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tv   After the Bell  FOX Business  August 28, 2015 4:00pm-5:01pm EDT

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we are flat on of week with back-to-back losses with the 1,000-point intraday loss that will be one heck of a week. and as a sausage as people are there will be a lot of betting and hedging to move around on the weekend to figure out to please themselves. yes in the end the dow as more of la positive uptake. the first go tour dash they webster -- ashley webster after a turbulent week. >> one of the most monstrous weeks in recent history at
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9:35 a.m. on monday now the end of the week and you are right we did see some downward pressure about 100 points it wasn't a problem assigned to you have a guess coming up up another 6% is the result from the oil stocks the. david: but that doesn't mean people will be doing things over the weekend they will try to reposition in their portfolio. melissa: oil holds on to the rally posting the biggest gain in six years. we have more on that.
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what a way to close that out >> to rally with the equities reheard the saudis were invading yemen. so if we could get that push higher i think it is of little more normalized. i am not sure getting above 50 is what we will see of the sec that drop. melissa: did we put in a bottom on whale? people feel they are further south. >> we are at aquantive bottom. just above 35 or 36 or $37 level will is probably not expensive than they will move into by. melissa: in the near-term? >> 50 i would say.
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48 '04 50 may be above or below a day or two but it will be a tight trading range cattle as one way or the other. melissa: convincing moves today. thank you. david: u.s. markets ending in the red as the stock gains come to an aunt -- to win and. we have our guest from u.s. managing editor, the nasdaq was in positive territory but with valuations we have heard they are going the opposite way of the economy. were they closer to where the economy is right now? >> our opinion is we are in a slow growth methodical grinding so stocks to want
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to go up but i do think we could go a little higher more in line with the economy fourth quarter. david: some people say it goes back to europe or china but deal get a sense this storm is over? >> it is a mystery wrapped inside a conundrum. i argue is of mysterious investors from back into thousand seven. not really injecting that note of uncertainty but the debate of the u.s. on a sugar high and also the debate with high-frequency
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trading. david: and some of that sugar has been scraped off. there is a sense of relief but what has changed between monday when we use of a panic and today? >> there was a moment if you were putting money into a broad u.s. stock but if you sneezed you missed it. they feel like china will not drag the economy down. if you put money into the market isn't as cheap as
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there is such a wide divide. there are many cheap stocks out there the indexes are dominated. david: it is up but from the eye from a couple of weeks ago. >> look at disney you can see this is what the company does and what turns how many people walking in the park if you look at the chinese stock market compared to the economy there is almost no connection. the stocks are speculated come a day are in the chinese economy with a complete disconnect. melissa: i want to get a and on this conversation. we have a managing partner from the show investors. but what julian said struck me how believe we have no idea what is going on there. is it possible it is worse
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than we think? have a slowdown at 2%? >> it is more than possible is highly highly likely that something is horribly wrong in china. whenever you have an economy like that that manipulates everything and cannot keep the stock market afloat something is wrong. we could block that it is a tremor that welcome back at some point in a big way. >> we would have been doing never ever what do you think is going on in china? >> it is fairly obvious year in the midst of a 2008 style crisis the one saving grace is that china's interest rates of my callers are still above 4% so if they wanted to they could ratchet
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down rates to stoke a recovery so i'm not negative how they will crash the world that will not happen. >> i think the better parallel is back to japan 1990. sharks trajectories within the economy growing very rapidly on the back of cheap money and government controlled banking, at a closed economy now is trying to move to a market system but that adjustment is very scary we saw in japan we have a stock market -- a stock market bubble. and on top of that with the financial market transition, you have a political system and to my mind one of the important stories is the prime minister may be under
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political pressure because of all the drama. >> when i hear comments from top u.s. government's although tim cook says he is doing fine to cell phones but there will be all lots of turbulence as the economy slows from dramatic growth may be below that. but if you are not fully invested in china as a u.s. investor i think you will be just fine. melissa: she makes a good case that tim cook did show great numbers is that their rearview mirror? >> no. the stock market is owned by retail investors underplaying petty stocks is
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a 2008 situation where the companies that manufacture themselves the consumer is still buying the apple phone and the boeing airplane so the speculator have blown up over a 12 month period it is the air coming out of the balloon and most people will be hurt. >> it was such a case of easy, easy go to suggest you may not have a severe drop says in the u.s. melissa: i believe your scenario more. [laughter] >> the and looked at the chinese that it has expanded incredibly fast and help to inflate the over total
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amount of debt and we need to look what will happen next and the chicken tariff we get currency moving. david: a lot of people are borrowing money to trade stocks how many times did you keep yourself to not buy something at the bottom? now we have jerry morales -- willis. >> if you look back at this market on monday it is only a i got at that time i will show you what you missed out apple with a 52 week low it is f-22 .7% and facebook now up 26% netflix now up 37% is
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amazing even twitter. i am telling you, if you were able to catch them as they fell you would have gotten a handsome reward. a few others quickly quickly, starbucks up 33%. ford up 32%. g. 29%. home depot of 28%. if you could hold your stomach to get to it and there you could sit freddie coming into the close. melissa: you are used to that but apple? that is extraordinary for one week. >> good news for american investors. david: and for somebody who time that just right but not me. [laughter] melissa: a turbulent week for stocks behind the
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historic week. david: donald trump plan to revamp the tax code. melissa: the best-- are yet to come george w. bush marking the tenth anniversary of hurricane katrina in new orleans.
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melissa: stocks on the move kind of pay a big deal the discount retailer reporting 2.8% increase of same-store sales marking the sixth straight quarter of growth and abercrombie and fitch upgrading the retailer to perform from underperform. also the target at $20 a share from $17. to new members, united continental and activation wizard will join next week.
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they will replace two others and both are up on the news. david: shifting on the first rate hike we have peter barnes at the fence annual meeting at jackson hole wyoming and has a huge interview coming up in 30 minutes. >> it will be with the president of the federal reserve paying of the atlantic and part of the voting body of the fomc and he will have to make the decision on when to move on interest rates. but we are so hyper focused on the timing of the first increase since the financial crisis and the markets are gyrating over all of this.
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i want to do talk about the big picture of what does this mean for the job and the 401k? he has been in different places when to raise rates and said let's get september then sometime this year. then in a few moments ago he said all the turmoil makes them less resolute. okay. but we will also talk about the big picture. david: six years of zero interest rates the most anemic recovery in history from a recession. they have day turnaround it has not happened.
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>> can it be better and do they have the tools and the ability to make a better? >> we will all talked about all of that. david: in 30 minutes they are on time there. melissa: and the hits keep on coming from the clinton emails scandal. >> florida is bracing for impact as tropical storm eric have heading to the united states. what if one push up could prevent heart disease? [man grunts] one wishful thinking, right? but there is one step you can take to help prevent another serious disease- pneumococcal pneumonia. one dose of the prevnar 13® vaccine can help protect you ... from pneumococcal pneumonia, an illness that can cause coughing, chest pain, difficulty breathing, and may even put you in the hospital.
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teeeighteen becomes clear the governor has already caused massive flooding and mudslides killing 12 people in the small island of dominica and several people were still missing. we're standing by in the weather center. what do you know, at this hour? >> it is changing a lot. is a lot different from yesterday. said dominican republic and haiti is what we are looking at. we will continue to see the very heavy rain that is good news as p.r. is under
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drought conditions but this island 10,000 feet elevation mountains under the best circumstances the strongest storm that will disrupt a stormy and this is week. by tomorrow morning there you go across parts of the bahamas and we will have a better idea with the future will be for florida. you are not out of the was the we will know by tomorrow. these are all the different models of the storm tracks. that is if it survives if we get into the waters that are much warmer event you can see some strength. between though low and mid '80s it is going into the upper 80s and much warmer. we could be looking at a landfall by monday. but a lot of spread we are not very confident on this
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one. somewhere south florida of monday morning. melissa: i am running for the mountains. david: former president george to be bush returning to new marlins 10 years after hurricane katrina to save the city's best days lie ahead. it is the costliest natural disaster from $150 billion in damages. but nearly 2,000 people died as a result of the flooding from the hurricane. a former student at a boarding school is not guilty of felony sexual assaults now 19 accused of raping a 15 year old fellow student while attending st. paul's is a new hampshire all the liquidity was convicted of misdemeanor sexual assaults in a separate felony charge carrying up at seven years.
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tom brady going back to the courts the quarterback will appear before a manhattan judge trying to get the union to come to a settlement over the four game suspension over deflate gate. some indexes were up after a tumultuous week what will that break - - bring? >> donald trump for brings on the tax code. coming up. we live in a world of mobile technology,
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but it is not the device that is mobile, it is you.
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. melissa: the dow wrapping up a very exciting and volatile week. in fact, the average daily-point swing from between session highs and lows this week was nearly 600 points. liz claman is standing by on the floor of the new york stock exchange with stephen guilfoyle. you guys must be exhausted. ready for the weekend. >> we were saying our necks were hurting from the whiplash right and left. stephen guilfoyle, aka sergeant has been watching and participating as a trader. in a word, how would you describe the action this week? >> you still take this? right. trying to be creative with the vocabulary. >> wow. it's been nuts. go back to last thursday, you saw moves that were incredible.
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and then all of a sudden it stopped. yesterday around lunchtime, up to today, if you take out dip caused by the computer glitch, we stabilized in the 1980s on the s&p 500. >> do you think that everybody who really makes a dent or a move in the markets is watching what the central bankers in jackson hole are saying over the weekend to decide before they trade on monday, what goes on? >> you know, yes, they have to watch, but like i just said, the markets stabilize once jackson hole started. i don't know how much all the other guys had an impact on. >> we know that jeffrey lacquer said come on, let's go, coacha said hold off until early 2017. it's been fascinating to see. but putting that all aside. what will you look for when futures start trading sunday
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night? >> i'm going look at the chinese markets and look at our charts. i'll be looking at my charts, every sunday at 5:00, i turn off the weekend and turn on the charts and prepare where i should put my money. >> and 5:00 a.m. monday eastern time, you've got to watch fox business, fbna.m., we have all the perspectives. guys, we've been running on coffee and star bursts. melissa: i love star burst, thank you so much, liz. david: politics hasn't just been sitting back, now to hillary clinton and a new e-mail controversy raising questions, this time concerning her husband former president bill clinton. fox news obtained e-mails from mr. clinton's reps to the state department asking for permission to do paid speeches in repressive regimes like north korea. this was shot down by the state department. hillary spoke to the issue when questioned about it by fox news's ed henry.
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take a look. >> the process that was set up in my years as secretary of state was for any request that my husband received to be sent to the state department, to be vetted. so it didn't matter where it was coming from. david: with me now, republican strategist noelle nikpour and jessica ehrlich, good to see you both. noelle, just to fill out what hillary said, she suggested when bill clinton went to north korea, he could gather intelligence information, sometimes help to release prisoners that north korea was holding, so was that a sufficient answer to put this issue to bed? >> she tried to make it a sufficient issue, answer, to put the thing to bed and put it to rest. if one thing the clintons are talented at, both of them, is creative vocabulary, creativity and trying to skirt the issues. so once again, it's a slippery
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attempt to skirt issue. david: yeah, well, jessica there's another sound bite causing hillary a problem, she thought it would help her with the campaign. let's play the sound bite and get your response. >> extreme views about women? we expect that from some of the terrorist groups. we expect that from people who don't want to live in the modern world. but it's a little hard to take coming from republicans who want to be the president of the united states. david: now jessica, you're okay with equating, trying to defund planned parenthood with terrorists that cut off women's head and torture women to death? >> i don't think she's actually referring to equating all republicans to terrorists here in that sense. david: no, no, she was equating, forgive me, she was equating the efforts to cut off
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planned parenthood from federal funding with the acts of terrorists. >> it's not just planned parenthood, it was also referring to the taking away the exceptions for victims of rape and incest in terms of getting an abortion. so that's what she's referring to in terms of the overall general arching antiquated ideas as to women's rights and what we can do and have access to in terms of health care. david: noelle, equating the rape and beheading of women with the efforts of republicans in congress, how are republicans going to respond to that? >> well, number one, this is absurd she said it, and i wonder if she said this extreme statement because she sees how much press bernie sanders is getting from some of the extreme comments he's made. but you know, the gop, we deserve an apology, if you want to know the truth, from this bizarre statement, comparing it. david: you're not going to get
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it. >> this is a bizarre statement. david: on the other hand, jessica, she is facing some criticism from fellow democrats, quite a few of them listening to the "new york times," former governor ed rendell saying the e-mail controversy, they've handled the e-mail issue poorly, not seeing this as a more serious issue, she should have turned over the server at the start. how is she going respond to fellow democrats on this issue? >> i don't think she's going to respond directly to the fellow democrats, i think she's admitted herself in terms of her team, they could have handled the entire situation a little bit before. so hopefully going forward would continue to see, i don't know, more transparency. this is going to continue to go on and be an ongoing issue for sure, ata least until october when they have the hearings in the house of representatives. so -- on benghazi. it will be a continuing issue and we'll be talking about it for at least a year.
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david: imagine the gop attack ads haven't begun yet, once they roll out, it's an issue. noelle and jessica, have a wonderful weekend, appreciate it. >> thank you. melissa: switching gears to king of the tax code, donald trump is set to release economic proposal to cut taxes on the middle class and raise them on the rich in the next few weeks. joining me is blake burman live from d.c. what do we know so far? >> donald trump continues to talk about how a tax structure would work under his watch. it appears this would be the next if not the very next policy proposal the republican front-runner will outline. trump told maria bartiromo last thursday, his plan is coming soon. >> we have to, at a minimum, we have to simplify, i'm coming out over the next four weeks with a comprehensive, like i did on immigration. >> reporter: in an interview this morning, trump reiterated that timeline and add he would
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be as you said, quote, the king of the tax code. trump continues to talk about cutting taxes for the middle class and corporations, they were singled out when maria pressed him for specifics last week. >> absolutely. a reduction in all taxes, but especially corporate and especially for the middle class. i mean, what we're doing to our middle class is inconceivable. it's terrible. >> reporter: trump has begun to target those hedge fund managers. he says they are not paying enough tax. the billionaire businessman has said he would be okay with raising taxes on himself and while that might not sit well with a bloc of loyal republican voters, trump has aligned himself with conservatives by saying it is worth the fight for members of congress to take on the debt ceiling. melissa: i can't wait to hear the details on this one, blake, looking forward to that. >> it's a lot of headlines or generalities here and there,
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but like immigration, he'll get to the plan in the upcoming weeks. melissa: no doubt. thank you so much, david. david: we'll be talk about that on forbes on fox tomorrow morning at 11:00 a.m. there is the fed decision on rates. atlanta fed president dennis lockhart sees a rate hike in the next few months, that is before the crazy week. has all the volatility made him change his tune? our own peter barnes asked him that question next. melissa: 15 seconds is all it took to get the entire internet talking. the new "star wars" teaser and how imax theaters are looking to capitalize on it?
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what did iran's supreme leader get in the nuclear deal? to start with, $100 billion. they keep their nuclear facilities and ballistic missiles. there won't be surprise anytime-anywhere inspections. and after ten years, restrictions are lifted and iran could build a nuclear weapon in two months.
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congress should reject a bad deal. we need a better deal.
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can a a subconscious. mind? a knack for predicting the future. reflexes faster than the speed of thought. can a business have a spirit? can a business have a soul? can a business be...alive? . david: will they or won't they raise rates in september? we might hate it but the markets move on every word coming out of the federal reserve as key members gather in jackson hole, wyoming.
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peter barnes is looking for hints from a very special guest, atlanta fed president. >> he may have to take a vote in the next few meetings. dennis, thank you for joining us on fox business. >> peter. >> let's get the timing question out of the way. you've been moving around on that issue, so right now, when do you think that you would vote for liftoff? >> well -- >> reporter: sorry. [ laughter ] >> september? october? >> i think the meeting, all the upcoming meetings, the next three meetings should all be live meetings, and i think we should keep our options open. i don't think i can ignore the events over the last couple weeks but think i have to evaluate them as a risk to the economy. always stay focused on the broad, general economy, not the
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financial economy per se, but the overall economy, and i have to look at that. my staff and i are just now beginning to process of evaluating whether there's likely to be a material effect on our outlook, based upon the chinese devaluation, the weakness in the chinese economy. the sell-off in u.s. equity markets. the drop the oil prices. the appreciation of the dollar, these are all factors to re-evaluate because we've been through a very tumultuous period for the last two weeks. >> reporter: but you have a meeting in 2 1/2 weeks and you thought it would be appropriate to move in september, but told our friends at market news because of all of the turmoil that you're now less resolute about moving in september, may want to wait. >> i have 2 1/2 weeks before i
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have to raise my hand or not, and so in that period, i plan to take a look at all these questions and come up with a fresh point of view. >> and we have key data points, the jobs report next week and some other things. all right, so you will look at that. let's step back for a minute here, we're so hyperfocused on when the fed will start to raise rates for the first time since the financial crisis. i fear we're getting lost in the weeds. the big picture for folks worried about their 401(k)s, worried about whether or not the economy is going to stay on track, might be afraid with all the headlines, we're about to fall over into a recession. what is your message to them? >> we're not falling into a recession. the economy is performing quite solidly, i think, most of the data recently have been positive and have confirmed my basic view, that is we're
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growing at a moderate pace, we're making steady progress in employment markets, and i have every reason to believe that will continue. >> reporter: but as you know, we're so far seeing growth of around 2% or so. wages are still stagnant, a lot of people adjusting for inflation, haven't had a real raise in a long time. what about that? what about getting to -- we did have the gdp report that showed the second quarter was at 3.7, but overall, going 2% a year, is there any way to get that going better and stronger and help get wages higher? >> i think, you know, from a fed official's point of view, monetary policy is extremely supportive of the growth we have been able to achieve. to substantially improve on that is going require a number of things that are not strictly speaking within the policy said
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or not the job of the federal reserve, and i'll just give you some example. we have aging infrastructure, so infrastructure has a lot to do with the internal efficiency of the economy, has to do with the productivity of the economy. so that's one example. questions are getting are wage growth, distributional questions related to inequality, you know, we need to address those, the country needs to address those issues. but monetary policy is not the right tool for doing that. >> reporter: that's the political sector. >> right. >> reporter: hold that thought, we're going to continue this conversation fair little bit more of exclusive content on our website, foxbusiness.com. another three or four minutes with dennis lockhart of the atlanta fed. thank you so much for your insights today. back to you. melissa: thank you so much. want to bring in dan mitchell, senior fellow at cato institute. jason and jack are back as
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well. dan, start with you, what's your reaction, what did you hear there? >> the thing that encouraged me he recognized it's not the job of the fed, not the role of monetary policy to try to fix problems in the so-called real economy. if we're worried about a bad tax system or overregulation, if we think the burden of government is too high, tinkering with interest rates, have the fed do a tight money policy, those don't fix those problems. that's encouraging. on the other hand, i still heard him saying yes, we're going to try to fine tune the economy. that's how you get trouble. melissa: jack, that's what i heard, too. it wasn't a we've committed to, this stick to it sort of thing, they said we're re-evaluating, been a rough two weeks, tumultuous is the word he used. >> stop treating this like it's physics, they don't know what they should do and it could go either way. the safest route is to keep with the plan they've been signaling but do it slowly.
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the u.s. economy is not going to grind to a halt because rates go from 0 to a quarter point. if a quarter point difference decides whether you buy the house right now, guess what? that house is not a good deal. you shouldn't buy the house. i don't think business is going to slow down, i think they'll be more consistent and signal to people after so many years of rock bottom interest rates, maybe things are getting better. melissa: yeah, jason, he said monetary policy has been supportive of growth? i don't know, we haven't seen a lot of growth. >> well, it depends who you talk to, and what income class. i think that's what he is addressing as well. that's obviously a huge topic. gdp okay, unemployment going down, jobs 200 k+, but the main issue is are people making more money? and really the answer is no. that is an issue, is it temporary? who knows. but the bigger picture is short and sweet, the fed wants to raise rates. i was watching the interview at
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jackson hole with fisher, one of the biggest dogs of them all and said he's leaning towards a september rate hike. the economy is doing okay. whether it's september, october, december, i don't know, i think it's going to happen this year. melissa: dan, he said we're growing at a moderate pace, we have every reason to believe that will continue. i don't know. we'll see what they do. thanks to all of you. appreciate it. david, to you. david: the late-night lottery for registered voters. why jeb bush is raffling off the hottest ticket in town? that's coming up. also a piece of ashley breaking up with madison. the ceo checking into the heart break hotel. that's next. you totalled your brand new car.
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>> ashley madison has caused
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more than a few breakups recently but this one might be the biggest yet. the ceo is stepping down of ashley madison parent company after a recent hack exposed millions of its users. deirdre joining us now, and, diedre, i'm wondering if this could be the beginning of the end >> it seems like that, david, although if you look at the statement that the company put out saying that its ceo stepped down. saying we are currently looking for another ceo. so, david, i don't know who would take that job. bill there it is. the company will be led by senior management until a new ceo can be found. that was exactly what was in the statement. so not sure who would want that job. but in addition to this hack, which you and i have been covering, we've been covering on the channel, 37 million users hacked. there seems to be another source, at least two other sources points of contention if you like, david, it seems as if the 12,000 women who were supposedly on that site or rather 12,000 women were the only ones that had real
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data. the rest were fake. so that's obviously an issue for the company and then of course people who paid for their data to be erased and, in fact, the data wasn't erased and reading on bulldogging, this is really what got the hackers angry and led to the hacks. >> people faking on ashley madison, hard to fathom that. diedre, thank you very much. and we'll see diedre at the top of the hour on risk and reward. that's about five minutes from now. you don't want to miss her show. melissa >> because it's on main street or wall street, here's who's making money. jeb bush, the presidential candidate turning stephen colbert's late night debut into a fundraising opportunity opportunity. bush has sent letters to potential supporters offering a vip to colbert's first show for a $3 donation. the winner also gets an all expense paid trip to new york for the event. and if you're directv user, sprint will give you a year's
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worth of cell phone service for free. wow. sprint's promotion is designed to attract at&t customers after at&t bought directv a month ago and gives discounts to someone who links them together. and also lebron james has taken his talent and money out of south beach. king james selling his miami home for $13.4 million, it is a nice profit since lebron paid 9 million for his home back in 2010. it has six bedrooms and 8.5 bathrooms. just what you need. the force is growing stronger. just four months until the latest star wars movie hits theaters. the new sneak peek that has everyone talking and i maximumu. ready to cash in olympics has alt five million athletes in 170 countries. the microsoft cloud allows us to immediately be able to access information, wherever we are.
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is it keeps the food out. for me before those little pieces would get in between my dentures and my gum and it was uncomfortable. just a few dabs is clinically proven to seal out more food particles. super poligrip is part of my life now. >> all right. it is the 15th second sneak peek that has everyone talking. watch. >> there's been an awakening.
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>> i can't wait. four weeks after the star wars release, every single imax screen in north america will show nothing but the new film. good idea? >> i love it. i can't wait. >> didn't i that's clear. here comes risk and reward. >> all major averages are in a technical correction. the traders have been left flailing around, they didn't know where to run. 1,089, that's painful >> i don't see this as a correction. bubbles don't correct. they burst. the next stop is about dow 6,000 by late 2016. >> 80% before it runs its course >> the dow gained more than 440 points at one time and then in the last 30, last 15 minutes of trade, the average turned negative more than 200 points. >> it's so hard for anybody to

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