Transcripts For FBC Varney Company 20240714

Quarters of any publicly traded company and it lost 5 billion. The ceo says 2019 will be the worst year the losses, he says, will come down in 2021 look at that stock, down 8. 5 below 40 a share. Interest rates, the yield on the 10year treasury is 1. 69 , this is the worlds bench mash Interest Rate, and is this week s volatility, thats disruptive Financial Markets worldwide 169 right now. Here is the good news, rapidly falling Mortgage Rates you can get a 30year fixed Rate Home Loan for 3. 6 . Youre going to see a lot of refinancing action, and in a moment, youre going to see whats happening to Mortgage Rates in denmark. Okay, okay, okay, i know youre not likely to be buying a home there but when you see the rates , you might want to get into that market. Then theres joe biden, gas machine. Two of them. First, he said, poor kids are just as bright as white kids. Then he said, we choose truth over facts. [laughter] today is at the iowa state fair, every democrat will be hoping he doesnt say anything like that again so here we go, everyone the friday edition of Varney Company is about to begin. I dont mean to digress but this popped right out of me this morning. Denmark, you can get a mortgage with a negative Interest Rate. Wait a second. Does that mean that the bank pays you yes. Stuart to borrow money for a mortgage . Ashley paying people to borrow their money. Its unbelievable first time in danish history and there are all sorts of incredible offers, 20 year fixed rate at 0 . Yiska bank 10year mortgages at minus. 5 and you can get a 30 year mortgage for. 5 Interest Rate. Its incredible. Also, theyre considering offer ing 30 year fixed rates negative. Can you imagine . Stuart thats crazy. Ashley first time weve seen that but they say banks are happy to take a small loss as opposed to bigger losses. Stuart okay. Ashley get your head around that. Stuart this friday morning, id love to see that here. Actually, i would. But youngsters like you, would love it. We would. Stuart lets get serious and back to america shall we . Look at uber, biggest quarterly loss ever for that company about 5 billionplus, market watcher joel shuman is with us. Youre an entrepreneur investor. Thats right. Stuart i think of uber as an entrepreneur. Would you buy it now . No, we didnt buy it so first of all theres some issues related to uber and the ceo which we talked in a prior show so thats one reason why we wouldnt buy it and we also dont buy ipos, they fell quite a bit from where they originally came out, 72 billion market cap company, and its trading about 5. 35. 5 times. Its revenues similar to lyft which is an 18 billion company. This is a company thats the one good thing about uber, i will say this, they put about 4 billion or im sorry 3. 4 billion in r d which is up 750 from last quarter, so the r d is way up and theyre looking at residual things. By the way these is tell tale signs of Entrepreneurial Companies which we do like but this is not a company we would touch any time soon. Most of the losses were related to compensation from investors who came in early on and employees and so that loss may disappear for future quarters but still i think its over compensation for the existing people who are currently involved in this organization. Stuart however, i think of it as a brand new industry if the kind of industry that i want to get into and i would like to get into it pretty soon. He says its going to reduce the losses in 2020 and 2021. We like to comment to companies between six months and a year after ipo, because there are a lot of investors on the sidelines, a lot of locked up investors which they are with uber, theyre looking to get out theyre locked up for six months to a year so once they get out the stock, the stock prices probably going to be very volatile at that point. Stuart they can get into november actually. Right after november well start looking at it and facebook was an example of this. There are a lot of people with downward pressure the first of the year, we did not touch and its been a rock star. Stuart would it be fair to say youre looking for a washout maybe later this year after november . Well consider it. We do like to see companies with the opportunity to have cash flow positive and theres a lot of competition coming in here and uber has a lot of initiative s on the sidelines we do like the r d theyre pour ing into it but were a little concerned about some of the issues related to the ceo. Theres some controversy with them. Stuart stay there please, got more in a moment. Lets move on. Bloomberg reports that the white house is delaying a decision on giving American Companies licenses to do business with huawei. Susan . I thought that wed said okay, you can do business, now were saying wait a minute, maybe not. Okay if you get a waiver and of course the u. S. Commerce department is looking at these requests so far according to wilbur ross, they received 50 requests a decision is pending and it might take even longer given that china of course said they are suspending buying farm goods and President Trump at the g20 says okay, well give some reprieve to huawei but thats contingent on china buying more agricultural goods and so the fact that china is suspending these purchases because they say that the 10 tariff on 300 billion worth of chinese goods that might go off decembes that negotiation and that agreement at the g20 in osaka. Stuart got it. Complicated. Back to joel despite the wild week that weve had i think you still think that the market overall goes higher for the rest of this year . We think prices are appropriately at an appropriate level. With the Interest Rates, theres a lot of focus a lot of concentration were hearing from one period as we have throughout the year between the 10 year treasury and the twoyear treasury a lot of Institutional Investors very nervous about in version, which means the 10 year rate comes below the 2 year rate so were focused on that right now its 1. 61. 7, 13 basis points which is less than one tenth of 1 for those who dont know what a basis point is so theres a lot, 100 basis points 1 , so anyhow thats it. So the point is a lot of focus on what is a very simplistic term, but theres real money, theres trillions of dollars flowing behind the simple concept of what one rate is below another rate and so if that happens were going to see volatility in the marketplace. We generally like the market right now, where its priced. We saw the markets went down, they went back up. We had people have to remember it was an outstanding junejuly is one of the best since the 50s , and so we had a little pullback in august and things are still well positioned. Stuart okay so dont hit the panic button . No. Stuart joel thank you very much indeed. President trump heading to a fundraiser, hosted by equinox owner steven ross and meanwhile theres still cause for a boycott of equinox and ross other businesses. Brad blakeman with us former Deputy Assistant to george w. Bush. Seems to me like anybody who has any connection to donald trump is a target, am i right . Youre right, and its unamerican for a u. S. Congressman whose brother is running for president to basically use Public Information as a weapon, to either shame somebody or hurt their business. That is beyond the payout. Something youd expect maybe from fidel castro but not Joaquin Castro whose a u. S. Congressman. Stuart weve got to raise the issue of the turnover within the administration. Trump deputy intelligence chief is leaving, nine other cabinet officials have left. That turmoil, thats very disturbing, brad . Well i dont think its so and here is why. Donald trump is an unorthodox president. Hes never been a politician, and i believe that healthy turnover is good. Remember when you serve a president its an opportunity, not a career, and there is some people who fit Donald Trumps model and some that dont, so i dont see the turnover as harmful at all. I think its a good thing, and people should serve and leave. Stuart were waiting to see if the president addresses the media as he moves on to long island today for that fundraiser well bring you that as soon as we get it. Brad thanks for joining us, sir, very active busy day well see you again real soon. Check futures, okay . Were going to be down, were up 370 yesterday down maybe 90 today so its been an up and down week lets see how we close but well open slightly lower for the dow. Live look at the white house, as we told you, President Trump scheduled to depart for long island in about just a few minutes time. If he speaks to reporters, he often does, well bring it to you real fast. Here is a big story in the making. Protests flaring up again in hong kong, hundreds of demonstrators staging a sitin at the cities main airport that is the start of a threeday occupation, big deal, were on it. President trump reportedly considering a new executive order on social medias anti conservative bias. How could he do this, without free speech . The Trump Campaign on that issue , next. Varney company friday morning just getting started. My insurance rates are probably gonna double. But dad, youve got allstate. With accident forgiveness they guarantee your rates wont go up just because of an accident. Smart kid. Indeed. Are you in good hands . Dexperience thrillingn operformance. O now at the lexus golden opportunity sales event. Get 0. 9 apr for 60 months on all 2019 models. Experience amazing at your lexus dealer. Stuart well look at this, act it vision blizzard Video Game Company revenue down, about 15 , and the stock premarket is actually down, ignore that one on the screen and look at yelp please, higher profit higher revenue. That should help them and it is. Theyre up 7 that is yelp. The price of oil is real fast not that Much Movement today we have it at 53 a barrel actually there is movement up 1. 30 now look at the price of gas, Real Movement there, and the National Average down to 2. 67, it is falling fast. Hong kong protests starting again, thats for the tenth weekend, susan theyre occupying the airport . Thats right and its one of the busiest hubs in asia like thats a connection point for 200 International Cities across the continent, so this is a threeday occupation that started of course on a busy travel day like friday night, hundreds of protesters sitting in for a threeday occupation, and hong kong airport home to 1,100 daily flights and cargo flights every day so they are looking to choke off the transport artery. Stuart what im hearing is that the chinese have exposed an american diplomat in hong kong for personal details they say she was meeting with opposition leaders. Our state Department Says you do that, and that is sluggish behavior so whats going on in hong kong now intrudes on the china u. S. Relationship. Yes, absolutely because thursday , they published a photo of the opposition activist meeting with a political section chief in the u. S. Consolate in hong kong and theyre meeting at a hotel and it looks like theyve now published details of not only her state Department Career but names of her husband, her teenage children, as well, and this report was recirculated through the chinese media. Stuart thats just ratcheting things up. It is. Stuart meanwhile whats the chinese army going to do . Theyre framing it as if the u. S. And u. S. Intelligence is sparking some sort of protest and trying to destabilize china. Stuart thats ratcheting up indeed. Quickly, the white house is reportedly planning an executive order to take on Silicon Valley s alleged anti conservative bias. Mark z orano, trump 2020 Campaign Senior advisor with us now. I dont know whats in that executive order or whether it comes down the pike, but how do you stop this bias without infringing on free speech . Well i dont know whats in it either, stuart, but were waiting to hear from the president and the white house about what they are planning but i can tell you a number of things. First of all these social Media Companies have gone from in acceptorrable to in cid just in the way they have suppressed free speech. The president explained at the White House Social Media summit that he will do Everything Possible in terms of regulatory and legislative action and solutions to protect free speech and let me tell you its not just me, its not just the president saying this. The American People fully believe him and back him up on this, the Pew Research Center released a study recently, stuart and it says 72 of americans, 72 believe that social Media Companies are suppressing free speech that disagrees with their own views from Silicon Valley. Its clearly a problem and Mitch Mcconnells situation proves it. Stuart and im agreeing on that too. Hold on a second, mark. Listen to the 2020 democrats calling our president a racist and a white supremacist. Watch this. The office of the president of the United States has been about condoning this conduct and certainly accommodating this conduct. He has this across our country. This president represents a tremendous challenge and we must call out his racism and his demagogue. Stuart you couldnt hear all of that but they are calling him flat out racist. How do you answer that . Well look the president , the entire week, stuart, has focused on healing and unity and solutions. These poor people who have got one empty seat at their table or more than one at their family table this weekend are suffering and struggling and the democrats are exploiting their tragedy and turning this against the president and anyone who supports the president they now believe is a white supremacist. Look the reality is the president in his remarks, and all week, he is focused on unity , in his remarks on monday, stuart, he said that hatred works the minds, ravages the hearts and devours soul. These democrats running for president have clearly demonstrated ever since then the way theyve exploited this tragedy they are warped, ravaged and devoured in the way they are responding and the American People dont buy it. They dont accept it in fact i think theyre turning off a lot of independent voters and a lot of democrat voters because the president , he went to el paso, he went to dayton, he showed consoling and comfort and he wants peace, and these democrats , they want to exploit this tragedy and its despicable stuart im with you on that one. Mark, thank you very much for being with us this morning, sir we appreciate it. Youre welcome. Stuart look at the market that opens in what 11 minutes time will be down 90 on the dow, 47 on the nasdac. In the midst of a controversy Nbc Universal refuses to pull a movie about elites killing deplorables. Were on it. And we expect to hear from President Trump later this hour. Hes getting ready to head to the hamptons for a fundraiser hosted by steven ross. When we get the sound, youll hear it. groans hmph. food grunting menacingly when the food you love doesnt love you back, stay smooth and fight heartburn fast with tums smoothies. Tum tumtum tum tums content on their endless quest, to nowhere. S, run hopelessly in their cage. But perhaps this year, a more exhilarating endeavor awaits. Defy the laws of human nature,at the summer of audi sales event. Get exceptional offers now. From the 5am wakers, to the 6am sleepers. Everyone uses their phone differently and in different places. Thats why Xfinity Mobile created a Wireless Network that auto connects you to millions of secure wifi hot spots. And the best lte everywhere else. Xfinity mobile is a different kind of Wireless Network designed to save you money. Save up to 400 a year on your wireless bill. Plus get 250 back when you buy an eligible phone. Click, call or visit a store today. Stuart universal is moving forward with plans to release a movie about hunting and killing deplorables. You can see the outrage. Lauren simonetti more on this, please . Its called the hunt and it is due out september 27. Watch. Every year a bunch of elites kidnap normal folk like us. Where do they get you from . Orlando. And hunt us for sport. Stuart what . Red states. Red states being targeted so Trump Supporters are called deplorables in one of the scenes being targeted by the elites in the blue states, as i pointed out, this is satire, but it is social commentary and its coming in the wake of the three Mass Shootings that we just suffered. We havent seen the whole thing, i dont know the side that it favors but i will tell you what Nbc Universal is saying. There are no plans to not release the movie. No plans to move the release. Typically hollywoodsensitive to this sort of thing will recut some scenes. It doesnt seem like theyre doing that and now if this were flipped, if it were the conservatives hubbing the liberals do you think the outrage would be greater . Stuart they would never make the movie in the first place, never ever, it would never ever appear, never, they wouldnt even think of putting this out. Ashley if they did the outrage would be and some critics are pointing to some hipocracy on the left saying well how would you support, why would hollywood continue to a make, to your point or b continue to release this movie when the left is calling for gun control. Stuart thats a good point. And then for controversy for social commentary and for satire stuart friday morning we open the market slightly on the downside after a big runup yesterday well take you to wall street, after this. 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I do i do i have a really good feeling about this. Stuart walmart, with quarterly removing ads for violent video games from its stores following dayton and el paso what exactly are they doing ashley they dont want any signs or videos running in monitors they would say was inappropriate in a memo that was put out by walmart to turn off any hunting season videos in the stores that may be playing in sporting goods, check all of the signage throughout the store, remove any referencing combat or third person shooter video games and make sure that no movies depicting violence are playing in the electronics department; however, they are still selling guns, and they say were not changing our policy there. Were just trying to be respectful and takeaway any signage or video playing that could be conceived as inappropriate. Stuart you can still buy the video game. Ashley you can. Stuart just the signage. Ashley they arent advertising it. Stuart the opening bell ring ing this friday morning to bring to an end an remarkable volatile week here we go, 321, up with ego 9 30 eastern time, were down 40 in the first couple of seconds worth of business down 44. Im going to call this a very very modest loss, right from the getgo here on wall street now were down 70 so the trend is down. How about the s p 500, the trend there i think is also on the downside. Not that much maybe a third of 1 and the nasdac, theres a down trend for you down a half percentage point, the 10year treasury, the yield very important, 1. 70 , and uber, is probably the stock of the day oh , sorry gold, 1,509 virtually unchanged as of right now. Lets get to uber stock of the day for sure, down 8. 5 in the very early going, they lost 5 billion in their latest quarter. That is a huge loss. David bronson is with us, tom horowitz returns to the show, susan li, Ashley Webster altogether now this friday morning. Todd you first. Are we headed for a big leg down yeah, stuart good morning. I do think were headed for a big leg down. It may not be today or tomorrow but id say by the end of this year, i think well be 1015 lower than we are today and i think that thats going to show up through the overwhelming debt that we have. Weve got Credit Card Debt and another new record high, weve got a lot of issues out there in the economy and with all these Retail Stores starting to closest going to cut back unemployment but you might see troubles with employment as well walgreens now is closing 200 stores. That seems to be a problem to me stuart but to repeat the you see the possibility of a 10 15 drop by the end of this year am i correct in that . Yes, sir. 100 , yes. Stuart move on to what may be the stock of the day and that is uber. The largestever quarterly loss posted by uber 5. 3 billion, i think it was. David . Look, i know that you invest in Dividend Paying Companies whether the dividend is growing, but address uber for a second. Would you buy it at 39 a share . No, i would not, and the reason is not just that they dont pay a dividend. Its the reason they dont pay a dividend is because they dont make any money, and they dont have any plans to make money. They dont have any projections towards profitability and so we really believe especially in this overall market environment, riskadjusted performance comes from companies that make money and of course, addon to that, to share some of those profits with us in the form of a dividend. Stuart well you sure shot that one down. We need to make a profit in order to do that. Look okay so people are just questioning uber, whether or not they can ever make money at this point. They did say the losses will start to narrow, they give an outlook guidance of betterthanexpected theyre looking at a loss of 3. 2 billion this year, and that excludes charges like interest, taxes and depreciation. Also, you know, take a look at the bright side. We had 1. 68 billion rides completed in the quarter and that was actually higher than analysts estimate so there are some metrics that are doing better but they need to stop suiciding and the Regulatory Environment is also questionable as well. Stuart and the dow is back to 38 as we speak. Okay lets move on. Quickly the price of oil, i think its up today roundabout 54 a barrel, there you have it but look at the drillers. This is where it gets interesting, with this precipitous decline in the price of oil that weve seen recently. Okay, theyre a little higher today, because oil is up, but i notice here a professor, kathy h ipple, out of new york, actually, she says since 2015 there have been 174 north American Oil Gas producers filing for bankruptcy and thats the order of the day. Thats the word of the day. Ashley its economically feasible to spend all that cost when you give the price of oil, fear of a global recession, Central Banks across the world continue to cut their Interest Rate, the china, the u. S. Trade war and speculation that china may start to essentially avoid u. S. Oil as these trade tensions go on. Stuart and they are all heavily in debt. Its economies of scale thats why you see big oil mergers like anadarko and oxy dental. Stuart whats going on with the price of oil do you think it gets down more, from where it is now, todd . I think right now what youre seeing today a big rally is going on and soon youll hear some news and i bet you it will be again where theres something going on because oil is in a formation now that the september oil is more extensive than december oil, thats not the right way. The closer month should be cheaper so theres some news going on a lot of fear driving this right now. Id expect to see oil in the 40s by the end of the year. Stuart tell me about the price of gas how far down is that going to go . Were at 2. 67 right now. Well were now in the gas dropping season anyways. Well start, they will start switching over to what they call the winter blend, which brings prices down to begin with. The driving season is coming to an end. Were almost at labor day. I can see oil down to gasoline down to 2, 2. 05 somewhere around there. Ashley i was just going to say that. Six in oklahoma, 12 in louisiana , two in texas, already at 1. 99 a gallon. Stuart david what are you going to say . I forgot i pay a lot of taxes where i live. Listen, stew the i just want to point out that saudi arabia this morning reiterated they are bringing aramco public what will be the Worlds Largest ipo in history First Quarter of 2020. If anybody thinks saudi arabia is going to let that company go to Capital Markets with 40 oil, or even 55 oil for that matter, i disagree. Saudi has plenty of control, still even though theyre not the worlds producer and ability to control price, i think you see 60 oil before you see 40 oil. Stuart i cant get into a discussion with the future price of oil weve done that already. Move on the dow industrials are down 42 points as we speak, 45 points just a fractional loss, thats not much of a pullback after yesterdays big rally. Better Revenue Growth at cbs, not helping the stock, its down 2. 75 . Activision blizzard their revenue fell nearly 15 , ouch that hurt down 2. 5 on that stock, higher profit and higher revenue at yelp, oh, nice gain there, 11 higher, overstock, revenue falling short, the stock price though is up 5 , go figure tribunes media profits are down on less political ad revenue, thats interesting. The stock is down nothing. Down 1 . So facebook, several items are going on. Theyre offering to pay news organizations millions of dollars to license content, second theyre dipping into the streaming wars with their own streaming service, at some point in the future, and the journal reports that the feds want tons of user data from social media sites. Whats going on with the fbi . Lets start with the fbi first because as you heard from President Trump, after the tragedies in el paso and also dayton, ohio he wants to empower the doj and also social media sites to get ahead of some of these rampages so it looks like the fbi is now soliciting proposals from outside vendors for a contract to pull back amounts of public data off facebook, twitter, and other social media sites and this is to identify and react, before we have these shootings, these Mass Shootings taking place in the u. S. , so what theyre looking to gather they say is publicly available data, however twitter says that the Company Policy prohibits the use of data by any entity for surveillance purposes so it might be a push and pull to actually get access to this social media company. Stuart who cares, look when facebook reports billions and billions of dollars in profit and a massive market share of advertising, the stock goes closer to 200 a share. What about the user privacy issues . Stuart well i think its background noise. If the stock plunges, ill listen. Until then, it goes up. Speaking like a true capitalist. Ashley up to this point, yes. Stuart i was about to get obscene but i wont. Roku, strong earnings, stock is up 300 this calendar year. I was calling this the stock of the month if not the year but david . You are not a fan. Why . Well i think its amazing what the stocks done, and last year, it dropped from 70 to 30 and then now 30 to 120, so traders and speculators are having a lot of fun with this name but im neither a trader nor a speculate or. I guess you didnt see my comment in the show notes, stuart. Its trading at a negative 1,000 pe ratio. I dont get to see that very often. You have to look beyond to see that. Stuart not a fan of that either i can tell you. All right, todd come back into this. Roku at 125 a share. Would you buy it now . I already own it and i would not add to it at these levels. I think that ill probably see a little bit of pullback but i do think that its a Viable Company i think that theyve got great stuff going and every house should have a roku box its just part of the way you run your new streaming tv right now. Stuart david back to you youre a dividend guy, you buy dividendincreasing stocks or stocks where the dividend is increasing, right . Tell me what are you buying right now, dividend stocks . This week, weve really been excited to see the action in Oil Gas Pipelines, theres a ticker amj, which is the alerian mlp index with a basket of a lot of these Oil Gas Pipeline companies all of which are profitable, and right now the dividend is close to 8 and growing, and its still up on the year, but its given back about 7 increase so youve got a better entry level and Simon Property group, 5. 5 dividend yield, growing cash flow, everyone talks about the death of retail. Its the biggest misnomer ever, with high end malls that are not reliant on sears and jc penney. Simon property best Balance Sheet in the business 5. 5 dividend yield and growing. Stuart the contrarian, actually, i think you are exactly that. Gentlemen thanks very much for being with us. We move on at this point the loss has narrowed the dow industrial is only down 28 points as we speak and look at the level 26, 354. Celeste has branded President Trump a white supremacist and they use this as their justification for their very undemocratic tactics my take on that coming up at the 11 00 hour Gerald Nadler congressman says impeachment proceedings could begin in october and next we have a republican congressman really fired up about this and he says its just political theatre and it makes him sick. Were waiting for President Trump, if he speaks to reporters before or after he leaves the white house, well bring you the sound. More varney after this. Managingaudreys on it. S . 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How much time do we need to expand on this . Weve already seen the Mueller Report its been out, its publicized theres nothing there its a total nothing and look, chairman nadler is the chairman of the judiciary, the house judiciary committee. Theres a ton of bills in there that we could be doing. The American People ive got a bill in there, hra38 which is called the taps act, that would take care of this violence, these targeted violence thats going on in the country today and in front and center news the last few days, and lets bring up things like this. Every constituent, every comentator that i hear says lets get on and start passing things that the American People want to secure our borders, to sustain our great economy, and to stop this targeted violence so on and on and on. Its just a waste of time. Stuart its a winning political strategy to investigate investigate investigate bring up the word impeachment constantly. Do you think thats a Winning Strategy . I really dont. I think the American People are fed up with this. I think this is going to be, theyre stepping over the line. I think they will pay a price for it. And weve got 20 something president ial candidates running out there, all of them are trying to outdo one another to see who can get farther to the left. We had one of my texas colleague s and his brother outed a bunch of people who contributed in san antonio to donald trump and donald trump is supposedly the evil boogy man and ill tell you, they blame him for everything. He comes up with a cure for cancer and its not going to be good enough. Stuart youre talking about Joaquin Castro. Thats right. Stuart who did indeed out, i think it was 44 donors to President Trump published their names and their employers. Have you seen any Texas Democrat call him on that and say hey, you shouldnt be doing this, sir well ive seen some democrat commentators that said it was just way over the line, but so far, i have not seen any democrats that have pushed back on this. My good friend Steve Scalise whose a victim of targeted violence, i mean, this is a dangerous situation. I think these people are playing with fire and ironically, some of these people have given to both sides, including to the castros. Many people do that in this country as we well know and to expose someones name publicly like this, i think is very very irresponsible and really, in excusable. So lets get on with the work of governing in washington where were supposed to have an exchange of ideas instead of the complete breakdown of bipartisanship and again, ive got this bill called the taps act, stuart, which is 114 evenly divided democrats and republican s that could do something about this targeted violence, and we just need to bring this up and pass it out of the committee and lets help the American People. They expect us to do that. Stuart congressman babin, we hear you thanks so much for joining us, sir, well see you again soon. How about this one, a German Company, they own monsanto, they could be ponying up really big money to settle those roundup claims. Ashley as much as 8 billion. They want to get this thing settled. As we know, theres been a number of jury awards, one up to 2 billion, which was later reduced that says that the plaintiffs were using monsanto the weed killer roundup and it causes cancer and bayer said regulators and research all indicate there is no link between the two; however there are 18, 400 lawsuits now, so the report is that theyll provide up to 8 billion to make all of these settle all of these lawsuits. Bloomberg says that the plaintiffs lawyers want a minimum of 10 billion. One way or another, if you put a number out there, its at least something that the investors can say we have a number, we can move on, so you seen the stock move higher, and its crossed a little ground. Stuart they never proven a causal link between roundup and cancer. What they did show in court and what they wanted in court was to say you didnt want it. That was why they awarded all this money. Ashley right. Its going to be a huge settlement. Stuart check the dow we are 18 minutes into the session and were down 60 points, and then we have Columbia Sportswear, im sure you know the name, big Sportswear Company obviously. Not happy about President Trump s plan for more tariffs on china. The ceo says if those tariffs go into effect, hes going to be forced to raise prices. The ceo of columbia on the show in our 11 00 hour. Apple looking for a few good hackers, why its giving a big cash prize to the person who can hack into a new iphone. Samsung getting a lot of buzz with its new 1,000 galaxy note 10, are they worth the price tag . We have one onset and someone who will tell us what its all about. This was me before liberty mutucustomized my car insurance, so i only pay for what i need. And this is me now any physical changes to this mans appearance are purely coincidental. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. 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 President Trump is speaking to reporters, hes speaking right now, right outside the white house, when we get the sound, well bring it to you real fast. He just said we are talking to china, but were not going to make a deal right now. Thats why, i think, the dow is down over 100 points. I think that just puts a wrench right into the works there were down 108. Now, attention gadget lovers down 109110 i think thats because what the president just said. Samsung hopes that you will be willing to pay roughly 1,000 for those new galaxy note phones the man who checks this stuff out is mark spoonauer, with us now. Youre holding one in your hand . Yes. Stuart do you think its worth 1,000 . I think the note 10 plus will be what theyre asking for because it has the biggest screen weve ever seen. Stuart what are they asking for it . This one is 1,100 it starts at 949 and this is the first time they are rolling it out. Stuart do you think its worth it . Based on the features and if you want a big screen phone so far theres some things we like. Stuart is it worth it . If your phone is a couple of years old then i think but if its just ayearold definitely hold off. Stuart whats the big feature in the phone youre holding that you really like . So definitely the pen itself so a lot of people like the fact they can take notes on their phone and for the first time you can actually transcribe your notes from handwritten to text, and ill show you how that works really quick so if you come here into a handwritten note i can just tap this, and it converts it directly into text, so if im taking notes in meetings i can just do that. Theres also some other features like the ability to use this as a magic wand of sorts, so for example, if im in the camera, i could just go like this and change camera modes just by holding it out this way and if i want to switch cameras, i could take a picture of myself and use this as the shutter button. I just took a picture just like that and theyre opening this up to developers so youtube is using this and you could see like game makers getting on board so using the spen as a way to get people excited about the phone makes sense for them. Stuart its a very big deal. When you open it up like that i can see it. What do you got, susan . Well they removed the lightning jack, so the head phone jack is no longer included , so do you know you have to wear Wireless Earbuds now . Stuart oh, you have to . Yes. Because they got rid of the head phone jack but apple did it a few years ago so here is the case were following along in their footsteps. Stuart to me the pen is the big deal for me. Thank you very much indeed. Thank you. Stuart apple wants a hacker theyre offering a lot of money. Oh, yes they are. Stuart what are they offering 1 million. And theyre offering it to hack ers to find vulnerabilities in iphones and max up to 1 million, they have different tiers, depending on what type of vulnerabilities you find in the system, the 500,000 will be given to those that finds the Network Attack that needs some sort of user interaction like phishing emails et cetera, but you know, they could also sell this on the black market as well to governments if they find vulnerabilities, right and it could be much higher price tags. Stuart it would be worth it wouldnt it . You figure out how to hack into this thing is worth it. Next case the number of people crossing the border down for the second straight month. Is that because of our agreement with mexico or because its real hot in the desert right now. Tom homan back in our next hour. Joe biden making two big gasps in the same day, just the latest in a series of kind of missteps and stumbles. I think thats really bad news, for moderate democrats. My take on that, next. vo the ant mindlessly marches on. Carrying up to 50 times its body weight. It never questions the tasks at hand. But this year, theres a more thrilling path to follow. father kids. Change of plans vo defy the laws of human nature. At the summer of audi sales event get exceptional offers now . We have this notion somehow if youre poor you cannot do it. Poor kids are just as bright and just as talented as white kids. Wealthy kids, black kids, asian kids. We choose unity over division. We choose science over fiction. We choose truth over facts. Stuart ouch. Two gaffs in the same day, not good for the frontrunning democrat. Unfortunately the latest in a series missteps and stumbles. Lets get right at it, shall we. Joe biden is 76 years old. He is 77 in november. If he wins the oval office he will be 78 at the start of his presidency. Without putting two fine a point on it, for a president , thats old. Now i may be guilty of ageism here. I am suggesting that his latest gaffs are the result of his age. Joe biden is just not sharp. That is true of many people in their 70s be myself included. But you have to wonder if 78 is too old to begin a four year president ial term . There is also the question of stamina, can he, a, get through grueling schedule of appearances debates and speeches, b, stay focused intellectually avoiding gaffs that become all too frequent. Its a fair question. Democrat voters will have to deal with it. In fact the whole party has to deal with age. Speaker pelosi is the highest ranking democrat in the land. She is 79 and turns 80 in march next year. She is already clashed with the young newcomers like aoc, who are mounting a generational and idealogical challenge. Now President Trump is 73 and he has made some spectacular gaffs of his own. Perhaps related to age, but more likely related to a lack of verbal discipline but you cant accuse him of lacking energy. Nobody keeps up with him. Hillary couldnt. I think joe biden has a gaffe problem. I think it is going to hurt him. That is terrible news for his party because, he is the great moderate hope. Without him, the democrats are left with frontrunners who are way out there on the left. We are six month from the iowa caucuses. Today, joe biden is at the iowa state fair. Every middle of the road democrat will have fingers crossed that he uses a teleprompter. The second hour of Varney Company is about to begin. Stuart all right, we have a tripledigit loss almost for the dow industrials. Mr. Trump, the president is speaking to reporters. He already said, yes, we are still talking to china but we are not going to make a deal right now. His words, right now. The dow moved lower on that news. When we get the full tape of the president s comments, you will see it right here. Lets get right to it, those two gaffs from joe biden. Matt mcoviak, potomac group. You heard my editorial, you think bidens gaffs are a problem for democrats, i obviously do, what say you . I agree. Its a problem for the democratic party. Biden has been a sturdy frontrunner, steady frontrunner throughout this year. I would argue he is a bit of a weak frontrunner. His poll numbers have been solid all the way through. Stuart, if you look at democratic primary voters the way they selfdescribe, 25 of them describe themselves as moderate, 30 describe themselves as independent. To your point there is a solid majority of democratic primary voters would likely support a more moderate candidate. The question whether biden can survive until the end of this year without making the kind of mistake at that causes him, costs him his first place lead in the polls. Stuart you make a judgment for me, do you think he survives . Im suggesting his age is a real problem for him. What say you . Does he survive . Yeah. Look, he actually has a history of gaffs. So almost makes me wonder if age is not the issue. Certainly it would make it worse, would make these things more common. He has made gaffs almost from the beginning of his public career. In some ways part of his sort of authenticity, sort of middle class joe ethos. Look, i subscribe to the haley barber idea about politics, that in politics good gets better and bad gets worse. I think biden will continue to make these kind of mistakes. His campaign is trying to protect him from the media, interactions with voters. He is not keeping an aggressive schedule like a lot of his competitors are. At some point he cant continue to do that. He will have to run a real campaign, show he has vigor to do it, get through the gauntlet. Stuart youre a texas guy, i will have a question i never now thought i would ask a guy from texas, there is all kinds of feeling that texas is swing state. That it could swing to the democrats. That the president could lose texas in 2020. What is your response to that . Yeah i would not put texas in the category of a michigan, after pennsylvania, after wisconsin. Those states are going to decide this president ial election. Trump won texas by 9 . That was down a couple points from mccain four years before, which was down four points from romney four years before that. So the trend line particularly, if you add in 2018 midterm, is certainly moving in a blue direction, but that doesnt mean theyre going to win it. They will spend 100, 200 million a year. The question will they nominate someone who could put texas in play. Biden would be more competitive here, but if the nominee is bernie sanders, Elizabeth Warren, or Kamala Harris no, i dont believe texas will be competitive. The midwest, rust belt will determine who the next president is. Julian castro, beto orourke, in ballot, number one or two spot could cause things to be competitive. The challenge for trump. The suburbs are moving away from him. Particularly down ballot, we have eight targeted congressional races in 2020. Stuart matt, thank you for joining us. See you soon. Thank you. Stuart we have come back a lot. We were down triple digits, the president said were talking to china but were not making a deal right now. Now were down just 65 points. Trump was asked if he would devalue the dollar . His answer was, no. Okay, he says he wants to see the fed cutrates, what was that, a percentage point . The president said he wants to see the fed cut rates by one full point. That would be a cut 1 2, wouldnt it. Now this, President Trump is, we are told considering an executive order to crack down on social media bias. John allison is with us. He runs a Money Management company. He is intimately involved and interested in this. John, whats this executive order . How can you just, how can you issue an executive order to stop the bias . What about free speech . First of all i think it is so complex the thing theyre investigating there is no executive order that could possibly do it, because you have to do the investigation first to see if somebody is violating something. Even so, i would give you another framework. There are two kinds of social Media Companies. There are the helping companies, say google is helping company, helps you get from a to z, helps you find something, et cetera, there are the social assembly companies. Twitter is the place where you as sell bell, the living room, bar, coffee, bar, doesnt matter. Facebook is an assembly company. People assemble on twitter, facebook, they have power. They have power to do whatever. When we come to actually looking at social Media Companies, even though this distinction has not been made yet, i think they will make that distinction, doing helping ones and assembly ones will get investigated more. Stuart assembly ones, twitter and facebook in particular. Yeah. Stuart as a money manager would you put your clients money in those two companies i dont care about the price, would you put your money . No. Tell you, we are invested in google. We think google is a buy. We like facebook and twitter. We think long term theyre going to be buys but we are very careful people who dont like to invest this things where we have doubts or worries about the Business Model. Until this stuff gets cleared up about how much power can they have, we want to hold off. I would rather we have lots of other ways to make money. We would rather hold off. The long run, good ancient friend aristotle, man is a social model. Doesnt want to be, he is. Facebook and twitter will thrive. People have to communicate with one another. Stuart so far with all the negative publicity, it has been going on at least a year now, two years, the stock held up, im talking about facebook. Yeah. Stuart the stock has held up. Youre pretty close to 200 a share. It took a dip, came back, 200 a share. Nothing seems to hurt. Theyre teflon. Youre absolutely right. First of all it is incredibly powerful company in terms of its Business Model, the free cash flow, all the good things youre saying. If you listen to zuckerberg on conference calls, theyre impressive. What im saying here our job is not just to look ahead as far as my hand here but to look around corners and i dont like it when i think something is lurking concerned the corner could be big. I dont think it will affect facebook east economics or but could affect the pe ratio. Maybe im wrong. Maybe were wrong. I would like to know were wrong. Stuart staying out now, waiting for something to happen that you can make a serious judgment . We are involved in things like google, we feel confident, we think we can make good money. Stuart john, thanks for joining us. Clearcut, straight at it. I get confused with these social media stories. I really do. I dont use it. Im kind of confused about it. I hope i didnt make any gaffs. Stuart dont answer that one. I think he is younger than i am. John, thank you very much, sir. Apprehensions at the southern border have dropped for the second straight month, is this the trump effect . Former acting i. C. E. Director tom homan tells us in a moment. Walmart taking down displays for violent video games, in response to the el paso shootings in dayton. That is after the president said those games are partly to blame. Should the Gaming Companies be worried . The ceo of Super League Gaming later this hour. Left wont give up calling the president a racist. Everywhere you look in the 2020 campaign trail, the democrats consistently compare trump to white supremacists. Well be asking lara trump about that in our 11 00 hour. Varney Company Continues after this. Stuart were down 107 points on the dow, after the president said yes, were talking to china but well not make a deal right now, his words. The price of gold i believe is down a bit. It is up a buck, 1510 an ounce. We have not checked bitcoin yet. Lets do it. The price of one bitcoin is now at 11,700. For the second straight month, arrests at the border have declined. Joining us former i. C. E. Acting director, tom homan. Tom, lets get this straight, is it because of the intents heat, people dont want to come across or cooperation with President Trump . Combination of both. Seasonal numbers go down, 9 to 15 , based on number, or the day. The numbers are down 22 . 40 over the past two months. This has a lot to do with what mexico and guatemala are doing. President trump hit a home run with these agreements from mexico. Stuart would you expect the numbers to keep on declining . If mexico sustains what theyre doing, takes it seriously the numbers will continue to go down. It is all up to mexico, the president winning a few court cases, every time he comes up with out of the box idea, he gets sued, held up, what really concerns me, stuart, i dont say this lightly, the government of mexico is doing more secure border than democratic leadership. They have not offered one thing to address the issue. They want this issue in 2020. They dont want to secure the border. I cant think of any other reason they would ignore what is going on. Stuart the mississippi i. C. E. Raids, 680 people, 300 people have been released but, a lot of people are saying, ive seen this in the media, that the raids were poorlyplanned. The media was all over schoolchildren, who were at school while their parents being arrested. You have got children in tears. Did you guys, did i. C. E. Take a black eye with this. Absolutely not. This was a very wellplanned operation. A criminal investigation. Lets get that straight. This is criminal operation. It was months in planning. This involves identity theft, tax evasion, harboring illegal aliens this is criminal investigation. That is why the u. S. Attorney did a press conference this was under investigation for months. I. C. E. Took very good care of the families. They had officers assigned to certain schools, so the communication was left open. They guaranteed if there was a single parent that has a child at home, child will be hole from school, they may release with ankle bracelet. Why so many releases. They released many, many parents to care for their children. This is wellplanned operation. They want to talk about the children. No one wants to talk about the u. S. Citizens whose credit has been destroyed by identity theft, they use Social Security numbers by u. S. Citizens this. Was criminal investigation. It was very welldone. Stuart would it be true to say the level of arrests, the level of these raids will be stepped up significantly in the immediate future . It has to be because this is employment in the United States is a big magnet. Why all the folks are colling here illegally. It is not just about securing the border, enforcing laws, about saving lives. More people they entice to come to the country to get a job, more women sexually assaulted, children will die, cartels getting richer. We have to do this. When i was i. C. E. Director i directed 400 increase in worksite. Theyre continuing to do it. Im proud of them. Keep it up. Stuart sorry so short. Busy news day. Tom homan, we love you. Have a good day. Stuart facebook, the stock is entering, the company i should say is entering the streaming subscription market. Too late maybe . We have details. 189 on facebook. Fake meat on its way to a cafeteria near you. The impossible burger being served at 1500 schools an hospitals. Fake meat is on the menu. Everybody seems to be jumping on to this bandwagon. More on that in a moment. You wouldnt accept an incomplete job from any one else. Why accept it from your allergy pills . Flonase relieves your worst symptoms including nasal congestion, which most pills dont. Flonase helps block 6 key inflammatory substances. Most pills only block one. Flonase. Hey i live on my own now ive got xfinity, because i like to live life in the fast lane. Unlike my parents. You rambling about xfinity again . Youre so cute when you get excited. Anyways. Ive got their app right here, i can troubleshoot. I can schedule a time for them to call me back, its great you have our number programmed in . Ya i dont even know your phone anymore. Excuse me . what . I dont know your phone number. Aw well. He doesnt know our phone number you have our fax number, obviously. Todays xfinity service. Simple. Easy. Awesome. Ill pass. Stuart why is the dow industrials down 170 points and falling . Answer . President trumps been speaking to reporters on his way to long island for a fundraiser. He said two things which have affected the market. Number one, he says were still talking to china but were not going to make a deal, quote, right now. Second point, he wants the Federal Reserve to cut Interest Rates by one full percentage point. What that did to the market im not sure. Certainly sent it down. I guess thats a negative. Ashley right. Stuart you have to look at roku, the box streaming people, okay . Theyre up again today. Another gain of 3. 8 , four bucks. I should tell you, rokus stock is up 300 just in 2019. It is only august. Facebook getting into streaming. I dont know when. I dont know what theyre doing but susan will tell us. It might be too little too late since amazon is already in it. A lot of big players as well. But they will Start Testing videoondemand subscription services. You know, basically they start with nonbig, tv channels. Brick box, including humors, dropout, not exactly mainstream names. Facebook has, what, 2. 6 billion people using the platform. Gets into the video game, watch out, amazon, still regardless how big you are in the jungle, still has that many eyeballs that can attract more viewers to their video service. I think that is big competition. Stuart are you allowed to say jungle these days . I thought it was rainforest. What is wrong with jungle, for crying out loud . Susan pc. Stuart let me get to fake meat. Ashley why dont we. Stuart another good subject. Coming to a school or corporate cafeteria near you. Details . Ashley yeah the Company Behind impossible burger signed a contract with a Catering Food Service company and they have some 1500 colleges, corporate cafeterias, hospitals, that they service. So, if these, you know, these places, these cafeterias order the impossible burger, they can indeed. So it just shows you, look, u. S. Retail sales of plantbased foods are up already 11 this year. Barclays by the way says fake meat sector could reach an estimated 140 billion over the next 10 years. Stuart okay. Its a big market. Ashley gone from niche to mainstream quickly. Stuart they say it is not a passing fad. Ashley no. Stuart not a passing fad if that is the case. Got it. The 2020 dems refusing to back down. Their latest talking point, President Trump is a racist, white supremacist, that he is to blame for the el paso shooting. That is what theyre saying. Were going to cover it for you. Another check of the big board. The dow is moving lower. Were down 179 points. China still in focus. The state department calling out the chinese for their thuggish behavior in outing an american diplomat resident in hong kong. There is a story for you. Weve got it. Columbia sportswear, they make outdoor clothings extreme hiking gear, they say new tariffs on china would be a disaster for the economy. Were talking to their ceo in the 11 00 hour. What do you look for when you trade . I want free access to research. Yep, td ameritrades got that. Free access to every platform. Yeah, that too. I dont want any trade minimums. Yeah, i totally agree, they dont have any of those. I want to know what im paying upfront. Yes, absolutely. Do you just say yes to everything . Hm. Well i say no to kale. Mm. Yeah, they say if you blanch it its better, but that seems like a lot of work. No hidden fees. No platform fees. No trade minimums. And yes, its all at one low price. Td ameritrade. 2,000 fence posts. 900 acres. 48 bales. All before lunch, which we caught last saturday. We earn our scars. We wear our work ethic. We work until the works done. And when it is, a few hours of shuteye to rest up for tomorrow, the day well finally get something done. stuart i like it. I like it. Could have written that for today, couldnt you . All about me. It is. Ashley it is . Stuart thank you. Shall i proceed . Yes, i shall. Big board, dow industrials, shows a loss of 176 point. A couple comment from the president taking the market further down. The price of oil this morning is up. That is a rebound from the recent losses but it is just at 54 a barrel. How about bayer, the German Company that owns monsanto, the roundup people. They could pay 8 billion to settle the roundup claims. At the top of the hour i issued an editorial about the two gaffs that joe biden committed in one day. Phil wegmann, real clear Politics White House reporter. Do you think joe biden has the stamina, and the focus to last all of way through this campaign . That is question not only youre asking, but one a lot of democratic voters and pollsters an analysts are asking because we all knew joe biden was a gaffe machine. Yesterday he delivered when he said minority kids were quote, just as smart as white kids. Now the question now is whether or not democrats are going to take him to task for that. If they still think biden, despite all of his gaffs is the best guy to take on donald trump on the debate stage. Stuart what do you think . Do you think this will really hurt biden in the debates to come and the primaries to come, really hurt him . It could, but remember, i think what we all lose track of in washington, d. C. And new york is that people out there, regular voters theyre not on twitter constantly. Theyre much more willing to give a candidate the benefit of the doubt for a gaffe like this. We all sort of seize on it, theyre more likely to give a pass. While yo biden is good retail politician, eat ice cream and talk to voters at the same time, joe biden has not always been the best debater. In 1987, in 2007, he didnt have the strongest shows. So far going up against democrats in the debate he also struggled. It will be much, much more difficult to stand next to donald trump come the general election. Stuart i want to get this right out in the open. Am i guilty of ageism if i suggest that joe biden at 76 years of age is old . You know, and stumbles. Is that ageism. Am i allowed to say it. You can say it. I dont think it would sound good coming from me. Stuart what do you mean by that . So far democrats, they see joe biden as an elder statesman, someone who can go toetotoe with trump despite his gaffs. What is interesting so far, they sort of looked past his age as a factor here. But as these gaffs continue, and theyre going to, i think a lot of people who see electability as their number one concern are going to say wait a minute, is this a politician who a lot of people on the left love but is he actually ready for prime time . Now not just in the video era, but the social media era as well. Stuart son, that was a real good answer. Well move on. Your latest piece is, calling trump a racist, which i do believe is now a 2020 democrat talking point. Do you think that is a Winning Strategy . It wasnt a Winning Strategy in 2016 when Hillary Clinton went down that path but right now what were seeing, almost becoming a prerequisite for any candidate who wants to win the nomination. Theyre calling trump a racist and some are even going as far to call him a white supremacist. Yesterday beto orourke and Elizabeth Warren who trotted out the white supremacist language. Remember, were about 180 days away from november. Things can get much nastier between now and then. Stuart all right. Thanks very much, phillip. Good stuff, young man. We appreciate it. Youre about half my age. That is a fact. I dont hold it against you, phillip. I do not hold it against you. Thank you, stuart. Stuart actually i do. [laughter]. We will see you again, young man. Thats a promise. I think this is probably the stock of the day, uber. Yeah, they lost a ton of money. The stock is down now 7. 6 . It is back below 40 a share. Here is my question, susan. How much did they lose . Susan 5. 2 billion. Stuart ouch. Susan what is your reaction when a Publiclytraded Company lost 5. 3 billion in three months . Stuart that is one of the worst quarterly performances ever of a Publiclytraded Company. Susan they say this is oneoff, because it includes ipo and stock compensation. They say basically losses will narrow. That means theyre targeting a loss of 3, 3. 2 billion this year, better than what analysts expected. These are big numbers. But theyre also looking at big growth as well. You saw rides, 1. 68 billion rides, deliveries were booked in the three months. That is higher than analyst estimates. Theyre still growing revenue at 30 clip which is still pretty impressive. Ashley uber eats is doing well. Susan thats right. Expanding and growing as well. Stuart here is the overhanging problem that i see. In the middle of november the early investors in uber who bought in at a very, very low price, when it was a private company, they will be able to sell their shares. Susan right, cash out. Stuart they could cash out. That is overhanging threat for the future. Susan i agree. Look at the stock price. Youre at 39. That is well below the offer price of 45. That might be a bargain if you believe in the growth rates and you believe that the Regulatory Environment will not be crimping, increasing their costs in the future, especially if that california bill goes through. Theyre trying to classify drivers not as contractors, not as employees. You have to pay them benefit as well. Can you imagine, the cost explosion if that actually happened . What a threat that would be to the Business Model of lyft and uber Going Forward . Stuart youre right. That is a big threat. No question about it. Susan you have to believe in the growth story. Whether or not it is worth it to spend in order for growth, not making profit. Ashley someone made the point yesterday, amazon, different entire industry. Susan growth rates different. Ashley they were criticized putting money back in the business, back in the business. Now look where they were. Different kind of business but same kind of argument. Susan six years for amazon to turn a profit. Uber has been around 10 years. They have not made one profit whatsoever. Growth rates were accelerating for amazon going into the ipo. Theyre decelerating for uber. Stuart i wanted to get into it. That worries me when you lose five billion dollars in 13 weeks. Ashley you think . Stuart momentarily we have the tape of the president , what he said as he exited the white house on his way to long island for a fundraiser. The Dow Jones Industrial average is down at this moment over 200 points. Part of that loss is because the president was speaking about Financial Issues, i guess in a negative way. I know he said two things, he said yes, were still talking to china, but were not going to make a deal right now. Here is the president of the United States. So were doing very well with china. Were talking to china. Were not ready to make a deal but well see what happens. But you know, weve been hurt by china for 25, 30 years. Nobodys done anything about it. And we have no choice but to do what were doing. It is working out very well as you know. We called them on manipulation and they brought their numbers back. They brought them back rapidly and they were able to do that because they manipulate but, called monetary manipulation. Not good. But what happened and whats happening with china now, we have an open dialogue. Well see whether or not we keep our meeting with september. If we do that, thats fine. If we dont, thats fine. But it is time somebody does what were doing. I said the american taxpayer is not paying for it. We had a big day in the stock market yesterday. But the american taxpayer is not paying for it. What china is doing is by depressing their currency, and by pouring tremendous apartments of money into their system theyre paying for it. The prices have not gone up. So when, in fact in some cases they have gone down because devaluation, plus the money supply, the amount of money that they pour in, which is a form of manipulation, has more than compensated for an increase in price. So as i said, everybody questioned it, in the case of china the tariffs have been amazing. Were taking in billions and billions of dollars. Now chinas had their worst year in 35 years now. It was in 26 years. Now it is in 35 years. I want them to do well, but as of this moment, theyre having the worst year they have had in many, many years, in decades and really were just bringing the system back into order. We have all the cards. Were doing well. Our country is doing fantastically well. You look at europe. They have got problems. In fact the biggest problem we have is the fact that a lot of other continents, frankly, but a lot of other countries are not doing well. But were doing great. We continue to do great. Our companies are poised. They have a lot of cash. Our system is beautiful. [reporters shouting questions] reporter mr. President , the nra [inaudible] i think i could, i dont think i will be there. I have a great relationship with the nra. They supported me very early. That has been a great decision they made. We have justice kavanaugh. We have justice gorsuch. They feel very strongly about the Second Amendment. The nra has made a great decision supporting me. Nobody else would have won aside from everything else. I have a very good relationship. Ill change it. I have a great relationship with the nra. I have a lot of respect for the people at the nra. And i have already spoken to them on numerous occasions, numerous occasions. Frankly we need intelligent background checks okay. This isnt a question of nra, republican or democrat. I will tell you i spoke to Mitch Mcconnell yesterday. He is totally on board. He said ive been waiting for your call. He is totally on board. I spoke to senators in some cases friends of mine, but pretty hardline senators, hardline, when i say that i say that in a positive way, hardline on the Second Amendment and they understand. We dont want insane people, mentally ill people, bad people, dangerous people, we dont want guns in the hands of the wrong people. I think that the republicans are going to be great and lead the charge, along with the democrats. I spoke yesterday to nancy pelosi. We had a great talk. I spoke to Chuck Schumer. We had a great talk. Chuck schumer in particular loves my china policy as you probably know. I cant believe it, you actually like something that im doing. He said not like, love. So Chuck Schumer is, he is great on the china situation, which we are winning and winning big. China wants to do something but im not ready to do anything yet. 25 years of abuse, im not ready so fast. So well see how that works out. But on the, on the background check, on background check, we have tremendous support for really common sense, sensible, important background checks. Go ahead. Reporter [inaudible]. Time goes by. I dont think im different but i think the senate is different. I think other people in the house are different. I think people that may be, had their arm up a couple of years ago, maybe they feel differently. I dont think i feel any differently. I think with a lot of success that we have, i think i have a greater influence now over the senate, and over the house. Reporter [inaudible] i think we can get something really good done. I think we can have really meaningful background checks. We dont want people that are mentally ill. People that are sick, we dont want them having guns. Who does . [reporters shouting questions] reporter [inaudible]. Well see where the nr of the a will be. But we have to have meaningful background checks. In the case of, in both cases its possible they wouldnt have been caught but in the one case we also have to talk about age because he did things that were very, very bad in ohio, in dayton. He did some things that were really bad. His school knew about it. When he turnedded 1 everything was expunged. Well have to get rid of that. You cant have that barrier. If they didnt have the barrier they would be able to see. Because he was minor it was expunged. We have to get rid of that barrier. I think a lot of really meaningful thing on background checks will take place, including red flags, including a lot of other very, very important items. The republicans are looking at it very seriously. I really believe that the nra, i have spoken to them numerous times. Theyre really good people. They are great patriots. They love our country. They love our country so much and frankly i really think they will get reporter when you talk to wayne laperriere, you talked to him several times, did he warn you background checks could cost you politically, did you say to him, not politics, we have to do something now . I had a good talk with wayne. I like wayne. They supported me very early, far earlier than anybody thought possible, especially me not being a politician. That support has paid off. We have two Supreme Court justices that are phenomenal, kavanaugh and gorsuch. And, i mean phenomenal people. And big believers in the Second Amendment, which wayne is also, which i am. They have been, there has been no president that feels more strongly about the Second Amendment than i do. However, we need meaningful background checks so that sick people dont get guns. Reporter will he support it . I think in the end, i think in the end wayne and the nra will either be there or maybe well be a little bit more neutral. That would be okay too. Look, look, the nra has over the years taken a very, very tough stance on everything. And i understand it. You know, its a slippery slope. They think you approve one thing, that leads to a lot of bad things. I dont agree with that. I think we can do meaningful, very meaningful background checks. I want to see it happen. So, i got a lot of support. And i also have the support of other people on the either side. I think the democrats and republicans have a chance to really come together. [reporters shouting questions] reporter place to deal with the Migrant Children the reason is, you have to go in, cant let anybody know, otherwise when you get there nobody will be there. The big factor, let people outside of the country, want to come in legally, illegally into our country, where they come in caravans where they surge the border which by the way the numbers are way down as you see because mexico has done a fantastic job. Mexico has 26,000 soldiers right now on the border. They have been fantastic. Because of tariffs, but i dont care what it was. Mexico, in fact i will be calling the president at a certain point, i hope they keep it up. If democrats were changing the laws, i was thinking about putting together as you know with the gun situation, so we have immigration and we have, lets say some of the things were talking about right now, you have them together but, i want people to know that if they come into the United States illegally, theyre getting out. They will be brought out. This serves as a very good deterrent. If people come into our country illegally, theyre going out. Theyre not coming in illegally and staying. We have bad laws. They may get in, although were being very tough, but they may get in, but it doesnt matter. Because theyre going out. And when people see what they saw yesterday, like they will see for a long time, they know that theyre not staying here. [reporters shouting questions] reporter [inaudible] i think it is really amazing. Africanamerican unemployment came out very recently, the lowest in history, the best, the best numbers in history. Africanamerican employment and hispanic and asian too, have more people working today than ever worked in the history of our country. Plus i did criminal Justice Reform which president obama could not get approved, which the media never talks about. If president obama got criminal Justice Reform done, it would be frond page stories all over the place. I got it done. I think that africanamericans appreciate it. So i got that. I have the best unemployment numbers. I have the best employment numbers. For a lot of people but for africanamericans number one, than we ever had. One other thing we did, aside from criminal Justice Reform, opportunity zones, and they are doing unbelievably well. You will see that, and you have already seen it but opportune zones and biggest beneficiaries there is africanamericans. [shouting questions] reporter to the white house, what would be your advice for him. Who are you talking about . Reporter president of ukraine. You invite him to the white house. With would be for him how to communicate with Vladmir Putin to stop the conflicts in Eastern Ukraine . I think he is going to make a deal with president putin. He will be invited to the while house and we look forward to seeing him. He has been invited to the white house. He wants to come. I think he will. He is a very reasonable guy. He wants to see peace in ukraine. I think he will be coming very soon, actually. [reporters shouting questions] reporter joe bidens overnight and look, joe is not playing with a full deck. He made that comment. I said whoa, i saw it, because i was on something, i had a television. I saw his comment. Joe biden is not playing with a full deck. This is not somebody you can as your president. But if he got the nomination i would be thrilled. Reporter what about what about your rhetoric . Your rhetoric . Reporter ban on twitter . Were looking at that right now, we have a lot of companies coming in a while. As you know, well be very tough with them. Theyre treating conservatives very unfairly. Hollywood, i dont call them the elites. I think elites are people they go after in many cases but hollywood is really terrible. You talk about racist . Hollywood is racist. What theyre doing with the kind of movies theyre putting out, actually very dangerous for our country, what hollywood is doing is a tremendous disservice to our country. We have now it, in a little while, all of the heads of the Biggest Companies coming in. Were going to talk to them. They treat conservatives, republicans, totally different than they treat others. They cant do that. Reporter Trump Administration devalue the u. S. Dollar . No, we dont have to. We have such a strong dollar. The problem is our dollar is at a level makes it hard, but the advantage to doing what we have is money is pouring in because we have the safest currency in the world. We have the standard of the world. But because it is so strong, it has gotten so strong, because other countries have problems, it makes it harder for our manufacturers. So if we lowered the Interest Rate by the Federal Reserve that would automatically bring down the dollar a little bit. It would make it easier for caterpillar and these companies. But we have the greatest currency in the world. No, i wouldnt do that. Reporter are you thinking of canceling the trade talks next month with china . So china want to settle this deal. They have the worst year they have had in many, many decades, it is getting worse. Thousandthousand of countries are leaving china. They would like to make a deal. Im not willing to make a deal. Reporter are you willing to cancel the talks next month . Right now the talks are scheduled in december. Whether or not were talking about china, whether or not theyre canceled, well see. Look, as i said, our people are not paying for these billions and billions of dollars that came in. 16 billion of which i gave to the farmers, because they were targeted by china. And that is just a small fraction what weve taken in. So, they are not, because what china has been doing, is theyre currency manipulate tore. They have that nip plated the value of their currency. That is where the money comes. They put tremendous amount of money in the system. If you look, prices have not risen. Our people have not paid. All these guys say trump, trump, they dont theyre talking about. China is unique. Doesnt mean it happens with other countries. It probably doesnt but the prices have not gone up. In fact we have virtually no inflation in our country. If the Federal Reserve would bring down Interest Rates over a period of time, i would love to see a point, a little bit more than that. If they would stop quantitative tightening. We have a rocket ship. Were doing well without it but were being handcuffed by the Federal Reserve. If they would stop that, they would be incredible. [reporters shouting questions] reporter do you want to [inaudible] well i hope that south korea, and i hope that japan start getting along with each other. You know they are supposed to be allies. It puts us in a very difficult position. South korea and japan are fighting all the time. They have got to get along. Because it puts us in a very bad position. With that being said i got a beautiful letter from kim jongun yesterday. It was delivered. Reporter what did he say . It was a positive letter. Reporter what did he say . I would love to give it to you, i really would. [reporters shouting questions] reporter [inaudible] i think well have another meeting. He really wrote a beautiful, threepage, right from top to bottom, a really beautiful letter, and, maybe i will release the results of the letter but it was very positive. Reporter [inaudible]. Were not going to do business with huawei. Were not doing business with them. I really made the decision. It is much simpler not to do any business with huawei. So were not doing business with huawei. That doesnt mean we wont agree to something if and when we make a trade deal but well not be doing business with huawei. Reporter [inaudible]. Are you looking at mack geyer . Mack geyer is excellent. Mcguire. Great leader. Acting right now. Sue did a great job. I like sue gordon very much. I think think a period of time. Im in no rush because we have a great acting. Reporter [inaudible] i spoke to senator burr about different people. He is head of intelligence. Im working together with senator burr, the whole committee. Im looking for somebody everybody can get together with. I like pete hoekstra. He is doing a great job in the netherlands right now. Reporter down to three, more than two . That is a that everybody wants, dni. But im dealing, im dealing with a committee. Im dealing with really senator burr a lot and well come up with somebody thats great. We have a lot of choice. A lot of people want the job. Reporter [inaudible]. Im concerned theyre not getting along with each other. They have to get along with each other. If they dont get along, what are we doing . They have to get along with each other. Very important. South korea and japan have to sit down and get along with each other. Otherwise what are we all doing . Reporter what about gun control, mr. President . Reporter [inaudible]. Germany and poland . Poland has been a great, great, friend of ours. They have offered to build a military base at a cost of many billions of dollars. No money put up by the United States whatsoever. They have offered to fund our troops and and lots things. That is the way it should be not the stupid deals we made with other countries taking advantage of us. Poland has been terrific. Were going to poland real soon. Im sure youre going with us. I had a great experience with poland last time i went. Some of you said the speech was best ever made in europe by an american president. Hard to believe you actually said that when you said that i was in a state of shock. Reporters shouting questions] reporter [inaudible]. Stephen rose say anything about stephen ross is great friend of mine. He is very successful guy. We were competitors but friends in real estate and new york. He is a great guy. He is more inclined to be a liberal if you want to know the truth. He likes me. He respects me. Were doing a fundraiser there. Were doing another fundraiser with another friend of mine. I understand the fundraiser was reporter mr. President , any reaction to the controversy i think it makes steve much hotter. I didnt speak to him yet. The controversy makes steve ross hotter. He will figure that out in about a week. But hes very happy. Hes very successful. Lot of people are going. We have two fundraisers. One is steve, one is another gentleman. I guess they will raise 11 million or 12 million. Reporter mr. President im getting used to saying billion. Talking about a lot of money. Reporter you talked about age restrictions to buy guns. 18 months ago you supported buying long guns at the age of 25, raising the age. Are you considering bringing that back now . Were not talking about anything specific. I can tell you theres tremendous good will im talking about meaningful, add that word, meaningful background checks so that sick and demented people dont carry around guns. You have to remember, ive said it, theres a big Mental Illness problem. The gun doesnt pull the trigger. A mind, a sick mind, pulls the trigger. We want to take that out of the equation. Reporter so long guns, 25 years old . Reporter do you support the Toomey Manchin bill . Were looking at Toomey Manchin. If you look, there are many bills that have been put in over a period of four or five years. They went nowhere. But theres never been a president like President Trump. Reporter [ inaudible ]. I dont think well need to. I may. Leadership is dealing along with me right now. By the time you call them back, theyre going to be back anyway. I dont think we will need to call them back. I think well have a very good package by the time they come back and they can start debating and voting on it then. So i really dont think for the extra little time, it matters. Leadership is doing a really good job. Mitch mcconnell, kevin, nancy, i spoke with nancy pelosi yesterday, i spoke with Chuck Schumer yesterday. Theres a lot of good will about this issue. Reporter [ inaudible ]. I dont think so. No, no. I think we have a lot of support. I mean, im very fortunate, in the Republican Party im at 94 Approval Rating so that helps. But i have a great relationship with the republican senators and i really think theyre looking for me to make give them a signal. And were going to have great support and i think well have the support from the democrats also. Reporter [ inaudible ]. No, no, i never said what im saying now. What i said, you had tremendous opposition from many people on both sides. I see a better feeling right now towards getting something meaningful done, meaningful. And we did do things after parkland but it wasnt to the same level that im talking about now. You know, we did do various other things, we did do a lot of work after parkland but i think now we have a chance to do something really much more meaningful. Having to do, having to do, as you know, with background checks. Reporter mr. President , what is your message to Young Children and teenagers who are anxious or nervous about going back to school after these Mass Shootings . Well, my message to Young Children going back to school is go and really study hard and some day youll grow up and maybe be president of the United States or do Something Else thats fantastic. They have nothing to fear. They have nothing to worry about. In addition, were in Constant Contact with states, with state governments, and they are really doing a great job. We have this so much better than it was two and a half years ago. Two and a half years ago when i came in, it was really not a good situation. I think we have a very very good system right now. That doesnt mean that theres not going to be some crazy person, but thats what we want to do. We want to take the guns out of the hands of crazy, demented sick people. Reporter [ inaudible ]. Were not looking at that right now. Were only looking at very meaningful background checks. I think its going to happen. Theres great, great support. But were looking at very very meaningful background checks. Reporter [ inaudible ]. Well, admiral, as you know admiral maguire is a very talented man. Hes a great leader as an admiral is always a great leader. He is a man who is respected by everybody and hes going to be there for a period of time. Who knows, maybe he gets the job, but hell be there for a period of time, maybe a longer period of time than we think. Well see. Were dealing with senator burr, were dealing with a committee, were dealing with probably nine or ten people that want the job very much. You know the name of almost every one of them. Theyre truly outstanding. Everybody wants dni. Everybody wants it. I will say that the admiral is such a great story from the standpoint of now and maybe he goes further. Well see what happens. But were dealing with the committee and senator burr. We have people, all of whom you know, highly respected people, will be making a decision in the not too distant future. Reporter [ inaudible ] and when will you send the nomination . Well, Eugene Scalia is a highly respected lawyer in washington. His father, as you know, was the great, great, great Supreme Court justice. Even the people with not his views would say he was a great gentleman, a great man. Eugene scalia has had a fantastic career. As you know, hes our appointment for labor secretary. So far, its been received very well. He is a very one of the finest minds and lawyers in washington and i will say so far, thats been received very well. Reporter on north korea [ inaudible ] stopping the Ballistic Missile testing . He gave me a great letter. I would love to give you but i dont know, i dont think it would be appropriate. It was a very personal letter. It was a great letter. He talked about what hes doing. Hes not happy with the testing. Its a very small testing, but he wasnt happy with the testing. He put that in the letter. But he also sees a great future for north korea. So well see how it all works out. In the meantime, i say it again, there have been no nuclear tests. The missile tests have all been shortrange, no Ballistic Missile tests, no longrange missiles. We got back and were getting back as we speak, were getting back a lot of our fallen heroes. You know that. Theyre coming back into and through hawaii. And we got back our hostages. So i thought the letter, i just got it yesterday, it was handdelivered and wasnt touched by anybody. They literally take it from north korea to my office, we have a system. The oldfashioned system. You dont have to worry about leaks. Something nice about that system. Reporter [ inaudible ]. He wasnt. He wasnt happy with the tests, the war games. The war games on the other side with the United States and as you know, ive never liked it either. Ive never liked it. Ive never been a fan. You know why . I dont like paying for it. We should be reimbursed for it. I told that to south korea but i dont like it either. But i said do this because this is a big test. This was a turnover of various areas to south korea. I like that because thats what should happen. Reporter [ inaudible ] warnings to japan and the United States. Whats your reaction to that . Well, i cant imagine that but if they did that, we would just reciprocate. We are a very reciprocal nation with me as the head. When somebody does something negative to us, in terms of a country, we do it to them. Look, our country has been taken advantage of by foreign countries, even allies, including allies, and in many cases, more than anybody else, we have been taken advantage of for many many years and it stops. It stops. Reporter mr. President , in your view, mr. President , should Colin Kaepernick get an opportunity to play in the nfl . Only if hes good enough. If hes good enough. Yeah. Why would he play if hes good enough. I think if hes good enough, i know the owners, i know bob kraft, i know so many of the owners. If hes good enough, theyd sign him. If hes good enough, i know these people, they would sign him in a heartbeat. They will do anything they can to win games. So i would like to see it. Frankly, i would love to see kaepernick come in if hes good enough but i dont want to see him come in because somebody thinks its a good p. R. Move. If hes good enough, he will be in. Reporter are you worried about Global Markets at all . Well, the Global Markets are not as good as our market. Our market has been really good. Reporter what about the effects of its never positive, although you could say it puts us in an even better position. I view it differently. Most people would say thats a bad thing. I would say the fact that other countries arent doing really well, china in particular, china is doing horribly. Horribly. First time that anyone can remember. They are having a year like theyve never had. Almost go back 30, 40 years, they are having one of the worst years ever. The numbers are phony. Theyre not doing 6. 2. Theyre doing a totally different number. Reporter what do you think theyre doing . Maybe neutral. Reporter democrats call you and your supporters white nationalists help you . First, i dont like it when they do it because im not any of those things. I think its a disgrace. And i think it shows how desperate the democrats are. Look, right now, im working with the democrats on meaningful background checks. Thats a big thing. Hopefully we can do something. But i dont want to focus too much on that. I will say this. For them to throw out the race word again, racist, racist, racist, thats all they use, to anybody. They called nancy pelosi a racist. Shes not a racist. They call anybody a racist when they run out of cards. Im winning in the polls, theyre desperate. Theyve got lousy candidates. They got bad candidates. I watched the debates. I mean, i mean, joe biden cant answer a simple question. Somethings going wrong with him. I mean, the only thing is, i mean, a lot of people think that he was the one that wanted bob mueller to testify because it made joe look intelligent, okay . Reporter does your base support background checks . I think my base relies very much on common sense and they rely on me in terms of telling them whats happening. I think meaningful background checks, i dont just say background checks. We passed background checks a number of times, meaning but everybody knew they were wrong. I think meaningful background checks are a real positive. Politically, i cant tell you. You know, i dont know, good, bad or indifferent. I dont care politically. I dont want to have crazy people having guns. Reporter [ inaudible ]. Stuart i think that wraps it up. It was an impromptu press conference by the president and it lasted all of a half an hour. We are getting used to this now. Gone are the days when the White House Press room was occupied maybe once every four or five weeks. Now its an impromptu press conference from the president every time he steps outside the white house, and hes had some very interesting things to say. Now, we are going to deal with the financial implications of what hes got to say. Point number one, he said on china trade and the china trade talks, he said well see if we keep our meetings with the chinese in september. They could be canceled. Well see. Thats a big negative. He went on to say that hes not making a deal with china right now. He says hes keeping the we are holding all the cards in the china talks and china is having its worst year in 35 years. He then went on to say, talking about the currency and the Federal Reserve, he says we have the safest currency in the world and he wants the Federal Reserve to bring Interest Rates down sharply, down one full percent or more. Okay. That was the president on the Financial Issues of the day. Ash, you were watching. Hes holding a very hard line on china. Ashley certainly is. All the points you made, and listen, he said look, they have been doing this for as long as he could remember. No one has stood up to them. He said thats what im doing. As you say, we have all the cards. He stressed many times how badly the chinese economy is doing. Stuart okay. That had an implication, direct impact on the stock market. We are down 210 points. I do want to make one point here. Asked about joe biden, the president said biden is not playing with a full deck. Provocative in the extreme. He says if biden got the nomination, i would be thrilled. Dow jones industrial average down 215 points because of the president s comments largely on china. I think thats what did it. Now this. Targeting, outing, boycotting, intimidation, veiled threats, that is the lefts playbook. They branded the president a racist and white supremacist so anything goes. Not a single democrat to my knowledge has come forward to object, not one. Late developments. Stephen ross hosts a Trump Campaign fundraiser today and activists call for pitchforks and torches outside his house. Theres no reason he should be able to have a nice little party, the activist says. Its racialized hate. Thats intimidation, plain and simple. Its very similar to the ugly calls for violence against Mitch Mcconnell, also outside his private house. The video, lefthand side of your screen, banned on twitter. What . The leader of the United States senate cannot tweet about the violence threat ended against him . Talk about bias. President ial candidate tim ryan will organize a caravan to mcconnells house. The comedy cellar, a club in new york, cancels a debate on reparations for slavery. The owners received threatening phone calls. They tell the wall street journal it could be ugly, you could have someone hurt. Okay. Its one example. A small example. But it sends a chilling message to others who may have thought about exercising freedom of speech. And of course, theres Joaquin Castros deliberate outing of the names and employers of trump donors. That is called doxing, which is clearly an incitement at the least. All this has racheted up since president ial candidates and the media started saying as a fact that the president is a racist. Senator warren, beto orourke call him a white supremacist. Senator harris says he empowers white supremacists. The left uses this language as a justification for their very undemocratic tactics. Anyone with any connection to the president is fair game. I will say it again. This is wrong and its dangerous and it begs the question, what are they going to do when mr. Trump wins his second term . Youre watching the third hour of Varney Company. Stuart later this hour, i will be talking to lara trump, trump 2020 senior adviser, all about the lefts intimidation game. I want to know if the president s campaign will take the democrats to task over this in 2020. Im sure they will. Keep it on varney. First lets get back to your money. Check the dow industrials, down close to 200 points as we speak. Now, we have been watching Interest Rates rachet actually, they have been all over the place all week. We are pegging the tenyear treasury right now with a yield at 1. 70 . Up and down, all week. John layfield is with us, fox news contributor. You were listening to the president. What did you make of his comments on china . Is that why the markets down . I think it is, yeah. I dont think theres an offramp right now for president xi or President Trump. I think they both backed themselves into a corner. I dont think china is going to give and i think president xi when he said what hes going to do and hasnt followed through, i dont think President Trump is going to give any more either. I just think this is going to be a very long protracted trade war. Stuart but the president did say United States is the best place for your money. Your comment on that . I completely agree. The world is falling apart right now. Look at Interest Rates, negative in so many different countries. You look at whats going on with german manufacturing data, look whats going on in china. Despite the trade war, their manufacturing slowdown, whats going on in emerging markets. The only real place to be right now is the United States and the United States stock market, especially with yields so low. The president is right about that. Stuart what would you buy . Dont tell me individual stocks but is there a sort of group, a certain area you would buy . Yes, there is. I think like in 20132014, when rates were so low for so long, dividend stocks became de facto bonds and with rates so low, you cant get yield anywhere right now. I dont think people necessarily want to go into gold and bitcoin, though a lot will. I think the safe haven is going to be dividend stocks. I think they have become the de facto bond trade again. Stuart okay. Why dont you tell me the names of a couple of highpaying dividend stocks. Well, the ones i mentioned the last time, at t which you said is 6 , bp which is a 6 yield, ford, 6 yield. You also have some of your fossil fuel plays. Chevron is about 4 . I like them because of their play in the shale in west texas. I know oil prices have a little damper right now but i think theres a floor on that because of whats going on in the strait of hormuz. We dont know how that will play out and it keeps a floor to oil prices. Stuart short, sharp and to the point. Just the way we like it. Thank you, john. Protests flaring in hong kong. Hundreds of demonstrators staging a sitin at the main airport, calling it the start of a threeday occupation. More on that coming to us. We will give it to you. Columbia sportswear not happy about President Trumps plan for more tariffs on china. The ceo says they would be a disaster for the economy. Columbia sportswears ceo, next. You wouldnt accept an incomplete job from any one else. Why accept it from your allergy pills . Flonase relieves your worst symptoms including nasal congestion, which most pills dont. Flonase helps block 6 key inflammatory substances. Most pills only block one. Flonase. 2,000 fence posts. 900 acres. 48 bales. All before lunch, which we caught last saturday. We earn our scars. We wear our work ethic. We work until the works done. And when it is, a few hours of shuteye to rest up for tomorrow, the day well finally get something done. the day well finally from the 5am wakers, to the 6am sleepers. Everyone uses their phone differently and in different places. 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Stuart china tariffs, no doubt putting some pressure on american businesses. We have the ceo of one of those businesses now. Heres tim boyle, the ceo of Columbia Sportswear. Tim, welcome to the program. Its great to have you with us, sir. Thanks for asking me to join you. Stuart youre telling me, youre telling everyone, that these tariffs, extra tariffs, if imposed on september 1st, would be a disaster for the economy. Thats a very strong word, sir. Back it up. Well, some of the garments and footwear that we make are made in china. We are very fortunate, we dont have a significant presence in china thats imported into the u. S. But some of the products that we import from china, consumers will pay half the price of the garment or footwear that they buy in taxes. Thats due primarily to existing taxes and tariffs, which have been in place since the hoover administration, some as high as 37. 5 , plus the additional 10 . Its going to be very difficult for people to purchase some of these products. Stuart if these tariffs, the 10 extra, is added on september 1st, you at Columbia Sportswear would be putting your prices up, correct . Oh, absolutely. Stuart well, the president just said in his impromptu press conference that prices so far have not gone up. Now, hes not referring to you specifically. Hes referring to prices generally across the economy. But thats what he just said. I dont think thats accurate. Stuart okay. So you are contesting the president. All right. Is there no chance that you could move your supply chain out of china . Lot of companies are going to vietnam, the philippines, bangladesh, indonesia, india. You couldnt do that or would you do it . Actually, most of our production thats destined for the u. S. Is made outside of china. China only represents a small percentage of our total production which we import into the u. S. But some of those products cant easily be moved. And frankly, its a damage to our business when free trade is restricted in almost any way. We are a free trading company. 40 of our sales of our products are outside the u. S. , and what were selling when were designing and merchandising our products is the american ethos of the outdoors, the american west, freedom and welcoming and when that brand is damaged, its a real problem for our company. Stuart i understand, but i still dont see why an extra 10 tariff would be a disaster for the economy. It still sounds like a very strong word to use when its just 10 . Well, we think any impact on free trade is a significant impact. Stuart but a disaster . You used the word disaster. Thats really strong. We believe very strongly that these tariffs are a bad idea and should not be imposed. Stuart what will you do at your company if they are imposed september the 1st . Well, we will do what we do as relates to other tariffs which as i said, have been in place since the 30s. We will raise the prices to consumers. Stuart okay. Tim boyle, we thank you very much for joining us on the program and hitting this headon. We appreciate that. We really do. We wait to see if those tariffs are indeed imposed and what you are going to do about it if they are imposed. Tim boyle, ceo of Columbia Sportswear, thank you for being here. We appreciate it. Thank you. Thank you. Stuart sure thing. Now then, top of the hour, you missed my editorial moments ago, i say the left is playing a very dangerous game, targeting, outing, boycotting, intimidating, threatening anybody with any connection to the president. Lara trump, the president s daughterinlaw, on that next. Hmm. Exactly. Liberty mutual customizes your car insurance, so you only pay for what you need. Nice. But, uh. Whats up with your. Partner . Not again. Limu thats your reflection. Only pay for what you need. Liberty, liberty, liberty, Liberty Stuart new low of the day for the dow industrials. It has to do with what President Trump was saying about china trade. He says well see if we keep the meetings with the chinese in september, they could be canceled. He says im not making a deal right now. Thats a negative on china trade. Its a negative for the market. Were down 270. Now, earlier today in this hour, i issued an editorial and oh, boy, do we have the perfect guest to fit right into that editorial. Lara trump is with us. Trump 2020 senior adviser. Lara, i was talking just a moment ago about the targeting, the intimidation and the outing of anybody connected to President Trump. Youre right in the middle of this. Are you intimidated . Well, im not intimidated. Stuart i know youre not. But theyre trying hard. Theyre trying hard. Listen, its hard enough to be a trump supporter because they have already made people feel awful. They called us deplorables for a long time and all these other things and here they are targeting people who donated to the president , targeted stephen ross, who owns soulcycle and part owner of soulcycle and equinox for supporting this president. What happened to the days when we could all just get along together, conservatives and liberals could exist in harmony, yet now you have this scenario that is disgusting. Unfortunately for them, i dont think its working. I think its only making people want to come out stronger in their support for this president. Stuart i think i have asked you this before. Have you been the subject of intimidation yourself personally . I mean, we will get some nasty comments from time to time and certainly social media, where everybody gets to hide behind a screen, everybodys a hero and can say all these crazy things they want to you, but for the most part, i think my experience is generally positive. But i think when confronted face to face sometimes people arent always as brave as they are on the internet. Stuart well said. Whats your campaign doing about it . Well, i mean, we have started all these great coalitions. We launched our trump for coalition, we will have a black voices coalition, a latino coalition. We want to spread the word that it is okay to support this president. We want to encourage people whether you are a woman, whether you are a minority, whether you are just sick and tired of the nonsense to get out there, talk to other people and tell them about your support for this president. Ironically, since that list by the congressman in texas went out, we have seen our Campaign Donations go up. Stuart really. Yes. People are sick and tired of this. Stuart hold on for just one second. Im going to turn away here because our next guest opened a recent trump rally with lara trump and he got some serious backlash from twitter because of it. Brandon stracker is with us, founder of the walk away campaign. What happened . Well, i had the enormous honor and privilege of getting to open the trump rally in cincinnati which was absolutely incredible. Atmosphere was amazing. For me it was particularly meaningful, because two and a half years ago, i did not like President Trump whatsoever. I was a Hillary Clinton voter. I ended up walking away from the democratic party. Over the course of 2017, i did a lot of research, a lot of reading. Im now at the point where i love donald trump. I could not be more enthusiastic about President Trump. Stuart this is not a confessional. The point is that stuart tell me what happened. You introduced at a rally. What happened afterwards . The point is its all rel va eviant. Im a gay man in america. I opened the trump rally, i tweeted about it on twitter. They started removing my foer followers by the hundreds. The suppression sort of immediately came in there because i went from having 2,000, 3,000 retweets to 50. Stuart thats it . They cut you off . Immediately. Stuart cut you out. Was there any nastiness involved . To you personally . From whom . Stuart anybody. What do you think . Yes, of course. I dont care about that. I understand that. We just have to sort of push through that part of it. Whats really troublesome is the difficulty with the reach because with i think people like myself and other minorities that are standing up for President Trump and debunking this narrative, they are trying to suppress us, trying to silence us to continue this narrative that People Like Us dont exist. Stuart has it worked . Are you still silenced . Im not giving up. Stuart are you still silenced or your reach is restricted . I think my reach is restricted. Stuart i would call that a restriction on free speech and reach. It is, but i think we have to find ways around that in the meantime. What im choosing to do is tell my followers look, this is what im experiencing right now. You guys have to share these posts. We have to create a network of conservatives who are just sharing each others material so this message can spread. Stuart hold on. I want to turn back to lara. I want to get laras reaction to the joe biden gaffe machine. I know thats what im calling it. Im calling it. Just look at the gaffes. The latest. Roll tape. We have this notion that somehow if youre poor, you cannot do it. Poor kids are just as bright and just as talented as white kids. Wealthy kids. Black kids. Asian kids. We choose unity over division. We choose science over fiction. We choose truth over facts. Stuart okay. We choose truth over facts. Im doing it myself. Truth over facts. Lara is still with me. By the way, the president just said joe biden, your fatherinlaw just said joe biden is not playing with a full deck of cards. First of all, i just want to say how proud i am of brandon. Im so excited that he has walked away and supports this president. Proud of everything hes done. Thank you, lara. As to joe biden, what we say in the south is bless his heart. Thats what we say. Stuart ive got to press this. Youre not playing with a full deck of cards. Isnt that a little strong . I dont think so. I think people do question someones mental capacity and mental acuity when they continue to make stumbles like this. These are its really become a normal thing for him. You saw him at the last debate. I actually felt a little bad for him at the end with his 3033 or whatever that was supposed to be. Listen, i have said, you can go back and find my statement from well before joe biden ever got into the race to become president , that he was not somebody we worried about. Maybe this is one of the reasons. Stuart what a pleasure, lara trump, brandon, thank you very much. We do appreciate it, one and all. Totally different subject. Hong kong. The protests are starting up again. Protesters occupying the airport and the city is bracing for more. Now there is talk about maybe publishing the personal information of american diplomats. Ashley this plays into beijings playbook. They have a picture of a u. S. Diplomat in hong kong meeting with organizers of these protests which plays right into their hand and under the headline in the newspaper of hong kongs unrest rests on the black hands from the United States. They published her information, her background, her career, her husbands name and her teenaged childrens names in the newspaper saying this is an example of the United States trying to stir up trouble in hong kong. Stuart thats interesting. That comes right into the china u. S. Dispute because china is now blaming america for their problems in hong kong. That ups the ante. Ashley u. S. Diplomats around the world have met with protests of various types around the world in different countries. China jumped on this and the u. S. Calls this thuggish. Stuart pictures on the lefthand side of your screen, those are live pictures from the airport in hong kong. The sitin continues. We are told it will go on until sunday. Depends what the authorities say. Got it. Now, i want to check uber. Thats the stock of the day. It is way, way down after it reported a loss of 5. 2 billion. That stock at last count was down about 8 . Thats uber. We will get it up now, promise you. We are trying hard. You know how it is. I do believe uber is below 40 a share. Here it comes. There you go. Its not below 40. Its at 40. 20, down 6. 5 . The rival in the ride share business is lyft. They too are a public company. Have we got them . Yes. Below 60 a share there. Check facebook, please. Trying to get some skin in the streaming game. They will be testing a new streaming platform soon through their watch hub, offering a new different channel, few different channels from names like discovery and college humor. It comes at the price of a couple of bucks a month. Facebook is actually down 2 today at 187. Streaming, you better check roku. They are the streaming box king. That stock is up 300 just this calendar year. It was up again today, about another 3 or 4 higher. We will get it for you at some point but roku is doing very very well. Attention baseball people. The yankees and red sox bringing the iconic field of dreams to life. We will tell you who is behind it and when its happening. First, one Hollywood Studio in the midst of a real controversy. Nbc universal refuses to pull a movie about theg deplorabl deplorables. Has hollywood lost it to trump derangement syndrome . We will be back with that in a moment. 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. Now you can, with shipsticks. Com no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. 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If i met another veteran, and they were with another insurance company, i would tell them, you need to join usaa because they have better rates, and better service. Were the gomez family. Were the rivera family. Were the kirby family, and we are usaa members for life. Get your Auto Insurance quote today. Stuart all right. Is the sound on this . Its iowa. Stuart field of dreams, sleepy iowa town. Its going to get a lot more crowded. Ashley if you build it, they will come. As the saying goes, if you remember that. Apparently Major League Baseball says the new york yankees and Chicago White sox will play a regular season game at the field next season. But there is a qualifier. Its not the actual field that was put into the movie. They are going to have to have one built right next to it. They are going to build an 8,000 seat ballpark beside that location with the park between the two so you can go in there and just relive that whole moment. August 13th, 2020. Stuart okay. Down the road. Ashley a lot of people will come out for that. Stuart now, this new movie caught my eye. Its called the hunt. The premise is group of people called the deplorables kidnapped and hunted by elites. Now, thats provocative, isnt it . Bring in our california guy for this. Larry elder, radio talk show host. That is provocative. Why make a movie like that, for heavens sake . Im always reluctant to criticize a movie i havent seen. From what i can tell, the critics who are criticizing it havent seen it either. The premise is what you described, apparently a bunch of elites going after socalled deplorables who are donald trump voters. Why would hollywood green light such a movie . You mentioned trump derangement syndrome. This is ground zero for trump derangement syndrome. They despise this man. Its hard for me to overstate how much they dislike him. I met a young woman who is an actress and her mother at a party in october before the election. They were here from michigan. They were going to have an interview with one of the major agencies here in hollywood. Its a big deal just to get an interview, let alone to be signed. They both told me they were going to vote for trump. The daughter said she supported trump. The mother said she was going to vote for trump. I said have you been to hollywood before . They said never. I said do not mention this when you have your meeting. I heard that for the first 20 minutes of that meeting, stuart, all they did was call donald trump an ahole and that woman said thank god you warned me because we might have said the wrong thing. Stuart unbelievable, isnt it. Of course, what would have happened if the premise for the movie was the other way around . Right. Exactly. Exactly. Stuart ive got to there was a movie called death of a president. You might remember this, 2006. It was a british publication, British Group that put it out, it was a docu drama about the fictional assassination of george w. Bush. 2006, who have hawould have gre lighted a film about the death of barack obama . You have got to be kidding me. Hollywood loves talking about diversity. How many conservatives were in the room when this thing was green lighted who said wait a second, guys, we will tick off half the country and we are talking about how donald trump made the atmosphere worse for White Nationalism and maybe created an atmosphere of violence, we will put out a movie about people going after Trump Supporters . Are you kidding me. Was there anybody in the room to say that . Of course not. This is a town that loves diversity except when it comes to their own boardrooms. Stuart i have to ask you about Orange County. I always thought of it as a flat out gop stronghold. Now im told there are more democrats registered than republicans. Why is that happening . Tell me, larry. Changing demographics of california, changing demographics of this state. This is the first state that now has a majority of minorities. Whites are outnumbered by hispanics, asians and blacks. Asians and blacks and hispanics do not like donald trump. Right now there are more registered independents than registered republicans and thats whats happening here in california. The demographics are changing very rapidly. Four republican seats in Orange County were wiped out, as you well know. Orange county used to be the most reliable republican county in the entire country. No mas, to borrow an expression. Stuart are you just trying to show you speak a little spanish there . I know you. I know you. At least as well as cory booker. Stuart i knew you were going to say that, too. Larry, im out of time. Thanks for being with us. The voice of reason himself of california. Thank you, sir. Couple markets i want to check for you. Bitcoin, where is it today . Virtually unchanged, down 13 at 11,722. Wheres the price of gold today . Pretty flat, i believe. Yeah, up five bucks at 1,514. 60. Check the dow industrials, down 235 points. That is because of some negative comments on china trade made by President Trump earlier. He says not going to sign a deal in the immediate future. Not ready. Not right now, he said. Down goes the market. It has been a wild week for your money. Listen to this. Yesterday, up 371. Wednesday, down 22. Tuesday, up 311. Monday, down 767. Thats volatility. That was this week. Harley davidson getting ready to release new all electric bike. Ashley what . Stuart called the live wire. We will tell you the price in a moment, although im not sure what biker would want an electric motorcycle. Maybe there are some. Safety regulators have once again warned tesla over its claim that the model 3 is the safest car ever tested. Tesla is not backing down, though. Are they going to get in trouble over this . Well discuss. Introducing the allnew chevy silverado. With fifty industryfirsts. Its the strongest, most advanced silverado ever. 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 look at that. Harley davidson no, actually, look at this. Thats the electric bike. They are gearing up for the release of this thing. Its called the live wire. You can get it next month. Steep price, 30,000. And up, by the way. Their chief executive is banking on its appeal to a younger base of riders. Gary gastelu, our car guy, with us now. You have ridden this thing. Look, if im going to ever get on one of them, all i do it for is the acceleration. Thats what i want. Open your checkbook because this thing is an absolute thrill ride. Zero to 60 in three seconds. You pull the throttle, they still call it a throttle even though it doesnt have an engine anymore, and you go. It feels like harley has been making electric bikes forever. Quality product, at least when you take it for a test drive. Stuart dont you lose control, with acceleration like that, whoa, youre on your back. You got to be ready for it. It also has a lot of technology, traction control. It has an antiwheelie thing so when you go too fast it keeps the wheel on the ground. This is a superbike. Its a halo vehicle for harley. They will be lucky to sell a couple hundred of them at that price. But they say they have a lot more less expensive electric bikes on the way and this is basically the calling card, saying we are in the game now, here you go, this is what we can do. Stuart putting a marker down, i guess. I want to turn to tesla. Tesla is sticking with its claim that the model 3 is the safest production car ever made. The Traffic Safety guys though say hey, drop that claim, because its not true. Could tesla get in some trouble with this . They could. They have referred this to the ftc. If the ftc doesnt like it and thinks its false advertising, look what happened to volkswagen with the clean diesel. They could be on the hook for billions of dollars if it goes the wrong way for them. A lot of it has to do with semantics. Whats happening, ntsb has this fivestar rating system. You could say this car got a better score than the other but there is no aplus. Tesla likes to say theres an aplus and its cars get an aplus. Stuart not a big problem, really . Its semantics . It is to a certain extent, except this is the second time its had an issue with tesla. Few years back they said our cars get a 5. 4 rating. They changed the rules what you are allowed to do with the data and tesla still nudging them, our cars have the lowest probability of injury of any car. Were not saying theyre the safest. We build them to be the safest. They arent using the word safest in their headlines but they are saying the cars you are least likely to get injured in and theres a lot of apples and oranges here. One of these cars hits a pickup truck, maybe its notsafest but crash. Stuart have a great weekend, young man. Thank you very much. Lets go to denmark. Ashley why not. Stuart wait a second. You can get a mortgage there with a negative Interest Rate. That means the bank pays you to borrow money. Ashley people are being paid, paying people, to borrow your money. This is the first time it ever happened in danish history. The bank offers a 20year fixed Rate Mortgage for 0 . The Third Largest bank in denmark currently has a tenyear mortgage of minus half a percent. They will, they say, offer 30year mortgages at negative rates. Stuart can i just, just kind of explain this. I go to this bank in denmark and say i want 200,000 euros to buy this house. They give me a check. Theoretically, i would have to pay some of that back and i do. Ashley normally you pay it back with interest. When its negative you dont give it all back. Stuart and theres no Interest Payment whatsoever. Ive still got the house. Ashley you can have this conceivably for 30 years at that rate. Can you imagine . Stuart i take it. I want it. Why not . Ashley when you get to this point its like what . Down. Stuart it really is. I cant ever remember anything even close. The American Mortgage rate on the 30year fixed is 3. 6 . I got a buck says that comes down fast. Ashley probably. If you look at the rest of the world. Stuart our week is made when the two of us get together and discuss Mortgage Rates. Back in the day, you paid 18 . Ashley 16 . Stuart i paid 12. 5 . Ashley 1982. Stuart those were the days. Ashley i got a deal. Stuart yes. All right. Ashley what did i know . Stuart more varney after this. vo the hamsters, run hopelessly in their cage. Content on their endless quest, to nowhere. But perhaps this year, a more exhilarating endeavor awaits. Defy the laws of human nature,at the summer of audi sales event. Get exceptional offers now. Here you go little guy. A cockroach can survive submerged underwater for 30 minutes. Wow. Yeah. Not getting in today. Terminix. Defenders of home. Stuart happening very soon in the hamptons, very shortly the president will attend a fundraiser at that estate in the hamptons. It is owned by stephen ross, who owns equinox and soulcycle. Were going to get protests. Ashley they are. Billionaire developer who has known donald trump for 40 years. We go back a long way. I dont always agree with everything he says and im first one to tell him when i disagree. He has been absolutely hammered on social media. Boycott his fitness gyms. The poor guy, where we are in politics right now. If you dont agree with that narrative be you know stuart well see intimidation writ large this afternoon. Not that the president will be intimidated but they will try. As of right now the dow industrials i think are pretty much their low of the day, minus 1 , down 260 points. Why is this happening . Very simple. President trump held an impromptu press Conference Today and he said well see if we, if we keep the meetings with the chinese in september. The trade meetings could be cans he had. He is not making a deal right now. Negative on trade. Down goes the market. Neil its yours. Ashley you summed it up perfectly. Neil anyone exposed to this is feeling pressure on this well be following that. Following battle of donors right now and those who are feeling the heat because they are lending money to the president s reelection effort. Were exploring that. Also, keeping fair and balanced, some are getting leery about the man who wants to take on donald trump next year, that is joe biden. Some of his recent gaffs and sl