tv Countdown to the Closing Bell With Liz Claman FOX Business November 27, 2018 3:00pm-4:00pm EST
continue to close above 25,000. charles: 25,000. >> we are within that 10% of the selloff. i think if we can hold in that level, i think we can get sort of back up on the scale and the moving averages, i think we will take off. charles: my number is 26,000. i'm not a technician. mitch, frances, thank you both very much. liz claman, over to you. liz: i know, charles, when you see a gain of 39 points for the dow isn't so dramatic, well, it is when you see where we were, down 224 points. breaking news, the president says it could happen. the u.s. and china could come to an agreement on breaking the trade war impasse when they meet in argentina saturday at the g20. that's what donald trump's top economic adviser larry kudlow said an hour ago at the white house. that's all it took to light a fire under the markets. ignoring the list of u.s. demands, kudlow then ticked off to actually reach such an agreement, all three indices pulled a u-turn, jumped into the green. the nasdaq is not quite there just yet for the moment, but the
dow is up 34, s&p better by two. will china bend to those demands? bob wormax, former u.s. deputy trade representative, just got back from china. wait until you hear the level of discomfort the chinese businesses and government leaders he met with say they are in. cybermonday ringing up record numbers for amazon and other online retailers, but thanksgiving and black friday, the turkey five as amazon calls it, weren't chump change for brick and mortar stores. the first data ceo is here with brand new evidence that he's going to show you that the retail ice age may be melting away, or not quite as broken as everybody thought. plus, the dragonfly protest. bitcoin's future, if there is one, and charlie breaks it. we are less than an hour to the closing bell. let's start the "countdown."
liz: breaking news. we are getting conflicting reports on a situation that's developing at walter reed medical center in bethesda. this is a chopper shot from above the campus which is now on lockdown on reports of an active shooter. you can see all the white police cars there, all the first responders, no traffic moving at the moment. the fbi has not yet responded but the montgomery county police department says it's still working on confirming whether there's an actual active shooter. but we need to tell you, the democratic congressman dutch rupersburger from maryland tweeted from the medical center about the shooter while a doctor on campus tweeted that building 19 is on lockdown. wttg, which is a news channel there in the area, reporting an all-clear at the medical center. so at the moment, dwee hawe do
conflicting reports but will continue to bring you updates as soon as they come in. i want to bring your attention to the markets as we wait on more details out of maryland. the dow swinging more than 300 points from highs to session lows, but as we said, at one point we were down just about 225 points, but then the russell and nasdaq, while still in the red, tried to make a go of it in the green along with the s&p 500 and everything else, because of what larry kudlow, the economic adviser to the president, said. we also have to get to the fact that it's an end of an era for united technologies, as the u.s. conglomerate announced it's going to split into three independent companies. you may know utx because they make otis elevators. they used to make helicopters. long ago they broke that piece off. now they are looking at three different businesses which come after united technologies' $23 billion cash and stock acquisition of rockwell collins which closed on monday. what the company is going to do is spin off its otis elevator
unit, world's largest manufacturer of elevators, the carrier unit which is heating and air conditioning, and then the refrigeration solutions. the breakup is expected to cost between $2.5 billion and $3 billion. it's expected to take 18 months to two years to complete. why is the stock tumbling 5%? you have to understand that some investors may perceive that this means the company might be distracted for a longer stretch of time as they work to break apart this company. right now, united technologies shares at $121.72. we have been following this story for the last two years. today, teva pharmaceuticals gave a major news report of relief for anyone suffering from deadly allergie allergies. it announced its generic version of the epipen will be available in the united states, listing price $300 for a two-pack. the fda approved the version in august.
two years ago, mylan jacked up the price of an epipen 2 pack to just over $600. the two-pack, now the same pr e price. shares of teva are flat on the news at $21 change. we have this breaking news. an olive branch extended at the white house press briefing just over an hour ago. as we mentioned, white house economic adviser larry kudlow prepped the media for president trump's trip to the g20 in buenos aries, argentina later this week. but this is the sound bite we believe turned the markets around from red to green. >> there's a good possibility that a deal can be made than he is open to that. he is open to that. liz: he meaning president trump, and the deal would be to stop this trade war between the u.s. and china, but of course, kudlow went on to list all the requirements china would have to reach including stop stealing
u.s. intellectual property, stop forcing u.s. companies to be involved in joint ventures with chinese companies before they can do business on the ground. kudlow also saying the american economy is in far better shape to weather tariff hikes than the chinese are. today's comment comes one day after president trump said it's likely that tariffs on chinese imports will probably rise at the beginning of the year. conflicting headlines here, edward lawrence. you are live at the white house. you were in the briefing room. one minute, larry kudlow says there could be a deal but president trump then almost seems to keep pulling back that leash with tweets and comments that indicate, well, it doesn't really look like the chinese are getting any closer to what we think needs to be done. reporter: there could be a deal, but. i want to give you a quick update on the breaking news you talked about at the medical center in maryland. the navy saying there's no confirmation of an active shooter but did confirm there was a lockdown at the facility because there were reports of that. they are still looking into this. again, the navy says there's no
confirmation there is an actual active shooter at that base. now, a lot going on here. the president looking forward to the g20 meeting between he and president xi jinping of china. that meeting happening on saturday. now, larry kudlow, the white house economic adviser, as you said, indicating that out of that meeting, there could be movement going forward towards a possible deal with china, but they would have to work out stealing of intellectual property of u.s. companies, they would have to open chinese markets to u.s. goods and stop the forced merging or joint ventures between u.s. and chinese companies first. >> the conditions i mentioned a few moments ago are not met, not dealt with, the president has said look, he's perfectly happy to stand on his tariff policies. reporter: there it was, perfectly happy to stay there if nothing comes out. sort of a shot to china saying come to the table with something. the white house economic adviser
larry kudlow says the stakes are very high at this meeting. the white house also indicating that we could be headed to a partial government shutdown over the wall funding, that the federal government is funded partially through december 7. now, the president wants this lame duck congress to send bills forward that includes funding for a border wall. senator lindsey graham said he believes the president is serious about a shutdown. >> secure the border is going to be a bottom line for the president. he's got a $25 billion plan. i don't think he expects to get $25 billion all at once. but he does expect to get $5 billion like the house authorized without a bunch of strings attached. reporter: the vice president went to a lunch meeting with senators where they talked about that wall funding. liz? liz: i need to ask you about general motors, because i'm watching this stock down 3.66%. the president just tweeted about general motors moments ago, expressing how disappointed he is in the ceo, mary barra, for
announcing some 15,000 layoffs and the closure of several plants. very disappointed with general motors and their ceo for closing plants in ohio, michigan and maryland. nothing being closed in mexico and china. the u.s. saved gm and this is the thanks we get. we are now looking at cutting all gm subsidies, including for electric cars. general motors made a big china bet years ago when they built plants there and in mexico. don't think that bet is going to pay off. i am here to protect america's workers. looking at other auto stocks, they are all sort of down but none getting as hit as general motors. can the president specifically target an individual company and say i'm removing your electric vehicle subsidies and not tesla's or nissan's leaf? reporter: from literally the first month in office, the president has been tweeting about specific companies that he wants to sort of change their policies going forward and it's worked in the past for this
president. we'll have to see whether the white house has standing to remove some of the subsidies that have given because some of the subsidies are for the industry itself, so again, they are looking into it according to the white house. we'll have to see. but again, the president clearly angry with gm. liz: yeah. i think this works with his base. i'm not sure it works with his business base, because he's questioning all kinds of issues at a company that wants to rest its business. thank you, edward lawrence. edward will interrupt us if he gets anything more on the walter reed active shooter situation. we are still getting conflicting headlines here. just as we head full speed into the holiday season, consumer confidence dropped for the first time in five months. the november consumer confidence index rating, very latest came out today, pulled back to 135.7 from an 18-year high of 137.9 in october. now, the biggest concern among consumers is that they are apparently uncertain their income will grow much faster in
the next year. so will nervous consumers water down a santa claus rally that a lot of investors are hoping for? to the floor show and our traders at the new york stock exchange and cme group. tim, i will get to you first. if consumers are so nervous, why did we just get data that shows they blew past holiday weekend spending expectations? >> i really don't think consumer confidence is -- it's still a very strong number. i can't remember a time over the last two decades when the market has gotten rocked so hard and there is so much anxiety in it over the last two months and consumer confidence is just within a couple of points of an 18-year high. so i just think this is a little bit of a pullback from what was an 18-year high and the -- even if you want to talk about retail sales, where the retailers got -- some of the individual retailers got hit hard last week and the week before, macro
retail sales numbers were very strong when they reported earlier in the month. so i would certainly, that's very consistent with what we have seen so far from black friday and green monday and i would expect retail spending to be strong through the end of the year. liz: phil, i'm with tim on that. i don't think it's any kind of consumer confidence that's either moving up or down with the markets. i think that the markets will trade in an extraordinarily narrow range, or move on any trade related headlines or tweets from the trump administration because as we head into the g20, and i will be leaving tomorrow night for argentina to cover this, it is becoming the most important gathering of world leaders ever as it pertains to the global economy and the world trade picture. >> there has never been anything more at stake. i think you are absolutely right. that's what we saw today. i mean, here you've got one comment from larry kudlow and
all of a sudden, santa claus was back. we just rallied. i haven't seen santa claus and larry kudlow in the same place at the same time. who knows, but his one comment did turn around because that's what's missing. that's why santa claus isn't here. there were too many unanswered questions, whether it comes to the china trade situation which is probably the biggest elephant in the room and as far as what's going to happen, of course, with opec and production cuts. so there's so many things that can influence the economy. there are probably going to be settled at that meeting. at the end of the day here, if we do get a positive announcement of some kind of a deal, if larry kudlow is right, and we get close to any kind of a deal or even progress on a deal, you will see this market explode. what you are seeing in the u.s. economy is relatively strong. consumer confidence, great, even with the pullback this month. liz: i think that the nasdaq is struggling. so is the russell but i think the nasdaq is struggling because the president did say that he may, this would be a bargaining
chip, throw tariffs on any laptops or phones that are imported from china, and that includes apple, because they manufacture there and apple, which is heavily weighted in the s&p, is down nearly a percent. chris, i want to get to you. we haven't brought up the federal reserve but you have the vice-chair coming out and saying keep going, very gradually, on the rate hikes but you've got to make sure that you hit that target, that sweet spot of -- well, i don't even know, is it 2% or 3% inflation? who knows what the fed considers as neutral. right now, the probability of a december rate hike is nearing 80% again. >> yeah. i mean, the market is telling you they are going to do that. i think that after that, it's going to -- maybe they will pull back, maybe they won't. i think the fed chair is kind of in a hard position because if he does back off, it might look like he's bowing to pressure from the president, but i think you have to look at what the fed's mandate is.
it's to manage unemployment which is at record lows, and it's also to manage that i think it's 2%, their target for inflation. i think if we stay within those parameters, they may back off. but we know this is going to be awhile. i still think that, you know, i don't think the ten-year will stop at 3%. eventually we have to get the ten-year back to 5% which is historically normal. liz: all right. gentlemen, we're watching it. the dow is charging ahead by 54 points. again, i want to remind our viewers, if you are just tuning in, the dow was down 244 points. we love our traders. tim, phil, chris, thank you so much. as we move higher, don't nail the coffin shut just yet. 45 minutes before the closing bell rings, and in a surprise reveal, it turns out brick and mortar stores still have a pulse after a brisk start to the holiday shopping season. but how strong a pulse? guess what? we are about to give you a first exclusive look at the brand new, most definitive realtime numbers
that tell the much clearer and truer retail story. the ceo of first data is about to unveil a totally different narrative than the retail ice age sob story. he will do it right here for you in a fox business exclusive. this is stonington, maine, a town where almost half the population is self-employed. lobster fisherman is the lifeblood of this town. by 2030, half of america may take after stonington, self-employed and without employer benefits. we haven't had any sort of benefit plans and we're trying to figure that out now. if i had had a little advice back then, i'd be in a different boat today, for sure. plan your financial life with prudential. bring your challenges.
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liz: okay. we actually do have this headline and it's good breaking news. fox news is now reporting that reports of an active shooter at walter reed medical center in bethesda were actually a drill. no active shooter. okay, that's good news. but a pentagon spokesperson confirmed this news. no active shooter at walter reed. it was just a drill. let me shift to this. with apologies to mark twain, reports of the death of brick and mortar stores are greatly exaggerated. check this out. a brand new product unveiled exclusively here on the claman countdown called holiday insights. it's a dashboard by first data that provides up to the minute detail on important brick and mortar holiday spending around the world, trends of spending. how much people are spending, where they're spending, to help those at the cutting edge of commerce make data-driven business decisions this holiday
season. the ceo behind the product, first data's frank bisignano, is here in a fox business exclusive. frank, this is fascinating. brand new deal here, this new data. got it up on my computer and the numbers, i don't know if we can get them here, they are moving as we speak. i'm looking at 8.2 million transactions today alone. it is moving as fast as can be. this is fascinating to me. it indicates what? we keep hearing about ghost malls, closures, retail ice age. is that overblown? >> well, there is definitely a change in spending. if you look at leading up to the weekend and then through the weekend to cybermonday, you would see double digit growth in e-commerce, but you did see mid-single digit growth in brick and mortar. that says that transactions are up in the physical stores and that's a good sign. a very good sign. liz: it's fascinating, because everyone's talking about the
fact that it's yesterday. brick and mortar is yesterday. but you have something like six million business locations that you're aggregating and it's every second that you're counting these transactions? >> a few thousand times a second. liz: i underestimated. a few thousand times a second. 4,000 financial institutions in 100 different countries. what does this say? because you are in a unique position to tell us about the strength of the consumer and the health of the consumer. >> well, right now, it's a long holiday season. it's the start. everybody likes to mark black friday. we actually chart before black friday leading up to it, and we see growth year over year, good growth. obviously last year was a very strong year, but i think most importantly, you see consumers out in force and i think that brick and mortar and e-commerce complement each other. you see many of the stores having e-commerce business and brick and mortar businesses and
you are watching them complement each other. liz: what surprised you most here that you have seen since last monday when you started to put together all of these and start to see the transactions come through on this website? >> what was surprising is last year's behavior equalled this year's behavior, meaning the amount that was spent prior on a percent basis was very, very similar all the way through yesterday, cybermonday. so there was equal increases across the board and it wasn't a shifting to one date or another. liz: before we go, i really want to hear from you what you think as a ceo of what effect all of these millions of businesses you're watching. is it the federal reserve and if the fed were to raise rates in december, coming up, how would that affect the businesses that you follow? >> i think we're at an all-time low in unemployment. i think the consumers are feeling very good this holiday season.
so i think that's the driver to the holiday season. the consumers are winning out, they are going for the deals, they are going for the opportunities. but you see spending up. so i don't believe it's going to affect holiday spending. liz: okay. so you don't think the fed raising would affect holiday spending but will it hurt the businesses later if they do raise now? >> i think look at, you know, we have been at all-time low interest rates in many ways, interest -- liz: we aren't in an emergency situation anymore. >> -- help spending because many of the consumers are, in fact, savers and they will receive some benefit from it. i have always thought it's very cyclical that, in fact, as rates go up, it does improve spending in many cases in businesses. liz: frank bisignano of first data, welcome to fox business. appreciate you being here. >> good to see you. liz: check it out. the first data holiday insights. when we come back, the former
liz: let's look at bitcoin, trying to plug its leaks. we're looking at the futures right now. yes, they are up about $95 but still below $4,000. we're at $3700 even per bitcoin on reports the nasdaq is still moving ahead with plans to launch its own bitcoin futures. this would be a listing despite a downturn in the digital currency market. bigger picture, the most well-known crypto currency is on track to do something it has not done since 2014, notch a four-month losing streak. bitcoin literally having its value, cutting it in half since the beginning of august. the original virtual currency, currently down 41% on the month alone, and down 75% since january 1st. it was about $19,000 a bitcoin.
number of signatures are growing by the minute as angry google employees pen a letter to the tech company's management denouncing project dragonfly. what is that? in case you don't know, that's google's effort to create a search engine in china which would be censored in china by the chinese government. says it hasn't launched it yet but a beta version definitely could be censored. initially 11 workers signed the letter. now scores of signatures are coming in. hillary vaughn joins us now with the latest. what are we looking at now? reporter: hey, liz, this is just the latest controversy. we have heard lawmakers call google out over this development of the search engine. even the vice president has said google needs to shut this down. now we are hearing from tons of google employees who are saying in an open letter that they think their company, google, is actually putting profit over human rights, saying in this letter quote, we are among thousands of employees who have raised our voices for months
emphasizing serious hum rights concerns and repeatedly calling on google to cancel the project. so far, our leadership's response has been unsatisfact y unsatisfactory. our opposition to dragonfly is not about china. we object to technologies that aid the powerful in oppressing the vulnerable wherever they may be. because this group of google workers say it would make them complicit in oppression and human rights abuses, they say it would expand chinese surveillance of their own citizens and fuel censorship and also set a dangerous precedent at google for other countries around the world. the group says they deserve to know what they are building as engineers and programmers and should have a say in these decisions like who is getting their hands on the tools that they are creating and say google is too powerful to not be held accountable for this. so far, google isn't saying much, at least not publicly. they sent me this canned comment that they said to me several times over the past few months when i have reached out to them, asking for comments about
controversies surrounding this search engine. for now that's all we have. google is not commenting further. they say their work on this is exploratory and that they are not close to launching anything soon but we'll see how long they are able to let this comment stand without really addressing their employees' concerns. liz? liz: il wit will be interesting see how google fares with this. they had a similar situation with the pentagon and that contract the employees did not want the company to engage in or even bid in. we will be watching it. alphabet now down three-quarters of a percent to $1,047.92. from employees wanting their business to get out of china to one fighting to stay in. the closing bell ringing in 28 minutes. dow is up 42. tesla getting run off the road by the trade war with china. a new report shows china sales of the model x and model 10 are down 70% year over year. import tariffs to the tune of
40%, china slapped on foreign cars, has made the vehicles too expensive for most chinese consumers. tesla pouring billions into a new factory set to open in shanghai next year in the hopes of getting around the sting of china's retaliatory fees. shares are currently down half a percent to $343.99. could a china/u.s. breakthrough happen at the g20 well before next year? president trump set for a high stakes one-on-one with president xi jinping. foreign policy and economic guru bob hormats just returned from china. he is standing by in a first on fox business interview to tell us if leaders there are ready to blink beyond the wall.
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liz: we are getting this breaking news right now. china's ambassador to washington telling reuters that china is hoping for a deal with the u.s. on trade, and warns of dire consequences if the trade war leads to an economic separation. president trump already predicting if there is no breakthrough at the g20 meeting, and he's supposed to meet with xi jinping on saturday, the chance that he won't go through with further hiking of tariffs on chinese goods is quote, highly unlikely. president trump telling the "wall street journal" that he will be ready to raise from 10% to 25%, the tariffs on $200 billion worth of chinese goods, and that will start january 1. not only that, the president declaring as well quote, if we don't make a deal, then i'm going to put the $267 billion additional on at a tariff rate of either 10% or 25%. bob hormats was in china last
week. this is his first interview since he returned. the former undersecretary of state for economic growth is joining us now. all right, what's the atmosphere on the ground there like right now? >> so far, this has not had a major negative impact on china. the chinese economy is weakening a little bit but the trade has not -- trade policies have not really hit the economy because a lot of companies in the united states have been doing early stage orders to build up a lost inventory in case higher tariffs are imposed. liz: let's put that aside then. they have to be scared. i hear from people on the ground there, they are extremely nervous about this. >> they are very nervous. they are very nervous about what could happen and the eventuality that the president does the kind of things he's threatening to do. because this is their biggest market and they have invested a lot of money in continuing to serve this market, and there's a lot of interrelationship between chinese companies and american companies. a lot of american companies
source intermediate products from china so of course, it will have an impact on china but also the united states and of course, american consumers. liz: they will meet face-to-face on saturday. they may even see each other before then because of course, at the g20 you have the family photo which is the group photo of the 19 leaders and the european union members. so it actually ends up being more than 20 people. how do you suppose they are going to come together to meet eye-to-eye and do you have hopes for some type of concrete deal, because the market is waiting and watching. >> well, i would love to see the deal of the kind that larry kudlow was talking about. he was very positive that he thought there could be a deal. but then he identified a number of things that had to happen in order for a deal actually to occur. liz: he said forced technology transfers must be solved. he wants tariff and non-tariff barriers dropped to go away. he wants ownership issues because the chinese kind of
require that you have a joint venture with a chinese company on the ground and then of course, they end up borrowing the intellectual property of the u.s. company. he wants zero tariffs, zero subsidies. is president trump going to walk away on saturday with all of those things? >> i think the probability of a deal of that magnitude, of a breakthrough on all those issues, is highly unlikely because a lot of work would have to go into putting that together and so far as i've seen, we haven't really had all the preliminary meetings of people at middle and upper levels making the kind of arrangements to have a deal like that occur. i think looking for a breakthrough would be very optimistic. it's setting up a process for moving ahead to deal with those issues, would be possible. in other words, if the leaders were to say we want our top people to sit down and deal with issue x, y and z, that would be something that i think could happen. the question is, does that satisfy president trump. liz: i think the markets believe you. we just hit session highs.
the dow up 87. we had been down more than 240 points. so it's been a wild swing but holding to the upside here. i do need to ask you about vladimir putin. he too will be there. we just had a very serious incident sunday in what's called the kerch strait which you know. the russians in one of their ships, they rammed and then fired and seized three ukrainian boats. there are huge tensions between these countries. these were supposedly international waters. the strait is supposedly navigable by both countries and russia is now saying you couldn't go through, they tried to stop the ukrainian ships. how much oxygen will be taken out of the room when it comes to that issue and why do you think vladimir putin, if the russians started this, and it looks like they did, did that? is he trying to make sure he's on the front page in argentina? >> there is probably some of that. he's testing poroshenko on the water, on this particular area
of contested water, where the ukrainians and russians have been able to navigate freely without major incident for quite some time. once in awhile there are problems. but basically, he's saying look, i'm now exerting my power, i have some muscle here, and of course, the ukrainians can't really respond navally because they don't have the capability. but now martial law has been declared in ten provinces in ukraine to indicate ukraine will resist the russians if they use this as a pretext for moving their troops. liz: mike pompeo of course said very clearly, this has got to stop. we will be watching it closely. bob, thank you. >> pleasure. liz: bob hormats. i'm packing my bags for argentina, jetting off to cover every twist and turn of what is turning out to be the most important g20 meeting in history. i'll be there for fox business all day and host "countdown" live from buenos aries on
friday. you don't want to miss this. we talked to the second largest bank of russia's chairman and president, andrey kostin, about a lot of this yesterday, including oil and the relationship between russia, saudi arabia and the united states. go to lizclaman.com to see the online exclusive interview. got a lot of hits yesterday. people want to hear from this guy. we'll be right back. a business owner always goes beyond what people expect. that's why we built the nation's largest gig-speed network along with complete reliability. then went beyond. beyond clumsy dials-in's and pins. to one-touch conference calls. beyond traditional tv. to tv on any device. beyond low-res surveillance video. to crystal clear hd video monitoring from anywhere. gig-fueled apps that exceed expectations. comcast business. beyond fast.
liz: brand new session highs. dow is up 90. we should mention the dow is now positive for the year. the communications sector is all the talk in trading at this hour. the leading sector on the s&p right now, verizon is a big winner but two of its biggest rivals not far behind. comcast, moving higher by about 1.66%. look at at & t, up 1.75%,
despite looming legal battles facing both these telecom giants. charlie, out in front of both of these situations. >> where should i begin? my father was a -- low grade narcolepsy and a penchant for -- not going to say it. dr. evil. liz: i know. so highbrow. >> comcast -- that's the best, man. it was the best one. the best "austin powers." the market is up on my little monologue. should we put up a stock chart of comcast? with sources inside the doj telling the fox business network they continue to examine multiple complaints about comcast alleged monopolistic behavior over the last couple years, even as it was involved in a consent decree in buying
nbc universal, had to agree to set certain conditions including not to engage in certain behaviors. we understand it's not just the american cable association that the doj is looking at. the american cable association as we first reported, basically laid out a panoply of potential and alleged anti-competitive behavior on the part of comcast. they're looking not just at that, but there are others they are looking at. the doj, we should point out, they have not launched a formal investigation, okay, but they continue to gather evidence and you know, i can't -- i don't want to predict the future, but if you're betting, it looks like they are trying to make a case. now, whether they go that far, we don't know. we have been told by people inside the doj that whatever they do with comcast is divorced from what's going on at at & t, trying to break up that merger. on the 6th of december i will be in d.c. that day, by the way. there's going to be oral arguments on where the justice
department is positing its appeal of the lower court ruling that approved the merger of at & t and time warner. they will give oral arguments to say why it should be broken up. it's before a three-judge panel, district court -- d.c. district court of appeals. two are democrats so it looks like it's kind of -- they have some power, the doj has ironically, the trump doj is appealing to democrats because they think they are more consumer friendly and might break up this deal. the other thing we are hearing from doj is that don't assume the case is -- this is about at & t, time warner, it's about future potential monopolistic behavior because of the power of that combined entity. comcast is about potential past violations. so this is a doj that's pretty interesting, in a sense it's free market, but in another sense, it doesn't like monopolies. liz: look what president trump just is now doing with general
motors. that's a bernie sanders playbook sheet, attacking a business for laying off people and spending their money in a different way, paying ceos too much, all of these accusations, that is very, very democratic. >> it was striking watching a free market evangelist like larry kudlow, who's a good friend of mine, discussing that. i just never thought larry kudlow would be up there telling businesses what to do. now, this is a different type of administration. he works for a president who is more populist than past presidents. he's not like, you know, adam smith invisible hand rules the day. this is a president that really fights in many ways for what he believes. i'm not saying i agree with all those fights. but part of that you can see turn up in his trade stuff. what we have right now is doj continuing to monitor comcast, looking at just not complaints from aca, other complaints. no decision made on whether to
♪ liz: breaking news. general motors fighting back after president trump tweeted his disappointment in the car giant and ceo mari barra after she announced layoffs. ashley webster has a statement from general motors. what does it say? >> we do, liz. saying simply, gm says many workers at plants affected by the production halt will have, quote an opportunity to shift to other gm plants. now the automaker going on to say it is committed to maintaining strong manufacturing presence in the united states. of course all of this after announcing those production cuts
yesterday, the loss of some 14,800 jobs. feeling the wrath and pressure from the trump administration. gm says look, we appreciate the actions that this administration has taken on behalf of the inindustry to improve u.s. manufacturing competitiveness. actions for the company to for long-term success, and growth and jobs. it is coming back at the administration although softly, softly. liz: the stock is still down 2 and 2/3%. we have been watching a lot of automakers with electric vehicles. no more subsidies for gm. thinking about dropping them. thank you very much. we bring in bob doll, senior portfolio manager at nuveen. we see a healthy consumer over the past five days of holiday shopping weekend. what will make and what will
break a holiday end of end-of-yr rally, bob. >> after a tough november and october and. there is concern about slowing in u.s. economic growth. it is slowing. we don't know as to what level. that is what has the market discouraged among a bunch of other things. we saw a rally as you point out after a good day yesterday. small stocks, russell 2000, down more than half a percent. it is not broad-based, liz. i'm glad for the strength in the consumer. you're right the consumer is in pretty good shape. more people working. savings rate reasonably high. we should have a good holiday spending season. liz: i see all of that. when we talk about black swan, unexpected events, they're not off in the distance, they're in front of our face.
will or will not be a "brexit" deal? g20 is 4hours a way. we have a lot of issues here. the european union is facing italy which maybe wants a "brexit" type referendum. what could break an end-of-year rally, bob? >> disappointment on all the fronts and all uncertainties. they seem like bigger uncertainties than labor day when everybody was smiling. let's take the china trade one which is so visible. my guess, both presidents, trump and xi, will come to some kind of agreement on something. it might be that the sky is blue. they have to agree on something so they get out on stage, we agree we'll keep talking. my guess is that what is what they're aiming to do. substantive progress, i don't think so. this is big issue that will take a lot of time, liz. some things will last for a while. liz: keep your money in the market right now, roll with the punches? >> yeah i think you have got to be selective. it is not about the market.
it is about what you own, what you don't own. it is alpha world not a beta world which is lot tougher. most of us got used to have stocks go up 15% a year. buy them and hold them. when we have a rally you have to be willing to let the stuff go. it will be choppy and truss straighting. [closing bell rings] liz: bob, great to have you. cheryl: liz, thank you very much. u.s. china trade out look looking lot better than this morning. that sent stocks much higher. the dow ending higher. it really jumped in the last few months, 108 points to the upside. this is two-day winning streak. this pushes the dow finally back into positive territory for the year. being down 220 points earlier in the session. s&p 500 turning positive for the year. the nasdaq, that is a different