tv MONEY With Melissa Francis FOX Business May 9, 2013 12:00am-1:01am EDT
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registers. register. >> i have shopped at costco. neil: unionized? dennis: i'm dennis kneale in for melissa francis. re i is who made money today. investors in whole foods and the company's ceo, john mackey. whole foods reported strong fiscal second-quarter earnings and announced a 2-for-1 stock split. that sent shares of whole foods soaring nearly 10% cling at an all-time high. john macy owns 714,000 shares of that cpany. that means his wealth went up $6.7 million today. also making money, delta shareholders. the company restarting a dividend of six cents per share, its first in 10 years. delta will also buy back half a billion dollars in stock. dealt at that shares jumping more than 3% on the news hitting a 52-week high. and the san francisco 49ers making big money today.
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they have landed one of the largest naming rights deals in nfl history. team's new stadium opens next year. levi strauss is paying $221 million over 20 years to stamp its brand name on it. even when they say it ain't it is always about money. >> we start tonight with big changes that could affect most every employer and employee across the country. a bill is up for vote in congress today would allow any private sector employee the option of tking paid time off instead of actually getting cash for working overtime. if you work more than 40 hours a week you can bank the extra time and take it whenever you want. we have a "money" power panel to break it down for us. economist peter morici. richard roth, an employment attorney and fox business's liz macdonald. welcome all. thanks for being with us.
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richard, let's start with you. ly how would this bill work? into is working families flexibility act. the way it would work as you said the employee can bank hours up 160 hours per year which four weeks. they have the option, employees will have the option, can take over tme pay at 1 1/2 times over 40 hours or they can bank it and take it as vacation pay. if a dad wants to watch his kid play soccer, instead of taking pay accumulate the time and take four extra weeks a year which is quite a big difference. dennis: do i, a you are business determine when you take the four weeks and how many or do you dictate when you take the four weeks? >> dictate. the way the republican bill is promoted will presumably would be passed by congress that employee has the option to either take the time or takes the money. dennis: okay. peter morici, if my employee dictates to me when they're taking off i feel like as a businessman somehow i've been violated by this bill. is there not a problem with
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gornment interfering with business? >> welling absolutely. the government should not be legislating labor agreements and contracts the way they have in europe so many years and made it the land of permanent recessions. what will happen here though, while it sa the employee can say when he is going to take the time off, if you take the time off during a peak demand period on your employer, down the road you will suffer. those will be the first people laid off. dennis: i see. but, peter, overall are you in favor of this bill or are you against it? >> i'm against it. i think it will lead to all kind of problems in the manner i just described. dennis: okay. >> make doing business more expensive and it will be very difficult to enforce or to simply in the manner conceived. dennis: lizzie, i was thinking this is intrusion on business yet this bill is sponsored by republicans whereas democrats are againsit. why are democrats opposing this? >> well, listen the democrats don't want to ange labor laws that have been around since 19 8. essentially i think what is happening the gop is trying to come up with a bill that
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appeals to middle class working families. think they have a lot of work to do if this is the idea they come up with because the senate will probably veto or not pass it. the president will probably veto it. and thing is, it is aimed at 40 hour plus worker, right? the guy or woman who works 40 hours. i get that i'm okay with giving private sector the option. i just don't know you need a law to do it. you're right, it feels like the bureaucrats in washington, d.c. are monkeying around with labor law when they don't need to do it. let the company come up with this on their own. >> here's the problem. the problem right now if you're working more than 40 hours the law provides you are obligated to do it. so the employer must pay that 1.5 times the salary for every hour over 40. dennis: exactly. >> why should that be the law? why can't the private sector have that option? dennis: isn't this bill really aimed giving employers a lot more latitude to not have to pay out cash for time 1/2? >> it is but the republicans are structuring so it is for families. it is actually, i believe --
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>> why do you need a law for a company to say to their worker, instead take the time off? why do you need a law to do that. >> right now you have a law th says you must pay them. >> why need a law on the flipside of that? i don't get it. dennis: peter what do you say. >> employers have the apshun saying look we'll pay you time 1/2 you're working 60 hours this week but if there are some hours later on in the year you like to work less, you know, take some time off to make it easier on me. there are ways of working around it. cut back hours during periods of slack time and negotiate that with your employees. there are ways to do this. dennis: right. >> unfortunately if you say the worker can determine when he is going to leave the job you're going to have real problems with running businesses effectively. dennis: right. you know, lizzie, i thought originally if i work overtime i take the cash i get paid time 1/2. i thought with this bill i only get one day for one day. i don't get 1.5 days. >> right. dennis: further inspection you do get 1.5 days when you work overme day. i might rather have the comp
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day. what do you think?. >> i get it. time and again, yes, you your boss has to give you that? say to the boss, give me a day off. have it set up that way because what happens is you have enforcers come in. a bureaucrat coming in to that job, saying to that employer you're not doing it right. dennis: right. >> you have to fix what you're doing wrong. dennis: maybe last question we'll move to the second topic i tell you about in a minute but, richard, the republicans rather deftly presented this as a proworkersrs rights bill saying you have a choice and go ahead and get your comp time if you want to. what it is doing giving more freedom to the employer, isn't it? >> i think giving more freedom to both. there is a law that dictates they must pay 1 1/2 times. dennis: they must. >> yeah they must. dennis: now there's an option. >> now there's option. remember employees option. yes benefitingt i think it benefits the employee. dennis: this just in. peter, new york city council aid prove a new law in the
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city. it is veto proof even though mayor bloomberg wanted to reject it, requiring employers to give sick days to companies that don't do it. thought it would be something to work out with employees, if you don't like the no sick y policy, get another employer. what do you think?. >> i think it is a terrible idea. the government is legislating the contract that exists between the worker and employer. new york city is extraordinarily competitive labor market for those hourly workers. those are the ones who benefit from it. the employers have to make the best deal they can to get good labor to work in places like manhattan. i think this is needless intrusion in the bargaining process and it's a terrible idea and it is another example of new york making itself less competitive than it should be. dennis: nicely put. richard, what do you think of this i thin it is hard on small business. >> i don't necessary disagree. we are in new york. it is very liberal and democratic and that is the way it will be. i think it is a needless
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requirement. the government should stay ouof it. >> the problem is, city council saying to government workers in the city of new york, basically you will get paid sick time. treating it as a right similar to minimum wage laws and it's not. you rk or you don't. you get paid or you don't. dennisis: right. anytime you offer people manadatory sick time they're going to take it, some of them. you don't necessarily agree. that was diplomatic answer. next time definitely disagree if you want. thanks for being with us, richard roth, peter morici. time for today's fl gauge report. shell which develops the world's deepest offshore oil well in the gulf of mexico. the project will drill nearly two miles below the gulf's seafloor. shell estimates production will begin in 2016. shell's ceo must testify in a $20 billion fraud case from ecuador. the group want the settlement after alleged violation for environmental damage. shell says the trial relied on tainted evidence.
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a u.s. judge says enough money is at stake to compel's chevron's ceo to testify. seems so. u.s. crude oil inventories rose ls than expected last week. oil rallied 1% or so, settling at $96.62 a barrel. >>next on money, if a stock hits 30 new highs so far is year, kpud you go all-in or run away? disney shares have never seen better days. they may tell us when this market rally will end. we have got more in a moment. >> plus can a simple apology turn a business around? why jcpenney,icrosoftnd netflix are betting their future on it. more "money" coming up.
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♪ . dennis: this is probably cover of elvis costello's cheaper. if you own disney you've been on the ride of your life this year. the company stock hit some 30 all-time highs since january. andake, get this, disney shares are up more than double the dow's gains so far this year. but does this torrid rise make investors balk or will it excite them ito a rush to buy now?
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a question applies as well to the broader dow and s&p indexes. joining me are jonas max ferris, cofounder of max fund.com and the president of shore best capital management and author of, a good financial advisor will tell you. jonas, what do you think? is this the type of thing we're seeing with stocks rising and rising it is scaring investors and stopping them from getting in because they're so burned from '08 or finally is it learning investors in because they have not been it there in much so far. >> no it is not just 08 but 1999 and 2000. a couple of major burns from investors piling in late in the game. that is keing investors out. i'm watching mutual fund flows aggressively but there is not anywhere near the levels was in the '90s. still more money going into bond funds of the it is in the hysteria at this point. doesn't mean stocks are a super bargain necessarily. we're not seeing craziness, oh, this stock is hot i'm
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getting into it. certainly not with stock fund in general. dennis: okay. jeremy, seems a fundamental point happens where we're no longer afraid of what could go wrong. we're now afraid of missing out on things that are going right. are we at that flex point yet in the markets? >> well i think we're starting to see that. certainly one of the major psychological biases that gets retail investors in trouble is what reecy bias. retail investors think whatever the recent trend is will continue indefinitely. so you know as the market continues to go up and up and up, investors who are on the sidelines all of sudden are starting to feel like they're missing out and they usually get in a little bit too late. that's why a lot of time retail investors underperform because they buy high and sell low. i think we're starting to see that. a lot of people are sitting in cash. we had record amounts of cash. people are getting more and more uncomfortable with that position after years of missing out on these stock market gains. dennis: right. i got a couple charts i want to show you guys. want to look then versus
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now. i want to look october '07, versus now. where were stocks versus the rest of the economy. let's start with stock values. s&p 500, nope that is not the one i want. i want stock chart of s&p 500 and multiples, can we do that? trailing 12 months top line. s&p 500, 17 times earnings way back then. less than 16 now. stocks are cheaper on a trailing basis. now forward-looking earnings, prediction of earnings. it was 13.7 back then. not that much more pricey now. jonas, wall street has been consistently wrong being t bearish on exestimates. so even that might be misstated. >> iwill come back to that last point, i will say first, value, cheap stocks don't save you from losing money otherwise the '08 crash would not have been more broad based. 2000 crash was all ps absurd. 230 to 100 in many cases. we had bigger destruction in value market 07. people lost more money in banks than biotech stocks.
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look like you will get is a he haved ps are cheaper than last two booms. future growth ll be lower than last two booms at least what kpak talks were. dennis: okay. >> if you don't have growth it will prove to be higher p-e ratio. dennis: jeremy, before i come to you i want to get figures. economy figures of then versus now. you won't believe this guys. the gdp of the economy 12% larger than it was back then. 26% larger, pecs ports than in october of '07. come persian bank assets. personal savings up almost 20%. household debt down 17%. jeremy, doesn't it mean we're in fundamentally shape now with stocks at this level and therefore stocks should go up from here, now down? >> i definitely believe that i think longerm trend is up. everybody is a little bit scared because we have made some money recently and everybody is expecting a pullback which we may have a short-rm correction. you can really not time short-term correction. a huge mistake to try to
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time short-term corrections. fundamentally like you said, dennis, companies are earning more, balance sheets are stronger, productivity gains have been tremendous. a lot of these big domestic brands like disney as you mentioned earlier are selling huge into emerging markets. coca-cola, johnson & johnson all selling huge into emerging markets. so even though the u.s. economy is growing relatively slowly i think stocks are really attractively valued even after this run-up. dennis: all right. one last word from you. >> the problem with that logic, by the same logic china's economy is better and their market is way down. all the money should go into the china because their economy --. dennis: stocks are not going up from here. >> not as go up as fast as data. dennis: oh, yes, they are. thanks for being with us. we appreciate it, guys. stay right there. we want to shift gears and get into what seems to be the latest and greatest business booster. wh do jcpenney and microsoft and netflix have in common? they have apologized for their sins against you jimmy swaggerttyl why sorry may be the secret
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♪ . dennis: we see a lot of lately. companies perfecting the art of the apology over their business miscues. microsoft's mea culpa is but the latest the company is making changes to the windows 8 software after one softy exec admitted quote the world is changing, changing fast. frankly we didn't get everything we dreamed of done in the first release. seems like ey should have waited then. is it good business or better for business to beg your pardon and make a
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change? jonas max ferris and jeremy are still here to rejoin us. let's start with a newcomer. frazier from emerald partners. he is a pr spin master on risk mackment. what do you think of the microsoft mea culpa? is it really bold of them or woosey? >> it is kind of in the middle i would say, dennis. every situation is different. as a general rule it makes sense to apologize. what i tell people is, you apologize, you acknowledge what you did wrong. then you fix the problem. netflix had a problem they had to apologize. jcpenney has a problem. it had to apologize. microsoft, it is problematic. they jt introduced it. they have orders. the windows 8 has sold. they have got some issues. what i would have counseled is look, say we were happy with the introduction. we're going to work on the fixing some of the issues but in general we're happy. i wouldn't have led with the problem. dennis: okay. jeremy, maybe in some ws microsoft didn't apologize
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profusely enough. i mean they're acting, oh we're just brushing it up a ide release.ere only six they say it is a clear set back. should they have been more direct in saying they screwed up? >> i don't know, dennis. all i can say we buy individu equity foss are clients in portfolios. whether a company apologizes or not doesn't really affect our decision whether we'll buy that stock or sell that stock. really what we're looking at is the fundamentals of the company. is this something, the fact that they're making changes to windows 8, how will that affect revenue and profitability? was the company going off a cliff and now they're announcing some changes or some fixes that are going to prevent from going off that cliff? or is this just, kind of window addressing for pr. dennis: which is it. >> to tamp down any bad press. i think hopefully they make substantial changes beuse i don't think the product is going to drive that next, that next leg of revenue that they need.
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dennis: yeah. >> so -- pc shipments are down 14% in the first quarter because of that ba upgrade. instead of lockstep upgrading when microsoft and intel tell them to balked in part because we hate change. windows 8 i think had too much change. jonas, you know, jcpenney went for way too much change. went from, you know, middle america products to high-end, apple like wannabes. then when they came out and apologized they did so profusely i thought they almost apologized too much. where do you stand? >> maybe the customer should apogize for not being able to tolerate this antiquated computer system they have been clinging to going out of business slowly as apple ipad makers have destroyed the business. and then the users who are still so, i'm one of them, complaining at my desktop doesn't have one button leeft on it, they have to apologize and kiss up to the audience and keep that legacy going on and on when the future is clearly in a
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touch-screen situation. they couldn't go full bore. they have pretend the oher thing exists. they don't want to cannibalize the revenue model and that will do them in over the long term. dennis: frazier, i don't think a company can afford to tell customers, you don't like the new stuff, too bad, stop whining about it. >> absolutely. in jays case's case, ron john, he knew everything. he was wrong. old guy, ullman came back in. we'll goack to listen to customers. that is public relations. hasn't done anything yet. he talked a good show. the stock closed higher than two months. public relations does make a difference. dennis: was the jcpenney too much after apology. >> they blamed it on last leadership. they knew they were in rotten shape. no risk at all. what he has to do now is fix the problem. dennis: right. >> you can't poor perfume on a skunk. dennis: apology in fight in marriage it doesn't work and
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unless you change behavior and take out the garbage on time. jeremy, talk about netflix, in for a minute. i think knit flicks did reversal and apology a break up the company and dvd's, and streaming. people got upset. the stock plummed from 300 to $50. it is one of the biggest gainers in the s&p 500 in part because of a willingness to u-turn. >> i think netflix did a good job. that was an emple where the poll guy was not -- apology was not window-dressing. they make the apology to minimize the bad press and people getting so upset and writing bad stuff about them in a blog but beyond that is the apology explaining that we're changing our business model, we're changing our pricing model we're listening to consumers and giving them what they want so we have confidence as investors that the revenue stream will pick back up. that is what netflix did well. that is why as investor that apology would have held weight with us in terms of our decision whether or not
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to buy or sell the stock. dennis: you know there was that old saying, love means never having to say you're sorry. apparently capitalism, not so muc >> thank you, dennis. dennis: a new twist in a tale of a city gone bust. harrisburg, pennsylvania, had it bad enough. it was hit by fraud charges by the sec for misleading investors about its financial problems. wait a minute. officials in every city say upbeat soothing things about the statef their towns. is the sec sending a message here, watch out small town america, we're coming after you next. for more let's go to steve malalanga, sior fellow at the manhattan institute. sec forces harrisburg into a settlement. doesn't require the city to admit guilt and assesses them a fine. what is the point of smacking them down at all. >> that's a good question. in nil know they charged them with is in leading statements in their bond statement. in both case what is they're doing is sending a warning because the sec is clearly
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getting more aggressive about municipal bond issuers. they're kind of testing the limits of what they can do because by federal law they can't actually regulate municipalities and states when they issue debt. to the same degree they can regulate corporations. i think they're testing their own kind of limits if you will but until they actually start doing thin like saying, someone has to pay for this, either in terms of fines or even perhaps recommending officials for potential, you know, actual criminal charges, i don't know what kind of an effect is this going to have. dennis: what about caveat emptor? what about the idea it is up to investors to do their homework, to read all of the small print and if a city official is hyping his finance, shouldn't i as an investor already discount that to the market? do i need the se stepping in here and telling the official to be less sanguine? >> in the case that you just suggested, no but remember
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what the sec said is that what harrisburg did, they did not file financials for two years. so there was no basis to evaluate. in addition to that, it is very clear and there are a lot of independent experts out there, who are saying that states and cities are not being very truthful in their accounting. i say it as a matter of fact. their accounting is sleading compared to what you see for instance, in corporate america when corporate america follows the law. and so i do think that in some cases, it is very difficult for an investors to make a good evaluation. now the question is whether they should be investing under those cas. let's not forget in the case of stockton, stockton's own auditor says the city's accounting practices were not transparent and they were hiding problems. so that is a problem in state and municipal finance today. i would argue. dennis: right. but is the sec in danger heref trying to make
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political free speech into an indictable offense? where do you draw the line? doesn't a city official have the right it say in my personal opinion i think we'll be okay, even if the numbers don't look that good, we'll be okay? >> yes. if the official says i think we're going to be okay, and here are the numbers and here's why i think we're pogue going to be okay, yes. what i think the officials did in harrisburg, they are ignoring the fact they were falling behind and having to make payments which they did not disclose and they were not putting out financials for two years!. you understand in corporate issues in the sec you have to file your financials within 60 days. theyent two years without giving accurate information to investors. now, i would say you shouldn't be investing under those circumstances but you know what? states on average are taking more than aear in many cases to file their comprehensive annual financial reports. so there's a problem that we have out there and it is a problem investors should be
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aware of. dennis: all right. the sec clearly trying to rap them up side the hd and send a message out there to the other cities. thanks for being with us, steve. >> all right. >> up next, plenty of tech fan boys say google glass is the best thing since, the ipad. i say it is the ultimate sign of corporate arrogance. stick around to hear why. plus the only thing that would make the knicks playoff run would be sweeter would be watching it from one of these. why madison square garden and other sports teams are banking on super suites to jolt ticket sales. "piles of money" coming righup. ♪
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dennis: no matter what time of it is, money always on the move. tesla shares skyrocketing after-hours. the company posted strong first-quarter earnings after the bell, its first quarterly profit in its 10-year history. it was helped by growing demand for electric vehicles and gross margin doubling from the same quarter a year ago. let's talk google glass. someall it the hottest piece of technology since the ipad while others are sounding the alarm about privacy and safety concerns but i got another take on it. google glass is a talisman of corporate arrogance. it is an egregious illustration of bigwigs dumping investor money-money
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into projects that don't help its core business. how does google glass help its core mission of selling search ads? >> it doesn't but eventually it could. right now you're using it to search for anything, right? you talk to google glass. you look kind of weird doing it. eventually you use their search engine through it so maybe we'll see search ads in the future. dennis: google likes to say everything we do is going towards ads but the connection between that and ads is different. is they spent $12.4 billion on motorola mobility stray from corporate competence. and a pleasure they got billion dollar loss last year and growing. they invest ad billion dollars in green energy programs. google thoht it could solve the energy crisis. it led almost nowhere. a billion dollars. now google glass. exactly what is it going on here? >> okay. we have to think about it at the bigger picture. everybody is yelling at apple where is the
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innovation? ipad is the same. this company is innovating and creating great new products. sure everybody looks weird with them. yes, all tech journalists and developers spend $1500 sort of like people walking down the street with a blue tooth headset 10 years ago. here is google ting to do things nobody else is doing that is valuable, pushing tech forward. dennis: i admire it. i was out there i july at this big confab and sergey brin was walking everywhere with the google glass there. he was doing it though mainly to get atttion, okay? i just wonder, i want better searches, so that when i go on google and search for guar i get the cat instead of the car if i want to know about the cat. i question why google is spending so much, they do this because they can. >> exactly. dennis: at all-time high. that buy as whole lot of patience, doesn't it? >> right. just because they're deveping glass or self-driving cars doesn't mean they're not working on search. google has amazing search option just released on ios
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it is predictive action if you like the nets you get the nets score or fedex package coming tell you where it is on the way. it is awesome. dennis: i have an a iphone to look at that? they want to be terminator. >> they do just want to be terminator right now. dennis: i know. >> but i think what about in the future? what happens when we move past smart phones? what is the next step? this allow us to interact with the world without having to go into your pocket. whether we want to do that or not is totally different story. dennis: next step will not be google glass. that will be google earing. even our stuart varney this very sterling plated brit couldn't help but try on the glasses. just had to d do tha have you had a chance to wear them. >> i haven't worn them myself. it is out in the irvine office in california. dennis: i say in google's favor the fact there has been casino banning it and bar says you can't wear that in there, that is deemization of bits. you can walk in with your iphone and videotape. what is the big fear factor going on here?
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>> for me, i wrote an editorial on this the other day. for me at least i guess you can do a hip shot with your iphone and take a picture of somebody are right? we had five people walking around a party i was at recently with google glass on. dennis: you were at a party with five people? >> tech party. nerdiest party around. okay. these guys could grab pictures of me whenever they want and don't really like th. dennis: but you're in public place. the average american is on camera 16 times a day. >> do i need to be on camera in private place like that or private party? >> no, i don't think so. dennis: take me to one of those parties because you're doing something you obviously have to to hide. thank you, todd. >> thank you. dennis: coming up on "money" the new york knicks are having their best playoff run in years. if that weren't enough, madison square garden is bringing out the big guns. new signature suites are on sale. will they be a slam-dunk for ticket sales? the president of madison
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dennis: that is one of the worst songs ever written. i think it is eddi murphy. but that not might have been eddie murphy. knicks fans will soon have something else to cheer about. besides their team cleaning up in last night's playoff game, madison square garden undergoing billion dollar transformation and the new suites will be icing on the cake. they will offer first class amenities but definitely for a price. will the first class amenities make it rain for the knicks? and what does it mean for the world's st famous arena? dave howard, president of msg sports. he joins me in a fox business exclusive. you got there into this new job one month ago after 21 years at the mets. you happen to be coasting on the fishing phase on a billion-dollar facelift. tell us about it. >> i have been amazed in the marketplace wching this project. i'm so thrild to be a part of it in this final phase. the third and final phase of this billion dollar transformation of the garden will be completed this summer. partf that third phase is
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the 18 new signature level suites. they are first class amenity suites that gain access to 200 sporting and entertainment events, center stage views for concerts, world class offerings in terms of food from greatest chefs of new york. it is one of these awesome entertainment opportunities, premium hospital for businesses in our community. dennis: msg i'm sure had these nice, nice top suites for years and years. how are these better? >> well the transformation did unlock the state of the art, most elite i think, highest end premium hospital tapt offerings in all of sports, certainly in this marketplace. event sweets on rit on event level, madison event sweets two rose up. those are sold out. the signature level is the third and final phase. 18 of these suites. if companies want access to premium hospitality at the
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world's most famous arena that is the signature level suites is the last remaining opportunity. dennis: 28, 58 and 18 are they created equal or the 18 are better than th 58 which are better than the 20? >> the suites are the ultimate experience. they are literally on the court and ice level. madison level suites, the old garden had the suites way upstairs. dennis: ah. >> the madison level suites are midlevel. close to the action. and the signature level suites are the next level up from that, have, terrific sight lines. center stage views for concerts which a big part of the offering. dennis: we have some prices here. ran a chart. tell us what these babies cost. one is a million dolla. >> we don't speak specifically about the pricin but the one of the asspecks of the signature level suites that is probably opens us up to another level of the marketplace because the pricing is le than what we were getting. dennis: you don't -- million dollars for event level. that is the 20 down closest, right.
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p 700,000 a suite for the middlend 600,000 for the last 18. this is that a 600,000 a year? >> again i will comment specif on those numbers. i don't think they're accurate, actually. dennis: they are too low, aren't they. >> suffice it to say that the price, since we've sold out the price is right. the value is the most importantelement here. dennis: you already sold out the 20 and 58. have you sold out the last 18. >> we're in the marketplace now. we're getting a very positive response. dennis: is it all corporate stuff? they're writing it off on taxes and taxpayers subsidizing that baby as business expense? or individual fat cats doing some of these swooerts. >> largely corporate. most by businesses. there are some individuals. it is a preum hospitality event a great way to drive business and a lot of companies are understanding that. denn: my tickets to events are included in the million dollars, right? correct. dennis: is that all included? >> food an beverrge is additional. dennis: wait, i'm paying a milln dollars for your sue and you're making me
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pay extra for food and beverages? shame on you sir. >> food and beverages are extra. 200 sports and entertainment events year. dennis: i have to buy beer at every single one of them. thanks for being with us. that is fun stuff. good luck knicks. thanks a lot, dave. >> all right. dennis: next on "money" if it think the price of your favorite cocktail suddenly jumped you're not half in the bag. we'll tell you why the cost of hard alcohol is surging. more "money" strait ahead. ♪ we went out and asked people a simple question:
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how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and th's a great thing. but even though we're living longer, one thing that hasn't changed much is the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪
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♪ dennis: and this time for a little fun with "spare change." today we are joined by kim seran from in touch magazine and marketing group peter shannon. we're starting off of the battle over bras. that's right. sir richard branson and a bit of a scuffle with virgin trains female employees who say the policy of their new uniforms is clumsy and see-through to revert to solution, offering money to buy camisoles to wear underneath is that a fair resolution? >> i think it's interesting. apparently vivian westwood, this
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8-the celebrity designer is the one that is designing for virgin atlantic, the virgin airways' bid you have a different kind of treatment. you would think that vivian west would have the funds d.c. to bosses, not the lower end. >> i was thinking, where does it -- the ieresting thing was the way when it first came out, we thought they were complaining because there were high and fashions that were designed to escape. turns out they're not that great fabric. the fabric isn't that nice. it's actually almost see through. i get it. and the trains are different caliber of employee. different caliber of customer. people on the planes the it's sort of almost second-tier level want to be concerned. 20 pounds for camisole is no way an idea. [laughter] >> you have to lose 20 pounds. it's interesting he lives in this 1960's culture where women
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i looked at and valued on their looks. if you think about it, the madman culture, a l of clothing designers are designing . panera public as a huge man and inspired clothing line. a lot of celebrities wearing at these days. dennis: i'm sorry. you are diverting way too far. let me ask you something be done employees get their backup more when a seal the company is a big high-profile guy like richard branson? would even be a story. >> yes and no. the thing about richard is everyone loves him. employees to me as one of t highest employee approval ratings in the free world. his 60's mentality, austin powers. he started virgin and went to jail two times because he was competing with the national airline. all that stuff. he is no stranger to controversy the funny thing is, one of the very few times that his employees and actually counted back.
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dennis: are moving on. the rising price of cocktails and spirits. have you noticed this? of the last six months the average price of these drinks rose four and a half to 11 percent at restaurants and surprisingly prices went up most at less expensive restaurants. have you noticed any difference? >> okay. >> it's funny. i live in new york. a $20 cocktail does not shock us. what you are seeing is that the price is going up the drinks and getting smaller. the debt storable days ago that showed a 16 oz point is not actually applied. i'm surprised they're going up. everything else is. someone said to my bed it apies to alllin all this and that became a story. dennis: people in a blank, but i want to say, it really ticks me off. >> and apparently this is on the notice of restaurants, not just
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ours began more likely than others in bar ifou were wondering get the end of a drink, but if it's combined, restaurant check, you may not notice as much because it thinking, pay for food. dennis: we will move on and disqualify. she has ot had to buy her own drink and a couple of years. okay. and now a money update on a huge diamond heist in brussels. police now arrested 31 people in connection with this $50 million diamond robbery. the highest was one of the biggest in history. the thieves broke through an airport fence dguised as police. they raided a plane cargo hold at gunpoint. what do you think? >> mark my words, one person talks. that is will brokerage. this would have been one of the greater size and the world. one person will it. that's always what happens. dennis: they're having this.
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they have to kill some of those. >> i was laughing because they just announced tom cruise and starring in the next mission impossible thought of it. this sounds like a plot that someone went in and pitch to doe be like, no, it'too complicated. dennis: in never going to see ocean 31. it jus doesn't work. five people maxed. you have the internet. you don't need 31 people. >> in america any has involving 31 people would never stay secret because some of them will put on the facebook page. >> pictures on is to iran. >> and they're going to now try to make me go as late as possible without wrapping because they have nerves of steel whereas i'm a rookie in a like doing this. thank you both right now. you guys were good. that is all the "money" we have for you tonight. it will see tomorrow. "the willis report" is next. ♪
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