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tv   Varney Company  FOX Business  July 26, 2018 9:00am-12:00pm EDT

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maria: great show everybody. thanks so much for joining us. >> love you much every day. maria: right back atcha. >> smart, hard-working lady. best in the business. maria: seize that day. "varney & company" begins right now. stuart, take it away. stuart: seize the day. good morning, maria. good morning, everyone. let's get at it. this stuff is important for everyone. facebook slowing down. that spells real trouble for the company and investors. we used to see huge gains in number of users. that growth rate slowed. that is the trouble. remember the dot-com bubble fueled by expectations of endless growth. there is some worry that social networks may be a replay. another question, are we tired of being surveiled by facebook? are we tired of facebook's censorship of our news feed? with all the divisive politics you have to scroll through, is facebook funny more? for investors, another question, would you buy the dip, the mother of all big tech dips?
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now look at this, a tense jean-claude juncker with a very happy president trump, announcing a trade breakthrough. hold off on anymore tariffs. get rid of the ones in place, work towards the elimination of all tariffs and barriers. that would be genuine free trade. perhaps more important, europe will buy american soybeans, starting now. europe will buy american nat-gas. take that, russia. europe blinks. hard-line trump wins again. today the president travels to iowa. that is farm country. that is soybean country. he is going to a manufacturing man to talk about jobs. he will surely milk the trade deal with europe for all it's worth. tomorrow, perhaps the biggest trump win yet. we get official numbers on the economy. expected to show at least 4% growth. he promised to make america great again. we certainly have a great economy. is that a big show or what? "varney & company" is about to begin.
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♪ stuart: let's start with the overall market. where do we open? up about 50 points for the dow, a continuation of the pop that we got late yesterday afternoon after the good trade news was announced. look at the nasdaq. that's where facebook is quoted. it is down a whopping 58. now look at facebook itself. it will be down big at the open after usage dropped and the company gave a not so rosy forecast. pretty much on track to wipe out all this year's gains. it is what we call bear market territory. down 21%. bring in tech guy, jim anderson, with social flow. obvious first question, has usage of social networks peaked? >> i don't know if it has peaked but that is the real concern. we may be peak content consumption. there is 24 hours in a day.
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i have netflix. we saw disappoint earnings last week. i have facebook, we see disappointing earnings this week. we have amazon, hulu, there is only so much attention. stuart: we have gotten used to exponential growth in usage. >> right. stuart: that will not happen in the future? >> no. especially scale of facebook. in fairness it was the user growth, daley active users, only up 1 1/2% or so i think everybody is hyper attuned to the slowdown. when is the slowdown going to happen. looks like it's here. stuart: is there any similarity to the dot-com bubble? let me explain that. in the 1990s, people jumped on board dot-coms because they thought they would expand and grow forever. they could never see an end to it. >> right. stuart: the end came to the growth, some of those stocks cocollapsed. is there any similarity with social networks today? >> i think there is in terms of expectations. trees do not grow to reach the sky. you know that.
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growth has to decelerate. facebook, lost yesterday is more than entire market cap than mcdonald's. they have two billion people using facebook. how many more people can they get? they had to slow down at one point. how could they continue to grow at the same rate. this may very well be that point. stuart: i know you're not a stock-picker. i ask you anyway. would you buy the dip? >> i don't know that i would buy the dip. facebook is it a still a great long-term business. everybody is fighting for a share of it, probably a good bet to go with the people that have it. for all the criticism facebook gets about the data privacy and alleged, censorship, those kind of things, facebook does a remarkable job of getting consumer attention, probably better than any company out there. that really has inchanged. what changes expectations what happens, three, six, 12 months from now. reality today is not that much different from yesterday. stuart: on personal note. i don't have facebook account.
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a lot of my friend who do it said it is not funny more. it used to be a place to get in touch with your relatives, college friends. it is not funny more. is that a fact. >> no disrespect to your friends, more reflection of them to the world. watch more cat videos, maybe it will be more fun. facebook is reflective of what you use it to do. if you get mired in the politics or negativity -- stuart: you could lose friends. you have that screed of hostility coming at you on your facebook feed. you could lose friends like this. >> cat videos. look at more positive content, more happy things. stuart: jim anderson if your contribution to this debate is cat videos we'll walk away from it. >> appreciate it. stuart: bring in market watcher scott martin. i want to ask the same question. this is the mother of all big tech dips, are you going to buy
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it? >> we are, stuart. maybe not right out of the gate. see if it tests lows overnight in the 160s area. i tell you what i think this is opportunity discussed on the show many times, if you've been out of the tech, similar to what happened in netflix days ago, take the dips as buying opportunities for the long term. stuart: if it drops to 160, will you buy it? >> yes. the low 160s is what we're targeting. granted it may not go down there. you might see volume come in. buyers pick this off this morning. might have to call this one on the fly. to me this is buying opportunity if you miss a lot of stock run-ups. stuart: scott, stay there, we'll bring you back when the market opens. we'll get more commentary. that is the facebook huge story. let me turn to politics. president trump made a deal with the europeans. brad blakeman, with former bush 43. both parties, democrats, business leaders, before this
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trade dealer this opposed to tariffs. none of them liked tariffs. they all think the policy would end in failure. i think trump proved them wrong. i think this is stunning success. >> there is no doubt. the sky was falling. he was starting a trade war. adversaries would gang up on united states. it would hurt every sector of the economy. no, we're largest economy on the earth. why not use our leverage. friends take advantage of us. adversaries done the same. donald trump is leveling playing field. putting america first. telling allies, by the way when you buy natural gas, other products put us first collectively. for the first time in a long time we had a president who called it as it is. stuart: let me pick up on that. here is what the president had to say about energy, natural gas going to europe. roll tape. >> the european union wants to import more liquified natural gas, lng, from the united states
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and they're going to be a very, very big buyer. we're going to make it much easier for them but they will be a massive buyer. stuart: i think that is one of the most important details because if we gradually replace the russian natural gas going into europe, that is a slap right at russia. go. >> can you imagine that? stuart: yeah. >> that is all russia has. they have gdp the size of new york state. the only thing that makes them is superpower is their nuclear missiles. if it wasn't for nuclear weaponry, they would be a third-rate country. donald trump is telling our friends, why aren't you doing business with us? we have plenty of natural gas. by the way you're just supporting the russian economy which is adversarial not only to your interests economically but militarily as well. stuart: i thought we were being too nice to the russians? this is a slap in the face. brad blakeman, thanks for joining us. >> a pleasure.
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stuart: wait, a when the news about trade popped yesterday, the market popped. it was late afternoon. see than at chart. it was a pop right there. as soon as this trade deal was announced. take a bow. take a bow. we both called it. liz: we said it yesterday morning this could happen. look at this, the s&p was yanked out of its six-month correction. the oil sector really booming. lng, nat-gas deliveries into europe, nobody saw that. nobody saw medical devices from the u.s. coming into europe, lowering trade barriers. we talked about how zero tariffs could come into place. the president working on that. nafta, nafta deal. mexico's top negotiator, he said we could see a nafta deal in two months time. stuart: i thought the sky was falling. i thought we were making a mess on relationships with trade that nothing could go right. >> if you look at european
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names, bmw, daimlerchrysler, daimler mercedes, all that, it is looking pretty good if we're on hold with these auto tariffs. stuart: i'm happy to say we got it right. if you get good trade news the market will stop itself. the market popped as we said it would. individual companies reporting earnings, starting with mcdonald's. better sales. do you know the value menu apparently is doing well. >> yes. stuart: you know that, do you? minor blip for the stock, down 60 cents. 158 the price. parent company of dunkin' donuts, dunkin' brands, not such a rosy forecast. that is taking them down 1%. under armour, strong sales internationally outside the u.s. nice bounce back, up 2.75%. under armour at 21. better profits and sales at maker of tomahawk missiles. that would be raytheon. it lowered forecast because of annual cash flow going into the
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pension contribution, pension fund at raytheon. the stock only down 1.56. it is at $196 per share. check the futures market. we'll be up 50 to 60 points at the opening bell. big drop though for nasdaq. this is interesting, a possible medical breakthrough, new drug to treat alzheimer's, shows real progress in treating and slowing the progression of the disease. works by preventing plaque building up in the brain. sounds like a game-changer. doc siegel with us on that. one city in california taking the plat tick straw ban to a whole different level approving jail time for business owners. you give out plastic straws, you could be in jail for months. we're on it. joe crowley who lost the primary to socialist alexandria ocasio-cortez. wants taxpayers to compensate families of illegal immigrants
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who were separated at border. herman cain has a lot to say. now after booking your flight, you unlock discounts on select hotels right until the day you leave. ♪ add-on advantage. discounted hotel rates when you add on to your trip. only when you book with expedia.
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sir, how about this for breaking news? president trump holding a high level meeting on election security. that meet cog include a discussion of possible russian interference in november's, this november's midterm elections. more on that as it rolls across to us. cigarette shipments are down at marlboro's parent, altria. we're smoking less, that is the truth. that stock is down 3%. new drugs doing well for bristol-myers squibb. crestor down because of competition from generics. overall the stock is up a buck 20. $60 a share. immigration, democrat congressman joe crowley want families which were separated a the border to be compensated, give them money, after entering the country illegally.
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joining us herman cain. wait a minute, damages, to illegals who come here illegally and because they're separated, we pay them? what's going on? >> well, remember crowley was a loser and now he has a losing idea. this is just one more indication that we know longer have the democrat party. it is the socialist democrat party. free community college, free health care, free, free, free, free. that's their only mantra. as you pointed out earlier today, stuart, in one of your excellent interviews it's unfortunate that half the people that are buying all of this socialist crap they don't even know what it is. stuart: that's true. >> so crowley, who is now a has-been congressman, okay, is put in this ludicrous idea out there to try to keep the
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emotions going around this whole illegal children narrative, and it's not going to work. stuart: i agree with you. when, if that were put forward as serious democrat policy, at the moment it is a suggestion, from the defeated congressman, but he is staying in congress, if that were put forward as democrat policy, i can't believe that the country would go for it. i just can't believe it. you can't either. >> no. it would be dead on arrival. it would be dead on arrival, number one because, republicans still control the house. they still control the senate. and even after november, my prediction, which i don't make predictions, they will still control both houses. why? because of these losing, idiotic ideas that the socialist democrats keep throwing out there to see what sticks. it ain't sticking. stuart: herman, as you know the president is heading to iowa today. as you know, that is farm country.
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i got to believe that the president will make a big point of telling farmers, look, we're going to sell your soybeans to the europeans. >> yep. stuart: that sticks it to china. i think, he will get a very good reception i suspect. >> i believe he will. first, remember, a few days ago, he announced, asking for 12 billion doll has to say to the farmers we got your back. with the deal he conceptually cut with the european union, we not only have your back but we'll open up the front door to sell more of your product to the european union. this is a win-win for president trump. he didn't just strike oil and gas. i think he struck gold yesterday, stuart. stuart: good one, herman. you got the best one-liners on the planet. that's a fact. herman cain, everyone. can't get enough of him. come back to see us soon. thank you, sir. we'll check futures.
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you see left-hand side of the screen, facebook down to 170. down 22%. dow industrials will be up 50 points at opening bell. nasdaq home of big technology, down about 60. a discovery, big one, on mars. scientists say they found a lake of liquid water, not ice, liquid water just under the planet's surface. what do we read into that? more "varney" after this. my father passed this truck down to me, that's the same thing i want to do with you. it's an emotional thing to watch your child grow up and especially get behind the wheel. i want to keep you know, stacking up the memories
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stuart: comcast, parent company of nbc. boosted by growth in their broadband business and the stock is up nicely, up 4% gain there. how do you describe this? an underground lake of liquid water has been detected own mars. why is this a big deal? liz: because they think it is the first potential habitat on mars. we're talking potential martians there dare say. this is the south pole of mars. it is 12 miles long and it is about a meter thick. it also has calcium, sodium, magnesium, elements we see here on earth. the fact it is interesting, not just seasonal. this thing is liquid year-round. prior to this they found frozen deposits. now it looks like it is liquid.
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stuart: are you our space geek? liz: space geek. stuart: deep on this bench. basic forms to have life. >> colonizing mars. musk wanted to do that, short trips to mars in 2019. that is year away. cargo ship in 2022. stuart: i really want to change the subject here. switching gears in the extreme. imagine this, you own a restaurant. you give a plastic straw, you give it out to your customers. you could face jail time. where this is happening? >> home of the rich and famous, your favorite state of california. stuart: knew it. >> santa barbara is the first california city to okay jail time for defying plastic straw ban. basically you could be facing an imprisonment term of, something like six months, or a fine of $1000 at most. but, a lot of people say it is unlikely that the maximum
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penalties will actually be distributed and sentenced for some of these violations. stuart: restaurant owner stood up said, i don't agree with this plastic straw nonsense, have some straws, that person would go to jail, because he stood up and objected to the policy. liz: you will have him on as a guest. stuart: i would certainly do that. >> not the maximum penalty according to the people they surveyed. stuart: only.2% of plastic in the social shun comes from straus. it is not america that puts most of it. it is asia. >> right. stuart: we're sending our people to jail, maybe, because they give customers a plastic straw. something is out of whack here. liz: don't send them to jail. stop the plastic in the ocean instead of jailing them. go after plastic in the ocean. >> seattle is the first major city to ban plastic straws. they're only talking about fines. no jail time. stuart: oh, seattle. check the market. we open it up in four minutes
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time. we'll be up about 40 points for the dow. look at that. >> wow. stuart: look at facebook. their growth of usage has slowed. they will be down about 46 bucks. that is pretty close to 21% down. follow it with us, after this. at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today. just for a shot. with neulasta onpro patients get their dayr back to be with family, or just to sleep in. strong chemo can put you at risk of serious infection. in a key study neulasta reduced the risk of infection from 17% to 1%, a 94% decrease. neulasta onpro is designed to deliver neulasta
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stuart: there is one clear focus off the stock market this thursday morning and that is facebook. not so rosy forecast from that company yesterday. the stock is in sharp decline. [opening bell rings] it is 9:30 eastern time, we'll find out very quickly where facebook is headed. overall market, dow industrials, we're up about 50, 54 points. the vast majority of the dow 30 are in the green. okay, we got that. we're up 56 points. check facebook. starting to trade, it is down about 19%. that is a loss of $42 a share. facebook closed yesterday at 217. this morning right now, it is trading at 175. they gave a not so rosy forecast and usage is lowing down. we're keeping a close eye on the other social media and tech stocks as well. they are all down, in some sympathy with what is going on
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at facebook. check the nasdaq, home of these technology stocks, down 78 points. that is 1% down. big deal. big day. liz macdonald is here. susan li is here. scott martin is with us. so too is john layfield. i have to start with facebook. john, to you first. it is way down in the 170s. that the is mother of all dips. would you buy the dip? >> yes, i would. i'm not personally buying it right now because i own the stock but i would be owning it if i didn't own it here. this company had 2.5 billion users last month, according to the appears on facebook, excluding china. they don't have access to that. you can't grow much more than that the law of large numbers caught up with company. the stock is not expensive. forward multiple of 20 with the recent dip, compared to amazon at 91. i think the stock is a buy here. stuart: put your finger on it, susan you were on the call.
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what was the significant problem with facebook? >> it was guidance, right. then their ad loads. they are pulling in as much ad dollars and instagram stories with news feed on facebook and instagram itself. when you're shifting the ad model, not pulling in as much revenue that is a bit concerning. stuart: ad revenue went up 42%. >> it did. revenue will slow the rest of this year. they need to spend more on privacy protection and getting users back on it. liz: expenses popped. facebook, zuckerberg was out in defense what is going on when the stock went into correction yesterday. this number, he said first time in june, 2 1/2 people, 2 1/2 billion people, not accounts, used a a facebook app at some point during the month of june. he is saying, that is astonishing number. susan: he lost a million in europe because of the oui rob privacy rules. it will not impact us. wrong.
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it wasn't even in the quarter yet either. stuart: go back to you, scott, i asked you earlier, would you buy the dip? tell me what you said. facebook at 177. >> yeah we were looking at it in the 160s, stuart, which is the low overnight. i believe there is a chance it gets down there, maybe not today, maybe next few days. you guys pointed out, facebook a good platform. they have not monetized the fullest, instagram, whatsapp, have. r stuff in the future. there is a lot more to facebook than just the facebook platform and that is the reason you should own the stock. stuart: that is interesting. we have enuse a around the table for buying this dip -- enthusiasm. other big tex are down in sympathy with facebook. pay close attention to amazon. they report this afternoon. amazon is way down this morning. yes it is. amazon down 23 bucks.
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liz: not out of the realm possibility that amazon to be the first one trillion dollar stock. only has to move 12% higher. will have third straight quarter of one billion dollars in profit. operating income is coming in pretty strong. stuart: john, we have tech stocks on the screen. all of them show a dip. would you buy any of these dips? >> i certainly would. everyone but amazon. i own amazon. liz is right. this is momentum stock. it is trading 91 times forward multiple. amazon got a little bit ahead of itself. it is up 50% year-over-year. look at apple, apple trading less than 15 times forward multiple. to have growth of this size, with companies this big, these will be the biggest companies in the world, five years from now, just like they are right now. they will be a lot bigger. you're fine buying tech right here. stuart: everybody is saying buy that dip, buy that dip.
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susan: high expectations from amazon. expecting profit to rise six fold from a year ago. stuart: amazon is down 22 bucks as we speak. i have to move on. talking about energy, bearing in mind the trade deal announced with the europeans yesterday, we, america, we'll sell a lot of natural gas to europe that could replace some of the natural gas that russia sells to europe. that is really sticking it to the russians. john, would you buy nat-gas stocks at this point? >> i would. i would buy oil stocks as well. president putin understands this well, part of the collapse in 1989 and russia in the mid 90s had to do with price of oil falling. he is building out energy infrastructure. when he goes into syria, get as port of tartis, 49 year lease. when he goes ukraine, gets port in crimea. way to build infrastructure. way to go after putin is on the
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energy front. this is a great idea by the president. stuart: let's deal with the broad economy. we got the gdp number tomorrow. that is the strength of the overall economy. get the number at 8:30 eastern time. look at the market, hit a gain of 100 points on the dow. back to the economy. scott, most people are expecting a 4% growth rate in tomorrow's number. what is your number? >> 4.4, stuart. i think there is some extra oomph from cap-ex, business spending. consumer comes in strong. 4.4% will be great. the problem is, it is probably already in the market. anything little less than that, the market will be disappointed. anything better is just gravy. stuart: have you a number for us, john? >> i don't. i agree with scott. i will have front-loading of companies shipping good before the tariffs kicked in. i think you will see a little bit of that. like scott said, it is already baked in. unless we have a miss, market is not up significantly on 4.4% number. stuart: don't forget charles
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payne on this program yesterday, said it would be a 5% growth rate for the economy. check the big board. the tech stocks, for once, are not leading the market. in fact tech stocks are going the other way. but the dow industrials are now up 106 points. that is .4%. 25,500. that is where we are. better sales at mcdonald's. their value meal is doing well but the stock is down not much, about a buck 30 at 157. high every profit at dunkin' brands, that is dunkin' donuts parent. not so rosy forecast nonetheless the stock is up, $71 a share. new drugs doing well for bristol-myers squibb. better profit at raytheon, they make the tomahawk missile. despite that the stock is down 4%. cigarette shipments down at the parent of marlboro, that would be altria. you don't see that often but err
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smoking a lot less. the stock is down 3%. shell, look at this, they will buy back, i don't know what time frame, $25 billion worth of stock. nonetheless the stock is down 3.8%. the parent of budweiser, that would be ab inbev, beer sales are down stateside. bud sales down stateside. the stock is down nearly 4 1/2%. what is it, microbrews? liz: that and millenials and gen-zers are drinking less. alcohol companies they are trying to pumpp out non-alcohol drinks. look what inbev is doing. they're doing more citrus flavored drinks. this is way they're headed. not selling a lot of volume of those products. stuart: what is gen z? liz: after millenials. stuart: early 20s? liz: yeah. susan: something like that. they're not drinking wine or bud lieser but going high-end
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refined stuff. stuart: buddies out. susan: moving market share. stuart: the dow industrials powering even higher now. look at this, we're up 118, 120 points for the dow industrials. the dow popped late yesterday afternoon on the good trade news development. popped again this morningp not that there is any fresh news. now we're up 122. 25,500. coca-cola plans to raise soft drink price, soda prices because of tariffs. that is everyday product for a lot of people. liz: they didn't say the dollar size or dollar amount but the fact they said it. 40% of the s&p 500 companies reported earnings thus far did worry about tariffs, looks like the deal with the eu, they could maybe back off that we're watching the rest of the earnings season. stuart: 9:40 eastern time. thank you very much to scott and john. we appreciate your coverage of facebook and the market this morning. gentlemen.
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thank you. check the big board, we're still going up, 125 points, 25,500. walmart teaming up with google's self-driving car unit, waymo. you can now hail a driverless car to bring your shopping to you. we'll explain. sounds good to me. fox news's gregg jarrett, out with a new book. the title, "the russia hoax, the illicit scheme to clear hillary clinton and frame donald trump." i want to know what tangible actions were taken to frame the president. gregg jarrett has the answer on that one and he is next. ♪ napoleon is duping us! all around louisiana... you're a nincompoop! (phone ping) gentlemen, i have just received word!
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stuart: where are we now? yes, we are up 152 points. that continues the pop that we saw late yesterday afternoon
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when the good trade news came in. 25,564 as we speak. we're up 150. walmart is teaming up with google's waymo. nicole, come into this please. as i understand it. what are they going to do? send a driverless car to the grocery store to pick up groceries, deliver them to me. is that it? >> why not? why not? this is how it will work. they're teaming up to try to get sales up to compete against amazon. walmart is teaming up with waymo. offering customers rides to the walmart stores. it will pick you up in a self-driving car? you okay with that? maybe you love this it's a pilot program. phoenix, arizona is where it is starting. customers are able to place the orders on the site. you love this, get a discount, stuart, gow there. pick it up, has el free, you come home with your stuff. you want to take a chance? stuart: discounts on me and i do think that is the future. maybe for my grandchildren of
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the not necessarily for me. great report, nicole. that is fascinating stuff. thank you. got to get to politics, we do a lot of that on this program. republican house members introduced articles of impeachment against deputy attorney general rod rosenstein. look who is here. gregg jarrett, fox news legal analyst, former trial attorney. i keep my distance. now, do they have a case? >> absolutely. stuart: really? >> rosenstein has treated congress with content, he should be held in contempt and in my judgment impeached. he has been concealing evidence and hiding documents about the origins of the trump russia hoax. stuart: you're a tough guy, gregg jarrett. >> i argue in my book, that if you get your hands on these original documents you find there was never any evidence of collusion, no evidence of crimes, to justify a criminal investigation, no probable cause, no intelligence to justify counterintelligence
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probe. it was all a scam investigation designed to damage donald trump, to frame him for crimes he didn't commit, and collusion, which isn't even a crime in a political campaign. stuart: wow, that is a mouthful. let me get to the book. i want the correct title here. it is called the russia hoax, the illicit scheme to clear hillary clinton and frame donald trump. good lord, man, number one best-seller on amazon. congratulations. >> it is indeed, thank you very much. stuart: that is terrific. well-done indeed. >> thank you. stuart: we know how the actors felt. we have seen the strzok text messages, they hated trump, got it. but what tangible action did they take to undermine him and frame him? >> james comey wrote down that hillary clinton critted crimes. he wrote down gross negligence in his original statement, not once, but twice. he claims he doesn't remember doing that. several weeks later because he still wanted to clear hillary clinton, he had his minions,
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peter strzok and lisa page, sit down on june 6th of 2016 and change the language to clear her. this was done, it is pretty obvious, because they wanted hillary clinton to be president. if she was the subject of a multicount felony criminal indictment, that would never happen. on the day that comey stands in front of cameras and clears clinton, secretly in london his fbi is meeting first time with the author of the phony, fabricated dossier, and with that they used it as a pretext to launch this dial eighting probe of trump. stuart: there is president trump getting underway for his trip to iowa where he is speaking and attending a job fair this afternoon. we keep hearing that there was no actual, tangible conspiracy. it is just talk.
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it is design toddies credit the fbi, to discredit the department of justice, but your book says categorically there was a conspiracy? they acted on it and they did undermine trump? >> you know it is pretty revealing when you read the inspector general's report, you can start it around page 185. comey writes that she was grossly negligent. he gives it to all of his people, including strzok, page, andrew mccabe and others. and they essentially conclude that you can't clear her, mr. director, with this kind of language. we have to change the language. that to me is a covert conspiracy to obstruct justice. you can obstruct your own investigation by clearing somebody when you know the evidence exists that they committed crimes. stuart: what legal action can be taken against those people who did take actual, tangible action to frame the president? >> there should be a grand jury
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investigating these investigators and the potential charges are as i say, obstruction of justice. but in using the phony dossier to deceive a court and fool the judges is another felony called abuse of power. and these are crimes that are quite serious, and they should be the subject of federal prosecutors and a grand jury to decide whether criminal charges should be brought against these people. stuart: congratulations on your book, its number one status on amazon. i will take this one. >> it is all yours. i will even cite. stuart: stu and i go back 30 years to the same program on pbs in san francisco. stuart: it wasn't pbs. it was a uhf station. >> they were affiliated with pbs. stuart: they were. i forget that. gregg jarrett, you're all right. >> good to see you, stu. stuart: check the dow 30. it will be a lot of green. yes, there is.
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there are 25 dow stocks up, five of them are down. the dow industrials up 150. drugmaker glaxosmithkline buying a big stake in genetic testing company 23 and me. it gives glaxo access to huge genetic database, to develop that for new drugs. it is raising eyebrows about privacy. doc siegel will be with us. he breaks it all down after this
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stuart: by owe again they have a new be alzheimer's treatment -- biogen. can you spell out, dr. marc siegel, what promise showing for alzheimer's, big interest in this? >> identifying there is genetic problem that leads to alzheimer's and protein that leads to build up of alzheimer's. if you can revent the plaque from worming, get rid of it once it is formed, there is big promise. you do better preventing it from forming in the first place. this drug is on target but still premature how it will work in terms much actual patients over a period of time. stuart: but if you got the plaque, you got the alzheimer's, and this can get rid of the plaque, that sounds to me like a cure rather than a treatment.
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i'm sure i'm going much too far but we're headed in that direction? >> yes and no. by the time plaque is there, damage has already been done that can't be reversed this is treatment more than a cure. i give it a big plus, a big thumb's up. even better if you can manipulate the gene to not produce the protein that causes the plaque, that clogs the brain in the first place. that is some other drugs. stuart: okay. >> this is a treatment. it is very exciting. it is not a cure. stuart: good stuff, thank you. next case, glaxosmithkline, they put $300 million into the genetic start-up, 23andme. now, what they get for that is a huge database. i think that is a very good thing but you're going to say, watch out for privacy? >> i liked it when the fda approved 23andme, some other companies, ancestry and helix, you know what? their data is better than it used to be. we can tell what your ancestry is, where you come from, what
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your ethnicity is. if you didn't know. we can tell what your risk of alzheimer's disease is, parkinson's disease, clotting problems, this could be useful information for you to have. but when you sign up for it, they can take your spit, stuart, store it up to 10 years, 23andme, use it for research to figure out new drugs like biogen drug, use it to figure out new drugs to alzheimer's. stuart: that is wonderful. what is wrong with it? >> nothing. when do you get to say no? there are problems with privacy here. do you necessarily want your dna public? is somebody in the government coming after you? stuart: 23andme, you spit into the little tube, they find your dna, anonymous, isn't it? totally anonymous? >> supposed to be anonymous. there has been glitches with this. i want to say to your excellent viewers, that i want people to have a chance to say no and they
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can. you can say to 23andme, sorry, throw out my spit. problem some of it may be already used in studies. i think there is a privacy here. i'm worried about "blade runner." i don't want to be identify on the street. stuart: i am surprised at you. >> i'm all for this. stuart: i thought you were in favor of research, new drugs? >> all-in on this, 100% excited about it, glad gsk is making a deal to do it. i want to make sure there is a stop sign. i want to make sure somebody can opt out. the purpose of the test is to identify whether you have a disease. organ donors, i am for it 100%, i want people to be able to say no. that's all. stuart: we understand that, dock siegel. >> don't you agree? stuart: i have a script to read. thank you, doctor. facebook's stock seeing the biggest one-day loss ever. look at that, down $41. coming up top of the hour. may be time for zuckerberg to
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step aside. i will state my case next
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stuart: i don't have a facebook account. well, the show does, i don't. and i'm not likely to join up and join the club anytime soon. point number one, i don't like being surveil ised or checked out. -- surveilled or checked out. i know it's almost inevitable in the digital era, but i don't have to like it. we keep hearing about the detailed profile that facebook and other social networks accumulates on a all of us. it penetrates my ring of privacy. no thanks. secondly, i don't care to have my news censored. facebook's censors skew against conservatives. just today they had to own up to blocking a pro-gun ad for a political candidate. no thanks. i'll decide what i want to read. i just don't trust you. third, didn't facebook used to be fun? my family tells me it was a
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great way to keep up with far-flung relatives and friends, but they tell me it's now turning nasty. who wants to read an endless screen of harsh political opinion? you lose friends that way. what i'm really asking here is whether our full-blown are love affair with social networks is beginning to fade in america and europe in particular. looks like it's peaked. now, facebook is very much the creation of founder mark zuckerberg. should he step aside? there's a movement among some shareholders to replace him, bring in an adult capable of running a maturing company. granted, zuckerberg has an almost impossible task. how do you maintain privacy and keep your profitability, and how do you censor and monitor the posts of two billion people? talk about a rock and a hard place, he's in a tough place. but that's where we are. all of a sudden, facebook under attack. its user growth has stalled, the stock price is way, way down, and the call is out to find new
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management. something, surely, has to give. is the second hour of "varney & company" is about to begin. ♪ ♪ stuart: oh, here it is. it's thursday, it's just after 10:00 eastern time. the mortgage rate, please. >> on 30-year fixed, 4.54%. stuart, it's been running sideways the flat for the last two months. why? freddie mac is saying housing prices are now growing double the pace of income. so susan reported yesterday the new house, median house price is 302k plus for new home sales, that's the median national average. for the existing tests 276,900. so those prices are trending up, so people can't really get in there and buy. stuart: 30-year fixed, 4.5%, been that way for a couple of months.
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>> that's correct. stuart: thank you. back to my editorial rant on facebook. some investors have a plan to get rid of mark zuckerberg, replace him. but, susan, you're on top of this one. >> yeah. stuart: zuckerberg cannot be fired. >> he basically can't be fired because he owns the majority of the voting rights at facebook. but this comes from killian asset management, and they pitched this before, before the second quarter earnings call and those numbers hit the tape, and it might gain momentum after we saw the stock down over double digits. they're saying they should split the position of ceo and chairman from mark zuckerberg, bring in an independent chairman to oversee some of these, i guess, try to come back from some of these scandals with the russia meddling in 2016 and also cambridge analytica. but because zuck owns 75% of the voting power, he's insurmountable. stuart: come on in, gary kaltbaum. tell me about zuckerberg.
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i know he can't be fired, but do they need a change at the top? >> i would suggest that his name is gone into the negative column at this point in time, so i think there's a chance it could happen. but not right now. let's remember the other side. he took an idea to a company that's worth before today over $600 billion, creating a ton of wealth, and it's still very popular with a couple of billion people. but, yeah, you know, money talks, and if business continues to head south and the stock continues to suffer, you know, things will perk up in a negative way. and let's be clear, they have gone from a very dependable, strong growth company to a not dependable strong growth company on wall street now, and that has some credibility as it moves forward. >> you know, your point's well taken about politics on facebook. zuckerberg and his team were saying facebook is a safe space. but once you have politics, it's sort of like talking about politics at the family holiday
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dinner. it's really uncomfortable. people don't like it. they feel like it's an intrusion. so, you know, you wonder if he should split it off and just have a place you could look at happy pictures of your family and friends and not talk politics. this is a company that waded into politics -- stuart: but you can't make as much money like that, can you? >> that's right. that's the problem. stuart: gary, you and i go back to the bubble days of the 1990s. back in those days, those stocks went straight through the roof because they were expected to grow forever. is there a parallel with what's going on with social networks today? expected to grow forever but they're not? >> potentially, yes. first off, young people are really not thrilled with facebook. and, look, it's all about keeping people and growing, and i think that is going to hit a wall eventually. and i've got to say the other part of the equation, there is just so much hate on these social networks. i think a lot of people are going to get a lot tired of it
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as we move forward. when i go through twitter and see people debating, there's no longer debates, it's all go -- i can't even mention it on tv. stuart: yes, you're right. >> you get my point. and that's something that's going to be meaningful as we move forward. stuart: by the way, there's no bounce yet. facebook opened in the mid 170s, it's still there 36 minutes into the trading session. gary, thanks for coming on on at short or notice today. appreciate it. >> you got it. stuart: look at mcdonald's, it's the biggest drag on the dow at this moment. it is a dow stock. otherwise they've got some positive news out there. their dollar menu is doing very well, but revenue fell because it sold some of its company-owned stores two franchisees. that's part of its restructuring plan. the stock's down 1.5%. big tech names, now, following facebook -- not to the degree of facebook's plunge, but they're all down. twitter down 3% -- >> they report on friday. institute yeah, they do, thank
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you very much. snap is down 3%. alphabet, that's google, down just a fraction. netflix is down. amazon is down $34. they report after the bell today. now look at ford motor company. i believe that is a five-and-a-half year low, just a tad above $10 a share. they've cut their profit forecast. show me some winners. here's one, qualcomm. they've got a -- they did have a deal for $44 billion to buy a company. that deal is off. they're putting the money, $30 billion worth, into a stock buyback plan. the market likes that, it's up 4.5%. another winner, apple just hit an all-time high. if it goes up to $204 a share, i believe it hits a trillion dollar value. it's certainly up nicely today. and worth $960 billion. our next guest has a great headline for us. here it is: connecticut is drowning in debt. should the rest of us have to pay? mitch daniels is here, former
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governor of indiana. he wrote that headline in "the washington post." governor, it's great to see you again, sir. welcome back. >> hi, stuart. stuart: you are referring to the real crisis in the payment of pensions to retired government workers in california, illinois, new jersey, new york and, yes, connecticut. i read your article. there's no solution here, is there? we can't pay. >> first of all, i'm not picking on connecticut uniquely. i was observing the historical irony that the protection for the solvent states is the u.s. senate, ultimately, if there's an attempt to nationalize these debts as i think there may be, and that happened to be the connecticut compromise. their delegates to the convention created it. but they're just one of, as you anticipated, a number of states including some of the biggest states that are in deep water. i think it is irretrievable. pensions is the core of it. it's not the only fiscal recklessness that they have
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practiced. but it is, in some of those cases the bills are genuinely unpayable. stuart: what's the end game? if the bills are unpayable -- and i've seen your numbers, they are unpayable -- how does this thing end? >> someone's going to the barbershop. it first will be the taxpayers, already pretty beleaguered in some of these states. but i don't think they can raise taxes in many of these places enough to come close to the debts they already have and the unfunded promises that they have made. so there may be a way many some states -- in some states to have a reset of the pension only police stations, although in some places they've actually been constitutionally protected. so that's not available. stuart: they can't declare bankruptcy, can they? >> therefore, if you're a bondholder, be careful. stuart: well said. i just want to roll you some tape from president trump to who made that deal with the europeans yesterday. that trade with the europeans.
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sorry, i don't have that sound bite available. but, essentially, governor, i believe you were original hi critical of -- originally critical of the whole idea of trade tariffs. now what do you say after the agreement between u.s. and the europeans -- us and the europeans reached yesterday? >> oh, i don't comment these days from my perch as a public university president on the topical matters or political matters. i will say that as a general rule it's always been a good idea to trust the american farmer's ability to compete. and we ought to be trying, as many have for a long time, to get out of the business of creating surpluses and then buying them up for subsidizing them. so i think we play a dangerous game. i live here in a state which is one of the biggest soybean and corn producers or and exporters, and i know a lot of farmers. and the vast, vast majority would greatly prefer to be
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allowed to compete successfully based on their skill and technologies like we produce at purdue. stuart: but if you get a trade deal with china and you've got one the europeans, your farmers in indiana, they're going to look pretty good, aren't they? >> that's why i don't want to prejudge or comment on the wisdom of this or that immediate policy. it could all work out well, and let's hope it does. i would just say over the sweep of time bringing back these 1930s programs in a big way as was, as was suggested recently is something that is probably not a good policy for the future. stuart: all right, governor, we'll be watching it. we thank you very much for being on the show today, sir. come again soon. >> thank you. stuart: yes, sir. president trump meeting with his national security team tomorrow. they're talking election security. this comes a day after he made a deal with the europeans to sell them our natural gas. sounds to me like he's taking on russia. general jack keane is with us
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next. let's see if he agrees with that. congressman joe crowley, he lost to socialist alexandra ocasio-cortez in the primary. he wants to give money to the families of illegal immigrants who are separated at the border. there's a story for you, and we're on it. tax reform 2.0. growth policy, in my opinion, but again by opinion is it's not going to have the votes to pass the senate. what does the top tax writer in the house, his name is kevin brady, he's with us. what does he have to say? he joins us later this hour. you're watching the second hour of "varney & company." ♪ ♪ this is frank. sup! this is frank's favorite record. this is frank's dog. and this is frank's record shop. frank knowns northern soul, but how to set up a limited liability company... what's that mean?
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not so much. so he turned to his friends at legalzoom. yup! they hooked me up. we helped with his llc, contracts, and some other stuff that's part of running a business. so frank can focus on the beat. you hear that? this is frank's record shop. and this is where life meets legal.
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stuart: it's another rally, and this fos the pop we had yesterday after good news on trade. we're up 130 points now, 25,500.
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some individual stocks moving, look at this. that's under armour. north american sales increased for the first time in a year. it's up 3.8%. better profit at dunkin brands, but not so rosy forecast, and that keeps its losses to 23 cents. it's down. mattel, lower profit and slashing 2,200 jobs. a lot of employees walking out the door. down 7%. the stock's at 15. president trump meets with his national security team tomorrow. the topic, election security. namely, russia meddling in the midterms. now, this comes one day after the president announced with the europeans that the europeans are going to start buying a lot more of our liquified natural gas. that is another slam at the russians. joining us now, general jack keane, fox news strategic analyst. now, if we sell natural gas to the europeans and they don't take so much from the russians,
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that to me is a big, big win for us. >> yeah, this is. and it's something we've been trying to get accomplished for some time. our gas is a little bit more pensive because it -- expensive because it has to be transported over there. but look, russia's major supplier. they're a one-commodity country in terms of oil and gas. their achilles heel is their economy, and it always has been. it's struggling, their currency's in the tank, they've got inflation. there's huge pressure on their people as a result of it. putin is not as popular as those polls indicate. anecdotally when you talk to people who spend a lot of time there. this is a major win for the united states. stuart: i notice that just as this deal was being announced, we sell more nat gas to europe, just as that was announced, we put off the second trump-putin summit from the fall until next year. >> that's probably a good move. one, it looked like we were
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rushing to have another meeting with this guy, and i don't think we should. finish and i think -- i take it at face value what the reason was. finish the investigation, let's get this, let's get that thing out of the room so all the questions aren't about this issue surrounding that investigation like what happened at the press conference. let's focus on what the issues going forward are. stuart: how do the europeans feel about this? i don't know whether you've got contacts there, i'm sure you've got military contacts there, but here we are slamming the russians and selling natch a algas -- natural gas to the europeans. i would have thought they'd be overjoyed at this. >> the europeans, they're feckless leaders there. they're not strong leaders. [laughter] it's just the reality of it. but there's a growing concern in europe about two things. one is what open borders, no vetting of people who come into the country and the problems that's caused in terms of radical islam. a second concern they have is the growing intimidation,
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coercion of russia. and so when they said that the last annual meeting was a good meeting, it really was because there was a genuine, collective agreement about we've got to do more, we've got to stand up more. and the united states is still the indispensable leader in doing that. stuart: where does that leave angela merkel? >> strongest economy in europe, to be sure. in my mind in terms of standing up against russia, i one of the weakest leaders in europe. stuart: what about the brits? we have a traditional strong relationship with the brits, but they want to leave europe. they really need us bigtime at the moment, don't they? >> yeah. the problem with the buritz, and we don't talk about it because they're so chose to it, they've cut and slashed their military so much, they don't have much capability anymore. they can probably deploy about a brigade -- stuart: how many men in a brigade? >> about 5,000. stuart: is that it? >> it would take them months to be able to deploy another organization.
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they've been systematically cutting it for years. and while they have the will, you know, and brit soldiers fight, they're good, highly trained, skilled, etc., their politicians aren't supporting it. it's a sad thing. stuart: it really is. general, we appreciate you being with us. >> good to see you, stuart. stuart: the good news, we're sticking it to the russians. >> and it's helping our economy. stuart: this you go. [laughter] thank you, sir, appreciate it. a big day for your money. by the way, we have larry kudlow coming up on the show today. we're talking about that trade deal, of course, and the economy. kudlow, first on fox, 11:30 eastern this morning. now this: dallas cowboys owner jerry jones, he said his players will stand for the national anthem, toe on the line, to be preice. that's what he says -- precise. brian kilmeade will give his take on that later on in this hour. ♪ insurance that won't replace
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stuart: spotify, a music streaming servt its best level since it went public. why? because it reported an increase in paid subscribers. okay, it's up a buck, 188. now this, the president slams twitter with for reportedly cent -- censoring some republicans. we will look into this discriminatory and i legal practice at once, many complaints. where's this -- what's this all about? explain it. elizabeth: sure. it comes from vice news. vice news said when it went to
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search, there's a search button on twitter. you search on mark meadows or jim jordan or matt matt gaetz -- stuart stuart conservatives. elizabeth: that's right. it did not in the search results show their twitter home profile pages. in other words, you could visit to see what they're saying and doing. instead, it shows jim jordan's jacket or mark meadows' video. it didn't take you immediately in the search result to their individual home pages. now, twitter claims it's a bug that's been fixed, it was based on account behavior, not content. i can't fathom what they mean by that. already republican-led house judiciary has held two hearings on cent or sorship of conservatives by silicon valley. the president's saying we need to do more. jerry nadler saying this is just a hoax, it's a tired narrative of victimhood coming out of the republicans, but vice news is reporting that it happened. stuart: i think there's a consistent pattern.
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there seems to me to be a history of it, and i think they've got to address it. and you can't just say, oh, it's the algorithm. you can't just say that. meth elizabeth well, they are saying that. -- elizabeth elizabeth well, they can't just say that. suiter stuart i think i better tell the audience what's coming up. calm down. president trump heading to iowa right mow. that is farm country. that, by the way, is soybean country. this is a day after he made a deal with the europeans who will be buying a lot of american soybeans. we're expecting him to land in the next hour, and you will see it. when he gets to iowa, those farmers should be pretty happy. we're going to talk to a seventh generation farmer, and he is next. copd makes it hard to breathe.
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♪ stuart: i don't recognize. didn't sound like ringo singing it. liz: i don't think it is beatles. susan: can't we wait for the verse to sing it together? stuart: no. we're on a hard break. rally, triple digit gain for the dow. 25,500. look at facebook. a little bug on right-hand corner of your screen. down $41 on facebook. user growth fades. susan: okay. that works. good alliteration. stuart: fades. we're down 41 bucks. better profit, there is the other tech stocks. by the way they're down. better profit and revenue at comcast. that is the parent company of nbc. boosted by growth in the broadband business. nice little gain there, 3% up for comcast.
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president trump, he is going to illinois today avenue visits iowa. he will talk trade and tour a steel factory. again, that will be in illinois. jeff flock is in granite city where the president will be. i guess those steelworkers, they will be pretty happy about the deal with the europeans, aren't they. reporter: this is pretty unquestionable win for the president. this plant, we were first when we first announced this. look at this plant. it was humming. it was very quiet. they got down to 100 people working in this huge plant that supported this town for years. they're now going to be up to about 1500 as a result of this, reopening two blast furnaces. this is real major win for the president. this is all as a result of these steel tariffs. it made u.s. steel more buyable and bankable. that is just what happened. it has been a boon to the company. it has been to a boon to this place. we're sure rounded here in
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illinois by soybean fields. they're not as happy. they support the president even though they don't support this. but you, you know, the lord giveth, the lord taketh away. stuart: from him that hath not shall be taken away. that is not referring to money of course. jeff flock, we still think you're all right. what have you got? reporter: who is given much, much is expected. stuart: very good, jeff. we'll return to this biblical quote contest shortly. reporter: biblical. stuart: golden rule. do unto others as you would have them do unto you. you're out of here, flock. before the president goes to illinois, he will go to, iowa. that is farm country. now, before he made a deal with the europeans, some farmers worried about the $12 billion bailout plan that the president had planned.
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my family got into farming to sell beef, not sent government assistance. as president trump travels the heartland today, listen to america's rural families and take immediate steps to resolve these trade disputes. joining us, casey guernsey with americans farm and families. this is what you said on the program? are you happy now, the president made a deal with the europeans, they will buy our soybeans, are you happy now? >> this is great news. this is the news we've been waiting for for a while. we're certainly appreciative of the president trying to help us. that is big reason why we supported president, as long as we have, willingness to engage in hard trade negotiations. it has been a roller-coaster the past six to nine months. we're thrilled to see the news come out of europe. we just hope that the administration and the president continues down this road, using this approach to free up markets for our goods.
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europe is our number five trading partner and we hope he applies this method to our number one and number two trading partner, with canada and mexico. that will be a boon to us. stuart: by the way a delegation from mexico is in d.c. today trying to work out a bilateral trade deal, america and mexico. this thing is in progress here. but look, you're a 7th generation farmer on that land. it has been in your family for seven years, i believe, up until this trade deal yesterday, were you hurt by the trade turmoil? >> well, yeah. i mean we've been faced with uncertainty for months. my family is in the beef business. we watched our customers, we raise bulls, customers sell off their herds as a result of number of factors. uncertainty relative to the markets, the bad markets, the drought that we're in in the midwest, it has been a stable
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factor for us. it caused a lot of farmers to fast forward decision making they had to wait, that they would rather prefer to wait on. so all of those combining factors is kind of created a perfect storm for agriculture in a lot of ways. that adds to the gravity of the situation as to why we need these good trade deals. we're not interested in going to work for the government and get a federal paycheck every month. that is unsustainable. that is very short term. that doesn't allow for growth. it handcuffs us even further to policies that come out of washington, that we have to try and accommodate already in our business. and it is just not something we're interested in. stuart: i'm interested in a man who is a 7th generation farmer on the same land. what do you do? you go back all the way 150 years? >> well, my family has been in the business in harrison county since about the 1840s. we've been farming forever as long as, as my family has been
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in missouri, we've been farming in harrison county. that is what we know. we used to be in dairy, we were forced out of the business because of the same perfect storm as it relates to markets and regulation out of d.c. and weather. we're no longer able to be in that business. we're very concerned that if things don't get negotiated with trade, we'll be forced out of the beef business too. stuart: i think president is on it. casey, thank you very much for joining us. we appreciate you being here. >> thank you for having me. stuart: 10:36. what does that mean? brian kilmeade joins us. he is on the radio. we're on tv right now. all right, brian, strong words from dallas cowboys owner jerry jones on the anthem protests. before we get to the question, roll tape. >> our policy is that you stand at the anthem, toe the line. his interests in what we're doing is problematic from my chair, unprecedented if you
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really think about it. stuart: now, i believe that jerry jones there was referring to president trump, that he was an unprecedented, not exactly intervention, but getting into the story. what's your take on jerry jones and what he had to say about standing and the president? >> that's a leader. he let them know before the games happen. before the team is cut down. before anybody, we had rosters are set and starting line up is released, he is saying this is what you do. now if there is somebody that will take a knee, i imagine, i don't care, even if it is quarterback or cornerback, i think that, he will not tolerate it. he wants to make it clear now. so they can turn around and say to their, their followers on facebook or twitter or instagram, i have no choice. if i want to be a cowboy, this is what i do. the dallas got blowback when they initiated their team policy right now the nfl believe it or not, put their policy on hold,
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which says stand for the national anthem. if you can't, stay in the locker room. they got so much blow back on that they decided to go to negotiations with the union on what they're going to do. they still don't know what they're going to do. jerry jones knows exactly what he is going to do. he is friends with the president but he says the president speaking out about it makes things worse. stuart: look i agree with you, that the nfl needs a leader to get them back on track, so that we can watch football without the politics intruding here. jerry jones seems to be leading the way, but you know, the season starts in a few weeks time. it looks like the anthem protest is going to continue into the, at least the early part of the season, which is a tragedy for the game of football. >> look, it is bad for the game of football because their ratings were off 5%. their tend dance is off 10%. they're a behemoth. most popular fame in the country. between head injuries and that they can't do it. i don't blame the commissioner
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that much on this, because like the president he has to answer the union. he is not absolute monarch like you are with your staff stuart. what stuart varney says goes. he doesn't worry about getting votes. stuart varney in a bad mood stay away. he is in a good mood, say hello. we know those are the rules for "varney & company." roger goodell can say what he wants. union has to vote. 45% of the revenue goes to players. until they feel in the pocketbook, a lot of deals were done a long time ago i don't know that things changing. stuart: it's a tragedy to see this nonsense continue into the season beginning. brian a, thanks for joining us sir, see you again real soon. >> absolutely. stuart: president trump making a deal with europeans to sell them some of our natural gas. i think that is sticking it to the russians. chris wallace, sat down with russia's president vladmir putin right after the summitwe'll have chris on the show shortly. we'll get his take. first a democratic
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congressman, democrat congressman should be who lost to alexandria ocasio-cortez, joe crowley, there he is, he has a radical idea of his own, financially compensate, give taxpayer money to the families who were separated at the border. what do you think about that? we're on it. ♪ ♪
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♪ liz: take a check of facebook's stock. it hit correction territory yesterday. it is retracing right now. it lost $100 billion in market value on disappointing revenue growth, user growth and expenses rising. susan li. you broke the news yesterday about facebook. susan: i covered it yesterday and sat in on the disasterous earnings call last night. it is stunning to see the stock down 23, 24% in the after-hours. took entire market down with them. all because of revenue guidance. they're basically saying they will see deceleration with revenue rest of the quarter and rest of the year.
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stuart: cigarette shipments down at the parent company of marlboro, that would be altria. look at the stock go down, 2.4%. shell, buying back $25 billion worth of its own stock, but, their profit didn't
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measure up. so the stock's down 4%. to immigration. democrat congressman joe crowley wants families separated at the border to be compensate after entering the country illegally. we have the go pac chairman, welcome back to the show. >> thank you, sir. stuart: if i break into your house, hang around our living room, sue you, saying you didn't treat me very nice, i think that is direct analogy what is going on with joe crowley's compensation demand. where am i going wrong? >> every day the democrats come up with a new crazy idea that makes republicans opportunities to pick up three to four seats in the senate better, and to keep the house this november. stuart: i don't think the country would stand for it. if that became democrat policy, i just can not see taxpayer money going to compensate people who are split up at the border when they are trying to enter illegally. i can't see it as a vote winner. >> add this to they want to
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abolish i.c.e., you don't have to be a citizen to vote in school board elections. add that they want to do government-run health care system. the contrast between what democrats are offering in this election, what republicans are offering, see what happens with president trump's huge win with the eu, it is very contrasting and makes it for easy decision i would offer for voters. stuart: i'm sure you're familiar with larry sabato. >> sure. stuart: election pundit. he just turned around and said it is probable that the democrats will win the house. he has not been saying that previously. now that is what he is saying. what do you make of that? >> election pundits are around to make weather forecasters to make better about themselves. stuart: you have that line practiced. >> it is often accurate. look at many of these same pundits who were ones saying republicans had no chance in 2016. not only did we take the white house, u.s. senate, took u.s. house and republican gains
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across state legislatures across the country. republicans will be rewarded this year if we continue to do the right things, cut taxes, get rid of regulations and get fair trade deals. stuart: now you're chairman of go pac. >> i am. stuart: you put money into races all around the country. >> we do. stuart: that's what you do. you spread the money hashed. >> we're angel investors. we find good investments, folks that will push an economic agenda that brings good jobs to america. so that -- stuart: that is the focus. >> it is. stuart: booming economy? >> that is the focus. that is what people care about. stuart: how much have you go to spread around? how many millions? >> well, let's not give the democrats any secrets here what we're doing at state level, making sure that president obama is unsuccessful in his efforts but, there is never enough. so encourage your viewers to help out go pac. stuart: shipment be shy. you can say it right up there. david tavella. thank you. >> thank you. stuart: we appreciate it.
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coming up, tax cuts 2.0. that is a wonderful idea. it's a great bill. it would help america's middle class. flat out, it would? problem, it won't see the light of day with you ways and means chairs kevin brady will join us next. he wrote that legislation. big guest next hour, larry kudlow, president trump's economic guy on on the big trade deal with the europeans. there will be more "varney" after this. ♪ ♪ ♪
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stuart: vice president pence says we, america, will impose sanctions on turkey if they don't release the american pastor they're holding prisoner. more on this? liz: christian pastor held for two years still under house arrest. you're looking at footage of andrew brunson. he faces 35 years in prison, for giving sanctuary, allegedly to anti-erdogan individuals in turkey. the white house is extremely upset about this. the president already tweeted out this is total disgrace. that turkey will not release its respected u.s. pastor from
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prison. he has been held hostage too long. vice president stepping up we will sanction you turkey, if you do not release this pastor from house arrest. stuart: strong stuff. liz: very strong stuff. stuart: evangelicals are very upset. liz: they're very upset. stuart: liz, thank you very much. tax cut plan 2.0. the plan is out. it is a great plan. helps america's middle class. my opinion it doesn't get through the senate. joining us the man who wrote it, tax committee chair, congressman kevin brady. sorry to come after you like this, mr. brady, very sorry about it. take me on. i say you haven't got a prayer of getting 60 votes in the senate what i think is very good legislation. >> thank you, so just as i asked you to not write off tax reform too soon i do the same for 2.0. here is why. i don't know if you're still
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living near franklin lakes, new jersey, that average family of four will save $5700 each and every year. it is really important to them. all we're asking is that we make those, that tax relief permanent for them in those main street businesses. i think, at the end of the day, that we can gain democrats, they certainly ought to join with us. we'll see how that process works. the other part of this, we joined some really smart, savings, encouragements. stuart: yes. >> helping families save more earlier in life. this really great start-up business incentives, shark tank type moments where you're growing that business. this is good stuff. stuart: you want to make individual tax cuts permanent. we got that. item number two, you want to make it easier to save for retirement and save for college. i think that is really terrific. number three, you want to make it easier for start-up businesses to write off new
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stuff. i got it. >> yes. stuart: which one of those three most likely to get through the senate? >> early on there has been bipartisan support for retirement and education savings. there is very strong support there. i think this new innovation bill, for those start ups, boy, that is just again very smart tax policy we think as well. so i think that would likely be taken up first. stuart: in the back of your mind, mr. braid i did, are you thinking, i'm setting a tax trap for the democrats? i'm waiting for them to vote no on something good for the middle class. is that what you are up to, sir? >> no. i hope they vote yes. they ought to, if they're serious about middle class and small businesses along main street, join us. vote that way. by the way we're looking at not just one bill, but three separate bills so that we can build that bipartisan support, if, if, they really want to deliver. stuart: you do know, sir, that i do live in new jersey. i know you know that.
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>> yes, sir. stuart: did you also know that your tax cut bill killed me, and a lot of other people in new jersey and new york and connecticut and illinois and california. i'm going to pay a lot more in tax? >> well as you know, this was really focused on the middle class and we delivered there, but here is the good news. stuart: that's me. >> new york, new jersey, connecticuts your states are getting wend fall at the state government because of the new tax code. the question will they pocket it or pass it on to you? i hope you bring governors and legislators, will you pocket this or pass it on? stuart: in new jersey, they're raising taxes for heavens sakes. >> that's brutal. stuart: mr. brady, until then it was real pleasure having you on the show. thanks, kevin. we'll see you again real soon. president trump rolls out the trade deal with europe. north korea's dismantling the missiles. the economy firing on all cylinders, but his biggest win yet could come tomorrow morning at 8:30.
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we're looking 4% growth. that is making america great. all of that wrapped into a my take at the top of the hour. ♪ is it to carry cargo... or to carry on a legacy? its show of strength... or its sign of intelligence? in crossing harsh terrain... or breaking new ground? this is the time to get an exceptional offer on the mercedes of your midsummer dreams at the mercedes-benz summer event, going on now. ..
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stuart: hardlined trumpets on a roll. he keeps on winning. however, perhaps his biggest win arrives tomorrow morning at 8:30 eastern when we find out just how strong this economy really is. a universal agreement we are looking at something around 4% growth. it may be better than that. anyway you slice it, that is a booming economy and a win for the red hat. make america great again. right now the president honestly to iowa, farm country, soybean country. he sure to speak about europe which has agreed to major soy by purchasers. that is part of the trade deal which the president and his team
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had just negotiated. that's another win. another big win. mr. trump faced criticism from every corner because he waded into a trade fight using tariffs as his weapon. well, tariffs or the president leverage in the strategy so far has worked. tax cuts, deregulation. nato spends more in its own defense. starting to dismantle capability. we sell gas to europe. take that, russia. iranians in deep economic trouble. wages rising. that is an impressive series of wins. what are the democrats doing? for tax increases, spending increases on this one is extraordinary. joe crowley wants compensation for illegals and their families were separated at the border. the left is hardcharging to socialism. trump on his way to iowa to celebrate another win. this time tomorrow we expect to
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be reporting the biggest win yet. a booming economy. the third hour of "varney & company" is about to begin. ♪ who's on the show? batman right there. the top economic adviser talking about the trade deal with the europeans and the outlook for economic growth. a first on fox on 11:30 this morning. you may have heard my editorial the top of the hour. before we get a quick check of the market up 140, 150 points per the vast majority of the dow 30 and the green. riley continues. jack adam is with us if the member for gdp growth tomorrow morning. we had projections for as high as 5% growth. i want your number.
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what is it? >> well, i'm no economist, but i will go with the gdp now come in the atlanta fed number 4.5%. that is going to be great news. certainly there is going to be a lot of celebration around that number, but we have to keep in mind this is going to be like a four-pound baloney and a two-pound bag. our economy can only sustain 2% right now because our labor force is growing at 0.7 henrik at 1.2% to 1.5% credit committee. i do think we can enjoy 4%. we will see prices go up. stuart: we hear you. tell us what kind of stock market reaction we will see if we get a four, 4.5% growth rate number tomorrow morning. >> i think the market will celebrate it. the market does tend to enjoy periods of growth with modest
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inflation. particularly if the inflation could be passed along to the consumer so corporate profits and profit margin stay intact. turning too quickly, i know you don't pick stocks, but i have to ask you, would you buy facebook now? is the mother of all types. did you buy it? >> when i thought it was down 23% last night in the premarket. down about 167. i talked to a couple people i know who are really into facebook and know that tough. what i didn't realize is this only takes us back to may. as recently as april the stock was a lot lower. this current downdraft doesn't even take into account the cambridge analytical scandal. so i do think why you could probably have a rebound.
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even just from last night we seen a nice little rally into the open. there will probably be a little follow-through. in the longer scheme of things i thought this would be a bigger than it really is. >> you buy it now and make money in the future. >> long-term absolutely. i don't think over the next month or two. stuart: long-term, got it. i will turn to trade. president trump taking a victory lap after the trade deal with the europeans he treated this morning. john claude juncker and yours truly love each other. joining us now is steve davis. you are in the room. viewing the meeting. what was your impression of europe? the europeans. i thought he emerged from the
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room looking a little glum as if we had one and he had pasta and what is your take. >> america is winning and to president trump's leadership. this is great news yesterday. another example of how the president is using the strength of america to move the world towards free, fair and reciprocal trade. this is a big for her country. stuart: it's not the other side of the coin, but another issue here is the europeans have agreed to by a lot of america's liquefied natural gas. they will buy energy from us where previously they were getting adult from russia. that fixed it to the russians. did you get that impression from inside the meeting? a nation can feed itself and feel of health is more secure. this is where president trump is taking our nation.
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a nation that can feed the world and feel the world is a much more secure nation. when it's coming from united days, the world is much safer. 30% of europe's energy comes from russia. 60% of germany's energy comes from russia. this is a major step forward in terms of securing the future by having them use american energy. the world is such better off if we move away from russia and middle eastern source energy. stuart: the energy deal is the biggest part of the whole trade and going on here. >> one of the most underreported parts of this are yesterday. stuart: very important stuff. senator kaine, thank you for being with us. we will see you. switching gears totally with the retail headline for you. wal-mart wants to fill the void left by toys "r" us and babies r. us. what does that mean? >> will sell more baby gear on
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their website on cribs, diaper changing table. they are increasing the number of goods sold by 30,000. this is a lucrative market. this is the latest that we have from the global data. 62 by $7 billion worth of cribs, changing tables and such were sold in that year. target has expanded its baby product. amazon has hired chloe kerr -- in to endorse some of her baby products. you stop by mine not in stores. stuart: go wal-mart. live events this hour. health and human services secretary alex a's are about give a major address on the importance of the free market in health health care. any headlines you will get none. president trump will touch down very shortly in iowa and turin
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manufacturing lab and talk about workforce development. who mention soybeans and farmers as well. the picture you see is where he will be later on this morning. today i should say. house speaker ryan could get an insight about on the trade for a period if we do come you will hear it right here. a live-action show. we also have special guest. trade commissioner and counsel general in new york anthony phillips and will join me here on set in new york. the u.k. leaving the european union. so will the u.k. get its own trade deal with us? we will ask you. as part of the trade deal, europe will import more liquefied natural gas from america. tell her pressure. chris wallace recently interviewed could not not and he's our guest next. very soon we would hear from the man of the hour, direct or very
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kudlow. his first interview since the trade deal in his coming to us. we are happy to see it still looks pretty cloudy. the sun is trying to come through their. you are watching the third hour of "varney & company."
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stuart: pfizer will build a new facility in michigan. why is this big deal? >> under 62 plus million dollars in 450 jobs as a result. and they are receiving praise and financial support from local and state officials. there are some benefits here. this is from the michigan strategic fund board and you get 10 points i've million in tax breaks. a million dollars in grants. but guess what committees are good jobs because they're paying 70,000 to $90,000 on average.
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stuart: let's go to michigan. >> that's part of the plan. to receive these plants you have to create 250 jobs and have 125% of the regional average salary. >> the president's growth plan clearly helps keeping drug companies manufacturing, building in the united states. >> another success. royal dutch shell by the way of fighting back their own shares. the profit is down and that is why the stock is down i do declare. we are going to do oil real fast. national average for gas is 67. world dutch shell down. gas average price of 1 cent. now this. big headline from the president's trade deal with europe. the european union will import more liquefied natural gas from united days.
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now that i think that her russia. "fox news sunday" host chris wallace recently interviewed russia's president putin and he joins us now. first of all, welcome to "varney & company" and may i offer congratulations on that interview. i was gripped all the way through. well done, sir. >> well, thank you from his duet. it was pretty special to be there for more than half an hour with the russian president asking questions he doesn't usually get asked. when we began the interview he seemed a little distant, little bored and when i proffered the subpoena and suggested would you like to read it, i have his undivided attention. >> that was a golden moment. i think this deal with the europeans whether they buy a lot of liquefied natural gas from united states which will replace some of the liquefied natural gas they get from russia.
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i think that sticks it to the russians. what say you? >> potentially is the only word i would add to it. we've got an agreement to negotiate and as we've seen before sometimes the result in a deal. sometimes it doesn't. i was hosting treasury secretary stephen minich in a couple months ago when he said the trade war with china is on hold. the talks fell apart in the trade war is back on and tens of billions of dollars in tariffs going back and forth. i think it is positive the discussion with the european commission president yesterday. we've got to see where it ends up. if we end up with the deal. zero tariffs, trade protections and subsidy sounds great. and if you've got a boost in liquefied natural gas and we are
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not there yet. tree into there a significance to the fact that just as the deal of liquefied natural gas going to europe was announced, it was also announced that the second trumpet and summit was going to be delayed until next year. any significance? >> it was awfully quick to do without sin. i will tell you the russians have been delayed. the president's initial request was the very first summit be held in washington and putin refused to do that feeling it was an awfully difficult position to put him in to have a summit in washington at a time when russia is sanctioned up to its eyeballs by the u.s. and the west. he's always been somewhat reluctant to have one in washington when there's so much opposition and i don't think there is a connection.
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stuart: how would you characterize america's relationship with russia at this moment? >> i'm certain. there is a disconnect first of all between the presidents rhetoric and its actions. sending to ukraine, and the deportation, the expulsion of dozens of diplomats. the increasing sanctions and i don't think there's any questions tougher than barack obama was on russia. but some of the rhetoric and statements he made at the news conference in helsinki have raised questions about how tough he wants to be. tough actions, not afford and that creates confusion in the relationship now and going forward. stuart: chris wallace, thank you. we appreciate it. hope you can come back soon. now this, totally different. budweiser's parent, that would be better profits.
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however, via sales in america down. they are going into microbrews. scientists found they found a lake of liquid water under the service. you really got it all. looking at mars through her way. grand rapids, michigan. no relationship whatsoever. ♪ ♪ you shouldn't be rushed into booking a hotel. with expedia's add-on advantage, booking a flight unlocks discounts on select hotels until the day you leave for your trip. add-on advantage. only when you book with expedia.
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with the most wi-fi hotspots. and it can be included with your internet. which could save you hundreds of dollars a year. plus, get $150 dollars when you bring in your own phone. its a new kind of network designed to save you money. click, call or visit a store today. stuart: we will deal with the first ones, the parent of budweiser will be a beat and bass. sales down in america. mexican import. stuart: microbrews are much more expensive than bud or bud light. >> apparently it taste better. this is what i'm told. >> i'm totally kidding.
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by down -- it plans to raise soda prices. steel and aluminum tariffs. i'm not sure this when you do the math. does that hit coca-cola bat dramatically. it is that how much to raise the prices by. i'm just a little leery of companies using terrorist as a cover for potential other issues. >> the cfo also said they will expense of higher costs. finding out a lot about ourselves. speaker ryan if there is any
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news on the potential impeachment of rod rosenstein, you will hear it. president trump should touch down pretty shortly in iowa. he's going to tour manufacturing lab. you will see that when it happens. we talked to larry kudlow on the trade deal with the europeans. take a victory lap, larry. meanwhile, check out indianapolis, indiana. what's it like? nice. will be back. nah. not gonna happen.
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and it's made by kohler- america's leading plumbing brand. we need this bath. yes. yes you do. a kohler walk-in bath provides independence with peace of mind. call for a free kohler nightlight toilet seat with consultation, or visit for more info. stuart: about to start his news conference and if you get headlines on the impeachment of rod rosenstein, you'll get the headlines pronto. let's get to your money. following through we've received late yesterday after the good news in the dow went straight up. up again this morning up 133 points. 25,500 is where we are. less than a thousand points for the all-time high. let's bring in her matches his trade commissioner. that means britain's trade commissioner and consul general
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in new york. anthony phillips then. i think that's correct form of address. you like that? >> yes, sir. you desperately want a trade deal. we launched a public consultation last week. so we fire the starting gun. stuart: donald trump, president trump has laid down a hard line. he wants the brakes to get out of your completely. no holdovers, no hangovers with the europeans. can you do that? >> the president that in the u.k. the other day that he hosted for them they are and said in the speech is that we are totally committed to deeply strengthening this extraordinary relationship we have. in the press conference he was confident that she had a plan to deal with whatever plan she had
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was fine by him as long as we could take forward the relationship. that's exactly what we're doing. stuart: you've got to be out of europe by march. march 29th of next year. you're out at that point. >> that's when we leave the e.u., and march 29th team. we will move into if this is all agreed as part of the ongoing negotiations and implementation. , but we will leave the e.u. the 29th of march next year. stuart: is a clean break? >> an ongoing relationship. almost the same time the president was in the u.k. published our future relationship. we are totally committed to european security. but also wanted to allow us to go deep in the strengthening relationships with the u.s.
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stuart: jean-paul juncker and president trump talked yesterday about a situation where you got no tariffs, no barriers, no subsidies. that's way off in the district future. do they want a similar note terror subsidies, no barriers, same kind of deal. >> we believe as few market distortions we can get up to allow companies to trade with each other and allow the investment between the u.k. in the u.s. is enormous. trillion dollars invested in each direction. we want to keep out slow-moving. wherever we can take down barriers, the better. we have always been very passionate and strong supporters of an e.u. trade deal. we did it on the previous government and so yesterday's announcement. alongside that we can take and create a transatlantic marketplace which is all about jobs and growth and prosperity.
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>> if you crave the transatlantic marketplace, britain and america. it would have to pass parliament, wouldn't it? >> this is the other piece of legislation setting out how we deal with these issues in the future. i'm pretty confident if they don't deal with the u.s. but it's good for britain and growth. it's all about sovereignty. if we take a deal that weekend do good for britain. will be fine. stuart: what you make of people like me. become a citizen. would you make about. >> that is very good, sir. it was a pleasure. thank you for being with us today. we appreciate it. >> now this. president trump i think is about to touch down in iowa. he's going to dent tory manufacturing lab for the
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workforce development. rnc spokesperson teddy mcinerny joins us now. you are the rnc spokesperson. taken a victory lap against the farmers in iowa, isn't it? like ses and for good reason. what an historic deal. of course the tariffs have been here since world war ii and e.u. commissioner stan there and say we are trying to get to zero. pretty extraordinary and good for all american workers, farmers manufacturers alike. >> would like to see very strong growth tomorrow. 8:30 eastern time. the numbers on the overall economist performance. it is probably going to be a 4% growth rate. may be higher than not. critics are going to say not sustainable. not that great. what's your response. >> that's what the critics will say. when you're starting to see the trade imbalance equalized, that means new markets for u.s. goods. that means expansion like we've never seen.
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tax cuts enabled growth, so too will the fed to trade imbalance for moving some of these barriers. is it sustainable under the trump administration. it is something sustainable for quite some time. they love to see you're the average growth of 4% or higher. stuart: what you say to those republicans critical of president trump for using terrorist of the kind of leverage. before yesterday's announcement. what you say today. >> we okay with the status quo. having terrorist and the e.u. and we imposed on them. do you want that imbalance to go on forever? the answer would be no. now is the time to act when we have a soaring economy and yesterday approved the president does exactly what he's doing. he knows how to negotiate.
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when we are talking about zero tariff barriers, he's doing something right. >> would you hold on for second. breaking news happening right now. a presidential tweet. the united states will impose large sanctions on turkey for their longtime detained and of ambassador and her grandson, great christian family man and a wonderful human being. will be released immediately. the president is responding to heavy pressure from evangelicals about this situation. >> you spot on to do this. they are in nato. we've accept them and their imprisoning. he should be allowed out immediately. for the free world demanding that this pastor be released. katie mcinerny.
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president trump criticizing twitter. look at this. it's a tweet. twitter shot of banning prominent republicans not good. we will look into this discriminatory and illegal practice that once. many complaints. what a shadow banding? >> a look at twitter and they try to search on certain conservative names. mark meadows didn't take you to their home twitter page instead of searches such as jim jordan's jacket or mark meadows video. the right to their homepage. twitter says this is a bug that has been fixed good republicans have held two hearings on that.
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he's tired of the narrative of victimhood. stuart: it's fascinating to see the president on twitter criticized with a tweet. i kind of like that. any minute now we are joined by larry kudlow. the president's top economic adviser talking about the trade deal with europe and with the president just said about sanctions on turkey. we are still waiting for president trump to arrive in iowa. i promise you'll see when we get there. that is where he's going. dubuque. check out hartford, connecticut. claudia and stormy as of right now.
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it does not support the impeachment process. breaking news from just a few moments ago, the president treated this. united dates will impose large sanctions on turkey for their longtime detained meant by vander branson, great christian family man and wonderful human being. he's suffering greatly. the innocent man of faith should be released immediately. larry kudlow director of the economic council. i know that you are the economic sky, but these are sanctions. i believe economic sanctions imposed on turkey. what you make of this? >> the president is completely right. unfortunately, turkey misbehaves in a lot of areas. but i'm not going to give a long commentary. releasing this christian is something that should have done a while ago. the president has lost patience. tensions are very good tool.
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stuart: turkey's economy at the moment is not in free fall, but it not doing well. sanctions like this could really hurt them badly. you were criticized. not you personally, but the administration was criticized for using terrorist as they leverage west bend against our trading partners. i think you should take a victory lap because the threat of sanctions turned out to create an agreement yesterday. take your victory lap, larry. >> happy to do so. i finally won one. but look, huge credit to president trump. for leading this. he was willing to be flexible. he's a good negotiator. and full credit to the e.u. i want to give a lot of credit to the number two in the e.u. martin say meyer.
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i worked with martin about 24 hour period. we got together, met for the first time and they planned out a number of things and we conveyed messages to our principles, president juncker on the e.u. side. these agreements, when president trump heard that the e.u. was willing to buy an enormous volume of soybeans, was willing to purchase an enormous volume of lng, was willing to help europe so they wouldn't have to depend on russia. when he heard that e.u. was willing to open the door to purchase says. president has been saying he's a reformer. he wants to and trade. zero trade terrace. zero trade barriers, zero subsidies given these were
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transactional. they made it work. stuart: the president said specifically they want to work towards zero tariff is zero barriers come in zero real free trade. how long does it take to get there? that's got to be years away. >> i don't know about yours. i do want to a timetable on it. the process of the negotiations will begin immediately. both sides are already planning and we can get together and map out what needs to be mapped out. ambassador robert light hazards deeply involved. you're already though planning very quickly i hope these new additions purchases. these things are very important. all of our negotiations for example with china. they never negotiated an actual
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transaction. this than not and we don't know it must have 16 more meetings. the e.u. came with a positive attitude. our site had a positive attitude. we will get immediately on these issues and we will deal with the larger picture of tariffs and standards, for example a non-tariff barriers and subsidies. this changes everything. changes everything. >> why does it change everything? >> of me give you two reasons. number one, the united states and the e.u. will be allied in the fight against china, which has broken the world trading system. they're not the only ones, but the world trade system is broken. high tariffs and barriers and technological dealing. the e.u. was approached by
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china. the e.u. said no. president juncker made it clear that he intended to help us, president trump, on the china problem. that is point number one. point number two, this bolsters president trump's argument that being tough and aggressive and yes, using tariffs were required can get you to the negotiating table. both of these presidents, by the way and i think got a large one yesterday. this changes the game. let me add one last point. the u.s.a. is very close now closing on a deal with mexico. that is very important. stuart: i want to ask about that because there's a delegation from mexico when do you see any moment. i take it you are talking with them. can we look forward to and helpful towards a bilateral deal with mexico very soon.
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>> electorate hopeful. i'm glad i anticipated your question on mexico. always try to be helpful, stuart. so underscore the line hopeful. i had said 24 hours ago on your network that people were so pessimistic about the e.u. in the u.s. that they may be happily surprised. turns out i got one right. i think the same is true with mexico in the famous true with our trading strategies to reform and fix the world trading system then move towards what we call the three zeros. president trump is insisting on not and i love it. stuart: are you now talking about a transaction with china where something actually happens? >> regarding the trade discussion, i am not aware of such movement. it may exist, but i'm not aware
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of it and i think i probably know something about it. we'd like to. we've been there. they came here. wilbur ross went back there. the conversation had turned dark. we can't seem to get anything. i don't know where this is leading. i am unaware of any transaction deals with china. i wish they would. we've made our asks very clear. not just commodities in industrial supplies, but the key questions about technology and so forth and so on. these are key issues and we are not hearing from them. >> we're talking to you on the left-hand side of the screen. the president has arrived in iowa. he's about to descend the steps of air force one in his limousine. that is what is happening on the left-hand side of the screen. >> i think iowa farmers throughout the midwest and so forth will be very happy with this e.u. deal progress,
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particularly with respect to soybeans and hopefully we won't have to use their subsidies. and by the way, as you know, let's not forget they're going to get a good economic growth number tomorrow. stuart: i was just going to ask. are you like to speculate what the growth number might be? >> i would never do such a thing. i want to help you in this interview. stuart: 4%, maybe 4.5%. are we online? >> i have no reason to disagree with that, but i have no knowledge, no information we won't hear about that until way later today. stuart: the boss, president trump has emerged from air force one. larry kudlow, thank you for joining us. good to see you. we'll see you again soon. the president descending the steps of air force one with his entourage. the first lady right here. we will get on the ground there and get into his limousine and take off for a lab, unemployment
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lab that is going to. no doubt whatsoever that he will have a lot of comment about soybeans and farmers in the trade deal from yesterday and what is going to happen tomorrow. pretty strong economic growth. i'm sure the president will enjoy every second of it. larry kudlow could not tell me what he thinks these going to be the growth rate. >> wires picked up your interview saint kudlow has very good gdp numbers tomorrow. he has no knowledge of them but he thinks they'll be big. stuart: i don't know if anybody who is not forecasting 4% growth or thereabouts. >> the president broke vertical about the jobs number. >> tradition. i do want to get this in. cnn reporter katelyn colin told
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she could not attend the rose garden event at the white house yesterday by white house communications deputy in warmer executive bill shine. this after she has president trump about putin's proposed visit to washington. fox news has come out in support of the cnn reporter. i support her as well. i support cnn. i think you have the right to ask questions if you want to ask. i don't know what tone or specific questions were asked, but you've got a right to ask them and it's wrong to exclude her. joining me in this? liz: yes, this is our first amendment. stuart: brent bozell, and argue with us on this? supporting cnn, the right to ask the question. >> stop the presses, i am not. the first time ever that i've disagreed with stuart varney. let me show you where i do.
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there's always been a cat and mouse between administration and the press. different ways this is played out. who gets credentialed in the white house and who gets to go on air force one. who does the president say down with goodies are subject to calls that are made so there is that tension. in the case of cnn, and why don't i grew to forcefully that reporter should be allowed to ask a question. what is going on with cnn is there's no longer a news network. you just have to watch this network. from dawn until dusk and beyond, but all it does is attack donald trump no matter what happens, and they find a reason to attack him. i think this white house is finally sick and tired of it. stuart: can we summarized at leg is. i agree with you in principle that reporter should not be stopped from asking valid questions to the president of the united states? but i do also agree with you that cnn, a network which i
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myself in lou dobbs, my colleague on fox business helped found that network. i was the first person to broadcast on cnn on day one from new york. it is sad to see cnn develop into, i'm not going to call it a propaganda organization, but it is so over-the-top in its contempt for president that i've got to walk away from it. i just can't handle it. >> it must be painful for you. by the same token i do believe they are propaganda. i think rush limbaugh is right. these reporters, these journalists now lead the left. you just have to watch cnn and the stories they run day and night had nothing to do with the news. all opinion polls show that people could care less about calling. they care about trade. what a cnn talk about? >> your organization from the coverage of president trump since the day he took office until june 30, 28 team has been
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hopelessly negative. give me the number, please. >> it's been around 92%. the new study we came out with was on immigration in the last 18 months. 92% negative coverage of this administration on immigration. a couple quick numbers. if you look at the number of soundbites that had been given to people who support illegal immigration, 485. he served at guns of trump's policies. 485. victims of illegal immigration, five. look at people who support illegal immigration, they've been on their 85 times. people who oppose four times. there is no semblance whatsoever. stuart: is extraordinary. rem out of time. very interesting. brent bozell, good man. thank you, sir.
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we are out of time, but there will be more "varney" after this. ♪ ♪ you shouldn't be rushed into booking a hotel. with expedia's add-on advantage, booking a flight unlocks discounts on select hotels until the day you leave for your trip. add-on advantage. only when you book with expedia. the nation's largest senior-living referral service. for the past five years, i've spoken with hundreds of families and visited senior-care communities around the country. and i've got to tell you, today's senior-living communities . .
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stuart: hope you watch show, larry kudlow was interviewed here. we made headlines. first of all, susan, china. >> juncker would help on the china problem from the eu. stuart: they picked up that one. larry kudlow says you can expect a big number tomorrow for economic growth rates. >> didn't give a number. can't give a number. as far as he would go. it will be great. it will be a big number. stuart: i'm interested to see what we'll be doing this time tomorrow, 24 hours, advanced, when we have the number. >> what will markets be doing.
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>> will we have a five handle? stuart: that is jargon. will growth rate be 5% or more. wonder what will be the market's reaction if we get strong growth. >> happy friday. stuart: neil, its yours. neil: stuart, thank you very much. see what is happening at corner of wall and broad. this dow reading could give you a different impression, because it is ignoring facebook. despite run-up in the dow, mark zuckerberg net worth has been tumbling. i don't want you to worry too much about him but on paper, more than seven teen billion dollars he is off. slid to the sixth richest man in planet. for a while the second richest man on the planet. that math is changing very quickly here. with facebook it was all about delayed expectations that were realized when very few thought they would see it. we should add as well, there


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