tv Varney Company FOX Business July 30, 2019 9:00am-12:00pm EDT
maria: all right. >> i will be hanging out, one lucky guy. maria: cool. liz? >> i'm really stoked for the democratic debates. i want to see liz warren and bernie sanders go at it. i really am interested to see who wins. maria: i'm watching the fed today and tomorrow. have a great day. seize the day. "varney & company" begins right now. stuart? take it away. stuart: i'm with you, liz peek. good morning, maria. good morning, everyone. this is not just another big hack. it's not just another big data breach. this one brings into question the security of the cloud. that is the backup for corporations around the world. here's the story. capital one credit card applications, the personal information on over 100 million americans, stolen. a woman has been arrested in seattle. she's accused of breaking through capital one's firewall to access data stored on amazon's cloud service. both stocks are down. this is one of the largest ever data breaches at a big bank. we'll have the full story for
you very soon. there's this. another college cheating scandal. it seems some wealthy people transferred control of their children to other less wealthy people so they could claim financial aid from colleges. again, big story. full details coming up. the market heading lower after a series of china trade tweets from president trump. he's disappointed that china has not yet bought our agricultural products and he's speculating that china is waiting to see who wins in 2020 before making a deal. not a good idea, he says, because when he wins, it will be a very tough deal or no deal at all. so look at this. we are going to be down, what, over 100 points on the dow industrials, down about 16, a half percentage point on the s&p, and the nasdaq getting close to a 1% decline. we are off all across the board. then there's beyond meat. okay, sales quadrupled but investors were shocked that the company will issue another 3.25
million shares that dilutes existing shareholder value and down goes beyond meat, 15% to the downside. we have a lot to cover. here we go. "varney & company" is about to begin. stuart: there's the white house. moments from now, the president will head to virginia to mark the 400th anniversary of the first legislative assembly in jamestown. we expect him to talk to reporters. he could talk about baltimore, china trade, the democrat debate tonight. when he speaks, you will see it right here. take a look at the share price of capital one financial. here's that big data breach coming into effect. it's affected tens of millions of companies. grady trimble is with us. take me through it. what happened here? reporter: it's basically what you said. investigators say a woman in seattle single-handedly got all this data, addresses, dates of
birth, bank account information, even social security numbers. 100 million people in the u.s. affected. capital one says six million more in canada. these are people who either applied for a credit card or had a credit card with capital one since 2005. the good news if there is any, capital one says they don't think the hacker used the info maliciously or to commit any sort of fraud. stuart: but it sounds like the allegation is it was an inside job. the lady arrested had worked with amazon's cloud. >> right. between 2015 and 2016, her resume says she worked for amazon specifically as an engineer with that cloud service they provide and that's apparently where capital one put all this data and that's possibly how she got in. stuart: so if it was an inside job, if it was, that's the allegation here, perhaps that is not such a serious thing for the security of the cloud. >> it sounds like it could be a one-off if that's the case. we reached out to amazon for
comment. we still haven't heard back. stuart: amazon is down below $1900 now. okay. it's off 1%. perhaps in reaction to this. capital one are down about 14%, i think. grady, that was your first appearance with "varney & company." >> it was. stuart: pretty good. >> thank you. stuart: that was a pretty good story. thank you, sir. appreciate it. i'm going to switch gears, another big story. some wealthy parents using a loophole to get financial aid for their college-bound children. the parents transfer legal guardianship so the children can claim financial aid. economist and university professor peter morici is with us. this is obviously another black eye for higher education, isn't it? >> well, a black eye for the parents but also a black eye for the universities. we have to ask ourselves what are universities doing that begets this kind of behavior. the answer is charging upper and middle class families
extortionary tuition. basically it's to maintain an elegant lifestyle for faculty and propagate administratives at a pace akin to cancer. they aren't run very well, they don't educate people very well, they charge people who make say $200,000 a year extraordinary tuition, they force them to mortgage their homes, sacrifice their retirements and in many cases, sacrifice the education of younger siblings to pay outrageous tuition. we have to start asking ourselves what are colleges doing that drive decent people to such extraordinary actions. stuart: good question. i'm going to move on from there. president trump going after baltimore in a new tweet. i'm going to show the audience. here we go. baltimore's numbers are the worst in the united states on crime and the economy, billions of dollars have been pumped in over the years to no avail. the money was stolen or wasted. ask elijah cummings where it went. he should investigate himself with his oversight committee. peter, you have been an economics professor in nearby college park for many, many
years. what's your reaction to this? >> well, baltimore is a terribly depressed city. it's despicable conditions. it's been terribly corrupt. they just lost their mayor to corruption. elijah cummings says i go out and fight for my constituents every day. no, he goes out and attacks donald trump every day. i don't see him fighting to clean up baltimore. you know, the real problem is the worst-run cities in america, the worst sewers are being run by democrats like elijah cummings. i wish that donald trump was a little more gentile in his language but the question is would anybody have listened. the reality is the worst conditions are in places like chicago, new york, some of the smaller cities in the northeast, all run by democrats. stuart: he's focused attention on the abysmal performance of big cities run by democrats for decades. that's now his issue. >> ride the l train in new york. this guy wants to drive ubers off the streets. you don't see our good mayor in new york getting on the l train, do you?
he's in a limousine. i will never forget my first encounter with a new york liberal of high rank was when a justice of the supreme court quit when i was a graduate student and ran for governor. he showed up at my university to speak in a maroon cadillac. i said gee, it's so nice to see a democrat show up in a chevy. stuart: good story. very poignant, i will give you that. see you again soon. got to move on. look at this. share price of beyond meat, now, this is a stock that's been on a tear since its ipo but it's not on a tear today. maybe to the downside. it's going to open sharply lower after saying it will sell more shares. joining us, market watcher dennis gartman. can you explain why issuing more shares causes that kind of selloff, dennis? >> well, it's just diluting the amount of -- the value of the corporation itself to the shareholders that currently hold it. it is a despicable decision, almost tantamount to the despicable decision made last week by the founder of the company to sell $700 million
worth of shares before this announcement. i think something has to be done about that sort of thing. i think it's despicable. i think it borders upon the criminal. stuart: whoa, whoa, dennis, this is not like you, mr. gartman. you have used the word despicable i think three times. that's pretty strong stuff from a guy like you. >> well, it is. what has happened here at beyond meat, first of all, beyond meat made no sense to me to start with. its valuation has become even more than that of smucker's, kroger. that made no sense. but the markets can remain illogical far longer than anyone can remain solvent. you reached an illogical situation several weeks ago, but to have the founder of the company sell, an unusual circumstance, $700 million worth of his own shares in the company before this announcement was made, i think is borderline, i will use the term again, borderline criminal. i'm not a lawyer. i would suspect, however, the s.e.c. will take a look at what's gone on here. if they don't, they should.
stuart: look, i'm very sorry i'm going to cut this short but we've got a jam-packed news day. thank you, as always, for being with us, mr. gartman. we always appreciate you being here. thank you, dennis. >> thank you for having me. stuart: two dow components reported early today. number one, procter & gamble. that's a big name company and it's way up. profits were up, the stock's gaining 3.7% already. merck, they reported higher profit. i'm not sure about the intricate details of their report there, but the stock is up 2.5%. now take a look at the home builders, because -- okay. i guess premarket. anyway, get rid of that. we just got the latest read on home prices. susan's going to tell us. susan: weakness, april to may. talking about the k.schiller, 20-city index up .1%, missing estimates but guess what, if you take a look at it from the weakest annual growth rate, looking at 2.4%, weakest since
august 2012 on an annual basis. i know that's how you like to look at it. las vegas, phoenix and tampa reported the highest year over year gains among the 20 cities. this is interesting because we are sitting at three-year lows for mortgage rates as we talked about week after week, but that's not spurring i guess price gains when it comes to housing. there might be a backlog of inventory to get rid of. you might have to cut your prices to excel them. stuart: the housing market has not taken off the way i thought it would take off. millenials are not buying, apparently. that seems to be part of it. i don't get it. it's a cultural thing. susan: affordability thing. stuart: check futures. down over 100 points for the dow, down 15, about a half percent for the s&p, down three-quarters of 1% for the nasdaq. look at netflix. it's doubling down on original content. going to spend more than a half billion dollars on just three movies. the stock is down some more,
$328. you may want to think twice before ordering food from a delivery service. this is going to get you worried. a new study shows nearly 30% of drivers are dipping into your order before it makes it to your door. now you know why i never order food for delivery. ashley: i'm right there with you. stuart: we are waiting for sound from president trump. he's getting ready to leave the white house. as soon as we get that sound and we are confident we will get it, you will get it, too. "varney & company" tuesday morning, just getting started. if your gums bleed when you brush, you may have gingivitis. and the clock could be ticking towards bad breath, receding gums, and possibly... tooth loss. help turn back the clock on gingivitis with parodontax. leave bleeding gums behind. parodontax.
underwater for 30 minutes. wow. yeah. not getting in today. terminix. defenders of home. stuart: there's a whole slew of companies reporting their earnings today, this morning. some of them are out already. we have altria, the tobacco company. they did report higher profits but the stock is down a few cents, down 40 cents. there you have it. eli lilly, profit getting a boost from its diabetes drug but that's not helping the stock. trulicity, that's it. they got some boost from that but the stock is down just 20
cents at $108.51. we've got the dow industrials looking to go down about 100 points at the opening bell. what's this story on huawei? susan: you know it's on the u.s. trade blacklist, but huawei, despite this continued u.s. campaign, apparently sales jumped more than $58 billion in the first six months of this year. it's being boosted by growth in its smartphone business because they are the second largest smartphone shipper, overtaking apple last year. of course, the 5g network as well helping them. stuart: 58% up. susan: no, $58 billion. stuart: oh, thank you. susan: which is big. stuart: show me the share price of beyond meat. i know you have seen this a couple times this morning but look, it's down now 15%. i want to bring in dr. mark siegel. i got a question for him. plant-based or real meat, which is better for you? you tell me.
>> plant-based is much lower in saturated fats. theoretically, a veggie burger is much better for you and you know what, the industry is burgeoning. over the past year, there's a 10% increase in plant-based diet -- plant-based food. burgers is up 2%. now, still, overall, the market, 6.4 million -- stuart: okay. >> veggie burgers are selling. stuart: you are a doctor. i want to know which is better for me, real meat or fake meat? can you make that judgment for me? >> if you make it in your kitchen and your wife makes it for you, and she uses beans and lentils and beets, and sprouts, and avocado, i'm voting thumbs up. but if you buy it in the freezer, then you end up with half a gram of salt and you end up with chemicals and processed foods and it ain't as good for you. so i hate the processed foods. it causes you to gain weight. it's unhealthy.
the salt content is bad. saturated fat. stuart: the beyond meat product that i can buy in a supermarket, you say that that is not as good for you, it's not good for you, it's bad for you in a certain sense, beyond meat is bad for you, you are making that judgment. frn >> i believe that's true. but be careful what you trap me into here. i'm not voting for burgers either. veggie burgers are not what they are cracked up to be. that's your point. if you go to a fast food chain and buy a veggie burger or go into your supermarket freezer and buy a veggie burger, you are getting a lot of unhealthy chemicals and salt. you may want to stick to your salmon toast in the morning. stuart: two ounces of smoked salmon in the morning. that's healthy? >> not bad. where did the salmon come from? if it swam in from norway it's pretty good. >> it was probably from a cage in the atlantic ocean. you heard about fish farming? >> i have. but i love wild salmon.
i hope you get wild salmon. here's the point. it's all about processed foods. the processed veggie burgers are bad for you. cory booker, i apologize, i know you are vegan. i know you eat the veggie burgers. kamala harris is doing a lot of vegetarian food. i'm for vegetarian food but make it in your own kitchen. i love beet burgers. i love beans and lentils. ashley: having tried the fake meat, i like it, i have got to say. >> what's the vote here? susan: i'm a carnivore but i don't understand the salmon with cream cheese. that makes no sense to me. stuart: we got your point of view. >> i'm okay. not processed, not salt. stuart: dr. siegel, thank you very much. good stuff. take a look at futures. we are still down triple digits at the opening bell. president trump is speaking to reporters. he's doing it right now. before boarding marine one. when he's done, you will hear what he had to say.
we'll be right back. i don't know what's going on. i've done all sorts of research, read earnings reports, looked at chart patterns. i've even built my own historic trading model. and you're still not sure if you want to make the trade? exactly. sounds like a case of analysis paralysis. is there a cure? td ameritrade's trade desk. they can help gut check your strategies and answer all your toughest questions. sounds perfect. see, your stress level was here and i got you down to here, i've done my job. call for a strategy gut check with td ameritrade. ♪
that the fed acted inappropriately and that they made his job more difficult because of that. they moved far too severely, he says, far too early, put me at a disadvantage. says he wants to see them make that large rate cut. he talks a little bit about baltimore, also says i am disappointed in the fed. i think we got that message. goes on to talk about baltimore and corruption. stuart: we will figure out more later when we've got the full -- ashley: some of the headlines. stuart: tonight is the first democrat debate, it will be in detroit. those are the people who will be on that debate stage. joining us now, laura cox, chair of the michigan republican party. this is going to be in detroit, michigan. there's a direct correlation between detroit and what's going on in baltimore. is he going to make you look bad? >> no, not at all. under president trump's policies, the economy in michigan is strong and detroit
is doing well, and we are really excited to show off the city and we are really proud of what's happening here in michigan under the president's policies. stuart: you're happy the democrats are going to debate in your state today and tomorrow? >> absolutely. i think it's really important that people listen to the socialist policies that they are going to talk about tonight on the stage. i think it's really important that people understand the difference between all the wonderful things the president's doing and all the kind of crazy different things that the democrats are going to talk about how they want to change the direction of our country. stuart: you happy that cnn is hosting with don lemon as one of the moderators? >> well, i think that's going to make it very interesting for sure. stuart: is it going to make it good for you? >> no, i mean, you know, listen, i think it's really important that people talk about how wonderful the policies of the president are making our economy here in michigan. i think that's important to people when they talk about how it affects their families, how it affects their businesses, and how it affects their co-workers and their friends, and we have a lot to show and a lot of good things are happening in
michigan. unemployment is at record lows, wages are on the increase, minorities and women are surging in the policies under the president, they are doing very well in the economy and we are just really excited to talk about it here. i think people will see a stark difference. stuart: just wait until bernie sanders says the working class are being decimated. good one. i will be watching for that. i'm actually going to stay up late to watch it. thank you for joining us. ashley: wow. stuart: i'm sure we will see you soon. thank you. now check out the futures market. just a couple minutes before the market opens, we are going to be down triple digits for the dow, and down close to 1% for the nasdaq. we'll be back with the opening bell. 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.
that understands my business. we've got some work to do. and we need your help. we need your support. let's expect more from technology. let's put smart to work. ♪ ♪ while managing your type 2 diabetes- why think about your heart? lower a1c helps, but type 2 diabetes still increases my risk of a fatal cardiovascular event. and that's why there's jardiance- the first type 2 diabetes pill that offers a lifesaving cardiovascular benefit for adults who also have known heart disease. it can significantly reduce my risk of dying from a cardiovascular event. and it lowers my a1c, with diet and exercise. jardiance can cause serious side effects including dehydration, genital yeast or urinary tract infections, and sudden kidney problems. ketoacidosis is a serious side effect that may be fatal. a rare, but life-threatening bacterial infection in the skin of the perineum could occur. stop taking jardiance and call your doctor right away if you have symptoms of this bacterial infection, ketoacidosis, or an allergic reaction. do not take jardiance if you are on dialysis or have severe kidney problems.
they see beyond meat, they see us covering it, they think they missed out and they jump in here. d.r. pointed out a very small float, not a lot of shares out there. that leads to oversized moves to the upside and also to the downside. be careful. stuart: be careful indeed. that was mike murphy, one of our guys, on the show a lot, and he got it absolutely right about beyond meat. look at it now, down nearly 16%. here to take his victory lap is mike murphy. you wouldn't puch touch it with ten-foot pole, would you? >> you just have to be very
careful, it's a lot better today down 16% than yesterday. stuart: that fear of missing out on a brand new industry, you want -- that's what i always feel like. >> don't chase. stuart: okay. all right. stay right there. here we go. the market is about to open. the opening bell, trading has begun. we are down 75 points from the get-go. down 88. down 88. there you have it. we are off about one-third of 1% for the dow industrials. now down 92. the s&p 500, where's that? moving quickly, please. down half a percentage point there. as for the nasdaq, what's that doing? it is down three-quarters of 1%. we are down across the board. the yield on the ten-year treasury this morning is 2.05%. so there's money going into treasury securities. gold, $1441 per ounce, up eight bucks. oil, $57 a barrel, up 27 cents. the share price of capital one down, i believe, down
significantly. big data breach affected tens of millions of customers. there you have it. down 6% on capital one at $91. is there any way, murphy, of assessing their liability with a huge data breach like this? >> no. i don't think there is. there will, at some point more information will come out. right now the stock is selling off just on the fact there will be some liability that analysts haven't baked into their numbers. susan: capital one says the investigation continues and the incident is expected to cost $100 million to $150 million. a week ago, equifax paid out $700 million to those who had their data stolen. you think it will be higher than that? >> i think if they knew where it was, they still wouldn't be investigating. susan: good point. how did amazon web services play into it. stuart: we should also say this looks like it is alleged to be an inside job. a woman has been arrested in seattle. she allegedly opened up amazon's cloud to get this information so
an inside job rather than a threat to the security of the cloud. susan: the numbers are much smaller, too, by the way. stuart: they are indeed. very true. we are down $21 on amazon, below $1900 a share. move on. the rivals uber and lyft, staff shakeups at both companies. both stocks down. what's going on? susan: uber cut 400 of its 1200 marketing staff. also, this follows the departure of its c.o.o. just after the ipo. also, lyft, by the way, losing their chief operating officer as well. he came from tesla and you know, some say look, 400 out of the thousands that you employ, not a big deal, especially when you are going through this shall we say transition right now to find new revenue streams. stuart: that was another fomo where -- fear of missing out on this brand new industry, i was going to buy uber. >> the stock is trading below its ipo price. it's trading a lot below where
they were talking about pricing the ipo before it came out $120 billion. stuart, this is changing -- it's creating an entire new industry that i think will be there for a long time. i'm an owner of the stock. i think you can buy it right here. stuart: you are an owner of uber? >> i am an owner of uber. stuart: okay. all right. we'll remember that. >> write it down. stuart: show the big board, please. now we are down about 140 points. there you have it. down half a percentage point. getting perilously close to dropping below 27,000. now, the content wars heating up. netflix will spend $520 million on three, count them, three movies. what's going on with this? lot of money. >> there's a lot of money chasing good content because if you have good content you get more eyeballs which leads to more money. is 520 too high? is 422 too high? what's the right number? we don't know. remember, disney is coming into this space and netflix needs to have a reason to keep charging you. stuart: disney is doing
extremely well. susan: they own 45% of the global box office, as we talked about yesterday, with disney breaking a record in august already, 7.67 billion. for netflix to spend $500 million, that's what you have to pay up to get the big names. $174 million for "the irishman" and also you bring in -- how much do you have to pay for content to get eyeballs? >> and getting the headlines that makes you say netflix has this movie out, maybe i need to sign up. that's part of it here. they don't necessarily have to make a lot of money from this 520 investment. they need to have you want to become a member or stay a member. stuart: for me to put it out there and say $500 million for three movies. it's called a commercial. unpaid commercial. check that big board. we are down, i'm not going to say we are stabilized. down 130 points, 27,080. strong sales growth at procter & gamble. the share price reflects that.
it's up nearly 4%. that's a big company. big gain. higher consumer spending helps mastercard's profit, although the stock is actually down five bucks. dish, well, they lost fewer pay tv subscribers than wall street expected. nonetheless, the stock is down nine cents. not such a rosy forecast from xerox, a stock we have almost forgotten about. it is down 4%. now then, apple. it reports after the bell today. this is a major company, obviously, big interest in its earnings. my question is would you buy the stock before you see the earnings? hoping for a pop? >> no. stuart: okay. >> however, not hoping for a pop, so to trade on the earnings report i don't think is a good thing to do because i don't expect a huge move one way or the other, up or down. but if you believe apple is a great company to own as i do for the long term, you can buy it right now, you can buy it after the earnings. it's not going to have too much
of an impact. this is something that i think with the cloud that they have covering all of their phone and computers and all their different ways that they can generate revenue now, it's a great company to own. susan: we are looking at the third straight quarter of declining iphone revenue and we are looking at revenue of $52 billion. how fast is services growing to take over and help lift the revenue fall we are seeing from iphone sales. what also will be important because i will be speaking to the cfo at 4:00 p.m. after the earnings are released, is what does it mean for 5g in the future. they are not expected to release their 5g phone until 2020. they just bought up intel 5g chip business. how will that impact into their, i guess their phones in the future? will they need qualcomm anymore? stuart: that's another fomo, isn't it? here comes 5g and i have the fear of missing out of 5g. susan: well, you should. because it is the future. stuart: think i should own apple? >> apple is a company that has proven over the long haul. this isn't something that is a
new industry like beyond meat, whether it's going to take off or not take off. apple has proven themselves. they pay a nice dividend. they are generating a ton of cash. it's a great company to own because they will innovate. stuart: facebook says libra, the digital currency they are planning on, it could help law enforcement. can you explain that one? ashley: yeah, because as it stands in the crypto world, there's no record of the transaction or the ownership of that transaction, who owns what. that's kind of the wild, wild west. of course, facebook trying to sell this libra idea says you know what, we can show you not only what transaction was made but who made it. if authorities want to track down someone they believe could be money laundering or some other criminal activities which steve mnuchin, treasury secretary, has been warning about, you can give them the information to track down the people making these transactions. a lot of people use crypto just because they don't want people to know who they are and what they're doing. stuart: that's an important hedge on the whole idea of the
crypto, falling in line with regulators. >> this is facebook's attempt -- stuart: i will move on to housing. there are fewer all cash buyers in the housing market these days than just a couple years back. lauren simonetti has this story now. why is this? why fewer all cash people? lauren: foreign buyers. that's probably the biggest reason. that number, the foreign purchasers of u.s. homes, down 36% in the past year. four in ten of those foreign buyers pay all cash. stuart: really. lauren: i actually think this is going to be good for the housing market because if you have fewer buyers paying all cash, it's more competitive for regular people like me trying to apply for a mortgage and get a home. instead of saying spring is christmas, maybe because it takes a couple of months for a mortgage application to close, that fall will be a nice time this year to see that surge in housing activity. not to mention rates are coming down. stuart: that's very important. rates are indeed coming down. real fast, you expect the housing market to pick up soon.
explain yourself. >> sure. i think because of technology businesses that venture capitalists like myself invest in, renting a home has gotten a lot easier. it's more cost-effective to go out from your phone, rent a home, as the costs change supply and demand, as there's more people looking to rent, it will become more expensive versus owning a home and more people will go voting with their pocketbooks to go and own a home rather than renting a home. stuart: hold on. the millenial sitting next to you may have a different opinion. susan: i agree. i just want to talk about interest rates because we are going to hear from the president in two minutes' time but what's circulating right now is the fact he's calling for a big interest rate cut tomorrow. we know the fed is pretty much baked in, they will cut a quarter point. i think he's looking for something about 50 basis points with only 20% of the market expecting that at this time. stuart: you did spehe did speak reporters as he left the white house on his way to an appointment later on today. he did speak to reporters. we've got the tape and will play
it in just a moment. susan is right, he did say a lot about pressuring the fed to really lower interest rates significantly. ashley: he's not happy with the fed, as we know. today he gave them another shotgun blast. stuart: how the market reacts to that. susan: this is a big deal that we haven't seen this type of move in a decade's time. stuart: the president wants it to be a big move. who knows, how many seconds? 15 seconds. we will play the president. >> real quick, a big fan of "varney & company" in knoxville, tennessee, ruth celebrating her 103rd birthday. huge fan. stuart: ruth woodby, congratulations. here's the president of the united states. >> the economy is doing fantastically well. we hear people over in china right now [ inaudible ] we'll see what happens.
we're going to make a great deal or we're not going to make a deal at all. lot of great things are happeni happening. our country has gone way up in terms of [ inaudible ]. we're the number one economy in the world. we've picked up tremendously in the last two years since i've been here. a lot of great things are happening. lot of really great things are happening. the economy is through the roof. hopefully we will get [ inaudible ]. we'll see what happens. we have a lot of good things happeni happening. i just got through speaking with the department of commerce and we have interest in our country like we've never had before. reporter: [ inaudible ]. >> baltimore has been very badly mishandled for many years. as you know, congressman cummings has been there for a long time, had a very iron hand
on it. it's a corrupt city, there's no question about it. all you have to do is look at the facts. the government has pumped in millions and millions of dollars to no avail. baltimore is an example of what corrupt government leads to. billions of dollars have been given. i feel so sorry for the people of baltimore. if they ask me, we will get involved. we are already involved [ inaudible ] i think representative cummings and his oversight committee, needs to do oversight on baltimore.
[ inaudible ] i took the money china was paying us and gave it to the farmers. in my opinion, far too early and far too severely put me at a disadvantage but nothing's going to stop us, but the fed could have made it a lot easier. i would like to see a large cut and i would like to see it immediate immediately. [ inaudible ] i also think that had they not
done it, as good as we've done, we have the all-time high in the history of the stock market, i think i would have been 10,000 points higher and i think i would have been in the 4s in gdp. president obama had zero interest rates. we have normalized interest rates. with zero interest rates anything happens. reporter: [ inaudible ]. >> i'm not talking about that. i'm very disappointed in the fed. i think they acted too quickly by far and i think i've been proven right. they were wrong. the fed is often wrong. the fed is often wrong. reporter: [ inaudible ]. >> "the washington post" calls mitch mcconnell what?
"the washington post." mitch mcconnell loves our country. he's done a great job. he's trying to pass an infrastructure bill. to fix our highways and our roadways. mitch mcconnell has got more judges than probably any, i mean, in all fairness, with my help, but as a combination, we are up 179 federal judges. nobody's ever seen anything like that. and we will end up having the highest percentage of judges [ inaudible ]. mitch mcconnell is a man that knows less about russia and russia's influence than even donald trump and i know nothing. i think it's a horrible thing
[ inaudible ] for the benefit of amazon, "the washington post" is fake news just like the "new york times" is fake news. it's put there for the benefit "the washington post" of amazon. that's my opinion. i think it's a disgrace. i didn't read it. they actually said that, that mitch mcconnell is an asset of russia? they ought to be ashamed of themselves and they ought to apologize. reporter: are you alienating -- reporter: the democratic debate tonight and tomorrow night, [ inaudible ]? >> i think right now, i am watching -- i think right now it will be sleepy joe. i think. i feel he'll limp across the line. that's what i think. what i think doesn't mean anything. i think he's off his game by a lot but i think personally it will be sleepy joe.
reporter: [ inaudible ]. >> i think i'm helping myself because i'm pointing out the tremendous corruption in baltimore and other democratic run cities. all you have to do is look at the [ inaudible ]. we'll see what happens. i think i'm helping myself. i'll tell you what. the white house and myself and letters and e-mails and phone calls, i have received more phone calls than i think on any other subject of people from baltimore and other cities run by democrats begging me to get involved. those people are living in hell in baltimore. we have a large african-american population and they really appreciate what i'm doing and they have let me know it. they really appreciate it. by the way, unemployment for african americans is the lowest it's been, the best numbers in
the history of our country. the lowest in the history of our country. but these calls from baltimore thanking me so much, all the money that's been spent over 20 years has been stolen and wasted by people like elijah cummings. reporter: [ inaudible ]. >> well, i have a great relationsh relationship. i have a fantastic relationship with the president. he's a great gentleman. he was here, as you know. by the way, i think he's doing a great job. it's a tough job. but i think the president is doing a fantastic job. he's a wonderful man with a wonderful family. we're going to work on an agreement with brazil. brazil's a big trading partner. they charge us a lot of tariffs but other than that, we love the relationship.
reporter: [ inaudible ]. >> the what? reporter: [ inaudible ] who apparently might have been poisoned. have you heard about that? >> i've heard about it. i don't know about it. but i'll find out about it. this is new. i heard about it last night. reporter: [ inaudible ]. >> well, john ratcliffe is a brilliant man. he is a wonderful person. i spoke to him long before about this, long before, months ago, i spoke to him long before the mueller fiasco. that was a fiasco. i think probably nobody in the history of capitol hill has embarrassed themselves like what mueller did to himself and to the democrats. john ratcliffe, i spoke to him about this for a long time. he's a very talented guy, he's a strong man. it's what we need in this
position. reporter: [ inaudible ]. >> i am the least racist person there is anywhere in the world. i've known him almost all my business life because i had to deal with him in new york. al sharpton. he's a racist. he's a racist. but when people -- let me explain to you. what i've done for african americans in two and a half years, no president has been able to do anything like it. unemployment at the lowest level in the history of our country for african americans. nobody can beat that. you look at poverty levels, they're doing better than they've ever done before. so many things. opportunity zones, criminal justice reform. president obama couldn't get it done. it was done really the biggest beneficiary probably is african
americans. i got criminal justice reform done. president obama couldn't get it done. no other president was able to get it done. what i've done for african america americans, no president i would say has done. i will say this. they are so happy because i get the calls, they are so happy at what i have been able to do in baltimore and other democratic-run corrupt cities, the money has been stolen, what they've done. it's been wasted and it's been stolen. billions and billions of dollars. and the african-american community is so thankful, they've called me and they've said finally, somebody is telling the truth. reporter: do you think there will be a trade deal with china before november 2020? >> well, i think the biggest problem, china would love to wait and just hope, they hope, it's not going to happen, i hope, but they would just love,
if i got defeated. so they could deal with somebody like elizabeth warren or sleepy joe biden or any of these people, because then they would be allowed and able to continue to rip off our country like they've been doing for the last 30 years. china has been taking out hundreds of billions of dollars a year with our country and what i've done with the tariffs is number one, they had the worst year they've had in 27 years yesterday. "wall street journal." the worst year in 27 years. companies are leaving china by the thousands. their prices are coming down and i will tell you this. china is dying to make a deal with me. but whether or not i'll do it, it's up to me, it's not up to them. reporter: just this week, what are you looking for china to give you in negotiations? >> i think china is willing to give up a lot but that doesn't mean i'm willing to accept it. i think if china had their wish, they would wait until after the
election, they will pray that trump loses and then they'll make a deal with a stiff, somebody that doesn't know what they're doing like obama and biden, like all of the presidents before, because what they've done is they picked our pockets as a nation. that's not happening with trump. reporter: [ inaudible ]. >> that's okay. well, i think if that's the case, i would be shocked. but if that's the case, they're fighting against their people. because the african-american people have been calling the white house, they have never been so happy as what a president has done, not only the lowest unemployment in history for african americans, not only opportunity zones for the biggest beneficiary, the inner cities, and not only criminal justice reform, but they're so happy that i pointed out the corrupt politics of baltimore.
it's filthy dirty, it's so horrible, and they are happy as hell. so you may have a couple of politicians boycott, but it's all a fix. it's all a fix. the fact is african-american people love the job i'm doing because i'm working for them. i'm not working for the politicians. reporter: [ inaudible ]. >> oh, absolutely. what he should do, what elijah cummings should do is he should take his oversight committee, bring them down to baltimore, and really study the billions and billions of dollars that's been stolen, that's been wasted, that's been stolen. they ought to take that beautiful waste of an oversight committee, go down to baltimore and other democratic-run cities and take a look, see if you can find the billions that have been stolen.
reporter: [ inaudible ]. >> my relationship with kim jong-un is a very good one, as i'm sure you've seen. we'll see what happens. i can't tell you what's going to happen. i know one thing. if my opponent was president, if she won, you would be in a major war right now with north korea. we are nowhere close. so we'll see. i have a good relationship with him. i like him, he likes me. we'll see what happens. reporter: [ inaudible >> at the right time i will visit. the peel of baltimore are thankful -- people. they let us know by thousands of people. finally somebody is pointing out how corrupt baltimore is. how billions and billions of dollars have been stolen. the ones that like it, best i'm doing, african-american voters. those are the ones. thank you. stuart: there you have it.
president trump, impromptu press conference. bullet points, here is what he said. he is defending his baltimore tweets. he is simply pointing out the tremendous corruption in baltimore. he wants to know where all the billions of dollars actually went. on trade he says we're moving very well with china. many companies are moving out of china. china is under pressure. on the fed, he says i want a large rate cut and i want it now. the stock market would be 10,000 points higher if the fed had not raise the rates back in december. let's deal with that, mike murphy, he wants a rate cut. what do you say. >> i think he is getting a rate cut. i was live on the air when he called for a rate cut months ago. i thought it was way out of line based on economic statistics at the time. looks like president trump was correct calling for that. it lookings like he will get it. i don't think he will get 50 the big rate cut he is looking for and i think what is the economy
needs right now. stuart: trade with china, he says things are going very well with china. susan: he says china would love to wait until after november 2020. to deal with someone like "sleepy" joe and get a better deal. trade negotiators are in shanghai. looks like they're holding status quo since then. stuart: he also said biden will be the nominee. ashley: he did. he was asked are you watching the debates. oh, i will watch. i think it will be "sleepy" joe. the president said i think he is off his game but i think it will be him. he is pulling for "sleepy" joe apparently. stuart: i have got to say that the main thrust of that impromptu news conference was baltimore. he was questioned about it consistently. he raised an issue that will resonate for america in 2020. he wants to take a look at why our inner-cities have had so
many billions of dollars invested in them. they are still not where they should be. ashley: two lines. that money has either been wasted or stolen. he repeated that time and again. >> for the president of the united states wants to help citizens of the united states in baltimore, i'm all for it. stuart: really. but is the president a racist for -- >> wanting to help people? >> going after it, if you put it like that going after elijah cummings because he is black. is he racist? >> no. stuart: i have a monitor with msnbc on it, they're talking constantly about the president's racist tweets. every time they mention a tweet, it is called a racist tweet. susan: he calls out someone not white or caucasian. even though he is pointing out an issue talked about by people in the past including bernie sanders. stuart: last word, mike? >> people in suffering in
baltimore have nothing to do with black, white, green or purple. they are u.s. citizens who are suffering. anything the president can do he should be helping them. stuart: that is what he has to say. not very good sound to start with. we cleared it up in the end. now it is bang, 10:00 eastern time. that means we're getting breaking news. the latest reading on consumer confidence. this is for the month of june. this is important for the markets and the economy. do we have -- ashley: still waiting. june was a 15-month low. so we're hoping, it is estimated we may see a little bit of a rebound. we went from 130 reading in may, to 121 in june that was a 15-month low. we're expecting a bounce back to 125, it has not hit the tape. now it has. susan: there you go. ashley: 135.7. stuart: that is the number reading. ashley: that is huge. compared to, sorry, susan. as opposed to the estimates of 125. that blows away what we saw in
may. that is a huge rebound. stuart: it is a rebound in confidence? ashley: huge rebound in confidence. stuart: reported literally 50 seconds ago. that could be a negative for the market because it might mean, might mean that the federal reserve will be less likely to be keep on cutting rates. susan: losses for the dow was sliced in half. stuart: that's true. >> consumer confidence, people earning more money, people having more jobs, the fed is going to act tomorrow. that is pretty much baked in to what is happening i don't know about the second rate cut or third-rate cut. but if you're an investor, stuart, you have a strong economy, people have strong confidence in the economy, you have accommodative fed, it is a good time to be investing, could be the market is read the surge in consumer confidence differently than the way i explained it. because the market is down less than it was before that consumer confidence number came out.
could be a strong economy what investors want because we now have the dow jones industrial average down 60. we had been down over 100 and this strengthening of the market if you like occurred right after that surge in consumer confidence numbers and we're still coming back. now this, forgive me for being extreme but i have to put a label on senator warren's just-released trade plan. it is a disasterous piece of economic fantasyland, closely connected to the lunacy of the "green new deal." disasterous, lunacy? okay. let me back that up. an america under president warren would only trade with nations that comply in full with the paris climate agreement. that means we would have to go back into it. we could only trade with countries that abolish all fossil fuel subsidies. we couldn't do business with any nation that allows any form of
child labor. china, india, or fails to guarranty full union rights. senator warren will be in the debate tonight. trade plan and all. so will bernie sanders. he issued his talking points. he says the working class has been decimated. he is a socialist and blames big corporations. decimated? really? record low unemployment? jobs for all. fast-rising wages. like the warren trade plan, bernie's economics make no economic sense at all. mayor pete, he will be also on the stage tonight. he is likely to play the race card or at least try to. white supremacy could be the issue that ends this country. those are his words. that is one of his talking points. we bring all of this because these candidates are redefining the democrat party. the far left is now its face. are they going to get away with this hijacking? tonight amy klobuchar will be also on the debate stage.
will her moderate voice be heard? tomorrow night joe biden heads the lineup. will he stare down the left? if he does, will he survive the primaries which usually reward the extremes? what we're looking at here is a badly-split party. it will be on full display in these debates this week. for the first time in years i will be watching cnn they are hosting. i find it fascinating to see the left implode. the second hour of "varney & company" is going to start now. okay, sorry, i misunderstood. we got scott shellady with us. almost missed you out there, lad. very sorry about that. let's start with senator warren's trade plan. what do you make of it? >> i would like to see it touted more widely. i think it is, it is fantasy.
i don't understand why she wants to sacrifice our own workers? we want to own those things. we don't want child labor, children worked to death. we want environment to be better. we all like those things. for some reason the looney left has to own it. they do crazy things at the expense of our own workers. that is why the paris accord was so bad. india, china could do whatever they wanted. we were the ones paying the penalties. until they get that through their heads. they are using our own people as pawns to own these nice ideas. that is not right. stuart: scott, stay there, please. i want to bring in phillip wegman, "real clear politics" white house reporter. i want to get back to what the president said earlier about his spat with congressman elijah cummings. stay there for a second. let me roll this tape, so our audience can see it again. role it please. >> [inaudible]. i will say this. i think that representative
cummings should take his oversight committee and start doing oversite on baltimore. he would find out some real things. stuart: he raised an issue here, phillip. that is the performance of democrats who run our inner cities, what do you say? >> if you talk to some of the president's advisors privately, yes, this has nothing to do with race, instead this is the president going after chairman cummings because of his oversight on the mueller investigation. what president trump is doing in that clip right now he is again making that argument that this has nothing to do with race. instead this has to do with chairman cummings spending a lot of time on the russia investigation, rather than, rather than tending to his own business. at the same time though, we do see some prominent republicans maryland governor and former rnc chairman michael steele saying that, this is too much. they should take away some of the personality of this argument to focus on issues. stuart: i don't get that i really do not get that. the performance of baltimore in
recent years, in the last 20 or 30 years, that is just not acceptable. for the president to point it out is very acceptable. where do you stand on this? >> i think what is interesting about this attack right now, unlike the ones that he made with, against "the squad" is that he was able, with that argument to make them the face of the democrat ibb party. he is trying to do somebody here with representative chairman cummings, pointing to what has happened in balt more and arguing this is the type of failed policies that you know, the american public would return to if they don't elect him again for a second term. that is going to be his argument and i think it is going to be the challenge of democrats on stage to neat to meet it, to show a different economic policy with different out comes to counter. this is going to be something that is going to define the debate moving forward. stuart: i would be interested to hear the democrat growth plan. i have never heard one in many,
many years. phillip, stay there for a second. i want to bring back to scott shellady. for some reason i will ask you about beyond meat. you knew it was coming, scott, you just knew it. >> i did, yes. stuart: the stock is way, way down. where do you stand on this, fake meat, where do you stand? >> you know what, stuart? there has been a lot of big hullabaloo. the only thing crazierer than "the squad," elizabeth warren, bernie sanders is the valuation of beyond meat, right? they're not making making that h money. it is a fad and craze, it will die down. it is here to stay just like decaffinated coffee is here to stay or non-alcoholic beer is here to stay. people that don't take alcohol. you could have vegan, vegetarian, have beyond meat at a restaurant. that would be fine. that is all it is. it is just an alternative. it will not wipe away anything. it will not take away from the
meat industry. stuart: it will not take over. >> has decaffinated coffee taken over the world? no. it is an alternative. people have to settle down to be careful of what the valuation is. stuart: good point, be careful about the valuation. that has gone up 800% since ipo. scott, good much indeed. >> all right. stuart: i will talk about something else other than fake meat soon. >> all right. ashley: says the cow guy. stuart: 57 point lower for the dow industrials. we had been down more than 100. capital one, the stock on your screen. the private information of 106 million customers exposed in a massive data breach. now the new york state attorney general says she will investigate immediately. the first of many investigations. you can bet on that. the stock is down 6 1/2%. amazon, the hacker behind the breach used to work for amazon and there is some question about the security of
the cloud. amazon is huge in the cloud. the stock is down 8 bucks, 1903. facebook says its digital currency, the proposed libra could help law enforcement. do we have anymore on this, why they're saying that? susan: basically facebook is trying to sell libra to regulators saying it is okay people thought and do say cryptocurrencies is a haven for money launderers, i will is lit activity, drug dealers as well. david marcus, the head of colibra and libra at facebook says if you look at blockchain technology which is behind crypto, it's a public ledger of transactions, you have to put information out there in the public. using that information you can trace people, to help law enforcement track down who is using this, the bad guys in all of this. but of course, you know, we heard from the president and saying that if you want enact libra you better get a chart, a
new currency at play around the world. stuart: before we close out this block, i do want to thank my colleague and friend mike murphy sticking with us religiously through the last hour and ten minutes t was mike that pointed out with fomo, the fear of missing out. i always feared missing out on uber and these whole new industries and you put me straight. >> great. happy to do it. uber is still a good buy. some of these you don't want to chase to crazy levels. uber is changing the way people get from point a to point b. stuart: not beyond meat? >> scott said, here to stay at 14 billion-dollar valuation that is kind of tough to understand that. stuart: mr. murphy, thanks for joining us. we have a big hour coming up, including a professional video gamer who won 1.8 million at the "fortnite" world cup over the weekend. what is he going to do with the money? we will ask him. he is on the show. watch out delivery drivers
might be sampling your food. nearly 30% of drivers taken a bite out of your meal. what does that mean? grab a french fry from mcdonald's? i don't know about that. "bar rescue"'s jon taffer coming up on that one. "the discovery channel" "shark week" is underway. one of the new shows, is, "the laws of jaws." we'll ask the star of the show, should we worry about the great white sightings off the east coast. i know all about this on cape cod. i have an axe to grind right there. ♪
stuart: you know which camera? ashley: "jaws." stuart: doesn't really matter. we're playing the "jaws" music obviously. in the last week there have been 17 shark sightings off cape cod. a shark expert is with us now. thanks for joining us. >> thanks for having me. stuart: as you may know, i spend a lot of time on cape cod. there is a debate going on up there, because we had nasty incident with sharks. a lot of people want to cull, as in kill off some of the seal population, which is attracting sharks, it is lunch for them. what do you say to that? >> i don't think we should cull the seals or mess with their situation right now at all. stuart: why? >> i think what we need to do is be aware the sharks live in the ocean. they are there for the sees, for their food source. they are not there to hunt us. if we can be aware of sharks in the water then we can minimize
incidents. stuart: so it is sharks territory, we humans shouldn't go swimming in their territory? >> not that we shouldn't go swimming. we have to swim with caution, be alert. most shark encounters, shark bites happen in ambush style. they are looking to get a prey not paying attention to them. if you're always aware. the fact if you see the aerial sharks all around people, incidents happen so rare but knowing that there are sharks in the water, we can change our behavior. stuart: yeah, but what about moms and dads at the beach with young kids, they won't let them go in the sea. it is killing the business. can we take any measures to stop it? >> i can't answer that question what measures you can take. i just don't, i would not agree with -- stuart: in principle you're saying that the ocean is the shark's territory and we have no business there? >> not that we have no business. i just think we need to respect the sharks and their territory
and not fear them but just know that they're there, know how to interact with sharks. if you're aware a shark is there, you're able to make eye contact the shark will flee. they are so -- stuart: can you show this? >> i do it all the time for a living. stuart: you're a professional. what about the amateurs? >> i wasn't a professional 10 years ago. it was something i learned. i watched them watch me. they are so tuned into our body language and if you look at them, then they will turn away. if you approach them, then they want to ambush their prey. they don't know what you are. they think, oh, my gosh, this is seal. i want to eat it, take a bite possibly it is a mistake. they don't eat. stuart: okay. >> if you make the contact first, initiate contact -- stuart: this is "shark week." >> yes. it is "shark week." stuart: you're on the show. the laws of "jaws." what you're really talking about how to avoid a shark attack. that is what it is all about?
>> yeah. we reenact five different scenarios of actual shark encounters happened, what we can do differently. we're the ones to take a stance, put ourselves in a different position if you are in the water with a shark. how to change the behavior to change the outcome. stuart: there is outrage up and down the east coast. there is a lot of shark bites, there are some deaths. it is pretty nasty. are you aware of this? >> yes i am. it is extremely unfortunate. i just know, we need to be aware, like it is still super rare, unlike what it is for sharks. 100 million sharks a year are actually hunted and killed for their fins. how many, less than 100 shark encounters happen with people a year. it is very rare. it is so tragic when it happens. we need to be so aware of sharks in the water. they are there. stuart: when does your show air? >> it airs tonight at 9:00 p.m.
stuart: you're going to tell me, if i come in eye contact with a shark, i don't have to worry? >> if you see the shark, the shark will always see you first. if you know there is probably a shark watching you, but you're constantly looking behind you. i always say look where you've been, not where you're going. as you are swimming away they think you're running. look where you've been, constantly looking around you, you can deter a shark very easily. stuart: i shall bear that in mind. congratulations. very successful. the show is a success. >> thank you for having me. stuart: thank you very much. let's get back to money, shall we. let's move away from sharks. and other sharks on wall street. ashley: that is another story. stuart: we're down 50 points. that is entirely different story. we're down 50 points for the dow industrials. uber cutting 400 jobs in the marketing department. the stock is down 70 cents. lyft eliminated the role of its chief operating officer. it is down a buck. amazon, its web services not
compromised in any way in the capital one data breach, quote, functioned as designed. that is according to an amazon web service spokesperson. the security of the cloud not contaminated according to amazon. e-cig maker juul opens first store in canada. they say it will be a education venue. days after it was criticized for targeting teens in america. details coming up for you. the u.s. women's national soccer team, cocaptain, megyn rapinoe says she will never go to the white house unless she is the one being inaugurated. what will brian kilmeade say about that? she is on the show later this hour. ♪ termites.
stuart: we're down 73 points. 71 point on the dow after almost an hour's worth of business. how about apple? they report after the close of trading today. as you run up to their earnings report, the stock is down a couple bucks but still above 200. by the way full coverage of apple's profit report four eastern this afternoon right here on the fox business network. now this, e-cigarette maker juul opening its first store in toronto, canada, this as teen vaping on the rise in america. that is a concern. kristina partsinevelos, are they not as concerned in canada about teen vaping as they are here? >> of course they are. it is growing exponentially. very similar situation in canada as here but nonetheless the
company is opening the first brick and mortar star ever in north america, toronto. you have to be 19 years old to enter the store, much like liquor laws. according to the report, they will have frosted windows. it will look like an apple store. very sleek with all of those little juul, they look like usb keys. they will be located everywhere in the star. this comes, stuart, a time where people are questioning whether juul is harmful, whether vaping is harmful due to the liquid inside. also more importantly if it is marketed to children with flavors like mange go and mint? one of cofounders of juul testify on capitol hill about marketing to children but overall the company argues, no, they're a good alternative to smoking. fda has not approved it as a quit smoking device as of yet. back to you. stuart: kristina, thank you very much indeed. is down 70 points.
got that. there we go. 28% of delivery drivers have eaten some of their customers food. i'm not sure about that. sounds like a problem for restaurant as well as customers. we'll see what "bar rescue"'s jon taffer thinks about that he is on the show later. ♪ you wouldn't accept an incomplete job from any one else. why accept it from your allergy pills? flonase relieves your worst symptoms
♪ ♪ all you need is love stuart: i remember when it first came out. you don't. now this, a new study from u.s. food, a restaurant supplier. found that 28% of delivery drivers have eaten some of their customers food or dipped into it. ashley: eww. stuart: jon taffer, "bar rescue" host. i don't believe this. if you get something from uber eats, it comes in a sealed container. you can't nibble on the thing. do you believe a third of delivery drivers take a bite out of food. >> it i do stuart. they really don't come in sealed containers. depends who you get it from. sometimes styrofoam containers. you rays an issue, maybe health codes regulate package until delivery. something like a safety seal goes on a package you know hasn't been broken until you receive it. this is interesting, stewart. 54% of drivers are enticed by the smell of the food.
so they're tempted the whole drive. 60% of their drivers think they are undertipped. about 29% of the drivers think they get terrible directions. so there is a little frustration both ways. i believe the numbers, stuart. i think they're eating a couple shrimp here and there. stuart: that makes it a huge problem for the restaurant owner, because you have lost control. as soon as you give it to the delivery driver, you don't control the food any longer. but your food is being nibbled on. >> absolutely. not only are they nibbling on it, stuart, they're opening it up, they're taking some out. i guess they don't have a knife and fork with them. i guess they don't wear rubber gloves. they could be cross-contaminating the whole container the food is in. that is not a small matter. as an industry we need to create a safety seal that is a standard everybody uses for delivery. stuart: you see why i never have food delivered? i would never touch food handled
by a driver wearing rubber gloves. that is another story entirely. ashley: what's that? stuart: your restaurant, they're all about being fresh. so obvious question, would you put fake meat on your menus? >> well you know it is interesting, stuart, about 60% of consumers now say they're interested in these fake meats, these fake proteins. there is two companies, beyond meat and impossible foods. beyond meat's value is six times since their ipo. so these are powerful entities with huge market growth but here is what is interesting. when the dieticians look at it, these products have the same amount of sodium and saturated fat as a regular burger. so it is processed foods with the same amount of sodium and saturated fat as a burger. it starts, do you weigh, go for the organic burger or processed artificial burger? the hello benefits are starting to dem minish.
stuart: so you're on the fence essentially? you're waiting for this thing to flame out? >> people are that vegan might choose the product. doesn't mean it is healthier. stuart: i hold here in my hot sweaty hand one of your new products. this is taffer's margarita mix. this is a new line of mixes isn't it from you? >> it is. stuart: what is so different about your margarita mix? >> a lot of things. mixology is big across the country. everybody wants to make the great drinks. these qualities bring quality of mixologist home. this is in glass, not plastic. it is hot filled. no artificial ingredients. if someone wants to make a mixologist quality cocktail at home. that is why i made it. it is really good. stuart: if i generate any sales, it is at least a 10% commission for yours truly, okay, in the
absence of an advertising fee. 10%, seriously. >> how about dinner? susan: oh? stuart: no, i don't eat at night. only fake meat. how about that? jon, you're all right. thank you very much, mr. taffer. see you again soon. >> thank you, stuart. stuart: how about this one. a secret memo of amazon may have revealed plans for a new grocery store chain. tell me who more susan. >> it has been a great marriage, pricescome come down 2 1/2% sine the acquisition. you get two hour delivery to 90 cities across the country. amazon wants to be bigger, have their own labels, their own brands. there is a memo circulated, separate from whole foods, basically amazon wants to i guess, have an in-store experience for their shoppers and also delivery in the future this place you can pick up, also bring back some of your amazon packages as well.
that is pretty much what you have at whole foods. they want a separate label, since it is a 700 billion-dollar industry, right? stuart: any move by amazon sends ripples any way through any industry you talk about. thank you, susan. joining us live on the radio, brian kilmeade. he is the host of the brian kilmeade radio show. megan rap pino, u.s. women's soccer player says the only way she will go to the white house if she is inaugurated. a little joke there. is she good for bad for women's soccer in america? what do you think? >> i am so disappointed as a unabashed supporter of soccer while, you know, played in the '70s, stuart, while you were in your teens in england. i was actually one of the few americans, choosing to play this sport. i watched the rise and fall. i have two girls. one 16, 18, they both play college soccer. they both enjoyed watching this team.
i thoroughly understand it. i was lucky to cover the women's team from '93 to 1999. at the rose bowl with 100,000. i'm disappointed the way she acted, the way she is holding themself. acting as if the team was against them, they were the number one team in the world, defending world cup champions. the big battle now, megan rapinoe is equal pay. u.s. soaker answered them, reason i'm holding my ipad. the women have gotten $34 million in salaries from 2010 to 2018. men have gotten 26 million. they get a bigger percentage of the revenue than the men get. the problem is for the women, is that the men's world cup has been around longer, has bigger sponsorship dollars, has wider viewership. has wider viewership. it's a bigger tournament watched by more around the world than the women's. that might change. but they get a get a greater
percentage than the men. so the equal pay lawsuit could be very well a loss. megan rapinoe is going to forward her own persona. i don't think she is winning over mainstream america. stuart: here is my bottom line. you get politics out of sport. i don't care what your politics are. you can be pro-trump, you can be conservative, you can be a communist. i don't care. keep it out of sport. i want to see a great game, played by great athletes, who are playing a great sport. that is all i got to say. i think you're with me. last word to you? >> couple of things, in the '60s, athletes played a vital role in civil rights from jim brown to muhammad ali, to bill russell, to wilt chamberlain, to others. they stood up things are wrong. you treat me great when i'm great athlete. when i'm not wearing a uniform you treat me on a second-class citizen. people got on michael jordan for doing nothing when he was so powerful.
when people speak up, john harbaugh, coach of the baltimore ravens, i'm not too thrilled and i want both elijah cummings and president trump to tom together to solve problems of baltimore. was that wrong? are we being selective deciding when we want athletes to speak up. i say if they do speak up, don't be surprised if people speak back. stuart: don't damage the sport, which is biting the hand that feeds you. brian, thank you very much as always. see you real soon. >> enjoy it. see you in the halls or the christmas party. stuart: who knows. president trump is considering adding antifa to the domestic terror list. coming up next a former, a former antifa member. we'll get an inside look into that organization. we have the ceo of autonation on the show. i will be speaking with cheryl miller. that in our 11:00 hour. are fewer people buying cars because of uber and lyft? it sure seems that way. more "varney" after this.
♪ ♪ all right brad, once again i have revolutionized the songwriting process. oh, here we go. i know i can't play an instrument, but this... this is my forte. obviously, for auto insurance, we've got the wheel route. obviously. retirement, we're going with a long-term play. makes sense. pet insurance, wait, let me guess... flea flicker. yes! how'd you know? studying my playbook? yeah, actually. can the past help you write the future? can you feel calm in the eye of a storm? can you do more with less? can you raise the bar while reducing your footprint?
stuart: we have narrowed the loss. it is narrowed to 58 points down for the dow industrials. there you have it. after conservative writer andy gno was attacked by an antifa during a protest in portland, you can see it there, president trump considering classifying antifa as a terrorist group. listen to what andy gno said. >> this will be provide ability to investigate this criminal cartel for the street thugs that they are. in addition to the street hooliganism we see this on the
streets of america this, has a political ideology that advocate violence for political revolution. stuart: come on in a former, a repeat, former, member of antifa and he joins us now. gabriel, if we define this group as a terrorist group, you tell me having been in the organization what kind of terror tactics than they use? >> honestly antifa was more violent than i was in it. when i was in it, it was about protests maybe property damage. as we see what happened in washington, they're willing to build bombs, make it to use it to destroy government facilities. you know president trump willingness to make antifa a terrorist organization is a good thing because andy gno is right, we currently don't have a framework to classify them as a terrorist organization. fortunately once we have a framework we can classify them, and other terror groups and
ms-13 which president trump references. stuart: you're out, you're not longer in the antifa group? are you worried about your safety? you're telling all about your years, or your period in antifa? >> you know something, that is definitely a concern of mine, especially because i worked for the leadership institute. i go on college campuses all the time. as a matter of fact i'm doing a college tour, called, behind the black mask to talk about this even though i do have some concerns about it, i think the work at leadership institute is great. we just had vice president mike pence come to our facilities, talk to our field representatives about the importance of the work that they do. especially personal for me, because it was a field representative from the leadership institute who got me out. it is nice to know that we finally have an administration that truly supports the rights of conservative students. stuart: do you need security when you go on this college tour? >> tenally we work it out with the university and the clubs who are hosting me.
hopefully i have, i had one event, i believe in with a university where there was security, there was police officers were present. luckily nothing came of it. stuart: you're a brave man, an intelligent man because you got it. that is a brave thing. gabriel, hope you come to see us again. we really want to know what is going on with this bunch, we really want to know. gabriel, thanks for joining us. see you soon. >> thank you. stuart: president trump is going after congressman elijah cummings again this morning. mr. trump says all the back and forth benefits his 2020 campaign. trump senior campaign advisor, mercedes schlapp is on the show, talking about that in our next hour that is. videogame competition, new york city, over the weaken had $30 million in price money. this is a videogame contest, 30 million in prizes? we know how much the winner got, 3 million. how about the runner-up, a big
chunk of change awarded to that man there. he is next. ♪ nted to get away who used expedia to book the vacation rental that led to the ride ♪ which took them to the place where they discovered that sometimes a little down time can lift you right up. ♪ flights, hotels, cars, activities, vacation rentals. expedia. everything you need to go.
♪ stuart: yes the "fortnite" championships, a video game contest held in new york city over the weekend. gamers came to get at big money. counter logic gaming, harrison chan, the name of team he plays for, known as psalm, came in second. that is the man right here. this is harrison chang. you came in second. >> i did. stuart: you got $1.8 million. >> i did. stuart: what was the winner, what did he do that was so much better than what you did? >> he played a bit better. stuart: what do you mean played a bit better? doing what? >> i play like passive style in the competition. he played more aggressive style. which it is riskier but paidoff for him. stuart: he got 3 million. you got is .8 million. >> i'm not complaining. stuart: you are 24? >> i am. stuart: were you one of the oldest players? i find that incredible.
>> 200 players qualified for the world cup. four was 24. that was highest on spectrum. the average age was 16. stuart: gee. what will you do with $1.8 million. >> go to vegas. stuart: no you won't. i don't believe a word. >> i will do the smart thing. invest, make more money. stuart: would you call yourself a professional? >> yeah. oh of course. stuart: this is what you do for a living? >> i do. stuart: definitely a very good living. >> 1.8 million. stuart: what astonishes our viewers, me in particular, how much money goes into this. >> yaw, industry has been exponentially growing like in the past few years. when i was in high school, even, it wasn't nearly this big. but nowadays, yeah. stuart: you regulate play for a team. you go around the country with these contests, you play in front of a live large audience. they can all see what you're doing? >> yeah. it is all captured live right in front of them so.
stuart: is it exciting? >> definitely, yeah. stuart: are they shouting and cheering, all that? >> yeah. you have shell cast, growing wild. stuart: this was a "fortnite" contest. that was the game that you all played. what do you think is the next big game in these places? >> that is tough to say because, there is always new games coming out but it is tough to say which one will be really good and which one everyone will like, so. stuart: okay, look. you sluffed off the question what you're going to do with 1.8 million, i will go to vegas. i honestly don't believe that. what are you going to do? >> i will probably buy like some kind of a house. susan: yeah. stuart: some kind of a house? >> hopefully it raises in value. i don't know, man. i'm still figuring it out. ashley: maybe a car? >> i bought a car before i even won the money. stuart: that is taken care of. you do realize that you won in
new york and taxation rates are huge? >> that's true. stuart: in new york. how do you feel about losing at least half of your $1.8 million? ashley: not good. >> i love america. stuart: yes? >> but sometimes it can be tough. stuart: well-said. you can come back. harrison, you're all right. congratulations. that is a huge amount of money. >> yeah. stuart: good stuff. see you again soon. we really narrowed the loss. we're down 40 points. netflix spending a half billion on just three movies. not helping the stock. it is down five bucks. look at disney. reaching a series of record highs. it's a fraction below the all-time high. it is at 146 as we speak. up there. more parents expecting their kids to help pay for college. what have we got on that, ash?
ashley: maybe hopeful thinking. this is paying for high every education. those parents, 38% say they expect children, kids to basically pay their way. just 28% of parents by the way are willing to cover the entire cost of college. that's down from 34 percent last year. there is a feeling, more about not looking after junior, paying his or her way all the way through college. and maybe, junior should pay his or her own way. susan: maybe if they switch guardianship we can have -- ashley: they can do that. stuart: i saw you pulling a face. susan: i paid my fair share. stuart: listen to this one, listen to this. california's education department is out with a handbook on ethnic studies. it calls capital itch, power and oppression, a form of power and oppression. it associates capitalism with
racism and white supremacy. how about that? that is from the california education department, how to conduct ethnic studies classes. capitalism is akin to racism. have we come that far? unbelievable. coming more on that i absolutely promise you. if you watch the show regularly, i speculated that socialist europe is finished. however coming up a big time investor says it is the perfect time to buy into europe. what is he thinking? we have the ceo of autonation on the show, cheryl miller, first female, hispanic ceo of the car retailer. she is on our show today. yes, there is more "varney" coming up. ♪ - did you know that americans that bought gold in 2005
quadrupled their money by 2012? and even now many experts predict the next gold rush is just beginning. so don't wait another day. physical coins are easy to buy and sell and one of the best ways to protect your life savings from the next financial meltdown. - [narrator] today, the u.s. money reserve announces the immediate release of u.s. government-issued solid gold coins for the incredible price on your screen. these gold american eagles are official gold coins of the united states and are being sold for the price on your screen. - pick up the phone and call america's gold authority, u.s. money reserve. with nearly two decades in business, over a billion dollars in transactions, and more than a half a million clients worldwide, u.s. money reserve is one of the most dependable gold distributors in america. - [narrator] today the u.s. money reserve is releasing official gold american eagle coins at cost
for the incredible price on your screen. these government-issued gold coins are official u.s. legal tender made from solid gold mined here in america and fully backed by the united states government for their gold weight, purity, and content. do not delay, call now to purchase your gold american eagles for the amazing price on your screen. gold is now on sale at prices unseen in years and this year could be one of the greatest gold-buying opportunities of all time! call now while vault inventory remains. as one of the largest u.s. gold coin distributors in the country, the u.s. money reserve has proudly served hundreds of thousands of clients worldwide. don't wait another minute, call now to purchase your american eagle coins at cost for the amazing price on your screen.
stuart: okay, everybody. do you know what this is? let me put it up on the screen. there it is. it is a sociopolitical system where heterosexual men are favored. you got you all of that? we are a financial program so why am i delving into this? well, cis-heteropatriaryhy is in a handbook about how to teach ethnic studies. this is important. i'm serious. it shows the penetration of the far, far left in politics into our public schools. california education department has issued this ethnic studies
model curriculum. talk about indoctrination. students will be talkught power and oppression alongside white supremacy, a political opinion that's being taught to our children. the handbook even gets into housing. it describes subprime mortgage loans as an attack on low income people, an attack. unbelievable. it's all wrapped up in incomprehensible language. it drones on about positionalities, hybridities. this handbook was written by left wing academics and left wing activists, designed to look into the minds of youngsters that america is a rotten place and must be changed. the handbook suggests teachers give their class a project like organizing a sit-in, a die-in, a march, boycott, strike. oh, how cute. it seems the left sees its route to power through division.
the universal labeling of president trump as a racist, oh, he mustn't win the black vote. the references to white supremacy by at least two presidential candidates, identity as the all-important factor in modern leftist politics. i ask you, do you really want your youngsters to be taught that capitalism is racist, that america is an awful place? no, you don't. nor me. the solution is at the ballot box. the third hour of "varney & company" is about to begin. stuart: all right. ladies and gentlemen, you are in for a real treat this hour. we've got senator mike braun, indiana republican, mercedes schlapp, the newly appointed trump 2020 senior campaign adviser, and sheryl miller, auto nation ceo. keep it on "varney." all three this hour. let's get at it. i want some reaction to my
editorial and who better to react than katie pavlich with me now. >> great to see you. you are going to ask me where you went wrong and i will say nowhere because of course you are always brilliant. we know that. stuart: that's really cool. what do you think? >> i mean, this is a massive problem. we have seen indoctrination in textbooks for decades now, we have seen indoctrination in academia. people are under the impression this type of leftist ideology is only taught at the university where you are voluntarily paying hundreds of thousands of dollars to consume it but this is actually starting in preschool, kindergarten, k through 12 education and you are also paying for it because usually it's through the public school system. the unions are protecting the teachers who are not really teaching things that are applicable to competing not just in america but around the world against china, math, reading, language, real sciences, not all
the garbage you just pointed out with the naming and diving into this academic privilege where they get to not deal with real problems but make up things to be concerned about. stuart: i think i was absolutely right, you are absolutely correct to agree with me. i just got steamed up about this because i can barely believe you actually put -- >> it's all a big lie. the idea that capitalism is racist and a system that is oppressive is not true. it has brought hundreds of millions of people around the world, if not billions, out of poverty as a result of the system, whereas marxist socialist policies that are promoted on college campuses and k through 12 public education in the textbooks already, that kind of system has led to hundreds of billions of people dying under the most horrific of human suffering throughout the decades. so this is something that makes it, you have to ask so it makes it more important for things like young america foundation or for parents who don't want their children to be indoctrinated to
get involved with the curriculum. stuart: i have another college cheating scam here. rich chicago suburbanites giving up guardianship of their children to less wealthy people so they qualify for financial aid. is this another black eye for higher education? or another black eye for the rich? >> both. but it's certainly another indictment of the higher education system and the cost of college. in our society, education is important but we have put so much emphasis on getting a degree no matter what it is, whether it will be actually a return on investment, that's how degrees should be looked at, are you going to make back the money you put in, instead people say you should go to college at all costs and it doesn't matter what your degree is in, or else you don't fit into society or won't be successful. that has led to a lot of this corruption we are trying to get students into schools they are not qualified for, and it's not a level playing field.
the more financial aid that we have seen given out by the federal government, the more corruption we have seen. there's not enough accountability for the large grotesque nature of the way these programs are run. stuart: i'm still glad to be an american. >> me, too. stuart: thank you very much. >> good to see you. stuart: see you soon. now, check that big board. talk about a narrowing of the loss. i guess about an hour ago we were down about 100 points. now we're down 18. let me bring in jason katz, managing director and private wealth adviser for ubs. this man handles the money of the extremely rich. that is true, isn't it? >> and famous. stuart: famous people as clients? >> not quite. sitting next to you. stuart: all right, all right. you're telling wealthy people to put their money into stocks in america. that's what you're doing right now. make your case. why? >> i'm actually telling investors who are long the
market to remain long the market. with respect to deploying new capital, i would definitely tread carefully. stuart: would you put it into american stocks? would that be your first port of call? american stocks? >> without a doubt. if you look at the earnings thus far, 50% odd of the companies that have reported have beat expectations. in fact, by a fairly wide margin. it's companies in the u.s. that are beating by that margin, not companies overseas. stuart: okay. so stay with what you've got, be cautious about any new money going in, but look favorably on u.s. stocks. now, i want to talk to you about interest rates. the fed, i think tomorrow, the federal reserve will lower interest rates by a quarter point. that's what i think. but my opinion is there's a lot more rate cuts to come, because america has to keep pace with europe, which is just printing money left, right and center, and driving yields into negative territory. we've got to keep up with them. what do you say? >> this could be arguably the
most telegraphed fed meeting in recent history, at least in my recent history. it's a foregone conclusion we will get a quarter of a point. it's the narrative thereafter that we have to really pay attention to. if it's a one and done, then the markets are going to be pretty antsy. if there's data dependency, i think we could continue this rally. stuart: however, what do you think about the fed having to keep up with the europeans? am i on to something or -- feel free to dismiss it completely, if that's the way you feel. >> i think you're on to something. there's $12 trillion some odd dollars of negative yielding debt around the world so to keep us on par from a dollar perspective, trade perspective, i think there's an argument to keep rates low for longer. that being said, outside of manufacturing numbers, most economic numbers have been improving. i think we might take a breather after this next meeting and see how trade materializes. stuart: we got it. jason katz, thank you very much
indeed, sir. the adviser to the rich and famous. you will be doing a tv show. stay with fox business. special coverage of the fed is tomorrow afternoon, 2:00 p.m. eastern. neil, maria, lou and myself will follow all the action along with charles payne, 2:00 tomorrow afternoon. pop star katy perry, i guess you could say she's in hot water. a jury ruled that one of her hit songs improperly copied a christian rap song. we will play both songs for you and you can decide for yourself. president trump spoke to reporters this morning. he says his comments about baltimore will actually help him in the election. you will hear what he's got to say. you can make your own judgment. mitch mcconnell giving a passionate speech on the senate floor. he's calling out the left and the mainstream media for referring to him as a russian asset. mcconnell? good lord. mcconnell calls it modern day mccarthyism. he was fired up about it and you are going to hear also what he had to say. that's after this. ♪
♪ all right brad, once again i have revolutionized the songwriting process. oh, here we go. i know i can't play an instrument, but this... this is my forte. obviously, for auto insurance, we've got the wheel route. obviously. retirement, we're going with a long-term play. makes sense. pet insurance, wait, let me guess... flea flicker. yes! how'd you know? studying my playbook? yeah, actually. 4 out of 5 people who have a stroke, their first symptom...
is a stroke. 80 percent of all strokes and heart disease? preventable. and 149 dollars is all it takes to get screened and help take control of your health. we're life line screening... and if you're over 50... call this number, to schedule an appointment... for five painless screenings that go beyond regular check-ups. we use ultrasound technology to literally look inside your arteries... for plaque which builds up as you age- and increases your risk for stroke and cardiovascular disease. and by getting them through this package, you're saving over 50%. so call today and consider these numbers: for just $149 you'll receive five screenings that could reveal what your body isn't telling you. i'm gonna tell you that was the best $150 i ever spent in my life. life line screening. the power of prevention. call now to learn more.
stuart: put this in the "i can't believe it" section. yesterday on the senate floor, mitch mcconnell gave what i'm going to call an impassioned speech defending his record on russia. that after the mainstream media called him, called mcconnell, a russian asset. here's some of the speech. roll tape. >> over the last several days, i was called unpatriotic, un-american, and essentially treasonous by a couple of left wing pundits on the basis of bold-faced lies. i was accused of aiding and abetting the very man i singled out as an adversary and opposed for nearly 20 years, vladimir
putin. this modern day mccarthyism was pushed by big-time outlets. the smear that i am quote, a russian asset, ran in the opinion pages of "the washington post." the accusation that i'm quote, un-american was broadcast on msnbc. stuart: gee, i'm glad he spoke out. on the right-hand side of the screen is senator mike braun, republican from indiana. just go right at it, mr. senator. what's your reaction to mcconnell as a russian asset? >> i tell you what, when i saw what mitch had to do to make his case, it was reminiscent of when i was running to become senator. stu, what it's an example of is when your message is so bad in terms of medicare for all, green new deal, anything, you'll say anything to distract from it. i think it's sad. i know when i ran, the vitriol, the outright lies and
distortions, i'm glad mitch stood up. republicans have always been wary of russia, soviet union. to me for the democrats to stoop that low, it's an example of they're embarrassed about what their crew is running on and we'll see some of that over the next couple days. stuart: i can't imagine what it's like for you as a business guy operating in a climate ruled by "the washington post." but that's another story entirely. i will move on to something real serious here. the budget deal. you're in session until, what is it, thursday. mick mulvaney says president trump would sign a budget deal if it comes across his desk. so in the next couple of days, can you get this done? >> i think it's going to get done. sadly, it's going to be done in a way that i think is kicking the can down the road. but leader mcconnell, president trump, you got to remember, they are in the dynamic of divided government, and as much as i don't like it, i will vote against it because when i ran for senate, we've got to change our ways here.
even for democrats who love the federal government, you should think they would want to help the institution. trillion dollar deficits on $22 trillion in debt. i am a finance guy, main street entrepreneur. you only need an eighth grade education to know that it's not going to work. so i'm disappointed. i understand where the leader's coming from. he wants to eliminate the chaos and the uncertainty, and i challenge both him and president trump, when we win in 2020, i'm going to remind everyone that we need to start down the pathway of changing what ails this place. stuart: that's interesting. i'm going to move on to a related issue. should the federal reserve be lowering interest rates now when the economy is very strong, employment is at historic lows, and the stock market's at record highs? is this the time to lower rates? what do you say? >> you know, i think that we have been blessed, especially
with the jobs act and tax cuts of late december '17 to where everything is working well. i have never seen it, three of my four kids run my business, everything is in place. democrats always make the case that you can do all these other things like medicare for all, green new deal, that would double, maybe triple the size of the government that already doesn't pay for itself. really, you shouldn't need the fed to help out but i see so many bad things being done through government, i would rather hedge my bets and see that the fed is doing what it's doing. in the long run, it's like anything, you've got to start living within your means. you can't count on a loose fed policy but mostly we need to fix things here in d.c. stuart: i will say it again. we need more business people in politics. that's a fact. senator braun, always a pleasure. thanks for joining us. we appreciate it. >> thank you. stuart: yes, sir. after a congressional beat-down,
earlier this month, facebook now says that digital currency proposal, the libra, can actually help law enforcement. okay. tell me how that works. deirdre: well, you know who is buying. so with bitcoin, for example, there's a transaction record but not our names. so facebook's libra would have both of our names because to get this, you actually have to have a local bank account, you have to have put in local currency, and libra as it's proposed would be backed by hard assets so short-term government securities. so it's less ethereal, less than bitcoin in any case. bitcoin, one of the reasons criminals love it is because you just can't trace. stuart: the libra would eliminate that problem. deirdre: exactly. you have a name attached to an account attached to a transaction, different than bitcoin. stuart: i call that a plus. thank you. say it ain't so. according to new data, sales of minivans falling.
suburbanittes maybe trying to shake the soccer mom image, buying suvs instead. coming up, the ceo of auto nation. i want to know, does she have a lot of minivans sitting on her lots? check this out. he plans to build a hotel suspended off the side of a cliff 2,000 feet above a fjord in norway. we will tell you all about it after this. ♪ my insurance rates are probably gonna double. but dad, you've got allstate. with accident forgiveness they guarantee your rates won't go up just because of an accident. smart kid. indeed.
stuart: not keen on heights? avert your eyes, please. we have a new rendering of a cliffside hotel in southern norway. it sits 2,000 feet above a tourist-heavy fjord. it's got four floors, an infinity pool hanging off the side. the design firm says it's just a concept for now. no set construction date. ashley: good luck. stuart: a little interactive part of the show for you. pop star katy perry, a jury found that she did indeed copy a christian rap song called "joyful noise" for her song
called "dark horse." first, let me play some of katy perry's song. listen to this. ♪ stuart: okay. i think i got a little bit of that. ashley: got enough. stuart: now listen to the other song called "joyful noise." ♪ stuart: i don't get that. i don't think they sounded that similar, frankly. deirdre: it was a surprise decision, honestly. nobody really expected it to go this way. now all that's left is to decide how much katy perry and any other defendants will have to pay in damages because they will have to pay something. copyright infringement.
ashley: the writers of the song katy perry had said we never heard this song before. they claim they never heard it before. their argument is if you are going to start saying this, they call them the basic building blocks of creating a song, the abcs. deirdre: they call it the alphabet. ashley: i've got to be honest, on the blurred lines one, i could hear that. i couldn't hear this. deirdre: that's why it was a surprise. they say katy perry was pretty chipper while she was there. at one point they couldn't get the recording to work in the court. she said i will perform it live. she was in a pretty good mood thinking it was going to go her way but it didn't. stuart: nine-member jury, federal jury. deirdre: seven days. seven days of deliberations. stuart: tough stuff. deirdre, ashley, thank you. check the market, please. we have come back to a narrow loss, 34 points down for the dow. nasdaq, down about a third of 1%. here's what's coming up. market watcher ryan payne, strange kind of graphic there, he sent us a note this morning. forget all about the bad news
from europe, negative interest rates, brexit chaos, et cetera. forget all of that. he thinks european companies are a great place to put your money. he says he loves europe so much that it hurts. he's totally wrong but we will let him make his case after this. ♪ liberty mutual customizes your car insurance, so you only pay for what you need. i wish i could shake your hand. granted. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪
stuart: we opened with a loss of over 100 points. now we have a loss of 35 points. i got to say it again, we have narrowed the loss. now look, any avid viewer of this program knows that i'm no big fan of europe, far from it. negative interest rates, open borders, you name it. they've got a problem. but for some reason, our next guest just loves europe so much that it hurts. that's his words. the man himself, ryan payne, he's the one who said this. aren't you? >> i did. i did. stuart: wait, wait, wait, wait, wait. you manage people's money. >> yes. hard to believe. yes. stuart: yes, it is. you want to put some of your clients' money into europe? >> let's go over why i love it
so much that it hurts. first off, $70 billion plus have come out of european funds this year. it's a very unloved place to be. stuart: it's all come here. >> come here, but also, you have $14 trillion worth of negative securities and bonds globally. people are putting their money there, right? all the while, you can take the biggest blue chip european companies, talking like hsbc, bp, glaxosmithklineglaxosmithkl of blue companies, they're large with a global client base, not just the u.s. but they sell globally. that's where the u.s. is a little bit of disadvantage because we sell mainly to the u.s. right now, you are getting, if you just bought index stocks, you are getting 5.5% in dividends. stuart: that's paid in euros, isn't it? >> it is, but that's -- that's in the u.s. dollar equivalent. that's what you would receive in u.s. dollars right now. depending what happens with the u.s. dollar from here, i don't
have a crystal ball, but all things being equal today, 5.5%. stuart: i do find that interesting. you are telling me -- >> okay. stuart: you are telling me i could invest in an index fund and the index would be a major blue chip european company -- >> exactly. stuart: -- and that fund will pay me 5.5% dividends. >> it gets better. stuart: go ahead. >> the valuations like half these big blue chip tech companies are putting their money into the u.s., so you are getting a multiple that's half the price. tl there's a big margin of safety just to buy these companies. stuart: that's not bad. i was having a go at you with the funny graphic but it makes some sense. stock of the day, the week, the month -- >> there it is. stuart: we spent a lot of money making that thing so we're going to keep it right there. >> who knew i looked so handsome in a mustache. stuart: stock of the day, beyond
meat. the company -- the stock is taking a hit right now because they've got this secondary offering. a quarter million shares they are going to issue at some point in the future. the stock is down 4.8%. what do you think of beyond meat? >> i think it's, right now it has a value larger than campbell's soup which has 33 times more revenue than beyond meat. it's insane. i would say right now, baiuyer beware when you see insiders trying to dump their shares in the open market, it's not because it's a good deal. stuart: there's this thing called fomo, fear of missing out. i have that fear because i don't want to miss out of this brave new industry which in the future i think will probably be a big deal. >> i think you might be right but remember, most ipos actually underperform for the next five years the overall market because they come out of these crazy multiples, even amazon when it first came out went down 90% at one point. you will get a better chance to buy. hold off on the fomo, you will
have better opportunities in the future. stuart: hold on a second. i want to deal with apple because they report after the closing bell today. deirdre bolton is with us. i don't know why the camera is on ryan. he's had his moment of glory. deirdre: he has the better graphic. he has the beret. >> we will get you a mustache, too. stuart: what do we expect? deirdre: there is really three questions. this company is in transition so how severe is the iphone sales drop. that's a huge question. are the services continuing to grow. are we all buying apps and everything else, music. then what are the extras, back-to-school, are kids buying ipads, how are apple watches selling. those are the three questions. we have to underline the company is in transition. there's only so much we are willing to pay for any one of these and across the world, especially in china, for example, it seems like the middle class in china is not willing to pay $1,000 a phone, especially when they can get cheaper phones that are almost
as good or just serve their needs over there. we are looking at 53.39 billion. stuart: ryan payne still with me. would you buy apple now before the earnings at $208 a share? >> deirdre just bummed me out but we have to look, they have a 1.2 billion people using their smart phone and that ecosystem is a tremendous opportunity to sell other services. that's the future. in fact, services should go up by like 20% this quarter year over year. that's what you have to look for. what other things will they sell in their ecosystem, not about the iphone. stuart: $208, you like it? >> i like it. stuart: got it. got to move on. stay with fox business. full coverage of apple's earnings. the camera is still on this guy. get it off. come on. i'm the guy here. 4:00 p.m. eastern this afternoon. check out the apple earnings. now, put me back on. >> there you go.
stuart: they just passed legislation requiring employers to give workers two weeks' notice if their schedule changes. cities like new york, seattle, san francisco, they already have laws like this. some industries thankfully are pushing back. they say it's a job killer. there's jeff flock. jeff, please don't argue with me. this idea of giving two weeks' notice of a schedule change is a disaster for businesses, isn't it? reporter: stuart, did you see the memo? we have to change your schedule tomorrow. you actually need to anchor "fbn am" tomorrow. you're okay with that, right? stuart: i am indeed. reporter: not a problem? stuart: happens all the time. reporter: this actually doesn't apply to high dollar employees like yourself. it's actually for lower paid employees and you're right, look at the map. multiple towns and even the state of oregon have passed these laws. what do they provide for?
here's what i'll tell you. the chicago law which takes effect in july of next year, you got to get two weeks' notice on your schedule. if we change your schedule, you get an hour of what they call predictability pay, little bit of a penalty. if we cancel or cut your schedule, you get paid for half of what you should have been paid if you had worked the normal schedule. workers say this just brings a lot more sanity to their lives. here's the problem with it. here's where we get on sort of the same page. obviously it cuts down on flexibility for workers and here at this hospital, this is south shore hospital on the south side of chicago, serves a tough area, the ceo of this hospital which relies on workers whose schedules change because they have different numbers of patients, nurses, whatever, if this drives up our salary 5% says the ceo that would be another million dollars. without funding from the state, we will be closing. we don't have the money to survive. so both sides of the story.
i report, you decide. stuart: my decision is very clear. it is a disaster for employers. case closed. are you with me on this, jeff? reporter: see you on "fbn am" tomorrow. look forward to waking up at 4:00 a.m. to watch you. stuart: i'll text you. you're all right. thanks for joining us. see you again soon. check that big board. not much change in the last few minutes. we are down 39, 40 points. that's it. next case. file this one under didn't see it coming. a purported mastermind behind 9/11, he wants to help victims with their case against saudi arabia. all right, ashley. tell me the story without me throwing up. ashley: all right. well, hopefully you won't do that. khalid shaikh mohammed, whose picture is on the screen there, he's saying look, he was trying desperately to save his life. it had been almost 18 years since 9/11. his case, his trial is still in flux. he's got a death sentence, it's
a federal capital offense hanging over him. he says okay, look, you take away the death penalty and i will help you with your lawsuit against saudi arabia. the victims lawsuit against saudi arabia claiming that they were complicit in this attack, the 9/11 attacks which saudi arabia denies. he is also behind the killing of danny pearl of "wall street journal." he's suspected of that. he's saying look, if you save my life i will give you the information, once and for all tell you the true story of 9/11. stuart: i hear you. i will leave it at that. noted. president trump tells reporters the people of baltimore are thanking him for talking about the city's problems. he says his comments will help him get re-elected. trump 2020 senior adviser mercedes schlapp on that, next. senator warren out with a trade plan. remarkable stuff. she only wants america to trade with nations that follow a
strict set of environmental and labor standards. we will break it all down for you after this. ♪ let me ask you something. can the past help you write the future? can you feel calm in the eye of a storm? can you do more with less? can you raise the bar while reducing your footprint? for our 100 years we've been answering the questions of today to meet the energy needs of tomorrow. southern company
stuart: senator elizabeth warren has rolled out another plan. this one's on trade. tell me all about it. deirdre: if you need a headline, it is to improve the lives of workers in her world and pressuring big corporations. eliminate all domestic fossil fuel subsidies, be party to the paris climate agreement, recognize, enforce international labor organizations' core labor rights, so that's against child labor, one key component of that, and enforce religious freedom. that means any country that is not following these standards, we would not have free trade with. stuart: so we can't trade with a
country if they're not part of the paris climate accord? what is the chance we are going to get back into that. we can't trade with nations which allow fossil fuel subsidies. can't trade with them. that's it. can't do that. can't trade with countries that do not enforce very strict child labor laws. what about china and india? deirdre: and religious freedom. that pretty much eliminates most countries. stuart: a lot of them. i guess she's not much into free trade. deirdre: does not seem so. stuart: all right. all right. now then, we have president trump, he says, look, he's tripling down on his criticisms of congressman elijah cummings. here's what he had to say to the press earlier today. roll tape, please. >> i think i'm helping myself and i'll tell you what. the white house and myself have letters and e-mails and phone calls, have received more phone calls than i think on any other subject of people from baltimore
and other cities corruptly run by democrats, thanking me for getting involved. and they really appreciate what i'm doing. unemployment for african americans is the lowest it's been, the best numbers, meaning, in the history of our country, the lowest in the history of our country. people have called from baltimore thanking me so much because all that money that's been spent over 20 years has been stolen and wasted by people like elijah cummings. stuart: strong stuff indeed. come in, mercedes schlapp, trump 2020 senior campaign adviser. the president says i think i'm helping myself. now, you are part of his campaign so i'm sure you agree with him. but do you really think that attacking predominantly people of color and inner cities is a winning strategy? >> look, i think that the president obviously, whenever he's under attack, he's going to fight back and he's done this when he's talked about senator
schumer or speaker pelosi. so i think what is important here is to highlight the fact that he is stating the obvious, that when you look at cities like baltimore, where you have seen the doubling of poverty rate, you have seen the highest crime rate, that these are issues in these urban cities that have not been addressed in a long time. where you have failed democrat leadership, these local politicians who have been there decade after decade, not solving the problems. but in essence, just dealing with the status quo. so i really think that president trump is highlighting the fact that we need to fix these problems in these local communities. stuart: he's made an issue out of the performance of democrat politicians in our inner cities. it is now an issue which will surely go forward to the 2020 campaign. but i've got your reaction to this headline from the a.p. entitled suburban women recoil as trump dives into racial
politics. again, do you believe his recent statements about baltimore will lose him the suburbs? >> i think what's critical here is the fact that if it's a certain gender or certain race that you are not allowed to criticize, that politician, so as a woman, say i was a congresswoman, that i can't be criticized because of my policies, that's insane. i mean, the reality is the ones who are igniting the racial conversation are the democrats. they quickly go to the president's a racist. even the squad basically implied that nancy pelosi was a racist. it's a loosely using that terminology that i think puts us in a very difficult position. the president should be allowed to criticize elijah cummings if elijah cummings is focused solely on the oversight committee, on impeachment, and not focused on his district which is ensuring we can uplift the people of baltimore.
stuart: i bet you will be watching the debate and looking for sound bites that you can use in 2020. am i right? >> absolutely. i think at the end this is going to be a debate of whether it's the socialist party versus the socialist party. i think that they are so focused on the far left policies that don't connect with mainstream america, and they won't even be talking about the economy, why, because president trump is winning on the economy and the fact is when you look at these minority communities, they are benefiting because of trump's economy. what are the democrats proposing? more government spending, medicare for all that we know would have huge negative impact on senior citizens and those millions, 180 million people who are on private insurance, and of course, free health care for illegal aliens. where we need to be helping those children and those families in our inner cities. stuart: the news is i'm staying up late to watch tonight.
how about that. mercedes schlapp, thank you very much for joining us. always a pleasure. thank you. >> thank you. stuart: cheryl miller just took over at ceo of autonation. she will do her first interview as ceo with us. i want to know, are fewer people buying cars these days, because of the rise of uber and lyft? we will ask that question. she's next. ♪ so ...how are you feeling? on a scale of one to five? one to five? it's more like five million. there's everything from happy to extremely happy. there's also angry. i'm really angry clive! actually, really angry. thank you. but what if your business could understand what your customers are feeling... and then do something about it. turn problems into opportunities. thanks drone. customers into fanatics change the whole experience. alright who wants to go again? i do! i do! i have a really good feeling about this.
stuart: autonation is a huge car dealership chain. they just appointed their first female ceo, cheryl miller. cheryl miller is with us now. cheryl, congratulations and welcome to "varney & company." great to see you. >> thanks, stuart. great to see you as well. stuart: you are the first female and hispanic ceo of a publicly traded car company. is there any difference in your approach to making a profit because you're a woman? >> we want to serve customers and that's always been the approach for the business. so i'm thrilled for the opportunity, after a 20-year career in automotive to join the likes of mary barra, ceo of general motors as well as pam
nicholson, ceo of enterprise. we want to continue to focus on the customer all throughout our business, so we will continue to focus on our core business as well as focus on our brand extension strategy with the talented team of both men and women. stuart: you know, my favorite vehicle over the last generation has been the minivan. i had seven or eight of them because i've got a large family, but i'm seeing a real decline in minivan sales. do you have a lot of minivans on your lot? strange question, i know, but have you got a lot of them on the lot? >> i'm actually surprised to hear you have seven or eight. when i think about the minivan business, it's been about 3% for the last five years. the chrysler pacifica leads the minivan segment but what you have been seeing over the last couple years is really the emergence of some great small suvs and crossovers. what people are really looking for, what our customers are looking for, is three rows and storage. there's a lot of great options today and you are seeing that puts some pressure on the
minivan, quite honestly. stuart: am i right in saying that fewer young people buy cars? either new or used? because of uber and lyft? is that an accurate statement? >> what's interesting about uber and lyft and just raid haide ha and ride sharing in general, people think it's replacing cars but that's not actually the case. what we are seeing is people are using those for select occasions. think about the situation where you are using ride hailing or ride sharing to go to the airport, or you are thinking about using it to go out to dinner but it's not really replacing vehicles at this stage. in fact, if you look at san francisco, uber and lyft have actually increased congestion of traffic in those cities. if you think about electric vehicles, that's really about 1% of our sales. it's been a very consistent 1% for the last tifive years or so. it's actually less than 1%. stuart: am i right in saying if i walk into autonation and i want a car, you will give me --
you won't give it to me, you will present me -- >> i won't give it to you. stuart: i know you won't. i don't want it. you will present me with a car, there's no haggling on the price, and i get at least a one-year warranty on that vehicle? that's autonation's style, isn't it? >> the way i think about autonation's proposition is on the used vehicle side of the business, we are one price, no haggle. on the new vehicle side of the business, we represent over 30 brands on that part of the business, and we are not one price in new, but we have fantastic pricing and we have fantastic products to offer a broad customer selection in the new vehicle part of our business. i'm certain there is something there for you. stuart: actually, i know it, because i have bought at autonation in the past. cheryl, first of all, congratulations on your promotion to this position. and thank you very much for coming on "varney & company" first time around. we appreciate it. cheryl miller. >> thank you.
stuart: okay. not quite sure what to say. ashley: yeah, delay. deirdre: i'm impressed you had seven minivans. stuart: i bought the original minivans from chrysler, town & country. i bought those from the early 1980s, way -- ashley: old-fashioned windup windows. stuart: dollar for dollar, the best vehicles i ever bought. they were. they really were. more "varney" after this. ♪ 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.
only about 80% of your medical costs. this part is up to you... yeah, everyone's a little surprised to learn that one. a medicare supplement plan helps pay for some of what medicare doesn't. . . or visit aarpmedsuppfacts.com for your free decision guide about the only medicare supplement plans endorsed by aarp. selected for meeting their high standards of quality and service. this type of plan lets you say "yes" to any doctor or hospital that accepts medicare patients. there are no networks or referrals to worry about. do you accept medicare patients? i sure do! see? you're able to stick with him. like to travel? this kind of plan goes with you anywhere you travel in the country. so go ahead, spend winter somewhere warm.
if you're turning 65 soon or over 65 and planning to retire, find out more about the plans that live up to their name. thumbs up to that! remember, the time to prepare is before you go on medicare! don't wait. get started today. to learn more about the range of aarp medicare supplement plans and their rates, call or go online today to request your free decision guide. oh, and happy birthday... or retirement... in advance. jo a guy seconds left. favorite story of the morning. >> has to be the gamer, $1.8 million. he didn't finish first. >> i take that for second prize. >> he looked a little pale. he down go out much. >> i want to see how bad iphone sales are, how good
services. stuart: the outrage just happened book in california for teachers how to teach ethnic studies. bottom line capitalism is racism. >> oh, my gosh. stuart: very sorry to end it on a down, sour note, but neil, it's yours. neil: my favorite moment telling the kid you have to give up half the money in taxes. he looked so crestfallen. thank you very much, stuart. thanks, stuart. hopes for a china deal as the president says china is trying to run out the clock. the country would prefer almost anyone to negotiate a deal than him. we'll get to the bottom of that. there is new information about all the info being hacked. about 1/3 of americans hit by this capital one breach. you could be in that breach. what do you do to protect yourself? democrats agreeing on a plan to tax wall street. the only variation is in the details