Transcripts For FBC Varney Company 20240714

Controversial extradition law and hong kongs chief executive has apologized for it. Not good enough for the people of hong kong, who turned out by the millions this weekend and who have returned to the streets today. They want the law dropped completely and the chief executive to resign. The pressure on xi remains. He is not leading a united country. Trouble back home. To the markets. We are going down a little at the opening bell, not much. Maybe ten points for the dow, up about 13 on the nasdaq. This is all about Interest Rates. The Federal Reserve will announce a decision at 2 00 p. M. Eastern wednesday afternoon. Will they cut . Dont know but theres a good chance they will. Thats what investors are waiting for. I want to know what happens to stocks if they do cut and what happens if they dont. Now heres those outage stories. You could call this a sign of the times. When computers go down, it is truly devastating. Over the weekend, target stores all shut down for a couple of hours. Cash registers didnt work and sales didnt they couldnt make them, couldnt sell anything. Long lines, frustration in the extreme. Thats a computer outage. Then the power system in argentina and uruguay failed. Again, computer problems, bad infrastructure apparently to blame. Tens of millions take the hit. Okay. Just wait. You are about to see some polls that i find very hard to believe. Varney company is about to begin. Stuart all right. Heres the polls i find very hard to believe. Its not good news for the president. These are fox polls. In headtohead matchups, okay, headtohead, biden leads trump by ten points. Thats 4939. Look at this. Bernie sanders is up by nine points, 4940. This is headtohead. Elizabeth warren, she has a twopoint advantage over President Trump. Thats 4341. Even mayor buttigieg has a onepoint lead over President Trump. Can you believe this . Now, heres the responding tweet from President Trump. Quote, only fake polls show us behind the motley crew. Were looking really good but it is far too early to be focused on that. Much more to do. Make America Great again. The go pac chair with us this morning. Im astonished by those polls. How do you explain them . We dont elect president s by national polls. We elect president s by the electoral college, state by state. So the more important numbers to look at, where is the race in michigan and in pennsylvania and in ohio, because that is ultimately how we elect our president. Stuart david, come on. You cant sidetrack it like that. Those polls are awful. Those polls show the race is going to be close and we havent had a oneonone debate that will occur during the fall stuart how do you explain this . Mayor pete is one point ahead of President Trump in a headtohead matchup. Elizabeth warren is two points up. Bernie sanders, the socialist, is nine points up. This is headtohead stuff. What went wrong . Every poll has to be looked at as to what formula did they use for turnout. As we saw in the 2016 polls, most pollsters got it wrong as to what the complexion of the electorate would look like. In a national poll, certainly because of the sheer numbers, california would have larger numbers than many of the midwest states. There are more people there. Stuart heres what i think. Now, does that impact peoples perceptions, do those polls, yes, but when they actually have to make a vote, they will elect someone they disagree that they may not like but who are getting good results. In this situation, whether that be the economy, whether that be keeping america secure, whether it be putting more money in peoples retirement accounts, factor after factor, our country is in a stronger position now than it was when the president was elected in 2016. Stuart im going to give you some advice. Okay. Stuart pound the table and say people are unwilling to admit that they like President Trump. Thats why the polls are wrong. There is certainly some factors in that. Stuart thats the way it is. Hold on a second. I have to bring this up, too. President trump asked his chief of staff to leave the room, im sure you have heard about this, leave the room during that interview with abc news on sunday. Just roll tape. Lets see this. At some point, i hope they get it because its a fantastic financial statement. Its a fantastic financial statement. And lets do that over. Hes coughing in the middle of my answer. I dont like that. You know . If youre going to cough, please leave the room. Ill come over here. You just cant do it. Stuart the media is all over that. Thats what theyre focused on. I call it the trivialization of politics. I thought you might bring this up. In case ashley or susan coughs, i brought them a lozenge. You cant throw people out. All of that said, whats the real news last night . Out of that weekend long interview . The fact the president is about done a bill on a health care plan. This president having a plan for health care is key to winning independent voters in the swing states which puts republicans in a good position to be successful in 2020. Stuart youre right about that. David, thanks very much. Thank you. Stuart all right. Target stores, well, they are back to normal after that computer outage both saturday and again on sunday. Shoppers were stranded, unable to pay for items. Look at this. Thats chaos in those stores. They couldnt buy anything. Targets stock is down a little this morning, 1 . I guess thats a response to the outage there. Market watcher Dennis Gartman with us this morning. I know youre not a big tech guy but im calling this a sign of the times, when computers go down, its chaos, isnt it . How do you account for this . Whats even worse, when you think about what happened in argentina and uruguay. Its one thing to have your machines in the store go down. Its another thing to have your entire country go down. Thats whats happened there. We have to be careful. These things are happening more and more often all around the world. Tech is having its problems at times and if theres something that keeps me up at night, its the worry about the electrical grids around the world, here in the United States, canada, hong kong, argentina, china, as well as in target. These problems are going to continue. They may get worse. Stuart look, you have often said you dont invest in tech. Thats not your field. But is this putting you off technology . Is this one of the reasons why you dont invest in it . Yeah, it does put me off. It causes me a great deal of concern. These things seem to be happening more and more often, as they should, given the proliferation of computers all around the world. We should not be surprised by it. But the problem shall be when you have, as i said, and as you said, argentina and uruguay go down entirely. Thats an entirely different story. That appears to have been a tech circumstance, not just a grid circumstance. Lets be careful. Yes, it puts me off of being amenable to owning tech of any sort. Stuart two questions about the fed. They meet tomorrow, announce the Interest Rate decision wednesday afternoon, 2 00 p. M. Okay. What happens to the market if they cut rates . Thats first question. What happens to the market if they cut rates . I think the market would rather have the carrot held in front of it to think rates are going to be cut sometime in the future. If they cut rates tomorrow, i think or wednesday, when the announcement would come which i dont think is going to happen, i think the market might take that a little ill, thinking the economy is worse than had been anticipated. I would rather have the fed give us language that there will be a cut in the future rather than cut right now at the june meeting. Stuart if we dont get that language, then what happens to the market . Then i think you got a problem. You will get that language. Theres almost no question about that. You will get the language saying they are worried about the fact that inflation remains as low as it has been, that there are still numbers of people on the sideline who could go to work. Those things will allow the fed to talk about a reduction in the overnight fed funds rate which will probably be delayed at least until the july meeting, maybe even as far as the september meeting. Will we get a rate cut at the june meeting, no. Stuart clarity and certainty from Dennis Gartman. We will take both. Shocking. Thank you, dennis. See you later. The dow component pfizer buying Array Biopharma which develops cancer treatments. Pfizer up a little but array up 59 . Breaking news on the auction guys, sothebys, being bought for 3. 7 billion. Once that goes through, it becomes a private company. Bitcoin, whoa, watch this, sports fans. 9,000. Its above that level for the first time in 13 months. Thats bitcoin. How about oil . Down again, i believe, this morning. I think we are back to about 51 and change. Yeah. Im sorry, 52 and change, down 40 cents. Look at gas. The National Average for regular is 2. 68, down 17 days in a row. How about that. That deserves a trumpet. Check futures. We are going to be going nowhere this monday morning. No clear trend. Up a point. But the nasdaq is worth looking at, up a quarter percent. Thats important for the tech companies. Big week for facebook. Launching its new crypto currency tomorrow. Later this hour we talk to the chief of a economy that specializes in Digital Payments. Thats essentially what facebook is doing with its crypto. He says this could be a really good move for facebook and the stock is nicely higher premarket. Alexandria ocasiocortez going after jeff bezos, claims that amazon pays its workers starvation wages. Direct quote. How about that. We are all over that one, believe me. Hong kong withdrawing its controversial extradition law but protests continue. Looks like a hit on xi jinping. Really puts the pressure on him in those trade talks. That story is next. Varney company just Getting Started this monday morning. There are roadside attractions. And then theres our worldfamous onroad attraction. The 2019 glc. Lease the glc 300 suv for just 459 a month at your local mercedesbenz dealer. Mercedesbenz. The best or nothing. I swibecause they let metual, customize my insurance. And as a fitness junkie, i customize everything, like my bike, and my calves. Liberty mutual customizes your car insurance, so you only pay for what you need. Liberty. Liberty. Liberty. Liberty. Stuart happening now, just crossing the wires, a Senior Iranian official says they have exposed a large ciarun american cyberespionage network. Iran says several cia agents have been arrested. Also, iran is about to breach the enriched uranium stockpile limits that were set in the nuke deal. Ashley they could exceed it within the next ten days or go above that cap set in 2015, and according to iran, they will actually increase production in july. Whats the story here . Well, i think this is a desperate attempt, its pretty clear, to get europe to revive trade with iran and also try to help offset the impact of the u. S. Sanctions. Europe has dithered, should we put in more sanctions or keep this nuke deal alive. This is iran putting down pretty strong measures saying forget it, we are not going to abide by this unless, europe, you come and trade with us so we can get out a little bit from u. S. Sanctions. Its decision time. Stuart it is. Ashley for europe. Stuart it is. Another overseas story of great import after millions took to the streets in protest, i mean millions. Hong kongs leader said she would suspend the controversial extradition bill indefinitely and also apologized for it. The author of the bully of asia is with us. I think this. I think this is a hit on xi jinping. Makes it more difficult for him in the trade talks. What do you say . Absolutely. Hong kong is the goose that keeps laying the golden eggs. Now the Chinese Communist party appears intent upon strangling it. We have a separate agreement with hong kong on the understanding that china was going to abide by its 50year arrangement under the treaty to allow the current political, cultural and Economic Situation to stay in place in hong kong until 2047. China tore up that agreement two years ago. They said it only had historical value. And this extradition treaty would have been the end of the rule of law in hong kong which was a great bequest of the british. The british left the rule of law in place in hong kong. If that disappears, the difference between hong kong and china itself will disappear. Stuart commerce secretary wilbur ross is tempering expectations of any deal between xi and President Trump. It looks like from a distance President Trump is holding on to a very strong line as china is weakened. Is that an accurate reading of the situation . I think so. I was struck by the fact that last week, in st. Petersburg, sitting next to vladimir putin, xi jinping said that trump was his friend, quote unquote, friend, and that china and the United States should not decouple their economies. Well, decoupling the chinese and american economies would be devastating for the export sector in china which is the only sector that operates according to market principles, and we are already seeing Companies Fleeing china. Samsung, for example, which was a big producer of cell phones in china, closed its last factory a few weeks ago, and they are moving production to other countries like india and vietnam. I think we are going to be seeing a lot more of that. Taiwan has a come back to taiwan project under way right now, giving tax breaks to companies that left taiwan for china 10 or 20 years ago. They are inviting them back, 200 companies are now looking into moving their Factory Production back to taiwan. Stuart whoa. That is significant. The pressure is on xi jinping. The presidesure is on china. Thank you for being with us. Much appreciate it. Better take a look at futures again. Its monday morning. We are off and going to be running in a few minutes time. Down ever so slightly on the dow. Look at that nasdaq. Going to see a quarter percentage point gain. Apples chief tim cook says he takes a swipe at facebook and google. The market opens soon. In my line of work, i come facetoface with a lot of behinds. So i know theres a big need for new gasx maximum strength. It relieves pressure, bloating and discomfort fast. So no one needs to know youve got gas. Gasx. Instateoftheartn Technology Makes it brilliant. So no one needs to know youve got gas. The visionary lexus nx. Lease the 2019 nx 300 for 359 month for 36 months. Experience amazing at your lexus dealer. The latest inisnt just a store. Ty its a save more with a new kind of Wireless Network store. Its a look what your wifi can do now store. A get your questions answered by awesome experts store. Its a now theres one store that connects your life like never before store. The xfinity store is here. And its simple, easy, awesome. Stuart apple took a shot at big tech over the weekend. I believe Lauren Simonetti is with us on this, i believe tim cook said big tech has created chaos. What chaos . Lauren he called it a chaos factory, disinformation, hate speech. Take a listen. Every data breach, every privacy violation, every blind eye turned to hate speech, fake news poisoning our national conversation, the false miracles in exchange for a single drop of your blood, too many seem to think that good intentions excuse away harmful outcomes, but if you built a chaos factory, you cant dodge responsibility for the chaos. Taking responsibility means having the courage to think things through. Lauren he didnt mention competitors like facebook or google by name but he spoke about the industry in those broad terms. Now, i will give apple credit for basically banging their chests saying we are the privacy leaders because for most of their products, they try not to, you know, violate your privacy if they dont but you know, remember two years ago it was sean parker who helped create facebook and he basically said look at what we are doing, we didnt even mean to do it, our childrens brains are at risk because of this addiction to being addicted to the internet, addicted to the site. Now tech has become so much more pervasive. Who is talking about that anymore . We are talking about hate speech, misinformation, privacy leaks. Stuart tim cook is trying to position apple as the good guys, the shining example. Susan for the Business Model, thats why. Its opportunistic. This isnt the first time. He said it before. Remember he talked about facebook saying we would not be in that position of cambridge analytica, to which Mark Zuckerberg said thats a bit glib, isnt it. That theme of the Worldwide Developers conference was just that, privacy. Stuart thank you very much indeed, lauren. Look at the futures we are not going to go up or down that much at the opening bell which is four and a half minutes time. Down five maybe on the dow. My interest is in the nasdaq, in technology stocks, because that looks like a solid gain for the nasdaq this monday morning. We will take you to wall street after this. Driverless cars. All ground personnel. Or trips to mars. 4. 95. Delivery drones or the latest phones. 4. 95. No matter what you trade, at fidelity its just 4. 95 per online u. S. Equity trade. No matter what you trade, at fidelity the Doctors Office might mejust for a shot. O but why go back there when you can stay home with neulasta® onpro . Strong chemo can put you at risk of serious infection. In a key study neulasta® reduced the risk of infection from 17 to 1 a 94 decrease. Neulasta® onpro is designed to deliver neulasta® the day after chemo and is used by most patients today. Neulasta® is for certain Cancer Patients receiving strong chemotherapy. Do not take neulasta® if youre allergic to it or Neupogen Filgrastim . An incomplete dose could increase infection risk. Ruptured spleen, sometimes fatal as well as serious lung problems allergic reactions, kidney injuries and capillary leak syndrome have occurred. Report abdominal or shoulder tip pain, trouble breathing or allergic reactions to your doctor right away. In patients with sickle cell disorders, serious, sometimes fatal crises can occur. The most common side effect is bone and muscle ache. If youd rather be home ask your doctor about neulasta® onpro. Pay no more than 5 per dose with copay card. Stuart couple of big retailers testifying in washington today in front of the trade commissioner. Hillary vaughn is there. Hillary, i guarantee that those retailers are going to complain about china tariffs and say weve got to raise prices. Am i right . Reporter thats right, stuart. In fact, we are going to hear from over 300 companies over the next three days but really clothing retailers, american apparel, new balance, shoe carnival, they are particularly hit hard by tariffs because price hikes from their perspective really dont work because consumers have so many options online, they dont need to pay a higher price for the same item they can likely find cheaper somewhere else, comparatively cheaper, so thats a big problem for them. We are also hearing from of course tech companies, Companies Like best buy that will be here today that are also not fans of these tariffs which they say will either have to be passed down to the consumer if the company isnt large enough to absorb the costs themselves by making behind the scenes changes. Stuart we will wait for the headlines. Im sure they are coming. Hillary vaughn in d. C. , thank you very much. By the way, i just noticed on the screen there, we have walmart stock on the screen. 109 a share. Thats new to me. Last time i checked they were in the high 90s. Suddenly they are up 109. Ashley their registers work. Stuart attacks by Bernie Sanders and there you go. Ten seconds to go and this market will open this monday morning. We are not expecting a serious move up or down for stock prices although the nasdaq could be moving today. We shall see, because boom, we are off and running. Its 9 30 eastern. Here we go. So far, we are, lets see, up four points. That is a tiny fraction. All right. We are up 17. Well take it. 26,100. Let me put it like this. A fractional gain for the dow. To the s p, what do we have there . A fractional gain . Yes, we do. 12 . The nasdaq, a quarter percent higher, 22 points up. That implies to me technology started out pretty good this monday morning. Whats with Interest Rates . The tenyear treasury yield, 2. 11 . Not much change there. The price of gold, wheres that . It is up a buck, 1346. The price of oil, i think thats still at 52 a barrel. Yes, it is. Hovering around 52. Could break to 51 today. Look at gas. Theres my interesting story. 2. 68 is your National Average, down 17 days in a row. I still think weve got a shot at 2. 50 by july 4th. Come in, everybody. Jeff sica, keith fitz, susan li, ashley webster. Keith, you first. What happens if the Federal Reserve does lower Interest Rates on wednesday afternoon . I think its a nonevent for a couple days. Heres why. Thats already being baked into the cake. My biggest fear is that they dont do it because thats what nobody is planning on right now. Stuart okay. So not much change if we go down in rates. Jeff sica, do we sell off if we dont go down, hold steady . This is the most important fed decision, my opinion is that they will not raise Interest Rates but what but will lower Interest Rates, but what investors are looking for is the verbiage that powell uses. If he signals that hes going to cut, the market may be satisfied. If he doesnt signal, get ready for a market plunge. Susan okay, 25 of the market expects them to cut Interest Rates this week. Not a lot. 80 expect them to cut in july. Whats important is the word patient. Do they remove that from their statement and if so, we will get a cut, its expected by 100 of the market. How many this year . Two to three, thats up in the air. Stuart we are back to tea leaf reading. Look at the language. Look at the nuance. Ashley i dont think Jerome Powell wants to appear as though hes been listening to the president. Yes, okay, we will go cut as soon as possible. Little bit of that playing in as well. Stuart lets get to target. The store chain is back to normal after a twoday outage saturday and sunday. They had separate but basically computer outages. The Cash Register didnt work. People couldnt buy anything. Lines all over the place. It does show the vulnerability of Big Companies these days to a small technological glitch. Sign of the times. Think about target. They announce oneday delivery last week, a major accomplishment for them. Then they get hit with this. This is some bad luck for them. Also, Big Companies, they have cybersecurity has got to be the priority and theyve got to get their systems in line. They are losing they will lose market ground if they dont keep up with the technology. Something like this should never happen to a retailer like target which has done a fairly decent job in the past. They blew it this time. Susan saturday and sunday is the high traffic period. The good part of it is, it was not a data breach. They didnt lose any customer information. Stuart keith, would you pull back from investing in any tech company or retail or any kind of company at all because of the frequency of outages and glitches . We already have, stuart, because i dont think our legal system or our Financial System is prepared for this. And use selfdriving cars as an example. What happens when one of these things go awry and kill a pedestrian . Is the manufacturer going to say gee, the software made me do it . This is to jeffs point, to all of your points, i think we are not ready for that and the markets arent, either. Stuart okay. Bitcoin, better take a look at that this monday morning. Oh, yes. Its above 9,000 per coin. 9,278 per coin. Highest level in 13 months. Im going to give credit and kudos to jeff. Some months ago when bitcoin was at 4,000 he said buy it. A rare moment of praise. I sent my clip, i was hoping the clip would be played. I appreciate the praise. Yes, bitcoin when it was under 5,000, near 4,000, i had recommended on the show to buy it. Stuart is it the new gold . It is better than gold. Susan better . Wow. I think its better in a lot of ways. Ashley i think its getting a boost from facebook. Look whats happening. The Institutional Markets are buying into bitcoin. You have facebook putting out a crypto currency. You have all this turbulence in the world. People are demanding a crypto currency. This is a protest against government. Stuart everybody wants into this. Ashley i do think facebook getting into crypto currency gives the overall market more credibility. The other theory is the ongoing fight between the u. S. And china has pushed more people into crypto currency. Fed up with the two biggest economies in the world. Stuart keith, what do you think . No way, respectfully. 96 of the wealth is controlled by less than 4 of the assets. Only 5 of the 6 billion day in volume is legitimate according to selfcontained studies from the crypto currency crowd. Even the futures on the cme are trading at a fraction of that. Respectfully, i got to disagree all the way. No way. Susan bitcoin future volumes surged the a record of 12 billion in the month of may, up over 100 from april. If you look at the calendar, that comes exactly in line with u. S. china trade disputes. Stuart jeff, did you put your money where your mouth is, 4,000 per bitcoin . We bought bitcoin, absolutely. I think what it comes down to [ trumpet flares ] even as keith said, even if its a small percentage, you still have enough people that want it. Stuart okay. Okay. Check the big board. If facebook is getting into it, i think facebook is a factor in bitcoins rally. Down eight on the dow industrials as of right now. Merger monday. Dow component pfizer buying Array Biopharma. Array develops cancer treatments and look at it go up, 57 higher. Sothebys are getting bought by bitfair usa. 3. 7 billion. Once that goes through, it becomes a private company. Up it goes. Look at beyond meat. Its up again today, another 7. 8 jump. What about that . Soaring. Amazon, aoc as in alexandria ocasiocortez, calling out chief jeff bezos over what he pays his workers. She says they are paying starvation wages. Susan starvation wages. She accuses the richest man on the planet of building his fortune on the backs of underpaid workers. Do we save that for later . Stuart we will play it. Susan play it. Predicated on paying people starvation wages and stripping them of their ability to Access Health care and also, its his ability to be a billionaire is predicated on the fact his workers take food stamps so im paying for him to be a billionaire. Stuart can i just weigh in on this one, please. Amazon pays 15 an hour to all fulltime, parttime, temporary and seasonal workers, all fulltime workers get medical coverage, a 401 k , paid basic life insurance, shortterm, longterm disability, maternity and parental leave. Case closed. Im done with it. To add on that stuart starvation. Amazon was planning to come to new york and having a lot to do with aoc decided not to. So we lost a lot of jobs in the tristate area because of her and people like her that are going to make things difficult for amazon. As you mentioned, they are a great employer and they are creating new ways for their employees to make overtime and improve their lives, health coverage. I think stuart the new and improved jeff sica. What happened . Sign of the times. Another one. New government numbers say americans spend more shopping online than they now do at restaurants and bars. What do you make of that, keith . I think thats a sign of the times, its fabulous because it demonstrates moneys on the move, it demonstrates the economy is still functioning and it really proves once and for all that all the value we talked about is being created. I like that. Stuart it is still astonishing, though, isnt it . More than restaurants and bars combined, online selling. Not bad. Ive got to get this in. President trump had a stern warning for investors over the weekend. Look at this tweet. The trump economy is setting records and has a long way up to go. However, if anyone but me takes over in 2020, noi ti know the competition very well, there will be a market crash the likes of which has not been seen before. Keep America Great. Keith, do you think the market tanks if bernie is president . Oh, are you kidding me . I think it would be a wipeout we cant even imagine but i dont think we will have to wait to the election. If we have the left of center press actually take control of this and create the narrative that he might lose, i think traders are going to get ahead of that. We might as well stuart what do you say . I agree 100 . The market, it will be an absolute catastrophe if any of those people get elected. But, but, but, i think President Trump needs to really get this china deal done. Its crucial that it gets done. It will hurt him if it doesnt. Stuart okay. You thoroughly redeemed yourself. Thats pretty good. What a monday morning, if ever i saw one. Well, times up, jeff. Youre out of here. 9 40. Keith, thank you very much indeed. Pre appreciate it. The big board shows a minor loss, 16 points down, just a fraction down in the early going this monday morning. Phoenix, arizona, a group there launches a new campaign to get california residents to come over and not only see their city but move there. We will talk to the head of the campaign in our 11 00 hour. I want to know if they have had any success getting californians to move to arizona. Driverless big rigs hit the road in florida, very soon. In our next hour, we talk to the company thats taking part in the initial tests. Will there be any humans in the cab . Will the trucks be driving at night . Ashley oh, my god. Stuart most people in florida dont drive very well at night. Facebook getting ready to unveil a new crypto currency. We will talk to the chief of a company that has its own Digital Payment system. I want to know how the new crypto Payment Systems going to work and will it be a winner for facebook. Back in a moment. Is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things that move us forward. Every day, invesco combines ideas with technology, data with inspiration, investors with solutions. Because the possibilities of life and investing are greater when we come together. Stuart i will still call it a modest loss. Down 31 for the dow industrials. Just above the 26,000 level. How about this one. You are used to amazon going into new industries and just laying them flat. Well, it turns out they are having a hard time getting a foothold in the video game business. Jackie deangelis is with us. Whats this about a hard time for amazon . Reporter good morning, stuart. Thats right. Theres not a business they typically have a hard time in but reports indicate that moving into video games has been a little bit of a struggle, that last week they reportedly laid off dozens of employees in the video gaming unit because amazon struggles to be able to produce a hit. Obviously its a very competitive space. Amazon was looking at this as a Business Model but also to get other gamers to come into its amazon web services, into that cloud unit, and draw some business in there. Now, the company has not commented specifically on this, but reports indicate that they are reorganizing to get these employees rehired into other divisions. Stuart well, they are never afraid to admit that they have not done really well, and they withdraw and then go back again bigtime. All right, jackie, thank you very much indeed. I want to talk about facebook. They introduce their crypto tomorrow. It already has the backing of big names like visa, uber, paypal. Zohar steinberg is with us, the ceo of a Digital Payment platform. He knows a lot about this crypto currency platform. Let me get this right. Facebook introduces their crypto tomorrow. Its available for making payments across their network of two and a half billion people. Sounds like a great idea to me. Yeah. Crypto currency is a great idea. The basic theme around crypto are privacy, data security. How can we pay without getting breached. Stuart you cant hack this Blockchain Technology very easily, can you . Everything is hackable in the end, but we didnt there was a lot of money that was stolen in bitcoin, but essentially the goal is to protect our data. Stuart okay. Here youve got the establishment of what may be a network covering two and a half billion people, is that right . Yeah. Stuart so individuals could make payments to each other very, very simply, using the crypto on facebooks platform. Yeah. Theoretically, youre right. Its a great idea and we can all protect ourselves. At the same time, if you think about crypto currencies, there was a lot of hurdles that the government regulations put on that. Theres a lot of elements of how information is protected but also how the money is protected. A lot of the icos we saw over the last two years went well for the company that raised the money but not necessarily for the people that invested the money. Stuart yeah, okay. Now, look, youve got a payments platform, dont you, called token. Correct. Stuart there are thousands not thousands, there are a lot of these payment platforms, arent there . If you think about solutions that are there for consumers to protect their information, theres not a lot of them. Stuart thats the key to it, right . Privacy is the key. Correct. Stuart if it can be hacked. Correct. If you think about it today, everywhere you pay you use your card, 16 digit number, you put it out there and its for everybody to take. Once you give your number to somebody you are no longer in control. Stuart with your operation, token, its not like that at all, is it . Correct. What we wanted to do with token is to enable anybody that wants to protect their information to be able to pay anywhere in the World Without giving your real information. Linking to your bank account, credit card, debit card, we dont save data so its completely safe. You have the card for facebook, card for amazon, card for uber that cannot be stolen and if they are, nobody can use it anywhere else. Stuart is facebook going to be a competitor of yours . I think facebooks move will take a long time to happen. We are not going to have 2. 8 billion people using it tomorrow. Its going to take time, specifically with regulations. I think its a great thing going forward. Stuart i just want to jump in. You make your money by taking a tiny fraction of the transactions that occur on your Payment Systems. Correct. Stuart you doing well . Yeah, very well, thank you. Stuart you public . No, not yet. Stuart when . Its going to take a few more years. Stuart look, thanks very much for straightening us out. Its an area i dont know very much about but i think i ought to get into it. Thank you very much. All right. Check the dow this is an absolute go nowhere market. Look at that, we are down. 5 of one point on the dow industrials. Go nowhere. Then we have boeing. The chief executive now admitting he made mistakes in how he dealt with the max 737 jet before those deadly crashes. Does this open him up to criminal charges . The judge will take that one on in just a moment. This is the couple who wanted to get away who used expedia to book the Vacation Rental that led to the ride which took them to the place where they discovered that sometimes a little down time can lift you right up. Flights, hotels, cars, activities, Vacation Rentals. Expedia. Everything you need to go. Stuart the top guy at boeing, dennis mulenberg, admits quote, mistakes were made with the 737 max jet. Judge Andrew Napolitano is with us this monday morning. Could he as an individual be subject to criminal charges . I doubt it. I doubt he as an individual could be subject to criminal charges but some human being somewhere in the chain of command, i cant imagine its the ceo, learned of Software Problems and sat on it for a year. Stuart before all the crashes. Correct. Before they reported it to the faa, before they reported it to their customers. That sitting on it could very well be theoretically, im not suggesting this will happen, criminally negligent homicide. The failure to perform an affirmative and legally required duty which results in the death of an innocent. Stuart ive got to tell you, i hate to hear the criminalization of american business. I do as well. Stuart and the standard, i do understand it but i hate to hear it. If you dont mind if we turn a page, why would he have said this . He must have run this past his p. R. People and past his legal people. But this makes the plaintiffs cases. They are not subject to the liability caps that the carriers are, from the warsaw and montreal conventions. So they are facing many, many, many wrongful death litigations. Depends upon where. Im sure plaintiffs lawyers will sue in the United States because thats where the juries would award the richest verdicts. In a case like this, if two crashes, 400 people dead, you would probably try one case which you would call a bellwether and the jury would answer a lot of specific questions about what happened, then they would give a verdict and you would follow that pattern to help you settle the remaining 390 cases. This is to avoid 400 different trials. Stuart but that would be the corporation being held liable. Yes. Stuart not an individual criminally liable. I do not know if boeing is selfinsured. Im going to guess they have large selfinsured retention and a lot of reinsurance. So somebody is going to be on the hook financially. Stuart but eventually, boeing will probably have to shell out billions of dollars. I would think so. But they probably should hire criminal defense lawyers to address this issue that we talked about. I too am against the criminalization of these acts. But there is an affirmative duty to report Something Like this immediately. Why they sat on it for a year, i dont know. Heres the other side of this. This sitting on it for a year, did it cause the accidents or was the accident caused by something else. Stuart i dont know. Juries will have to decide that. These are factual disputes that no person can answer off the top of their head. Stuart difficult subject but im glad you dealt with it. Judge napolitano, thank you, sir. Now, President Trumps crackdown on huawei, it is taking a financial toll. Do you have a dollar number on how much its costing them . Susan 30 billion over the next two years, and finally admitting that this blacklist is finally going to hurt their business. For awhile they were saying were okay because most of our business is not done in the u. S. Huawei finally accepting they are saying their revenue will probably be less this year than last year. In fact, they are the worlds second largest smartphone seller behind the likes of samsung. International cell phone sales will drop by 40 because of this blacklist. 40 . Thats the inability to access a lot of the equipment, chip sales, et cetera, et cetera, and confusion as well. Stuart much more on huawei throughout the day here on fox business. Connell mcshane is at huaweis headquarters in china. He will be checking their operations all day and at 4 00 eastern this afternoon, hes speaking with huaweis vice president. Huawei on fox business today. Lots of news came out of that abc interview with President Trump and stephanopoulos. The Mainstream Media focused instead on the president s reaction to a coughing fit. I call it the trivialization of politics in the age of contempt. Thats my take. Its coming next. Along with support, chantix is proven to help you quit. With chantix, you can keep smoking at first and ease into quitting. Chantix reduces the urge so when the day arrives, youll be more ready to kiss cigarettes goodbye. When you try to quit smoking, with or without chantix, you may have nicotine withdrawal symptoms. Stop chantix and get help right away if you have changes in behavior or thinking, aggression, hostility, depressed mood, suicidal thoughts or actions, seizures, new or worse heart or blood vessel problems, sleepwalking or life threatening allergic and skin reactions. Decrease alcohol use. Use caution driving or operating machinery. Tell your doctor if youve had Mental Health problems. The most common side effect is nausea. Quit smoking slow turkey. Talk to your doctor about chantix. At comcast, we didnt build the nations largest gigspeed network just to make businesses run faster. We built it to help them go beyond. Because beyond risk. Welcome to the neighborhood, guys. There is reward. Beyond work and life. Who else could he be . There is the moment. Beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. Take your business beyond. Call j. G. Wentworth phone ringing j. G. Wentworth, how can i help you get cash . I want to pay off my debt and move into my own place. But i need cash now to do it. Do you get regular payments from an Insurance Company . Yes. In exchange for some or all of your future payments, we give you a lump sum of cash now. Call now, and youll also get 25 for receiving a quote. announcer call 877cashnow. 877cashnow. Thats 877cashnow. Stuart im sorry but i had to turn off the news media this weekend. I really didnt want to spend fathers day watching cheap, insulting coverage of our president and his administration. Fortunately i had the u. S. Open and the womans world cup to occupy my tv time. All on fox, all exciting, all very positive. I will not spend anytime watching or reading what i have come to call the insult media. The snarky, nasty, frankly tiff veal criticisms of all things trump. Case in point Sarah Huckabee sanders. Friday the president announced she would be leaving. You would think the media would have something nice to say about the woman who phased their barbs comments for three years. But no. The media plumed the depths of contempt. Nbc said quote, the damage she has done will last for years. This country should never let her forget it. Whoa. Talk about vindictive . Other news outlets called her a liar. I happen to know Sarah Sanders. She kept her dignity despite the insults piled on her. She is a class act. The exact opposite what passes for establishment media these days. Now let me show you this the president and mick mulvaney, roll it. But at some point i have to get it because its a finance fantastic financial statement. Its a fantastic financial statement. And lets do that over. He is coughing in the middle of my answer. I dont like that, you know . Your chief of staff. If youre going to cough please leave the room. I will come over here. You just cant. Stuart that little clip became the focus of social media. It is the trivialization of politics in the age of contempt. They want to impeach him. They want to get rid of him. So despite what he has to say about the crises facing our country, they drill down on a coughing spell to show he is somehow a bad and dangerous guy. The border, iran, those are crises created largely by democrats yet coughing claims their attention. And glad i turned them off. I had a great weekend. A fathers day that brought joy to my heart. The second hour of Varney Company is about to begin. Stuart happening now, breaking news. Latest read on the Housing Market from the National Association of homebuilders, ashley. Ashley home sales, next six month, perspective buyers a temperature gauge where you like where the Housing Market is falling a little bit to 64. We were at 66 in may, which by the way was a sevenmonth high. All the major indexes or gauges if you like are down. Builders say sentiment is positive. The biggest problem is lack of area to build, lack of lots and skilled labor. Costs are going up for builders. Stuart no impact on the market. Were up about 20 points. Bo nowhere so far this monday morning. Back to my editorial, larry oconnor, Washington Times associate editor. I call this the trivialization of politics in age of contempt, referring to the coughing fit. What do you say . I think youre spot on. I as applauding off camera, as you were giving your monologue, stuart. Youre absolutely right. The media taken sides. They relinquished bringing news and information. No he have this to form these narratives, form the story an inundate us with what they think we should believe. This coughing moment, give me a break. This is something that over 30 hours. Who at the white house is approving forking stephanopoulous to interview the president for 30 hours. This would be sort of thing would be on editing room floor. The president used to host a reality show. He is used to fact delivering a line, somebody offcamara coughs they have to do it oaf again. Give me a break. This was a nothing. They make the nothing into a 48 hour something that we should all stop. Im glad you had a good fathers day. Stuart i dont want want to digress too much elizabeth warren, grab as beer, doing video with her husband, bab as beer, trying to convince us she is woman of the people. Dripping as beer with two hands. Last time i drank a beer, most people drink with one hand. That was lost, that was lost on the he had it room floor because she is democrat. You forget that, a republican or heaven forbid the president doing that 2 would be all over forever. I remember a msnbc host who was pretty liberal democrat supporter there was outtake of him screaming litany of profanities because somebody across the building was hammering, remember that . Stuart i do. That got a tiny blip on my talk radio show. That was lot more offensive the president asking someone can you leave the room if you will cough. It is silly season already. Stuart move on to Sarah Sanders. She is taking all kind of hostility since she announced or president announced she was leaving. Having something nice to say about a gracious lady leaving the white house . She has class. They have attacked this woman based on her looks, her delivery, based on her faith, even how she bake as pie, they have attacked this woman. I dont know, oh, she lies and she spins. Ive been around for a while in american politics. I remember how the Clinton White house spokesperson based himself during that entire episode. I remember how the Obama White House spokespeople assured us we could keep our doctors and keep our insurance if we like them. Insuring benghazi attack ended up with the death of four proud americans was really the result of a youtube video. White house spokesperson sadly often ends up being a political figure that doesnt always tell us exactly what is going on. I sort of accepted that. Most americans accepted that. You know what . All of those spokespeople i just mentioned from democrat administrations, they get jobs in the corporate world after theyre at the white house. They get jobs in the nfl. They get jobs at uber, jobs at netflix. This whole attack on Sarah Sanders is to try to stop her having a life after the white house. It is sad. Stuart wellsaid, young man. I hope you had a good fathers day. Two daughters cooked brunch for me. Market alert. 2. 10 on the 10year treasury. Holding at very low level. The fed will hold a meeting this week. There might be another rate cut coming. Dont know for sure. But that is a possibility. I want to bring in jason rotman, ever plus capital director. Jason, seems to me with Interest Rates at such a low level, the possibility of the fed cutting a rates a little bit more, certainly this year, the dividend plays, dividend of paying stocks are beginning to look a lot more attractive. That is a big play in the market right now. Thats right. Well see what im going to call a dovish hold. I dont think well get a rate cut next month. However, i do think powell and company are going to have very, very dovish language. Clearly they will not hike anytime soon. They will reassure markets that theyre here to support the markets. With that being said, i agree if 10year note is two something percent we need to put our money somewhere. What if we find a company that will grow in earnings, row in share price, pay us 3, 4 a year. I think that is perfect combination. If we have time i have a couple ideases. Stuart one of your ideas is blackstone. Correct. Stuart fill does closure, i bought blackstone because its a dividend paying stock sometime ago. I ended up with a capital gain as well. It pays 6 and you like it too, jason . One reason i like blackstone, stuart, is that in april, this is huge, they announced a restructuring from a limited partnership to a regular corporation and what that is going to do, is it is going to make owning blackstone for the regular person out there, iras, et cetera, very, very simple. If you own blackstone now and you know this, you get a whole k1. Its a whole tax nightmare. Now that blackstone will be a regular corporation starting in july, even that alone, management has said the share price should increase drastically over time even with just that and four, five, 6 dividend yield. That is i think one of the safest plays out there. Stuart can you give me one more, i have limited time. Igive me one more dividendpayig stock where the dividend is safe . Here you go, i said verizon before. It withstood nightmare of october 2018. They pay four plus percent dividend yield. If you have blackstone and verizon next several years i wouldnt worry about a thing. I like those two right there, stuart. Stuart i do not have verizon. Maybe i buy blackstone and rest easy. Thank you, jason. Youre welcome. Stuart nancy pelosi, Speaker Pelosi, fighting other democrats. Over the issue of impeachment. Has she lost control of her caucus . Well get into that one. Six oil tankers have been attacked in the gulf. We believe some of them were attacked by iran. Should we prepare a military response . I will put that to retired commander. Driverless bigrig trucks coming to florida next month. We have the chief executive of the Company Rolling them out. He is on next. Smart kid. Indeed. Are you in good hands . Going back to the doctor just for a shot. With neulasta onpro. Patients get their day back. To be with. Family. Or just to sleep in. Strong chemo can put you at risk of serious infection. In a key study. Neulasta reduced the risk of infection from 17 . To 1 . A 94 decrease. Neulasta onpro is designed to deliver. Neulasta the day after chemo. And is used by most patients today. Neulasta is for certain Cancer Patients receiving strong chemotherapy. Do not take neulasta if youre allergic to it or Neupogen Filgrastim . An incomplete dose could increase infection risk. Ruptured spleen, sometimes fatal as well as serious lung problems, allergic reactions, kidney injuries and capillary leak syndrome. Have occurred. Report abdominal or shoulder tip pain, trouble breathing. Or allergic reactions to your doctor right away in patients with sickle cell disorders, serious, sometimes. Fatal crises can occur. The most common side effect. Is bone and muscle ache. Ask your doctor. About neulasta onpro. Pay no more than 5 per dose with copay card. Stuart now were up 28 points on the dow industrials. First thing monday. 26,100 is where we are. Look at facebooks stock. They will launch their crip cocurrency. The rollout is tomorrow. It has backing of big names, uber, visa, paypal. Look at the stock, it has gone up nicely since arrival of the crypto. It actually arrives tomorrow. Now this, robotics, they are going to put a driverless bigrig or two on the roads in florida, very soon. It is coming to florida. Joining us now is the ceo an founder of starsky, that would be stefan. Great name. Welcome to the show. Good to see you, sir. Thanks for having me. Stuart i have a couple of rapid fire questions. Give them to me. Stuart will there be any humans in the cabs of these trucks. Weve been testing on florida roads with people in the cab for couple of years. Were now gearing up to take the person completely out of the cab on public roads in the state of florida. Stuart okay. Now will there be any warning for motorists might be passing those trucks or following those trucks . Is there a big sign saying there aint no driver in this here truck . That is kind of an open question. The issue is, this is the thing weve seen in regular tests with a person in the cab, well have a lot of people driving next to us, see there is bunch of cameras, start driving like this while trying to drive. It seems like if we had too many signs that itself might cause an issue. Stuart are you going to be just driving the trucks or will they be driven on big open highways or will they actually get into some traffic in the cities . So what is interesting about long haul trucks is frequently they just drive between different Distribution Centers which themselves are in industrial areas. That is where were focusing on. Were not driving in downtown miami. Were not driving in midtown manhattan. More driving in places that are slightly more rural, between warehouses are that immediately next to the highway. Stuart i have to be honest. Im nearly 71 years old. That is aging rapidly. I dont drive at night very well. Yeah. Stuart florida is full of people like me. Are you, you know where im coming, are you running these trucks down the highway at night in the dark . Were starting off in the easiest conditions, in good weather, in good lighting. In time well start driving in light rain. Well start driving at night. All these conditions are operational design domains. See different areas, Different Things that are hard, Different Things that are easy, start off well be focusing on day time. Stuart youve been very open and honest about it, stefan. That is all good stuff. Of course. Stuart who are the target companies to whom you will sell these driverless trucks . We actually operate as a carrier ourselves. If you think about uber, were not building uber or lyft. Were not building toyota priuses, were building uber drivers. On the uber and lyft side were working with c. H. Robinson and schneider, selling our capacity to shippers. So if you can think of a large cpg, we probably haul freight for them. Stuart basically youre a software operation, that is what is going on here . Were Building Software but also operating trucks ourselves. Stuart okay. These trucks arrive. Stuart we have a lot of viewers in florida, they want to know, july the 1st they appear . Well be doing broader rollouts next year. Well start doing initial public road unmanned tests later this year. Will you test us which roads you will drive on in advance . Well make sure the local authorities know. Then well let the public know afterwards. Stuart stefan, im not going to say youre a good sport, answered questions directly in the way most people do not. It was not like pulling teeth. Which it is often that is. Stefan, youre all right. Did i get the pronunciation right . Right enough. Stuart tell me how you do it. Stefan with starsky robotics. Stuart youre a great guest. You will come back. Looking forward to that. Stuart good man, thanks. Last week Kim Kardashian west was at the white house. She is pushing for criminal Justice Reform. Next a congressman who is fighting the fight as well. I want to know, what else does he want to get done . The president s already passed criminal Justice Reform. What more . Protests, protesters return to the streets of hong kong. Recordbreaking numbers. They rejected their leaders apology. Calling for her to resign. Apologize about the extradition law. Hong kong is still a big factor in china trade talks and xi is interesting trouble with hong kong. Well be back. When it comes to reducing the evsugar in your familys diet,m. Coke, dr pepper and pepsi hear you. Were working together to do just that. Bringing you more great tasting beverages with less sugar or no sugar at all. Smaller portion sizes, clear calorie labels and reminders to think balance. Because we know mom wants whats best. More beverage choices, smaller portions, less sugar. Balanceus. Org at comcast, we didnt build the nations largest gigspeed network just to make businesses run faster. We built it to help them go beyond. Because beyond risk. Welcome to the neighborhood, guys. There is reward. Beyond work and life. Who else could he be . There is the moment. Beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. Take your business beyond. Stuart were up 30 points. That is. 1 of 1 this monday morning. For the s p 500, that too is up ever so slightly. A gain of. 02 . Nasdaq a solid gain. That is home of the technology stocks, theyre doing well, very well. Youre up 2 3 of 1 . I suspect big techs are doing very well. Well have that in a moment. Lets get to hong kong. Over the weekend, two million, two million in hong kong took part in protest over controversy adds extradition law. Seems to me those protests are xi xinpings achilles heel. Susan it can show that he can back off a hard stance. Hong kong, two million a third of the population, taking to the streets in record breaking protests. Despite the fact that the chief executive backed off on the controversial extradition bill. She hasnt entirely canceled it, but right now these protesters, its a wide swath of the entire community. Families, right . Children. It is very interesting to see, that they have all risen up because theyre demonstrating against their eroding rights. Dont forget when hong kong was handed back to beijing in 1997, with expected to have one country, two systems policy for 50 years. This extra decision bill is last stand for hong kong. They feel beijing came to take in everything over. If youre sending hong kongers, expats to stand trial in china, which is a one judge system, that was, i think last line drawn. Stuart i think xi xinping is very worried that those kind of protests could spread to maybe beijing, shanghai, maybe. Susan those are different cases. Those are different cases. Those are actually chinese cities, right . Hong kong is seen as International Financial doorstep to china. Still seen aspects Administrative Region which is what it is outside the mainland. Stuart human rights are a issue in china. Vigorously suppressed. Doesnt want anything to pop up there. Susan free speech. Stuart shanghai, shenzhen or anywhere. Susan, thank you very much. Lets get to this. Pharmaceutical merger. Pfizer will by Array Biopharma. They develop cancer treatments. How much are they paying . Ashley 10. 64 billion in cash. Its a huge premium, 48 bucks a share is premium like 62 of the stocks closing n this world, in this business, youre always trying to stay ahead of the competition. Array has skin cancer treatments. Also has colon cancer drug in the pipeline that is extensive latestage testing. Of course pfizer wants to beef up its own portfolio cancer drugs, gene therapy. You have to pay a pretty price. Stuart good stuff, ash. Speaker pelosi, fighting hard not to open impeachment inquiry despite rising pressure to do so. Has she lost control of her party . That is a good question to ask and well ask it. Coming up a big change in health insurance. President trump announcing a federal rule, allow employers to give cash to workers to buy their own health insurance. That money would be taxfree. A good story. Were on it after this. Ashley i called it. Do i get a door prize . Every day we try to guess which beatles song our producers will force us to listen to at 10 30. This is kiddie pop by any other name. I want twist and shout tomorrow. Anything but kiddie pop. What did you say . Come together . Ashley right now. Love it. Stuart congressman weighing ashley message to congress . Stuart knowing our producers that is exactly what well play tomorrow. Were up a bit more. I call it a go nowhere monday. It is not. Were up 56 points. That is best part of a quarter percent. Well take it. Back to the fox news polls. Look at this, 48 of respondents say, President Trump should not, not be impeached. Clearly the country is divided on this one, so are the democrats. Some are pushing hard for impeachment. Speaker pelosi pushing back against them. She dont want it. Joining us north Dakota Republican congressman, with his beatles selection, Kelly Armstrong with us this morning. I am inclined to ask, is Speaker Pelosi beginning to lose control of her party in the house . Im not sure. They dont let me into the strategy or what it might be. I think it is a needle they cant thread. Were having the second hearing in judiciary on lessons of mueller report. They are surely in untenable situation. The base is demanding it. Stuart momentum is there. Absolutely. They know the rest of the people. Not just the base though. They have other chairman, the minute you start impeachment proceeding, things move out of their committees in a real quick hurry. You have 24 president ial candidates. 23 publicly called for impeachment. I would be interested in knowing what their campaign staffs are saying behind the scenes because they know the American People dont want it. Stuart do you want them to do it because you think its a losing political strategy . I think we should move on or move into it. I think these hearings were holding in judiciary are ridiculous. I think calls got pretty significant after last weeks hearing i dont think the democrats got anything they wanted out of the hearing with john dean and cable news pundits came in with no fact information in the hearing, came in to tell us exactly what anybody could have heard if turned on another channel at 7 00 p. M. Tonight. Stuart congressman, call it, by end of summer have we started impeachment proceedings . If i had to guess i would say yes when spiker pelosi, when she had a chance to tack to the middle or tack to the left throughout her entire history we end up tacking to the left. Stuart that is fascinating. Well have you back at end. Sum of the summer. Well see how that turns out. Kim kardashian west is at the white house pushing for criminal Justice Reform. The president has passed i think it is called the first step. That has been passed already. You have a new bill, Justice Reinvestment Initiative act. What would your bill do that this First Step Act has not done . I think it is important to remember the First Step Act, it was first step. The vast majority of criminal justice occurs at state, local, county level. When youre dealing with federal criminal Justice Reform that is fantastic as far as it goes. We need to get this on the ground in local communities. Texas has done it. My state of north dakota has done it. We utilize programs and utilize technology and utilize various Different Things. Stuart at state level youre trying to get people out of jail who have been there for a long time, not saying minor league charges but nonviolent charges. I always said this. This is not getting soft on crime. This is getting smarter on crime. Stuart this is not a republican issue. It should be a republican issue. The return on investment if you break cycle of addiction related crimes isnt just that one citizen, you break a family cycle. That is one thing happened with this absolutely terrible Opioid Crisis gone on across the country, looking at addictionrelated crimes in completely difficult way. We need to do that. Stuart does your bill put more money into the state system . Yes. But it puts a Grant Program to try new programs, whether pretrial release with ankle bracelet or developing more things. Stuart you want to use state as laboratory. We have been using states as laboratory. Texas has done it. North dakota is doing it. We have models. If youre in a rural county in kansas you dont know how to start this. You dont have to ask the federal government. Call the department of corrections in north dakota or states attorney in texas. They will tell you what works and doesnt work. What we find, take a 19yearold kid putting in jail six months on a minor car, you know what he learns in jail, to be a better criminal. Hold them accountable, do it with tools that dont burden taxpayers in the towns, dont burren taxpayers in the jurisdiction. Continue down a path to recovery. Stuart is your bill going anywhere. I think so. Stuart democrats, wont give a republican a win. Im hopeful. Stuart okay. I always say im a happy cynic. This is one issue i think everybody agrees needs to be moving forward because it really, truly is something that can happen this is a bipartisan issue. Republicans have friends that are addicted. Democrats have friends that are addicted. Happens in rural communities. Happens in urban communities. There are better ways to do this. We want to hold people accountable, we want to do it in a smarter way. Stuart Kelly Armstrong, thanks for being with us. You brought your family. I did. Stuart a couple youngsters there. During the commercial break i will ask them if they recognized the beatles song. Sir, thanks for joining us. Thanks for having me. Stuart much obliged. Huawei, they will lose a lot of money because of the u. S. Ban. Susan will tell me the dollar number. Susan 30 billion over the next two years. This Company Projected they will make 100 billion in 2019. That is less than they made last year. Because they ended up on the u. S. Trade blacklist. That limits access to procurement when it comes to silicon wafered chips. Number two smartphone seller in the world just behind samsung, because of that smartphone sales will be down 40 . Stuart is this attached to the china trade negotiations or totally separate . Susan depends how believe. Steve mnuchin last week said its a totally separate issue. A lot of people say it is pretty much the same, a negotiating tactic. Huawei also, as they say could be a spying conduit for the chinese government. Stuart what a situation. Thank you, susan. Of course well have more on huawei throughout todays program here on fox business. Connell mcshane, he is at huaweis headquarters in china. He will be checking out their operations at 4 00 this afternoon, 4 00 eastern. He is speaking to huaweis vice president. Huawei is on fox business today. How about microsofts stock . Look at that, please. It has been ranked the most environmentally company, i have a very small piece of it. Ashley you must be very proud . Stuart im a proud guy. Ashley 230 grants given by microsoft to fund the use of Artificial Intelligence to address climate change. Youre saying what kind of thinks . Well they gave farmers in inyaw the a. I. Tools to help them increase their crop yields because india is affected by rising sea levels, higher temperatures. Do you know they charge Companies Carbon fees. Every company they do business with, microsoft, 15 metric ton for Carbon Emissions which is interesting. They bought a ton of solar power, 315 megawatts of solar power for their facility in virginia. Very important for them to be environmentally friendly. Stuart im glad i have a piece of a environmentallyfriendly company. Ashley i thought you would be. Stuart a tiny thin sliver. Piece of the action. Six oil tankers have been attacked in the gulf. Some were attacked by iran. Most of them probably, we dont know for sure. Are we preparing a military response to all of this . Well put that question to retired commander kirk lippold. He is next on the show. Well meet the man behind the campaign to get californians to relocate to, phoenix, arizona. What makes arizona attractive to californians . Ashley airconditioning. Stuart i have a long list. Well be back, sports fans. Well be back. Oh, yeah, thats gonna be a good one. playing did you know that nationwide has customized Small Business insurance . Huhuh. Maybe thats a song. Yeah, maybe. peyton did you know nationwide is americas 1 provider of pet insurance, farms, and ranches . Now thats a song. Yeah, maybe. Oh, thats gold right there. Did you know that nationwide has an interactive retirement planner . music stops are we there yet . nationwide jingle car vending machines and buying a car 100 online. Vented now weve created a brand new way for you to sell your car. Whether its a year old or a few years old, we want to buy your car. So go to carvana and enter your license plate, answer a few questions, and our technowizardry calculates your cars value and gives you a real offer in seconds. When youre ready, well come to you, pay you on the spot, and pick up your car. Thats it. So ditch the old way of selling your car, and say hello to the new way at carvana. Stuart we keep gradually going up some more. Were up 74 points for the dow industrials. Much better than a quarter of 1 . Nice gain for nasdaq too. Look at boeing. The company lifted the 20 year industry demand forecast. By that, i presume it means demand in the future is better than they thought it was. The stock is up six bucks at 353. Six oil tankers attacked in the gulf, some of them attacked by iran. The u. S. Says, come on, enough is enough. Retired commander kirk lippold, who has experience commanding a navy ship in the gulf. Do you know for a fact were preparing a military response to all of this . As a matter of fact, stuart, yes, we are preparing one, but that is the option of last resort. What were doing is actually looking, saying what do which need in place in the gulf . What do we want to be able to stop it . What other instruments of National Power can be used, diplomatic and otherwise at this point . The sanctions are clearly working on the iranian economy. Well always prepare for a military option. Lets hope that is the last thing we exercise. Stuart do you think well wait for another attack or another incident before we let loose with something or are we going to do it anyway . Well well end up doing is gathering the evidence, mick sure we rao irrefutable standard that shows that these attacks, four we had a month ago, two most recent ones, they were iranian sponsored and carried out by them with the blessing of iranian government if knot their direct involvement. Then well get the world behind us. We cannot do this by ourselves. We must have world buyin not just the region but the world as well. This is going to be large. This will not be like syria where there is chemical attack. We do a strike of tomohawks and they stop. The iranians will punch back and punch back overwhelmingly hard, Aircraft Carrier, b52, some fighters in the region is not near tough to take action in this case. Stuart what more military power do we need other than a Aircraft Carrier battle group . We need to look what the iranian response will be. And look, we do not want to put things in place. You would need multiple Carrier Strike groups. Multiple aircraft in order to conduct a sustained thing. This will not be a one and out. This will be a campaign. The end of that campaign would be to insure that the iranians no longer have the capability at all to shut down the strait of hormuz, to interfere with the sea lanes of communication, so that we can insure the free flow of oil throughout the world. Stuart that would be a big fight if we get into it. I have to bring this to your attention as well, kirk. Iran announced they will have unlimited increase in uranium enrichment. Which of course breaches the nuclear treatment. That is provocative, isnt it . It is provocative. I think what theyre trying to do, exercise everyone of their options available to make the world understand, make the United States heel on this case. If there is larger dynamic at play here. When iran is going to interfere with the sea lanes that allow the flow of oil, dont think for one minute that china isnt paying attention to what the iranians are doing and world response is going to be with respect to their militarization of the South China Sea and potential interference with the worlds economy out there as well. So we have to be very careful, thinking through what were going to do to iran, how we are going to conduct that campaign and those operations if it comes to that. Stuart have you any doubt that President Trump will act if there is another incident, he will act militarily with our military forces . I will not parenty he would act militarily. What we want it irrefutable proof we can find out where did iran sponsor these from, how did they get mines alongside . They are sensitive to having our drones overhead capturing imagery we saw that in the last few days where they observed them going alongside removing a him pet mine off the ship. Guaranteeing he would act militariliry . I will not put that out there. Is planning going on . Absolutely yes. Stuart, lets hope that will be the last resort here. Stuart got it. Commander kirk lippold, thanks for joining us. Stuart, yes, sir. Stuart totally different subject. How about the scooter craze . It hit the town i live in. Scooters left on the sidewalk. People call them a public menace, some do. The ceo after company with a solution to the problem. Well be right back. Stuart modest gain this monday morning. Nice way to start the week. Were up 55 points. 26,145. Now this, the electric scooter craze is really sweeping the nation. There is a lot of complaint about this. They litter the sidewalks of some of the big cities. We got all of that. There are a lot of complaints. Our next guest might have something of a solution. Colin rush is with us. The ceo of swift mile. Colin, why dont you tell us what is your solution to these scooters lying around all over the place . Great. Well, first off, stuart, great to be here. I appreciate you having us on. We have seen the dockless shared scooters. They are great help with congestion, smog. There are problems, they get left all around. They block sidewalks. It is early days of this market. So there needs to be a solution. What we designed the First Parking and charging system for any kind of scooter. It is universal. In a sense we can work with any type of specific scooter out there. Kind of think of us as first gas stations were that enabled mass adoption of fords mod tell t, swiftmile is to the scooter revolution. Stuart a scooter would have to be taken to the docking stations. At the moment you can leave them where you finish riding things. That would require a change the way scooters are usessed, wouldnt isnt. No, were promoting dockless model. It works great. Now it got everybody to the dance. There are problems in high trafficked areas, downtown san francisco, downtown austin, washington, d. C. , in areas there, there needs to be some order to the chaos. What were saying, you dont have to end it there. What the scooter operators are incentivizing riders to end the ride in the parking station, it helps them and helps everybody else as well. Stuart are your docking stations made entirely in the United States . I ask because, problems with tariffs on china trade that kind of thing, but your docking stations are all made in america . Yeah. We have the early foresight to think about this, kind of playing the long game. We realize if we sell to cities, large corporations, things in the United States, its a much better story if we make everything here. Just like the great bridge behind me the golden gate, steel used there, our steel is from the United States as well. It is fabricated in l. A. All of our intelligence, all of our electronic Circuit Boards and i. T. Is made in the bay area which we keep close to the chess. Buy america is never going out of vogue no matter administration. Were excited not to be impacted by tariffs. Stuart where have your docking stations been installed so far. Were not all over but quite a few areas. Well be in ann arbor, michigan, washington, d. C. , tampa, florida, portland, oregon, spokane, washington. What we like about as a startup, were starting to export our innovation. We got back from berlin, i might be a little blurry eyed. Took a redeye. Well set up stations in germany, israel, south america, parts of the uk. It is taking place now because there is surge of popularity of micro mobility transportation scooters. Stuart if you have a stocking station, im driving or pushing around one of these lime scooters and i come up to the docking station, park it there, who pays for the juice to put a recharge the scooter . Great question. The way the market works, gig workers, pay people on the street to. Average cost 8, scooters get destroyed. When someone plugs, our cost is a third less. Takes the scooter, puts it in orderly fashion. It is parking and charging at the same time. Universal. Stuart lime, the scooter company, they would pay for the juice in the docking station . Yeah. I could give you a better example. We partnered with ford, with spin, great subsidiary company. When their users plug in, spin pays us a fee to have access to the power. Stuart look, i like it. Scooters appeared in the town i live in in new jersey. Theyre all over the place. Im aware of it. Stuart very young demographic in my town with, good weather, they flood the streets. I think its a fabulous thing. I have got people laughing at me because i wouldnt be caught dead on a scooter because i couldnt balance properly. But seriously, colin, thanks for joining us because i dont think this craze is going away. I think it is here to stay. I think its a big deal. Good stuff. When we power with solarrable, 100 Renewable Power transit. That is powerful. Cant do that with a car. Stuart you got it. Im glad you took the redeye. Youre not bleary eyed at all. Thanks for having me. Byebye. Stuart next case, the democrats say the trump economy just isnt fair. That is how they plan to campaign against prosperity. My take on that coming up, top of the next hour. Celebrity chef rocco despirito, famous for working a grill. What does he make of the craze for meatless . Well ask him. In the studio by the way. Hour three coming up for you. Ashley did he bring some food . Metastatic Breast Cancer is relentless, but i was relentless first. Relentless about learning the first song we ever danced to. About teaching him to put others first. About helping her raise her first child. And when i was first diagnosed, my choice was everyday verzenio. Its the only one of its kind that can be taken every day. It gives us more time without cancer progressing. Verzenio is the only cdk4 6 inhibitor approved with hormonal therapy that can be taken every day for postmenopausal women with hr , her2 mbc. Diarrhea is common, may be severe, or cause dehydration or infection. Before taking verzenio, tell your doctor if you have fever, chills, or other signs of infection. Verzenio may cause low white blood cell counts, which may cause serious infection that can lead to death. Serious liver problems can occur. Symptoms include tiredness, appetite loss, stomach pain, and bleeding or bruising. Blood clots that can lead to death have occurred. Tell your doctor if you have pain or swelling in your arms or legs, shortness of breath, chest pain, rapid breathing or heart rate, or if you are pregnant, nursing, or plan to be pregnant. Common side effects include nausea, infections, low blood cells and platelets, decreased appetite, headache, abdominal pain, tiredness, vomiting, and hair thinning or loss. My relentless reason its them. My choice with my doctor its verzenio. Ask your doctor if everyday verzenio is right for your first treatment. That have made the rx crathe leading luxury suvogy of all time. Lease the 2019 rx 350 for 399 month for 36 months. Experience amazing at your lexus dealer. Stuart the state of the economy is clearly the president s strong suit in the 2020 election. Its his area of real strength. You can see it in the latest fox poll and in the Consumer Confidence numbers. America is again enjoying and i mean enjoying prosperity. But its tough for the democrats to run against this, when wages are rising and people have more money in their pockets, persuading voters to reverse course, thats not going to be easy. So what do they do . Well, they are campaigning on fairness. They are not out there demanding more growth or more jobs. No, they are spinning the issue of fairness. The trump economy is not fair, they say. Classic example came from alexandria ocasiocortez. She accuses amazon of paying starvation wages. Thats her quote. Jeff bezos is the richest person in the world, she says, because his company, amazon, exploits its workers. Hes a billionaire. Its not fair. Bernie sanders attacks the walton family, the founders of walmart, using exactly the same language as aoc. Walmart, he says, pays starvation wages even though the waltons have a combined fortune of 170 billion. Its the income inequality theme. Its not fair. Later today at a forum for ten democratic candidates, they will take questions from low income voters. The fairness charge will surely come up constantly. The left is relying on emotion, jealousy, outrage, youve got so much and ive got so little, its not fair, and the media always amplifies that message. Its a leap in the dark. The left is asking voters to throw over the prosperity that mr. Trump and capitalism have delivered and for what . Massive tax increases on everybody, enormous new spending and government control of your life . A democrat in the white house means an obama style economy on steroids. The democrats have to fight prosperity. Theyve got no choice. The economys almost always the key issue in president ial politics and this time around, if they want to win, the left must demolish the whole idea of trumpgenerated prosperity. That is an uphill struggle. Theres nothing fair about socialism. The third hour of Varney Company is about to begin. He pays his workers starvation wages . I think its certainly a part of the equation when you have a very large work force and you underpay every Single Person and then you also participate in, you know, in taking billions of dollars of government subsidies, i think that that could be part of this. Stuart that was aoc. Before we get to our guest, i just want to tell you this. I insist. Amazon pays 15 an hour to all fulltime, parttime, temporary and seasonal workers. All fulltime workers get medical coverage, a 401 k , companypaid life insurance, shortterm and longterm disability insurance, maternity and parental leave. Every fulltime employee at amazon gets all of the above. Come on in, senator fisher, republican from nebraska. Im sorry, i just couldnt resist pointing out the truth about amazon. My question to you is, do your constituents demand fairness or do they want a job and more money . People want to have good opportunities and that means having jobs created and having good jobs. Nebraska has low unemployment rate, we have a booming economy in nebraska, as we see all across this country so that makes a big difference. Nebraska families understand that. Stuart do they care about this thing fairness . I mean, there is income inequality in this country. Okay, ive got that. Do they care about it . Do your constituents bring it up to you . I think people want to make sure we have fairness when it comes to opportunities, stuart. Thats whats important, that im able to go out and do what i want to do and receive a good salary so others are able to able to go and get jobs and take care of their family so they can save for vacation, save for a house. Thats opportunity and thats what we have in this country. Stuart thats very important because look, im a product of the american dream. I came to this country looking for opportunity and a lot of other things as well and i got it. I was able to climb the food chain. Nobody cared where i came from, what my voice was, what my dad did for a living. I think we do have an extraordinary degree of opportunity in america but do you . Do your constituents feel the same way . I do. I think there are opportunities available for people. We have a lot of opportunities with education. Before i served here in the senate, before i was in the nebraska legislature, i was a commissioner on the coordinating commission for Postsecondary Education in nebraska. We handled pell grants. We were able to look at the needs of low income students and there are a number of grants and loans that are available through public institutions, private institutions, so people can further their education. People can join the military and have their education paid for, be trained in specialized areas. You know, there is so much available out there and the federal governments a part of that. When it comes to s. T. E. M. Education, i have introduced bills and cosponsored bills that help promote women to be able to receive more loans and grants when it comes to them entering s. T. E. M. Fields. When it comes to them working with space. So theres all sorts of programs out there but to have the opportunity available, you bet theyre there. Stuart senator deb fisher, republican, nebraska, we very much appreciate you being with us today. I think theres nothing fair about socialism. Im going to leave it at that. Thank you. We appreciate it. Thanks a lot. Thank you. Stuart next case, apples chief tim cook, he took a big shot at his tech rivals over the weekend. Deirdre bolton is with us. You will tell the viewers exactly what he said. Deirdre we will do one step better. We will play the man himself, then talk about it. Heres tim cook, ceo of apple. Every data breach, every privacy violation, every blind eye turned to hate speech, fake news poisoning our national conversati conversation, the false miracles in exchange for a single drop of your blood, too many seem to think that good intentions excuse away harmful outcomes, but if you built a chaos factory, you cant dodge responsibility for the chaos. Taking responsibility means having the courage to think things through. Deirdre so chaos factory. You heard that there. A version of a wellknown book in Silicon Valley called chaos monkey so hes speaking to his audience, this was stanford, the commencement speech. As we know, stanford has graduated numerous famous tech, for example, the cofounders of google, netflix founder. So essentially, for the people listening between the lines to the whole thing, he did not call out facebook or youtube by name, but if you listen to that entire speech, those are two Big Companies. Theranos was the reference to a drop of blood. Stuart at a time when politicians wiare looking close at big tech, hes coming on strong as a paragon of virtue. Everybody else is dodgy but not me, not apple. Deirdre he underlined this kind of digital responsibility which has always been apples calling card and which he has been very vocal in complaining about Mark Zuckerberg, for example, at facebook. So he is in a way setting himself up. They better keep straightening up and flying right because he does call out his peers. I hope for his sake that apple does not become embroiled in some sort of privacy scandal. Stuart i didnt realize he was as blunt as he was. Deirdre he is. Stuart thank you. Check the big board. We got a 60point gain for the dow industrials in the first 97 minutes for business on wall street this morning. We are at 26,151. We keep a close watch on Interest Rates these days. Look at the yield on the tenyear treasury. Sliding. Look at that. 2. 09 . Thats a very low level. Bitcoin going the other way, surging. Its way past 9,000 a coin right now. Thats a 13month high. In a few minutes, we have bitcoin watch er with us who sas strap in, because bitcoins going to hit 10,000 within the next two weeks. Thats what hes going to say. How about beyond meat. Where are we there . Dont tell me, we are at 165 a share, up 13. Remember, it went public just a few weeks ago at 46. Now its 165. I didnt see that coming. I wish i had. Ashley no. Stuart 46, right . Deirdre yes. Bestperforming ipo in the u. S. This year so far. Ashley and then some. Stuart later this hour, we have celebrity shift Rocco Dispirito on set. I want to know what he thinks of fake meat and if he will be using it in his new york city restaurant. Good questions to ask. Bernie sanders tweeting out a video of Charles Payne from a recent appearance on fox news, claiming charles agreed with him. Come on. Ashley oh, boy. Stuart coming up, the man himself, Charles Payne, will respond. Forcefully, im sure. We are also going to be joined by pete hegseth. He will make sense of these polls that show President Trump trailing several all leading democrats, actually, including mayor pete. The third hour of varney just Getting Started. Fact is, every Insurance Company hopes you drive safely. But allstate actually helps you drive safely. With drivewise. It lets you know when you go too fast. And brake too hard. With feedback to help you drive safer. Giving you the power to actually lower your cost. Unfortunately, it cant do anything about that. Now that you know the truth. Are you in good hands . Stuart were watching bitcoin. Why not . The thing has just moved above 9,000 per coin. 9,200 right now, i believe. Naem aslan is on the phone with us. You say that bitcoin goes to 10,000 in the next couple of weeks. Okay. Why is that going to happen . Make the case. Thank you for having me. So when we were on your channel before, a few weeks ago, we talked about the move to the upside. The major reason is that we are seeing increase in volume from institutions. When we look at the volume on the regulated exchanges, we can see that institutions are getting involved. Secondly, we see the Digital Asset space is become increasingly popular because we are seeing some real projects like gpp coming into this space and providing the head wind. Not to mention, facebooks coin is coming and we are going to see the white paper tomorrow. All of this is responsible for the rally we are seeing. This is the reason we have seen already a higher bull market. Stuart im just going to pick on the facebook issue, because i think that is very important. They revealed their crypto currency in their network tomorrow. I think this gives legitimacy to the cryptos and thats part of this big rally. You with me on this . I concur with you, and that comes as a part of the other Digital Assets which are coming in the space. Im talking about academia does an enormous amount of research and enterprises are taking that for their own Business Model. That shows how the space is maturing. Stuart fascinating. You were on the show predicting 10,000 very soon. So far, you are right. You have taken your victory lap. We will see you again when we hit 10,000. Thank you very much indeed. I have somebody with me who is another bitcoin kind of guy. Pete hegseth, the weekend host of fox friends. All right, pete. Im telling you. You know, bitcoin was a novelty. Now it is a reality. I think the point of Institutional Investors he made is really important. When youve got the infrastructure that can support not just individuals who kind of think crypto currency might be the future, now youve got funds, exchanges, that are willing to traffic it, this thing, it was a bubble before when it went to 20. I believe rightfully so it retreated. Now the infrastructure is there. People understand what it means, how it can change things. They have worked for the government, lot of people trying to work to figure out it stays legal and it slowly worked its way back. It was down to 3,000. Im telling you this is going to the moon. Stuart two questions. When did you buy it . I bought it first way too high, but i bought as high as 17. I never said i was a good investor. I just said crypto currency is the future. But i bought as low as three and two and a half. I never sold. I held it the whole time because i think 19 is the bottom of where its going to go. This things got unlimited potential. Stuart congratulations. Im still barely under water. Stuart i have to talk about this latest fox poll. Okay. Stuart the results to me are absolutely astonishing. They put President Trump up against the leading democrats and all the leading democrats beat President Trump. Joe biden beats him by 10 points, 4939. I find that astonishing. Bernie sanders beats him by 9 points, 4940. Elizabeth warren beats him by 2 points, thats 4341. Even mayor pete beats him by 1 point. Can you explain this . Hold on. We have the president. The president tweeted this. Only fake polls shows behind the motley crew. We are looking really good but its far too early to be focused on that. Much work to do. Make America Great again. You explain those headtohead polls. Right now democrats are in a bubble competing with each other, unafraid afraid to attack each other. The media more or less treats them with kid gloves. Theres a new flavor of the week, is it pete or elizabeth warren. They are in a warm glow of coverage of speculation. Wait until they get into a cage match with donald trump. Wait until the debates happen when they have a nominee and we are literally talking about do you want socialism or free market economics. Do you believe we should have a border or should we keep should we have a border wide open. Reparations, you really want to open that can of worms or do you think we should move forward as a country. When the contrasts are there, i think the lefts have captured the Democrat Party and they are difficult issues to defend to common sense voters. I also think you have an aspect where, when you see people attacked for wearing maga hats, you see people disparaged for supporting this president , they are still not willing to tell some random person on the phone im all in for donald trump. Stuart i have to believe when somebody calls you on the phone or confronts in the street, take this poll, nobody wants to say trumps my guy, hes a good guy, im voting for him. Its like peter, you know. He denied jesus three times but when the rooster crowed he came around. People may deny President Trump for awhile but when the contrast is there, and the rooster crows election day 2020, i think thats the point where people say my economy is pretty good. I think thats an important thing. Stuart that was really good. Biblical reference. I did grow up in a baptist church. Stuart still baptist . Still a baptist. Stuart i thought you were he pa episcopalian. Sometimes we call them episcopagans. Stuart oh, i love that. Im a baptist boy. Stuart pete, youre all right. Good man. Lets check the price of oil this morning. Where is that . 52 a barrel. Lets check the price of gasoline. Is it coming down or what . Thank you for the trumpets. 2. 68 National Average. We are on the way down. We have gone down for 17 days in a row. Im sticking with 2. 50 National Average in the july 4th week. Stick to that. I may be wrong but ill stick to it. We have been following, what, the world cup. U. S. Open. Basketball. Baseball. Lots of sports stuff. So question, which athlete makes the most money . Take a guess. Deirdre has the answer after this. Is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things that move us forward. Every day, invesco combines ideas with technology, data with inspiration, investors with solutions. Because the possibilities of life and investing are greater when we come together. I come facetoface with a lot of behinds. So i know theres a big need for new gasx maximum strength. It relieves pressure, bloating and discomfort fast. So no one needs to know youve got gas. Gasx. Stuart we are all about making money on this program. The more, the merrier, in my opinion. Forbes just released their list of the worlds highest paid athletes. Whos on top . Deirdre if you have good footwork, apparently, it pays literally. Mr. Messi, who plays for barcelona, and its not just about the contract that he has with barcelona which is in total Something Like 80 million, but he also has this lifetime deal with adidas. So according to forbes, hes worth close to 130 million. Stuart thats his net worth . Deirdre that is not his net worth, that is per year, what hes getting with adidas plus the barcelona contract. Stuart wow. 130 million per year . Deirdre sorry about that. Then you have ronaldo, then neymar. Again, the footwork. Stuart im squinting at the screen. Ronaldo is deirdre number two. Stuart neymar, 105. Alvarez, 94. Federer. Deirdre you got a tennis player in there. So the contract, of course, for barca which you know very well, goes through i believe Something Like 2020. Stuart bottom line, european soccer is where the money is. Thank you. How about this one. The raptors reaping the benefits of their first championship win. The owners are, at least. The raptors brand has grown by the millions, plural. Merchandise sales surging, tv ads selling very well, investors apparently staying around. Ashley amazing what success does for a team, right . Im not being funny. This is a franchise thats had Big Investments from Pension Funds and everything into the group and people saying what are you doing. Finally its paid off. The owners, we are talking well over a 1 billion valuation. Deirdre even to kids around new york city now, with raptors teeshirts. Its spreading. Stuart i havent seen a raptor shirt yet but im looking. Bernie sanders tweeting out a video of our own Charles Payne from a recent appearance on fox news. Now, sanders claims that charles, our own Charles Payne, agreed with him. Can you believe that . Next, we have the man himself, charles, who is going to respond. We will also ask him about this tweet from the president where the president claims the market will tank if he doesnt win in 2020. Theres the tweet. Meanwhile, the market right now shows a very modest gain this monday morning, up about 60 points. We will make some money with charles after this. Stuart two hours in as we start the new week on wall street and the dow is up 60 points. Even split, winners and losers among the dow 30. How about Interest Rates . Look at this. We are down a bit more on the yield on the tenyear treasury. Now it is 2. 08 . Historically a very low level. How about the Federal Reserve . They meet tomorrow. They will announce their Interest Rate decision tuesday afternoon. Charles payne is with us, the host of making money on the fox business network. Im going to put it to you dead straight here. Do you think the fed will lower rates on wednesday afternoon . No, i dont. But i think this is a brand new fed. The powell fed i think is ushering a new era where they are going to start to cut rates long before theres any signs of recession. Stuart that would be very stock market friendly. It would be. Think about whats happened just in the last two weeks in this market rally, this rebound. Vice chairman clarida making certain comments about unconventional tools being conventional. Powell followed that up and the new york fed president williams follows that up. I think we are entering an era because listen to powells speeches. He takes amazing credit and pride in the fact that the Federal Reserve saved our economy. I sincerely believe under his watch, hes determined not to have another recession. Stuart you are going to read into the language what they are going to do in the future. Thats more important than whether they cut rates . Absolutely. Absolutely. Speeches, you know, they give them, you got to listen to them but its only something in there, they have telegraphed loud and clear to the world that they are ready to intervene. I tell people, think about it this way. They no longer want to be the fireman. They dont want to put out fires. They want to prevent them. They want to be the policeman. They want to create, they want to keep order and prosperity. Stuart if you are right, i would have to believe that come wednesday afternoon, if thats the kind of language we get, the market does very well. It should do very well. Heres the thing. Sometimes wall street gets over its skis which it did earlier may 1st, you know, the may swoon wasnt just the mexico tariff thing. It began may 1st when powell somehow disappointed wall street which wanted rate cuts right away. He was like well, its transitory inflation, we know theres inflation issues are not transitory. The fed has a lot of issues. In fact, their inability to create inflation is a big worry at the fed. Stuart i want to put a tweet from President Trump up on the screen because its quite dramatic. It says look, the trump economy is setting records, has a long way to go up. However, if anyone but me takes over in 2020, there will be a market crash the likes of which have not been seen before. Keep America Great. Thats quite a warning. It is quite a warning but i think this is a great time to talk about how we should measure president s and the stock market. Historically, they measure them the day after the inauguration. It should be the day after the election, because the markets react immediately. Keeping that in mind, george bush, the market was down almost 4 from the election to inauguration. President obama, the market was down 14. 8 . Officially, that goes under bush but really, the market wasnt reacting to bush. He was old news. We had a new president. The market was reacting to a new president. It was now 14. 8 . Now, 29 as its lowest point. Under bush, it was down 31 at its lowest point. President trump is elected, by inauguration its up almost 9 and then of course right now, from election day to today, the dow is up 43 . So the point, hes got a major point here. The market will react adversely if one of his democratic opponents wins. If any of them win, we are going to go down. If some of the ones with these crazy ideas of repealing the tax cuts, repealing regulatory cuts, we are really going to go down. Stuart almost all of them. Joe biden has not made his position exactly clear. The long shots, delaney, those kind of guys are much more reasonable but they are very, very much long shots. Stuart the frontrunners are tax, tax and tax again, spend like you wouldnt believe. Its nuts. Stuart i didnt know this. I understand you are a fan of Bernie Sanders. Wow. Stuart thats what his Campaign People said. Hold on, charles. Roll tape, ladies and gentlemen. Its going to get more people than just young folks to listen to this. When he talks about corporate socialism, which he says is going on right now under President Trump because i think one thing that resonates with a lot of people, forgetting about political identity for a moment, the big wall street bank bailout, did we really true need that . Stuart that music. That was his campaign. That was me and bill hemmer last week. They took the whole piece. I was just trying to have a reasonable conversation, not necessarily endorse Bernie Sanders, but it is true that forgetting about politics, you know, you talk to people who dont follow politics but they do understand something isnt right. Why does a billionaire who makes 900 million a year really need carried interest and pay 23 tax . Why do we have to bail out banks for trillions of dollars. Why do we have to pay for sports stadiums with taxpayer money. People get that inherently, and theyre not political. So the bernie message can seep beyond the typical progressive millenials, if he wasnt going so far but he goes overboard every single time because its not just that, of course. He really wants us to be the ussr which of course, comes through. Hes not bashful about that. Stuart ive got to say on an emotional level, Bernie Sanders and aoc make a strong point, just on pure emotion, jealousy, outrage, politics. Thats what theyre doing. They have no basis in fact. They can take someone who is doing the best, enjoying their best life right now, someone say if you work in construction in new york city right now, you probably are making more money than you have ever made. Say you could be 54 years old making 190,000, 220,000 a year, and listening to bernie you will feel like you know what, the Building Owner is making so much more than me that its unfair. So thats the thing they are talking about. Stuart so you dont agree with Bernie Sanders . No, i dont. I dont. But i do think capitalism and the champions of capitalism just cant sit back and smoke a fat cigar and think this is a passing fancy. There are some adjustments that need to be made also. Stuart got it. You can watch the show called making money the socialist way with Charles Payne. Just joking. That was a good one. Stuart making money with Charles Payne. High taxes, high taxes, high taxes. See you tomorrow. Stuart thank you, charles. Good man. Lyft, okay, the ride sharing people, they are about to roll out a new set of pinkwheeled electric scooters. These are more durable, they have got a longer battery life than their current lives. They are only available in denver for now. Thats the new line coming out from lyft. If you look at any major city in america these days, you see these all over the place. All right. On your screen, now, amtraks new acela high speed train will hit 186 miles an hour, 30 more passengers than the car on the rail today. All part of the 2. 4 billion project to upgrade the boston to d. C. Line. They start in service theoretically in 2022, ladies and gentlemen. Then we have beyond meat. Cant get away from it. Very soon we will be joined by celebrity chef Rocco Dispirito who will be with me on the set in new york. I want to know what he thinks of fake meat and is he going to use it in his new york city restaurant. Fake meat stock is up another 14 at 166. Listen to whataburger fans, Houston Texans star jj watt wants you to chip in to help buy it. We will tell you what that is all about in a moment. First, listen to this statistic. According to the u. S. Census, more than 700,000 people have left california for other states since 2010. The main reason . High housing costs. Well, one state is trying to lure california residents. We will tell you which it is. It will be arizona. They have a whole campaign called california struggles. We will talk to the head of the campaign next. Have they had any success bringing people from the golden state, what was the nickname of arizona . We will find it. I live in new jersey. Garden state. Stuart attention, whataburger fans. Houston texans star jj watt wants you to chip in to help buy it. Take me through it. Deirdre thats right. Well, we know jj watts name, of course, hes raised tens of millions of dollars for very worthy charities, including the last hurricane, so hes known to have social media power but whataburger, that is a burger chain, it started in corpus christi, texas. There are 700 of them in the country, lot of them in the u. S. Southeast. Hes a big fan of that chicagobased private firm bought a huge chunk of this company so jj watt is saying listen, this is a texas company. If you are a fan of this burger joint, we should all get together, pool our money and buy that stake back from that chicagobased company. He has some menu ideas, basically saying dont change it. You have people weighing in on twitter saying what a shame. Listen, this is a guy who could do it. We have seen him be able to pull together stuart how much does he need . Deirdre it seems like for 700 shops, they dont give any kind of prices but the company is looking to perhaps go public. They have retained morgan stanley. It seems like the company thats based in chicago is looking for an elegant out and perhaps this is it. Stuart perhaps. Bit of a long shot. Deirdre its sentimental for the people in texas. Stuart are they known for their sentiment . Ashley dont mess with texas. I know that. Stuart now, we love a good high tax exodus story on this show. Our next guest is at the helm of a new campaign trying to persuade californians to ditch their state and move to phoenix, arizona. By the way, arizona is the grand canyon state. I just found that out. That gentleman right there is chris camacho, Greater Phoenix Economic Council ceo. Chris, sell me on phoenix. Word of caution here. You cannot sell me phoenix in july or august. I cant take that kind of heat. But sell me for the other ten months. Good morning, stuart. The Greater Phoenix Economic Council has launched an Aggressive Campaign in california. There are so many reasons why companies should consider greater phoenix. Its a top talent market in the United States. Arizona state university, for example, for the fourth year in a row was named Top University system in the country from an innovation standpoint, doing 600 million in applied research. The talent base is incredibly strong. In addition to that, affordability. Both people and Companies Want to understand the tax, the regulatory climate but also, people want to be able to afford homes and live the american dream. Stuart sure. Tell me what success youve had. We know a lot of people have left california. How many under your efforts have come to phoenix . Well, over the last ten years, six million californians have left the state. We launched our campaign which is ca struggles just last week, so on monday, we had two dozen cars moving up and down the 101 as mobile billboards. Instead of putting fixed billboards in that market, we launched an integrated marketing strategy. Very aggressive. Stuart wait a minute. You have cars driving up and down, what is it, 101 or route 5 . 101 . We have got up and down the 101 and ultimately bolted on a very aggressive direct marketing Outreach Campaign to ceos and hr managers. Stuart thats kind of cheeky, isnt it . You put a convoy of cars with billboards, come on over to the grand canyon state. Thats kind of aggressive, isnt it . Well, we are bold. I tell you, this market is very fortuitous in that we are a growing state, one of the Fastest Growing economies. We have a great governor thats leading our state. We are one of the most attractive places to do business from a quality of life, affordability and our progressive policies that enable our cities to become world class with modern infrastructure and very strategic investment. Its really not a sell to the california market. Its more or less we are capturing californian companies that are considering moving outside the state, instead of moving to texas and colorado, we want them to call greater phoenix home. Stuart okay. We understand. We just gave you a pretty good commercial there. Come back and tell us when youve got major success of your new campaign. We would like to hear from you. I will tell you over the next quarter you will see really exciting announcements of the greater phoenix. Stuart come back and tell us. Chris camacho, thank you for joining us. Next, celebrity chef Rocco Dispirito with me here in the studio. We are talking fake meat. Is he going to serve any of it in his new york city restaurant . Hes on the set. He will tell me. Whats going on up here . Cant see what it is yet. What is that . Thats a blazer . Thats a chevy blazer . Aww, this is dope. This thing is beautiful. I love the lights. Oh man, its got a mean face on it. It looks like a piece of candy. Look at the interior. This is nice. This is my sexy mom car. I would feel like a cool dad. Its just really chic. I love this thing. Its gorgeous. I would pull up in this in a heartbeat. I want one of these. That is sharp. The allnew chevy blazer. Speaks for itself. I dont know who they got to design this but give them a cookie and a star. We like drip coffee, layovers and waiting on hold. What we dont like is relying on fancy technology for help. Snail mail we were invited to a y2k party. Uh, didnt that happen, like, 20 years ago . Oh, look, karolyn, weve got a mathematician on our hands check it out now you can schedule a callback or reschedule an appointment, even on nights and weekends. Todays xfinity service. Simple. Easy. Awesome. Id rather not. Its a revolution in sleep. The sleep number 360 smart bed now from 899. Senses your movement and automatically adjusts on each side to keep you both comfortable. And snoring . How smart is that . Smarter sleep. So you can come out swinging, maintain your inner focus, and wake up rested and ready for anything. Only at a sleep number store, dont miss the queen sleep number 360 c2 smart bed, now only 899. Plus, 0 interest for 48 months on most beds. Ends wednesday. Stuart if you watch this program a lot, i know you do, you know that im fascinated by this fake meat thing, and more to the point, fake meat stock. Look at that. Its 166 a share. Just about a few weeks after going public. Deirdre best performing ipo this year by far. Stuart bearing in mind the success of the stock and this phase, fake meat, lets bring in a celebrity chef, a real celebrity chef. Rocco dispirito is with us, the head chef at standard grill, a superb restaurant in new york city. Rocco, welcome to the show. Thank you so much. Pleasure to be here. Thank you for calling it superb. You have to come. You have to come and verify that. Stuart what do you think of fake meat . Theres nothing fake about this ipo at 4 billion at this point, right . Stuart come on, answer the question. I think the ipo serves to validate the fake meat market at this point. When it was just a garden burger 20 years ago, i think less than 1 of overall burger sales, we could make the claim it was a passing fad. Now i think its here to stay. Stuart you have one of those little grills. I brought real meat for you to eat today. This is what we do at the standard grill. Beef, chicken wings, chicken hearts, i know they are a favorite. Stuart wait a second. Could you grill fake meat . We absolutely can and we do. We do actually grill plant based meat, in vitro meat at the standard grill. In vitro meat is meat made in a lab, cloned meat. No animals were harmed. Its for those concerned about sustainability, not about their health necessarily. There are two reasons people eat fake meat. Its because they are either concerned about sustainability, cruelty to animals or their health. When we run out, people, you know, theres a really loud cry about it. Its less than 1 of our sales but that 1 is very very vocal. Stuart is it more expensive than regular meat . It is more expensive than regular meat per pound. 2 to 3 per pound. Some of it can be in the 3 to 4 per range. Average burger is a dollar something per pound. Stuart you have a high end restaurant. We do. Stuart we know that. But less than 1 of your sales in the restaurant at this moment are plantbased meats. Thats right. Stuart you dont like me calling it fake meat. Its fine. It makes for an entertaining show. Its a plantbased burger. It will probably move me on the fake meat label soon. Literally 550 growth in two weeks, theres nothing fake about that. That surprises even me. I dont know if you remember when shake shack had the ipo, arguably one of the best burger brands in the country, and this is surpassing that. Its extraordinary. Both of us, which we were in on the ipo, right . Stuart ive got one more question about delivery. Yes. Stuart delivery has taken over here. I dont think its a good deal for you, the restaurant guy. Because the deliverer takes a big piece out of your price. The Delivery Services like seamless do take double digit percentages but also offer us access to a whole new market. If we arent doing delivery originally, you have another Huge Population that you can serve. So its a give and take. Its not so bad. Stuart you are a new york city restaurant. Thats right. Stuart everybody has stuff delivered in new york city. Thats true. Thats true. Its a big business. Its a big business. If you are ignoring the Delivery Market because you are worried about paying the percent, what does it cost you to not be part of it . Thats what you need to think about as a business owner. Stuart am i allowed to ask you a financial question . Of course. Yeah. Stuart whats your average check size per person . Average check at the standard grill is about 98. 98. Stuart thats all checks, not per person . Per person, including food and beverage. Stuart 98. Well, thats not that huge. We serve prime beef, we serve the best ingredients. [ speaking simultaneously ] we have the plaza where the average check is about 25 and the grill cafe where the average is about 45. We have eight venues so theres something for everyone. Stuart if i were to come to your restaurant, in the unlikely event you seem like a man who understands good food. Stuart i never go out at night. Your history in the business. Have you told your viewers . Stuart i started life in america [ inaudible ]. All great people do. Stuart whats your favorite dish . Pink scallops with umi. Something you think about, right . We harvest scallops from maine and put it together on the show. Its one of our most popular dishes. Stuart i like that. That and steaks. I do like a man with a sense of humor. Youve got a real sense of humor. In both of our businesses, you have to have one. Stuart how long has the standard grill been open . Ten years. And they brought me in for their tenyear anniversary to bring new ideas to the grill. Stuart superb. You are a great guest. Thank you so much. I appreciate that. I heard you only say that to the guests you are disappointed with. Is that true . They told me that in the green room. Stuart the guests who bring samples. Later, rocco, later. Rocco dispirito, head chef at standard grill, new york city. Thank you very much. Thank you. Its been a pleasure. Stuart as i usually say at this time, i promise, there will be more varney after this. At comcast, we didnt build the nations largest gigspeed network just to make businesses run faster. We built it to help them go beyond. Because beyond risk. Welcome to the neighborhood, guys. There is reward. Beyond work and life. Who else could he be . There is the moment. Beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. Take your business beyond. Stuart microsofts stock at 132. Interesting point here, microsoft is ranked most environmentally friendly company, ash. They have. They have handed out 230 grants to help people use Artificial Intelligence to address climate change. You say, what kind of stuff . Button my jacket. They gave, they gave a grant to farmers in india and used a. I. To help increase the crop yield, india had rising sea levels. Problem with hotter temperatures. That is one idea. They purchased 350 megawatts of new solar power in virginia. They charge a carbon fee with every business, every company they do business with, 15 bucks per metric ton. Because of all of this, out of many, many companies, theyre the number one ecofriendly corporation you own a sliver of microsoft. You must be very proud. Stuart im a proud owner of it. Now, elon musk, tesla guy, he deleted his twitter account. And on twitter. Layered kind of announcement this is only months after he settled with the sec. He was tweeting out a lot of stuff sec in particular said youre not supposed to do that if youre ceo after publiclytraded. He changed his twitter handle to daddy. Com. Yesterday was fathers day in north america. Pat our hearts maybe it was about that. In all seriousness it is probably good he gets off twitter. Stuart if he does do it. Times up for me. Neil, its yours. Neil stuart, thank you very much. Were focusing on a lot of things you were focusing. Market picking up a lot of steam, not a lot. Everyone hold back to see what happens at twoday meeting of Federal Reserve. To gauge what happens in china, they think with the hong kong issue settled, at least protests sort of calmed down. There is no guarranty, hong kong chief executive is still chief executive. The chinese are behind her. They will not toss her anytime soon. That might not sit well. Lets get the read with benjamin ha