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tv   MONEY With Melissa Francis  FOX Business  May 22, 2014 2:00pm-3:01pm EDT

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licensed -- dierdre: that she is real percent verveerance. >> it does. dierdre: thank you, ashley. looking at markets, up across the board. one of them helping out the nasdaq. we turn things over to melissa francis. she has the next hour. melissa. melissa: absolutely. rising up for a raise. for the second straight day mcdonald's work remembers protesting at the restaurant's corporate headquarters and demanding $15 an hour and right to unionize. hot mic. facebook is able to listen in on your smartphone. don't you love that? world cup preps running way behind schedule. disaster brewing in brazil with weeks to go before the games kick off. weeded out by apple. we told you about a drug dealer gaming app that rocketed to number one on itunes, now a total burnout. even when they say it's not, it is always about money.
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melissa: the mac attack in second day as hundreds of protesters target mcdonald's shareholder meeting. workers and activists calling for $15 minimum wage and pay cut for ceo don thompson. let's bring in our panel. fox business's charlie gasparino of course and "wall street journal" veronica daguerre and a and g capital hilary kramer. thanks to all three of you for joining us. hillary, what do you think about this. >> mcdonald's is never going to raise the minimum wage and franchise owners, make 70, $80,000 a year. they make $100 a week. they pay the price if minimum wage went up to $15 an hour. mcdonald's need more healthy and get more people in there and maybe they would have the money. melissa: are wages set at this level or local level? aren't 0% of the restaurants owned by franchisees, veronica? >> franchisees bear the brunt of this and determine how many people get paid. this will propagate automation.
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we're seeing this in a lost mcdonald's, a lot of fast-foods in general. this will encourage them to do it more. melissa: charlie, you go to mcdonald's every day? never. >> i don't go to mcdonald's in 15 years. i think the food is toxic. >> mcdonald's is good in moderation. >> and so is, you know, anyway, you know, people forget, let's break this out a little bit. a fran sighsee is a small business person. melissa: right. >> these are a bunch of small business people. they are not attacking gm or some huge conglomerate or ge screwing workers around the world. they are attacking mom-and-pop people that have tight margins. that is why this can't work. if you force them a lot of mcdonald's will go out of business. melissa: thompson is making $9.5 million a year. they're not realizing that is what this is about. anyway, moving on. twitter trying to calm investors nerves. ceo dick costello, telling investors that they believe in
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themselves even though the stock plummeted 50 mers this year. you like at this time e twitter as a stock. >> i hate twitter as a stock. i like twitter as information vehicle. his best quotes or most absurd quote, i like what happened last quarter. you know this guy is not ready for prime time my belief. if you read his quotes how he quarter which was a problematic quarter, this guy should not be the public face. melissa: hillary, would you buy the stock? >> i wouldn't buy twitter even at this price. however, charlie makes the best point. twitter is a very useful tool and very important and very unique. if you have to go to somewhere, go to facebook. melissa: veronica, what sticks out to me, 40% of the users aren't real. that was the real revelation and went through and backed out who was who. 40% are fake bottombots somebody programmed somewhere else. >> a lot of fake users. a lot of people who use it but have an account not using it. they are not tweeting. they don't know what to do with it.
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melissa: we have a good time. i love it. i'm on it all the time. i don't know how that is making money or -- >> have you ever bought anything from twitter? melissa: no. they have promote it, i close, whatever is promoted i close it immediately. i look to see what people are talking about. right, yeah. anyway, despite the unemployment rate ticking down, a new survey from express employment professionals finds that half of jobless americans have completely given up looking for work. this is so depressing. 47%. >> right now you have to, i think you have to parse through exactly what was said. i mean, like all these surveys, it was kind of all over the place but there was one distilling fact you hit on. people are very down and they're starting to give up. melissa: totally discouraged. >> that is how unemployment is going down by people giving up. people leaving workforce. >> that's right. that 6.3% unemployment number is really 6.3% of the population is looking for a job. all of the rest really have dropped out. and the problem most, it is also, an age-related situation
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too. demographically it will get worse. we have a jobless recovery. and that is the problem and why some people gloss over it. maybe finally everyone will take a look and realize -- melissa: it is true. veronica, when you look at other financial news coverage they talk about all the baby boomers that have retired, that is what this is about. 47% given up and retired and rolling in all their money. i don't know any of those people. >> there are a lot of young men out of work. men especially have been hard-hit by this. this is especially depressing, men in prime years of earnings who can't find work. real problem. seems like a structural problem. >> this structural problem, barack obama came in as president, preaching hope and change. right, help the 1%. much help, 99%, not the 1%. there has been biggest transfer of wealth during this economy to that 1% primarily because of quantitative easing which kept interest rates low. if you have enough money to put in the stock market, it was easy money. that is the real problem.
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that is why you have protests in front of mcdonald's. they should blame the person they voted for. melissa: right this is a story charlie been all over. new york stock exchange ceo, duncan duncan neiderauer. he will remain as president through august. our own charlie gasparino reported in december he would likely leave ice this year. is there anything new here that surprising wall street? >> no. we reported -- melissa: replacement, maybe? >> we reported so many times, february we said he was likely to leave when they spin out the division. neither neither is -- duncan neiderauer is good man. i know him as good executive. one of the problems at nyse is changing business model. melissa: yeah. >> the bottom line, who would ever think about this 10 years ago when dick grasso was running it. the new york stock exchange would sell to a computer. ice is like five guys in a room in atlanta. they control -- melissa: i saw at nymex. i saw same transition one of the first reporters down on the floor when they did private equity buy it i don't.
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i don't snow if you understand. you're going away. >> neared near, he really did an -- duncan neiderauer did an excellent job helping shareholders of new york stock exchange. >> as best as he could, as best as he could. look at stock price, it is stock price. a lot of people that owned the stock at highs would not say that. this is market moved away from electronic trading, you know, lack of, and then lack of equity order flow going to the floor of the stock exchange has really crushed the shares. he had to sell to the ice. melissa: this one was incredible to me too. more problems at general motors. the automaker recalled more vehicles than it has sold since its bankruptcy in june 2009. so it sold 12.1 million vehicles in the u.s. it has recalled 13.8. >> buy tesla. buy tesla. short gm. i think that is answer here. >> average folks can't buy tesla. i think issue is, what is really interesting, gm new car sales haven't reflected that.
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so you would think that the public relations damage would be huge. yet people are still buying gm cars. i find that amazing. >> this is going to be a litigators bonanza. here is what i know. i know the board is considering lawyering up or has lawyered up. when the board starts to lawyer up not a pro-forma thing. if this thing goes beyond, you could trace it back before the bailout, you got some real litigation problems. i mean, that bailout, i mean when they bailed them out, did the federal government know about this? what was known? >> all of that is going to come out but the key is management distraction. when you have management distraction that will undermine the shares eventually. >> i say more than a management distraction. if you can say this thing will be litigated the next 10 years in major way because they knew about it before the bailout or knew about it before they issued shares this thing -- they could kill the company. just, shareholders should know that. melissa: agreed. guys, thanks so much. google hitting you right in the kisser. the tech giant's plan to cash in by using your face as a
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melissa: a tech mirror on wall street. facebook unveiling nsa-like eavesdropping feature. the app has ability to recognize music and television shows playing in vicinity of users. you're on facebook and it is listening to what is going on around you. is this a step too far? here is jared levy. profitable, spencer, this is so creepy? >> it does sound a little creepy, doesn't it? there is app that does this, hold it up to the song and puts it through a database and oh, this is the song you're listening to. melissa: with facebook it sounds like it is listen to what is going on around you. >> it is. they claim you will be in
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control of it. melissa: in fine print, never find deep in the settings. jared, right, always very deep in the settings if you have a degree in computer science you could find where it is possibly turn off the feature where they're spying on you like crazy, right. >> so far from shazam it is not even funny. seems like benign and funny is really a creepy gathering of information. remember google, facebook, they get paid on how much information they have on you and i believe, in my heart of hearts that moving forward these apps and these programs are going to be running in the background, recording you. melissa: right. >> not just audio but video and using that back against you to sell you stuff. it's scary. melissa: i think absolutely true. from there the nsa keeps it and stores it. spencer you say you could possibly turn it off, it seems like they will take advantage of it. >> that is the issue. do you trust facebook with this information. melissa: i don't. they're desperate for revenues. >> i absolutely agree with that i will say they made another change we should mention for new users they're switching default
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status of your status update to sharing it with your friend. facebook got into a lot of trouble for making the default option public, sharing everything you want with people you doesn't even know. >> right. >> they had a lawsuit with the ftc the ftc sued them. they had a settlement. melissa: do you feel better about this? do you feel good? >> i don't feel good. but i think facebook is trying to change their poll is a little bit as they get more and more criticism for -- melissa: jared, do you feel good? >> not at all. we'll keep beginning stuff private but snoop on you while you're sleeping and record you at night. i will say this, for all the users, read the end user license agreement. says scary stuff. take the time to reed it. it will blow your mind. melissa: google planning ads that can follow you everywhere from your refrigerator to your face. i mean this is, just exactly what i want is, i'm going to set the thermostat on my nest thermostat and i get hit with an ad to buy an ice cream cone or
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something. i don't know. >> this is a new war. we've had the war for the web and advertising. now there is this thing called the internet of things. melissa: yeah. >> basically means that every device in the world will be connected to the internet through a censor. companies like facebook and google, amazon they all want to basically control the internet of things so we deliver advertising from any device. melissa: if all my appliances are talking to each other and connected do they eventually turn on me, jared? wasn't there a movie about that. >> there has been a lost movies about that. there. was a movie, "electric dreams" in the '80s. watch it and you will love. i talk to my friend in the industry that develop it. it will not be pop-up ads. you will see fuel prices on display and say low on fuel. pull over now and 10% on fuel at this gas station. it will begin to weave more into your life. you will not be like get two
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pizzas for 5.99 on your nest. >> google and nest and emerging tensions. there was update on our story and google said we're contacting sec to update our filing to show this is not going to be necessarily putting ads in nest. then ceo of nest updated our story again and said we are paid-for service. at current moment we do not plan on serving ads. melissa: at the current moment, we do not plan on serving ads, until we're so desperate for revenue we go ahead and do that i like idea of ads on my google glass. that is the end of the world to me. thanks, guys. shares of coupon website retail me not plummeting right now. let's go over to nicole petallides at new york stock exchange with more on that one. what is going on. oh, that is terrible chart. >> look at that one. we have a lot of names. retail me not down 18%. we had a lot of big movers. we're watching markets too. jd which is new one which is jumping and dow jones industrial
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average is up 27 points, led by names like home depot and boeing. this is day of good economic news and home sales on the rise but not as good as anticipated. also pmi number, when looking at manufacturing, that was better news. we've watched retailers as best buy and williams-sonoma looking good. we've had a lot to watch and more home sales numbers tomorrow. back to you. melissa: all right. that is a lot of stuff. nicole petallides, thanks so much for staying on top of it. meet the businesses that are making the dime bag obsolete. we're heading to colorado to check in on budding titans of the weed industry. blame it on the bordeaux. french engineers making a costly mistake as big as the i've fell to you ir. the sad story of the little engine that couldn't! do you ever have too much money? ♪. (mother vo) when i was pregnant
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your woice. my voice. "vuh," voice. his voice. your woice? look. watch sci-fi. [ female announcer ] the x1 entertainment operating system, only from xfinity. melissa: from the u.s. to every corner of the globe money is flying around the world again today, starting in thailand where political infighting given way to a military coup. the head of thailand's army appeared on television claiming the armed forces would seize control of the effective immediately. the takeover comes after days tense, failed negotiations between pro-and antigovernment factions. wow, moving to france, a little miscalculation means saying bon jur to some hefty expenses. before they created a glamorous new fleet of trains, engineers forgot to measure the width of the transit platform. how is that possible ?!. now they are left with 2,000 trains that are too fat to fit
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in the station. come on! the blunder will cost more than $68 million to fix for fat trains. landing in mexico where the next bathroom business could be more informative. a newspaper has hooked up paper towel dispensers to internet printers allowing you to read the latest headlines while you enjoy wash your hands. who says print is dead? new "gallup poll" weighing heavily on americans. almost more than 30% of americans are obese despite increased efforts to prevent people from packing on pound and healthier fast-food options and posted calorie counts. numbers are up from last year. so more counting calories. dr. manny joins me now. this is really staggering. 27.7% of americans are obese. only, what is it go% are underweight. >> will need fat trains from france soon. this is problem. i belong to the 30%.
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melissa: you do? >> i do, i belong to 30%. obesity in this country is multifactorial problem. it is affecting minorities the most, latinos, african-americans. communities that at the current situation, that we have, may not have the resources buying best food available for their health. melissa: category ryesing obese at 30 bmi or over. what does that mean. >> bmi is mathematical calculation looking at your height. melissa: is it accurate. >> it is accurate and very predictive. the heavier you are more likely you will develop type 2 diabetes, cardiovascular disease, stroke and high blood pressure, and all things preventable if you lose weight. despite the fact that the president's wife, mrs. obama, really developed this national campaign to bring awareness, rightfully so, you know, in children i think it is paying dividends. you will see the rates of
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obesity among children starting to go down. i think that is due to her good work. but among adults this is different story. melissa: when you look at adults and talk to doctors, they say places people are heavier and thinner in new york. for example, in the metro area, people are a lot thinner. is there something in that? >> physical activity is one of the hallmarks of a reducing obesity. melissa: we're as you running to the trains? >> the mathematics, calories in, calories out. if you live in communities where you walk more, more faster pace of life, you turn to burn more calories and rates of obesity is going down. but when you look at national trends, all over the place, you look at 27.9, or 27%, you clearly see there is still significant pockets of our population where this is not happening and we have to do something about it. melissa: that is just a huge number, almost a third of the population. all right, the fda giving green light to sixth artificial sweetener to hit store shelves. 20,000 times sweeter than table
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sugar. fda says you can safely consume 40,000 packets a day. that is a sweet deal. 40,000 packets? >> that is not the way to reduce obesity in america. that is not the right formula. i don't think we need another artificial sweetener in the marketplace of the ones we have are creating a lost questionable problems. melissa: like what? >> look, a lot of people are allergic to them. there is a lot of data anecdotally they might be inducing some carcinogens to occur. if you speak to a lot of nutritionists look, your body reacts, put something in artificial that is sweet, somehow your body wants more and wants more. almost like an addictive reaction and that could lead to you consume many other calories from other sources. big go you're back to where you started. melissa: yeah. >> it is not a good idea. i know they're trying -- melissa: such a downer. >> downer, listen, 30 percentile guy i know what i'm talking about! if we were talking about some
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new wine or something like that -- melissa: love new wine and old wine. >> vodka tonic. melissa: also great. >> we could sort of put me in the right direction then we're talking about business. melissa: dr. manny, thank you. >> you got it. melissa: hope in the housing market. existing home sales inch higher for the first time this year. is a full recovery on the way? lady luck with company in sin city. bitcoin is going all-in on the vegas strip coming up. ♪.
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mac a nice rebound in stocks, larry chauffeur at the cme what is driving the outrage today? >> an obsession with monthly
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indicators. we had decent p.m. is, existing home sales a big plus. home sales dropped 13% from the peak in july to march so up today, initial claims are stable, leading to higher yields and moderate recovery in small-cap stocks. right now all is well in the world behind my back. melissa: what is the next thing you're looking for? >> i am looking for pending home sales which is next week. that is a good indicator of our next existing home sales number normally least by two to three months. i want to see the housing market recover. melissa: thanks so much. the housing market regaining a little bit of it flooding. new data shows existing homes sales were up 1.3%, below what wall street was expecting but more potential home buyers, veronica is back with me with douglas's ceo land bank rate
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senior analyst greg mcbride. what did you think of existing home numbers? >> they are ok, they could be better. we expected them to be higher. we had bad weather so we pushed the season out further. what was holding it back was inventory which is battle now but really credit. the jobs are kind of not great. melissa: golan. >> it is tough for the first time buyer. is not easy to get a mortgage. even though interest rates are lower home prices are high in many markets. >> talk to us about the mortgage market. that is your specialty. interest rates at the lowest point since november but home applications nearly 12% lower than they were a year ago.
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>> affordability is becoming a real issue particularly for the first-time buyer. in particular home prices up 11% year over year. mortgage rate season with the recent full back, they are half a percentage point higher than this time your go so someone looking at $200,000 mortgage last year and they didn't buy a vcr not only looking for a bigger mortgage because home prices went up having to make a bigger down payment but with higher rates the monthly payment now would be 18% higher than it would be for the same borrower who had taken a loan year ago and this is an environment of stagnant wages so that is a big contributor to the ongoing sluggishness and the other thing is the weather is still a factor. these are april existing home sales. a lot of contracts had to be signed in february so as much as people don't want to blame the weather blamed the weather. melissa: you agree with that? >> absolutely. you see a prolonged spring but i agree the major problem is
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credit and to be so easy, it is too tight. totally to the other direction. melissa: you have to put 25% down, you are saying you have to get a loan. you can't get a loan if you do that? >> to come up with, as far as that, credit scores are much tighter if you have your own business, it is almost impossible to get a loan. it has gone the direction. melissa: shouldn't that make affordability better? prices should come down? people must allow underwater. the whole inventory issue, there's not a lot of quality. they are not selling it. if you are looking to spend $1 million on an apartment in won't look for something that is less than 500 square feet but look at this mini manhattan
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studio. this is designed to show how you can rearrange to take advantage of any small space. ms 2-bedroom, home theater and even a dining room for 12, energy efficient within electronic compost, inflated airconditioner and even its own solar panel. i absolutely love this one. is like living inside a swiss army knife. who would want to live in a swiss army knife for you fold out your bed or foldout the table and put them back in? >> got a lot of that. i have the video. how much would you pay for this? 420. probably fits two or three people at best. melissa: if you are having dinner -- >> they have to move out to get in. >> go out in the hall with a cocktail in three to pull out a table, i would do it. >> i think $1 million, it is a
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little weird especially what if you forget how to fold and unfold? >> and everybody -- >> get a -- >> i went around with $600,000. melissa: he paid $280,000 for this 2009, he spent 360,000 renovating it into his swiss army knife or converted army apartment and now he wants to sell it for millions. what would he get out of that? a quarter of a million? are you going to bid on it? never mind. that was a big know, forget it. >> i think it will sell for under 5. that is a lot of money. >> the labor costs. melissa: we are staying on top
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melissa: i am melissa frances with your fox business brief. good news for those on the east coast, noaa is predicting have below normal atlantic hurricane season with 13 tropical storms and three to six hurricanes. the six months or season starts june 1st and run through the end of november. instrumental is what virgin america calls its flight attendants's push to unionize misrepresentation by the transportation workers union faces similar vote two years ago and failed. version america is the only non-union airline in the u.s. industry. sony is refusing to throw in the title on its money-losing television business. speculation of sales mounted as sony spins off the business into separate entities. the ceo says he would not will not equity partners, sony's tv business racked up losses every year for nearly a decade. that is the latest from the fox business network.
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melissa: more proof that when money talks everyone listens including apple. the drug dealing game was the top seller on itunes getting yanked from the apps store after we brought you the story but the game's creators are not going quietly. they vowed to bring it back to the public. good luck. we rallied against it. staying on top, one summit in
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colorado is flirting with business pop backs, and a business to business conference for cannabis. the executive director, thanks so much for joining us. what are the challenges businesses are facing that you are solving? >> businesses that are interested in the new entrants in the marijuana business in colorado have to have a good understanding of the very strict regulatory environment that encompasses our business activities on both the medical side as well as the recreational side. melissa: some of the things i saw highlighted, innovations and indoor agriculture, talking about managing your bartenders. what kind of innovations are you seeing? >> we are seeing things like if
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you are talking about inside the globe or lot of different companies coming up with products to enhance growth, the playoff and new lighting, methodologies that may or may not be effective for indoor growth and on but human side in terms of trading, cba was active in pushing responsible vendor legislation to the general assembly, and to make sure their employees are trained not just behind the counter but understand the rules and regulations and laws of colorado as they are navigating through their business day. melissa: spinoff technologies expanding outside the industry. like what. that doesn't involve marijuana. >> there are individuals who might be involved in marijuana tourism, a couple individuals hosting edibles, parties where
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they person in edible edibles with food pairing or marijuana with food pairing, there are people in the not so sexy industry, air-conditioning. melissa: air-conditioning is very important. thank you so much for coming on. and mean to interrupt you, we have got to run. thank you so much. liz claman, give us a sneak peek what we can expect in the next hour, looking at the market that is up? melissa: i want you to look a we are about to show you. liz: a live picture of a building, a structure that is closed. does this look like a company undergoing quote makes significant transformation or does it look like the death of an icon? i put before you a closed sears store. today they came out with numbers worse than expected, their seventh year of losses. what is going on with seres? jeff flock alive at that
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location. you will be amazed why it is so very important. we will be talking about this iconic brand and weather can survive another year of terrible losses with the billionaire hedge fund manager. speaking of real-estate, sears is considered a real-estate play too, make way for web fin. wait till you hear what redfin is an anagram for. we have the ceo on why you should be buying your next house with him on his side and no where else. melissa: arsenio hall is light on cash but that does not help him from being the next owner of the l.a. clippers. he has launched a crowd funding campaign hoping to raise $1 billion replacing donald sterling offering interesting prizes for a $35,000 donations so cheap.
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so far he has collected $2,000. >> i am on it and already suspended for compelling prices and one of the ms. you can skype with him. i always wanted to. it is the top running. donating money to donald sterling. and i said neal hall can own a profitable -- >> the money goes to the end of the naacp. melissa: release serious trouble. we asked veronica to do this segment so please don't give her a hard time. and since city casino gambling you will cash in your dollars for something riskier. you know what they say about what happens in vegas, you can never have too much money.
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predicting the future is a pretty difficult thing to do. but, manufacturing in the united states means advanced technology. we learned that technology allows us to be craft oriented. no one's losing their job. there's no beer robot that has suddenly chased them out.
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the technology is actually creating new jobs. siemens designed and built the right tools and resources to get the job done.
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melissa: time for fun with spare change. las vegas casinos finding a new way for customers to cash in their chips, a bitcoin casino. why did you put the bitcoin atm in? >> my two casinos in that they guess we were proud to be the first casinos to accept bitcoin. after we did that a few months back, i was rather overwhelmed
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with the amount of response so what happened -- melissa: what does that mean? how many transactions -- >> the president of robotcohen and we came up with the idea of the bitcoin atm. melissa: how many people use it? they go to the atm and cash out their bitcoin to play at the table. how much can you quantify for me what kind of business you are doing with bitcoin? >> at our steak house, america coney island hotel, we are almost hourly. i have been pleased. mary melissa: what kind of person comes in to use bitcoin instead of their visa? >> that was something we didn't know what to expect. we thought it would skew to a younger demographic which it has
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but i was surprised at the international travelers coming to las vegas with bitcoin on their wallets. the international was a real surprise to was. melissa: do you change it back to dollars? do you worry about the constant fluctuation in the price? we saw a big jump, it was up 10% yesterday, very volatile. >> last week we got down to 440 and now 520. we haven't seen any impact on the business irrespective of where the price is. for us we are using it to a great degree as a transaction methodology and when someone uses bitcoin we automatically convert that to u.s. dollars immediately. melissa: thanks for coming on, good luck to you. >> have a great day. melissa: whether it is on wall street or main street here's who's making money today, anyone with a piece of williams sonoma, a high end home goods store cooking up expressive earnings causing them to jump 7%.
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ceo laura albert jones 333,000 shares meaning she made almost $1.5 million today. also making money, rihanna, under your umbrella for large chunk of change, the singer reportedly receiving $100,000 for each fashion show she attends. that is one way to do it. losing some money and michigan teenager with the $200 fine, charlie gasparino would have a rough time, police officers in michigan, the young man using colorful language in a public park and wrote him a ticket for disorderly conduct. we say that washed out his mouth with soap. the controversy in brazil, the world cup is less than a month away. it turns out we haven't worked out the finer details or the important ones like finishing construction on the soccer
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melissa: chinese retailer makes its big debut on the nasdaq, shares are well above the ipo price. jo ling: good afternoon. yes, 10% we are seen-- what is is the biggest direct sale of retailer in china. it's seeing a bit of struggle, there's been pressure from housing and gdp rates slowing, but we ask the ceo which generates the most amount of revenue about how the come may be affected and this is what he had to say. >> i think as consumers in china grow more wealthy and middle class emerging i think we have a lot of opportunities to read off-line retail in china is
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not very developed. meant it, so it's a tremendous opportunity for us to leap frog the traditional retail industry to get ahead. jo ling: melissa, this is the stock we are watching ahead of the alibaba ipo which we are expecting later this summer. melissa: thank you. over half a million people are expected to flock to brazil for this year's world cup, but with the event weeks away the host nation seems to be far from prepared. wasteful spending and lengthy delays are kicking up concern. not to mention reports of rampant crime. with the whole world watching can brazil even deliver? here now sports money writer and wall street journal is spencer and textured this is really bad. there are buildings that are not done, a stadium that doesn't have a roof completed. >> yes and to your point the
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governing body requires that each stadium is tested out full capacity for three games before the world cup begins, but they are not going to even require the standard because the stadiums are ready. so, yet 12 stadiums either new or where there has been a lot of renovation and you don't even know how prepared those stadiums are. melissa: i have to wonder, spencer, you are a huge soccer fan does this just make it more exciting to plane stadium that's falling down around him? >> it seems like every time we have an olympics are world cup there is always like this that the host company will not be ready. in greece it was like nothing was going to be finish it went off pretty well and no one got hurt, but maybe this is the time it actually does blow up in the country's face. melissa: i guess, mike what do you think? >> i don't think there will be a cross topic event, but what does happen when you're behind is that the costs go up because you're not monetary payments and so forth and to the point about greece and greece lost a town of money and is still
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paying off debt , so that's one of the problems. they are paying over twice as much, brazil is, to put on these world cup they in south africa did four years ago. melissa: it seems like it's the booby prize to win of these events. like you sign up for it and it's going to be this big moneymaking thing and unit spending a fortune, it's a disaster and it ends up being a huge cost to read they have spent $7 billion already of the 11 billion plant. >> you heard this about sports stadiums in the us. there's this whole countermovement because it's like economically not a wise thing to do because you waste these resources and they don't provide a great return. the same thing as being said here, the bigger issue for brazil is that they have a reputation challenge because it was one of the high growing fast growing countries and now they are encountering turbulence insane this could actually scare her away foreign if they screw this up and the
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crime issue in protest issue grows it could scare away foreign investment. that would be horrible for brazil. melissa: definitely. thank you to both of you. that's all we have for now great i hope you are making today. liz claman starts right now with countdown to the closing bell. liz: trying for their fourth game in five sessions, but will that housing news spoil the party. steers, once the pinnacle of the world now sears is closing stores and losing more money as it struggles to keep up with my walmart and target three we will look at whether sears is a dead retailer walking or was there any effort to keep it alive? looking for a sprinkling? flirting with the idea of a new home? redfin lets you comparison shop from the comfort of your living room to read it's a broker's arm you with every thing you need to know before you run to your bank. ceo glenn kelman joining us to talk extension plans and how


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