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Campaign, Heads to Colorado; Microsoft to Cut Nearly 3,000 Jobs Over the
Next 12 Months; Bank of Japan Says it will Only Expand Purchases of
Exchange Traded Funds; Hillary Clinton Engage in a War of Words with Trump
as they Slam Each other's Strategy against ISIS; A San Diego Police Officer
Killed on Duty, Another Wounded; Terminix Offers to Pay $87 Million to a
Delaware Family after they Became Severely Ill because of a Pesticide at a
U.S. Virgin Islands Resort; Democratic Convention Ends; Clinton and Trump
on Campaign Trail; GDP Numbers Disappointing; Protests Continue in Rio
Ahead of Olympics; PGA Championship Begins - Part 3>
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An historic night for Hillary Clinton last night becoming the first woman to accept a major party's nomination. In her speech she touched on some of the major issues. Listen to this.
(BEGIN VIDEO CLIP)
CLINTON: In my first hundred days we will work with both parties to pass the biggest investment in new good paying jobs since World War II.
If fighting for affordable childcare and paid family leave is playing the woman card, then deal me in.
Bernie Sanders and I will work together to make college tuition free for the middle class and debt-free for all.
(END VIDEO CLIP)
BARTIROMO: Joining us now is former Republican presidential candidate himself and former Arkansas governor Mike Huckabee. Governor -- good to see you.
MIKE HUCKABEE (R), FORMER GOVERNOR OF ARKANSAS: Good morning -- Maria. How are you today?
BARTIROMO: All right. Reaction all the way. What is your take on Hillary's speech last night? Did it do enough to make a case that she is the one on issues like the economy and trade?
HUCKABEE: Look, if you like Hillary you probably loved her speech. If you are not a big fan of Hillary or if somehow you have missed the last 40 years of Clinton mania I don't know how you listen to that speech and say boy, that is terrific.
But look, I didn't go to medical school but I can now diagnose Hillary's chronic cough and that clearing throat issue that she's had. Every time she is clearing her throat or coughing she is coughing up yet another government giveaway.
What we have seen with Hillary is we have gone from George Orwell's Big Brother to Hillary being big mother. Let's make government as big as we can, as expensive as it can be and give away a lot of stuff, but somebody has got to pay for that -- Maria.
BARTIROMO: Yes. Well, she has to appeal to those Bernie Sanders supporters I guess and bring up free college. That was one of the issues.
But look, we have this enormous block of Independents. Do you believe that speech made her look like the change maker that her husband talked about? And is it going to lure them in.
HUCKABEE: No. I don't think so. I really don't because there was nothing fresh there. I mean it was sort of a whole string of liberal cliches, everything from we are going to make sure that you can get an abortion, we are going to do all the spending programs, we are going to give away a lot of stuff.
And I just don't think people buy that, especially from someone who has been in the public eye as much as she has and whose positions have switched more often than the ping-pong ball in a Chinese ping-pong tournament.
BARTIROMO: Here's Julie Roginsky.
ROGINSKY: Hi -- Governor. I know that you are very close to Donald Trump. So I have a question maybe you can pass along to him. At some point are we going to hear exactly how he's going to accomplish the "believe me" parts that he is talking about? Is he going to ever provide us with any details of how he is going to fight ISIS or how he's going to turn the economy around or bring manufacturing back or trade or any of that stuff? Or are we just going to take his word for it?
HUCKABEE: Pretty much like you are going to get from Hillary Clinton.
ROGINSKY: Well, she has a very detailed -- sir, with all due respect she has very detailed plans on her Web site, he does not.
HUCKABEE: Well, yes. But Julie keep in mind that what Hillary does is she's taken the same or the different position on issues all over the board whether it is the war, whether it's on trade, law enforcement.
Look, what I do think Donald Trump has is clarity of his own convictions. He has been very, very consistent about not letting America get sucker punched in trade deals, not letting American workers get trampled all over, not letting foreign governments completely sucker us when it comes to everything from the Iranian deal, to the wonderful reset with Russians that Hillary was successful at.
I do think that what we really look for a president is not some detailed policy speech like it came from Brookings or Heritage. What we look for is the clarity of vision. And then you hire people to carry out the details. And Donald Trump understands that. He is a good executive.
MCDOWELL: Sorry -- Gerry. Go ahead.
BAKER: I wonder if you think she had any effective lines against Mr. Trump last night. She did sort of go talk very much about his character and his temperament and I think that is something that concerns people. The line about, you know, if you are going to get baited on Twitter you really should not have access to nuclear codes.
Do you think that is going to be a tack that's going to resonate with people?
HUCKABEE: No, I don't think somebody who has been exposed as having lied to congress, having lied about everything from her emails to running past sniper fire in Bosnia, someone whose credibility is totally shot by the many, many things she said I really don't think she is in a position to give a lecture on what honesty looks like.
I just don't think there's credibility there except to the people who already love her and still believe everything she says even though so many things she says have turned out to be outright falsehoods.
MCDOWELL: Governor, though, I picked up on something and I don't know -- I mean some people did in the last couple of days starting with Tim Kaine's speech and then following with Hillary Clinton's speech last night that a longtime political strategist said this is how you win elections.
And they started hitting him on not paying small business owners and contractors. And that is going to be tough for him to fight because again you start running ads about the little guy gets hurt, the little guy gets hurt. How is he going to counter that because again -- and you know, having run a lot of different campaigns and won a lot of elections? That hurts.
HUCKABEE: It does except for the fact that he can put on 10,000 people who say I got a job. I work and got a good wage because I built, you know, the Trump Tower. I built one of the golf courses. He treated me with great respect.
That's the thing, out of the hundreds of thousands of people that Donald Trump has hired and worked with can you find some people that, you know, will be able to come on camera and say something nasty. Heck, yes. But you can also find hundreds of thousands of people who will say, you know, this man came on the job site. And even though he's a billionaire, he treated me with respect. He acted like I was somebody.
And you can bring the people that he has helped, for example, the person he paid off their mortgage because they stopped on the highway to give him a hand when his car broke down. I mean that is the sort of stuff of which politics is all about. But I don't think it's the ultimate decider.
ROGINSKY: Governor, I'm sorry, I'm from New Jersey I have to tell you, I've been following Atlantic City. I know many of the people that he stiffed. These people are bankrupt because of him, because of his bankruptcies. He took all the money out of that city that he could, they didn't.
You're talking about people that he helps but I can come up with names of dozens if not hundreds who he has really devastated. And the part that is offensive to me is that he has never once said that he is sorry about that. All he has said is that he made a lot of money off of bankruptcies and everybody else be damned.
And I have to say, how do you counter that? You are a former governor, you dealt with people every day, you are a politician, how do you, as a politician reconcile that kind of language with appealing to people and to their better angels.
You know, President Obama was right -- in 70 years I have never seen an example of him helping or even caring so much about these working-class people and suddenly we're supposed to take his word for it.
I find it incredibly offensive when you talk about this and then are people who are literally living virtually out of a box because of the way he behaved in Atlantic City.
HUCKABEE: Well, Julie I was a governor for ten and a half years and because of that I understand that a lot of times it is the government policies like they had in New Jersey where they continue to overtax, they overspend, they took a lot of money. They wasted it, they mismanaged it, and as a result the economy there combined with the fact that there was explosive growth of other gambling options all over the East Coast you can't blame Donald Trump for some of those economic models that the government has driven.
BARTIROMO: You also have to push back and look at Hillary Clinton. I mean she is under investigation right now. The Clinton Foundation is being investigated for pay to play. So you can talk about these things that Donald Trump has done as a businessman but you cannot not talk about what is happening around Hillary Clinton right now. So is that -- did that hurt the little guy what Hillary Clinton did? Did it hurt anybody that she had a private email and a private server in her basement?
ROGINSKY: I don't know anybody who went bankrupt because of Hillary's private server. I do know this, Governor, I have to correct you on one thing. His casino did not go bankrupt, all of them, after this collapse. Some of his casinos went bankrupt in the 90s when Atlantic City was thriving and I was there for that.
So for you to say that somehow the policies of New Jersey under a Republican governor back in the 90s, I might add, contributed to the bankruptcies of his casinos while other casinos were doing just fine. That doesn't jibe with history.
HUCKABEE: Well, I know it does jibe with history. Hillary Clinton would make $250,000 for a 20 minute speech, she can relate to the little guy because every little guy I know does that. Every little guy I know gets millions -- millions of dollars in contributions to a foundation and then amazingly those countries and those entities who give those millions to the foundation that has made she and her husband very, very rich they end up getting everything from uranium deals to special considerations from the official U.S. government.
Julie -- that kind of corruption people are sick of it. Hillary owns a big piece of that and she's going to have to wear that along with her pantsuits all the way to November.
You can absolutely know that this idea of let's beat up Donald Trump for something in private business because some jobs got lost, that is not good. I'm not trying to say it is good for those folks. But there are hundreds of thousands of people who have had good jobs because of Donald Trump.
Donald Trump has done something Hillary Clinton and Barack Obama have never done -- signed the front of a paycheck in private business. Never have they experienced that. And so for all those people out there in the private sector who work really, really hard they are not used to being able to just get Uncle Sugar to write them a check and take good care of them. They got to go out there and work and make it happen and I think that is why Donald Trump can relate to them a heck of lot better than Hillary can.
BARTIROMO: By the way, what did we hear in terms of creating jobs last night in terms of moving the economy?
MCDOWELL: Government spending -- more government spending.
HUCKABEE: Yes. Government spending.
And the throwaway -- her line was about in the first hundred days we're going to work with both parties to pass the biggest investment. Investment is code for stimulus and government spending -- good paying job since World War II. They believe that the government creates jobs, not private business. Not getting out of the way of individuals and those business owners, they believe that we take the tax money and then spend it for you.
BARTIROMO: I'm surprised because that wasn't her husband's agenda -- right, Governor. I mean he saw --
HUCKABEE: It's not.
BARTIROMO: -- the move of the people and he went with it. He moved to the center second term.
HUCKABEE: Well, Bill Clinton is much more the pragmatist. He was that as a governor --
BARTIROMO: Right.
HUCKABEE: -- he was that, certainly as a president.
BARTIROMO: She hasn't shown that.
HUCKABEE: Hillary Clinton is an ideologue. She is an ideologue. And we saw that last night with this laser focus on everything from minimum wage, let's raise it up without even regard to the consequences of what that does to first-time jobseekers. Without regard to the consequence to how many people get laid off because you artificially have the government deciding what that wage ought to be.
BARTIROMO: Right. Governor -- good to see you. Thank you so much.
HUCKABEE: Thank you -- Maria.
BARTIROMO: Appreciate your time very much. Governor Mike Huckabee.
We'll take a short break.
When we come back, a lot more to cover. We will get more reaction from last night and look ahead to next week in business and for your money.
Back in a minute.
(COMMERCIAL BREAK)
BARTIROMO: Welcome back.
A San Diego police officer was killed, another wounded late last night.
Cheryl Casone with the latest right now -- Cheryl.
CHERYL CASONE, FBN CORRESPONDENT: Yes -- Maria.
We're getting some new details of that now. Police chief Shelley Zimmerman said that the two officers were both members of the department's gang unit. Now, she said that they were making the stop shortly before 11:00 pm and almost immediately afterward they called for assistance. She's saying that other officers in the area arrived quickly and found both officers had been shot. One of the officers suffered multiple gunshot wounds to the upper body and was rushed to the hospital where he did eventually die. The second officer is still in surgery as far as we know right now. The chief saying that a Hispanic male was shot while being taken into custody as well. We'll bring you details when we get them for you.
Another headline this morning, a memorial for Chris Kyle has been unveiled. Ceremonies were held yesterday in Odessa, Texas where the former Navy SEAL, "An American Sniper" author and hero was born back in 1974. The Chris Kyle Memorial Plaza includes a bronze statue of Kyle and several trees from former President George W. Bush's ranch near Crawford, Texas. Kyle and his friend Chad Littlefield were killed three years ago by a former Marine at a Texas shooting range. That former marine convicted and sentenced to life in prison.
Well, in business headlines this morning Chipotle is planning to open a burger restaurant in Ohio. It's called Tasty Made. Chipotle says the restaurant is going to only focus on burgers, French fries and milkshakes - - all good things. The company it's going to use high-quality ingredients such as beef from animals that are raised without the use of antibiotics or added hormones. This, of course, as Chipotle tries to recover from the e Coli outbreak and norovirus cases.
There's the stock over the last year, the story I think tells itself guys - - sales down about 25 percent as established locations in the second quarter did have issues. Their stock down about 40 percent, Maria, over the last year.
Back to you.
BARTIROMO: All right -- Cheryl. Thank you so much.
Up next second-quarter earnings season in full swing. So far, they've been better than expected. Some on tap today, some of the biggest names in the oil business. We're breaking down the top things to watch for your money this morning. That's next.
Then home ownership at the lowest level in more 50 years. Why the millennial generation could be to blame, next.
Back in a minute.
(COMMERCIAL BREAK)
BARTIROMO: Welcome back.
Markets are looking lower this morning. Earnings, of course, in full swing. We are at the peak week of second-quarter earnings.
Amazon, Alphabet out with their results after the close yesterday and they were good. Amazon posts another quarter of record profit. It continues to reap new sales from prime memberships. The stock, of course, has defied as the revenue has gone up and profits have not as much. Google's profit also soared, rising demand for mobile ads.
Today we are expecting to hear from oil giants ExxonMobil and Chevron. Both reporting results after the bell. The earnings as crude prices drop to a three-month low in the last trading session.
I want to bring on Rhino Trading Partners chief strategist right now -- Michael Block. Michael -- good to see you.
MICHAEL BLOCK, RHINO TRADING PARTNERS: Great to see you.
BARTIROMO: So the technology earnings, we got oil earnings. What is the most important to you and how do you see this impact markets?
BLOCK: There's a lot happening here. So let's talk about tech earnings first -- Maria.
Right now we have a situation where Amazon came out last night. And I won't give those numbers -- they blew it away on the top line. They're generating tons of revenue from prime, they're monetizing prime will. The services business is world beating just like their online retail business. They are killing it.
I look at guidance though and I said you can drive a fleet of drones or fly a whole fleet of drones through that operating profit guidance. But here's the thing. The reason that guidance was so soft is that Bezos and his team over there -- they're spending a lot of money. They're building out their fulfillment centers. They're spending a lot of money in the services business and the markets love it.
The markets are saying, Jeff Bezos you are better than us at allocating capital, go do it, we love you. I talked here before. People say Amazon is not about valuation. I can make the argument if you take the retail business look at it on a cash flow basis, take that services business I have guys who's say the stock looks cheap.
BARTIROMO: Yes.
BLOCK: I'm not sure I agree with that. We can debate that until the cows come home but that is the mentality out there.
BARTIROMO: Investors --
BAKER: Some indication is that Amazon is actually starting to increase its margins -- right.
BLOCK: They're making --
BAKER: Yes -- after a very, very long where they just went for revenue over everything else. They do actually seem to be making some money.
BLOCK: Much like Fox News and Fox Business are aggressive.
BARTIROMO: Yes, baby.
BAKER: Not quite in the Google, Facebook moneymaking category. But they're getting there.
BARTIROMO: We're on the way.
BLOCK: And that's a segue here. So I recently read a book called "Chaos Monkeys" by a gentleman named Antonio Garcia Martinez.
BAKER: Yes.
BLOCK: He was here as a founder of a company called AdGrok but he was right in the middle of the whole ad monetization game, you know, Facebook and everywhere else.
And if you look at what Facebook did earlier this week, you look at what Alphabet did last night they are killing it on mobile ad monetization.
BAKER: They are.
BLOCK: They get smarter and smarter. They figure out how to make this more attractive, more valuable, they're doing it. They are winning, Twitter not winning. Other guys maybe not winning. These guys are winning. Where are you going to go for growth in this world? That's why money keeps piling into these stocks.
MCDOWELL: Just really quickly, I've pointed this out before but there is something going on and it's not necessarily the technology and data analytics at Twitter. That the use of Twitter, the way we use it might not be a good indication of real-world behavior which will also make it impossible to serve ads well. What we say and what we do has no bearing on our everyday lives which on Instagram is quite different. You follow --
BARTIROMO: -- dictate you spending money.
MCDOWELL: They can't -- again it's like they're sending me ads for Old Spice, if you will, and they've got a 50-50 shot and they missed it.
BAKER: You're right. But there has to be some explanation (inaudible) in your view -- there has to be some explanation to why Twitter, unlike Facebook -- which has an extraordinary amount of engagement time. A lot of people spend hours and hours on Twitter. Twitter cannot seem to generate exactly for the reason that Dagen's talking about cannot seem to generate the revenue of Facebook and Google.
BLOCK: Dagen's on to something though. And it's an interesting point to make there.
MCDOWELL: Really.
BLOCK: Yes, absolutely.
MCDOWELL: Hey.
BLOCK: For example because, you know, whether Twitter, Instagram, live in person you're who you are. But as a lot of people, you know, Charlie Gasparino spends all day fight with Twitter trolls and, you know, going after them because these people aren't real. Who are they? As opposed to Facebook and Google --
ROGINSKY: He does it in real life too, so don't confuse it --
BLOCK: I know that personally. No, no problem. I have no problem there. But what happens is --
BARTIROMO: Harder to monetize.
(CROSSTALK)
BAKER: It's only too real.
BLOCK: So it is the technology and it's the basis of platform.
What else is going on here? We have some big data coming up today.
BARTIROMO: Right -- you've got oil earnings -- Exxon obviously a Dow component. You've got the stress tests coming out of Europe.
BAKER: Oil is crashing again, by the way.
(inaudible)
BAKER: We'll see where they are but --
BARTIROMO: Bear market territory. Down 20 percent from the high.
BAKER: Down to $40 again.
BLOCK: Crude is coming down. It used to be that would drag stocks down. But stocks are just sitting here lazily in this range -- maybe everyone is out watching golf or something but they are not moving.
BARTIROMO: But it did drop during this quarter. So this is going to impact those earnings.
BAKER: Yes. (inaudible) not yet. Probably not the second quarter but I think you'll see it in the third quarter.
BARTIROMO: So we'll sit and we'll get guidance on that.
BAKER: Yes, because it started this really falling in the last month.
BLOCK: Oil is coming down. It's getting a pass. The energy stocks are getting a pass too. They're barely coming in. They look like they're on tenterhooks here.
The second thing with that is everyone seems to know that. So the question is what are expectations? We could say that these energy earnings are going to be low. I'd argue the expectations are low.
Poster child for this, let's look at Caterpillar. Caterpillar came out, they lowered guidance, they basically told us the world economy stinks, our inner market stinks --
BARTIROMO: Again.
BLOCK: You don't know what to do. What has stock done? Everyone's short. I started getting in arguments. I love this. I call these the mike stocks. Why do I call them mike stocks because I ask someone hey, why is Caterpillar going higher? And they say Mike, we're buying at the 20, 25 earnings, Mike. My whole career, there's Mike stock. Caterpillar -- you're a Mike stock.
BARTIROMO: All right. So we've got oil companies, bank stocks to watch and technology on the upside. Michael Block -- thank you.
BLOCK: Always a pleasure.
BARTIROMO: Michael Block there.
Hillary Clinton takes the stage in a historic moment last night. Straight ahead we break down the best moments from her speech, the hits and misses, some of her lines that might have missed the mark.
Then home ownership at the lowest levels in nearly half a decade, millennials apparently to blame. What it means for the housing market.
Back in a moment.
(COMMERCIAL BREAK)
BARTIROMO: Welcome back, I'm Maria Bartiromo, it is Friday, July 29th and here are your top stories 7:30 a.m. on the East Coast.
Hillary Clinton makes history, now officially the first woman to be a presidential nominee. She had plenty of attacks for Donald Trump last night in her acceptance speech including this one-liner.
(BEGIN VIDEO CLIP)
HILLARY CLINTON, DEMOCRATIC PRESIDENTIAL NOMINEE: A man you can bait with a twit is not a man we can trust with nuclear weapons.
(END VIDEO CLIP)
BARTIROMO: We are looking at most talked about moments during the finale of the Democratic convention coming up this morning.
Republican nominee Donald Trump meanwhile, continues on the campaign trail, today he has headed to Colorado after railing on Hillary Clinton last night in Iowa.
Targeting the Tea Party, new documents revealed that IRS senior officials knew about conservative groups being targeted since 2011, the outrage coming up.
The home ownership right now near 50-year low is all because of millennials, we will tell you about it. And we're following earnings this morning, Merck reporting better-than-expected second quarter profit and revenue this morning helped by a growing demand for a new cancer treatment. The stock is up this morning nearly 2 percent.
Markets, this morning, fractionally lower, although we are really watching earnings that will set the tone. Dow Jones is expected to open down about 20 points. NASDAQ is up, as we see technology earnings really once again better than expected.
Next hour we will get the first look at second quarter GDP. Expectations call for growth of 2.6 percent in the GDP.
In Europe, markets are mixed this morning. Investors are waiting on results from the bank stress test in the Euro zone. That's due out today at 4:00 p.m. eastern time here in the U.S.
In Asia, overnight the Bank of Japan disappointed markets announcing milder stimulus than many people hoped for. As a result, the market initially traded down, but it ended up half a percent.
It is official, Hillary Clinton makes history accepting the Democratic presidential nomination and breaking that glass sealing in politics. Did her message and that of her daughter Chelsea sway voters as she pivots to the general election?
We're looking at all of that whether most buzz where the moments actually resonated with voters, specially the much thought after independents, joining us right now is Pollster Lee Carter, she's a partner at Maslansky & Partners. Lee, good to see you.
LEE CARTER, PARTNER AT MASLANSKY & PARTNERS: Great to be here.
BARTIROMO: So let's start with Hillary Clinton's attack on Donald Trump.
CARTER: Yup.
BARTIROMO: And his finances, listen to this.
(BEGIN VIDEO CLIP)
HILLARY CLINTON, (D) PRESUMPTIVE NOMINEE: We will also liberate millions of people who already have student debt. It's just not right, that Donald Trump can ignore his debts and students and families can't refinance their debts.
(END VIDEO CLIP)
BARTIROMO: Did that resonate with independents?
CARTER: It did not. It was really, really interesting.
The attacks on Donald Trump that Hillary Clinton has made didn't necessarily move folks this week. And it was a -- And I think it was a big miss because I think that she was hitting the wrong places.
Bloomberg was very effective in his attack of Donald Trump, but have what Hillary Clinton did here, what -- and independents said that it seemed like she was trying to pander to Bernie Sanders, you know, because this whole idea of student debt is one and she hasn't really campaigned on. That's one it seemed and it just didn't seem off and taken.
