saw $1.60. it's crazy. >> dean saw $1.49 at the costco in jersey. >> i can't imagine. i would drive to new jersey just to fill up. >> then you've got to pay $12 to get back through the tunnel. it's really good for your bottom line, but it's been very hard on your 401(k). >>> "early start" conti

fourth quarter gains at exxon mobil dropped 58%. made a profitill thanks to exxon's refining and chemical businesses profiting from low oil and natural gas prices. the price of a gallon of oil hit twice $7.10 last month, the price in 14 years. results are far worse for bp. it's profits nosede by 90% with aurth quarter ended $3.3 billion loss. overall, the oil giant lost $6.48 billion compared to $3 billion in profits the year before. as a result, bp has announced layoffs in the near future. 4000 jobs will disappear in exploration and production and another 3000 in marketing and refining by the end of 2017. global demand has dropped while top producers refused to cut their output, forcing prices down. russia pumped a record amount of crude oil in january. though moscow has suggested meeting with opec countries to resolve the crisis, none has been scheduled. kate: to ireland next were the government is hoping the recovery will bring irish people who emigrated back home. ireland's now spring -- experiencing strong economic growth. repo

exxon mobile and bp watched prices plunge. mystery meat is on the menu at taco bell. the fast-food chain will be officially unveiling the meat sunday. preorder. taco bell says it's a blend of two foods they call it the big and how about a burger with a side of books. starting today, and until the middle of the month when you order a happy meal at mcdonald's you will get a book. million books. they will be pee teeth so they fit in the happy meal and they have a valentine's day themeincluded in the happy meal is the classic padding tin so parents could get behind that. >> that's a great idea i wonder >> why not. get a little book and read it. >> reporter: at least it's not mystery meat. i am with you on that. >> the mystery meat kind of throws you. >> that's not good. >> reporter: i want to know what i am eating. >> we will on super bowl sunday jill see you in an hour or so. thank you very much. >> we need a check of the forecast on this wednesday. and we were talking about maybe to keep the umbrella handy for later in the day. >> right. >> danielle. we resort to you. >

and belt tightening is underway at blue-chip energy companies like exxon mobil, which reported a 58% drop in fourth quarter chevron recently reported its years and bp says it will slash 7,000 jobs by the end of 2017. michelle patron: you havoil producing companies that have that can breed instability. they are now going to have to curtail spending. scott: until last year, michelle patron was president obama's special assistant for energy and climate, where she had a front row seat to the geopolitical ramifications of fluctuating oil prices. michelle: if you think back to the 1980's, the last period of low prolonged oil prices, you think back to some significant global events, including low oil prices contributing to the fall of the soviet union. scott: this oil bust is rattling stock markets around the world. u.s. stocks produced their weakest start in january since 2009. patron says that cheap oil could also impact the banking sector and that too is contributing to a jittery stock market. michelle: particularly the independent companies that are active in u.s. shale and borrowed hea

profit in exxon mobil, the nation's largest oil company, plummeted 58% in the fourth quarter.t profit showing in maybe decades for this company. $16.2 billion it earned last year, half what it earned the year before. exxon mobil is one of three american companies that have a higher credit rating than the federal government. microsoft, johnson & johnson are the other two. standard & poor's is threatening to kick it out of that group. it will be watching it closely over the next 90 days. >>> what's bad for oil companies is great for your wallet. the national average for a gallon of regular, $1.78. down 20 cents in just a month. down $1 below the peak oil prices that were hit last year. the gas peak, rather. check out missouri, oklahoma. those are the lowest averages in the country. they are below $1.50. kansas and arkansas are not far behind. but that, you know, that crash in oil prices has just been so disruptive for investors. you know, and oil prices -- oil companies are a chunk of the s&p 500, so it hurts your 401(k), but it sure helps your family budget. >> i was going to s

i certainly think it's time for the exxon mobils and the other fracking companies to pay their fair shareand i think we always want to make sure that citizen's voices are heard in the discussions when it comes to the regulations and zoning of an industry like fracking. >> you would be new in washington. what would you be able to do? what role would you be able to play to get those things done? >> some pieces of this are federal law. for example, right now, and there's just no justification for this, the oil and gas industry enjoys loopholes. one is called the halliburton loophole. that means these companies don't comply with clean water and clean drinking water regulations like other industries do. there's no reason for that. i would work to close that federal loophole. there are other initiatives that need to be taken like requiring some of the chemicals and other things used in the process to be fully disclosed. bob casey has been a leader on these issues. pat toomey has opposed him in that protection, but i'd be a partner with senator casey in moving forward in these important directio

exxon mobil--- the largest u-s oil company--- says its profit in the fourth quarter plunged 58 percent compared to the same time last year. an over supply of oil and weak demand to their lowest level in more than a decade. british based b-p says its profits fell 91 percent in the fourth quarter... compared to the year before. b-p says it's cutting 3 thousand jobs by the end of next year... that's in addition to the four thousand workers the company already said it would be laying off. and would you buy an expensive sports car... if you couldn't drive it yourself? porsche says it's going to buck the trend... by not going down the self- driving road. porsche says its customers want full control and handling of their vehichle. bmw and mercedes are working on autonomous cars. and that's your cbs moneywatch report. for more follow me on twitter at jill wagner cbs. at the nyse, i'm jill wagner. on wall street at noon, the dow was down 240 points. the nasdaq was down 65 points. forget about the super bowl, there's another bowl game happening this sunday! we're talking about kitten bowl three,

look for earnings from exxon mobile and pfizer today. and yahoo reports earnings this afternoon and expected to outline a restructuring plan. the "wall street journal" says that could include slashing 15 factor of his t core workforce or 1500 jobs. and google beating wall street's earnings forecast thanks to dollars for mobile advertising. surged 5% in late trading monday and if that holds today alphabet will over take apple as the world's most valuable company. >> just ahead in sports. the panthers and broncos are blitzed by the media in opening night. more leading up to the big game. ♪ (cell phone rings) where are you? well the squirrels are back in the attic. mom? your dad won't call an exterminator... can i call you back, mom? he says it's personal this time... if you're a mom, you call at the worst time. it's what you do. if you want to save fifteen percent or more on car insurance, you switch to geico. it's what you do. where are you? it's very loud there. are you taking a zumba class? announcement: thisbiggest of the decade.the wi

santa barbara county officials are endorsing an oil-spill-cleanup-plan proposed by exxon mobil. the oil company plans to move more than 17-million gallons of stranded oil it was left in storage after a pipeline break on may. the spill caused major environmental damage barbara area, spreading 100 miles. exxon trucks will make up to 30 trips a day for up to six months to move the oil. the county approved the plan due to the dangers of storing that much oil, but many believe it's more dangerous to move it.### ?are you looking for a great deal on superbowl food? it's less than a week away. one restaurant is offering what it calls, "large discounts" to try and win back its customers. and, we'll take a look at how helping refill the truckee river. plus, chief meteorologist jeff forecast. "you're watching kolo 8 news now at 5:00 with sarah johns, noah bond, weather with meteorologist jeff thompson, and sports with there's a growing concern about young people suffering from mental health issues in northern nevada. dave now ... state and local officials are stepping in to try and prevent

also, exxon mobil up during that time.it has to do with big cap technology coming back and financials being the other piece of it. i also want to point out what oil has done. there have been all of these questions being asked. has oil put in a bottom. if you look at 14%, that is a pretty substantial thing. >> thank you so much. as we head to the close, the strongest weekly advance this year. here to talk more about the week that was, our fast commentary section. what do you make of this week? >> both happened earlier in the week. russia and saudi arabia agreed to free imports. obviously, we are given some of that back. they are talking at the holding level. >> everyone is wondering where that level is. people making that bet that the bottom could be in. the other thing that has been talked about is china was on holiday. sincecy was up the most the peg was removed in 2005. removing a lot of the worry here. those are two good developments. news is that we the big question i have is that we'll get stuck into another one of th

cory: as we look out to the future, do you think it is going to have an effect on the exxon mobil and of the world? tom: i can tell you that they don't think it will have an effect. what we wanted to do was look at it and say, how quickly could electric vehicles be adopted and how quickly could that start to affect oil demand? if you look at -- when a new technology is adopted, take iphone. once the iphone became relatively price competitive with other phones and was a superior product, demands have shifted overnight. it suddenly becomes not even a question that you are going to buy a flip phone, for example. when are we going to reach that point with the electric car? right now, electric vehicles are growing at about 60% annual growth rate, and that's an interesting number. that's the same annual growth rate that took fourth -- ford to become the mass-market vehicle in the early-1900's. it's also what tesla is forecasting for its own sales through 2020. you put an annual growth rate of 60% going forward, you end up getting an oil displacement of about 2 million barrels per year as ea

look for earnings from exxon mobil and pfizer. >>> yahoo! could hand out major job cuts today. they report earnings this afternoon and is expected to outline a restructuring plan. "the wall street journal" says that could include slashing 15% of its workforce or 1600 jobs and the possible sale of the kor web business. >>> watch alphabet today. it beat the earnings forecast thanks nor dollars from mobile advertising. the stock is surging 5% in late trading monday. if that holds today, alphabet will overtake apple as the most valuable company. >>> the teacher helping three escaped inmates escape from prison is free. >>> and the world health organization calls zika virus an international emergency. you're watching "first look." every day you read headlines about businesses being hacked and intellectual property being stolen. that is cyber-crime and it affects each and every one of us. microsoft created the digital crimes unit to fight cyber-crime. we use the microsoft cloud to visualize information so we can track down the criminals. when it comes to the cloud, trust and security

this time exxon mobile and bp, both said that their profits at the end of last year plunged, and that, of course, proves even the biggest oil companies are not immune to the falling oil prices. >> erika. >> we know super bowl sunday is coming up soon. big day for food, pizza and wings but now taco bellies trying to get a piece of the action, what are they doing? >> reporter: all right. the mystery meat is on the menu a the attack owe bell. fast food chain will be unveiling a meat mash up in a super bowl ad on sunday and even nba player james harden is in the commercial and does in the know what it is, allegedly. the mystery meat is available for preorder right now, taco bell will only say it is a blend of two different food. they are calling it their biggest creation, yet. i don't know if i'm a fan of mystery meat i want to know what i'm eating but taco bell says they will not be disappointed. >> mystery meat does not appealing in middle school cafeteria i don't think they think it will work now as grown ups. >> we will see. >> thank you. >>> two south jersey high schools come togethe

exxon mobile and bp both said that their profits at the end of last year plunged, proving that even the biggest oil companies are not immune to this huge drop in oil prices. >>> uber, meanwhile has a new logo, inspired, they say by adam and bit, uber ceo says it is trying to bring out human side of the company and this comes a day after uber drivers in new york city went on strike after fair reduction that is cut into their paychecks. as for that new logo they have taken to social media to say they do not like it. >>> how about a burger with a side of books? through february 15th when you order a happy meal at mcdonald's you will a's get a small book, one is classic paddington, other 36 a valentines day theme, and mcdonald's wants to hand out 17 million books, i love this, we will see how this will go over with the kid though. erika. >> it is tremendous, what a great idea. who doesn't like padding ton and valentines day theme too, it is great. >> reporter: as long as you weren't expecting toys, right. >> level of expectations there. >> jill, thanks very much. have a great day there 5:38

they are moving out of the names into a name they feel there is no way they cut the dividend in exxon mobile. i think exxon is too rich. i understand what people are doing but i don't think the valuation makes sense. >> let's check on the shares of disney near the lows in the after hours session. if the stock opened here this would be a fresh 52-week low for shares of disney. 87.15. ceo speaking on the call. we'll get analyst reaction and hear what he has to say."fast ." here's what else is coming up. ♪ everybody was kung fu fighting ♪ >> that describes the difference in growth and value stocks but a winner is he emerging and it couldfolportfolio. plus deutsche bank is holding the market hostage and the ceo scared the ceo with a message. we'll tell you the word that is had some drawing comparisons to 2008 when "fast money" returns. >>> welcome back. one man's trash is another man's treasure and that could explain why slow growth names like utilities and telecom are up. consumer staples, the third best performing sector. the value stocks are getting perhaps valuable. one man who knows trash f

exxon mobil failed to replace all of its oil and natural gas that it pumped last year in new discoveriesserve replacement ratio fell to 67%. the for that, exxon had achieved 100% or higher for 21 consecutive years. icahn has been losing value. the company is put on creditwatch negative, triple b minus. elon musk finally owns the domain name, tesla.com. it was unused for 24 years. elon musk had to settle for s.com.otor it is not clear if the engineer sold the name to elon musk. that is your bloomberg business flash. "what'd you miss?" capital controls could make things worse for china. that is according to our next yes, professor at cornell university and senior fellow at the brookings institution. guest, professor at cornell university and senior fellow at the workings institution. why don't you think capital controls will work? puthat china needs to do is ento place to stabliz expectations, rollout fiscal and and make someres steps to convince markets they are pushing the economy in the right direction. if they just try to control the it willof capital, create more panic-driven flows of

exxon mobil just posting its fifth straight quarterly profit decline.ow, fidelity select energy portfolio manager john dowd, joining us from boston. bad news for energy companies today, as an investor, how are you dealing with the bleak outlook and oil? if you look at the fundamentals, it could be the time to buy if you take out what will prices are doing. john: the old adage is buy low, sell high. it's been a proven recipe overtime. the question is -- does it go lower first? it's a perfect environment for stockpicking. if you can find a good management team with a good asset base and a low stock price and a good balance sheet, a company that will be able to see it through this downturn, i think things will be better eventually. >> is exxon one of those companies? it beat the street estimate? john: exxon has been one of the biggest holdings in the fund. i put into the fundamental balance sheet and its strength in this type of environment. i haven't had an environment to look at the quarter. matt: shares are down 15%. what you think about the management