Transcripts For FBC Varney Company 20240713

Million to 30 million tons. Next case, the federal reserve, jay powell says hes going to grow the Balance Sheet but dont call it qe4. Okay. I will put it into english. Interest rates are coming down. China trade and Interest Rates, thats why the market will go up at the opening bell. The dow lost 300 yesterday, likely to go up maybe 200 at the open this morning. The s p, the nasdaq, very solid gains this morning as well. Look, theres a lot coming at you throughout todays program. A jury awards 8 billion to a plaintiff who says he wasnt warned about the dangers of a Johnson Johnson drug. 8 billion. One hour from now, we will find out how many jobs are available, upwards of seven million. Two hours from now, jay powell speaks. We are following, yes, we will translate for you as well. This afternoon, the first lady brings youngsters to the white house to outline the dangers of flavored ecigarettes. And we may hear from nba commissioner adam silver. Hes in china, dealing with basketballs biggest market and free speech. One last one. Activision blizzard took away the 10,000 prize money that that gamer won after he supported hong kong protesters. Now, thats a show. Varney company is about to begin. Stuart i want to show you this again because we are going up at the opening bell. Theres the futures. 170 up for the dow. Look at that nasdaq, up about. 8 . 63 points higher. Lets get straight to the economy. With an economist, john lonski is with us. John, wait for it. Im speculating here. Wildly speculating. If we get a modest trade deal with china, our market and our economy both look better. Now, thats a modest trade deal. What do you say . Without a doubt. The Economic Outlook would improve, the uncertainty thats been holding back not only capital spending, perhaps also hiring activity, would recede and the economy would benefit. Stuart supposing its the other way around. We get no intermediate trade deal with china. We dont get it. What happens . You know, were going to have to go looking for growth elsewhere. Not with china, but perhaps we will have a stronger need for lower Interest Rates in the United States economy and with that, we will probably see faster growth by spending such as housing and spending on motor vehicles. Lets not forget, the rest of the world isnt doing all that well, so you wonder why you have so much illegal immigration, the expected rate of growth for latin american economies together, 20192020, less than 1 . Thats incredibly bad. We could perhaps help them do more to stimulate their economies and that would serve as sort of like a partial substitute for business loss with china. Stuart when it comes to the market and the economy, you are going with the optimism of the morning on trade and Interest Rates and maybe usmca, but you are an optimist this morning. Im a cautious optimist. Im not going to go overboard. But at this point in time, given the fact that we still have a healthy labor market, we have that unexpected decline by the Unemployment Rate for september, there is no reason to make the statement that the u. S. Economy is knocking on recessions door and if the fed moves quickly enough and drops Interest Rates by enough, then we could very well see recession fears recede. Stuart all right, not a bad way to start a wednesday morning. Thank you very much indeed. My pleasure. Stuart okay. All right. China is clearly threatening and big name American Companies are taking steps to protect their businesses in china. Weve got lots of examples. Start with apple, please. Susan we will start with apple since we are close to the record highs once again for apple, removing the taiwanese flag emoji for china phones. If you live overseas and have friends in hong kong and macao, you can still send the flag via messages but this is to get ahead of any censors or any sensitive issues because we do know china still regards taiwan as a renegade province that they still want to reunite to the mainland. Lets move to tiffanys, which is also taking precautionary moves as well, removing an ad over twitter that depicted a chinese model with a hand over her eye. Thats been depicted as one of the rally cries of the hong kong protests because one of the ambulance workers or volunteer workers lost her eye during these hong kong protests. Dont forget that Mainland China i think is tiffanys Third Largest market. Hong kong is their fourth largest. Activision blizzard, yesterday we talked about the gamer that has been suspended for a year after donning goggles and saying liberate hong kong in a postmatch interview. He also had to forfeit his 10,000 prize money as well. Stuart they took his money. Susan they took his money off. In an interview on twitch, which streams these games, he says i lose four years of my time but if hong kong loses it would be a matter of a lifetime. Stuart the guy pictured there in goggles and a gas mask protesting in favor of the hong kong protesters, hes lost his money. Suspended for a year. Dramatic action. Susan dont forget we also have politicians stepping in, just want to put this in. Activision blizzard has also been receiving criticism as the nba has, it is bipartisan. We have a democrat senator wyden of oregon, saying Activision Blizzard showing it is willing to humiliate itself to please the Chinese Communist party. Stuart pushback on the pushback. Got it. Thank you, susan. Bring in liz peek, fox news columnist. China, to my mind, is successfully bullying american corporations. But hold on a second. If i were to put myself in the position of an executive defending a big business in china, i might just keep my mouth shut. This is the problem. Money talks, right . For american corporations they have to walk a very fine line between alienating hundreds of millions of middle class consumers emerging in china who they very much want to access, or imposing chinas repression of free speech on americans. We cant do that. I think the nba actually has kind of tread this fine line pretty carefully and pretty well by finally coming out and saying yes, americans have a right to express themselves frankly i was disappointed that wasnt their immediate response. This was a teaching moment. Say to china, where by the way, the nba can get away with this because it is a huge presence in that market, we allow people to speak their mind, we protect our free speech, we may not always like it, heaven knows politicians dont always like it and President Trump doesnt always like it, it is a bedrock of the freedoms of this country. Let the Chinese People understand thats whats at stake here. Stuart they wont get the me messa message, though, will they . You never know. If all of a sudden the nba games are not available to people, there are 150 excuse me, 500 Million People watched nba games last year in china. If they take those things off the air, theres going to be some unrest in china because of that. If apple phones, if apple said were not going to sell, we are going to go ahead and do what we want and all of a sudden apple wasnt available, chinese consumers would learn a lesson. The problem is, we have allowed this tyranny of china to go on too long and it affects American Companies that played into it and didnt resist for all those decades where this became now a matter of habit and sort of convention. I think its a tragedy because now we have xi jinping in power who is a real problem. Stuart we heard you. Thank you very much, liz. I want to get to this is a huge corporate story, in my mind. A jury has awarded a plaintiff 8 billion in a case brought against Johnson Johnson. Explain it. Ashley all about the antipsychotic drug risperdal. It was a maryland man who claimed he took this as a child and it caused him to have enlarged breasts. Hes one of 13,000 lawsuits with the same complaint. The bottom line here, the complainants say the company did not properly warn of the side effects and never told doctors this could be an issue. J j says not true, we outlined the risks very clearly. This original case, the award was for 600 million but they stuart 600,000. Ashley 600,000, sorry. But the judge wouldnt allow for punitive damages. That was overturned on appeal. 8 billion, j j will appeal this. 9 times out of 10 a judge will reduce it. Bottom line, its another case of you didnt warn me properly. Stuart thats it. Ashley we are getting a lot of these cases. Stuart dont say goodbye yet. Come back in. You have a role here. American corporations are getting fleeced like roundup, for example. We didnt warn you. Its not that you would cause cancer. Oh, no, we just didnt warn you. Same with this drug. We didnt warn you. There were warnings on the advisories that were given. By the way, this drug is still on the market. Its really inconceivable its such a horrendous drug that nobody wants it. The truth is, we have a tremendous amount of anticorporate sentiment in our country right now. Stuart yes, thank you. And a jury which reflects that. Its actually a very dangerous thing. All of a sudden, because of liz warren and Bernie Sanders, Corporate America is the enemy. This is a danger for america. Stuart youre on a role. Im afraid were out of time. Check futures again, please. Same as about ten minutes ago, we will be up about 170 for the dow, 60 odd points for the nasdaq. A ford dealership in South Carolina got a unique promotion. Buy a car, get a bible, American Flag and a gun. We will tell you all about that one. Protesters shouted down acting Homeland Security secretary Kevin Mcaleenan when he tried to speak at georgetown university. They wouldnt let him speak. Looks to me like free speech is dead and i dont like it. The secretary will join us in just a moment. A teen has died after vaping, and we have the trade group that represents vaping on this show later this hour. Varney company just getting started. My body is truly powerful. I have the power to lower my blood sugar and a1c. Because i can still make my own insulin. And trulicity activates my body to release it like its supposed to. Trulicity is for people with type 2 diabetes. Its not insulin. I take it once a week. It starts acting in my body from the first dose. Trulicity isnt for people with type 1 diabetes or diabetic ketoacidosis. Dont take trulicity if youre allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. Stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, or severe stomach pain. Serious side effects may include pancreatitis. Taking trulicity with a sulfonylurea or insulin increases low blood sugar risk. Side effects include nausea, diarrhea, vomiting, belly pain and decreased appetite, which lead to dehydration and may worsen kidney problems. I have it within me to lower my a1c. Ask your doctor about trulicity. 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 lets take a look at fitbits, please. Theyre down 3 . They make smart watches, theyve got all that. Starting in january, they are going to move nearly all of their manufacturing operations outside china. Thats an interesting tidbit for fitbit. Look at roku. It got an upgrade from mcquarry and the stock is up again. Strong performer this year. Its up 3. 5 this morning. Lets get back to the story of the week, really. U. S. Companies bowing to china. We have an nba fan who says he was kicked out of a game because he supported hong kong . Susan he and his wife attended a preseason game between the philadelphia 76ers and the lions of the chinese basketball association. He says he was holding up a placard saying free hong kong, in reference to the ongoing protests in hong kong. He says security confiscated the signs and they were kicked out of the game during the Second Quarter by security. Now, when nbc10 tried to reach out to the 76ers, they had no comment on this. We cant verify it ourselves. However, this goes back to of course the controversy thats brewing overseas in china and not only taking place in china but also for nba fans in games here in the u. S. As well. Stuart im waiting to hear what adam silver has to say. Hes in china right now trying to balance a big market with free speech. Lets hear about that one later on. Now then, another big story. Acting Homeland Security secretary Kevin Mcaleenan left an immigration policy conference in georgetown, at georgetown university, the law school. He didnt speak. Protesters just shouted him down. Watch this. This ability to address largescale immigration [ shouting ] okay. Thank you. Stuart he tried three times, wouldnt let him speak. The secretary joins us now. Mr. Secretary, we were appalled on this program because it looks to us Like Administration officials cannot speak in public. They cannot debate in public. What say you . Thanks, stuart. Thanks for your comments on that issue. You know, its unfortunate. We had a lot to share with that audience. Its kind of ironic that a group of immigration attorneys, advocates, and i was going to challenge them on how our system is failing and what aspects arent working, but also provide an update on the efforts of the Trump Administration to address unlawful migration flows and how were succeeding. So its unfortunate they didnt want to have that dialogue. Stuart mr. Secretary, they dont have the intellectual maturity to match up to you, and thats a fact. Lets get to the substantive part of your work and your job. There has been some criticism that mexico is doing all the heavy lifting at the border, that in fact they are indirectly paying for the wall. What say you on that . I can say that our International Partnerships have actually been essential to the progress weve made over the last four months. We reduced unlawful crossings by 65 , families coming from Central America are down 80 . That was the key driver of the crisis, and thats because weve instilled a new sense of shared responsibility in the region, with mexico first and foremost, they are now securing their southern border. They are going after human smugglers based on intelligence from our investigative agencies and the same things happening in guatemala, honduras and el salvador. Really, what we see is those administrations step forward and take responsibility for migration flows. Thats unprecedented in the region. Its due to the president s leadership and its due to some leaders in these countries stepping forward and saying we do have joint responsibility here, lets go after the human smugglers that are preying on vulnerable people. Stuart lets get right at it, sir. Its a very active business day, news day, so we will keep this short but give us a Progress Report on, a, building the wall and b, keeping the number of people arrested or apprehended at the border down. Great. First, we have doubled the amount of wall built in this Administration Just in the last five and a half months for over 71 miles. By the end of next year we will be between 450 and 500 miles in partnership with d. O. D. , the military. We are making great progress there. In terms of keeping the numbers down, combined with our International Partnerships we have streamlined our procedures for repatriating families to Central America, single adults to Central America and mexico, so that we do not release people into the u. S. To wait for court hearings. Thats been a huge impact and we are going to see continued ability to control that flow from these initiatives. Stuart mr. Secretary, thank you very much for being on the program today. Its very much appreciated. Thank you, sir. Thank you, stuart. Good to be here. Stuart yes, sir. See you soon. Thank you. Back to your money. Big market day by the looks of it. Up 170 for the dow, 60 maybe for the nasdaq. First Lady Melania Trump bringing kids to the white house today to talk about the dangers of vaping. That cannot be good news for that business. We are going to discuss the industrys huge Public Relations problem with the trade group that represents it. As a struggling actor, i need all the breaks that i can get. At liberty butchemel. Cut. Liberty mu. Line . Cut. Liberty mutual customizes your Car Insurance so you only pay for what you need. Cut. Liberty m. Am i allowed to riff . What if i come out of the water . Liberty biberty. Cut. Well dub it. Liberty mutual customizes your Car Insurance so you only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. This is the family who wanted to connect. To go where they could explore and experience adventure in unexpected places. Who were inspired by different cultures and found that the past can create new memories. Leading them to discover were woven together by the moments we share. 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American Airlines Says the max 37 jet will remain grounded until at least midjanuary. Thats what american Airlines Says. That stock is up 1. 6 . Boeing, up a fraction there, 2. 90, 377 on boeing. Now, the first Lady Melania Trump participating in a listening session later today. She will hear directly from teens about their experiences with vaping and ecigarettes. But susan, we have just got a new report of a death from vaping. Right . Susan youngest ever, actually. A 17yearold bronx boy whose death was disclosed by the new york state officials on tuesday. Hes the youngest of 23 people to have died from vaping related illnesses. He has been hospitalized twice. Stuart we dont know susan we dont know what he was smoking. But we do know there are 1100 cases of vapingrelated illnesses at this point, 23 deaths. New jersey, by the way, also said last week an adult woman was the first resident of that state to die of vapingrelated illnesses. Most of these are actually male. 70 of the patients have been male in these 1100 cases, 80 by the way were under the age of 35. Stuart okay. Thank you, susan. Good update. Ive got a breaking news story right now. Turkeys president has confirmed that an operation in northeastern syria has begun. Kurdish fighters are reporting that turkish war planes have begun attacking the region. We expected it. They are prepared for it. The turks have acted as of now. Check the market, please. We are up 170 points for the dow industrials. Nice gain for the nasdaq, too. Maybe 60 points there. Up. 66 for the dow,. 75 for the s p and nasdaq. Its a rally. Well be right back. Nah. Not gonna happen. Thats it. Im calling kohler about their walkin bath. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. 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Lauren the new update is out and its going to tell you specifically this app is tracking you all the time. This is the data they are getting, this is why they knew, because you saw that alert, had the opportunity to disable it. You have to go into settings and do it individually for each app. This is an alert coming at you on your phone. Stuart when i get this update, whatever its called, upgrade, is that what its called . Lauren update, yes. Stuart you click and do the settings, i now find out whos following me . Lauren yes. Whos tracking you. Stuart i can stop it if i want to . Lauren absolutely. You are in charge. Stuart im sensitive to being followed. Lauren you are a popular person. Watch apple stock at the opening bell. It will hit a record high. Stuart thank you very much. Here we go. We are off rauand running. The market has opened and we are on the upside, up 147 in the first few seconds of business. I see one stock in the dow 30 thats on the downside and that would be Johnson Johnson. Look at the s p, please. That is also on the upside, about the same amount, almost. 75 . I think its the same story for the nasdaq. That has opened higher. Thats up the best part of 1 . This, ladies and gentlemen, is a rally. Now, we will show you Johnson Johnson again because okay. They are down, not that much. They were hit with a staggering 8 billion jury verdict over their antipsychotic drug risperdal. More on that in just a moment. But they were hit with a big claim right there. Joining us, market watcher today shah gilani, susan li, ashley webster. I want to stay on Johnson Johnson. Shah, to you first. Would you buy the stock now, at this price, bearing in mind these jury verdicts and all the p. R. Problems theyve got . No, i wouldnt right now. I think the stock is under pressure. I think its going to remain under pressure, not because of this jury award. I think 8 billion award is going to be overturned. Its ridiculous, in my opinion. But the stock is under pressure because of a series of lawsuits and i dont think they will get out of this any time soon. Its got a little further to go down and i think maybe good 10 , 15 lower, i would be looking at it but not here. Susan 8 billion for risperdal, 120 million for the opioid cases, then 4. 69 billion for baby powder. This just continues to stack up for Johnson Johnson. I would say theres still a lot of overhang risk on this stock. Stuart there are thousands of lawsuits to follow up on. Ashley especially with the opioid. They already settled on two ohio counties but there are thousands more. Stuart this risperdal thing really gets to me. They are only found guilty of not warning. Ashley not sufficiently warning doctors of the potential side effects. Stuart as i say, they did do it. You take them to the cleaners, you rape them for 8 billion because you didnt warn them . Im sorry. Im sorry. I dont get it. Next one, how about buying this on the dip, General Motors. The strike is now in its fourth week. Cranes says a total of 100 General Motors suppliers have laid off a total of 12,000 people because of the stock. The can sto stock is down to 3 share, beaten down. Again, shah, would you buy on this big dip . I like General Motors, but not here, because we dont know how long the strike is going to last. Its hit them up for about 660 million so far. Estimates are for it to maybe perhaps reach 1 billion if the strike continues. Theres no really end in sight for the strike. The negotiating has been very difficult on both sides. Uaw has walked away twice. I dont see a resolution on the table, at least one that will be acceptable to the uaw. I think the stock will continue under pressure. Stuart two big stocks, both of them beaten down. Shah would not buy either of them at this point. All right. I want to take a look at the luxury boot maker lvmh. They have a big chunk of the luxury market and sell a lot of luxury items in hong kong but the economy there is really, im going to call it in depression really. Whats the story on luxury goods and the hong kong economy . Susan its terrible. If you look at the latest numbers for sales of jewelry, watches and other valuable gifts, plunging by close to 50 . Thats the worst on record in hong kong. Moist most of this buying comes from hong kong mainland tourists that get it taxfree. You are looking at the lowest and fewest tourist arrivals from china since 2012. We are looking at the worst retail sales in three and a half years. Thats why hong kongs economy is in depression. Stuart i hear that hong kong accounts for 5 susan at least. Stuart of the total Luxury Goods Market in the world. Ashley probably. Susan the rich chinese and new chinese are actually accounting for most of the growth in luxury goods, Luxury Goods Companies over the last five years. Stuart thats why lvmh has gone from the upper 80s to the mid 70s there. How about apple. Three companies here. Apple, Activision Blizzard, tiffany. All three of those companies have been taking steps to watch out for bullying from china. They are changing their businesses slightly because of pressure from china. Susan cautionary. Stuart cautionary. Good word. Thank you. Now, shah gilani, do you have an issue with any American Company that starts to kowtow to china . Well, its a difficult decision in terms of the commercial viability of these enterprises. Their job is to make profits. I think they have to be cognizant of that at all times. Unfortunately, if you have to kowtow in order to sustain your profitability and revenues, in those markets, maybe thats what you have to do. Its unfortunate. I wouldnt like to see it happen that way. Its happening that way right now. The chinese are putting tremendous pressure on businesses, as we saw with the nba. We are talking 4 billion to 5 billion in revenue, the nba was going to potentially get from china, being under pressure now. So these companies are facing the same kind of pressure, they are going to do what they have to do for their shareholders. Stuart personally, if i was the executive representing the big business in china, an american, i think i would keep my mouth shut. Wouldnt you . Susan let me ask you this. Ashley i would not be very stuart not a principled stand by any means. Susan you are operating an international market, dont you need to adhere to their International Rules . Same thing goes with saudi arabia and middle Eastern Countries as well. You have to understand the landscape you are trying to sell in and probably adhere to the same rules. Stuart but that means americans have to bow to the nonfree speech in china. Susan saudi arabia and middle Eastern Countries also have pretty tough speech rules. Stuart they are organizing our free speech, impeding our free speech. I think the best thing is to just shut up. Ashley the thing is, to your point, susan, yes, when youre in those countries but its affecting us here in the United States because the fear you say something, suddenly it automatically hurts you in the pocketbook because the chinese will retaliate. Thats the problem. Fine if its in their own country, but when youre in your own country getting targeted susan im going to disagree with that because the comments were actually made overseas, during the time when youre playing in their backyard. Ashley not all of them. Susan i think the preseason games were taking place there. Stuart hold on a second. Shah, last word on this one. This speaks to the trade war between the u. S. And china. American companies have been kowtowing to china for far too long. The president has stepped in against that and i think we need to support the president and what hes doing. I dont think these negotiations are going to end any time soon. The president remains tough and he should remain tough because this has been going on for a long time. Stuart okay. We are now seven and a half minutes into the trading session and we are up 145 points. That puts us back at 26,300. That is about 1,000 points below the alltime record closing high. Roughly. The ceo of Dicks Sporting Goods says that company destroyed 5 million worth of assault rifles as part of its gun policy. Dicks Sporting Goods virtually unchanged. Look at dominos. Wild swings in the stock price yesterday. It went down, then it went up after they announced a big stock buyback program. This morning, stable at 252. Here we go. We always check these markets for you. Bitcoin, 8100 a coin. The price of gold hovering around 1500 per ounce. 1512. The price of oil, i think we are down to 53 a barrel. Up a bit this morning. 53. 42. The tenyear treasury yielding right now 1. 55 . Toys r us teaming up with targ target. Ashley this is a strange one. A few analysts scratching their heads. The parent company, true kids brands, is teaming up with target to relaunch the toys r us. Com website. As you go to that site, you can look at product reviews, you can go through, look at the items you may be interested in, but when you push the buy button, you are sent over to target. Com. Now, obviously theres some sort of financial arrangement on this but we dont know the details. Theyre not releasing it. Kind of strange. Toys r us are reopening two stores in houston and new jersey. Stuart real stores. Ashley real stores. Mini, mini comeback. Target will be handling the ecommerce side even in those two stores. Stuart i want to get china trade in again. Shah, i would suggest that if we do get a modest medium term deal with china, if we get that, our market goes up and our economy improves. Would you agree with that . I dont believe so anymore. I think its gone on too long. If we get something it would only be partial at this juncture. The president remained steadfast he wants a comprehensive deal. Chinese are not willing to go comprehensive at this time. They want to piecemeal it. I dont think its going to happen. If we got some kind of piecemeal appeasement i think the markets would bounce on that but i dont know if its a sustainable bounce. The markets want a longterm resolution to this before they can move higher. Stuart okay. We heard it directly from shah gilani, whose time is up. Its 9 40 eastern time. Thanks very much indeed. See you again real soon. Check the big board. As i said, we are ten minutes into the session and now we are up. 66 for the dow industrials. We have a better gain from the nasdaq. The dow is up 168. Heres a story that doesnt get that much attention. California has got the highest poverty rate in the nation, close to one person in five in poverty in the golden state. It also has the highest income tax rates and by the way, the highest gas prices. I say it shows that californias liberal policies are just not working. You can hear my take on that 11 00. The president holding a rally in minneapolis tomorrow. The arena where its taking place is backing off on making the president pay more than a half Million Dollars to cover the security costs. Thats not stopping the citys mayor from going after our president. Minnesota native pete hegseth will join us on that one. Usmca, the Biggest Issue facing congress. Its being held hostage by all the impeachment talk. That is my opinion. Im not happy about it. That storys next. I wanted more thats why ive got the power of 1 2 3 medicines with trelegy. The only fdaapproved 3in1 copd treatment. Trelegy. The power of 123. Trelegy 123 trelegy. With trelegy and the power of 1 2 3, im breathing better. Trelegy works 3 ways to open airways, keep them open and reduce inflammation for 24 hours of better breathing. Trelegy wont replace a rescue inhaler for sudden breathing problems. Trelegy is not for asthma. Tell your doctor if you have a heart condition or high Blood Pressure before taking it. Do not take trelegy more than prescribed. Trelegy may increase your risk of thrush, pneumonia, and osteoporosis. Call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. Think your copd medicine is doing enough . Maybe you should think again. Ask your doctor about oncedaily trelegy and the power of 1 2 3. Trelegy 123 save at trelegy. Com announcer fidelity is redefining value with zero account fees for brokerage accounts. And zero minimums to open an account. At fidelity those zeros really add up. Maybe ill win saved by zero stuart we have gained a bit more ground. We are up 184 points right now, pretty close to a. 75 gain. 26,300 is the level. The republican congressman from pennsylvania has written an opinion piece about how the democrats are blocking progress with their focus on impeachment. Progress towards passing usmca, that is. The congressman joins us right now here in new york city. Sir, welcome to the program. Great to be here. Thank you. Stuart welcome to new york. Yes, sir. Stuart you like it . Oh, yes. Stuart dont answer that. Pennsylvania is not too far. Stuart let me put it to you like this. In my opinion, usmca, which really needs to be passed, is actually being held hostage by impeachment, and you cant do much about it. Well, i agree with you. A month ago i would have said theres a 100 likelihood usmca would pass just because it makes all the sense in the world. 68 billion in increased gdp which is equivalent to the size of the state of idaho. 500,000 potential jobs would be created from it. So makes all the sense in the world. Good for farmers, good for manufacturing, and yet the politics that plays here is likely going to overcome whats best for our country again. But this is nothing new, stuart. We have been dealing with this n now for ten months. Its truly been a period of opportunity lost as well as a socialist agenda. Stuart would pennsylvania benefit significantly from usmca . Your state . Significantly. Dairy products, our manufacturing, our retailers, perhaps its our proximity to canada as well, but significantly. It has all the right factors. Of course, mexico has already passed it. There is absolutely no reason whatsoever that Speaker Pelosi is not bringing it to the floor. Only other than not giving the president a socalled win. But in the process giving america a win. Stuart if it does not go through, if theres not a vote on it, it doesnt pass, will the people of pennsylvania blame Speaker Pelosi or will they blame the president . They will blame Speaker Pelosi. They are going to blame Speaker Pelosi. I will tell you, with this whole impeachment taking place right now, there was a poll done just yesterday and it did show in spite of what the media has to say and all, 71 of the people polled, very fair poll, showed that they believe the voters should decide who our next president is, not Speaker Pelosi. It also showed in line with the whole transcript that 61 of them polled said that they believed that joe biden should be investigated. Its a legitimate poll and i think that says it all. The people are not happy about this. Stuart i remember sitting on Election Night watching the returns come in and i remember seeing pennsylvania go into the trump column. I realized at that point that you are a very important swing state so usmca and how it goes along will be important for the state. But what about fracking . Senator warren leading the charge now against fracking on day one, she would abolish it, flat out abolish it. How would that play in swing state pennsylvania . It would send much of our state dark. We have created over 500,000 jobs because of fracking. Stuart what . A half million jobs in pennsylvania . Direct and indirect, its as many as 600,000. And it just continues. We have become a very competitive state for manufacturing in other companies because of lowcost energy. We brought in a cracker plant because of it. We have a 5 billion investment taking place in the western part of the state which also brings in added manufacturing. Theres a fair chance we are going to get another cracker plant in pennsylvania. You know, sometimes i kid my colleagues in congress, but im serious about it, pennsylvania can be the new texas and thats the direction were going. Somebody like Elizabeth Warren would turn off the switch on that and it really makes no sense at all. You know, even from an environmental standpoint, fracking, natural gas is the primary reason that the u. S. Is the only industrialized nation that has reduced our carbons over the last two years. Were in the lead. China of course has gone way up and so has canada, so has mexico, so has europe. Fracking is the reason we are becoming a far more environmentally friendly nation. Stuart congressman, from the swing state of pennsylvania, thanks for joining us. Appreciate it. Welcome to new york. Its actually a great city. Im telling you. The dow was up 200 points a moment ago. Still up nicely, bottom righthand corner of the screen, up 186. The United Nations on the lefthand side of the screen strapped for cash. Staff could go unpaid next month. Why . Ashley cash crunch at the u. N. 1. 4 billion, says the u. N. , remains outstanding. They have taken in 2 billion but there are certain countries out there that have not paid up. Not in full, at least. Argentina, south korea, israel, saudi arabia, senegal and the United States which makes the president s tweet earlier seem kind of ironic. He tweeted earlier make all member countries pay, not just the United States. Well, apparently according to the u. N. , the u. S. Has not paid up its bill yet. I think we will hear more about this. Stuart yes, we will. I want to hear more about the market because we have a nice rally. Can we look at that, please . Yes, we can. The dow is up 180 points. Nice gain right there. Nasdaqs up solidly. By the way, 28 of the 30 stocks which make up the dow are in the green. They are up. Next one. The first lady is going to host a group of children, youngsters, at the white house today. Why . Going to talk about the effects of vaping on youngsters. Next, we have someone from the trade group that represents the vaping industry. Im going to ask him how they fight the p. R. , the bad p. R. And the black market that theyre getting for their vaping products. Well be back with that. Im off to college. Im worried about my parents retirement. Dont worry. Voya helps them to and through retirement. Dealing with todays expenses. While helping plan, invest and protect for the future. So theyll be okay . I think theyll be fine. Voya. Helping you to and through retirement. Stuart im not going to say we have come down a bit, we just backed off a little, put it like that. We are up half a percentage point. The dow is up 130 points as we speak. I have two items of news on vaping. Number one, the first lady goes to hear directly from teens today about their experiences with vaping and ecigarettes. Thats item one. Item two, a 17yearold from the bronx, new york, has died from a vapingrelated illness. That makes him the youngest person to die from vaping thus far. Joining us, a representative from the vaping industry. Tony aboud. Welcome to the program. Thanks for coming on. I put it to you, youve got a really big p. R. Problem here. What do you do . What are you saying . Well, thank you, first of all, stuart, for having me on. This is obviously a serious situation but it is important to speak truthfully and clearly about kind of what the issues are that we are confronting, and as we know today, and i have to say as a parent with three teens, i know the drill here, and my heart goes out to all those parents that are dealing with this issue, particularly those who have suffered illnesses or who have died from using these black market thc products. Fundamentally, this is a call and should be a call for all of our regulators to call on the dea, customs and Border Protection and even the fda to crack down and remove these illicit black market thc products from the market. Stuart okay. Hold on a second, sir. Wait one second. This is very interesting. Youre saying that the problem is isolated to black market, illicit vaping devices. You say thats the nature of the problem, not the official products that are sold publicly for people trying to get off smoking. Yes, sir. And its actually not us saying this. This is what the fda has said. The fda has published two warnings and both of those warnings say specifically to consumers, if you want to protect yourselves, stop vaping thc products, stop buying anything on the black market and stop adulterating any other product that you might find in the normal and regulated market. The products that our members sell, stuart, are nicotineconta nicotinecontaining liquids. Those products are heavily regulated by the fda and have been for the last three years. Importantly, importantly, the formulations of our eliquids have been unchanged according to fda regulation. For the last three years. Stuart okay. Look, you are defending your industry and doing very well. I put it to you, though, that the problem here is these devices getting into the hands of youngsters and people putting other stuff into these devices. Supposing you were to make the vaping devices only available with a doctors prescription. Would you go for that . Well, that is unfortunately not the regulatory realm that we are in. We are in a regulatory realm where this has been treated and deemed by this government as a tobacco product. So the key is doing a number of the things that we have already outlined. An 11point specific policy proposal because we agree with the first lady, marketing is an issue. We have been out front on this issue arguing and trying to get regulators to impose serious restrictions on marketing such as banning advertising on television and also restricting access at the retail level. Nobody seems to be talking about those core issues. Stuart okay. Got you. Look, thanks very much for coming on the show. We do appreciate your input today, tony. We will have you back soon, thats a promise. Thank you so much. Stuart check that big board. Up 120 points now. We have been up 200. We are going to get the latest read on job openings at the top of the next hour. Will that move the markets . Well, we shall see. The plantbased meat industry, yeah, its growing. Would a steakhouse put any fake meat on the menu . I will ask the owner of boston chops, all on the show today. Im your cat. Ever since you brought me home, that day. Ive been plotting to destroy you. Sizing you up. Calculating your every move. You think this is love . This is a billion years of tiger dna just ready to pounce. And if you have the wrong Home Insurance coverage, you could be coughing up the cash for this. 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 we have a tripledigit rally on our hand. The dow is up 132 points as we speak. Were getting an important economic number, a read on the economy. This is the read on how many job openings there are in our country at this moment. I just got the number and it is . Ashley 7. 051 million in august. Thats down a little bit from the previous, which was at 7. 1. It was at 7. 3 million before that. So just a few, a little less job openings. Stuart a little trimming of the sails there. Ashley very good. Stuart not bad. Not bad. Ashley still over seven million. Stuart yeah, exactly. I dont like think there is that many workers available with the qualifications to fill those jobs. Ashley more openings. Stuart looking over 7 million jobs. Im going to call it jobs going abegging to use the oldfashioned expression. Ashley yes. Stuart that may have had a small influence on the stock market as we went into these numbers the dow was up 120 points. Now were up 157 and rising. Not too shabby were up 152 as we speak. Now this. Supposed to role the animation, okay . Okay, i will do this anyway, all right . Here we go. Viewer alert. Im going to speculate and im going to speculate wildly bear with me please. Number one a modest, limited trade deal with china is not out of the question. It is possible that we do something with tariffs and they do something about buying more of our stuff. We keep talking about everything else. I repeat, i am speculating both sides would greatly benefit from something rather than nothing. Number two, more speculation. The usmca passes. Okay that is a long shot because Speaker Pelosi doesnt want to give President Trump anything but democrats on the House Trade Committee went to mexico this week. They are talking and moderate democrats, they dont want to lose their house seats next year. Theyre very much in favor of this mexico canada usmca trade deal. Number three, now this is really wild speculation. President trump negotiate as big trade deal with the brits. Thats if Boris Johnson gets britain out of europe and that is a very big if. Just suppose all of the above actually happens. I think stocks go up. I think the economy expands much faster. I think the World Economy starts moving out of the doldrums. That is my speculation. Okay . I think i ought to leave it right there, wild speculation. Speculation. Got to remember that word. I want to follow some breaking news from syria. Turkeys president has confirmed a military operation in northeastern syria has begun. Kurdish fighters report turkish warplanes have begun attacking them. What else, susan. Susan coalition in northeastern syria that turkish warplanes are carrying out airstrikes on civilian areas. There is quote a huge panic among people of the region. Theyre asking for u. S. , u. S. Led Coalition Forces to enforce a nofly zone as turkey began to carry out this part of syria. As we know, u. S. Forces are pulling out of the region. Turkey has said they would be, a lot of people have expected this offensive to take part in the northeastern part of syria. Stuart sympathy has to go to the kurds. Susan absolutely. Stuart they have been our friends and allies. Ashley fighting isis. Stuart they fought isis. I remember them putting ads on american tv saying thank you, america for the support that we gave to them. It is not going down well in a lot of quarters we walked away from the kurds and allowed the syrians to attack them. Maybe a lot more we dont know about. Ones sympathy has to go with the kurds. Move on to Johnson Johnson. Were covering them a lot because they just suffered, if i can put it that way, a jury award of 8 billion, went against them this is about the antipyschotic drug but the point here, ash, is, the legal liability for j j is mounting in a variety of areas. Ashley variety of areas. You mentioned respirdol, that 8 billiondollar verdict, will likely be overturned. There are 13,000 lawsuits just on that one issue alone. Last year that st. Louis jury put in a fine of 4. 69 billion in damages over baby powder. We have the opioid issues. They settled last week with 20 million, just for two ohio counties. There is more than 2500 lawsuits there. So when you put it all together, to say that the legal liabilities are piling up is a understatement. Stuart the stock is down. It is a dow stock. That loss today is affecting the dow industrials. A lot of people own Johnson Johnson without knowing it. Ashley yes. Stuart you have a mutual fund, a lot of mutual fund have it. If you have an index fund, it is right in there. Youre taking a hit. My take, top of the hour. Remember what i said, wild speculation. Art laffer is with us. I dont know whether you heard it, art, i was wildly speculating. I did. Stuart you heard it. Okay if we get a medium trade deal with china i have to report. It was wild. If we get a trade deal with china, moderate, if we get usmca passed, if we get that, if we get a trade deal with the brits, all of that is wild speculation but i say if those three things happen this, market goes straight up, and the economy really does improve. Am i right . Youre completely correct. That is just perfect. But i dont think it is wild speculation. I think in both chinas interests and u. S. Interests to do a trade deal if it is not the big fullblown one. Also just removing tariffs right now would be a huge plus. Not including all the chinese agreeing to buy more goods and things that would be huge, huge, huge. And also i think youre underestimating Nancy Pelosis desire to get usmca passed. I think she really needs that passed. I think she wants that passed for her own political end and the democrats in the house. I think that bill happen as well. Im excited. Boris johnson, i leave the brits up to you, stuart but Boris Johnson and the eu, if that happens i think they will get a grade trade deal with britain. The u. S. And britain should have a trade deal. That is the closest country to the u. S. That and israel are. We should have a perfectly wonderful trade deal with the britain and the u. S. Just think it has been way too long in the waiting. Stuart im so glad to hear my speculation is not so wildly out of whack as some might expect. Im glad youre on the show today. Its not. Stuart thank you, thank you. Okay. I got to talk to you about this jolt report, the number of job openings in august. 7. 05 million, what does that tell you about the economy . Well, you know, i think our economy is just in great, great shape. There are all of these different measures come flowing out. The job openings are important. We also had, if you know in the last jobs report we used the establishment numbers for the increase in jobs when the household numbers was much, much larger. The same thing was true the month before. If you know revisions are up. This economy is doing very well, stuart, especially you consider how much the rest of the world is pulling us down. Your wild speculation story at the beginning of the show, would really change that on the world and really have the world no longer pulling us down but really beau buoying us up. If that happens i think the growth rates can get back up into the 3 range. Stuart youre a perpetual optimist, art. Youre out of whack with other economists . They think im wacky. Im the wacky one. Stuart youre a greatgrandfather. How can you be wacky . I have been three years out of whack with them and their growth rate estimates and all that. My numbers proved to be a little bit better than theirs over the last three years. Who knows what will be in store in the future. Stuart okay. A lot of the read depends upon the political world. I was in the nixon white house. I watched what happened with reagan. This impeachment stuff will hurt the markets, believe me, it will hurt them and could hurt them a lot. Stuart ouch. Okay. Art laffer, thank you very much. So im not so optimistic anyway. Stuart we heard you. Thanks, art laffer. Thank you. Want to update the General Motors strike in its fourth week. Hundreds of suppliers of gm have laid off a total of 12,000 workers because of the strike. The stock is back to 34 a share. Anything more on the strike, susan . Susan much bigger overall impact than just the 46,000 uaw members of gm that impacted 150,000 jobs, if you include suppliers as well, parts suppliers. They will probably have the least amount of supply on hand. Gm was stockpiling knowing there was going to be this walkout. If you go to take your car in for fixes and repairs, you dont have the parts to do that. That is probably the main concern right now. Stuart when the engine light goes on, you go back to the dealership, you might not get spare parts which he or she will sell you . Impact is 660 million lost profits. But, michigan has foregone about 9 million in tax revenue, on brink of recession. I which get back to more serious stuff. How about that . Stuart excuse me comment, when the engine light goes on, you have to take it to the dealer. He will find something wrong with it. And charge you for it. Ashley like going to the doctor. Stuart they will finding. Susan that was the dentist, wasnt it . Stuart same thing with the dentist. Were turning off a lot of our viewers. I do apologize to all doctors, dentists and car dealers. U. S. Senators on both sides of the aisle theyre speaking out specifically against Activision Blizzard. That company suspend ad top player, stripped him of his gaming prize money because showed support for the protesters in hong kong. Im speculating, but looks to me like Elizabeth Warren will be the democrat president ial nominee, if she wins is america still a capitalist country . We asked a market watcher who has written a book about Elizabeth Warren. He is on the show next. We talk about plantbased meat and fake meat on the show. It is popular joints. Burger joints are selling it. What about steakhouses . Well ask the owner of a steakhouse. Are you putting fake meat on your menu . Well be right back. This is the age of expression. Everyone has something to say. But in a world full of talking, shouldnt somebody be listening . So. Lets talk. We are edward jones. With one Financial Advisor per office, were built for hearing whats important to you. One to one. Edward jones. Its time for investing to feel individual. When youre looking for answers, its good to have help. Because the right information, at the right time, may make all the difference. At humana, we know thats especially true when youre looking for a Medicare Supplement insurance plan. Thats why were offering seven things every Medicare Supplement should have. Its yours free just for calling the number on your screen. And when you call, a knowledgeable licensed agentproducer can answer any questions you have, and help you choose the plan thats right for you. The call is free, and theres no obligation. You see, medicare covers only about 80 percent of your part b medical expenses. The rest is up to you. 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Its just one of the ways that humana is making healthcare simpler. And when you call, a knowledgeable licensed agentproducer can answer any questions you have, and help you chose the plan thats right for you. The call is free and theres no obligation. You know medicare wont cover all your medical costs, so call now and see why a Medicare Supplement plan from a company like humana, just might be the answer. Stuart tripledigit rally being maintained. The dows is up 125. That is about a half a percentage point. Look at netflix. Two brokerage houses cut their price target. One has cut it to 340 a share and the other has cut it to 265. That is interesting since it is now at 266. The bottom line, two brokerages cutting what they expect the price to be for netflix. Here is a story which wont go away, Activision Blizzard. It has suspend ad gamer and taken prize money away because he made comment supporting hong kong protesters. Susan, you got to take me through this because there is a lot of moving parts here. Susan he was basically giving an interview to two taiwanese hosts after this tourment. He donned goggles and mask pretty much what hong kong protesters wear to protect from tear gas, he said liberate from hong kong. Activision one of the companies owned by tencent, they suspended him for a year and took away 10,000 in his prize money. We had condemnation from u. S. Politicians as we did with the nba controversy. That includes senator wyden, who is a democrat mind you. Blizzard is willing to humiliate itself to appease the Chinese Communist party. No american calls should censor calls for freedom to make a quick buck. Marco rubio recognizing what happens here. People who dont live in china must selfsensor or face dismissal and suspensions. They are using this to crush free speech globally. Implications will be felt long after everyone in u. S. Politics today is gone. As for the gamer himself, i thought he said something very astute. My waste of time, three years of time gone down the tubes because of this suspension, but if hong kong loses it would be matter of a lifetime. Stuart he is very much pro protester in hong kong. There is bipartisan rejection in america on the midcall side of things of chinas bullying. Susan not just nba but Activision Blizzard as well. Stuart adam silver is in china. Susan shanghai. Stuart this is a moving story, that is a fact. Next case, our next guest, he is working on a book about Elizabeth Warrens policy agenda which he calls dangerous. David bahnsen is back. Welcome return for our old friend. David, welcome back. Good to be with you. Stuart lets suppose Elizabeth Warren wins the nomination and becomes the president of the United States of america. Would america still be in your opinion be a capitalist society. It would and heres the thing stuart it would . You cannot assume that one election swings the dna of this country. If you hold our countrys ideas as you and i do, our countrys fundamental dna is stronger than one election, if senator warren becomes president it would do more with problems with President Trump than america embracing her far left agenda. Stuart but if she became president , if she got through the measures which she proposes, would we still be a capitalist society . If she went all the way and got it all . This is a hedge we have in our country. I use hedge, because its a financial term we deal with, politically the hedge, written by james madison, and alexander hamilton. Separation of powers. The republicans have to hold the senate. Even if they dont, every two years we elect new congressman, six years, new senators and four years a president. A form of government to undo mistakes. We made mistakes before. In the case of Elizabeth Warren she has an exact on executive branch level to do a lot of regulatory damage in the Financial Sector and energy sector. There are two big mistakes investors could make expecting with Elizabeth Warren. One is thinking there is no risk at all. She can do a lot of damage, significant damage, mostly to the middle class by the way. Everyone saying she is nightmare for billionaire hedge funds. Billionaire hedge funders will find a way around anything she comes up with. They always do. Where it will damage Economic Prosperity and whole idea of as per rational society. The other thing people can do assuming like you ask, could she destroy the American Dream. Ply belief the only thing that can destroy the American Dream are americans. We have to hold tight to the Aspirational Society we believe in, to the principles of our founders. Ultimately wealth tax, slavery reparations, medicare for all, some of these ideas are outlandish and working in this book exposing what the economic costs will be but we have the ability with the Republicanled Senate to just put it aside. Say, no you will not get to implement those things. Stuart Green New Deal gets to me. Apart tax the rich, billionaires, i got all that, but the Green New Deal that is anathema to capitalism. Here is irony, stuart, she cannot get elected without the rust belt, we know this. Stuart thats true. She tweets on day one i will sign executive order banning all fracking. They asked her do you mean public lands, federal lands, how president obama did, she said no. All fracking. Will she win pennsylvania saying she will put million 1 2 people out of work that work in some aspect of Energy Exploration . Some aspect of American Energy independence . That entire story should be an environmentalist dream, natural gas is such a cleaner fuel. And it should be a dream of people that want to put bluecollar, middleclass americans to work. So i dont think that the worst parts of her Green New Deal she can even run on if she wants to get elected. Stuart the book comes out next year just in time of the nomination of Elizabeth Warren. Get ready for 2020. I will be coming back to talk to you about it. Stuart yes you will. David, appreciate it. New poll shows this, 31 support an impeachment inquiry. An additional 24 hours want to see President Trump removed from office. I call that a problem for the trump 2020 team. Well ask them all about it because theyre on the show. White house, first lady meets teens affected by the vaping crisis. In the next hour we have health and Human Service secretary alex azar. Is his issue with the black market vaping product the or the marketing of legal products to the youngsters . 11 45, alex azar, this program. 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It is going to swamp the world but Kristina Partsinevelos is here with what i plight call, would you agree with this . Mildly positive news on student debt . No i agree the rate of growth for the debt level is slowing down. It is at 2 just yearoveryear. Thats much better but were still hitting 1. 6 trillion total collectively across the nation if you graduated with a college degree, bachelor degree, you had about 29,200 worth of student debt. According institute of college success. So yes the rate is getting better. Not growing as fast. Stuart mildly positive. I want to move on, fidelity im told is cutting fees that they charge you, the investor when you are saving up for college debt or saving for college. What is this about . Part of their College Tuition plan. You can get tax benefits. The about picture for fidelity doing this is a huge price war for commissions. Schwab was the catalyst. They cut all Commission Fees trading stocks, etfs. Td a mayor strayed i was excited i dont have to pay 4. 5 anymore. Fidelity didnt join the mix. Reduced commissions on 15 of their College Savings plan. Helping them to join the mix. Theyre not doing it to extreme of cutting etf and stock trading it helps them. Bringing full circle. I know you know you like what people are thinking, new study from pay scale, they interviewed 248,000 people. 2 3 of employees regret their college degree. Stuart whoa. That is a huge number. Im surprised we didnt talk about the study. Stuart come back soon. Anytime. Stuart kristina, thank you very much. Now nba commissioner adam silver is in china. He is trying to ease the tension between china and america and all the problems with the nba. He is trying. China of course is a huge market for basketball there. Well get into it with Brian Kilmeade later this hour. Youre smart,eat you already knew that. But its also great for finding the perfect used car. 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Im proud to be a part of aag, i trust em, i think you can too. Trust aag for the best reverse mortgage solutions. So you can. Retire better. Stuart weve not heard this for a long time. I got to say i like it. I will interrupt a good song because we got the numbers on oil. How much weve got in storage, how much we use, et cetera, et cetera. What have you got . Ashley got to get oil in my life. Nine million barrels, which is a bigger build than was expected than 1. 4 million barrels. More oil in supply than expected which should push prices down maybe but it didnt. Stuart 53 a barrel. I will leave it at that still a nice gain for the dows industrials, bottom righthand corner of the screen. Were up 158. I will take it. Our next guest has two stock picks. John allison is with us. First of all, i know what you like, so i will tell the audience before you do, cigna, a Health Care Stock. Why on earth would you recommend a Health Care Stock when there is so much uncertainty about the future of health care here . Because, stuart, there is so much uncertainty about health care here. That is the bottom line of it. Everybody expects Elizabeth Warren, gets the nomination, if she becomes president , will turn United States into a socialist health plan economy. I followed health care for over 30 years. It is highly, highly unlikely. In any case, signal is growing very well and selling 10 times earnings. So it is discounting, as are many Health Care Stocks, the fears. Will there be more fear . Will the stocks go down some more . That is certainly possible but it is certainly one of the most outstanding values at the same time has growth prospects. Stuart okay, cigna, we note it with interest. Thank you very much, john. Next one is, blackstone, right . Full disclosure, i own some blackstone. I owned it for a couple years. I bought it because of the dividend. When i bought it i think it was paying 6 or 7 . The stock price has gone up. Now it is yielding four or 5 . I still like the dividend. Why do you like it . Wealth dividend is certainly very nice dessert to be getting all the time from blackstone but if you step back, the bottom line is, that private equity is a business that is here to stay for decades to come. Blackstone is the worlds leading private Equity Company. In our view, and my view, it is the best managed private Equity Company by quite a lot. So, and theyre not just in private equity now. They have branched out into Asset Management. They are are a very big powerhouse. If one thinks that over the next five, 10, 15 years, companies will be taken private, Asset Management business will continue to thrive, that you want a global leader. That is why blackstone is very high up in our estimation. Stuart but the dividend is safe . I bought this thing for the dividend. Are you telling me it is safe . It, blackstone is a big, Free Cash Flow producer. So all dividends depend on Free Cash Flow. In that sense that dividend has got a tremendous amount of solidity behind it. Stuart well take it. Cigna and blackstone. John allison likes them. I own one of them. Lets see if i own the other. John, thank you very much for joining us. Very good stuff. Thank you, stuart. Stuart how about a new poll from the wall street journal and nbc . It found that 24 of americans think that there is enough evidence to impeach and remove President Trump from office. 31 said congress should move forward with the inquiry. Joining us now is marc lotter, trump 2020 communications director. That doesnt sound like good news for you guys, marc . I dont know about that, stuart. If you look look at the poll half of americans dont think the president should be impeached or removed from office. There was nothing inappropriate in the phone call. There was no quid pro quo. This is endless partisan witchhunt the democrats engaged in since the day the president was elected. What do you think the president s approach to impeachment . He is going right at it, nothing to do with it. Walking away. That is different from what bill clinton did, i will continue to try to run the country. Different approach. Do you think the President Trump is right on this way . Absolutely. Because this is not even a process. This is a onesided partisan affair where, you actually have the congress of the United States, the democrats at least, threatening people that if they exercise their constitutional right to have an attorney with them when questioned theyre going to be obstruction of the impeachment inquiry. We dont throw away the constitution because it doesnt suit their partisan end. That is what theyre doing. The president called them out for it. The American People see it for what it is. Stuart i have to to ask the question whether or not you have republican unity. The headline in Washington Post. Out on a limb. Inside the republican reckoning over trumps possible impeachment. Included in the article are the suggestions that there is a crack in republican solidarity. That some republicans actually favor impeachment. Again, youre not representing a totally unified party. Well, but when you look into that article, stuart, it talks to 21 anonymous lawmakers, staffers and consultants. There has got to be thousands upon thousands of them in this city. The Washington Post found 21 nevertrumpers to make a headline out of. Absolutely ludicrous. This party is firmly behind President Trump. He has record high approval ratings. You see the unanimity of the republicans in the house. Youre seeing it in the senate with a few notable exceptions. This is a party united behind this president and his agenda. Just because a couple of anonymous aides and consultants want to give themselves a headline in the Washington Post does not a crack make. Stuart always anonymous stuff, isnt it . That is what gets to me as well. Marc lotter you have work cut out for you. Youre the man for the job. We appreciate it. Thank you. Stuart food delivery, a big part of this program. Its a theme of ours. Becoming a big, big part of Restaurant Business models. People want convenience. We got that. What does that mean for fine dining restaurants . We have the owner of a fine dining restaurant on the show. Were asking him, will we ever see fine dining delivery . Good question. Well ask him about plant based meat. Popular. Will he add to his menu fake meat . He owns a steakhouse. Will we see it there . Well find out. Stuart dow is up 147 points. Better than half a percent. Its a rally across the board. We got it. Our next guest is the owner of two restaurants, boston chops and a more upscale restaurant called douve. I believe both are in boston. Chris coons is with us. Welcome to the show. Hello, stuart. Stuart delivery is a big trend in the Restaurant Business but you run an upscale restaurant, duave if i have the pronounciation correctly. Thats correct. Stuart why would i order a deluxe meal, cost me a hundred bucks, dinner for two, why have that delivered to me . To be honest, stuart, i dont know why anyone would do that ive been pretty resistant of delivery at my fining restaurant. As a chef and entrepreneur i have a endless set of goals, which is perfect food. I dont think if someone gets food and put it in a go container and delivers in a car it can be perfect. Stuart why is food delivery a strong theme in the Restaurant Business . I always say my largest competition isnt other restaurants, but it is netflix and netflix economy. Reality of two of my four restaurants do delivery. It doesnt move the needle on top line or ebitda. Its a exercise in treading water. Stuart that is interesting, for certain kinds of food its a big deal because its a netflix economy. I understand that. We just dont see it. It is less than onehalf of 1 of total revenue in the restaurant space. So it is really not, for us it is not a big segment but i think when you look at the qsr segments and more fast casual segments it is really important to them. Good stuff. You run a steakhouse. Two. Stuart two. Would you ever add fake meat to a steakhouse . I just cant see going into a steakhouse and asking for plantbased food . Sure, call me a purist i believe in americangrown beef and i think the only thing good about beyond meat was the ipo if you bought it came out and sold in july you did really well. Im not a consumer of the product. A lot of fastfood restaurants are jumping on that bandwagon. There is no real longterm studies on consuming that on regular basis over long period of time. Who knows what the Health Effects are. To be honest i dont find it that delicious. Stuart honest man. I want to talk to but you. I believe you are the, American Dream kind of thing. Sure. Stuart didnt you start with nothing, is that right . Well, i grew up, my father actually worked in a factory. He was a mill wright that profession doesnt exist anymore. My mother was preschool teacher. Growing up with my two sisters. We didnt have a ton, in a house and food on the table but there wasnt a lot of access. Stuart you own four restaurants, you are a chef, how did you do it . My father taught me about hard work. When i was young i started working in my neighbors Seafood Restaurant 11 or 12 years old washing dishes. Worked through high school. Fell in love with the energy of the Restaurant Business. Developed a passion for it. Knew what i was meant to do. I was never the most talented chef around but i was willing to work longer and harder than a lot of my peers. So far so good. Stuart chris, youre a good man. The American Dream right there. Terrific stuff. You can come back anytime you like. Thank you kindly. Stuart. Appreciate it. Stuart lets segue to a different kind of story here. Were talking china, obviously not happy with the nba. That is a problem for basketball working to east tensions. Were getting into that with Brian Kilmeade. He is next. The lexus es. Every curve, every innovation, every feeling. A product of mastery. Lease the 2019 es 350 for 379 month for 36 months. Experience amazing at your lexus dealer. Yourethats why at aetna,sing what matters. Were committed to taking care of the whole you. With Medicare Advantage plans that offer Health Coaching and fitness memberships. Plus hospital, medical and Prescription Drug coverage in one simple plan. With monthly plan premiums starting at 0. Aetna Medicare Advantage plans call today to learn more and well send you a 10 visa reward card with no obligation to enroll. Or visit us online at aetnamedicare. Com tv s. Stuart its a rally. The rally started early this morning. When bloomberg reported that china, may be open to a partial trade deal, then the Financial Times reported that china would increase its soybean purchases to 30 million tons a year, from the current 20 million. Next case. The ceo of dicks sports goods. He says the company destroyed five Million Dollars worth of assault rifles. That is part of the gun policy. Not Much Movement in the stock. Toys r us, teaming with up target. It will bring back the official website. Target is the beneficiary there, up 2 . How about pell ton . Where is the stock now . 23 a share. It went public at 29. Baird raised it to a outperform status. That is good for 2 1 2 up for peloton. Only at 23. American airlines, says the boeing 737 max jet will be back in service by january. Tell me more, ash . Ashley American Airlines will cut the 737 max from its schedules until january 16th now. That is the later than any other u. S. Airline. That means they will take out about 140 flights a day. Let me say this on the other side of business, bowing delivered just 302 aircraft in the first nine months of this year. That is down almost 50 . Stuart ouch. From the same time last year. Certainly way behind european rival airbus. Stuart boeing at 373, not far from where it was when the whole thing started. Live on the radio, i should say with us live on the radio, Brian Kilmeade. He is the host of the Brian Kilmeade radio show. He joins us now. I want to talk about the nba. They have a huge following in china. That is why nba commissioner silver is over there, trying to alleviate the situation. This is a standoff between an American Business with a huge stake in china, and china trying to limit our freedom of speech. How do you see it . The nba has a unique opportunity. There is only one nba. When tiffanys hat a stare down they gave in. Marriott had a stare down, they gave in. Major movie studios, they gave in. There is lot of other financing, with the nba, they are the only one nba. Nobody wants to watch chinese professional league. Nobody wants to watch the European League or greek league. There is one nba. It has been sold there since 1983. On top of that they have 700 million basketball players. They need the nba. They work with each other. The nba has to stand up, i love you like our product but you will never curtail our freedom of speech. Adam silver, i have to give him credit. The commissioner is saying something the coaches arent, we will not put ourself in position of regulating team owners. They could say what they should say and not say on issues. Inevitable for people around the world, americans with china will disagree. Not the role of the nba to bring up those differences. He is not backing down. But this is billions of dollars and they have already canceled games and appearances. This could get worse. But it shows you what is at stake, stuart, with the 12th round of negotiations taking place, today in america with china. Stuart principle of free speech for americans. Let me turn this around. If i was an executive with a big American Company, which has a huge business in china, frankly, i would keep quiet. I would just keep my mouth shut. If i said something wrong, my shareholders could get hit by chinas, what china does to my company. You understand where im coming from here . So europe said with the general manager of houston rockets. Not upset but you dont like what he did. Stuart im saying if i was, if i was in that kind of position, prudence would suggest you be quiet. If you want to do that i guess you know what youre getting into if you take your Multinational Corporation to bring it to china and with whatever goods you have. But if you have a entertainment product and you have pride in that product, you say, hey, china would you like to invest in it, this is what it is. If they tell you i have to mess with a script, mess with the final product, youre beginning to sell your soul. Nba told china would you like to see michael jordan, charles barkley, Shaquille Oneal and people loved it. Taiwan is constantly under threat and hong kong people are oppressed and tibet or Muslim Uyghurs put into concentration camps you speak out, all of sudden you have control of entertainment product . What do you stand for as player . The same nba players took a step further, wore shirts i cant breathe, hands up dont shoot, and cant get a word out of them from steve kerr or popovich from san antonio, i dont know what is going on. Did you surround yourself with issues of President Trump . Youre willing to give a kneejerk reaction after a practice one day. Now you need to surround the issue, maybe consult with your Foreign Policy advisor before talking to a sports reporter. So i see huge hypocrisy hire. Stuart brian, you got a pretty good point there, lad, you really do. Very forceful argument and very wellput. Brian kilmeade. May rethink my position. Im not a Senior Executive with a big American Company that does business in china. Im not. Right. Stuart im not in that position. But you know a lot of them. I dont know any of them. Stuart yes, you do. All right, brian, afraid were out of time. I have to get back to the big rally on wall street which im sure youre part of. Im sure you love it. Absolutely. Stuart we call california, i sometimes refer to it as formerly golden state. High taxes, high poverty. And the state has not elected a republican in a very long time. Were talking california in my take at the top of the hour. President trump holds a rally in minneapolis tomorrow night. He is fighting with the citys mayor over cost of security. We have minnesota native pete hegseth on the show coming up. The first lady meets teens affected by the vaping crisis today. The big issue is black Market Product we have alex azar. Health and Human Services sector, secretary i should say. He is on the show shortly. The third hour of Varney Company is next. Stuart why isnt this a major story nationwide. 4 gas in the state with the highest poverty rate in the nation. Yeah, im talking about california, where the price of a gallon of gas is 4. 18, and close to one person in five lives in poverty. Wouldnt you think that such a progressive state would do something about the outrageous cost of a fillup for its millions of poor people . It should be Headline News but its not. Thats because the media is in lockstep with the democrats, who have run california for a generation. Progressive failures are rarely acknowledged. Just imagine youre living in california, oh, no, no, not among the coastal elites. No. Youre one of the seven million poor people in the golden state. A 15 gallon fillup, thats what it normally is, about 15 gallons, would cost you 62 in california. The rest of the country pays maybe 20 less per fillup, and its 30 less per fillup in states like South Carolina. In california, the very high cost of just getting around really hurts the poor, even though the democrats are supposed to be helping the poor. Now look at the other end of the scale. Oh, the rich. They face the highest income tax rates in california anywhere. The top rate is over 13 . On top of federal taxes and of course, under the new tax law, those state tax payments are no longer deductible. No wonder the rich are leaving. But it begs the question, how come the state with the highest taxes has the highest poverty rate . The democrats running for president tell us that if we raise taxes even more, we would reduce income inequality. Hasnt worked in california, has it. Its often said that the states are a laboratory for ideas. Try something here and if it works, use it elsewhere, some place else. With 4 gallon, sup gas, super taxes, the california plan is not working and its time the media stopped covering it up. The third hour of Varney Company is about to begin. Stuart well, that was quite a rant on california, wasnt it. Why dont we bring in pete hegseth. Hes good for a rant any day of the week. You are a very rational, organized thinker. What do you think about what i just said . I think youre spoton, sage insight there, to add hyperbole to it. Its true. Everything the left touches, it destroys. Its because stuart thats strong stuff. Its absolutely true. The left is antithetical to enterprise, traditional values, personal responsibility, all the things that unleashed the engine of capitalism, growth, prosperity, individual American Dreams, are unleashed by america. The left is antethetical to all of them. When you bring in command economy, you bring dysfunction. California, you get dependency, welfare state, drug use, despair, decline and ultimately, death, when abortion is lauded as something that maybe in the ninth month is acceptable, youve got a cultural and societal breakdown. The only thing california has going for it is great weather. Im not kidding about that. Its a beautiful place to live. People want to be there. But the politicians are destroying it by running a lawless state with oppressive taxes that punish people who are just trying to live their everyday lives. Then they go to schools they are funding and indoctrineating their kids. Stuart you thought i had a rant at the top of the hour. Its nothing to yours. Want to move on. President trump holds a rally in minneapolis tomorrow night. The arena now says, where hes going to perform, the arena says theyre not going to charge the president for security at all. Now listen to what the liberal mayor of minneapolis had to say about the president s rally. Roll tape. We have all seen the rhetoric that is pushed out at these Trump Campaign rallies. It is hateful. It is divisive. And we do not welcome that kind of rhetoric here in minneapolis. Thats what it looks like when a left wing activist sorry. Stuart you jumped the gun there. Go ahead. Thats what it looks like when a left wing activist gets elected mayor. Stuart is he a left wing activist . Absolutely. I dont know how old he is. Hes a young guy. Hes always been a hardcore progressive leftist. Hates President Trump. We were talking about california. Theres no difference between San Francisco and minneapolis when you talk about the progressive nature of politics. Stuart really. Absolutely. Thats why we are the twin cities. I have been more of a st. Paul guy. Minneapolis is where all the leftist hipsters go. St. Paul is more of your union catholic, hardcore anyway. Minneapolis, its the center of the resistance. This mayor sees this as his National Moment to try to reject the president and frankly, run him out of the target center. This is where the timberwolves play their basketball games. If they are going to pack it to the gills, it drives the liberals in minneapolis nuts that a president like this has that much energy because the rest of minnesota, its like a lot of states in this country. You have an urban core thats hardcore left. The rest of minnesota which used to be controlled by democrats was unionfriendly, is now very protrump country. Thats why the Trump Campaign believes they can win minnesota. They are going to the belly of the beast. They are going to berkeley. They are going to seattle, to portland, by going to minneapolis. Stuart speaking of winning, lets relate this to sports. You knew this was coming. I want to play your prediction that you made on this program about the baseball playoffs. Roll the embarrassing tape. Youre from minnesota, arent you . I am. Stuart whats with minnesota . We play the yankees today. Ashley here we go. We are going to beat the yankees in new york city in the first round of the American League division series. Stuart its the American League. Got that right. I think the yankees swept them. Not even close. Stuart thats true. It was embarrassing. Stuart stick to politics. When i come to analyzing sports, i cant get out of my own allegiance and emotions and heart. I pick with my heart. Not so elsewhere. I was utterly wrong. Its embarrassing how bad we got beat. Stuart it was the 101st airborne, now the 84th. 82nd. Stuart ive done it now. You lost a half million viewers. Pete, youre all right. Thank you, sir. Good stuff. Jay powell, he is speaking at an event in kansas city. I think hes speaking now. I believe we know what hes going to say. Give me the bullet points. Deirdre he says the economy is in a good place. Ashley says the feds job is to keep the economy in a good place for as long as possible. Thats a little bit of captain obvious. Deirdre and talking about whether Monetary Policy tools are adequate for the next downturn. Ashley also trying to keep the 2 we are going back and forth. Looking at ways to better achieve the 2 inflation target. Deirdre but the point of this is that the feds next meeting is october 29th, october 30th, and what the markets are expecting if you look at fed funds futures, basically an 85 chance of a 25 basis point cut following the two cuts this year. Stuart so two cuts this year, thats what were looking at. Not necessarily addressing that particular subject. But hes not said anything which has really moved the market up or down significantly. Okay. Dows up 108 points. Actually sha actually, it is coming back down a little bit. We were up 150, 160, now 108. Well take it. Next case, heres my opinion. Usmca, the new nafta, i think is being held hostage by impeachment. By the way, union chief richard trunkin just said if the usmca trade vote is held before thanksgiving, it would be defeated. Kevin brady is on the show. Whats he think about that . Hes next. This is the third hour of Varney Company. Limu emu doug hour 36 in the stakeout. As soon as the homeowners arrive, well inform them that Liberty Mutual customizes Home Insurance, so theyll only pay for what they need. Your turn to keep watch, limu. Wake me up if you see anything. [ snoring ] [ loud squawking and siren blaring ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Car vending machines and buying a car 100 online. Vented now weve created a brand new way for you to sell your car. Whether its a year old or a few years old, we want to buy your car. So go to carvana and enter your license plate, answer a few questions, and our technowizardry calculates your cars value and gives you a real offer in seconds. When youre ready, well come to you, pay you on the spot, and pick up your car. Thats it. So ditch the old way of selling your car, and say hello to the new way at carvana. Stuart Dicks Sporting Goods has or will destroy five Million Dollars worth of highpowered rifles. They didnt want to sell them. They destroyed them. Why . Deirdre you have the ceo, you remember this Marjory Douglas shooting in florida, so the shooter, the murderer who killed some of his classmates, actually had purchased a gun at dicks. To underline the cause of it, he actually didnt use the gun he bought at dicks but the ceo speaks very openly about having a true change of heart in this way, where he refuses to sell this type of gun anymore, and then for other firearms he refuses to sell under the age of 21. I just want to point out, dicks is not alone. Walmart halted sales of military style rifles, also is prohibiting sales to anybody under the age of 21 for any kind of gun. Also, kroger, fred maijer made a similar decision. You have to be 21 years old. These companies are beginning to take matters into their own hands, in a manner of speaking. I will point out dicks said they lost money on that decision. He was asked pointblank what is this going to cost you, he said probably about a quarter of a Million Dollars. But he speaks very bluntly persontoperson about how it really frightened him, that shooter bought a gun at his store. Stuart he had a connection. He acted on it. Thank you, deirdre. The usmca, that of course is the new nafta, very big deal, heres my opinion. I think its being held up in congress because of impeachment. I think impeachment is holding usmca hostage. Weve got this news just coming at us, too. Aflcio chief, top labor guy in the land, just said if theres a vote on usmca before thanksgiving, its going to fail. Congressman kevin brady joins us now, republican from texas and Ranking Member of the ways and means committee. Congressman, look, it is my opinion that its being held hostage by impeachment. Do you see any light at the end of this tunnel . Is it possible we will get a vote on it and it will pass . You know, it is possible and i think its because, you know, in a republican congress, we opened up and slowed down the process for trade agreements, making them weve known about the agreement fully for the past year. A lot of consultations in congress including with House Democrats and chairman richie neal, who leads the ways and means committee. I think were making Good Progress towards finding common ground. I actually think there is a path as the speaker said to yes this year, so i think that just continuing to lay the groundwork. To your point, i was in congress for the clinton impeachment. It poisons the well. It makes a toxic environment even more toxic. But what were hopeful is that we can sort of put a protective blanket around usmca, continue to work it, both republicans and democrats, and get it to the president s desk this year. Stuart moderate democrats presumably want usmca. They are going to have a very hard time getting reelected next year if nancy pelosi, Speaker Pelosi says no, we are not even going to vote on this thing. Yeah, i agree. Look, i can see the past two weeks back home here in texas and across the country as well, democrats who portend to be moderate back home are having trouble reconciling this rush to impeachment. If they go home to their middle class working families voters and say all i have given you is impeachment, theyre in deep trouble. This new trade agreement, it is a lot of jobs, it is putting america and this partnership ahead of china, europe and others who will benefit if we delay or fail on this agreement, and thats why i think the labor leader, thanksgiving is a very relaxed timetable, mainly because this agreement has been public for more than a year, and a lot of work has been done by both parties. So i think we just continue to move it forward. When Speaker Pelosi gives the green light, President Trump will send it up to congress and we will move. Stuart the other trade deal thats in the news is the china trade deal, and theres this report this morning that china may be open to a partial trade deal. You in favor of that . Do or do you want to hold out for a bigtime deal . Would you allow, would you go for a modest deal now . I think there could have been a partial agreement earlier this year. I think china would hope for that, because they will not have to make any of the structural changes that really will reset this relationship. I think this week, is very important because they are really taking stock in washington about what part of the agreement they had, which part of that remains in place, whether the remaining issues to be tackled, i think this is a necessary step this week in these discussions and talks. Stuart would you be okay if we did something on tariffs and they bought a lot more soybeans, and that was the deal . Would you be okay with it . I would not. Because i think the unfairness to the trading relationship is much deeper than that. Look, all were asking china to do is not to change to change the model that depends on cheating, intellectual property, technology, theft, it is requiring majority ownership in china by our businesses, so those are the substantive issues that need to be reset. I think there is this moment in time, i will tell you, i think the sweet spot for china is between now and the end of the year, next year will not get prettier for china. In a president ial election year. I think they have a president in President Trump willing to reach an agreement this year and i think they really need to stay at the table. Stuart you are holding out for the allencompassing big deal with china. Okay. Congressman brady i think it needs to be substantive. Stuart okay. Got it. Congressman brady, thank you very much for joining us. We appreciate it. Thank you. Thanks, stuart. Appreciate it. Stuart back to the markets. We are off the highs of the day. We were up over 200 points. Now we are up 106. I guess we better remember we were down 300 yesterday. Ashley we were. I was just continuing to read jay powells comments at this event in kansas city. One thing he points out, the historically strong job market is benefiting low and moderate income communities. Something the president has been making a point of for quite some time. Stuart hes speaking now. Ashley he is. Stuart we put him on camera a few moments ago. Hes not said anything has he said something which will bring the market ashley what hes done is repeat that the economy is in a good place. Deirdre some say his job is to say nothing at this point because all investors are waiting for the next fed meeting, the 29th and the 30th. 85 of investors expects a 25 basis point cut. Jay powell cant really say anything extreme unless he does want to move the markets and i think most investors are focused on the u. S. china trade talks thursday this week in d. C. Stuart you got it. We were down sorry, we were up maybe 90 odd points a couple minutes ago. We have bounced back up again. Now we are up 126. Its a modest rally as we speak. Now, moments ago, we told you about Dicks Sporting Goods destroying guns. 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Im gonna tell you that was the best 150 i ever spent in my life. Life line screening. The power of prevention. Call now to learn more. Stuart and now, this. Theres a ford dealership and its in South Carolina. Theyve got really quite an interesting way of selling you a car. The promotion is called god, guns and america. Okay, deirdre. Lets get right into this. Whats this about you get a gun if you buy a car . Deirdre well, you get a coupon, i dont know how else to say it, for a smith wesson ar15. You will get a 400 voucher for the purchase from a company or local store called locked loaded. You dont get the rifle right when you get on site. Then the gun shop is the one thats running the background check. But this is god, guns and america. This is a very sincere promotion from this carolina ford i believe is the dealership. Stuart wait a minute. Ashley always goes under the file only in america. Its just one of those stories. Stuart i hate to ask deirdre for an opinion but i have a strong idea that you dont like this promotion. Deirdre you know what, listen, i grew up in pennsylvania with a lot of hunters and fishermen. I just did not see people hunting deer with ar15s. Stuart thats not answering the question. Deirdre no, its not. Stuart would you ban ar15s . Deirdre i dont think i would ban them. I do retain my personal preferences. Stuart would you restrict ownership of rifles . Deirdre not with the constitution as it is written now. Stuart okay. Look, im a newcomer to america. I remember going into a gun shop for the first time in my life, it was in connecticut, 1973. I was as stone shatonished at a guns. Since then, i have never seen a gun carried in the United States of america, even in counties and states where open carry is allowed. Never seen it. Have you ever seen a guy walk down the streets or into a Grocery Store anywhere in america with a holster and a gun . Ever seen one . Ashley nope. Stuart neither have i. You havent . Ashley nope. Stuart you have lived everywhere. Ashley i lived in montana. But no. Hunting rifles in the back of trucks, saw a lot of that. Not walking down the street. Stuart there you have it. How do you make money on a farm . You sell your wheat, soybeans, beef, pork, i got all of that. But how about entertaining people on your farm . Jeff flock is at a farm where you are entertained. What hes doing now is hes firing a corn cannon. You will meet him in a moment. The nba backlash continues. A fan says he was kicked out of a game because he supported hong kong protesters. Weve got all the details for you in a moment. Hi, my name is sam davis and im going to tell you about exciting plans available to anyone with medicare. Many plans provide broad coverage and still may save you money on monthly premiums and Prescription Drugs. 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Its one less thing for us to worry about. Comcast business securityedge automatically protects all the devices on your network. Call 18005016000 today. I am royalty of racing, i am alfa romeo. Stuart we are holding on to a triple digit gain, kind of barely. Were up 119. Thats about a half percentage point up. Thats true pretty much across the board today. High level trade talks with china, yes, they do indeed start tomorrow. Edward lawrence is right there in d. C. For us. Edward, whats this about china, a report in bloomberg, being open to a partial deal . Got anything more on that . Reporter yeah, you know, im glad they caught up to our reporting. We said on monday that the chinese delegation came here ready to make a deal on the parts of the agreement that both sides agree upon, and thats something that the u. S. Has to now consider, whether they will agree to that. The president has said that weve come this far, he would like to see a full trade deal. His trade advisors are mixed. On one side, larry kudlow is saying lets see what the chinese are offering. On the other side you have Peter Navarro saying no, we need a full deal because the chinese need it more than we do. I will say that in addition to that, the Chinese Commerce ministry told us that they will not negotiate over changing their laws, and that includes for protecting intellectual proch property. They say they can protect intellectual property through administrative regulation. We really have to see if u. S. Trade representative Robert Lighthizer will be good for that, or if he needs more than that in an agreement. He does say the u. S. Trade representative does say he has told us all along he wants an enforceable deal going forward. Stuart can we sum it up like this. The best that we can hope for, knowing what we know now, is that we do something on tariffs and they buy a load of our soybeans, maybe ten million tons more per year, thats the best you can get. Is that about how it is . Reporter then i can add to that actually the chinese also want to get removed from the currency manipulator list and we may also see a timeline that they are coming with a timeline for how they can deal with the force transfer of technology through companies being forced to merge with one another. In addition, thats what the chinese will lay out as a timeline. Stuart thats interesting. That means youve got talking points. Youve got actual things which they will propose and which we can negotiate around. I see that as a positive, quite frankly. Reporter it is a positive, but last may they had a deal related to all of this stuff that sort of fell apart. So in essence they are starting over on some of these items. The u. S. Trade team does want to see what is going to be brought back from this concessions that were deleted out of the last draft of this. You know, one more thing. If we brought a corn cannon which you are about to see to the white house, i think i would be a tackle if we tried to use that here. Stuart dont even think about it. You will get a lot of air time over the next two days. Thats a confident prediction on my part. More big American Companies are trying to stop being bullied by china. They are trying to ease the pressure thats coming at them from china. Obviously, to protect their businesses. I think weve got three Companies Taking action. Deirdre well, the two i will focus on are apple and tiffany. Apple removed the taiwaneseflag emoji from some iphones, the one on Mainland China. As we know, taiwan and china have been governed separately for decades but its a communist manifesto to try to reunite the two stuart i have to say, removing the taiwanese flag aint a loss. Deirdre apple also rejected, then approved the maps that showed hot spots in hong kong, so its about a map on an emoji thing but then also, you have these hot spot hong kong protests because once you signify a hot spot, either you have more demonstrators joining, more police joining, so apple really trying to figure that out minute by minute. Tiffany removing an ad over the hong kong controversy so there was a lady who had one eye, she had her hand over her eye, and the idea was to show off the ring, but because two female protesters, prodemocracy protesters in hong kong had eye damage, tiffany really was caught in the crosshairs. Long story short, they have pulled that ad. I just want to highlight here, Mainland China is tiffanys Third Largest market. Hong kong is the fourth largest market. It just shows how high the stakes are for these companies. Stuart protecting their business. Deirdre it must be awful for them to be in the middle but there they are. Stuart another company which we put on the screen which is taking action is Activision Blizzard. The action they have taken, they suspended a professional gamer because he made comments supporting hong kong protesters. More than that, they have suspended him for a year and have taken away the 10,000 that he won in prizes. Just because he appeared in an interview in taiwan wearing goggles and a gas mask, and shouting in mandarin go hong kong, or we support hong kong. Thats what Activision Blizzard has done, withdrawing their support from the gamer. A lot of people dont like it. They say they just have done the kowtow to pressure. The stock up ten cents. They are protecting their business. It works for the stock. New developments with the nbas china problems. Whats this, we have a game canceled . Ashley wasnt a game, it was an nba cares event featuring the Los Angeles Lakers today in shanghai. It was actually put in place to support Special Olympics but was canceled and the nba says we didnt cancel it, so apparently the chinese authorities canceled it. Same thing happened to the nets, who are also there to play some preseason exhibitions there that was canceled yesterday. Stuart tell me about the fans, plural, two of them, who were kicked out of a game in philadelphia because they held up a sign supporting protesters in hong kong. Ashley yes, a husband and wife went the a preseason game. They said they were holding these signs, you know, free hong kong, and they were sitting close, they said, to the chinese bench and the Chinese Basketball Team there, and security guards came in, took them away. What did they do . They started shouting free hong kong, and they say at that point, they got taken out of the stadium. Stuart adam silver, he is the nba commissioner, hes in china right now. Ashley trying to walk a very tight line. Stuart let us not forget, we talked about this, how popular the nba is in china. At least 500 million chinese watched one nba game last year. By the way, while this preseason stuffs going on, state tv in china has blacked out. The nets and lakers are supposed to play tomorrow night. Thats blacked out in china. Stuart i understand a vital game, game six in the nba championship last year, game six was watched by 21 Million People in china. Ashley very popular. Stuart which is a huge rating when you think about it. Ashley which is why adam silver is trying to walk the line because he upset them already by saying look, there is free speech to be considered here. Stuart we have gone through this from beginning to end. Soup to nuts. Lets move on to something completely different. Some farmers struggling with the china trade problem, they are finding in there he is. Finding innovative ways to make money. Jeff flock has found one of them in iowa. Okay, come on. Right at it. Tell me about the corn cannon. Reporter you know, we are americans. One, we like to play with our food and we like to shoot things. This is a corn cannon. You know, Commodity Prices are crazy right now for farmers like fred howell, who is a fifth generation farmer. Here we go. You put a piece of corn, corn cob, in the barrel and then look at that. Oh, i almost hit the target there. People come and pay to do this. You can get four ears for 2. Whats that come to a bushel . About 100. Reporter 100 a bushel. What are they paying for corn now . A little under four. Reporter four bucks. There you go. Thats American Ingenuity for you. Take a look. We got a cam are overa over her. Can you see it . I can point that right at you. I better not shoot that. Thats a camera. Probably shouldnt break. Lets try this again. Thats way low. Fred, i got to ask you, you were one of the farmers early on who said we need to diversify because these crazy situations, whether its trade situation or whatever, you better have a plan b, right . Right. Yeah. A product of the ag crisis. Alternative crops. Reporter you dont care whether china and the u. S. Reach a trade deal or not . No. I just care if the weathers good and people show up. Reporter one more shot for you, stuart. Unless you want me to shoot at you. I dont know if i shoot the camera. Maybe i better not. All right. Oh, close but i missed it. Oh, just spilled the corn. Look at that. We lost ammunition. Stuart jeff, your times up. You have had your shot with the cannon. Im moving on. The storys a good one. Using your farm to entertain tourists as opposed to producing wheat and corn and soybeans. Good stuff. Reporter agritainment. Corn mazes and goat yoga. All kinds of crazy things. Stuart goat yoga. Thats pretty crazy. Jeff, thank you, sir. See you soon. Roku, lets move on. Roku. They make those streaming boxes. The stock just received an upgrade to outperform by mcquarry and its working. The stock is up another 7. 8 . They were already doing very well. Netflix, down after two brokerages cut the price target for that stock. Its back to 268. Look at fireeye, cybersecurity company. They say revenue for the Third Quarter will be on the high end of estimates. That works. Thats up 4 . Coming up, yes, we are going to talk to health and Human Services secretary alex azar. The vaping industry has a huge p. R. Problem and the white house today is hosting teens affected by vaping. Weve got the health and Human Services director on our show. The Trump Administration taking steps to ease some antikickback rules for doctors and hospitals. Why would they do it . We are all over it. This is the family who wanted to connect. To go where they could explore and experience adventure in unexpected places. 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Call stuart you know, when Interest Rates tumble, Mortgage Rates come down and i would expect a lot of people to go out there and try to do a refi operation, refi job, refinance. Deirdre, am i right . Deirdre you are right. Refinancing up 10 from the previous week. Bigger number, though, 163 higher than the same week one year ago. So it shows you to what extent people want to refinance. Also want to mention Mortgage Applications up more than 5 this past week. So a 30year mortgage right now, last week, i should say, 3. 99 . This week, 3. 90. Stuart thats a plus. If you get the housing sector beginning to move again, thats a plus for the whole economy. The markets up nicely, too. Next one. Weve got another vapingrelated death. This time its a 17yearold. The youngest victim. That brings the total deaths from vaping related illnesses to 23. Now, this afternoon, first Lady Melania Trump will bring youngsters to the white house highlighting the dangers of vaping. Joining us now, hhs secretary alex azar. Mr. Secretary, if im not mistaken, you are going right at these flavored vaping devices. Thats the main thrust from your department, have i got that right . Well, thats right. What were trying to do is make sure that kids dont have access to products that are particularly attractive to them and that would include these flavored ecigarette products. Now, its not a ban, its enforcing the law that Congress Passed that said if you want to have ecigarette products on the market, you actually have to go through fda approval and we are saying its time to get into that process, come to the fda, see if your flavored products can get approved through the Public Health standard congress set and you can be back out there in ways that are not attractive or available to kids. Stuart that still leaves you with the vaping problem, people getting hold of a vaping device and putting other stuff in and its that other stuff that gets into these vaping devices thats causing most of these problems and deaths. Yes, stuart, its two separate issues. The ecigarette crisis with our kids in terms of them using these nicotine delivery devices is one problem, and thats something the first lady and i are very focused on. The other issue is the one you are raising which is the broader vaping question, which is using any number of other devices to put things into your lungs. Most of these cases seem to involve the use of thc, which is the active ingredient in marijuana, and other ingredients maybe to cut the thc or otherwise make it available. I want to be clear, though, as we do at cdc and fda, the Epidemiological Research on this, i doubt we will ever find one single cause for all of these cases. There will be trends, there will be certain common products and ingredients that are at issue but were talking about home brew, adulterated products, unregulated products. I think we will see a multiplicity of factors at issue here. The bottom line is when you put things into your lungs, its not a great thing. Stuart yeah. Thats entirely right, isnt it. You put this alien stuff in there, you can have a problem, probably. Now, the administrations taking steps to ease these antikickback rules for doctors and hospitals. I believe they were put in place to prevent bribery and fraud. Why, mr. Secretary, are you rolling them back . Well, stuart, on both the left and the right for decades now, we have said that what we need in health care is more collaboration and coordination among hospitals, doctors, Insurance Companies and patients. But weve got a couple antifraud laws dating back to the late 80s and early 90s that say if you collaborate and coordinate you just might go to jail. What the president is proposing today that we enable these entities to Work Together where they have valuebased arrangements, so common sense reform so that they can Work Together to deliver high quality outcomes and better value. You know, we have talked on your show before about the incredible consolidation of health care providers. Well, part of whats been driving that is the fact that you are exempted from many of these laws if you are owned by the same entity. We are leveling the Playing Field so you can collaborate and Work Together without being consolidated and bought up. Its real common sense good reforms. Stuart would you comment on the Johnson Johnson situation . Ive got a bee in my bonnet about this. A jury awards 8 billion to a plaintiff who said hey, you didnt warn me about the dangers of a Johnson Johnson drug. Seems to me that big american corporations are being taken to the cleaners by rogue juries and lawyers. Any comment . Well, i want to be careful not to comment on any individual piece of litigation, especially not one the United States is involved in and has an interest in. I need to be careful about that there. I will take a pass, im afraid. Stuart you are a diplomat and so you should be in your job. Health and Human Services secretary, alex azar, thanks for being with us today. Thank you, stuart. Stuart next case. By the way, if you look at the bottom righthand corner of the screen, you will see the rally has come back again. Now we are up 190 points. Back to near 200 point gain. Take a look at apple. They are letting you know now how often apps on your iphone track your location. Ashley this is part of the new ios 13 software which installed automatically on my phone last night and now im trying to figure out what the heck to do with it. Stuart thats what it was. Ashley once you get new to it once you get used to something, they go ahead and change it. This is considered a good change. You actually see a popup now that says are you aware that this app is following you night and day. It allows you right there on the screen to turn it off. You can have the option of just saying i want them to track me when im actually using it. When you are on google maps, for instance, its nice to know they know where you are and you can track where you want to go but you dont want them following you all the time. Same with uber and same with any others. You can also do it manually. Just go into the settings, privacy locations and all that stuff. But this is a new way of apple trying to enable you to give you more power to turn off apps that are following you. Stuart i like it. All right. President ial hopeful Elizabeth Warren has released a climate plan of her own. The price tag is in the trillions. We will tell you how many trillions in a moment. I want to get back to a story i said doesnt get enough attention. The formerly golden state of california. 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Plus get 250 back when you buy an eligible phone. Call, click, or visit a store today. Stuart senator warren has released a climate plan and i want know the price tag. Deirdre 3 trillion in the next decade, so it addresses water, addresses air, lots of things, but to the tune of 3 trillion. Stuart thats a discount climate plan, isnt it . Im not being facetious, but it is. Its much cheaper than aocs Green New Deal, i think. Isnt it . And Bernie Sanders . A mere 3 trillion. Deirdre she is promising investment in training for workers who are in traditional fuels now to retrain. Her Campaign Says and not be left behind by the stuart i want to be a code writer. Ashley there you go. Stuart sorry, im being facetious. I do apologize. Lets get back to california. Highest poverty rate in the nation. Highest gas prices in the nation. Highest taxes in the nation. Lot of people leaving the state, im not surprised. Daniel garza is with us, Libre Initiative president. Lets get right at it. The democrats have made a mess of your home state. They have not run it into the ground by any means, but people are leaving. High taxes, high poverty, gas at 4 a gallon. What are you up to . Yeah, this is just for the record, i was born in california and left as soon as i could. Still, i consider myself a former resident of california. Look, when these things were obviously when the increased taxes, these increased costs dont, you know, are just not simply absorbed by businesses or corporations. They are passed on to the consumer. And usually, its the most vulnerable who have to actually bear the burden of heavier tax, whether income taxes, gas taxes or whatever. Dairy foods, agriculturalists, landscapers, maids, the ones that have to travel to their work, who of course now are more taxed and have less to spend. Stuart why do they keep electing democrats . I mean, its surreal in a statewide election. You have a lot of folks who have come to texas because we have lesser income tax, we have lesser gas taxes. California right now is the second highest state in gas taxes and its the number one state and the highest income taxes of the entire country. Theres an exodus of people because they cant afford to live in california, especially the most vulnerable, especially the ones who have to bear the burden at the end of the day because it trickles down obviously from the businesses over to the consumer in increased costs in products and services. Stuart i have to cut this short because i have breaking news here but i have to tell you, i dont know why this is covered up by the national media, this mess in california. But it is covered up. Its just not reported on. Ive got to move on. I want to talk about facebooks chief, zuckerberg. Hes going to testify in front of congress when . Ashley october 23rd, two weeks from today in front of the House Financial Services committee. Of course thats maxine waters, who wants to talk to him, as does the rest of the committee, on libra, facebooks proposal cryptocurrency. Stuart so hes testifying ab t about ashley not sheryl sandberg. Himself. Stuart well watch that. Got it. Thank you very much. More varney after this. Aetna takes a total approach to health and wellness with Medicare Advantage plans that offer Health Coaching and fitness memberships. Plus hospital, medical and Prescription Drug coverage in one simple plan. With monthly plan premiums starting at 0. And wide provider networks, including doctors and hospitals you know and trust. Aetna Medicare Advantage plans call today. Well send you a 10 visa reward card with no obligation to enroll. Or visit us online at aetnamedicare. Com tv. Announcer fidelity is redefining value with zero account fees for brokerage accounts. And zero minimums to open an account. At fidelity those zeros really add up. Maybe ill win saved by zero stuart the rally holds. I got to tell you this thing started hours before the market opened, when we got a report on bloomberg that suggested that the chinese might be open to a medium, small scale deal. That ignited the market. Were up 171 points. Dont forget, the big talks on trade begin tomorrow. Their top guy meets our top guy. Thats tomorrow on china trade. Well bring you the headlines. Thats a promise. Neil, its yours. Neil stuart thank you much. Open to a small deal than a large sweeping one. Those has stocks popping right now. Beware some of these kneejerk responses as often said, we trade titfortat on trade news. Worst stocks look. All eyes on the high level talks tomorrow. So is some sort of a deal better than no deal at all . Were on that. Good to have you, everyone. Im neil cavuto. Lets get right to it with mixed signals on trade this week. Promising talks they might dial back expectations to get a deal done, even if its a partial deal. Even