tv Varney Company FOX Business October 9, 2020 9:00am-12:00pm EDT
diagnostic, 13 and a quarter% soaring after the companies that expected third-quarter revenue to more than doubled last year's. stock is a mover this morning for sure. mark is going to open higher, dagen and rich great to be with you. have a great weekend. have a great weekend thou industrial 150 points, that will do it for us, i'll see you tonight on wall street, stuart varney take it away. stuart: good morning maria and good morning, everyone. on this program we like to offer clarity, we want to tell you exactly what is going on. today when it comes to the stimulus, cannot do it, confusion. speaker pelosi says she will not accept a limited targeted plan, she wants the whole enchilada. overnight cnn reported that the president is open to a broader deal but the source for that was pelosi's deputy chief of staff. they are however, still talking, mnuchin, pelosi, the president, clearly involved in a high state
heavily political negotiation we said we cannot tell what is going to happen. the market seems to believe there will be some kind of stimulus, the dow up this morning up 150 and nasdaq of 171. plenty of green on expectation of a stimulus deal. as for the white house, doctor sean conley says the president has responded extremely well to treatment. and expects him to return to public engagement, mr. trump is going to do just that, he's going to florida for a rally tomorrow. speaker pelosi questioning the president's fitness for office, she intends to bring up the 25th amendment to the constitution which is about the presidencapacity to function. on the one hand they negotiating training in dollar stimulus plan and on the other the speaker questions mr. trump's ability to run the country. to the debates, more confusion. mr. trump will not participate if it's virtual, joe biden says
he will be there anyway. but he has scheduled a town hall with abc on debate day, october 15 and a raging debate about a tweet sent by the debate moderator to an outspoken trump critic. on tap new lockdown and parts of new york city, new lockdowns in french cities biden will not talk about packing the court, rush limbaugh holds a virtual three hour lower underbelly with the president today and larry kudlow joins us in our 11:00 o'clock hour. 25 days to the election, the jampacked friday edition of "varney & company" is about to begin.
stuart: is not real. lauren: that is real music. stuart: it is friday, busy news day we have a lot to cover and let's get on with it. president trump press secretary just saying he will be tested today to see if he's free of the virus, visit the white house physician give him the okay to return to public engagement, here is the president speaking to sean hannity. >> have you had a test since your diagnosis a week ago. >> what were doing, the test will probably be tomorrow, the actual test no reason to test all the time but they found very little infection or virus if a any, i don't know that they found dating, i didn't go into it greatly with the doctor. i think i will do rally on saturday night if we have enough time to put it together but we want to do a a raleigh on florida saturday night and might come back into one in pennsylvania and the following
night and it's incredible what is going on, i feel so good. stuart: let's wrap this up, the president's health and the status of his proposed rallies in the state of play on stimulus talks, we are following a fluid situation but look who is here right now, fox news medical contributor doctor marc siegel. let me get this right, you're gonna conduct a medical evaluation of president trump today during his first on camera interview since contracting the virus. let me get this right, is this a virtual evaluation, not a face-to-face evaluation with the president? >> it is virtual but keep in mind i've been doing television for months, i'm getting quite good at them, this will not be an official but kind of like a doctor-patient evaluation where i asked questions and he gives answers, i will approach the president of the united states as a patient. stuart: will you be able to say flat out, this president is okay
to get out of the white house and go conductor rally, will you be able to say that on the basis of a virtual evaluation. >> i don't know what i'll be able to say but i'll be able to have an opinion on how he's doing, what he went through, a lot of things will be revealed that have not been revealed before. the idea that he's getting tested again is a really good idea on the centers for disease control have a guideline that says ten days after the onset of symptoms, you are not considered to be contagious. all of those are factors in play including his test. i guarantee you, you know me all the clinical impression and it's going to be conducted as a doctor-patient exchange. not that he's my patient but me as a doctor. stuart: is going to be the first virtual evaluation survey of a president ever, isn't it? >> absolutely, i know how to ask those questions, i guarantee you, i'm going to figure out how is doing it. doctor siegel thank you for being here, you can all catch
doctor siegel's exclusive interview on tucker carlson tonight, that is at 8:00 p.m. eastern time, congratulation to doctor siegel. the markets are waiting for stimulus update, what do we know right now. lauren: talks are ongoing which might be good enough for the stock market if you look at the free market, how speaker pelosi speak it again with treasury secretary steven mnuchin and this is after earlier in the day that she would not pass in airline bill and it is now open to a bigger stimulus bill which might include jobless benefits, direct tracks to americans and state government relief and despite all that confusion with the backtracking they keep some that the white house and the aids is weak report suggest president trump has instructed mnuchin and also spoke with house minority leader kevin mccarthy to find a way to a larger package, it's doubtful we'll get something before the
november election, betting that there will be an agreement when it comes to targeted sectors specific stimulus bills and that's why stock markets on track for the best week since late august, struck by the way tied to improvement when it comes to the u.s. economy are outperforming this week, airlines, travel stock and bank which is encouraging. stuart: the market only cares about getting some stimulus, then a fist before the election were after, they just want the money, some money. well said susan. jonathan hoenig with us is friday morning. is the market just watching and reacting to the stimulus talk, that is it these are trillions and trillions of dollars, the market responds when the government comes in and prints up trillions of dollars on industries like airlines for example, what worries me as an investor, this tends to be a short-term drug hit, for feels good here, the market is rallying but has a negative
long-term impact and sometimes even a negative short-term impact, go back and look at history 2008 and passed at the time which was a big stimulus program, $800 billion, the market fell, they're down 40% over the next six months to a year. throughout history there's a lot of examples, the 1930s they doubled spending unemployment remain high for decades, and japan has been stimulating for decades in its economy and it has not been much to bolster their ranks or their economy. short-term it is a positive but negative the stimulus actually slows economic growth and that's my fear longer-term. stuart: jonathan i think you spelled it out very clearly. we appreciate the clarity, we are searching for clarity, i think you gave us some. thank you. goldman sachs, getting some stock market predictions based on different election outcomes. lauren: the best outcome for the fox market is a divided congress
any republican told the senate, the democrats will the house, the recip s&p 50010%, biden if s he will be able to rollback the tax cuts as easily with a divided congress, if there is a democratic sweep, goldman predicts that would mean a 1% gain for the broader market which will likely mean tax hikes but also more spending from the government, a lot of the spending packages become the worst outcome according to goldman sachs is a contested election which goldman predicts will drag on the stock market by 8%, the take away that gridlock is good for investors because your checks and balances in place and historically according to cfr research, split needs a rally for the broader stock market, 75% of the time after the election. stuart: i am with them on a divided congress. i see how that works on wall street and the economy favor. but what i cannot see is a clean sweep by the democrats, tax hike
galore in the white house, the senate in the house. i cannot believe that would result in the upside move for the market. lauren: this is the 28% income tax, that's a check in alex's split congress is a better case scenario for investors. stuart: all go without, look at futures. they are looking at the stimulus and the likelihood there have, were up 160 for the dow, 72 for the nasdaq, 21 for the s&p, plenty of green again this friday morning. stay with us, white house top economist larry kudlow joined us. and yes it is friday which means friday feedback, you been sending your comments all week long, friday feedback in our 11:00 o'clock hour this morning. then this, joe biden says he will not announce his position on court packing until after the election, another when nancy pelosi said this when trying to
pass obamacare, cannot resist, roll it. >> we have to pass the bill so you can find out what isn't it away from the fault of the controversies. stuart: you gotta elect joe biden to find out what is going to do to the supreme court. it sounds familiar. we will find you joe biden sound bite and you can decide for yourself. we will be back. ♪ diane retired and opened that pottery studio. how did you come up with all these backstories? i got help from a pro. my financial professional explained to me all the ways nationwide can help protect financial futures in peytonville. nationwide can help the greens get lifetime income because their son kyle is moving back home and could help set up a financial plan for mrs. garcia. and he explained how nationwide can help mr. paisley retire early and spend more time with his pal, peyton.
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a bit more in the last few minutes, were up 160, that is for the dow and somebody up for the nasdaq. top ceos are pouring money into both biden and president trump campaign, however, more donors doesn't necessarily mean more money. lauren: good point, biden has the support of 30 s&p 500 ceos but raising far less money from these actual 30 ceos, just over half a million dollars so far, take a look at president trump, fewer ceos donating to his campaign but raising far more, the 15 s&p five ceos donating to a half billion dollars, that is a must for times of biden has raised and that includes las vegas sheldon, oracle ceo and gm ceo and also is even roth. these are not surprises since they have been vocal in public with their support for the
president, pro-business agenda, for biden disney's executive chair bob, ken frazier and ed. overall spending for this year's election approaching $11 billion and that will be higher than the 7 billion that was spent four years ago 2016. stuart: i wonder if bob iger is having second thoughts after giving money to the democrats after the democrat has messed up by not allowing them to reopen their theme parks before once corporate taxes go up to 20%. we'll see how investors react. stuart: white ceo of the company says tax me, tax me i'll give you money to do it. however, i digress, joe biden says to wait until after the election to give an answer unpacking the supreme court. rotate. >> i will say my court packing after the election is over, the great question and i don't blame you for asking but you know the moment i answer the question the headline and every one of your
papers will be about that. stuart: okay, here's the response, jonathan carl, abc news says this does not make any sense, jonathan swann, not sure i've ever seen a politician explicitly say i'm not telling you what i think about no porn issue until after you vote for me. well said jonathan. lawrence jones is with us. i think bought a joe biden's non-answer is an answer, yes he is going to pack the court, how do you see it. >> i think this goes to show you that this is the guy that does not know where he falls on issues, often he tries to please the progressive base and his moderate base. but to be frank, this is the monster the media making, this has been largely focused on personality instead of substance, they really push him on where he's going to spend on
issues and when he does not answer the question, they let him go. he also followed up the same question by saying if i were to tell you the answer to this, then that is going to be a headline the next day and that's all you're going to focus on. that's how it works, this is a guy that told the media that they did not press him on the issues, i think it's pretty pathetic. stuart: i would not go to as far as a pathetic but it's a difficult situation really, isn't it. lawrence i'm going to digress for a second period we had killer mike on our program yesterday, i'm sure you are familiar with the guy, very articulate, great fellow, on the show. i want to get your reaction from this soundbite from killer mike. >> what we need to start demanding more from is a municipality are banking with our institutions, investing in us as young businesspeople and giving us an opportunity that america has promise. what we need to do at this moment, what we need to do
besides voting is take care of our dollars and we can do that by banking with green. stuart: it is his bank, his way of putting capital into the hands of minorities as opposed to handing out money, i love it, poor capital in there, what is wrong with that. >> there is nothing wrong with it, i guy not only talking about it but limited. i've been a fan of killer mike for a long time. he talks about the business aspect of saving the black community for a long time. he goes back into atlanta, he bought back his old block with a combination of ti and other business owners. this is a guy that lives what he preaches and is often attacked by people that are progressives because they do not like his message of meeting with both conservative and liberal because he is one agenda, that is to make life better for black america in the way he feels to do that is economic wealth and economic freedom.
this is the guy that is doing every single day, not only with his bank by buying back his own block and make sure he's invested in the community where he could buy low-income housing, not from the government but the private sector. i love killer mike, he's going to go down in the history as one of the guys that was a trendsetter. i wish more people would get behind him. stuart: put the capital in there as opposed to handing out money. great to have you back again, we will see you again real soon. stuart: check facebook, the stock is up to 65, they are banning even more conservative voices from their site. who is getting hook this time? lauren: it is a network that is blame to conservative youth group, facebook removed 200 accounts, 55 pages and 76 instagram accounts, had accused him of posing fake users to flood articles with pro-trump
comments, the accounts were run by a marketing firm called valley forge, they were working in part with turning point usa, we know their founder charlie kirk, frequent guest on the program. valley forge spent about $1 million advertising on those accounts and connected to the accounts, facebook says their action will stop the spread of information, misinformation before the election but this misinformation facebook says is being curated domestically as well as internationally to interfere in our political process and let me give you a turning point reaction in response to this quickly, they say facebook retaliated against and affiliated entities, as you can see no impact whatsoever on the stock this morning as more conservative voices are booted from the site. stuart: there is never a stock market reaction, facebook keeps on going, 264 major prices morning. thank you very much, check the futures we will still be up 150
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stuart: a couple of minutes from the opening bell come up 150 on the dow, market watcher david bonton. you are the dividend guy, that is what you do, you look at stocks that pay high save dividends, give me two high-paying dividend stocks with the dividend safe. >> on the guy that wants high dividends that are growing not just high dividends, they have to be growing, ibm, ibm you told the big news putting out the company, you have incredible balance sheets, low debt, great free cash flow to cover the high dividend for years and years to come, apollo, private equity company, we talked about blackstone, an incredible story there, apollo is another company, it's on their balance sheet, they go out and raise funds for investors in all the
manager fees and profits, they're out investing in private equity and real estate and paying a big dividend from the free cash flow, very sustainable and very high dividend that is growing. stuart: let's go back to ibm, what dividend did they pay right now. >> the yield right now for investors is about 5%, it was a little higher yesterday but the stock price went up, brings the yield a little lower, they have been paying the high dividend for years and growing that year-over-year, new investor today is going to get over 5%. stuart: apollo global management, how much do they pay and how much do you expect them to pay in the future. stuart: the yield right now is 4.9%, again the stock is up almost 100% from where was back in march, you have seen a big recovery in the price obviously but again we are more focused on
not the percentage but that is going to change based on the stock price, it is a cash dividend that is going to continue to grow so we believe the cash are going to get from the dividend divided by what you pay for the stock will go up 6 o come. stuart: must be absolutely precise, if i go out by ibm today at the current price, my yield is about 5% on the dividend, if i go out and abide apollo global management today at this price, my yield is 4.9%, both of them dead safe and probably rising. leave it at that? >> i think it's a great way to leave it, i would add, with ibm you're getting the cash flow from their old-line businesses to support the bit dividend and now you get there new business is growing into the cloud in new technology, hopefully there is also a growth kicker with the stock but you have a really great cash flow with the dividend as well. stuart: excellent.
thank you very much for jumping in the last minute, we appreciate it, all good stuff, the opening bell is about to ring, what were looking at is probably the best week for stocks since august, we are approaching one-month ties, i think we are at one month, a great week so far, let's see how we close, 930 friday morning, where have we gone in the first couple of seconds with the business we are up over 100 points, that's the news, most of the dow 30 is in the green, we've opened up the s&p 500, where is that, i know it is up and better in percentage terms in the dow, up about a half percent and the nasdaq, that is a .6%. we are up all across-the-board, big tech, where's the on a friday morning, up except for facebook which is turned south, down 3 cents, microsoft, amazon, et cetera, you read on the screen, they are out, i want to
get paste to the show, a couple of chipmakers, amd is set to buy them for what price before 30 bogen dollars and it shows you you have to get bigger in the chip industry to thrive and survive according to the wall street journal, it could be announced next week, no guarantee as talks have only recently started the amg is a lockdown winner, the stock is probably 90% this year end that is to homeschooling, remote work, gaming consoles and other devices that use amd chips have been soaring, xilinx makes chips for wireless communication cars, aerospace and chip deals are hot this year, the world's biggest chipmaker nvidia said it was buying arm holding for $40 billion and that is probably what's motivating the steel, you have to keep up in order to do that consolidation. stuart: i see it, good stuff.
but you gotta tell me about ali baba, a solid hit $300 a share yesterday, it's 298, it's been on a tear. lauren: is a breakout if you look at the price action where you see a spike in the last few weeks for ali baba hitting the record above $300 a share yesterday which values ali baba are roughly $800 billion in change, the fifth largest tech company on the planet is worth more than facebook and right behind google awful but, amazon in the world three biggest tech companies accentuate the largest companies in the world yongbyon the top five, for bob on the investors are buying the stock because they think open needs more of china's 1.3 billion consumers are now buying more online in its financial arm is one of the biggest ipos in global stock market history in hong kong in the next few weeks, ali baba said the cloud computing unit will be profitable in the next few
months, a lot of positives for a company to dominate the world's second-largest economy. stuart: you call it bob bought instead of ali baba okay i got it. amazon prime bay intraday. he starts next tuesday. are you going to tell me they have a hard time keeping demand. susan: your expecting huge volume and pandemic challenges and warehousing and delivery that goes along with that, last year we had $7 billion in sales and analyst say we will easily surpass that they should because online shopping is strong heading into the holiday season. also the shift in the calendar, usually primed a taking place in july, now moved to october which is a lot of pent-up demand and sales expected, there may be limited supply because amazon has been prioritizing room in their warehouses for essential items and it's in demand huge during covid, then hired 100,000 extra employees and planning to open 33 new fulfillment centers
this year just to keep up, if you add prime day, that is a lot of gridlock, j.p. morgan forecast this year's event could bring in sales of seven and a half billion which will be up 42% from last year and the marketer estimates prime day sales can hit close to $10 billion, let's just say it's bullish. stuart: that's where the stock is at $3200 a share, not that far away from the all-time high. amazing stuff. ryanair, expects to see the boeing 737 max jet back in the air soon, when with abby? lauren: next month, mid-novemb mid-november, the discount european carrier, once the u.s. green lights the jet which they're close to doing it will take delivery of 135 masses that they have on order, no 737 max has flown since march of 2019, software issues to the fatal crashes, it was grounded, where
do regulators stand now, the faa has completed their test flights, that's a positive. european regulators are in the middle of their own testing program, they are not just good to take the faa word on it, this is a very good side for boeing in the trouble jet. stuart: boeing is ugly up $1.69, that is not a huge increase there, 169. come on into this ashley is boeing and talks with alaska air for order for max jets? ashley: an actual order, think about that, reports say boeing is a discussion to sell 737 max jets to alaska once the plane returns to service. the aircraft maker expects to resume deliveries of the max before the end of the year, to lauren's point as we know the max has been grounded for 19 months since those two fatal crashes, is still needs approval of design and changes, alaska
already had ordered 47 of the jets before the grounding, a new order from a major carrier would give boeing max program a much needed commercial boost to say the least. however, any new deal between alaska and boeing is expected to include significant discounts, analyst say be careful if you cut prices too far, that could upset some existing customers, alaska airlines has one of the strongest balance sheets among u.s. airlines and could emerge from the pandemic as a very competitive player among its peers in the industry, interesting alaska has always been highly rated as well. stuart: while you are there, we are parts of europe seen spikes in virus cases, can you tell me about that? >> it is really picking up let's begin in france, 18000 new cases were reported just yesterday, bars and cafés closed in paris earlier this week, the french government imposing greater reach under greater restrictions and for more sittings in the
netherlands, new coronavirus cases directed to almost 6000 overnight, that was passed the dutch government on prediction, and staying, lots of confusion there after court refused to rectify a restriction on movement that was introduced a week ago, the spanish government basically imposed a partial lockdown again on nearly 5 million people in madrid allowing essential travel only, residents, although they don't have to live with that are still being asked to stay within city limits, and belgium, the country's premier that tested positive for covid, new majors are being introduced today to control the spread, belgium can now keep only three close contacts, you go through your contacts, only three. germany has reported 4500 cases in the last 24 new hours. new containment policies being debated in berlin, the czech republic seen a number of daily
cases three times this week with a big jump and hospital admissions and finally but not lastly the uk, new covid cases have doubled in a week with an average of 17000, 200 per day, some regions especially in the north of england are facing new restrictions. there is definitely a resurgence of the virus in parts of europe. stuart: europe is responding with new restrictions, i wonder how we will respond if there is a spike in cases in various states here. will we be locked down, that would affect the market i'm sure. here we go. check the big board one more time, the dow by the way is now positive for this calendar year, 2020, what a year it's been, up 127, judge amy coney barrett senate hearing kicks off monday next week, question will it be another bloodbath like this, watch this please. >> a refuted allegation from 36 years ago is enough to destroy a person's life and career, i did
not drink beer to the point of blocking out, this whole two week effort has been a calculated and orchestrated political hit. stuart: it was, that was justice kavanaugh's hostile hearing confirmation two years ago, all as fox news legal analyst ray garrett what he expects his time around. another progressive working together on pushing joe biden even further left, more on that coming up, we won't believe what we will suggest. tesla's model three reporting to get a refresh, we will tell you about it, the stock is on 427. ♪
♪ ♪ ♪ smooth driving pays off with allstate, the safer you drive the more you save you never been in better hands allstate click or call for a quote today this was the theater i came to quite often. ♪ the support we've had over the last few months has been amazing. i have a soft spot for local places. it's not just a work environment. everyone here is family.
gonna go ahead and support him, get my hair cut, leave a big tip. if we focus on our local communities, we can find a way to get through this together. thank you. ♪ if you are ready to open your heart and your home, check us out. get out and about and support our local community. we thought for sure that we were done. and this town said: not today. ♪
when i came to the u.s., my family was really poor.d. and this town said: not today. now, i've got fifty employees. when the pandemic hit, i was really scared about losing my business. but osmar, my financial advisor from northwestern mutual, he told me, brother we got your back. his financial planning helped to save my business. if i could talk to my younger self, i would say, you're going to be proud of yourself. stuart: take a look at the
market, were on track for the best week of the stock since august, show me big tech, all of them except facebook are up, facebook is down in your 40 cents. we have new reports that the model three, tesla model three is getting a refresh. not big changes. susan: but for car enthusiasts, they will care, interior and exterior changes, think approach trim disappearing from the exterior, he also get a power door to open the trump in the back, model wide, new upholstery and center consuls will get a matte finish and they charges will have a new design, some people care about the stuff in leak for remember the chinese made model three in the interest in tesla's mass-market car, the model three is a reason that elon musk said there's still a chance we get to 500,000 deliveries this year, we just delivered record deliveries in the third-quarter, 139,000 plus and 124,000 of the 139,000 were
model threes, new interiors, the power trim car might be enticing. stuart: that turns beyond, let's move on, let's bring in the new street research, he's been looking at tesla, taken a fresh look at it, here says that stock is going to hit $578 per share, p or make your case. >> $570 a share from one year from now and much more beyond that, three things led me to what we learned, now we know how you're going to get very high volumes of batteries and accelerate by keep playing the capacity of the manufacturing sites and we know how they're going to take it down at the battery level which means in 3 n a position to set a $25000, that
alone is a size and 20 million market without $25000, it can address and 18 million-dollar market and there's a very important message, we need to work where their stated on electric platforms and the scary conclusion, it's cost them $18000 to their car to electrify them, they have to say $50000 more expensive for the electric and barely make money on them, why they are sending a model 31s of traditional premium midsize seven car, this means over the next ten years, tesla will be in growth and that means the trading over the last ten years between 60 and 100 times earni
earning. stuart: that is quite a prediction, any stock that performs like amazon performs gets a lot of people's interest. let me sum it up like this. are you saying that tesla is or will become the premium carmaker in the world. >> it's going to be the number one carmaker in the number one carmaker overall in 2030 i think. stuart: you raised eyebrows, we heard you loud and clear. >> let's take about, and 2030, that will be larger than it is today. stuart: selling more cars than volkswagen today, do you want to have a bet, i'm not good to take the bet, you made such a good case, i'm not taking the bet, i might not buy the stock but i'm not going to take the bet, you know more about it than i do.
thank you for joining us, you're not careful, come back again, we will see you again soon. game stop, now you know why this thing has went up so much, game stop hikers off teaming up for multi-year gaming partnership, they went straight up yesterday and came in down a bit today. susan: 44% yesterday late in assessing when the news broke getting the highest in 18 months, the struggling game seller has a multiyear partnership with microsoft so game stop will sell the xbox all asked access console and into your digital subscription with no upfront cost, microsoft what they get in the steel, they get more of their services and hardware like the 365 and microsoft teams in front of consumers as part of the deal which i thought was pretty good, game stop gives micro subconscious store online and online sales have rocketed 1500%, you heard me right, 1500% for march to april according to
one analysis because of the covid lockdown, they taken a slight of the online game sales away from apple and even other big players because of the covid lockdown, by the way the next generation xbox series coming out next month will price of $499 but with the partnership because the more consumer access. stuart: we were prepared to write game stop all, a little premature let's move on, speaker pelosi has a new plan to take action against president trump, watch this. >> i think that the public needs to know the health condition of the president. come here tomorrow, were gonna be talking about the 25th amendment. stuart: she's gonna talk about the 20 for the moment today, that is about the president's capacity office, that should be interesting, we will follow it, we will be back.
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markets have yet reacted to that, it only came to us but that's what mitch mcconnell is saying, we need a package, next we have a company that has a new virus test, it cost $10, you get the result in 12 - 24 hours from the lab, just grab an emergency authorization use, it comes from the scientist at ucla, the ceo joins us now. i want to go through this, this is a spit test, take me through, what we have to do. >> the technology at ucla uses the technology that we developed an open earlier this year and we've been using on purified samples, combined with using a set of technologies called
next-generation sequencing, this is the revolution and it allows scale at previously. stuart: you have to send it to a lab, i see that as a problem because the delays the results, not you, it's gotta go to a lab. >> absolutely right, it's not great for a sports stadium, it's more geared towards ucla where you have a big huge population of students and staff and faculty all in the same place every single day. stuart: what you rely it reliability rate. >> it is more to that type of technology which is what the current rates are which is high-sensitivity. stuart: what are we talking about, 95% accurate, 99%. >> the minimum is 95% accurate but we're definitely beyond the limited protection, comparable if not better than quantitative.
stuart: octant ceo, $10 test, send it to a lab, results back 10 - 24 hours, thank you for joining us, important story, we appreciate you sharing it with us. check the markets, up today on hopes for some kind of stimulus still, just remember mitch mcconnell says we do need a package, the dow is up 80, nasdaq is up 90, 11:40 a.m., white house chief economist larry kudlow on the show, first my take on the far left, i say they're pushing the entire party in joe biden further and further to the left, make no mistake, they've got real power and real influence. the second hour of varney coming up next. ♪ was the first lender that even offered a personal loan. i didn't even know that was an option.
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stuart: just after 10:00 o'clock and 7:00 o'clock in california, the market is moving up it is not a huge rally but it is moving up, of course, were following the president and the virus recovery, press secretary kayleigh mcenany saying last hour the president will be tested today and we will hear and see the president tonight with their very own marc siegel conducts a medical evaluation of the president, mr. trump's first on camera interview since contracting the virus, here is what doc siegel said about it last hour. roll tape.
>> they certainly will be able to have an opinion on how he is doing and what he went through, a lot of things will be revealed that have not been revealed before, the idea that is getting tested is a really good idea. >> doc siegel interview with the president will be on tucker collington tonight, that's 8:00 p.m. eastern on fox news. our next hour, will get an update on the stimulus talks from larry kudlow, about 1140 this morning. now this. it is hard to believe how far the left the democrat party is being pushed, the socialist wing has real power and influence, voters should know about this, the substantial block of young democrats already elected to the house has put out a policy agenda which is unlike anything we've ever seen in america, universal, free healthcare, that would be fully socialized medicine, that is what they wa want, you think healthcare is expensive, wait till it's free,
very relevant, cancel all student debt, that is part of the people charter as well, how would you feel if you just finished off paying off your student loans, affordable housing for all, what does that mean, give the house to everyone who demands one, have you tried building affordable housing in california or new york city with the mindnumbing rules and regulations. they also want public ownership stakes in all corporation receiving bailout. you know what that means the government will run businesses and tell them who to employ, way to send their profits and how much to pay their executives, shift money from police to local communities, that is not working well in new york, crime is way up. this is socialism, you heard the list of what they want, that is socialism, it's not yet the stated policy of the democrat party but if they win the presidency, kamala harris as vice president would be pushing
a hard, she is after all the most liberal of all senators, right up there with bernie sanders. if senator elizabeth warren becomes treasury secretary, say goodbye to dynamic capitalism and say hello to the dead hand of politically correct government control, they call all of this for people charter, they know it cannot be paid for just by taxing the rich, but they don't care, they will. all the money that they need and to hell with the consequences. what you are looking at is a radical transformation of the way democrats think, economic growth nowhere to be found in their plans today, private property is frowned on in private enterprise is destroyed, shocking, it's come to this is socialist have a serious chance of gaining power, the second hour of "varney & company" just getting warmed up. ♪
>> we have a rally on the market, the dow is up 74 and the s&p up 18 and nasdaq 100, market watcher david nicholas is back with us, david, you say the markets are pointed to a trump when, you better make your case on that one. >> were not seen the sally that we would normally see as investors are expecting a change in november, how the markets perform from august 1 to octoben incredibly reliable of who ends up in the white house, over the last 80 years if stocks were up during the critical month before the election that goes well for the president, if you remember this time osterman 2016 at this point both the s&p and the dow were negative, fast-forward today the s&p is up over 5% in the dow is up over 7% having the best week over two months, if history is our guide that goes very well for the president. stuart: we know a lot of investors are hearing that
abiding when would mean a huge amount of spending first off next year and wall street love spending. the market could be telling us and cheering on a biden when to some degree. >> we have to make a lot of point, we thought a lot of spending under the republican president 4 trillion in additional stimulus. i would not discount that we still may have continued spending over the perceivable feature if the republicans win back the house which is a very real possibility in my opinion, that increases the odds for additional stimulus at the end of this year and also going into next year. i'm not a big spender, i like fiscal conservatism but i think we can see more stimulus going forward. stuart: the market is extending our gains, were up again today but today, i'm talking about today, isn't this about stimulus whether we get summer don't get some. >> yeah, the market is trading
on hopes of stimulus, before the election i don't think were going to see stimulus before the election, i don't think nancy pelosi, speaker pelosi wants to give the president the visuals of a win of a rose garden ceremony where he is finding stimulus into law) the election, there is 185 billion of unspent ppp funds that are sitting there, can't go out without congressional authorization, let's vote and get the funds out but unfortunately, you mentioned the speaker is focusing on the 25th amendment whether or not the president as a competency to stay in office and all due respect that is ridiculous. i think his play politics with iraqi people, that is unfortunate. stuart: you got your political point across, david nicholas we will see you again soon. how about this, the wall street journal says amd advanced micro devices is an advanced talks to buy xilinx, chinese chipmaker, the deal worth $40 billion,
xilinx is up, amd down 2%, apple going to extend free one-year trial subscription to apple tv plus to fibroid next year, apple 116 this morning. now we got hurricane delta, the cat 3 storm, janice dean is with us, when does it make landfall? >> later on this afternoon, probably around 4:00 p.m. - 5:0a little earlier central time but regardless, it's going to affect areas that have been hit hard by several storm systems, more importantly laura six weeks ago, there was a category 4 storm and homes still have tarps on them from the damage from hurricane laura. this is why am concerned, major hurricane, 120 mile-per-hour sustained winds with higher gusts already seen heavy rainfall not on the coast for louisiana but also texas and spreading in towards mississippi and alabama. some of the wing guest for many
hours have been at least tropical storm forced, some of the areas like lake charles, cam ranh, beaumont, galveston once again getting hit hard by another tropical system, here's the latest category three we are expecting it to weaken a little bit as it comes closer to land, cooler water ahead and upper level winds that are going to take the storm apart but the fact that we have had so much damage along the coast in the same area, that is the big problem, some of the rainfall in the storm surge is going to affect the exact same neighborhood that were affected six weeks ago, for - 10 inches of rain, some cases over a foot of rain, 7 - 11 storm surge will put some again, that the biggest concern, this storm hurricane season will be a big deal but because it's coming on the heels of laura which was a major cat 4, that is why it's so
devastating. stuart: our heart goes out to the good people of louisiana facing that, thank you very much indeed, see you soon. the price of oil, $41 a barrel, the storm has something to do without rise in price there, now we got a new report, i can hardly believe it. i am exasperated by this, this report says a biden presidency could increase the supply of o oil. susan: i can tell your exasperation from here, a million barrels more per day would likely come onto the market as biden presidency is likely to reestablish ties with iran, they will be bringing back more tiring and oil onto the market but then if you think about on the other side a biden presidency could also leak a lower demand of the long-term because he will probably introduce environmental policies and controls and gas supply.
>> it will kill fracking, it will kill fracking. >> the paris climate accord which will be vigilant. >> they're talking about raising the supply of oil on the world market fighting gets in. >> if you think about it that is bearish long-term for the oil market young more restrictions and that's why people expect a bearish market for oil prices in the short term could up to $50 range, you look at prices are up because of delta over 92% with onshore oil being disrupted. stuart: i cannot wait to see biden open up negotiations with iran. moving on. next case, how speaker pelosi threatening to invoke the 20th amendment over the president's health, watch this. >> were gonna be talking about the 20th amendment, mr. president, when was the last time you had a negative test before you tested positive, why is the white house not telling
the country that important fact how it made a hotspot of the white house. stuart: on the one hand, we got speaker pelosi questioning the ability of the president to conduct his office and also engaging in trillion dollar negotiations with the president, tammy go right attic, what you take away from all of this. >> there is a desperation, you can look at, we are three weeks away from the election and she wants to start looking at removing him, she's effectively admitting he's going to win on november 3, this is now the acceptance of the democrats that he is going to be the president. we saw this and we heard this is one of the things that they tried before as well, it's also insulting to individuals who have coping, the 7 million americans who were or have been infected is a suggestion that if you are ill or have this virus,
of course a super majority over 99% recover, your somehow unable to be trusted or you can't do your job or something is wrong with you it's a remarkable statement but it does show the level desperation of the democrats and so much going on from america that this is how she wants to spend that could be the last few months as speaker of the house as the republicans taken back. stuart: let's move on to this, steve scully, supposed to moderate the next presidential debate which right now remains uncertain because the president says he's not going to waste his time if it's a virtual debate, steve scully raising eyebrows after he tweeted asking if he should respond to the president who called steve's goalie a never trumper this raises the whole objectivity in another
debate. >> many of us have known mr. schooley through work in c-span that we would do their, he was a former biden intern and you can be that and still be a fair person, my background is very different than what i'm doing now, this is remarkable, many people believe he thought he was sending him a direct message, and other words a private message on twitter and made the mistake that it was in the main timeline but if anything, i just tweeted this, t could be fair but it was disappointing that he was so attached to biden but now he is really colluding with an active enemy of the president, one of the candidates that he was supposed to half to be biased with looking for guidance from this enemy of the president at the very least, i'm disappointed because i liked him that he didn't recuse himself at the very least, he certainly cannot be involved of what is coming up however, the debate unfolds.
stuart: thank you for joining us as you do always. thank you. today is friday feedback, you have been sending in your comments and suggestions all week, we will hear from you in the 11:00 o'clock hour this morning, friday feedback. also in the 11:00 o'clock hour, white house economist larry kudlow 11:40 a.m. for him, democrats leading the senate race in arizona, this seat will have big implications for judge amy coney barrett. arizona congressman andy biggs here on that next. ♪ now is the time for a new bath from bath fitter.
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stuart: the market still in the green, earlier this morning senate leader mitch mcconnell said yes, we need a stimulus package, what is he saying in the last couple minutes. >> he's been quoted saying a run of every stimulus package is unlikely in the next three weeks, however, he did also say he would like to see us rise above what we did in march and april, but mitch mcconnell says i think that is unlikely in the next three weeks, that is interesting because some gop republicans are opposed to a huge stimulus bill, what we saw in the cares package and the cares act of 2.2 trillion, is it interesting that mitch mcconnell says we go about that but it's unlikely in the next three wee weeks, they had proposed a skinny bill of $600 billion and some are thinking maybe it's better to have targeted sector specific a packages like the airlines instead. stuart: is confusing as far as
i'm concerned, i'm not quite sure what mitch mcconnell is saying but the market is not interpreted in as saying we get no package, if he was really saying that meant that, this market would go down, your stop 80 on the nasdaq and 60 on they're down. susan: i think it's been priced since wall street will get sector specific as a broader discussion on aid package, getting the pastor both houses of congress unlikely before november 3. stuart: i think that strains it out. it's complicated, that was a movie, arizona joe biden, the hearers, both are yesterday making the case on the economy trying to tip a red state blue, they may have a shot, here's the latest pulling from the state senate race, democrat mark kelli leading martha mcsally by 11 points, congressman andy biggs joins me now, arizona republican.
this is very important, that senate race, if kelli wins, he could be seated right after the election, november the fourth, he could therefore vote against judge barrett, how is it looking to now. >> i think the pole that is out is an anomaly, the recent polling otherwise shows this is a dead heat, i believe it to be a dead heat, a lot of this is tied to president trump in arizona and i think president trump is doing very well in arizona, i think he is ahead from anywhere 1 - 4. stuart: what tells you that, do you have an internal poll that you will share with us, president trump in arizona ahead 1 - 4 points, show me. >> if you take real clear politics, they always include the new york pole, the only polish was president trump down 11 points, you throw that into the rcp average initial disease down for, if you take that out he's up 1 - 2 points, maybe three points, i believe that you're also talking to posters in arizona and talking about 60%
or so or not answering the polls and i'm also telling you the pulling of dynamite district, the district that he has to win big, he is up substantially in my district and that district he has to over perform and carry the state. you take this information and put it together, looks like he is up 1 - 3 points - 1 - 4 points, we will take that. stuart: listen to this, there is a new report that says use of masks in arizona, the cdc is saying use of masks in arizona cut by 75% with covid positivity rate, i think you have been opposed to mass grain. having to question my. >> as i have, that's what it is, report, not a study, what i will tell you, that is so important to remember, one of the authors is the same person who implemented or urged the same
policy, there is a justification bias there that is going on when you look at the caveats and they admit this may be correlated, not causative, may be as simple as a fact it was a normal bell curve clinging it down as opposed any mitigation the impact or effects, in other words, this is a report that was done, i don't know why published by cdc but a report that was done to justify what looks like was already happening in arizona and we were at the top of the bell curve and we started coming down, they have to justify because there's so politically unpopular in arizona and so unpopular that arizona was ranked one of the top states for noncompliance with masks, you see what i'm saying, a real problem. stuart: congressman i know you are busy, thanks for taking time to be with us is money. andy biggs. i want an update on coin base, crypto currency broker, a few
weeks ago the ceo told employees, don't talk politics at work, he offered a severance package for those who wanted out. come into this, how many people took up the offer. ashley: only about 5% of the coin base employees took up their severance offer, that is about 60 people out of 1200 employees, all of this because of the apolitical stance that the company is taken and all began the summer when san francisco crypto company coinbase failed to release a statement supporting black lives matter and led to a virtual walkout among employees, i don't know what a virtual walkout looks like but they staged it. the ceo says being political crates total division it distracts from the goals of the business and said the company would be apolitical as a result and won't take part in social activism, he basically told the
employees if you don't like it you can leave and i'll give you a severance package of up to six months if you were to three years or more and as we say 60 employees so far have taken up the offer. but they have come in for a lot of criticism from the woke silicon valley, twitter ceo jack dorsey called out coinbase claiming the company is suppressing political activism and suggesting employees to think differently should leave, some are. he expects more employees may decide to leave but he is holding firm to his policy. stuart: that is a fascinating story, before you go, news on the new york to talk football. ashley: the 0 - for just gets worse, players and coaches have been sent home from practice today when a player tested positive for coronavirus, the player will be retested and the result will be known later on, this can put in jeopardy the jets game against the cardinals at metlife stadium, don't forget
the nfl had to cancel two games last week and i've already rescheduled two games this week if the titans and the bills and the patriots in the bunk broncos and the jets game depending on how this can play out can also be infective, could have an impact on the nfl as a weekly basis. stuart: not good thank you. the next case: copper neck says he wants a future without the terror of policing and prisoners. he wants to abolish both of them. we have the story, joe biden refusing to say whether he will pack the court again, watch this. >> i will tell my opinion on court packing when the election is over. stuart: i think we got that, that is a non-answer basically, i'm expecting those hearings to start next week. i'll call them anatomic events, coined the phrase, more on that after this.
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well, of 90 points but the dow has a 34-point gain, some confusion about the certainty of the stimulus, mitch mcconnell senate leader says we need a package but he says he's not sure were going to get it, and the next three weeks, a little confusion but the dow was up 35. next mobile app use, the apps on your phone, use of the apps is surging, join the pandemic, lauren the numbers please. lauren: we spent 180 billion hours each month collectively over the summer on apps on our phone, all in mobile app uses up 25% from last year, let's face it were spending more time at home and also it makes things easier, telehealth, learning online, whatever. it's easier when you have the app, they say the pandemic advanced all of this, the use of mobile apps by 2 - 3 years. i wanted to tell you what apps
were spending the most time on because this reflects what we are doing as a society, number one tinder, were looking for personal connection and looking to date, tiktok, no explanation needed, youtube, the kids get sucked into the mindless videos, dizzy plus, in the end how much money are we spending, 18 billion on the app store and 10 billion on google play. stuart: they're not mindless videos, i watch it a lot. >> i'm going to move on before i get in troubl. lauren: then you take the ipad away and they freak out. stuart: i watched a cary grant video on youtube for heaven sake, indiscreet, great movie. lauren: that's a much different movie, you are not for. stuart: there is nothing mindless about cary grant. susan: the last two decades. stuart: that's a low blow susan.
monday the senate begins confirmation hearing for supreme court nominee judge amy coney barrett, presidential scholar, frequent guest on the program, i say those hearings next week will be anatomic event, absolutely explosive, are you with me on this? >> absolutely, this is a rare moment in american history because what is at stake next week is every single one of our three branches of government, the executive branch because senator harris of course is on the vice presidential ticket, she will be front and center attacking judge amy coney barrett, the legislative branch where congress is at stake, on the other side you have lindsey graham who is in a very tough senate fight, he is the chairman of the senate judiciary committee, he will be front and center in the judiciary is on the line because amy coney
barrett is getting ready to potentially have a lifetime appointment to the united states supreme court call but it's very were the all three branches of government will be on the line, what happens next week how the democrat handled this, how the republicans handle this, how they come across, how the public perceives and what's going on, while tremendous implications for what comes up in a few weeks and the start of november with the selection. stuart: the democrats can be the wood losers in this, if they attacked judge barrett the way they attack justice kavanaugh, that is not going to win the many favors, that's not going to win the many popularity, how do you think it's going to go. >> i think this is a dangerous moment for the democratic party, here's why, if you look at the track record for senator harrison joe biden on the campaign trail, their biggest argument against judge barrett,
and she's on the supreme court she's going to strike down all sorts of healthcare protectant for american, the problem there, the argument that democrats are advancing are really focused on suburban women, they think that's an issue that resonates, if you look amy coney barrett, here's a professional woman of a great accomplishment who has a family of seven children, she is a quintessential suburban professional woman that the biden campaign thinks they can kick off by arguing about healthcare, i think this is actually going to be an opportunity, political opportunity for republicans to emphasize that they understand the plate of suburbia and frankly amy coney barrett is largely that in a very high-end suburban professional. which is a critical voting block in november. stuart: thiss time next week we will know whetherwh was oras ntnat,natomic event'm, snture you'llyou'ellyou'lollyou'long tt anyo ni vyoeruy muchy foryoior j us this mornins g.rning.rng.rn is. this.w whatwh y dohenhenhere i a a a
inik ve cases, new york city the answer is, you y l l ld arts of the cy no nessnessenssal businesinses hins indeedin beeedn shutnown aowgais eported many of tyhe businesses are a aurious, t,y cannot hcadle odl oain,n,n, off-again, or the way did you his,hi broad bway i going toi stay closed allhellhrgh to jto jto j o next year, yeahey is tisaken a blow from that. meanwhile in europe, sharp rise in cases in france, italy, germany, spain, more new cases on any one day since april, europe's leaders are meeting to figure out what to do, france just closed bars and restaurants and casinos in several major cities. that is my take on the second wave of the virus in europe and what happens here, i'm going to move on to movie theaters, they have been especially hard-hit during the pandemic, coming up next forget to talk to the ceo of the national association of theater owners.
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call today to learn more and we'll send you a $10 visa reward card with no obligation to enroll. stuart: we seem to have lost the direction certainly for the dow although were up 50 points, we had been up more than that, look at that nasdaq, tech is doing well of nearly 100 points, two items, game stop teaming up with microsoft, that set game stop sorting and up again today up 2.7%. susan: up 24%, 18 month type for the stock. stuart: as for microsoft we will take a 3-dollar gain at $213 a share, 1.5% to keep you happy.
how about hotels.com, giving you the chance to literally live under a rock after election day, i suppose i find this mildly interesting, go ahead. ashley: i will give you a mildly interesting explanation, you can live under a rock during election week but $5 a night from november 2 - the seventh, hotels.com, offering a five night cave experience in farmington new mexico. there it is a man-made cave, 50 feet below ground, not exactly rough, soundproof, full kitchen, bathroom, rooftop terrorist, picnic area and if you need to stay connected, wi-fi in a television. the property opens for booking and probably already gone but give it a shot, if you missed opportunity the website also offering a 20% discount on select properties with the word rock in their name, in maryland
the skyrocketing sedona and beautiful arizona and the red rock casino in las vegas, you just tend to put in the code under a rock in this conclusive commercial for hotels.com. stuart: in america it is a commercial or in ad. got that. ashley: thank you all make a note of that. staying on the theater business. movie theaters in san francisco that closed despite being able to reopen, lauren tell us why they are still closed. lauren: san francisco mayor gave them the green light to reopen a 50% capacity but a trade group that represents a theaters said not going to happen, they cannot make money or bring workers back if they follow the city rules that prevent them from selling food and drinks, when you eat or drink you have to take your mascot, that's not allowed, not worth it. stuart: i can understand their
point of view. look at the theaters since a public health emergency. way way down. let's bring in john, the president and ceo of theater owners. i know you're in a tough spot, would opening up completely save your business, your industry or have people's habits change so much that they might not want to go to fully open cinema. >> ticket for having me on, we believe if we can be open safely everywhere, big new movies will come back to the big screen in our patrons will come back to the movie theaters. we had a record-breaking year 2019 and then ran into the pandemic in march and have been closed in many places around the world for months and months and months. >> if we were to developed a safety protocol to allow our patrons to come back safely, we are now allowed to open in 48 states across the country in either all counties in those
states were most counties and now it's down to new york in new mexico on getting open so we can get the movies back and bring back our patrons. stuart: people don't come back, i've not seen the numbers, i'm in no position to say you're right or wrong but it seems we've gotten out of the habit of going to the movies and a lot of people change their habits and still do not feel safe no matter what protocol you put in there, i put it to you, the pandemic changed a lot of things including our preferences for entertainment. >> i disagree with you, we serve our patrons closely every week during the pin deming. and two thirds of them are ready to come back to the cinemas if a couple things happen, if we have appropriate health and safety protocols which we do and if we have new big movies which we do not, the big problem is the content supply, were not like restaurant that concerned local food, we serve national product and we need national movies in no way to get those back, new york has got to open up.
stuart: we hear you john, i sympathize with your position because we all known and loved movies all of our lives and would love to see your industry survive and thrive, come back and see us soon, i want to hear how you're actually doing, we appreciate it. on that note i've got this to add to the discussion, the new pixar movie is called soul is skipping theaters altogether, that is a blow to the cinemas, lauren tell us where pixar's movie is actually going. lauren: disney+, gift because it's releasing soul straight to their streaming service for free on december 25. christmas day, seismic shift in the industry coming of a studio making the bed that family entertainment is best viewed together sitting on the couch rather than going to the theater
and watching on the big screen, it is another blow to the theaters and the studios in which for the theaters especially, they've got nothing new to show, the next one that i see is wonder woman 1984, that is expected to come in christmas day but i have a feeling that like no other time to die, and some other movies, it's going to get delayed in pushback to 2021 or released on streaming altogether, it's very difficult to make money in the new paradigm that we are in where we stream everything. stuart: no question about it, and discrete, youtube, that is my preference, let's get serious, we have heard that broadway is going to stay close, this is new york city broadway staying closed. susan: until may 30 next year, they are down for another four months and pushing back the original target of reopening from january 2021, broadway theaters have been dark after
closing on march 12, there is a shut down everything including 16 that were scheduled to open and postponing the awards and broadway grows to record a 1.8 billion last season, they had a record 15 billion visitors, 65% of which does come from overseas, think about the economy, the restaurants and hotels, that is nearly a 15 billion-dollar industry hit right there. stuart: that the hue to to new york city, you keep them closed until the end of may, my goodness that is a hit and a half. chaos is coming and i'm talking about mail and balloting, our next guest is calling a nightmare situation, we will deal with that in a moment. ♪ so you're a small business,
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stuart: look at the market we are back up again, i don't know what's happening to stimulus talks that were up 90 points for the doubt and 105 for the nasdaq, plenty of green today, here's what i want, election chaos that i see coming because of the mail and boating, on your screen right now, states that
have had one issue or another with the whole process, ballots found in a dumpster in new jersey, military ballots from trump supporters in pennsylvania, not to mention blunder after blunder after blunder on the ballot themselves, justin is with us, heartland institute kind of guy, i see chaos coming, can you tell me if there is any revolution possible. >> no i don't think there's any revolution possible, i think were truly on a road to absolute catastrophe, what most people don't realize is that male and balloting has been expanded in the wake of the coronavirus and it's not something that most states did in the past prior to the coronavirus, many mailing ballots get thrown out even when the process is running smoothly. in new york for example when they held their primary, more than 20% of the ballots were thrown out because they were improperly signed with the signatures did not run u lineupe
the ink was not right, the same thing in pennsylvania and other states at 5 - 10% of all the ballots are being thrown out in the upcoming election and this is a close election, how can anyone say with any certainty that this is a valid election, who's going to feel confident and outcome of the selection. stuart: after the legal challenges come in, as soon as you throw in a ballot for one reason or another, he income the lawyers and say you can't throw that out you have to count all the boats. it is not just the delay in counting, it is the fact that the lawyers are going to contest everything and spit it out even longer. >> that is exactly right, if you have millions and millions of ballots across the entire country being challenged and you have lawyers handling over this signature matches the signature on file from someone who filled out a form ten years earlier
when they register to vote, imagine how long the process will go one, we have a close election this will drag on potentially four months. we may not know in january who the actual president of the united states is going to be and how is a defect economy, how is that going to affect the stock market, these things are never good uncertainty is never good in the marketplace and i think that's where were headed. stuart: i'll give you one possible resolution to this problem and that would be an absolutely huge blowout victory on either side. you only get a really tightly contested election if it's very narrow and close, a blowout would resolve a lot of problems, am i right? >> you are exactly right, can't just be a blowout nationally, has to be a blowout in all the states as well if you have key swing states where the election is close, that's what we saw in 2016 and that's what we saw in elections past, that's not going to happen if the national
popular vote is a blowup, if there is a large blowout and there is no way for voter private to come into play, people will feel confident in the outcome of the election even if there are all these problems. that's only hope that we have is a blowout from one side or the other. stuart: were in an agreement, it's a mess, heartland institute, thank you, see you again real soon. a little later in the next hour, larry kudlow coming on board, he's going to sort out the conflicting information on stimulus, at least i will try to see if you get sorted out, he will have my take on the flipside of the wealth gap. there is a flipside, the third hour of "varney" coming right up. ♪ rests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.
this was the theater i came to quite often. ♪ the support we've had over the last few months has been amazing. i have a soft spot for local places. it's not just a work environment. everyone here is family. gonna go ahead and support him, get my hair cut, leave a big tip. if we focus on our local communities, we can find a way to get through this together. thank you. ♪ if you are ready to open your heart and your home, check us out. get out and about and support our local community. we thought for sure that we were done. and this town said: not today. ♪
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i'm going to approach the president of the united states as a patient. a lot of things will be revealed that haven't been revealed before. >> -- when the election's over. now, look, i know it's a great question and i don't blame you for asking, but you know the moment i answer that question, the headline in every one of your papers will be about that. >> this is a monster of the media's making. this campaign has been largely focused on personality instead of substance. they rarely push him on where he's going to stand on issues and when he doesn't answer the question, they just let him go. >> the market responds when the
government comes in and prints up trillions of dollars. what worries me as an investor is that this tends to be basically like a short-term drug kick. it feels good here, the market's rallying but it has a negative long-term impact. >> i don't think we're going to see something before the election. i don't think speaker pelosi wants to give the president the visual of a win. ♪ stuart: well, lively music for a lively friday in the news business. you just saw some of the highlights from our first two hours. believe me, there's a lot more still to come. first off, larry kudlow's going to join us from the white house. that's just in a few minutes' time. first, though, you've got to look at the markets. we have taken off back to the upside again. the dow is now up close to 100. the nasdaq's up 104. the s&p's got a rally on its
hands. i think this is all about the stimulus, plus whether or not we get anything, plus oil is up, so the energy stocks which are in the dow, they are up and leading it higher. you've got all of that. but i do see this friday a lot of green. it's been a great week. wonder how we'll close out this friday. now this. there's always been a wealth gap and yes, the gap is wider in capitalist america than it is in neo-socialist europe. look at the latest numbers. clearly, the pandemic has widened the gap. in america, the top 1% has $34.2 trillion worth of wealth. the bottom 50% has $2.1 trillion. that is indeed a big gap. now, many people especially on the left will look at this and say it's just not fair. it's just not right that so much of -- that so few have so much and so many have so little. all right. that's the political response.
it works well right now, when inequality is indeed a political issue. there's another side to this. the economic side. consider this. wealthy people do not stash their billions in safe deposit boxes loaded with hundred dollar bills. they don't do that. they don't spend it all at the mall. they don't spend like crazy. no. wealthy people invest. they invest in new businesses. they invest in property and develop it. they invest in the market and push public companies to be more efficient. it is investment that creates jobs and economic growth. it works. this is why america is far more dynamic than europe. it's why american technology companies rule the new economy. they are rolling in capital and that's what they're using to enhance the new companies and new industries of the future. there is one more argument here. the chance to get rich has always been a great motivator in
america. it's why we think up new ideas and form new businesses. it's why we try so hard to climb the food chain. it's what brings out the best in all of us. i'm not going to be popular for saying this but i have seen it lift both sides. i came of age in a socialist britain. i left in the 1970s when socialism was collapsing the economy, destroying opportunity and personal growth. i arrived in america and experienced the brilliance of free markets. america has allowed people to get rich. america has allowed wealth to enrich us all. you like that? the third hour of "varney & company" is about to begin. stuart: let's bring in the voice of reason. his name is steve forbes. he's the chairman and editor in chief of "forbes."
the 50 wealthiest people in america have as much money as the poorest 165 million. i don't see that as an economic problem. i'm going to catch hell for saying this. but what do you say? >> no, if you have an open dynamic economy, that wealth gap as you pointed out was made worse by covid, where part of the economy was working and part of it wasn't, but before the covid crisis thanks to deregulation, tax cuts and the like, lower income americans were moving up in real wages for the first time in a generation, business startups which are the vibrancy of the economy, started to go up for the first time in a generation. new business starts collapsed from 800,000 down to 500,000, stuck there, big part of the economy was still under water, then the trump changes came in and that started to change. know who the biggest beneficiaries? the latino community in america is three times more likely to start new businesses than any
other group. phenomenal. african americans for the first time in decades, business startups from the african-american community were moving up until the covid crisis. so this gets to the heart of the election, your commentary, what kind of environment will we have next year, one that's benign for these kind of positive things to take place where everyone has a chance as lincoln put it to improve their lot in life, or are we going to go for a european style stagnation. stuart: now look at the other side of the coin. steve, it's not fair. it's just not right that so few people have so much and so many people have so little. answer that one. >> well, if you look at our list of billionaires and rich people, what is amazing is how that list changes each year. it is volatile. people come in, go off. because you make it doesn't mean you keep it. that's what a dynamic economy is all about. so the focus shouldn't be how do we punish people who do well. once people got rich about kodak, remember that company and what happened to that in a
dynamic economy? so the key thing is how do you create opportunity for everyone, so you don't just have a few doing well, you have people, more and more people doing well. one of the great attributes of this economy is that every generation we create 50 to 75 new big companies. look at google 20 years ago. it was nothing. now we have this great renewal, dynamism and innovation. that's the key question, how do we get that back again after the covid crisis. the european socialist way is not the way to do it. stuart: i've got 30 seconds but i will throw something at you and i want to see what your response is. the next treasury secretary of the united states of america could be senator elizabeth warren. your response? >> oh, boy. where do i move to? no, i'm going to stay here and fight because i think we can turn this around. the damage that she does, look at the '70s, bad things were done. we got a great revival in the
1980s and that's what we should be looking to. if we don't win this election, how do we turn this country around and in freedom we will turn it around. stuart: have you ever thought about moving to florida? >> it's been very tempting. new jersey is doing its very darndest to get me out but i'm not a quitter. i'm going to fight so this insanity we are going through now will be something that goes on the ash heap of history. stuart: steve forbes, you're all right. great having you on the show today. come back soon. thank you, sir. all right. >> thank you. stuart: now let's backtrack a little. yesterday on the show we had the hip-hop artist killer mike. he says the black community needs investment, needs capital, not handouts, not welfare money. roll tape. >> what we need to start demanding in return to that is that the municipalities are banking with our institutions, investing in us as young business people and giving us an opportunity that america has promised. what we need to do at this moment, what we need to do at this moment besides voting is take care of our dollars and we
do that by banking with green. stuart: the gentleman on the right-hand side of the screen is rob smith, frequent guest of the program. all right, rob. killer mike, i have to use that word because that's who he is, killer mike is on to something here. he's got a bank, he started a bank and he's interested in bringing capital to the minority community, not handouts. i love this. i think the man is exactly right. what do you say? >> i think he's exactly right, too. i know that he better be careful because you know, the left, the bernie sanders people are probably not going to like this. i know he's aligned with that crowd. but i have always believed that the path to economic empowerment for the african-american community is not only entrepreneurship but to also reinvest within the communities. community-owned banks like the one killer mike is started help
do that. there's another african-american owned bank that does a lot to reinvest in the communities as well. i really do believe that this ois on the right path. this is one of those things where i think there can be common ground between the right and the left sometimes when we talk about the fact that the path towards empowerment is entrepreneurship and community reinvestment. it is dollars and cents, figuring out how we can use money and wealth to bring capital within the communities in order to empower it. i think that he is doing an absolutely amazing thing. i really do. stuart: okay. another excellent voice of reason there. i'm going to move on. colin kaepernick, he's calling for the police to be abolished. he says he wants a future without the terror of policing and prisons. i think you've got something to say about this, rob smith. >> yeah, i do. look, colin kaepernick is worth about $20 million. colin kaepernick likely has private security and lives in a gated community in an enormous
mansion. he's not going to have to deal with the things that a lot of people that are living in crime-plagued communities are dealing with right now. so this idea that, you know, he just wants to abolish the police, this is a very champagne socialist idea because he is never going to see the effects of abolishing the police because he does not live in those communities. it is the height of hypocrisy for people like colin kaepernick, for people like all of these spoiled wealthy privileged hollywood celebrities with private security to advocate for abolishing the police. i cannot believe that people still go for this stuff. stuart: the voice of reason speaks again. rob smith, don't be such a stranger to the show, for heaven's sake. come back more often, okay? we like to hear from you. >> i will. i got to promote my podcast. rob smith is problematic. tell your people to download and subscribe. stuart: i promise to listen. maybe i will subscribe. you never know. tough to get money out of me. rob smith, thanks for joining us. see you again soon. >> have a good one.
stuart: i promise, i will. president trump demanding china pay quote, a big price for their role in the virus. what does that mean for the trade deal? we will ask larry kudlow. he's coming up in a couple of minutes. first, though, judge amy coney barrett's supreme court hearings begin monday. is this going to be a repeat of the kavanaugh hearings? gregg jarrett will weigh in on that. ♪ our retirement plan with voya gives us confidence... ...we can spend a bit now, knowing we're prepared for the future. surprise! we renovated the guest room, so you can live with us. i'm good at my condo. well planned, well invested, well protected. voya. be confident to and through retirement. you know, malcolm audible's goof course, podcasts.ks. originals. bestsellers. future bestsellers. sleep stories.
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and if we win, we get to tell you and doug. how liberty mutual customizes car insurance so you only pay for what you need. isn't that what you just did? service! ♪ stand back, i'm gonna show ya ♪ ♪ how doug and limu roll, ya ♪ ♪ you know you got to live it ♪ ♪ if you wanna wi... [ music stops ] time out! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ stuart: confirmation hearings begin on monday. i want to show just as a
reminder how the last confirmation hearings went. roll tape. >> judge kavanaugh, this is your field. judicial nominations. this is your nomination. >> there's never been a case where you drank so much but you didn't remember what happened the night before, or part of what happened? >> you're asking about blackouts. i don't know. have you? >> i did not drink beer to the point of blacking out and i never sexually assaulted anyone. this whole two-week effort has been a calculated and orchestrated political hit. stuart: he was absolutely 100% right. frankly, i thought that was disgusting. the gentleman on the right, gregg jarrett. all right, gregg. i think that if the democrats do something similar with judge amy coney barrett, a woman, an established jurist, i think they lose hands down. what do you think? >> well, i assure you they will not accuse amy coney barrett of sexual assault 30 years ago, or
of being a drunk in college or high school. so you know, the fact is that amy coney barrett has an outstanding impeccable judicial record. her scholarship is truly impressive. so three years ago when she was confirmed in the seventh circuit is any indication, likely democrats will attack her religion which, by the way, is not only un-american as joe lieberman said, it's unconstitutional. the constitution very explicit that religion is not a test for public office. but that didn't stop them three years ago. it probably won't stop them now and you know, attacking somebody's faith is just blatant religious bigotry and i think it will backfire on democrats if they try it. but i think they're so desperate to stop this in the face of the
numbers for her confirmation that they'll do anything, even at their own risk. stuart: my goodness me. i called it a possibility of an atomic event. i know that's hyperbole but i think it could be explosive. gregg, you are the expert in russia, russia, russia. i want to bring that to your attention now because president trump, he wants attorney general bill barr to indict president obama and joe biden for their roles in the russia investigation. the president is not happy with mike pompeo because he's not released hillary's e-mails. he's disappointed with the fbi director, chris wray, for somewhat similar reasons. what do you say about all this? >> well, i understand the president's frustration. my goodness, just look at the latest declassified documents made public. they are shocking. our own intelligence community concluded that it was hillary clinton who invented the russia collusion lie, told the
narrative, having approved a plan by one of her advisers, and it was so credible, this intelligence, that cia director john brennan at the time rushed over to the white house to brief the president of the united states, barack obama. and what did obama do? he sat on this critical informati information for the last four years watching idly as the nation was convulsed in turmoil. he knew the truth that these were false accusations invented by hillary clinton. he did nothing. he could have blown the whistle on hillary clinton, john brennan, james comey, but he was silent. you know, that is really in my judgment reprehensible. it will be an ugly stain on the legacy of barack obama. stuart: okay. it's taken four years to find this out. extraordinary. gregg, thanks for being with us. see you again soon. gregg jarrett. all right. let's see now.
we are learning that president trump might hold rallies this weekend. lauren, have you any idea where they might be? florida, maybe? lauren: yeah, he says tomorrow night he wants to hold a rally in florida and then sunday night, he wants to do the same in the state of pennsylvania. they are two battleground states. he is so eager to return to the campaign trail, about three weeks before election day, and it's been days since his covid diagnosis. so here's the rub. cdc guidelines say patients can be around other people 10 days after symptoms first appear. so that is the case here. we are waiting for the president's doctor to clear him officially. also, the president is expected to take a covid test today and let us know if he tests positive or negative. stuart: lauren, thank you very much indeed. state of flux. okay. big news coming out of china. they will broadcast tomorrow's nba final live. whoa. i know it's important but tell me why, ash.
ashley: well, you know, yeah, this is the first time the nba broadcasted in china in more than a year. it's an interesting development and for the league, a potential financial boost. the nba has been facing more than $300 million in losses as numerous chinese companies have pulled their support of nba teams. cctv, the state-run network, ditched nba games in october last year after houston rockets gm tweeted support for the protests in hong kong. also nba commissioner adam silver supported the comments of morey, left a bad taste in china and they pulled those games. since then, the nba has been doing a lot, trying to get good will returned, donating more than $1 million of medical equipment to china to help fight the spread of covid-19. the league and some players have also been expressing support for china. nba games have been available for streaming over the internet
in china but a lot fewer than in years past. cctv says in a statement that the good will shown by the nba in the last year has left them to begin broadcasting games again. interesting. stuart: it is interesting. it's quite a development, if you ask me. thank you. all right. let's have a look at the markets. we're in rally mode again. look at that. the nasdaq is up 100. the dow is up 124. this is supposed to be all about the stimulus talks. i've not heard anything new in the last 30 minutes but the market has gone up. now, talk chip makers. susan: we are seeing gains today for the likes of xilinx and there is talk there is going to be a merger, takeover because to survive and in order to do that in the chip industry these days you have to get bigger. this could be a $30 billion deal coming off the $40 billion acquisition nvidia made of arm holdings just last month. stuart: 30 billion, before that 40 billion. pretty soon you are talking real money. chip makers. got it.
all right. a few months ago, larry kudlow predicted a surge in the fourth quarter, economic growth in the fourth quarter this year. he said it's going to surge. does he still see it that way? because we are now in the fourth quarter. we will ask him live from the white house coming up next. first, though, more than 10,000 homes were destroyed when hurricane laura hit louisiana six weeks ago. now hurricane delta taking aim at exactly the same place. awful. we'll have a live report from the ground, next. when i was in high school, this was the theater i came to quite often. ♪ the support we've had over the last few months
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trust aag for the best reverse mortgage solutions. call now so you can... retire better hurricane delta, here it comes. stuart: okay, repeat that. hurricane delta, here it comes. going to make landfall along the louisiana gulf coast later on today. janice dean is back with us. what's the biggest threat from this particular storm, janice? >> well, the biggest threat is it's coming over areas that were devastated by hurricane laura just six weeks ago. that was a category 4. so this is a major hurricane and it's going to go over the exact same areas. many of these places have tarps over the roofs. this is going to completely devastate this region that has already been hit so hard this hurricane season. so that's the take-away. category 3 storm, still a major
hurricane as of the last advisory. we are expecting it to make a landfall later on today and it's been lashing the coastline from southeast texas through southwestern louisiana. heavy rainfall on the order of four to eight to ten inches of rain, isolated amounts of over 12 inches, then we have storm surge anywhere from seven to 11 feet just east of the center, where it comes onshore and we are expecting potential landfall we think sometime in the dinnertime hour. so already seeing at least hurricane force winds along the coast here. galveston, beaumont, again, areas that were hit, devastated by a hurricane just weeks ago. here's the track. we are expecting it to weaken but again, this is a storm we would be worried about in any given year, but the fact that it is going over already areas that have been destroyed by laura just a couple weeks ago makes it even more devastating. rainfall again, that's going to be a big issue.
flash flooding certainly, we have the strong waves on top of the storm surge and then we also have the potential for weak tornadoes east of the center of the storm. so any structures that are already damaged, this is going to be potentially just, you know, it could destroy more property, basically, and right now, it's prayers. it's prayers for louisiana because it's a terrible situation, no matter how you report it. stuart: yes, it is, janice. prayers shall be made. janice dean, thank you. now, casey steagall is with us live in lake charles, louisiana. casey, it's coming right at you, lad. reporter: yes, stuart, it is. i really want to hit on what janice dean was just talking about, this area is already hurting. it's already devastated. when you drive around lake charles where we are, we are in pouring rain right now, you see just giant piles of debris like this that have been left behind by hurricane laura six weeks ago, and you heard janice talking about the tarps.
so many structures lost their roofs or part of the roof so a lot of buildings are tarped, and the fear is all of this stuff is going to blow around once this makes landfall. officials are greatly concerned about the flying debris, saying they could become projectiles. when this storm makes landfall tonight, it will bring isolated rainfall of 14 inches in some places, causing flooding and mandatory evacuations are in effect for much of the region. a lot of people saying they are just not going to risk it. listen. >> we actually stayed through laura and my wife and i said we're fenever going to stay for another hurricane again so i booked rooms on tuesday in houston. reporter: time is running out, obviously, for people to prepare and for people to get out. evacuees sitting in bumper-to-bumper traffic, headed points inland and north. gas stations mobbed with people
trying to fuel up, those last-minute preparations are certainly under way and the window is closing for those. if there is a silver lining here, it's that hurricane delta is moving rather quickly and it's expected to lose a whole lot of steam once it does make landfall. it's not going to linger around. so at least we've got that going for us. but this is the last thing that people in this part of louisiana need. there is no doubt about that. stuart: we shall pray for a silver lining. thank you very much indeed. see you later. back to the markets, because we do have a rally this friday. green all over the place. look at that. nasdaq up 117. dow is up 130. s&p up 22. there's all this talk about some kind of stimulus package coming along and that's what's motivating this market. the price of oil is up today. that's part of the reason for the dow's rally. you're back to $41 a barrel. some of the energy stocks in the
dow moving higher. look at the home improvement stocks. let's see how they're doing, because real estate is doing really well and the home improvement companies, doing well, too. home depot at $285. lowe's at $172. tesla's elon musk taking a shot at waymo. what's going on? susan: the google self-driving rival to tesla is the first to start shipping customers around in driverless cars in phoenix. yeah. stuart: it started? susan: it started. yes, that's right. some shade being thrown by elon musk, writing on twitter waymo is impressive but a highly specialized solution and tesla approaches a general solution and the latest build is capable of zero intervention drive, low release limited beta in a few weeks. tesla's autonomous technology is another reason the stock has rallied some 400% so far this year but google-funded waymo is the first to start making driverless rides available now to all users in the phoenix area.
this is very exciting. but it only starts within a 50-mile radius right now. maybe they will expand in the future. but waymo remains the consensus leader when it comes to driverless tech. it's the first company to offer paid trips in cars without drivers and other self-driving industry leaders include uber, tesla and even gm is investing in this new technology. but i guess he's criticized self-driving in the past saying it probably won't help in your lifetime. it might now, right? stuart: it's a start. i understand it is a start but it's hardly happening on a mass scale. susan: right. we need to shift you to phoenix, arizona, to get those rides in. stuart: just depends on my life expectancy as well. let's not speculate there. breaking this morning, senate majority leader mitch mcconnell says we need more stimulus. president trump reportedly open to the idea of a broad deal. are we going to get anything? we will ask larry kudlow. he joins us from the white house next. ♪
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stuart: we're just getting larry kudlow mic'ed up. might take 30 or 40 seconds. in the meantime, show me amazon and zoom. i believe they are both up. look at amazon. i think that thing is up over 1%. that's a big gain for that stock. no, zoom's up 3.5%. all right. what have we got on zoom? susan: -- very bullish predicting zoom will get to $550, best in class when it comes to video conferencing. amazon up close to 2% in the session. this is because -- stuart: look at that. susan: -- predicts 4,000 for the stock. not even the most bullish call. pivotal calling 4500 for amazon's stock. stuart: what's the high on amazon? susan: 3300 and change. we are heading into prime day
next week as well, and consumer demand is higher than expected in the past quarter and going forward. stuart: do you remember the show early this morning, talking about tesla, the stock may behave like amazon, in other words, go to the moon. susan: biggest car maker in the world in 2030. not just by stock vallue, but b car sales which raised eyebrows. stuart: i have changed my mind on elon musk and tesla. i was dismissing him a couple years ago. you can't dismiss him now. i've got egg all over my face on this one. right now, dow industrials up 140. nasdaq is up 117. the s&p is up 22. what we are looking at here overall, big picture, is the best week for stocks since way back in august. might be even better than that, depending on how we close. but again, you just don't know how we are going to close. it's a friday. weekend coming up.
suppose we get nothing on a stimulus program by the end of trading. do you think people will sell a little just in case? what do you think? susan: i think it's encouraging for friday to end the week with gains and this week, by the way, as you mentioned, best week since almost july, you want to go back that far, because we saw the 500 point gain this week for the dow which is the best rally, single day rally going back to three or four months for the dow jones industrials and this is despite the fact we had mitch mcconnell today again putting and pouring cold water on a stimulus package before the november vote. in fact, he even said about the airline, a specific sector targeted stimulus bill, he says airlines only bill unlikely as well as the election nears but he wants to do something, something needs to be done for the american economy. stuart: despite all this confusion over the stimulus plan, i mean, we've got people saying all kinds of things and reversing themselves all the time. there is no clear -- no clarity on the stimulus.
despite that, seems to me that the market thinks we are going to get something. susan: that's right. stuart: if the market thought we were going to get nothing, i don't think we would be up across the board right now. i just don't think that would happen. susan: yeah. what did you think about the goldman call today saying a divided congress is probably the best outcome for the stock market, taking 10% gains afterwards, after the election? usually cfra says the market usually rallies 75% of the time if we do have a divided congress afterwards. stuart: that's election speculation, isn't it? they are saying look, a divided congress, if republicans keep the senate, the democrats keep the house, that is a divided congress. stalemate. that's a good thing. susan: checks and balances in place. that means you don't get everything that you want and if biden's case, you don't get tax hikes up to 28% for businesses. stuart: but if it's a trump win, with a republican senate still, and a democrat house -- susan: that's interesting. stuart: sky's the limit. you are opening up to more tax cuts and all the rest of it.
okay. we have got our friend to the show, larry kudlow. he is now mic'ed up. let's go. larry, thanks for being with us. always a pleasure, sir. let's start with the stimulus plan. we are all over the place this morning. we are getting really confusing signals. can you tell us the right status of the negotiations right now? >> yeah, i can tell you what's up today here at the white house. the president has just recently met with chief of staff mark meadows and treasury secretary steven mnuchin. mr. mnuchin expects to be speaking with speaker pelosi shortly this afternoon. the president has approved a revised package. he has approved a revised package. he would like to do a deal. stuart: that's fascinating. a revised package. he wants to do a deal. you have any idea on what that package would include? is it -- >> no, it will be -- it will be
relatively broad-based but i can't go through details, stuart. that's going to be hashed out in the discussions. but again, let me repeat, in a very recent meeting in the oval, with mark meadows and steve mnuchin, the president approved the package. it's a revised package. mnuchin will be talking -- treasury secretary mnuchin will be talking to ms pelosi this afternoon and the president has said i would like to do a deal. stuart: you just moved the market, as you probably knew you would. we were up 130 literally 20 seconds ago. now we're up 140, going up from there. can i ask one more question about the stimulus. does the white house and you and secretary mnuchin, you absolutely say no way that you will allow the bailout of democrat states? is that absolutely off the table? >> stuart, i just can't get into any details like that.
it's never been a totally purist position. it was just a question of where that money would go and how efficiently and smart that money might be and what the sums are, but i can't possibly go into any specifics. believe me, secretary mnuchin who is awfully good at this will be discussing with speaker pelosi for the final touches and details. but i think the key point is the president has approved the package and quote, he wants to do a deal. stuart: got it. we will leave it at that. let's move on to something else. you were on the show earlier, you have been on several times, you predicted that the fourth quarter of the year would show i think you said 20% economic growth. 25%, 30% in the third quarter. we are now in the fourth quarter. you see 20% growth. you still see that kind of rapid growth for the quarter we're now in? >> yeah. i like what i see, stuart, i must say. now, our view for the whole second half was, you know, 20%
plus, we would be thrilled but i'm just watching as i'm sure you are, you know, atlanta fed gdp and that model is at 35%. some of the wall street firms, too. that will spill over. we are going to get a lot of momentum going into q4. here's why. retail sales, strong. consumers, strong. autos are so strong, stuart, auto sales are rising so rapidly that the car makers are probably going to have to go into extra shifts in order to increase inventory to meet the demand, added production. that means more workers called back, more overtime for the american middle class blue collar work force, and that's going to trickle through to family income, right? wages equals family income. looking at the levels, the end of the third quarter, september,
we're jumping off into october. it's a very significant move. i want to also say federal reserve stimulus continues and let's not forget, m2 money supply is growing at 24% year on year plus their lending facility and let's not forget also, i thought generally wall street missed the story on jobs, frankly, because excepting for the problem, seasonal adjustment for education, the kids didn't all go back to school this year, private jobs are 877,000 plus revision so you are at 900,000 plus with a 7.9 unemployment rate. we saw pretty good numbers on the report so i just like what i see. i think, now, look, i think this package is going to include what our white house asks have been with respect to airline assistance, to small business ppp assistance, probably, i
can't swear to this, there will be some backup for unemployment assistance. exactly the things that i've argued will help the recovery. okay? it's like taking out an insurance contract. stuart: okay. larry, i'm sorry we're out of time. i will leave it with this. the president has approved a revised package. he says he wants to do a deal. and that deal will include the airlines, ppp, help for small business. that's what he said? >> i reckon so and again, secretary mnuchin will be speaking with speaker pelosi today hopefully to put the final touches on this, but i think we are moving in the right direction. the gap is narrowing. the bid and the offer, if you will, has narrowed significantly and therefore, in wall street terms, there may be a trade for some additional assistance for the american recovery from this pandemic contraction. stuart: larry kudlow, thank you
very much indeed for being with us today. we appreciate you breaking that news on this program. larry, thank you. >> thank you, sir. stuart: all right. look at the market. you're up 200 points and that's because larry kudlow just told us that president trump has approved a revised package. he wants to do a deal. secretary mnuchin will talk to speaker pelosi shortly, and that the difference between them has been narrowing. that's a big deal. the market's up. we'll be back after this. incomparable design makes it beautiful. state of the art technology makes it brilliant. the visionary lexus nx. lease the 2021 nx 300 for $359 a month for 36 months. experience amazing. at your lexus dealer.
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stuart: let's get straight at it. friday feedback. susan, ashley, lauren. we will start this show with a video from chris and his daughter carol lee in michigan. roll that tape. >> we love your show and we learn all about stocks, right, during the pandemic? >> um-hum. >> you bought [ inaudible ]. >> yeah. >> at what? >> $33. >> got to love it. our favorite words are? >> it's a market rally. >> it's a market rally. stuart: you're right. that was terrific. it's a market rally. all right. good stuff. now, moving fast to get everything into this. lydia says in this crazy world, i have one question.
what's stu's favorite song of all time? everybody can answer. bonus points if you show a picture of stuart in the '70s. he was a disco king. i'm not showing a picture. my favorite song is pink floyd -- oh, stop that. that's awful. that's awful. my favorite song is pink floyd, comfortably numb. susan? susan: oh. i like every little thing she does is magic. stuart: ashley? ashley: bohemian rhapsody. still as good today. stuart: lauren? lauren: somebody to love. stuart: i need somebody -- lauren: the high notes, love them. stuart: all right. move on. i've got to tell you this. i'm sorry to put this in the middle of friday feedback but president trump just tweeted covid relief moving along, go big. i think he was watching our interview with larry kudlow. go big, he said. market's up. now, this is from bill. around the time of your last
birthday, you said the gift you asked your kids for is coffee. my question is, what kind of coffee do you like? it's very simple. anything that's got kof fecaffe it. i do not pay premium prices for premium coffee. nobody is surprised at this. you are all laughing. you know i'm cheap. what kind of do you like, ashley? i know you love the stuff. ashley: i do. dunkin donuts. i don't know if i can get some commission on that. stuart: susan? susan: anything strong and stiff. i need it in order to i guess stay on my toes with you. stuart: sounds good. lauren, what have you got? lauren: i have been like stew leonard's lately. he's a frequent guest of the show. i always go in his food store. the k-cups are great. stuart: okay. you know what? i've got to wrap it up. i'm sorry. we will hold all this stuff until next week because it's very important. got to tell you, president trump tweeted covid relief negotiations are moving along, go big.
yes. he was probably watching the show. larry kudlow's interview. the dow is soaring. you are up 220. look at the nasdaq, up 125. it's a rally. we'll be right back. ♪ ♪ ♪ ♪ smooth driving pays off with allstate, the safer you drive the more you save you never been in better hands allstate click or call for a quote today this was the theater i came to quite often. ♪
the support we've had over the last few months has been amazing. i have a soft spot for local places. it's not just a work environment. everyone here is family. gonna go ahead and support him, get my hair cut, leave a big tip. if we focus on our local communities, we can find a way to get through this together. thank you. ♪ if you are ready to open your heart and your home, check us out. get out and about and support our local community. we thought for sure that we were done. and this town said: not today. ♪ some things are good to know. like where to find the cheapest gas in town and which supermarket gives you the most bang for your buck. something else that's good to know? if you have medicare and medicaid, you
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revised package. he has approved a revised package, he would like to do a deal. neil: you got that, he is approved to revised package in the market went straight up when he said that. now we are up to 20 per my time is up, neil it is yours. neil: this is a big from the president 72 hours ago but were following as well, the market is really jumping on that on the notion that the president is back in the game, back with big stimulus, wants to do a deal in the expectation that a deal can be done, prior to the development you heard from mitch mcconnell that he doubted any deal in the next three weeks that the head of the election, be that as it may, stocks are jumping on the development, let's go to gary, and maddie with the national taxpayer union, i do want to talk a little bit