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tv   Varney Company  FOX Business  July 23, 2019 9:00am-12:00pm EDT

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budget deal this week that in 2020 we want to hear the plan for how you rein it in. dagen: good luck. >> it's all earnings. boeing, fang, gdp on friday. not to be overshadowed by mueller. dagen: well done, jackie, james and chris. "varney & company" starts right now. stuart, it's all yours. stuart: thank you. good morning, dagen. good morning, everyone. forget any constraints on spending or borrowing. there's a budget deal. both sides have agreed. we are going to spend more and borrow more even though we are already overspending by a trillion a year and our debt is now $22 trillion. the democrats like this deal because it opens the spinnet on domestic spending for social programs. the republicans like it because a crisis has been kicked two years down the road and there's more money for defense. and the president likes it because it will probably stimulate the economy right before the election. yes, there is a bottom line here. no administration has been able to cut government spending and there will be no cuts for at least two years.
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like it or not, we are big spenders and big borrowers, too. now look at this. boris johnson is the new prime minister of great britain. in a gracious victory speech, he said he would complete brexit, unite the country and beat the socialist jeremy corbyn. he's the first to admit he has an uphill struggle but he's got a sense of humor and reminds me very much of donald trump. more on boris coming up for you. look at this. stocks going up again this morning. a series of solid earnings reports are clearly helping. two dow stocks, coca-cola, united technology, they are standouts. obviously helping the overall average. profits across the board are strong. stocks also getting help from the budget deal. the government's not going to run out of money and they can borrow. the dow is going up triple digits, about 100 points. s&p up 11. look at that nasdaq, up 33. that's close to a half percentage point gain. summer doldrums? not here. "varney & company" is about to begin.
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♪ stuart: a little time with me. it was inevitable, wasn't it? you had to pick that song to open the show. "big spender" in honor of the new spending deal. $2.7 trillion more in spending over two years and it suspends the debt ceiling for two years as well. economist, know thyself. come in, peter morici. there's no restraint on spending, no restraint on borrowing. you tell me as an economist, what impact on the economy? >> well, in the short term, it's going to give a small lift to gdp. we are going to pick up a couple tenths of a percentage point over the next few years from this spending. it won't dramatically change the
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growth path. longer term, you know, at some point, we have to pay the piper. the world right now -- stuart: but we never do. we never do. look, we never do. look, you and i, we have been around a long time. we have been talking about the debt bomb that's coming and coming and coming and it never comes, and look at us now. $22 trillion in debt. open the spigots to borrowing more. >> well, just because it hasn't happened doesn't mean it will never happen. what's happened is the dollar has become internationalized so people need more of them to hold on to and they do it in the form of bonds. at some point, that demand is satisfied. the other thing is, libra is on the horizon. libra looks, walks, talks and acts like a currency, even if mr. zuckerberg says that it is a payment system. and it can't be stopped. if that happens, we may finally be in a world where the federal reserve has competition from the private sector, and someone can provide the world with a more reliable currency than the
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dollar. stuart: okay. can we sum it up like this. you don't see any negative impact from this budget deal in the short run, no negative? >> absolutely. no negative impact. in fact, it's positive. the longer term, we are selling out our kids. stuart: okay. i think that wraps it up nicely. you said it all in 90 seconds. pretty good, peter. you have learned television. well done, sir. thank you very much. now, let's go to the futures market, because looking good. earnings season is in full swing. look at this. rosy forecast from the dow m could component. not bad. coca-cola forecast a 5% growth in profit in the future. they're up 3.33%. nice gain there. a rosy forecast from the defense contractor, lockheed martin. up it goes, 1.5%. mike murphy is here. he follows this kind of thing closely. you're all about profit, aren't you? >> i like to be. yes.
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ideally. stuart: pretty good so far across the board. we are up over 8%. >> absolutely. when you looked just this morning, you have defense, you have a company like coca-cola you could argue is ripe for disruption, ripe for one of these venture capital backed companies to come in, displace coke. there's a push for healthy living, healthy lifestyle and coke keeps delivering. i think right now, some large companies like coke, like utx, are figuring out the best way to get the most profit for your invested dollar in this market. that's why they are going up. stuart: so we have a budget deal, no restraints on spending and borrowing, strong earnings and the dow and the other indicators, close to record highs. you keep on saying it, will you say it again, we are in for another leg up? >> we are in for another leg up, and the budget deal i think is something we haven't talked about. i didn't see a two-year deal coming. i didn't see that on the horizon. one thing you didn't talk about at the top was in this deal, you have the republicans on board, you have the democrats on board.
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what if we get a little unity in the united states, everyone seems they want their share of this money and are going to get it. maybe if the focus is on unity, on growth, you use your money for your area of growth, i'll use my money for my area of growth, maybe it takes even another leg up for the economy. that's why the market will follow. stuart: you really are an optimist. >> i am. stuart: you have a nice sunny smile. okay. stay there. we will bring you back for 9:30 when the market opens. let's get to britain, where boris johnson is the new prime minister, replacing theresa may. largely because she failed to deliver brexit. president trump tweeting this morning, here you go, congratulations to boris johnson on becoming the new prime minister of the united kingdom. he will be great. joining us now on the phone, fox news contributor, nigel farage. he's not on the phone. no. we will actually see him. there he is. nigel, will boris deliver brexit on the drop-dead date of october 31st? >> no. i'm afraid not.
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i'm afraid not. boris, he's a great guy, i like him on a personal level, he's positive, he's upbeat, we saw some flashes of sense of humor this morning from him. all of that's terrific. but what boris says and what boris does could be very different things. i think he takes over with virtually no parliamentary majority at all, and he's only got 100 days from now to deliver brexit. now, if he's very brave, if he looks at parliament and says i dare you to vote against this, if he's got the guts to go to the country in a general election with my support, then he could do it but my question is, just how brave is boris. if he's brave, he will do it. if he's not, he will fail. stuart: if he fails, and you don't have brexit by october 31st, what have you got? you've got a chronic mess, haven't you? >> what will happen is we saw a snapshot of this in the european elections back in may, where i led the brexit party to winning
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the election, getting 50% more votes than our nearest rivals. if they don't deliver brexit, the brexit party will, i mean this, take over from the conservative party. stuart: is it possible that america could bail out boris with a really favorable trade deal? i know you can't negotiate a trade deal until you are out of brexit or out of europe, but if that was kind of agreed to, if it's on the timetable, we could do a deal with america, or you could do a deal with america. >> yeah. yeah. i mean, look, we can't sign a trade deal all while we're part of the european union but what's to stop us having negotiations? i think those negotiations should begin now. i do think that a trade deal with the states would make a huge difference to us. but you know, boris's problem is the conservative party is bitterly divided. parliament will still remain. he has no majority. this all sounds great but what is he going to do? mrs. may, the last prime minister, she told us 100 times
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we were leaving on the 29th of march and we didn't. boris now tells us we're leaving at the end of october. i do not believe it's possible to deliver brexit without having a general election and changing the arithmetic in parliament. stuart: you would have to win the general election. i'm not so sure you can do it. >> well, honestly, you know, if you look at the polls, if you look at the conservative party support and the brexit party support, together, we would smash the labour party out of sight. but to do that, for boris to do a deal with me would mean splitting his own party because about a third of the conservatives are still in their hearts remain so he's got some huge choices here. stuart: nigel, thanks for joining us. i know we are going to see you again a lot. see you soon. thank you very much. i'm going to switch subjects and talk about alibaba, sometimes called china's amazon. it is inviting small businesses here in the states to sell globally on their platform.
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tell me more. susan: taking on amazon in the process as well. so in the past, u.s. small businesses were only allowed to buy on but now in the future, they can sell as well. this is more of a business-to-business transaction so this is a $24 trillion market and amazon, alibaba, china's amazon, of course, is trying to expand internationally since they're looking at leaner e-commerce revenue growth and this is because of the u.s./china trade spat and also more competition as well. stuart: i do own some alibaba stock. am i being transparent? susan: yes, very. stuart: good. check futures. it is tuesday morning, we are going up maybe 100 points for the dow, 30 odd points for the nasdaq. by the way, as i'm sure you know, we are less than 24 hours away from robert mueller's testimony on capitol hill. one senior gop senator had a very blunt response when asked if mueller could derail the budget deal. we will tell you that two-word
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response, might have to bleep a bit of it out but we will tell you what it is, discuss it, too. rashida tlaib says a $15 minimum wage isn't enough. she wants $20 an hour. can you imagine? same wage everywhere, no matter what the cost of living? what would that do to businesses? we will tell you. the latest movie trailers go viral. the new mr. rogers starring tom hanks as the man in the cardigan. hanks is a dead ringer for mr. rogers in the movie. that's not the right shot. believe me, we will show you the right shot where they look exactly alike. "varney" just getting started. how do you gauge the greatness of an suv?
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stuart: hasbro, the "avengers" toy sales giving it a nice boost, 6% up. quite an impact there. rosy forecast from kimberly-clark. they make all kinds of products, huggies diapers, you name it. they are up 1.5%. another good earnings day there.
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two big stories of the day. that's what we are concentrating on here. a, you've got a deal to increase spending and borrowing and b, mueller testifies tomorrow. now, when asked if president trump could blow up the budget deal because of what mueller might say, a senior gop senator told fox news producer chad pergram quote, f, yeah. okay? susan: okay. stuart: that's a direct question. joining us, senator john barrasso, republican from wyoming. you're smiling, mr. senator. is there any chance at all that if president trump doesn't like what mueller is saying, he could just get angry and blow up the budget deal? >> well, a couple of things. one, as you know, i will be meeting with a number of senators with the president today at the white house, and i'm sure all of these things will be topics of discussion. but this mueller thing, this is all about the democrats beating the drum for impeachment. that's what they're calling for.
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you have the majority of the presidential candidates calling for impeachment on the democrat side, you have 80 members of the house wanting to move to impeachment, you have nancy pelosi saying the president belongs in prison. that's what this is about. to me, the case is closed. the evidence is in, no collaboration, no collusion, no coordination. we need to get this behind us. this is just the democrats trying to take this into overtime. it's not going to work. stuart: you are going to get five hours of testimony, every minute of it is going to be on national television, and throughout those five hours, the democrats will attempt to suggest that the president is unfit for office. they will slime him. you've got to be a little worried that some of that sticks. >> well, they have been trying this since the day he was elected in november of 2016. they're still not over the fact that the american people rejected hillary clinton and elected donald trump president. we have a strong healthy growing economy because president trump is in the oval office with six
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million new jobs since the day of that election so i'm not surprised that the democrats are continuing down this road, but look, these are the people that are recommending a one size fits all health care program that will bankrupt the country and these are the people that are supporting the green new deal which is unpopular, unworkable, unaffordable. these folks have taken a sharp left turn, it's where they want to take the country, and the american people i believe will reject all of it. stuart: do you ever think we'll see the day when we really do cut spending? >> well, ultimately to do that, you and i have talked about the need to do it, you have to look at entitlements. those are the tidal waves that are coming at us in terms of the baby boomers. today, 11,000 americans will turn 65, be on social security and medicare. as a doctor, i have always said we got the medicine right because people are living a lot longer, healthier lives, but we got the math wrong.
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stuart: how come -- >> when we start talking about these programs -- stuart: how on earth, look, we've got a booming economy, very low unemployment, a deficit of $1 trillion and we are going to spend some more and borrow some more. wouldn't this be the time to cut spending? we're not doing it. i can't think of how we will ever do it in the future because we have never done it in the past. >> our problem isn't that we tax too little. it's that we do spend too much but the drivers are the tidal waves of baby boomers coming on to the medicare and social security. we have it also now with medicaid under obamacare. that is a big driver of spending. i'm going to encourage as i know a number of our colleagues will at the white house meeting with the president today to take on entitlements because ultimately, that's where you are able to deal with the funding. revenue is at an all-time high. revenue coming in today is at an
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all-time high. with the money going out, it exceeds that. so much of this is mandatory spending. stuart: yeah, but i just feel it's extremely difficult politically to cut entitlement spending. senator, i've just got to go. i do apologize for that, sir. >> thanks for having me. stuart: thank you. quickly to the futures market. we are 11 minutes away from the open of the market. we will be up 100 for the dow, up 34, roughly 30 on the nasdaq. about a half percentage point. solid gains across the board. venezuela plunged into darkness again. wait until you hear what the maduro regime is blaming for this blackout. we will deal with that, next.
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announced himself as the illegitimate leader of venezuela, they have a blackout. stuart: the price of oil this morning is at $56 a barrel, barely budging. meanwhile, iran as we keep saying, tensions in the gulf keep on rising. carl lowry is with us, ace energy expert, with us in new york today. the story here is not tension in the gulf, it's not what iran is doing, it's the fact that the price of oil is only at $56 a barrel despite all that's happening there. >> you know, absolutely right. if it were ten years ago we would easily be over a hundred. right now, america controls the price. first time in history we control the price. stuart: repeat that. america controls the price of oil around the world. how do we do that? >> we have ample supply, we have great demand but we are not needing the rest of the world's oil as much as we used to. stuart: are we energy independent or almost? >> we are energy independent.
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we export nearly three million barrels of crude a day. not including gasoline and diesel. we are supplying the rest of the world finally in this time and age. stuart: is it true that this year, this calendar year, 2019, america will produce over 13 million barrels of oil a day by the end of the year, and we have never done that before? >> absolutely right. that's correct. just five years ago, the eia, our own oil institution, didn't even predict this. we were assuming maybe ten million. stuart: we love it. thank you very much, sir. appreciate you being here. the market's going to open shortly. we will be up 100 points. you will love it. we will take you to wall street after this. dear tech, let's talk. we have a pretty good relationship. you've done a lot of good for the world. but i feel like you have the potential to do so much more. can we build ai without bias? how do we bake security into everything we do? we need tech that helps people understand each other.
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a visual snapshot of your investments. key portfolio events. all in one place. because when it's decision time... you need decision tech. only from fidelity. stuart: uber is taking a page from amazon's playbook. they are testing a membership service. lauren simonetti, a, how much, b, what do you get? lauren: $25 a month, meals to wheels and everything in between. you get a discount on every single ride, you get uber eats, the delivery for free, and you have access to their bike and scooter program. this is the amazon prime-ification of every company, when you have someone who pays a monthly fee they are in your ecosystem. this is an opportunity for uber
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eats to step into delivery service. stuart: you've got to use them. the opening bell is ringing. when it stops ringing, they start trading. off we go, trading as of now. we are up 59 points in the first couple seconds. now we are up 86, 91. any advance on that -- 92. okay. we'll take it. 91. there are still five stocks that are not open yet. those that have opened, most of them are in the green, most of them are up. by the way, dow components, three of them reported already this morning. united tech, coke, travelers. united tech is up, coke's up, travelers is down. you are getting a little upside movement from united tech and coca-cola right there. how about the s&p 500? this is a tuesday morning and it's opened with a gain of one-third of 1%. i always want to see the nasdaq because i want to see what's going on with tech. it's up, about a half percentage
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point gain, 8,240 on the nasdaq. tech's doing well. mike murphy is here. jack hough is here. susan li and lauren simonetti. strong earnings season so far. jack, we are up about 8% compared to last year's profits. will this continue? >> earnings season -- of course earnings are beating estimates. they do every quarter. you got to do this little song and dance where you say are they beating estimates by more than we thought they would beat them by going into this. the answer is yes. so far, so good for earnings. pretty strong quarter. stuart: earnings continue to be strong. yes or no? >> very strong. and certain companies are doing even better than the overall market. so you just had apple on the screen. look what apple has done. they had that pullback three or four months ago. apple is hitting on all cylinders. stuart: we are up 114, 115 points. 27,285. i think there's a couple things baked into this market. a fed rate cut of a quarter point. i think that's baked in.
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i think boris johnson becoming prime minister, we've got news, will not have a huge effect. i think it's baked in. what is it, jack, that, do you know this -- >> i definitely know. stuart: what's going to take us higher? i want another leg up. what gives us another leg up? >> interest rates are going lower in the u.s. and the reason they are going lower isn't because we are looking for more stimulus in the economy. it's because europe is negative on its bond yields and we can't have this big disconnect with europe. it will make the dollar too strong. we will chase europe to lower yields. it's going to make stocks look better by comparison with bonds. susan: where else are you going to go with your money? yes, american exceptionalism is alive and well. i think what's also pushing the markets higher is the fact we had these tech ceos over at the white house yesterday talking about huawei and that indicates that the president is looking to make a deal, if you're looking for exemptions for one of the largest employers in china and i think that's helping boost sentiment as well. stuart: you think that's a positive for the china trade talks? susan: absolutely.
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stuart: to go easy on huawei and include them and all the rest of it? susan: that's correct. that's the indication from the markets. stuart: actually, look -- lauren: and the debt ceiling. stuart: that helps. if you did get a chinese trade -- china trade deal, that would be another leg up for the market, wouldn't it? it was a good solid deal? >> absolutely. it would be a huge leg up for the market but also, you have to look at the united states and look at the companies that we are talking about. there's a lot of innovation going on. not just in tech but across the country. so people can put their money in these innovative companies we talked about uber at the top of this block, companies like uber are going to change the way we live, they are going to improve our lives and there's money to be made there. stuart: they are american companies. >> correct. stuart: that's it. that's the way it is. facebook, the company's settlement over privacy issues expected to mandate a privacy committee that goes along with the $5 billion fine. none of this seems to ever affect the stock. susan: it actually went up. remember they announced it during the last earnings quarter. i think this is a slap on the
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wrist. $5 million to a company worth half a trillion or more is like a rounding error. the fact mark zuckerberg didn't personally get any sort of oversight or penalties in this, i think that's a big bonus as "the washington post" said two members of the ftc actually wanted some particular punishment for zuck himself. >> it will take him three months to make this money. lauren: investors are focused on innovation more than privacy. stuart: wait a second. their earnings report is, what, wednesday? wednesday afternoon, 4:00. if they continue to make gobs of money, enormous amounts of money and they don't see a lot of people turning off facebook -- >> that's the key. stuart: this stock goes up. >> that's the key. we moralize about facebook, everybody hates it, they have no friends on the left or right, yet we are all using it in increasing numbers. that's the key. stuart: you sold it, didn't you? >> i sold it. i don't want to sound like i'm talking my own book but you want to watch what startup companies that are using facebook almost
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exclusively for advertising, i want to see what facebook's advertising numbers look like. because there's a lot of other areas now where companies are going to advertise outside of just the standard facebook instagram. that will be interesting. stuart: here's a stock that's really surprised me. its name is chipotle. this calendar year, 2019, that stock is up 70%, just this calendar year. $745 per share. susan: it's the ceo. he hasn't been there very long. he came from taco bell. he's doing digital, he's doing delivery and he's doing the diet-friendly options on the menu. stuart: got it made. >> you have to consider the backdrop. investors are nuts for anything that looks remotely like a growth stock right now. this company is coming back from big downturn a couple years ago. susan: half the rate. >> it is pretty expensive. susan: but look, same store sales are expected to be up over 8% in the quarter. the rewards program is driving
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foot traffic and this is how you reward customers. they are coming back in droves. brian nichols has done a fabulous job. >> that's a chart and a half but anyone looking to get into the stock now, the risk/reward isn't in your favor. stuart: i'm with you all the way. $745 a share. susan: wait until you take a look at the next stock. stuart: here's another shocker. beyond meat. look at this. now it's at $202 a share. all-time high. susan: we are up almost 300%. stuart: i don't get it. i would have thought, jack, that a company like beyond meat could easily have a slew of competitors very quickly. >> well, they do. and they will. among them will be companies in the meat business like tyson is going to do this. tyson already has the sales network and refrigerated trucks and everything else you need to do this. it's going to get competitive here. it will be a big market but i'm not sure what beyond meat does that is so special that someone
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else can't break in here. >> impossible food in the private market will be coming, i think, will become a public company very soon to give them public competition. tyson is there also. but it looks like game-changing category. >> have you tried one of these? stuart: yes, i have. susan: i think it's a fad. it's the new cult stock. the new tesla, if you will. there are only 18% of people who want to eat less meat. that's not a big base. stuart: that's 1 in 5. >> when i have a burger i like my under bun to be a little soggy with grease. there's no grease for an impossible burger. i get a springy under bun. it throws me off. >> you're lucky you didn't get the buzzer for that. stuart: you have a little liability on your hands. savvy audience. okay. we are up 105 points on the dow industrials, 27,277. about 100 points away from the
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all-time high, roughly speaking. okay. 27,272. realogy are teaming up with amazon for home buying program, it's a real estate company. amazon is teaming up with them. you know what that means. the stock goes up. it's up 18%. kimberly clark, rosy forecast. they make everything in your supermarket in the paper and plastic area, or just about. kleenex, huggies, the stock up 2.2%. rosy forecast from lockheed martin but it is down 1%. how about alibaba? inviting small businesses here in the states to sell globally on their platform, a chinese platform. alibaba, i own some of the stock, it's up a buck at $175. ford on your screens, yeah, there. okay. you are going to see it any minute. ford's new electric, electric f-150, it's pulling ten double-decker rail cars, about 1,000 feet.
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didn't see it very well there but the electric f-150 is pulling those rail cars. lauren: a million pounds. stuart: a million pounds of rail car. look, i think -- i just don't see the electric thing taking off. do you? >> i don't think especially for the consumer of the f-150, i don't know if the electric really speaks to them. stuart: i'm not buying an electric f-150. it's the whole thing. electric cars are supposed to be oh, they're coming, they're coming, everybody's got to get one. >> it's inevitable path but we don't nearly have the infrastructure yet to have this electric vehicle revolution. the 2020s are going to be the decade of hybrid cars. it used to be you would go out of your way to buy a hybrid car. the hybrid car is going to be the base level of internal combustion engine in the 2020s. we won't even mention that it's hybrid. susan: penetration is at 8% and the infrastructure, how do you get an electric car across the country? you can't at this point because in the middle part, where do you go to charge it?
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stuart: why are electric cars inevitably going to -- what's iv inevitable about it? >> on the path to electric cars we may get to the point first where you don't even buy a car, you are borrowing or using a car sharing. lauren: ford is lagging in the electric market. they are spending a lot of money and energy trying to compete with everybody else. i think showing the torque of an f-150 as an electric version with that video is impressive and might start to convert some traditional buyers like you. >> you want to see the future of cars, visit the weed whacker aisle at home depot. you start to see outdoor power tools are gradually being taken over by battery powered versions. as batteries become better and you get more gas-light power in tools, everybody is buying battery tools. it's happening there now. it's coming for cars in the future. stuart: rubbish. absolute rubbish. >> check out the weed whacker aisle. stuart: you ever tried an electric chainsaw? don't. >> leaf blowers and chainsaws
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are not ready for electric. batteries aren't that good yet. it's in weed whackers, push mowers. lauren: do you do a lot of yard work? >> my ward is not that big. i tinker. stuart: i'm terribly sorry to say it's 9:41. you have overstayed your welcome, gentlemen. an extra minute. >> i've got a lawn to mow. stuart: get the electric mower. coming soon, a fuel-injected chainsaw. i want to buy one. the producer is all over me. we are up 96 points for the dow, 27,266. boom. there you have it. president trump speaking to young conservatives this morning. the left is trying to entice millenials with free everything. i have my take just before the president speaks to millenials. that will be 11:00 this morning. you seen this video? tom brady jumps off a cliff with his 6-year-old daughter? can you believe the trolls at social media are having a go at him? extraordinary.
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i hate this social media stuff. i just hate it. i just hate it. the guy is jumping off a cliff. get out of here. oh, kilmeade will be with us on the brady sleep. next, violent protestifies in hong kong. police clash with protesters. gangs attacking the protesters. what's the significance? we're on it. - why are drivers 50 and over switching to the aarp auto insurance program from the hartford? let's hear what actual customers are saying. - with the hartford, not only did i get a better policy and better coverage but i got a better rate as well. hundreds in savings. - [matt] in fact, four out of five aarp members aged 50 and over who switched to the hartford from companies like allstate, state farm and geico, got a lower rate with the hartford.
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- when i first called the hartford, they couldn't have done anything better. he said were we able to save you some money? i said absolutely and he goes i hear that quite often. - [matt] not only are people saving hundreds when they switch to the hartford, they're getting amazing benefits, like lifetime renewability. it's the hartford's promise not to drop you even if you're in an accident. - it's a great feeling and a very comfortable feeling to know that i'm not gonna get dropped. - [narrator] drivers 50 and over can save hundreds of dollars when they switch to the aarp auto insurance program from the hartford. to get your free, no obligation quote, call the hartford at the number on your screen or go to the website on your screen. - [matt] did you know that the hartford has the only national car insurance program endorsed by aarp, in fact, they've been working together for over 30 years. not an aarp member? the hartford can help you join in minutes. - i would recommend the hartford to friends, relatives, anybody.
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- certainly when we needed them, they were right there for us. it was pretty impressive. - [matt] see for yourself why 96% of customers recommend the hartford, based on their claims experience. - try the hartford, if you don't, you're missing out. - [narrator] to get your free, no obligation quote and see how much you could save, call the hartford at the number on your screen that's the number on your screen. or go to the website on your screen. the buck's got your back. stuart: nice gain, 27,284. boeing, take a look at it, please, reports profits before the bell tomorrow morning but there's a secondary story here. we are hearing that the grounding of the max jet could take a bite out of overall american gdp. kristina partsinevelos is here.
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i find that hard to believe that problems with one plane will hurt our gdp? kristina: think of the fact this company is the largest u.s. manufacturing exporter, one of the largest private employers, you have continuous stories of companies, we talked about this last week, southwest grounding 180 daily flights up until november 2nd because they carry the 737 max jet. boeing is optimistic that they will get these planes back in the air by the end of two four but -- stuart: how much will it take out of gdp? kristina: everybody has -- stuart:.1, .2? kristina: there was con economi jpmorgan chase, "wall street journal" wrote a good story talking about how it could shave off some of the gdp but to your question, we have 52 planes that were originally supposed to be making every single month, now they are making 42. you have all of these airlines that are slowly down their growth capacity, southwest
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saying they are not going to hire as many pilots. it's also affecting the smaller suppliers. there's a concern that it will affect durable goods coming out on thursday and two, gdp numbers that are coming out for the second quarter on friday. the commerce department, to add further to that point, just in the month of may, said there was a $2 billion drop in aircraft aviation sales. so that could potentially -- stuart: listen, a tiny fractional impact. okay. i take the point, there will be impact but it will be fractional. can we sum it up like that? kristina: we can. stuart: thanks very much. got to get to the unrest in hong kong. as you have seen on this program, a group of masked thugs believed to be gang members, we call them triad members, the guys in white shirts there, they have been assaulting the protesters and members of the media. gordon chang, who keeps abreast of this situation, joins us now. i call them triads, gangs, thugs. is that accurate? >> they are certainly thugs. they are like triads.
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this is a homeowners association which uses violence and basically, they are immune on the police. the police are afraid to go into their areas in the new territories. essentially what's going on here is that law and order is breaking down in hong kong. the police are not able to deal with the situation. stuart: in beijing, chinese state media has started to show these protests, show what's going on in hong kong. why would they do that? >> at the same time, they are blaming the united states or black hands stirring up the chaos. they are doing that because they are preparing themselves to bring in the troops in hong kong in a major way. i'm not saying they want to do it. but i think they are laying the groundwork. the hong kong police is not able to control the situation. i think beijing probably pushed this thug violence yesterday or the day before, and if this doesn't work, then beijing doesn't have very many options to maintain control in hong kong. there are already reports which
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are credible that you have either the people's armed police or the peoples liberation army forces are mixed in with the hong kong police officers. stuart: that bad. you think that the authorities have lost control in hong kong. very serious statement. >> yes. because for instance, before this mob violence that we saw with the white shirts, the hong kong police melted away and allowed those attacks on the subway riders to proceed. so essentially the hong kong police don't feel they can control this. we have seen other instances of a lack of discipline and control on the part of the hong kong police. this weekend, for instance, they overreacted using the tear gas and rubber bullets. when everyone knew that would create sympathy for the protesters which in fact, it has done. you know, all of this violence, everyone especially in the united states is saying the protesters would lose sympathy. well, they haven't. they haven't lost sympathy on the part of people in hong kong because people in hong kong aren't focusing on the protesters. they are focusing on the police
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and carrie lam, the chief executive. stuart: what a story. thanks very much. appreciate it. check that dow. we have come back a little bit. we are up 95 points, 27,266. congresswoman rashida tlaib, a member of the squad, says the minimum wage should be $20 an hour. we will ask a man who owns dozens of applebees restaurants what he thinks of that, next. hey! i'm bill slowsky jr.,
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♪ it's a beautiful day in the neighborhood a beautiful kday for a neighbor♪ ♪ would you be mine could you be mine ♪ please won't you be my neighbor ♪ hello, neighbor. stuart: my goodness. tom hanks doing a perfect imitation of mr. rogers. that's for the upcoming movie about him. susan, look at that. dead ringer. susan: i agree. "beautiful day in the neighborhood" and the trailer went viral after being released yesterday. two-time oscar winner tom hanks there. some of the comments online saying this is the purist, most perfect thing ever. give it all the oscars now.
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pure wholesomeness. this is a positive adaptation of mr. rogers because recent years, we have had some biopics that weren't so, shall we say, glowing in terms of the subject like steve jobs and even the wolf of wall street. but this is just happiness, wholesomeness and wonderful. wonderful adaptation of an advocate for education, they say. stuart: and tom hanks is brilliant. case closed. susan: i agree. stuart: let's turn to something completely different. one of the members of the far left's squad, rashida tlaib, has called for a federal minimum wage of $20 an hour. roll tape. >> we can't allow people [ inaudible ] off of tips, relying on tips. it's just not enough to support our families. but i also want to [ inaudible ] by the way, when we started it,
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it was $13. now i think it should be $20. it should be $20 an hour. $18 to $20 an hour. stuart: sorry. i couldn't understand all of that. the gist of it is the stuff we need to buy and we can't afford it so we need $20 an hour. there we go. zane tankel is with us, he owns literally dozens of applebees restaurants in the new york area. tell me right off the top, what would $20 an hour do to your restaurant business? >> it's not my restaurant business. what does it do to the overall economy, stuart. everything goes up. i think rashida tlaib should go into public housing and see what public housing's like a little bit, then she will be able to stand up and ask for $50 an hour. what does she have to say about my business? i don't know about you, but i sure don't want somebody operating on my heart that never was a heart surgeon. stuart: what do you mean by that? >> i mean she's never run a business. she hasn't got a clue about the competitive set. she hasn't got a clue about --
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why not say $50 an hour? say $50, $60, $80? we had 4,000 people in our company one year ago. we have 3,000 people today. $15 did it, for the first time in new york city the restaurant industry as an industry, by the way, 10% of the total u.s. work force works in the restaurant industry. in fact, i think you came from the restaurant industry. stuart: i did indeed way back then. i was a waiter in connecticut. >> so was i. not in connecticut. i wasn't quite that wealthy. stuart: let me put it like this. $20 an hour would really hurt applebee's business? >> applebee's aside, there's a model. if you build a restaurant for $3 million and the model sets a certain labor portion to it, when you put that budget together, it throws the whole model out of whack. we didn't build it for $20 an hour. we didn't build it for $15 an hour. it's not supposed to be a career business. it's supposed to put you on the escalator of life to move on up
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through, teaches you how to wake up in the morning, teaches you how to go to work, teaches you how to interface with people. stuart: exactly. teaches you how to get the biggest tip you can possibly get. >> 100%. 100%. if you go ahead and put -- stuart: got to go. terribly sorry. hard break coming up. i apologize. my take after this. . .. can't see what it is what is that? that's a blazer? that's a chevy blazer? aww, this is dope. this thing is beautiful. i love the lights. oh man, it's got a mean face on it.
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it looks like a piece of candy. look at the interior. this is nice. this is my sexy mom car. i would feel like a cool dad. it's just really chic. i love this thing. it's gorgeous. i would pull up in this in a heartbeat. i want one of these. that is sharp. the all-new chevy blazer. speaks for itself. i don't know who they got to design this but give them a cookie and a star.
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stuart: just got some very important numbers for realtors. number of exists homes sold on annual basis, big number, important number. what is it. susan: 5.27 million on annualized rate in june. stuart: that's not great? susan: i have to say with mortgage rates below 4%, this is nudging buyers back into the housing market which has been in a slow down since 2018. it is down 1% month to month. however we see median home
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prices gaining 4% from last year. up 4.3% the average home price is up to $285,000. it's a drop sequentially month over month. stuart: it's weak. it's weak. here you have mortgage rates coming down well below 4%. susan: yes. stuart: in the last year sales of existing homes have come down 2.2%. that's not -- susan: june actually did better than expected because we did see an uptick. i guess we're back in that downturn. however i think a lot of economists believe if we're below 4% for mortgage rates eventually buyers will come back into the market. stuart: maybe so. the housing industry is not leading this economy. i just don't think it is. susan: good point. stuart: happening now the senate is debating the 9/11 first-responders bill. 73 senators we know will vote yes. we'll get the yes, passage,
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roughly 3:00 this afternoon. now this. a very reluctant robert mueller will be dragged before two house committees tomorrow. it is the last gasp of russia, russia, russia, collusion and obstruction. the democrats will field a phalanx of lawyers to go at him but they will get nothing new. it is not going to work. mueller will only ask questions about his report and that report is not a pathway to impeachment. the democrats will try to show president trump unfit for office. they want him to look so bad that he loses in 2020. you will hear lots questions, for example, don mcgahn. very few people know who he is. he was the white house counsel ordered by the president to fire mueller and ordered to keep quiet about the firing request. is that obstruction of justice? 18 month from now in the 2020 election will anybody care? you will hear lots of legalistic
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wrangling about obstruction. it will go right over voters heads. ii don't see these hearings giving trump haters the boost they're looking for. voters are not turned by legalisms or turned on by lawyers arguing amongst themselves. you don't turn a president out of office because you don't like him. you don't win an election if the only thing you have going for you, you don't like the president. there will be five hours of television. every minute minute of it. democrats have great hopes. they should not get carried a way. i think it will be a bust. the country has moved. the democrats have not. if they think socialism will bail them out of the failed collusion effort, they better think again. the second hour of "varney & company" is about to begin. ♪
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stuart: right. i just said it. i think the mueller hearings are a political big bust. come in "daily caller" editor-in-chief chris bedford. am i too strong on this? i do think it's a political bust. what do you say? >> i think democrats are worried it is a bust themselves. the last word you said in the amazing monologue was collusion. there was near silence of the media, they didn't know how to interpret this. there was no collusion in the report. once everyone recovered from their shock on the democratic side, they pointed out correctly but there are things that don't look great. it's a big report. it is a long report. it is an investigation. now they will try to say it is obstruction of justice. looks like mueller, white house, doj, that mueller will stick to the rules, they're not even sending a lawyer to oversee this, object to anything, he is typically rather by the book.
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democrats are saying at least we'll get to read the report to the american public. by the way a report most members of congress themselves didn't read. stuart: i think it is the end of the road. i think it is the end of the road of russia, russia, russia, collusion. i this is it. what do you say? >> it may be beyond the last gas. they made up their minds. voters care or don't care, he is innocent or guilty. this likely boring hearing won't change any minds. stuart: i want to talk to but the squad. the skewed is going at it with speaker pelosi and the president. the latest is rashid today tall lien and ilhan omar will visit israel next month. they want to boycott israel. they want to divest from israel. keep it out of the global arena
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so to speak. i don't understand how they can be in the same party as jewish voters. i don't get it. >> seems like be drawing a real contrast among jewish democratic members and republican members both saying this is wrong especially they have been so vocal on the bds movement, divest, sanction, boycott israel. israel said they can come in. they will allow that. they are members of the u.s. congress. they can visit. they are not expecting much. they are hoping with many other visitors to israel, they can show them what they're upagainst, vibrancy of the economy, their freedoms, most likely they will use it as a soapbox to attack israel and further the divide. stuart: further the divide. well-said. chris bedford, "daily caller," thank you. checking the big board. we're not quite as strong as earlier. we're up 85 points. that is 1/3 of 1%. news on big tech, specifically apple, reportedly
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in talks with intel, to buy up intel's modem chip business. this would give them an edge, entree into superfast 5g technology. apple at 208. intel is up as well. our next guest, we always think of this guy he likes everything in big tech. every single one he loves them all. however now he says, that gentleman right there, there he is, he says facebook will be under $200 a share by the end of the year. right now at 203. finally ray wong has come to us with a big tech company he thinks is going to go down a bit. make your case. >> hey, no problem. hi stuart. i think the problem with facebook, despite the five billion dollar ftc fine there is still some overhangs. that will happen on the european side. we think they will do well, grow 7 to 8%, year-over-year adding daily users. they have done well with watch.
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that overhappening on regulatory. i think europe will take action a little bit stronger than the ftc. i think there are a few more scandals out there before this mess gets cleaned up by the end of the year. stuart: that's a first. your target for google, $1300 a share by the end of the year. right now it is 1140. make your case for it going up 160 bucks. >> after transaction cost search is doing really well. they will get to 31 billion in revenue. the big competition is amazon coming up with their digital ad revenue. they're breaking up digital duopoly between apple and facebook. they're taking a piece of 200 billion-dollar cloudmarkket. they have hired some big sales folks in europe, latin america that will turn around a lot of google cloud sales operations. we think that will help. waymo is about to pick up but that will take a little longer. stuart: 1300 for google by end
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of the year. how about amazon? i read your stuff, ray. you say it will be $2050 by the end of the year. that is about where it is now. >> we think it's a trillion dollar. it will be one of the other trillion dollar babies out there. part of it is prime day. they did 175 million as a guess in terms of goods, less than 6 billion, still bigger than black friday, cyber monday together. there is a lot of costs to buildout the cloud business. that will take up some of it. and logistics for the new formats for shopping. that will eat some of the costs. stuart: you think it will bump up against a ceiling at two grand a share. you have to tell me about netflix. we have netflix at 311. it has been down recently. you say it will bounce back. make your case for that. >> we think it will hit around 400. part of it is netflix is making invests required in content. we see content, network
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technology coming together so every studio is now into the content business, the broadcast business, and the technology business. that war for streaming is not as competitive as people realize. netflix has lead on content side and programing coming out later in the fall. the challenge is that people are pulling away content from them so "friends," "the office" the top two shows are taken back by the studios. they have to work around that. i think there is lot of subscriber growth once the fall season kicks in. stuart: the man who likes everything but not real keen on facebook. ray wong, we'll see you soon. >> thanks, stuart. stuart: question for former white house press secretary sarah huckabee sanders make a run for the governorship of arkansas. a lot of people think she will make a run. we ask her possible opponent, tim griffin about that. the man has been shamed for
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jumping of a cliff with his 6-year-old daughter. i say the problem is social media trolls, not brady. the president leaving for turning point usa. we'll speak to greatest, smartest young people on the planet. see you there. that is happening in our next hour. we'll bring it to you. ♪ fact is, every insurance company hopes you drive safely. but allstate actually helps you drive safely... with drivewise. it lets you know when you go too fast... ...and brake too hard. with feedback to help you drive safer. giving you the power to actually lower your cost. unfortunately, it can't do anything about that. now that you know the truth...
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are you in good hands?
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stuart: we've lost a lot of the gain. now we're up still 50 odd points, 27,257. look at boeing. their profit numbers come out tomorrowing and according to "the wall street journal" the problems with the 737 max jet could take a thin sliver out of our economy.
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gdp could be hit a little by boeing's problems. we shall see. growth numbers for the overall economy, friday morning. now sarah huckabee sanders, former white house press secretary, a lot of people want her to run for the governor of arkansas in 2022. tim griffin, arkansas's lieutenant governor is with us right now. sir, wouldn't you be competition? do you want sarah sanders to run for the governorship? >> look, sarah is a friend. she served the president well. we welcome her back to arkansas. so we'll see what happens but we welcome her back. stuart: you don't sound wildly enthusiastic, because she could beat you? >> well because i'm pumped up about all the good news over opioids. our opioid use is down and our deaths are down. stuart: we got that. fatal drug overdose deaths are down 5% sense 2018, the biggest
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drop since 1990. did you get the death rate down in arkansas? if so, how did you do it? >> well the specific numbers in arkansas i don't know if they're following the national trend yet but here is what i can tell you. i've been on the show several times to talk about the nature of the problem. one of the things we talked about a lot the fact there is the prescription drug problem, right? overdose of prescription drug opioids which sort of started this thing. then there is the illicit smuggling problem of synthetic opioids such as fentanyl. what we've seen, is what we predicting would happen. as we started to get our hands around the prescription drug problem through education and awareness and new laws and cracking down what has happened? there has been a supply vacuum. that has been filled as we
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talked about before, by mexican and chinese smugglers. so coming across the border, through our port, the. what they are doing is they are pushing sometimes counterfit opioids which are extremely dangerous because they're laced with fentanyl, which is 50 times more deadly than heroin. what we've seen is the prescription drug overdoses have actually, and the deaths resulted from that have started to go down and the illicit drug overdoses involving these coming from china and mexico are actually on the rise and so i can tell you this, the steps that the states have taken on the prescription drug side and the trump administration have been working and the trump administration's focus on cracking down, snuggling across the border is spot on because
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that is where the increase and problem is coming from now. stuart: we're glad to hear it. tim griffin, thanks for a great report on overdose deaths. it is good to hear real progress is being made. mr. lieutenant governor, appreciate it. >> thank you. stuart: netflix, how about this? they are facing a lawsuit, a shareholder lawsuit after it lost subscribers for first time in eight years, lost subscribers. the plaintiffs say netflix's predictions were misleading. we'll have the judge on that in a moment. texas congressman lance gooden wants to crack down on fake families, fake families crossing the border. he will explain after this. ♪
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stuart: we're off the session highs. the dow is up 57 points. this came after a weak existing home sales number. you can see the drop at s&p when the number was released. we're still up 55 points. netflix as you know, they lost 130 u.s. subscribers last quarter. the stock came way down on the news. a share hold filed a lawsuit saying that netflix misled investors. joining us now, judge andrew napolitano, the host of "the liberty file" on "fox nation." >> i'm frowning because these lawsuits are so speculative. this is one shareholder saying
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they knew the numbers were wrong or miscalculated them when they painted a rosy picture. how could he possibly know that? stuart: a ceo, senior executive of a publicly-traded company make as forecast of the future, if that forecast turns out to be wrong, there will be a lawsuit every single time. >> you're right. the law says if the forecast was rational, if the forecaster believes it was right, there is no cause of action against them. if they say two plus two equals 22 that is profound mistake and irrational. if they make a prediction based on solid evidence, that the prediction is real or not fanciful, not elon musk saying we'll do this, sec comes after him, turns out the loan wasn't there, you know the case i'm talk about it, there is no basis for it, basis for the litigation. stuart: what this litigation has done is to stop ceo's making
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meaningful projections about the future or couching them in such vague terms that they will be okay. >> but shareholders should be able to rely on ceos and cfos making these predictions about the future. the sec requires that they be made on a rational basis and if they're reticent about doing their work in order to avoid a lawsuit, that is impairing the relationship between management and shareholders, agreed? stuart: yes. >> who is doing that? plaintiffs lawyers, agreed? stuart: yes. good lord we come so far we agree about plaintiff's lawyers. >> i want varney to be the new prime minister. i like varney. stuart: you haven't done that for years. thank you, judge. see you soon. >> pleasure. stuart: amazon is warning customers who bought align supplements, they could be fake. susan: they are a little scared at this point.
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stuart: what are align supplement? is that a brand name? susan: they are a brand name. a popular probiotic which i purchased in the past on amazon. amazon is telling them to throw away align supplements because they may be fake. counter fit something not new for amazon. it is a large marketplace. it is highly vulnerable to this. amazon is launching a new program to basically counteract counterfeits on the website. they will kick off the bad actors and deal with proctor & gamble which make a line directly from their facilities. >> amazon can be liable for what align did. under the old rule you could sue align. now you can sue amazon. susan: for all my probiotics. stuart: secretary pompeo said iran's recent actions should send a warning to the rest of the world. he want an international
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coalition to police the gulf. even so, oil is still 56 bucks a barrel even after all that. the web site "daily beast" went after mariano rivera, the day after he was inducted for the hall of fame. if you're a celebrity in sport, you're not a trump hater, the liberal left will eviscerate you. oh, what a story. ♪ -driverless cars... -all ground personnel... ...or trips to mars. $4.95. delivery drones or the latest phones. $4.95. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade.
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♪ stuart: nice sound to it. i like this.
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boy, you're going to carry that weight. not sure what they are referring to. i still love it. boris johnson is the united kingdom's, britain's next prime minister. susan: oh, yes, president trump seems to like him. susan: yes he does. they have a lot in common, don't they? stuart: yes. susan: let's first get to president trump and congratulatory tweets. congratulations to boris johnson on becoming the new prime minister of the united kingdom. he will be great. as i mentioned to you, they have a lot in common. they're brash, unpredictable mavericks. both born in new york by the way. boris johnson is on airy new yorker. turnout was 87%. bojo. you don't like that name. stuart: bojo. susan: you don't like the name. he is former mayor of london. boris johnson has said that he will leave the european union with or without a deal.
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that means a hard brexit could be on the table. you also have a lot of defections as well. the education minister tweeting in her resignation. the chancellor phillip hammond will do the same along with the justice secretary. seven mps defected. what does that mean for the conservative majority. stuart: if there is general election, the conservatives are out. i don't know who is in but in a general election they're finished. that i'm not so sure boris can get it done by october 31st. susan: he could form an alliance and coalition as you heard earlier on. stuart: with who? susan: we do have other members of parliament and other parties. stuart: not enough to create a majority. susan: how many majority posts have you seen. stuart: you have to go to a general election which boris johnson be conservatives have alliance with fellow thinkers, brexit tears. that would have being to win the
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general election and get them out of europe. that is a struggle. susan: three years from the brexit vote you say it is unlikely the uk will exit the european union? stuart: i think the mess is getting worse. it is becoming so that it is out of the question. susan: that's tough. stuart: we're up 70 points. that is 27,243, is where we are. that british flagged tanker seized by iran in the strait of hormuz, you've seen all about that, secretary of state mike pompeo says it is britain's responsibility to look after its ships in the gulf but he also wants to build a coalition against the threat in the gulf, to police the gulf. james carafano, heritage foundation, joins us now. is secretary pompeo, saying hey, you brits are on your own but by the way, we need a lot more ships to police the gulf, that what they're saying?
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>> this is like trumpian foreign policy, where dude, everybody needs skin in the game. none of this comes to the united states. the europeans have the biggest stake than anybody. people need to step up to the plate. burden share something so important. countries need capacity and capability. they can't sit back pontificate for how they want the world to run. the ships can't see the threats until they're on them. once a threat is on them, there is nothing they can do about it. only way to make the ship safe is preempt the theft before it gets there. they need surveillance capability and more capacity to do that. stuart: i keep saying this, every day i keep saying this, if this happened 10 years ago, with this threat in the persian gulf, if this happened 10 years ago, the price of oil would be well above 100 bucks a barrel. james, american frackers are keeping it at 56, isn't that right? >> also you have to recognize that the iranians aren't
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interested in seizing or stopping the shipping. right now all, the reason why they took the british tanker, they want more cards to play if they have to go back negotiating. they want ad hostage. the u.s. does have the capacity to keep the straits open. that is different from saying they could protect every single ship but the markets realize the odd ship taken will not impede the flow of oil oh all and that is not going to affect markets either. stuart: can you deal with turkey real fast? they say they will retaliate if america imposes sanctions because they're going for russian missiles. turkey is a member of nato. looks like nato is in trouble here. >> i think turkey is in trouble. i don't think they have many cards to play. if turkey would jeopardize the bilateral relationship with the united states or the place in nato it, become as vulnerable and weak country and a player
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with not a lot of friend in a neighborhood where you want a lot of friends. turkey is on dangerous ground if they try to go toe for toe with sanctions for the u.s. they could wind up in a ugly place for them. stuart: for them. we got that clear. james carafano. see you again soon. now this, president trump has agreed to ease some restrictions selling some huawei technology. the announcement came after after the meeting with tech industry leaders yesterday. does this indicate the white house want as trade deal with china and is prepared to use huawei as a chip in the negotiations. susan: that is how the markets are interpreting these talks yesterday. white house welcoming google ceo and cisco and a lot of other top tech names as well. they're trying to get clarification what it means for huawei to be on the blacklist. can we still sell parts? can we still do business with huawei? don't forget the commerce ministry, the commerce secretary
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says we'll do licenses in order for to you supply to huawei. steve mnuchin says you should apply because we will approve these licenses. i think they're just looking for clarification in terms how u.s. companies, especially google and chip suppliers, qualcomm, broad cam and the like can continue to supply and sell services to huawei even though it will still be on the blacklist but the point is the white house, president trump never wanted to bring huawei to its niece. similar to the zte case where they listed some of the restrictions so zte still can exist, still can get access to these lifeline parts but they won't be able to participate in 5g, sell to the u.s. market. stuart: it is in play so to speak. i think i can say that in the china trade talks. coming up we have a congressman from texas, lance gooden. he proposes a new bill that would insure all families crossing the border are dna tested. fake families, it happens, fake
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families they will face much tougher penalties. the congressman is with us. in the 11:00 hour president trump speaks to young conservatives in washington. can he convince them to vote republican and say no to all the free stuff democrats are promising to them? we will take it live when the president starts to speak in the 11:00 hour. ♪ welcome to the place where people go to learn about their medicare options... before they're on medicare. come on in. you're turning 65 soon? yep. and you're retiring at 67? that's the plan! well, you've come to the right place. it's also a great time to learn about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. here's why... medicare part b doesn't pay for everything.
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stuart: now we're up 96 points on the dow. roughly 1/3 of 1%. there were some weaker-than-expected existing home sales numbers. we're selling 5.27 million homes on an annual basis. that is not particularly strong. that is actually down 2% over the past year. that hurt the market at the top of the 10:00 hour.
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it has come back. we like to keep in touch with beyond meat. what a sensation. $207. it is up $7 just today. ouch. march 2018, and march 2019, border agents identified 3100 people, they were fake, they were fake family members. using dna members, they found out they were fake family. people grabbed a child, flommed on to them, walked across the border and treated as a family. strong stuff. our next guest wants to impose a bill to increase penalties for this fake families stuff. congressman lance gooden is with us. 3100 faked families and dna presumably would fix that problem, wouldn't it? >> yes. and those are just the ones we know about. what the legislation does, is taste if you're coming across
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the border, you have children, claiming them as family, we will do a mouth swab dna test to make sure they're actually family. the reason this is a problem because you get preferential status and treatment if you're a family. what traffickers are doing, they are recycling children, bringing them across, using them as a vehicle, gain better access, quicker access to the system. when the child is over, the trafficker made it through with whatever victims that crossed they send the child back to be reprocessed. it is a horrible thing. stuart: it's a horrible thing. your bill would stop it, increase the penalties for it. >> that's right. stuart: i would imagine the left opposes your bill because they don't want anything on the border at all? >> i would like, for the first time in the 7 months i've been in congress i would like to give the left the benefit of the doubt on this one. i would like to believe they will join with me and my republican colleagues opposing child trafficking. i don't know how anyone could be
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against this. you have to admit there is a problem at the border which the democrats finally started to do in the last few weeks. what this bill does, it doesn't address immigration so much, it addresses child trafficking. it is a horrible, horrible crisis we are going on at the border. this bill seeks to stop that. stuart: i have breaking news on the i am -- immigration front. here it is. may this, july 11th, 899 people with final orders deportation were arrested by i.c.e. of those 899 people, 605 had criminal convictions. 93 were facing criminal charges. congressman the left says no raids whatsoever. the left is essentially protecting these criminals? >> you know i said on your show a few weeks ago that is the same as sedition. we're encouraging people to break the law. we aren't but the democrat are. they're saying that they are opposed to the raids. they are encouraging people to
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escape i.c.e., encouraging people to come across the border, say things they need to say to get around the system. it is total chaos at the border. we're seeing the same thing in the u.s. congress. i can't imagine why the left would be opposed to enforcing the law. i can't imagine why they would be opposed to ending the child trafficking but the numbers you read off are not surprising. they are upsetting but unfortunately i'm not surprised. stuart: is your bill will suck set? >> our bill will succeed if democrats put asaid partisanship on immigration. republicans will have to step back on immigration plans. this bill should be bipartisan, all democrats, republicans let's stop talk about polarizing issue come together on one issue we agree on, the child trafficking is outrageous thing that have to be stopped if democrats and
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republicans come together. stuart: if we can't agree on that we can't agree on anything. thank you, congressman gooden. >> thank you. stuart: "the daily beast," left-wing organization, it has taken aim at march yawn know rivera as far right because he doesn't dislike the president. we'll tell but the yankees legend who was just inducted to the baseball hall of fame. elizabeth warren's crystal ball says there will be imminent economic crisis unless the trump administration passes legislation to rework the financial sector. we'll talk to art laffer about that in our next hour. ♪ we're the slowskys.
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stuart: 27,250 is where we are. that is a 77 point gain. just over a quarter of a percent to the upside. how about coca-cola? earlier it hit an all-time record high, was that right? $54 a share. up three bucks, 585. they project ad 5% gain in
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profits. 54.22 on coke up three bucks, not bad. qualcomm is down. now this. susan: we are doing qualcomm. come on give me a chance here. stuart: sorry. why is it down. susan: qualcomm is in advance talked to buy 5g chips business. qualcomm basically dominates the space in smartphones. qualcomm and apple signed a two year deal after a two year court battle around the world. why is that apple? apple want to control their supply chain in the future. they have a deal with qualcomm. imagine if they control their own chips in the future, do they need qualcomm? stuart: is this all about getting into 5g? susan: it is. it is also important for apple itself not to be, shall we say, hostile. stuart: but apple is up on this news. susan: that is true. stuart: qualcomm is down. susan: right. stuart: intel is up, because that is the three-way split going on here.
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susan: only a billion dollars, right? rounding error for apple. stuart: it is. shortly, literally momentarily, seconds from now, brian kilmeade will appear on your screens. he is the host of the brian kilmeade radio show. he will join me right now. there he is. i have to talk to you about the yankees legend, mariano rivera inducted into baseball hall of fame, got it. this website, "the daily beast," they came out with an article declaring rivera, far right. over the past three years he served at the pleasure of a racist president, taken part in thinly-veiled propaganda on behalf afar right government in israel and gotten chum which with out right bigots and a pop lick tick loons. i think that is -- a pop lipstick goons. that is terrible.
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>> no way chuck todd will interview you unless you rip trump. that is why megan rapinoe got on "meet the press" and mariano riff rivera. first unanimous in history. one of the kindest people from panama. rebuilding his town, rebuilding his church. what he does, he likes president trump. he works with him on the opioid council. when he has time goes to israel to get more in touch with his religion. he said negative things about terrorist elements which are all over hamas and hezbollah. i don't see the sin there. leave it to this columnist who see as huge problem with it in "the daily beast." hard to believe. where was the megan rapinoe backlash? >> if you're a public guy in sports, a public person, you must hate trump, you must say it, must be overt about it. if you don't, they will rip you
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to pieces. i'm absolutely disgusted by it, brian, i really am. >> tom brady, i know you want to talk about is a big-time trump guy, basically is, told by his wife and team. let's not do this. don't talk anything about it. it doesn't pay off. bob kraft does. he had his own troubles. bill belichick does. bill belichick endorsed him. bill belichick keeps in contact with him. he is able to do pretty good job with his franchise. he bucks the trend. stuart: he does indeed. northwestern football coach pat fitzgerald said about social media. roll that tape. >> a shame to waste a lot of younger people and intake is all through technology. you watch a concert, everybody is holding their phone up. listen, watch, take it in. create a memory. they don't watch the videos. they want to post it on their social media which is pathetic, it creates a society, look at
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me, isn't my life great? stuart: he used the word pathetic. this is all about the viral video of tom brady cliff diving with his daughter. drew a lot of hate on social media. i think, i just don't like social media in this way. people saying all kinds of nasty things, anonymously, about people in the public eye. look at this. they were nasty about it, just because he jumps off a cliff with a little girl. what do you say, brian? >> it is little girl. she is 6 years old. they wanted to teach her to be daring. they put that out there. notice his daughter, he took his time. he noticed the daughter can swim. i trust tom brady's judgment. the rock, duane johnson, who has very similar build to me, a lot of confuse us without the tatoos, he came out, said, this got me a little worried here, kind of close to the rocks.
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next then we had debate about it. this is how smart your producers are. we had similar topic on our show on "fox & friends" this is morning. whether you should teach our kid to be a little bit daring especially hold their hand, you teach them to deal with their fears. she didn't want to jump. her shoulder could have come out. she could have dislocated her shoulder. too close to the rocks. she didn't want to jump. tom brady has good judgement so far. stuart: aren't you allowed to take risks any longer these days? sometimes risk with your children. as long as you have measured risk, i don't see anything wrong with it. you can't eliminate all risk all the time, you can't do that. as long as one person with a little camera, who posts video on social media, you're toast. i don't like it. >> google my name, you will find my 16-year-old runs with
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scissors, a lot of parents wouldn't like that, but i told her to live on the edge. she runs with scissors. stuart: brian, thank you very much. >> all right. stuart: president trump will address turning point usa's team student action summit. it is about the millenial vote in 2020. what about all the free stuff democrats are offering youngsters? how will the president combat that? we'll find out. we have the father of the cannabis industry next hour. happening now senate hearing on banks and pot business. reduce regulations that allow banks to lend to pot companies, the marijuana industry could be bigger than it is now. that guy coming up. steve d'angelo. box, they get deliveries items to your house at wholesale items. we have the ceo on next hour i should say. ♪
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stuart: moments from now, the president will address turning point usa's teen student action summit. now, this is all about the millenial vote. that will be the largest voting bloc in 2020. mr. trump wants them in his camp. he's going up against democrats calling for student debt forgiveness, and free college, free health care for illegals, not to mention a much higher minimum wage and representative rashida tlaib is now calling, by the way, now calling for a $20 an hour minimum wage. plus, there's a truly radical climate policy coming down the pike from the left. the democrats think that free stuff, legislated wages and cli climate scares add up to winning
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strategy. don't forget to hate capitalism but it's just so evil. what's the president going to say today? i don't know. but my guess is he will again go after the squad. do they really represent young people? he will surely go after socialism. it doesn't work. and the whole idea of all government, all the time. you want to live in a giant dmv? most of all, i think the president will lay out a vision of the america that his audience will soon take over. america as an exceptional country. this speech is the opening shot of the president's campaign for the youth vote. you're going to see it as the third hour of "varney & company" rolls on. stuart: okay. the president's coming. as we wait for him, i want some reaction to what i just said. art laffer is with us, former reagan economist. ryan payne is with us, president of payne capital management.
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art, to you first. do you think, am i right here that the president is going to go after the squad, going after socialism, and to make those young people care about the booming economy? >> of course he's going to do that. and the young people are far smarter than other people give them. the democrats are treating young people like they're stupid. the young people aren't. they want to earn their way in life. there's nothing more fulfilling and gratifying than earning your own way in life and really accomplishing something. it's just wonderful. these young people really want it. i lecture all across colleges all across the u.s. and you know, these kids are really into this stuff and they love it. and they know very well that free college, free everything can't be done for everyone. they understand and i think trump should go into that and try to bring him over to his camp. stuart: it's an uphill struggle, isn't it. when you talk to a whole lot of young people, give you free college, forgive your student debt, give you much higher
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minimum wage when you get out of college, that is attractive, isn't it? >> i don't think so. i mean, i don't really think so. i think they know it's all baloney. stuart: really? when i was that age, if i had student debt around my neck, i would have taken the easy way out. i know i would. in my early 20s, i would have -- >> they would love that. don't get me wrong. they would like to get it free but they know it's not a good policy for the country and they know it's not going to happen. they know they have to earn their way and they want the chance to prove themselves. these kids are really competitive. they want the prove themselves. they don't want to just sit back and get like me, fat and old. stuart: all right, afrmert. senator elizabeth warren running for the presidency, she says the economy is going to collapse, that the odds of economic downturn are high. ryan, is there any merit to her argument? >> i think she's going to be wrong like most economists are, because most economists have
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been basically saying we are going into recession, some for like a decade. the thing we discount more is this economy can expand for a long, long time. the exact opposite. stuart: okay. senator warren also wants to introduce legislation that would drop student loan debt for 42 million americans, up to $50,000 each. i don't know who pays. do you? >> we have $22 trillion deficits, we just keep adding it on at this point. it's getting kind of silly in regard to what our deficit looks like. until interest rates go up and the financing of the debt gets to be more i guess, you know, of a problem, i think who knows what can happen. stuart: do you think it would be appealing to youngsters fresh out of college with student debt round their neck, hey, we will take it off your back? >> i think yes as a small coterie of people. most millenials are getting into their mid 20s to late 30s. most millenials now are getting old, becoming working stiffs. i don't think student debt is
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one thing on their mind anymore like it may have been before. you are talking more like generation z. stuart: art laffer, rashida tlaib, one of the members of the squad, she wants a $20 minimum wage. what do you think that would do to america's economy? if it were imposed on a national level? >> let me just first say ryan is completely correct on all the answers he gave. brilliant answers. with regard to tlaib, on $20 an hour, you know what that $20 -- let's take a look at new york. a $20 an hour minimum wage is very different than a $20 minimum wage in kentucky. in a $20 minimum wage in kentucky, it would be sort of like a $40 or $45 minimum wage in new york. less than -- more than a quarter of the population in kentucky earns less than the $20 minimum wage. that would be the biggest unemployment problem ever in these places like kentucky and missouri and other states like that that have a very low cost of living, and where the average wages are much, much lower than
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they are in new york city. i think this is just outrageous what she's saying and should be laughed off the stage completely. if you're going to do a minimum wage, at least adjust for cost of living. that has to be done. you can't have a u.s. minimum wage the same in every state, every city, every place. stuart: art laffer, ryan payne, gentlemen, thank you for being with us this morning. it's a big week for profits. the big companies are reporting how much money they made or did not make this week. deirdre bolton is with us for the hour. when you lay out the rest of the week -- deirdre: so ten dow components this week. this morning we heard from three of them, united technologies, coca-cola, travelers. utx and coke exceeding on the top and bottom line. travelers mixed. visa after the bell, dow member. chipotle, not a dow member but obviously i'm going to be following this after the bell today. if you look at thursday, that's really the big tech day, i shouldn't really skip over wednesday but okay, fine. wednesday you have facebook and
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tesla. thursday, intel, amazon, google, parent alphabet, so thursday is a big day. thursday after the close you also get starbucks and comcast. so not tech, but worth paying attention to. friday, twitter. stuart: when they report those numbers, that moves the market. the overall market and the price of those individual stocks. deirdre: it certainly does. as we know, the expectations have been so low for this quarter so so far, 20% have reported. 17% or rather, sorry, 77% have exceeded earnings expectations. 63% have exceeded sales expectations. so tracking much better than thought. i still want to know, though, net-net, we're probably still down about half a percent in earnings year on year but that's much better. stuart: at the moment, we are up 8%. deirdre: exactly. exactly. stuart: still pretty strong. deirdre: but we are only a quarter of the way there. stuart: true. but so far, so good. deirdre: very good. stuart: okay. i'll go with that. we are going to take a look at
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some marijuana stocks. why? because the senate banking committee is meeting as we speak. their meeting is all about allowing banks to do business with legal marijuana companies. they can't do business with them at the moment. there's no legislation on the table but this whole thing could potentially make the legal pot business, bust it right out into the open and expand it dramatically. we are going to talk to steve deangelo, who co-founded several iconic pot businesses. he was the father of the cannabis industry. he is on the show. of course, we are waiting for the president. he will be speaking to young conservatives any moment. we are expecting him to take on socialism. stay with us, please. it's a live action power hour just ahead. ♪ fact is, every insurance company hopes you drive safely.
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stuart: live look at turning point usa's teen student action summit. the president will be speaking to that summit momentarily. when he speaks, you'll hear it. can you hear the crowd? usa. they were warming up. speaking of the president, the administration is proposing a big cut in the number of americans on food stamps. tell me more. deirdre: the trump administration wants to cut 3.1 million people from the food stamp program and the idea is that this is meant to be temporary help for families, not help that goes on for decades and decades and that's the argument of the trump administration along with the fact that there are record low levels of unemployment, so the idea is in theory, if you want a job, you can have a job. it could save taxpayers if this goes through about $2.5 billion a year. it is not without criticism, as you can imagine. senator debbie stabenow from michigan on the dem said says she feels the president is trying to bypass congress and make harmful changes to
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nutrition assistance and ones that have been repeatedly rejected by congress. this is far from over. it's just a proposal. stuart: 3.1 million, off food stamps. deirdre: and save people $2.5 billion a year. stuart: the 2020 democrat candidates campaigning hard in the battleground states, the ones on your screen right now. they are actually campaigning, they have launched a campaign against the trump economy. believe it or not, they are going to attack prosperity. i want to bring in laura cox, michigan gop chair. laura, the democrats are going to say, this is their line of reasoning, they are going to say okay, the economy's expanding but it's not fair. a lot of people are living paycheck to paycheck, some people are really hurting, the rich are getting richer, the poor are getting poorer. how will you combat that line of attack in michigan? >> well, we welcome the democrats to talk about the economy. we want them to talk about all the work we are seeing here in
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michigan. wages are at record highs. last ten months we have seen steady increases in wages. unemployment is at historic lows and in detroit we are seeing reinvestment over $3 billion with manufacturing plants and $13 billion across the state of michigan. we are seeing lots in the economy, the economy is strong, we are seeing a lot of benefits in michigan. stuart: you don't have a specific idea of how to go after the democrats. you simply are going to toot your own horn, so to speak, toot the horn of prosperity? >> yeah. we are going to talk about all the wins that this economic policies that our president has put forth and how we in michigan are benefiting from it. stuart: when -- do you think the president will visit michigan for a rally or two? >> oh, i hope so. yeah. he made that happen a lot last election cycle and i think he will again. he knows how important michigan is and he loves to come and do great rallies and people love it, and we have a lot of energy here in michigan, and i know
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that he will come back and visit us hopefully often. stuart: how do you counter this income inequality argument? i mean, it is true if you want to be statistical about it, the gap between the rich and the poor to be simplistic is expanding. how do you argue against that? >> i don't know if we would argue but we do want to talk about how so many more people are working and you know, that's important that people get to work, they feel better about themselves and they earn their own money, they can buy their own things, they have more control over their life. i think that that's a positive. we are seeing that in michigan. we are seeing women at high levels of wage increases and we are seeing women have more jobs, unemployment is very low for women and minorities. we are seeing that here in michigan. we are really excited about it. stuart: i suspect the president will pay several visits, because michigan is a key state. laura cox -- >> it is, very much. stuart: thanks for joining us. we appreciate it. good luck there. >> thank you.
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stuart: check microsoft. the stock has been on a real tear. interesting news here. they're investing $1 billion, microsoft, $1 billion into elon musk's open a.i. koechcompany. that's the name of the company. ai. as in artificial intelligence. it's a research and development firm. they want to ensure a.i. doesn't overstep its boundaries in terms of privacy and safety. microsoft is in with a billion. microsoft's stock is at $138. who would have thought. the world's most valuable sports teams, spain's real madrid, the soccer team, kicking into the number three slot, worth about $4 billion. of course we have a list for you. we will tell you the top spots, one, two and three after this. yes, we are waiting for the president. i can hear them chanting usa and i see a lot of red hats. we'll be back. ♪ this is the couple who wanted to get away
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with amazing amenities like movie theaters, exercise rooms and swimming pools, public cafes, bars and bistros even pet care services. and there's never been an easier way to get great advice. a place for mom is a free service that pairs you with a local advisor to help you sort through your options and find a perfect place. a place for mom. you know your family we know senior living. together we'll make the right choice. stuart: i'm teasing you here, but the president is on his way to that podium momentarily. he will speak to young conservatives at the turning point usa teen summit. when he speaks, i promise you growing to hear it. check this out. does it look like a normal ford f-150 pickup truck? yes, it looks normal. you are seeing something else. that one there. that thing that's pulling things. that is an all electric f-150. as you can see, it's pulling ten
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back-to-back rail cars. that's a million pounds. this electric truck, the f-150, is pulling them along. ford is doing this to silence the haters who think electric cars can stack up against gas guzzlers. so use the truck to pull those million pound rail cars. ford says it will be hitting the roads in the coming years. don't know exactly when that will be. i have a ford f-150 gas guzzler. not sure i'll go electric. coca-cola releasing its first ever alcoholic beverage in japan. it starts, it's a cocktail that doesn't contain any coke. you can get it with 3%, 5%, 7% alcohol. of course, if you are ashley webster, you can get it with the 9% version. deirdre: not even here to defend himself. stuart: i'm picking on him. he's on vacation. i'm sure he would like it. another big ticket story, this one for you. forbes released its annual most
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valuable sports teams list. okay. we told you i think who was number three. who is number one? deirdre: dallas cowboys, $5 billion. new york yankees, number two, real madrid, barcelona, three and four, the new york knicks which is not set up for a fabulous season. still in the top five. i forget who you support. manchester united, i wanted to tell you this, don't know if you're for or against them, they are still in the top ten. by the way, the company's valuations, forbes calculated this, the franchise based on enterprise value, equity, debt and current stadium deals. stuart: i am surprised to see the knicks there. i don't follow it real closely. deirdre: no nhl teams made the top 50. tons of mlb teams, tons of football teams. for ice hockey fans, you have to cry at home by yourself. stuart: real madrid. next case, just released this morning, ibm's annual report on how much a data breach can cost companies. ibm's next. they put a number on the cost.
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we have the number, the dollar number for you. yes, we are waiting for the president. they are playing an introductory video right now. when the president takes the stage, we will all be listening in. the dow industrials holding on to a 95-point gain. the dow is at 27,266. we are up in the stock market across the board today. ♪ carvana is six years old this year
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...or trips to mars. $4.95. delivery drones or the latest phones. $4.95. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade. stuart: still running an opening video, you can see it now, at the turning point usa meeting in d.c. when that video is done, the president appears, he speaks and you'll hear it. the dow industrials up about 100 points for much of the morning. we're up 91, to be precise. at least two-thirds of dow 30 are in the green. they're up. just released this morning, ibm's annual report on how much a data breach can cost the company, which lost the information. chris scott is with ibm and joins us now. chris, first up, what is the average cost of a data breach to a company, the average cost?
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>> thank you for having me on. you know, having spent the bulk of my career responding to these types of attacks all over the world, i can tell you one thing. time is money. when we look at what the average cost of a data breach is, we are approaching near $4 million which is up nearly 12% over the last five years. stuart: $4 million is the average cost of a data breach. okay. i take it that the more information that's lost, the greater the cost to the company. is that accurate? >> absolutely. when we look at this, our study is really focused on 10,000 to 100,000 records, those types of data breaches that affect small and medium businesses, those costs continue to grow. when you think about it, even for a small business, if you think about printing and you think about the paper and the envelope and the postage, just those costs alone are significant costs to an organization. stuart: what about this equifax breach, what is it, 180 million
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odd people had their information -- i don't know the exact number, but i do know that they are looking at a $700 million settlement. $700 million. does that jive with the cost to the company? >> yes, so what we're seeing there is a lot of regulatory type of fees that are coming into play. the equifax aspect, we call this a megabreach. the study focuses more on the smaller business aspect but i think you will see those fees continue to increase as regulations continue to grow. what we are seeing also is that if we focus on making sure that companies have an incident response plan, they do proper training, those types of things, we can actually reduce costs by well over $1 million. stuart: you can reduce costs, i got that, but i don't see any significant cut in the number of data breaches that are occurring. we report them on an almost daily basis hoare. . >> absolutely. when you think about it, there are lots of malicious attacks. as a matter of fact, we are seeing well over 50% of the
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attacks being malicious based. when you think about malicious actors, they have a job. they are creative attackers looking to take information from our companies. what we need to focus on is automation and empowering our creative defenders to defend our networks. because there is value there and we want to defend that value and protect small and medium businesses. stuart: i will leave it at that, with $4 million is the average cost of a data breach to the company which lost the information. $4 million. chris scott with ibm, thank you very much for joining us. we appreciate it. got it. >> thank you. stuart: more on this on, by the way. very important subject. all right. now, back to your money. we are watching netflix, down yet again. no big bounce back after their dismal earnings report recently. they have lost subscribers in america. that's what sent the stock down. i want to bring in tech watcher spencer crowley. you're bearish on netflix.
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you think it will go down some more. why? >> first of all, thank you for having me back. yes, i am. as you said, that result was dismal. this was the first time since 2011 that domestic users had gone down on netflix and it was also the first time since all the way back in q2, 2016, that the company had failed to bring on more than three million new paid users in a quarter. so i think just in terms of the numbers, it was really, that was the most important thing but if we take a step back and look what choices does the company have, if you are trying to make the company cash flow positive, as your viewers will know, it's cash flow negative today, you don't have many choices. you can either bring in ads which go against the brand promise which there's speculation but i think is unlikely, or you reduce spending on content which given the competition, which we can talk to, i think is unlikely. the competition is fierce and taking back some of those licensed shows as we speak like
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"friends" and "the office" and then above all, they have to really raise prices. that was in no small amount the result of or the cause, i should say, of some of those dismal results. stuart: in the interest of full disclosure, have you shorted the stock? >> no. i have not. stuart: you don't own it, i take it? >> no. we don't. stuart: okay. talk about facebook. i want to talk about it because nothing seems to affect that stock. it just keeps on solidly gaining ground. it's now at $200 a share. no matter what the authorities do, no matter how many -- no matter what you throw at them, all these privacy concerns, they hold at $200 a share. now, they report their earnings later this week. what do you think happens? does it go up from $200 a share? >> i think it does. it's such a resilient company. if we cast our minds back to march of last year, post the
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cambridge analytica scandal and zuckerberg gave that contrite interview, the stock price after that point, the market cap was around $450 billion. people then were saying facebook is going down from here. we fast forward to that $5 billion federal trade commission fine that you just spoke to, and the market cap is at 518, the stock price hit its annual high that same day. so this really speaks to what a resilient company facebook is, and partly just some short-term overhang removed but really, this is about the long-term data network effects that facebook has. that's a mix of the self-serve ad platform, that two-sided marketplace we all know about, but it's also around more data on facebook, richer data, where you and i like and comment on data and that improves the value of that data, then the real-time analysis so they can understand what is happening and what data to share with people. stuart: do you own facebook stock? >> nope, neither. stuart: full disclosure right
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there. spencer crowley, thanks very much for coming back. appreciate it. >> thanks, stuart. stuart: let's talk uber. they are testing a monthly subscription service. deirdre, what do you get? it's $25 a buck? deirdre: $25 a month, you get a discount on almost every uber run, free uber eats delivery and free jump which has bikes and scooters. the idea is brand loyalty. the biggest risk to uber is there's a lyft car nearby but if you already paid for this scooter or bike system uber is attached to, maybe you will walk an extra block to get to the one you have already paid for. this is what uber is trying to do, basically lock you in. they are sort of encroach iing here. uber wants to meet all our transportation and eating needs. stuart: a subscription service locks you in. deirdre: exactly. that's what they want. stuart: left-hand side of the
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screen, there is the president of the united states, donald j. trump. he's now taken the stage. the introductory video is over. he's speaking to the turning point usa teen leadership summit. you might have just seen charlie kirk on the left-hand side there. he's the founder of turning point usa. the president will be speaking to the millenial vote. i think he's trying to get the millenial vote. i don't exactly know what he's going to say. i'm pretty sure he will go after socialism and the democrats. listen in. [ cheers and applause ] ♪
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♪ [ cheers and applause ] [ crowd chanting "usa" ]
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>> let's have a good time, right? i'm excited to be here today with thousands of proud young american patriots. you are great people. you're the future. on behalf of my entire administration, thank you to everyone at turning point usa's teen student action summit. what a group. what a group. they don't realize there's more of you than there is of them. they just haven't figured that out yet. they'll understand. they'll figure it out some day. they're still trying to figure out what the hell happened. what happened. how did this happen. you've come to our nation's
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capital from cities and towns across america. you've given up a big part of your summer which many young people are not willing to do, and we understand that, too, but what you're doing is fun and it's important, so important. you've paid and paved your own way to get here and in some cases, it wasn't easy, and you've done it for all of us, you've done it for one simple reason. you are loyal to our nation, you are devoted to your fellow citizens and you will always put america first. i want to thank my great friend and he's a young friend, he's a pretty young guy, charlie kirk. i said -- how old are you, charlie? he's a young one. he gave me a number. i won't say it, but he's younger than he even looks. but i want to thank charlie.
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he's an incredible guy. his spirit, his love of this country, he's done an amazing job. he's done something that is just incredible for somebody really of his age. you need tremendous talent to do what he's done, building one of the most powerful youth organizations ever created, turning point usa, and i want to thank you really, charlie, incredible job. the young leaders here today are part of a movement unlike anything in the history of our nation. there's never been anything like this. and the fake news doesn't even talk about it because -- when i say it, they don't correct me. they don't say oh, he gets a pinocchio. they can't because it's true. it's true. you know, they can find fault with anything but they never -- they never talk about that because we won. you know, there have been some pretty good movements, they won new hampshire or they won a state some place, but they
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didn't win the whole ball game. and you saw what we won. you could see it, we could feel it, we knew it was going to happen because it's a movement about reclaiming your future, rebuilding your country and restoring your destiny and renewing the values that are the true source of american greatness. we lost those values and we're getting them back rapidly. we're getting them back rapidly. just backstage, a gentleman, very rich gentleman in this case, came up, sitting in one was these rows, i assume, yeah, there he is, he said sir, thank you for saving our country. and i said thank you very much. you know, i said thank you very much. and i looked at charlie, i said charlie, do you have any idea how many people say that? i gave the commencement address at the air force academy recently and at annapolis the year before. and they said sir, would you like to shake the hands of all the cadets? i said how many are there?
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1,100. i said yeah, that sounds okay. i say do other presidents do it? yes, they do. do all of them? yeah, they do. what they didn't say is they start and then they peter out and they go back because it's tough. it was really hot. that sun was beaming down. and i'm just -- there's great athletes and some of the women, they had some women in the class that their hands were very strong, okay. and they were all shaking. you know, they are a little nervous meeting the president, they are shaking strongly, sir, but you know, shaking 1,100 hands and saluting, we're saluting, shaking, turning, spinning, coming all different directions, felt like a great fighter pilot but i stood up there for the whole thing, i said there's no way that other presidents have done that. he said no, no, they do it but they leave after about 50 or 60 people. i said why didn't you tell me that? but i'm glad i did it.
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but i did the same thing. i did the same thing at annapolis the year before. great place. just great. i shook their hands, i think 1,011 at annapolis. it's really something great. but so many of these young incredible people, they're like you, so many of these young incredible people, sir, thank you for saving america, sir, thank you for saving america, sir, thank you for saving our country. so many of them. it's not rehearsed, it's just that's what they feel. you know what, someone had to do what i did. it's not pleasant. we had a deep state, we have bad people, we have sick people, i watched just this morning this tlaib, tlaib from michigan, right, it's a great state. we won michigan. there's no way she stands for the values of the people of michigan. but i watched her this morning,
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she's vicious. she's like a crazed lunatic. she's screaming, before she got into congress, who elected her, she's screaming like a total lunatic at one of our rallies. it's like i'm giving a little rally and she starts screaming and this is not a sane person, folks. when you look at that. this is what we're up against. you have some of that now. the democrats i guess are forced to embrace her and i call it aoc plus 3, okay. aoc plus 3. not that aoc is a bargain because she's not. she's no bargain. look, we will go into it at some point. i will tell you all about aoc. i got more on aoc. aoc. aoc. but you know, what's going on with that party having to embrace them and your other friend from an incredible state,
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right, a state that i'm going to win, minnesota. you know that. and you know why i'm going to win the state? because of her. i almost won it last time. we came with just about a point because minnesota's a very hard one for a republican to win. we almost won it. i wanted to go there one more time. i said i'm telling you, we're going to win minnesota. you know who thought i was going to win minnesota? you know who thought i was going to win michigan and north carolina, bill clinton. he was telling everybody you better be careful. he told people from what i hear, he said the one you don't want to run against is trump. everyone said why, oh, no, that's good. we want to run against him. oh, no. i actually knew him pretty well. we got along very well until i decided to run for office. we actually got along. but they don't want to listen to him. but he was the only one with the instinct. the rest didn't have. he came back and he said you know he's doing very well in michigan, you could have a
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problem. they said don't worry about michigan, we haven't lost michigan in decades. he came back, he said you know, he was in wisconsin, or something, but he said he hears that i'm doing well in wisconsin. they said forget it. a republican can't win wisconsin. and then we won wisconsin. then he came back, came back and i say this with a certain old-time affection because i had a very good relationship with him before doing this. you know, it's a little harder for him to have a good relationship but he said you don't want to run against trump, don't run against trump. everyone was no, no, that's okay. remember president obama? he will not win. he will not win. okay. he goes liar. yeah. hey, did obama get a pinocchio? that's right. obama said he will not win. he will not be president. the anger was unbelievable. you know what? he's right. he was a liar. do you give obama a pinocchio,
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"washington post"? he said he will not win. these papers. these papers are so bad. so yesterday we had a story in one of the papers that i thought was good but they're really not. you know when you analyze, there's really almost not too many of them. the wall. we're building a lot of wall. but let me just finish. but there are areas where they have walls that are falling down, walls that are in such bad shape. we are trying to renovate as much as we can. we have a provision we can renovate but we can't build new. so we're taking all these areas and generally speaking, when you have an old wall that's falling down, it's in a better location for a wall. that's why they had it there in the first place as opposed to an area that's empty, typically that would be true. so these walls are old, they are crumbling, they are of no use. they are falling down. so we rip it up, build brand new foundations, pour brand new beautiful footings, and take a
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wall that's two or three feet high, mostly laying underground, some of it only for cars, you know, to stop cars from coming across, just a metal spike, so we rip it out, it would take about a minute, and put in deep foundations, seven feet deep, and we put in 30-foot bollards and they're loaded up with concrete because inside, i like doing -- one of the reasons i said, but you said you are going to build a concrete wall so inside the steel, we have both, we have steel and we have concrete. i was saving that for later because the only thing they can do is he's building a steel wall, it's not concrete. sorry about that, folks. you do have to have vision. it's very important. you know, you can't just have a blank wall. you have to have vision. much better for the security to have the vision. so we are building the wall. they come out with donald trump has built almost no wall. what a lie that is. we are building 50 miles here, 50 miles there, 50 -- all in the
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right locations, because there used to be walls but then we had to take them down. in some cases if they're good enough, we will renovate because we can do it for a lot less money. generally some of these walls with worthless. literally you drive right over them. they are laying down on their side. they gave me no credit. if you read the story, they say well, he has renovated a lot of wall. that's not even a renovation. that's braina brand new wall. it's all brand new wall. just shows you how dishonest the fake news is. this is what we have to deal with. this is really what we have to deal with. get used to it. many of you will be in politics. get used to it, okay? get used to it. together, is this true, we believe in the american constitution and we believe judges should interpret our constitution as written. you will be seeing this. we believe in religious liberty, the right to free speech and the right to keep and bear arms.
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second amendment. what a group. look, look, look, they are in the process of trying to take your arms away. you have the second amendment. they will do damage to the second amendment, the likes of which nobody even thought of. that's where they're coming from. just remember i said it. hopefully they never get the chance. that's why the election coming up, i always said this is the most important election, 2016, most important election that we've ever had. and it was certainly the coolest. that's for sure. but it was i believe the most important election because our country was going wrong. it was going wrong.
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and when you see all the incredible numbers coming up and all the success that we're having and all the fact that we're respected all over the world, we have a really good man who's going to be the prime minister of the uk now, boris johnson. good man. he's tough and he's smart. they're saying britain trump. they call him britain trump. people are saying that's a good thing. they like me over there. that's what they wanted. that's what they need. it's what they need. he'll get it done. boris is good. he's going to do a good job. i think nigel is some place in this audience. where's nigel? where is he? nigel farage. he's here some place. i saw him. i said what is he doing here? he's a little older than most of you. where is he? nigel. nigel. i'll tell you what, he got 32% of the vote from nowhere. over in uk, nigel, thank you,
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nigel. i said what's nigel doing here? he's a little older than you folks. but he did a great job. i know he's going to work well with boris. they're going to do some tremendous things. but we believe in the american dream and not a socialist nightmare that these people are trying to put on our shoulders. we know that strong nations must have strong borders. we are building a strong border against so much, you have no idea. every time i announce as an example, a section of wall, i get lawsuits. they sue me. know who sues me? congressmen. congressmen. i get sued by nancy pelosi. we won that suit. can you believe it? i won one. i won one. we won a couple of them but we have suits on the border. we had one judge, they always sue in the ninth circuit. nou wh you know what they means. they sue in the ninth circuit
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which means an automatic victory although we did win one last weekend in that circuit. no one can believe it. you know what's happening? so as of today, this is so important, there are those that say it's the most important. i say war and peace and security, that's the most important. but they say the most important thing a president can do is the selection of supreme court justices. right? gorsuch and kavanaugh. we have two. some have gone a long time and they haven't had many and they haven't had any in some cases. we have two already. they're great and they're good but you know what people don't talk about, i just signed the 124th federal district judge, federal judges, and within a couple of months i'll be up to 147. think of that. 147. because normally, when you become president, you go in aun
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say do i have any judges to appoint? no. because it's such an important thing. because you know, these district judges, they're the ones that do the trials. this is big stuff. then you have court of appeals judges, then you have the supreme court judges. we have two on the supreme court. we have many appeals court judges, many that we have appointed. the courts are a whole different thing. but i was up to, i will be up to 147 not including the two supreme court justices. now, percentage wise, i blow everybody away except one person. one person i'll never beat. know who the one person is? who? george washington. he's got 100%. george washington. but we're going to have a tremendous percentage and after six more years it will go to a level that nobody --
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[ cheers ] but george washington is hard to beat because he was there first. so he had -- but i have many more than george washington. remember that. george washington didn't put in too many but he had certainly the highest percentage. that will be a record will never be broken. we believe that every young american should love our country, honor our history and always respect what, our great american flag. how about the betsy ross deal. isn't that terrible, where they try and take your heritage away from you like that. isn't that terrible? isn't that terrible. then you see the picture of president obama with the same exact flag. i should have taken it down, why didn't he take it down. it's really very unfair what they do. they try and demean and belittle and they are very good at it. they are better at that than they are at politics. they are better at that than they are at policy. look at their policy. they want open borededers which
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means crime and drugs and human trafficking which is a phenomenon that you would think is thousands of years old and that would have been their prime. no, the prime is now because of the internet. women, mostly women are being trafficked and they go not only in this country, all over the world. it's never been like this before. human trafficking, they snatch women and they traffic women and they sell women, and we can't get the democrats to even give us a modicum of the money we need at the border, especially for the wall. i'm taking money from here and there and there, there. let's take it from here. we have all these different sources coming from all over the place because they won't approve it. five years ago, they all wanted it. six years ago, seven years ago, they all voted for it. they never got it built. but they all voted for it. today, they make it so tough. you have to see. i'm doing everything i can. we are doing well with it but
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this should just be what a nice fat sum where i can get the best four or five contractors, not worry about i gave it out but i have a lawsuit and if the lawsuit happens, i have to undo it. how do you give a contract out where you have a contractor and he's going to build 67 miles of wall, we have one case, but we are being sued, our funding source, because we are taking it from a certain area. so we are being sued. so we have to wait for the suit. i mean, how would you like to be building like this? not good. it's not good. but we are getting it done anyway but they should say it's not working without the wall. you got to have the wall. you got to have -- when they bum rush you, they did that last week, they rushed in a tremendous large number of people, by the way, you know why they're coming up, right? because we have created the strongest economy in the history of our country so they're coming because they want a piece of the economy. they're not coming up for
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safety. ever see these people? they fly their flag, they come up from guatemala, who by the way went back on their word to us. they were all set to sign and then today, or yesterday, they announced they can't do it because they've got a supreme court ruling, their supreme court, right, in other words, they didn't want to sign it. so they're supposed to sign what's called the safe third. that's a good thing for us. that's all i have to tell you and they went back. so we are going to do either tariffs or we are going to do a form of tax or we are going to use our ban, you know, people don't realize we won the ban. you know, i saw one of the -- one of the journalists we will call them who happens to be back there, i believe, one -- look at all those cameras. isn't that terrible or good or whatever? wouldn't it be great if they told the truth? they have such a low credibility. they started off very high and
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then i ran, and their credibility is so low you wouldn't believe it. but that's okay. but wouldn't it be nice if they think of it, think of it, what would be, what would be if we had an honest -- i don't want a media that's for me. i just want an honest media. so we have our best poll numbers today that we have ever had. can you imagine how good our poll -- with all the things that we've done, how good our numbers would be if we had just a fair media? because they can take -- he goes 100%. who said that? stand up. huh? he goes 100%. and you know what, i like your long hair. 's the ve it's very nice, actually. good. thank you. thank you. thank you. that's funny. above all else we know this that in america we don't worship government.
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we worship god. [cheers and applause] [shouting] >> one nation under god. >> they would like me to disavow that, "the squad." this is the values that unite everyone in this room. this is 1000 turning point usa members, 1400 high school campuses in united states. great job done by turning point and charlie. i met them all backstage.
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amazing what they have done in a pretty short period of time. i was telling charlie, i said it before, remember you are not in the minority. most people are with you. young woman on a beauty pageant. she has conservative values. the pageant which used to compete against my pageant. i had a different pageant. i had miss units verse. this is different company. [cheering] i sold it to img, a great company. when you run for office owning a beauty pageant is not the great idea. owning miss usa, miss universe, miss teen usa was not exactly maybe good for running for president. we sold it to img. what they did to this young lady was terrible. she was on "fox & friends" this
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morning wearing a make america great again hat. [cheers and applause] each much you is coming of edge. stuart: there is the president of the united states. he is sure having fun addressing a meeting of youngsters, young conservatives i should say in d.c. of the as expected he went right after socialism. he went after "the squad," aoc plus three as he called it. he reassured his conservative audience that you are not a minority. he is still going strong. let me break away for a second that the market is up today. not a stronger gain as we saw in the very early going. we're up about 44 points at the 27,200 level. other than that, there is not a great deal of financial news. we're waiting for the earnings reports from big tech later this week. that will move the market. we've seen some very good earnings report from industrial companies. earlier this morning, that is
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helping the market. of course we also have a budget deal. we can borrow and spend up the wazoo for the next two years. how about that? my time is up, neil. it is yours. neil: we are still monitoring the president. he might talk about the deal. everyone in washington talking about the mueller pile-on. mueller expected to testify tomorrow in capitol hill. nobody talking about the debt pile-on, that shows no signs of reversing itself. is boris johnson ready to take action. forget about brexit. what will he do about iran? forget $15 a minimum wage, can we make it 20. how a key member of "the squad" is causing a squabble. the debt deal keeps the lights on for couple years but


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