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More Data Needed To Evaluate Future Rate Hikes; Fed Waiting To "Help
Clarify" How Economy Evolving; Comey To Testify Tomorrow; Global Fears Hit
Investors; Trump Raises $25M In June; Tomorrow 10 AM ET: Watch Comey's
House Testimony On FBN; Sen. Bob Corker Withdraws Name From Trump VP Short
List; War On Coal; Tech, Media Titans Converge; America's Rudest Cities - Part 2>
Acuna, Lori Rothman, Adam Shapiro>
James Comey; North Carolina; ISIS; Saddam Hussein; Democrats; Republicans;
Middle East, China, Barack Obama; Paul Ryan; Congress; Loretta Lynch;
Immigration; Security; Elections; Bob Corker; Kate Steinle; Ted Cruz;
Police; Terrorism; Murray Energy, Coal; Media; Technologies; Allen &
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Police>
My thing is, my biggest concern in this country is the safety of Americans. And we have to get more safe before we are so deep into this where we have an every day occurrence of terrorist attacks like you have in the Middle East.
CASONE: Right.
DIETL: And it's not that far away if they infiltrate this country so much.
CASONE: Terrorism and also illegal immigrants committing crimes .
DIETL: Yes.
CASONE: . killing Americans, which is why we are .
DIETL: Yes.
CASONE: . having this discussion today. Bo Dietl, thank you very much.
DIETL: Thank you.
CASONE: All right, the top cop and that's -- those are his thoughts. Well, coming up, remember when Hillary Clinton said this?
(BEGIN VIDEO CLIP)
CLINTON: We're going to put a lot of coal miners and coal companies out of business.
(END VIDEO CLIP)
CASONE: Well, thanks to Clinton, President Obama's -- free one major coal mining companies and may -- force, the CEO -- joins me next.
(COMMERCIAL BREAK)
CASONE: All right. Oil closing just moments ago, 47.43 up nearly 2 percent, breaking its two day losing streak.
Our own Jeff Flock is here to explain. Jeff.
JEFF FLOCK, FOX BUSINESS NETWORK REPORTER: And, you know, the traders, Cheryl, say it has absolutely nothing to do with oil. Oil prices don't matter when it comes to the actual realities of oil, it's because oil is trading now in tandem pretty much for the stock market.
If you look at the intraday chart, you see, it was round noon, the stock market flipped. You now, it just differing sentiment about what's happening in the world right now.
We were close yesterday. The lowest almost in two months, down 4 percent yesterday, we back up 2 percent today.
In the after hours, we're down now another 10 cents past the close, but, I don't think we'll see much after that. But right now, oil, you know, demand remains high, supply remains high. And the price of oil doesn't have much to do with oil. Cheryl.
CASONE: So much of the time it never does. Jeff Flock out of the CME Chicago, thank you, Jeff.
Well, while oil edge is slightly higher today, low energy prices had been devastating, the industry. The biggest private coal producer in U.S., Murray Energy, is warning, it may have to cut more than 4,000 jobs, that's about 80 percent of its work force. But it's not just weak demand, the company is also pointing to President Obama's regulations for those jobs cut.
Murray Energy CEO, Robert Murray, excuse me, joins me now.
So, the regulations that have been really toppling your industry and bankrupt to you and, well, other competitors of yours, 80 percent of the big cut, sir?
ROBERT MURRAY, MURRAY ENERGY CEO: It is, ma'am. But it's a precautionary WARN Act notice in case we have to make those layoffs.
You know, the coal industry has been cut in half under President Obama. Hillary Clinton has said she will expand his policies.
Coal employment is down from 200,000 to 60,000 today. And, ma'am, this people jobs want to work in honor and dignity and they're being denied that. They just want to work.
The regulations from the Obama EPA now total $380 billions a year -- spending 4 -- on climate change. There are 115 million families in America on energy assistance. Would it be good to give that four billion a day to those people or to the people on fixed incomes that are struggling to pay their electricity bills? It's a tragedy. It's actually evil.
CASONE: Well, you know, Hillary Clinton had come out and said that she was going to -- she went after the coal industry, she was heavily criticized for that thing, that you are killing American jobs. And she's trying to back track. But how concerned are you about a Hillary Clinton presidency?
MURRAY: She can't back track ma'am when she said that, she said it boastfully, and she said it with a smile. She meant it. And the reason she meant it is she's getting millions of dollars a year from the wind and solar industries. Wind power, wind mills, solar panels cost five and a half times as much as coal, fire and electricity. It wouldn't be even exist except for the subsidy from the tax payer. She is getting a lot of money from the wind and solar industries to keep those taxes going.
CASONE: All right.
MURRAY: And so, she's not only out to eliminate coal job, but she has a motive, it is called, money. That's Hillary Clinton.
CASONE: Is bankruptcy possible?
MURRAY: Bankruptcy is possible ma'am for us. There are 51 bankrupt coal companies today. In the last five years, coal companies have lost 94 percent of their market value. The industry used to be worth 49 billion a year. It's now down to four million. And when a four coal companies, that is not bankrupt. We're struggling, but we hope to stay out of bankruptcy. But we have to give that notice as a precautionary measure, ma'am.
CASONE: So that 80 percent cut may not happen. What needs to change in the next two months for you to not cut more than 4,000 jobs?
MURRAY: We have a four step program to stay out of bankruptcy. And we're dealing step by step with the things that we need to get down to stay out of bankruptcy, including working with our creditors, including working with the Untied Mine Workers on a new contract, including working with our customers who want to see Murray Energy were a very reliable coal suppliers have been for decades. And we're working with them, and hopefully, we'll avoid bankruptcy. It's the last thing that I want to do.
I built this company from a mortgage home 30 years ago, and I want to see my employees. I care about these coal miners. I worked with them for 16 years underground. I still go underground every week. And I care deeply about them. I want to keep their jobs.
One other thing, Cheryl, everyone of these coal mining jobs spins off another 11 jobs in the communities. So, when I had 84 hundred employees last May first .
CASONE: Right.
MURRAY: . I count it for 100,000 jobs in America. And I was very proud of that. And thank you.
CASONE: Well, Robert, I don't have a lot of time, but I just want to ask you, I know that you're a supporter of Donald Trump, what is it that Donald Trump has said that has you behind him as the next president?
MURRAY: I didn't know Donald Trump, Cheryl. And I spent six and half hours with him in his office in an event I had for him. What I found out about him is, he's a very quick study, very bright man. But the most important thing is he'll surrounds himself with the best people in this country to run America. That I am sure of in the time I have spent with him.
Hillary Clinton will bring in more politicians just as Barack Obama did. The greatest support -- destroyer that Americans ever since, and particularly, on energy. So, he'll surrounds himself from the very people, and I think he won't leave this country and he has the courage to make the changes that are needed to get this country back on track. And as he said, make it great again.
CASONE: And maybe save some coal industry jobs at the same time. Robert Murray, thank you for your time, Robert. Please keep us posted on your progress.
MURRAY: Thank you, ma'am. Thank you very much, Cheryl.
CASONE: All right. Well, media and technologies super stars are -- oh, they're gathering for the annual Allen & Company Conference in Sun Valley, Idaho today. Find out why one of the tech industries biggest names didn't get an invite. That's next.
(COMMERCIAL BREAK)
LORI ROTHMAN, FOX BUSINESS NETWORK ANCHOR: All right, a very good afternoon. Live from the floors of the New York Stock Exchange. I'm Lori Rothman with a business brief.
So, stocks have turned north (ph). We get the Fed meeting minutes from the latest meeting and it was a pretty dovish, seems to confirm the fact that interest rates aren't going up anytime soon. And so, worst thing about session highs for U.S. stocks at the moment. The Dow up 63, the S&P, up eight points. Interesting, it's a low today, the Dow is down 127 points, so that is quite a turn around.
Airlines, not enjoying the rally here. They're down on British Brexit fears, if you will, (inaudible) analyst downgraded American today, so you can see that.
Stocks is down almost 4percent in an overly week. Sector United down 3 percent and change.
Gold and silver miners, so on the other hand, hitting a two-year fight today. Take a look at some of these names, 6 percent for CDE, that's the thicker. AngloGold up 4.6 percent.
And Valeant having its best day in three months. Good news from .
(COMMERCIAL BREAK)
CASONE: Titans of media and technology arrived in Sun Valley, Idaho for the annual conference hosted by Allen and Company this week everybody, from Bob Iger to Mark Zuckerberg going to be there, but one notable name didn't make the cut, Yahoo CEO Marissa Mayer.
Our very own Adam Shapiro is live in Sun Valley with more. Adam, what happened?
ADAM SHAPIRO, FOX BUSINESS NETWORK NEW YORK REPORTER: Yeah, what's that about huh? I mean it's something like 300 invitations and you have 300 plus of the world's most important media tech giants as well as tech giants and not Marissa Mayer.
She is a -- not on the list this year, in fact, that video of her I believe this is from last year or 2014 perhaps, and she has been in attendance before, but part of this has to do is that this conference is also known for deal making.
We've been talking about the infamous Verizon purchase of AOL, that was a $4.4 billion deal had silver perhaps a good bottle of wine here at the Allen and Company Conference in Sun Valley. And Marissa Mayer unable yet to strike a deal for Yahoo perhaps to tied up with Yahoo.
She is not here. Who is here? Well, the biggest names. We saw Michael Dell actually, remember Dell computer. They're still around, private company but he is here.
We have seen John Donahoe from PayPal. He is here. And then there are a ton of politicians. Justin Trudeau was one of the speakers this morning, the Prime Minister from Canada. They are talking about economic issues, Brexit.
But, what you and I want talk about is money and will they be putting up their deals together.
We happen to run in to Barry Diller, IAC. Mr. Diller who is known for disrupting television in the past is still disrupting things hopefully with the profit in the future. And he talked to us about what's going on with production becsause he says there's no longer the need for the current business model if you want to produce something and then sell it to a television or a web distributor, you can cut out the middleman i.e. the distributor. Here's what he told us.
(BEGIN VIDEO CLIP)
BARRY DILLER, IAC CHAIRMAN: The internet, where you can publish direct without going through anybody, you can use our (inaudible), you can use all sorts of our devices to do it. You will allow creators, I think for the first time, to not be dominated by distributors and altogether, healthy condition.
(END VIDEO CLIP)
SHAPIRO: Not a bad idea. Let me give you another rundown of just some of the who is who here of course, Barry Diller, his wife Diane von Furstenberg. John Henry, there are a lot of sports moguls here. John Henry from the Red Sox, James Murdoch, part of the Murdoch clan which owns the Fox Business Network. Sheryl Sandberg from Facebook, Lachlan Murdoch, Tom Brokaw, the NBC anchorman is here, and also Harvey Weinstein, he is here as well. So these are the biggest names not only in media, but also in tech. And they are trying, perhaps, to strike some deals but they're also talking politics. And one of the issues is clearly the impact of Brexit on their business models going forward. Cheryl.
CASONE: And a little bit of the U.S. elections, I'm sure, is coming out. Donald Trump, Hillary Clinton, I don't know, I'm guessing. You'll find out.
Adam Shapiro. Thank you, Adam.
SHAPIRO: Take care.
CASONE: All right. Coming up, stocks turning, well, positive, we're up 49 points right now after being slammed in early morning trading. Take a look at this. So, we're up 48 on the Dow, S&P up, NASDAQ up as well. A little bit of turn around here.
What should you be investing in during this time of uncertainty? We are going to have the pros joining me next.
(COMMERCIAL BREAK)
CASONE: Well, take a look at the Dow, going green after being down triple digits at today's open. The NASDAQ, the S&P 500 off positive following yesterday's losses, we will take it.
This, as the Federal Reserve just released, about 50 minutes ago, minutes from the June policy meeting, which shows that beneficials are still remaining cautious about raising interest rates in the wake of Britain's decision to exit the E.U.
They -- when they had that meeting, we had not had of course the Brexit vote. But, they did say that it was prudent for them to keep an eye on things. Curious what they think about it now.
Let's bring in Kaltbaum Capital Management president, Gary Kaltbaum.
Gary, I do want to talk about the Fed minutes and about economic policy, but first of all, can we start with something positive, Gary, just you and me, just us talking?
GARY KALTBAUM, KALTBAUM CAPITAL MANAGER PRESIDENT: The Mets are playing much better baseball these days. That's the starters.
CASONE: The Mets are doing great. But guess what else? I was looking at the 30 year fixed mortgage this morning, 3.27 percent. So, people like you should go out and buy more houses. That will be the start with.
KALTBAUM: Well, it is very good -- it is great that interest rates are lower. It is great that gas prices are lower. It is a expense cut for business. It's an expense cut for consumer.
To me, nothing bad happens unless it's actually telling you something about which way the economy's going.
And look, the good news for me is that we have the Brexit and the market brought back up like no problem whatsoever. And it just feels like there's a floor underneath because what's the easy money polices that continue not only here, but around the globe, just insane.
CASONE: Why are we so volatile and so sensitive? Markets around the world are really here in the U.S. so things that seem to be such a one offs. I mean, look, the man on global sell-off talk a recession around the world after the Brits decided to leave the E.U., and here we are back in strong territory.
Yeah, maybe people I think nervous and uneasy about putting money in the stocks when you see this kind of thing happening around the world.
KALTBAUM: Well, Brexit didn't help. But, for me, the volatility comes from the never ending talk out of central banks around the globe, the never ending printing of money.
And, you know, I remember, we went to zero percent interest rates, and I said, well, we can't go lower than that. And boom, they went into negative rates.
So, as long as that talk keeps on occurring, yelling, druggy in Europe, the Kuroda from Japan, we're going to see a lot of volatility.
And look, it's never ending. The good news is, like I've said, they're going to be easy forever. They are never ever going to tighten. They can't tighten or, I think, look out below and I think they know it. And look, it's been propping up markets for a long while right now. Damn to torpedoes as they say.
CASONE: Well, but think about markets could be today if we didn't have so much bank intervention from around the world. Central banks, many critic say, have done nothing but give us a false sense of security. And then when you do have something like the Brits under the E.U. or pick another global event, off we go.
So, maybe, they do need to step aside. And why is our Fed so focused on what's happening overseas? How about the jobs?
KALTBAUM: Well, I think they know that if the markets get hit, it's going to expose a lot. We have more debt and leverage in the system now that in '08. And the amount of derivatives, remember that word derivatives, is that everybody is complaining about in '08, times it by 2 or 3, how much is out there right now?
So, that is the big issue. You have all those buying back of stock at higher prices by companies because of the low rates.
I just think there's a bubble created here. And look, we may go to 30,000 Dow before it pops. But, leave no doubt, it's going to pop. And I think what you're seeing in gold right now is telling you a little bit of that.
And by the way, gold and silver right now ends way going. I think there's a lot more to go in that group.
CASONE: What do you think gold is going to do, I'm sorry?
KALTBAUM: I think gold is going much higher.
CASONE: Much higher.
KALTBAUM: I think -- extended here in New York (ph) turn probably does some pulling in first, but this looks to me, there's a big buy in it and silver as well. And the gold and silver stocks much stronger than the metals.
CASONE: Gary, I only got about 30 seconds, but I have to ask you, is part of the market uneasiness the election?
KALTBAUM: Oh, look, of course. I mean, look what's happened just the last few days. You know, we have an outlier in Donald Trump, and I'm not going to say what I think of Hillary Clinton. I think Comey said it all yesterday. And I think there's worry about both of them by markets. And as we get closer, I think the markets will be gyrating like crazy.
CASONE: Yeah.
KALTBAUM: Welcome to my world.
CASONE: Oh, Gary Kaltbaum, I like your world and it was great to have you on the show. Thank you, Gary.
KALTBAUM: Thank you.
CASONE: Great insights. Go Mets, by the way.
KALTBAUM: Yes.
CASONE: I'll see you there on Saturday.
All right, coming up, the results are in for the rudest cities in America. And guess what? New York City, you are not number one. I'm going to tell you which city is, coming up next.
(COMMERCIAL BREAK)
CASONE: All right. Hey, New Yorkers, you are no longer the rudest city. Miami has taken the crown as the rudest city by "Travel and Leisure Magazine".
So, according to the magazine, Miami is the rudest because it's a mix of flashy luxury, and it's, "pretty high snob score". There you go, Miami.
Guess what? Number two Phoenix, Arizona. And then New York City dropped from the number one spot last year to three. And then number four, Los Angeles. OK, we can kind of see that. And then at number five, Philadelphia. So, the city of brotherly love, not really giving off a lot of love.
Based on the survey of the magazine's readers, cities are ranked on several things. How safe people feel there, how walkable it is, and of course, how nice the people are.
I know, Liz Claman, you're one of the nicest people in New York City that I know, never rude to any of our tourist .
LIZ CLAMAN, "COUNTDOWN TO THE CLOSING BELL" HOST: Well, excuse me, where is Newark, New Jersey on that list? That's what my crew wants to know and they're all from New Jersey.
Thank you very much, Cheryl Casone.
END
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