tv Whatd You Miss Bloomberg May 3, 2016 4:00pm-5:01pm EDT
[opening bell] alix: u.s. stocks wiping out 40day's gains, in a nearly months rally could be on a shaky ground. joe: "what'd you miss?" uighur factory readings in the u.k., and a drop in chinese manufacturing slowing global growth. cbs should report first-quarter earnings any minute now, can they deliver on all channels? class, pressure secretary jack lew, the full interview in this hour. we begin with our market minutes, it was a brutal day for stocks across the board. the nikkei was down over 3%, you have weaker manufacturing data. it spread to europe.
european banks got hammered. the euro stocks down, and that spread over to the u.s. year, could not recover data at 1% across the board. joe: at one point, it looked back, butuld bounce it was a brutal day for emerging markets. everywhere you look, wiping of the gains we saw yesterday. alix: utilities may be a little bit in the green. highlight a couple stocks, one is apple. did not participate in the sellouts today, reversing its downtrend. the best again in five weeks, quite a reversal since earnings last week. i did want to put the rally into perspective. 250take apple versus its day average, that is a bananas chart.
much lower it is then all those averages, and how quickly it got there. joe: a nightmare. alix: there you go, the title for that. and twitter, another record low for the stocks. talk about earnings slumps. hitting a another record low today, now down 20%, over 20% since it reported earnings. is unbelievable, that that is a five day chart. with the risk sentiment we saw in equities, not surprisingly, that carried over in a dramatic way to government bond markets. you have the two-year and 10 year yield on the screen, both down a lot. germanopped today in bund yields. bundu remember the tantrum, there was a surge, and
a reversal. for now, we are not getting any equivalent deal surge on the one-year anniversary of that. on at currency front, an interesting day. starting with the reserve bank of australia's decision to hike rates. slammed down 2.3%. we see the yen strengthened again today, more dollar weakness. the real stand up, that aussie ,ollar down 2% on the evening and we will talk about that more coming up. red on thedities, screen. the worst, copper moved in with those weaker pmi numbers that of the u.k. cycle, a shakeout there. down almost 3.5%, anywhere you
look, you see that kind of red. marketse are today's minutes. we want to take a deep dive into the bloomberg for a chart you can see at the bottom of your screen. i will be optimistic and say auto sales versus initial jobless claims. you can see initial jobless claims tended to move in opposition. whenever you have a spike in jobless claims, auto sales falloff. comes up, likeak we saw in 2009, car races rally. we have seen more people getting jobs and more people buying cars. we saw a little softness and overall car sales. but today, car sales have held up relatively well, we are waiting for final numbers, but on an annualized basis, we are looking for 17.4 million cars sold. if that continues, that is underlying strength. alix: that is a big snapback.
that climb in march caught people's attention. you are perfectly right to compare it to the labor market, because people don't buy cars that they don't have jobs. nonetheless, not going to buy if you don't have a job. joe: i want to go back to the aussie dollar. the u.s. dollar today, sanction the decision by the rba to cut rates. this shows what really drives the aussie dollar. the blue line is the aussie, the white line is the rba commodity price index, that tells the whole story. commodities and the aussie dollar. had an impressive run in 2016, and as they continue to power higher, regardless of what the rba does, we see more strength in the
australian dollar. if we weaken commodities, probably not much hope for the bulls there. that is what you want to be watching. alix: you can see all these charts and more on twitter. i do have some breaking news for you, cbs earnings crossing right now. still a solid bead, earnings share,in at $1.02 a revenue also coming in at $3.85 billion, also above estimates. entertainment revenue, kind of $2.6 billion. the cable network revenue, light at $225 million. but a local broadcasting revenue higher than estimates, at $649 million. all-time income at an high of 14%, revenue up 10%. it appears like the stock continues to fire on all
cylinders. we are picking that up and after-hours trading, up by about 1%. intelligence director of research joins us now. paul, we're just getting the numbers in. cbs's leadhis do for in the industry? paul: they had a rocky road since last summer, but they have plowed ahead, and are benefiting and improving national television advertising environment, which they are exposed to. they are also improving and increasing retransmission fees, the fees they charge for the carriage of the cbs network. they have been charging double-digit increases every year, a meaningful revenue stream for them and a driver. joe: why has an improved? paul: it is not because of ratings, but we are seeing a migration back to digital
advertising and back into television, a little bit. we saw a week upfront selling season laughter, but the scatter has been very strong for the last couple of quarters. advertisers who missed out are now trying to buy advertising and push up prices. when are the ratings going to matter? at some point if it continues to decline, a trend that people are watching less tv, at least in the conventional way that we talk about watching tv and less cable -- at some point, isn't that going to sweep out the underlying economics of the whole thing? paul: at some point, you would think that. but the broadcast television industry has had a decline in ratings over 30 years, yet they are able to raise the rates into the single-digit each year, because an increasingly fragmented audience, exacerbated
by the digital world, they still have a big audience. the biggest audience you can find in media, still in cable television. if you're a big brand advertiser, that is still a good place to put your money. but we are still seeing big rand ads on the internet or as sheryl sandberg on facebook says, there are only two places you can go on the internet to get a big audience, and that is google and facebook, so they are still competing pretty well. alix: they also had the super bowl and the grammys, and ratings did improve for cbs. even if we are not necessarily watching cable tv as much, they are still the one doing the best. give and you can probably credit to the ceo of cbs. programmer, and remains the best programmer in television. that translates into consistently strong ratings, and thatto the peers, is all advertisers are looking for, at this point. alix: earnings coming in at
$1.02 a share, and earnings three point $5 billion, and a stock is slightly higher in after-hours trading. thank you, paul. and tomorrow we will talk to of cbs right here on bloomberg television. joining us to break down the bloomberg action is all around. oliver, you had a great piece talking about why should think about bears in the market. oliver: it is something you have to think about if you are considering investment stocks. it seems like all the signs are pointing to way they are sentiment out on the street. whether you are looking at flows or short interest or cash levels, all of these things are .ining up many people are not convinced of the strength the market has shown.
that is astounding, because it is a historic comeback. you just think that maybe people are patterned after the first couple of months, a caught people by surprise. you are seeing this crop over all over the market. this is kind of in the story for a long time. did something change with it that august sellout, because that was so intense, and the volatility surges so dramatic? did that leave lasting scars on investors, worried there could be a repeat of that? i think it is a repeat of the last three major sellouts. in particular, in october 2014. october 2014, the markets seem to get over pretty quickly. there were other factors that cropped up at the time. but when you talk about august, it does not feel like a market of change.
they have covered a little bit, but it is still pretty high. the outflows have not changed from august. you look at mutual fund outflows, investors take money constantly since the beginning of the year. i think there was definitely something different about january and february has august and october triggered sellouts. to your point, we are looking at the top five most , and they are pretty safe. investment grade, minimum volatility. these are investments that don't take on risk. minimum volatility is key here, because investors are positioning themselves in etf's that will ideally give you a lower volatility in the market, overall. and the popular ones in the top 10 or top 15, are usually not ranked like that.
info here5 billion of today. metric.fairly young but overall, interesting to see. joe: we have had this rally since the middle of february. who is buying? who made a go up? america has af client flows report, the best window into this. there is a major wall street institution here. if you look at institutional private client's hedge funds, the yellow line is the past week. the orange line is the four-week average. you are seeing those companies are buying back their own shares, and they are the only ones in the market. hedge funds this last week of tilted back toward the long position. other than hedge funds getting overall,ral, and
investors buying futures that have gone long since the beginning of the year, those are the only indicators that have shown people dipping back into risk. joe: the last question related to those charts, overall flows are very impressive. what do we see here? oliver: it puts into perspective this sellout and this rebound compared to other selloffs and rebounds. if you go back to october, that is when things got shaky. we had a rally at 8%. i look at flows at the etf for each of the rebounds. was injected in october, and $9 billion in september, and it is only $3 billion right now, a 15% rally. joe: thank you so much, great things as always. alix: headlines from jack lew,
from the global concert -- institute in los angeles. talking about puerto rico investors as well as japan. stress,ico in economic he is saying they have a need for urgent action. also saying they need some oversight in restructuring that needs to work, but does not see work on the issues there. he is confident that a deal can be reached, but it cannot be done in a piecemeal fashion. in terms of japan, jack lew, the treasury secretary saying they need to use all of its policy levers, but also says it has adhered to international foreign exchange policy. remember, the u.s. treasury unveiled the criteria they would use to label certain countries, saying japan has adhered to the policy pledges. in terms of investors, he says the treasury will look at the
mark: hello, i am mark crumpton and this is bloomberg first word news. an american servicemen killed in iraq identified as a marine seal. he was killed during an attack by islamic state, outside the city of mosul. death of an american serviceman since they launched their campaign against i.s. militants in the summer of 2014. an election official in central indiana says software problems
created long waits at some polling places for today's primary. a clerk of the courts said long lines formed at 12 voting centers. no voters were turned away, but some left because they were worried about being late for work. investigators say last week's helicopter accident was caused by a technical failure and not human error. visual evidence, including video of the rotor propelling into the scene moments before crash, indicating seven mechanical failure. aboard the airbus helicopter that was flying from an offshore oil rig in the north sea when it crashed on friday. russia says there could be a cease-fire within hours, in the syrian city of aleppo. in the last few weeks, syrian forces and those loyal to assad have traded rockets and bombs across aleppo. many civilians have been killed. they discussed a truce today with the un's special envoy for
syria. global news 24 hours a day, powered by our 2400 journalists, in more than 150 news bureaus around the world. i am mark crumpton. joe, alix? on autodated numbers sales, in april, $7.32 million, a rebound in march, at just $16.4 million. the devil is in the details, that perhaps the march slowed and would continue, but that april rebound to over $17 million, really great. some interesting news after the bell, fiat and google teaming up to partner on self-driving cars. google will build 100 self-driving cars, based on a fiat-chrysler minivan. 17.3 million cars, but those are
>> we have been working on a bipartisan basis, between the treasury department and members of congress, trying to come up with technical approaches that work. our standard is simple, it has to work. the restructuring have to be evil to take effect. there can be the ability for holdouts. that means there has to be a process, where we put in an , and a voluntary restructuring does not work, -- >> the devil is in the details, what plan works for you? we have been clear, there could be a voluntary agreement, but the reason we have bankruptcy rules in general, it is really hard to have all parties agree. we have seen what happens when
there is not that kind of requirement. look at argentina. it takes decades to work it through the courts. puerto rico does not have decades, they have a crisis today. the hospital just laid off hundreds of workers, closed beds and wings. you have the zika problem developing without the funds to come in and prevent the disease from spreading. you have schools that are closing, broad, economic stretches causing people to leave the island. almost 100,000 people left puerto rico last year. let's be clear, 3.5 million american citizens living in puerto rico. if puerto rico does not have a solution, then 3.5 million americans are plunged into chaos. cramdown,ack to the is one common in corporate restructuring, two thirds, an appropriate level?
jack: i won't get into the specifics in a conversation today. we have been clear that we are looking to have a workable approach. but it cannot be an approach where at the end of the day, there is not the ability to put restructuring in place. there are different ways the voluntary process pays off, with at the back in, something that is mandatory. i think it can be resolved. there are a number of hard issues, and they are not all equal. some have to be addressed. i was clear in the letter that treating physicians fairly is one of those issues. we never said it should be treated above all other obligations, but it can't be treated as if there is not a need to retain retirement pay. think about the economy of puerto rico. if you have a shutdown of retirement income in puerto rico, the macro you might -- macro economic effects are dire.
who will pay into the retirement system with no benefits coming out? >> does fair treatment of the pensions outside of seniority, is a like we saw in detroit? jack: many have seen a haircut already. it is not the first round for the stakeholders. >> many will say it is unsustainable. jack: there is a need to have a sustainable system. the oversight authority is set up to balance the competing demands and credit rights. the competing needs to get the economy moving. they put in place an oversight structure that works, you have at the back end, a restructuring. puerto rico needs to get back to a place they can grow again. all stakeholders and creditors have an increase in puerto rico's economy. their economy continues to decline and people continue to leave, they will not have money to pay back creditors at all.
there have been-- >> there have been differences of opinions about resolutions for the board, how to move forward. what is your objective? jack: the oversight board needs to be fair and balance interests. there are a number of different approaches being discussed. i think there are solutions to this that can be found. if there is a desire on a bipartisan basis to do things that are effective, we can find a pathway. >> had you keep it independent enough? it will have to make tough decisions. jack: we have seen oversight boards like this in the past, they have an awful lot of authority. puerto rico needs a sustainable, economic future. can layrsight facility that down with a way that is respectful for the commonwealth.
having that combination of a local government take initiative, with oversight in the package, back and work. thes i understand it, oversight panel would have the authority to restructure obligation. that will destroy the municipal bond market as we know it, because those are payment. what would do harm is an uncontrolled, chaotic unwinding and puerto rico. debts have been treated differently for some time now. i don't think there is any rhythm to look at the data we have seen. what we don't know is what a chaotic unwinding produces. that is not a path we have ever taken. if congress can decide on its own to rewrite the rules around certain classes of bonds, why would anyone want to buy them in the future?
>> i think the process of bankruptcy is well known to investors. it is not a new issue in restructuring. as long as it is not a case when you have a one-size-fits-all entry all right on an equal basis, there is a lot of history. we are not reinventing the wheel here. fact thatfor the puerto rico is a class unto itself. ,hat you are contemplating rewriting the rules for our general obligation bonds is virgin territory. what is to stop illinois from seeking the same relief? jack: it is in a class of its own. states and territories are the same, with options available to them. >> but the governor of illinois would say, how about me? i don't think any governor
would choose to go through what puerto rico will be going through. this is not something that any jurisdiction would choose, if they have other choices. yesterday,etary, hedge funds agreed to a haircut on $900 million of bank bonds. why can't this be resolved? u.k. or way it is in the europe -- or europe, or iceland? these are very much one off agreements. in the case of yesterday's agreement, it does not take effect unless all creditors agree. that either get solved as a whole, or it does not get solved. it will involve comprehensive review and restructuring.
you can do a little piece here and a little piece there, but the numbers don't work that way. >> mr. secretary, moving on. last week am of the treasury department but china, japan, and taiwan on currency watch. what specifically concerns you about that? this report that we put out last week is the first we put out since the enactment of new requirements for passing trade legislation, to provide new tools for us to put a monitoring system in place with objective criteria to look at currency practices. i think the reason for that legislation is, to help american workers and businesses expand and grow into markets internationally. what we need our trade agreements that protect the rights of all parties. means, we have to have high standards in terms of things like currency practices. this report gives us the ability to make sure that is the case. we know that sustained
imbalances, particularly against the u.s., and intervention on a one-sided, regular basis, are issues that give rise to concerns about unfair currency practices. it is important that none of the this iss triggers -- something that will be an ongoing, monitoring process. >> mr. secretary, the japanese have gone further than any other central bank. but the latest, negative interest rates did not work. the yen strengthened. seen, how you have the market responded, are you less concerned about what the japanese might do? been very clear. what japan needs to do is use and notpolicy levers, rely excessively on one lever, the monetary policy. they need a fiscal policy,
restructuring, and they have had -- have had an aggressive policy. japan has lived by the agreements it has made to refrain from competitive the devaluation and exchange rate targeting. we made it clear, we think it is important for all parties during this to continue to abide by. >> mr. secretary, you in your department have been decisive about curbing tax and version deals. are you satisfied with the efforts -- the effects, excuse me, in that regard, and might you be considering further action? i have been clear for several years that to solve the inversion problem, we need to fix our tax code and shut the door on inversions, once and for all. without legislation, we have to use administrative tools.
we have taken three actions, they have had increasing impact. we are able to look at what options we have. but i have been clear. we will use whatever tools we have to try and top them. it has been bad for the american economy, and we think it is wrong. and inversion is a company that takes all the benefits of being in the united states, our workforce, our research and development, our rule of law, and makesvestment, its home address overseas to avoid u.s. taxes and not pay its fair share. that should not be the weight is is operating. >> you made it clear you are unhappy with the court ruling that overturned the two biggest resignations from that life insurance company. appeal, -- if your appeal is unsuccessful, will you take it to the supreme court? strong think we have a case on appeal, because if you look at the logic, some things are just backward. the idea that you should have to prove that there is a likelihood
that a company will bail and cause a crisis, misses the point. we have tosk is, make sure we see the things that if a company failed, could have that effect. likey ever saw anything aig coming down the pipe. mean that youling will be less likely to designate arer firms that systemically important, at least until the appeal is resolved? jack: we have only designated a few firms. we are using this authority in a very careful way, each one is reviewed on its merits, and is analytically driven. enormous been an inventory of cases to be brought. but that is not the case, we are taking actions as needed, and we don't look to take action for the sake of taking action.
>> will you name managers that are systemically important? ago, weout two weeks issued an fsoc statement about management returns. it will mostly increase our visibility, the transparency, so we can the weather there is a risk that involves more action. it was a well thought through statement we put out, and a report is now underway to implement that. but it is premature to talk about that. what we put in that statement reflected what we want right now, which is visibility. alix: that was an exclusive andrview between bloomberg u.s. secretary jack lew. eric joined as live with a report from the milken conference. i am here with richard byrne.
as you know, anyone who has been paying attention knows, that this has already been a very interesting year. the first few weeks of the first quarter were incredibly volatile, and there has been a spread,bounceback in since february 11. what is going on? richard: hard to say. in the words of my teenage daughter, it has been epic. correction a massive coming out of 40 weeks of data. off at record levels, almost bigger than we have seen it since the crisis during this conversion is interesting. weaker credits get way blown out. of february, we had these massive corrections. shape we have seen as is harsh of one as we have seen.
>> will there be volatility? yes, there are so many factors to look at. for us, we always talk about it, but the liquidity in the system is the magnifier of the effects, or the lack of liquidity. it is a magnifier of all the credit qualities, the fault rates. all the things that go into assessing whether credit will go up or down are magnified to the fifth power. >> is this such a bad thing? you could buy cheap. richard: that is the opportunity for the alternative outcome manager, whether equities or debit. but you are right, the swings are pretty violent. we live for those idiosyncratic opportunities, when those really good companies get thrown out with the bathwater --
>> were you able to put money to work in february? richard: yes, it would've been great to put more money to work. >> everyone wants to say that, in hindsight. richard: but being a liquidity provider, we stake profits when the market goes up. liquidity sound like a bad thing, but there is a point at which the capital provider will step in. maybe there is not the shop ck provider the bank used to have, but isn't necessarily bad, or a just is? tohard: it is never good have more violent swings then you need to have. i think it does matter. a, the high markets alone, you can even include banks, has doubled.
dealer inventories have shrunk. depending on the metric you're looking at, maybe half or less. things were never a great market maker in the first place, but at the slightest sign of trouble, it is not that price of discovery mechanism. the assets will find the right pricing, buyers will buy what they need to buy. but it is really quarterly. that is the opportunity for folks living day to day on mutual funds. time beforeatter of something replaces the bank balance sheet? better, larger agency system? richard: i think so, i think you're seeing it over time. one example is middle market lending. plus of theo be 70% market. stocks, you name
it, banks are out of that business, for the most part. and the intermediary are private funds. . functional, the capital makes it very difficult. >> since you bring up lending, let's talk about where we are in the crisis cycle. are we headed for a near-term future, with much more in the way of defaults outside of energy? richard: i think if you separate the volatility, and the underlying fundamentals, there may be two different stories. clearly, we are getting more volatility. but i think there are three factors that will impact almost 100% of the variables or what your future defaults will be. one of them is underwriting standards. c's,u have lots of triple and leverage levels have gone up
, that is a bad sign. but the other two are much more positive. one is the economic headwinds. the market may not be going -- the third, the best the du jour issue, most maturities are out a few years. and there is a somewhat vibrant refinancing system. most companies are able to perpetuate. like does not sound to me you are critical of it. most people hate that. are either going to get a lower recovery or a higher default rate. could kick the can down the road for a well, maybe ultimately recover lower.
if i am understanding your question right, we as investors that is why we are going away from banks to the non-syndicated, middle market deals. those are the protections. ultimately, things do not stay good forever. misaligned, we need those covenants. >> rich, it is or is great to see you. thank you for spending time at the conference. we are at the beverly hilton in los angeles, with richard burned. back to new york. alix: thank you so much for your work at milken. breaking news as we had to break. after-hours trading, almost 8% higher. websitesny behind the tinder and match, beating estimates. ♪
alix: "what'd you miss?" the bright spot in the u.s. economy, take a look at the blomberg -- bloomberg. the number for april coming in at $7.3 million, as initial jobless lanes continue to fall. joining us now on the phone is marc ostwald, a strategist at adm investment services. what do auto sales tell us about the macro economy here? a reminder that last month was a bit of an aberration, secondly, when we get the retail sales number later in the month, for overall retail sales, they were probably show a pretty strong again.
aided and assisted by the fact that gasoline prices have gone up. as far as initial claims go, they keep reminding us, the u.s. labor market is very, very tight. at the top end, jumps the people would like, but nevertheless, we are getting to that stage where there is a shortage of labor. market, mentioned labor that is one area that has been a bright spot for the u.s. economy. also, up until that report looking very strong. what about the weaker areas, manufacturing on monday? comingsee a turnaround around with the weak dollar, that will finally see rebounding u.s. manufacturing? think a weaker or stronger dollar will make that much difference to the u.s. economy or manufacturing sector. when you look at the provisional
gdp data, investment from the mining and energy sector ,educted .66 percentage points that is huge. normally, if you saw that sort u.s.ing, you would expect gdp to be in contraction, rather than expanding very modestly. it has not done too badly. we will get through this downturn in both sectors. and it will gradually turn around. joe: was that the trough? marc: we are close to the trough. it proves to be queue 1, 2, or three, the important thing is whether that will be deducted. it is worth reminding -- remembering what happened with the housing sector.
that he ducked it for a long the gdpough, and then turned around. it will be the same thing here. our investors right to be as pessimistic about rate hikes? joe: no, but i think they should be far more wary. mr. lockhart stressed the fact that they don't balance the risks in. is important to be active at every single meeting. therefore, having as little chance of a rate hike as is currently factored in. it is probably not wise. alix: thank you very much, mark all -- marc ostwald. ♪
you miss?" the financial jolt heard around the world. the financial bank of japan opting to hold interest rates steady, despite those expecting future -- further measures. hesitate to won't expand stimulus in order to achieve the inflation target. from aet more insights professor at stanford university, specializing in japanese systems. thank you very much for joining us. were you surprised that the lack of the doj action last week, and you expect further stimulus at some point in the near future? >> i was not actually surprised by the doj decision, that is something we should have expected. the market expected something different, but they had wishful thinking and were disappointed. why should we have expected
the non-move? there was a policy just months ago, saying they expect it to take time for them to see policye impact of those changes. we should've expected, at least at this time, that they will postpone a doing anything new. and seewants to wait whether the negative interest rates policy will work, do you expect it to? do you think the data will show that it will improve? takeo: so far, what we have seen, is the negative interest rates led to a reduction of interest rates. the yield have moved down, and the mortgage rates have dropped as well. it is possible that these rate changes will lead to changes in
behavior on mortgage borrowing, or companies cash and deposit balance. joe: at what point would the doj decide this is not doing enough and we have to do further measures? how long would they wait? takeo: so far, the interest down, and iome think that has a stabilized. give thehat will market or people a chance to change their behavior for a couple of months, at least. joe: how much needs to be done on the fiscal side? one view is that there is only to beh it can do, needs more done on the fiscal side, avoid hiking taxes? do you think that is correct, do both sides need to come da get it or can kuro
all done on his own? takeo: it is important for both .ides to continue to expand more important, the japanese government should be serious about structural reform, which increases potential growth rate in the future. joe: in addition to bank of japan going into negative rates, one thing that has been extraordinary about the boj is their purchase of etf's. 10y are now a top shareholder in the nikkei top 25 companies, due to ownership of these etf's. more on the expansion side of these measures, or more rate side, in form of --
in terms of future activity? takeo: i think it will happen on both sides. with these interest rates of .1%, it is not for them to decide if it is not working. probable asle and they going to one region. at the same time, i believe they etf buying the activity. joe: what about the yen, the must at which the boj intervene question mark how much anxiety is the strengthening yen causing the bank? takeo: i think a lot. there is the future of the interest rates. even though they have not target the -- targeted the exchange rate. thank you very much, appreciate your insights. what is on the agenda for tomorrow? alix: at four clock a.m., we get
eurozone services, 9:00 a.m. in london. we had a slowdown in certain areas, the manufacturing in europe has the spread. the u.k. advance has been cut when it comes to manufacturing. what is the service sector say? and here in the u.s., a crazy economic data. first, you have the adp investment, and the jobs report on friday. services, market durable goods, and earnings that you want to key into. shell is reporting before the bell, and tesla reporting after the bell. stay, it will be a very busy market day. oh wait, it is still going. are we seeing wages here in the u.s., trade balance of a weaker dollar? non-manufacturing for isn will be key.
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john: i'm john heilemann. mark: i'm mark halperin. and "with all due respect," to ted cruz and bernie sanders, remember them always protect your face. >> hillary clinton and donald trump are hoping to deliver a knockout low to the rivals. >> knockout blows to the rivals. >> a knockout blow. >> knockout blow, knockout blow -- >> knockout punch. mark: fight night in indiana, but for the repu