1 00:00:04,080 --> 00:00:08,680 Speaker 1: Broadcasting live to New York, Bloomberg to Washington, d C. 2 00:00:08,920 --> 00:00:14,160 Speaker 1: Bloomberg to Boston, Bloomberg twelve hundred to San Francisco, Bloomberg 3 00:00:15,000 --> 00:00:19,439 Speaker 1: to the Country series general and around the globe the 4 00:00:19,480 --> 00:00:23,040 Speaker 1: Bloomberg Radio Plus app and Bloomberg Got Gone. This is 5 00:00:23,120 --> 00:00:27,880 Speaker 1: taking Stock. Coming up on taking Stock in Harrisburg, Pennsylvania, 6 00:00:28,040 --> 00:00:31,440 Speaker 1: at the Pennsylvania Farm Show Complex. There'll be a broad 7 00:00:31,480 --> 00:00:36,040 Speaker 1: selection of nearly one thousand American muscle cars, classics, corvettes, 8 00:00:36,080 --> 00:00:40,720 Speaker 1: hot rods. We're gonna be talking with the Meekom Auctions 9 00:00:40,800 --> 00:00:43,559 Speaker 1: Company to find out is the car of your dreams 10 00:00:43,680 --> 00:00:46,520 Speaker 1: just one auction away? Right now, let's go to Charlie 11 00:00:46,560 --> 00:00:49,200 Speaker 1: Pellett in the Bloomberg news room for Bloomberg Business Fland, 12 00:00:49,320 --> 00:00:51,440 Speaker 1: I think of pim Fox. We've got twenty nine minutes 13 00:00:51,479 --> 00:00:53,360 Speaker 1: to go ahead of the clothes. Looking like it will 14 00:00:53,360 --> 00:00:55,640 Speaker 1: be another up week, four in a row on the SMP. 15 00:00:55,800 --> 00:00:59,960 Speaker 1: Five hundred index stocks trading at a record right now 16 00:01:00,040 --> 00:01:03,080 Speaker 1: on the SMP up nine again. There of four tenths 17 00:01:03,080 --> 00:01:05,320 Speaker 1: of one percent. And we are brought to you by 18 00:01:05,680 --> 00:01:09,160 Speaker 1: Sector Spider E T F S. Why by a single 19 00:01:09,200 --> 00:01:12,440 Speaker 1: stock when you can invest in the entire sector visits 20 00:01:12,480 --> 00:01:18,120 Speaker 1: sector sp d R S dot Com or call sector 21 00:01:18,680 --> 00:01:23,040 Speaker 1: e t F SMP five hundred index poised for another 22 00:01:23,120 --> 00:01:26,440 Speaker 1: record as investors show confidence of corporate earnings will not 23 00:01:26,600 --> 00:01:30,200 Speaker 1: derail or rally. Heading toward a fifth week. We do 24 00:01:30,280 --> 00:01:32,679 Speaker 1: have oil dropping to the lowest close in more than 25 00:01:32,720 --> 00:01:35,959 Speaker 1: two months as the US heads to the end of 26 00:01:36,000 --> 00:01:39,959 Speaker 1: the summer driving season with ample inventories. Crude oil West 27 00:01:40,000 --> 00:01:43,920 Speaker 1: Texas Intermediate down one point three percent forty four seventeen 28 00:01:43,959 --> 00:01:46,360 Speaker 1: of arrel. Right now on w t I it is 29 00:01:46,440 --> 00:01:50,600 Speaker 1: lower by fifty nine cents of barrel. Doug Ramsey is 30 00:01:50,680 --> 00:01:53,640 Speaker 1: chief investment officer at luth Hold Wheeden Capital. He sees 31 00:01:53,720 --> 00:01:57,520 Speaker 1: room for stocks to keep moving higher certainly indicate that 32 00:01:58,440 --> 00:02:01,640 Speaker 1: new highs are likely over the next four to six 33 00:02:01,680 --> 00:02:03,800 Speaker 1: months at least, and I think that the turn in 34 00:02:03,840 --> 00:02:06,640 Speaker 1: the economic data as part of that. I think that's 35 00:02:06,720 --> 00:02:09,560 Speaker 1: maybe what the stock markets moved here in the last 36 00:02:09,600 --> 00:02:13,280 Speaker 1: five months has been discounting uh stronger economic news and 37 00:02:13,680 --> 00:02:15,880 Speaker 1: better earnings perhaps in the second half of the year. 38 00:02:16,400 --> 00:02:20,320 Speaker 1: Right now, gold down seven seventy twenty three. That is 39 00:02:20,360 --> 00:02:23,000 Speaker 1: a drop of six tenths of one percent. We have 40 00:02:23,080 --> 00:02:25,239 Speaker 1: got the ten year down three thirty seconds the old 41 00:02:25,280 --> 00:02:28,880 Speaker 1: one point five six percent SMP five. How did index 42 00:02:29,000 --> 00:02:32,040 Speaker 1: up nine to seventy four, a gain of four tenths 43 00:02:32,040 --> 00:02:34,799 Speaker 1: of one percent? Down in dust reels up forty four 44 00:02:35,000 --> 00:02:37,160 Speaker 1: a gain of two tenths of one percent, and has 45 00:02:37,160 --> 00:02:40,440 Speaker 1: a stack up five tenths of one percent three thirty 46 00:02:40,480 --> 00:02:42,320 Speaker 1: two on Wall Street. Now, let's take a look at 47 00:02:42,400 --> 00:02:46,040 Speaker 1: other news from around the world. Thank you, Charlie from 48 00:02:46,040 --> 00:02:49,080 Speaker 1: the Bloomberg news Room. I'm Jill Schneider. This news update 49 00:02:49,160 --> 00:02:51,360 Speaker 1: is brought to you by the Jeep Grand Cherokee, the 50 00:02:51,400 --> 00:02:55,320 Speaker 1: most awarded suv ever. The Grand Cherokee continues to raise 51 00:02:55,360 --> 00:02:58,720 Speaker 1: the bar with its luxurious interior and legendary four by 52 00:02:58,760 --> 00:03:02,480 Speaker 1: four capability. Drive one at your local Jeep dealer today. 53 00:03:02,520 --> 00:03:05,960 Speaker 1: In Germany, police say they suspect terrorism in a shooting 54 00:03:05,960 --> 00:03:08,760 Speaker 1: at a mall in Munich. Police have not confirmed a number, 55 00:03:08,800 --> 00:03:11,760 Speaker 1: but at least several people are dead and many others wounded. 56 00:03:11,960 --> 00:03:15,480 Speaker 1: A hunt is underway for multiple gunmen. Moments ago, President 57 00:03:15,520 --> 00:03:19,280 Speaker 1: Obama reacted to the shooting. We don't yet know exactly 58 00:03:19,280 --> 00:03:23,600 Speaker 1: what's happening there, but obviously our hearts to go out 59 00:03:23,600 --> 00:03:27,160 Speaker 1: to those who may have been injured. It's still an 60 00:03:27,200 --> 00:03:32,160 Speaker 1: active situation, and Germany is one of our closest allies. 61 00:03:32,480 --> 00:03:35,960 Speaker 1: So we are going to pledge all the support that 62 00:03:36,000 --> 00:03:39,680 Speaker 1: they may need in dealing with these circumstances. Now that 63 00:03:39,720 --> 00:03:42,960 Speaker 1: the Republican National Convention has wrapped up, all eyes turned 64 00:03:42,960 --> 00:03:46,760 Speaker 1: to Philadelphia, where the Democratic National Convention will kick off Monday. 65 00:03:47,080 --> 00:03:49,680 Speaker 1: Donald Trump says he does not plan to watch Hillary 66 00:03:49,680 --> 00:03:52,680 Speaker 1: Clinton's acceptance speech. Number one, I know we're too well. 67 00:03:53,080 --> 00:03:58,920 Speaker 1: Number two boring, boring, sorry, boring. Oh. Last night, Trump's 68 00:03:58,920 --> 00:04:02,400 Speaker 1: acceptance speech was longest since at least nineteen seventy two. 69 00:04:02,680 --> 00:04:06,760 Speaker 1: The Louisiana Republican Party says it vehemently opposes the Senate 70 00:04:06,800 --> 00:04:10,640 Speaker 1: candidacy of former KKK leader David Duke. The state chairman 71 00:04:10,680 --> 00:04:13,840 Speaker 1: calls Duke a hate filled fraud who does not embody 72 00:04:13,880 --> 00:04:16,720 Speaker 1: the values of the party. Duke is a registered Republican 73 00:04:16,800 --> 00:04:20,520 Speaker 1: seeking the seat being vacated by Senator David Vitter. Global 74 00:04:20,520 --> 00:04:22,840 Speaker 1: News twenty four hours a day, powered by more than 75 00:04:22,880 --> 00:04:26,200 Speaker 1: twenty d journalists and analysts in more than one D 76 00:04:26,320 --> 00:04:30,839 Speaker 1: twenty countries. I'm Jill Schneider. This is Bloomberg, Charlie, and 77 00:04:31,040 --> 00:04:34,040 Speaker 1: we thank you and again recapping equities are moving higher 78 00:04:34,200 --> 00:04:37,680 Speaker 1: SMP five hundred index up nine to seventy four, a 79 00:04:37,720 --> 00:04:41,239 Speaker 1: gain there of four tenths of one percent. I'm Charlie Public. 80 00:04:41,440 --> 00:04:47,359 Speaker 1: That's a Bloomberg business flash. Bloom were taking stock the 81 00:04:47,520 --> 00:04:52,520 Speaker 1: last life, goal joice, unclaimed properties, valuable nature. Now you 82 00:04:52,600 --> 00:04:54,640 Speaker 1: live in a right front house? Can I be your 83 00:04:54,680 --> 00:04:58,920 Speaker 1: financial advisor? It's good to be king. I thought of 84 00:04:59,000 --> 00:05:02,120 Speaker 1: your right and I've got out. And remember how much 85 00:05:02,120 --> 00:05:05,919 Speaker 1: I wanted a big backyard with Grecian statue shaped hedges 86 00:05:05,960 --> 00:05:09,599 Speaker 1: and three swimming cool Well I got that. Bloomberg taking 87 00:05:09,600 --> 00:05:14,240 Speaker 1: stock the lux life on Bloomberg Radio. Interested in perhaps 88 00:05:14,320 --> 00:05:18,280 Speaker 1: a luxury automobile or perhaps a muscle car that comes 89 00:05:18,320 --> 00:05:22,320 Speaker 1: with a luxury price tag will make them Meekom Harrisburg rather. 90 00:05:23,400 --> 00:05:27,000 Speaker 1: It continues today through Saturday at the Pennsylvania Farm Show 91 00:05:27,080 --> 00:05:32,200 Speaker 1: Complex in Harrisburg. It will feature nearly one thousand American 92 00:05:32,360 --> 00:05:35,680 Speaker 1: muscle cars classics, as well as corvettes, hot rods and 93 00:05:35,680 --> 00:05:38,080 Speaker 1: so on. And here to tell us more, Sam Murta. 94 00:05:38,279 --> 00:05:41,240 Speaker 1: He is a vice president of Meekom Auctions. Sam, thanks 95 00:05:41,320 --> 00:05:45,760 Speaker 1: very much for joining us. Now I understand that there's 96 00:05:46,000 --> 00:05:48,760 Speaker 1: obviously Meekom has been focused on the muscle car market 97 00:05:48,800 --> 00:05:51,560 Speaker 1: for what about three decades, that's right, We've been in 98 00:05:51,600 --> 00:05:54,680 Speaker 1: business for just about just short of thirty years now, 99 00:05:54,720 --> 00:05:57,040 Speaker 1: and you know we've always our bread and butter or 100 00:05:57,200 --> 00:05:59,720 Speaker 1: our foundation has been built upon the American muscle car, 101 00:06:00,279 --> 00:06:02,400 Speaker 1: and that's what we've become most known for here if 102 00:06:02,520 --> 00:06:05,360 Speaker 1: as we continue to grow our company. All right, so 103 00:06:05,400 --> 00:06:08,279 Speaker 1: now muscle cars, let's just stick with that for a second. 104 00:06:08,360 --> 00:06:11,160 Speaker 1: Muscle cars from the nineteen six to the nineteen seventies, 105 00:06:11,640 --> 00:06:15,320 Speaker 1: there has that had an effect on new automobiles like 106 00:06:15,360 --> 00:06:19,159 Speaker 1: the Dodge. Uh well, of course the hell Cat, the 107 00:06:19,279 --> 00:06:24,320 Speaker 1: SRT hell Cat, sure absolutely, you know, the there's very 108 00:06:24,360 --> 00:06:26,560 Speaker 1: much the centered upon the nostalgia of the of the 109 00:06:26,560 --> 00:06:29,320 Speaker 1: American and the classic American muscle car, which was obviously 110 00:06:30,080 --> 00:06:32,279 Speaker 1: birth in the mid to late sixties and through the 111 00:06:32,360 --> 00:06:35,400 Speaker 1: early seventies, and uh so much of the excitement about 112 00:06:35,400 --> 00:06:39,000 Speaker 1: around those cars was you know, those that can look 113 00:06:39,040 --> 00:06:41,880 Speaker 1: back and remember when they were sixteen years old in 114 00:06:41,960 --> 00:06:43,680 Speaker 1: the in the cars they dreamt of owning, and they 115 00:06:43,680 --> 00:06:45,040 Speaker 1: would go to the car lots and see them but 116 00:06:45,080 --> 00:06:47,320 Speaker 1: maybe couldn't get their hands on them. Well, now those 117 00:06:47,400 --> 00:06:49,840 Speaker 1: those same sixteen year olds are now, you know, all 118 00:06:49,880 --> 00:06:52,320 Speaker 1: growing up and and and more, many of them well 119 00:06:52,400 --> 00:06:54,640 Speaker 1: to do and can can afford them, which is which 120 00:06:54,680 --> 00:06:57,159 Speaker 1: is driving the marketplace. And and folks are going back 121 00:06:57,160 --> 00:06:58,800 Speaker 1: and getting their dream that they wished they would have 122 00:06:58,839 --> 00:07:01,080 Speaker 1: had that when they were sixteen, um, you know, the 123 00:07:01,120 --> 00:07:04,040 Speaker 1: poster cars that they would dream about. Now they can 124 00:07:04,040 --> 00:07:06,640 Speaker 1: get their hands on them, and and it's become quite 125 00:07:06,640 --> 00:07:09,320 Speaker 1: the marketplace, all right. Well, just to give the details, 126 00:07:09,320 --> 00:07:13,400 Speaker 1: for example, that the Dodge Challenger SRT Hellcat, we're talking 127 00:07:13,440 --> 00:07:16,160 Speaker 1: about seven hundred seven horsepower. I don't think they all 128 00:07:16,240 --> 00:07:19,320 Speaker 1: have seven hundred seven horse power. But let's let's talk 129 00:07:19,320 --> 00:07:21,239 Speaker 1: about some of the cars that are up for auction. 130 00:07:21,240 --> 00:07:22,920 Speaker 1: I want to I want to get your thoughts on 131 00:07:22,960 --> 00:07:24,920 Speaker 1: what is estimated to be the top seller. This is 132 00:07:24,960 --> 00:07:30,640 Speaker 1: the two thousand five Ford GT. Yeah two g T. 133 00:07:30,840 --> 00:07:33,440 Speaker 1: Back in two five and two dozen six, Ford brought 134 00:07:33,480 --> 00:07:35,920 Speaker 1: back um you know it was again. This is a 135 00:07:36,000 --> 00:07:40,120 Speaker 1: nostalgic build. It was built to uh in UH to 136 00:07:40,240 --> 00:07:43,320 Speaker 1: commemorate the g T forty back in their mid sixties, 137 00:07:43,360 --> 00:07:46,040 Speaker 1: which is a full blown race car that Ford UM 138 00:07:46,280 --> 00:07:50,240 Speaker 1: campaigned and they brought that back. It's got a very 139 00:07:50,360 --> 00:07:52,640 Speaker 1: very much of the nostalgic styling similar to that of 140 00:07:52,720 --> 00:07:55,920 Speaker 1: the mid sixties, but with all the modern horsepower associated 141 00:07:55,960 --> 00:07:58,960 Speaker 1: with it. And there was a very limited production. Um 142 00:07:59,120 --> 00:08:01,720 Speaker 1: that Ford produced the two thousand five and two thousand six. 143 00:08:01,760 --> 00:08:05,360 Speaker 1: And those cars have they spent after they were new, 144 00:08:05,400 --> 00:08:06,880 Speaker 1: They spent a little bit of time, you know, I 145 00:08:06,880 --> 00:08:09,040 Speaker 1: would call flat. They were just became kind of used 146 00:08:09,040 --> 00:08:11,360 Speaker 1: cars for for a few years. And probably in the 147 00:08:11,440 --> 00:08:13,600 Speaker 1: last two I would say two to two and a 148 00:08:13,640 --> 00:08:16,120 Speaker 1: half years, the value of the market of those cars 149 00:08:16,160 --> 00:08:20,480 Speaker 1: has really risen, probably close to from two and a 150 00:08:20,520 --> 00:08:22,640 Speaker 1: half to three years ago. So what's the estimate for 151 00:08:22,680 --> 00:08:27,240 Speaker 1: this two Uh, this car here could go from anywhere 152 00:08:27,280 --> 00:08:29,480 Speaker 1: from three hundred to four hundred thousand dollars. It's a 153 00:08:29,520 --> 00:08:31,320 Speaker 1: real it's a one owner car, I meaning it's been 154 00:08:31,320 --> 00:08:34,200 Speaker 1: baby by one guy since new. It's only got one thousand, 155 00:08:34,200 --> 00:08:35,800 Speaker 1: two hundred and fifty nine miles on it, so it's 156 00:08:35,880 --> 00:08:37,760 Speaker 1: essentially a brand new car even though it's you know, 157 00:08:37,800 --> 00:08:41,360 Speaker 1: over ten years old. UM. But again, the market is 158 00:08:41,360 --> 00:08:42,920 Speaker 1: is so hot on these things. The value that the 159 00:08:43,160 --> 00:08:45,120 Speaker 1: car sold new for about a hundred and sixty grand 160 00:08:45,160 --> 00:08:46,760 Speaker 1: ten years ago, and now that's going to sell for 161 00:08:47,120 --> 00:08:49,640 Speaker 1: anywhere between three and four hundred thousand dollars. All right, 162 00:08:49,720 --> 00:08:54,199 Speaker 1: tell me about Chevrolet chevel the SS convertible with the 163 00:08:54,559 --> 00:08:57,640 Speaker 1: big block. Yeah. So this is sort of the you know, 164 00:08:58,679 --> 00:09:01,679 Speaker 1: very popular car are back in nineteen seventy and continues 165 00:09:01,720 --> 00:09:03,720 Speaker 1: to be today. The Chevelle. You know that they produced 166 00:09:03,760 --> 00:09:06,400 Speaker 1: hundreds of thousands of these cars, but the rare ones 167 00:09:06,440 --> 00:09:09,760 Speaker 1: are the ones with the big motors. Uh. And everybody 168 00:09:09,800 --> 00:09:12,240 Speaker 1: loves a four speed manual transmission of really control how 169 00:09:12,280 --> 00:09:14,400 Speaker 1: they drive these cars. And this one here is just 170 00:09:14,400 --> 00:09:17,559 Speaker 1: just a sweet looking blue white white top of the 171 00:09:17,559 --> 00:09:21,000 Speaker 1: white interior. The color combination is gorgeous, um, and it's 172 00:09:21,559 --> 00:09:24,600 Speaker 1: you know, it's got all the right stuff. Estimated price 173 00:09:25,600 --> 00:09:27,839 Speaker 1: probably somewhere in the neighborhood of fifty to seventy five 174 00:09:28,240 --> 00:09:33,079 Speaker 1: dollars for about four grand. Right that that'll that'll show 175 00:09:33,120 --> 00:09:35,720 Speaker 1: you show you how things have moved. I want to 176 00:09:35,720 --> 00:09:37,880 Speaker 1: get through a couple o of these nineteen seventy Plymouth 177 00:09:37,920 --> 00:09:42,320 Speaker 1: Hemy road Runner. Ah. Yeah. So the Hemy road Runner, um, 178 00:09:42,360 --> 00:09:45,000 Speaker 1: you know, competitor to the Chevelle back in that time 179 00:09:45,120 --> 00:09:47,480 Speaker 1: on that era. Um, this is you know, the biggest, 180 00:09:47,600 --> 00:09:49,520 Speaker 1: the biggest horse power you could get back then four 181 00:09:50,400 --> 00:09:52,000 Speaker 1: horse power you know, about half of what that hell 182 00:09:52,120 --> 00:09:54,920 Speaker 1: cat putting out these days. But at the time, you know, 183 00:09:55,000 --> 00:09:57,319 Speaker 1: that was the the king of the king of the 184 00:09:57,360 --> 00:10:00,440 Speaker 1: muscle cars. But hemy in which you know, the Hemi 185 00:10:00,880 --> 00:10:03,280 Speaker 1: Moniker is what Dodge has really been hanging their hats 186 00:10:03,280 --> 00:10:05,280 Speaker 1: on them in the newer the newer cars with the 187 00:10:05,400 --> 00:10:08,440 Speaker 1: uh the challengers and chargers of today. Um, you know 188 00:10:08,480 --> 00:10:10,760 Speaker 1: again going back to that nostalgia and bringing that back 189 00:10:10,840 --> 00:10:13,640 Speaker 1: and and and you know, really promoting that that hemmy 190 00:10:13,720 --> 00:10:15,679 Speaker 1: name and that hemmy brand for Dodge. It's been real 191 00:10:15,760 --> 00:10:19,600 Speaker 1: successful and it was successful then and it's extremely successful today. Again. 192 00:10:19,679 --> 00:10:21,280 Speaker 1: All right, I'm only going to give you about fifteen 193 00:10:21,320 --> 00:10:26,800 Speaker 1: seconds here N seventy Cougar boss Rio to Eliminator. That 194 00:10:26,800 --> 00:10:29,320 Speaker 1: would would be one that they would refer to more 195 00:10:29,360 --> 00:10:32,120 Speaker 1: as a pony car in the in the muscle car world, 196 00:10:32,120 --> 00:10:35,560 Speaker 1: but it was, you know, um, similar to a Camaro 197 00:10:35,760 --> 00:10:39,720 Speaker 1: or a Mustang. The Cougar came from the Mercury brand 198 00:10:39,760 --> 00:10:41,719 Speaker 1: and you know, just another a cute little muscle car. 199 00:10:41,720 --> 00:10:43,679 Speaker 1: It's got a whole lot of horse power. Thanks very 200 00:10:43,760 --> 00:10:47,560 Speaker 1: much for joining us. Sam Murta. He is the vice 201 00:10:47,600 --> 00:10:50,960 Speaker 1: president of Make them auctions taking place at the Pennsylvania 202 00:10:51,000 --> 00:11:01,280 Speaker 1: Farm Show Complex in Harrisburg, Pennsylvania. This is Bloomberg coming 203 00:11:01,360 --> 00:11:03,920 Speaker 1: up on taking stock. Will be speaking with Joe maclindon. 204 00:11:04,000 --> 00:11:06,520 Speaker 1: He is the founder and the chairman of Macillindon Research 205 00:11:06,600 --> 00:11:11,000 Speaker 1: Partners and Catalpa Capital Advisers. He's going to tell us 206 00:11:11,000 --> 00:11:13,600 Speaker 1: what to do with your money to make money. That's next.