scott martin, do you agree with that, a lot of dollar pressure? >> yeah i do.an was actually back in chicago, i don't know where he is, it looks pretty nice i by him a high-five. i think he is exactly point to. angelo's point, there is reason apple's evaluation could be compressed. sure, trading eight times post cash but it was 12 last year and 15 before. it is going the wrong direction. i think about it, apple is overon the other hand. think about your friends, cousins, family members, they probably own apple. everybody seems to own the stock. if undeed hypothetically we're going into slowdown, possibly recession there will be a lot of people running for exits here, meaning a lot of sellers. david: did i hear jo wanting to chime in again? go ahead, jo. >> hey, yeah. looking at profitability what that means going ahead especially for investor out there. apple projecting gross margins are actually going to be between 39 and 39 1/2%. that is below consensus estimate about 40% or at least the street was looking for. combine that with lower revenue outlook plus the

scott martin your response. you're saying subprime loans. low interest rate. >> auto sales are largely subprime loans. those aren't good, sustainable sales. that's a flash in the pan. if auto sales are so good, why on those numbers is ford tanking? why are some other automakers tanking? volkswagen has its own problems but u.s. automakers. another thing going on, emac mentioned it. s&p 500 companies, sports fans, get 50%, five zero percent of earnings overseas. you know what that means europe contracting china slowing down, that means s&p earnings will be disaster. >> addendum to what scott is saying s&p capital iq, bank of america, merrill lynch, saying quarterly earnings coming in, corporate earnings season kicks off next week. talking anywhere 4.6% negative downturn, up to 5%, 6% downturn in corporate earnings. david: hey, scott, i want to go back to scott martin for a second, if in fact the fed made a mistake, there are a lot of doves in the fed probably didn't want to see a rate hikes at all, if they made a mistake will they come back an

scott martin. we got a lot of weak number, it is not just about oil, walmart announcing they are closing about 150 stores in u.s., and hundreds morelle more, elsewhere. we have retail numbers down, it the market forecasting a recession? >> i think so far it is forecasting more bad news, if that continues that streak continues it will be a recession by middle of summer. this goes to back to some we talked about on the day it happened, that is the fed making a major policy mistake last month, this is the fallout from the fed saying that everything is okay in the economy, everything is okay in the credit market, kicking that liquidity punch bowl away. that is what the problem it. david: how much longer could we have had zero interest rates? >> i think you are right, the fed did that wa right in december. but as famed ebb couldist paul samuel said, the stock market predicted 5 of last 9 recessions, just because there is volatile does not mean that u.s. economy is near recession. we justedded 292 thousa

here to talk more where the markets go from here, scott martin, united advisors chief market strategist and fox business contributor. so, scott, the markets couldn't gain traction today, looked like they would be up well over 200 points. came way down. cut that in half. nasdaq was almost negative. why can't they gain traction? >> one of those markets, david, you get any glimpse, any unlocking of door to get out of your long position you take off, you run right through that door. i think one the scary things or not so constructive things about today was, the rally looked good this morning but it wasn't all say puppies and ice cream. you had financials lagging. you had health care down today. consumer discretionary was strong but not as strong as you expect it on a big up day. so the names out there that have been pummeled or continue to lag on these up days. david: some people have conspiracy theory out there machines are doing betting now. that the human beings pulled back and these are program trades kicking in. any truth to that at all? >> yeah. i think when you see these big crazy mo

scott martin, and gary kaltbaum, caught obama capital management and fox news contributors. sort this out for me. scott wren what happens tomorrow? >> the reasons we sold off today are no different than what we've seen in most of the last 12 months. it's oil, cheers about china and panic selling setting in. for me the fundamentals they haven't changed. just think december 2nd we were within shouting distance of a record high on the s&p 500. you're tilling me that six weeks later fundamentals have changed? they have not changed. i think this is overreaction. melissa: is it overreaction, gary, or reality of the situation setting in that the market was built on false principles what is going on with federal reserve? look at data, at low of the session we were down 1300 points for the dow so far this year. still second week in january. what do you make of it, gary? >> for me price is reality. i don't look at things as under or overreaction. i am a huge believer market is flushing out recession going forward. you will see minus one and minus 2% gdp come middle. year. melissa: let

eric bolling and scott martin weigh in on wild market swings.es of benghazi blockbuster film, "13 hours" with soldiers that stepped in to help after being told to stand down. we'll talk with people about what happened on fa fateful night and movie. david: threatening high winds, ice, up to three feet of snow possible in some areas. we have latest details where the storm is heading and who may be in the clear. melissa: but first, back to, grabbing for gains, scraping for gains in final moments of trading. [closing bell rings] dow is up about 113 points. closing bell sounds on wall street. here is where we are ending the day right now. s&p 500 up about 10 points. nasdaq composite in the red on the day. crude oil trading higher but still below 30 bucks a barrel. david: lori rothman at floor of new york stock exchange. it looked like it was going great guns and kind of petered out the end of the day. what happened? >> we'll take it, david dow closed up 113 points but. obviously we hit the august 25 lows yesterday many many traders

we go to market watcher scott martin and gary b. smith. gary, what do you think? >> well, i think we go down from here. i think that gerri pretty much summed it up, and i think her key point there was the rest of the world is kind of in economic dismay. i don't see how you can grow, even maintain 3% growth, which by the way the fed doesn't even think we can maintain now. if china is pulling back. they have their slowest growth in what, the last nine years or so. i mean, you look at that, you look at metrics like what goldman sachs is forecasting for s&p earnings, minus 7% growth. you look at retail spending. i think all the signs there are for a bear market. >> you know, scott, you've got to wonder at our worst levels today the dow had lost 2,000 points on this still relatively young year. we were staring at a bear market type of retreat. we pulled back. but only in this kind of market can we say a 250-point loss is a relief. what do you make of it? >> only in this kind of market, neil, can you go out for lunch and come back and see 500 points back the other way.

scott? >> david martin at the pentagon. david, thank you. >>> today, president obama hit the road to sell the ideas he raised in last night's state of the union address, his last. the first stop was omaha. the president spent 40 minutes meeting with high school teacher lisa martin, who moved him with a letter in which she had expressed a sinking feeling of dread and sadness about climate change. mr. obama's address took a number of jabs at the rhetoric of donald trump, and then many were surprised when the republican response did the same. major garrett is on the campaign. >> as frustration grows, there back into our respective tribes, to scapegoat fellow citizens who don't look like us. >> reporter: following the president, south carolina governor nikki haley, the daughter of indian immigrants, echoed his message of tolerance. >> during anxious times, it can be tempting to follow the siren call of the angriest voices. we must resist that temptation. no one who is willing to work hard, abide by our laws and love our traditi

. >> they tore down the vacant house, scott and martin. the city has a program to level problem places, long before they have a hazard. >> what you have, much higher level of vacant properties. i don't think our fire volume has increased. vacant fire to occupy the structure. covington, there's currently 1,522 abandoned structures in the city of covington. last night's fire, is still under investigation from the fire. rob, it's a sad case. this building was built in 1869. >> and such an unnecessary danger to the firefighters. when they tear the buildings, who pays for that? do they charge the land owner. >> they do. they do charge the land owner, property owner, if they can find them. all too often, the buildings, many of the abandoned buildings, the firefighters described as ownerless. they can't find them the owner. bank has taken them over. the city ends up paying >> and two of them appeared to have been intentionally set. he thinks both times, it was set. >> local high school students cope with the loss of classmate and friends. lauren willfong died in a car accident last night. wil

scott martin martens says they are very much overblown. half full version of this glass. >> we are seeing what the market has done to us in the last several years. having these overreactions to negative data. the investor has ran for the sideline. don the asked questions, shoe first asked questions later. what i will tell you, though, there are some underlining that are concerning. this is a overt corrective phase with me. >> debbie downer. >> scott seems to put it in the camp of, well, this is business as usual. the worst ever in the market in january. we have oil out below $30 a gallon. we have people not making any money. we have people that cannot find jobs. we have home ownership actually dropping, neil. a good part of the money underwater. >> what happened to you, by the way? you are a different guy. [laughter] >> no other evidence. how can you have an economy that is solid? walmart to macy's. >> not really just of the economy anymore. everything is done online. make in the economy stronger. i like what he is doing. now, i think you

scott. >> david martin reporting tonight. david, thank you. >> well, worries about china's slowing economy shook up financial markets again today. the dow closed off 252 points. oil finished below 5 a barrel for the first time in nearly 12 years. and we note that chipotle lost $22 a share today. down nearly 38% since an e.coli outbreak at restaurants in the fall. right back. >>> 26 days now before the voting in iowa, a republican donald trump is questioning the birth of front-runner ted cruz. just when you thought this campaign couldn't get any stranger, cruz fired back with the help of the fonz. here's nancy cordes. >> reporter: a lack of knowledge has not stopped trump from claiming repeatedly this week that his closest competitor might be ineligible to run for president. >> i hope that is not going to be a problem for him. i have been hearing a lot. you have been hearing. i guess everybody is talking about it. >> reporter: texas senator ted cruz was born in canada but to an american mother and legal scholars widely agreeha

scott. >> david martin reporting tonight. david, thank you. >> well, worries about china's slowing economy shook up financial markets again today. the dow closed off 252 points. oil finished below $35 a barrel for the first time in nearly 12 years. and we note that chipotle lost $22 a share today. down nearly 38% since an e.coli outbreak at restaurnts in the fall. the cbs "overnight news" will be right back. almost sixty million americans are affected by mental illness. together we can help them my name is chris noth and i will listen. from maine to maui, thousands of high school students across the country are getting in on the action by volunteering in their communities. chris young: action teams of high school students are joining volunteers of america and major league baseball players to help train and inspire the next generation of volunteers. carlos pea: it's easy to start an action team at your school so you, too, can get in on the action. if you were a hippie in the '60s, you need to know. it's the dawning of the age

scott. >> david martin reporting tonight. david, thank you. >> well, worries about china's slowing economy shook up financial markets again today. the dow closed off 252 points. oil finished below $35 a barrel for the first time in nearly 12 years. and we note that chipotle lost $22 a share today. down nearly 38% since an e.coli outbreak at restaurants in the fall. the cbs "overnight news" will be right back. uh just gonna hang out. with gary and todd? yea. i've been meaning to ask you, is there any drinking going on in this crowd? no. so if any of your buddies ever pressure you to take a drink, just tell them you promised your dad you wouldn't. i'd do anything to keep you safe. ok. i will. i hope this is working. i promise. i love you too dad. they really do hear you. for tips on what to say visit underagedrinking.samhsa.gov can use some improvement. trying to make all the pieces fit together? wondering if you have the right tools? if your family improvement project isn't going the way you'd like, call the boys town national

scott martin on companies looking to avert taxes on what we heard coming out of tyco and johnson controls. now, tyco, i think the deal right now that gets its attention, scott, is the fact that it is technically based in ireland with a much lower tax rate. maybe you've heard this before. and it will take advantage of that lower tax rate and there's nothing you can do about it because it's all perfectly legal for the time being. what do you think. >> yes. it is all too familiar. and it's due to tax policy. we have the highest corporate tax rate in the world. and remember, if you're a company that's traded on the stock exchange those days, your number one obligation is to the board and certainly and your shareholders. so what you do as you try to lower costs. you try to raise profits, and you do that by averting these tax issues, so that's why you go overseas in this case. neil: you know, you and i have chatted about this before that you could avoid a lot of these problems in the united states if you just even the tax scale. i think companies -- they don't look to leave or look to branch ou

scott? >> pelley: david martin reporting tonight. david, thank you. well, worries about china's slowing economy shook up financial markets again today. the dow closed off 252 points. oil finished below $35 a barrel for the first time in nearly 12 years, and we note that chipotle lost $22 a share today. it is down nearly 38% since an e. coli outbreak at its restaurants in the fall. 26 days now before the voting in iowa, and republican donald trump is questioning the birth of front-runner ted cruz. campaign couldn't get any stranger, cruz fired back with the help of the fonz. here's nancy cordes. >> i really know nothing about it. report a lack of knowledge has not stopped trump from claiming repeatedly this week that his closest competitor might be ineligible to run for president. >> i hope that's not going to be a problem from him, but i've been hearing a lot about him and you've been hearing and i guess everybody is talking about it. >> reporter: texas senator ted cruz was born in canada but to an american mother, legal scholars widely agree that mak

neil: all right, scott martin, thank you very much, my friend.nd that is going to make the folks very loud it looks like the fastest time ever a film has become the most watched film in human history. but in inflation terms, what do you think is the most watched film ever? you would have to go way back. i mean way, way, way back. i'm talking gone with the wind. so all of your other stupid-dressed characters, you're nothing compared to scarlet and red butler. we'll have more after this i thought i married an italian. my lineage was the vecchios and zuccolis. through ancestry, through dna i found out that i was only 16% italian. he was 34% eastern european. so i went onto ancestry, soon learned that one of our ancestors we thought was italian was stereuroan. is imy aestowho dn'tnow out. ancet stted r fr at ancestry.c scoving ur sry. neil: all right. earlier we showed you north korean reaction to news that fox business network will be doing another presidential debate. a lot of you might have been mistaken to think that was footage from them hearing

scott? >> pelley: david martin at the pentagon. david, thank you. road to sell the ideas he raised in last night's state of the union address, his last. the first stop was omaha. the president spent 40 minutes meeting with high school teacher lisa martin, who moved him with a letter in which she had expressed a sinking feeling of dread and sadness about climate change. mr. obama's address took a number of jabs at the rhetoric of donald trump, and then many were surprised when the republican response did the same. major garrett is on the campaign. >> as frustration grows, there will be voices urging us to fall back into our respect tribes, to scapegoat fellow citizens who don't look like us. >> reporter: following the president, south carolina governor nikki haley, the daughter of indian immigrants, echoed his message of tolerance. >> during anxious times, it can be tempting to follow the siren call of the angriest voices. no one who is willing to work hard, abide by our laws and love our traditions should ever feel unwelcome in this country. >> repo

scott? >> david martin at the pentagon. david, thank you. >>> today, president obama hit the road to sell the ideas he the union address, his last. the first stop was omaha. the president spent 40 minutes meeting with high school teacher lisa martin, who moved him with a leleer in which she had d expressed a sinking feeling of dread and sadness about climate change. mr. obama's address took a number of jabs at the rhetoric of donald d ump, and then many were surprised when the republican response did the same. major garrett is on the campaign. >> as frustration grows, there will be voices urging us to fall back into our respective tribes, to scapegoat fellow citizens who don't look like us. >> repororr: following the president, south carolina governor nikki haley, the daughter of indian immigrants, echoed his message of tolerance. >> during an@ious times, it can be tempting to follow the siren ll of the angriest v vces. we must resist that temptation. no one who is willing to work our traditions should ever feel unwelcomomi

scott! jeremy: pharmaceutical ceo martin shkreli made headlines when he raised the price of a life-saving aids medication. i'm not talking a couple bucks. daraprim skyrocketed from $13.50 to $750 per pill overnight. the "daily beast" declared shkreli "the most-hated man in america," surpassing even the dentist who killed cecil the lion. speaking of, zimbabwe's prized cecil the lion was illegally hunted in july, sparking an international firestorm against walter palmer. and while palmer didn't face charges, he did face abject humiliation. ridiculous halloween costumes. a patti labelle fan's ode to the singer's frozen dessert pies sent sales through the roof, when his musical review went viral and captured the attention of the singer, herself. labelle made sure the fan got his just desserts, hosting him for thanksgiving dinner. and from one diva to another, johanna colon channeled the essence of aretha during a summer dance recital. >> oh, your kisses, sweeter than honey. but guess what? so is my money. jeremy: the sassy six-year-old tapped her way to total stage dominance. >> take care, t-c-b.

mill vera tweeted and said scum to myoy street and take look much this mth is where found martin scott. martin. >> absolutely nothing.bs we've been abandoned. >> reporter: as you wereu er walking and tng, now this now thi part is clear because one ofne your neighbors had snowblower.wblowe >> right. the neighbor right here on theight corner, but this sit. the othbuer, you know severalever hundred feet are not cleared at all. l. they're just footprints. >> reporter: the road here toohe roa was done by neighbors. >> exactly.xa exactly. there's been no county activityctit in here at all period.er >> reporter: as you wereer: as w walking down and you were and you wer trudging because you do have tose you do go to work today, you wereyou w saying something about the nextheex election cycle.on cycle >> i'm not voteing for leg get if they run anybody they could runou a bat against hill and i'll vote'll for the bat. for the >> reporter: you're really'r rea upset about this.t ths. >> absolutely. yeah. i've been walking two days now ino had to walk down to get to workoor yesterday and back in.k got to wa