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tv   After the Bell  FOX Business  May 3, 2017 4:00pm-5:01pm EDT

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has opportunity. >> absolutely. liz: thank you. closing bell rings. [closing bell rings] fed announcement in the rear view mirror. s&p 500, nasdaq lagging a bit. that is the closing bell. we have david and melissa action-packed hour. david: dow struggling for gains in the final minutes and nasdaq and s&p remain firmly in the red. i'm david asman. melissa: i'm melissa francis. this is "after the bell." here is what we got for you on this very busy hour. facebook and tesla on deck with results any moment. wall street expecting another strong quarter from facebook. tesla stock up nearly 50% this year, is expected to he see big moves when its report comes out. we'll bring it to you. the house voting to keep the government funded until september. the results on this we're hearing republicans are coming together now on health care as the president steps in to apply a little bit of pressure.
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will we see a vote tomorrow? a live update from capitol hill. one of the biggest match ups in boxing this year. head lines are coming from outside the ring. boxing legend oscar de la hoya take be jabs at president trump in new tv ad. david: he has a left hook we worry about. as we await the big earnings, take a look at the dow, barely in the green as chevron, exxon, merck. apple reporting disappointing iphone sales yesterday. the dow had been in the red all morning. that changed at about 2:00 p.m. when the federal reserve announced it would hold off a rate hike until the economy really started to grow more. financials climbing though as investors do seem to be betting on the slow growth being short-lived. melissa. melissa: breaking earnings. facebook set to release first
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quarter results any minute. investors keeping a close eye on user growth and video ads as the tech giant tries to curb recent scrutiny on handling of live video content on live screen. we shanna glenze-r, make offices chief marketing officer. fox business's hillary vaughn. jonathan what you do you expect? >> i expect higher prices for facebook. melissa, one of the reasons why, is an element you just alluded to, hiring of 3,000, essentially monitors for some of the content on facebook. that is one of the reasons they're making news. the fact they're so quick to address it is emblematic why this company is at a new all-time high, why it is must-own blue chip regardless of today's earnings. apple down on the open, came back to close not far far from
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the highs session. facebook is all-time high. that is a buy signal not a sell signal. melissa: shanna, he is talking about how quick they are to address prompts. -problems. for me as a parent it is none stop. i'm hearing things live on facebook i definitely don't want my kids to see it. they're young. i won't let anybody on there. i know i won't be in control of that for long. but you can't have that nd of sentiment out there. seems likevery day you're hearing about another story of violence. they are, they are more quick to respond i think some people expected because, what they had initially hinted at was looking at technology and artificial intelligence to address this, which is a long-term play for what you saw here today, was a shorter term play. we want to be more responsive. we'll throw people at it. that is our number one defense right now. i think that is a very postively, people are postively responding to that. melissa: i guess.
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hillary, that effective solution? talking about hiring 3,000 people to step up the monitoring what is going on? as people go on to stream violent events, they're reacting to is being people have already seen. i don't know, how effective is that? >> that is the key issue here, melissa. they're still he relying on users to initially flag the content, then this task force they're increasing by 3,000 people that would put it at 7500 he employees pouring over the reports. they say they get millions of them in. they're hoping more people, more hands on deck will help them take down any content that is flagged in violation. you're right, still up to the users to let facebook know when they see something not quite right on their site. melissa: jonathan, monthly active users expected to increase by 14% year-over-year to 1.89 billion users. that is a lot of people. >> tremendous.
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so 7500 monitors doesn't seem too much, so much for technology killing jobs, melissa. melissa: good point. >> facebook, they have created a global town square. 900 plus million users, many of them on a daily basis. what i like so much about facebook moving forward, there is almost a private equity element. not only is their core business advertising thriving but they have gotten all the new fingers you will in new pots. whether artificial intelligence down the line. this is a stock after earnings today even if you get a selloff i think you want moving forward. melissa: shannon, i know they keep adding more and more people and going around the world. their average age gets older when they add more people. most people have grandparents on facebook doing something, a lot of younger kids are moving away from it and doing something else. not that is facebook's fault, seems like every week they change what app they're on. is that a problem? >> it's a problem.
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how facebook is addressing it, they own instagram and a lot of younger people are sticking with instagram. instagram is ramping up competition against snapchat adding features like stories. yes, while your grandparents are on facebook you may not find the younger generation on there they're on still facebook-owned ads and platforms and raking in ad dollars from all important segment. melissa: david? david: with the earnings number coming out, actually it is not earning, it is a loss, tesla. first quarter results coming out any second. jonathan hoenig is still with us. gary gastelu, automotive editor is with us right now. gary, question what tesla is. it is no longer called tesla motors. they do so much everything from batteries to space travel. i'm wonder if they're into too much right now? >> space travel is separate. talking about batteries and solar panels for the roof. they're involved in a lot of things.
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it is this big ecosystem elon musk is trying to put together under thes it la brand. it is still primary a car company. it needs to make cars. it needs to sell cars. the next big hurdle is later this year when the new model 3 comes online. that will need to be a clean launch. they need to ramp up by the end of the year to 5000 units per week, 250,000 units per year they said they would be able to do. david: jonathan, look at that stock price. a year ago, it was $212 a share. it is now 316 a share. nothing that elon musk does tends to hurt the stock. it just keeps going up. >> i hated company. exploding batteries, cost of models or even the low cost of gas. as gary pointed out it is not only a car company but it is an innovation company. ford at a 52-week low. tesla at a a 52-week high.
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ford revolutionized the assembly line and tesla -- david: jonathan, expected to show a loss today, a loss of 81 cents a share. might beat on, it is still going be a loss, pretty sure of that. on the other hand amazon lost money for years, it is now a juggernaut of the stock market. so could the same thing happen with tesla. >> certainly seems, david. amazon has been expensive forever. growth stokes are always expensive. david: i will stop you. we have tesla numbers out, lori. what do they look? >> david, even wider loss than anticipated. $1.33 for tesla in the first quarter versus analyst expectation of loss of 81 cents a share. bad news on earnings but revenue looks pretty good. revenue looks like a beat here. 2.7 billion, versus analyst forecast of 2.6 billion. tesla revenue more than doubled
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from this quarter last year. here are the key headlines investors were waiting for. model 3, that's the model for the masses as it is characterized. it is on track as we expected for july. so that is on time. cash on hand, there was concern about a cash burn for tesla, $4 bilon that iup from $3.39 billion. that is also positive for tesla. as headlines were released shares were higher. i'm looking at the movement you now. they reversed course. tesla shares are down about 1%. pack to you. david: gary, i mean we were expecting an 81 cents loss per share. that's bad enough but $1.33? cash burn? this company is bleeding a lot of money. melissa: right. >> revenue is up. i think the investors people driving the stock price know that tesla is spending a lot of money, they have come to accept that, and i think the honeymoon will last another year until it has to meet the new production targets with the model 3. david: jonathan, even though
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what we now know about amazon, it would have been a great buy at $300 a share, investors weren't buying at $300 a share because they were so sick of seeing losses. i wonder if the same happens to tesla? >> you could very well see that, david. often times investors hesitate because they want there to be perfect information. they want the company to be profitable before they buy it. david: it just popped in the green after hours. came down tremendously. it is kind of flat-lining now. not affecting the stock too much after-hours. go ahead. >> quickly some growth stocks. investors looking five, 10, 15 years into the future. they're expensive. they have always been expensive but as long as companies keep innovating the stocks can stay very expensive for a long time. david: gary, the bottom line, it has to sell a middle class car, right? it can't keep catering to the rich folks. >> this is what is coming up, selling a middle class car against competition. chevy is selling new electric volt. next year or two major
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automakers coming in the market. that is what it is up against. david: green arrows are getting stronger. lori, why the numbers are going up right now? >> i'm thinking because delivery of vehicles is on track. this is not a surprise. not a huge impressive number, 4to 50,000 deliveries. a little bit of a wide margin in terms of delivery for first half of the vehicles. you have the model s sedan, model x sports utility. earlier the model 3, model for the masses, the lower-priced vehicle is on track for july delivery. david: jonathan, one thing tesla has that amazon never had, reliance, maybe not a reliance but a certain extent they're dependent on government subsidies, gas subsidies and everything else the states had to throw against them. will that be a hold on the stock? is that one reason -- one reason you didn't like it in the past. those things are kind of expiring now. what about that? >> it is certainly a risk, david.
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i look back even a decade under the bush administration, the ethanol companies were all the rage until those subsidies, those government regulations changed. certainly a risk when it comes to any of these green energy stocks but i think as gary pointed out, tesla continues to innovate even beyond the core business with cars. as long as that stays intact i think they can even distance themselves is from the risk of government edicts swinging one way or the other when it comes to those subsidies. david: gary, could tesla survive without help from the government? >> that is what we're going to have to find out. it will have to bring prices down. that is why it is building the big battery plant. it is hoping to do that. offsetting $7500 tax credit with lower prices that will be fine. other companies won't have to do that few more years. melissa: facebook reporting first quarter results. cheryl has the numbers. >> first i want to give you the revenue. they beat on the revenue but missed a little bit on earnings per share. revenue coming in $7.43 billion.
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it was beat. earnings came in underestimate. the estimate was for 1.12. monthly active users in the first quarter, 1.94 billion, 1.94 billion. also they did a lot of hiring. headcount jumped by 38%. on average we're looking at stock right now in the after-hours. the bid140, 1150. actually the ask is moving a little bit higher maybe because you saw selling on the stock, guys, into the close. maybe people listened to jonathan hoenig and i'm deciding to buy facebook right now. we're seeing a little bit of a move to the upside. we're digging in into the numbers. mobile advertising revenue, 85% of all advertising that was a good number as well. let me dig into these. i get back to you guys in couple seconds. melissa: jonathan what is your reaction. >> trend remains higher. melissa: not earnings per share. it's a miss. higher than a year ago but it was a miss.
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yes, go ahead. >> but in stock price. look from an investors perspective, certainly an advertisers perspective where can you go to get access to a billion, lori just told us over a billion daily users? this is almost an unbelievable achievement for private company, great american company. that is why despite the miss the stock goes higher as it is in the after-hours at least for now. melissa: shanna, what is reaction to the metrics? year-over-year, monthly active users increasing to 1.9 billion. that is a big number. >> that is a big number. holding steady, on the rise a little bit. what is interesting when you talk about mobile advertising, not only is it such a huge base but they are continuing to invest in their platform to make it easier for people like myself as marketer to target the right customers, the right users. that is really attractive. people are pouring more and more money into facebook because of that as opposed to google and other platforms.
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melissa: you bring up google. hillary, google has the cloud and other features. facebook is really driven in the one community where they very much penetrated but you wonder where they go from there? >> they have been targeting millenials, really that is where the money is at for them. millenials engage on the go. they can charge more for mobile ads. 84% of their total ad revenue comes from the mobile apps. they spent a lot developing from these stealing from snapchat, integrating it into instagram and whatsapp. you see it working. their instagram story, 200 million daily users. that is more than the original snapchat. seems like this take over may be working for them. melissa: jonathan, why do you think they missed on earnings? we have to drill down into that. earnings per share, pretty big, eight cent? >> i think they're willing happily for investors to spend a lot of money. growing stocks there is less of an investment on real time earnings as there would be for a
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utility company or some other company relying on a dividend. investors are willing to look further out. again where else do you have access to billion plus people from a advertisers perspective. melissa, quickly why all of these they call them fang stocks, amazon, google, facebook, they're competition benefits other. small business owner is advertising on facebook, sell on amazon, search on google. why all the new it being companies are thriving in the market. melissa: jonathan, the technology is certainly cool. have you heard the common thread through these two conversations? we talked about investors don't care about earnings, investors don't care about earnings. it is about are they going to grow, what is going to happen in the future? while it may be true and come true for companies like amazon, sounds very much like the last time the tech bubble bursts. if you look and take the eye off fundamentals, you say the future looks great, the future looks great.
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>> you're right about that, earnings don't matter until they do. march 2000 when the last tech bubble burst. melissa: right. >> when we had then we don't now, public euphoria. taxi drivers, uber drivers, talking about day trading stocks back in 2000? i don't think we're there just yet. plenty of money on the sidelines. the market and big name winners go higher. melissa: let's go back to, do you say cheryl has more details? >> i do. first quarter revenue, year-over-year for mobile advertising revenue. 82% a year ago. now it is 85%. they're giving us a breakdown of the numbers. advertising revenue 7.85 million versus 5.2 million. that is a president substantial boost in revenue as well as becoming a a bigger part of the business. cash on hand, looking at that, talking about that with apple as well. 32.31 billion, cash, cash equivalents, $32.31 billion. a 38% jump in head count over the last year.
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this is a company guys, that is expanding they are growing. effective tax rate, by the way, i love taxes, 10% for the company. back to you. melissa: isn't that interesting. david: wow. melissa: you pointed that out. david: just a little less than what i pay. melissa: yeah. david: 10%? melissa: that is really interesting. when they talk about giving and liberal democrats there in the bay area and everything. david: good point. melissa: tell them their effective tax rate on the company, 10%. interesting. let's keep that in mind. david: meanwhile, keeping the government running. looks like the house has now more than you enough votes to pass that spending bill but, we haven't heard the gavel come down quite yet. it is happening as we speak. we're hearing republicans are coming together though on health care. maryland congressman andy harris, a doctor in his own right, weighing in on all that coming up. i love kiwis. i've always had that issue with the seeds getting under my denture. super poligrip free.
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david: breaking news. the house passed a bill to fund the government through september 30th, the end of the fiscal year. looks like it has more than enough to pass. we're getting the vote count. 309 in favor, 1115 against. ironically a lot of no vote are republicans. it does not defund planned parenthood or defund the wall per se but includes a lot more military spending. congressman andy harris, republican a medical doctor, can tell us about the health care bill, joins me now on this vote. congressman, how many republicans votes against it? >> there were a lot of republicans like myself who felt we didn't do enough to control spending in this bill, and -- david: let me make it clear. sorry congressman, you voted against the bill, correct? >> that's right. you know this was negotiated on
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bipartisan basis. so it is not unexpected that you have democrats and republicans voting for it. democrats and republicans voting against it. david: we're looking at bill now. it is 158, 142 democrats. people are changing their votes. looks like, 170 votes, no, this is something else. i'm sorry. forgive me. this is an amendment to the rules. what is it specifically about the funding measure that bothered you most? >> we aren't bringing our spending under control. it didn't have some of the priorities that the president spoke about. we delayed this vote really from december until now, hoping that we could get, that the president could get more into this bill but again, he tried to reach across the aisle. there was no reciprocity. in the senate, it was any possible progress on his initiatives was dead on arrival. quite appropriately he agreed to
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bipartisan bill. get out of the way. get on to health care around get on to tax reform. david: let's talk about health care. where does it stand now? you are a medical doctor. you have a lot of experience with health care. does it satisfy all the reasons you were initially against the idea now? >> well look, it satisfies enough. the most important accepting the palmer amendment, macarthur amendment, one small amendment will be added. i hope the vote is tomorrow or friday. it will make sure cost for premiums for average person come way down. a little bit next year and then a lot more, once all the policies are in place. that is what americans need. they need rate relief. david: now the system is still, has a very heavy hand of the government in it. this is only the beginning of a process, is it not? i mean it is not just this bill that is going to change everything with obamacare. they're going to be many other steps to follow, correct? >> absolutely. this is the down payment. this is all we could get through the process called
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reconciliation that requires only 51 votes? the senate. so it's a down payment. we have a new secretary of hhs, dr. pryce, he will make another installment repealing or replacing. hopefully a third package comes through later in the year, selling across state lines, association health plans. medical malpractice reform. things president spoke about, advocated for, wants to get done this year. david: congressman, medical doctor, andy harris. thank you so much, congressman, appreciate you coming on. melissa: another look at facebook, the tech giant down nearly 1% after-hours, following a miss on first-quarter earnings but beat on revenue, fueled by mobile advertisers, flocking to the platform. we will be right back. break through your allergies. try new flonase sensimist instead of allergy pills. it's more complete allergy relief in a gentle mist you may not even notice. using unique mistpro technology, new flonase sensimist delivers a gentle mist to help block six key inflammatory substances that cause your symptoms.
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. david: the feds standing pat on interest rates. economic slowdown is fuelling that decision. remember, we just saw the first quarter gdp growing at the slowest rate in three years,
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add in weak auto sales, a surprise stall in the iphone sales. yesterday we heard about that, and does all this help the administration make the case for tax plan? joining me is former reagan economic policy adviser art laffer. great to see you. >> wonderful to see you. david: all of the indicators, again there's positive signs but a lot of signs we're slowing up. i would think what we need exactly now is a shot in the arm from the tax cut? >> you are totally right. last thing we need is prospective tax cut two years from now so everyone postpones it, and then we'll have a slowdown. that's the guaranteed way to do it. david: i think you just saw the news, this budget deal passed. a lot of republicans didn't like it, but it did pass. there are tax cuts and they're significant tax cuts that could be added into the cbo, the congressional budget office's accounting of the tax cuts. that also helps the notion of
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having a tax cut now, right? >> i sure think so, it's a time for that, and especially that corporate tax cut. you know, there are so many people who don't understand anything about anything that think that dropping the highest rate from 35% to 15% will hurt the budget. it won't! it will bring all those funds back from abroad, it will get people to stop shelving their economic, all the economic growth and it will be positive for the u.s. they are bad-mouthing all over the place, especially people, you know, that we sort of like. the budget hawks. i like them, but boy they're bad on this. david: there is a question of timing and, of course, they want the health care revision to come in first, that could happen as early as this weekend. we hope they come to some resolution, but here's what mick mulvaney, the omb director said about timing with maria earlier today. >> tax reform is not going to be done next week. nobody expects, that you know that. you don't do tax reform, comprehensive tax reform in an economy of this size in a
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couple of weeks. we have started that discussion. david: don't do it in a couple of weeks. what is it? months? years? what? >> i hope not. i hope not. that's why i wanted them to do the corporate tax cut as a stand-alone, the democrats and republicans agree on that. the question is how far down can you get that rate to go? 15% is a good number. once you get into personal stuff, david, it's going to take a lot, lot longer, the issue of redistribution is a big issue, even though i think it's a bad issue, it's a major issue, no one would argue redistribution of the corporate tax cut. the flowing stuff doesn't occur when it comes to corporations, but it will take a lot longer to do personal income tax rate reform. david: i don't know if the economy is going stand put until then. looks like it's slowing down. we need a shot. art, thank you very much. >> we sure do, david. don't lose faith. melissa: give it a shot. david: always an optimist.
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thank you, art. good to see you. melissa: president trump meeting with the president of the palestinian authority today. why president trump may be the first to negotiate a lasting middle east peace agreement?
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that $100k is not exactly a fortune. well, a 103 how long did it take you two to save that? a long time. then it's a fortune. i told you we had a fortune. get closer to your investment goals with a conversation. . david: tesla shares, even though they had a big miss in earnings, slightly lower after
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releasing first quarter results, revenue did more than double. new model 3 is on track for initial production in july, but again, the earnings were way off. melissa? melissa: the negotiator in chief, the president meeting with the president of the palestinian authority, mahmoud abbas today. president trump vowing to revive the stalled middle east peace process saying he'll do whatever it takes. >> the palestinians and israelis must work together to reach an agreement that allows both peoples to live, worship and thrive and prosper in peace, i will do whatever is necessary to mediate, to arbitrate, anything they'd like to do. melissa: here now is david sears, retired u.s. navy s.e.a.l. i don't know if you had a chance to watch the speech. they all saw different things. some thought abbas took over the conference and went on and
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on and said a lot of radical things. other people thought donald trump had a conciliatory tone, what did you take away from it? >> i didn't get to see the whole thing, melissa. i've seen snippets and watched it on the internet, pieces. it sounds like it's president trump looking to make some sort of a deal, and i think one of the first steps is he likes to go with the personalities. figure out who he's dealing with, so he listens, he tries to assess eye-to-eye and where do they stand, what are the leverage points that i have? how can we make a deal. melissa: yeah, there is so much stuck in the language. there are groups that are completely hung up on this idea that they have to move the embassy to jerusalem there. are people saying it has to be two-state solution. it can't be a two-state solution. it seems like there are binary choices that are make or break, and you have to get really creative to come up with something that everyone can agree to, no? >> you are absolutely right. you have to get super creative. you have to wipe the slate
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clean and get the parties to agree to do that. right now you are at impasse where they are not going to agree on this. against israel's security to go back to 1967 borders. that's not going to happen. there's 500,000 people in the settlements in the west bank. the palestinian authority piece, they control the west bank, they can't get along with the gaza piece controlled by hamas, who vows the destruction of israel. there are so many anchored positions, that it is going to take a lot. it would be wishful thinking to think you're going to get a deal done. melissa: there are so many different groups and enemies on every side. if you start with russia on the side of syria, on the side of iran, they're fighting against isis who wave out from there, there are many different alliances and battles going on. is this the place he should be focusing energy? is it one of the things, where do you start untying the knot?
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>> that's a binary piece, he's not going to focus all his energies there. put this on the table, look and see what can get done with it. i love we're moving to a government that can start to do more than one thing at a time. melissa: that's true. i hope. >> that's great, right? i think this is a bit of a pot of gold at the end of the rainbow. it doesn't really exist. there, we can chase it all you want, and great promise to the end of it. does it exist? eventually the two states have to come to -- not two states, two people have to come to a solution, right? melissa: david, thank you so much. >> thanks, melissa. david: france is gearing up for historic presidential runoff election. the contenders who take completely opposite sides on france's role as a part of europe are on opposite sides of the stage for a final debate before sunday's vote. ashley webster is live from paris with the latest. hi, ash. >> reporter: hi there, david. there's been a very lively
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debate. 2 hours and 20 minutes long. they have a ways to go. they face each other across a table as you said, not standing behind the election like you see in the u.s., and going at each other's throat from the get-go. we have marine le pen of the far right party, the national front calling her opponent emmanuel macron naive, elitist, former investment banker who's arrogant, who can buy anyone, including france, that's just the nice stuff. macron saying about le pen, she has zero substance, ran a campaign of defeatism, talks about the past while proposing nothing, she's an extremist and her only strategy is to lie. how about them apples, as they say. it's been very feisty. the question is who wins? macron is about 20% ahead in the polls, but as we know polls don't tell the whole story, they go to the polls sunday. there are still many undecided
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voters, david, about 18%, and the turnout will be vital. if le pen wins, the future of the eu will be very much at stake, and you know that the markets as well, across the world and the u.s., will be affected if marine le pen wins this very, very feisty contest here for the presidential election in france. david: you could not have more dramatic a contrast between two candidates. going to be a very interesting choice. ashley webster, enjoy paris. thank you very much, ash. melissa: comey on the hot seat getting grilled why he spoke out reveals new e-mails related to the clinton investigation two weeks before the election. what else we learned from this hearing, coming up. >> speak would be really bad, there's an election in 11 days. lordy that would be really bad. concealing in my view would be catastrophic. between really bad and catastrophic, i said to my team, we got to walk into the world of really bad.
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. melissa: another look at facebook. the company down 2% after hours. near 2%, following a miss on earnings, but a beat on revenue. the tech giant reporting a 76.6% surge in quarterly profit fueled by growth in mobile ad business. david: they are swimming in dough. not backing down, fbi director james comey on capitol hill today defending his decision to reopen the investigation into hillary clinton e-mails just before the 2016 election. fox business' blake burman is at the white house. blake, not only found out about comey, found out a little more about how fast and loose huma abedin was with some of the hillary clinton e-mails, right? >> reporter: yes, this was a hearing on the hill today with james comey, before the senate judiciary committee saying that some of the e-mails had gone from huma abedin's laptop forwarded over to anthony weiner.
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part of the questions on the hill for james comey, the director of the fbi, and it was comey talking also a lot about the election how it related to hillary clinton and the e-mail investigation and comey said he gets, quote, mildly nauseous, that's how he put it when people suggest that the fbi might have had influence on the 2016 election, but comey did stand by his october 28th decision to publicly announce that the fbi was looking into new hillary clinton e-mails. >> everybody who disagrees with me has to come back to october 28th with me and stare at this and tell me what you would do? would you speak or would you conceal? and i could be wrong, but we honestly made a decision between those two choices that even in hindsight, this is one of the world's most painful experiences, i would make the same decision. >> reporter: make the same decision, he says. hillary clinton was speaking about this during an interview earlier this week which she blamed comey for part of her election loss. clinton saying and i'm quoting
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here, if the election had been on october 27th, i would be your president. i asked the white house press secretary sean spicer about that earlier today, and he laughed off clinton's claim. >> if games ended in the third quarter, there would have been a different team last week. with all due respect to her, that's not how it works, you don't pick the day the election is on. >> reporter: if comey made the right decision to speak versus conceal as he put it, the october 28th decision, the white house didn't want to weigh in on that front, spicer said quoting here, with respect to the election, i think the american people have made their decision. david: he also said he's a big patriots fan, and the patriots, so many games turned in the last couple minutes of the game. that's the way the game works. >> reporter: he equated it to the super bowl. after three quarters in the super bowl, there would have been a different outcome. david: blake burman, good to see you. melissa. melissa: largest municipal
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bankruptcy as puerto rico faces a major debt disaster that surpasses the woes of detroit. my goodness. puerto rico owes creditors $70 billion in debt, though it is still unclear how much of the money will end up included in the bankruptcy filing. puerto rico used title 3 of economic stability act that effectively forces restructuring deal on creditors. the governor tweeted today, we have sustained our position to negotiate in good faith but before the current scenario, we choose to protect our people. david: all right, breaking through barriers. one of the biggest matchups in boxing this year is days away. promotion for the main event is targeting an opponent not even in the ring. president trump talksscar de la hoya sounding off. liberty mutual stood with us when a fire destroyed everything in our living room. we replaced it all without touching our savings.
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. melissa: they may be ready to trade jabs in the ring saturday, but boxing superstars julio cesar chavez and saul canelo alvarez are united. at least according to this add. watch this.. >> on saturday, may 6th, the world will be watching. melissa: there you go! the clip you just saw was from a commercial produced by one of our next guests, oscar de la hoya, a boxing legend of course, and a promoter of the big match. he joins us now, also with us fox news headlines 24-7 sports
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reporter jarrod max. oscar, start with you. you've gotten a lot of attention for thcampaign. you put a loof politics, obviously, busting through the wall. we're all talking about it but do you think you win over more people who know about the fight and will buy in and watch it, versus people who might see this and be trump fans and be annoyed and say forget it, i'm not going to buy the ticket to watch the fight? >> no, i mean, obviously this fight sold out in record time, approximately nine days. our closed-circuit tickets are going through the roof in las vegas. the indications on the pay-per-view sales are incredible. like no other fight that we've been involved in in recent years. the message, yes, it is for mr. trump, but it's a positive message. it's a message indicating that you have two warriors who are,
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yes, breaking through the wall, fighting in las vegas, but imagine the economic impact that these two fighters will have on our beautiful america? it's the millions and millions of dollars that are going to be generated here in las vegas and across the country is incredible. melissa: that's a message of economic impact, busting through the walls, that's what you were envisioning when you did that ad? >> well, my vision was, yes, to throw a little jab at trump, and look, i've met the man, i've golfed with him. he's been to some of my major fights that i promoted. he loves boxing. i actually wanted to invite him to the fight and observe firsthand the wonderful fight that these gentleman will be having here may 6th in las vegas. but the message really is on how, on how america is so
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beautiful and our country is so wonderful that they allow us, america allows us to come to america and have such an impact on the economy. >> oscar, jared max here. you told the "new york times" that the idea of this commercial that it was a direct hit to trump who somebody you accused of cheating at golf. do you see a certain irony here? this fight has been chosen to be sold about breaking through the wall, isn't there an irony, isn't president trump helping to sell your fight? >> well, it is a little jab. you know, it's a little jab to mr. trump, and yes, i did golf with mr. trump, and yes, he did cheat! what can i say? it's the truth of the matter. i saw it. witnesses have come out and spoke about it, but, look, i'm not using mr. trump to promote this fight. >> wait, hold on. i thought you are using him.
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that's what this is about. boxing is about promotions. seriously, golden boy promotions, this is a great promotion. two mexican men, doing it the right way, bringing tens of millions to the united states. this is a direct hit to trump, now you say it's not. so what is it? >> it's a direct hit to trump's message. i'm not using trump to promote this event because this event is promoting itself. this is a major fight. these are two superstars who are -- who are pay-per-view sellers in their own right, who have generated millions of dollars for our country -- melissa: without question, i'm so sorry, we're going to get cut off by the computer. thank you so much for coming on, and we can't wait to see the fight. jared, thank you. david: we're going to have less leg room on airlines. isn't that night? we'll give you details coming up. we're on to you, diabetes. time's up, insufficient prenatal care.
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melissa: american airlines is
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cutting leg room in coachism again, they are adding more seats but they have to shrink distance between seats, to 29 inches. melissa: pretty soon we'll be standing. that is it, "risk & reward" starts right now. >> he wouldn't say he would accept the results of the election. he would not necessarily respect the results of the election. he refused to say, he would respect the results of this election. i know and i have to say, the first thing a president does on january 20, is take an oath po preserve, and defend the contusion of the united states in our country, we have free,

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