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tv   After the Bell  FOX Business  July 17, 2019 4:00pm-5:00pm EDT

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the u.s. economy expand relative to the rest of the world. [closing bell rings] we want expanding emerging market. that will allows to move away from china. liz: master limited partnerships. there is the bell. no more win streak for the dow. melissa: netflix, ibm earnings due out any moment. we'll bring you the numbers that make a big impact on markets tomorrow. the dow closing down 116 points right now at the session lows. s&p 500, nasdaq, negative territory second day in a row. i'm melissa francis. well. connell: i'm connell mcshane, welcome to "after the bell." president trump leaves for north carolina. shows no backing down from four
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freshmen congresswoman. bernie sanders is about to outline his "medicare for all" proposal. he is doing so at george washington university. if he has any suggestions at all how to pay for it. a heat wave expected to hit 2/3 of the country. what you need to know about that. if the city's power grid following massive black out here in new york city. melissa: fox business team coverage. gerri willis on floor of new york stock exchange. blake burman live at the white house. deirdre bolton at the newsroom with netflix earnings. i see some numbers crosses here on dow jones. i think we'll get to those as soon as possible. sorry? let's go to deirdre bolton right now with those numbers. deirdre. >> taking a look at netflix. 60 cents a share. that's a clear beat what analysts were expecting at 60 cents a share. if you look at revenue, want to be kind with netflix, say
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exactly in line. if you want to be critical, a slight miss. wall street looking for 4.93 billion. 4.92what netflix posted. to put it in context, a gain of 26% comparing this quarter to this time last year. looking at earnings again, to keep it in context that represents a bit of a drop from this quarter last time. we'll watch for more details. , how will netflix respond to more and more competitors. franchise titles it purchased. licenses it lost. "friends," is comes to mind and "the office" is another. i will look at subscriber counts. it beat on earnings. ever so slight miss on revenue, as we see it sending the stock
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down. melissa: we want to tell our audience. revenue guidance, third quarter revenue 5.25 billion. earnings per share for the forecast for the third quarter, $1.04. that is the numbers, third quarter, 1.04. 5.25 billion. connell: market reaction is not positive. jonathan hoenig, and jonathan myers, curt knudson the cyber guy. we all -- real quick for melissa. melissa: total international streaming memberships 156.1 million. go ahead. connell: guys, reaction is quick and to the downside. john meyer, i will start with you, revenue in the current quarter may be a little bit light but not much. possibly the outlook is something that investors are looking at more. what do you take away from
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numbers we have so far? >> i think it all has to do with the outlook here. i do remain bullish on netflix in the long term. however i have hesitation around the stock in the short to medium term. that is due to competition rolling out this year. i think one of the players that is extremely underrated with this is apple. their heavy focus on a small mum number, compelling chosen movies, opposite what netflix is doing, throwing a bunch of paint on the wall, figure out what works. a cost of extreme amount of money, a prolonged worry. connell: an issue for the company, jonathan, how much money it spend. you have a totally different landscape. >> whether at&t, disney, comcast all the other competitors, not just on content by price. as a technician, we watch the
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stock closely, we're not able to hold the february lows. we have new lows, dramatic selloff off the close. this could be a beat, buy the rumor, sell the fact news. the fact so many techs is doing well, this is underperforming now, i think that bodes poorly for things moving into the second half of the year. melissa: they say they are looking to grow by seven million paid subscribers. that just went down off the screen in the next quarter. what is your reaction to that, seven million, jonathan? >> seven million is ambitious. 350,000 were expected here in the u.s. we're digging into some of the numbers. it is all about attracting those eyeballs. net flex changed the game. not too long ago they were selling, sending dvds through the mail. they had to reinvent themselves
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again and again. the difference, costs go up, even as competition intensifies. that is why the stock is down. connell: curt, one of the bigger picture how we all use the streaming service as year from now, five years from now. is it netflix plus disney plus and you know, nbc service and all the rest? or is it some of those instead of netflix? how do you see this playing out? >> connell, i'm not sure how we get that information will change how we get that content will change dramatically who still leads. i think what we want to watch for the barometer is the k, content being king. what is the weakness for netflix out here in hollywood they lost the two major rerun comedies that really have been staples at netflix. that is "the office" and also friends friend. that's gone. they -- "friends."
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seeing major competition with disney plus, universal comcast coming to battle them. disney plus with marvel. they have "star wars" under their belt. those are some big swingers. melissa: i think we are supposed to go to deirdre real quick with more headlines. third quarter global streaming paid in net additions they see seven million. that is the number i was trying to get before. give us more color. >> that is a reason why you will hear the bulls talk about netflix going forward, being a strong play, best in class in the streaming category. i want to explain a little bit some pressure we're seeing on the stock in after-hours. this is about additional international subscribers ads. we're pretty saturated. analysts were expecting 4.7 million additions internationally. netflix posted for the second quarter 2.8 million. that is making the stock sink
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like a stone right now. i also want to highlight as far as domestic, the company lost 126,000 streaming. so you know, this quarter as far as net adds is clearly less than what netflix at one time guided for and what wall street analysts were looking for and by a lot. connell: let's go to john meyer about that and the stock reaction is quite severe down 12%. if you look at percentage basis, john, netflix was supposed to added basically five million streaming subscribers. almost all of them were supposed to have been overseas, to deirdre's point, 4.7 million. only 300 some odd thousand in the united states. all their growth was supposed to be overseas. not only miss that number, but miss it by a mile. when you're supposed to have 4.7 million and post 2.8 million, that is a huge miss. what is your takeaway on that kind of a miss on that kind of a number? >> it's a huge miss.
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what could be happening internally, what seems to be the case, there seems to be in the last quarter or two a serious and significant internal reshuffling and restrategizing of towards. you saw this reported in the last two months in the information where they reported that, netflix, had to make a serious change in the original content game. shift focus throwing a bunch of paint across the wall see what works, slimming down costs, restructuring strategy, spending a lot more time looking at data, figuring out what bets will work before they go and invest in these, you know, soon to be hits but what i think could have happened that reshuffling could have taken away some of the focus from the international growth that clearly netflix has missed out very, very significantly on. the other thing that will be interesting to watch, see what other international competitors have been gaining steam in the last few quarters, that could be
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taking some of the steam away from netflix. connell: those are good points. they could come up on the call. maybe john is right again, so focused on disney coming on, hbo max, all the rest, the business you're supposed to be growing to keep your stock price up is overseas and somebody took their eye off the ball? i don't know. maybe we'll find out like i said on the call but this is a big miss. >> exactly. connell: go ahead, curt. >> seeing domestics fall, rather than expected to see something close to 300,000 adds. to have those fall out is bad news for netflix. they're way up at the top of the game. will echo what john says is true. the word on the street, structure internally at netflix, i don't know if it bears a correlation with results today, but they are definitely getting more focused how to create
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content not only engages the viewer but retains subscribers. they're looking for things they can air, not just one off "stranger things" that has done so well but how do you create content that hangs on to the subscriber. connell: jonathan, one final point? >> not just numbers, but stock reaction to the numbers. netflix was overvalued. overvalued quite some time. that gives them valuable currency to make acquisitions and good content. the valuation beginning to contract. the stock is only up, was up 37 percent year-to-date before this number. only up 10% year-to-date. given back a lot of those gains. connell: 11% drop after-hours. thanks to all three of you. more on netflix through out the hour. thatthat is a big mix. president trump is set to
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depart for north carolina, any minute he leaves for the white house, to head up a rally. the fallout from the feud with these progressive democratic congresswoman. what we can expect from greenville. that is up next. melissa: plus a generation in need. what age millenials say they expect to still need financial help, oh, no, from their parents. i don't think we need to know about this. connell: you thought it was 12? melissa: yeah. connell: a grieving father lost his entire family in one of the deadly boeing crashes making an emotional plea on capitol hill. his message to lawmakers. how he expects congress to take action. that is ahead. >> boeing should not be allowed to act like a mere investor company, to supercharge wealth for investor concerns instead of safe. they should change the engineering focus.
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i'll pass. connell: more breaking earnings news. this time ibm reporting its second quarter results. let's get to gerri willis. what do we have? reporter: beat on earnings. ibm with a beat,. revenue right in line with estimates. 19.16 billion for revenue. that represents and actual
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decline year-over-year. revenue has been the achilles' heel of ibm. ginny romedy. the company having 22 straight quarters of negative care sons on revenue. they have not been able to repeat on that. shares are higher up 3%, result of this earnings release. they're doing better on a beat on eps. cloud software revenue up 5.65 billion. gross margin 47%. funny the stock was trading lower today. it was unchanged after-hours. the numbers come up, they are moving higher, up 5.7%. so's going on with at&t. we'll continue to follow nothing yet on red hat. we're waiting for news if they have anything to say about the 34 billion acquisition, the biggest in ibm's 108 year history. haven't seen anything on that
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yet. we'll let you know if we do. back to you. connell: fair enough. ibm up better than 4%. better than netflix. thanks, gerri. melissa: president trump getting ready to leave for north carolina on campaign style rally. for more on all of this, blake. reporter: president will leave later this hour for the campaign rally in north carolina. the pool over here at the white house, the group of cameras responsible for covering any sort of comment here was called in a little while ago. we expect to get some sort of remarks from the president before he heads to north carolina. whether be here or at the campaign rally tonight. you can expect back and forth continue between the president and those four democratic congresswoman, the issue suddenly erupted over the last few days. the president earlier today on twitter said tonight in north carolina he want to talk about the economy, wants to talk about the stock market but also said the following, tweeting quote. i will also talk about people who love and hate our country.
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mostly love. now republicans are sticking up for the president today by trying to shift debate on policies and past comment made by some of the four democratic congresswoman. coming to the defense of the president today, the head of the republican national committee, the hud secretary, dr. ben carson. >> some of the things that have come out of the mouths of these four freshmen congresswoman is offensive, it is anti-american and the president is saying listen i love our country. >> he is not a race i've and his comments are not racist but he loves the country very much. reporter: every single house democrat voted to condemn the president's tweets and subsequent remarks. house speaker nancy pelosi ride to draw a distinction that it was president's words they feel he was racist. >> we were not saying he was racist. we were saying that the words he used was racist. that was as gentle it could be considering inappropriateness
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and disgusting nature of what the president said. reporter: speaking of house speaker pelosi, i'm told, connell, melissa, house speaker, along with chuck schumer on the phone with treasury secretary steve mnuchin who is overseas in france right now to talk about the deb ceiling. that conversation conversation lasted a half hour i'm told. nancy pelosi would like some sort of a resolution by the end of this week so they could move forward potentially to raise the debt ceiling, potentially next week. back to you. melissa: blake, thank you. connell: let's go to tim murtagh, director of communications for the 2020 trump campaign. he is waiting for the president at the north carolina rally. talk to you about what blake was reporting on, comment and in the context of the campaign. this is a campaign rally tonight. some suggested president's use of racist language on twitter is on purpose from a political pure speculative. he sees some sort of an advantage in 2020 by bringing
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race into the conversation. what do you say to that? >> well i would say that donald trump is who he is. donald trump loves this country. he makes no apologies for that. he works hard every day to try to improve lives of all americans through his policies, the great economy and so on. when he sees people who do nothing really every day except run down this country, denigrate this country it bothers him. he went public with it. it is not first time he is critical of statements like that other people made. the effect of this is that "the squad" as they call themselves, has now, they are the face of the democrat party. you can see, even in the presidential campaign, "the squad," aoc, talib, omar, pressley, they are the ones who have been calling the policy shot all the while while other 23 democrats are running for president. it has been clear to us a long
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time the freshmen members of the house who are the leaders of the democrat party. the president brought that to the fore. connell: the face as you call it, tim, of the party, using race as a way to do that, that was on purpose politically. >> the president never mentioned race. in fact never mentioned any of these members by name. these are members of congress elected officials in the united states, who ratherly have a good word to say about this country. they think it was founded on evil. they think it persists in evil today. that is what the president was calling out. it is media that is running around going down all these rabbit holes. the president was calling out folks who larry have a positive thing to say about the united states of america while serving in the united states congress. that is what he was talking about. connell: let me ask you about tonight. as blake said the president told us on twitter earlier he will talk about jobs, he will talk about the economy. many certainly of his supporters think he has a terrific story to tell there. he also said at the end of that
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tweet, he will speak or implied he will speak about this feud with the democratic congresswoman. so seems like he wants to keep it in the news? >> well, nancy pelosi has ceded control of the house of representatives to these four freshmen members. that puts it in the news right there. that was clear yesterday with yesterday's floor action. the president again doesn't like it. when elected officials, members of united states congress have terrible things to say about this country. he loves this country. he talks about it all the time. he will draw attention to it. it is a good contrast between the president who views america as leading country in the world. america is not perfect. it is only best country on earth, however. he will take issue with those who are elected officials who rarely have anything positive to say. we sure expect he will talk about tonight. connell: big crowd will be on hand already gathering behind you before the president even left washington. thanks for coming on.
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we appreciate it. >> sure. melissa: look at netflix shares sinking after-hours after netflix reported adding fewer than expected subscribers in the second quarter. the streaming company added 2.7 million subscribers internationally, falling short of the wall street estimate of more than five million. on a positive note, the company saying percent two weeks of the third quarter are starting with "stranger things." season 3. that has them off to a very strong start. connell: that is an obsession for a lot of people. democratic candidate bernie sanders taking his costly pitch to voters in d.c. today amid growing tension with the rest of the field over how to best provide health care. why critics now say his progressive push could backfire in the 2020 race. that is coming up next. key portfolio events. all in one place.
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washington today. democratic presidential candidate bernie sanders pitching his "medicare for all" plan. this would cost, this plan, between 30 and $40 trillion. over the course of 10 years. let's go to hillary vaughn live on the scene with more on this speech. hillary? reporter: connell, bernie sanders still speaking and making his case for "medicare for all," he and former vice president joe biden continue to dual over health care plans. bernie sanders wants to ditch obamacare in favor of "medicare for all." so he is is on the stump defending that but biden wants to keep obamacare and build on it. in iowa today he took his shot at "medicare for all." >> that means building on obamacare with a public option. look, but now there are a lot of people running in the party who want to get rid of obamacare, start over with something new. folks i'm not for that. they're well intended.
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they are all good people. reporter: today sanders calling out biden and his fellow 2020 contenders to not take donations from big pharma or health care industry. sanders moments ago making a pledge not to accept donations from drugmakers and health health insurers. >> the debate we're currently having in this campaign and all over this country, has nothing to do with health care but it has everything to do with the greed and profits of the health care industry. reporter: campaign finance records show that former vice president joe biden has accepted donations from health care executives and companies. we'll see if they're willing to give that back once they're put in the hot seat today. connell? connell: as the speech continues. melissa. melissa: here is giano caldwell, doug schoen, former clinton pollster and fox news contributor.
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gianno, let me start with you, bernie sanders "medicare for all," he says he estimates it would cost 30 trillion to $40 trillion. any serious economist will tell you if we keep things the way we are it is much more expensive than that our current system is more expensive, that this 30 to 40 trillion would be less expensive. what do you think of that? >> in 2017 we spent in terms of health care including public and private $3.5 trillion they're estimating by 2026, it is going to be about $45 trillion. i get that but problem with "medicare for all" plan you're going, you have hospitals and doctors that don't currently all accept medicare. so then you will have to force them to accept medicare. reimbursements are lower, there will be a fight how to get that done. this is a tax, a major tax increase for all americans. we're talking about some who are the poorest among us would have to pay more in taxes and this is
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very disappointing to see democrats who are challenging trump, which we have really good economy, running on a tax increase. it doesn't make a lot of sense to me. i don't see how we win with the messaging. melissa: doug, every time you ask them about the numbers, they say they will soak the rich for it. they will have a financial transaction tax, if you look any country that has done that, they always fall way short of what they thought the revenue was going to be, as soon as they tax it, the thing runs away, runs to go hide somewhere because it doesn't want to be taxed to death, whatever it is and in this case financial transactions would just go overseas. >> well, that's right. the other thing melissa, if we tax financial transactions, push the personal rate up as high as 70% we're going to kill the economy, kill the market. the other problem i have with all of this, so-called
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"medicare for all" is it also will undermine private insurance. so i see this as something that is calamitous. it will cost us, democrats i think in the general election, the election, certainly with swing voters in swing states. so i think this is just a profound mistake on the part of bernie sanders. melissa: gianno, returning to biden now, when he says, that he just wants to build on obamacare, that people like that option. he is just going to make it bigger. even adds you know, that if people like their employer health care, your health care plan you can keep it. if he missed that whole thing where that turned out to be a lie? >> right. there is lies and delusions that we're seeing in the democratic party and when we're talking about socialism, ideas being pushed forth on the left, they're really endangering their party's standing. it is good for us.
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i'm a republican and a proud conservative and what we're seeing especially "the squad," folks like bernie sanders and elizabeth warren, the proper prominent they become the american people elects them. doug is right this is disasterous for their party. now how we create better health care for all make it as reasonable as possible but bernie sanders hasn't hidden the fact everyone would be taxed with his health care plan. the only people saying otherwise is kamala harris, oh, we'll tax wall street. you just mentioned that is preposterous. money will leave. melissa: doug, i owe you one more next time. >> not a problem. melissa: thank you, connell. connell: switch gears to the emotional speech we saw earlier on capitol hill. a father lost his wife, three children and mother-in-law is pleading for boeing to make changes. listen. >> my wife and my mother-in-law knew they were going to die. they had to somehow comfort the
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children during those final moments knowing they were all their last. i miss them, every minute of every day. connell: we will tell you coming up what changes the devastated families are proposing. getting the trade talks back on track. our guest comes from the think tank of chinese ministry of foreign affairs. very close to the chinese government, how they view it what their side of things is in terms of trade talks, where they're heading, not heading. that is coming up. ♪ your... partner? not again. limu that's your reflection. only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ ♪ ♪ award winning interface. award winning design.
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melissa: heart break on capitol hill. emotional hearing as families of victims of boeing 737 max crashes testify on aviation safety. kristina partsinevelos is in the newsroom with the details. kristina? reporter: moments before, 30 minutes before the hearing started, boeing announced they hired compensation expert, you have ken feinberg will distribute about $50 million to members of the victim's families. this will be independent of any lawsuits because right now there are certain lawsuits against boeing for negligence. you brought up some of the members of the families and the victims that spoke today in the testimony. one of those men was paul jnjoroge. that is the man on the screen. 35-year-old investment professional. he lost his entire family, his mother-in-law, his wife, his
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three children. he remains haunted what could have been. >> i think about their last six minutes a lot. my wife and mom-in-law knew they were going to die. they had to somehow comfort the children during those final moats knowing they were all their last. i wish i was there with them. reporter: nine-month-old, a 4-year-old, a 6-year-old. he went on to continue saying that the faa shouldn't have allowed boeing to police itself and he questions boeing's reese intentions. listen. >> it is hard to trust the boeing, with their apologies given that they have not reached out to us and i do believe that they did that in the days leading up to the paris airshow because it is for commercial reasons. i believe it's a publicity stunt. that they just appeared on cameras to apologize to the families. reporter: he and other victims
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filed a lawsuit against boeing for negligence. back to you guys. melissa: kristina, thank you. connell: really tough stuff. we have more headlines, more breaking news on the big story we've been following this hour, netflix's earningses report. the stock is still down 11%. the company is partnering with at&t it says to integrate netflix into their new set-top box. that is a interesting partnership. the stock is still down as i mentioned by almost 11% after hours. as we've been reporting, that miss on paid subscriber growth especially overseas. a big miss internationally killing the stock. interesting partnership with at&t. melissa: absolutely. temperatures heating up across the nation, what you need to know heading into the weekend. as cities get even hotter, experts warn of major power outages in new york city, washington, chicago, how officials can prevent this from happening, what you can do if it happens to you. that's coming up.
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melissa: breaking news sexual assault charges against kevin spacey have been dropped according to the nantucket case. 18-year-old man accused the actor of groping him in a bar in july of 2016. we will continue to monitor the
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story. we'll bring you any updates as we get them. charges in that case in nantucket dropped. connell: on to the weather now, with more than 70 million people under heat watches, warnings, advisories, more than half the country will see 95 degrees or higher over the course of next seven days. rick reichmuth in the weather center. rick. >> really uncomfortable heat going on for everybody. probably takes the rockies, anywhere to the east, that is where we got it. this is what it feels like right now across the country. 109 in kansas city. 104 in memphis. 111 last hour in memphis. 104 in richmond. this heat will get a little bit of a break across the northeast only tomorrow. that is because of this line of storms. behind that, things cool down a little bit. the humidity comes down a little
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bit, very temporarily. tomorrow is the day to get outside to do anything you need to do. the heat in the central part of the country stays there, it builds towards the east. we have heat advisories. look at 100 degrees in north platte. you see a respite comes towards the northeast, very short-lived by friday. 90s towards the northeast. heat indices this afternoon, really hot. heat indices tomorrow afternoon, really hot. peak for the east coast is on saturday. connell: saturday. rick reichmuth. melissa. melissa: power companies are warning this weekend's heat wave could lead to blackout in major cities like washington and new york. big apple lost power. we were mad at bill de blasio because he was nowhere to be found. if it happens what should you do.
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author of be prepared, not scared. when we heard the warning bill, got us thinking, if you have government officials telling you might be a blackout in your area over the weekend what do you do about something like that? >> well you need to do an assessment. no who you are, know your capabilities, no who your loved ones, meaning are they active, elderly or invalid. in case an emergency happen how would you be prepared and not be scared. melissa: what does that mean? how do you prepare? say you live in an apartment building like someone i know? >> it is about what-if scenarios. in your mind do you have nonperishable foods a couple days, bottled water, power goes out. maybe buy ice cooler, so you can stay cool, where would you go if the blackout lasts more than a day? do you have an exit plan, a or b plan, get out of dodge or get with friends and relatives.
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don't count on mass transit. the power may be out. melissa: i see on the list we have on the screen, it says plan your exit strategy, assess your capabilities, say the power goes out. what is the first three things you do? bought the ice and cooler, things more important? >> i will have my go bag. that go bag will be in a place i know. i will have my flashlight. i will have my back up batteries for the phone or pc. if i have a medical device for loved ones. i have all the things on mental, physical checklist if lights go out. depending how long it is do i have a a or b plan to get out of the city. or have to go old school, use my
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feet and walk. melissa: if there is no mass transit, there are bunch of blackout, in new york city. somebody filled their bathtub up before the lights went out, because they knew water used electricity in their building. there would be no water. there are common things for us. we don't live in perfect world. mistakes happen. have these things. it is in my book. you don't need my book. need common sense. make sure you have ice or nonperishables. food in the stores. make sure you have backup batteries for the cell phone. don't count on cell phones working. have a plan with friends, loved ones, you can count on, if the phones go down, you know where you will meet at predetermined place and time. melissa: bill, appreciate your time. >> thank you. connell: behind closed doors. we have officials very close to the chinese government, coming up on where things stand between
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the u.s. and china right now. is there a cutoff to financing your own children? the answer might surprise you. we'll break undo the numbers coming up. ♪ eight. it never questions the tasks at hand. but this year, there's a more thrilling path to follow. (father) kids... ...change of plans! (vo) defy the laws of human nature... ...at the summer of audi sales event get exceptional offers now! but allstate actually helps you drive safely... with drivewise. it lets you know when you go too fast... ...and brake too hard. with feedback to help you drive safer. giving you the power to actually lower your cost.
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connell: everything you hear that doesn't come from the lips of robert lighthizer or donald j. trump is pure speculation, designed to move the markets in bad ways and to shape narratives. connell: all right. peter navarro earlier. no such quiet period for the chinese, meantime. we got an inside look today at how they see the trade talks. i spoke to a vice president at the china institute for international studies, the official think tank of china's ministry of foreign affairs. very close to the government. he gave what seemed to be a somewhat pessimistic view in terms of the timing of a potential trade deal. take a listen.
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>> i think that really depends on both sides and first of all, i think the president had summit in japan very recently, they committed to restart their economic and trade negotiation and the u.s. side also promised not to add new tariffs on china's products. i think that's very important. connell: president trump as recently as yesterday did threaten to add new tariffs. you're confident, you're saying that won't happen. what if that does happen? that would be obviously an issue for the talks. then what? >> well, with regard to this, since last year, america has been -- if that happens, i don't think china wants to see that. china will respond. connell: what is the biggest sticking point overall in the talks? you mentioned tariffs being added. what about the ones that are already there? my recent trip to china, i was told multiple times if those don't come off as part of the deal, if they stay in place as
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an enforcement mechanism, then china walks away. is that the biggest impediment to a deal right now? >> i think i agree with that kind of observation, because the u.s. side imposes tariffs on china imports, of course there will be a china response. those tariffs must be removed so to create conditionality for two sides to meet halfway. connell: doesn't seem like the u.s. wants to give on that. you're saying if that doesn't happen, no deal? >> well, we will see. of course, china has to lay out what it really wants. the u.s. side has to lay out several conditionalities about the technology transfer, market access, all that stuff. china came out, the tariff is the number one concern. connell: i want to talk to you about the chinese economy itself. the most recent data we had reported showed over 6% growth. however, it was the slowest rate
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of growth for china in 27 years. so there's a perception here among many in the united states that that slowing growth, the struggles of the chinese economy might make a deal more likely. what do you say? >> let me put it this way. the slowing growth of the chinese economy is a reflection of the transformation of chinese economy in past years or so. connell: and also the trade war, right, to be fair? >> also, yeah, the trade war play a part but not a major impa impact. the major issue for china's economy is undergoing a very profound transformation from high growth economy to high quality growth. of course at the same time, we have to recognize that because of the escalation of the trade war, and that undermines the prospect, the global economic prospect, that in turn will have a spillover effect on china's economy. connell: are you confident there will be a trade agreement in place between the two countries
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by the end of the year? >> i'm not sure. it's pretty risky to lay out the timetable. however, that really depends on the two sides to work very hard to meeting halfway. melissa: very interesting, connell. good stuff. good stuff. all right. call it a generation gap. about one-fifth of millenials expect to be financially reliant on their parents well into their 30s. this is according to a new td ameritrade survey. 91% of parents say they expect their children to be financially independent by the age of 25. little disconnect there. the survey suggests the challenges are tied to the nation's mounting student debt, although we know eventually someone's just going to forgive all that student debt. connell: i think 14 would be a fair age. right? melissa: when they think they're going to be -- it's so interesting, because i'm going to make myself sound old now. everybody is looking forward to 18, i'm going to be an adult, independent. now it's like not a goal.
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connell: yeah. you can act independent. just have somebody else pay for it. melissa: right. i guess. yeah. connell: 25 or 30s. thanks for joining us. we always appreciate it. see you tomorrow. melissa: "bulls & bears" starts right now. breaking news. the president leaving the white house at any moment for a rally in north carolina tonight. we are expecting him to stop and speak to the press on his way out as he usually does. he signaled in a tweet earlier he may not be done with his war of words with four congresswomen. we will bring you his words as soon as they feed into us. we will get reaction on the controversy from one member of the trump administration, hud secretary ben carson joins us in just a bit. streaming struggle. take a look at shares of netflix. down double digits, 10% in the after-hours in reaction to the company's second quarter results. just out in the past hour.

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