Remembering A Music Icon; Looking Ahead To Pennsylvania; Time For Trump To Change?; Mobile Payment Revolution; Trump's Goat Farms; Summer

WITH-MARIA-01

MARIA-01

Trump To Change?; Mobile Payment Revolution; Trump's Goat Farms; Summer

Movie Preview - Part 2>

Brenberg, Michael Tammero>

BARTIROMO: The regulators know this and still don't want to change.

BRENBERG: You know, we talk about inequality in this country an awful lot and one of the best ways you could address inequality, is simplifying the tax code and giving people who don't have an army of tax lawyers and accountants to throw at it, a chance to actually pay a fair rate on taxes.

So I think that's where (inaudible) has to move away from this Trump pay a goat tax or not pay a goat tax to what are we doing to actually reforming this thing to put people on a level playing field.

MCDOWELL: It's not just goats that you get tax breaks on. It's a livestock of all shapes and sizes. I've known people that raise alpacas on their lands to get a tax break.

BARTIROMO: Which is fine.

KELLY: Stop bragging.

MCDOWELL: It's not bragging, actually. But I want to bring up this point, do you think if a Republican wins the White House, is it possible that we get legitimate tax reform because you always have the interest that come in and fight against it.

It's like the mortgage interest reduction, it would -- if you would actually really get rid of all the detections, would people push back on that? Even Trump is in favor of keeping that in his tax plan.

BRENBERG: Yes, the big deductions really do go to individuals and middle- class individuals, mortgage interest, and reduction on house plans. I do think if you're going to make any headway in this, you have reframe it. It can't be simply about money. It has to be inequality and fairness.

Republicans haven't told that story yet. If they want to get on the income and inequality band wagon, actually do something about it, this is probably one way for them to do that.

BARTIROMO: It is the same with inversions. The same with all the money overseas. These are the same basic issues.

KELLY: That is such a great point. If we are thinking about all of the money that is overseas right now and companies cannot bring it back, it is cheaper for foreign companies to actually invest in the U.S. than it is U.S. companies, right. That's unbelievable. Companies are issuing debt because they can't bring money back from overseas to buy back shares and to even do dividends.

BARTIROMO: They are borrowing money just to pay dividends. They are taking on debt to do a buyback instead of using the cash they have overseas because of this wacky tax rule.

MCDOWELL: I just want to add really quickly before we move on to that. The rule that the Treasury Department just put in place, that Obama and Jack Lew just laid onto stop the Pfizer-Allergan merger. That actually applies to all of the tax treatment of that very debt. You want to talk about making business even harder, essentially changing the tax law within these companies. That's what they did.

BRENBERG: We just don't pay attention to the cost of compliance. It's enormous. It's $200 billion a year just for the citizens of the U.S. to comply with the tax code.

BARTIROMO: The Obama administration is going out with a bang in terms of regulation.

KELLY: They directly targeted that Treasury rule at Allergan-Pfizer. That is scary, the government directly attacks.

BARTIROMO: Brian, great stuff. Thanks so much for joining us this morning. Brian Brenberg joining us.

As we were talking, General Electric came out with its first-quarter numbers. It's a beat. Twenty-one cents a share versus 19 cents a share. It looks like a beat certainly on the earnings per share line. We are going to check it out.

Come right back then Uber settling two class-action labor lawsuits for up to $100 million, could that mean thicker wallets for drivers? We will tell you about it.

And then later, it's make or break time for Hollywood. Summer movie season kicks off with "Captain America," "Civil War," Michael Tammero with all the summer's most anticipated movies. Back in a minute.

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BARTIROMO: Markets this morning looking higher, a couple of stocks on the move. It's all about earnings this morning. General Electric reporting earnings moments ago. The company reported adjusted profit of 21 cents a share. That's just above analysts' expectations.

Revenue also a beat coming in above expectations as well. The industrial giants backing its 2016 guidance. However, take a look at the stocks. All numbers look better than expected and yet the stock comes under selling pressure this morning. That's Dow component. That's going to put a lid on the gains.

Starbucks under pressure as well this morning. The coffee giant seeing profits up 16 percent from a year earlier, but revenue was under expectations. Sales growth in every region of its business coming in below estimates.

Sears is downsizing again. The struggling retailer closing more of its name sake and Kmart stores to cut losses. Ten Sears location, 68 Kmart stores will close this summer.

An election official in Brooklyn may be out of a job soon after doing the unthinkable. Cheryl Casone with the story and the other headlines. Cheryl, good morning.

CHERYL CASONE, FOX BUSINESS: What's happening in Brooklyn, Maria? You tell me. That official in Brooklyn maybe on the way out after a massive foul up during Tuesday's primary.

The Board of Elections chief clerk accidentally purged more than 100,000 voters from the rolls. That caused huge problems at the polling sites there. Diane Haslet Rodiano (ph) was suspended without pay yesterday after the city's botched presidential primary. Sources say she is in the process of being forced out.

Uber taking a big step towards possibly ending the debate over status of its drivers. The company settling two class action laws for up to $100 million. That deal covers 385 drivers in California and Massachusetts and they will still be classified as independent contractors.

That's, of course, the controversy, by keeping drivers as independent, Uber does not have to cover gas costs and they avoid providing benefits like health insurance, Social Security, and of course, sick days.

Finally this, MTV plans to revive popular series, "Cribs" but not on television, it would be a short program designed specifically for Snapchat.

MTV launched a Snapchat channel back in February and then the network's parent company, which is Viacom and Snapchat have recently extended this deal that would allow Viacom to sell ads on the mobile apps behalf and they are trying to get the young audience, obviously.

It's going to start in June. It's going to be every week. I love "Cribs." I kind of missed the show because it shows you, Maria, that money doesn't always buy you taste.

BARTIROMO: Those shows were something. Snapchat, there you go. Thank you, Cheryl. In case you missed it, here are some of the week's top moments from the program.

(VIDEO CLIP TOP MOMENTS FROM THE PROGRAM)

BARTIROMO: One great moment after the next.

MCDOWELL: How much fun do we have doing this show?

KELLY: There's plenty of show left.

BARTIROMO: Yes. Remember MORNINGS WITH MARIA starts every day at 6:00 a.m. right here on the east coast on the Fox Business Network. Join us bright and early every day at 6:00 a.m., we have a great week coming out next week as well.

Check this line up, former House majority leader, Tom Delay, is with us, radio host, Larry King, VP Capital Management Chairman Boon Pikins, and former Republican presidential candidate, Mike Huckabee, and also former Republican presidential, Herman Cain. All with us coming up next week, can't miss. Please join us.

Straight ahead, get the popcorn ready, it's going to be a big summer full of super heroes, sequels and remakes. So will the season's line up of make or break it for Hollywood? "In the Foxlight's" Michael Tammero will break down the big summer coming up next. Michael is on his way.

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(BEGIN VIDEO CLIP)

ROLAND EMMERICH, "INDEPENDENCE DAY RESURGENCE" DIRECTOR: I think it's time, you have to do another independence and it was like a journey, six or seven years. I will never do this film. I met two writers who were real fans of the first one and they told me what's wrong with my script and they totally opened it up.

(END VIDEO CLIP)

BARTIROMO: Twenty years after "Independence Day" broke box office records when it hit theaters back in 1996, the sequel is ready for the big screen.

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BARTIROMO: The summer box office almost upon us in make or break time in Hollywood. With the 2015 summer box office grossing almost $4.5 dollars. That was up nearly 10 percent from the year earlier due to number one movie "Jurassic World." What is in store for this year, 2016?

"In the Foxlight" host, Michael Tammero joins us right now with the breakdown of the summer's most anticipated movies, big time for the industry, Michael.

TAMMERO: Big time, make or break for sure. You know, summer is the Hollywood as Christmas is to retail, 40 percent of the revenue has generated a lot of money --

BARTIROMO: Forty percent?

TAMMERO: Forty percent, a lot of money in a very short period of time, it makes or breaks studios and careers. The theme to this summer is probably comics, sequels and reboots. Every studio starting of the first Friday of May with Disney's "Avengers" movie has its own comic-theme movie.

Fox has the "X-Men" and Warner Brothers has their "Suicide Squad," which is a follow-up to "Batman Versus Superman," which is their big D.C. universe movies.

In terms of sequels, "Independence Day Resurgence" after 20 years after the original. It's going to be a big movie for Fox. Also we have sequel to "Finding Nemo, Finding Dory," which is going to a huge --

BARTIROMO: I love that one.

TAMMERO: I know. It's going to be with Ellen Denegeres. It's going to be a huge family movie. And reboots, we can look forward to an all-female casts of "Ghostbusters."

BARTIROMO: What is cheaper to produce? Is it the remakes, animation, in terms of the expense? I'm trying to figure where the upside is in terms of profitability.

TAMMERO: This is one period of time where they throw all the money at some of their biggest projects. These movies aren't inexpensive to make especially a movie like "Independence Day 2." It's going for the mass market and getting as many people in as possible. You know like "Jurassic Park," you know, it was made for about $150 million, but it brought in over about $2 billion.

BARTIROMO: Wow.

TAMMERO: So that's kind of what they are looking for and it's really that field cost, you know, not only the domestic box office but also the international box office.

BARTIROMO: People like to go to the movies in the summer time. It's an important time for people because they are basically on vacation and they will spend money to do it.

TAMMERO: Everyone is home and kids are home. Families are home. They are on vacation.

BARTIROMO: Good point.

TAMMERO: You see a lot of family friendly fair at the box office.

BARTIROMO: "The Jungle Book," they have some high hopes there.

TAMMERO: A huge success. It opened up last weekend. It's probably the number one this week. Disney has a new strategy in terms of remaking some of the animated classics and turning them into live-action movies. They have another one coming out this summer, "Peace Dragon."

BARTIROMO: In terms of "Independence Day," when do the expectations get too high?

TAMMERO: It's a slow burn. They released one trailer and it kind of was received with people are like, ah, but the trailer is going to blow people's minds. We were onset last year while they were filming in Mexico. It looks absolutely incredible. I actually shot a scene.

BARTIROMO: So do your expectations go up going in the summer after the year that we've seen where people started going back to movie theaters, how are your expectations going into the summertime this year?

TAMMERO: For the studios it's very high. They put all the big guns out. This three-month window because after that, it's back to school, back to work and it's hard to make the number for the year.

BARTIROMO: Then they look towards Christmas. That's the next big money- maker. We'll be watching that. Meanwhile, Michael, we are remembering the life of a music legend, thousands of people gathering outside of Prince's home in downtown Minneapolis, your thoughts today on Prince?

TAMMERO: Shocking news. You know, his imprint will be felt throughout pop culture and certainly in music where he's released over thousands of songs during his 30-year --

BARTIROMO: Seven Grammys.

TAMMERO: Seven Grammys, 30 nominations and an Academy award, but his imprint will also felt in fashion, movies and also sports. You know, he recorded a scene for the Minnesota Vikings, "Purple and Gold," their fight song.

BARTIROMO: Wow, yes.

TAMMERO: I think I also recall seeing an interview where you actually vowed to him, Maria.

BARTIROMO: I did. I did. I called him music royalty because he really was.

TAMMERO: You paid homage.

BARTIROMO: My God, of course. By the way, when you look at Prince, it's more than just his music, he was an icon.

TAMMERO: Creative icon.

BARTIROMO: Yes.

TAMMERO: I heard that yesterday and to me that's it hits at all because as I said, you know, music, fashion, movies, everything.

BARTIROMO: I grew up with him. We all grew up with him. That was our generation.

TAMMERO: That was our generation, the 80's and 90's.

BARTIROMO: Michael, good to see you. Have a great weekend. Michael Tammero. The major averages are on track for a second week of gains. Meanwhile energy leading the way on a surge in oil. Dagen McDowell now looking at the winners in today's ETF report.

MCDOWELL: Thank you, Maria. This week's best performing ETF, the market vectors, oil services ETF, look at that, up 7.5 percent this week and hit a 2106 high along with the cost of crude. Up almost 70 percent from the near 13-year low of $26.05 that was touched back in February. Halliburton, Baker Hugh, Slumber Jay leading the oil services group this week. MORNINGS WITH MARIA will be right back.

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BARTIROMO: Good Friday morning, everybody. Welcome back. I'm Maria Bartiromo. It is Friday, April 22nd. Your top stories right now at 7:00 a.m. in the east coast.

Remembering a music legend this morning. Crowds gather across the country paying tribute to Prince, he died yesterday at the age of 57. We had the details on this tragedy.

Turning to the campaign trail today, Donald Trump ready to take a different tone, he says. He will start acting more presidential and may include some of his rivals in his administration.

(BEGIN VIDEO CLIP)

TRUMP: Dr. Ben Carson is a terrific guy. He endorsed me and Chris Christie endorsed me and he is a fantastic guy.

END

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