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tv   The Claman Countdown  FOX Business  July 16, 2019 3:00pm-4:01pm EDT

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to see examples of that but not enough i guess to satisfy a lot of extremely wealthy people. charles: disney stock has been going crazy and that's what people are paying a ceo for. great stuff. appreciate it. liz, can you believe the market is essentially flat as we hand it over to you? liz: a little confusion. there have been so many headlines, right? we are actually expecting a whole bunch more because we have some breaking news when it comes to breaking up big tech. you're looking at a live picture from capitol hill, where executives from silicon valley's biggest names are just minutes away from facing off with congress. bigwigs from apple, amazon, facebook, google have arrived at the rayburn office building where they will appear before members of the house judiciary subcommittee on antitrust, who want to know whether these companies pose a threat to competition in both the cyber world and the business world. we are going to take you live to capitol hill in moments for what could be some fireworks that might move these stocks.
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facebook is playing a double hitter after outlining already today how it plans to dip its toe into the crypto world with its announced launch of libra, its stable coin. the man who is trying to create the first bitcoin focused etf is here in a fox business exclusive on why he says crypto haters from president trump to the federal reserve chief to the secretary and billionaire warren buffett have digital money all wrong. meanwhile, the president giving the markets a kind of mini panic attack at this morning's cabinet meeting. he was appearing right there and why what he said and the threat he made about where we are in the trade deal with china spooked investors. we will take you live to the white house for details. all of this as we said, it's kind of confusing the markets which are still within striking range of new record highs. the dow is there. any gains on any of the big three, dow, nasdaq, s&p, will trigger the record confetti but oil prices are dumping out at this hour.
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that could take the reins on the bulls. plus a rare interview with top media and entertainment analyst on disney's main attraction and whether the new "lion king" movie could juice the stock even more. the statistics buffett faithful don't want you to see. and charlie breaks it on a possible breakthrough in the t-mobile/sprint deal. less than an hour to the closing bell on this tuesday. let's start the "countdown." liz: we have this breaking news we need to get right to you. we are getting the latest statistics out of the gulf of mexico. the u.s. government is now saying that hurricane barry chopped off 58% of crude production and 51% of natural gas output. you can see, though, oil is dropping by about 3% in the aftermarket. if you look at these two stories, number one, barry,
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workers are slowly returning to the production platforms, 171 of those platforms were evacuated due to the storm. but president trump's positive spin specifically on a couple of issues here, and what do you see here, his positive spin on iran today is actually putting pressure on the commodity, turning tailwinds into headwinds at least for prices. we also had secretary of state mike pompeo saying the iranians are ready to do some dealing, some negotiating, some talking, so of course, we have oil dropping precipitously. the dow, though, is just slightly higher, up 1.75 points after hitting an intraday session high. stocks trading in a narrow range as investors focus on economic data. we got some good ones today. dovish comments from federal reserve chair powell once again. and of course, earnings, with major financials, big banks, reporting already today. transports doing very nicely, though. you saw jb hunt and charles was
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already talking about that stock, that is doing unbelievably well. we've got a lot happening in the transport sector as well, as investors right now focus on pretty much for the transports, any update on the impact of the grounding of boeing's 737 max jets from united airlines which reports after the bell, we will be listening very closely to anything anybody says on the conference call there. the aircraft was grounded worldwide in the spring after two international plane crashes within five months of each other. the repercussions have taken a toll on boeing and the airline industry. the stock is actually up three quarters of a percent right now at $364.08, just off session highs at the moment. last friday, united airlines said its 14 max jets would stay off the flight schedule until early november at the earliest. that comes on the heels of thousands and thousands of cancellations for september and october and the concern is that
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will stretch into 2020. across the pond, european low cost carrier ryan air says it's prepping for two years of disruption caused by the 737 max mess. it says it will cut back operations at some airports while abandoning others entirely, as ryan airanno wait for the jet to come back to service. let us get over to the banks. we have a mixed picture. wells fargo right now is down about 3%. it's kind of the worst performer of the big names after executives warned that expenses will shoot up this year and that of course caused the bears to come out swinging and slashing. diminished costs did help the company's bottom line but when you have cost cutting, people can see through that. they say well, wait, where are the revenues. goldman sachs' fixed income took a hit as well but it was offset by equity trading. the company says it's gaining market share in equities as deutsche bank shutters its entire trading business. that's the story we have been telling you about for a couple of days. look at jpmorgan, higher by
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1.33% as higher interest income and consumer lending managed to kind of cover up lower trading activity, which is similar to what we saw with citi. net interest margin dropped from a year ago as deposit rates and the rate of the -- the rate the banks pay for others borrowings rose. key metric, return on equity increased by 1% from a year earlier to 20%. so not so bad. jpmorgan, goldman higher, wells fargo down. let us get right now back to capitol hill, we are hopping on "the claman countdown" jet here. congressman gavelling in a hearing of the house judiciary antitrust subcommittee. top executives from google, amazon, apple and facebook are about to testify. it's one of at least -- it's been a crazy, crazy week already. four hearings scheduled on the hill this week involving big tech. are we at a tipping point for the stocks? a house judiciary aide telling hillary vaughn today's hearing was decidedly not part of an
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effort to start a critical investigation into any of these tech companies. but the aide did blame a lack of bipartisan consensus, not a lack of desire, to do it. hillary has been following all the developments, reporting the story from on the ground in capitol hill. what is your sense that the mood there, as this is about to begin, do big tech companies think that it's the start of a critical investigation or more hammering on their businesses? reporter: certainly they have to make that case, that they do not pose a threat to competition and that they need to defend their dominance in front of lawmakers on the house judiciary committee antitrust panel today. but we did get a quote from ranking member doug collins, who does say that large tech companies are critical to the u.s. economy and that he hopes his fellow colleagues on both sides of the aisle use the opportunity today to ask tech companies what they can do to encourage innovation and competition instead of focusing a critical eye on these
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companies. of course, republicans and democrats have a lot of bones to pick with big tech in general, but the focus of this is really about competition and if these companies are a threat to other competitors, or if they do need to be broken up. but the ftc and doj have their own antitrust probes going on here and the house judiciary committee aide tells me there is not bipartisan agreement that that is the next step for this committee. this is kind of a fact-finding mission here. we have to wait and see what testimony we get from all four big tech company executives today. lawmakers have a lot of questions but as for now, it's kind of wait and see. liz? liz: you know, we're looking at the second day of gains for google, because yesterday, even peter thiel, the big venture capitalist, coming out and saying that google's committing treason did not ding the stock. here's alphabet right now intraday, kind of been all over the map.
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it's been lower than the flat line and you can see it's seen a high of about 1,159. we are at 1,154 per share. but folks, thanks to hillary and we will keep you posted on any sort of drama that comes out of that, because you just don't know how the stocks will respond. that is why we are here. so yeah, tech companies are taking the heat. let's good @et to retail sales. retail sales popped for a fourth straight month in june. they rose, that's incorrect right there, .4% versus economist expectations of a .1% gain. this is pointing to a strong rebound in consumer spending last quarter and a not so fragile economy that the federal reserve has been kind of suggesting. so the consumer, you guys out there are spending. retail numbers had a domino effect with the u.s. dollar, the greenback popped against a basket of currencies and even when the federal reserve chair powell came out and made a comment, we will tell you what that was in a minute, the dollar
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was able to remain stronger against all major currencies and that is where we are right now, $1.12 buys you a euro. flipping it to the ten-year treasury yield, no fear here. when the yield moves higher, the price of the bond goes down, that means there isn't too much fear in the markets. we do have it up about three basis points to 2.12%. with all of this positive economic news, at least today, what is the fed going to do? is it really going to continue to talk about cutting rates? federal reserve chairman jerome powell spoke in paris just a few hours ago, and he focused on the aspects of monetary policy in the post-crisis era. while he praised strong economic data in the u.s., he did make the case for a more accommodative fed again. listen. >> baseline outlook, we expect growth in the united states to remain solid, labor markets to stay strong, and inflation to move back up and run near 2%.
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uncertainties around this outlook have increased, however, particularly regarding trade developments and global growth. in addition, issues such as the u.s. federal debt ceiling and brexit remain unresolved. many fomc participants judged at the time of our most recent meeting in june that the combination of these factors strengthens the case for a somewhat more accommodative stance of policy. liz: which side of this do you want to take? at one point, john corpina, he is saying things look pretty good. on the other, he starts ticking off brexit which by the way, has been in place for quite some time, that uncertainty, and a few other issues. what does he need to do, what will he do? might be two different things. >> right. the fed somewhat is speaking out of both sides of their mouth. what they have always said is they are going to remain data dependent. as we saw in your lead-in, the numbers have gotten better, the consumer spending has gotten better. we know jobs numbers have gotten better. on the other hand, the fed said today they are going to act
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appropriately amid increasing uncertainties. that's more of a global aspect of what's there. in the u.s., things look fine but outside the u.s., it seems that the uncertainty that's there, when talking about tariffs, talking about brexit, watching fluctuation in oil prices, that uncertainty has led the fed to kind of paint themselves into a corner here and i think they have no choice but to cut rates at this point right now. liz: phil, here's the line that caught my attention. not the reiteration of we'll move as appropriate. he said the fed must pay greater attention to global development. that is yet another signal that we can be fine here but if global data show that they are weakening across the pond and in asia, then we may very well see a rate cut july 31st. >> we are now central banker to the world, right? many years ago, of course, this would be very, you know, lot of people would be critical of that kind of statement. i think we learned from the
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september 2008 crisis, you know, if europe catches a cold, we might get a little bit of a fever. so i think what he's trying to do is take into context the global economy is slowing, we're doing great, he wants to keep it that way. he wants to keep the accommodation going to give the u.s. that edge. another thing when we talk about global development, got to talk about geopolitical developments as well. you know, we saw that big story today with iran possibly coming to the table, talking about their missiles. that can change the dynamic as well. i mean, if the fed is looking for inflation, then all of a sudden we get a sell-off in oil, you know, because we're going to see more oil from iran, that's going to take away some of this inflation pressure which by the way we are starting to heat up a bit. liz: that frustrates me, larry, because cheaper oil means that the consumer has more money in his or her pocket to go spend. that helps gdp. i just look at all of this and
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think to myself wait a minute, we've got great retail sales numbers and it's almost a sphinx riddle. the federal reserve is faced with positive data, a strong economy, the president saying it's a strong economy, heck, he should be banging the drum as he is on the strong economy because so much of this has happened under him, yet cut rates, things are bad. >> i think it goes back to it's not about the consumer at this point. look at the strong retail sales number came out this morning, the ten's hardly budged whatsoever. it's more about global growth, it's about the rest of the world, it's about the unresolved trade issues, strong dollar, deflationary effect it all has. i think the fed, i don't really think it painted itself in a corner. i just don't think they are even talking about one rate cut. they are talking about two, if not four. you look at october fed funds futures, it's implying 47.5 basis points of cutting between
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now and september 18th. i think that's the story. with the dollar, it's something we need to be concerned about, especially the exporter. you're right, our data points are solid, but it's a lot broader than that right now. liz: we will be watching it. phil, larry, john, great to see you. thank you, guys. we've got copycats, thinking johnson & johnson, that's a widely held stock. closing bell ringing in 45 minutes. look at it, the giant is at the bottom of the dow 30 laggards after it warned generic drugs could impact its third quarter results. it also failed to raise its full year forecast but still beat on the top and bottom lines. you know wall street. what have you done for us lately. j & j down $2.31. coming up, what's old is new again. reboots and sequels driving the disney strategy. one of the nation's top media and entertainment analysts here in a rare interview and a fox
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business exclusive on whether it's a winning formula for the mouse house as it ramps up toer the streaming wars to come. and a merger breakthrough brewing in d.c. charlie gasparino running to our set right now with new information on the wheeling and dealing underway that could finally push t-mobile and sprint right up to the finish line and getting the regulatory call they have been waiting for. charlie breaks it next.
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liz: i'm going to set the stage here. it's the battle to merge t-mobile and sprint, if it were a marathon, what mile marker are they approaching when it comes to the justice department's approval on this? charlie gasparino just got new information on where they are on the course. >> one million miles. liz: okay. 26.2 million? where are we? >> i'm just going to say this. liz: what mile? >> 25.9. liz: really? that close? >> listen, i'm telling you my sources are people close to the deal.
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the goal posts have been moved several times on this thing. the thing, and we have been all over this, what has been preventing this thing from going through, very detailed three-way negotiation, particularly in unloading assets and spectrum to charlie ergen's dish to make a possible fourth carrier, those are very tough negotiations and that has delayed what we thought was going to happen last week and the week before. now, i'm caveating because when you're dealing with a three-way negotiation, it can be pushed off to next monday or tuesday or next week, but here's what we do know now. the latest news now. optimism is growing, they're going to reach a deal that the justice department will approve so the justice department does not sue to prevent the time warner -- the t-mobile/sprint deal. we've heard significant progress made in recent days on this matter.
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so it is moving forward and it's moving forward pretty rapidly. we also hear if things keep moving as they are, again, if, it could be an announcement this week, you know, any day now. that this thing is coming together. again, you know, three major companies are involved in this. charlie ergen of dish, we should point out, is a very savvy political poker player and part of this has to do with him wanting to build something out and using the infrastructure of t-mobile and sprint so it's very complicated, building something out meaning another wireless carrier, so it's four, and that deals with the antitrust thing, where antitrust concerns, where you're essentially with the merger going to three major wireless carriers from four. he provides that fourth one. again, as it has happened, the last minute snag could always push this thing or blow it up. liz: you're killing me. >> here's one thing i want to throw out there.
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you know, it's fascinating because i'm wondering why they just don't get rid of ergen. liz: but he's run that company for so long. >> why do they need him? now, it makes sense conceptually because he's sitting on spectrum, right, so -- and he may have to give that back to, you know, you lose your license if you don't -- you use it or lose it and you can lose it in 2020, give it back to the ftc and reauction it. i'm wondering why you got to allow this guy to hold everything up. but apparently, we understand this thing is moving forward and you know, day by day, keep watching us because we are going to hopefully nail this thing. again, my sources are the wall street guys, the telecom execs that are working on this thing or that are close to it that know what's going on. you know, they have been pretty much on the money except for one thing. at the last minute this thing has gotten held nup in the past.
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i'm caveating but keep an eye on it. i got a good feeling. i'm starting to feel good. liz: you just made a verb out of caveating. charlie, thank you very much. >> i can't use that as a verb? liz: you can. dow is up 12. listen to me. when we come back, google now punching back against billionaire peter thiel and his accusations that google is a benedict arnold treasonous person, creature, who knows what. is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things that move us forward. every day, invesco combines ideas with technology, data with inspiration, investors with solutions. because the possibilities of life and investing are greater when we come together.
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liz: breaking news. singer r. kelly has just been denied bail. a federal judge has ordered the singer to be held in chicago in a jail without bond on sex crime charges. on the left you're looking at a live picture of the lobby of the courthouse. they won't be waiting for him because he's been shackled and
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wearing an orange jumpsuit, we're told. he will remain behind bars for the time being. perhaps they're waiting for the attorney. but the r & b singer is being considered a danger to the community, particularly to minors, minor females. kelly was arrested last week and charged in chicago and new york with sex crimes including as we said, having sex with minors and then trying to cover it up. we'll be watching this story closely. at the moment, singer r. kelly has been denied bail. he will be held in prison at the moment. let us get to president trump, who says his administration is preparing to launch a search into the biggest search engine of all. he took to twitter this morning, saying quote, billionaire tech investor peter thiel believes google should be investigated for treason. he accuses google of working with the chinese government, a great and brilliant guy who knows this subject better than anyone. the trump administration will take a look, end quote. this comes after the paypal co-founder thiel but he's also a facebook director which is
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important, because facebook is a competitor of google's, made this bombshell allegation and then spoke about it on fox news last night on tucker carlson. >> there's this very peculiar background where google is working with the chinese communist government and not with the u.s. military, so the project decision was a decision not to work with the u.s. military but they're working with the communist chinese, so the question is, you know, from the outside, what in the world is going on there? liz: well, google emphatically pushing back, shoving back, punching back, denying the claim, in a statement very simply saying quote, as we have said before, we do not work with the chinese military. to the white house, where blake burman is standing by. this is not the only story involving the u.s. and china right now. you've got the president's cabinet meeting earlier and just a quick mention, google's stock is holding on to gains. reporter: it is not the only mention with china, you're right. if there were any questions
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about all those good feelings that were emanating from that meeting between president trump and president xi at the g20 in japan just a few weeks ago, today was a good reminder that that meeting is now in the rear view mirror, because before his cabinet earlier today here at the white house, president trump reminded that he has the ability to go forward with the biggest batch of tariffs to date against china. it was this comment right here that caught the attention of the markets. listen. >> we have a long way to go as far as tariffs with china is concerned, if we want. we have another $325 billion that we can put a tariff on if we want. so we're talking to china about a deal, but i wish they didn't break the deal that we had. we had a deal where china opened up. reporter: that was the president at about noon today. earlier today as well, china's commerce minister signaled a hardening of china's position in an interview with the state-run newspaper. the chinese commerce minister
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saying at one point during that interview, quote, we must make the best of the spirit of struggle, speaking about the u.s. and china, and stand firm in defending the interests of our country and the people as well as the multilateral trading system. that meeting between president trump and president xi was about 18, 19 days ago and seems even further and further at this point as the days go by. liz: we are counting and waiting for this discussion. get the phone, blake. reporter: i wish it was breaking news on china but it's not. liz: tell them you'll call them back. i can see it's a hot news day there. behind blake, it's a simmering 94 degrees in washington, d.c. that happens to be the exact forecast for new york city this sunday, where team fox business will swim, bike and run in the olympic distance new york city triathalon. i'm captain of the team. my trusty partner kris hahn, we will swim, bike and run our way to raising money for america's
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worst wounded soldiers like hugo gonzalez. hugo was a u.s. army specialist when in 2004 in iraq, his humvee was ambushed by insurgents. three of the five soldiers were killed. hugo was blinded and suffered brain trauma. he did survive, knowing he had to fight for his three adorable, amazing daughters and his wife, all waiting back home. how after such a sacrifice could i or any of us, really, look at ourselves in the mirror and not do something? sunday, that something will be to raise money for building homes for heroes.org, where we build mortgage-free custom homes tricked out for each soldier's specific injuries. we built one for hugo and his family with different flooring in each room so he could feel with his cane or hands where he is, and we call this flooring transitions. the house has talking thermostats and guide rails for him to hold. that's him entering the home that you also helped to build. could you find it in your heart and your wallet to make a donation to support me, chris
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and doc during the grueling swim, bike ride and 10k run all in the crazy heat of the new york city summer for that man and everybody else in line behind him to get one of our mortgage-free homes. thank you, hugo, for your sacrifice. as we said, we will take anything. $5, $50. go to building homes for heroes.org. it is the least we can do. guess what? we have already raised $12,000 since just this show yesterday. i thank you so much. we also have just found out we have an angel who says if we hit $20,000, he will match that. thank you so much. we are coming right back. the top media analyst on disney is next. ♪ limu emu & doug
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facebook is dangerous. their motto has been move fast and break things. they certainly have. they move fast and broke our political discourse. they moved fast and broke journalism. they moved fast and helped incite a genocide. they move fast and are helping to undermine our democracy. now facebook asks people to trust them with their hard-earned paychecks. takes a breathtaking amount of arrogance, braittaki a breathta amount of arrogance to look at that track record and say you know what we ought to do next? let's run our other bank and our own for-profit version of the federal reserve and let's do it for the whole world. liz: but by all means, welcome to the senate banking committee. poor david marcus of facebook. you had the member sherrod brown, senator from ohio, pretty much scorching the earth beneath facebook's feet during today's libra cryptocurrency hearing on capitol hill, where lawmakers
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are trying to assess how to regulate this new form of money. fans of crypto and we're not just talking about bitcoin, but ripple, and light coin, have had an uphill battle with everyone from congress, regulators to president trump and even warren buffett who have all joined the crypto hater dog pile. but that is only strengthening the resolve of the bitcoin believers. here in a fox business exclusive is one of them, head of crypto strate strategy. okay. now you have sherrod brown, he all but accused them shooof shog jfk. it was crazy, all these accusations. your understanding of what's going on with cryptocurrency, where do you stand on why you feel the pile-on is becoming so dramatic? >> i think basically, america realized it needs a ten-year plan to make markets great again and basically, a ten-year plan
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to rebuild the payments, the financial infrastructure system that we are lagging behind most countries. we are basically, the congress and government is piling on private companies be it facebook's libra or other solutions in the market, because they don't understand the space. liz: well, wait. a lot of people watching, including in certain ways, me, don't understand what it really is, they can't feel it, they can't touch it, they don't know what it's backed by. at least libra would be what's called a stable coin, backed by real world assets such as the u.s. dollar or certain funds, but you know, i could side with the president and buffett and these are smart people, you know, the u.s. congress saying we don't want snake oil salesmen to be running away with our money just because it's the new cool digital thing. >> yeah, that's basically the response is who wants a currency
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that facebook's privacy problem and the secrecy, right, that's sort of what people said about libra. now, i wanted to point out bitcoin is very different. in fact, bitcoin and some other forms of stable coins built on bitcoin might be the solution that congress should look at. liz: you've got the vaneck etf that's what, in a holding pattern, correct? what are you waiting on, regulatory approval? >> yes. we are waiting finally for regulators to approve a bitcoin etf which would bring digital assets under the regulated american capital market. i think this could be for the next decade the driver of our economy. we have seen president trump and then govern or carney and treasury secretary mnuchin talking about digital assets and cryptocurrency being sort of a negative thing. i would like to challenge them to think about it another way. this may be the driver -- a
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driver to innovate and rebuild america's payment in capital markets. liz: you have warren buffett calling it rat poison 2.0. and you have a lot of people concerned about this. what is the number one thing you would like to say to our viewers who still aren't sold on it? >> i wanted to say first that they should read the research paper that the vaneck research team, my boss and i put out to market. we describe there how bitcoin, specifically bitcoin, not other digital assets, can rebuild the payment system. we also discuss how stable coins might be a solution and basically, we can satisfy all the regulatory needs and government needs to rebuild the market. again, bitcoin is not libra. stable coins are not libra. liz: i want to believe you. i want to read your report. vaneck has it. thank you very much. appreciate it. disney regifting a classic. with the closing bell ringing in 17 minutes, disney pulling out all the movie magic stops with
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its live action version of "the lion king" set to hit u.s. theaters in just 48 hours. but will these box office reboots leave the mouse house reigning supreme or lost in the ever-growing content jungle? our exclusive interview with one of top media's analysts in the nation is next. and from prison and cancer to the biggest business comeback in reality tv. abby lee miller of "dance mom" fame joins me tomorrow on the all new podcast episode of everyone talks to liz. the yochoreography behind her success, fall and climb back. "the claman countdown" is coming right back.
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patients that i see that complain about dry mouth. they feel that they have to drink a lot of water. medications seem to be the number one cause for dry mouth. i like to recommend biotene. it replenishes the moisture in your mouth. biotene definitely works. [heartbeat]
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liz: look at united airlines stock. this is breaking news. a spokesperson for the airline just said united is close to resuming flights in the air space over pakistan in the coming weeks. the stock is up about 3% at this hour. this after pakistan finally officially reopened its air space nearly five months after it was closed following a standoff with india that was of concern if there were any kind of military skirmishes. united as we said, moving higher by about $2.69 right now. it does report earnings after the bell so expect more on that. all right. from the blue skies to the silver screen. disney's latest iteration of taking a classic and reimagining it for today's audiences, "the lion king" is releasing this weekend in the u.s. while the critics may not be feeling the love tonight, chinese audiences loved it last weekend, where it opened there first. the film earned $54.7 million in china and is on track to be one
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of the most successful disney titles there. this ahead of the launch of the company's streaming service. that happens in november. it's called disney plus. it will be a competitor to netflix, at & t owned warner media's hbo, now and later this year, apple tv plus. leading us to ask, who can't wait to be king of your remote and of course, which stock would you want in there. joining us now to discuss it, a fox business exclusive, one of the top media analysts in the industry, bank of america merrill lynch senior media and entertainment analyst. she covers disney and your price target is $168 with a buy rating. we are at $144 right now. long way to go. >> yeah, it is a long way to go but you believe it will get there. how much of a propelant will "the lion king" movie be to getting it there? >> it's another feather in disney's cap. it's likely to be a huge movie, maybe one of the biggest of the year. it's all audiences, families,
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kids, teens, it's just hugely appealing. liz: as you look at that, you wonder, these are not reboots but sort of sequels, redoes. we were talking this morning in the morning meeting for "the claman countdown," we said is it regifting an old package. that mikakes people wonder as great as it probably is going to be, does that send a message to people that disney doesn't really have brand new really fresh content? >> first of all, it's an amazing cast. think about who's in it. it's super-appealing. also, the totally redone marvel, the new characters, new stories. to say that they haven't done new content would be unfair. they have 40%, maybe 50% at the box office right now. liz: true, but they are coming out with another version of "frozen." that brings me to the streaming question. that's where the real battle in media and entertainment is right
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now. when you've got at & t and time warner trying to really make their name in this, comcast, you've got netflix as sort of king of the couch, where does disney really have a chance on this? >> netflix is the current incumbent, but disney's coming at it from all sides. they have amazing content. it's all disney pixar marvel lucas, which is "star wars." a lot of original content from their movies and spin-offs from, you know, taking characters from "toy story," taking characters from "star wars." there will be tons of original content. amazing user interface but really, the price point. liz: on our screen. perfect timing. >> amazing. it's affordable. if you want to see a disney movie, the libraries will be in here. it's very, very compelling product. liz: disney cheaper than netflix. >> think about the marketing machine disney has. when you think about the theme parks and the amount of people
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that go in and out of there every year, think about the movies and their touchpoint consumer products. liz: i have to ask about cbs and viacom. when is this merger coming through? >> you know, we are hearing different things. it could be this week, it could be the next few weeks. but it feels like we are finally on that road to getting this done. liz: by labor day? >> that's speculation. liz: okay. jessica, great to see you. thank you so much. we appreciate it. when we come back, now the dow is down two points. will it be a record? any gain will make us set a brand new page in the history book. stay tuned.
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liz: breaking news, guys. i don't know what to say. sending a huge shoutout to thank
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you. 19 minutes we said if we could get from $12,000 to 20,000, i got somebody an angel who will match it. we hit 24,000 seconds ago. so the donations are flooding in to help our wounded veterans. we hand them "building homes for heroes".com, mortgage free, custom homes. we have sunday until i compete in the triathlon where i compete for our amazing vets. any name would be a new record close. we're not there we're red on the screen. , it is way behind. comes to the s&p last couple years. you as our countdown closer are picking berkshire hathaway. what do you see in it that some people are having trouble you know, really seeing? >> i think we're in a market, liz, obviously more on the fully valued spectrum of things.
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we're running on a 11 year bull market. we think it is important to look at companies that form well in downside markets just upside market. berkshire is up 4% year-to-date but the stock is trading where buffett repurchased shares from the company in third quarter of last year. that is a really good benchmark of value for the company. as benchmarks get volatile, that war chest will give him lots of opportunities. liz: over the past 10 years we've seen volatility and market drops, still berkshire is underperforming the s&p. why not tell our viewers by the index which is frankly warren buffett said in the past? >> he said that for personal estate planning. we haven't had a annual close greater than 10%. if you add in until 2018 until present time. berkshire outperformed. we think a company for all seasons. at some point this correlated
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market will correlate, there will be more opportunity for the company. liz: where are we at moment, we look at another record certainly a few days ago, just yesterday we saw new records? do you see longer tale for 10-year-old bull market now? >> it is virtually impossible to predict when this bull market will end. if you look at indicators back to negative yields in german debt, 10-year debt, austria issued 100 year bonds for less than 2%. liz: does that worry you? >> it is sign things are more fully valued, instead of pile into the big winners, more opportunity in companies that trailed market, such as berkshire and abbvie which i mentioned. liz: abbvie, per sure are the picks. -- berkshire. jack arnold from the west coast. love having you. a fellow call berkeley bears.
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>> go bears. liz: he and i, hope springs eternal. it is not a record today. markets are closing in the red. the dow looks like it is down 18. s&p down 10. [closing bell rings] tomorrow is another day that will do it for "the claman countdown". ashley: thanks, liz. the s&p 500 hit early session high. nasdaq in negative territory. down half a percent after closing at record high yesterday. good afternoon, everybody, i'm ashley webster, in for connell mcshane. melissa: i'm melissa francis. this is "after the bell." more on big market movers. here is what is new at this hour. right now the at white house

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