haverford investments' hank smith will join us. finally, kfc at 35,000 feet. starting saturday, kfc meals will be available on some japan airlines flights. it's being billed as "air kentucky fried chicken." travelers will get a two-piece chicken meal with flatbread and coleslaw. why kfc and not sushi? the fast food chain is very popular in japan, especially during the holiday season. that's "nightly business report" for thursday, november 29. we want to remind you this is the time of year your public television station seeks your support. on behalf of your local station, thank you for your support. good night, everyone. we'll see you online at nbr.com, and back here tomorrow night. captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org >> join us anytime at nbr.com. there, you'll find full episodes of the program, complete show transcripts and all the market stats. also follows us on our facebook page at bizrpt. and on twitter @bizrpt.

for more let's get out to hank smith, chief investment officer. hank, good more thning. surprised there is no more optimism in futures? >> no, not really. because here in the united states, it's all about the fiscal cliff and very interesting last week as congress was on recess on vacation, the markets were you up. you now that congress is back in seg, there's a lot of jitteriness and i think you'll continue to see this until there is a resolution at least until we see that the fiscal cliff is being averted, either with a bridge or something more comprehensive and permanent, which is highly doubtful in a lame duck congress. >> for example the durable goods orders, we've seen a fall off in investment. is that owed to this uncertainty over the fiscal cliff? >> absolutely. capital spending is on strike here in the united states and has been for a while. but the good news is 2013 should be the year that certainty replaces uncertainty. unleashing a lot of pept up demand. so we can make the case that we'll see an acceleration of gdp growth with this unleashing of pent up deman

hank smith is back with me talking about why he thinks it is time to buy the blue box. just could not muster it. that is not the only name you are coming to us with. you are saying by the cliff. where we are too close to the edge, 1000 points or so. by and on that. let's begin with tiffany. >> today was obviously a mess. look at today as a buying opportunity. you have an iconic brand that is building out globally and this is an emerging marketplace. an aspirational class and emerging class. we are also creating more and more wealthy people globally. liz: does it worry you that china is stumbling a bit? are people trying to really beat it down. that is really hard for a retail investor to control that. >> tiffany is not a steady eddie like coca-cola. the key is the long-term outlook looks good for this company. take advantage of these types of selloffs. the economic data is starting to turn and look better here. i think china will be a good toy for tiffany maybe not near tar. liz: it has shown that revenues are shrinking in the major parts of its business. that is anothe

liz: for more on stocks's recent slide, let's bring in hank smith, chief investment officer, thanks for. glad we got this in. jobless claims, the philly fed was out this morning. what bothers you the most about the economic data we got today? >> the economic data is hurricane sandy and we knew this was going to happen. we also knew that europe was in a recession so that early-morning report was no surprise. i think this has everything to do with the uncertainty of the fiscal cliff and whether this lame-duck congress will bridge the fiscal cliff into 2013 or whether we fall over the cliff and if we fall over the cliff or if the market senses we are we are going to be looking at dow level lot lower than the day. tracy: even if we fall off the cliff in the esoteric sense, we could still retroactive everything back to january 1st and full our own. >> that is true. the economic impact would be limited. today's vigilantes' reside in the equity markets, not the bond markets. the equity markets, much like they did in the fall of 2008 when the first t.a.r.p. failed, they will respond violently i