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tv   Power Lunch  CNBC  September 12, 2014 1:00pm-2:01pm EDT

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is watch the interest rate market because interest rates effect every asset class. if we have a movement in rates it will affect the pricing of other projects. >> plays into many conversations we have had on the show. it's been great to have you here. >> have a great weekend. "power" starts now. the second half of the trading day starts now. >> thank you very much. where will the price be right? retailers are lining up to make their moves on the new iphones. different pricing at different places. what kind of deals should you expect? that is 30 seconds away. job loss and recession. one bright mind on wall street is seeing signs of deflation and he is putting up some danger signs. and possibly a unique way out for the nfl commissioner roger goodell. this could help him to possibly end this crisis swirling about
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him and the league. an executive in the sports world will give us a solution worth talking about. first let's check in with sue. >> we start with the markets. we are near our lows of the trading session. one of the culprits pushing to the down side today is a spike in interest rates. we spiked to 2.16% ahead of the key fed meeting next week where a lot of people expect the language from the fed to change. if you want to know where interest rates have been going from july until now we have seen a steady decline and now a relatively steep move in interest rates in a short period of time. we are less than half way through the month. the ten year note is yielding 2.592%. it was at 2.61%. what is going on here? there is tension in the market. somebody told me today we are kind of at a tipping point and a lot is because of the fed
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meeting next week. >> number one, as you pointed out is interest rates. today when we had the retail sales number come in in line with expectations interest rates moved to the upside as soon as that happened. there is your first concern, rising interest rates. the second concern is that the commodity problems we have been having lately largely due to the strength in the dollar. we have seen pressure on oil coming down. that is good news on the u.s. economy but tough news for energy stocks. chevron and exxon have been drags. the xle is a little weak today. there are your problems commodity weakness as well as higher rates. >> you will be back a little bit later and we will talk about perhaps the d word, deflation. we will see what art thinks about that. and art has seen a lot of market cycles. to a new development now in what may be the story of the week.
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apple's new product launch. the stock of apple is on the half side to 101.99. remember at 1:00 p.m. on tuesday the stock was at $100 a share and we are ahead of that mark right now. since 7 for 1 split in june the stock is up some 10% on the trading session. we have morgan brennan and josh lipton. morgan on the resale value for older phones like mine. first to josh on price battles already underway. i heard a guy on the street hawking people into the store saying preorder your phone. >> reporter: apple's ceo tim cook was quoted as saying he thought the new iphones would trigger what he called the mother of all upgrades and maybe he was right. in a statement to cnbc a few minutes ago apple saying the
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response has been incredible with a record number of preorders overnight. that response has been strong enough that it is creating some shipping delays at this point. verizon saying versions of the iphone 6 will ship on october 21. at&t saying 21 to 35 days. shipment times for the iphone 6 plus also being pushed back. apple says three to four weeks now. verizon saying october 14 through 21. sprint is just saying delayed while t mobile saying not available for immediate shipping. at&t saying 35 to 42 business days. and remember all of this is occurring with china not even a factor at this point. china not included in the first round of the launch. analysts think the iphone 6 plus could be hugely popular here. >> thank you very much. morgan brennan, if you plan to buy a new phone you are probably looking to trade in your old one. and there is a trade for this. tell me about it. >> there is a trade for this.
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it is kind of like trading in your old car to buy a new car. you trade in your old smart phone for the new one and like a car you can trade in your device with a carrier or sell it directly in the used smart phone market which, by the way, is booming. the total trade in market could top 250 million units per year by 2018 and that is four times the current amount. iphones make up a big part of that and many get resold in china which is the world's biggest cell phone market. buying an iphone is starting to look like buying a car in another way, as well. more carriers are offering installment plans as iphones are leased. this should increase the number of phones in the resale market. if you want to sell your iphone where should you go? after the carriers some of the biggest players are ebay, amazon and bright start.
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others gazelle and glide which buy and sell devices. we checked out the latest -- the last three iphone models. we looked at 16 gigs in excellent condition to determine the bid and ask price. so you can take a look at those numbers here. what you are going to get paid to trade in your phone and what those are ultimately going to sell for on the secondary market. looking at these numbers it is the 4 s that has the highest markup value after you sell that in. now, keep in mind these prices as josh just mentioned with the strong demand for the new iphone these prices could go down. when that happens we are going to see that put pressure on the carriers because they are depending on those prices in that resale market to continue fuelling their installment plans
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in the future. back to you. >> thanks very much. you are looking at how some of the big apple suppliers and their stocks are performing. >> some of these stocks have been like a big apple circus. if you look at numbers there are a number of the companies that are or could be part of the apple six supply ecosystem. we will find out more when the phone ships next week and curious analysts can do what is called a tear down, take it apart, dissect it and look at the pieces that go inside. let's take a look at chip things that go into the phone. we talked about quaalcomm, mobile/cellular ships. shares are down marginally since the iphone march on tuesday september 9. some of the more notable action has come via other types of suppliers. we talked about gt advanced technologies that make the
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sapphire glass display. it was discovered that the company's displays were not going to be part of the new iphone 6 models. that remains to be seen. we will see what happens during next week's tear down. there is invens s which some think could benefit if their products which include motion sensing technology can make it into the iphone 6 and 6 plus. the stock did rally sharply during the event on tuesday but gave up the gains and are down about 4% since the event started. a lot of questions about who makes what for the new iphones will be answered when these things get shipped physically and into people's hands when all of the dissection will happen and will give everyone a better idea of whose stuff went into this phone. take it apart and see what that chip and lens is. everything is going to be seen next week. >> let's change gears here a little bit and bring in bob
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pazani. alibaba ipo demand so strong that order books are being closed early. do you plan to buy alibaba on the first day of trading even if you are not in on the initial offering. alibaba closing order books early. >> you are watching one of the great ploys of wall street. this is one of the great dances of all time and a very traditional wall street game. the under writers want to drive up the price. they are saying this is a hot deal. we are going to close the books early. panic. number two is everybody knows this so the people who wanted to buy this stock had been putting in orders much greater than they think they are going to receive. if you want 10,000 shares put in an order for 50,000 shares. the under writers have to figure out who is real and who is not. closing it early gives an extra day to figure it out and maybe
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raise the price a little bit. >> could they raise the allocation? >> you can talk about price and allocation. you said a range of 60 to $66 a share. they are looking to maximize the amount of money they can get while balancing that by leaving profits for shareholders if the stock can go up during the first day of trading. remember, the ipo process is an under written process. this is something bob talks about quite often. these banks together have basically pledged to give the money to alibaba. now it is up to the banks to go to their clients and sell this deal to them. so they are in essence kind of like a conduit for all of this money. what this does is signal that demand is so strong maybe they price this not at 66 but maybe higher, 68, maybe $70. right now the demand is there. >> give us a sense on the timeline on this. when will we get the pricing on the initial? >> the key point is nothing has
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changed at all. essentially the terms of the deal are still in tact. they are going to price it thursday night and it will trade friday morning. the road show goes on. they are in san francisco today. it is very important, pricing this is very much an art not completely a science. they have to be careful. suppose they price it instead of 66 at 80. if it trades and closes at $75 on the first day all of the under writing is going to look stupid. they have to be very, very careful on the pricing here high enough to get a pop on the first day but not so much that it elicits of flood of sell orders. >> not so low that they leave money on the table, i guess. >> thank you very much. let's lock in the vote. we asked you will you buy alibaba stock. can't get closer than that. >> that is a coin toss. >> i will take no and the wind in the second half.
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let's go down to sue. >> thank you. we had an encouraging retail sales number today. a rapid update on new economic growth forecast because of that. >> that retail sales number today helping out the gdp forecast for the third quarter. looking at 3.3% growth in the third quarter. that is the tracking estimate that compiled by moony's. ten economists in our poll here up 0.2. maybe about half of the data we need to make an actual forecast there. the second quarter tracking 4.6. it would be the second best two quarter average we have had since the end of the recession in '09. let me show you who is where. moody's contributes to the report. they are at the high end. 3.7. morgan stanley 3.6.
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barclays has been pesz msimisti we found him and her. we found them in the revisions for the july data. >> thank you very much. let's go back to dom for a market flash. we are watching yahoo shares, highest level hit in more than 8 1/2 years all about the news of alibaba of which it owns a 22.4% stake. it is expected to close order books early for the ipo for apparently strong demand for shares. ipo is set to price next thursday and begin trading the next day. the shares up nearly 3%. >> the market is near its lows of the trading session. are we headed for a more meaningful correction or will tech help rise it higher.
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chief investment officer at commonwealth financial network. brad, i will start with you. you think that basically we are at a decision point for this market. why? >> at 2,000 which is a big break point for the s&p we are going to go through it or drop back down. over the past couple of decision points we have either seen a significant break upwards or a significant drop down. and right now we are at our second attempt at 2,000. it doesn't look like a big break for us. >> is that because of the fed? >> i think the fed is part of it. uncertainty has boiled up all of a sudden. the market has been priced for perfection for a long time. now we have the ukraine situation. we have the fed pulling out. we haven't had a market without the fed for years. we have other rising uncertainty. u.s. military commitments back into the middle east. all of a sudden the market is
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looking at it and saying maybe everything isn't going to be perfect. maybe we should price that in. >> car mine, what about that? you would think that given the fact that the fed has been involved in the market for so long and seem to have indicated that they will be exiting the market, shouldn't the market have more certainty about the fed at this point? >> well, for over a year now we have known that the fed is beginning to return the monetary stimulus. we have seen an average pullback in the equity market of 7% when the fed starts a rate hike sequence. the economic data does not indicate to me that the economy has really hit this kind of escape velocity where momentum starts to build on itself. you have earnings to grow into the vicinity of 8% to 12%. you have activity basically up double as opposed to a year ago. you have buyback activity
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expected to go up 20%. corporate buybacks have been driving this market back since its inception of the bull market. $2 trillion have occurred since the second quarter of 2009. this has been a force that has been driving it. i don't think a fed rate hike is going to change anything. >> thank you, gentlemen. we have to leave it there. thanks for joining us. check out oil prices down more than 10% sitting at their lowest level at a year. oil not alone. gold and other commodities down big. what are the dropping commodity prices signaling? possibly deflation and that is frustrating many central banks around the world. we will tell you and what it means for you. what a week it has been for roger goodell in the nfl. the crisis putting the commissioner under pressure. the nfl makes billions of dollars a year but did you know
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it doesn't have to ta taxes. we go inside the very big small business that is the national football league. whenwork with equity experts who work with regional experts that's when expertise happens.
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mfs. because there is no expertise without collaboration.
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want to call your attention to the dow jones industrial average about 75 points. we will be keeping a close eye on this trade throughout the course of this show on "power lunch" and bring you some of the movers that are actually causing some of the action in the dow
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industrials. one other stock we want you to focus on right now is ally financial. the treasury department announced it recovered about $218.7 million from its first allied financial trading plan. it still holds 66 million shares or about 13.8% of the stock which it will continue to sell through a second trading plan. shares are down by about two-thirds of 1%. >> we saw the dow move down to the lowest points of the day. we are going to talk about possible deflation. check out west texas media crude tanking to the worst levels in more than a year. the international agency cutting global oil demand growth forecast due to weakness in europe and china. the rest of the commodities complex under extreme pressure for much of this year.
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what is this signaling? art cashen says deflation access is out there. the commodity complex has taken it on the chin. take a look at copper and grains and soybeans. do you think we are headed into a deflationary cycle? >> i think it is tremendously frustrating to the central banks shoveling money into the markets like crazy. prices are going down and that's got to keep them awake at night. these are at least nominally deflationary moves. >> there are external forces. we have a problem with the dollar at a high. that is a major contributing factor. it is all relative. that is an issue, isn't it? >> we could stabilize the dollar don't you think we could get stabilization in commoditiess? >> you would get closer to stabilization. there are benefits in seeing the low prices. it is a tax cut for the driver and people are getting a little
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bit of a break. and on a geo political level it's a poke in the eye for mr. putin because he depends on higher oil prices. >> another big issue is the overall demand side of this. china has been in a whole decade where they have been huge users and builders of infrastructure. that is sucking up the world's commodities. that is slowly winding down as they go to a consumer society. wouldn't it be natural to see lessening of demand given that china is slowly dropping off a bit. >> as we look at the deflation definition it is a general decline in prices often caused by a reduction of money or credit supply which is interesting because we have ample supply. deflation causes increased unemployment and perhaps recession. we are getting decent data. we got an upper revision in retail sales. on the other side of the globe we have europe struggling. interest rates spiking in some
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cases. our interest rates are creeping up. it is a very interesting puzzle. do you see signs of a possible recession ahead? >> it is not just europe. as bob just said you have china and many of the emerging markets are beginning to struggle. so it will be difficult to withstand all of that. we have some brokerages and banks putting out lists for people of what stocks in the s&p 500 are most vulnerable to a slow down in europe. there are a good deal of them. >> the fed has to be careful here. there is some deflation in commodities but also elsewhere. we see inflation in education and health care. we talk about that all the time. you have odd disparities going on here. the fed tries to tackle deflation in commodities it could read to dramatic inflation elsewhere. it is hard to manage these pieces. >> how important is the fed meeting next week?
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>> i think it is very important. obviously, they are expected to change the language. i would love to hear what the tone is. i want to hear the speakers who come out after it and how they kind of put their positions out and see how it goes. >> thanks, art. have a great weekend. bob, i will see you in a little bit. scotland putting europe on edge and problems caused by a dynamic dollar. michelle, you first. >> double double toil in trouble. scotland votes next week and does the cauldron bubble. we will have the latest on the polls and one astounding statistic. >> well, the high flying u.s. dollar may be a badge of honor, a sign that our economy is doing well but does create headaches for the economy, as well, and certain sectors of corporate america. i will show you the direct impact of the strong dollar after the break on "power lunch." who do you trust? whose analysis is accurate? how do you make sense of it all?
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nearly 2%. posters have going hog wild in scotland after a poll showing people are in favor of breaking away. a new poll out today shows support for keeping scotland in the british empire, so to speak, such as it is an empire. then the dynamic dollar and questions being raised about whether the strong dollar will kill the recovery. to our international corresponde correspondent. >> there are two polls out today which show the noes have a slight lead when it comes to the question of scottish independence. one survey noes have 52% versus 48% in favor of independence. important, though, those numbers exclude undecided voters.
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in their poll 6% are undecided. the second poll from the guardian icm shows noes at 51 and yeses at 49%. the undecideds are excluded. 17% undecided. in other words, this is way too close to call and the leadership of the no campaign is very much acting like they could still lose. by the way, the votes are already coming in. you are seeing people verifying them. a record number of people have registered to vote, 97%. turnout expected to be at 80% or above. here is the reaction to the new poll numbers from the leader of the yes campaign. >> yesterday's poll showed us that 47% and today's poll shows us at 48%. if you told me a couple of weeks ago that if a week to go we are in touching distance of enormous
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opportunity for scotland i would have been splendid. >> harvard professor nile ferguson gave an ominous speech in scotland last night saying if scotland votes for independence i will apply for a u.s. passport because my country will have been condemned to death. and the europe an union terrifid because they think these separatist movements that long simmered in europe do they become emboldened. >> and what day is the vote? thursday and get results friday? >> they vote on wednesday and thursday morning we get the results. >> we look forward to seeing you there. now to sara as the dow rides at its session low off 90 points at 16,958. s&p 500 and the nasdaq moving towards their session lows as we
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round out this second week of september. the s&p off 13. let's for good measure throw in the nasdaq if we can and show you that it is off. there is the dollar index. let's go down to sara. >> people are asking with the strong dollar could it kill off the economic recovery? in fact, when you worry about the strong dollar you worry about exports, in particular, which, as you can see have been solid and there is a correlation, a negative one. history shows us that a strong dollar does hurt american products sold abroad. they become less competitive. you can see the spike on the green in the middle the dollar strengthened during the financial crisis. exports actually fell off a clip. people were pouring into the safe haven u.s. dollar there. ekaconomists expect the u.s. dollar to start to hurt exports. on the flip side when you have a
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strong dollar you have more purchasing power for imports from abroad. let's face it, we are a predominantly consumer-driven economy in the u.s. more buying power for the american consumer. that does offset pain you can see. while strong dollar can hurt it is not a game changer. renaissance macro put out a note. exports and imports combined in the u.s. represent one-fourth of u.s. gdp well below. the overall impact is negative. as far as company impact, american companies think coca-cola, they hate the strong dollar because they do a lot of business overseas and it weighs on the revenues. david resinburg says health care, materials and energies tend to do the worst and the winners are technology, financials and consumer discretionaries. he says pick those sectors.
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little play book as the dollar rally looks set to continue in the ninth weekly gain here. >> it is affecting the gold market, as well. let's check the metals markets. they have had a tough session because of the drop in commodities as well as the strength of the dollar. we have the dollar which was off better than a full percent down two-thirds of a percent. earlier this morning it hit the lowest level since january. . copper market a bit of a bounce and a slight advance in the palladium market. we have yields creeping to the upside. ten-year yield spiked earlier this morning and holding down just below that at 2.60%. as we approach the highs of the day in interest rates we are on the lows of the day in the dow jones industrial average. transports have turned negative. nasdaq is trying to basically
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hold up its part of the ship but it is not working right now. the dow jones industrial average off a full half a percent at 16,956. you are up to date on the stock market and the bond market. ravens fans staying loyal for ray rice. many of them still wearing their rice jersey, even women. the crisis putting nfl commissioner roger goodell under pressure. we have sound advice for him. for most staging a home for sale usually involves air freshener and flowers. not for the super rich. home staging can be a five figure production. ok, if you're up there, i could use some help.
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find new ways to save energy and money with pg&e's business energy check-up. welcome back to "power lunch." for those of you watching you realized in the last five minutes the dow is off by about nearly 100 points, about 95 points for the time being. leading the way lower is exon
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mobile. a lot of shares making red moves and pushing again down towards session lows a handful of points away from being down triple digits. t mobile upgraded to buy from hold. genuine parts upgraded. the firm's price target is $100. netflix upgraded from equal weight to under weight. the firm increases price target to $480 per share from $420. the ray rice crisis putting a spot light on the national football league. it is exempt from paying taxes. kate rogers taking a closer look. >> so football in america makes nearly $10 billion a year but
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its governing body is exempt from federal taxes. the national football league was made a nonprofit back in 1996 when it merged with the american football league but they are not a nonprofit in the charity sense but instead a trading organization. we combed and found a few unexpected facts for you here. the nfl had nearly $326 million in revenue in 2012. with $317 million in expenses that left about $9 million to spend. secured mortgages totalled more than 833 million. we did ask the nfl to tell us what they are mortgaging and we haven't gotten an answer yet. net assets from the nfl in 2012 in the red for $300 million even though football that year made nearly 10 billion. commissioner roger goodell made more than $44 million.
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the nonprofit status doesn't apply to the league's 32 individually owned franchises. the nfl is not the only major sports league enjoying nonprofit tax exempt status. they are joined by the national hockey league and rodeo cowboys association. republican senator from alaska and independent senator -- >> they are all making a lot of money. >> thank you very much. the nfl chief is certainly a leader in the cross hairs to put it mildly today. let's see what advice two crisis management experts might offer mr. goodell to manage a crisis like this one. in boston a harvard grad who provides advice to several active players and jeff wolf in
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san diego. here is what you think as roger goodell has been overly criticized. we will hear your opinions at cnbc.com/vote. jeff, let me ask you what you would advise mr. goodell to do amidst all of the hue and cry for his resignation. >> i think the first thing he has to do is face the reality that things are going to get worse before they get better. and then he has to think before he acts. >> has he not done that so far? >> i don't know whether he has done that or not. the great basketball coach at ucla used to say be quick but don't hurry. when you make a decision think it through and find out what the reaction is going to be. plan for scenarios and go forward. >> teresa, what would you advise him to do? it feels to me like we in the media may have rushed to judgment on him a bit. there is a lot yet to find out.
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>> i think right now one of the most important things is that goodell needs to understand that right now the public is looking for transparency. we want to know what was his decision based on. and he hasn't given a straight answer his first decision. when we can get an answer there i think you can start get toog the place where it will get better. >> let me stay with you, if i could. i was talking to a friend of mine who happens to have done business with the nfl as well as the nba and a number of other entities, sports entities. his suggestion to mr. goodell and the nfl was this. there has been a hue and cry about the way this whole thing has been handled. his suggestion was the nfl or the owners who have the money should set up a trust fund for mrs. rice and the child that ray rice can't touch so that gives her financial independence.
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it appears that the nfl would be supporting the family because nobody is going to touch mr. rice for a job. he has been suspended indefinitely. he has no way to make money which is going to be a further stress on the family. what do you think of that idea? would that be something that would be helpful to mr. goodell and the nfl to do? >> i think it is a great idea. what everyone needs to remember is that there may be other victims suffering from domestic violence at home. if they don't see any relief when they come forward or when the public finds out then all of the efforts of the nfl may be for not. i think that is a great idea. it is a first step. i think at this time, though, we really do need to understand what is the decision that is going to be going forward and how the nfl plans to handle this in the future. >> two quick questions. i will like to get your reaction to that idea from the person that sue was speaking with and
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whether that might smack to you of trying to buy your way out of a problem. that would be one thought that comes into my mind. the other thought is this. if mr. goodell had acted harshly and quickly and suspended ray rice for half the season or a year six weeks ago would he be in the hot water he is in today? >> i don't know whether he would be in the hot water he is in today. look at the timeline out there. he made his decision and then the video came forward. and one of the things that we have to understand is that you have to take it as a leader and you have to react to the situation at hand. as i said before you can't be quick to rush to judgment. you have to take your time and make a strong plan and then move forward. so do i think he did the wrong thing? could be. people are looking for their leaders to be honest, trust worthy and decisive.
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i don't think many people feel he has been that way. >> we appreciate your time today. viewers, we appreciate your reacting to our question there. we will leave the poll open and come back to it after the break. you see has roger goodell been overly criticized? it is basically a 50/50 split as of this minute. two new ways to buy and sell homes. very interesting. we'll talk about it after this quick break. i have moderate to severe crohn's disease.
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don't start humira if you have an infection. if you're still just managing your symptoms, ask your gastroenterologist about humira. with humira, remission is possible. so i can reach ally bank 24/7, but there are24/7branches? it's just i'm a little reluctant to try new things. what's wrong with trying new things? feel that in your muscles? yeah... i do... try a new way to bank, where no branches equals great rates. welcome back to "power lunch." darden restaurants at session lows as value continues to pressure it to boost its profit and its stock price. one of the proposals is to hold off on the bread sticks at the olive garden saying it is too reckless with the unlimited bread sticks and salad campaign down about 1.5% on the day and
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down by about 12% on the year. i kind of like the unlimited bread sticks. >> i am big on that. locking in the viewer vote. has roger goodell been overly criticized? 53% of you say he has been. 47% say no. that was neck and neck for the whole time we had it up. real estate agents are upping the ante on pitching listings. one way they are doing that is with virtual renovations. >> reporter: this place might look like a big hot mess right now but has a $7 million price tag, a four story town home on a fantastic street on the west village where renovated homes go for nearly twice that. that is why agents decided to renovate it virtually. >> we want to reach a huge buyer
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pool and reach everyone with and without vision. this gives an ability of reaching all of those. >> so hall state agents did a virtual renovation showing the before pictures of the living room but then the stunning sleek after and the kitchen both before and then after all thanks to the vision of a real architect on a virtual platform. >> they are possible because i think at least from my perspective i am always thinking of the end product as a real product. the virtual renovation is a means to an end. >> they claim that clicks to the site on this listing went up 30% after they added the virtual renovation. >> thank you very much. home staging for the superrich can involve a five figure price tag. what comes with it?
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>> for most people staging a home means a fresh coat of paint and throw pillows but for the rich stages has become a huge production. the queen of staging is mered h meredith. revenues are now $2 million a month. heidi zeker is head of design at meredith baer home. >> we do everything to dress the house so it looks its absolute best and sells for the highest price. >> reporter: a job like this costs between $35,000 and $45,000. we are in los angeles where her team was staging this home. asking price nearly $20 million. >> when you think about a home of this value and the costs you have every month that it doesn't sell it is a small investment. >> reporter: her team tells us a staged property sells 88% faster
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than one that is not and for 20% above the asking price. among items they add, custom furniture, carpets, hand wrapped books and hard work. in addition to fine art they will put ferraris and rolls royces in the garage. a big business for staging mansions. >> billionaire lived in look. getting out of the rat race. when fixed income experts work with equity experts who work with regional experts that's when expertise happens. mfs. because there is no expertise without collaboration.
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e financial noise financial noise financial noise financial noise whenwork with equity experts who work with regional experts that's when expertise happens. mfs. because there is no expertise without collaboration.
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love at first pint. a wall street pro leaves his tap to his true passion. >> not all drinking beer all day. it is sometimes. i am michael kane, founder of kane brewing company. i used to work on wall street. i brewed my first batch of beer my senior year in college and i immediately fell in love with it. i was 22. i went to work and got a real job in finance. i worked on wall street for
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about 4 1/2 years and it was clear i wanted to open a brewery. every project i was looking at what to take away and apply as a brewery owner cht. >> his personality didn't come through when he was at wall street. we brewed beer for our wedding. >> 27, 28 my wife and i decided if we didn't do it now it probably wasn't going to happen. >> it was the right time for us but i think it was pretty bold. >> we basically self-funded with a small sba loan. i wanted to make sure we didn't have outside interruption. it was exciting. >> it was like this is it. >> we were out in our car selling every day. >> we used to knock on doors. i'm glen lewis, vice president of sales. they are like can you do that? >> we went from a very small loyal following that would come in here and buy a couple bottles
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to go and now they can do a tour and learn about the beer. it is great to see people supporting us. i don't think i expected to get that kind of crowd. >> we have a very good relationship with our customers. >> it sounds cliche but i don't feel like i have been working. >> he jokes more and smiles more. >> after i stopped working on wall street there wasn't a single day i was like i wish i was back sitting in a cube. >> kane is producing. back to the developing story we have been following all hour. markets near session lows. we were within a hearehare's br of being down double digits. we are back at the high of the day for yields.
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2.611% on the ten year and transportation average last trade there is up seven points because of the drop in oil. that will do it for this week on "power lunch." >> have a great weekend. let's see what is coming up on "street signs." >> it seems to be sliding as we inch close to the weekend. the big government shake down of yahoo. you will not believe what the u.s. tried to do to the tech giant in 2008. order up. a look at what the restaurant sector says about the health of you and i, the consumer and how fracking of all things saved one nfl team. you have to stay tuned. all begins at the top of the hour. opinions. there's no shortage in this world. who do you trust?
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whose analysis is accurate? how do you make sense of it all? a simple, unbiased stock score consolidated from the opinions of independent analysts... is that too much to ask? nope. equity summary score, powered by starmine, will help you execute your ideas with speed and conviction. and it's only on fidelity.com. open an account and find more of the expertise you need to be a better investor. an unprecedented program arting busithat partners businesses with universities across the state. for better access to talent, cutting edge research, and state of the art facilities. and you pay no taxes for ten years. from biotech in brooklyn, to next gen energy in binghamton, to manufacturing in buffalo... startup-ny has new businesses popping up across the state. see how startup-ny can help your business grow at startup.ny.gov
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which stock is it? put the odds in your favor? options action at 5:00 eastern. call it the great government shake down. you will not believe what the feds tried to do to yahoo. from the fed to scotland we set you up for the huge week that is coming, perhaps the real reason more people are not working and one ski resort rescues another while fracking saves a football team. we have really been losing steam here on afternoon

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