Transcripts For FBC Varney Company 20240713

86point gain. S p and nasdaq also looking to be higher at the open. In other news, lebron james is trying to do damage control after criticizing the Houston Rockets general manager darryl morey for his comments on the hong kong protests. Wait until you hear what lebron is saying now. The democrat president ial candidates are in ohio for their big debate tonight. You can bet they are going to rip President Trump and promote their far left policies so how will that play in ohio, of all places . We are on that all morning long. And we have a lot to go at this morning, including Mark Zuckerberg meeting with some big name conservatives, walmart delivering groceries right to your fridge. That and so much more. Varney company starts right now. Charles hey, go happy birthday to you ashley go, baby, go. Charles stevie wonder, folks. Classic happy birthday in honor of fox business. Its our twelfth anniversary. The Network Launched 12 years ago today. Golly, time flies. We are of course thankful that youre watching for making us the number one Business Network in america. We sincerely say thank you. Now, lets get to your money. Its earnings season kicking into high gear. Some big names you know, dow components, Goldman Sachs, jnj, jpmorgan and United Health care. Dont forget, citigroup also reported, wells fargo reported this morning. Company of the year over year comparison, we know they will be tough, folks. Great earnings last quarter, last year this quarter, so wall street really anticipating that this is going to be a bad quarter, but they said that last quarter, too, guys, and i got to tell you something, we beat them last quarter. So far, i think its only been 27 s p components but we are doing pretty good, over 90 beat rate. I will take this. What do you think . Susan the banks did okay this morning. Some of them rolled over as the session is getting closer to starting but most of them made the higher profits than anticipated, even Johnson Johnson upgraded their Sales Forecast for the rest of this year despite the 8 billion it had to dole out for risperdal and for the Opioid Crisis. Overall, earnings season has kicked off well. Ashley i think its great for the market. Shows the consumer is still strong. Yes, they set their expectations so low, you could walk over the bar. However, the numbers once you get inside are still very strong. Its encouraging. Charles last year was just an amazing year for corporate earnings so to come insofar, this is the path we are going to probably have a good earnings season. Meantime, lets talk about lebron james. He calls out the Houston Rockets general manager, says that he was misinformed over his hong kong tweet. Roll tape. We all demand freedom of speech but at times there are ramifications. I believe he wasnt educated on the situation at hand, and he spoke, and so many people could have been harmed not only financially but physically, emotionally, spiritually. Charles tell us about this. Now hes trying to clear up i guess this susan he has to back pedal a bit because he was really taking it on social media. Hong kong protesters, those that are sympathizers for hong kong said how about you get educated on what were fighting for instead. But lebron basically had to back pedal, reclarify what he meant. Lets go to the tweets, if we can, bring them up on your screen. There you go. He says let me clear things up, clear up the confusion. I do not believe there was any consideration for the consequences and ramifications of the tweet. Im not talking about and not discussing the substance. Others can talk about that. So he says why couldnt he just wait a week. My team and this league just went through a difficult one. I think people need to understand what a tweet or statement can do to others and i believe nobody stopped and considered what would happen, could have waited a week to send it. Yes, because last week they were the marquee matchup in the preseason push for the nba in china. You had lebron in town against the nets and kyrie irving. Because of the morey tweet storm, the games were not aired, there was no press conference afterwards. In fact, even Charity Events were canceled as a result. So i guess lebron is saying hey, lets take a step back and think about the league, for instance. When you have 600 Million Viewers in china, the Largest International market for the nba, and also, what about business interests, for instance, nike, since we do have lebron selling a lot of jerseys and shoes. Charles someone should have told lebron stand for something even if you lose everything. Someone coined that phrase. I want to stay on lebron and bring in James Freeman from the wall street journal. Your reaction . I hope hes going to enjoy all the money hes about to make in china because he just made the dictatorship in beijing very happy. Really, really disappointing. He has spoken out against the abuses or alleged abuses of the criminal Justice System in the United States. The trigger for this dispute in hong kong is the effort by the regime in beijing to bring people without trial from hong kong to china, where they have none of the Due Process Rights we enjoy in the United States, where they dont have a bill of rights, and so its a similar story with the coaches steve kerr and gregg popovich. How can you take any of these people seriously anymore when they talk about any issues of justice or social issues in the United States, really . Its just very disappointing. Charles i think hes trying to piggyback off a statement from the owner of the brooklyn nets, who is a chinese businessman, made his billions over there, who immediately tweeted out when this happened about the history of china, how the british showed up, you know, and forced trade upon china which ultimately led to the opium wars which led to the boxer rebellion, humiliation around the world, where they were the most the wealthiest economy in the world to the poorest economy in the world. We all kind of get that no, we dont. That is propaganda. This is a machine that has imposed more misery on the world than any other. Now, its fortunately better than it was 40 years ago, 50 years ago, but the issue here is that the Chinese Government made promises to the people of hong kong, and they keep trying to break them. And thats what triggered all of these recent demonstrations. And its obviously disappointing to have mr. Psi talk that way. Its very disappointing to see lebron james and others in the nba agree with him. Its false. Charles its a shame. Particularly since they are generally considering themselves social justice warriors. What does that term mean . Charles in america it means you can diss anybody that voted for President Trump. Thats what steve kerr is doing. When you talk to him about china, he just changes the subject and says let me tell you how much i hate trump. Thats not the issue. The issue is the people of hong kong and the liberties they were promised. Charles james, thank you very much. Breaking at this moment, the International Monetary fund is lowering its forecast in the World Economic outlook again. Where is it now . Ashley well, it does not have great track record of making any prediction, lets be honest. But they say the Economic Growth this year expected to fall to 3 . That is the slowest pace since the financial crisis back in 2008. 2017 we had 3. 8 growth and also, they are already racheting down expectations for next year and the big reason that they put this down to is tariffs and the strangling of trade between charles there are a lot of trade wars going on. We talk about ours but there are several little trade wars going on around the world as well. All right. By the way, are you tired of going to the Grocery Store . Actually, walmart does have a solution for you. Lauren simonetti with the answer. Lauren what i hate more than going to the fwroGrocery Store having to take all the bags out of the car and putting them in the fridge and the cupboards. Walmart has a solution. For 20 a month unlimited delivery if you spend 30 each time you food shop with them. Why is walmart doing this . To get your loyalty, you are signed up to that membership program, to get you to spend more. Food right now is 55 of total sales. The stock is up 28 year to date. There are security concerns. What you have to do in order to get this perk, if you will, is allow a stranger, even though vetted by walmart, into your home and outfit your home with the proper security, smart locks to make this happen. Charles we spend over 1,000 when we go to costco, often 2,000. I want the same program except i need you to clean the kitchen, too. Ashley why not . Charles two grand a pop, you got to clean the kitchen. Lauren whos to say this worker, even though they are trustworthy, background checks, comes into your house and notices i saw they were low on tide and i noticed they liked this particular brand of whatever, they are taking stock of your kitchen and to sell you more stuff. Susan there are fridge politics, like where the eggs go. I didnt know that. Charles i didnt know that, either. I know my wife gets upset when i dont put things where they were. Susan exactly. Charles lets check on the futures. We will have an okay start to the session. Dow futures up 104, up as maybe 30. Now take a look at uber. The company laying off hundreds of employees. We will tell you which division is going to be the most affected. Also, joe bidens son hunter admitting in a new interview he used poor judgment in serving on the board of a Ukrainian Company but says he did nothing wrong. This as he steps down from the board of a chinesebacked firm. Yes, we are on that one as well. 12 democrat candidates will share the stage tonight for the next debate. Its in a key swing state, ohio. How will the far Left Progressive politics that are really pushing this party play in ohio . The chairwoman of the Ohio Republican party joins us next. Varney company just getting reared up right now. En it comes . So. Whats on your mind . We are a 97yearold firm built for right now. Edward jones. Its time for investing to feel individual. I am royalty of racing, i am alfa romeo. Mornings were made for Better Things than Rheumatoid Arthritis or Psoriatic Arthritis. 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Get this, they Just Announced the apple tv app will be available on their platform starting today. Apple tv plus will be available on apple tv app, thats roku well, i think it starts today or november 1st. One of them. Susan the streaming Service Starts on november 1st. Charles i got you. Okay. Lot of apple stuff. Lets take a look at uber. Shares still under water since the ipo. Now the company is laying off some of its workers. Susan yeah. 350 employees across the organization. So it will start later on this year, so were looking at jobs going from uber eats, marketing, selfdriving unit, recruiting back office, you name it. They have been having to cut a lot of jobs because of that record 5 billion loss in the previous quarter, and theres a lot of regulatory overhang as well. What happens if drivers are classified as employees. Thats a big cost for them and it also hurts their business model. This is just 1 of the company, 350 employees but look, its tacked on to the one month ago layoffs of 435 products and engineering employees. Three months ago they laid off 400 from the marketing department. Its about kucutting costs and preserving cash burn. Charles this Company Still does not have a clear path to profitability. Susan the stock says it all. We are down 31 from 45 was the issue price in the ipo. Charles folks, lets switch gears to tonights democratic debate in ohio. Joining us is jane temkin, chair of the Ohio Republican party. Far left is in your state. Listen, they will be talking about all these giveaways, they will be bashing capitalism, the unfair nature of this country. What kind of appetite does ohio have for socialism . Socialism does not sell in ohio. Ohioans are smarter than that. Look, the Unemployment Rate in ohio is the lowest its been since the year 2000. If you want a job in ohio, you can get a job. Our economy is doing very well under President Trump and what we see when we watch these debates, i know the democrats are going to trot out their far leftist policies, the Green New Deal which is 93 trillion, incredible amounts of taxpayer dollars going to washington, d. C. Ohioans are going to reject that. Elizabeth warrens talking about banning fracking and we have a large oil and gas industry here in ohio. Thats not going to sell well. Again, they are talking about eliminating car manufacturing. It just does not sell in ohio. Charles what about in some of the urban areas where the politics of envy seem to be catching some momentum, particularly amongst Younger Voters who are, you know, this younger millenials, more conscious, more woke, if you will, certainly it feels like the Democratic Party latching on and stoking those sort of vibes in this country and for the most part at least on some polling it seems to be working. Is any of it gaining traction in ohio . It really isnt and we havent seen any signs of that. Look, i think that people feel very good about where they are in ohio. As i said, our economy is doing really well. The millenial generation, a few years ago they didnt have jobs, now they do. And our job is to make sure we let them know that the policies of the far left, the democrat policies of Elizabeth Warren and beto orourke and others are going to destroy their futures. And look, thats our job. I dont think that the democrats are going to take that message and its not going to be received very well. Charles thank you very much. Appreciate it. Well, its week five of the gm strike but there may be some progress. Ashley, youve got this . Ashley yeah. Theres been a call to some 200 or so local Union Leaders to all come together in detroit on thursday to meet. This doesnt necessarily mean theres some sort of agreement in place, but it could be a positive sign. There has been progress thats been made, we are told, but the biggest stumbling block comes down to pay, and the strikers say look, it takes eight years to get from entry level job to the highest paying job, and thats too long. It should be pointed out at the same time that gm and its investors have backed them up to this point, they are trying to reduce costs. This is a big part of their expenditure. The foreign auto workers in the United States earned 13 an hour less than gm workers. That is the major problem. Anyway, they are meeting thursday. Could they decide to agree to what gm is offering, is there still grounds for negotiation, or do they vote to carry on the strike. That is the issue. Charles a lot of pain on both sides. Ashley lot of pain. Charles well see. Thanks, ashley. Quick look at the futures. The dow looking up 116 points. S p and nasdaq also higher. 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There is no obligation, so call the number on your screen right now to see if your doctor is in our network; to find out if you can save on your prescriptions and to get our free decision guide. Licensed humana sales agents are standing by, so call now. Charles salesforce. Com founder marc beniof wants billionaires to pay higher taxes. In fact, hes calling for a new form of capitalism. Susan that was in an oped piece he wrote in the New York Times. Beniof, who himself is a billionaire, says he should be paying higher taxes. In this new capitalism, it means billionaires like him pay more taxes in order to generate trillions of dollars needed for he says more important causes Like Fighting climate change, for one. He says that companies should not be maximizing profits, which seems to go against i guess capitalism, for one. Im not sure his shareholders would probably like to hear that since salesforce has been underperforming the market so far this year. Its up 9 , whereas the s p is up double digits. This new form of capitalism, he has to sell it to the market. Charles heres the irony. Some people say there is a new form of capitalism but its Silicon Valley and the marc beniofs of the world who are really ripping everyone else off worse than robber barons. They did 13 billion in revenue, with 35,000 employees, with a market cap of about 130 billion. General motors has 173,000 employees, 11 times as much, 147 billion in revenue, 11 times, 14 times as much, and about the same market cap. Think about that for a moment. Marc beniof is benefiting from this new capitalism. Maybe hes feeling guilty about it. In the meantime, listen, he bought Time Magazine so we will be hearing more. Susan you want to pay more taxes, cut a check. Charles cut the check. Dont make me pay higher taxes. Hey, check on this market here. We are starting to gain a little bit of traction here. The earnings are coming in. For the most part, the big most important names have all performed very well, particularly dow names. The only one that underperformed so far is Goldman Sachs. Maybe they talked their way out of it during the conference call, because Goldman Sachs, you know, they have this sort of reputation, we will do better, they have always been afforded an outsized valuation compared to the rest of the market. Well be right back. Hat. Free access to every platform. Mhm, yeah, that too. I dont want any trade minimums. Yeah, i totally agree, they dont have any of those. I want to know what im paying upfront. Yes, absolutely. Do you just say yes to everything . Hm. Well i say no to kale. Mm. Yeah, they say if you blanch it its better, but that seems like a lot of work. Now offering zero commissions on online trades. We charge you less so you have more to invest. But allstate actually helps you drive safely. With drivewise. It lets you know when you go too fast. And brake too hard. With feedback to help you drive safer. Giving you the power to actually lower your cost. Unfortunately, it cant do anything about that. Now that you know the truth. Are you in good hands . 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. Charles smile direct club has the dubious distinction of being the worst performing unicorn ipo of the year, down almost 60 . Susan, it has been a rough year for a lot of these unicorns to be sure. Susan yeah, smile direct got to market so lets say wework would probably be the worst of 2019. What does that mean for airbnb. Smile direct club down 60 from its ipo price of 23. Given that gavin newsom just signed new dentistry rules into place extending it past 2024, thats pretty onerous for a company like smile direct. That means you need a dentist there to oversee xrays and services. But lyft is also down as well, some 45 since its ipo. We just showed you uber which is down from its 45 issue price. You know, is this the death of the highly richly valued private i guess unicorns at this point. What happens to next year, when you have big ones like airbnb coming to market. Charles yeah. Well, there we have the opening bell, folks, coming up. Lot of excitement, Dollar General is one of the companies ringing the opening bell. We will start trading here in just about five seconds. Again, yesterday was about sort of not anger or frustration, just anxiety. Wall street really wants to get a gander at these Earnings Report. We are populating the board. Obviously the street really happy with jpmorgan, takes the number one spot. United health also had pretty good numbers. You can see the winners up there. Goldman sachs, they missed on the top and bottom line. That is your biggest loser right now in the dow 30. Thats bottom right of the screen. We are also showing you, jpmorgan, heres that stock. One of several banks that reported earnings this morning. The company had record revenue and jamie dimon says the consumer remains very strong. I want you to take a look at Johnson Johnson because this stock is up, it actually raised its guidance despite 13,000 lawsuits. More on that in a moment. Check Goldman Sachs, just mentioned it, it is down. They missed on top and bottom lines. A couple things did well. Trading was okay for them, other parts of the business not so much. Other Companies Reporting this morning, United Health, citi was soso, so is wells fargo, mixed bag there. Fractionally lower for the two banks. United having a pretty good start to the session, up more than 6 . Joining us now, d. R. Barton, susan li, ashley webster. The Dow Jones Industrial components doing pretty well for the most part. Think about jnj. You got 13,000 lawsuits, anything from baby powder to opioids, everything else, and they were still able to get forward guidance. What do you make of this . Heres what i believe and the markets already been telling us this, charles, because they have been down this year but so has all of their fellow health care stocks. If you look at their chart. I think what the markets telling us is all of these lawsuits arent as big a deal as everyone thinks. Its not being priced into the stock because when these go to appeal, a lot of them are going to get downgraded in terms of money or overturned. As an engineer, we like to look at practical science. I look at this and they have not proven their point and they are going to get overturned. Susan 8 billion for risperdal, that was the award by the jury. 500 million for the Opioid Crisis and counting. I think its 2 billion for talcum baby powder litigation. Its 100,000 lawsuits out there. Bernstein says actually, if you calculate all of this, in the end they expect jnj to pay out 12 billion. Where the market is anticipating payouts of 50 billion. So they are saying this stock is underpriced, undervalued at this point, especially when pharmaceutical sales are doing so well, they have to raise their Sales Guidance and revenue guidance for the rest of this year. Ashley its interesting. Two issues. You have the lawsuits over here, to susans point, 100,000 plus salutes, a lawsuits, and the strategy is interesting. They believe a lot of this is frivolous. They are going to court and fighting this and that costs a ton of money. Forget the decisions, just the very process of doing that. On the other side, their business is humming along very well. Charles its tough because drug companies, we want to see them hire more scientists than lawyers. We really would like to see that. By the way, speaking of which, it has been under pressure, Johnson Johnson. Everything in the medical area has been under pressure because of political influences. As Elizabeth Warren has gone up, a lot of medical stocks have gone down. Thats one of the reasons United Health is up pretty big today. In fact, its adding 80 points to the dow, 125 points this morning. I want to move to streaming. Netflix report their earnings tomorrow. Rival disney has been tweeting everything it will be showing on its streaming service. Disney plus ashley long list. Charles its a long list. Netflix, d. R. , disney, netflix, how do you feel about these as investments . I like disney going forward. Im a trader of netflix. I think we can trade up and down. You know, the volatility thats priced into the earnings this week, 10 . So you look at options pricing, its a huge volatility. I think they have a chance, the numbers theyre showing, if they show the extra seven million new subscribers, they will have a blowout. If they miss that or miss any other targets, the bottom could drop out of this. Charles Reed Hastings i think is one of these mavericks, i love him, the ability to see the writing on the wall, shift from physical discs but hes not afraid to promise the moon. Sometimes they dont reach it. He and elon musk make the most outlandish but give them credit for it. When they hit it, they go up big. Susan in order to get to those goals. Have you looked at the debt levels on netflix . They said 15 billion last year on content alone. Take a look at the emmys they probably outspent everybody else in order to get those statues. Charles in the last week you have had six firms lower their target but most still kept their ratings in place including three buys from reputable firms. Many folks think maybe its oversold. To your point, it is extremely high risk. Oh, yeah, and volatile. Charles its been an amazing money maker. I think i got pinched on it once. Im old. Trying to rev up sales with electric bikes, harley davidson, but suffering a setback. Ashley theres a problem with the charging equipment which is kind of key to the whole thing. If you cant charge it, you are charles is there a pedal option just in case . Ashley you would think, wouldnt you . Like bicycles here in the streets where you pedal and build up power. This is the live wire bike. Lot of people say what, harley, the throaty roar of the engine, is going to be bzzz. They are trying to boost sales in the u. S. And also trying to appeal to a younger, more diverse crowd. This was supposed to be the bike that could do it. Not cheap, 30,000. You could plug it into the wall, your outlet at home. It will take ten hours for a full charge. If you went to a harley charging station you could do it in an hour. But they found a defect in that charging system so they have stopped production and are working on fixing it. But that is bad, bad news. Charles harley cant afford ashley no slipup. Charles lets check on the big board. We have been open for about six minutes. This market getting off to a pretty good start. Dow up 116 points, less than 2 from the all time high. Also lets take a look at Charles Schwab reporting record earnings per share, about a 2 move there. Remember, they just got rid of all their commissions. United Airlines Report after the bell. Then theres roku. The apple tv app will be available on rokus platform starting today, then the apple tv plus, thats the streaming thing, right . Susan correct. Charles thats going to be available on november 1st. This stock has made a huge rebound in the last week, it has come back tremendously. Susan should we note apple overtook microsoft as the Largest Company in the u. S. , past that trillion dollar market. Charles if you are on jeopardy tonight and this is the final question, you owe susan some money. Thats all im saying. All right. Hey, lets check on the fact that they are apple and are in record territory. Also, lets check the tenyear. You know, in the last couple wee weeks, the socalled inversion, the two and ten, has not been there. They both have gone up but it is actually starting to widen a little. That was supposed to be our main indicator for recession. Thats gone away. Gold, under 1500, maybe starts to pull back a little more, maybe some short term profit taking. Then theres crude oil which has been inside its trading range. 53 could be support. Holding up, down 37 cents right now. In the brick and mortar bright spots, Discounter Ross Stores adding 42 locations. That stock is up 30 this year. D. R. , you are in this stock already, arent you . Im not in, im in Dollar General. I love this whole subsector. I think they are a little rich here. I like to buy all these when they get pullbacks. Charles you know, i mean, look at this chart. Looks like you will retest 114, you break out there, do you wait for pullback or you say the consumer is strong, jamie dimon just said it, Consumer Sentiment on friday was enormous, consumers are making money, wages for Blue Collar Workers are through the roof. The American Consumer is no joke. They like ross stores. And i love it. I just like two bucks lower. Thats all. Charles all right. I dont know. Sometimes you get too cute and miss the train. You know what im talking about. I hear you. Charles speaking of too cute, boeings chief has been stripped of his chairmans role. Theres an industry veteran who is taking over that role now. Ashley, who is coming . Ashley dave calhoun, an executive of the private equity firm blackstone. Hes also through the history of things, hes been at nielsen and caterpillar. Known as a tough guy. Doesnt have a lot of patience for people who dont deliver. They think hes the right person to take over the daytoday managing of what has been an absolute disaster, the 737 max. To kind of get this thing on board, get it rolling again, and to try and figure out, listen, he was at ge aviation, the airline engine division, shoeo s got a background in this. It will be interesting. Susan this is a surprise because they had this vote, the shareholder vote earlier this year of whether or not to split up and bring in an independent chairman. 60 of shareholders at boeing said we dont need anybody else, except dennis muilenburg. It makes you wonder how long dennis has in that lifeline to get the 737 max back up in the sky, bring back up the share price which has lost 30 billion in market value since those max issues, and the two fatal crashes. Charles i have this as one of my never sell stocks. I have been telling my subscribers buy it on weakness, never sell it, the next 20 years are phenomenal. Im 100 aligned with you. Calhouns a great crisis guy. Hes done some good crisis work in the past. Buying boeing on a pullback is a great play. Charles thank you, everyone. That was fun and exciting. The dow is up 124 points. So we got the dow up pretty good this morning, less than 2 off the all time highs. Markets now reacting to earnings. Imagine that. Hey, lebron james calling out the general manager of the Houston Rockets for creating a firestorm while nba players were in china. The king says that freedom of speech has ramifications. Brian kilmeade will join me in the next hour to try and make sense of it all. Fortnite is out with a new season. We will check out the trailer and ask if this means your kid will ignore you for the next few weeks. The answer is yes. Democratic president ial candidate of course going to hit the debate stage. The president has been blasting joe biden, but peter morici thinks he should shift his focus to a different candidate. He will explain, next. 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. as a principal i can tell you this. When one student gets left behind, we all get left behind. This is a problem that affects each and every one of us. Together with ibm, we created a whole new kind of School Called ptech. Within six years, students can graduate with a high school diploma, a college degree, and a pathway to a competitive job. You know whats going up today . My poster. Today, there are more than a hundred thousand ptech students around the world. Its a game changer. And now for their service to the community, ptech students around the world. We present limu emu doug with this key to the city. [ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Charles all right, you can see were near highs of the session, all three major indices, dow, s p and nasdaq composite. Heres a look at some of the stocks were watching today. Johnson johnson reported, jpmorgan reported, Goldman Sachs, they all reported profits this morning. You can see Goldman Sachs is the big disappointment. Then theres United Health care. Its up big after the Company Raised its forecast. Roku announced apple tv will be on its platform and netflix is going to report their earnings after the bell tomorrow. Meanwhile, to hong kong as thousands rally there for a u. S. Bill supporting the citys autonomy. Susan, youve got the details. Susan take a look at the pictures from last night. There were 130,000 on the streets, police say 25,000. You have to split the difference. Say closer to 100,000. What they are rallying for is they want to send this message to u. S. Congress, theres a bipartisan bill that will be taken up, expected to be taken up this week called the hong kong democracy and human rights act, and what it does is basically its an annual review of hong kong, and are they still separate and independent from the mainland in order to enjoy their separate and special status. Well, that has to be taken up because then there would be blowback and protections from the u. S. Against china in terms of, you know, keeping the pre m freedoms take were promised in the british relationship after it was handed back to chinese rule. Recently we had senator josh hawley in town, rick scott, also ted cruz, and josh hawley actually made some controversy, because he says what he saw in hong kong was that it was a police state. Th there are curfews in place with the emergency rule that hasnt been used in 52 years. Charles from what many consider the freest place in the world to now all right. Thank you very much. Hey, we are just hours away from the big democratic debate tonight in ohio. Well, you know they are going to be tempting voters with a whole bunch of freebies but our next guest says President Trump should actually be focused on warren, not biden. Joining us, economist peter morici. All right, make your case. Essentially, liz warren is the most sympathetic looking of the top tier of democratic candidates. She most looks like the first woman president. In a lot of ways to suburban moms, shes this generations teddy roosevelt. A populist, she talks about basic problems, hot button issues. She does it in a simple way, very repetitive. She names a bill and big corporations, big government, big somebody, and she says i have a plan. The problem is her plans are wrongheaded. I dont agree with them. But they sound plausible. She wants to have all these things in europe, they do, but in europe, those moms would be paying 50 of their income in federal taxes. Charles great point. I think tonight her rivals will, you have a plan for everything except one thing, you never explain how you are going to pay for all of this. Maybe they will take her on tonight. Well, you know, one of the things she cites is the wealth tax. Even Larry Summers has written critically of that. Wealth taxes dont work. About a dozen European Countries had them, industrialized countries had them in 1990. Today, its down to about two. They are very hard to implement and she says she can get 250 billion a year out of that. Our experience with taxes and shifting and all the things that people can do, she could maybe get 100 billion. Her health care alone would cost that. Never mind free tuition, student loan forgiveness, and the list goes on and on and on. I mean, basically people will never have to pay another bill again if liz warren is elected president. Unfortunately, they will never have another dollar of their own again. Charles you know, fdr are the four freedoms and Elizabeth Warren has everything is free. So it seems to be resonating. Shes become an absolute juggernaut going into tonight. From your point of view as an economist, i get where youre coming from, but i think the politics of envy are resonating loud and clear in this country. Ironically, it seems the better we do, the easier it is to say yeah, youre doing okay, but look how much the other persons making. Well, remember bill clinton, 12 years out from carter, people had forgotten how bad it was with jimmy carter. The same thing is starting to happen. I mean, they are attacking donald trump in ridiculous ways. Basically, you had an internal freelance investigation inside the cia, a guy who wrote up a memo on the basis of hearsay, now hes being crucified on the hill for things he probably didnt mean or do. This is the whole situation is absurd. But what arguments do they make when unemployment is above 4 . All they have left is to villainize the guy and victimize the American People. Guess what . A lot of americans are falling victim because the wrongheaded Solutions Democrats have provided over the years. Barack obama, Student Loans. Skyrocketing tuition. They are really hurting the middle class but unfortunately, they dont associate the hurts theyre feeling with the people that imposed the pain. Charles yeah. You see that so much on a state and local level, too. I dont know how new york city, poor people in new york city just dont see that this has nothing to do with washington, d. C. New york has a much worse distribution of income, much more inequality, than the poorer counties say in mississippi or charles its nuts. Thank you. Always love your insights. Thank you very much, my friend. Lets check the dow 30. For the most part, they are all higher. Goldman sachs off a little bit. Boeing off somewhat. But the names that reported and beat the top three performers are all those names that have pretty good strong earnings this morning. Then theres target. This stock on the minimum wage band wagon. The move hurting many of its employees it was meant to help. Details for you right after the break. [ orchestral music playing ] mom youve got to get yourself a new car. I wish i could save faster. Youre making good choices. Youll get there. Were you going to tell me about this . I know i cant afford to go. I still have this car so you can afford to go. I am so proud of you. Thanks. Principal. We can help you plan for that. Start today at principal. Com. 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Charles first retailer, target, vowed to raise the minimum wage to 15 by next year but now its cutting workers hours and reducing benefits. Joining us is retail watcher burt fleckinger. Is this another example of pure simple economics . Its technology translated to economics. So with more automation, more robotized many fulfillment centers, but target to its credit is still taking a lead, to your point, in raising wages. They have rooftop solar so they are doing the savings from rooftop solar on utilities, number two operating cost, to cut prices and raise wages and hiring a Record Number of people for the holidays, so the workers who are being eliminated is simply technologyrelated. Charles so the sort of fulfillment stuff more than anything else. Are you hearing as much now as we did before about the 15 hike . The reason im asking is because i think the overall economy has helped a lot, in terms of absorbing that, but if this is what would have happened anyway, you dont need Government Intervention with any of this stuff. Didnt need Government Intervention, but it did accelerate it, so charles every time the jobs report comes out, i think we have lost 190,000 retail jobs since january 2017. The good news is we have gained 208,000 warehouse jobs. They pay a lot more money. So are these people finding work elsewhere . They are finding jobs in warehouses, amazon, et cetera, but also my colleague who is here today is reporting in 2018, the biggest increase in u. S. Jobs was solar. So with target, walmart, amazon, bjs, costco, and apple, all going to 100 solar, with those jobs being created and the savings, increasing Shopper Loyalty with lower prices and Consumers Want to support the retailers who are using solar, so its a net gain and to your point, lower gas prices, better economy, more disposable income, its the perfect retail environment for the retailers with high esg scores and competitive prices to win. Charles i love that you mentioned esg. I want to bring you on one time and talk about that only. In the meantime, lets talk about omni channel on steroids. Walmart, not only delivering groceries right to your home, into your home, you know, so are people going to be okay with a stranger going into their house, you know . I know we will feel better because they will stock our fridge but are we going to be okay with that to make this a viable model . Only if its authorized, with a persons identification and picture sent out ahead. But they are really driving walmart. Com, former leaders at amazon, they will be able to deliver to 90 of the u. S. Population by this Time Next Year for walmart. Com. Amazon obviously, the same thing. Target getting there, costco and bjs take off technologies, too. The American Consumer, lower prices, better service, more convenience, and the security issue was really being addressed quite correctly, and thats a really key point youre raising. Charles essentially, a lot of these brick and mortar names have figured it out with the omni channel. Those that didnt, and whehave wherewithal to do this, theyre not going to make it. Unless they are walmart and publicly traded supermarket chains that need to catch up all the way to solar. Charles thank you very much, burt. China says it wont be able to buy goods from American Farmers unless the Trump Administration cuts down on tariffs. The latest on trade negotiations. Also, democratic president ial candidates will debate tonight. Will joe bidens opponents harp on his son hunters accusations or associations with Foreign Companies . Plus College Degrees are expensive and Student Loans can leave you in debt for years. At the same time, theres a high demand for Skilled Labor in this country. Im going to talk to a young man who has taken that into consideration, making the best of both worlds. The second hour of Varney Company coming right up. Look, this isnt my first rodeo. And let me tell you something, i wouldnt be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. Its just a loan designed for older homeowners, and, its helped over a million americans. A reverse Mortgage Loan isnt some kind of trick to take your home. Its a loan, like any other. Big difference is how you pay it back. Find out how reverse mortgages really work with aags free, noobligation reverse mortgage guide. 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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. Im working to make each day a little sweeter. Adp simplifies hr, benefits, and payroll for magnolia bakery, so employees like sarah can achieve what theyre working for. Or trips to mars. No commission. Delivery drones, or the latest phones. No commission. No matter what you trade, at fidelity youll pay no commission for online u. S. Equity trades. Charles 10 00 a. M. On the east coast. 7 00 a. M. Out west. Im Charles Payne in for stuart. A lot of stoxx to watch thanks to earnings season. There is Johnson Johnson, also up. They gave a rosy forecast this despite all of those lawsuits. Jpmorgan, jamie dimon says the consumer is still strong. Roku on news apple tv will be available on its devices. Watching netflix ahead of their earnings tomorrow. Goldman, one down stock in a bunch after they missed on the top and bottom line. Were looking ahead to the democratic debate in ohio. Were expecting candidate to use the stage to promote their far left policies. What will ohio make of that . Will they go after joe biden tonight because of his son hunter. Hunter broke his silence on the business dealings. Well tell you what he said coming up. Scott, pretty good day, pretty good session. Nice reaction to the earnings. It is early. What do you glean from them. You know what . I added up Bank Earnings, over 21 billion in pure profit. The market will like that. You highlight ad other stocks the market has beaten. You want to juxtapose what the democrats might say tonight, charles. If you listen to what they have to say you will think youre on a different planet right. Things are going well in america. They cant attack the president on the economy. These are the pure numbers the president fall back on they wont to after. Well see if hunter gets hunted. At the end of the day the economy is in good direction. Susan what will be said tonight, scott, Elizabeth Warren will say unitedhealthcare made 60 billion, Johnson Johnson will made 20 billion. Three companies, almost 100 billion. She wont say revenues. They made 100 billion. That you deserve a piece of that. Why are they getting rich at your expense . Well, you know there is a lot of people also work for those companies. If she wants to penalize those companies for their successes number one that sun american. Number two there is lot of unintended consequences that go along with that. A lot of folks can be put out of work. She cant take everything into the government and have the government be arbiter of last word. That is what the left wants. That is only way they can go. They cant go anywhere else. Those are the stories you will hear, charles. How the economy is not giving to every last person. Nothing ever really gets to every last but were doing a pretty good job getting to most of the people. They have nothing to fight the president on. They will make anybody a billionaire wrong, any company that makes billions wrong. And economy is not getting down to every last person. That is what they will fight on. It is just not good enough. Susan no doubt. Scott, stay right there. China is considering buying more soybeans and other u. S. Products in the hope United States will reduce tariffs. Susan, you have details. Susan bloomberg reporting that it es unlikely they will reach that 40 to 50 billiondollar agricultural purchase target being touted by the white house right now. This is supposed to be over the two year period. 2017 they bought 25 to 27 billion in agricultural goods. In order for that to happen, they need more tariffs, retaliatory tariffs taken off. We have october, we were supposed to see that go up to 30 , 250 billion of chinese goods. S that has been halted. December is still on the table. If you want to make further purchases, make good rolling back some tariffs before we start buying . Susan want to bring Scott Shellady back. Some people saying china has no choice, they need to buy our soybeans and our pork because they need to eat . Well they do have a choice around the world. Some other of ouring a account ral Agricultural Products are cheaper in the southern hemisphere. They are not of the same quality that will always be an issue. China will slowly but surely come back to the table. I think problem, maybe you agree with me. We were 90 there and whole thing blew up. Im in the trust by verify. Phase one was nice thing to hear about on friday. We have a lot of work to do. These types of stories are proving that. The four to five weeks to get everything done on paper will be critical. These are the things well sort out. Charles this is part of the negotiation process. To your point i feel like we hi an Inflection Point on friday. Hopefully it will get better from here. Scott, always great to talk to you. Hunter biden broke his silence on the ukrainian business dealings. What did he say . Ashley he was talking to abc. The question came up about his position with the ukrainian gas company. Did you make a mistake . I made a mistake but not a really bad one. Take a listen to what he said. Did i make a mistake . Well maybe in the grand scheme of things, yeah, but did i make a mistake based upon some unethical lapse . Absolutely not. Ashley maybe in the grand scheme of things you heard him say. Maybe it was was a mistake. I didnt make a mistake there. There is a big amount of scrutiny obviously on hunter biden. What boards does he belong to, where has he been. Look at his affiliations certainly in the past two stick out. Burisma gas company is one that raises a lot of questions. There is one that he belonged to, bhr shanghai Equity Investment fund. Were scrolling through all the different ones. Very interesting. All of them on the surface, nothing wrong with it but it does raise questions, certainly when the ukrainian situation what was the underlying reason for this . Was their quid prowoulds in any way getting access to u. S. Politics and administrations, all the rest of it. There you go. Susan all right. Ashley whether he did anything illegal, it certainly muddies the water. Susan i want to bring in bill mcgurn, wall street journal editorial writer. How much do you think the democrats will go after joe biden on this. Will it come after . If it doesnt come up it will be a disgrace because its a legitimate question. The fact that hunter biden had to appear on t vtels us joe bidens campaign is worried about it. The president is being effective on hammering on hunter biden. Two things stand out. There is no evidence that anyone did anything wrong but it is undeniable that the Vice President had a conflict of interest. Conflict of interest doesnt mean you act on it but he had a conflict. His son is on this big the question, really needs to be asked at the debate, is what were they paying you for . You have no expertise in energy. No expertise in ukraine. What were they paying you for . This is political question. The American People know this. Theyre is so much in washington where people get rich because of their political relatives. I worked in a white house where people are working in the white house and the spouses at some lobbying group. They think theyre buying the access in some way. The American People dont like it. It is, people say it is not criminal. No, it isnt. Its a political question. Its a legitimate question. I think joe biden has to have a strong night. I think he is making a mistake coming across angry. People look into that, i dont think it will work. People have their doubts about him. I think joe biden would be better served by the joe biden that debated paul ryan. Not the angry guy that thinks he will out trump trump. Susan when you hear hunter say he made mistakes. The next question, in the interview, what were they . I did nothing wrong but i promise not to do it again if it was a problem while joe biden was Vice President , if it will be a problem to the degree he will not take any jobs while his dad is president , why wasnt that the policy when he was Vice President. Susan you feel like camps are developing amongst i think they all have an interest because joe biden is still the frontrunner in the average of polls. They have an interest seeing him knocked off. The person who brings it up, may not benefit from it. That is dilemma they have. If they cant debate it they dont deserve the nomination. Charles it has to get more pointed. Also, i think joe biden has to have a good answer. Not just the angry, he said at one point, im not going to answer that question when a reporter he has to have a good answer. Because donald trump is going to press the question. Moderators may not do it, they may say well go easy on democrats. Let them have his answer. Well move on. Donald trump is not going to be like that. If he doesnt have a good answer in this debate he may be very vulnerable when he goes up against donald trump, assuming he gets the nomination. Charles bill, thank you very much. Thank you. Charles tens of thousands of protesters waving u. S. Flags have rallied in hong kong. Theyre calling on congress here to pass legislation that supports their independence and were going to have that story. Also the president imposes new sanctions on turkey after a military offensive in northern syria. We have those details coming up as well. Were talking first to ken cuccinelli. Being floated as possible replacement at the top of the Homeland Security department. Well ask him about that. Then there is lebron james. He is receiving social media backlash for his comment on the china nba controversy. We have what brian said. 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Plus thousands of other companies of all sizes. woman no matter what business youre in, Digital Transformation never stops. Verizon keeps business ready. Charles checking the big board, we have a little octane to the rally. Were near the highs of the session. Now this, a judge blocked a public charge rule that would have restricted green cards for immigrants on welfare. Ken cuccinelli, citizenship and Immigration Services acting director. Ken, so the audience knows, this is a rule that technically i think has been on the books for a long time. The Trump Administration says, might be a good idea to enforce this rule. What do you make of the judges decision . Just so your viewers know, a long time is 140 years. Im not even that old yet. But these judges enjoining this rule that just enforces the requirement that immigrants be selfsufficient, which is a core american value, it has been part of our Immigration Law since the 1800s, really since we starred having federal Immigration Law on the books and some of their language, let me share you one quote from one of the judges. The rule is repugnant to the American Dream of opportunity for prosperity and success through hard work and upward mobility. Look, i would expect that from a firebreathing congressman writing an opinion piece. That is not the language of a neutral arbiter of the law. Thats the kind of judges were getting right now that are imposing their policy will over the will of the American People as expressed in electing donald trump president. Were going to fight these. This entire regulation is well within the law. It is complicated by complicated doesnt mean illegal and, as i said, it essentially imposes that requirement of selfsufficiency that is not new in american law as you pointed out. Charles ken, by now were used to judicial activism, if you will. Sadly. Charles if it has been in place this long, why didnt other administrations both democrat and republican implement it . Well thats a good question. It was passed in 96, signed by bill clinton. It was so wildly bipartisan passed the senate envoys vote. People like steny hoyer, chuck schumer, nancy pelosi voted for this law. This was common sense immigration. The Clinton Administration put a 10page guidance memo in place. That is will govern to this law until we pass a regulation. And then they didnt. They didnt. Neither the Bush Administration or the obama administration. President trump came in, made this a priority to put this on the books. Put a comprehensive system in place to actually implement the 1996 version of this law that passed so bipartisanly, signed by bill clinton. Now we have these activists judges on the left who decided as a policy matter, they dont like this policy. They dont like requiring selfsufficiency. Charles sure. And so they step in and they get in the way. This president has suffered more of these kinds of injunctions than any of his predecessors. Charles we have to watch it go through the process. Ken, i have to ask are you going to be the new department of Homeland Security chief . We need to know . Well right now im the acting director of uscis and im part of the Homeland Security department. That is where i remain as long as the president wants me here. I checked twitter this morning. I still have a job. I will keep pressing ahead doing it as fast and as hard and as well as i can. If he wants me to do Something Else i can do, my answer to him would be yes but that has not arisen at this point. Charles ken, thank you very much. Appreciate it. Glad to do it, now to hong kong where thousands rallied calling for a u. S. Bill to support the citys autonomy. Susan you have those details. Susan one of the first government approved rallies in a few weeks time since the emergency law enacted, first time in 51 years hong kong enacted the emergency law. We had thousands, some would say, 130,000 according to rally organizers. Hong kong police said 25,000 showed up. You have to roushly split the difference. Lets say 100,000. Theyre crying for u. S. Congress to take up the hong kong democracy and human rights act to be voted on bipartisan bill, mind you, this this week in con. It would review hong kongs autonomy every year, to receive special rights from the u. S. , you have to prove to us you are not under chinese rule. Charles thank you very much. To turkey, President Trump authorized sanctions after. Ash, you have the details. Ashley on turkey and senior government officials and it could go from there. President asking immediate ceasefire of turkeys actions in northern syria. He would mediate if needed. It could go further than that if turkey down respond. Steel tariffs could be put back up to 50 . Also bigger for the turkish economy, there could be a negotiations stopped on the u. S. Turkey trade deal worth 100 billion. All of this in reaction to the president essentially pulling back from the kurds, allowing turkey to move into the region. The backlash from that. So the president says, wait a minute, nope. There will be sanctions. Stop firing now. If that happens, well see. Charles some would like to see him go even further. Ashley yes. Charles thank you, ashley. Disney dropped a massive three hour trailer featuring all the content on disney plus when it launches. Hundreds of titles will be available. We have that coming up. 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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. Charles the kardashian sisters won a trademark dispute at Supreme Court. Susan you have details. Susan thats right. They won a Supreme Court ruling against a british cosmetics term over the name,kroma. This british firm claimed they had the rights to do it. Kim, chloe and courtney and they settled with the firm that owns the rights to the name t was licensed out to another british firm. In the end you will get more kardashian makeup in the future. Are you excited . I can see youre excited. Charles im thrilled. Go to the salon, ulta beauty. Disney tweeting about content coming up on the streaming service, disney plus. Ashley you have that. Ashley november 12th it launches. A massive amount of content disney has. They put out more than 300 tweets in total just to make this announcement. Big title, obvious ones Like Star Wars the force awakens frozen, three men and a baby, swiss family robinson. Three musketeers. Disney channel an mymation, pixar, star wars, National Geographic it is a monster lineup. 6. 99 a month. Not a bad deal. Charles the new season the fortnite has been released. It looks pretty good. Susan world ended 2 00 p. M. Eastern time. A black hole. 250 million players, though thought oh, my goodness what is going on. Of the season 11 kicked off. Season 10 ended with the asteroid creating a black hole. Apparently in season 11, about a new island. Yes, you have brand new graphics there as well. Coming back online after two days of an outage, two days for these young kids without fortnite. You know how depressing that must have been. Ashley they may have had to have gone outside. Charles came out of the basement. Looked around. Parents wondered who they were. That is the kid on the milk box. Susan also a big moneymaker. 250 million players. Tencent, activision blizzard, must be celebrating it is on line. Charles thank you very much. Bernie sanders in action after he suffered a heart attack couple weeks ago. He will be on the debate stage and going after Elizabeth Warren and capitalism somehow tying those two together. The General Motors strike, gm ceos meeting with Union Leadership as we speak. Some speculation we could be close to a deal. Were following it for you. More varney after this. 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. 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With all of those zeros, there are zero reasons to invest anywhere else. Fidelity. So maybe ill win saved by zero sgt. Peppers Lonely Hearts Club band, we hope you will enjoy the show ashley i just heard it in my ear. Charles of course we always play the beatles on Varney Company in part because of stuart and ashley. Sometimes you play hank williams, jr. For ashley. Ashley im a nashville native. Charles news on the uaw strike. General motors Ceo Mary Barra is in the room right now with Union Leaders. Grady trimble will follow, is following it all for us. Grady, obviously people think this is a good sign. How is it going . Reporter i would think so as well. What we do know the meeting has been going on since 9 30 eastern time this morning. What theyre talking about, what theyre discussing at this meeting were trying to work it out. This is the second positive sign that a tentative agreement might be near just in the last 12 hours. Yesterday the union sent a letter to its local leaders calling them to detroit, summoning them to detroit for a meeting. Typically this would be indication that an agreement is near because the leaders have to vote on the agreement before the rankandfile Typical Union members workers would vote on an agreement and a contract. So it looks like things are moving in the direction of an agreement. That meeting is taking place on thursday. The meeting with Ceo Mary Barra and Union Leaders and top General Motors negotiators. That is happening right now. If we get anymore details on that meeting, whether there is actually a solid, tentative agreement well let you know. Charles General Motors shares edging higher. Grady, thank you very much. Google announce ad new pixel wireless ear pods. Susan there is market for that. Charles pixel . Susan hardware event is taking place in new york. They launched pixel wireless ear buds. Why are you looking at me like that . Charles there is a market for that . Susan definitely. You can sing down the street without being wired, or tethered to your phone. They launch ad pixel laptop and upgraded pixel phone. We have sundar pichai, right here in new york city. Charles they dont have a good track record with the hardware. Ashley do you know anyone that has a pixel phone . Susan i do. It was considered one of the best smartphone cameras before the iphone 11 came out with the new upgraded model. Games are a big deal. I love technicals. The Live Streaming games will start as well an november 19th. Charles i will buy one if it hasnt been used put in a shelf somewhere and sell it to the smithsonian or on ebay. Thanks a lot. A lot of excitement over the democratic debate happening tonight. I want to bring in joshua with the institute of world politics. Joshua, i want you to listen to Bernie Sanders, what he had to say about Elizabeth Warren and capitalism. Roll tape. Well, it is not a label. Elizabeth considers herself, if i got the quote correctly, to be a capitalist to her bones. I dont. The reason i am not i will not to rate for one second the kind of greed and corruption and income and wealth inequality and so much suffering that is going on in this country today which is unnecessary. Charles essentially, Bernie Sanders is saying capitalism is a fourletter word and deadly to americans. This is a thought that occurs to many people when theyre sort of in college or high school but to still have this thought when youre bernies age, you have to be a bit of a nincompoop. The problem is, yes, we have some corruption in our country, every country in the world has it. But there is infinitely more corruption in the socalled socialist countries. Bernie, plays a bait and switch what he means regarding socialism. He, over his career had warm embrace for the soviet union, nicaragua, cuba, but then when questioners turn on him, those are horrible dictatorships is that what you want. He says, no, no, im just talking about norway or im just talking about but of course norway is a capitalist country. It has a bigger welfare state than we have but basically got the same way of generating wealth which is through private business. Charles they made a lot of money off fossil fuels, something all the democrats seem to be against these days but what about Elizabeth Warren . I think he makes a pretty interesting point. She want to have it both ways. A quasisocialist in the primary, a capitalist in the general election. But she feels like she is putting together that something structurally would be socialism with a facade of capitalism. Could that sell . Could she sell that to American Voters . Well, charles, i dont know what might sell but i think, what she is offering, either if people get a close look at it, they will turn away from it. If we try it for a year, so people will really flee from it. We had that experience in europe where some of the social democratic parties that are moderate socialist parties came to power. This happened in england. It happened in france. It happened in the other European Countries where they said, all right, well do it peacefully, democratically, but step by step change our economy to socialism and in each case they started down that road and the economies screeched to a halt. My favorite then they had to reverse course. My favorite quote from those experiments happened in france in the 1980s after one year of trying to transform the economy under the socialist government of france, they did an aboutface and who was the head of the socialist party at that time said, we have to bring about a reconciliation between the left and the economy. Charles let me ask you, because, joshua, it is not just politicians. Consider this, sales force coceo, mark benioff he is calling for a new capitalism, where billionaires like himself pay higher taxes. There are billionaires joining in on this chorus, what do you make of that . For one thing there is nothing stopping them right now making voluntary donations of larger to the u. S. Government if they want to be put their money where their mouths are. Sure, we can have higher taxes. That doesnt get us into a different kind of economic system. Weve had high every taxes in the past and, we have an enormous deficit. You can make a good argument for cutting spending, raising taxes to close that deficit. But it just fancies it up. I guess people dont want to say, hey, ive got an idea, higher taxes. Then they try to dress it up, by saying socialism, new kind of capitalism, or whatever. Charles right. No one is talking about cutting spending. Joshua, great talking to you. Thank you very much. My pleasure, charles. Charles there is this. Smile direct went public in september. It is the worst performing unicorn stock of them all. Susan. Quite a distinction. Susan down 60 from the debut price. It went public at 23. The problems with smile direct, there are so many, it was down 12 because of a new law extended, teledentistry law in california in 2024. Pretty onerous, dentists need to disclose a lot of information, including license numbers, et cetera. Is this death of unicorn, privately valued loss making companies. Lyft is below ipo price. Uber is below water. What about airbnb want to go public in 2020. Wework couldnt do it. Charles i will do even deeper on my show, in depth why wall street should have never brought this public. They need to be called out specifically. Wait until i give you details on smile direct. Its a disaster, someone should pay for this or at least we should call them out. Unemployment at 50year low but thousands of wellpaid Skilled Labor jobs are still available. Guess what, young people dont need expensive College Degrees to apply for the these positions. One young man is calling on High Schoolers to considered trade school. Harleydavidson recalling electric bike blaming charging stations. What is harley getting into the electric bike business anyway . Well have that coming up next. Obvious. Sometimes, they just drop in. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. 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. So why isnt it all about you when it comes to your money . So. Whats on your mind . We are a 97yearold firm built for right now. Edward jones. Its time for investing to feel individual. Charles call it a rally. High of the session up 253 points. Feels like the trip is leaving the station. Then there is this, a new Deloitte Survey estimated 2. 5 million skilled positions will go unfilled over the next nine years. Our next guest at the university of cincinnati. He is studying construction management. That is his major. He will graduate debtfree. I want to bring in danny. Wonderful story and what youre trying, apparently, you graduate this year, right . Actually next year. Charles next year, okay. Your mission is to tell young folks, hey, come on in, the waters fine, pay is fine, it is a great way to go . Yeah, absolutely. When i chose to enroll at the university of cincinnati, its a very different type of learning program. Its a cooperative learning program. So essentially for five years, we go to school nonstop, fall spring summer, fall spring summer. However we alternate between traditional learning in the classroom, textbooks, sitting down in front of a professor where we learn about mechanical electrical systems, business law class, to the next seem messter, were out in the field working full time for construction companies, getting full time wages working. These companies are phenomenal getting all faces of the project. When theyre building a schedule for the project, were there right side by side which project manager. When thousands of dollars of changes come in the project, were there helping to review and approve them. Every project from the smallest of Office Buildings to the biggest of city centers have these complex budgets and our managers explain to us, hey, were moving thousands of dollars here. It will help us stay under budget. This is why. It is really an experience you cant get anywhere else. Charles getting an education. Youre getting handson experience. You get paid this sounds like a remarkable model and yet, it is not just deloitte but other surveys and other questioners out there suggesting that younger millenials still frown upon the industry, right . That they just, kind of want to be engineers, technology engineers. So how do you articulate to someone out there this is a great way to go, a great lifestyle with great pay . And there is really a stigma out there that construction workers, theyre not smart. They chose not to go to college but, here i am in my fourth year of college. I have four fulltime job offers before i graduate. Really when you compare me or any of my fellow bearcats or any program that does any substantial interning, toetotoe, versus any other degree in the nation, even from the most prestigious college, toetotoe, us versus them, employers will pick us 100 of the time. Even further, while were out in the field, were talking to Vice President s of these companies. Were working with the project managers. Were with the guys in the field daily. That paired with, fantastic student organizations like our abc student chapters, 42 colleges across the nation, were building these connections and industry that is quite literally built off connections, that opens up opportunities that no other degree, no other major anywhere can bring you. Charles danny, i want to say congratulations. This is phenomenal. I hadnt heard about this. I hope more people do. Thanks for coming on the show. Thanks for having me. Charles lebron james was silent on the nba controversy with china while he was there last week. He is back home. He is weighing in and he has got a lot to say. What does Brian Kilmeade say about it . That is next. From the couldnt be prouders to the wait did we just winners. Everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. Now you can share it between lines. Mix with unlimited, and switch it up at anytime so you only pay for what you need. Its a different kind of Wireless Network designed to save you money. Save up to 400 a year on your wireless bill. Plus get 250 back when you buy an eligible phone. Call, click, or visit a store today. Charles college the big board. The Dow Jones Industrial average starting to pick up steam, up 275 points right now. Also check pinterest. The stock down, as the ipo lockup expired. This means a whole lot of insiders can sell stock today. It is down in anticipation of that. Breaking news from the uk, reports say the ukeu negotiatetores actually close on a draft brexit deal. Ashley. Ashley we heard it before but that is the latest word. They need to get it done by the end of the day. There is summit at the en. Day. Boris johnson has to get permission from irish lawmakers so on. Maybe there is a light at the end of the tunnel, maybe the brits will get out of this by the end of the month which is the brexit deadline. Charles it will be amazing if Boris Johnson pulls that off. Wow. Brian kilmeade, host of the Brian Kilmeade show on the fox radio network. I want to get straight to it. Lebron james, called the Houston Rockets general manager misinformed in a tweet. Roll tape. We all talk about freedom of speech. We all have freedom of speech but at times there are ramifications. I believe he wasnt educated on the situation at hand and he spoke. And so many people could have been harmed, not only financially but fiscally, emotionally, spiritually. Charles your thoughts, brian. Getting huge blow back and he deserves to get huge blow backs. What does he need need to be educated on . What did the rockets gm needed to know about people in hong kong and desperate that beijing people live with every day . How Much Research do you have to find out how many muslims are imprisoned we characterize in concentration camps . If he wants to go back in history, what does he know about tianamen square, people literally steamrolled by tanks throughout the center of the city . He called the president a bum. He supported kaepernick which is his right. Demanded the ouster of Donald Sterling when he said stupid things. Offered history lessons on emmitt till during the nba finals. Why was it okay to make those statements, everyone should back off if they criticize him . Why is it okay not to put one tweet in support of next generation of hong kong citizens ho are concerned that Traffic Violation will land them in a gulag in beijing . Charles brian i think he is following the lead of joe tsai owner of brooklyn nets, saying americans in general dont understand chinas history. Why this is sovereign issue. China had been abused by the west and japan. They went from the richest country in the world to the poorest. And that they are, they have a right to do the things that theyre doing. It feels like lebron and the nba are going down this path . Yeah. I understand they have a history. Were not, because we had problems with the stamp act in britain, i dont really think china should go easy on us. I really dont think one has anything to do with the other. I would like the second statement from the League Commissioner who said we have freedom of speech, i will support the players when they want to speak out. Go ahead, lebron, speak out. The reason youre getting so much backlash which forced him to come back with a return tweet that said this, my team and this league went through a difficult week. People need to understand what a tweet or statement can be due to others. Nobody stopped and considered what would happen. Now in the big picture, charles, this is it. The tweet wasnt china is a bad country. The tweet was, support those in hong kong. We also know that there is rules and regulations with the acquisition of hong kong and that these people would be free and it is beginning to be taken away. Taiwan is watching. This could be cataclysmic. I look at this as a big picture. This is more your thing. This is business. When i look at tiffanys acquiesce, i look at marriott caving and apologize, apple do the same thing, all these movies rewrite their scripts because theyre scared of death to losing the almighty dollar. Can we take one less billion, sleep better at night to stand for something please, for once . Criticize somebody else except our own country . Charles i think some company had a phrase, stand for something if you lose everything. Nike from china . Charles the same nike that pulled all Houston Rockets uniforms and sports stuff from all the china stores, that same nike. Charles, drives me nuts. It drives you nuts too, youre not just about making money even though that is the name of your show. R also doing it the right way. You care about other people and human rights. I keep hearing this woke generation should have a quality of life and has sanctity, morals, ethics making money. It is not all about the 1980s and greed. Lets see rounded organized approach to making business. Lets say it is not okay to praise a communist dictatorship trying to put the world in a vise with their road program. Charles yeah, belt and road. Diplomacy and other things that they have, again have absorbed most of the world. Holding all the countries hostage. Charles squeeze one in with Mark Zuckerberg. He had to defend having private dinners with conservatives. Listen, he likes to talk with people across the spectrum, meet new people to learn about them. Sounds reasonable. Taken a lot of heat from that. This is a joke. If he was only meeting with Elizabeth Warren and cory booker i think there would be a problem. If he was only meeting with conservatives that would be a problem. This is called a Smart Business move. If he is legitimately listening. He meets with Tucker Carlson. He meets with others that have differing views. He wants to find out what is going on out there. He wants to make sure his platform is for everyone. That is a Good Business move for investors as well as future of his company. There is a problem with facebook and repressing some speech. If he doesnt tackle it directly he will go down in flames in a few years. He and Elizabeth Warren is profiting politically off going after jeff zucker berg, which will force him, more and more i imagine to push for somebody moderate right as opposed to radical left. Charles fake tweets and facebook ads became true and he did endorse trump . That would be funny. That would be hysterical. Trump put so much money into facebook . On some level he has got to. Charles brian, thank you, see you real soon. Well talk about the democrats that meet tonight in the debate. When we come back well discuss that. It will be huge and all about your money. Varney company will be right back. 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. Its how we care for our Cancer Patients like job. When he was diagnosed with cancer, his team at ctca created a Personalized Care plan to treat his cancer and side effects. So job could continue to work and stay strong for his family. This is how we inspire hope. This is how we heal. We love you, daddy. Good night. I love you guys. Cancer Treatment Centers of america. Appointments available now. Charles its 11 00 a. M. In new york, 8 00 a. M. In california. Im Charles Payne in for stuart varney. Folks, we have a rally right now. Dow jones industrial average at the highs of the session, up 323 points. Its all about this, get this, its all about fundamentals, strong profits, actually moving the market. The dow right now on pace to close at 27,000 for the first time in a month, being powered by United Health, jpmorgan and Johnson Johnson, all components, all posting really nice numbers at the start of trading today. The dow set to be up now for the fourth day in five. Its a big money day for you. We are all over it. I want to bring in david nicholas, president of nicholas wealth management. David, so we start with the banks this morning, for the most part they posted very solid numbers, but we also got some other things on Consumer Spending. I know you have been hot on retailers, you still like them . Yeah, i do. The story is really good for the u. S. Consumer right now. Weve got low unemployment, strong wage growth. I think weve got to look for going into this Fourth Quarter, you know, companies where americans are spending on a daily basis. Now, historically, october is a bad month for the market but theres one stock in particular that does really well, kroger. Over the last ten years, kroger has averaged over 5 in the month of october. I like a company like starbucks. I dont know if you are a big Pumpkin Spice latte type guy. Charles i learned theres no pumpkin in it. That really blew me away recently. My wife said its not real pumpkin which is disappointing but its cold out, you know, so i think naturally consumers are wanting coffee when its getting colder. I think starbucks is a company in the Fourth Quarter of the last ten years, averaged more than 10 . One of the best performing stocks in the sector. Yeah, i think really good for the consumer. I would look at retail and even look at the auto space, if we get some resolution with uaw. Charles okay. Wow. Thats interesting on the auto side. Because you know, people have been talking peak auto for five or six years now. I want to get back to this consumer issue. What i love about the consumer, david, is how since the Great Recession, how resourceful the consumer is and how they selfregulate. Most people would be surprised, our savings numbers, 8. 1 . It was 3 at the onset of the Great Recession and still, they are powering this economy. Some people think it cant go on, some experts say it just cant continue like this. Yeah, you know what, in a free market system, theres no fundamental reason why spending will retract. Spending retracts because people are fearful about the future but theres a lot of optimism. I agree with you, i think its actually the u. S. Consumer has been carrying the world, right. Its the u. S. Consumer from global purchases to global exports, really, the u. S. Consumer is strong. We are seeing some slowing in some areas of the economy, but i dont think we will see much of it in the Fourth Quarter. I think the Third Quarter is now behind us. I think that was kind of the low point for Economic Growth this year. I think going into the rest of the year, i think markets should perform well. If we get some of these resolutions done in namely trade and like i said, on the auto space, the point there is just that autos have underperformed the market all year. I think if we get resolution there, they should rally into the end of the year. Charles i want to ask you about smile direct, stock down 60 from the ipo. It is now the worst unicorn stock of the year. But of course, theyre not the only ipo that flopped since going public. What do you think is happening here . Yeah. Its really disappointing to see. Im surprised how bad it dropped. But you know, when you look underneath the surface here, smile direct club, they had over 1200 negative Business Bureau reviews so really, some of their sales practices are frankly horrible. I tell you, we just made a decision, me and my wife, deciding to get braces, we chose invisalign because we could sit down with a dentist, they could fit it. With smile direct, customers are fearful will this really work, they are sending it in the mail. I think sales practices, california just passed a bill limiting what can be done in dental practice in the state. I think they have some issues, profitability will be a problem for them. I think the market understands that. So i dont agree with analysts saying the stock will recover. I think theres trouble ahead. Charles heres my issue, though. What happened in california with mes1 so the company acknowledged that was probably going to happen, in fact, they said it could even happen on a nationwide level. Heres my problem with it, though. Im blaming wall street, the whole Silicon Valley unicorn hype. This company should not have gone public. Im going to really go into details and tell people why this is a huge, huge problem and wall street should face up to it, but im worried about people using products, they get these incredible private, you know, valuations over a course of years, they do 19 fundraising, go from 100 million to 40 billion valuations and then they tell us hey, you guys want a piece of the action, come on in. Everyones taking uber, people know what lyft is, we love pinterest, crowdstrike is phenomenal. I could go down the list. Theres something i think wall street is playing with fire, if they keep doing this, if they keep raising these companies privately, then trying to foist them on an unsuspecting public who obviously is getting hip to it. Thank you for saying what needs to be said. You know, whos making money is the investment banks. When the underwriters have just dumped this stock to their clients, they are going to have high price targets on the stock, 21 a share. I think its ridiculous. Thank you. I couldnt agree more. These companies are going public too quickly and its the investors, the individual investors, who go out and buy the stock when its all said and done who really get hurt. Charles thank you very much, appreciate it. Meantime, folks, salesforce ceo marc beniof is sounding off on billionaires. Its a little ironic deirdre he made his money, right, and to then say i have a little extra, you can tax me more. I will tell you first what he said, then we can talk about whether this is a good idea or not. Hes basically calling for a new type of capitalism where billionaires such at himself pay higher taxes, essentially he wrote an oped style piece in the New York Times saying higher taxes, im quoting him here, would help generate trillions of dollars needed to advance important causes, such as fighting for climate change. He says that corporations should also be focusing less on maximizing profits and more on how they impact society. So it sound a lot like what we heard from this recent meeting of the business roundtable, ceos together. One side note is that Warren Buffett obviously is a billionaire so is microsoft cofounder bill gates, and they have their billions but they have also taken the giving pledge. So i feel like in capitalism in theory, you make your money, then you do what you want with it. There are plenty of billionaires who have signed this giving pledge who are doing amazing work with it, bill gates and his wife, the foundation theyre running, so they really are giving back, but in their own way and on their own terms. Charles a lot of them are giving back after they pass away. Deirdre true as well. Charles once im gone, do what you want with the money. Meantime, tax everyone else. Well see. It is growing, this Conscious Capitalism is growing, no doubt about it. Hey, speaking of growing, lets get a check of apple. That stock has been on an absolute tear once again, its in record territory. It just keeps running and running. Apple giving a nice boost to roku today. The streaming guys starting today, in fact, you get apple tvs app on your roku device. Apples own streaming platform, apple tv plus, will also be available on roku. This is going to be released on november 1st. Netflix, well, down on that news. They are also reporting tomorrow afternoon, we will have more on netflix later in the hour. Also check out jpmorgan. They had a pretty fantastic Earnings Report earlier. Well, they just hit an alltime high with that stock. Then theres joe biden and his son hunter, who admitted in a new interview he used poor judgment in serving on the board of a Ukrainian Company but also says he did nothing wrong. This as he steps down from the board of a chinese firm. Weve got the full report on his business affiliations coming up. 12 democrat candidates will storm the stage for the latest debate in the key swing state of ohio. You have to wonder how far left these progressive policies are going to play in ohio. Will joe bidens opponents actually attack him and his son hunter on these allegations and his associations with Foreign Companies . Before the democrats take the stage, our next guest is going to be touting the trump economy. Kayleigh mcenany, trump 2020 National Press secretary, is coming up. Stay with us. The third hour of Varney Company just getting started. Driverless cars, or trips to mars. No commission. Delivery drones, or the latest phones. No commission. No matter what you trade, at fidelity youll pay no commission for online u. S. Equity trades. 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. 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Jeff flock joins us from a harley dealership in illinois. Jeff, so whats the deal . Reporter well, i know youre a big fan of electric cars so i can only imagine you are an even bigger fan of electric motorcycles. Yeah, what could go wrong . Harley davidson, the big gaspowered heavy engine, you know, motorcycles, makes an electric bike. What could go wrong . Well, apparently the charging unit. Its called the live wire. Thats the name of the motorcycle. Its got pretty good reviews. Its a goodlooking bike. Take a look. Weve got some pictures that give you an indication of what it looks like. But the charging unit apparently, according to the company, has had some problems. Tests revealed. They just started they had just started releasing them to the public. This is a bike thats made in the u. S. Charles harley has come under some fire for making bikes outside the u. S. This is made in york, pennsylvania, at the harley factory there. Sells for about 30,000. The range, some people have quibbled with. They say 146 miles of range on a full charge in the city, but if you take that out to the, you know, to travel, at 70 miles an hour, you only get about 70 miles of range. I dont know how much you weigh, but my guess is that if a man of your size gets on that motorcycle, that electric, the range might just come down a little bit. So this is something the company has been hoping is going to, you know, jumpstart or recharge their sales, if you will. At this point, though, not being sold, not being delivered. Well see where it goes. Charles i had a harley for three weeks, a 1200cc, candy apple red. It was phenomenal. Except i had never ridden a motorcycle before. I rode it once, i pondered it for three weeks, then sold it. But i wish the company well. Reporter i think you made an excellent you know, i got this here and that was just from being stupid. You can imagine what a motorcycle crash does to you. Charles thanks a lot, jeff. Well, 12 of the 2020 democrats vying for the white house will be taking the stage tonight in ohio but before they do, our next guest will be hosting a women for trump event discussing the economy. Want to bring in kayleigh mcenany, trump 2020 National Press secretary. Kayleigh, the economy is doing well but it seems like, you know, republicans in congress, you know, they are spending, the deficit is up and there are a whole lot of issues that even independents are concerned about. How do you push back against them all . Well, first, let me point out that this president put forward a 2020 fiscal year budget that included more cuts to mandatory and Discretionary Spending than any president in history so what congress does with that, is congresss prerogative. They do end up changing it and it does end up including more spending but the president has prioritized this and i would also note, though, that as these democrats take the stage, you will be lost to hear about the fact that Median Household Income is at the highest point ever. A steve moore wall street journal column, highest point ever under this president but you will still hear people like Elizabeth Warren saying the middle class is under attack. What a faux charge that is. Charles i do hear these old talking points that never go away and one of them is to claim that wages arent keeping up with inflation but in fact, they are, and in fact, its the lower twothirds of Household Incomes that are benefiting the most. Their wage growth has been phenomenal. Outside of hearing the president talk about it, its just not a message i hear often. Never. And in fact, you heard Bernie Sanders say oh, the economy may be good but what about wages, what about paychecks. As you point out, it was a Goldman Sachs study that found not only are paychecks going up at the fastest pace in ten years but twice as fast for low and middle income americans. The one good thing when we are talking about the economy as opposed to any other issue, people feel it in their lives. I do believe families across this country have more access to the American Dream, they are seeing thousands of dollars back in their paycheck. It cannot be hidden from them, no matter how hard Bernie Sanders, warren and joe biden try. Charles one thing that will probably be brought up, we had this manufacturing renaissance and its on something of a pause now, but you have publications taken to calling it a correction or crash. Its disingenuous reporting but its another thing i think you will hear a lot. How do you push back against that . You look and this president has created more than a half Million Manufacturing jobs, contrast that to the Previous Administration that lost a quarter of a Million Manufacturing jobs. Theres no doubt manufacturing has taken off under this president and ive got to believe with these new trade deals on the horizon, the usmca, phase one china deal, all the great deals we have seen, the south korean deal, japan, these deals are going to be a fire under manufacturing and i fully expect the trend to continue that we have seen over the past two and a half years. Charles kayleigh, always great seeing you. Thank you very much. Thank you, charles. Charles lets check up on facebook chief Mark Zuckerberg. Hes been meeting with several conservative figures in recent months. So whats this all about . Deirdre well, facebook does take heat from the right and from the left, and so it is often accused by the right of really not giving all of its ideas or commentators or posts equal credit, if you like, or equal exposure. So Mark Zuckerberg apparently has been hosting off the record dinners with influential conservatives, fox news host, our colleague Tucker Carlson for one, senator lindsey graham, so hes getting criticized as well now from the left saying but you are still running fake political ads. Elizabeth warren posted one yesterday, then facebook said thats not really our responsibility, we are hear more or less as the pipeline, not here to kind of edit political speech. But zuckerberg did respond to these reports late yesterday, saying i have dinners with lots of people across the spectrum on lots of different issues all the time, meeting new people and hearing from a wide range of viewpoints as part of learning. If you havent tried it, i suggest you do. I think if you go back to his role, hes founder and ceo. His job is to make his business grow. So it would seem to me that its very wise to have friends on both sides of the aisle. Thats his job. Hes a ceo. Their job is to get along, no matter whos in power. By the way, the best fang stock year to date if you dont count apple, some people do, some people do double a, some people dont. Facebook up 45 year to date. Charles thank you very much. Elaines townhouse from seinfeld could be yours. The Apartment Building you saw in the show is officially on the market. Up next, we will take you for a live look inside. You will get all of that and so much more. Well be right back. Everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. You can share 1, 3, or 10 gigs of data between lines, mix in lines of unlimited, and switch it up at any time. All with millions of secure wifi hotspots and the best lte everywhere else. Its a different kind of Wireless Network, designed to save you money. Switch and save up to 400 a year on your wireless bill. Plus, get 250 back when you buy an eligible phone. Thats simple. Easy. Awesome. Call, click, or visit a store today. Charles all you seinfeld fans out there, you might recognize this manhattan townhouse used as the exterior of elaines apartment in the show. Its up for sale. Cheryl casone will go inside, take a look at it and more importantly, we want to know how much. Cheryl oh, yeah. Well, they bought it back in 1995. The entire building, for 950,000. Now you can get it for a cool 8. 65 million. Little price appreciation. Let me show you around. We are kind of in the cellar. Only in new york would you see this. There is the street. We are kind of just below street level. This is level one of five levels. This is normally a house anywhere in america would be where you would hang out, notice the fireplace, original italian marble. A lot of the pieces of this home, again, five levels, are actually 180 years old. This house was built, the entire thing, 1839. Its got six bedrooms, four baths, eight fireplaces. Here we are in the kitchen. I want to show you Something Else because i dont know if you like to cook, maybe you do, but this is one probably the biggest fireplace i have ever seen my entire life as i have been doing these segments. I could literally fit into this fireplace. This is where they have normal family dinners. Also, what you would get besides the five levels is the cellar beneath, a nice wine cellar, then this is big in new york city. Just to let you all know, outdoor space. This is huge. Most people in manhattan dont get this. This is the garden. This comes with it. This is actually really beautiful out here because this is where you can hang out and have some space and everything else. I want to show you because look, you are tightly next to all of your neighbors, charles, but you get the outdoor fountain. Again, if youve got 8. 65 million, i got to tell you, theres a couple of interested buyers in this place. A realtor just came in a few moments ago and tell me they have two hot buyers. If you are interested, you might need to act fast. Elaines place can be charles place. Charles i got to ponder that. 8. 5 is what im having a hard time getting over. The place is wonderful but golly. Tell you what, though cheryl lot of cash. Charles thats a nice garden. Thank you so much. Appreciate it. By the way, Jennifer Aniston just joined instagram about two hours ago. Why do we care . First of all, she already has a ton of followers. Secondly, well, we say this is all about content, right, the battle between netflix and apple. We are going to go in detail and explain that. Disney has dropped a massive threehour trailer featuring almost all the content of its upcoming disney plus. Thats going to launch next month. We are talking hundreds of titles will be available. We got the highlights coming up as well. Right now, the Dow Jones Industrial average up 250. We were up a little more. More after this. Is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things that move us forward. Every day, invesco combines ideas with technology, data with inspiration, investors with solutions. Because the possibilities of life and investing are greater when we come together. Charles halfway through, lets get a quick check of the big board. The dow up 277 points. Very very strong session. Want to stay on your money because its earnings season, officially kicking off today. The big banks, a lot of them posted results. Most of them were solid. Want to bring in david lefkowwitz. Looks like the consumer is still the biggest driver of this economy and its driving these stocks today. Yeahe, thats right, charles. The biggest takeaway from Bank Earnings so far is that Consumer Spending remains Pretty Healthy and thats really important, because what we have seen is that on the business side of the economy, theres definitely been some weakening in terms of Business Revenues and Business Sentiment but the consumer still remains healthy. Youve got a good job market, wages are rising, unemployment is near 50year lows. So you are seeing that come through in the banks so far today. Charles of course, the Consumer Spending, twothirds of the economy. I find it intriguing, you know, when these business organizations say were nervous, confidence is down, we may not invest, because last week, when Thor Industries reported, the big maker of rvs, they said dealer inventories were at a twoyear low. Imagine someone comes to buy a 100,000rv and you dont have one or you are a business and you decide to hold back on development of a product, when consumers are out there ready to spend that cash. Its a dilemma, i think, for them. Yeah, i think so on the consumer side, things are good but look, there are things that have changed over the last year thats affecting the business side. Clearly the tariffs are having some negative impact and thats hurting businesses that are more exposed to global economies and economies outside the u. S. But we have also seen oil prices are down, thats depressing drilling activity. The dollar is up, thats depressing exports a little bit. So there definitely are charles some other things. Im shocked at how many rigs we have taken offline. Thats perhaps a different discussion for a different time but thats one of the red flags. No one has been able to explain that to me. The strong dollar, though, since you are talking international businesses, levis reported a great number on friday, and their main worry or main gripe was the strong dollar which takes us back to the fed. President trump has been complaining about that. Where should fed policy be right now vis a vis this economy . I think the fed is doing the right thing in terms of providing the economy with some more accommodation. We think the fed will continue to cut rates further. But with inflation relatively tame, the fed charles is it too tame . Are we talking disinflation . Listen, we know, heres the thing. The new york fed president brought this up. You have a few arrows in your quiver but do you use them now to prevent a deflationary scenario because once it happens, those few quivers, those few arrows wont matter anyway. I think his argument is gaining some sway at the fed but theres a big debate within the fed at this point about do they need to provide further accommodation. We saw a couple dissents about actually cutting rates at the last two meetings. So theres a very active debate within the fed itself about what it should be doing. That being said, i do think they will do at least one more cut and potentially more. Charles before i let you go, this rally, you think it maintains into 2020 . We think, look, big picture, markets have been kind of rangebound. We have been sort of stuck in this sort of range since march or so. Charles we are about a percent from an alltime high. We are at the top end of the range. The top end. Charles if we break out, could we see, you know i think in order to get a real breakout we will need to see, look, it comes down to valuation and earnings. Right . On valuation measures, we think the market is kind of fairly valued. Earnings are going to, because of some headwinds on the business side, will be kind of sluggish. Until we see earnings start to reaccelerate which will probably happen in 2020, i think the market will continue to be in this range. Charles thank you very much. You covered a lot of ground. I appreciate it. Hey, weve got a couple of big streaming stories for you today, first, amc, the theater guys, they have just released a new streaming platform for their premium stubs members. You get access to over 2,000 digital films. You can rent or buy them. Its not a monthly thing like these other big streamers. That has the stock making an impressive move today. Of course, Disney Streaming service, disney plus, just posted a massive twitter thread with pretty much all of whats going to be on there. Deirdre, what are the highlights . Deirdre disney has a dedicated disney plus twitter feed. With all these highlights, it needs its own account. So if you want to know as far as the spoiler for how many products will be launched on november 12th, 629 tv shows or movies, that is still not all of disneys inventory. Its a really long list. Thats why the socalled trailer was very very long. It goes back to like the 1930s, snow white and the seven dwarfs, all the way up almost through the modern era. Some of the newest things, newest marvel studio movies not quite on there yet. This is to make everybody aware disney plus launching november 12th, sdi 6. 99 a month, which m people have talked about. Pricing very competitively for a reason. If you look at netflixs stock ahead of its earnings, tomorrow, that is down. It hears the competition coming. Charles i think we saw a young kurt russell, i think like 10 years old. We will check into that. We check everything for you, folks. Speaking of netflix, they are reporting earnings tomorrow after the bell. I want to bring in tech watcher tommy stadlin. Cofounder of swing technologies. Everybody says its all about subscriber growth. What are we expecting . As you just spoke about, looking at a really tough time for netflix. Competition are coming, apple, amazon, disney, warner, and what these competitors are able to do is throw money at the problem. So they can offer the same service for a lower price than netflix can. They can outbid netflix for content. And they can pull their own content away from netflix. So its no surprise that netflix has been the, you know, least performing of the fang stocks this year. Its no surprise subscriber growth has continued to be rather disappointing. They are up against it in a very significant way against deep pocketed investors. Charles last week and so far this week, i think at least six wall street firms have lowered their share price target but many of them still reiterating a buy on this. We know netflix has been counted out a lot over the past several years, somehow Reed Hastings finds a way. Is there a chance that there could be more than one winner in these streaming wars . I think thats right. I dont think its winner takes all. Thats why theres some hope for netflix. You also have got to remember with netflix, they have built a brilliant brand with first mover advantage. What theyve got going for them is that their use of price is elastic. They raise prices quite significantly and users dont necessarily go away. So thats in favor for them. They also face less competition internationally. U. S. Has just become so competitive for them. But they can grow in europe and asia with less competition and try and drive growth that way. Thats why i think you will see people still be, you know, not completely bearish on netflix. Charles thank you very much. Appreciate it. Next case, another high profile addition to instagram. Jennifer aniston joined about an hour ago. Already up to 200,000 followers. What was her first post . Deirdre her first post is my friends call me jen. Now, she does have a long way to go, we have to say, for the first two hours shes doing remarkably well. But to put it in context with some of the world soccer stars and other entertainers, lets just say shes got to be up around 180 million to beat the likes of ronaldo. Charles is he the top . Deirdre hes the top guy. 180 million. Ariana grande, some kardashians mixed in there, then back on the soccer theme, lieonel messi. Charles you can get an Instagram College degree. A threeyear program. Anyone can be Jennifer Aniston or ronaldo. Hes the spokesperson for it. Cant wait to tell people bit. Next case, footage from a new chapter of the wildly popular fortnite has surfaced after the game was sucked into a mysterious black hole. Barring gamers from playing. You have the details . Ashley right now there are millions of teenagers staring at a blank screen right now saying what the heck happened. It was a mysterious black hole. The end of a season for fortnite. Now youre looking at video of a sneak trailer. Theyve got pogo sticks which is kind of interesting. Titled chapter 2, season 1, it will be out, we dont know. They havent said when they will release it. But its going to have a new map, all sorts of fun additions. Deirdre cant wait. This is a monster game. The fact that its black right now is a big deal for fortnite players. The fact they have already leased a traillease releasing a trailer tells you its going to be huge. Charles hey, lets check on walmart. They are rolling out directtofridge delivery service, meaning a courier will go inside your house, put the groceries away right inside your fridge. Its only in three cities so far, kansas city, pittsburgh, vero beach, florida. It costs 50 bucks up front for a smart lock on your door. After that, 20 every single month. Also, Johnson Johnson, real Solid Earnings from them this morning. Their legal troubles are mounting. They are facing more than 100,000 lawsuits over their products. We are talking baby powder to opioids. Its looking like they are losing a good number of them in court, although they have won some that never get public stichpublicity. Joe bidens son hunter admitting he used poor judgment on serving on the board of a Ukrainian Company but says he did nothing wrong. This as hes now stepping down from the board of a chinabacked firm. Up next, we have the full report on Hunter Bidens business affiliations. 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. 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 charles we are taking Varney Company on the road. Thats right. Weve got news on porsches new electric car. They are taking a page from teslas playbook, offering a cheaper version of their 150,000 flagship model. Theres only 100,000 its 100,000, 429 horsepower, goes from zero to 60 in less than four seconds. Compare that to the top of the line tesla, its double the price but it will get you to 60 in 1. 9 seconds. Got some competition there for tesla. Want to check on boeing. The grounding of the 737 max jet might cause yet another headache for Holiday Travelers. Ashley the reason is, of course, this grounding has gone on forever, could very well go into the new year. As the Holiday Travel traffic picks up, planes, those planes, grounded planes, are not available so airlines such as southwest and american that have quite a few of these 737s are having to find other planes to replace them. Because of that, those planes, the hubs for american airlines, for instance, is going to be more expensive to get a ticket. They are already strained and are trying to find replacements because people that were booked on those flights, having to be rebooked on others. Its get ready for a little more expense. Charles everyone is pushing out to next year. Hey, lets talk about joe bidens son, hunter. Patient zero for president s impeachment inquiry. We have a list of his known business affiliations, both past and present. You will break them down . Deirdre we will start with the current. Bhr shanghai, an Equity Investment Fund Management company. I do want to note hunter biden will step down by october 31st. We have to assume it is because of this public pressure. Then he is currently affiliated with the Beau Biden Foundation for the protection of children. Its a really long list, but heres his comment, heres what he told abc when he defended the ethics, if you like, of his foreign ventures and of course, the larger context here is the dealings in ukraine. He still maintains he didnt make a mistake. Heres his comment to abc. Did i make a mistake, well, maybe in the grand scheme of things, yeah, but did i make a mistake based upon some ethical lapse, absolutely not. Charles i want to bring in charles hurt, Washington Times opinion editor. Hunter saying he made some mistakes, didnt necessarily say what those were, but he did not commit any criminal acts. Its an appearance of impropriety. The sense of entitlement that exuded from that interview where he acknowledged when she asked him do you think you would have gotten this job if your last name wasnt biden and he said oh, well, yeah, of course, you know, who knows what jobs i would have gotten if my name hadnt been biden, its really astonishing. I think its why a lot of people are really sick and tired of washington. Of course, another he points to his service on the amtrak board as being as evidence of why he belonged on, say, other boards, my goodness, talk about a position he wouldnt have had if his last name hadnt been biden. Charles charles . Did we lose you . No. Im here. I hear you. Charles let me ask you this, then. Tonight at the debate, how hard do you think joe bidens democratic rivals will go at him or even the moderators with respect to this, because it is obviously important and its part of the Decision Making process for potential voters. Sure. You know, i think its kind of interesting, the strategy of his opponents has been basically to sort of softshoe all of this stuff and not go at him as hard as you would think they would want to go after the frontrunner who is still the frontrunner despite all of this. So its sort of hard to say. Honestly, i dont think i mean, it is a stunning double standard here. Donald trump has made this point, his sons have made this point, if there was this kind of appearance let alone actual conflict of interest and i think there was an actual conflict of interest here, between donald trump and one of his sons, the media hysteria would be off the charts so the degree to which so many people in the News Business are just sitting there going oh, just move ahead, nothing to see here, move along, this has been investigated, hes been exonerated, its just i feel like im in alice in wonderland. I cant fathom how people are saying theres nothing to look at here. Clearly there are important questions and youre right, it ought to be hashed out in the democratic debate. If i were a democrat, i would want to have it hashed out in a democratic debate as opposed to, you know, a general election. Charles absolutely. Thats part of the vetting process. Charles, thank you very much. Thank you, charles. Charles check on uber. Their ceo sent a letter to employees yesterday announcing yet another round of layoffs. This time its 350 people from all over the company, including uber eats. They have been sacked. Uber is looking to streamline productivity. They are trimming jobs. Now take a look at General Motors because their chief executive mary barra met with Union Leaders earlier this morning. Its unclear what exactly was on the table or is on the table, but they have got another meeting scheduled for thursday morning. This could mean that a deal is on the horizon. You can bet we will be covering it for you. Stock up about 2 here. Then tens of thousands of trump protesters waving u. S. Flags. They are calling on lawmakers to pass legislation that supports hong kong as an independent territory. This as lebron james calling out the general manager of the Houston Rockets for creating a firestorm while nba players were in china. The king says freedom of speech has ramifications. We are all over that, next. I get it all the time. Have you lost weight . Of course i have ever since i started renting from national. Because national lets me lose the wait at the counter. And choose any car in the aisle. And i dont wait when i return, thanks to drop go. At national, i can lose the wait. And keep it off. Looking good, patrick. I know. vo go national. Go like a pro. Charles checking the big board, dow up 270 points, off the highs of the session but very impressive start to the day. Look at some of these big winners that are moving this market. Johnson johnson, jpmorgan, Goldman Sachs, they actually missed their numbers but all of them reported this morning. Then theres netflix, they report tomorrow after the bell. Roku is down roku is down no, roku is up, rather, okay, but netflix is down because of the roku news on apple tv. Nevertheless, all these stocks are doing pretty well. I want to get back to this nba china controversy because lebron james now weighing in. Lets roll that tape. We also want this freedom of speech. Yes, we all do have freedom of speech but at times there are ramifications. I believe he wasnt educated on the situation at hand and he spoke, and so many people could have been harmed, not only financially but physically, emotionally, spiritually. Charles news flash, theres always ramifications. When you call the president a bum, theres ramifications. When you suggest his voters are dumb, theres ramifications. Deirdre the nba makes a lot of money in china. I think thats the point from which we go. Its that 1. 5 billion deal that the nba has with streaming rights with tencent and i know the nba signed, i dont know, two or three years ago, Something Like a 23 billion or 24 billion deal. Charles 24 billion market for them right now. Ashley he just contradicted himself. We have freedom of speech but we dont have freedom of speech when it involves china. You should be able to say what you want. Then this argument that we talked about in the commercial break. Well, china has had a hard history and we have to be cognizant of that. Rubbish. Absolute rubbish. They mistreat people. They have a history of it. They should be held accountable. By the way, maybe if you are in another persons country you respect their rules. I get that. But when you are in your own country and have an opinion, especially in the United States of america, you are allowed to state it. Charles i mean, the thing that has you have to stand for something even if you lose everything. This contradicts that. Ashley money, money, money. Deirdre the thing lebron james said as well is essentially what darryl morey said, right, when he posted, he retweeted or rather, deleted the first tweet, where he said i stand with hong kong more or less, and then when he deleted that, he said okay, im sorry, i wasnt educated enough about the situation because im sure the owner of the team, the rockets, basically told him you got to clean this up. Charles the owner of the rockets does a lot of business around the world. Want to stay on china, though. Over in hong kong we are seeing the u. S. Flag, we are hearing the national anthem. They want our congress to act on their behalf. How far should we go with this . Ashley i dont know what congress can do. This is an agreement between china and the united kingdom, you know, when the ruling of hong kong was passed over. Its supposed to take 50 years. The problem is beijing is kroeveni i encroaching more and more. What can the u. S. Do . They can certainly write something or make a statement but i dont think that will have any impact. Deirdre i think one thing that came out of the u. S. Trade talks with china on friday is that china essentially said any Financial Services company that wants to open on Mainland China doesnt have to be forced into joint ventures, which i actually took to mean okay, they are willing to deemphasize hong kongs place in the Global Business community and try to encourage more business on charles they always wanted shanghai to replace hong kong. Thank you very much. More varney after this. With time, comes change thats for sure. And when those changes might help more people, especially those in retirement, i think its worth talking about so, aag is introducing a new jumbo reverse Mortgage Loan so you can now access as much as 4 Million Dollars in cash,. Can give you more taxfree cash than ever before find out more in your free aag jumbo guide. 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If youre looking for extra cash now, accessing your homes equity could be the right Financial Solution for you. The new aag advantage jumbo is changing the way people use reverse mortgages, and another way aag is working to make your retirement. Better. Call charles happy birthday to you. Happy birthday to ya. Happy birthday to ya ashley go, baby go. Youre a man of many talent. Charles on twitter they thought it was my birthday. Were celebrating today, the 12th birthday of anniversary of fox business. We want to say thanks. Hang on. Im not going to get gypped because i wasnt in the first hour. Charles you have to help me out. Trying to work up getting neil in here. Get a little harmony going. Charles 12 years went by very fast. I remember the first day very well. I havent aged a day. You havent. Charles pass it on to the man with the real silky golden voice, neil cavuto. Neil took obligation away from me. I will not sing happy birthday. Happy birthday to all of us. Charles, thank you very much. You made it a fun ride. Everybody has. Very strong start for earnings out there, dow up over 27,000. From the record high reached in july. A lot of optimism on earnings were seeing. Reassessment. Brexit deal. You know the drill. Depends on the day. For today it has a lot more buyers than sellers. That is probably an understatement. Lauren simonetti to break it all down. Put a party hat today, neil. Put a monster ral