desantis or a robert bourke in there. lou: all interesting names and good ideas. that's it for us tonight. ron desantis >> i think the problem with facebook and google and its other organizations committed just gotten so big that there's no question that they cannot control the flow of information. cheryl: breaking this morning, crisis at facebook. theaters in the u.s. and europe on an investigation into the handling of user profiles that the stock tumbling 7% on monday in the dow down 335 points. lauren: the tech heavy nasdaq hit even harder down 2% with facebook, amazon, apple. losing about $90 billion in combined market value. cheryl: the dow now vacated for
the year in futures pointing to a mixup in number by nine. s&p barely in the grain. nasdaq 20 lower fractionally. lauren: stocks rebounded slightly from the selloff picked the selloff. the 50th 19 points in london. cheryl: japan's nikkei down nearly half a percent. in china come in the shanghai composite up a third of 1%. lauren: back here at home, opera suspending its driverless car after one hit someone until then. cheryl: israel highness, the saudi crown prince is on u.s. soil. his message could affect u.s. policy. "fbn:am" starts right now. lauren: good morning. fatah good morning. 5:01 a.m. in new york. on lauren simonetti. cheryl: good morning.
i'm cheryl casone. more on uber is hillary in a few minutes. this could disrupt the industry as a whole. lauren: usually a listless driverless car and it was deadly this time. cheryl: staying with technology come of this story still facebook this morning. the company in crisis mode after the e.u. promised investigations and the companies mishandling of user profiles. lauren: hillary thought in los angeles joining us now with the other headlines making news. good morning. good to see you. >> good morning. great to see you guys. facebook shares tumbled yesterday after using facebook to exploit 50 million users information without permission. stock down 7% with $30 billion. the biggest drop the company has
seen in four years. $5 billion of mark zuckerberg's net worth. the company facing blowback from users threatening to delete accounts in response and alex santos plans to step down after his role at the company was downsized. lawmakers on the hill at the european union are looking for a crackdown on oversight of the company. the security officer planning to step down from his famous has had differences in how they've handled russia's meddling during the 2016 election. a lot going on here and a lot more to look ahead to for the company today. >> talking about the uber newspaper happen to a driverless car? >> they ran someone over and that person ended up dying. they pump the brakes on the program after one of its test vehicles mowed down the woman walking her back on the side of the road and killed her in
tempe, arizona. the car was believed to be going five miles over the speed limit and made no attempt to break when it collided with the women. police are now investigating. cheryl: the battle for what is left of the weinstein company continues. is there any hope, hillary? >> they are filing for bankruptcy that they do have a buyer. >> weinstein company has 100 employees and it will release any nondisclosure agreement that were made by the ousted cofounder, harvey weinstein. cheryl: hillary thought in los angeles. we'll see you in just a little bit. thank you. lauren: facebook shares down 2% on a tumbled about 7% yesterday. that drag down tech overall. the carnage in the so-called banks stocks facebook, apple,
amazon losing $87 billion in combined market value yesterday. they spilled on last $36 billion of its own market cap yesterday. founder the chief innocent distracted tech research joins us now. good morning, lou. >> good morning. lauren: is this a tech problem for a tech problem overall? so far tech has been very resilient. >> this too shall pass. i know that may sound cavalier, but old markets diane and fundamentals, not people out about their privacy being violated at this has to be the 100th time we know about that facebook has got into a sticky situation involving their own privacy. the existential threat is what we see with government officials grandstanding and doing their best saying that the people started though. but when is the last time any government has moved swiftly to
enact legislation? never. by the time they do get around to it, we will be on to the next crisis of the day. lauren: you think this is just a sticky situation. you don't think that's downplaying it a little bit at all? if you lose the trust of your users, 2 billion of them, that's a major problem for the company, especially mark zuckerberg especially mark zuckerberg, the ceo testifying in this situation hates twitter, his google and the other companies as well. >> love, i have a very unpopular opinion on this. i'm not a user for this very reason. it's your own fault. you made this misconception that the product is a social media platform. facebook's product is you and the better they have data on you the better they can monetize you consider out, opt-out. cancel your account and you don't have to worry about it. lauren: that is the fear. if users continue to do that,
facebook shares down 1% right now so the selling continues. what happens to facebook? >> i agree come user fatigue setting in the social media platforms. everyone looking for something new and novel. the privacy issue is now coming to the forefront. i don't think it's going to drag the entire tech sector down long-term. it could be a reason to take profits off the table were to be more cautious. absolutely. lauren: you make an argument years ago. microsoft face similar threats from regulators and the like. of course there's still a major company, but they struggle. they stop price suffered at least temporarily. >> absolutely. it took a new ceo coming on board, some serious restructuring and focusing on the cloud. ultimately you have to pass the
leadership torch. this privacy issue has been something that's played facebook for the day when public and will be one that plagues it for its entire existence. lauren: what tech companies do like right now? >> you have to look to the opportunities for the future is. that makes companies that control for, or even compelling small and mid-cap plays on that. that's what you have to think about that. what are the tech trends to lead to the profits of tamara and the smaller players in the space that key technology to let that happen instead of trying to buy it and forget it with apple in facebook and netflix and amazon. you've got to be a stock picker, not an indexer. >> great to be here. cheryl: we are getting breaking news out of france right now.
former french president nicolas are cozy being held in police custody. he's been questioned about allegations in his successful 2007 election bid benefited from illegal funding from the late libyan leader moammar gadhafi. he's denied any of this a campaign funding and has dismissed these allegations as grotesque. he's been ordered to stand trial in 2012. nicholas sarkozy and french police custody. >> they will host the crown prince of saudi arabia. mohammed bin salman. this would be his first trip to the white house line is that encryption cracked down and business executives were
arrested. cheryl: yeah, the prince will also be meeting with the defense treasury as well as the cia director. this is a tour that takes into new york, california, texas to improve his country's image. maria bartiromo spoke with the prince in october. >> we want to live a normal life. a life that translates our moderate religion. we coexist him over the world and contribute to development of our country in the world. cheryl: and we'll have more on this historic trip with our political panel later on in the show. >> beyond oil. saudi arabia scaling for public stock offerings for new oil giant aramco solely on the saudi exchange next year while taking more time to decide if listening
internationally is also worth it. the decision has come in part and higher oil prices have negated the need for a larger listing. the stock exchange could have raised as much as $100 billion. lauren: vigilant reporting it as a saudi prince himself those concerned about the legal risk in the idea. we will talk about that later on. wilbur ross is heading to capitol hill today to testify on the plane to slap new tariffs on steel and aluminum on friday. $60 billion in tariffs as double the earlier proposal. discussing tariffs on your world with neil cavuto. >> steel and aluminum have been particularly plagued by excess capacity, which led to dumping, led to displacement of markets, all sorts of bad things.
president has decided to take bold action to deal with there. tragedy trump administration accepting applications from seeking a one-year exemption from these tariffs. lauren: the president on the ground in new hampshire yesterday for a set in order to stop the opioid crisis, you need the wall. >> the democrats will agree with us and build a wall to keep the drugs out. transfer will tell you what else the president said yesterday after the taliban traders said 9000 dollar bottle of scotch. we will be right back. ♪ we took legendary...
lauren: all right, welcome back. good morning. police in austin, texas blue before bonds that are brought to the city or connect to it and they are on the hunt for a sophisticated serial bomber. investigators say sunday night's blast was triggered by a nearly invisible tripwire showing a high level of sophistication they may have seen before in three early package bombs. also suggest the violence is random. the brother of the accused gunman, nikolas cruz, has been arrested were 17 people were killed. police say zachary rode a
skateboard across stoneman douglas high school telling people, telling police he wanted to reflect on the school shooting and soak it in. he's been warned to stay away. no joking matter on april 1st the company expected to release a 45-year-old $12,500 per bottle. it will come in a crystal decanter. it better. designed and only $500 will be released globally. it is pretty if you wanted. over 12 k. keep the bottle. cheryl: that's a lot, but okay. president trump unveiling his plan to stop the designation opiate epidemic was caused to build the wall.
the $6 billion plan. good morning. >> good morning, cheryl murray. president trump's message in manchester was very clear. it can to get tough in the battle against opioids. >> whether you are a dealer, manufacturer, if you break the law and illegally peddled these deadly poisons, we will find you, arrest you and hold you accountable. >> a firehouse in new hampshire, state-of-the-art video. addiction unveiled his plan to address the crisis which claimed the lives of 42,000 americans in 2016. the plan includes cutting off across our borders and within our communities and providing access to treatment and recovery efforts seeking out the death penalty for some drug dealers do the justice department saying it is available for certain drug-related offenses of the worst kind including drug kingpin provisions and the
president land winning the opioid battle to building the southern wall. >> 90% of the heroin in america comes from our southern border were eventually democrats will agree with us and build the wall to keep the drugs out. >> the plan drew some criticism on capitol hill. dick durbin said in a statement, we cannot arrest our way out of the opiate epidemic. we tried that it ended up with an even bigger addiction problem. another focus addressing sanctuary cities is holding a roundtable with law enforcement this afternoon on sanctuary cities at the white house. lauren, cheryl. >> rick jenkinson washington. appreciate it. lauren: a tornado rips through alabama and the rest of the
southeast. >> they are merged the vehicles and fire trucks down the road here. when i came around the corner, my house wasn't there. transfer the northeast bracing for yet another winter storm. four in three weeks. janice dean is tracking the storm track for you. ♪ ♪ hey, sir lose-a-lot! thou hast the patchy beard of a pre-pubescent squire! thy armor was forged by a feeble-fingered peasant woman...
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>> we start seeing emergency vehicles and fire trucks coming down the road here and around the corner my house wasn't there. a town in northern alabama was hit pretty hard. jacksonville state university also was several down trees and damaged buildings to continue threatening the southeast as the storm roselawn. lauren: here in the northeast bracing for yet another winter storm on the first day of spring no less. cheryl: janice dean has been tracking it and here is the latest. this seems like a bad one. >> i agree on all accounts. this is the storm system that brought tornadoes across the south. alabama really taken the brunt as well as her job as the system continues to move eastward and this is part of the energy that is going to bring us our force nor'easter for part of the mid-atlantic. the threat for severe storms
today for parts of florida, georgia and carolinas and even some tornadoes. there is your tornado threat through this evening and then with a focus on potential for another winter storm. not only for the new york philadelphia area, but d.c. could get a blog buster system for them. they have been into a have been enticed no doctors say. your future radar today across new york and up towards boston, really the exact tracking how much snow is still yet to be determined. i continue some of the forecast models are showing jack type totals especially for d.c. new york gss and the euro are kind of different here. nine inches, four inches for the euro. do your kid again potential for a bustier. but in a storm across the northeast is not great news on this first day of spring, ladies. back to you. lauren: thank you very much.
cheryl: ask yourself this question this morning. what happens in the good elizabeth warren, bernie sanders and michael moore all together on one stage? >> how much will that answer? zero. 100% goes to the top 10%. lauren: will tell you what else they had to say and what phase two of the trump tax cut could be. while toys "r" us shuts down all of its stores, one of its rivals is trying to benefit from their bad fortune. rest day for your markets. another rough open. down now putting down by 56 is. s&p, nasdaq 20 more were as well. you are watching "fbn:am." ♪
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7% yesterday in the dow fell 335 points. >> the tech heavy nasdaq is down nearly 2% with facebook, amazon, apple, netflix and google parent alphabet losing 90 billion to the combined market caps. >> it is negative for the year. futures are now down 68 points. nasdaq futures down 35. stranger in europe, stocks rebounded slightly. of these the ftse 100 was up 13 points in the cac in the red. lauren: the nikkei in japan and mean down half of 1% and china's shanghai composite at the third of 1%. true to toys "r" us shuts all of its stores but one of the competitors looking for a come back. we'll tell you about it. lauren: the saudi crown prince is now on u.s. soil. why his message about iran could affect u.s. policy. "fbn:am" continues right now.
cheryl: it is tuesday, march march 20th. we think it's the first day of spring. i'm cheryl casone. just ignoring the fact we're supposed to have spring this week. lauren: i know. cruel reality. senator bernie sanders hosted an online town hall slated towards economic inequality where the panel took familiar shots against the republican tax plan. cheryl: hillary is honest and for tracee carrasco appeared she joins us that that's sorry another headlines. good morning. >> good morning. democratic senators of new england, bernie sanders joined michael moore and to this online town hall yesterday addressing economic inequality in a latin american outreach.
the town hall sponsored a state-funded network from countries in latin america including cuba, venezuela and ecuador to advertise and focus on income income inequality. the two senators used the platform to take familiar shots against republican tax policies stating it hurts the middle class. >> how much will the new income growth to baghdad? answer, zero. 100% goes to the top 10%. and so the family is a generation ago could make it on one income now can't make it on two incomes because those incomes have been so depressed relative to the rest of the expenses. >> sender sends congress for not stepping up on issues he says will show are important to the
people. >> the people want one thing and what we are doing within the u.s. senate in the house for something completely different. poll after poll says the american people believe we should raise the minimum wage to a living wage. people tell us one thing and we come here on another planet. >> sanders also slammed corporate media for not informing the american people of economic inequality. one example he used with ceos make more than the average worker. he says that is not fair. cheryl: the same emphasis college should be free for everybody. making a comeback on the heels of one of their competitors going under. >> while toys "r" us is breaking itself for bankruptcy and getting ready to shut yours across the country, kb toys is planning to come back, looking at opening pop-up shops around
most of the u.s., after black friday. the other says the original plan was to open a massive online store, but now toys "r" us is out in the competition is a little less. he sees an opening for them looking up to something late in the holidays. lauren: we will say, but are virtually bad news for retail because claire's might be going the same way as toys "r" us. >> i filed for chapter 11 bankruptcy as a way to ditch the huge debt the company has racked up. slowly mall traffic, which we all know has led to some of the problems, but also a lot of competition from online cheap jewelry chains as well. that coupled with fewer people coming into the malls has led to some of those problems. cheryl: hillary von in los angeles. thank you. >> thank you. cheryl: well, today a big day. a face-to-face meeting with the crown prince of saudi arabia.
one of the main topics going to be the u.s.-iran nuclear deal. here to weigh in on the candidate for kentucky state senator reggie thomas is the best and erik kramer. good morning. >> good morning. this meeting is going to be very interesting because certainly this is one of the most historic crown prince arresting 200 princes and business people in saudi. the corruption crackdown that he calls that we've never seen out of the saudi's region before. how do you think the president will respond to the prints on his or rivals? >> is going to be in historic meeting. your saudi relations have been marred by the dichotomy of the necessity of saudi arabia as an ally in the middle east before its importance in the islamic world from the middle eastern world and a counterweight to iran. for a long time however we've
been facing the contradiction of them having a slightly more progressive view compared to many of our beliefs on their human rights, women's rights, et cetera. i think the crown prince has expressed finally the long-awaited reform sentiment they've been waiting for. skipping by bolstering ties with saudi arabia, trying to see whether there could be greater regional cooperation could definitely help a lot of the u.s. interest in the region and whether to iran or israel. i think people are still waiting to see exactly how the crown prince can go about, but there's a lot of optimism. >> reggie, maria bartiromo spoke with the crown prince back in october in saudi and they talk about the issue. i want you to listen to what he told her. >> 70% of the saudi people are
less than 30 years old and quite frankly, we will not waste 30 years of our lives in dealing with extremist ideas. we will destroy them today. we want to live a normal life. a life that translates our moderate religion or good customs. we coexist in there but the world can contribute to the development of our country in the world. there are steps that have taken in the past that are cleared and i believe we will eradicate the rest of extremism very soon. i don't think this is a real challenge. cheryl: but the challenges iran. can the president helped the saudi crown prince deal with that threat? >> this is a major opportunity for the united states. i think the real concern here is that european leaders have warned the crown prince about
the volatility, about his uncertainty. and so, the crown prince is going to go into this meeting with some apprehension, some uncertainty about whether and whether mr. trump can keep his word. saudi arabia certainly play an important role in the middle east, particularly when iran is on the other side and you have this sort of proxy battles to both iran and saudi arabia have been various middle east countries. lebanon for example. saudi arabia wants to keep iran at a distance. and so this is, you know, we hope this meeting will go well,
but understand various and element of distrust the saudi's warned by nuclear leaders against trump. cheryl: hopefully and i do believe the one thing they can agree on today, president trump and the crown prince is the threat of iran in the instability and distress to the iranians. that will be on the table today when these two gentlemen sit down together. we thank you both. we appreciate that. lauren, obviously what we are discussing earlier with the possible delay of the aramco ipo, the saudi princes coming to new york. certainly, new york was the listing, but the crown prince may be backing off. cheryl: maria bartiromo will most likely have news on the white house. maria posted down with the second lady, karen pence and
second daughter charlotte eastern time. cheryl: that will be a great interview. coming up, president trump talking about a new round tax cut. >> are we going for an additional tax cut i understand? who's the king of those tax cuts? a phase two. i'm hearing now. cheryl: taxes are going to be tied, hurt the deficit. we'll talk about that. a nuclear submarine have in common? there is something in common. stay tuned. we will be right back. ♪ this is a tomato you can track from farm, to pot, to jar, to table. and serve with confidence that it's safe. this is a diamond you can follow from mine to finger,
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cheryl: welcome back and let's get you caught up and it's happening now. attorney general eric holder criticizing jeff sessions for the firing of former fbi deputy or andrew mccabe saying sessions should stand up to the president. >> if you think the attorney general of the united states, you run the justice department and you've got to have the guts to look at the president every now and again and say no. cheryl: president trump praised over the handling of the hillary clinton and now scandal fired days before he would've been able to retire with full
benefits. the pentagon announcing monday the u.s. and south korea will hold joint military exercises starting on april 1st. north korea has been notified of the schedules while the defensive nature of their exercises. meanwhile, the u.s. navy might attract some sailors brewed like videogames. the uss colorado using an xbox controller to maneuver the submarine's new periscope. sounds like fun, lauren. cheryl: this sounds like fun, too. more tax relief for mark meadows since the next phase, phase two of president trump's tax reform is in the works and could be unveiled as early as tax day. >> there's not enough to rest on what we've done in the past. we need to be aggressive and continue to work on the agenda going forward. we've got to be serious about delivering each and everyday, not just one month out of the year. >> per minute individual tax relief could be part of the plan
and there are reports a there are reports a cut in the capital gains tax could also be included here at all of this sounds good, but what will it do to the national debt, which by the way has hit $21 trillion. we bring in 10 speed up eisner amber. what could this do to the national debt about 21 trillion right now? >> first, good morning, lauren. the very large tax bill in 2017 minus $1 trillion piece of legislation while it's been a gated will contribute slightly to the data said, and is forecast and opportunity. re: what's and goes for 2018, details are not known. one is that the capital gains rates can be reduced, number one. number two, you can see certainly permanency paid only the tax return 2017 or permanent been scheduled to expire anywhere between 2023 and 2025.
key sectors of the economy, couple of glitches or technical corrections just around tax calculations. with larry kudlow coming, who's a real supply sider might have ideas of his own regarding the 2018 tax legislation. lauren: your right to bring up we don't know the details and you can also argue how difficult this might be to push through. lawmakers on both side of the aisle are worried about cutting government revenues when you have a burgeoning national debt. however, head of the midterm elections, you have many democrats are registered from some of them could elizabeth warren, bernie sanders in the town hall yesterday slamming income inequality. headed to the midterms, can democrats continue to say the tax cut is just crimes for the middle class when everyone would get a permanent individual tax
cut. >> that is very important. when the congressional budget office was sworn in the 2017 legislation, everyone was very mindful that the individual tax rate, only add a five to six year shelf life and then they would expire whereby of the corporate side, those are permanent and that causes a little bit of distraction, especially when you calculate long-term revenue and the effect of deficits and budget. i think it is logical to ask why some of the provisions were permanent and not others and of course individual tax rates now. the 2017 tax bill was very, very significant in the rate cuts and all the other provisions. we haven't seen it come out yet. we are only three months into the year. lauren: timms speiss, thank you.
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s.w.a.t and solus bomb squad could we'll update you on the situation. live pictures of what is going on in the area all started about 12:30 in the morning local time. turn to the four package explosions have been happening in the austin area about an hour and a half from each other. we will get more details to see if this is related or not. in sports this morning, the cleveland cavaliers are a little bit shorthanded for the near future. they are missing their head coach. lauren: jared max is here with what happened. >> good morning, lauren and cheryl. taking a leave of absence. he says he hopes to return in one week. he played 10 seasons in the nba. he's only 40, but three times this season he's been unable to coach the cavaliers because abundant health matters. most recently saturday. he said it had chest pains and other troubling symptoms. he's not sure what the exact issue is.
hoping rest and medication focus on how to get them back soon. barry drew one that sidelined last night. down in this monster slam with lebron james who scored 40 in a triple-double. beating the bucks by seven. former memphis all-american will be named coach of the memphis tigers and dan hurley reportedly going the yukon to take over the men's team. the women's team at uconn has reached the sweet 16 and 25 straight seasons. they sent quinnipiac to the polls 7146. how big is the tiger effect? ratings on the arnold palmer invitational 136% last year and the streaming with that 683%. one other cool story today. major league baseball is finalizing a deal to get the yankees and reds sox playing two
games in june and in 2019. no more recognizable logo. bring it global to europe. that would be great. two games at the olympic stadium they are planning. lauren: pankaj sports headlines 24/7 nine sirius xm channel 115. cheryl: more coming up, the european union is investigating facebook. we are going live to london. we will be right back. ♪ then, use the ultimate power handshake, the upper hander with a double palm grab. who has the upper hand now? start winning today. book now at lq.com. (vo)intelligent technology one can help protect it.life. the 2018 audi q5 is here.
cheryl: european union wants answers from facebook over the handling of its user data. senior market analyst joining us now from london. good morning, craig. what is the potential fallout for facebook over there? >> the e.u. has shown recently that it's not afraid to hand out quite hefty fines. i think there is a movement within the e.u. to crack down on how data is used. i think this is a prime example of why. a lot of people don't understand what the data is being used for. i think it's quite innocent or in reality this is a prime example of how it can be used to manipulate people and that is something we will see attempted by the user cracked down quite heavily and source of measures against facebook in particular
may use it in a similar way. >> the other issue effect in world markets as reports that the e.u. could slap a 3% tariff is on digital tech companies operating out of the area. would you expect that to do to the markets? >> a good way slightly, but people have been preparing for this for some time looking for a way to tax the tech companies that don't generate profits in one particular area and find ways to minimize the amount of taxpayer liable to pay. more and more data than is based upon that. cheryl: craig, thank you for the date this morning. appreciate it. lauren: and thank you for watching "fbn:am." good morning to maria bartiromo. >> hey, ladies. happy tuesday, everybody. i am maria bartiromo. tuesday, march 20 at them in the
first day of spring. 6:00 a.m. on the east coast. an explosion at a fedex facility near san antonio, texas. one employee was injured and officials say it too early to tell whether this was connected to the bombings in austin. the very latest coming out. stocks tumbled, market tumbled all closing down better than 1% of the dow industrials not even at the loews of 335 points but was or not. the company facebook facing serious questions over its handling of user data. down nearly 6% -- nearly 7%. their largest decline in four years wiping out nearly $37 billion in market value for facebook and a day. futures also lower expect to in the selling to continue this morning. one quarter of 1%. nasdaq is down one half of 1% of
technology leads the way lower. watching the federal reserve's federal reserve's can the fed kicking off his two-day meeting to raise interest rates and announce tomorrow at the press conference jay powell will lead. in europe, mixed performance as the ft 100 is up 10 points. asia overnight, markets mostly higher with the exception of japan done one half of 1%. extreme weather same in the united states. at least one person is dead and thousands without power this morning is a powerful tornado rips through alabama. >> it's a war zone in there. >> our houses still standing standing, but basically destroyed inside. traded this comes as east coast braces for another intense winter storm. what you need to know coming up ahead. nicholas sarkozy taken into poli