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tv   Varney Company  FOX Business  May 20, 2014 11:00am-1:01pm EDT

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accordingly but most important, we need to have trained people to operate our stores no different than we are doing in man and in this week. maria: congratulations on the new york city store. great having you on the program. enjoy your gift. maria: dairy queen's president and ceo joining us, we will see you soon. that will do it for us today, over to you. stuart: good morning, everyone. we were right, at&t's directv is all about live sports anywhere anytime, now we learn there will be no deal unless directv keeps those pro football games. corporations fleeing high tax america, encourage them to stay but senator orrin hatch is here with the encouragement to stay argument. chipotle says no guns in our guacamole please. happening now, microsoft tries to make you really want one of
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its tablets. and we want our money back for those useless obamacare exchanges. we should shoot this on go broke, will we get a cut for all the free advertising? "varney and company" is about to begin. check the big board as we kick off "varney and company"'s first hour. we are down 26 points, we were down 60. we have home depot, profit disappointing. we use this as a kind of economic indicator. home depot saying that housing slowdown really hurt it, nonetheless home depot is up 2.5%. figure that one out, it isn't known to dollars, i thought this was down. staples expects a decline sales, shoppers are going online going to the competition ensure enough that staples taking a
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hit. 11% down, big hit. another retailer hurting, dick's sporting goods cut its profit forecast, dick's down 15%. got to wrap up the market coverage at the top of the show with this, the yield on the ten year treasury staying right around 2.5%. that is significant, that is a very low level. that is markets. have a billion dollars in taxpayer money wasted on four failed obamacare exchanges. republican senator has of bill that would require states to pay that money back to the fed's. he joins us from capitol hill. you haven't got a prayer. these dates are run by democrats and there is no way president obama will demand money back from democrats states, is there? >> the american taxpayer wants the money back. we know these exchanges are in shambles, fatally crippled, there is an fbi investigation
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going into mismanagement and taxpayers deserve accountability from their government. this health-care law is fatally flawed and the american taxpayers, so much money is wasted. all of this money, $400 million is not going to help one person get health care, it is going to contractors and others, the american public deserves better than they're getting from this administration. stuart: the president said further debate in obamacare is pointless. he used that word. it is pointless. yet we have a new political polls but shows 60% of voters believe the debate on obamacare is not over and should continue into the 2014 elections. am i to infer from this that the president doesn't want this to be debated but it will be debated and it is accused event coming up for the elections this year? >> it is wishful thinking on the part of the president to say the
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obamacare debate is over. i will tell you is this is the issue that is on the minds of voters around the country. i see at home in wyoming. people realize they are paying more in spite of the president's promises. many are unable to keep their doctors, seeing wasted taxpayer dollars. a person's health is the most personal thing there is in their life and i think it will be a very hot-button issue for the elections come november. 90% of americans in that politico poll says their vote will be depended on the health-care law. stuart: 90% said the vote in november is all about obamacare. astonishing thing. comments and two developments this week. front page of the washington post saturday, 1 million people may have cheated on declaring their income in order to get big subsidies for obamacare. that is point number 1.
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study out of chicago, ill. study out of michigan said that newly enrolled medicaid patients were more expensive to treat than had been first thought. obamacare, a lot of cheating and obamacare wildly expensive. your comments on this. >> even those who may have made a mistake on their income information there is no way on the web site to fix it. that talking about not going into the fix until the end of the summer so even people trying to right a wrong it is impossible to deal with and the issue of medicaid which is what the president sees as the solution to health care, it is empty coverage for many people, many doctors don't want to take care of people on medicaid because it pays so little land what we are seeing from this report is hospitals are noticing it is much more expensive to take care of a number of these patients in terms of postoperative infections,
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pneumonia, recovery time, longer hospitalizations and when they're getting paid much less hospitals are now saying we don't want to deal with patients on medicaid so the president is promising empty coverage rather than deliver actual care to patients and as a doctor that is what i am focused on. affordable available high-quality care. stuart: when you are indeed a doctor and your input on this subject is valuable to us. thanks for joining us. back to the markets, we have found a winner. restaurant chain, red robin. i have never eaten there. nicole: red robin gourmet burgers. i have never eaten there. we should put that on the "varney and company" list of things to do. stock is up 12%, casual dining sector, they have seen traffic on the rise up 1/2%, not bad considering what some of the other casual diners came in with first quarter numbers that were better, same-store sales rose
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over 5%, revenue on the rise, more demand, cutting the margin. the big deal is the checks people are paying are more. increased check size of people are going there and ordering more, adding it. stuart: ed butowksi lives in texas. i did big in texas? >> i will tell you the al ng is on the rise. omenal burgers. no one has any money, mias well gooasual ng place. of 12%?tas the sck for the year, stilted downside t ware seeing stock up 12% at $71.31. stuart: a big plus om evy contributin to the redobindebate. football ratinging, we know that and by the way we we right, at&t does note direct tv unless those nfl games ce
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with it. right now at&t - a direc is negotiating with the nfl on a neunday ticket contract withliv rectv gets $1 billion a year for the rhts to football. ed bi stiller youanagon for nfl we sa at alall about livepoingventatch at is tut of sports.>> t comes together at all thearties and everhingent t, n sayg it is a donel, talbout carefuboutdires but it is interng this at ealitdirectv directv and ading up to that. it is added t. on thi the are any otitors coming
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a lot of ti whee mpans taken over fac someonelse will compete but thers noiscuion out this ha in the woror three months, thi dl wi getone or it will not get de. sart: theot the suny ket, major-league ball, li games, basketball, some soccer,ndllf this now on direct tv playabl selte. all of that, e orng live , f would go toellpnes may be, tablets may be, as we said yesterday een to your car becaut's wiring your car. >this is setnghat is very near aear t me because hadt&tn my office, dictv and r prices will come down. i think cable bun this up, stuart: bdlin is wildly unpopular. suppose they did n bdle sports pkage and on your cellphone or your tablets all yo gets what you pay for
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which would be if you wanit the le sporting e >> gives you the flexibility. they lost the model have it ur way, youan have it your way with directv. you can buy a bunedservices but the deal will get done. it wil wor on the things, lot of people involved, they ew ts would g don there are a couple turtles around it but it is sti spooky as to why it is not trading, direct tv,tay away from it. if you are thinking of shorting that stocks don't do it. stuart: i would think about buying at&t because buying directv insures their dividends, $36 a share, the dividend is 5%. >> i golan at&t. it scares me. stuart: we always show you a free advertising, the growth pro receives. the company is going public. of to raise $100 million in idea. it is a great product. all this free advertising, we
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run it but go perot is a -- >> one trick pony. stuart: all they do is make this camera and they will raise only $100 million. you wouldn't buy that? >> barriers to entry in this market, anyone can get into this market and you will see more people coming to lead. another thing is normally when a company wants to liquidate and get their cash out they do a private transaction. no one in their right mind wants to ipo these days because the stock is held up. the founders of this company have certain laws and rules that will never get their cash out for five or six years. nobody wanted to buy them. i wouldn't because their earnings are deteriorating a little bit and you don't see this as a company people want to buy and they probably were shopping around for a long time. let's go public and see if a lot of individuals will buy shares of stock. stuart: the founder and his wife
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are 50%. >> if i was advising them take a lower price, sell it privately and the longer merry way. stuart: they're going to anyway. another troubling sign for the housing market, nearly million households owe more on their mortgage than their home is worth. one in five homeowners across the country underwater six years after the crash. we have some startling numbers after this break. check out the video from wyoming. what you are seeing is time lapse footage of the supercell thunderstorm capable of truly violent winds, a very large hail, isn't that an ominous cloud? a video that sells the story. hi, are we still on for tomorrow?
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tomorrow. quick look at the weather. nice day, beautiful tomorrow. tomorrow is full of promise. we can come back tomorrrow. and we promise to keep it that way. driven to preserve the environment, csx moves a ton of freight nearly 450 miles on one gallon of fuel. what a day. can't wait til tomorrow.
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to build something smarter. ♪ some come here to build something stronger. others come to build something faster... something safer... something greener. something the whole world can share. people come to boeing to do many different things. but it's always about the very thing we do best. ♪ stuart: i wouldn't call this a sell-off by any means. this is a mere loss of 33
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points. 30 years ago that would have been a sell-off. we could have done a 1-hour special on the 33 point drop. individual stocks, microsoft for example, it is in new york city, expected to update the surface tablet. en tweeting as it declined $0.06. a startling number on the housing for you. close to 1-fifth of u.s. homeowners are underwater on their mortgage meaning they owe more than the house is worth, 10 million households. with america's financial, that is the terrible number, six years after the housing crash, still have one in five people who are under water. what is the problem? >> shouldn't be a surprise when you look at how many people have jobs. declining percentage of the population is employed. fewer people have jobs floating
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homes. look at the savings rate which is under 4%. worse than it was in the 1930s, one of the worst numbers of the last 81 years of recorded history. stuart: you are saying this for situation in housing is flat wind essentially. we were doing okay and now is flat wind. that is directly related to slow growth in the economy and employment situation. it is economy related. >> is it any surprise when you saw how high homeownership became, it is too hi, we had a fuel by fannie and freddie to get home ownership up above what it should have been so the homeownership rates have to decline. how do you get more people buying homes so they can't get jobs? bucket student loans. we have delinquencies on student loans rising and exploding level of student debt. wonder why? were graduating more kids with degrees in philosophy than engineering, math or any kind of
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physics. stuart: that is a rotten statistic. >> at least with philosophy majors win won't feel bad about how awful the economy is. stuart: that was sarcasm. do you think it is a cultural shift? in my day the american dream was you got a job, save you money and bought your first house, that was the american dream. has that changed? >> the millennials for reasons i don't understand are quite unlike other generations who couldn't get out with my land that, they're comfortable staying home and go to the same stores and watch the same programs. stuart: this is a terrible thing for the young people because a home i think is still a great store of value. am i right? >> there was a report last week were trying to relax the applications to allow people again to get homes at an easier rate. stuart: when they didn't go back to that. wanted to loosen up the credit score. you could have a lower credit
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score and get a loan or loosen up the down payment. >> with rates as low as they are that is another thing that is shocking. we are seeing these numbers. the points you are making are excellent. it has a lot to do with people just don't have money. >> new household formations is out all time lows. it is terrible. in part because the millennials are perfectly comfortable staying at home and how can they even think about buying a home when saddled with massive debts? look at the student loan problem, what the tuition costs are before we -- the tail wagging the dog when talking about getting housing going. and they have an unbelievable number of debt. stuart: what would you say to youngster fresh out of college that got some student debt around their neck, but have a wife or spouse or partner. what would you say to them?
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>> depends on a situation. not everyone should own a home. it can be a terrible monkey on your back. stuart: when you are part of this cultural switch? >> across the board demographics across the board, 30% think renting a home is better than owning. we learned the lesson too many homeowners you can't move around. we need a new job, financial circumstances change. i once -- >> looking at the numbers and saying you can't afford it don't buy it, the government should take a lesson from her. if you can't afford something you can't buy it. >> we agree on that. i want homeownership but not at any price, not just for the sake of owning a home. stuart: all right, financial adviser, you made your point. thank you very much. thank you. we have some breaking news. can you believe this? more recalls for general motors announcing just now recalling
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2.4 million vehicles in four separate recalls. haven't got the details yet. that is justin. another 2.2 million vehicles, six different models we understand, four separate -- i am losing track. >> there won't be any cause on the road. everyone is recalling the cars. stuart: $33 a share, that stock hasn't moved, 3390 to $35 a share it hasn't moved despite the recalls and losses and the rest of it. which bubbles? chevy -- i lost track. malibu. i am hearing malibu. i know that one. >> they are going to recall everything. that is a fear on every level. stuart: that is a tough situation. i you going to stick to housing? >> i would not want to be the ceo. she might be rethinking that decision.
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stuart: thanks. all-star trial lawyer mark lanier, the man you hate to love, appearing for a whole hour on varney yesterday. your reaction from facebook and twitter after this. ♪ ♪
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stuart: i watch you whether or imus show or not. stuart: i took your side on a legal thing. i have never done that before. >> i will take your side on almost everything because i generally do we your generally right. stuart: have you ever sued microsoft? >> oh yes. stuart: when you are off the show. >> it is profound a gentleman in the late 50s he is able to turn around on an issue like this. judge napolitano: what you talking about a gentleman in his late 50s? stuart: i am well into my mid to made 60s. >> you live like an need to go on tv and tell the story. stuart: i think i did tell a lie later on. some of the highlights from saw our we spent with trial lawyer mark lanier and here are your comments. jerry says i would not listen to and englishmen. apparently we didn't run it but we were discussing my grapefruit smoked salmon and whole wheat toast breakfast diet. we were discussing that. we did discuss it.
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kevin asks this about my morning breakfast. no herring? very funny. what you are referring to is the kipper, that is a smoked herring and it is beaten in scotland, not so much in england. consuela adding this. i like your breakfast but you should be more of the usual breakfast food like eggs, bacon or potato pancakes. thank you for the suggestion but i am just fine. my heart is in good condition with grapefruit and smoked salmon which has been my routine for 50 years. i like to think this is what energizes me and gets ready for this extravaganza we call "varney and company" and a gallon of black coffee really helps. hold on. breaking news from microsoft, the new products, the surface pro tablet iii, bigger screen, it has not multi position kickstand. there is the selling point, a stylist pen.
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what would steve jobs say to that? we are making that announcement moments ago, the stock hasn't moved to the. would you join me in welcoming microsoft? >> we had so much cash, no. i would like to say i'm a big microsoft believe, i am just not and this new edition sounds interesting because that is where they are all going. i hope that stock goes up but we are not behind it. stuart: steve jobs would not entertain the idea of a stylist pen. he would not. >> i don't know what you would do, i can sign things all the time. stuart: what a pleasure having you on the show. two visions of corporate tax reform. one for the democrats, another from the republicans. i think you know which one makes more sense. this is my opinion, we go to capitol hill after this.
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[ in shouting ] ♪ [ instin shoing ] [ ma annncer timend ses da. [ split-second sta. [ indistinct shouting ] ♪ it's so close to the oloor... [ instin shoing, bell dinging ] ...yst your brain box. ♪
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all on thinkorswim freritrade.
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stuart: check the big board, please. we are down 42 points. we have some big names that are moving. amazon, google, tesla, nissan. a modest bounce back today. bricks and mortar companies, i should say retailers, some of them are taking a hit today. nicole: retail really out of favor today. dick's sporting goods good and urban outfitters are down. the theme seems to be customer traffic. talking about weaker sales in golf and hunting. staples also talked about the profit of softer sales and softer traffic.
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tough day here for these retailers no dow that. number one and two on the s&p losers. stuart: this is all about moving walgreens headquarters out of america. moving headquarters to britain for tax purposes. it sounds like carl levin introducing a bill today to make it harder for companies to live. going the other way is a republican senator. do not make things more difficult to leave, make it more attractive to stay. am i right in saying you want to make it more attractive to stay by lowering that corporate tax rate. is that what you are trying to do? >> yes.
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we have the highest corporate tax rates in the world. we used to have the first 200 companies in america. that is not true today. they are just making it tougher on the companies. they will move for short if they keep that up. we cannot allow that to happen. it is more than that. we have to stick with the system. we need to do a territorial system. other companies do not tax door corporations when they do business overseas. powers pack the whole business whether it is overseas or not. stuart: the president will not hear of it. he does not want either to
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reduce tax rates or to produce a non-territorial system. he wants the money. i am not sure he can get around that senator. >> we will change the presidency and we will also change the congress. then this president will have to work with us on a way that really benefits. stuart: is there a compromise here? could you lower the tax rate, but make a stipulation that when companies move the money back, they will create jobs here? >> well, yeah, i think we could work on something like that. one reason why pfizer is so interested in astrazeneca, a british corporation, is because their taxes are less. pfizer will keep the corporate headquarters in new york city.
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still, they are looking for ways of maximizing their returns and, of course, helping taxpayers. stuart: we have $2 trillion in american corporate profit launched overseas. if we brought a chunk of that money back to america, clearly it would rejuvenate the american economy. that is a huge boost. how long do you think we will have to wait before we can get that money back over here? >> the democrats and the senate will not deal with it here and they would like to bring it back at a 15% rate. well, that sounds good except other countries do not do that. other countries say if you earned it earn it overseas, you can pay your taxes overseas. frankly, this is very difficult for our own business. medical device companies.
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the affordable care act, they put 82.3% gross sales tax on medical device companies. one area of business where we think we may find cancer cures and healthcare. a lot of t companies are companies that are not making money right now. it just means that they will go overseas. this is kind of stupidity that we have in this administration. stuart: we have to wait three years. >> i do not know if you do. maybe the president will wake up once we get a republican senate in the house. stuart: with that confident prediction, this november -- we have to leave it, senator.
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two stories for the judge who is up next. chipolte tells its customers lead their guns at home, please. credit swiss leads guilty to tax evasion. do you think we will see bankers and orange, as in jumpsuits? all rise. the judge is coming up. ♪ i don't want to fall asleep ♪ because i miss you, babe ♪ and i don't want to miss a thing ♪ ♪ even when i dream of you ♪ when folks think about what they get from alaska, they think salmon and energy.
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but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs. when we set up operation in one part of the country, people in other parts go to work. that's not a coincidence. it's one more part of our commitment to america.
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♪ >> net neutrality is expected to come up today. tom wheeler testifies before a house panel. new rules that would allow internet providers that would allow a paved path way for some providers. the s&p will have to whirl on the major deals in the works. at&t wants to buy direct tv for $49 billion. comcast is seeking to acquire time warner cable. michael grimm appeared in a court yesterday as part of his federal tax evasion case. more than $1 million in sales and wages at a restaurant that he used to old. he still denies doing anything illegal. he is free on bond. he will run for reelection as he fights the case. information on chipolte next.
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multi-layered security solutions keep your information safe, and secure. and responsive dedicated support meets your needs, and eases your mind. centurylink. your link to what's next. stuart: jcpenney has a high level of debt. wells fargo does not like that. it downgraded jcpenney. we have disney. why does it not cash in on "frozen"? of course it is. "frozen" on ice. we have chipolte.
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gunowners, please do not bring your guns into our restaurants. the judge is here. it seems to me that if chipolte does not want you to bring your guns into their restaurant, that is fine. >> there is more to it than that. the right to bear arms and the right of an owner to regulate private property. this is an owner that has made it a public accommodation. the courts have not yet decided which of these two rights will supersede. i would argue with you it is a very close call. stuart: this picture is taken in texas. look at this. sorry, judge.
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the right to bear arms. >> it may be out of place at the chipolte across from us, but not in west texas. people parade around like that all the time. chipolte will lose business if it bans people from carrying guns. stuart: absolute nonsense and you know it. moving quickly along. to the main event for the judge. it was a criminal charge, judge.
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>> they bought their way out of prison. the government made more money doing this. who was harmed by this? it collected more money from one foreign taxpayer. stuart: you do not approve? >> the cost of doing business. stuart: they were guilty. keep your money over there. do not pay taxes. >> the bank following swiss laws and encouraging money to be deposited in switzerland. stuart: to upgrade taxes.
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>> mr. varney, if you could deibert your income to another company and you would not have to pay taxes and it were lawful in that company, would you give it a second thought? stuart: if i were to earn income on that account and not the choir it to the authorities here, that would be illegal. >> in switzerland. it is legal in switzerland. stuart: it is illegal. >> the american federal government has decided it can extend it tentacles outside the united states of america to wealth not generated here and not destined to come here and tax it. stuart: are you suggesting that a poor emigrant should evade the taxation of his newly acquired company? that i should break the law?
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>> poor immigrant does not come to mind when i look at you. [laughter] >> i am not suggesting anyone should evade the law. i am suggesting that the government should respect income generated in other countries. it should not be taxable. stuart: yes. okay. >> the feds do have this long arm reach. stuart: it is okay for an american company to make money overseas and leave it overseas to avoid the 35% tax they would pay if they brought it back to america? >> absolutely. >> think about how much time and effort they put in going after that money, that billion dollars or $2 billion they are putting in. >> do you know why he is laughing? because we finally agree. he is the master at
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manipulating. stuart: meet? manipulative? do you realize they just said in my ear that we have another minute. >> let's talk about the clean. [laughter] stuart: i could make a comment. >> i will make a comment to you about the indictment of five chinese officers for spying on the united states. stuart: you have a problem with that? >> of course i do. how can the federal government accuse someone of spying? stuart: they have proof that these guys broke in. don: >> how did they get that proof? by breaking into their computers in beijing. stuart: making sure that it's clear that they do the exact same thing that we do.
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they are talking to me in my ear. i am hearing voices. watch out. [laughter] >> it was not even the queens time. stuart: judge, thank you. this is not for you, but it is a good one. the biggest divorce settlement of all time. we are talking billions of dollars. no, i am not making this up. you will be astonished. ♪ don't take your love ♪ if you go ♪ then i will be blue ♪ breaking up is hard to do ♪ remember when
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♪ you held me tight ♪
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stuart: now, that was a good graphic. there are two fast food chains making a couple changes this morning. lawrence the minute he has the details. >> the first one is burger king.
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let's do this one first. mcdonald's. the new mascot. happy looks scary. the reason he is in the happy meal is because kids have to eat healthier. instead of the fries, they get the new low-fat yogurt or the throat fries. for the first time in 40 years, they have a new logo. it is not "have it your way," it is "the yourway." does that make sense for a fast food company? they have that live mosque slogan. live more.
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stuart: thank you very much, indeed. a swiss court has ordered russian billionaire to pay more than $4.5 billion to his now ex-wife. maybe the biggest divorce settlement in history. they were married for 21 years. >> i do not know a lot about this, but that is an awful lot of money. you have to start questioning where that money came from and what his business was. after 21 years of marriage. she was with him before he had any money. this guy actually made the money. he is only worth 8.8 billion now. they got divorced. she is walking away with money. i would invest in a bodyguard.
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it is russ over there and russia. stuart: thank you very much. a great hour you spent with us. google's own doctor says google's glass could be bad for your eyes. we have our own doctor that disagrees vigorously with google's doctor. an app just like snap chat. they literally disappear. john mcafee backs the teenager. the teenager, a lady, joins us in our two which will come your way in a few minutes. ♪ my dad has aor afib.brillation, he has the most common kind...'s not caused by a heart valve problem. dad, it says your afib puts you at 5 times greater risk of a stroke.
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that's why i take my warfarin every day. but it looks like maybe we should ask your doctor about pradaxa. in a clinical trial, pradaxa® (dabigatran etexilate mesylate)... ...was proven superior to warfarin at reducing the risk of stroke. and unlike warfarin, with no regular blood tests or dietary restrictions. hey thanks for calling my doctor. sure. pradaxa is not for people with artificial heart valves. don't stop taking pradaxa without talking to your doctor. stopping increases your risk of stroke. ask your doctor if you need to stop pradaxa before surgery or a medical or dental procedure. pradaxa can cause serious, sometimes fatal, bleeding. don't take pradaxa if you have abnormal bleeding or have had a heart valve replaced. seek immediate medical care for unexpected signs of bleeding, like unusual bruising. pradaxa may increase your bleeding risk if you're 75 or older, have a bleeding condition or stomach ulcer, take aspirin, nsaids, or blood thinners... ...or if you have kidney problems, especially if you take certain medicines. tell your doctors about all medicines you take. pradaxa side effects include indigestion, stomach pain, upset, or burning. if you or someone you love has afib
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not caused by a heart valve problem... ...ask your doctor about reducing the risk of stroke with pradaxa. stuart: welcome to our second hour. working for the government and getting paid to do nothing. we have the full story of those obamacare claims. flatlining in the housing market. this is not good for anyone.
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one in five homeowners still underwater. google glass. we have a messaging system that really will make what you write totally disappear. a teenager this developed it. a fourth reporter says it is the salvation of the world's poor. really? ♪ stuart: another recall. 2.4 vehicles. four separate recalls. lots of different marks and brands affected here. still holding a $33 a share.
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the stock reacting with a $0.07 loss. retail stores taking a hit today. staples sees a decline in sales coming. dick's sporting goods cuts forecast. urban outfitters disappoint all of them. down huge percentage wise. still on retail. nicole, tell us about home depot. nicole: a conference call that really turned things around. of two and three quarters of a percent. it is adding 14 positive dow points. sales and earnings did grow. they did come in below the expectation. the first knee-jerk reaction was lower for home depot.
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also, with the buyback, they say they intend to buy back an additional amount in stock over the rest of the year. the buyback always helps things along as well. stuart: the buyback helped them, the housing market hurt them. >> we will see whether the housing market can some times be questionable. stuart: on the subject of housing, look at this number. it is from zillow. we now have close to one fifth of u.s. homeowners underwater on their mortgage. that means they owe more on the mortgage in the house is worth. that is about 10 million households. larry levin joins us from chicago. housing is flatlining. look, i take that as bad news for the whole economy.
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>> i absolutely agree with you, stuart. we will not see a housing market like 2006 any time. it is a big issue. a locally reported story today, we have not built a new condo building in downtown chicago in two years. there are tons and tons of apartment buildings being built like crazy. people are much more happy to buy -- they are much more happy to rent than buy. stuart: let me tie and interest rates here. we have seen a drop in the yield on the 10 year treasury.
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i have to believe that housing is part of the weaker economic outlook. >> i think those are all issues to look at. stuart: the dow industrials have moved a little bit lower in the past few minutes. >> we have seen it a couple of times. stuart: larry levin, thank you very much, indeed.
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by the way, we were right. at&t will not take direct tv unless nfl comes with it. right now, they are negotiating with the nfl. under the current deal, right tv pays about 1 billion a year for the rights of those games. we have said that this at&t directv deal is all about the driving force behind it. are we on the right track? >> it is becoming increasingly clear that at&t bonds directv. it is the premier sports provider.
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nfl sunday ticket has been a big part of direct tvs brand offering. stuart: that blows me away. $49 billion. essentially to put life sporting event anywhere anytime. >> right. at&t does paint a big, broad picture of convergence. they have this broad picture of they want to do with directv. stuart: bundling, it is not popular. people do not want to have their landline and internet and cable tv all bundled together. do you think that there is a chance that they may unbundle the sports package so if i want it i can just by sports? >> at this point, they really
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want to provide an online video offering. they have the technology to do that. as part of the sunday ticket negotiations, directv is probably trying to get more rights on mobile devices. stuart: to me, that is the future of sports. watching it anywhere, anytime, on any screen that you have available. that is what it is all about. >> you have at&t charging you more for your data. it costs a lot to watch those videos. stuart: why do you think directv stock is down on this news if they are offering $49 billion for direct tv? >> the nfl sunday ticket provisions spooked some investors. there is no reverse breakup fee. secondly, some direct tv
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shareholders are not as thrilled about owning at&t stock. basically 70% stock, 30% cash. at&t is a mature, wireless business. stuart: i like at&t stock because of the dividend. the dividend yield is almost 5%. >> right. there are concerns on wall street about at&t being able to pay the dividend. stuart: surely it maintains the dividend. >> a big reason why folks on wall street banks at&t is doing this big deal. don: fresh from six hours of broadcasting. he joins us right now. >> i was just watching you on television, in the elevator.
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how are you able to afford that, stuart? i made a request. i never thought you would follow through. the future of sports will be at the palm of your hand everywhere you go. news and sports. the only thing you need that you cannot dvr. the only thing that you need that you cannot program your self. they can back out. if the nfl directv decides, at&t can say i do not want this anymore. stuart: no, we will not go on direct tv, at&t does not have to pay anything to anybody to break up this proposed deal. >> right. >> they are out of it for free, if they want to be.
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>> are they going to get money for this? i am sure at&t has to pay money to get this. >> a billion dollars a year for the sunday nfl ticket. maybe they will demand more money if at&t can turn around and put those live games on cell phones. maybe nfl would demand more money. >> at&t is not as interested in getting that right now. it seems to be that if you are a direct tv subscriber, you will get the mobile app. stuart: he always gets the last word. he will get it now. >> verizon has the red zone channel. verizon, the number one carrier. at&t two. how happy will they be? i am not sure.
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i am confused. i do not really like this. i do not think it is in the best interest of the consumer. stuart: madrid in the european cup championship. who are you backing? [laughter] >> thank you very much, indeed. move over, snap chat. a new secret messaging app that is right out there. it was developed by an 18-year-old. john mcafee is backing that teenager. we will bring her to you next. ♪ forever young ♪ forever young ♪ forever young ♪ forever young
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♪ (mother vo) when i was pregnant... i got more advice than i knew what to do with. what i needed was information i could trust on how to take care of me and my baby. luckily, unitedhealthcare has a simple program that helps moms stay on track with their doctors and get the right care and guidance-before and after the baby is born. simple is good right now. (anncr vo) innovations that work for you. that's health in numbers. unitedhealthcare.
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when folks think about wthey think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs. when we set up operation in one part of the country, people in other parts go to work. that's not a coincidence. it's one more part of our commitment to america.
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hi, are we still on for tomorrow? tomorrow. quick look at the weather. nice day, beautiful tomorrow. tomorrow is full of promise. we can come back tomorrrow. and we promise to keep it that way. driven to preserve the environment, csx moves a ton of freight nearly 450 miles on one gallon of fuel. what a day. can't wait til tomorrow. ♪ stuart: down the market has tumbled in the last few minutes. now this: 102 points.
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the session low for the day. i should say there are two dow stocks that are down sharply. they account for about half of this 100-point loss. caterpillar, down 2% and united technologies which is down 1.5%. they are dow stocks. got it. check the share price of google now. people buying google glass are saying, some of them, the device causes really bad headaches. google's own dr. admits this may happen because of the direction your eye has to look to use the device. we have someone that says this is not true. not accurate. >> thank you very much for having me. stuart: the google glass, their own doctor says, yeah, it can give you a headache.
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you have nothing to do with google and you say it is nonsense. >> with any new optical device, some people will be more comfortable than others at getting acclimated to it. yes, people may have some eyestrain. some people may have headaches associated with these devices as they get used to it. there is no serious threat to your vision are using these devices. stuart: i admit, your eyes are at different depth perceptions. there is a difference in the depth that you are looking down the street and the depth in the other odd looking at information. >> that is correct. your brain has to get used to the new image that you are getting. it has to get acclimated someone starting with any new optical
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device, give it some time. stuart: should we be doing that, doctor? just for informational purposes, our eyes and brains have to adjust. is that wise? >> i do not think that it will hurt us at all. i think technologies like this. they may be very useful medically in the future. there are many different avenues that we may take to use this kind of technology for medical purposes. there are people who may have more difficulty than other people. those that wear glasses. those that have a stigmatism. they may have more difficulty with an appliance like this. people who are severely dominant and one eye than the other eye. you are right-handed or left-handed, you are right i were left eyed.
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you may have some difficulty using it. it may take a little while to get adapted to it. stuart: you should apply to google for the job. they would pay you well. >> if you give me a big hat, i will take the job. stuart: doctor peter hirsch. >> i am a professor at the hospital. stuart: thank you very much. we appreciate it. >> thank you for having me. stuart: a messaging app that could rival snap chat for facebook. and app backed by a big name and privacy. that would be john mcafee. we have chatter founder. her name is lexi sprague. welcome to the program. >> hello. i am lexi. stuart: yes, you are.
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you know more about this than i do. as i understand it, i could send a message to you using chatter and it is encrypted when i send it and it is the encrypted when you get it. it immediately is totally destroyed. i have absolute privacy. you invented that. have i described it correctly? >> what really happens is when you hit send it is encrypted with your private key and then assigned to your public key and then it finds the other public key of the other person and it calms down into their phone and then decrypts with their private key. what happened is it is a totally secure transmission of messages. the messages are not actually
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disappearing. we just cannot read them. stuart: because ofhe cryption a the way you have encrypted the message, they cann iercepted ba third partin the middle. stuart: what happens when you got e meage d yoare adin it. is tre aisaparinfuncon like there is with snap chat? >> we e bldinback in. my team made thescious decision to launch the application with just messaging. you cannot even send pictures yet. we decided that everyone should have access to privacy and control to their information as soon as they could have access to it. stuart: you say that you have a team. >> there are students. i have a group of about 10 students who are working with me on building websites and
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applications for chatter. stuart: do you own the entire operation? >> yes. stuart: would you sell tomorrow morning? >> how did i know this question was coming? i was watching one of your other interviews. stuart: let me rephrase the question, would you sell tomorrow morning? >> no. we have other plans. $100 million. we have business plans in place.
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they lack providing capital all the time. they did not really have a business plan starting out. the upgrades will never be exclusive. when you upgrade the application, you include new filters. stuart: lexi, hold on. hold on, lexi. you are worth $100 million. my head is totally spinning. you have a terrific idea. you, young lady, will make a large fortune. come and see us again, please. i will offer you a billion dollars next time. we will see what you say to that. thank you. >> nice to meet you. stuart: a clear difference between evading taxes and avoiding taxes.
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my take on this distinction is next. the dow is down 95 points as we speak. ♪ weekdays are for rising to the challenge.
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stuart: we are close to the lows of the day down roughly 100 points. the dow stocks down, caterpillar down, stock down, that is down 2.5%, a big drag on the dow industrials. big american companies keep $1 trillion overseas to avoid high taxes here. some wealthy americans keep money overseas to e evade taxes here. there is a difference. here is my take. avoiding tax is perfectly legal and in my opinion justified. when apple keeps $100 billion outside america's that is fine with me. they are avoiding our sky high corporate tax rate of 35%. evading tax is different. it is illegal.
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it is flat out wrong. case in point credit suisse, a swiss bank which conspired to let wealthy americans evade tax. the banks and agents here offering secret accounts in switzerland beyond the reach of the irs. a swiss bank account is okay but must be declared. as it turns out, those secret swiss accounts have been discovered, revealed. many wealthy people had to pay up big time. $2.6 billion fine, i see no problem with that at all. at all part of the story, this is about very high tax rates that america levies on corporations and wealthy individuals, and over 50%, over half of individuals. it is morally wrong for a government to take more than
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half of someone's income. is not reflective. we are leaving trillions of dollars overseas because of high tax rates here. the president thinks otherwise. he insists that the rich pay for everything. as long as tax rates stay so high corporations and individuals will leave aid and yes they will avoid. capitato make it happen? that makes it real? what's a vision without the expertise to execute it...
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stuart: take a look at apple had a 52 week high, down fractions this morning but still 604. got a new report, walter isaacson says the deal to buy beets headphones is about bringing jimmy ivy to apple. he would bring content to apple for apple tv, not quite sure i got all of this. the history here. >> jimmy ivey is an icon to the music industry. and ipod and ipads. steve jobs have a wonderful relationship, this comes from the biographer of steve jobs's biography. if you buy beets, at which he
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co-founded, got him on the board, and into the company, and beat apple tv. and jimmy was responsible for getting the first five music labels with itunes. and he got youtube to sped the special addition ipad. he has been instrumental, friends with steve jobs, may be part of the reason apple wants beat, they want jimmy ivy. >> they want these headphones. they want jimmy ivy because he brought music to apple, itunes, maybe he will bring content to appleseed the. i still don't know what apple t v is or when it does but i am prepared to accept they are buying it beats because of jimmy ivey and what he will bring to apple tv. >> you have it right and walter
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isaacson actually gave up the notes, steffi is including in the biography and that is where we are getting this information. stuart: that is jimmy i the. >> he was on american idol a couple weeks ago, he is with universal records now. stuart: he is on american idol by the way. all right, all right. thanks very much. let's get the latest on obamacare workers. obamacare workers still processing applications. they were sitting around doing nothing, julie digs into stories like this and she has more on this particular story. you got more, let me get this right. this takes place in st. louis. there is a contractor and this contractors hired to get workers to put paper applications for obamacare in the computer, enter
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it into the computer, they're sitting around doing nothing. >> a reporter out of st. louis broke the story, and news in arkansas, the same company, people who were supposed to be processing paper applications for obamacare are sitting around, taking naps on their desk, they don't have enough work to do and this company contract is worth $1.3 billion to do this work yet they are hiring people to surround i landed estrange. stuart: they have $1.34 billion for data in tree, that is what they do, electronically organizing obamacare and the exchange but i am told that even if they got these workers in st. louis doing nothing and getting paid for it they are hiring more people to do the same job. >> i think part of what is problematic about this story, reported on this last fall, this is a company that had so many red flags you wouldn't have believed, a british-based
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company and the obama administration, they would have found out products in britain, investigating them for overbilling, they and another company taking $8 million from british taxpayers and another scandal where does it circle facility, detention facility for immigrants coming forward saying they were sexually coerced. stuart: wait a second, why did they get this contract. >> they spent $1 million lobbying the obama administration, donated to obama's reelection campaign. stuart: they gave money to president obama's reelection campaign and then later got a contract? >> yes. they donated $6,000 to a dance hired a lobbyist who is connected with the health law, he worked on the hill and been involved in negotiating for the health law, lobbying for this company and they got the contract.
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stuart: all right, you bring a lot of good stories to our attention. thanks very much for joining us. next topic, next guest according to the world bank, three quarters of the world's population does that have access to basic financial services. this guest thinks she has the solution and that future is weight for it, bitcoin. from forbes, joining us now. straighten me out on this one. granted a few billion people on this planet don't have basic financial services. do you really think that colin can do that for them? >> absolutely. more people around world have access to cellphones than they do running water. the bitcoin community is looking at how to integrate bitcoin into these mobile payment systems, but financial services to populations of the world completely excluded from the financial community. stuart: why can't paypal with any other payments system operate in precisely the same way that have a pedigree that is
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better and more solid than bitcoin? >> paypal and ebay came out this week saying they are looking to integrate bitcoin into their payment process, bitcoin is decentralized, nobody owns it, paypal has owner and shareholders responsible to somebody but because bitcoin is centralized nobody owns it, you cannot discriminate which is a problem with the financial system. and access to it, for every reason they get to a bank, bitcoin, anyone can use it as long as they have access to the internet and raise a lot of people out of poverty. stuart: i am worried about the drug dealers and money launderers who i am told, and they have the bankruptcy of mount gawks in japan. are you sure that bitcoin is a solid operation on the up and up? >> i have written about this extensively, the bitcoin community hasn't done the best
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job explaining these issues to the people. as we do with mount knocks -- mount gox, 1% of transactions, legal finance is done in bitcoin, the department of justice and the irs both testified in front of the senate homeland security committee last year and said they are more concerned about cash being used for these transactions because they can't track it, bitcoin is all digital and every transaction is recorded on a public ledger makes it much easier to catch these criminals. stuart: you make a very good case. very interesting. honestly i had never thought about using bitcoin in that context in the poor parts of the world which do have cellphones. fascinating. come back and see us again. you are onto something. i am not sure i can argue against you effectively but it is fascinating. thanks very much. go pro is already filing the
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paperwork for an ipo going public. wants to sell you shares. they make the popular action cameras trying to raise $100 million, we will deal with that in the real halftime report which is coming up for you next. (mother vo) when i was pregnant...
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i got more advice than i knew what to do with. what i needed was information i could trust on how to take care of me and my baby. luckily, unitedhealthcare has a simple program that helps moms stay on track with their doctors and get the right care and guidance-before and after the baby is born. simple is good right now. (anncr vo) innovations that work for you. that's health in numbers. unitedhealthcare.
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>> dep for news reports jpmorgan's ceo jamie dimon is expected to join the city as mayor and possibly warren buffett, and the major announcement tomorrow. and $100 million of five years. back to the city and make mortgage money. available for home loans, expected to excess bankruptcy later this year. and pleaded guilty to charges of wealthy americans avoiding paying taxes to offshore accounts and pay $2.6 million in penalties. u.s. attorney general eric holder says the bank destroyed records and went to elaborate lengths to shield itself even after it was notified of investigation in 2010. officials say the fine is the largest imposed in any criminal tax case. stay with their, the real halftime report is next.
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when folks think about what they get from alaska, they think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america.
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engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jo. when we set up operation in one part of the country, people in other parts go to work. that's not a coincidence. it's one more part of our commitment to america. stuart: time for the real halftime report. nicole petallides at the exchange, michael robinson joined us from san francisco and cheryl casone in new york city. we got go perot going public helping to raise $100 million when their ideal hits the market. are you going to buy it? >> if i can. i love this company. it is a great success story, the kind of thing you talk about regularly. the guy is a server in 2004-2013
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going to take the company public. i think there will have a successful ipo. stuart: i you bothered that it is a single product company? all they have is a go pro camera. >> a lot of biotech companies go public and haven't finished their clinical trials so right now is a one trick pony but i do think they will be adding more materially run. stuart: here is what else we are watching today starting with verizon. their chief says any talks of a deal to buy dish network fantasy. deal with that one. nicole: sometimes fantasy is all you need and that is what we saw. they are now pulling back, down 2.7%, verizon's ceo says no way we are not in talks with dish. there were not and are not discussions going on with
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edition. i think of all the talk with at&t announcing its plans to move on with directv everybody began to speculate. verizon's ceo says exactly that and saying and earning a satellite company is something he doesn't feel is intriguing at this time. stuart: down goes dish so there you have it. if the nfl walks away from direct tv, if they did, at&t could walk away from the deal to buy direct tv. michael robinson, what do you say about this? >> this puts the nfl and the very advantageous position going to negotiate this contract. they have been around since 1994, this tie up for sunday tickets. i would not want the nfl having that much say in the matter but i don't think there's any reason it will derail the deal. the nfl wants the community doing business with them so i think they will work it out because -- stuart: we have been saying on this program the driving force
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behind at&t going for direct tv is live sporting events you can watch anywhere anytime. we think that is the driver. do you agree with that? >> that is definitely a very big driver. it is a go anywhere market out there, mobile tv's huge. my kids don't watch on any traditional device, smart phone or laptop so i agree definitely. stuart: you are right. these kids i tell you. look at this number, close to a fifth of u.s. homeowners under water on their mortgage. cheryl, housing, we are going to say is flat lining. cheryl: this is one of the biggest fraud laws for the real-estate market and we just got these numbers out today and it shows basically 10 million homeowners are under water which means their mortgage payment is more than what the home is worth. that is 18% of homeowners. talk city is not going to surprise you, las vegas is a big problem, atlanta, orlando, fla.
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negative equity story happening, this is a big issue, negative equity means you could sell your home but you would lose money in the process. got to pay the broker, the commission, the taxes, people are stuck, is more than any of us thought. does give you reason a lot of this data has been negative over the last few weeks. stuart: that is six years after the crash. we have home depot, it disappoints but the stock is up. are we wrong to say home depot is an economic indicator? >> i would not say it is the most important one. it does give you a flash report on what is happening with housing. profits per share were up strong for the quarter. i think the company is doing well. it barely missed what the street wanted. it did raise guidance slightly. it is healthy, 3.3% annual increase in same-store sales. they are selling material and what has been a very tough winter for home repair, home construction, anybody wants to
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renovate their homes they couldn't do a lot of work during this period. it is a pretty good report. stuart: fair enough. that is it for the real halftime report. thank you for being with us today. how much do you have to make per year to buy a home in cleveland or san francisco? big difference. the answer coming up next.
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can you start tomorrow? tomorrow we're booked solid. we close on the house tomorrow. tomorrow we go live... it's a day full of promise. and often, that day arrives by train. big day today? even bigger one tomorrow. csx. how tomorrow moves.
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>> former ed head of the nsa, and that the u.s. a. we take up the threads with former u.s. ambassador to the native nations john baldwin. 7:00 p.m. eastern. stuart: s is on a list that breaks down the salary you need in order to buy a home in 27 different cities. cheryl casone is here and has the cheapest and the most expensive. how much do you need to buy a house in each? we are talking about the median home price where have cost more, half cost less. how much to a need to buy a median home in cleveland and pittsburgh?
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>> the average salary, $29,788 per year. if you wanted to buy in cleveland, and in pittsburgh, salary needed, 30,000 -- stuart: in city limits, 29, $30,000, how much you need to learn? >> how much you need to learn, that includes insurance taxes, average interest rates in the first quarter of this year which are 3.8 and now about 4 and that is a 30 year fixed mortgage. stuart: now you are going to the other side. san francisco, san diego, median price home, have cost more, half cost less. tell me san diego. how much delight need? >> that is brilliant. san diego nearly 100,000. stuart: i live in the united states, 137,000. >> $137,000 to buy the average
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home, median priced home in san francisco, san francisco proper. if you are a teacher in san francisco, police, fire, they can't buy in san francisco. they don't have the income, they don't make the money. if you think about bubbles that are happening, they are big questions about san francisco. stuart: you by the medium priced house with an income of $29,000 in cleveland but to buy the median price in san francisco you need to think of $137,000. melissa: they are on the expensive side of the list. guess which city? stuart: san francisco, san diego and new york? melissa: new york and it goes to l.a. and boston. stuart: this is great stuff, thank you for joining us. your take is next after this.
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your throat or tongue swells, you get hives, vision changes or eye pain, or problems passing urine. other side effects include dry mouth and constipation. nothing can reverse copd. spiriva helps me breathe better. does breathing with copd weigh you down? don't wait to ask your doctor about spiriva. >> would you sell to tomorrow morning for hundred million
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dollars cash to you no holds barred? >> nope. stuart, on. >> we have other plans. stuart: $100 million? no? >> we are good be at stuart: one of these days i will ask a developer that question and they will give me a yes. i know it will happen. here is your take on the rest of the show. chris had this to say about chipotle banning guns from their restaurant. when you walk in with an ar, automatic rifle, swung over your shoulder, you're doing it for the shock value and nothing more. it is childish. and this thing about president obama's comments on the obamacare debate being pointless. is pointless because the lame stream media avoid these issues and want to focus on the fundraiser and golf game. agreed, 100%. now here is deirdre bolton.
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be a great: from gansu golf, thank you for that handoff. it is media disruption day on "risk & reward." if your or your family do extreme sports, you know about go pro. more on that in a bit. speaking of content, and amc tv show will appear on yahoo tumblr. and growing the music base, more on the complicated dance with sound cloud. if you are somebody in our family is an extreme skier, biker, surfer, chances are you've seen some footage shot with a gopro. the company filed to go public but wants to be thought of more than just a hardware company. jo ling kent' is with me now. how will it be prize, as a media comp


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