tv After the Bell FOX Business June 14, 2019 4:00pm-5:00pm EDT
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and what do we see major averages off, positive for the week, gold suddenly the trade of the day, up at 15 month high, have a great weekend. melissa: a big week for workers, president trump wrapping up remarks about health care and expanding coverage options for small businesses, we have breaking dee tate on -- detail on that, and dow fighting for gains into the close, s&p 500 struggling to end in the green, that looks like it not average, all 3 averages finished out week in positive territory. i am melissa francis live at p e beach, california for us open. connell: i am connell mcshane
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in hong kong, we'll tell you when street protests might resume, and we'll talk about the business climate here as well as business climate in china. some fresh views on trade war, what comes next, they are coming up this hour in hong kong. >> great stuff connell, first we begin with breaking new in white house, straight to edward lawrence with details. reporter: melissa, president putting focus on healthcare now, today he did look at a new marine one he will be flying on. but he is talking about health care, what he did today, was he changed or expanded real of the he'll reimbursement -- health reimbursement arrangement rule that now allows company to put in workers to put money to a pot for workers so the workers can look for a right health care plan for them in the individual
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market. the president opening avenue, saying this i allows companies o sort of subsidize health care in the private market. >> expanding health reimbursement arrangements or hra's, they will allow american workers to shop for plan that is right for them and their family and have their employer cover the cost. reporter: these are pretax dollars that go, this reverses an obama administration rule that would not allow companies, preventing them from doing this. president believes this would make it easier for smaller businesses to go forward, and offer competitive health kara, range. dodgadministration hoping it wil
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reverse an alarming trend. >> from half of businesses to now about a third offering their employees healthcare. reporter: that is something that president wants to change, the new rules go into effecter january -- effect on january 1st. melissa: thank you, let's bring in today's market panel, jack howell and caroll roth. jack, your first take on what you heard there about the plan. >> a new option for certain types of employees in small businesses to buy healthcare, it is way too early to did a victory lap on health care and costs, this is new, what matters here is what the plans will hook like and how much they will cost on the left, they are concerned that plans will be too skimpy. a path for business to give employers a set dollar amount,
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but now this group is under served this a new option for them. melissa: caroll, do you think that is a step in the right direction? >> i think it depends how you look at it, if you look at it within confines of current system this is great, anything that gives individual more choice is good, and anything that happens small businesses be more competitive and retain and attract talent is good, but it does not address larger issues of health care cost. buts system needs to be burned down, but in confines of this system it is good. melissa: broadcom lowering full year revenue guidance, guiding chip related stocks lower, jaco floor of the new york stock exchange. reporter: hello, that is right, broadcom was a big story was day, taking a 2 billion hit to the guidance for the year, citing sales to huawei as main reason. the other chip stocks down in
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sympathy, the dow was able to recover for a while there, but closing in the red, down 17 at this hour, i want to talk about the chewy ipo that happened today, first trade at 36, well above 22 dollar price. closing at 34.99. it was a 59% gain for chewy, on-line pet retailer, petsmart owns about 3/4 of that company. investors with an ipo appetite. finally, stocks down today, dow 17. but still positive for the week. visitors taking this wait and see approach. trying to decide how they want to be positioned. that flight to savety of already made, but the stock traders' to see a deal with china, they were hoping something positive would come out of president trump's meeting with president xi at the
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g-20. melissa: joe biden calls out amazon for note paying -- not paying federal taxes, the company is hitting back, ashley webster with details. reporter: a twitter spat between joe biden and e-commerce giants amazon. all about america's tax code biden tweeted out, i have nothing against amazon but no company pulling in billions of profit to pay lower tax rate than firefighters and teachers. amazon in return fired identify a tweet, saying that former vice president is misdirected. quote, we pay 2.6 billion in corporate taxes since 2016, we pay every penny we owe . congress designed tax laws to reinvest in the u.s. economy, we
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have. 3,000 u.s. job, assume vp biden complain is with the tax code not amazon biden tweet had a link to new york time story on study that says 60 company on much in 500 -- fortune 500 including amazon did not pay taxes. bernie sanders calls this a disgrace. >> those job created, what a disgrace. reporter: terrible. melissa: thank you, jack and caroll are back with us, jack, they designed the tax system, amazon is playing by the rules, they say they reported 3.4 billion dollars in expects, that went toward investment and job creation. >> they are right. this is a company that for years. if they found a loophole, it is not something shady, they talk all moamoney they make and theyt
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in future growth, over next 5 years this company will bring in 250 to 300 billion in free cacheflow, if you are not satisfied with taxes that amazon is paying wait a couple years, there no way to get around taxes with an ai amount that large. melissa: right, and if you don't like that amazon is not paying as much taxes compared to small businesses or others, you should lower the other taxes, the answer is not tax amazon more that money goes to hands of government they waste. >> amen to, that and whole conversation about big bad bezos is silly, they never point to the part of tax law they should change, for a long time amazon did not make money. should you not be able to carry forward your losses.
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they never gets into the particulars, this is a big bad business talking point, and it is getting tiring. >> details don't make crowds of ill informed people cheer. >> right. melissa: i hate fake bluster, jack and caroll thank you. all right we have live coverage from pebble beach in california continues after the break. i'm talking with annika soa sorenstam, you don't want to miss it. >> new signs giving us positive out look for the economy, white house council of economic aidvis advisers givens us his take, and latest from the oil tanker attacks in the gulf, a live report from the pentagon coming
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blocking tugboats from taking damaged vessel away could fox news jennifer griffin is live at the pentagon. reporter: we just learned that iran tried to shoot down an american drone on two separate occasions in recent days,u official tell me 4 tugboats considered to pull the norwegian owned tanker have been prevented from doing so by iranian gunboats that have surrounded the stricken tanker, at first iranian put out a press release say they rescue sailors, official now tell us one of the tanker crews were detained by the iranians early thursday morning after first being rescued by another merchant vessel. >> i am from russia. this service was excellent, they have hosted us well. reporter: 23 sailors are present
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in the video, u.s. navy said it rescued other 21 sailors from the other oil tanker that was attacked, important to remember the 23 sailors detained by iran have been held for two days against their will, u.s. central command released this photo showing what it says is an unic exploded mine attached on the hull of one of the tankers. this is video showing what they claim is proof of the iranian involvement in the attack. the guard boat removed the un exploded mine from hull, iran deny they played any role in the attacks. they have been treated and returned to their ship, and preparing to you to the stricken vessel to port, iranian vessels remain lurking nearby the
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damaged hull, the unexploded mine is same type of find used to attack 4 oil tankers last month in the same area. melissa: you know. i know that u.s. military has been talking about potentially escorts the oil tankers in the state of hormuz, what do you -- in the strait of hormuz. >> what is what happened in 80s during the famous tanker wars, u.s. military warships did escort ships, commercial ships through the strait of hormuz, right now we're told from u.s. defense officials there are no executive orders or orders to deploy or to for any of the navy ships to escort ships. but, they are very tense, and they are moving quickly in that region and it is hard to know what will happen, coming days, particularly if there are more explosions targeting tankers. melissa: terrific reporting as
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always jennifer thank you. >> taking their message to white house, j.p. morgan ceo jamie dimon and representatives of business round table meeting with president trump this afternoon, ashley webster is here with the details on that. what happened this? reporter: good question, you say jamie dimon was there with business round table, mr. dime -- dimon said that meeting with president was productive and hopeful about prospects of getting a trade deal done with mexico and canada but no further details of any other subjects, only that getting north american deal done is a very high priority. member of business round table, have expressed worries about impacts of various trade wars involving u.s., president is also by the way bashing fed chair jerome powell against in a interview with george stephanopolous. president said that feds actions of raising rates have held back
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the economy and hurt the markets. >> frankly we had a difficult person in federal reserve that would not have raised interest rates so much we would have been at least a point and a half higher, but he is my pick. i disagree with him inentirely. reporter: how about that for a come, if we had a different person in federal reserve he probably would n not have picked powell. the president said that his criticism is putting fed chair powell in a box, he responded yes, but he would do it yesterday because he waited long enough. that is the latest on jerome powell. melissa: a lot to pick apart thank you. >> my pleasure. melissa: day two for one of biggest golf events of year, u.s. open here at pebble beach. looking at leaderboard, justin rose, erin weiss, rickie fowler
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and a host of others, horvat one of the fav-- rory mcilroy one of favorites coming off a big win last week tied for 12, tiger woods tied for 27. but really the buzz you should see the crowd that is following tiger and justin and jordan spieth, they are the group that everyone wants to watch when they are not dodging deer in the fairway. another beautiful day here at pebble beach. more coverage from the green coming your way, i am speaking with kevi kev hassett kevin hast the time us what he thinks about state of our economy. >> and connell taking us back to china, protesters getting ready to hit the streets again, what do business leaders in hong kong think about this in that is coming up. the lexus es...
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melissa: positive signs for the economy, american consumers are spending more in may, joining us kevin hassett, white house counsel of economic advisor chairman, what do you make of this data, how do you compare it to the jobs number, the last one of light, how do you reconcile the two different data points. >> numbers today were a breath of fresh air, there were a couple things we saw that were a little bit in between. and one thing that i have been saying, on fox business for a while is that income growth is so high we're expecting
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consumption growth will catch up, given we had revision to april, strong may, the consumer is finally spending the higher paychecks, i think that market got a little bit ahead of its worries about collapse of get to, we're on track for a 3% year. melissa: really? do you think we could see things accelerating right here, getting better? >> yeah, i think if, you think about it you mentioned there were some uncertainty. almost everything is getting resolved but right now still a question mark if we can work out a deal with china. there is no much, with mexico agreeing to control the border, and nafta light, that we believe will pass sometime it year. and you add that up there is as up upside risk as down side risk right now, until we saw a good sprecentral production and retal sales today, you have to wonder.
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in this case we have revision of past spending, we're expecting spending to go up because income growth is so high, we're on track for a 3% year. melissa: do you think that tariffs will be a drag whether it is battle with china or anywhere else, whether to do with farming or any of the places where we have seen the bumps already happen, do you think that will be a drag? >> what happened is that there are a number of tariffs put in place, that we carefully designs to put maximum pressure on china while causing minimum hard to u.s. consumer, we have strong consumer spending today with inflation numbers that are headed south, inflation decelerating, suggests that our targeting of tariffs have worked well, there pressure on china to come to negotiating table but we have put tariff to thing we have close substitutes for does not
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come home to hurt the consumer very much, does not mean there is a lot of gain to be had if we have a deal with china, that is another reason we have could a big u upside in second half of e year. melissa: farmers have been hurt, and remedy that washington tried to put in place to rectify that president tried to make the case that no matter what americans are not paying for tariffs, a lot of economists and others disagree saying that company are passing those prices oi want to play the argument that president made today. >> manipulating the currency to pay for it they are manipulating their currency lower, vi -- even lethal hurt them badly, they are giving money to company, honeys and thousands of -- hundreds and thousands of companies are moving out of china so they don't have to pay the tariffs. melissa: do you see evidence of
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currency manipulation in subsidys? >> we've seen movement in currencies, if i were in a court of law that proves it is manipulation would require quite a bit, the president is right, currency has moved and right that a heck of a lot of china businesses are moving to other country, to u.s. and other parts of asia, mostly vietnam, there is a lot of reason for two presidents to sit at g20 and discuss to where we were close to a deal. melissa: is that really what the president wants? there a push to decouple the u.s. and china to get the businesses who enact their plan bksb and move stuff to vietnam r else where and make that relationship less -- less, c codependependent.
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>> use firms sell as much in china as china sells in u.s. so if we could make china join the community of nations have same rules that everyone else does, a lot of u.s. firms would look at more production in u.s. for sale in china that would be good forever u.s. workers, there is a big upside, where we are now we have tariffs in place that put pressure on china but not a lot on u.s. consumers in a negative way, president is not in a rush to get a deal, but he you know sees you the upside if bee could get one. melissa: does he see upside to having less of a relationship with china, have they become too powerful in terms of debt they hold over other countries including u.s., and terms of technology, holding a lot of country and u.s. hostage? >> you know china has you know played by different rules than everyone else, that is what
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we're trying to stop. but president trump emphasized he and president xi have a relationship, in tha if that cod us in the right direct that would be good. and getting them to stop doing that is a progra potential big . melissa: kevin hassett. >> thank you. melissa: hong kong forecast -- pro thefprotests to resume this, we go to connell mcshane who is reports from china. connell: been quite a week here. in hong kong but things are calmer on this friday, protest again controversial extradition bill are expected to resume though, on sunday afternoon. in meantime we've been talking with some hong kong business community about whether all this unrest might change the climate
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here. >> challenges are anywhere at any time. right? but hong kong is always very good position for people to start business, because for people like myself, i am born in raised here, and i have the education, you know i know the chinese culture as well as western culture, this is actually in a very position here. >> hong kong -- i see there is huge potential in the market, for us we see still under penetrated there is a lot -- we see that we can still expand to the region. >> for logistics there a need, you know if you consume or if you have shops and you unretail, there will be a need for logistics, i think this would be fine. >> it has not affected us. we have been always fortunate to be able to find good in hong kong too rebuild the, we would be able to continue to grow in
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hong kong. and we hope to do so. connell: along these same lines more perspective in the hour. back to you for now in pebble beach. melissa: connell thank you. >> and after the break, we're giving a look inside at golf part even you taking over the nation, i am speaking with eric anderson, top golf entertainment group chairman, we are sitting down with annika sorenstam, world golf hall of fame member, stay with us.
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i want to have the ability to easily transact online, great selection of funds, great advice, everything in one place. helping people in their working years and beyond. that's financial wellness. talk to your employer or start a plan at prudential. melissa: first democratic debate lineup announced, the 20 candidates taking the stage in miami two weeks from now to pitch their ideas to american people, hoping to win the white house. we go to ashley webster with details, they widdled it down to 20. >> you can't say that with a straight face, 20. a huge stage or they are two details? there will be wednesday june 26, first debate with tankan dates -- 10 of the candidates, that would include cory booker, liz warren, o'rourke. and klobuchar you know what i'm
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saying, they will be in the first democratic debate on night one, then on untiling evening thursday june 27, we have debate night 2, bernie sanders, kamala harris, joe biden, pete buttigieg, that will be interesting, we understand that the names are put in to a box and drawn by an individual each candidate had an individual rep on hand to make sure there was no funny business. they get about a minute to provide answers to questions, they get a 30 second follow-up and closing statement but with so many candidates, to stand out from the crowd, you have to make every second count. i believe they will run for 9 to learn on wednesday night -- 9 to learn on wednesda9 to9 t9 to-- d the same thursday night. >> in second group have you
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biden and sanders together. everyone was wondering if they would put them on stage at same time, people would say would they watch the other ones, they are focused on that, interesting good stuff. >> thank you. >> we love politics. melissa: no doubt, driving the change in sports entertainment, pop golf in-- top golf inspires people of all skill levels to take a swing at game, here is eric anderson, top golf entertainment executive group chairman, have you 55 locations, 14 under construction. this destination amount taking off in u.s. and world, but in u.s., we're seeing malls go away. like this is what people diso, y go out to enjoy themselves. >> top golf, we're known for being's leader in that area, all about bringing experience together and letting people create almost their own experience in the environment they try to provide to them with
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technology and our great. >> last time i takes to you, about potential to is the rate market, have you how many of these can you have. then you have people coming after you and ripping it off, you have answered that question, like coming up with whole new contents for example, connecting driving ranges all over the country wherever they might be and making it a fame to play -- a game you can play against other people in other ranges. >> sure technology we see all of the time here, but u.s. open, we're able to bring that technology literally over driving range in the world, you are right, that turns that whole world not into a practice network but a global game network, what is fun, the parents you know their kids, we have lift in younger group, that has allowed to us take our brand of connecting people in
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meaningful ways, we share in common that is important idea. melissa: this is a little like pelton, you can play and connection with people in other spots, you can get a lesson but also idea you can essentially golf with your buddies, if they are not all in the same place, how receptive have clubs been? >> we're doubling almost every quarter in that business, we are in 19 countries, we opened in japan, korea, and europe, we seeing that but people get engaged with their friends, we think working with colleagues at pga tour and lpga we threat thescreatethose experiences wit. melissa: you can lock up that before someone gets into the, and you know tries to compete with you? >> well, everyone you know free
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market. people, we're comfortable with our position, and what we're doing how fast we're growing. but you know competition will make us better, we work hard with people to build a great experience. melissa: it is also if you have enormous facilities, i know so many people takenb kids they have -- taken their friends they have pears ther parties there yk about smaller locations as well. >> we figured out a way to make them smaller, 72 bays and smaller facilities that are super high quality, there no loss of brand or experience of top golf. we're really excited bodywork our development and design teams, and response rear getting from the smaller communities who' to have that top golf experience. melissa: it has to help there are a lot of young guys on tour right now who you know have a
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fun, cool image, as opposed to golf used to be an older sport, i don't want to insult it. >> i am older now be careful. melissa: you have the guys on tour that are cooler. >> they are cooler. melissa: does it make a difference in the glbs business. >> absolutely, all players in other sports they embrace top golf, we bring the game to people in a way that is not hard to get, to feedback from our technology makes it fun. that is what gblg engages youngr people, and tour grayers are pls are great, and last year we worked with the pga wives on the charity event. >> you are so smart. good for you. thank you. >> thank you. melissa: all right coverage continues from beautiful pebble beach, later in the hour,. and connell has more from china.
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connell: when we come bark at american borne venture capitalist who is base inside beijing, he has a unique perspective on the trade war, some ways he says that things will never be the same. wra and i recently had hi, ia heart attack. it changed my life. but i'm a survivor. after my heart attack, my doctor prescribed brilinta. it's for people who have been hospitalized for a heart attack.
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melissa: connell mcshane sits down with ben harbor from nsa capital, and speaking to him about what he is experiencing foexperiencingfirst hans hand ad china might be decoupling. >> i see an urgency, they need to decouple their reliance on u.s. core influence and build things localy or know they can source them from japan or taiwan or else where. connell: cracking down on gte then going after huawei, what are bigger picture views, the ripple effects, you deal with a lot of companies i am sure that are impacted by, that what is going to happen because of it.
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are motives or en sensitives changes? >> on u.s. side i worry about it you have a lot of ship companies in u.s. >> broadcom costs forecast. >> right, problem is delivery devices where the chip are input. america has done great job for targeting them for next billion consumer, you go to africa and middle east, they are using android phones they are built in china. and apple and others have priced themselves out of that market, i worry about our ability to deliver to new markets if we're not going with chinese phones. >> interesting. and from huawei point of view if they can't do business with u.s. companies they will do it
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themselves or not capable of that. >> i think they are working as hard as they can to solve, that i don't think anywhere today they will be able to resolve core component issues, they are very important depend on these, but, you know we understand that engineers in huawei are working on 24 hours shift no one has been able to leave the office since new hearing came down. our view is that it is not going to happen overnight, but in longer term they will work. connell: we come back 5 or 10 years down the line, nobody has a crystal ball, how much different will it look? will we be in two different eco systems? are they going to live together. >> depends on how quickly things can be pulled back, i think that huawei to a degree is part of a bargaining trip over trade, that possible to be reopened if settled, i don't know, but i think that some wounds are
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irreparable, there was a vulnerability they discovered, there will be a lot of work to develop, and capital markets launched a shanghai new stock board, through supply chains, working domestically and through targeting markets ex-u.s. they feel they are not going to be slapped with tariffs. connell: country can could successful in that environment. >> i am sure they can, but short-term there will be pain. connell: china or u.s. >> probably china, short-term china. >> thank you connell, we're back in pebble beach, after the break. i'm speaking with golf legend annika sorenstam, member of thee world of golf hall of fame. >> when we come back to hong kong, we'll tell you where we are going next, we have a special week of shows plans for next week here on after the
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>> this is very cool. a rare look, carnival preparing to go inside while we headquarters. watch this. >> we are leaving hong kong melissa tomorrow morning. we are driving across the border into mainland china. to visit the city known as china's silicon valley. that is where we will join you from on monday.our special series of reports on the challenge of china will kick off with a rare look inside the headquarters of huawei. the company at the center of the trade war between the united states and china. >> i can't wait to see that. tune in to after the bell monday for pm eastern to catch the interview. with the huawei vice president. we will also be on the ground with drone company dji.
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also my guest is regarded as one of the best female golfers of all time holding more than 70 official victories including 10 major championships here now we have -- thank you for joining us pay less time to talk to we were celebrating a huge win that tiger had at the masters. so is racial for anyone that's ever been down and out. you see someone build all the way back what you think of how he's playing? >> in 2000 he won big time this is, just watching him after the masters i think he's just you know, he is the guy you're looking at a masters or just the majors in general. before we really didn't think he will be contending but now he's a favorite to do well. i think that's a good start, anything can happen. it will be interesting to see how he does next few days.
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>> were distraught about the excitement of getting more people into golf. on the men side there are a lot of young cool guys that sort of have made golf cool and inspired people around the us and on the lady said your tummy is a lot more global. >> i think so. if you look at the top 10 you have from new zealand or canada. it's a little bit more of a mi . but as far as the top players we have a lot more international flavor. >> was the impact of something like that? >> first of all overseas we generate a lot of money from t.v. and merchandise overseas. that's where the superstars are. i think it's been a nice mix and also think the u.s. players a little more they want to be sure they are up there. whether is thompson were -- i think they are doing well but a little bit more that is what they need. >> are watches of the players warm up behind us on the green.
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there's also shops behind us. you know i have to shop and weigh at work and i saw a cute jacket and itwas yours. your brand . how are you taking advantage of the athlete leisure business? 50 million in sales with the brand. how is it going? >> us will thank you. it could be yours if you get it. >> it's been a fun thing for me to do actually we have quite a few years. as for as women it is something i wear all the time. anna finnegan it's been the -- is something i wear dropping the kids off or going to the grocery store. it is all about feeling comfortable and like what you
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wear. >> was your impression of the play here? real quick as you watch, what is your take away? we people coming up behind us. what a beautiful day. >> it doesn't get much better progress open, if you just watch this is it, the scenery is beautiful per the golf course is setting up really well. look at the leaderboard there is some good golf players at the top.it is fantastic. if you do not tune and i should tune in for the weekend.>> you think justin rose will take it all the way to the end? >> you know he did that not too long ago but obviously we are watching ricky.it will be nice for them to break through. probably the best player without the title. and then he is phenomenal then last but not least tiger. >> i'm going for justin rose. thank you. appreciate it. i think we will be right back. i don't know what's going on here. there we go! that does it for us here. take a look behind us as we have more players going out,
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annika, what do you think? if we ran out there and hit a few balls you think will stop us were tactless, would they care? >> i think they would enjoy it! maybe get a few pointers. first of all we can always learn something. >> that does for us, bulls and bears is up next. >> elizabeth warren proposal that cancels student debt will soon be one step closer to reality. even if she doesn't become president. the massachusetts democrat senator planning to introduce a bill that will cancel student debt for millions of americans. hi everybody i am david asman thank you for joining us this is "bulls & bears". jennabel anaya pal, adam, jackie deangelis, gary b smith and jack, thank you. warren hoping to limit up to $50 in student loan debt f
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