tv After the Bell FOX Business September 12, 2014 4:00pm-5:01pm EDT
particular. some of them got a pop. [closing bell ringing] they're aid avoiding taxes. that did well. liz: punching up solarcity, up 4%. a nice move there. the bells ring on this friday on wall street. let's see how stocks finish. they're down. nobody should panic. we've had several weeks of a real win here. perhaps the bulls got a little exhausted. dow jones industrials off lows of session. now down about 61. nasdaq is down 24. techs have been a bright spot certainly. s&p 500, losing 11. standing at 9185. s&p 2000 and russell 2000 down 11 points. so much still to come. can't move. "after the bell" starts right now david: we've had a busy week. we're going into even busier one with the fed decision. break down all of the week's
action, look ahead with larry rosenthal, rosenthal group managing president and will tell us how high stocks will go the rest of the year. nicole petallides, we love her so much, at the new york stock exchange. mash sebastian joining us from the cme. mark i want to go to you first. i will not talk about stocks first. i want to talk about gold. gold, we've been so focused on stocks and apple, what is happening with new products, we missed the story on gold. it has gone down a lot past week. what is going on there? >> it has to do with the u.s. dollar which is showing some strength. gold which would normally a security asset and selloff like today. nobody wants to own gold in strengthening dollar market. that is why gold is under pressure and probably will continue to be under pressure. i do not like gold in the near term. that leads us to interest rates. i'm not sure why everybody is so afraid of the fed getting super hawkish. why would the fed get hawkish? they're worried about inflation.
if the dollar trentening against euro and goldman sachs is saying dollar might go one-to-one against euro, it will be hard for assets to really gain a lot of value in the united states because the dollar is strengthening some i'm not sure i'm buying this argument, kind of story of the day where the market sold off or real chance after major move in interest rates. i just don't see it. liz: and, the dollar hitting a six-year high against the yen, yet alone looking good against the euro. your own dollar would buy so much more. get to larry, what would you take with your dollars and buy in this stock atmosphere thaw foresee, i guess until the end of the year, larry? >> thanks for having me back, liz. we like a cross-section of american business. we're very optimistic in the market between now and end of the year. we think the s&p could, you know, crank on up to 2050 or some which isn't that big after percentage point movement. go back to the interest rate question for a second. we have expanding economy. interest rates are going to have to push up.
historically speaking when you take a look at it, when rates rise, when they change to rising interest rate cycle we still have another three to five years of economic expansion and markets grinding higher. agree with the first guest. we're optimistic and bullish going forward with equities over bonds. david: nicole, one thing that might not happen as much if interest rates continue to rise, people buying on the margin in order to buy stocks. we have a stock chart that we put together to show that there are some, sort of worrisome comparisons when you compare the current margin debt to past years. look at those other bumps. we're way up there in the blue right now. that's where we are now. if you go back to 2008, and you go back to 2000, of course those peaks in margin debt did happen just before we had crashes. >> that is really interesting because we start to see people taking a little more risk and going into that. they can get squeezed on these kind of moves. there were a lot of people who were bettings on some sort of a pull back after 30% gain last
year from s&p 500. not really getting it this year. so they get squeezed in this kind of environment. when you talk to people on wall street, some would say, look, in a rising interest rate environment you should be a little more cautious as people are anticipating rates may rise but many, many say, look, despite tough new geopolitical news. you have a market of path of least resistance has been to the upside. you need to tread cautiously in this type of market. liz: you could say that but larry, let me get right back to you, we got good consumer sentiment in members. i believe highest level in a year. retail sales, july retail sales upwardly revised. so you cobbled together three stock names. it is a real panoply here. a real mix what you love right now. gilead sciences which is biotech, chipolte, a of course a consumer name. could argue disney is too. disney a big media name. is there common thread woven through these three names where you say these are winners until
at least the end of the year? >> i think common thread there, liz, is a good cross-section of business. it shows overall economic expansion. we love the biotech health care space. and chipolte, just a great, growth story, when you take a look how it is expanding. and what is interesting bit, we have had some commodity inflation here earlier this summer. they were able to raise their prices for the first time in about three years and yet they had a surprise earnings beat of over 14, almost 15% in the second quarter. and then disney just views itself as a growth company and it is continuing to grow. i want to take a cross-section to show the point of overall economic expansion. david: mark, what are futures telling us what might happen next week with the fed? >> you know, into the fed i think you're seeing the vix futures, which represent forward volatility, really start to rally. we have september expiration. basically morning of the fed meeting.
october behind it. the october vix futures, which is volatility index futures is trading near 15, which when you look how the market is moving, the market is moving at a clip of 5% over the last 20 days. a snail's pace. yet, volatility futures are pricing in three types that. so there is real fear built into the market right now. on top of that, there were big huge vix call option buyers. you buy vix call options when looking to insure a portfolio. we saw a trader buy 150,000 of october 22 calls aall day. ran up the calls about 40 cents to 50 cents. liz: explain to viewers what that means who don't normally trade vix options. >> these are people that are looking to hedge a position. you buy vix call options or vix futures. when you're worried about fear or volatility marked increasing especially in low volatility market. what i think we're seeing a lot of people putting on serious
hedges into the fed meeting. now, the real interest thing is, typically when the market really hedges itself into meeting the actual effect of that meeting becomes muted. so i think we've got a real good shot of kind of a pop out of that fed meeting. david: hold on a second because we want to let our viewers know the vix is trading up at 5%. that is a significant rise, 5% rise in the vix is a big move to the upside. but again the volatility index, very often index itself is quite volatile. so you're not unact discuss topped to seeing five% rises or down, right? liz: what is interesting, david, vix was up 10%. david: it moderated quite a bit during the day. liz: you see the intraday future. nicole, can i quickly ask you, you talk about other things, if not the fed adding anxiety, maybe sanctions earlier today. you were on the floor when sanctions were announced, deeper sanctions against russia. you started to see energy stocks get hammered on this what are traders say about all this.
>> something that front and center. something looking closely and this is the eurozone sanctions is today's news. overall something they're watching carefully. however they keep a close eye on the dollar. a close eye on commodities. a close eye on economic numbers that come in. retail sales numbers, come in, i love seeing better numbers. all for it. but at the same time, why were they better? in fact we've had cautious consumer. was it because oil came down? because gasoline prices are down? because consumers have more money in their pocket? what was it? meantime weekly jobless claims that came in, they were worse than expected. so we're still waiting for some nice pops in the jobs market. we get mixed bag for economic reports. david: mark, i want to throw it back to mark for one last point which is that commodities are moderating in prices. not just gold. we had a great growing season by the way. so corn is, at an all-time low, when you think of how much is being produced right now. that is going to be easy on the consumer that. will give the fed, a lot more
leeway to move, won't it? >> exactly. i mean that is the whole point is. you've got the dollar rallying. and just, i was listening to a commodity trader tell me said, cure for high commodity prices is high commodity prices and that is kind of what we saw with corn and beans. when all the growers came in and planted a lot of seed and so we're seeing corn, a lot of those commodities soft and hard, kind of fall off. only thing really saving oil today was the russian sanctions. one little thing to think about. david: quickly, quickly. >> talk about the fed meeting. if that britain-scotland vote goes hay irwoo and don't end up voting no. markets will tank on that news. david: thank you for that. we have run out of time, gang. have a great weekend. thank you to larry rosenthal, nicole petallides. mash sebastian you get one more shot when s&p futures close. liz: one shot for radioshack.
two extremely dated words, radio and shack could explain why the retailer is on brink of bankruptcy. can anything save it or will it crumble. david: alibaba ipo, has wall street literally foaming at mouth as it prepares for what could be the biggest ipo in history. does all the excitement and buzz make it a good investment for you? we'll have a naysayer on alibaba. yes we found at least one. he is going to lay out his case coming up. liz: we were talking about crop prices. well, they are sliding. this is helping consumers out there, absolutely, it is hurting some investors and farmers. how low can the prices go? you need to know if you're thinking about investing. we're heading down on the farm. david: would you buy into alibaba once it goes public next week? tweet us@fbnabt. we want to know what you're doing with your money. your answers coming up. ♪ [ male announcer ] once, there was a man
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and a 30-tablet free trial. liz: talk of potential deal with google, sending shares of ebay higher? wow. david: head back to nicole petallides on floor of new york stock exchange with the scuttlebutt on this. >> no deal, what's the deal? we saw there were rumors circulating that maybe ebay and google were working on something. google may be interested in
taking a large stake in ebay. then it was reported that they said, ebay said we have no conversations with google about acquiring a stake in the company according to an ebay spokesman. so the stock was running up. the high of the day was 53.07. it closed at 52.19. still up about 3%. it was off earlier highs of the day. mobile payment is really the name of the game lately. maybe paypal have been part of this big chatter but in the meantime, for now, and google was not available for comment, ebay says hey, we're not talking with google. you got a pop at least for today. we'll see whether it resurfaces next week. i will be checking on it, that's for sure. david: very interesting information. could affect the stock price dramatically. liz: i would think, any kind of news like that. >> s&p futures will be closing shortly. head back to mark sebastian in the pits of cme. what do you see, mark? >> we're getting a little weaker into the close. you know, if you want to know where the s&p is going to go, dow is going to go, watch the
russell 2000 it started leading other major indicators and indexes last couple days. i think that will continue through the fed. you guys have a great weekend. liz: mark, thanks so much. david: alibaba is practically everybody in the universe knows right now is expected to ipo a week from today. the e-commerce giant boasts huge numbers. get this, 279 million online customers. $300 billion a year in online sales. it is largest online mobile commerce business in the world bar none. so should you jump in when alibaba shares begin trading? our next guest says no. he is emphatic about it. sean tully, "fortune" magazine senior editor-at-large. sean, i love your conviction on this but, i its contrary to popular wisdom, which is often wrong, popular wisdom, but 279 million online customers. 86% market share of a huge growing middle class. why would you not want to own
it? >> well, because the price is so high already. this is not even including the possible pop we may get when it goes public next week. that, the expectations for the growth of earnings are so gigantic this, company can not grow fast enough and get big enough to justify where you're going to pay up front. i ran the numbers on this, because you will want at least 10% return, david, to buy the stock of the is a very risky stock. if that is the case it has to go up by factor of 159% in 10 years. david: let me stop you right there. we're looking at some of your reasons why it needs to have a big 10% annual return. i got one word for you, google. >> yes. david: i remember, 10, 11 years ago it first came out, a lot of naysayers said same thing. its market share could never grow or return could never grow as fast as stock price warrants. we know what happened. could this be another google where the naysayers are proven wrong? >> remember where we have to get to, even if the stocks say stays
at $66. because the issue was oversubscribed we think it may go into the 80s, they would have to go to half a troll dollar market cap, assuming they don't pay a dividend which is very likely. they will reinvest all retained earnings to get there. david: right. >> how many companies have a half trillion dollar market cap? if they open at 80, they have to get almost 700 billion. ownly one company on the planet is -- david: apple. >> so that is what you have to assume to get really not a gigantic return. this is the opposite of value stock. you're assuming earnings going from 3.7 billion to 27 billion in 2010 years. david: there are other companies in the internet field that don't have good returns that do well with stockholders and i'm thinking amazon. amazon consistently failed to provide a profit for its stockholders yet its stockholders are more or less happy. >> amazon has very good capital discipline. what they're investing in makes
them more and more efficient. like when walmart was starting. reinvesting thing in capital expenditures and growth. getting better and better. david: alibaba is investing in crazy in all kind of things. >> exactly what you said. all kinds of things. movie studio. david: internet tv company. digital broadcaster. as you mentioned a soccer company. movie-producing company. >> all about growth with alibaba. they don't have good capital discipline. why are they not breaking out segment details on earnings? they're not talking about growth rates, not capital returns. that is what drives stock prices higher. they spent $8 billion in acquisitions since april mainly in cash. now they have stock they will go an acquisition binge and overpay. david: here what bothers me with alibaba, nothing what you want to talk about. 86% of market share in internet. no company in america would be allowed to have 86%. the only reason they have it
because they have buddies in government. a lot of people that worked for alibaba, you mentioned the movie production company, the head of that company announced was one of their censors, one of the government censors. they have this relationship with the government, hand-in-glove. yet they are listing on a u.s. stock exchange in which they will be competing with folks who could not go over to china and compete with them. that bothers me a little bit. >> yes. hong kong stock exchange wouldn't steak them for that reason because of governance issues. david: u.s. government is allowing them to operate on u.s. market. that doesn't seem fair? >> no, it doesn't. if you read their filing carefully, there are a lot of conflicts in their governance. as you said, an 86% market share is only explicable if you have a lot of antitrust exemptions, monopoly protections. david: right. >> that could be their salvation. one thing i may be overlooking into my analysis they continue to have gigantic market share. >> they have a monopoly enforced by government. you try to compete, a lot of
companies on u.s. stock exchange, same exchange they are on, if they went to china to try to compete with them, they would be shut down. the plug would be pulled on their operations by the government, no doubt, right? >> no doubt. if you have a 40% operating margin. that is catnip. that is magnet for competition. that is what should be happening in china. if it doesn't happen it is to the detriment of chinese con sewers. david: it's a monopoly, plain sand simple. >> it is monopoly. david. provocative article. thank you. liz, back to you. >> can anyone save radioshack from extinction or is the retailer going the way of the dinosaur? we'll find out whether radioshack is worth a second look by at least some company out there as it fights to stay alive. also one of the hottest cars in the nation. it hit a serious roadblock. a detail of a set back with the world's biggest automaker straight ahead. jeff flock, we were talking about commodities and grains.
you talked about a glut that has everyone chattering. >> i am not talking about it. i'm showing it to you. take a look at this. look at that. you could not see a better ear of corn out here. there billions of them. will tell you how big the harvest is, tell you we'll talk to somebody who i'm not sure whether they're happy or sad about it. stay tuned. ♪ whenwork with equity experts who work with regional experts that's when expertise happens. mfs. because there is no expertise without collaboration.
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able to be compatible with apple pay, joining ranks of american express, mastercard and visa. hewlett-packard playing $60 million after it agreed to pay because it bribed officials on government contract. 2015 corvette, one of the best-selling cars, gm will have to fix two separate issues on the model. one involving airbags and the other involving parking brakes. social media giant facebook reportedly trying to poach some of youtube's content providers to get them to distribute content on its platform. facebook delivers videos to users via news feed and creator pages. apple may beat blackberry to the punch but the canadian tech company will have one of its own line of wearable tech pieces including a smart watch? we're waiting to see what that looks like. [buzzer] we're fans of back berry over here. david: i love that bribery in russia story?
what a shock. i'm a shock to find out there is bribery in russia. we talked about, the country's corn and soybean farmers expected to bring in by far the largest harvest ever this year, according to new report from the department of agriculture. these expectations have driven corn and soybean prices significantly lower. liz: which leads to the question, how low will the price of grains go? hey, it is great we don't see inflation at grocery store but going right to the source, jeff flock at an illinois farm showing, not telling. >> i just talked to joe white out here who said, you know, is this, do you root for a big crop and low prices or do you root for less after crop and high prices? >> american farmer is always looking for a big crop. that's what we do best is produce. >> that's what the government said yesterday. putnam members up. i tell you, this really tells the sale. the prediction from u usda. 171 bushels an acre. the old record is 164. that smashes the record. >> you're right.
it is a big crop. as i said, the american farmer has once again surprised with their productivity. >> is there anything that can derail this? i'm looking at this field. we had great moisture. look at this mud. that's what we've seen, beautiful growing conditions. now you want it to dry up, right so the crop dries because you can't harvest too wet. >> we can harvest, costs more to dry it down. we have to get it down to moisture level to sell it at. >> is there anything that can derail this? we put up increasing estimates. we'll look another chart that is increasings estimates. the government has been jacking this estimate up. they say they're confident. is there anything could screw it up. >> the frost could hurt northern latitudes, even us we haven't black layered yet, which is physiological maturity of this crop. >> you're not in the bin yet. >> not yet. >> i will leave you with the prices. you mentioned that at the outset. look how much prices are down last three months. beans down more than 20%.
corn prices down 30%. that is you know, these are great years looking ears of corn. where is other beautiful one you had? do you have it there? is that a great looking ear? i tell you, you don't get as much when it is this good. david: wow, unbelievable. the corn as high as elephant's eye? remember that song. >> i am now. look at. that. that is a big elephant up there. david: it is great news for us. unfortunately not so great news for farmers and traders. thank you very much, jeff. good stuff. appreciate it. liz: not everybody can be happy, can they? david: no. liz: one side or the other. charles champ -- world champion boxer floyd mayweather is feeling pretty good. has the world's highest paid athlete looking ahead? he is in hot water about the comments i maid by elevator attack of ray rice on his own fiance. lee hawkins, from
"wall street journal" knows mayweather. david: looks like apple is getting swamped by iphone fans. they are rushing to buy the latest versions of its brand new phones some of which are sold out right now. you can't get them, even on ebay. next we find out how long it will take you to get your hand on one of the new iphone 6 models. stay tuned. ♪
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david: if you don't comply you will pay. that is what the national security agency yahoo! in 2008. they lettenned to slap a fine of $250,000 a day if they did not comply with the government's demand over data. yahoo! made the demand public after the government unsealed documents from formerly classified court battle over the scope of the nsa surveillance program. yahoo! said we refused to comply what we viewed unconstitutional and overbroad surveillance and we challenged the u.s. government's authority. what does this tell us about how much privacy and security these big tech companies can offer us? here is what danny yadron of "the wall street journal" who broke the story told fox business. >> what yahoo! will argue in this case that you know, these are relatively target thed requests but they are lawful. if you don't like these requests, the law should be
changed. but they have always said, you know, we will fight for our users up until violating the law. david: yahoo! shares were not impacted by the news. the stock rallied almost 4% hitting a new 52-week high. liz? liz: you've been to a radioshack lately. david: yeah, it was depressing. not many people there. liz: i know. but they're everywhere. the stores are everywhere and they're open but it has been such a tough road for troubled electronics retailer, radioshack after yesterday's very disappointing earnings report. and the stock just plummeting day after day. the ceo indicated the company may file for bankruptcy protection in the near future. one analyst even predicting the company will be bankrupt by november 1st. that's michael pachter of wedbush. i think he struck the price target to zero. what does radioshack need to do to survive? joining me now is a branding expert, brian kelley, brian brands founder and president. you've been around the block with a lot of down and out
companies, sears among them. do you agree, is there no other venue than the house of bankruptcy for radioshack. >> hi, liz. this goes back to my, what we say at my business. retail ain't for sissies. radioshack is in a tough place. you know, it has macroeconomic conditions facing it. it has been lurching around for the last five years or so and the mobility play didn't work for them. and now they're really in a tough spot. liz: tough spot i'd say. we are 91 cents a way from zero. that is where the stock ended today, down another 10%. listen, it has been worse. i think the stock was 55 cents the other day. restructuring part 38. they keep trying to restructure. now what? is there a way to restructure its way out of this situation? or what about getting bought up by somebody who likes real estate and likes the fact it has at least a footprint somewhere? you. >> said it earlier, they have 4200 stores in the united states.
that is a lot of footprint. i think they're overstored. i think retail is overstored. that is what we're seeing -- liz: they tried to close stores and a judge wouldn't let them. >> i understand that. it ain't for sissies. i think they have three things they should think about. one is, they really have a very weak presence online. they really need to really build a more robust online presence. their business model at the retail store is not really set up to fight at the price point. and they really need to be online and be more powerful. i think they have to find a way to cut stores out. i think they're overstored in this market. i think they need to become more of a destination. i think they will have to do what they're currently doing, among their strategic initiatives, rationalize their assortment and need to make the stores smaller, for that assortment. but i do think it will be e-commerce play. >> i passed one on the main drag in southhampton. folks, you don't know southhampton, it is like malibu,
aspen, very high real estate and suddenly there is a radioshack store. how are they affording this? they have to have some type of sales action. now brings me the question, what saves radioshack? is it the ceo? can he lay out the right moves for this company? is the man? >> well, i'm sure joe has a plan. i read the plan. i heard i in the earnings report yesterday. and it is pretty traditional retail plan. fix the stores. true up the assortment and double down on marketing and communications. but the challenge is they're a bit of a buggy whip retailer now. so much of their assortment away from mobility is in categories that is really kind of evaporating in the united states. diy behavior in the united states is really up for grabs. it hasn't been passed on. liz: why not something where they do have strength? caib, wires? the other day my son said i
don't have my 3-ds charger anymore. i would have loved to have been able to pop over to radioshack down the street in edgewater, new jersey. i'm a believer in radioshack. i think they need to change the logo. they had a sexy come merge out, hey come back to the 08's. used all famous iconic people from the0's. there is an opportunity -- '80s. they can make what a old is cool again. if they focus on a core business. >> i think opportunity for them in the future is internet of things. how do you get to interconnectivity between devices. i think wearable technology might provide opportunity for them in the future. we saw apple roll out a watch the other day. i think those are down the road. i don't know if they're going to last long enough for those things to become big enough to satisfy 4200 stores. liz: give me your odds of survival for radioshack? >> through holiday 5%. >> 5% are the odds. i would like to invite ceo joe
magnaca on. we'll give you a shot. we love a comeback story. we really do. brian, thank you so much. >> you bet, liz. have a great weekend. liz: you too. don't think i'm crazy. i think t-mobile should buy radioshack for real estate and for the stores. david, what do you think of that one? >> i don't know. 5% chance. that is a tough bet. it will be a tough sell for radioshack. many are saying nfl player ray rice will never come back and his career is over. history however has shown something different when it comes to similar cases. we'll find out whether rice could make a comeback like, for example, boxer floyd mayweather? he did it. from uber to airbnb, zipcar the sharing economy is booming in major part of many of our lives. fox businesses "the independents" went searching for the next big thing. they will be joining us straight ahead. ♪ hi, are we still on for tomorrow?
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smaller iphone 6 still shipping on schedule. worldwide demand is said to be high for the iphone 6 plus with customers in the france and u.k. say it sold out there as well. liz: nfl running back ray rice was cut by his team and suspended indefinitely after video surfaced showing him knocking out his then fiance in a elevator in atlantic city. that cost him $10 million. you can see him here dragging her out of elevator and costing salary and maybe rest of his career? david: that is the question. many say rice will never make a comeback but that may not be the case. take champion boxer floyd mayweather accused of domestic violence on multiple occasions he is being sued by his former fiance. the world's highest paid athlete. why is mayweather not paying the price? we have "wall street journal" celebrity reporter lee hawkins. mayweather did do time. it was nor than just a charge.
he actually did time. but the one thing about mayweather that is different from this case, no video. >> there was no video. he also maintains his innocence and says basically he took the plea bargain to avoid possibility of a longer, more severe sentence. the video is real a big part of this case because i think when people were able to actually see the damage that this man had done and what he was capable of doing is really, really, ray rice, yeah, it really, really did make a difference. had there been video of mayweather assaulting a woman, yeah, maybe the case would have been different. david: mayweather may have never come back if there was video? >> possibly not. i think it is different though because may weather more of an entrepreneurial athlete. in the sense he is in individual sport and he is the boss of the money team, his organization whereas ray rice has to report to the commissioner. he has to report, he is accountable to the coaches and everybody. and so that's the difference
here. i talked to mayweather about it and i asked him, you will be surprised at what he had to say. >> that didn't really rehabilitate me. what my thought is, basically tough times don't last. tough people do. i'm tough. i can get through any situation. liz: you want to talk tough, he has gotten through the situation after serving time. he is now the highest-paid athlete. it is unbelievable, the money. we can put up some of the prices and some deals he has gotten with showtime. >> yeah. liz: but he got, i understand a six-fight deal. >> 30-month deal. liz: 30-month. unbelievable how much here. hundreds of millions of dollars you're talking about. >> he is towards the end of that. that is the thing about this guy. he is an entrepreneur, in the sense that he knew that showtime wanted him bad and he knew that hbo, if they weren't going to fight to keep him he would cash this in. what he did now, he has become the copromoter and he rents out the mgm casino and basically pays all the costs and keeps a
big chunk of the pay-per-view. and now we have to remember that he did apologize for the statement that he made where he said that he thought the nfl overreacted with regard to ray rice but here we have another situation where he has got to go out there and promote the fights. what he does, he makes these controversial statements. he is a very flamboyant person. it is his job to actually roil up that controversy and in anticipation of the fight. i think that was a big part of the reason he made that comment. and i also believe that he carries a chip on his shoulder bit. because he does believe that he was innocent. he believes that he never struck this woman and we'll never really know the -- david: shows his react hundred to the initial state, his pullback on that initial statement, ray rice affair changed everything, hasn't it. >> definitely. especially with companies. you will see a zero tolerance policy when it comes to
companies aligning with athletes that have been involved with domestic abuse in any way. mayweather, ironically he down have any endorsements. >> really? >> hey, part of the reason is -- liz: showtime doesn't count? that is endorsement. >> do background checks on people, when you're hyper voice ab person on this, they're going into conference rooms and making that choice, that decision. they're having a discussion. do we want the possibility of him flying off the handle and making a statement like the one that he just made? and a lot of people say, well he doesn't need the money. but guess what? , andre agassi, michael jordan, they still have endorsements in their retirement, okay? mayweather is about to retire but i don't think you will see floyd mayweather boxing gloves with the name nike on it. david: interesting stuff. all right. hopefully he put enough money away so he can retire and live off of his earnings. >> hopefully not spend it all. david: yeah. thanks a lot. lee hawkins. >> lee hawkins.
david: you want to know what it is really like in the sharing economy? "the independents," denned did i -- kennedy spent a day as driver for ride sharing car service, lyft, sort of a competitor for uber. we'll find out what happened when we come back. >> robotics revolution barely begun. we'll tell you about a robot with a sneak-peek in the next big thing in robotics and how it could help you at home. ♪ whenwork with equity experts who work with regional experts who work with portfolio management experts that's when expertise happens.
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you guys did all kind of things. you got first-hand experience, didn't you? >> kennedy, our hostess with the most test, had a lyft driver, where you sit in the front seat not back seat because you want to have informal experience and talk with the driver, unlike here we do with new york and do a fist bump at end. they drive regular taxi companies say it ininappropriate to have that contact with passengers. this is taking off everywhere. david: frankly i don't like to talk to my cab driver. be in the back, doing high home thing. what i really don't like is paying taxes that cities add on to it, particularly here in new york. you have mta tax for to support corrupt people in the bus companies, et cetera. are they subject to all the same taxes that regular taxis are? >> they're not. incumbent companies have a good point, hey, look, we're under so much regulation, you guys get to
evade it all. what this does, hold as mirror up to the regulation. making you ask the question, why should new york city cost a million dollars to get a taxi medallion? politicians and cartelized companies get together to try to create barriers to entry. all the sharing economy companies are evasions or work around from that. what they're doing, applying downward pressure on that, and opening up more deregulatory environment. liz: this would in the "new york times," this woman profiled somewhere out west very much a part of sharing economist. on time off was a uber driver. also participated in other kinds of sharing economy companies like, you know, assistant for a today. >> kind of thing. and then there is airbnb. is this good for our economy? gives people options for piecemeal jobs? >> think about your classic tale of the actor who lives in l.a. what are you going to do? you wait tables. now you just don't have to wait tables. that not your only option. you could do taskrabbit as you're referencing.
driver for one of these companies. so many different things they can do. we're seeing people take the assets that they have and kind of rent them out on peer-to-peer basis. we become freelancers to fill up kind of this gap and make our lives more flexible. this is true for stay-at-home moms for example. etsc on ebay. david: competition works. matt, we'll be watching. that are you. >> thank you vich. david: the sharing economy special is on "the independents" tonight 9:00 p.m. eastern time. liz: great, great idea. if you are a bacon lover we have quite the dish for you. well it is not a dish but a beverage. does it sound tasty, drinking your bacon? we'll tell you all about it. david: seems like robots can do pretty much anything these days but what about filling your dishwasher? they can wash the dishes. can they fill them up? we'll tell you about a break-through in robot technology when we go "off the desk." ♪.
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gerri: let's go off the desk. bacon lovers listen up red robin as tasty bacon drink and drink it through a shaw and it is spiked. beam-'n-bacon boozy shake combines beam and bourbon and ice cream and bacon. it is available through november 2nd. david: i take the bourbon. hold the bacon. university of birmingham in england develop ad robot could fill your dishwasher. this is one of the first capable of intelligently manipulating objects in human-like grasp and blue harm and arm and huge hands perfect for grasping smaller items. took five years to develop at cost $600,000. liz: we asked on facebook an twitter whether you buy alibaba
stock because it is goings-on sale next week. todd horowitz went to say highly anticipated ipo will pop and go higher before it become as great short. david: fed decision next week. liz: indeed. "willis report." have a great weekend. >> i'm gerri willis. coming up on the show, more problems on gm, issued a stop delivery order for the new corvette. other car recalls you need to know before hitting the road this weekend. cab drivers in san diego, they're up in arms. they're being told to reduce victim's odor. smell testing cabbies legal? our panel weighs in. don't say we didn't warn you, a solar storm may be interfering with your weekend plans. "willis report" where consumers are our business starts right now. we begin tonight with a big u-turn on transparency by the obama administration. you heard of