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tv   Varney Company  FOX Business  January 21, 2022 9:00am-12:00pm EST

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maria: what is this pressure that companies have to change even the candy we eat. dagen: they are getting free advertising bias talking about it. that is why they did it clearly. maria: that is all this is about. dagen: put some clothes on. maria: great to see you both. see you next week. have a great day, thanks for being here. see you on sunday morning futures. "varney and company" begins now. stuart: they might get some publicity out of this but i'm not going to buy the candy like that. good morning, everyone. this has been a rough week for your 401(k), a rough year. the dow down 300 points thursday. you are looking at another hundred point loss premarket. the s&p is down 3.5%. so far this week down again this morning.
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look at that nasdaq which is down 11.9% from its high in november. another big drop down 122. selling, selling everywhere including cryptos. bitcoin is below 40,$000 was looking on screen 38,000 is the latest quote. ethereum at 2800 as of now. oil down as well. well below $80, what am i saying? it is not below $80, it is at $85 a barrel as we speak. i was hoping if it dropped below $80 that may ease up some pressure on gas prices that i'm sorry to say, $85 a barrel. interest rates are down, the yield on the 10 year treasury well below one.8% down to 176.
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they forecast slowing subscriber growth. it is chopped off at the knees down 120 points, down 20%. i understand $50 billion worth of value was lost overnight. what you are seeing is a retreat from risk across the board. we want to know and we will ask on this program today where is the bottom and who gets the blame? friday january 21, 2022. "varney and company" is about to begin. >> i am kirk from columbia, south carolina and you're watching "varney and company". stuart: thank you very much, glad you are watching. if you are just joining us i have to show you what market action looks like.
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you are looking at other selloff. kenny, i have three questions. why the selloff? where is the bottom? and are you buying anything today? why the selloff? >> the selloff goes back to the uncertainty surrounding what is going to happen with the fed. it is going to be the subject for the year or at least the next 6 months because there is so much uncertainty after goldman and jpmorgan talked about rate hikes, the fed has said nothing and they have acquired period so they can't say much so there is this uncertainty. it is like a math problem as valuations change when you change the input. when inflation was one.6% versus today it is 7%. when interest rates were one.3% they are approaching 2% and when you change those inputs
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valuations balance. at the math problem. they have to understand what it means. it is sixth-grade math. stuart: where is the bottom? >> keep your eyes on the 200 day moving average which is only done one.5%, european markets took another leg lower, they are down 2% so don't be surprised if you see that happened but that will be a key number to watch. if it fails to hold, they will throw everything out the window and we might test october lows which is around 4300 which would be significant movement was the s&p would be off 10%. stuart: we are not at the bottom yet. are you buying anything today? >> yes. i am buying u. quality names are not
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high-growth names, but they are big dividend payers. when the market was up they asked me are you selling? know. i'm holding on strength, buying on weakness. i will let tech come in. names like the consumer staple names. energy is up 50% year to date. financials, there is great opportunity. i put more money in names like jpmorgan, bank of america, i'm not big on the others and the superregionals are interesting to me. stuart: would you touch netflix? >> i would not. stuart: a difficult day but glad you are on the show. we've got to take a look intos because they are selling off big time. bitcoin at 38,000 and ethereum
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at 2700. why are they down so much? >> i was a morning instead of good morning. the big one is investors are shedding risky assets like the tech heavy nasdaq which is down 5% on fears of inflation and higher interest rates being used to combat it. the russian central bank proposing a ban on crypto mining. the third reason is the us central bank exploring central bank digital currency and that would be competition for traditional cryptos. bitcoin has fallen 38,300. when it gets under 39 people get nervous. $170 billion in crypto value even apparatus in the past 24 hours. stuart: that is a lot of money. matt schlapp is with us.
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100 million americans have a piece of the stock market. stock market action mostly through the 401(k)s. when that many people lose money surely there is a political element. does president biden get any of the blame for this? >> we tend to blame presidents when we have problems in national security and the national economy. another pole from the associated press has president biden in the low 40s. the strength of the economy. do people feel optimistic in their ability to pay their bills and favor retirement, for college, these kinds of questions so as you see the turbulence in the markets, look for president biden's numbers to continue to suffer. stuart: if you go back in the day it was the elites that held stocks, 10%, 15%, 20%.
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these days because of the 401(k) hundred million of us adults have an investment in the stock market. that is why i say there's a political element to this. people don't like to see their retirement money eaten away and they want to blame somebody, professionals will blame the fed but a lot of people blame biden. >> you will find a majority of voters are invested in individual stocks and invested in the market. they are not going to be happy if they view opportunities only for the savvy and sophisticated trader that knows a little more. how can they invest without getting much in bank investments and bonds, their cds so they turn to the stk market. what do they turn to next? that's how they start to feel. stuart: i wish i knew and i don't know. president biden turned nasty with a fox news reporter.
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other reporters came to her defense and says it is an important question. >> president biden isn't on top of his game and at the press conference he basically gave a green light to russia. there is no consequence to them invading ukraine and we haven't shown strength overseas. this comes up on top of doctor fauci saying a senator was stupid for asking questions about his financial disclosure statement. president biden is calling another person stupid. instead of calling us all names why not answer our questions? these are legitimate questions. way to go, jackie. stuart: we will see you again soon. time magazine has a bleak portrait of biden's first year
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in office. do we have an image of the front cover? lauren: we sure do. this is year one of the biden administration. you see the president sitting under a storm cloud with a dumbfounded look on his face and a pending disaster is coming. binders mounted on the desk labeled inflation. even donald trump. in the background covid tests not being distributed. clearly surrounded by problems which contrasts that to this. president biden on day one, his desk messy but emblematic of the problems he inherited, the ones he had to fix, begging the question were we better off before or now? stuart: the president may be losing the media. at least some of them. let's get back to the market. i'm afraid we headed south in the last few minutes, we are
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looking at a 180 loss for the dow at 160 point loss for the nasdaq composite. that's a ton of red ink again. nancy pelosi says absolutely lawmakers should be able to trade stock they regulate. that's what she said last month. role tape. >> banned from trading? >> we are a free-market economy that should be able to participate in that. stuart: a change in tune. we have the full story. fresh polling not looking good for president biden. only 28% of voters want him to run for a second term. we will be back. ♪♪ i'm waste one single day ♪♪ but if there is some way back ♪♪ i will be there all the way ♪♪
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♪♪ cheer up sleepy chain ♪♪ oh what can a me ♪♪ stuart: the jersey shore, belmar, new jersey. it is not a beach day because it is 19 degrees. back to the futures market, the wall street opens up in 14 minutes time and we are heading south down 150 for the dow, 130 for the nasdaq. ohio congressman jim jordan, favorite guest on this program. should we add the market selloff? i have been suggesting when you have 100 million americans owning a piece of wall street the president takes a political
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hit when they lose their pension money. >> you are exactly right and i would step back and say in the broad sense there's a reason president biden's approval rating is at 33%. tell me one thing they have done right. record crime, record inflation, record illegal immigration, cancellation of the pipeline, you can keep going on and on and what a 70 the market today, but yesterday the news was a couple hundred thousand dollars claims, 10 million jobs that need to be filled, think about that number, the population of ohio is 11 million. we almost had the population of ohio, the number of jobs in the national economy that need to be filled. that is the only conclusion a rational person can reach in the biggest question is who are the 33% who approve of what he is done? i would like to meet these people. the way it works, the president gets blamed for and this time it is appropriate because he has a number of bad policies. stuart: are you getting overconfident about your chances in november?
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>> great point. i don't think so but always something to keep in the back of our mind, be confident but never overconfident, point out what they are doing wrong and what we would do if the american people put us back in power, the policies, how to reform big tech, take away liability protection, they want to regulate the mandated lockdown, that's a recipe for economic growth so we need to talk about those things, never get overconfident but always be confident because there's a good chance we are back in control come november. stuart: i think you are right on that. do you think it is time to end mandates, vaccine mandates and mask mandates? what do you think? >> fundamental question of mask mandates and lockdowns work why didn't they were? we've got record number of people with the virus, everything they told us about
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this virus turned out to be. president biden said he had a plan, whatever impose a mandate, he did and the supreme court said it is unconstitutional, remember, it wasn't gain of function, vaccinated couldn't get it or transmit it and there is no such thing as natural immunity, 7 false statements they told us in the past 20 months so time to end it. thank goodness the uk reached that decision, hopefully democrats, elected officials do the same, someone said someone said the toughest part of 15 days to slow the spread is the first 20 months. time to end it just like the uk said let's move on and get our economy back where it needs to be and that life and freedom back where they need to be. stuart: that is it. what we want back is our freedom so that we can make decisions for ourselves and not have those decisions imposed on us. fauci should go?
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>> yeah because think about it. when did doctor fauci put his name on the ballot? he's making all the decisions, for two years he has run our lives and yet he will never tell us what the standard is, with the objective is, what the metric is for this thing to end, he will never answer that question. it is time for him to go, highest-paid officially government never put his name on the ballot into the people, he should go and we should do what great britain did, we should get rid of all these mandates and treat the virus serious but get rid of the mandate, bring back freedom because this is america. stuart: i don't think we will. always great, thanks for being with us, see you soon. now then, lauren, come back in, you've got some new numbers that show voters do not really want a biden trump rematch in 2024. >> voters don't want either man to run, they find 20% of voters
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don't want biden to run for reelection. when it comes to trump 2027% say please don't run in 2024. trump remains more popular within his party. more americans want trump to run again versus democrats who say they want biden to run again. feels like we might get a biden trump rematch but 2024 is a long way off and a lot to get through first. stuart: three years in politics is a generational thing. minimum wage for federal employees has gone up. it has gone up really sharply so thomas, from what to what? >> 7 a quarter, to $15 an hour, big increase, start at the end of this month for 70,000 federal workers at the department of agriculture and others. talking about a labor shortage, the government has one too. stuart: they double the income of 70,000 federal workers.
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lauren: yes, for minimum wage. stuart: no wonder they vote democrat. back to the futures market. i want to alert everybody what is going on on wall street. it is a selloff again, a big one, dow down 140, nasdaq down to wall street if that's where you want to go next. ♪♪ it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya.
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stuart: i will start with netflix. that could be the stock of the day if not the year. it is down under $400 a share down $108, 21% lower than yesterday's close. mark mamahaney is with us. you are but dropping your price target on netflix down to what? >> we downgraded the stock. i haven't bought netflix shares in a decade but i changed my mind last night. we had a negative infection point not in terms of the december quarter results but their outlook for 2 million subscribers in the march quarter.
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it is competitive pressure, maturity, there may be some execution issues but that is a sea change. with a negative infection point on a stock like this and you leave premium growth territory it makes this much more tactical and less of an instant downgrade. and when you wouldn't buy $400 a share. >> no i wouldn't. shares are worth $450. one way to think about valuation is there's a path to $15 in earnings in 2023. something like this can generate 20% earnings growth, the market would put a premium multiple on it 20 to 30 times earnings and you would want a big discount in order to buy the stocks. stuart: don't know if you cover pellets on but the stock has fallen below the price. do you have an opinion on that? >> we've been on the sidelines for quite some time.
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there's been a lot of risk, a lot of demand during the covid crisis but this is a product with a lot of competition and high price points. how big is the total adjustable market and what we are hearing from peleton is they are cutting back on production which is a dramatic slowdown in consumer demand. you want to steer clear for the foreseeable future. stuart: you don't personally own peeton. >> i do not and i should probably get one. they will probably be cheaper soon. stuart: i think so. this is a huge selloff. is it time to reprice the whole group of growth companies like big tech. you have to reprice the whole lot in view of this selloff? >> i wouldn't do that.
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was he wants to do is be careful about high multiple stocks and go with best value names with the biggest recovery names for the year assuming it will be beyond covid are getting into reopening later this year so to me that facebook, google and uber, your recovery play, amazon, facebook and google, their growth rates will not dramatically change. you can get google and facebook close to our market multiple for premium growth, you want to veer towards the highest quality consumer tech names. amazon, facebook and google. stuart: i would add a bottom for big tech or close to it? >> that depends, it is a macro call on interest rates. we had a 10% correction in nasdaq. no reason it stops here. my guess is we are not near bottom. stuart: you are in a difficult
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position talking to clients today but that is the business you are in. 20 seconds before we see more selling. the left-hand side of the screen is futures. that's how the market shapes up before trading begins. for the benefit of our radio listeners a lot of red ink on the left side of the screen as of today. we are here, 3, 2, one, being. trading has begun. this a remarkably bad week for the stock market across the board. however, look on the left-hand side of the screen, there are approximately 15, 16 winners among dow stocks. they are opening up green and the dow after a few seconds of business is only down 38
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points, futures suggested a loss of 100 points. down 40 with all the dow stocks open. half of them are up, half are down, that's not quite the selloff we were expecting. the s&p 500 is down, not that much, one third of one%, down 0.4%, the nasdaq down 0.70%. those declines are not as big as we were expecting looking at futures trading. big tech. the only winner is apple. it is on the upside. the rest are down. microsoft challenging $300 a share. susan, good morning. netflix on screen. not just netflix falling after yesterday's earnings. >> roku and disney down as well with implied slowing growth.
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netflix down 21% getting hammered today and that is because netflix, 2.5 million new subscribers in the 1 quarter, wall street looking at 7 million in sales as a result in the first quarter, netflix signed up 2 million around the world, that would be the slowest start to the year, in at least a decade and they are blaming covid during lockdowns, more competition and 7 analysts downgrading the stock including mark mamahaney keeping 525, you see the 420 over there and one brave soul, this is incredible to me, talking about going against the grain, upgrading netflix, everything on sale, they are down 40% from their peak, a huge reaction to one quarter of the slowdown in streaming. stuart: i wonder if it is overdone. i don't remember such a didactic decline for such a
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company in the space of 24 hours. >> what do you think the price action? the close was not pretty. amazon sub 3000 losing 4% at the close and another decline today. amazon, the big tech company, 30%, 40% discount might be a buying opportunity. stuart: it could be. who is going to buy this dip? who is going to catch a falling knife? i heard that many times in the past. the analysts we have on the show today have said we are not at the bottom of big tech yet. how about peleton, they do report next week. it is up 7% this morning after the big drop yesterday. anything after that? >> you talked about it. the ipo price was $29, they
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finished the first day of trade at $27 so they are back up there and this is because you heard the ceo yesterday clarify the report they are halting production of treadmills. they are considering some layoffs and store closures, that would help their margins and make the company more profitable. the stock is down 80% from the peaks we saw over the summer. they are making $1 billion less sales this year and talk about catching a falling knife, upgrading the stock this morning, $40 in their view, that was a dramatic sell down in the stock to recover from. stuart: the dow has turned around, it opened down. it is up 30 points. let's get into the cryptos. earlier they were taking a hit, bit coin below 40 grand, it is at 38,000.
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ethereum at 2800. are they tracking the broader market or is there something else going on? >> what does it say when there's correlation to the broader markets, 6-month lows, ether sub 3000 but not just those, dogecoin, the stock selloff yesterday, the risk aversion correlation, really telling as to how widely held crypto is meeting not just gins thes our millennials, with crypto currency but here is a divergence and tell me what you think, should the crypto play nuclear is straining on marathon and coin base today but we have a divergence where bitcoin has been called a hedge against inflation. bitcoin is down on the broader stock market.
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gold is up. what is the hedge? what is the safety play these days? stuart: the 10 year treasury bond is attracting a lot of attention, dead safe, you won't make much money but it is dead safe, there's a flight to that in terms of flight to safety. it hit 180 again. >> sub 180. stuart: that is an important marker of flight to safety. are you going to tell me about intel? a $20 billion factory in ohio? why ohio? >> i would imagine they are getting some generous tax benefits and this is a huge investment, $20 billion that comes with 3000 jobs in this is the start of let's see how it does in ohio, one of eight future plants, as we call them in silicon valley, this could be $100 billion investment in total. this will come with thousands of jobs, a performance by intel
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among the chips because they've been a lacquer play, nvidia is 50%. last month in december, what a difference 30 days makes. stuart: in this market environment absolutely a big difference. i will show tesla, dropped below $1,000. put it on screen, 987. wait a minute. what is this about tesla head phones? >> how would you like some tesla brandon headphones in the future? elon musk knows how to talk to his buyers and fans and get buzz going especially when it is down 40% from the october peaks. tesla has filed new trademarks to sell audio gear like headphones. there on the interior sound system inside their cars, tesla cars stand out versus the
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electric off reps afford and gm and mercedes-benz. will they upgrade the experience? what does that mean for sales going forward? stuart: i don't think it is affecting the stock. you are right, the high for tesla, $1,243 so that is -- >> earnings next wednesday too. stuart: that will make a difference. thank you very much. looking at down when it's, the list, nike, intel is on that list as well and united health, mcdonald's, procter & gamble. s&p 500 winners, nike on that list as well. i want to see the nasdaq lists of winners, no big tech name. we open lower and move higher and after eight minutes down again, 35 points.
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there is the yield on the 10 year treasury, when the yield goes down, a lot of money pouring in, prices go up. that's the sign of the flight to safety. money going in, pushing the rate down. gold not doing much. bitcoin under a lot of selling pressure, 38,$000 a coin. oil, some selling pressure but not that much, $84 a barrel. natural gas still below, gasoline beginning to inch up, $3.33 is the price of regular across the country. we like to quote californians, $4.65 for regular. clinton's former labor secretary encouraging democrats to go after senator kristen sinema for shaking hands with her republican colleagues, talk about a split party.
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m and ms, the progressive revamp being met with mockery online. we will tell you about that. with omicron appending plans, and the commercial real estate doing? office buildings and retail stores. a bloodbath coming for that market. developer jay scott shield with more after this. ♪♪
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heart of midtown manhattan, 16 degrees on friday morning. i want to bring in jay scott shield. you are predicting a bloodbath for the commercial real estate market. that's a very strong word to use. make your case. >> we are dealing with a lot of pent-up forces coming into play right now. the central business district office is stay-at-home pandemic restrictions, all the disruption we've seen has caused those assets to be compliance. same class a retail they didn't get absorbed in the last cycle. all your hospitality has been devastated through this pandemic and the last couple years. that in and of itself will cause massive defaults. the good news is there is
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opportunity for these things to turn around for investors but the bad news is through the troubled asset the federal program nobody reported on these for 18 months. 18 months of defaults that will start hitting now. that program terminated as of january 1st, 2022. by the second quarter of this year, they come out and banks deal with that. that is a huge crisis in and of itself and the banks take on default assets to make loans. so many assets that stabilize are hamstrung by their balance sheets. 3 years operating statements won't be there to support new debt. and >> and rents coming down.
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>> it is rate compression. value skyrocketing over the last several years because of the sellers market. that is about to shift. less players to take those assets out. by the natural course of things when values drop, lenders have to revalue them. what they do, the federal regulators send out appraisers to evaluate all the assets in the loan portfolio and the pressure is on those values to be pressed down because rents are dropping, occupancy's dropping and the interest rate expansion which messes up the debt coverage so those forces cause values to plummet and everybody loses. stuart: you brought it home to me consider ourselves warned about
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the default to come. we appreciate you being here. taco bell, business school for aspiring franchise owners. this reminds me of the mcdonald's hamburger university. >> that is exactly what it is. taco bell business school, from the university of louisville, starts this month, first class and current workers that could own their own franchise and ask them to apply, and be a business owner in the end. stuart: you've got to pay to be a franchisee and they will train you how to do it. mars. lauren: i was looking at the cost of this program and not sure what it would be. i am not sure. stuart: you pay to get the franchise, you've got to pay. you've given the money and had
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to do it. a moment ago, we showed the m and ms. mars is going to redesign them for more progressive world. what changes are they making? lauren: the green ones apparently sassy and provocative and in a woke world that is not good. if you ever notice that the green character had white high boots they took those off and gave her tennis shoes. the brown one, her heels were too high so now she wears lower heels. should i keep going? do you want to continue with this? stuart: it seems like women are not supposed to look attractive to men. is that right? lauren: in a woke world i guess not all the am and ams our naked. maybe their shell is their clothing but i don't see shirts and shorts on them. this is what we notice when we eat candy.
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stuart: i've got to move on. i can hardly believe it. coming up, tracker troubles. a new vaccine mandate, kelly a grady has the story. he sold 100 million albums, he's an actor who appeared in 65 movies. we are remembering meatloaf who has died at the age of 74. ♪♪ customized car insurance with liberty mutual, so we only pay for what we need. -hey tex, -wooo. can someone else get a turn? yeah, hang on, i'm about to break my own record. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ ♪3, 4♪ only pay for ♪hat you need. ♪hey♪ ♪ ♪are you ready for me♪
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stuart: starting saturday truck drivers need to prove they are vaccinated. there is already a huge truck driver shortage. willis make things worse? >> yes and it already has. there was a similar mandate on the candidate side and once failed as heroes for moving vaccine they are protested at the border. the driver shortage, 80,000
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drivers, the vaccination rate among truck drivers is 50 to 60%. nearly half of the workforce at risk with these mandates. canada is one of the largest trading partners and 28,000 commercial drivers across the board regularly. nearly half of those could be at risk for leaving or changing roots. that would equate to a 50% increase with the driver shortage and carries shell out more money to compete for vaccinated drivers that have dire cost applications for retailers and consumers. >> not enough of them have enough vaccines to develop the freight in demand. rates continue to increase, they are up 30% over what they were a month or so ago. we are seeing surcharges and wage increases for labor. >> reporter: the cost of transporting food from california to arizona, 25% since the canadian mandate went
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into effect. economist when you restrictions could impact the auto industry with canada representing an important part auto manufacturing. recent poll showed 10% of drivers and quit before getting vaccine. we talked to someone here who said more like 70%. it is unclear how long these mandates would last. we could be looking at extensive impact on supply chains. stuart: get rid of the mandates. that is all i ask. still ahead, what a lineup. dan crenshaw, florida congressman brian mask, governor mike huckabee and tammy bruce, the 10:00 hour of varney's next. .. ♪♪ ♪♪
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♪ everybody's working for the weekend. ♪ stuart: good morning, everyone. it is 10:00 eastern. you know, with a market like this, we'd better tell you all about it immediately, as we will. look at that. plenty of red ink now, especially the nasdaq again. it's down 160 points, that's another 1.1% down. even so, even that, we've got the 10-year treasury yield all the way down to 1.75%, but you
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still got a big selloff in big tech. 1.75, the 10-year. the price of oil, $84 a barrel. bitcoin, ah, the cryptos are taking it on the chin again. we're all the way down -- that's the dollar. there we go. bitcoin at $38,000 per coin. i don't know why we're quoting the canadian dollar, but we did. here's netflix. whoa, whoa. sinking like a stone, down 24%, $123 per share. down. all right? that's a bloodbath. now this. this market selloff is different because this one hits a big chunk of middle america. it hits more people than past downturns. there's a political angle to that. now, back in the day, not that long ago, the elites dominated stock ownership. then came 401(k)s and iras, a way for ordinary folks to save
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for retirement. 100 million americans piled in. most of the money that they brought with them went into stockings. now, in the trump rally which took the dow from 18,000 to over 30,000, ordinary folks did very well. president trump used to say, have you checked your 401(k)? the crowd lapped it up. they loved it. when 100 million of us have a piece of the market, they have an interest in the market's performance. love it when it goes up, not happy when it goes down. this selloff is a biden liability. when people ask am i better off now under biden than i was under trump, the answer may not be favorable for democrats. is biden really to blame for the selling? well, in part, yes. because this selloff has a lot to do with inflation which he, biden, seems unable to understand and incapable of fixing. because stock ownership has become so widespread, the performance of the market may now be a factor in elections. republicans could campaign with something like this: look what biden did to my pension plan.
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that's a very effective line. these days a market rally is a plus for the party in power, and a selloff is a liability. second hour of "varney "just getting started. ♪ ♪ stuart: it's friday, therefore, tammy bruce is with us. all right, tammy, i say the markets may now be a factor in future elections. what do you say? >> well, absolutely. wall street is now main street. stuart: exactly. >> right? and so this is key, people get dividends. and and mostly when you look at your 401(k) or your sep ira, you're thinking about the future. you're thinking about is the future bright, because we experienced with the great recession when things collapse, you lose everything because the masters of the universe was wrong and not masters at all, and we are wary. and also when suddenly you're looking at your daily life experiences, yes, inflation,
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empty shelves, gas prices going up, and then you notice -- maybe you don't even look every day at the market. but then suddenly you glance to the side, and the market is moving down. it is a perfect storm. it is exactly the nature of what americans, you know, have been relying on, and it seems like, interestingly, the system is collapsing. then the irs says, well, we might not be able to handle taxes and your refund and everything really efficiently this year. it's almost like a death, a very strange death spiral. your story about the truckers, the canadian -- the usa wanting, you know, the backs on the truckers. when we already have a supply chain crisis, when we know that might be one of the safest jobs on planet earth. and so americans are probably thinking what is going on? this is a spiral, this affects my everyday life, and it affects with your stock market framework the future. stuart: and the vote.
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>> that's how they'll -- they'll vote on that. it is a perfect storm. stuart: yeah. i've got an example of the party, democrats tearing themselves to piecesment clinton's former labor secretary encouraged democrats to go after senator sinema. why? if because she shook hands with republican senators n. a now-deleted tweet, robert rice said tonight republican senators lined up to shake kyrsten sinema's hand. democratic senators should have given her the backs of their hands. oh, my goodness me. talk about a party at war with itself. >> yeah. it's also the subject of my column in the washington times today. this is, though, i think, a microcosm of what's happening with the american people. it's not about persuasion or working together, it's about punishing you if you don't follow an order. that's what this was. reich was saying the quiet thing out loud. some people may be too young to realize that the reference of
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giving her the back of the hand is about striking a woman in the face. stuart: that's right. >> it is an open-hand strike across the face. and, of course, he did not mention that manchin should receive the same treatment, did he? that's what's so striking -- no pun intended -- that it's the woman who deserves that treatment. and from the democratic party which, of course, is where my first book 20 years ago is where the misogyny, the racism, the homophobia lives. so many have left that environment because of the hypocrisy. it's an interesting dynamic and it's a shame, but he's ex-labor secretary, now a professor, a democrat operative, and his instinct was to say that that woman should be physically struck. and shame on them. and this is -- nobody likes that, democrats, republicans, nobody likes it. stuart: nobody. nobody. no wonder the tweet was deleted. >> yeah. stuart: we got it. thanks very much, indeed. appreciate you being with us.
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>> my pleasure. stuart: already -- all right. senator ted cruz spoke with apple's chief executive officer, tim cook. i presume this was about the ongoing antitrust bill, right? lauren: you presume correctly. a 40-minute phone call. i call that lobbying at the ceo level. senator cruz is part of the senate judiciary committee which yesterday cleared a bipartisan antitrust bill that would come down hard on apple but also some of their exit9 to haves' business -- competitors' business practices. as written, this bill would make it harder, cook says, for apple to better protect users' privacy. for example, if you'd be able to install apps without using the app store, tim cook is saying how do i know your phone's not going to be, you know, infected with some virus, for example. so so ted cruz, nonetheless, did vote to advance the bill in committee. so did five other republicans. and, of course, democrats want to get behind this for the most part because they want to have something done before the
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midterms. so we'll see when bill is brought to the full floor of the senate and what happens at that point. stuart: okay. only time will tell. you're not supposed to say that, of course. laura: -- lauren: well, it's a worry for big tech when they're all down a lot. stuart: yeah. amazon, 2,934. the high was 3,700 recently. lauren: i know. stuart: that's quite a tumble. let's bring in david bahnsen, just the man we need. because what we need at this particular time is stocks were just stable in price but which also pay you a big dividend. that's your specialty. what's your first stock, intel? >> well, we do like intel, but, or you know, when you talk about stable in price, i want to make sure that i'm always very clear with you but mostly, of course, with viewers. stable doesn't mean it can't go down. we prefer they not go down 25% in one day like netflix is today
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or 50, 60, 70% like so much of these hot, cool, shiny objects have done recently. but market volatility is part of being an investor. with intel what you have right now is a stock trading at 10 is times earnings in a world trading at 25 times earnings. they are very cheap relative to what they can do in the future. you won't like the dividend yield because it's only 2.5% which is only double what the market's yield is, but they grow the tiff tend every year, and they're investing in america. $20 billion today into ohio, manufacturing plants for transistor technology. $20 the billion in arizona for semiconductor manufacturing. we're thinking a few years out, and we really like intel. stuart: how about ibm? i know you like them too. >> a similar story. you will like this yield because it's a 5% dividend yield. they generate a ton of free cash flow, and we think there's a
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great opportunity to the upside with their artificial intelligence business, their crowd computing business when mostly ibm has been valued off some of their old technology silos. we see a growth opportunity there. stuart: i'm running out of time, can you deal with cisco in 30 seconds? >> well, i can just simply tell you the same story. like ibm and intel, it has old cash flow generating business lines but great dividend yields as they invest in the future. the main theme, shiny objects are not what we ought to be investing in. good, stable companies produce better returns long term. stuart: always good. david, thank you very much, indeed. we will see you again. that's a promise. lauren, come back in again, please. we've got some movers for you to deal with. disney down 7%. go. lauren: yep with. it is tanking in sympathy with netflix today, the same worries; slower growth, weaker guidance. we'll hear from disney february
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9th. take a look at under armour, citigroup upgraded them to a buy, they're a great weight for th athletic space. they can charge more for their product and start accelerating the way they sell directly to the consumer. the stock's at 18.50, flat now. a $29 price target at citi. and finally, alibaba. china state broadcasters indicating jack ma's ant group, an affiliate of alibaba, in a corruption scandal. this is new pressure on jack ma and his internet empire. the alleged scandal he paid the brother of a former politician for access to land. stock's down 4%. stuart: i see mark cuban taking on big pharma. what is it, an online pharmacy is opening? lauren: yeah. of it's called mark cuban cost plus drug company. they do not take insurance. they completely remove the middleman so you can buy about a hundred drugs directly from the manufacturer and el them to you.
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i'm going to give you one example. a leukemia medication that retail is $9600, you can buy it at mark cuban's company for $47 a month out of pocket. stuart: you can get the prescription. as long as you've got the prescription for these drugs, you can get them direct from the manufacturer, that's how it works? lauren: yep. stuart: sounds like a good idea to me. thank you, lauren. president biden says he will make no apologies on the botched afghan withdrawal. florida congressman brian mast lost both his -- lost limbs in afghanistan. i wonder what he makes of the period of time's remarks. he'll join me in our 11:00 hour. listen to this one, a university's training k-9 dogs to detect covid-19. we'll tell you where that is happening. and speaker pelosi first said that lawmakers and their spouses should be -- should, should, should -- be able to trade stocks. watch this. >> [inaudible] and their spouses be banned from trading individual stocks once
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they're in congress? >> no. we have a free market economy. they should be able to participate in that. stuart: guess what? she has reversed course. florida congress congressman byron donald has a lot to say about that. he's next. ♪ -- want to be somebody else, change your mind. ♪ change your mind ♪♪
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♪ stuart: looks like the selling has intensified. the nasdaq is now down 230 points, that's better than 1.5%. the dow is down close to 200 points, that's about a half percentage point. and look at the s&p, big drop there, down more than 1%.
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this is a bigtime selloff in progress completing a rotten week on wall street. more bad news for democrats, new findings show that latino voters are moving further right. hillary vaughn has the story. why the shift, hillary? >> reporter: stuart, it comes down to policies. a lot of latino voters are drawn to the republican party especially in 2020 because of the economic policies and immigration policies that have been pushed by the republican party, and experts are saying that is why we have seen an uptick in latino and hispanic voters leading the democratic party and switching to the republican party. a professor at northwestern in a new york times op-ed puts it like this: donald trump made inroads with latino voters because he and republican governors kept the economy open during the pandemic, cut taxes, distributed stimulus checks, secured the border and expedited vaccine development.
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and latinos leaving the democratic party does spell trouble in the midterms because hispanic voters account for about 1 in 8 eligible voters or and are one of the fastest growing groups in the electorate. there's also a "wall street journal" survey out in december that shows hispanic voters right now have a negative outlook on the economy saying 25% of them saying it's headed in the right direction, but 63% of them are saying it is headed in the wrong direction. so that is something that president biden needs to make up ground on headed into the midterms for his party but also into 2024 if he runs for re-election. and additionally, we talked to mayors here at the u.s. conference of mayors in town in d.c. today, and one mayor from mesa, arizona, told us that he thinks that the republican party needs to continue to reach out to latino voters because their policies align with what
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hispanic voters really want to see. stuart? stuart: hillary, thanks very much, indeed. let's move on to congressman byron donald, republican from florida. congressman, i don't knowth nick makeup of your the ethnic makeup of your district, but are you getting solid support from hispanics? >> frankly, we're getting solid support from everybody. really it comes down to this, whether you're peruvian, guatemalan, mexican, cuban, venezuelan, you know good policies when you see them, and you especially recognize bad policies when they're in effect. it's, without question, that joe biden's policies are terrible for the country. people come here for opportunities, they come here so that their children can be better than they were. and so that's not happening with these current policies from the democrats. they see this like every other american sees it, and that's why they're moving republicans -- frankly, like everybody else. stuart: i think if democrats thought they're the open border
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and lots of hispanics come across, they would ultimately vote democrat. if that's not going to happen, is it? >> no. and one of the key spots that shows it is what happened in mcallen, texas, in the middle of last year. mcallen, texas, elected a republican mayor for the first time in, like, 30 or 40 years. why? because mcallen is epicenter for joe biden's failure on the border, and the people who live there do not want this. they want the border secured. they want the economics of america to flourish and be stable to they can grow their individual lives. of. stuart: speaker pelosi reversed course. she's now open to banning congressional stock trades. so are you in the unusual position now of agreeing with speaker pelosi that that, yes, congress people should not own stocks and trade stocks? what do you say on this? >> well, first, if spooker pelosi's going -- speaker pelosi's going to back good policies, then, yeah, we'll be in agreement. i was a stock trader before i
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got to congress. members of congress should not be trading. we have information that the public does not have available to them. we get it so much sooner than it's, quote-unquote, publicly available. we shouldn't be doing it. it sends the wrong message. president members want to earn money in the -- members want to earn money in the stock market, leave congress. but we shouldn't be doing that while we're serving america. stuart: i decide not know that. -- i did not know that. would you like to offer some market commentary today? we've got a guy adaptic selloff in progress. would you tell us if you think the market is now at the bottom? >> not sure. i actually haven't really studied charts. i've been studying the biden agenda, so i don't want to give out that kind of information. i'm no longer a fiduciary. i want to do it right. one thing is clear in our markets that our economy is going to struggle, our markets are going to struggle because we are hitting an inflationary if cycle, there is no doubt about that. we're seeing that, and it's going to have downward pressure on companies across the board, and it's going to take us some time to work through this.
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stuart: florida's been open, free for a long time, actually no covid restriction ares that i can think of. can you now say, can you now declaring victory over covid in florida? >> oh, man, we've already declared victory. we have been doing a very good job. listen, in florida we managed the pandemic while also allowing people to live their lives. that's why we, even though we had spikes in delta and spikes in omicron, we were able to get people the help that they needed. we were able to get them monoclonal antibodies and the other treatments that were available, but we kept our economy afloat. that's why we have record tourism. people are coming to our state more than any other state in the country, because we helped people get through the pandemic while also letting them keep their businesses open, get their kids in school and live the american dream. stuart: exactly. congressman, always a pleasure. we will see you again soon. >> anytime. stuart: i want to do this story real fast. i understand that k-9s are now being used to spot covid.
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can you deal with this quickly please, lauren? because i i want to get to that market. lauren: okay. so, quickly, they can smell covid. they're being used in schools in massachusetts. the accuracy rate is about 97.5%, that's better than a lot of tests on the market x this might be how we live with covid, right? as you go through security in many places, a dog sniffs you. stuart: if it works, i could get along with that one, definitely. got to check the markets because we are heading south. put it on the screen, please. the dow is down, what, 250 points. to be precise here, it's down 246. that's .7%. that's a big drop. nasdaq down nearly 2% again. i believe the nasdaq so far this week is down 5%. if it's down another 7 -- 2% today, that's a 7% loss in one week for the for the nasdaq composite indicator. that is huge. and s&p down 1.25%. you're looking at a major
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selloff this entire week. amazon, they're down $127 a share, 4. they've dropped below $3,000. 2909. i might remind you that the high for amazon was just late last year, $3,773. so amazon is down about $800 from its high. it has officially fallennen into bear market territory. netflix and nvidia are also in bear market territory. this is a big deal, folks. it's quite a selloff. next case, los angeles county sheriff alex villanueva says the district attorney's sudden empathy for victims of crime is too late. roll it. >> it's too little too late because as soon as he came into office, it was all about activists, black lives matter, the woke policies of defunding law enforcement. stuart: and governor fewsome went -- governor newsom went to see the train wrecks, rather the train robbery down there.
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he had something to say. we're going to play the full sound bite from the sheriff later on the show. he was an iconic singer whose music touch generations of fans. we are remembering meatloaf who has died at the age of 74. ♪ and some things that don't come easy -- ♪ some things that don't come hard. ♪ some days they don't come at all, and these are the days that never if end ♪♪ you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates
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stuart: you've got to look at the markets because that is another selloff and a and a half -- and a half. nasdaq's down 200, s&p down 40. come on in, lauren. you've got some movers. lauren: yeah. stuart: i see alcoa, big maneuver. what's the story there? lauren: yep. they're dot -- to the downside. good news on alcoa. two brokerage ares increased their price targets. they liked the earnings that they saw, but alcoa is getting caught in the selling. it had been trading right near its 52-week high. so investors overall are taking expensive stocks down. let's take a look at moderna. if you look at the past four months, this stock has been cut by 65. the booster rollout is
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disappointing, it's running about 28% the pace of the original vaccine rollout with, obviously, a much better supply right now. look at biontech, ubs cut the price target to 170 from 300. that's a 43% cut. so there's two shifts in the market right now. the pandemic and the pandemic premium that a lot of companies had, that's fading as monetary policy is also shifting and changing and the fed meets on tuesday and wednesday, and i think that's what the tech sector especially is responding to. stuart: i think you're right. really taking it on the chin. by the way, breaking this morning, legendary or singer meat loaf has died at the age of 74. mike gunzelman joins us. he was quite a guy. he had an amazing career, gun dis. >> absolutely, stuart. icon, legend. all of this is relatable when you're talking about meat loaf. the numbers speak for the for themselves, over 100 million albums sold world wild. his bat out of hellal bomb one
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of the greatest selling of all time, and all the hits, paradise by the bashboard lights -- dashboard lights, and what's interesting is it wasn't like he was a one-hit album wonder. his biggest song, perhaps, was i would do anything for love. that was later on, and that ended up getting him a grammy. so the numbers speak for themselves. everybody kind of knew the name, and for the viewers wondering how he did get the nickname if, it was because his father told the doctor he looked as red as meat, and he was such a husky child. he was playing high school football, e of his coaches added the loaf. stuart: he wasn't a traditional -- i say traditional, he wasn't your regular out of control rock star with drink and drugs up the wazoo. he was not like that. he was a straight guy, wasn't he?
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>> yeah. i mean, what you saw is what you got. what he really, really appreciated and took -- and really wanted to showcase was it wasn't just his voice, it was the performance. so when he stepped on stage, he transcended into a whole different performer and person rather than the more low key person that he was when you would see him off stage. something that's very interesting is a couple of weeks ago betty white passed away, and i did a lot of interviews regarding her. it wasn't so much -- people were wondering, well, what made her so special? i always said that it was, besides that she was awesome, that she transcended across generations. with meat loaf, i wasn't even born when he was the biggest that he was, but i know all his songs, my friends know all his songs. we would still see him in concert and also my younger nieces who are the next generation, they know his songs from commercials and ads. so once in a while you do get that timeless musician, and that was meat loaf. stuart: he was a good man.
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just hold on for a second, gunz i want to get back to lauren because adele has postponed a big series of concerts, postponed 'em 24 hours before opening night. there's got to be some fallout from that. lauren: yeah. well, she said it was impossible to get the show together because there was so much covid that the team was dealing with. last minute announcement, it brought her to tears. let's watch her. >> half my crew, half my team went down with covid, and it's been impossible to finish the show. and i can't with give you -- i'm gutted. i'm gutted and i'm sorry it's so last minute, and i'm really embarrassed. stuart: -- lauren: yeah. you asked me about the fallout. caesars, if you bought a ticket and booked a hotel, they'll refund you. adele is promising refunds, but ticketmaster hasn't confirmed how people get their money back.
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i think this speaks to the entire pandemic. you think you can do something and then all of a sudden you can't because there's too many infections. and she's, obviously, very upset. stuart: lauren, let me just bring gunz back in it. as i understand it, some fans of adele found out mid flight as they were heading to vegas that it was canceled. what do yaw make of that? >> yeah. i mean, it's just -- as lauren said, that's what's happening these days. she was said to make upwards of $700,000 a night for these shows. she had 24 shows booked. she announced it yesterday, 24 hours ahead. it's just not that, say, she or someone close to her got covid, it's the fact that the supply -- they couldn't do the whole production. when you're talking about an international superstar like adele, you need to make sure that it's all set. but because of coronavirus and things not getting there on time and one by one people started getting it and the production is, like, how do we go ahead with thisesome you have to have
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it all set. but it's very interesting, stuart, because i'm actually in phoenix. i'm hosting a music festival this weekend and dj-ing and all that. festivals are happening right now, but, stuart, we are going backwards when it comes to tours. so many tours are already being postponed and canceled across the country because of that public shame perspective, o.k.? a band announces a tour, the social media mob chirping away on social media saying it's still not safe, how dare you, publicly shaming these bands. that is happening once again just as it did two years ago. we're going backwards. and, stuart, it hurts the fans because a lot of them won't be able to continue. -- the bands. the crew members but also local venues. there's the business aspect. these local venues can't survive. and you think about local pizza shops or those restaurants near the venues expecting a thousand people to be there? guess what? it's not going to be there now.
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the public shaming needs to stop. we've got to live our lives. stuart: i'm with you all the way. well done, gundis. you're fired up about the right things. see you again soon. of. speaker pelosi wants to resurrect build back better by breaking it up into lots of different parts. i'll ask pennsylvania congressman fred keller if he can support any part of build back better. he's on the show. violent crime plaguing the cities. jen psaki has repeatedly touted department of justice support for law enforcement. but the department hasn't started any new initiatives. peter doocy has that report for us next. ♪ bad boys, bad boys what you gonna do -- ♪ what you gonna do when they come for you? ♪ bad boys, bad boys --
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♪ can't buy me love, love ♪♪ stuart: why not a little beatles at 10:41 eastern? you are looking, by the way, at
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boston, massachusetts. man, it's cold there, 13 degrees. check those markets, please. you talk about volatility, just a few moments ago the dow was down a couple hundred, i think it was. then it bounced to a gain of 70, now, a few minutes later, it's down 90 points. the nasdaq's still down 130 points, s&p still down 31. this is a volatile session. president biden will address the country's mayors today. major cities see a rise in violent crime. peter doocy at the white house. what's the administration doing about the crime crisis, peter? >> reporter: stu, they see that the trend lines are going in the wrong direction. the stats are rising when they are supposed to be falling, but the president is not planning to change his approach when it comes to a rise many crime and a rise in the murder rate. instead, he's just hoping that these local elected officials are going to start making better use of federal funds that they've got. >> he believes that more needs
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to be done by local leaders. i wouldn't expect he's going to comment on or engage in every local law enforcement action. >> reporter: so that's that. but the common denominator in big cities dealing with increases in violent crime and murders, progressive prosecutors. and it's gotten so bad that some are actually changing their approaches like in new york where the district attorney, alvin bragg, is walking back a memo he wrote that made it sound like many offenses would not be prosecuted. >> we will be prosecuting all robberies with a gun as a felony. violence against police officers will not be tolerated. we need to focus on like a laser the truly violent activity that is destabling too many of our communities in manhattan. so that's my vision for manhattan. >> reporter: but some republicans believe president biden needs to start scheduling some more speeches about crime. >> far-left rhetoric and
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anti-law enforcement local policies have led major cities to set all-time records for homicides in 2021. so why aren't democrats treating this like an emergency? when was the last time president biden even talked about this? >> reporter: so the white house wants this to be a local issue. well, he's going -- the president's going to have a chance to hear from local leaders later on today about what exactly they think of that when he goes a few blocks away to a nearby hotel to address a conference of mayors. stu? stuart: all right. i hear ya. peter doocy at the white house. thank you, peter. governor newsom, california governor, he actually went to visit the train tracks in los angeles which are just strewn with looted items. why -- this is why some of your christmas presents didn't arrive at all. well, newsom actually went late, and we've been broadcasting this for three days. eventually, he went and took a look at it. i don't know what he said, but
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he took a look at it. lauren, come on in, please. what's the los angeles county sheriff doing about all of this? lauren: he says the policies do not work and that the department a., fast cohn -- gascon,'s empathy comes too late. >> everything he comes about supporting victims is after the fact, it's too little too late because as soon as he came into office, it was all about activists, black lives matter, the woke policies of defunding law enforcement and believing that letting more people out of prison, holding them with lower sentences for violent crimes somehow is going to reduce recidivism when the exact opposite is what is happening. lauren: yeah. and we saw the stabbing of brianna if couper if if while working ott that high-end furniture store. her killer was a vagabond killer who had a rap sheet that was so
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long. and then that sheriff said in one year this l.a. d.a. refused to prosecute 12,000 cases in one year. deranged people do bad things. stuart: yes. lawyer lauren potentially 123,000 of them weren't prosecuted -- 12,000 of them weren't prosecuted. stuart: not good. let me leave it at that. let's get to the border crisis. we've seen eight straight months of record-breaking illegal crossings at the southern border. now more than a hundred republicans are calling on homeland security to investigate it and investigate the president's border decisions. texas congressman dan crenshaw fighting for health care workers' rights. he says his new bill will insure that they will be at the hospital to care for you with instead of being fired for not being vaxxed. congressman crenshaw joins me next. ♪ -- i need a hero. ♪ i'm holding on for a hero til
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♪ stuart: this is a worrying trend, 1.4 million people passed through tsa checkpoints on
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thursday. but that is down significantly from the 2 million people who crossed the tsa checkpoints in 2019 on this day. so we're not back to traveling by any means. by the way, we just got word that the tsa is making it easier for illegal immigrants to pass through those checkpoints. tell me all about this one, lauren. lauren: well, you show your driver's license or a passport, but illegals can show their arrest warrants. i.c.e. formed i-200, that's the warrant for arrest of an ail alien, and they can -- alien, and they can show that at the airport. so if you're a migrant and a criminal, you can potentially get onto an airplane. got that? tsa tells fox additional screening does happen at that point. stuart: and you don't think we've got a border crisis? good lord. thanks, lauren. want to bring in congressman dan cent. [applause] , republican from the great state of texas. we've had eight straight months of record-breaking illegal migrant crossings. you know that.
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what's the impact on your state, and are you getting any help from the feds? >> well, huge impact and, no, we're not getting any help from the feds. [laughter] i mean, i'm blown away by what i just heard about tsa on your show, by the way. this is unbelievable. and this speaks to this misprioritization that's occurring with this administration. i mean, it's harder for u.s. citizens to go get a sandwich here in washington, d.c. than it is to cross our border illegally and apparently now get on an airplane for illegal immigrants. they want illegals to be able to vote in many left-wing cities now. so the priorities are deeply un-american. they're completely against the america first policies that existed under the trump administration. over the last eight months, what you've seen is almost 2 million encount orers with border patrol at our border. and why is that? because people are incentivized to come over. they're going to claim asylum, and we're not going to adjudicate their cases, so they're let loose into the interior. and the democrats will say they
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all -- always show up for their court cases. this is false. there's a study with dhs that shows almost 90% don't show up. if so they have an incentive to keep coming across, and we have to put a stop to this. texas is trying, but it's very difficult at the state level to do this. the federal government has to step up. i've called repeatedly for the impeachment of mayorkas for deliberately refusing to execute the laws of the land because we're helpless at this point, and it's frustrating. i want to say this, i'm working on legislation to double the funding request for immigration judges at the border. that's necessary because if we can adjudicate these claims quickly and get them deported quickly, it will reduce this backlog, and it'll start turning people back. stuart: i've got to get this in. it drives me crazy when i hear of health care workers fired because they would not get the vaccine. they may work through the horrors of the early days of covid but, oh, if you don't get
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the vaccine, you're out. i think you're trying to stop that, right? >> right. so the supreme court made a big mistake in their decision on the hhs. they did a great job with osha and striking down that mandate, but they did not do so with health care workers claiming the language in statute allowed for it. well, i want to make the statutes very clear and say -- so i introduced the no mandate for health care workers act which would make it clear what congress' intent is, no vaccine mandate. a lot of these health care workers already have immunity, they've been working through the pandemic this entire time. look, in nursing homes in particular, we have a worker shortage of about 420,000. that's massive. that's far more of an issue than forcing people to get vaccines. so we have to do away with these mandates at all levels, any kind of mandate. stuart: absolutely. you'll get maximum support from me and this program on that point. dan crenshaw, thank you so much. we appreciate it. >> thanks. always great to be with you. stuart: omicron surging. the nation seeing a rise in covid cases in children.
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lauren, how many infections were reported this past week? i'm pretty -- it's a huge number. go ahead, shock me. lauren: it is. it's 981,000. that's shocking because it's 69% higher than the week prior, triple the number from two weeks ago. so in total since the pandemic, 9.5 million kids infected with covid-19. so in the past week, that contributed 10% of the number. of there's been just so many infections recently. but here's the deal, the numbers are high. the death toll is not. the american academy of pediatrics says it's 0-0.26% of all covid deaths are in children. so i guess if there's good news, it's that. stuart: it's just sweeping through everybody real fast. 981,000 cases in kids in a week? my goodness. that's a surge. that means it could be over soon. we can but hope. still ahead, former arkansas governor mike huckabee, florida congressman brian mast,
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pennsylvania congressman fred keller. the mainstream media almost always has a piece on january 6th. it is not january the 6th, it's trump's legal challenges and/or his statements on the election. they're trying to deflect from president biden's dreadful first year. that's my opinion and that's my take and it's next. ♪ ♪ let's see how far we've come. ♪ let's see how far we've come. ♪ i believe it all is coming to an end -- ♪ oh, well, i guess we're gonna pretend ♪♪ ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪ it has our back. and goes out of its way to help.
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is goes back to the uncertainty surrounding was going to happen. let's say that's going to be the subject for the year. >> you see the turbulence in the market, look for president biden's numbers to suffer. >> record crime, record inflation, record illegal immigration corrected prices energy, cancellation of the pipeline me? going on and on and what is happening in the market today. >> you want to veer towards the highest quality consumer tech names, those are 3 of them. >> wall street is now main street. when you look at your 401(k) or whatever it is you are thinking of the future, is the future bright?
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stuart: you got to check the market. it is all over the place. you are looking at volatility. the dow industrials were down 200 points, now we are up 67. the nasdaq was down close to 200 points, now it is down 75 points. big tech all over the place. microsoft challenging $300 a share. apple a fractional gain, 46 entire, google up $11 so amazon way below $3,000 per share. amazon is in their market territory. look at the 10 year treasury yield, we had it at 175, now is 176. netflix, call that the stock of the day.
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plunging 23.9%, that is netflix, rarely do you see a drop for a company of great size and bitcoin, all the condos taking heat today, bitcoin back to 38-7, ethereum way below 3 grand. the president is going to speak at any moment talking about working to increase the supply of semiconductor chips. we will monitor and bring you any comments and headlines later. now this. i consume a lot of media. i has to. it is part of the job. i've noticed recently the new york times, washington post, nbc, abc, cbs, cnn and msnbc almost always have an item on january 6th, the right which they insist was an insurrection. it is not january 6th, it is trump's legal challenges or his statements on the election. the point is it is always trump
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even today, a year after he left office. we are coming out of a dreadful year for president biden. he's gone from crisis to crisis but the media doesn't want to play that up. they have to deflect away from that because the media supports democrats and when democrats are in trouble they go back to hating trump. they are planning televised insurrection hearings this summer. going into this year's elections what else today have? the democrats failed in so many areas have nowhere to go but reviving their trump hatred. their allies in the media are only too willing to help but i don't think it works. i don't hear people talking about january 6th. i hear them talking about inflation. empty shelves, mandate fatigue and all the other things that count in people's everyday lives. democrats will never let their trump hatred go because it is all they've got. third hour of varney starts now.
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governor mike huckabee joins us now. welcome to the program. will the media ever hold biden accountable? >> know, of course not because they want him to be protected. your take was spot on and if they televised these hearings it shows how dumb they are. the people of america are not as dumb as liz cheney and the other trump heating democrats are. they think it is all about trump but for most people it is all about their own household, can they afford groceries, can they afford rent, put gas in their car, can they keep their home on a cold winter day, that's what they care about and something that happened a year ago that trump didn't do they don't care about it. me when i need your help on this one. president biden got defensive when asked about campaign promises. listen to this and see what he
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is saying. >> president biden: a couple our press conference the other day and i got asked a question i used to get asked, you promised. i proposed. a lot of things change, you say something in the campaign it is a promise until you get it done. we have basically 15 presidents in the senate, anyone can make a big difference in the outcome of that. stuart: i hope you listen carefully. can you explain, help me out here. what did he say? >> he was explaining that he only proposed things, he didn't promise. say that to any woman who just got a marriage proposal that is somehow doesn't mean there's anything promised about it. biden owns the senate, the house. it's not republicans were keeping him from his radical left agenda. it's the few same people left in his own party to recognize that he himself is saying polar opposite of what he said in the past about the filibuster, he
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also is saying exactly opposite of what he said about questioning the integrity of an election it also has failed to deliver on whether it is his proposals or promise, he was going to shut down the virus, not the economy, the virus is just going crazy and the economy isn't. stuart: i think we are close to the end of this surge and when it is over and the economy will come back and i bet president biden takes credit. i guarantee that is what he does. what do you say? >> of course he will and any president would. that's how politics works, you take credit for the things that are successful and you never take responsibility for the things that fail. that was the guy before you who did that. the difference is in this case the press will that and get away with it. historically the press had enough cynicism and asked questions. stuart: always a pleasure, see
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us again soon please. back to the markets. you've got to go back, dow is up 80. nasdaq is down 50. s&p is down 3. you've got to check this minute by minute because it is all over the place today. jonathan koenig is with us. what are you telling your clients? >> terminus volatility not just this week but all month, the nasdaq is down 10% but what should you do? it comes down to your own context but what i see big picture is a lot of falling knives, 628 lows, six new 52-week highs of the trend is down. i see a lot of falling knives and my $0.02 for anyone listening is don't catch them. stuart: do you think this is the start of something big? >> you never know if a correction is just a correction
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where the nasdaq is or a bear market, the learned something more dramatic. back to 2000, if this is march of 2000, you probably have a decade before stocks reach that only. when you double down on the way down you are putting more of your assets in a stock or index at the wrong time. my instinct is we have low were to go. very extensive valuations so that's my $0.02. at the very best sit on your hands and don't do much. stuart: do you think -- what kind of chance do you think there is of a real bear market? will stocks go down and stay down for a long time? >> the stock the chances are very good. cisco is a great example. after 2000 cisco didn't go out of business but it never really achieved those dramatic gains that it had, didn't eclipse the
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2000 price for over a decade. this is a fearless prediction a lot of high-tech flyers, maybe bitcoin itself. they've been trading, we talk about scripture, for years in the market, the trend might be going away. stuart: you are killing me. >> there's always new paths, emerging markets, commodities, there's a bull market somewhere but it might not be for the next couple years. stuart: you made your point. i have been warned. we appreciate it. take a look at pelaton. it is only just right at its ipo price. how much market value was wiped out by this big selloff?
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>> deal price was 29. it was down so sharply, 24% yesterday. wiping out to billion dollars worth of market value so very diplomatic of the big shift, work out from home during the pandemic and so much growth, that has slowed if not stopped dead in its tracks. ceo john foley addressed the report yesterday that it was temporarily causing production and calling it -- promising to make, quote, significant corrective action like cost-cutting so they can increase profitability but this is a big reset going on for a lot of those popular things. >> another huge decline in netflix overnight wiped out $50 billion or something like that but take a look at the other streamers. this is all about the streaming
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business. >> the high was $700. look at shares of $3.90, this is where they traded four years ago, four years of growth wiped out just like that. growth is slowing, they say the will only add 2 million subscribers this quarter. in march their originals come out but it might be a similar story for their competitors which include disney and amazon. i'm curious to see, are they up or down? so much volatility and there's the inter-day chart on the bottom. they had a 3-month low because analysts see a slowdown for chipmakers on waning demand for computers. speaking of chipsmakers, intel, investing $20 million more than that. ohio plant manufactured chips despite what demand is there is still a shortage and the ceo says the shortage could last two more years. stuart: we have been warned again. thanks. senator manchin says any revival of build back better negotiations would have to start from scratch. we will get into that.
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president biden says he makes no apologies for the botched afghan withdrawal. congressman byron mast lost both his legs serving in afghanistan it is you to respond. tension between russia and ukraine still rising. russia's foreign minister meets with secretary of state anthony blinken, we go to ukraine for a live report next. ♪♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.
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when democrats want the biden administration to help at risk afghans. what are they asking for? lauren: it is called
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humanitarian parole, easing of the requirements to allow 35,000 afghans seeking asylum in the us after our chaotic exit from afghanistan many of them fled to other countries and tore up their documents so the taliban and wouldn't know their history and one of the requirements is they have to have third-party documentation to prove the reason they are seeking asylum is legit. for many of these afghans they physically can't do that. stuart: difficult situation. president biden defense is afghan exit. role tape. >> president biden: there is no way to get out of afghanistan after 20 years easy. not possible no matter when you did it. i make no apologies for what i did. stuart: no apologies. congressman brian asked. you lost both legs in afghanistan. what do you make of this i offer no apology for afghanistan?
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>> a heartbreaking thing to hear from the president, does not ring true to anybody's it would be given the title commander-in-chief and i think it is worth unpacking. he said there is no way it could be done. let's unpack it in this way. his objective was not a strategic national security objective for the united states of america. his objective was get out by september 11th so he could have a september 11th celebration so his calculation was those 13 lives and potentially way more were worth his political celebration, not a national security objective. that's why we couldn't get out safely, he wasn't basing it on what was good for national security, he just wanted a party and it cost 13 american lives. stuart: are you angry? >> i'm angry beyond words as every family member should be angry. every american in uniform and every other american should being re-blooge think about
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that fundamentally. the president is saying my politics are worth your lives sign up in the service. that has never been what our military has been about it never should be about. stuart: i'm going to change the subject. i understand your anger. blinken met with sergey lavrov. do you think we will get a diplomatic settlement here? >> i don't -- in this way. there is one thing that should be on the table, through deterrence to russia in fading the ukraine and you don't hear the united states of america talking about are the eu and that is full nato membership for the ukraine. that is the only thing couldn't fears. beyond that, with the president is saying is if -- he is splitting hairs about what kind of incursion might take place and if that sort of thing happens we will deal with that,
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not saying this is the one thing that will stop russia from invading ukraine, having to face all of nato and attack on one is attack on all. showing we will have peace because of that strength, believing in peace through strength because biden and the eu are not projecting that. i don't think there is a way to stand against putin and his calculation on the ukraine. stuart: has proven played our president? >> i think he realizes what our president is, he hasn't played them, he and every foreign intelligence agency look at what this president says and does. how does he say minor incursion, how does he allow the taliban to force the united states of america out of our embassy, out of bagram airbase, on the timetable they say was a timetable we decide when the list could go on and on. if you are a foreign intelligence officer you are looking at that saying you can
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roll this guy in a heartbeat. what conclusion can you come to. stuart: that really hurts. thank you for being with us. thank you for your service, appreciate it. staying on ukraine, let's go to ukraine. you are talking to residents. what are they telling you? >> reporter: talking to residents. they are concerned, watching what is happening in geneva today with high-level discussions between secretary of state blinken, russian foreign minister lavrov, what blinken said it is something government officials would be happy to hear and that is no russian incursion would be allowed and that would be that an invasion will be met with severe swift response. he claimed there is a clear understanding. there -- the two sides are dangerously far apart. some written answers coming
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from the us next week. 125,000 russian troops built up around ukraine's borders with more ammunition, supplies sent from russia to its separatist fighters in the east is ukraine be pleased blinken promised more military aid for its forces, officials have been calling on the us to act now. earlier today, one spot in here put everything in context. >> here in kiev, only one question. where will we bury the russian soldiers? >> that was one individual at a memorial wall, a wall to the killed soldiers in this badlands billions, 14,000. tough emotional words that after the latest round of talks there is a big question.
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stuart: right in the middle of it. thank you very much, see you later. back to the markets. volatility is the word of the day. half an hour ago everything was red, big-time red. now it is green. the dow is up 140, despicable me a point and the s&p up 6 but that's a complete change of direction. coming up, crime so bad in portland that this restaurant was forced to close its doors forever. the owner is here to tell history. president biden blaming meet conglomerates for the rising the prices, we take you to one supplier says biden's claims are bogus. we have the report coming up for you.
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wednesday on this show. congratulations to you, you got it right. my question is, is this the start of something really big? tell us where we are going here? >> we could be oversold here. we make a little bounce but i don't trust any rally right now. i think investors need to look at signals we've been talking about since november. this market in our opinion is going to be trading like a bear market for the next 6 to 8 months. in bear markets you will get bounces and for those who did not see risks they need to look at those risks as opportunities to reduce risks. yesterday the market was up at the open, we trended a little more. we are preparing for a lot more downside than where we are here. people have a hard time wrapping the head around this because they look at how solid certain companies they own our
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but when you're in a selloff it doesn't matter if you're good company or bad company, if you're in the wrong sector you are going to get hammered. the fed is the biggest question mark. stuart: if this is a bear market is that the kind of market we go down and stay down for a number of years? what are the chances of that? >> i do not think that's going to be what happens. we will see a deep selloff the last another 6 to 8 months and i believe at that time the fed will change course and start to potentially loosen policy again and that will be a great opportunity to buy these assets. i believe in my opinion we still have another 8 to 10% on the broader markets that go down over the next 6 months, 8
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months because the second quarter, if the fed does what they tell us they are going to do the second quarter is going to be problematic because the economy will be slowing down quite a bit, earnings growth compressing and the yield curve that started to flatten right now, the 10 year come down and even today the market is trying to come back but the top performers as i'm looking at holdings we have for our clients, utilities are doing great today, consumer staples are doing great today, renters doing great today, the lower beta plays are outperforming the high-risk stocks on an upmarket. it is happening and you need to be active and trade, you need to own the opposite of what you owned last year. stuart: that is pretty radical stuff but we appreciate you jumping on the show like that and we do appreciate it, see you again soon. let me bring in susan. you are looking at the movers here, the under armours of this
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world, athletic apparel. go at the movers please. >> we are looking at random jumps, rare stocks that are up in this down market. you have a call from cities today calling under armour a by, it is worth $29. a 50% upside and under armour should be able to follow nike's success with better online sales in north america should be strong and that correlates to nike rallying today on the back of that grade. in their view, it is worth 740 and there's improving demand for non-dairy protein and stock hit bottom. at $6, it is trading at two times its ipo price at $17. imagine if you bought into that ipo how you are feeling today.
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i want to show you netflix, 7 analysts downgrading the stock on the back of disappointing guidance of $2 million for the first quarter and the slowest start to the year in a decade and there was an upgrade from benchmark today. they are calling in a hold and it is up from cell and there's a lot of talk that apple is going to buy some of these companies that are underperforming, trading it bit or netflix. $9 billion in cash guidelines. they are not going to. stuart: i don't see apple buying peleton. we will bring you back for friday feedback. one small business owner in portland was forced to close his restaurant because of constant break ins by homeless addicts.
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eric post joined me now. you are closed for good. you don't see any improvement in the future. >> not at all. thousands of small business owners were forced to pick up garbage and cleaning human waste off our doorsteps before we could open, constantly picking up broken glass. this isn't happening because of failed leadership but because leadership whose ideologies brought us to this standpoint. we need to be honest about this. stuart: is it the far left that is to blame here? >> i hate pointing blame but in oregon we haven't had anything but a democrat governor for 35 years a democrat mayors elected in portland since 1956. 66 years. i think it is only fair to recognize the negative effect of decades of 1-sided power and policies. the policies of governments in my opinion come from the friction of competing ideas and
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keeping each other accountable. we don't have any. stuart: would you consider portland and going to greener pastures elsewhere? >> definitely considered it. i have two kids, the public system is sad. there's nothing compassionate about a school system turning out a generation of children that are less prepared for the world than ever before. the difference between running and supporting my kids are fighting for what is right. i making posts online tell people realize the dangers of this 1-sided policy. stuart: keep on plugging away because we are with you. this one party rule since 1950s, ridiculous, you need competition in politics. i'm out of time but come back and see us again soon. i like an update on your situation. remember when president biden blamed the rise in meet prices on the meet conglomerate? grady trimble has been talking to a meat supplier in chicago who says that is baloney.
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who is he blaming? >> is not think it is price-fixing widgets the higher cost of transportation, labor, the worker shortage. you say these claims of monopolistic price-fixing are bogus. >> a lot of people don't understand what our industry is. it is a very low margin high paced industry. at the end of the day efficiency is the key. if you don't have the people to be able to efficiently work on a production line, to break down the animals, if you don't have the transportation to deliver it, those gaps in that supply are what is going to cause your prices to go up. i had the privilege of being in this industry to go to a slaughter facility and it amazes me how many people they are able to put in that building.
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>> during covid. >> safety was a very large concern. you had to spread people out. if you have to spread people out, you have to slow your line speed, maybe you are not producing the same volume you use to produce because you don't have the capacity with the resources. at the end of the day guess what is going to happen, you produce less product which puts pressure on the supply which we all learned in high school supply and demand, it will cause your prices to go through the roof and on top of that you can't find the quality of people and transportation costs. stuart: simple economics, you heard it from somebody seeing it every day and the business. stuart: that gentleman made a lot of sense. my congratulations please. see you later. speaker pelosi wants to revive build back better by changing its name and breaking it up into separate parts. will that work? congressman fred keller is on the show next.
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stuart: up to speed on the progress of your 401(k). a few minutes ago it was all green on the left-hand side of the screen, now it is back to all red. another big loss for the nasdaq down 92 points. speaker pelosi not giving up on bills back better. >> the president indicated yesterday, i am sure you heard, i wonder what you think of that statement. >> what the president calls chunks i would hope would be a major bill going forward, may be more limited.
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but it is still significant. we may have to rename it to something even build back better than that, whatever we decide to call it. we won congressman fred keller, republican from pennsylvania joins me now. the democrats want to break up build back better into pieces. any piece of build back better that you could wholeheartedly support? >> they are going to break it up and i think it is important no matter how they break up it will be the same bed recipe for america. this will likely go on for generations and kids will pay for them. we need to examine what they are going to do. stuart: you wouldn't approve anything? >> i would want to see how they break up and how they move forward but there's a lot of things, i don't agree with putting the debt on our kids and the things they want to do the the energy sector and it would increase prices.
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stuart: treasury secretary yellen says build back that would make it easier for parents to participate in the labor force. can you get behind that? >> we can get behind making things affordable for americans but how we do that, americans participating in the labor force in 2019, why do we think the government needs to tell parents how to do that? stuart: how do we get rid of inflation in america? >> i think what we need to do is look at affordable energy, correcting the supply chain issues that have happened and making sure we are not penalizing workers and putting mandates on employers that get in the way of them doing their job. stuart: do you want a big spending plan? >> we don't need a big spending plan. what we need is ideas that allow americans to do what they do best, americans but the greatest economy the world ever seen before this pandemic and we were poised to come out of
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it very very well and what happened, the biden administration started doing things that are gotten awaited start on day one shutting down the pipeline putting mandates on employers, a lot of things get in the way of the american people. stuart: indeed. sorry it is so short but i've got to keep up with the market action. congressman fred, republican pennsylvania, thanks for coming on board. thanks very much. senator joe manchin, another blow to the democrats. what did he say about reviving the big spending plane? changes $1.8 trillion offer is not on the table. is open to starting from scratch, bottom line, could have gotten a deal if they negotiated with manchin in good faith. the country is in a different place now as is the president's approval rating.
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this is a party and divided the nation that doesn't have an appetite for this. to quote chad program jesus typically the party in power has until spring before the midterm elections, before the die is cast. they have until spring done for whatever they are going to do and then you are going to vote how you are going to vote. stuart: spring starts march 21st which is approximately eight weeks away so haven't got much time. thanks very much indeed. >> the state of the union. >> right now i'm checking the market and we are down just 12 points on the dow industrials, we been up and down all day long, on the left-hand side of the screen, gives you a sense of the market. all 30 of the dow stocks, a third up, 2 thirds down roughly speaking, don't go anywhere please, friday feedback is next.
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stuart: rather -- what is that? is that from las vegas? yes it is.
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that las vegas it has been years since i've been there. i used to go a lot making speeches but haven't been in years. it is cool, 43 degrees. it is time for friday feedback. let's have susan and lauren appear right next to me and get started. this concern andrea. on my bucket list to appear on "varney and company" and have stuart say at the end of the chat you are all right. you may come back. i watch every day, can't miss. business and political information delivered forthrightly and with grace. isn't that nice? very nice. no further comment required from us. this is from david. if bitcoin is 43,$000 per coin how do you give someone 10,$000 worth of bitcoin? >> there slice of these days. if you want to buy 10,$000 you can buy 10,$000 and that is why
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the irs crypto reporting rules need to be changed. you are slicing up one bit coin into 1000 pieces, how can the minor report to the irs about the thousand people that bought 10,000 or $100 worth of the same bitcoin? stuart: i never thought of that angle. you can split them up so you can give 10,$000 but this is from greg who wants to know where in florida do you like to go when it is cold? i think everybody knows i am in naples kind of guy. i'm on the gulf coast kind of guy, not the atlantic coast. how about you? lauren: when it is cold, when it rains on my vacation go to a mall or something, i haven't been in florida that much. >> miami beach, love it, great restaurants, wonderful people. stuart: my daughter into loves miami beach. i am a naples guy.
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roy, i wanted to thanks to and crew for joining me in a day of work on martin luther king day. other business channels are playing tv shows, the hardest working business channel is hard at work. i didn't read that very well but take the sentiment. everybody on this show works very very hard. take about, because used to work. >> hard to talk about business news on a day when markets are closed. we should get to times, 3 times. stuart: we substitute business news with politics which is my bread and butter and everybody knows it. russell says congratulations on your anniversary, your longevity is a result of common sense like your comments on identity politics. my editorials are kind of sharp edged sometimes.
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i always take a position. and my too sharp it? looking skeptical right there? >> i think you have incredible energy. don't know what kind of coffee you drink or tea but i want some because at 73 to be doing 3 hours of television five days a week is amazing. stuart: why are you shaking your head, and that was nice. lauren: i said you don't drink coffee when susan says i want to know what coffee you drink i don't think you drink coffee. >> for 6 years i drink coffee by the gallon but gave it up for 5 months ago and i now drink tea which has a different effect on me but still gets me going is the caffeine still works. i better move on. let's get to ron who writes this. it will be interesting to see big business based in the big apple steps up and puts pressure on city government to restore law and order. what kind of message does it send to the employees they want to return to their offices in
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new york if they do nothing. absolutely. let me ask you, both of you, susan, you live in new york city if you don't mind my telling the world that. how do you think things are going with the new mayor? is he going to clean it up? >> i have concerns about safety, that or fixed away killing this weekend reminds me why i haven't taken the subway in 2 years and for the mayor to say it is perceived fear i felt a little talk to down to because i have absolute fear if i go into the subway about my safety especially with the homeless situation. stuart: it is an uphill struggle to get people back to a violent city. larry rights congratulations to you and the entire staff of the show on 12 wonderful years. i especially like the best memories by you and each of your guests. look forward to many more years of the show, the staff keeps going on and on, the staff does a job of selecting great music
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clips. they fit well with each of these segments. that's true. the producers do a great job linking the music to the story we are about to do. i think i asked you this before. i asked you what kind of music would you like to see on the show and you said gregorian chants. and lauren, use a dance music. what would dance music do for the show? >> not to come across as insulting but it would make it more upbeat, not that it is not but you can dance a little bit it works. >> i get going and drunk mighty
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is one of these days -- >>, make one point? i have been on the show for 3 and a half years. i would like to say very talented producers throughout those 3 and a half years, the fact that they can find stories whether it is business, politics, they get the conversation going, stories of interest from viewers. stuart: producers make the show, not you and i or susan or anybody else. out of time. thanks, trivia question, which country has the most natural lakes. we will see of lauren and susan know the answer after this. russia, canada, china, us, here we go.
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stuart: which country has the most natural lakes? guess. >> russia. >> canada. stuart: canada is the right answer. well done. >> i google it. >> 62% of the world's lakes are in canada. it has 879,000 of them. i didn't know that. apparently you did. great week, see you next week. david asman is in for neil. what have you got? dave: have a wonderful weekend. welcome to huchul. the nasdaq going deep into connection territory. all 3 indices limping with the dow attempting to stage a rebound but it is still in the red as you can see, down 100 points. our market experts are here to

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