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That we won't have this overregulation and use government regulation to do what can't be done legislatively. So that's a great point for the people of West Virginia to look at. We see that. We see through all those comments that she's made.
SIR MARTIN SORRELL, WPP CEO: Senator, what specifically commented there is a lot of generality. What specifically would you do?
CARMICHAEL: Well, what I would say is that at a presidential level when you become so ingrained in the wonkiness of the exact policy, we need to step back from that and take a broad view of the perspective that a candidate has.
And what I would say to you is without regard to specifics that there was a general feeling, a more capitalistic free-market capitalism aspect to Donald Trump versus the specific, unique policy wonkiness of a Hillary Clinton or someone in that vein.
We see through that. We want someone who has a general attitude towards free-market capitalists.
SORRELL: Forgive me, but there's nothing specific there. If I was a voter in West Virginia, I will be looking for specifics. This is the thing that bedevils political campaigns on both sides of the Atlantic is the lack of specific policy.
When I say what would you do in West Virginia and the coal industry? What you say isn't that a general view about the merits of capitalism. That's general staff. That will not deal with specific problems of people being out of work. What specifically would you get?
BARTIROMO: Well, he's saying small government.
SORRELL: With all due respect that is not specific measures that you advance a president or a new government or a changing government to achieve.
BARTIROMO: What I heard you say is roll back the EPA regulations in terms of coal, but what, Senator, are you looking for in terms of specifics?
CARMICHAEL: Let me say when you hear one candidate and she was in the party of Barack Obama when he says you will not be able to build new coal fired power plants because of the regulation. We will bankrupt you and put you out of business.
Now if you are asking me to say give me a specific of how we are going to forward away from that, what I would say to you, Sir, is that let's reject that attitude. We have to reject that sort of mentality and policy.
When one comes and says we want to put you back to work. We want to lessen the regulatory schemes of the EPA and we will not do it regulatory wise -- we are unable to do legislatively.
And those are the things that Donald Trump has said. So from a specific perspective, we would say anything, any regulatory schemes that you want to put forth have to be adopted legislatively through the Congress and adopted by the president. That's not the mode of the previous administration or the current administration.
BARTIROMO: All right, we will leave it there. Senator, good to have you on the program this morning. Thanks so much.
CARMICHAEL: It's great to be here on this wonderful Election Day.
BARTIROMO: Senator Carmichael, we'll be watching. Thank you so much.
Make sure to tune in to tonight's special coverage on the Fox Business Network of the primaries begin at 7:00 p.m. Eastern right here on the Fox Business Network. We will take a short break.
Then Disney reporting earnings after the closing bell tonight. The company coming off major movie successes with blockbusters, "Captain America, Civil War" and last year's "Star Wars" revival. Can the media giant overcome troubles at ESPN? We will take a look as details coming up.
A new study finds newlyweds are hiding money from their spouses. Why men are more likely to be dishonest about their finances, really? Straight ahead. Stay with us.
(COMMERCIAL BREAK)
BARTIROMO: Welcome back. We are expecting a higher opening for the broader markets today on Wall Street. Helping to drive the action this morning, earnings, a couple of stocks to watch in today's trading session.
Credit Suisse shares up this morning rising ahead of the open. The bank reporting its second straight quarterly laws. However, investors are focusing on the results from the wealth management business. They were better than expected. The stock is up and that's lifting other banks in Europe helping the overall European markets this morning.
Gas meanwhile the other story warning however of weak sales across all of its brands. It's the same-store sales down 5 percent in the first quarter. The stock is down nearly 12 percent so far this year. It's going to be down this morning as you can see.
Disney is certainly one to watch this morning. The company is reporting earnings after the bell tonight after the closing bell. Both profit and revenue expected to rise from a year earlier.
Strength in theme parks likely to offset weakness at ESPN. We'll be watching Disney right now as expected as you can see really flat on the open this morning.
The battle over controversial North Carolina law is heating up. Cheryl Casone with that story right now and the headlines -- Cheryl.
CHERYL CASONE, FOX BUSINESS: Yes, the fight intensified yesterday, Maria. The state of North Carolina and the Justice Department filed opposing lawsuits yesterday over the state's bathroom bill as it's now called. The law bans transgender people from using bathrooms that don't match the gender on their birth certificates. North Carolina Governor Pat McCrory says the federal government has gone too far.
(BEGIN VIDEO CLIP)
GOVERNOR PAT MCCRORY (R), NORTH CAROLINA: Right now, the Obama administration is bypassing Congress by attempting to revise the law and set of basic restroom policies, locker room policies and even shower policies for public and private employers.
(END VIDEO CLIP)
CASONE: As you can imagine, Attorney General Loretta Lynch disagrees. She says that this law is discriminatory.
Do beer and patriotism go hand in hand? Anheuser-Busch InBev may replace the name Budweiser on its beer with the word America just for the summer. Here's an example. Budweiser's advertising team is hoping to solidify the beer's image as an American institution, which makes sense because Anheuser-Busch was purchased by InBev, that's a company based in Belgium and Brazil back in 2008.
Finally, you mentioned this earlier, Maria, a new survey raising some interesting findings about the finances of newlyweds and how they share those finances. According to credit tracking firm, Experian, a third of newlyweds are surprised by a partner's financial situation, 36 percent don't know anything about their partner's spending habits.
The survey finding 20 percent of men have secret bank accounts that the wives didn't know about. Twelve percent of women have secret bank accounts and some women have actually gotten married and then said to their husbands afterwards, by the way, I have $18,000 in debt, sorry.
True story, a girl friend of mine did that to her husband.
BARTIROMO: Cheryl, thank you. Who has secret bank accounts? Do you want just like reveal right now?
SERRANO: I mean, the best way is run a credit report on somebody and see where their accounts are.
UNIDENTIFIED FEMALE: I have a friend who almost didn't get married over this because her fiance wanted to conjoin their bank accounts together and she was not interested at all. Now they do separate bank accounts, but they put 10 percent of what they make every month into one together. It's very complicated.
SORRELL: It's good for experience.
UNIDENTIFIED FEMALE: It's the least conversation in the world, though, in a relationship.
BARTIROMO: What was interesting is America on Budweiser bottles? Martin, what do you think about that?
SORRELL: Capitalizing on Trump.
BARTIROMO: Is that what it is?
SORRELL: Election year, but it tabs in --
(CROSSTALK)
UNIDENTIFIED FEMALE: I should say my family owns a Budweiser beer distribution company in Arizona, but they put flags on the cans and sales went through the roof after they did it. So I think they are just capitalizing on the fact that everything America related is great.
I have to say the America beer can when you're doing an Instagram photo on the 4th of July, it's kind of amazing.
BARTIROMO: Yes, it looks good. That's an advertising titan that you are, Martin, will it work?
SORRELL: In this particular time, yes. You are saying in the break when the flag was put on the can.
UNIDENTIFIED FEMALE: I know it went through the roof and I know that the displays outside of grocery stores and things making it look like a big slacker very popular.
SORRELL: Playing into patriotism at a time when it worked.
UNIDENTIFIED FEMALE: I'm like patient zero for that. Anything with an American flag on it, I buy.
(CROSSTALK)
SORRELL: No, would not go that far.
BARTIROMO: Still to come, it's been the center of attention at Viacom and CBS for nearly a decade, but now investors are breathing a sigh of relief over (inaudible) Redstone. We're going to tell you the latest in this story. The details in the fallout coming next.
(COMMERCIAL BREAK)
BARTIROMO: A case watch from Hollywood to Wall Street finally getting some closure for now. A judge tossing out a confidence lawsuit from Somner Redstone's former girlfriend. Redstone is a closely watched media mogul since he is the controlling shareholder of Viacom and CBS.
Sir Martin Sorrell is with us this morning. Your wife sits on the Board of Directors so I know that you'll be guarded here. Let's talk about this for second. What's your take away on this Viacom story? Here's a 92-year-old guy still yielding such power.
SORRELL: It is a controlled management structure, controlled ownership structure, which I actually think is the best stretch of getting back (inaudible) linking to what we were saying.
Companies that take the long-term view actually ironically are those companies where you get controlled structures. Mark Zuckerberg is another good example.
When Zuckerberg put in this new structure where it has three layers of stock to maintain control. He said it enables me to take the long-term view.
The problem is these structures can go on for too long and Viacom is an example where you have two companies CBS and Viacom controlled by Somner Redstone.
There are questions being raised to the viability of that given his age and given his medical condition although the judge has dismissed the (inaudible) lawsuit.
BARTIROMO: They challenge the mental competency of him and the judge says, no, we are throwing it out. It looks like his daughter, Sherry, wins here.
SORRELL: Yes, and she now has control of his health. I guess the family will decide in the long term what happens to the two companies.
BARTIROMO: As an investor/outsider, what do you take away from a company where he's got the control of both companies, CBS and Viacom?
SORRELL: If you ask me do I think that CBS or Viacom are biased, I would say both. That's a personal view as to the value the stock market is putting on them. In other words, I would think these ownership issues have overshadowed what the economic worth of those two companies are.
CBS is doing well. You saw the latest results. Viacom probably is the prospects are underrated and the prospects of the company are much stronger. People don't focus on Viacom's non-U.S. business.
They have a strong business in the U.K. They support Channel 5 in the U.K. They are very big business in India as well. They have the leading station there for many, many years and is still one of the top stations in India.
They have strong overseas interest as well and as you know, with the exception of this -- the owner of this particular --
BARTIROMO: Media companies in general --
SORRELL: Viacom actually does have some significant foreign earnings and assets. Having said that, I think the position has been overstressed in relation to --
SERRANO: But Martin, haven't they left the succession murky for way too long? I mean, that's irresponsible.
SORRELL: Not irresponsible. At the end of the day, the Redstone family and the Redstone owner controls the company. It's up to him and his family as to what they do. They pay the price. They pay the biggest price. They control the company. They have the most significant economic interests. They have to make that decision.
BARTIROMO: What is your take on advertising right now? Obviously, the Democratic advertising blitz is awaiting the GOP's (inaudible). What are you expecting? This election is going to be huge.
SORRELL: If Donald Trump can raise a billion dollars to fund his campaign, which I think you say he will be able to. Then we are going to have a blitz of advertising like we probably never seen. They'll have super PACs in support of him.
You have his own campaign. You'll have Hillary spending similar amount or super PACs behind her as well. So you'll have a bean feast in terms of advertising as we go through this season.
Every four years we have an Olympic games and a wonderful Olympics in Rio despite the stresses of the presidential election and we have a football tournament that's going on Europe.
So those three events will be called the maxi quadrangles. It will tighten the media markets here and as you say will have very strong presidential advertising campaigns.
BARTIROMO: It sounds like you're in the right business, Martin.
SORRELL: It's a tough business, Maria. It's not easy at the moment.
BARTIROMO: Martin Sorrell joining us this morning. Good to see you. Thank you so much. CEO and shareholder of WPP.
(COMMERCIAL BREAK)
END
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