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tv   After the Bell  FOX Business  July 20, 2015 4:00pm-5:01pm EDT

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that would be a new record. keep an eye on that as we hear the closing bells on wall street. [closing bell ringing] gold closing down as well. >> here we go. they're clapping, end of monday. that is why they're clapping. melissa: that's right, one down, four to go. while markets wait for tomorrow, here is everything you need to know now. tech continues on its tear, nasdaq closing for new high for third trading day in a row. that is the ninth time this year. amazon and facebook hitting all-time highs. while we await second-quarter earnings from ibm. any minute now they are going to cross. joining me with their take, what to expect, fox news contributor, darius dow from hedge i-risk management. thanks for joining us. so what are you looking for here? >> i'm not looking for anything on ibm i want to broader read-throughs for broader economic activity. there is market all-time highs particularly nasdaq. a lot of things going underneath
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the hood that support not chasing these highs. melissa: let's bring in with gary kaltbaum. i understand we're having trouble with your audio. can you hear me? what are you looking for with ibm? >> their sales have been down year-over-year for the last five or six quarters. but they're very good at beating number by a little bit. so i expect that but the stock has been pretty much dead money for quite a while. i would be real surprised if it is any better than that at this point. melissa: darius, you say a lot of stuff to look under the hood. like what? >> looking from economic capital markets perspective, gary hit the nail on head. they can beat the number but at the end of economic market cycles is lot of financial engineering. earnings growth will outpace or distance itself from revenue growth. at some point those chickens come home to roost for the broader stock market. melissa: what do you think about the new record on nasdaq again? you feel like more and more potentially being a tech bubble, a big subject in the "wall street journal"? gary, what do you think about
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that. >> i think some of it is. the biotech area, there has been 200 biotech eye pose with no sales, let me repeat, that no sales brought public. in the nasdaq kind of looks okay. valuations aren't really that stretched. i'm more worry about what central banks are doing and overall valuations are too high. i think tech is okay. little bubble in some areas. >> gary, is that news exactly what you want on the end of economic and capital market cycle. if you told me economic activity is slow i want to buy companies with no sales or earnings. they can't miss numbers. >> wait, wait. you want to buy companies that have no sales? >> absolutely. >> no sales. historically speaking, that factor, lack of sales and earnings outperform at end of market cycles. they can't miss numbers. >> then crash. >> absolutely. bingo. hopefully you get out before i do. melissa: you get in and get out.
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darius, if you're looking for evidence of a tuck bubble. look at run of google shares the up 16% on friday alone. netflix up 16%. investors thinking back to the collapse of 2000. just chasing what is going on here. what would you do? how would you respond if you're an investor out there. >> what you do market leadership becomes increasingly complicated. broad market breadth are below 50, 100 day moving averages. not saying those are necessarily good timing indicators. we're seeing same market deteriation in october of 2007 peak. what that tells you investors increasingly concentrate on things working. biotech and tech. style factors are health care and large cap, megacaps. that is exactly what you're seeing leading the market. melissa: looking for the proper way to respond. gary, how would you position yourself in light of that? >> well, look, right now i'm pretty much megacap, large cap
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stuff right now. >> bingo. >> i want to echo what the gentleman just said, which is very important. half the market, especially commodities are in brutal bear market. what big money managers are doing, getting heck out of those areas and plowing into these other areas. >> bingo. >> forces them higher and higher. that creates a little bit of the bubble. when that ends that is when the parity is over. >> bingo. >> some of the things are just emerging. am songs and googles, just emerging out of ranges, maybe they go for while. >> i completely agree with that. melissa: pending change what is going on before getting out the door before everyone rushes for it. you're not saying get out now, darius? >> no. >> no. i am not. when the music stops you better be out quickly. go back to 2000, when the music stopped things were crushed very, very quickly. melissa: i want to interrupt you for a second because ibm results are crossing. adam shapiro is on the floor with those. adam. >> beat on adjusted earnings per
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share, $3.84. street was expecting $3.78. revenue slight miss. 20.8 billion. street was expecting 20.5 billion. melissa: liz is saying they are notorious missing that revenue like that. darius, what do you think, 20.8 billion. >> exactly we see from companies, ibm, companies going into the end of the economic cycle. i keep making this point. we're in latter innings of economic and capital market cycles. earnings growth diverge from earnings growth. as they buy back more shares, they accelerate financial engineering we saw in 2007 peaks. melissa: bring in dan farris. research analyst. give me quick take on europe results. what did you think. >> i haven't even looked at quarterly result of ibm today. it doesn't matter. you don't have to be a fan gnat tick obsessing minute by minute what happened two minutes ago. melissa: really? they beat on. david: per share. >> really.
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melissa: 3.84, they missed on revenue. you don't care? >> no, i don't care. this idea that ibm is terrible because they had some revenue misses is a little bit silly because it is an amazing business. it cranks out tons of free cash flow like clock work. it has annuity business. it is impossible practically for corporate america to avoid doing business with them. and, they're transforming themselves as they have done every so often over a century. melissa: who said they were terrible because they had repeated revenue misses? >> who hasn't? melissa: i don't know, i haven't. neither of our guests have. >> nobody is saying they're a terrible company. what i'm just saying -- >> expectation is very -- melissa: hang on, relax. >> all i've been sales are down year-over-year. earnings not as good as they used to be. not growing as they used and great stocks prices are accompanied with great earnings and sales growth. ibm doesn't have anymore. they are still a great company. i don't argue that. >> oh, good.
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melissa: dan? >> good, they are a great company. i didn't hear him say that before. melissa: that is your whole response to what he just said? let's move on to what dare russ said. what did you think about the criticism? >> i don't cover ibm so i'm not making comment on their earnings and growth. i say, what is great or bad company? from a bottom up equity investors perspective, all you want to know is things getting better are worse. >> i totally ises disagree with that. no. a great company is not. melissa: hang on. >> down 20% year-to-date. >> so a great company is one that has, that gushes free cash flow like ibm. that has margins for days, like ibm. that has businesses you can't avoid doing business with like ibm. that has, is one of the most innovative companies in the world. they generate more ip every single year, more u.s. patents every single year than any organization on the planet. they have done that for two decades.
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>> i agree with everything you just said but when things go from great to good or good to bad the stock price falls. that is happened at ibm. >> darius, you're wrong, that investors are good at playing cycles. they're terrible at wit. so fidelity taught us are people who for get they own an account. if you're not in the market for the long term, you're an idiot. come on. melissa: saying investors are actually bad at predicting cycles. >> horrible. they're terrible at it. melissa: being in it you would lose money. making opposite point of what you think. leave it in there. ashley, over to you. >> good debate. don't rule out a september rate hike. that is the word from st. louis fed president james bullard. speaking exclusively with peter barnes he says there is 50, 50% chance after hike as the economy is steadily chugging along. >> the problem we're on emergency settings for monetary
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policy zero balance sheet and zero interest rates but the economy as a whole, you can complain about this or that being sluggish but not in emergency mode. >> and no real emergency in the u.s. economy. so that may be what is helping drive gold prices to a fresh five-year low. ira epstein is gold trader on the floor of the cme ira, how low can gold go? we just at beginning of this? what kind of next floor are you looking at? >> you know, if gold market wants to go down which i think it does, it is going to get a bounce here. you had a $50 drop intraday, they came back a bit. there is no story for gold to speak of. there is no inflation. the fed wants to raise interest rates. when nobody is giving credit to is china. since 2009, add as grand total of 600 metric tons. i think we all thought it had a lot more gold than that. obviously china is not taking free reserves there.
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that is what the catalyst was. why somebody sold monstrous amount of august contracts at 8:30 central time, 9:30 eastern time is beyond me but they did it. the market capitulated. you will get a bounce but you're going lower. cute oil, wti has a four in front of it. interest rates, market is built n how often does fed chair yellen say i am going to raise interest rates. the market realizes that. where do you put your money? it is not in gold. you want a return. gold doesn't pay a return and you're darn hard. >> very quickly, some so-called experts say 1200 level by the end of the year. is gold a bargain right now? >> no. gold is going lower than 1200 by the end of the year. i would be surprised if you don't take out the recent lows and why would you rebound unless you get an inflation pop or, a geopolitical concern, possibly a
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greek exit. barring those events, i don't see gold returning other than short-covering. certainly not a buy. >> a bit of a perfect storm against gold right now. ira epstein at the cme. thank you very much. we appreciate it. we have breaking news for you. president obama nominating university of michigan economist catherine dominguez to the federal reserve board. she would represent chicago region, very dear to the president. president obama saying shes has quote, a deep knowledge of the financial system and monetary policy and international capital markets. dough mining guess is a professor of public policy and economics at the university of michigan. melissa: now on to greece, slowly climbing out of the deepened. the country was able to meet a crucial deadline with repayment of 4.2 billion euros to the european central bank. if greece failed to pay on time, it could have lost all emergency aid coming to greek banks. it is that aid that allowed the nation's banks to reopen first
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time in three weeks. huge lines formed, even though basic services an withdrawal amounts remain limited. greeks are allowed 60 euros a day or 420 euros a week, roughly $455. the athens stock exchange however he remains closed with no word when it will reopen. ashley you got back from athens. appreciate your reporting over there. >> thank you. melissa: what do you think? >> they're borrowing money to pay off the last borrowed money they didn't pay back. melissa: great. >> they're stuck in cycle. sales tax in greece up to 23% across the board. melissa: wow. >> people can't get money out of the banks as he like to and cost of everything is going up. this is part of the deal to get next round ever bailout money. i have a feeling i'll be back there in 18 months doing exact same story. i don't see how the greek economy will grow given all these restrictions. >> only thing to do to pay it off, grow, increase taxes or lower interest rate.
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sort of like pretty simple math even though nobody likes the outcome. you feel like think got themselves in this mess and they should pay the price but how do you do that. >> i will say people treated us beautifully. they're lovely people. tourism is key. many tourists were there. but economic outlook for this country pretty tough. melissa: the united nations approves the nuke deal with iran but it is not without a fight. the war of words that erupted between the iranian and american ambassadors. >> apologize? drop out of the race? hardly. donald trump's response to a deluge of criticism over his attack on senator john mccain. melissa: say it ain't so the country world's power couple -- >> what? melissa: no way. calling it quits. ♪ (vo) rush hour around here
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melissa: we have breaking news for you right now. ibm shares down more than 3 1/2% in after-hours trading right now. the company earnings beating the
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street but revenue always a problem at ibm coming in short. ibm missed revenue estimates for nine out of the last 10 quarters. another stock we're watching here, shake shack, down nearly 5% in after-hours trading as company files to issue up to four million class a common shares. shake shack says it will not receive any proceeds from the sale. take a look at the stock. ashley. ashley: while congress begins its 6-day review of the controversial u.n. deal with iran, the security council vote unanimously in favor of it today but the meeting was not without its share of controversy it. david lee miller at u.n. headquarters in new york with the very latest. david? >> that's right, ashley. as you mentioned the vote might have been unanimous. the u.n. endorsing a resolution at the security council approving the iran nuke deal but there was still a great deal of controversy that remains.
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there were harsh words exchanged between the iranian ambassador to the united nations and the u.s. am ambassador to the united nations, underscoring that relations between these two countries, despite this deal remain tense. the u.s. ambassador, samantha power, said that the u.s. is still greatly concerned over the fate of four americans, either detained or missing in iran. she also accused iran of promoting terrorism, something the iranian ambassador strongly denied. listen. >> translator: this nuclear deal doesn't -- >> or the instability iran feels beyond its nuclear program. from its support for terrorist proxies to repeated threats against israel to other detablizing activities in the region. >> it is ironic that the distinguished ambassador of the united states accused my
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government of destablizing the region and terrorism. the country that invaded two countries in our region and created favorable ground for the growth of terrorism and extreme system not well-placed to raise such accusation. against my country. >> following the security council vote, the israeli u.n. ambassador also spoke out. he called the deal in his words, a catastrophe. >> this deal is dangerous for the region, for the people of the region, jews, muslims, and christians alike. and for the entire world. >> now the resolution here at the united nations endorsing the nuke agreement does not take effect for 90 days. the u.s. congressman while, ashley, has some 60 days to
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either accept or reject the agreement. but at the end of the day, no matter what the congress decides to do, this resolution here at the united nations is now international law. and as all this takes place, european countries are scrambling to get to iran to enjoy in some of the potential profits. remember, ashley, iran has extraordinairery oil and natural gas presources. it also has a marketplace of some 80 million iranians. a lot of money at stake here. ashley: big business, absolutely. david lee miller thank you so much. we appreciate it. melissa: a few stories on our radar right now. an historic day in washington, d.c. as the cuban flag was raised at havana's embassy for the first time in 54 years. the u.s. and cuba restoring diplomatic ties and reopening emba is? each other's capitals. no flag will be flown in havana until secretary of state john
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kerry visits next month. looking for a change the top of fifa? you will have to wait. soccer governing body will hold a special election to replace embattled president, sepp blatter but not until february 26th of next year. miranda lambert and blake shelton are ending their four-year marriage, oh, no. shelton filed for divorce in oklahoma. according to "tmz," they began dating in 2006. the two were number three on "forbes" list of highest paid celebrity couples, with combined earnings of $57 million last year. that is a lot of money. ashley: a lot of money. hopefully it is not too ugly. 2016 candidates, talking of ugly, practically tripping themselves to throw wall street under the bus. the women at the center of the storm during the financial crisis, former fdic chair, sheila bair, responds next.
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amazon shares surging to new all-time highs. could a serious competitor be lurking on the horizon? i love that word, lurking. what you need to know about a new start up named jet. ♪ can a business have a mind? a subconscious. a knack for predicting the future. reflexes faster than the speed of thought. can a business have a spirit? can a business have a soul?
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switch to liberty mutual insurance and you could save up to $423 dollars. call liberty mutual for a free quote today at see car insurance in a whole new light. liberty mutual insurance. ashley: there is a new frenzy surrounding new on line marketplace jet.com. the retailer says, yes, it will take on amazon targeting cost-savvy shoppers. is there any other kind? it doesn't have any revenue yet and won't be profitable for three years but despite all of that, potential valuation at launches how about three bill bucks? making it one of the most valuable startups ever. jet says their business model will work when it sells $20 billion worth of product as
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year which it hopes to achieve by 2020 a little less than four 1/2 years. the star upis trying to lure customers away from amazon which hit by the way a new all-time high today. 480 bucks. may be heading to 500 bucks a share. melissa: wow. the race to bash wall street. major 2016 contenders finding common ground to take aim at big banks. here is sheila bair, former fdic chair and author of the book, "bullies of wall street." let me ask you about the candidates. favorite whipping boy this time around and crowd nods and goes along. start with hillary clinton. regulators in washington either couldn't or wouldn't keep up. is that fair, what do you think is it. >> that is certainly a big part of this story. other borrowers had a roll.
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most of the borrowers were trying to keep up with rising home prices and didn't understand the mortgages but clearly a lot of real estate professionals were buying and flipping property, fraudulently stating income. there is plenty of blame to go around for this crisis. that is one of the reasons why i wrote the book. i do take wall street to task. they should be taken to task. i'm very clear there were other players culpable. melissa: that was a shot at regulators. candidates are even taking stabs at the fix. jeb bush, for example, talking about dodd-frank. we're about to have the five-year anniversary. he said it did not stop banks from becoming too big to fail. that we have more banks with more concentrated assets and the systemic risk is perhaps greater now than when the law was signed s that true? is the risk greater now? >> i think the risks are greater because of monetary policy. regulatory policy made the system than it was in 2007 or 2008.
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that is not setting a very high standard. monetary policy he cited had more risks. higher capital requirements. leverage makes banks unstable. if you leverage yourself with four or 5% common equity you don't have cushion when a downturn occurs. fed finalized stronger capital requirements that could go higher as far as i'm concerned. there is a lot more bipartisan support. i wish a lot more support for the capital standards. melissa: that didn't make a headline. what about dodd-frank yourself? that is where you're seeing a lot of criticism. 75% of the banks before it passed offered fry checking. two years after passed 39% only. leading to rise of unbank and underbanked of low income americans. that is opposite of the intention. why is that the case?
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>> i think durbin amendment, you can debate whether the durbin amendment is good idea or bad idea. had nothing to do with system stability. this is the problem with dodd-frank. senator dodd and president had to go to floor to cobble votes together as he could. retailers saw that as opportunity to force the durbin amendment. i didn't like the durbin amendment. i still don't like it. i doesn't think savings are packed on to walmart customers. i think they are costing bank customers more money. i don't like that provision of dodd-frank but really did nothing for system stability and to taint the whole law because of that i think is not quite right. there are many good provisions of dodd-frank too. melissa: you're new book, bullies of wall street. financial crisis. aimed at younger audience. i will pick it up. i have a younger audience at home. thank you so much. >> you bet. melissa: ashley? ashley: ibm under our belt but only just getting started. huge week for earnings, getting underway with apple, microsoft, yahoo! and chipolte on tap. that is just tomorrow. melissa: wow.
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from bone dry to drenched. california hit hard with rainfall. causing even more damage. full details coming up. ♪ s
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>> the numbers are out, the ibm shares are down almost 4% in after hours trading. the company's earnings beating the streets but revenue coming in short again. ibm has missed revenue estimates for nine of the last ten quarters. well, it is just beginning.
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131 s&p 500 companies will report earnings this week, including 13 dow exponents. tomorrow alone, apple, yahoo, microsoft, and chipotle. let's bring in today's panel. kerrie is back along and dan shafer from schaffer asset management. thank you all for being here. gather, let me start with you. we've kind of gone over ibm, okay. they missed on revenue. i want to talk about earnings for apple tomorrow. what are you looking for? what's the most important part of that report that you will be looking out for? >> well, first of all, apple is 100 times more important to the market than ibm at this point in time. but for me, it's going to be guidance, they're going to have big numbers. the he didn't is going to be up 60%, even more. if they have strong guidance, i think that's the stage for even higher prices in the nasdaq. by the way, i do have one thing. china, watch china. i don't think china is out of the woods yet. greece, though, is off the table. so just another point i wanted to add
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>> all right. very good. kim, they're estimating 40% growth in iphone sales, are you expecting that? pretty much everything is based on the iphone these days >> absolutely. apple is the iphone company. it will be interesting to see what happens to the watch in the quarter and what their forecasts are. but i don't think it's a meaningful part of their business. but is it? i think it really is going forward. can they invent another product -- that will capture, you know, people like the iphone. we don't know. so the watch is, you know, just one step in that progression. >> dan, what are your thoughts on apple tomorrow? what are you looking for? >> well, i'm wondering if they're going to miss. and this cooler shock the markets because look at ibm's earnings tonight. the fact that the dollar got stronger last quarter could also affect apple's earnings. now, i'm not saying they're going to miss, but if they do, this could be a shock to the market. i think that the technology sector is way ahead of itself
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right now considering where the nasdaq is >> let me ask all three because i'm running out of time. for the season itself, take a step back for this q2 earning season. are you expecting better or worse guidance from the companies as an overall? it's all about the guidance, is that the most important element? >> always from me. guidance and reaction of the marketed. sometimes you get companies lower guidance and the stock still goes up. so if we get reactions like netflix and google versus ibm, more of the ims, not so good >> is the estimate so low that it's too easy to beat and nothing? >> i think so. and i think it's the earnings and the revenue and everyone that knows because of the strong dollar and this is not a new phenomenon about missing earnings for a lot of companies -- i'm sorry revenue >> right. you know, kim just mentioned the strong dollar. my gosh we've heard about it so long, we're going to hear
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about it a lot in seven two; right? >> absolutely. my target on the euro is at least $1.02, and you're going to see them decline majorly. and even though the companies are making earnings and the earnings in the quarter are up. if you go and look at the last four quarters like ibm, the he didn't has been decreasing in growth. so are these growth companies anymore? this is going to become the next topic because they've run out of ammunition. they've bought as much stock as they want to buy now >> that's exactly right. thank you so much for all of you joining us this afternoon. and a reminder apple on deck along with chipotle, microsoft, yahoo, all reporting earnings after the bell tomorrow and of course fox business we'll have coverage starting at 4:00 p.m. eastern >> and after months of praying for rain, california is getting so he could now. a heavy downpour causing the collapse of interstate 10 near the border of arizona. many were left stranded and history in anaheim as the
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angels game against the boston red sox was rained out. it was the first rainout at angels stadium in 20 years. 20 years. that's why that guy didn't believe it was really going to happen >> he brought a rain jacket >> right. meanwhile the east coast is begging for are leaf from a heat wave. and wacky weather, janice. >> are you complaining about the heat, melissa? >> no. i wouldn't dare. >> the humidity >> i told gretchen earlier they have a a snow ball from last year's snow season for the first complaint. >> we're dealing with heat over 100 degrees for a lot of folks here. if you live in the south, yes. the mid-atlantic and the northeast, we've had it relatively easy so far. your heat advisors are here where it feels well over 100 degrees. so of course stay indoors in the air conditioning. keep the kiddoes insides.
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pets indoors as well. we do have some relief on the way. in the way of a cold got an that's going to move southward and eastward over the next couple of days. so near average temperatures on the move for those complaining in the mid-atlanta and the northeast. and of course we are talking about the incredible rainfall set some records for southern california over the weekend because of tropical moisture moving in. ultimately a good situation but the flooding concerns continue through the workweek. back to you, ashley and melissa. >> thank you so much. >> you've got it >> some new details in last month's rocket explosion. elon musk blaming something inside falcon 9 for that explosion. the space x rocket exploded over florida. no one was onboard. >> and donald trump facing backlash for his controversial comments on senator mccain. is it game over for trump 2016? our panel is going to weigh in. and then the incredible video
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we can't stop watching. have you seen this? a surfer fighting off a shark attack on live tv. we're going to tell you how he's doing now. yikes
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>> presidential candidate donald trump refusing to apologize after sparking outrage about her comments of arizona senator john mccain war. >> he's not a war hero >> he's a war hero >> he's a war hero because he was captured. i like people who weren't captured okay? >> senator john mccain responding saying trump should not apologize to him but instead apologize to the veterans and their families. here to weigh in on this. so much to talk about. todd with fox news radio and the accountability project for reason. let's work our way down the line here. todd, a loose canon doesn't do this justice. has he overstepped the bounds
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now? >> well, look, i think it was a stupid comment but i think you have to look at it in context. john mccain caused all of this by calling his supporters crazies and you don't have the rnc going out there saying senator mccain needs to apologize. which is something john mccain has done over and over and over again. >> are the democrats loving this? >> of course. the democrats are loving this because -- there's who alternatives here. trump stays in the race and continues to win in the polls, and that's great for democrats. or trump goes off, and he becomes a third party candidate, which if the republicans in the general election >> uh-huh. >> but there's something bigger here, and that's that trump right now is the bodiment of, you know, capitalist -- capitalist pigs. the narcissistic capitalist pigs and that feeds into america of progressive values and -- >> pig or bafoon what douse? >> that's correct guy who
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wanted to use eminent domain in a atlantic city even his father built an empire of government funding housing. there's nothing capitalist about the trump or trump family and never has been >> so with a at what point are they going to say, look, donald it's time to step aside. >> look, i think they've created this problem. donald trump is exciting the base which the other conservative candidates haven't done and the problem is donald trump is sucking all the oxygen out. well, that's not donald trump's fault, that's your fault >> yeah. >> and a lot of candidates say the same thing. but donald trump has a presence. he's a celebrity >> well, he says it bluntly and like every man and that's why some people say i like him because they say what other people are thinking >> there is a sideshow. he's going to flame out in a few weeks. today he's going to say something more and more outrageous >> but i hear people keep
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saying that he's going to flame out, but i don't think he's going to. again, he's connecting with the base for whatever reason he's doing that and not a single candidate is out there. >> we're out of time. jim, todd, i wish we could talk forever on this. melissa >> the shark attack frenzy continues to scare people across america. and we've now seen attacks reach overseas. look what happened at a surfing event in south africa. where pro surfer survived a terrifying shark attack during competition. joining us now from malibu more on the attack is our very own robert gray. i hope you're wearing shark repellent spray out there. >> always in my utility belt, melissa. >> perfect >> this is unprecedented. this is the first time in four decades of surfing competitions that they've actually had a shark attack during one of these events. now, the human side to this of course he escaped, it was a daring escape, a great rescue, all day protocols worked to form. but the business side of this.
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of course tens of millions of hits, shares, views, across social media giving the world surf league a higher profile and of course it is the inherent danger of the sport that attackers so many of the fans and the spons. and the ceo tells me none of the sponsors are backing away. >> we haven't heard anybody feeling that they were uncomfortable with the sport. they understand it's truly an anomaly, it's a very, very rare occasion like we had mentioned. we don't believe it's ever happened before where we've had a shark attack during a competitive heat. our -- you know, our playing field is the ocean. it's a beautiful backdrop for us on our tour, and it's also has a side that's violent and unpredictable. >> and speaker tells me they're going to work with one of their sponsors gopro on drone cameras and under water cameras to help better monitor for sharks. back to you in the studio >> so that's the take away. if only we had an under water camera. no one's backing away, not the sponsors, the sharks, no one.
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robert, thank you so much. >> over to you. i mean seriously >> the sharks aren't backing away. that's for sure. >> no. >> food in the ocean; right? >> there you go. >> not letting up on the gas. uber fighting back in one of its largest markets. the do or die with new york city mayor and the yellow cab industry. plus one small step for man. one giant fundraising effort for mankind. 46 years after the moon landing, the smithsonian needs your help keeping history alive technology empowers us to achieve more. it pushes us to go further. special olympics has almost five million athletes in 170 countries. the microsoft cloud allows us to immediately be able to access information, wherever we are. information for an athlete's medical care, or information to track their personal best. with microsoft cloud, we save millions of man hours, and that's time that we can invest in our athletes and changing the world.
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see car insurance in a whole new light. liberty mutual insurance. >> whether it's on wall street or main street, here's who is making money or at least trying to today. the smithsonian, the museum would like some financial help. today its launching its first crowd funded campaign on kickstarter. hopes to raise half a million
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dollars to preserve, digitize, and display neil armstrong's space suit. >> uber is taking on the mayor of the nation's largest city from adds to a new app feature. uber is challenging the mayor's bill that would temporarily limit the number of vehicles ride hailing companies can aadd to new york city streets. panelists are back to discuss. and we're talking about this because it's going on in cities all across the country. they're having this fight out in california as well where you have a mayor that's backed by the taxi and limb doesn't even commission going out there and fighting against uber, even though it might be better for the actual people he's supposed to be representing. is that unfair for me to say >> no. i think you're absolutely right. and the mayors office is saying, well, this is all about pollution and things of that nature. we've got to stop clogging the streets with vehicles. this is about the taxi ease, and i just love the app. i thought it was fairly brilliant that they came up with this idea of the button where if you click it, you
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show up 25 minutes later for -- >> yeah, you click through, and it gets you to sign the petition, and they're making the point for consumers that it has become a quicker way to get around. more competition lets the market decide who is getting -- what the fair price is and, you know, it's bad for the taxi drivers i understand because they paid a fortune for their medallion, and i feel for them at the same time this is what market forces are all about. how is that wrong? >> i think there's a few different situations here. you have the infrastructure of new york city, which is built off of these commissions. it's that they're very -- integrated in the infrastructure of the city -- >> you mean the taxi >> so the me cal yon prices -- so when you have a competitor that knows the medallion -- >> no. the medallion prices have tanked because now you have uber out there and that's what the taxi and limb doesn't even commission is so mad about. they're not worth it anything because uber is out there >> but if you buy one today,
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individual taxi who has to go out and buy it, it's more expensive for them. >> what's mapping now, there were three forecasts last month in the taxi market. there were no sales. the medallion market is completely frozen now. you can't get financing, nobody is selling, it's locked. the medallion price peeked around 1.2, 1.3 million, it's around 800,000, but that's a fictitious number because nobody is selling right now >> and the larger issue and this is what's going on in every city. you have uber coming in and disrupting what's going on >> uh-huh. >> and cities across america, mayors are fighting back against them because the taxi and limb doesn't even commission ever so strong >> the only argument you can make is the congestion argument, when thankfully we have a public policy to congestion is tolls. we can put tolls on the eastern river crossing or
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have -- which mayor bloomberg almost got through in 2008. you don't limit the number of ubers, this is ludicrous and going to make it so it's going to be a one-term mayor in new york city. >> we'll see. thanks to all three of you, ashley. >> how is this for irony? a dating website for cheaters. hacked. now 37 million adults about have some explaining to do. sorry, folks. hank williams warned us about this the mercedes-benz summer event is here. now get the unmistakable thrill... and the incredible rush of the mercedes-benz you've always wanted. but you better get here fast... yay, daddy's here! here you go, honey. thank you. ...because a good thing like this won't last forever. see your authorized dealer for an incredible offer on the exhilarating c300 sport sedan. but hurry, offers end soon. share your summer moments in your mercedes-benz with us.
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>> so ashley madison, not this ashley, but a website that helped you cheat on your spouse quote discretely >> uh-huh. >> well, it's been hacked >> 37 million cheaters could possibly be exposed. you know they're expecting right now. >> jolene content is following that story >> do you believe that number, guys? 37million people actually use
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this? >> i do sadly. i do believe that number >> it is so depressing. but what the issue is here is the company now is working with the individuals to actually stem this -- they've closed the loophole, they're working with law enforcement. so hopefully we'll see a solution. but it proves that if the office of personnel management is the target and now it's those who wants to have an affair >> yeah. no, i mean it's kind of amazing because people are saying you're getting what you deserve if you go out there. >> a lot of sympathy. >> putting it all out there on the line. and as a cheater you can't you have to take this story seriously >> it's pretty detailed from what i understand >> how do you know that? >> it's very detailed and what you see is people using they're credit card numbers and even though their names are the ashley madison is protected on the credit card bill, maybe from your spouse, you still have that personal information on the back end going through ashley madison being hacked and being stolen >> yeah.
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>> and that really is the big problem is for any >> you know who is smiling today? the divorce lawyers. some big business coming through. >> and i think that the credit card information is the least of what these folks are a worried about getting out there. jolene content, you've got the next hour coming up. why don't you take it away. >> thanks, melissa, thanks, ashley. welcome to risk and reward. and apple earnings out tomorrow after the bell. will they live you were to the big expectation? and gold is often a safe haven for investors. it's a five-year low today though. is it still a valid safe haven? and an online retailer says

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