Transcripts For FBC Varney Company 20240713

A new special relationship, boris and trump, perfect together, maybe. Well see. Investors like it. Stock prices jumped when the brexit news came through. We backed off a little since, but the dow is still going to open up about 70 points, up 9 for the s p and up, what, 34 for the nasdaq. The market clearly ignoring the really toxic politics so clearly on display in washington, d. C. Ive got two stocks to focus on today. New tech netflix, old tech, ibm. They are going in opposite directions. Start with netflix. We were told they had to sign up seven million new subscribers. Well, they didnt. They missed. Yet the stock is going straight up. My point here is, beware the expectations game. Ibm, going straight down. Their turnaround is not going well. We will ask if this is the time for new leadership. On the calendar this morning, President Trump leaves d. C. , heads for texas. Hes leaving the place where nothing gets done and where impeachment is an obsession, and hes going to a place where people actually get something done. We expect him to have something to say as he leaves the white house. Hes got a lot to go at. You will see it all. Varney company is about to begin. Stuart stock of the day, lets start there. Look at it go. Netflix, we are talking about. Yes, they reported big profit. The stock is going straight up, 23 higher premarket, 309. Netflix analyst tom forte is with us. Tom, youre not on board with this netflix rally. I know youre not. Whats wrong . Basically the stocks going to have a good day today because as you pointed out, expectations were very low for the september quarter, following their surprise disappointment for the june quarter. The big challenge for netflix, though, as we wrote in our white paper, is today only three of the Large Technology and Media Companies have their subscription video on demand offering available to consumers. Netflix and amazon and hulu. Well, three is about to become five, with apple and disney plus launching next month, and then sooner or later, you will have hbo and nbc universal. So in a much more crowded for subscription video on demand services, this is going to be problematic for netflix. Additionally, you are seeing huge arms race for content. Netflix acknowledged in their call last night that popular shows are 30 more expensive than a year ago. They will have to warmly embrace advertising to pay for content in the future because of this arms race. Stuart all right, you are throwing a little cold water on the stock but it is still the stock of the day, and premarket its up over 20 bucks. Thanks for joining us. We appreciate it. Thanks very much. Big news out of europe. The british as in the uk, and europeans as in the European Union, they have agreed to a brexit deal. Its a Draft Agreement. Got that. Nigel farage is the leader of the brexit party and he joins us now. Nigel, why are you saying parliament should reject this deal . Why . Its not a new deal, stuart. Its mrs. May brought this new eu treaty, no deal, but a treaty, back to us a year ago. Our Parliament Quite rightly rejected it three times. What boris has now done is to amend it, get some changes, to put lipstick on the pig. Some things are better about it, some things are worse about it. And yes, i would love us to be free, to have an allencompassing trade deal with the usa, something the Trump Administration are very very keen on. Let me promise you if what boris is negotiating today goes through, it will be at least 2022 or 2023 before theres any trade deal with the usa. We will be trapped forever under this agreement with environmental laws, with employment laws, even taxation is mentioned here. So its brexit in name only. Stuart okay. If the deal is presented to parliament as it will be soon, and it is rejected by parliament, then what happens . Then we extend again. We extended already, as you know. We were supposed to leave on march 29th. We were supposed to leave on halloween. We would extend again. But i would rather extend than go for a bad new treaty that means we will never be free. And into that extension, we might just get a general election, where the british public, talkiwill tell the poli class what they really think about them. Stuart thanks for joining us on a very important day. Always appreciate it. See you again soon. All right. Lot of news this morning. Lets get to the market, right at it. Heres Gary Kaltbaum joining us today. A draft Brexit Agreement, some pretty good profit reports. Looks to me like the market wants to go up. What do you say . It will be up on the open. Keep in mind we have like 3,000 Companies Reporting in the next few weeks and thats going to tell the tale. If we get a bunch of ibms bad and a bunch of netflixes, good. Its now wait and see mode. I think earnings are okay, nothing special, but i think one thing stands out for me and i wrote about it this week, is we have our central bank doing more quantitative easing, and if you go back the last ten plus years, every time thats happened, markets have liked it. So we are on breakout watch for the big four indices. Our biggest problem is half the market is not participating in any rally, so its going to be narrow. Youve just got to stay with whats working, and working very strong. Stuart before we leave you, you are talking about a breakout situation, where you just might get a pop to new highs. Thats a distinct possibility to Gary Kaltbaum. For the dow, s p, nasdaq and nasdaq 100, yes. Everything else, no. Small cap stocks, midcaps, no chance. Transports, no chance. Foreign markets are also underperforming bigtime. Just the big four. Stuart can i make this point real fast. This is a market thats going up this morning despite it all, and im referring to the toxic politics that were revealed in full yesterday. The market doesnt care about that, does it . No. Because when everybody gets to work today, they look at earnings and Interest Rates and this has been going on awhile. I think its the worst its been in the last three years, but i hardly Pay Attention when it comes to i Pay Attention, but when it comes to markets, i look at everything else. Stuart got it. Gary kaltbaum, thank you very much, sir. Busy day. We appreciate you being here, as always. Let me get back to individual stocks. Im going to start with ibm. That is going to be a drag on the dow at the opening bell. Five straight quarters of falling revenue for ibm. Now, susan, this is raising questions about the leadership. Susan shes been there for seven years since 2012, besides one, maybe two quarters, sales have been falling each and every time they report earnings. Falling sales once again, fifth in a row. We also had earnings per share which is what they like to count on an adjusted basis for profit, actually coming in better than expected. Shes trying to transition a 100yearold company into this new i. T. Landscape. It bought red hat for 34 billion. This is the first quarter, by the way, after that acquisition so they can only count for half of the revenue. Still, ibm is struggling, trying to get into the hybrid cloud. They are number five when it comes to Cloud Computing behind amazon and microsoft. Believe it or not, they actually got into the cloud first but didnt develop it fast enough, like the rest of the players, and this stock accounting for 60 points off of the dow this morning. Stuart just reminds me of some of the great old names that have failed to make a serious susan general electric. Stuart thank you. Thats exactly what i was thinking of. Ge susan u. S. Steel, some may argue as well. Big blue. Stuart eastman kodak. Thank you, producer. Susan that went under. Stuart totally so. Lets move on. We have some rather sad news to report for you this morning. Congressman Elijah Cummings has died and President Trump tweeting just a few moments ago. Here it is. My warmest condolences to the family and many friends of congressman Elijah Cummings. I got to see firsthand the strength, passion and wisdom of this highly respected political leader. His work and voice on so many fronts will be very hard, if not impossible, to replace. Chad pergram on capitol hill, our producer there, chad, what does his passing mean for the impeachment inquiries on the president . Reporter there were three committees looking into impeachment, the house intelligence committee, the Foreign Affairs committee and the oversight committee. Cummings was the chair of that panel. Every subpoena, every request for documents, every request for a witness, we have had the chairs of those three committees sending that out. Elliott engel from Foreign Affairs, adam schiff from intelligence and of course, Elijah Cummings. They have been having these closed door interviews with a lot of witnesses over the past couple of weeks here. Congress has been out of session until tuesday. And we had seen schiff most days. We had seen Elliott Engel a little bit. We had not seen Elijah Cummings. His district is just about an hour north of here in inner city baltimore, from washington, d. C. So it wasnt that rare that we wouldnt see him here but his name was on each of the documents. Now the question is, who might step in for Elijah Cummings. I would look at Caroline Maloney from new york and maybe Jared Connelly from virginia. Stuart will it slow the impeachment investigation down . Reporter so far this is in adam schiffs wheelhouse and steny hoyer said he thinks they could have this wrapped up by the end of the year. Stuart chad pergram, thank you. See you soon. Back to your money. The market is going to open higher. Not a huge rally but we are going to go up, 70 points up for the dow, maybe 30, 31 for the nasdaq. President trumps going to head to texas later. Hes going to celebrate the opening of a new factory and hes going to hold a big rally tonight. He will be leaving the white house roughly an hour from now. We will watch to see if he speaks to reporters. Joe bidens campaign hemorrhaging money. Would you believe hes spending a fortune on private jets . He was the democrat frontrunner but there are serious questions about whether he can make it to the finish line. Varney company just getting started. [phone ringing] how are we doing . Fabulous. I wonder how the firms doing without its fearless leader. You sure you want to leave that all behind . Yeah. Stay restless, with the icon that does the same. The new rx crafted by lexus. Lease the 2020 rx 350 all wheel drive for 439 month for 36 months. Experience amazing at your lexus dealer. I wanted more thats why ive got the power of 1 2 3 medicines with trelegy. The only fdaapproved 3in1 copd treatment. Trelegy. The power of 123. Trelegy 123 trelegy. With trelegy and the power of 1 2 3, im breathing better. Trelegy works 3 ways to open airways, keep them open and reduce inflammation for 24 hours of better breathing. Trelegy wont replace a rescue inhaler for sudden breathing problems. Trelegy is not for asthma. Tell your doctor if you have a heart condition or high Blood Pressure before taking it. Do not take trelegy more than prescribed. Trelegy may increase your risk of thrush, pneumonia, and osteoporosis. Call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. Think your copd medicine is doing enough . Maybe you should think again. Ask your doctor about oncedaily trelegy and the power of 1 2 3. Trelegy 123 save at trelegy. Com stuart all right. Higher profits, better revenues coming in to morgan stanley. By the way, the bank says it made a lot of money at its trading desk. That goes down well. The stock is up, what, 3. 6 . Nice gain. Look at the stock price of phillip morris. It gained market share against other Tobacco Companies and says its ecig business is doing well for them. The stock is up 2 . Lets get to chicago. Parents are scrambling there for child care because theres a teachers strike. Lauren 400,000 students. Where do they go today . Because the teachers union, 25,000 strong, not teaching. The schools are open. If you need theres no buses but if you can get your child to the school, there will be someone there, maybe a principal, they are nonunion, to watch over things. A lot of parents dont feel comfortable about that. They are scrambling to find where to bring their kids today so they can go to work. Why are the teachers on strike . This is the first strike since 2012. They do want higher pay but its more than that. They want more nurses, more psychologists, more staff in the schools and they want smaller class sizes. Some of these classes are over 40 kids. Stuart wheres the money going to come from . They havent got it. Chicagos in dire financial straits. Lauren i know. Well see how long this goneone goes. This is a mess. Stuart you feel for the parents. What do you do about child care now. What do you do. What a story. We have negative headlines on the biden campaign. The daily beast says the campaign is bleeding cash, spending big on private jets. Thats the report. Wall street journal columnist Dan Henninger says biden isnt going to make it to the finish line for the 2020 race. All right. Joining us now is herman cain. What have you got to say about joe biden making it to the finish line, bleeding cash . Its too early to call. I remember when the late john mccain was running for president , and they had counted him out. The advantage joe has is that a lot of the other democrat president ial wannabes dont have, he has a lot of the old guard democrats who owe him favors. By the time we get to the time to select a delegate, select a candidate, you dont know how many of those favors hes going to call in. I simply say its too early to tell. Now, it is expensive running a president ial campaign and i cant tell whether the cost hes spending on jets is too much or too little but you have to have that in order to get in front of the people that you need to, but its just too early to tell. Stuart good one. Next one, south park mocking lebron james over his comments about china. Roll tape, please. We have a right to free speech. Yes, we do have freedom of speech but at times there are ramifications for the negative that can happen when youre not thinking about that and youre only thinking about yourself. Whats going on, kids . We dont want another incident here, okay . They try to take peoples lump, they dont realize it harms people financially, emotionally and spiritually. Stuart south park taking him on, for sure. It was kind of funny. You have a lot of american athletes quite willing to slam President Trump and not go to the white house and really badmouth him, but those same american athletes are unwilling to criticize at all a communist dictator in china. What do you make of that . Well, first of all, its hypocrisy and i would say those athletes who have written President Trump off are not informed of the results. They are acting on perception. Secondly, if lebron james last name was not james, we wouldnt be having all of this uproar. China wouldnt be reacting the way it is. Its a very delicate situation now between hong kong and Mainland China, and athletes quite frankly should stay in their lane. I stay in my lane. My lane is politics, economics, business, prosperity, markets and things of that nature. So if his last name were not james, we wouldnt be having south park mocking him and you wouldnt have his name in the news every day. I cant speak to how china is responding to it, but they have a history of not liking that kind of criticism. Free speech is something that we have here in this country, but you cant say that about other countries. Stuart by the way, you just laid out a sixlane superhighway right there. Thats what youve got going for you. All right, herman, thank you very much, sir. Love that smile. See you again soon. Back to the market. 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This requires companies with over 20 million in sales, you have to pay over, close to 300 per employee that you have. Amazon has 45,000 so you do the math. That would have cut into their revenue so yes, thats why they are pouring all this money into the city council race. Stuart they want to avoid Something Like aoc in new york city. Susan right. And long island city, once again. Kicking out those 25,000 highpaying amazon hq2 jobs. Yeah. That would probably be better for seattle, too. Stuart they want to avoid that in super far left seattle. Check futures, please. We will go up at the opening bell. Not a huge rally but going up, 60 on the dow, 30 on the nasdaq. Back after this. Imagine traveling hasslefree with your golf clubs. Now you can, with shipsticks. Com no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. Sending your own clubs ahead with shipsticks. Com makes it fast easy to get to your golf destination. 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Stuart we thought we would put that together for you, because market watcher michelle mckinnon, the lady you just saw there, has been a frequent guest on this program and she is always, without exception, you said no matter what the state of the market, you have said dont sell, hang in there, its going up. I will give you kudos because you have been right. Thank you. Fun video to watch. Stuart you werent expecting that. No, i was not. Thank you. Stuart you have been with us on the show frequently for a couple years, is it . At least a couple years. Stuart i dont think i ever heard you say sell it, stu. Sell it. You never have. No. Stuart thank you. A lot of people have said sell that microsoft, stuart, because i like your microsoft stock. I certainly wouldnt tell you to sell that. Stuart okay. All right. Look, theres futures. Stay with us, please. We want you for the opening bell. I know exactly what you are going to say. Look, here we go. I see some nice green arrows. This is the futures market. This is telling us how we are likely to open literally in 20 seconds time. Weve got some pretty solid profit reports to report for you, please. And weve got this draft Brexit Agreement which gave a nice boost to stocks early in the day. How that works out, we dont know, but it gave a boost earlier. As you can see, they are clapping and cheering on the big board and the nasdaq. That means we are about to open trading this thursday morning. Were off and going. Its 9 30. Lets have an early look, an early check. I see a nice bit of green there, lefthand side. Right from the getgo we are up, what, about a quarter percent, 50, 60 points up for the dow industrials. I can see right there, 27 of the dow 30, no, make that cant do the math. Most of them are green. Can i sththat . Most of them are green. Up 70 points for the dow industrials. Two stocks we will pay very close attention to this morning, number one, netflix. Right out of the gate, its up 19 bucks at 305. Look at ibm. This is old tech playing off against new tech, netflix. Old tech ibm is down 4 . Thats a big drop right there. Morgan stanley, i think theyre up nicely today. Weve got a gain there of 3. 5 . They made a lot of money on their trading desk. How about that. The stock is up 3. 7 . Phillip morris, tobacco company, gaining market share in the tobacco industry. They say their ecig business is doing very well. The stock is up, not much, 50 cents. 79 on that. The dow is up 75 points as we speak. Got to get back to netflix. Im going to call it the stock of the day. Higher profit but subscribers fell short of expectations. Okay. Here we go. Ive got a problem with this. We were told oh, theyve got to have seven million new subscribers. Thats what analysts said. They expected seven million new subscribers. We didnt get seven million. We got 6. 7. What happened . The stock goes through the moon. Susan at least you added subscribers in the u. S. As opposed to losing them like you did for the first time in ten years last time around. It is, im sorry, its an expectations game. Michelle will back me up on this. Because when you have a whisper number of around six million, the stock already lost 22 going into this earnings report. This is better than expected. Stuart wait, wait, wait. What do you think our viewers are thinking right now . Oh, the whisper number. You think they take that seriously . Susan they should. Big Money Managers move the stock, unfortunately. When you have expectations of what is anticipated and it comes in better than expected, thats when you get gains in the stock. Thats what youre looking at today. Stuart i see im shouted down. Isnt that what all earnings calls are often like, its about expectations. Susan thank you. About netflix, yes, its about u. S. User growth but lets face it, its really more about i think the international growth. Because the u. S. Growth eventually is going to plateau and the International Market could be explosive. Stuart i think lauren wants to get into this. Lauren i do. I do. We have all this competition coming to streaming but are you really going to get rid of netflix . They are kleenex to tissues, clorox to bleach and chapstick to lip balm. They may struggle but they are way ahead of this game. Stranger things dominated. Is it the i thought y stuart i thought you wanted to comment about expectations. Susan they raised their prices. The most popular subscription is 12. 99 a month. They are getting more money per subscriber, up 16 in the quarter. Thats pretty good. [ speaking simultaneously ] thats probably helping the stock today. Stuart the stock is going straight up despite the fact they missed expectations is not the report i want to hear. I want to hear revenue went up 16 because a lot of people are buying the top line streaming service. Thats what i want to hear. Susan that, and they beat on expectations. Stuart have a nice day. Okay. We shall agree to a deuce on this. Look at dow component ibm. Five straight quarters of falling revenue. Michelle, is it time for ginni romety to leave . In terms of red hat, i personally do not think its played out yet. I know you were disagreeing a little. I actually dont like the fact we put so much pressure on these ceos that they have to deliver in such quick time. Yes, seven years seems like a long time but you have Board Members sitting on there for years and years and years. To me, i feel sometimes we need to lessen the exposure on the ceo or lessen the harshness on the ceo and question the board. Susan the boards dont make the daytoday decisions and drive the boat. Shes been there for seven years. Shes only had one to two quarters of rising sales during that time. Most ceos get a tenure of five years. Shes had seven years to prove it. She hasnt been able to do that just yet. I know red hat is still playing out, but when you spend 34 billion to get a centuryold Company Going once again, i think you have two quarters to play with. Youre harsh this morning. Stuart the key question is this. Would you buy ibm stock if r rometty left the leadership role . I wouldnt. We have ibm in our indexes. Would i buy it outright, a ton of it, probably not. Stuart got it. Morgan stanley, they are the latest bank to report strong earnings this week, with the exception of Goldman Sachs all the banks are doing pretty well. What does that tell you about the strength of the economy . Susan its all about the consumer. You saw that Goldman Sachs continues to try to break into the Retail Banking sector because they recognize that trading is really no more and its all about the consumer. Jpmorgan said the consumer is extremely strong, they are paying their debts and spending. I think thats all positive things. Stuart next is Johnson Johnson. They are offering billions of dollars to settle opioid litigation. How much . Lauren 4 billion is the report. A lot of people thought it would be more than that so investors are cheering that 4 billion number. This would be to settle 2,000 lawsuits about their contribution to the Opioid Epidemic across the country. They have already settled some litigation with certain states and counties, but this 4 billion number is appeasing some investors. Stuart again, its a number, a solid number. You can wrap your arms around it. You can know whether the company can deal with it or not. Lauren remember, they had Solid Earnings earlier this week saying the consumer was strong. Lets face it, health care isnt going anywhere. Buy this dip in Johnson Johnson. Stuart okay. Check the big board. We have a gain but again, its dissipated. We are now up 30 points but still above 27,000. Yes, there is a tentative agreement in the gm strike. Theres going to be a News Conference next hour. The stock is back to 36 a share. Look at southwest airlines. Look at boeing. Southwest says it is pushing back the return of the max jet to february. Boeing is virtually unchanged. Southwest is same story. Not much movement. Union pacific, their profit fell pretty short again of expectations on Lower Crude Oil shipments. The cstock is down 1. 6 . Alcoa gave a not so rosy forecast. Its pretty cleancut. Heres what theyre saying. They may sell a billion dollars worth of assets and the stock goes up 9 . That, i can get my hands around. I dont care what analysts expected. On the call they say we are going to sell these assets and the stock goes up. Come on. The price of gold, i dont expect it to be above 1500 an ounce and its not. Its 1497. Wheres bitcoin . 7,000 or 8,000 . I expect 8,000. I got it. 8,061. Oil, i expect to be around 52 a barrel. 52. 82. Check the tenyear treasury. Havent a clue. No idea what to expect. Same as yesterday at this time. 1. 75 . Activision blizzard, they have given back the money which they took away from the gamer who had money taken off him because he said nice things about hong kong protesters. Susan he was supporting hong kong after he won a tournament over in asia. Hes gotten his prize money back. I think hes still suspended, though, for six months along with the two commentators who interviewed him afterwards and allowed him to don the mask. The damage is done, dont you think . When it comes to company culture, you had walkouts in california, you also have gamers saying are you censoring speech for profit, for Activision Blizzard given one of your shareholders is one of the Largest Companies in china . Maybe. Stuart theres a related story here about google. Employees there are fighting over a hong kong protest video game app. Lauren its called revolution of our times. Basically you can pretend to be a hong kong protesters. Google employees are very sensitive to ethical implications. On these messaging boards they are saying we should support the protesters fighting for democracy in hong kong. Internal debate going on, not to mention, you know, the game, the money they made in the game, they donated to the protesters. Stuart who would have thought you get all this fallout from protests in hong kong on American Companies which do business in china. Susan apple, google, very long list. Stuart theres an epntertainmet Company Called endeavor. Officially it has shelved plans to go public. We will put on the screen some of the clients they represented. Stars across the board here. Why have they shelved susan look at the performance of the ipos this year. Peloton disappointed. Lyft and uber under water still. Smile direct down 60 from its debut. Its tough to go public in these markets, especially in this sentiment. So the company, this is hollywoods largest Talent Agency and they are behind the Miss Universe and ufc. Seems like they dont think this is the right time for them to test the market. I would say a lot of unicorns in this environment with wework not being able to even go public, would agree. Stuart got it. Its 9 40. Michelle, you were great again. Lauren never says that to me. Stuart you were great, too. That expectations rant was just terrific. Thanks a lot. Lets see what the big board is doing after ten minutes of business. We are up about 40 points. Thats it. Now, yesterday, on this program, Energy Secretary rick perry revealed that america is indeed the largest oil and natural gas producer in the world. But the rest of the media totally ignored what the Energy Secretary had to say. Instead, they focused on his comments about impeachment. Just one more example about the medias obsession with bringing down the president. Im going to editorialize on that at 11 00 this morning. The Mainstream Media likes to throw out the r word, recession, when talking about the economy. Up next, we have a guest who says were in great shape, our economy in great shape, and there is no way we get a recession this year or next. He will make his case after this. Stuart we are 13 minutes in, 48 points higher on the dow industrials, modest rally across the board. I mean modest. Heres some breaking news just coming at us. The u. S. Ambassador to the European Union, gordon sondland, will tell a Congressional Committee this morning that he was quote, disappointed when President Trump told him to work with Rudy Giuliani on ukraine. Sondland will say he disagreed with that decision. Okay. Lets get back to the markets and more in particular, lets get to the economy. Brian wesbury is with us. All right, brian, you say no recession this year, no recession next year. Okay. I want to hear your case. Remember, this time yesterday, we had a very slight drop in retail sales. Thats not good news, is it . Well, you know, stuart, even if you go back to the 1980s and 90s when the u. S. Economy was growing at a 4 rate, even in those years, retail sales would fall two, three, four months every year. Its a volatile series. If you really dig down underneath, you take out gasoline prices which have fallen, auto sales which have kind of flattened out, and building materials, and the reason you take those things out is they are volatile, the rest of the stuff actually goes into gdp, retail sales are up 8. 6 at an annualized rate so far this year. Thats the strongest since 1992. So yeah, we have one months drop but thats not stuart you are looking under the hood, so to speak, and seeing some good stuff in there. Okay. Lets get back to your assertion, no recession this year, no recession next year. You are really confident about that . Absolutely. The fed, you know, going back to the 50s, 60s, 70s, 80s, i do not know a recession we have had in the last five decades that wasnt caused by the fed. The fed is not tight. On top of that, we have had Corporate Tax cuts, we have had deregulation and all three of those things mean that this economy is going to continue to grow. This quarter, corporate profits are going to be a little weak, because they have a hard comparison to last year. But next quarter, Fourth Quarter corporate profits will be up about 20 from a year before. When i look at the underlying data, we are looking at an economy thats growing somewhere between 2. 5 and 3 , and i think with brexit getting out of the way, with china actually coming to the table, i look at 2020 as being a pretty strong year. Stuart well, that means we are going to enjoy prosperity as we head into the next election, which means democrats have, i think theyve got an uphill battle here because they are running against prosperity. Thats a tough one. Oh, totally. And whats interesting is that there are academic models out there that use the economy to forecast elections, and they show solidly that President Trump with a good economy, which i expect to have, is literally, i mean, i dont want to call him a shoein, but the bottom line is that these models say that a republican and in this case, it would be President Trump, is going to win the election based on the strength in the economy. And yeah. Go ahead. Stuart i was just going to say, brian wesbury, i dont ever expect to see you pop up on cnn. Its just not going to happen. I dont know whether you want it to. Thanks, brian. I believe youre right. Good to see you, stuart. Stuart you, too. See you soon. Okay. Its list time. Yes, we have a list. This is a list of the most valuable brands. Whats number one . Lauren apple followed by google followed by amazon, microsoft, stuart, at number four. Stuart wait a minute. Is this in the world . Lauren in the world. American technology dominating here. Lets look at number six through 10. You can see more American Companies. Mcdonalds and disney in there as well. Facebook, not in the top ten for the first time in quite some time. Consider when they were putting this list together, share prices, have they grown, amazon in five years is 450 . Also, you know, how is your business growing, how are you justifying your business and its growth in the future. Stuart i remember for decades, cocacola was the most valuable. Lauren its number five. Stuart still number five. Susan fallen in market value so that changes the calculation. Stuart americas tech changes everything. It really does. Check the dow 30. I think we are going to be pleasantly surprised here. Theres a rally across the board. Look at that. We have 25 of the dow 30 in the green. Theyre up. The dow industrials are now up 83 points, 27,085. Im trying to do the math. Were about 300 points away from the alltime record closing high for the dow industrials. All right. Streaming. Well, thats been in the news a lot, especially netflix and disney. Next, we have a guy who says we are ignoring two sleeping giants who may get into this business. They would be google and facebook. Thats interesting. We will let him make his case in a moment. And this is a live look at the white house. The flag is now flying at half staff in honor of congressman Elijah Cummings. He passed away overnight. He was 68. Well be right back. Oh, wow. Yoo have such a great trip. Thanks to you, we will. This is why voya helps reach todays goals. All while helping you to and through retirement. Can you help with these . Were more of the plan, invest and protect kind of help. Voya. Helping you to and through retirement. 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. Its not acceptabled or nothing. And its definitely not close enough or nothing. 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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. Stuart streaming is a theme on this program. We talk about it a lot. When we talk streaming, we think netflix, here comes disney, here comes apple, but our next guest says we are ignoring two sleeping giants in the business. Lou schwartz is with us, former chief digital officer at wwe. Welcome to the program. Thank you for having me. Stuart okay. These sleeping giants are, number one, google. Are you talking about youtube . Is that a streaming Service Within google . Youtube is absolutely sort of a streaming Service Within google. Its actually a large contribution to googles overall revenues. Last year, it contributed 15 billion to google, at a 50 contribution margin. Stuart when i think of streaming, i think i pay a subscription, a permonth fee to watch netflix or whatever. Its not like that with youtube, is it . Thats not a permonth subscription fee. No. Actually, the principal revenue stream for youtube is advertising, which is why google is so enamored with their video service. They also sort of offer to creators the ability to monetize their fees by having their own subscription or directtoconsumer subscription offering. Stuart are we underestimating youtubes contribution to google in the future . Its obviously a big growth driver for google in the future. I think the biggest underestimation is the amount of data thats being collected by google. I think in five years, we are going to look back and see the entities that succeed the most in ott or directtoconsumer are the ones that are able to capture the most granular data. Stuart because google knows everything about everybody, and you think that helps them in the future as they use that data to target people, target information to those people . That is the story . Thats the promise of directtoconsumer, ott streaming. The ability to personalize the viewing experience. And knowing your behavioral consumption pattern, knowing your interest graph, knowing the types of content that youre interested in consuming and delivering that to you delivers a highly personalized engaging experience that allows google and Facebook Stuart you apply the same analysis to facebook . Because they know everything about everybody. 2. 6 billion people around the planet. They can apply that kind of analysis. They dont have a streaming service now, do they . They have google watch. They have stuart facebook. Facebook has Facebook Watch and facebook live. So they have the ability to retain users and deliver compelling content and monetize sort of that content at very high levels, because of this granular data and because of their ability to know who you are, who your friends are, whan your friends are watching at any given time. Stuart fascinating. The future of streaming is all about how much data youve got on all those individuals out there and what they want. Absolutely. Stuart thats the name of the game. Fascinating. Thank you very much for being with us. We appreciate it. Thanks for having me. Stuart google, by the way, is spending 1 billion to build a new campus right in the middle of san jose, california. Not everybody is happy about it. The citys mayor will join us in our next hour to respond and maybe push back to the naysayers. Well see. President trump getting out of the swamp, headed to texas. Hes going to a new manufacturing plant run by Louis Vuitton. Talk about a contrast. Outside d. C. People are going to work and getting things done. Rather different in the nations capital, isnt it. Well be right back. 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. 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Well, that investment can give you taxfree cash just when you need it. Learn how homeowners are strategically using a reverse Mortgage Loan to cover expenses, pay for healthcare, protect investments, and so much more. Look, reverse mortgages arent for everyone but i think ive been round long enough to know whats what. Im proud to be a part of aag, i trust em, i think you can too. Trust aag for the best reverse mortgage solutions. So you can. Retire better. Stuart we are a half hour into the trading session the market is up. Not bad, a third of 1 for the dow industrials. A possible brexit deal, its a draft brexit deal, that is giving stocks a nice boost. So are pretty positive earnings reports. Netflix is the stock for the day. Subscriber growth was good enough, 6. 7 million added last quarter. Up it goes. By the way we have a netflix bull on this program at this hour. Not right now. It is up 12 bucks. On flipside. Very much so, ibm. Revenue down for five straight quarters. That is raising questions about continued leadership of rometty. The stock is down 8 bucks. Yes it is a dow stock. We expect to get news out of General Motors. The Union Leadership is meeting on tentative deal to end the strong. Were on the story. Right now i have got Mortgage Rates, thursday, 10 00 in the morning. 3. 69 for the 30year fixed. One year, year ago 4. 85 . Theyre going higher but we got encouraging report this morning that future groundbreaking on new homes, much better than expected. Freddie mac says this, there has been Material Weakness in manufacturing and trade uncertainty. But theyre very bullish on employment in the sector and homebuilder sentiment. Stuart were all waiting for resurgence in the entire real estate sector. Maybe some early signs it is colling. The big board, no serious reaction to the Mortgage Rate news or the housing industry news. Were up 77 point as we speak. But were at 27,078. All right . Now this. They couldnt be more opposite could they . Washington, d. C. , and fort worth, texas. Mr. Trump is about to leave one for the other. Good he will leave the city where nothing gets done to a state where they are getting a lot done. Almost simmic, chaos versus accomplishment. No wonder mr. Trump relishes his get out of town trips. A secretive impeachment investigation, a facetoface confrontation in the white house where the president calls the speaker a thirdrate politician. The subpoenas are flying, the insults are flying. The rest of the country looks at our capitol and sees did i function and chaos. Outside of d. C. , a different story. People go to work to get things done, to earn their money that is the america President Trump heads to today. He is going to texas, the state which made America Energy independent. The state at the center of the Global Energy revolution. The state which has so much to do giving us cheap gas and much lower carbon emissions. It takes hard work to do that. Argumentative politicians see almost irrelevant. In the town of keane, texas, the president visit as brand new manufacturing plant run by the french luxury goods maker Louis Vuitton. They were not offered huge tax breaks. They came because they want to be in the middle of the most dynamic economy in the world, america. What a contrast, d. C. And texas. Politicians and bureaucrats. These people really do make America Great. Come on in please, jason johnson, texas guy who works on the ted cruz campaign. Look, there is a lot of talk that texas might go democrat. That it might flip after years in the republican column, it might flip. What do you make of that . What i make of that is, you said a moment ago, irony. The difference between washington, d. C. , and texas could not be greater. Think about it. You mentioned energy. Stuart, do you know that the port of houston is export being 1 1 2 Million Barrels of oil from west texas to the rest of the world every day. Texas is leading the nation in job creation. That building you can see behind me, the capital, one of the things great about that capital, the legislators only meet there for 140 days every other year. When they do, there is one and one thing only they absolutely have to do, is balance the budget. Less government, less regulation, more jobs, more opportunity, more freedom. So what is happening . You know what is happening, stuart, theyre coming from all over the country here. Yet the democrats want to Say Something is wrong with texas. The people here are telling a different story. Stuart why is the republican senator from texas, senator cornyn, why is he saying this week that the president will be smart to spend more time in texas . Because the president coming to texas, first of all, lets step back. There is no doubt, stuart, texas is much more competitive politically today than it was two, four, and 10 years ago. So it is smart for the president to come to the state. It is smart for him to highlight the success he has had in washington. What are those successes . It is mostly when he has been able to get washington out of the american peoples way, so they can do what you said a moment ago, get to work. And solve problems. Not having politicians do it for them. So him coming here and showing that contrast and also, i would add, pointing out what this cast of characters we saw last night, 12 of them on stage, have Elizabeth Warren come here and talk about banning fracking, right . Have joe biden come here and talk about the new green deal, what that will do to this state, what it will do to people who have great jobs and whose kids are able to go to college because they can afford it now. We have to have the contrast texans can see it. Stuart one of the problems people move to texas from california and bring their politics with them. That is a problem, isnt it . Yes, sir. I tell you, i hear this more and more, there are two sets of people coming to texas. There are the texans by choice who came here looking for a job because they know that theyre here. They come here looking for freedom. But theyre also, to your. , stuart, there are a, because of our low regulation, low tax environment, there are a lot of corporations who have relocated and moved to texas and lets be honest, there are a lot of employees then, in some ways felt they didnt have a choice but to come here. So they dont necessarily appreciate the freedoms of texas just yet. Were doing our best to put it on display for them. Were hope well keep the state red. Stuart jason johnson. Thanks for joining us. Yes, sir. Stuart were focusing on big name stocks today. Were looking at netflix because it has gone straight up. Were looking at this one, ibm. Its a dow stock. It is way down today. Nearly eight bucks. 5 1 2 . Scott martin joins us now. Do you think ibm needs new leadership . Well, gosh, stuart, you look at revenue trends, i would suggest youre right on with that premise. Here is the other funny thing about ibm as you guys mentioned all morning. Ibm was a pioneer in the cloud space. Their cloud revenues were up in the last quarter, put that up with hardware revenue and it is terrible, they cant make up for terrible revenues on the other two sides. A change at the top might help the company greatly and push the stock back up. Stuart seems to me like the market just wants to go up. We got pretty positive news on brexit. They have got a Draft Agreement for brits to get out of the European Union. Most of the earnings reports that i have seen so far have been pretty good. Seems like the market wants to go up. Are you with me on that . Yeah. Agree. Bank earnings, stuart have been very, very good. I think the market is doing one thing that is key. Taking so, so, earnings and good earnings to higher prices in the name. Bad earnings with ibm not so great. Earnings in line with expectations, even maybe a little below as netflix was, stocks are going up. Certainly earnings that blow away are seeing higher stock prices as well. Stuart are you buying anything today . Not today. We do own netflix. I will note it is already off highs it was at overnight. That is a little bit discouraging. I would tell folks if theyre looking at other fang names, i like facebook going into earnings. Instagram is dominating. Monthly active user numbers should be very good. Facebook is my pick the next few weeks. Stuart that is interesting. You keep going back to facebook. All the negative publicity keeps on hammering the company, but the stock holds up. What is it now, facebook i think is 190 a share. 190, yeah. Stuart where do you think it is going . I think it will be above 200 again, stuart. Those are stocks we like to pick for ourselves and our investors because the hate gets so heavy, like it did on netflix, my friend. That is when stocks get a coiled spring. I think the same thing going on with facebook here. Stuart well check it. Scott, thanks for joining us. See you again soon. See ya. Stuart story about google. Big story. They are building a massive new campus in san jose, california. Theyre pouring a billion dollars into building new homes in the area. Question, when they move into downtown san jose, will that create its own housing shortage take we have in San Francisco or los angeles . Were going to ask the mayor of san jose. He is on this program next. Boris johnson has reached a brexit deal with the European Union. Now that its done, well they have drafted this deal, is it realistic to expect a uk, u. S. Trade deal . Im going to ask President Trumps former trade advisor that question. Millenials and generation z, together they make up 37 of the electorate in 2020. I want to know, are young voters being lured in by socialism . What is going on . Were asking a millenial and a generation z later this hour. This piece is talking to me. Yeah . So what do you see . I see an unbelievable opportunity. I see bestinclass platforms and education. I see awardwinning service, and a trade desk full of experts, available to answer your toughest questions. And i see it with zero commissions on online trades. I like what youre seeing. Its beautiful, isnt it . Yeah. Td ameritrade now offers zero commissions on online trades. 2,000 fence posts. 900 acres. 48 bales. All before lunch, which we caught last saturday. We earn our scars. We wear our work ethic. We work until the works done. And when it is, a few hours of shuteye to rest up for tomorrow, the day well finally get something done. the day well finally get something done. Most people think of verizon as a reliable phone company. woman but to businesses, were a reliable partner. Were engineers. Cloud architects. Developers. woman data scientists. We Keep Companies ready for whats next. 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Were the kirby family, and we are usaa members for life. Get your Auto Insurance quote today. Stuart 25 minutes in. Were up 890 points on the dow. That is roughly 1 3 of 1 . 27,082. Philip morris reported earnings and profits before opening of trading today. What is the standout for them . Standout for them, it was actually not a bad quarter. Merger with altria was a big blow for Philip Morris and altria Going Forward. Look out one same tax charge from russia. They did pretty well. In fact theyre looking for more growth in vaping, despite regulations we have, all thousands of cases of vaping illnesses, more than 23 deaths at this point. I think the future is, if you look at it, the future is for vaping. Stuart thats what they say . Unfortunately. Stuart the stock is down 40 cents. 78, Philip Morris. Google has a plan to build a huge new headquarters, it will be in san jose, california. They will spend a billion dollars to build 20,000 homes in that area, in the next 10 years. The mayor of san jose is sam lacoato is here now. Youre honor, let me throw this at you. All the wealthy google people will move into your city. They will buy the homes there already. They will create a housing shortage like you have in San Francisco and los angeles. Dont tell me theyre going to build 20,000 new homes. You havent got planning permission for 20,000 new homes. Im coming at you pretty strong right from the get go, sir. Stuart, good morning. Youre right, it is a big campus, twice the size of the apple World Headquarters down the street. This is big. No question about that. The reality is, the first google employees to move in will actually be coming from other parts of Silicon Valley. These are folks who already live here. And, i should note that you we already have a housing crisis. Thats not news lots of folks are concerned what additional job growth will do with that crisis. Im confident we have got the time, working with google, we have the ability to be able to expand our housing stock, to be able to accommodate the growth. Stuart okay. This campus will not get fully built for another decade. They have a lot of work to do. Stuart you could have a short term housing crisis. You could. I mean i can see that. We already have it. Google didnt create it. It was created by the fact here in Silicon Valley weve grown jobs six times the rate Housing Units are built. That is a problem we have to grapple with today. Stuart i used to live in San Francisco. This was the in 1970s, late 70s. At that time, san jose, 50 miles down the road, it was relatively small town. I mean it simply had not taken off anywhere near like it is today. But let me just return to one thing here. Google plans to build 20,000 new homes in san jose. You cant get planning permission to build new homes in california. It is not easy. Takes years. There is no question we need to accelerate our development of housing but weve got 6,000 unit now already under construction and in the pipeline. Were going to build very aggressively this year. I expect well have significant numbers. In a typical year, in the past we built about 3,000 units a year. I have laid out a plan to accelerate that to 5,000 units a year. Really, look, were a city of 1. 1 million people. Adding 20,000 jobs over a period of 10 years that is not even enough to accommodate our natural job growth and our natural population growth. So well be able to absorb this because were a big city. But the larger issue for us is really grappling with this housing crisis that we all share, that we have created over the last couple decades. We have a lot of work to do. We have a huge labor shortage in construction. That is driving up housing costs. The trump tariffs on chinese steel and canadian wood arent helping. Stuart we wish you the best of luck there, your honor. It is just a very different city from the one i knew 30, 40 years ago. Good luck to you sir. We appreciate you being with us. Thank you, stuart. Good to be with you. Stuart yes, sir. I want to bring this to your attention, airbnb, in the first quarter, their first quarter, their loss, more than doubled. Theyre not a Public Company yet, but we have new data on them. Their loss doubled, lauren to how much . Lauren operating loss is 306 million. Doubled versus this time last year. According to a report in the information. Here is the issue. If youre an investor, looking at unicorns, some of them unprofitable going to market you would take a company with this size of a loss, whether a direct listing or not, would you take it public . Theyre looking to to public with 35 billiondollar valuation in early 2020. Theyre spending a lot of money to grow their business. That could be a positive. They listed the Downton Abbey castle. Listing the barbie dream house. Theyre spending money to expand. Revenue grew to 839 million in the quarter. Stuart theyre losing money. They still want to go public next year . Well see what happens. Weve seen the uncorn ipo this year. Stuart we have. President trump as you know is heading to texas shortly. He will visit a brand new manufacturing brandt run by Louis Vuitton. He may speak to reporters when he leaves the white house. If he speaks, you will see it right here. Next we talk to a netflix analyst who says netflix cannot be dethroned. Netflixs International Audience will keep it on top. Well be right back. Dad dad can you drive me to jessicas house . At northwestern mutual, this is what our version of Financial Planning looks like. Tomorrow is important, but so is making the most of the house before theyre out of the house. Spend your life living. Find an advisor at northwesternmutual. Com. 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. Really. That does not mean that for instance, what disney is doing is not sound for disney. And disney has such appealing content, that i think they will do well. Will they ever get to netflixs size . I cant imagine it. It seems incomprehensible that will happen. Stuart that is interesting. Barry diller. He knows what he is talking about on streaming. He says look, nobody will derail netflix. They are still number one and stay number un. I think our next guest will agree with that. Beth, welcome to the program. Here is barry diller saying nobody will dethrone netflix as number one streamer. You make your case, i think you agree with him . You know i do. I dont want to negate the critics. Netflix has a huge debt load. Tune of 3 1 2 billion a year. Those things we know b the market is very vocal on. If you look at netflix, they have such a wide margin. They are leading every which way you look at this. They have 87 of the ott households in the United States. Outside the United States they have 70 of English Speaking countries. 55 to 65 of the none English Speaking countries. This is phenomenal lead. If you look at subscribers, top 20 most streamed shows last year, netflix had 17, Disney Marvel had two, hulu at one. Any way you look at this netflix in a lead by very wide margin. Stuart one more thing, as i understand it, netflix is creating original content in the language of the markets that theyre reaching. So theyre doing Foreign Language original material. And they can target it. Netflix has the ability to target individuals with what netflix thinks they want to see, i can see how that is really big plus for them internationally. That is where a lot of that content bill comes in. A lots, can create a huge moat. Only contender, take all of those companies, all of those dreaming services. All the contenders in the area will be disney. To be honest, netflix faces if you take the lead they have, broadband penetration across all the geographies, net exin would have many more subscribers what it has now. The biggest problem netflix has is broadband penetration. The majority of the world doesnt have broadband. They dont have fast enough speeds for ott streaming. That is bigger headwind for netflix which will be solved over time. Stuart do you have a price target for netflix . It is around 290, 300 at the moment . See im actually, you know, i do this, i do this for a living on my site. I actually think you should let the market beat up the company a little bit. I think market will do it whether it deserves it or not. I would say try to get in a little lower than where it is at now. Hold for the long term. Stuart got it. Beth thanks for joining us. We appreciate it. See you, stuart. Stuart Pay Attention to the big board. We gone up more. Now were up 109 point, that is. 4 . 27,100 is where we are. A brexit deal, a draft deal, okay, between the uk and the european. Whats in it for us . Whats in it for america . Can we realistically expect a trade deal with the u. K. Well ask mr. Trumps former trade advisor that question. Later this hour, retired nfl star chris long, he is not shy about diving into pomtics. Were asking what he thinks about what lebron james said about the china controversy . More varney after this. 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. The lexus es. 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Licensed humana sales agents are standing by, so call now. Good day, sunshine lauren there is no sunshine today. It is raining. Stuart positive, upbeat songs like this. Wishful thinking. Youre going to ruin my beatles song. Lets move along. Something positive, the market rally, not huge, but nice. Up a third of 1 . 96 points higher for the dow industrials. General motors and Auto Workers Union struck a tentative deal, to end more than monthlong strike. Grady trimble, he has been following this all along. Grady, can you tell me anything what this deal has in it . Stuart, right now the official details of that deal are still not public, we have gotten information about what were expecting to see in it. That includes wage increase and signing bonus for workers as well as a plans for at least one plant that is expected to be idled to remain opened. Pathway for temporary workers to full time employment. Were told Health Insurance for those workers will remain unchanged. It is important to note that workers will ultimately the ones to decide whether this deal goes through. All nearly 50,000 of them will have to ratify this tentative agreement before it becomes an official contract. I also want to tell you the strike is still going on. There is tons of workers outside of General Motors headquarters right now with their picket signs Still Holding them, still picketing. Local leaders will need to decide whether keep the strike going until workers ratify the contract or end it as possibly as soon as today. Stuart stock price is almost where it was right before the strike began. It was at 36 and 37 as the strike got underway. Grady, thanks for joining us. Lets get to brexit. European officials and european firmses have draft deal to get out of the European Union. Brexit has a draft deal. A couple hurdles to go over. Curtis ellis, former Trump Campaign jobs advisor. Welcome back to the show. Let me speculate for a moment. Let me speculate that there is indeed a brexit deal. The brits are out of the European Union at some point. I dont know when, at some point theyre out. Is it realistic to say well have a good trade deal with america . It is realistic. I look at it as a signing bonus. President trump has been encouraging brexit. He has been encouraging other European Countries to get out of the eu, right . He was with the italian prime minister, italian president the other day saying look, if you break bonds with the eu well give you a tariff discount. He has every reason. We have long cultural, historical ties with Great Britain to make this great big trade deal with Great Britain. Stuart any idea what it would look like . Well all drive bentleys instead of toyotas. Stuart what would it look like . What would be encompassed in the deal . Obviously agriculture. There is a lot of that, technology, digital trade, all of the things were strong in. Tell you brits need better food. Stuart thats for sure. It would be a freer trade deal . Correct. Stuart it would be more trade as opposed to restricted trade . There is more of it, basically . Yeah. This is running on parallel tracks, trade deal with the e. U. Trade deal with the European Union. Were in a big fight with the European Union over the airbus. Were ready to put tariffs in place on friday on some european parmesan cheese, Something Like that. Stuart okay. Now the big Sticking Point on this Draft Agreement, it has to be accepted by the British Parliament. Right. Stuart we had nigel farage is coming on show, dont want it. Thats right. Stuart capitulation to the europeans. Yeah. Stuart if it doesnt get through British Parliament youre likely to have general election in britain which may or may not back getting out of the European Union. That leaves everything in chaos. Chaos. It does seem to be the european continent in is in chaos right now. Stuart i wonder dangling a good trade deal with america, would be inducement to the British Parliament to get on with it to make the deal . That is very good point, stuart. I hope it is. Maybe democratic unionists and others skeptical about this agreement say it is in our best interests. Lets have a trade deal with the United States and forget about the European Union for now. Stuart donald trump and Boris Johnson seem to get along pretty well. They do. That is another reason to expect a good trade deal. Stuart theyre cut from the same mold. They all lookalike. , fascinating stuff. Curtis, thanks for joining us. Thank you. Stuart Johnson Johnson offered to pay roughly, what 4 billion to settle opioid lawsuit. What more do we know . Investors want this behind them. The 4 billiondollar offer would settle 2,000 lawsuits related to Johnson Johnson, helping to fuel the Opioid Epidemic. You have to keep in mind, if you look at Johnson Johnsons drug portfolio, theyre less than one percent of all opioid drugs out there. So they want the settlement to be in proportion. Ive seen reports that the expectation here would be five to 10 billion. This is coming in under that. Investors clearly relieved. Stuart as soon as you get dollar number, any kind of litigation, the stock goes up. You know what youre facing. Know what youre facing. Stuart Johnson Johnson knows facing 4 billiondollar bill, up she goes. 13on j j as we speak 137. Another number for you, try this. 37 . 37 of the electorate in 2020 will be made up of millenials and generation z people. What i want to know, are young people being lured to the left by socialism . Wasnt it always so . When i was a kid, you know, you went for the socialist left, because you were young. President trump, he heads to texas shortly. He is going to visit a brand new lou very vuitton manufacturing plant there a French Companying opening a store, manufacturing plant in texas . We have the u. S. Ambassador to France Joining us next hour. [ 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. Stuart now were up 78 points for the dow industrials. That is over one quarter of 1 . Weve been in the plus column all day. Were still there. 27,079 is exactly where we are. Now this, millenials, those are people aged 23 to 37, generation z, those people age 7 to 22, you put those two generations together, they make up 37 of the electorate in 2020. Thats a vast chunk of the electorate. Guess what, were told they lean socialist. I want to know why. Cabot phillips with us, campus reform editorinchief, emma michelle, Young Americans for liberty. Both of them with me. I will ask the both the same question to start with. Emma, you first, why doesnt your generation, these youngsters, what have they got about the rich . The big problem they grew up in the aftermath of the 2018 recession. They heard people like their parents and their loved ones blaming capitalism and blaming wall street and ultrawealthy for the fact theyre facing lean christmases, a lot of things not fun. They grew up engrained in their brains. They have reactionary stance. They want to change things. They see socialism as robin hood mentality. Steal from the rich, give to the poor. What they dont realize the actually socialists in the situation are tax collectors who are robbing good, hardworking people with their money. Stuart cabot, what have you youngsters got against the rich . Why about leaning towards socialism . I think a misunderstanding of wealth. People believe you only get rich by stealing other people. You cant do so adding value. You cant overlook at role of higher education. Ive been over 100 campuses. I see firsthand, capitalism is dirty word, racism and fact itch. Its a dirty word to be capitalist. That plays a role. Ironic thing in all of this, young people, we love amazon, starbucks, love the iphones. Those are things that never would have happened if we had a socialist society. We need to have people emulate wealth and success. Provide something to society helping people. That is a good thing. You will get rich along the way. Youre helping people. Stuart you have good explanations. I understand them both. Isnt it true young people, all new upandcoming generations lean to the left because theyre idealistic. Isnt that true . Most people, young pima majority lean that way. Stuart yes. Not all of them. Some of them believe in capitalism. When i was 16 years old i started working as a barista at coffee shop. I was not owner. Was making minimum wage. I got skills. I got Work Experience and i was able to climb and get really good things from that. Even though i didnt own it. Stuart but you were never a socialist. I was never a socialist. There are people who think it is workers versus owners situation. That is the core of marxism. What we need young people to understand, capitalism benefits everyone on the rung of the ladder. Stuart cabot, that was good, can you match that. I agree. Stuart were you ever a socialist. I would be kicked out of my own house. I was socialist coming halloween season. I wanted older brothers to give me extra candy. Polling data, 48 of the millenials thing the American Dream is dead. They cannot achieve wealth themselves. View themselves locked out as hiring of society. That is not true. That will become true if we start to embrace a lot of policies they want to put in place. The American Dream will die if we embrace socialist policies in america. Stuart the American Dream has to be explained better. The American Dream is not make a billion dollars. That is not the dream. The dream, you come start here. By hard work, brains, talent ability, you climb the food chain. Youre able to climb the food chain, unfettered by government or society, class all rest of it. That is the American Dream. We need better messaging. It is up to us. A lot of conservatives, people supportive of capitalism, they always focus on data and statistics. Those are good things. We should focus on those. Get better at story telling. Telling impactful stories why it is helpful to people. What is does in the real world. We cede the emotional side, cede the emotional story telling side and they say this is the emotional benefit of stuart impactful is not a word. If the vote were held today, i dont think you would argue with me that that 37 of the electorate, millenials and z people, they would vote left. They absolutely would. Stuart 50, 60 of them would vote for Elizabeth Warren or Bernie Sanders . Yes. If they all turned up to the vote. That is the big question mark. Theyre not good showing up to vote. We saw a huge amount in 2016 millenials showed up. We have to inspire these people to cabots point in the American Dream. In the fact if they embrace free markets and embrace capitalism as something that can help them and help other people, help people rise out of poverty, were going to see a prosperous, happy america. If we lean towards socialism, the things that Bernie Sanders and Elizabeth Warren want, well not have that option. That is the real takeaway. I want to piggyback on that. We need realistic when capitalism sometimes goes too far. When you have crony capitalism what a lot of young people see. They associate crony capitalism of big businesses paying off politicians, getting legislation that benefits them directly. That is not free market, not free enterprise. That is cronyism. A lot of young people see, that they see that is all capitalism is. It is not. We need a good job separating that out, separating capitalism. That is not what were about. Stuart emma, have you never gone through a period of socialism . No. Stuart not even close. No, proud to say it. I consider myself a libertarian which i think people tend to go in these two extremes generation z. Want to be totally freedom, everyone do what you want, i will not get in your way, make that money, or go complete socialist and want government to run every aspect of your life. I think there is an opportunity here for us to message to the socialists, say, hey, you want wide reaching reform, you want thinks to be fairer pour people, youre just looking at it the wrong way. That is what we need to speak to these people about. Almost libertarian after that one. Stuart almost a convert. Emma, thanks very much, gentlemen. And lady for joining us. Thank you. Stuart south park, south park jumping on the nba china controversy, mocking lebron james. Well show you that full clip, promise. Well talk to super bowl champ chris long. He has been outspoken on socialism in america, critical of President Trump. So whats he got to say what is going on with the nba and china . I will certainly ask him because hes next. We have a right to free speech. We have freedom of speech but there are amountifications when youre not thinking about, only think about yourself. What is going on, kids . Protesters are here, mr. Mackey. Kids, we dont want another incident here, okay. Taking peoples hundred. It harms physically, emotionally financially. Stuart that was south park, mocking lebron james for his apparent support of china in the nba controversy. Tell me more. That was wednesdays episode as cartman was very irate at some students who protested over the Healthy Options in the school cafeteria. South park, makes cute, keen, social justice commentary. They were banned in china two weeks ago what they said about china, daryl morey and Houston Rockets tweet that was supporting hong kong protests. Stuart so . Susan so, theyre pinching back. Susan funny way to make commentary at lebron controversy. Stuart i want more on this, who better to bring in this man. That is chris long, twotime super bowl champion, man of the year. More famous than me. That is up for debate. More followers on twitter and cooler voice. Stuart wait a minute, if you went on the streets of new york city right now i was with you, the mob would be on you, not me. Yeah. I dont know about that. I get Michael Fassbender a lot. That is joke i like to tell. They might think it is Michael Fassbender. Stuart lets get serious. Okay. Stuart you dont mind getting into politics. I dont mind. It is annoying. I dont mind it. Stuart youve been quite critical of President Trump. I dont like liars. Stuart okay. Wait a second what do you say about xi xinping who, he is communist dictator . Why dont i see american athletes going after him like President Trump. One we dont like what is going on in china. Most people that have common sense dont like what is going on in main lan china. Dont like hong kong stripping away freedoms. Im prodemocracy. Why are you assuming were not . Stuart because i dont hear any american athlete come out and say, hey, what youre doing is wrong . Lebron james, he defends his wallet for heavens sakes. Youre fox, youre thinking social justice warrior, well disagree. I agree with you on china. I agree on china. I probably disagree with you on domestic policies and domestic politics how we handle trump but most american athletes dont live in china. There is atrocities going on around the world. Like unless youre in the nba where i would expect you to speak out on it, if somebody who is vocal, the football player, exactly. Exactly. We agree on that. Stuart they could be bullied. Huh . Stuart they can be bullied. Whats that . Stuart they are being bullied. I thought you said bullet with the accent. Stuart bullied. I love your accent, bro. Stuart im an american. Youre an american. Essentially, my stance is, not every athlete should have to speak out on every incident, especially globally, when youre doing business in china. When asked about everything going on Mainland China or hong kong, be prepared to give an answer thats stuart truthful. Something. Give us something. Stuart truthful. Okay. I want to talk about you have a youtube sports channel, youre channel doing this. Yeah. Stuart oneonone interviews with athletes . And others. Stuart people like me . Yeah. Stuart but it is your channel. Im launching a youtube channel. Most importantly launching Digital Media Company Called chalk. As athletes we look at sports issues among fans, it can be annoying. There is a sweet spot for us to have humor edginess, athletes who are not brand conscious, real and authentic but not getting rid of the xs and os, what we do best. There is a lot of room for more Digital Media platforms. Im not saying you have to pick one. I will still enjoy others. I think ours will be awesome. Stuart there is lot of room for really good sports interviews. The ones i see, are awful. How are you doing . Playing a positive game, coach, well pull together. Well win this thing for the team. On the pitch. Stuart it is awful. Watch our interview with aaron donald. It drops today. If you subscribe on youtube t wont be safe or canned questions or answers. Stuart i like it. I like it. Chris long, youre all right. Im okay. I appreciate it. Stuart to a break. Back after this. Customizes home insurance, so theyll only pay for what they need. Your turn to keep watch, limu. Wake me up if you see anything. [ snoring ] [ loud squawking and siren blaring ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. 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. Stuart Energy Secretary rick perry was our guest thursday. During the interview, im sorry, that was wednesday. He was our guest on wednesday. During the interview, he revealed that america has become the largest oil and natural gas producer in the world, that america would soon be a net exporter of energy for the first time in decades. America is now king of the energy hill. That is news, that is very important news, and the rest of the media totally ignored it. Instead they focused on one tiny part of the interview where i asked mr. Perry if he would comply with House Democrats demand for documents related to ukraine. According to the media, that was far more important than Americas Energy dollars. Again, you have this contrast between the medias obsession with bringing down the president and the rest of the country, which is actually making things happen. Make no mistake, it is an obsession. From day one of the trump presidency, removal of the president has been job one. Whatever mr. Trump does, its wrong. If something good pops up, its barely reported. Yesterday we reported a huge gain in Household Income during the trump years. You didnt see that on the nightly news. No, you didnt. Of course you didnt. The media doesnt want you to think that tax cuts and deregulation actually benefit middle america. Same with energy. You think we would have cheap gas and energy dominance, you think we would have all of that if hillary were president . But thank you for watching our program. We have cheered on mr. Trumps energy policy. We have cheered on his growth policy and we have closely followed the trump stock market rally. We have done it all because that is important to you. Stay there, please. The third hour of Varney Company is about to begin. Stuart all right. I will get some reaction from the editorial in just a moment. First, we have received the numbers on how much oil we have got or have not got in storage. Whoa. Up 9. 28 billion barrels, along the bottom of the screen. Thats a big increase. Susan yeah. We were looking for just around 2. 8 Million Barrels for the week, so this is much bigger than expected build and that follows the American Petroleum institute which also saw a build of close to 10. 5 Million Barrels. America is awash in oil and is stockpiling. Stuart maybe thats why the dow industrials just turned negative, okay, we just got back slightly positive. We lost a hundred point rally and are now in minus territory, perhaps because we are not using that much oil. Deirdre i think the concern in the market as far as Energy Traders go is there has been this story of oversupply, so this is more than backing up that idea. Then going to the larger point, yesterday we had that indicator of Consumer Spending which was lower for the first time in seven months, so there is concern about slowing, maybe consumers are going to pull back, maybe because thats twothirds of the u. S. Gdp, maybe that means the economy is going to slow, so it does make people very very anxious, when to your point, as you say, people arent demanding energy because if you are producing stuff, you need energy. If youre not using energy, sometimes you can make the conclusion youre not producing very much. Stuart that pushes us down to almost exactly 53 a barrel. Historically a low price. Brian bremberg is here, chair at the Business College here in new york city. I was editorializing about the importance of america being Energy Independent and king of the energy hill. I think its an extremely important development. Well, it should be one of the stories of the year. Think about this. Just weeks ago, we had an attack on the core of the Saudi Arabian Energy Production facilities and it turned out to be basically a blip for the economy and blip for markets. Were looking at inventories of oil way above what anybody was estimating. That should not be happening after we saw that kind of attack. Nobodys talking about how Energy Independence has changed the geopolitical game and changed the u. S. Economy. U. S. Consumers in any other decade would have been under serious pressure because of that attack. Right now, they are staring at low gas prices, low oil prices, because we have significant production here. That is groundbreaking. Stuart is it the Trump Administration that did it . They certainly have been more favorable to these organizations. Obviously there are all sorts of economic factors at play. But yes, they feel like for the first time in a very long time, investment in energy is okay. We can double down in this industry, we dont have to worry about regulation thats going to cut us out at the knees and thats exactly what Energy Producers were looking at under the obama administration. Stuart you know, im just going to change subjects for a second, you know mark zuckerberg, facebook guy, is in d. C. Today, holding a forum on free speech but the event is closed to the press. Something not quite right about that. Hes not there to talk about free speech. In my opinion, thats not what hes there to do. Hes in d. C. , hes going to be in d. C. A lot Going Forward because he knows his business is going to be regulated and he wants to have a front seat at the table, so hes pressing the flesh with all the lawmakers who he thinks matter. He is there for political purposes, not to talk about free speech because he knows he has no solution to that problem. He just wants to kick it to congress, regulate me, ill be the dominant player in the space and nobody will ever dislodge me. Stuart he wants to kick it to congress. Oh, yeah. Stuart regulate me he has no idea, he never wanted to have to deal with this question in the first place. He knows he has no solution. But if he kicks it to congress, hes no long ter the guy on the hook, they are. He can run a business that dominates until kingdom come because once hes regulated, how will a competitor break in . Stuart fascinating. Thank you, sir. Appreciate it. Good stuff. Check the big board because we have got back to the green arrow, were positive again. Only just. 27,022 is the level. We are up 22 points. Ibm, another quarter of declining revenue. It is a dow stock so thats hurting the dow, of course. Five straight quarters of misses in terms of revenue, five straight, for ceo ginni rometty. Some question about whether she should continue in the top job. Look at apple. Their mobile payment platform is called apple pay. Its being probed by the European Union for antitrust concerns. Over there, they say apple devices may favor their own apple pay over other payment methods. No impact on the stock. Its down 20 cents at 234 a share. The stock of the day, thats netflix. Earnings out yesterday, subscriber growth here in america, not quite what was wanted but internationally, that is a different story. Look at that stock go. Deirdre thats exactly right. It is about international growth. I think its fair to say that more or less, netflix is saturated or close to saturation point in the u. S. , but the earnings beat, thats why you have the stock moving higher. But speaking of Global Growth, you know, even for the next quarter, netflix is saying you know what, were still going to adjust less than we said we would. I think the bigger concern longer term is its cash burn. It is spending billions of dollars on its content. If you look at 12 month free cash flow, it is negative 2. 87 billion. Thats a lot of money that netflix is spending to keep up with the competition that is coming online. Netflix of course having the first mover advantage, if you like, but it is hearing the footfall pretty quickly from disney plus and from apple tv plus, which both launched in november. Both are cheaper, by the way. And netflix tried to spin not having a franchise as disney does in a good way, they said well, you know, were freer, we can keep creating content thats a little more compelling, and the flipside is lets face it, disneys franchises make disney an awful lot of money and they have an awful lot of content they dont have to pay for. Stuart got that right. Susan we have seen the stock fall a little. Some are saying this is a short squeeze given it was down some 20 heading into these earnings and given that they are not losing subscribers, thats why were looking at the small bounce today. Stuart netflix up at 296. Coming up in this hour, the spiritual adviser to President Trump and the trump family she says his evangelical base is more energized than ever. Will that push him through in 2020 . We are talking about the president now. Competitive Enterprise Institute released a new ad on the true cost of the Green New Deal. What it will be to the households and the country. Theyre on the show today. President trump heading to a very small town in texas today before his rally in elsewhere in the state. Hes going to cut the ribbon on Louis Vuittons new workshop, doubling down on his promise to bring jobs and manufacturing back to america. We are covering it for you. The democrats keep talking impeachment. We are all over prosperity. Stay with us. Third hour of Varney Company just getting started. When youre looking for answers, its good to have help. Because the right information, at the right time, may make all the difference. 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Stuart one year ago today, i just realized, one year ago on this very day, Varney Company actually went on the road. We hardly ever do that. But this time, we went to the white house. Yeah, one year ago today. It was a very big day for me, for the show, for the whole team. We interviewed President Trump about cutting red tape. He did a lot of that in the year that followed. And we talked to nine cabinet members all in one day, one session, down there in d. C. All about cutting red tape. Very successful operation. The first and i think the only time we have ever taken the show out of this set, out of new york city. We should do it again. Next case, yes, it is harvest season. This is in the middle of a trade war, not great weather, but americas farmers, we hear, are turning to technology to get the crops moving. Jeff flock joins us in lucerne, indiana. What have you got for us . Reporter they are the most, i dont know, resourceful people you can think of, the american farmer. Harvest out here, perhaps you see up close and personal, jeff kaisers farm, artificial intelligence. This, as stuart has pointed out, is a tough year, low prices, bad yields, all the more important to be able to manage your field. Yeah. I tell you, when it comes to a combination of threats, weve had it this year. Triple threat with bad weather, but you know, i think the thing that overcomes some of these challenges, being able to know how to respond. Thats what technologys helped us do. Reporter look at this, stuart. This is on a tablet, an ipad, actually, this is ibms watson decision platform for farmers, new this year. All those colors you see there, thats what they have harvested already, what the yield was. Beyond what the yield is, its why you got what you got out of the field. Thats really been one of the missing links, trying to tell what the data is really telling us, and i think the decision platform is artificial intelligence, analytics, is able to analyze things much faster. Reporter how much fertilizer you need to put down, what kind of moisture level, what kind of seed did you use, all of that together. Its really even the reaction of the weather and everything, too. If we need more fertilizer, now we know before we can actually take action. Reporter so this helps the farmer, especially in a year like this, where, you know, hes really up against it. You may break even, right . Oh, yeah. I hope so. Reporter jeff kaiser, i should point out, also one of the farmers that helped ibm develop this platform. I love coming out for harvest and i dont know, what do you think of the future . Well, i think that theres a lot of opportunity here. Weve only just scratched the surface of what technology can do. Reporter stuart, wish you were here. I know you love the farm. Stuart i do. Im in new york right now. A long way from indiana. Jeff, thank you very much indeed. President trump, he heads to dallas later today for another keep America Great rally. The director of communications for trump 2020 is with us. Tim, weve heard democrats, even some republicans, like senator john cornyn of texas, they are saying look, texas is in play in 2020. What do you make of that . We dont think it is in play. We think texas is one of the states that President Trump won in 2016 and will again win in 2020. We in fact invite democrats to think that they can compete in texas because every penny they spend in texas is money that they cant spend in a state they will have to defend like minnesota. We have been hearing about texas turning blue for decades now and it never really quite happens. I mean, i would ask senator orourke and governor wendy davis how that worked out for them if you look at recent stuart let me bring this up, because its a factor here, and that is the hispanic vote, which is very large in texas, and we are told that some members of the hispanic community, not that wild about President Trump. That is a factor in the possible flip of texas, isnt it . In fact, President Trump is doing better among hispanic voters than democrats want to give him credit for, and we find here in the campaign, we find that when you talk to latino or hispanic voters, democrats think that you can just win the argument with them by saying trump and immigration and that does it, and that seals the deal. Thats not the case. Very many latino voters and hispanic voters have members of their own family or they themselves who came to this country legally and so and you ask them hey, you followed the rules, your family followed the rules to become legal american citizens, do you think other people should follow the rules, too, and they say yeah, absolutely right. Other people should follow the rules, too. So the president s stance on immigration actually resonates with a large number of latinos and in fact, our data shows that latinos very much support the president s position on china, because they view that quite correctly as the president s standing up and defending their jobs. Latinos are benefiting from the trump economy just as much as anybody else, in fact, more so. The latino Unemployment Rate is at an alltime low right now. We think that it is good news for the Latino Community and President Trump will win texas. Stuart he will get a big reception today. Thats a fact. Thanks for joining us. See you again soon. Thank you. A couple of stocks to check. Uber and lyft. The city council in los angeles trying to get the companies to pay their drivers a minimum wage of 30 an hour. 15 of that would be base pay and the other 15 go to gas, insurance and repairs. Interesting. The date for worlds first commercial space flight not set yet, but the spacesuits are ready to go. Virgin galactic unveiled the suits its customers will wear during trips to space. Each one will get their own custom suit that they can take home with them when they get back to earth. With a label of their name and country flag. Staying on space. When elon musk smoked marijuana on the joe rogan podcast, nasa gave musk millions of dollars to make sure spacex employees were drugfree. Problem is, the taxpayers have to foot the bill. We will tell you how much you pay for it. Its been reported that theres a cyberattack on business every 39 seconds. Ouch. I dont even want to think about it. 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Stuart because of that, we pay 5 million . Deirdre exactly right. Whats worse, want me to rub salt in the wound, boeing is also a contractor working with nasa. Boeing did not get any extra money. Now, if you go a little bit deeper, a lot of people are saying if we were boeing, we would be screaming. However, it does seem that boeing has charged the government higher than 5 million for other costs. This is an equalizer. Stuart we shell out 5 million for elon musk because he smokes weed on the rogan show. What a bargain that is. Theres more on tesla. Here we go. They have the green light to start manufacturing in china. Susan its a positive for the stock. We are up some. 7 . It is the Worlds Largest car market and you are the first, tesla is the first that has a license to operate their fully owned car plant. Its a big deal. They are looking to build a thousand model 3s a week by the end of this year. Remember how much difficulties they had in 2018 to get to 5,000 a week model 3s in the u. S. . They are getting a lot of Chinese Government assistance as part of their electric vehicles versus dont have to pay that 10 car purchase tax. Stuart they got the go ahead to do it. The green light. Off we go. The competitive Enterprise Institute, they released a new ad telling you how much the Green New Deal will cost your house and every household in america. They are on the show next. Under 40 to fill a car. Low gas prices. Easy to visit family, run errands, grow a business. The other option, doomsday predictions from politicians, a socalled Green New Deal. Managing lipids like very high triglycerides, can be tough. You diet. Exercise. But if youre also taking fish oil supplements, you should know, they are not fdaapproved, they may have saturated fat and may even raise bad cholesterol. To treat very high triglycerides, discover the science of prescription vascepa. 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So go to carvana and enter your license plate, answer a few questions, and our technowizardry calculates your cars value and gives you a real offer in seconds. When youre ready, well come to you, pay you on the spot, and pick up your car. Thats it. So ditch the old way of selling your car, and say hello to the new way at carvana. Stuart the dow is up 30 points. Let me bring this to your attention. Speaker pelosi just said quote, were getting closer on a deal on usmca every day. Thats the new nafta. She says they are on a path to yes. Not having any dramatic impact on the market. Still up 30 points. Financials doing nicely, thank you. Morgan stanley is the latest bank to report strong earnings. With the exception of Goldman Sachs, all the banks have been doing pretty well on the strength of the consumer. Staying on money. Lets talk markets. Heather zumarraga is with us. Heather, seems to me this market just wants to go up. I know ive asked you this question before, but im going to ask you again. It just wants to go up, not down. Am i right . Oh, youre absolutely right, and the markets are being driven this time by earnings. Its not just the fed, its not just china trade truce or the phase one deal. Its actually being driven by earnings. Look at the big banks, for example. You rightfully pointed out morgan stanley, a big beat this morning. All of the banks across the board look pretty solid. Stuart you think we will hit new highs pretty soon . Well, i think we will hit new highs before the end of the year, for sure. I think there are only two things that could derail that, the china trade deal which we have phase one already completed. Markets like that. There was a big response to it on friday when it was announced and i think thats a positive, and the only other thing that i could see derailing markets reaching new highs by the end of the year are Interest Rates climbing, i dont think we will see 3 by the end of the year, but the markets seem to also be in lockstep somewhat with Interest Rate movements, as rates go up, the markets decline so i think you will see a two handle by the end of the year on the tenyear and the markets can digest that just fine. Stuart we have not mentioned brexit but there is a draft brexit deal, the brits get out of the European Union, theoretically. There will be a vote in parliament. I know its touchandgo at this point but why should this draft brexit deal have a positive impact on our market . Well, the draft brexit deal would have a positive impact on our markets because uncertainty is cleared up. In terms of Global Growth around the world, we have seen signs of slowing down that both the Federal Reserve pointed to, the imf pointed to that, so when you have a brexit draft deal, it clears up some of the geopolitical risk and turmoil overseas and now you couple that with the china deal that i think is going to happen before the end of the year, since we have phase one complete. The markets like certainty. Stuart they havent completed phase one yet. They have talked about it. Not yet. Stuart they are going to keep talking about it. They havent gotten pen to paper and signed it. They havent done that yet. That could be a negative, if things go wrong even with phase one, youve got a problem right there. Well, fair enough, but look, i think there are three key issues that are being addressed. Its in chinas best interests to do a deal, especially with President Trump. Can you imagine what they would have to work with if democratic president ial nominee was Elizabeth Warren . If you think President Trump is tough on china, Elizabeth Warren might not even do a deal with china or talk to them until they, for example, stop polluting. That would never happen. So three key issues have been addressed. They are going to buy more ag, i know they pulled back but they did have record pork sales, pork imports about two weeks ago. Currency is being addressed, the currency manipulation. There will be more trans paretr and stability. Maybe now bank of america, maybe jpmorgan can go over there and stu, they can keep a majority stake, majority stake is huge to also address the i. P. Theft. I think its going to be signed. Stuart okay. I hope so. Heather, thanks for joining us. I dont think you have ever told our viewers to sell, sell, sell. I await that day. No. Not yet. Stuart got it. Heather, thanks for joining us. Appreciate it. Next one. Myron ebell, the man on the screen, hes with us right now. Hes from the competitive Enterprise Institute. We ran a brief clip from the ad that you have been running about the Green New Deal. You clearly dont like the Green New Deal and in that ad, we havent run it at this point, you told households how much extra they have got to pay if the Green New Deal is a reality. Give me that number. How much is it going to cost households in america . Well, its so colossal that no one would believe it so we have to sort of talk in increments here that your gas prices, gasoline prices will double, triple, quadruple. Electric rates will start going up. Every product in life, the cost of it will start going up as a result of the Green New Deal which is why the president ial candidates have stopped talking about the Green New Deal, that they dont really, you know, it was very fashionable and there was a real buzz at the beginning of the year, but now they really dont want to talk about it, as people start to look at the details and see how much prices will go up. Stuart we just put on the screen the number 70,000 per household in america. I think that was in the first year after passage of the full Green New Deal. So 70,000 is the number. Right . Well, yes, but again, that was a study that cei did with another group, and that was an estimate for four different states across the country. The fact is that thats such a big number that people will write it off and say oh, nobody would ever do that. So we tried to downplay the actual cost of the Green New Deal so that people can understand that this is a really serious proposal to completely transform american life. Stuart the heart of all these climate ideas is getting rid of fossil fuels. If we get rid of fossil fuels, i dont care what the time frame is, but if you get rid of them, it seems to me that gas i mean, the cost of energy, if it comes from the sun or the wind, is going to go skyhigh, anyway you slice it, right . Yes, youre right. Look, the world gets 80 of its energy from coal, oil and natural gas, the three socalled fossil fuels. The world 30 years ago got 80 of its energy from those three fuels but we are using a lot more now. So yes, we are getting more windmills and solar panels but theyre just adding to the increased supply of energy that the world is using. Theyre not actually cutting into the amount of fossil fuels that were using. So the world has a huge appetite for more energy. Theres a lot of Energy Poverty in the world. And so the idea that were just going to get rid of fossil fuels is really a way to condemn the worlds poverty, particularly people in poor countries. Stuart what a quote. Condemn the world to poverty, especially the ones in poor country. I think you made your point. Come again soon, okay . Thank you. Thank you. Stuart i want to check one particular stock. Hexo, a canadian legal pot producer. Recently, they were down really big because of the resurgence of the black market in canada but it got an answer for it. The can sstock is up 10 . Whats the answer . Deirdre they are cutting prices. For the first time, they will be offering per gram a price under 5 per gram. If you look at the legal cost, its about 10. 23 per gram. If you look at the gray market, because as we know, cannabis has been legal in canada for about a year, the gray market is 5. 59 per gram so they are undercutting even the illicit market, the gray market, if you want to call it that. Just as a reminder, in canada, its been legal a year but you do have to get a license, as a grower and distributor, but theres a lot of people who say great, i will grow stuff at home and sell it. Thats what is considered illift. More than half of canadians apparently are still using the illicit market because its cheaper. This company is saying okay, we are going to offer something thats legal, cheap, they are doing it three ways, they say they have less classic packaging, thats why they say they can cut prices, higher production, then in quebec, they will be selling in quebec, lower hydroelectric costs so they say whatever they need to process, they can process cheaply. By the way, all the provinces in canada have a fair amount of autonomy with how they handle this business. Stuart cut the price. Beat the black market. There you go. Pretty soon on this program today, we will be talking to pastor paula white, the spiritual adviser to President Trump. She says the evangelical base is more energized than ever before. Im going to ask her, can you be a socialist and a christian at the same time. Im going to ask. T p headed to texas to mark the opening of a Louis Vuitton plant there but whats a French Company that makes luxury items doing in Cowboy Country . I will ask the u. S. 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Stuart find that interesting. Louis vuitton, french luxury, going to texas. We need some serious commentary here. Lets bring in jamie mccourt, the u. S. Ambassador to france. Madam ambassador, welcome to the program. Great to have you with us. Can you explain to me thank you. Its great to be here. Stuart why is Louis Vuitton, luxury brand company, French Company, why are they going to texas . Well, let me just say what a great day this is for america and for President Trump. This is part of his pledge to American Workers to create manufacturing jobs here, and lets be honest, theres a lot of americans who have their eyes on these luxury bags and Leather Goods that are produced by Louis Vuitton. Stuart it does seem to be a little bit of a strange partnership, doesnt it . Cowboy country and Louis Vuitton . Does that strike you as a little odd . It does not, actually. Cowboy country is known for its leather, whether its boots or saddles, and so it seems like a great pairing to me. Stuart so tell me what the french think of President Trump. We hear that hes very unpopular in europe. What about france . Oh, i would have to say that theres such a Good Relationship between the two president s, france and america, and of course, the bilateral relation is dating to so far back, it was our first bilateral relationship, as you know. I am an Angel Investor in my normal life. When america was just the startup, the french were our first investors. So its only logical that we continue to maintain the relationship both politically, securitywise and certainly economically. There is so much trade between the countries every year. Stuart i was in britain just a few months ago and i asked a lot of people, what do you think about President Trump, and you know, interesting response that i got. Quite frequently, it was we could use a guy like trump over here, he gets things done. Is there any similar sentiment amongst people in france . I think you hear a similar tone in france as well. They are very impressed by someone who is out to protect his own people and take care of his own people, whether its from a security perspective, as i mentioned, or a prosperity perspective which we know are his two goals, and you know, he campaigned on getting certain things done and hes checking them off the list. Hes doing what he said he would do. Stuart madam ambassador, jamie mccourt, thank you for joining us. We appreciate it. Thank you very much. Thank you. Stuart forgive my appalling pronunciation of Louis Vuitton. By the way, that of course is a luxury brand, Louis Vuitton, et cetera. Now we have got a list of the most valuable brands in the whole world. Deirdres got the list. Deirdre apple number one. Straight to the top. It is for the seventh Straight Year. Google number two. Amazon number three. You will notice all of these top five are american. You will also notice that four out of the five are tech. The only consumer, true consumer play there is cocacola. I took a look because who did this, some American Company that just wants to brag about it. Its actually an international company, omnicom which owns intrabrand, they have 24 offices so this is a global list. As i mentioned, amazon, top three. Amazon, apple, google, seventh Straight Year at the top. Stuart there is samsung, toyota, mercedes, six, seven and eight. Mcdonalds number nine. Disney, number ten. Deirdre the only one that fell, by the way, was facebook. Slipped right out of the top ten. Theyve had a difficult year sort of marred by these privacy scandals, Data Management scandals and a multimillion dollar fine from u. S. Regulators. Stuart apple still number one unscathed. Thank you. Next, we will be joined by the spiritual adviser to the trump family. That would be pastor paula white. She says the evangelicals will carry the president to victory in texas in 2020. Shes with us on the set. 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. 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. Stuart the president s heading to dallas today. He will hold another of those keep America Great rallies this evening. Now, hes headed into deep into evangelical christian country. 40 of the states population, evangelical, and 81 of that group voted for mr. Trump in 2016. Pastor paula white, President Trumps evangelical adviser, is with us. She is the author of the new book called something greater, finding triumph over trials. Pastor is with us this morning. Welcome back. Its so great to be with you, stu, and everyone. Stuart look, 40 of the states population is evangelical. 80 of that group voted for trump in 2016. He wins in 2020. Any doubts . We are so strong. I mean, people are scratching their head. They cant understand, theyre like were unwavering. This entire time, our numbers have stayed super strong and were growing. Stuart a lot of people, evangelicals included, dont like some of the things that the president says. And the way he expresses himself. They are put off by it. Not by his policies. But by the man, the message that hes putting out there. I think some people dont understand, they look at the persona or that they dont know the man and this book is laden with stories about the man. It has so many things about just his everyday, i have known him for 18 years, he was watching me on christian television, called me out of the blue and became very close to him, the family. I mean, people in his office, everyone, so this is an ongoing long relationship and i love to tell those stories. So people get to know the person. When youre with him privately, im in the listening sessions all the time and i see, i was on the campaign with him and people, they dont if they get sound bites of it, thats a different thing. Stuart can you define how do you define evangelical . Thats a great question. First off, they put this blanket over us as evangelical and so really, thats christian, but its more of your mainline denominations like southern baptist, assembly of god, church of god, its not your traditional as much as presbyterian stuart they are all under the evangelical umbrella . Its a theology. Stuart but the hispanic catholics are not in the evangelical umbrella. But hispanic christians are. It gets very confusing. I laid this out on the plane one time to jared for hours. His heads just spinning. Jareds like paula, this is what you do. It really is. We are just kind of labeled all evangelical but theres, you know, after the reform, theres, what, 9,000 different denomination type. Stuart okay. Hoor heres a question which comes to me frequently. Can you be a socialist and a christian at the same time . Thats a pejorative question, it implies you cant be, but i dont mean to imply that. I know some christian socialists and they are solid, sincere people. Can you be both . It is not in the word of god as the will of god to be a socialist nation and to be, in fact, if you look at moses in the old testament, hes the greatest Freedom Fighter. If you look at jesus in the new testament, hes an absolute liberator and Freedom Fighter so it is not biblically now if you are born into that, into a nation that is socialist or communist, to be born in the worlds greatest democracy and try to take it backwards into socialism, watch what stuart capitalism is not in the bible. There is some. In the new testament there is a lot about free market. When you look at things like from the standpoint, our president understands this, religious liberty has a lot to do with political liberty and political freedom. You take religious liberties away from someone, you are also taking political freedom. What were we founded on . The main reason our forefathers came over was to get away from secular religion, state religion, for the government not to tell them how to worship. Why did israel, why did god bring them out of egypt . Because i want you to be able to worship freely. The moment you take that away, and we hit Something Like beto orourke and this nonsense that is going away or taking place, you are in a dangerous position. When they say get this free, get this free, what they are not saying is what they will take from you. Some of them are getting bold enough to. Stuart pastor paula white, author of something greater, finding triumph over trials thanks for being with us. We appreciate it. Thank you. Now then, a totally different subject but a good one. South park mocking lebron james over his comments about china. We are going to play you the clip from south park after this. Ive been a caregiver for 20 years. No two patients are the same. Predicting the next step for them can be challenging. Today were using the ibm cloud to run new analytics tools that help us better predict and plan a patients recovery. And who doesnt love going home. Stuart south park mocking lebron james over his comment about china. Role roll that tape. We have a right to free speech. Yes we do have freedom of speech but at times there are ramifications for the negative that can happen when youre not thinking about others and only thinking about yourself. What is going on kids . The protesters are back again, mr. Mackey. Kids, we dont want another incident here, okay. Trying to it harms people financially, physically, emotionally, spiritually. Stuart that is pushback. I think that is justified. How often are we seen american athletes sam president , call him all the names under the sun. When it comes to communist dictator, mums the word. Social justice crusader for everybody. I love cartman channeling lebron, upset at the cafeteria changes. Youre hurting everybody. Using lebron james quote he made to the rockets gm. They took lebrons quote put it in cartmans mouth. This is, this cartoon is having a lot of fun at chinas expense. Stuart gadd way to end the show. Times up. Neil, it is yours. Neil that is funny clip. Didnt saw coming what is happening across the pond in our majestys kingdom, brexit situation is not dead. There are signs right now it will get overwhelming support within the European Union, 28 members, including britain who will likely vote yes on this restructured deal. The big problem will be, and the big question will be, what happens in her majestys kingdom herself in parliament, British Parliament. Regardless. The fact that this is possibility is a shock to the Global Financial system because most people thought, at least this would be delayed. At worse, this would be torpedoed. That does