Transcripts For FBC Varney Company 20240713

Up about. 75 . Strong profits, positive news on trade, an expanding economy with full employment. This is why stocks are headed up again this monday morning. This stock, though, is not. Mcdonalds. Its ceo, Steve Easterbrook, has been fired. He broke Company Rules by having a consensual relationship with another mcdonalds employee. No details on that, but hes out. The stock had doubled under easterbrooks tenure. Today it will be down about not as much as it was earlier but it will be down about 1. 5 . Quite a drop to 190. Heres another stock in sharp decline. Under armour. They just reported what i think was solid profits, but investors are worried about an ongoing accounting investigation. Big drop, down 14 . Big change at airnbn. No more party houses. They will develop a Rapid Response team to handle incidents like the one on halloween in california, where three people were shot dead. Airbnb wants to go public sometime next year. Stay there, please. We have a big monday morning show for you. Theres a lot going on. Varney company is about to begin. Stuart you know, overall, that was a pretty warm welcome at Madison Square garden. A lot of the media focused on some of the booing. That was when he attended the ultimate fighting championship in new York Saturday night. Okay. We are done with that one. Look at the market, please. Look at futures. We are poised for fresh records across the board this monday morning. Jack hough, barrons guy, with us now. I think the ufc fight, they were saying booming stock market. Stuart stop it. Stop it. They were cheering the guy, okay . I heard the cheers. This is a goldilocks economy. Thats why weve got a stock market rally. Where am i going wrong . I think youre right. Everybody will call this the china trade deal hope rally. I heard that 175 times. If we were trading 20 down from where we were when that started i would say maybe. The stock market is hitting new highs. It is a goldilocks situation. Not too hot, not too cold. When you look at gdp, the number is uninspiring, the growth, but as long as its positive and not too hot, we keep Interest Rates low for a long, long time and stocks remain the best deal in town. Stuart look, profits are strong. I mean, stronger than expected. I hate to say it, but strong, can we leave it at that. There is positive news on china trade. We do have a full employment economy. Lots of new jobs created last month. I mean, whats wrong here . This is a pretty good situation for investors. Especially stuart wheres the negatives here . Wheres the problems . Well, i can come up with some if you would like me to. I can say well, we are running a trillion dollar deficit. I would like to see some of that money a little better spent right now. I could quibble. But youre right, you know, especially this late into an expansion, things are broadly good right now and theres no reason not to expect this stock market to continue rising. Stuart its going to run for a bit i believe so. Stuart new record highs today but we will run for awhile to come. Stay there, jack. I want to tell everyone this man is on barrons roundtable on the Fox Business Network fridays, 10 00 p. M. Eastern time. Thats not me. Thats the host there. Some people say hes betterlooking. Dont believe it. Stuart i was trying to flatter you there. Got to talk about mcdonalds. Im going to call it the stock of the day. Down in an otherwise up market after firing ceo eSteve Easterbrook over a consensual relationship with an employee. Grady trimble joins us from chicago. First of all, what rule did he break . Reporter well, mcdonalds didnt tell us exactly which rule he broke but there is a Company Policy listed on the companys website that says an employee cant date another employee who reports to them, either directly or this is important, indirectly. Which in the case of the ceo, seems like would be just about anybody. If they do violate that policy, according to this policy on their website, you are supposed to report that to h. R. We dont know the circumstances surrounding this and whether either of the two employees involved did that, but that seems to be the policy that he violated. Stuart let me make sure ive got this right. We dont know whether or not this other person had complained and we dont know whether or not Steve Easterbrook admitted to this and reported this relationship before being fired. All we know is hes fired. Thats all we know . Reporter thats right. We dont know how this came about, whether an official complaint was filed by the other person involved or some other employee filed the complaint. All we know is that hes fired. But easterbrook through his attorney released a statement to us acknowledging that he made an error so he admitted at least to a mistake. Stuart i guess the era of the Office Romance is thoroughly over. Is that right, grady . I dont mean to ask you for an opinion on this. But come on. Reporter i will just say this. I will say this. Rules are rules. When we all take a job these days we sign a Company Handbook and you would assume the ceo of a Major Company signed the same handbook everybody else at mcdonalds signed. Stuart fair point. Well said, young man. Well said. Im sure we will be back to you throughout the day on this one and you know it. You will get a lot of air time, son. Good stuff. Then we have under armour. They reported what i thought were pretty strong earnings first thing this morning but the stock is way down, 13 down. Jackie deangelis, why is it down so much . Jackie good morning, stuart. Its because of under armour is subject to a federal accounting probe and also because in that earnings release, while the eps was that under armour cut its revenue forecast for the second time, cutting its guidance, but lets dig into what is happening here. Its being accused of or potentially probed, as i said, into the shifting of sales from quarter to quarter to appear healthier. So its an accounting issue, where you would book revenues for the Company Earlier than you actually had those revenues. Theres a partial criminal inquiry that would be a part of this. Thats the Justice Department prosecutors, they are looking into it. Then there would be a civil part the s. E. C. Would be looking into. Under armour is saying its cooperating with the investigation and thats what we know right now. But 14 , almost 15 in the premarket to the downside right now, it will be a tough day for this stock. Stuart i think you could say that for sure. Jackie deangelis, thank you. Another couple stocks we are looking at, individual stocks here. Start off with harley davidson. Got a downgrade to whats called under weight, by keybank. The stock is down 1. 7 . Uber, they report their profits this afternoon. In running up to that profit report, the stock is up 19 cents, not much. Nowhere near the ipo price which i think was susan 45. Stuart its 31 this morning. Now we have this. A prodemocracy politician in hong kong stabbed over the weekend. What a development. Susan had half his ear bitten off as well. There are some graphic videos on television where at one point, one of the tv stations actually showed a bag containing half of his ear. His name was andrew chu. This means the violence has increased over the last five months of protests. We also had another organizer who was attacked with hammers and knives recently. Second time hes been attacked. So maybe its a signal to those, the organizers of these ongoing protests now on to five months, those that want hong kongs economy to come back to life are not in favor of some of these ongoing stuart they are going to sign phase one of the china trade deal, that did not impose itself susan dont forget over and over again, they say if they dont adhere to the rules and promises made in 1997, will they stick to the rules and promises made in any trade deal. Stuart fair point. Thank you, susan. Check futures. We are still going to be up very nicely this monday morning. 150, 160 up for the dow. Look at that nasdaq. Theres the index to look at. Home of technology companies, up about. 75 . Next case. Elizabeth warrens 52 trillion medicare for all plan getting panned even by some democrats including joe biden. Shes got a plan for everything. I dont think thats going to work. I think thats a rotten strategy personally but that will be my editorial, top of the 11 00 hour. Plus, when im wrong, im wrong. The popeyes chicken sandwich is a hit. People waiting in long lines across the country to try one yesterday. I still want to know why. We will find out. President trump heads for kentucky for a Campaign Rally tonight. Hes trying to get matt beven reelected. Tomorrows election is a test of the president s popularity. Varney Company Continues after this. As a struggling actor, i need all the breaks that i can get. At liberty butchemel. Cut. Liberty mu. Line . Cut. Liberty mutual customizes your Car Insurance so you only pay for what you need. Cut. Liberty m. Am i allowed to riff . What if i come out of the water . Liberty biberty. Cut. Well dub it. Liberty mutual customizes your Car Insurance so you only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Most people think of verizon as a reliable phone company. woman but to businesses, were a reliable partner. We Keep Companies ready for whats next. man we weave security into their business. Virtualize their operations. woman and build ai customer experiences. We also keep them ready for the next big opportunity. Like 5g. Almost all the fortune 500 partner with us. woman when it comes to digital transformation. Verizon keeps business ready. Stuart im going to put boeing up on the screen. 346 per share. Airlines plan to test the 737 max jet without passengers before returning it to service. The whole point, of course, is will passengers want to fly it when it does return to service. Bank of America Corporation accelerating its move from its current minimum hourly wage. Its going to pay between 17 and 20 per employee, thats their minimum wage by the end of the First Quarter of 2020. Okay. Thats from bank of america. Highly contested race for governor in kentucky. President trumps going there to endorse the current governor, republican matt beven. Joining us, marc lotter, Strategic Communications director for trump 2020. The election tomorrow in kentucky and mississippi, gubernatorial elections, is this you regard this as flat out a test for President Trump . No, not really. I think its a test for the voters in those states whether they want to keep their economy moving strongly like we do with the rest of the country door they want to fall back in kentucky, nearly 50,000 jobs have been created under governor beven and with President Trump in office and you have an opponent there right now who is supporting taxpayer funded abortion, supporting sanctuary cities and thats just not in line with the values of the people of kentucky. So this is a decision they have to make. The president is going to go there, tell them what he thinks and i have a feeling they are going to come out, they are going to vote and reelect the governor tomorrow. Stuart what i really meant was, is this really a test of president ial appeal, National Issues as opposed to local issues . The personality, the demeanor of the president as opposed to local issues . I think it is a test of the president s standing on a national basis. Dont you think . Well, kentucky supports President Trump in very strong ways. I have no doubt they will be one of the first states on the board next november on Election Night for President Trump. This is the opportunity for him to not only get out there, talk about why he supports governor beven but also to energize that base to get people rallied and fired up and make sure they understand they have to come to the polls. It worked in those special elections a few months ago. It worked again in the louisiana governors runoff and i have no doubt the President Trumps support is going to help the governor tomorrow. Stuart the governor of kentucky is going to be on this program a little later in the show, in the 11 00 hour. Meanwhile, marc, congresswoman ilhan omar stumping for Bernie Sanders last night. As you know, im going to show our audience, she had some choice words for the president. Roll tape. That is why we must build a Mass Movement of the working class that transcends faith, age, gender and background. I am beyond honored and excited for a president who will fight against western imperialism. Stuart a Mass Movement of the working class, end western imperialism. I heard stuff like that when i was a kid in england in 1952. Thats a socialist manifesto right there. It is. And i mean, just think about that for a second. Youve got a sitting congresswoman who is throwing her support behind a socialist, talking about fighting western imperialism when the president of the United States is actually fighting for jobs, fighting for freedom around the world but remember, Bernie Sanders honeymooned in the soviet union, has praised communist leadership, not only there, in cuba, they stand behind the dictator in venezuela, and thats what this race is going to be about. Its going to be a race between freedom and capitalism, the american way versus the new radical socialist democrat way represented by the squad, ilhan omar and Bernie Sanders. Its actually despicable. Stuart was it you who said Bernie Sanders went to the soviet union for his monhoneymo and never came back . Was that you . Did you say that . I might have. I dont recall that but it does sound correct. Stuart i just wanted to get it in. Marc lotter, thank you very much. We will see you again real soon. I want to show you whats going on on that market in 12 minutes time. We are going up. This is a monday morning rally bigtime. New highs. You will see them real fast. We have colorado allowing residents to load their drivers license on to a mobile app. They say its safer. In other words, your license is going to be on your iphone. Thats what this is all about. Weve got the guy who is prodding that forward, next. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Stuart Fiat Chrysler merger with peugeot to close as early as december, question mark. Yeah, probably. The stock, Fiat Chryslers stock up nearly 3 on that. 16 a share. Colorados governor giving the okay to digital drivers licenses that you can access through an app on your smartphone. Andre duran is with us. Hes with ping identity. That company helped colorado with the software to get this done. Whats the advantage here . So i get the app, my drivers license goes on this thing. Whats the advantage . Well, thank you, stuart. So the advantage is that we are going to be able to provide a better experience to all coloradons as well as improve the security of presenting your identity to the state and businesses. Stuart i could lose my iphone, couldnt i . You could lose your iphone and all of us have done that. Takes a little bit of time to reload the applications and our payment mechanisms into the phone. But the phone is becoming really the center of all of our digital experiences, and americans are in love with our phones. We are already today putting our credit cards and attaching our drivers license to the back of the phones, so this is not a new experience. Stuart okay. So look, colorado has accepted it and your app is going to be on these phones. Which other states are considering going this way . Well, i cant speak for other states. Certainly there has been a lot of interest inbound to my company as people have gotten wind that colorado is leading the way in digital experiences to provide Better Services and bring government to the citizens of colorado right through their phone. I expect other states will follow. Stuart sorry to interrupt you. I just noticed on the lefthand side of the screen your stock is way down since the ipo. Down 17 . Any idea why . Well, i cant speak to that. We are still in a quiet period. We recently went public on the new york Stock Exchange, so you know, want to really focus on what we are doing to power and enable security for all of colorado with this new digital drivers license. Stuart okay. Thanks for joining us, sir. Im sure i will get on the band wagon at some point in my life, assuming i live for 25 years. Thanks for joining us. No, no, seriously, we appreciate it. Thank you, stuart. Stuart good stuff. Dow industrials going to be up about 160. Pay close attention to the nasdaq. Look at that. Thats going to be a new alltime high right from the start of trading this morning. Its going to be up about threequarters of 1 . Technology looks like its doing real well. We will take you to wall street for this great opening after this. With time, comes change thats for sure. 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Susan apple is committing 2. 5 billion compared to facebook and google who of course committed about 1 billion earlier this year. Microsoft is doing the same in seattle with 500 million. Apple says we are contributing 2. 5 billion, a billion in an Investment Fund for shovelready projects to get up and running as soon as possible, a billion dollars for those looking for their first home mortgages. As you know, with the high paid tech players coming in, a lot of middle class citizens are pushed out so they are ebbing to focus service community, First Responders and teachers that dont make a tech wage and cant find affordable housing. They are committing about 300 million in this parcel of land near the North San Jose area around the light rail line. Stuart maybe apple could do something about the restrictions and regulations on any new form of building. Susan i believe thats a government issue as well. They pointed that out because of the state and local Development Zoning laws. Housing development is not allowed in a lot of places. Thats why you have a shortage of housing as well. Stuart wonder if apple can do anything about that. Probably not. Susan gavin newsom, though. Stuart you think he would do anything about rules and regulations . I think not. What have we got now . 11 seconds to go to the opening of this market. I think you will like it, sports fans. I think we are going to hit record highs right from the getgo for the s p and nasdaq. Here we go. 9 30 on monday morning. We are off and running and higher, straight from the start. Look at that. Alltime high right there. Right from the start. 27,467. Right from the start, we are up, record high. Got it. S p 500, new record high. Right from the start. All three of them, nasdaq composite included, alltime record highs. Never been higher. First thing monday morning right out of the box, there you go. This is prosperity written across your screens, ladies and gentlemen. Ive got three dow components, three stocks which are in the dow. They are all in record territory. Look at them. Apple has hit 257. Caterpillar, 145. Jpmorgan, 129. Ive got to tell you about mcdonalds, however. A change at the top there. That stock is down in the very early going. Down about 2 . More on that in a second. Under armour facing a federal accounting probe. They are down this morning, sharp drop, 14 . Again, more on that later. Lets get into this rally. Jeff sica, susan li, ashley webster, all back together again. Record highs right out of the gate. Jeff, if you pour cold water on this, you will never eat lunch on this set again. I know you guys dont have one for me. Stuart what have you got . What have you got . Listen, there was a lot of good vibes coming out of President Trump and wilbur ross last week. Thats the reason why the markets going up. But the market is anticipating a very positive outcome on china trade. I personally dont think they are going to get it. Stuart phase one . The markets anticipating that phase one will be signed. You dont think it will be . They believe its going to be signed here in the u. S. Thats what they anticipate. I think we will get phase one but keep in mind, this agreement has to be much more in depth for it to be effective. Stuart nobody is suggesting that we dont keep talking towards a phase two. Everybody knows that. Susan thats right. As long as things dont get worse, thats the point, for investors. As long as it doesnt get worse and tariffs dont go up december 15, the market will continue to go higher. As i heard from tim cook, he says he doesnt know anything we dont know, but he expects phase one to be signed. Ashley i thought larry kudlow on friday had a terrific list of things that were being accomplished. It quite surprised me how far along they are in the process with intellectual property probably not in phase one but they are talking seriously about it. It seems more encouraging. I just think every headline changes 180 every time. We will get a headline this afternoon, everything is in bad shape. No. We are going to be lucky to get phase one. I do think they are further along. Stuart thank you. Im moving along. Let me move on to mcdonalds. Weve got records across the board. I dont want to care about worries about phase two. I dont want to hear about it. Ive got to tell you about mcdonalds. Steve easterbrook, out as ceo. He had a consensual relationship with an employee, apparently thats against the rules. Im as stone tisastonished thatt he is out. Do you have anything to say about that . I have to agree with you. It seems like a very low bar for them to remove a ceo for breaking this rule. To me, i dont think we know enough about the story, if theres Something Else involved, but i really dont think it makes a lot of sense. It especially doesnt make a lot of sense considering the fact that they are bringing in a new ceo allegedly that is not has not been effective in his region. Thats problematic to me. Susan hes also stepping aside, easterbrook, as the Company Reported its First Quarterly profit drop in two years. Things are slowing down. Stuart thats not why he stepped down. Susan im just saying if he had the stellar record where yes, i know he doubled the stock price under his tenure since 2015. Most of that is because of repurchases. 100 billion in buybacks and dividend increases as well. I would say that his biggest accomplishment would be the allday breakfast. Thats when the turnaround actually happened for mcdonalds. Stuart lets talk about the demise of the Office Romance, because it is dead and gone. You cant do it. Ashley if you sign as ceo and the rules say if you do this, its against Company Policy, theres no real room for argument, i dont believe. And he was ceo. Susan everybody virtually reports to him. Anyone that directly or indirectly reports to you, you cannot have a relationship. Even though hes a divorced father of two. Stuart moving on. Under armour, they reported this morning better profit but theyve got this federal accounting probe thats still going on. Susan anderson is with us, the analyst, one of them, that looks at under armour. You just came off the company call. What did can you be brief, tell us what did they say about this accounting scandal . They didnt give much information as expected. I think that once the probe is completed, we will know more. But until we do get more details around whats going on with the investigation and if there is some wrongdoing, i think its going to be difficult for investors to invest in under armour. Stuart so its legit, then, 14 drop for the stock is legit even though we dont know much more about the accounting scandal. You think this is okay . Yeah. Also, they lowered guidance on the top line for the year. It was plus 3 to 4 . They lowered that to plus 2 . We lowered our number on the top line about plus 2 so you know, i think part of that is also weighing on the stock. There were a lot of questions on the call around whats going to drive reaccelerated growth on the top line next year which is really what we need to get justification for the valuation here, and we have a sell rating on the stock. We dont believe they are going to be able to reaccelerate revenue in the next year or two. Stuart thats tough. A sell rating. How about that. Susan, thanks for joining us and getting straight to the point. We appreciate that. Susan anderson. Have a look at that market. We are six minutes in. We are 136 points up. Alltime record high, the dow industrials at 27,478. How about that. Apple, as we told you, spending about 2. 5 billion to help californias housing crisis. The stocks at a new high. Dow component caterpillar, same story. The stock is at a new high. We are now at 145 on caterpillar. Jpmorgan, new alltime high for that bank, too. 128 on jpmorgan. World wrestling entertainment, wwe, shares are down. Wells fargo cut its price target to 80. Interesting. The stock is at 53. Look at the tenyear treasury yield, please. It is 1. 75 . No real news there. The price of oil, very interesting. Right now, the price of oil is any day now we are going to get that oh, 57 a barrel. Im surprised. Big article today about four countries coming onstream with a lot more oil next year. A new oil glut, challenging prices. I find that interesting. 57 a barrel for oil right now. Deadly shooting at a house party in northern california. It was airbnb rental. Now airbnb is banning house parties. Ashley the woman that rented this home in the bay area said she was having a Family Reunion with 12 or 13 people there. Turns out that wasnt true. It was actually going to be used for this massive party, more than 100 people turned up. It was widely advertised on social media. Then gunfire erupted. Five people ended up being shot and killed in this, three on the scene, two died later. The question for airbnb is how do you prevent Something Like this from happening. Its not easy. They say they will redouble efforts to try the look for red flags of Something Like this that could happen and also to respond with a Rapid Response team. Im not sure what that is, like a s. W. A. T. Team for parties . I dont know. Not being flip but i dont know how they can do this. They are definitely going to try and clamp down on this kind of thing. And you know, look, party houses have been a problem in party areas, vegas, miami, this kind of thing has happened before. Stuart they want to go public next year so they ashley they will have to solve this before they do that. Yes. Also, theres the issue that now that shortterm rentals are very much in jeopardy now because for example, the state of california wants them to start registering as if they were hotel guests. This is going to put government scrutiny on state scrutiny on airbnb. I think airbnb is a very good concept but they face a lot of head winds with whats happening now. Stuart its election day tomorrow and around the country, there are a lot of local ordinances up for a vote which will place restrictions on airbnbs shortterm rental. Theres one in our area in south jersey. All right. Here we go. Popeyes relaunched their chicken sandwich. They introduced it again on sunday. Took a shot at chickfila which is closed on sunday. People were lining up, we have some video. That is people lining up, thats actually people lining up, the drivethrough line of popeyes chicken. I cant believe this. Okay. Heres what weve got. This is it. This is a popeyes chicken sandwich. Can you explain to me why theres such a rage about this chicken sandwich . I think it looks delicious and the audience needs to know theres [ inaudible ]. Stuart i will sell you mine. I think by the way, im gluten free so if i ate it, it would be a very long ride home. And chickfila makes a glutenfree sandwich. Stuart im not going to eat it. Susan, would you care to eat it . Susan sure. Let the girl do it, right . Ruin my lipstick. Okay. Here we go. I have to be the brave one. Actually, i want to try the sauce that comes with it. Stuart well done. Well done. My mom wants it to be elegant. Stuart is your mother watching . Susan probably. She would say stop talking with your mouth full. Stuart well done, susan. Well done, everyone. I dont understand it. The rage about chicken sandwiches. Guess ill get to it. Sica, thanks very much indeed. You were just great today. Okay. 9 40 eastern time. I will show you the market. Look at that. We are up 150 points. 27,500. We have arrived at that level. New highs for the s p, new highs for the nasdaq. Its a great monday morning. Yes, the market is setting records. The economy is booming. But if you follow the Mainstream Media, you would not know about any of it. Thats because they are obsessed with impeachment. I will tell you why we should ignore all that and celebrate prosperity. Thats in my editorial coming up at 10 00 this morning. Speaking of celebrating, the president is hosting the world series champs Washington Nationals at the white house today. Again, all we hear about is the teams one pitcher who is not going to be there because he doesnt like the president. What happened to the honor of going to the white house . Invite me any day and im there. Alibaba, chinas version of amazon, holding a big shopping day next week. It hopes to attract half a billion shoppers. Michael zaiko will join me and i will ask him about that. 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Their big shopping day called singles day, its one week from today. Alibaba thinks they are going to get a half billion shoppers, 500 million shoppers from all around the world. Our next guest is going to be there. His name is michael zacor, retail watcher. He joins us now. You think amazon should be worried . Because it sounds to me like their singles day, alibabas singles day, is going to overlap amazons prime day. Well, actually, stuart, they have left amazons prime day in the dust. Last singles day Global Shopping festival for alibaba produced 30 billion in gross merchandise value in one day, so thats about four times what amazon prime day does in its best year. Last year they had more than 400 Million Consumers and they shipped more than 700 million parcels. Stuart do they do things better than amazon . Is their execution better in some way . What do you think . Well, part of its just scale. They are 1. 4 billion people in china so roughly four times the size of the u. S. Population, but what they do differently and a little bit better than amazon is they spend months preparing for it. They recruit new brands constantly and most importantly, they make sure that brands are putting up new merchandise. So we are expecting 200,000 brands and retailers to participate and more than one million products that have never been available in the marketplace before will be available for sale. Stuart why are you going to be there . Because this is my favorite time of the year, stuart. You know that. This is, you know, some people love black friday, the start of the Holiday Shopping season. For me it starts on singles day, so really, its the future of retail. When we often talk about the new retail, the complete integration of online, offline technology, alibaba really invented that and we are seeing how its start to spread to the rest of the world. Its just a great day if you are interested in retail consumption and what it means for American Brands and retailers as well. Stuart michael, full disclosure, i own some alibaba shares. They are at 181 today. Where do you think the stock is going . Well, you know, the stock has been somewhat in neutral over the last year and a half, i think, artificially so. There have been some worries about the resolution of the trade war. You know, i still think that the stock has a runway to growth. At least to 200 to 220, if not more. Its surprising me its taken this long to break out past the 180 mark again. Stuart want to ask you real fast about jc penney. We brought you the story last week that penney is adding yoga classes, gaming lounges, all kinds of things to add to the experience you get within the store. Obviously its an experiment. Do you think it works . Well, that model has been proven to work with other brands and other retailers, so in this retail environment today, we are having a renaissance, a rebirth of retail, which includes services, which includes the connection between online and offline, so they are including things like concierge service, people bring clothes to you, reduced floor space, magic mirrors in the dressing room, restaurants, spas, yoga, all these things make sense. Thats where the world is going. The problem is, its one store and i dont know if this is going to be scaleable for their 850 stores, and with the debt theyre carrying and with their stock hovering around 1 and they are in danger of being delisted from the stock market, they have the right idea but how they are going to scale it, mystery to me. Stuart the jury is out. Good luck in china. I hope to hear from you from there. See you later. Thanks very much. Check the dow 30. Looking good. Lots of green over there. In fact, ive got 25 of the dow 30 in the green on the upside. The dow is gaining a half percentage point. Amazon trying to get seattle to be more businessfriendly. How are they going to do that in a very liberal town . We will have details for you after this break. Stuart amazon, the company is trying to make its hometown of seattle more friendly towards business. Good luck with that. Fox News Reporter dan springer is there, and hes going to tell us what amazons doing. Tell us, dan. Reporter yeah. Well, stuart, to know why amazon wants a more businessfriendly city council, you just have to go back a couple years. You and i talked about it, when the Seattle City Council passed a head tax of 275 per employee that would have hit amazon at about 14 million a year, raising 50 million for the city for homeless services. Well, at the time, amazon came out and said okay, we will stop construction on a couple of buildings down here. The city council backed off on that but damage was done to the relationship so now amazon has put 1. 5 million into a Political Action committee run by the chamber of commerce here to try to get a more businessfriendly slate of candidates, and seven of the nine seats are up for grabs. Not talking about seven republicans against seven democrats. We are talking about seven liberal democrats against in some case, socialists. So we have a socialist on the council now, we have a couple more running for open seats. What amazon is trying to do is trying to get a more businessfriendly city council. They have not been very politically active in the past but now with that head tax proposal, they are starting to weigh in. A couple of people weighed in on their campaign donation. Bernie sanders and Elizabeth Warren blasted amazon for that Political Action committee. However, we will see if it works out. Voting is going on right now and tomorrow we will know whether or not that donation had any impact or not. Stuart . Stuart i want to see those results. Thats very important. Dan springer, great stuff. Thank you very much indeed, dan. Thank you. Now, President Trump took a shot at california Governor Newsom over the wildfires. Governor newsom fired back. Take me through it. Ashley lets begin with what the president said about the wildfires. Said that Governor Newsom has done a terrible job of managing the state when it comes to cleaning the forest floors and he should stop listening to his environmentalist bosses. Mr. Newsom came back with saying this, we successfully waged war, said Governor Newsom, against thousands of fires started across the state, guess why, due to extreme weather created by Climate Change. Something you, mr. President , have conducted a fullon assault against. Stuart im sorry, im with the president on this. Its not Climate Change that has created the fires in california. It is government policy in california. Climate policy, which has encouraged this to happen. Ashley yes. Stuart okay. Calm down. Lets go to the markets. Thats all good stuff. Record territory, as you can see, lefthand side of your screen. All those are record highs. Got it. President trump heads to kentucky to rally for governor beven tonight. This is a test of the president s popularity. By the way, the governor will join us in our 11 00 hour. Conservative comedian Terrence Williams will be here. He claims to be the president s number one funny guy. How hard is it to tell jokes and get a laugh in a politically divided country like this one . Hes on the show. The markets breaking records but all the Mainstream Media cares about is impeachment. Even more reason to keep it right here. Im going to editorialize and celebrate prosperity after this. Most people think of verizon as a reliable phone company. woman but to businesses, were a reliable partner. We Keep Companies ready for whats next. man we weave security into their business. Virtualize their operations. Mes to digital transformation. Verizon keeps business ready. But when i started seeing things, i didnt know what was happening. So i kept it in. He started believing things that werent true. I knew something was wrong. But i didnt say a word. During the course of their disease around 50 of people with parkinsons may experience hallucinations or delusions. But now, doctors are prescribing nuplazid. The only fda approved medicine. Proven to significantly reduce hallucinations and delusions related to parkinsons. Dont take nuplazid if you are allergic to its ingredients. Nuplazid can increase the risk of death in elderly people with dementiarelated psychosis and is not for treating symptoms unrelated to parkinsons disease. Nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. Tell your doctor about any changes in medicines youre taking. The most common side effects are swelling of the arms and legs and confusion. We spoke up and it made all the difference. Ask your parkinsons specialist about nuplazid. Stuart in 45 seconds i bring you latest on factory orders. Maybe the market will react. Well have to wait for 30 seconds before we get actual numbers. Meantime i tell you, this is a big rally day. First thing out of the box on monday morning we hit alltime highs for all three major averages. Youre looking at the dow industrials, up half a percentage point. Were just shy of the 27 mark. S p 500 hit a record high this morning. We still up the best part of a half a percentage point. As for nasdaq that is going very well this morning. We have a gain there of about two thirds of 1 . 8400. 10 00 eastern time. On the button, factory order for september. Ashley according to expectations. Stuart no. Ashley these are the estimates so important. I have to do that. Down. 6 . Now the estimate was for. 3 , up. 3 . Not a good number. Not a good number. Stuart down instead of up . Ashley correct. Stuart i dont know what the trend on factory orders is. Stuart that just came out 40 seconds ago. Ashley stocks hold gains. Susan factory orders 11 of the economy. Distribution is not as big as it used to be. Stuart that is fair point. Factory orders came in worse than expectations. Market didnt react. All right. Everybody. Now this. Lets start with a really, really big number. 10. 5 trillion. The value of all stocks gone up since donald trump won oval office. 10. 5 trillion. We all share. 55 million americans with 401 k . 35 million with a ira. Their pension money, your pension money gone up about a third, maybe more. Union pension fund. College savings fund, all looking real good. There is hardly a mention in the media. The elites will not report anything good in the trump era. Same with the economy. America is growing far more vigorously than any other industrial democracy. You dont hear much about that. But it is true. Europe is floundering towards recession. They are on the edge of another financial crisis. It is not our fault. It is their policies that are wrong. Ours, tax cuts and deregulation, that are right. But this editorial is not about the media. It is about economic success. That is trumps america. The president s political opponents are living in the past. What is this about our economy not working for everyone or you need two or three jobs to make ends meet. Come on. The wages of lowerpaid workers are rising fast tore than that of any other group. Wages overall are rising at the fastest pace in 10 years. There is virtually no inflation to eat into peoples buying power. Interest rates are way down. Mortgage rates close to historic lows. There are 7 million jobs going begging. It is called prosperity. Under trump it has made a comeback. Throw in strong profits, trade deals, and more Economic Growth still to come, you can see why we have record highs on the stock market. Good job youre watching this program. We celebrate prosperity. Much media is celebrating impeachment. That is pathetic. Get at it. Market watcher dr barton graces our presence sitting next to me in new york. Where to from here . Record highs from right now. Where to . Data is pretty clear on this, if we go back to 1950, look what happened every time the market hit a new high, 75 of the time were up a year later on average 10 years. Three years later. 87 of the time the market is higher than it was when we hit alltime highs. In general what that tells us, when markets get a head of steam, they continue to go on. Traditionally, that is what weve seen. I think we have some other things that are in place to keep us going right now. Stuart looking historically there is plenty of room to keep going up, based on historical evidence . It is. Stuart other factors which will tell us to keep going up, tell me . Yes. You hit a couple of them in my take. Earnings continue to surprise. The ones that we keep looking at, big tech, big banks have done really well, helped buoy things up. Were also coming into the strong period of the market. November and december are a couple of the best months out of the year. And the six months between november and april have been shown, dating all the way back to english markets in the 1600s to be statistically significantly better than any other time. That is true for 106 out of 107 countries. The next six months are the best six months of the year. Stuart no worries about china trade . That doesnt enter into the factor here . Look at headline risks if there was huge stumble in the china trade that could give us a trip. If we continue on with an intermediate deal, with hope of a better deal to come, i think that will continue to keep a floor under the market. Stuart one last one, were at 27,000 and change right now. Obvious question. Where do we go . 30,000 . When do we hit 30,000 . Any idea . 30,000 is goodly bit away. Within the next calendar year, when next fiscal year, stuart, i will come back on the show, we will have hit 30,000 in the time frame. Stuart in the next 12 months . Next 12 months, 30,000 in the next 12 months. Okay, youre on. I hope you grace us with your presence before then. We would love to see you back in a year at 30,000. Dr, thank you very much, sir, appreciate it. Want to turn to politics briefly. Our next guest wrote a oped on foxnews. Com. I interviewed the trump family for two years. This is what i found. That is on the basis of a new book he has written, called, inside trumps white house, the real story of his presidency. Come on in doug wead. Quite a introduction. You spent a couple years literally talking to the trump family. What is the atmosphere like within the trump family . Well i listened. I spent two years listening. Im surprised, very cool, very calm. One of them said you know, we hear hear the criticism and hatred. We feel it. But in the long term we believe were going to be vindicated. The numbers will hold. And history will grind to lies, stories from anonymous sources. They said, after were gone, we feel we will be validated and vindicated. Stuart something very personal here. A lot of comment about the media relationship between president and first lady melania. How would you characterize that relationship . You know it pretty well. What is it the president in almost every conversation, he says melania this. Melania that. He mentions her all the time. There is scene in my book theyre sitting down to. Melania is under attack for nothing other than pure jealously. The president says, melania, honey, arent i glad i taken you on the great adventure, youre the first laid day. Oh, yeah. Thanks a lot. Thanks a lot. So they are very much a couple. Theyre weathering this together. There is another scene in my book where the secret service sits her down to say that the president is going to go into a combat zone, the dangers involved. She says i want to go. Oh, no, we have only couple first ladies in history have gone into combat zones. Only after many weeks of preparation. She said, if he is going to be in danger, i will be with him. So on christmas night, they flew out to iraq to be in a combat zone with american troops. So theyre very much a couple, stuart. Stuart one last one. We keep hearing that the president , you know, for a couple years, was accused of being a russian spy, or a russian agent. When, presented with that kind of charge. What does the president actually say, in private . It is ridiculous. The whole deep state thing is troubling to him. I think after a couple years it became more troubling to him because he realized what a president knows. He came to the conclusion, i think, with great disappointment in his face, when he was talking to me, he said, they knew, they knew what was going on and, by they, he finally said, obama. They knew. So he knows that a president havently no matter how the staff says we have to give the president plausible deniability, we have to do this on our own, no, there is cya, nobody in the fbi will run off and attack a political opponent without being covered and having permission. He sees it as very serious problem nobody thought they would have to solve because they all thought Hillary Clinton was going to win. Nobody would know. Stuart doug wead, i want to read that back. I most certainly will. Thank you, stuart. Stuart thank you. Well talk about apple for a moment. The stock is at 256 now. It had been 257 earlier. That is alltime high. Theyre making a big investment. Theyre trying to combat the homeless crisis in california susan will tell us what theyre doing. Susan theyre pledging 2 1 2 billion dollars, twice as much as google, facebook committed this year. A billion for google. Billion for facebook. Apple wants to help the homeless, housing shortage in San Francisco. 30,000 people left San Francisco from april to june. It is just so expensive. According to one nonprofit, there is housing shortage of 3. 4 million. This is because hightech, highly paid tech workers came into the San Francisco. Middle class find it hard to find affordable housing. Apple is doing billion dollars for the Investment Fund, for shovelready projects to get units up as quick as possible. Billion dollars for firsttime home buyers. They focus on valuable members of the community. Firstresponders, teachers, that cant afford their homes. Stuart firstresponders, teachers, will apple give them a down payment . This is a loan. There will be repayment at some point. It is not charitable. But they will reinvest any capital they make off these funds for future housing as well. Stuart that sounds like a good idea to me. Theyre donating land as facebook has done as well. This partial land in san jose, near the light rail. So people can travel with transport as well. Stuart give them credit. Thank you very much. Susan. Stock of the day, mcdonalds, the ceo fired after having a consensual relationship with a employee. I will ask about this to the judge. He is on the show. I want to know about this. You have a consensual relationship, youre still fired. I want to know what is going on there. Later this hour, Terrence Williams once kicked off twitter because he supports President Trump. I will put it to him. How does he keep laughing people in political times like these . He is on the show. World series champs, Washington Nationals going today, all they can talk about one pitcher who isnt going because he doesnt like the president. Howard kurtz. This is the second hour of Varney Company. Were just getting started. E limu emu doug and now for their service to the community, we present limu emu doug with this key to the city. [ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. vo thewith every attempt, strto free itself,piders web. It only becomes more entangled. Unaware that an exhilarating escape is just within reach. Defy the laws of human nature. At the season of audi sales event. 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. Stuart President Trump just tweeting this about the stock market. Here you go. Alltime high for stock market and all the fake news wants to talk about is the impeachment hoax. All right. Move on. Mcdonalds, the stock is way down after it fired the Company Fired ceo Steve Easterbrook. He had a consensual relationship with an employee. Hes out. Judge napolitano joins us now. He is also by the way the host of fox nations the liberty file. Mcdonalds stock is down five bucks. Now he is going to walk with 26 weeks of severance pay. Right. Stuart but he cant work for any other company i guess, a fastfood company for two years. Cant compete with mcdonalds for two years. Stuart judge, sorry, this is awfully harsh for a man who had a consensual relationship with an employee. So his problem is, someone learned of the relationship. Not like the partner in the relationship complained. She is a mcdonalds employee. Mcdonalds policy prohibits sexual relationship unless youre on the same level. Doesnt matter if she doesnt report directly to you or only reports indirectly. He knew that. There is a reports of a lot of reports of sexual harrassment not been addressed. Those people are saying now, we know why, because the boss was involved in a relationship. You know better than i how he turned mcdonalds around fabulously so. Stuart stocks doubled. New technology, kiosks. Deliveries. All the stuff. Stuart we dont know the details of this firing. I dont know we ever will. Seems to me they have got this rule, no relationship with an employee. Maybe he din report it. And that was the fault. Maybe. Im speculating wildly. I think that is a very sound, very sound speculation, stuart. We dont know, if this is a firing for cause, he wouldnt get a nickel. Instead after firing for cause, they allowed him to resign. And theyre going to pay him for six months. That i think is just to cushion the blow. When i say for cause. This is not because he exercised poor judgment. He did something absolutely prohibited under the mcdonalds internal rules. Stuart can you deal with under armour in 30 seconds . Yes. Stuart federal probe of their accounting practices. The stock is down 14 . What has been going on . It has been going on since may of 17. A 2 1 2 year investigation in which the feds are trying to determine if under armour, criminally, criminally inflated its earnings by taking money that wasnt even in the bank yet and claiming it was already there in order to deceive investors. There is a lot of leeway that accountants have, money they know is coming in. Theyre allowed to say it is in, when they know it is coming in. This may well be a question of accounting judgment. If its a question of deception. If somebody lost money because of this deception. You will see an indictment. Stuart the stork is down 14 . You would have to tell me. That is probably substantial. 14 . Stuart really is. Judge, thanks a lot. Pleasure. Stuart well see you soon. Recognize that house on the screen . Varney mansion. Stuart no. It is from the 80s. Tom hanks movie, money pit. After nearly six Million Dollars worth of renovations it has been sold but at a loss you how much it was sold for, after this. The game doesnt end after that insane buzzer beater. Because with Nba League Pass on xfinity you can watch the out of market games you want all season long. And with the allnew xfinity sports zone, you get everything nba all in one place even notifications about your favorite teams. Watch the dropped dimes, monster blocks, and showstopping dunks. Plus get instant access to your teams with the power of your voice. Thats simple, easy, awesome. Say Nba League Pass into your voice remote to upgrade for a great low price or go online today. A little problem in the kitchen. Nothing trivial. Stuart that was a good clip. Made me laugh. The movie from the 80s, money pit. Very Young Tom Hanks was the star. Ashley he was young. Stuart the money pit was the house. Ashley the exterior. The actual interior was shot in interior lot. It is on long island. A Company Bought it for 2. 12 million. They put in 6 million worth of renovations. It needed a lot much like the movie, money pit. Just sold for 3 1 2 million. They had 8 million into it. Down 4 million. Long island. Hightaxed area. Luxury homes are struggling to get what people valued at. People taking big discounts just to get them sold. Stuart look at greenwich, connecticut. Ashley my gosh. Stuart talk about a pricing crash. Looking at it right now. However i digress. Let me get back to the markets. The dow industrials are up 127. We had been up a bit more. Factory orders number, came down a bit. We still love the best part of a half percentage point. S p 500, same story. Still way up there, half percentage point higher. Nasdaq, still same story. Record highs. Were up. 58 . 8434 on nasdaq. Coming up, a man says Big Tech Companies are destroying the democracy and the free press. Well let him make his case after this. nationwide jingle alexa added ukulele to band shopping list. Perfect. Peyton, what are you doing . Nationwides teamed up with amazon to bring you the allnew echo auto. Youre gonna love this. Alexa, add xylophone to band shopping list. alexa okay. We dont need a band shopping list. Alexa and i disagree. Alexa, add positive attitude to band shopping list. alexa added positive attitude to band shopping list. Thats for you. You need it. Join nationwide now and get a free amazon echo auto. Stuart that is a little obscure. Not wild about ringo songs. Not wild about his singing. Give me john, george, paul, ringo. As long as we play the beatles 8 30 eastern time, every weekday morning, the producer is trying to talk to me. Susan four of them. You only like half the beatles. Stuart shall we move on . Susan yes. Stuart british theme. Im no longer a brit. Im an american citizen as you know. The polls in britain say Boris Johnson will win the election. Ashley first major poll now in the six week Election Campaign period. Very short in the uk. The numbers show conservatives 38 , labour under Jeremy Corbyn, 31 , lib dems have 15 . Brexit party of nigel farage, 9 . That is quite a large percentage for the brexit party. Stuart im surprised to hear he has 9 . Ashley he does. If boris gets the victory and seats he needs to get a majority, maybe, maybe, we wont have to talk about brexit anymore. Susan doesnt President Trump endorsement get you 9 in the polls . Stuart i dont know whether he endorsed nigel. Ashley he said it would be a disaster if Jeremy Corbyn turned up on number 10. Stuart president is absolutely dead right on that one. Absolutely dead right. Move on. Our next guest says, big statement here, Big Tech Companies are interfering with our country, ruining, destroying our democracy. He is the author of that book on your screen, called goliath. Which is the 100 year war between monopoly power and democracy. His name is matt stoler is that correct . Thats correct. Stuart that is a big claim, big tech is destroying democracy and freedom of press. They are taking all the ad revenue. Theyre destroying local newspapers across the country. Local newspapers are the watchers over corruption. Stuart that is all youve got . Destroying democracy. 2,000 out of americas 3,000 counties have no local newspaper. You want state and local governments with no watchers at all . You really want that . Because if you do stuart i live in a small town in you in jeers. I can follow what is going on there online. I can do it easily. You can go on line, look at ap. Ap i guarranty you has no reporters in the new jersey state capitol. A bunch of newspapers in new jersey that used to keep watch over corruption in the government are now gone. What youre seeing, there are a bunch of states actually have no reporters in the state capital keeping watch. This sun precedented. We havent seen this for 200 years. This is crazy. Stuart what would you do about this. Google and facebook have 60 of the online ad market. They get the money taking data from publishers, forcing them to hand over data because you have to use google and facebook to get to market. Stuart thats true. You break up the Companies Like you separate Google Search from say youtube. You separate instagram from facebook and whats app. You put restrictions on the ability of google and facebook to manipulate us through advertising. Then what we dont get manipulated anymore. Advertising flows back to legitimate publishers, for example, you or for example, local newspapers who do real work instead of these intermediaries that take your work and monetize it for themselves. Stuart a fair point to make. I will not be too down on it. Do you really think local newspapers would all of sudden come back and flourish if these google and facebook were made into publishers themselves . I dont care if this set of local newspapers comes back and flourishes. Im interested in making sure there is journalism, real journalism. I dont think it would look the same today considering technology we have, might be individuals or different institutions. The problem when you monopolize advertising revenues, it drives up housing values in pal ocala toe instead of palo alto instead of journal imkeeping eye on on core in the country. Stuart do you think journalism in the United States of america is at high level and we respect their professional sniffle. I think were seeing a crisis of journalism all over the world. Not just because you see funding pulled out of journal i am, you see cheap fraud across communications network, it is profitable to advertise against cheap fraud instead of legitimate news. Stuart do you think the profession of journalism is in Good Standing in the age of trump . I would just say journalism has been in crisis, since we concentrated power since the 1980s. Stuart not this kind of crisis. Looklook at the front page of the Washington Post, New York Times, establishment media, you look at the front page. That is just hate trump. That is what it is. Opinion masquerading as journalism. We have a problem with centralization of power in the press. That is a problem of centralization. We, the answer to that, not to say the liberal media is bad. We need diversity. We need funding streams so it doesnt go all to google facebook. A few institutions that can survive are New York Times, Washington Post, msnbc and stuart what i would like to see diversity of opinion represented. You better break up the Advertising Market so advertisers can fund the diversity of opinion. Or you will get diversity of opinion determined by mark zuckerberg. Stuart not bad. Not bad. I said it was a duece in the 10 miss match. Fair enough. Stuart thank you very much. Author of goliath. Thank you for being with us. Thank you very much. Stuart good stuff. This is hard to believe. See that field on the lefthand side of your screen . That is a bunch of cannabis plants, millions of them worth a billion dollars. It is in california. They will be seized and destroyed. Susan you will tell me why. Susan it was meant to be cannabis plants or hemp fields for cbd oil, cannabis oil. Instead they found weed for thc, well above the legal limits for thc. Socalled cannabis, cbd production. 459acres of cannabis plants will go up in smoke. This is 100 miles north of los angeles but, look exceeded thc legal limits. Theyre saying this is not acceptable. It is not cbd production by the way. Seems more street value oriented. Stuart cheech and chong would be horrified. Susan i dont know if they would be horrified is the right term. Stuart would standdown wind from i joke. I joke. Get back to mcdonalds. Grady trimble with us. Here we go. Stuart i heard that. You have more on the easterbrook severance package. Tell us more, please. Reporter i was reading the document there. That is why you saw that what we found is that he will get six months of severance. That will be paid to him in a lump sum at the end of the six months. What were still trying to figure out the exact dollar amount on that. His base pay is 1. 3, 1. 4 million. But he also has a lot of Stock Options which would become fully vested within the three years according to his contract. That is the part we were reading. So his salary ranged from anywhere around 8 million in 2015. To at its highest, almost 22 million in 2017. Exactly the amount he will get in the six months period of time will be dependent how mcdonalds stock is performing at that given time. Stuart still seems like a pretty harsh sentence. Youre out of the top job. Sentence is not the right word to use. That is pretty harsh severance, would be my opinion. Anything else on this, grady . El keep his Health Insurance if he under cobra, 18 months. In terms of the dollar number. That is what everybody wants. Hard to provide because of all the Stock Options. Stuart i still say its a harsh severance package. Grady, thank you very much indeed. Gotcha. You dont join me on this. You dont think it is harsh . No, i dont think it is harsh. He made 16 million, 21 million a few years ago. Clearly stated what the Company Policies are. Stuart has consensual relationship with the employee. We dont think the person complained. Ashley it is in the rules, that is against the rules. Interesting to see if he went to hr first stuart bet you only thing he did wrong, didnt report it. Im speculating. Susan mcdonalds employs 200,000 people in america. Those work for mcdonalds, not the franchisees. A lot of people report to easterbrook. The deal is a deal. Why didnt he look outside of the company . This man is worth a lot. Stuart love strikes not always in the convenient places. Susan corporate lessons. Much anticipated saudi aramco launched their ipo yesterday. Ashley they did. Stuart weve been waiting for four years. Ashley 2016. It has been going on and on. Still many questions not answered. They will listing, stateowned aramco will list on Stock Exchange in riyadh, saudi arabia. We dont have any price range for its shares. Dont even know how much of the firm is offered to investors. I think feeling is, they hope local investment will be strong, that will make the sure price go up before it is offered on some foreign markets. Here, london, hong kong, wherever. There you go. How much valued at . Stuart we dont know. Ashley we dont know. Estimates would like it worth 2 trillion. Most estimates have 1. 5 to 2 trillion. Based on oil above 60 bucks. Other factors. This is interesting. It is just starting gun has gone off. We dont really know what we want to know. How much shares will be. Susan profit numbers are incredible. They made 68 billion in first nine months of this year. Apple made 10 billion in profit in quarterly report. Think about it, apple up 40 billion in profit this year. This made 68 in nine months. Ashley they made more profits than apple, google, alphabet, exxon combined. Stuart i wouldnt mind buying a piece of that, if i thought oil prices would stay up for the foreseeable future and profits would stay up. Ashley all estimates on the value is based on above 60. They will ramp up production in 2021. Susan only launching ipo because of companies coming online. Stuart how do you keep the price up with that going on . I dont know. Later today, President Trump will head to kentucky. He will campaign for governor matt bevin. There is election tomorrow. The president is not on the ballot but the governor is. It is a referendum on the president. We will talk to the governor. 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There is no obligation, so call the number on your screen right now to see if your doctor is in our network; to find out if you can save on your prescriptions and to get our free decision guide. Licensed humana sales agents are standing by, so call now. Stuart at the top of the hour when some negative factory order numbers came in. We bounced right back again. Were back up to a gain of 150 points, just shy of 27,500 on the dow. Otherwise records across the board. Now this, Terrence Williams is a conservative comedian. He supports President Trump. Twitter once flagged him for his comedy. He tweeted about that. Here he is what he said. Twitters legal team contacted me on the day i want to go to the white house. People want to take my account down, i said schiff should resign, called out aoc, i support president donald trump. I need your help. Terrence williams is here in new york. Welcome to the show. Thanks for having me on. Stuart you consider yourself a trump supporter . 100 . The day he came down from the escalators, i was supporting him. Stuart youre a comedian. Yes. Stuart this is dangerous territory. It is dangerous territory. Hollywood doesnt like me. Im not allowed in hollywood. I cant come none of their barbecues. Movie roles, they dont want to cast me anything because i support trump. It is what it is. I refuse to pretend to be somebody that im not. Pretend to believe in things that i dont believe in. I will voice my opinion regardless of what people think. Stuart how do you make people laugh . You are a comedian. That is your job. You have to make people laugh. This is really toxic environment. I dont have to try hard to make people laugh. I can play a video of aoc, beto, whatever his name is. Stuart is that what you do . Democrats make my job easy. I dont have to come up with any jokes anymore. All i have to do is talk about these looney democratic candidates. I mean, it is easy. You cant do what i do because you will be called a racist, okay. Stuart i would, okay . You would be called a racist. You leave that to me. Stuart youre okay. That is what is sad about that right there, people call you racist because youre a certain color, say a certain thing. It is what it is. If i think something, if you think the same thing, that doesnt make you racist. If i think the same thing. Stuart what is it that you like about President Trump in particular . You know, i like President Trump, first of all, i like the fact he is doing what he said he would do first of all. I like the things he is doing for the black community. You know the black unemployment is at an alltime low, at an alltime low. Stuart yes. I thought it would be at an alltime low when barack obama became president. He was a black president. He did all the talk, how he would change the world and bring all the jobs back and they never came back. I was like, wow. I like President Trump because President Trump keeps it real. I dont like when people, i dont like when these politicians sugarcoat. Keep it here with the American People. That is why we like president donald trump. The people there do like him. Because he said how it is. Stuart i want to give you a plug, because next wednesday, november the 6th, youve got a show on broadway. A oneman show. Thats you. Yes. Stuart it is called, the deplorables . A oneman show on broadway. Me and legendary musician, robert davi, comedian steve mcgrew. The show will benefit the folded flags foundation. It is called the deplorables on broadway. Believe me, a lot of people are not happy about that. We have a lot of security. A lot of security. So want to put that out there. Stuart terrence, good stuff. The deplorables on broadway, november the 6th. Appreciate it. Stuart thank you. Thank you. Can you force local authorities to cooperate with i. C. E. . Im asking the senator pushing a bill to enforce just that in our next hour. Thom tillis will be on the show. First time world champs Washington Nationals, they will go to the white house today. They focus on the star pitcher, Sean Doolittle, who will not be there because he doesnt like the president. Media watcher howard kurtz coming up next. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Nice rock. Its time to drop gold. Go digital. Go grayscale. I need all the breaks as athat i can get. Or, at liberty butchemel. Cut. Liberty mu. Line . Cut. Liberty mutual customizes your Car Insurance so you only pay for what you need. Cut. Liberty m. Am i allowed to riff . What if i come out of the water . Liberty biberty. Cut. Well dub it. Liberty mutual customizes your Car Insurance so you only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Stuart holding on to a tripledigit gain for the dow at record highs. The dow at 27,487. Then we have the world series champs, the Washington Nationals. They go to the white house today. The media wants to focus on one player. That would be Sean Doolittle who is not going. He doesnt like the president. Lets bring in howard kurtz, host of media buzz. You know, howard, what does it tell you about the media, the nationals, sensational world series win, they go to the white house, all you hear about Sean Doolittle who doesnt like the president . I just think its a shame after the teams incredible season did so much to unify the city. The rest of the team, going unlike golden state warriors, unlike the Philadelphia Eagles who got disinvited after the super bowl because their players didnt want to go. Sean doolittle. Outspoken liberal, doesnt like trumps rhetoric, trumps policies, doesnt like trump. Go out of respeck for the office, out of respect for your teammates. Youre not there to endorse the president s policies. Youre there to be honored with great baseball achievement. When one guy doesnt go, that tends to get media attention. Stuart this is financial program. We deal with the stock market hit a series of record highs. A whole bunch more highs. The economy is doing extremely well, i dont see it covered. I dont see that on the front page of the newspapers or see it leading the nightly news. All i see this is impeachment. Is this ever going to change . Look, impeachment obviously is a Major Political story. It has to be covered but doesnt have to be the covered to the exclusion of Everything Else. I talked last week about the successful raid of albaghdadi, that got washed away in 24 hours because the es press turned back to impeachment. When the dow was down to 22,000, 23,000, the there were stories how the trump boom was over, what is the impact, now bounced back to record highs, as were speaking not much coverage. Maybe that will change the next couple days, not holding my breath. Stuart you may or may not follow this, the newspaper called the financial times. Yeah. Stuart comes out of london. The pink paper. Their main columnist, edward luce, comes out of washington, the fate the fate the the fate of the borgia. He is likening trump to the murderous borgiass the popes in the 1500s. They cant pivot back to baseball. When president went to game 5 got booed predominant in liberal democrat d. C. , they were jumping for joy i it is a baseball game. Make huckabee said i got booed a lot. It is part of americana. Big deal. Stuart one of the reasons why i want to see President Trump win to see the headlines next day in the, Washington Post and all the rest of them. Or financial times. Stuart or the financial times. They will be in tears predicting a crash im sure. Howard, i know we see eyetoeye. Great to see you. Okay. The u. S. Government reportedly launching a National Security review of the popular social media app ticktock. We have the story for you. Its a very popular app. President trump will go to kentucky to stomach for governor matt bevin. He will be on the show. My take at the top of the hour. Im off to college. Im worried about my parents retirement. Dont worry. Voya helps them to and through retirement. Dealing with todays expenses. While helping plan, invest and protect for the future. So theyll be okay . I think theyll be fine. Voya. Helping you to and through retirement. The Doctors Office might mejust for a shot. O but why go back there when you can stay home with neulasta® onpro . Strong chemo can put you at risk of serious infection. In a key study neulasta® reduced the risk of infection from 17 to 1 a 94 decrease. 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And Health Coaching and fitness memberships to help you age actively. So you can be ready for what matters most. Call today. Well send you a 10 visa reward card with no obligation to enroll. Medicare annual enrollment ends december 7th. Stuart for r problem, senator warren has a plan. Its a plan for Everything Strategy. These campaign plans are so grand in their scope that when you add it all up, the whole thing frankly lacks credibility. It cant all get done. It cant all be paid for. Senator warren has not spelled out her priorities so we dont know what shes really for and which plan will be tossed out. Last week she revealed a gigantic tax hike to pay for medicare for all. Tens of trillions of dollars taken out of private hands, confiscated by the government for fully socialized health care. No private insurance allowed. This is financial fantasy. Its political fantasy, too. Can you imagine a president warren trying to push a Health Care Revolution through congress . It took a year of intense arm twisting to get obamacare through. Warrencare would tie everything up forever. While Congress Goes through that, which plan would be dropped, the plan for free college, canceling student debt, the green new deal, reparations for gays, eliminating the electoral college, which of them will be dropped . Something has to go. She has a plan for all of the above but somethings got to give. Somebodys oxe is going to be gored. Some voting groups will be left out. Do they realize that . Senator warren has spent a lot of time and energy appealing to various groups with plans to give them something. I call it buying votes with other peoples money. When people figure out theyre not going to get what they voted for, will they still vote for Elizabeth Warren . When they figure out that paying for all these plans will ruin them financially, will they still vote for Elizabeth Warren . This plan for Everything Strategy may help senator warren with the activists who vote in caucuses and primaries but when the rest of america gets to vote, it will be seen as a fantasy. Warren sees america as a collection of victims who must be appeased. Mr. Trump sees america as a dynamic wealth creator. If its a contest of visions, trump wins. The third hour of Varney Company is about to begin. Stuart i actually thought that was one of my better ones. The other person who thought it was okay was Charles Payne. He joins us now. What do you think . Senator warrens got a plan for everything. I think she lacks credibility. Charles it does but i think that we may be focused too much on the idea of whether the numbers add up or not, or whether or not shes becoming a dynamo and will people on the stump really care about the numbers. I think the gist of what shes saying is whats starting to resonate with democratic voters. The system is unfair, that big business should be paying more, that you are the loser, that somehow, it would be fantastic if you didnt have to pay these high insurance premiums, deductibles, copays and all the other things that also shes taking a dig at biden and obama, essentially saying because the Health Insurance industry wrote obamacare, it never benefited americans the way it was promised. This is why biden is so bitter about this even though obamacare 2. 0 wont work, in her opinion, if the Health Insurance companies are involved. Stuart okay, look, the other side of the coin comes to us from Yale University and Oxford Economics. They have joined moodys, three powerhouses here, all of them say that President Trump will win in 2020 on the strength of the economy. He is going to win. What do you make of that . Charles the one that blew my mind was oxford. Not only did they have him winning by five points but they said he would win even with a recession. Stuart even with a recession . Charles i dont have the full report. I went to the website, i filled out the application. They said a salesman will call you later. I will see if fox will pay for it. Oh, im not getting the report . Stuart good luck. Charles we will go with the headline. Stuart they actually said the president would win even if charles a garden variety recession, not the Great Recession but garden variety recession because of whats already built in. Think of whats already built in there. We have seen dynamic wage growth particularly for blue collar workers, the unemployment rate. You know whats come on strong that no one is talking about . Home ownership again. That used to be the number one metric for president s, when you were running for president ial reelection, is 64. 8 , about the highest its been in about four years, its coming on nicely. Every metric that i look at is significantly better. Significantly better. So they were to dip a little and you technically had a recession, you might have enough built in according to Oxford Economics to still win this. Stuart i always look to you for the stock market. You have consistently said the stock market is going to go up. Today we have a series of highs all across the board. All three indicators, record highs. You think it keeps going further up from here . Charles i really do. I think the underpinnings of this market are phenomenal beginning with the american consumer. I think we are going to see wage growth over 3 going to 4 year over year next year. Stuart really . Charles yeah. Know what . We have a combination right now, twothirds of americans think their wages will be higher next year according to the Michigan Sentiment number, thats the highest ever, ever. You also have a large percentage looking for 2. 3 inflation. That puts pressure on jay powell. Hes already got a lot of pressure but he must address what main street is expecting. So thats the ideal combination. Higher wages, low inflation, a consumer, by the way, sitting on 8. 3 savings rate, a consumer that has the ability to really, really spend a lot more money. We have been really, we selfregulated ourselves. Thats the Great Recession. We dont get over our skis as much as we used to. When we feel like we do, we pull it back a little bit. We have wages, we have confidence and by the way, success begat success. Stuart i cant remember a time, look, i have been doing this longer than you have, for heavens sake, i cant remember a time when the savings rate in america was 8 . Charles i cant, either. By the way, this is what cds not paying anything. Think about where the savings rate was on the eve of the Great Recession. Cds are paying 4 , fiveyear cd. Pretty good return. There was like 3. 5 savings rate. We doubled the savings rate with significantly higher wages. Theres only one problem that bothers me. Last week, 2. 9 billion was taken out of equity mutual funds. Some of it was rotating into etfs but equity etfs but it was the 37th consecutive month. Too Many Americans arent participating in this market. It breaks my heart. It really does break my heart that they are not participating in this. They love every aspect of it because it represents they are not making the money they should be making. Stuart is there anything else that keeps you up at night which says boy, if this happens, we go down . What is it . Look, you cant forecast these black swan events. You dont know charles the irony of course is a black swan event is something you are not supposed to be able to forecast. We always have those segments, whats a black swan event . I dont know. Were not supposed to know. Right now, really, i just dont see anything. I dont see anything. I dont like to be overconfident. But i think right now, we have become something of a juggernaut but its not one of these things where its overboiling with enthusiasm. Large Money Managers are sitting on so much cash. I believe they got to put it to work. At the very least im looking for a blockbuster yearend rally. Stuart i have been listening to you for ten years and you have been right. Charles thank you very much. Stuart i will listen to you again and i shall do that today, 2 00 p. M. Eastern time. Making money with Charles Payne on this very network. Charles, youre all right. Charles thanks a lot. Stuart President Trump heads to kentucky for a Campaign Rally. It will be tonight. Hes trying to get governor matt bevin reelected. Later this hour we will be joined by the governor. This is a test of the president s popularity. Yes, all signs are positive for the economy and the market. Next, we talk to senator tom tilis about the medias obsession with Something Else. Impeachment. But consider this. In the three years since donald trump won the presidency, the value of American Business has gone up by 10. 5 trillion. We celebrate prosperity today and every day. Stay with us, please. Weve got a great show. This is Varney Company. Most people think of verizon as a reliable phone company. woman but to businesses, were a reliable partner. We Keep Companies ready for whats next. man we weave security into their business. Virtualize their operations. woman and build ai customer experiences. We also keep them ready for the next big opportunity. Like 5g. Almost all the fortune 500 partner with us. woman when it comes to digital transformation. Verizon keeps business ready. Stuart amazon stock, back above 1800 a share. Amazons trying, separate issue here, amazons trying to make its hometown, seattle, more friendly towards business. I would say good luck with that but lauren, you will tell us lauren they are going to try and try in a big way. Tomorrow seattle voters vote on seven of the Nine City Council seats are up for grabs and amazon spent almost 1. 5 million trying to influence their votes. Essentially saying look, if you tax us too much, they have this head tax at one point in place, where you know, amazon would have to pay a tax on their employees because they are of a certain size and that would go towards the homeless crisis in the city. They said no, we will move, we will downsize. There are a lot of members on this city council who are socialists or very left and amazon is just saying look, we need you to be businessfriendly. We are not going to elect republicans or conservatives, we arent even trying to do that. We just need a moderate, a centrist, someone who can work with us and keep our money in the state being used to create jobs and higher wages for everybody. Stuart i will pay close attention to that. Its fascinating. Lauren can they do it. Stuart if they can do it. All right. Thanks, lauren. I want to show our viewers this tweet again from the president. Its short, sharp, to the point. All time high for stock market and all the fake news wants to talk about is the impeachment hoax. We got it. Joining us, senator tom tillis, republican, North Carolina. Senator, the market and the economy are doing extremely well but the media doesnt report it. How do you turn the economy and the markets performance to your advantage . Well, i think the first thing we will start with the general election and actually, in the primaries, to say are you better off now than you were four years ago. The answer to that question is a resounding yes. Wage growth is up, people are saving money, hopefully they will put some of that to productive use but im glad they are able to have the money to save. Look, unemployment is alltime lows, people are participating in the labor market. We are seeing great reports in terms of quarterly and annual reports coming from business. The president has a very positive economic success record that will get him reelected. Stuart do you think that dislike of the president s style and some of the language he uses overweighs the good stuff coming out of the economy . Because thats the equation, really, isnt it . I think at the end of the day people will look at his track record for historic tax cuts, rollbacks of regulations that were stifling American Business. Hopefully some good trade deals starting with the usmca being ratified. Pelosi needs to let that vote happen. The japanese agreement and at least the first of several phases of trade agreements with china, at the end of the day people will look past the style, look at the results and they are compelling. Stuart okay. You are introducing a bill that would force local authorities to cooperate with i. C. E. Can you do that . Can you force local cooperation . Well, we are giving local sanctuary jurisdictions a choice. If you release somebody that i. C. E. Is in a position to transfer into their custody, if you release them into the community and they do harm to someone, all were saying is there needs to be a consequence for that. That victim or the survivors of that victim because there have been murders where people have been released, should be able to sue that governmental entity that made that fateful decision. If they dont, they can choose not to and declare immunity, then it will be at the expense of federal funding that they simply wont be qualified for. Look, we trying to keep our communities safer. You are releasing rapists, people charged with murder, drug traffickers into the community and you say thats a safe decision to make . If youre wrong there should be a consequence for it. Stuart are you facing a primary challenge this time around . Yeah, i am. I always do, stuart. North carolinas prone for primaries. We are going to do fine in the primary. The president has endorsed my campaign. People in North Carolina like our body of work, back to the time that i was speaker and working with the president and consistently supporting him on policies that are helping the American People and people here in North Carolina. Stuart you are all the way down the line . Youre with trump . Thats right. I mean, the president has been right on tax policy, hes been right on regulatory policy, hes been right in expecting nato to pay their fair share. Hes helped negotiate a great agreement with mexico and canada, another one with japan. I think hes going to make progress on china. I support him down the line and will continue to. Stuart senator, great to have you with us today. We do appreciate it. Thank you. Thank you, stuart. Stuart sure thing. I will check a couple individual stocks which are moving because of various factors. First of all, harley davidson. Downgraded by keybanc, didnt make that much difference. The stock is down just six cents. Lets have a look at uber. Because they report their profits or otherwise this afternoon after the closing bell. They are back to 30 a share. They went public at 45 so they are down 30 from their initial offering price. Profits or probably losses reported later today. You heard me sound off on Elizabeth Warrens plan for everything at the top of the hour. But you know, it looks like saturday night live beat me to it. Better watch this. You said your plan would cost 20. 5 trillion but other economists have said it could cost 34 trillion. Let me stop you right there. Were talking trillions. You know, when the numbers are this big, theyre just pretend. 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. You said your plan would cost 20. 5 trillion but other economists said it could cost 34 trillion. Let me stop you right there. Were talking trillions. You know, when the numbers are this big, theyre just pretend. Sorry, senator, im going to need to see the math on that. Are you . You want to see the math . Okay, ill show you. Look at this here. Yeah. Do you understand this . I do. I could explain it to you but youd die. Stuart thats pretty good. That was a clip from saturday night live. Kate mckinnon there mocking senator warren because of the massive care ost of medicare fo all. What else did she have to say about senator warren . Lauren this kid asked the question senator warren, are you electable. We didnt get an answer to that. Because of course it was no. The board they turned when they showed the math in that piece, it showed her priorities if she were elected president , cut defense spending, hit amazons jeff bezos and tax the banks. Stuart whoa. Lauren yep. Health care was a big part of this. What about the 150, 160 Million People that have Health Insurance through their company . Well, this is what senator warren compared it to. My insurance isnt perfect but with your plan i would have to give it up and that makes me nervous. You know what . I hear this from a lot of people so let me help you understand. Your insurance is like a bad boyfriend. Girl, listen to me. You need to leave him. Hes draining you. You deserve better. Dump his [ bleep ]. I know, youre right. Stuart that was classic mockery. Biting stuff. Lauren i know. The best part of that was just left out. Then Elizabeth Warren asks her so do i have your vote and that pretty blonde with the bad boyfriend says i really like mayor pete. Stuart that was on a somewhat similar vein, ashley, youve got to tell us about seth meyers. Ashley yes. Stuart whats with this . Ashley it comes out tomorrow, lobby baby, a comedy special on netflix. He said to netflix before this thing actually goes on air tomorrow, can we create a button where people are absolutely sick of political jokes and in particular, President Trump, because seth meyers loves to do donald trump jokes. He said we will put up a button and you can push it and skip over that segment if you are tired of it. Bottom line is, its a gimmick. Its giving more publicity to his special because people say oh, thats kind of interesting. But he does say, you know, there are people who push back saying im sick of it. Youre just going to go straight to President Trump, make all these jokes and now like the skip intro button you see sometimes, you can push it and jump right over it. Stuart you have to ask why on earth would you tune in in the first place if you are going to press the button and skip over the funny stuff. Ashley you might find other stuff he does funny. Just not politics. Stuart theyre in a bind. Ashley yes, they are. Stuart remember tik tok, the social app . Either you, our child, your grandchild has it because this is extremely popular. Now there are reports that it is under a National Security investigation. Details on that for you. Meanwhile, the markets continue to plow ahead. Records all across the board. We are all over prosperity. Back in a moment. My body is truly powerful. I have the power to lower my blood sugar and a1c. Because i can still make my own insulin. And trulicity activates my body to release it like its supposed to. Trulicity is for people with type 2 diabetes. Its not insulin. I take it once a week. It starts acting in my body from the first dose. Trulicity isnt for people with type 1 diabetes or diabetic ketoacidosis. Dont take trulicity if youre allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. 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So how do ya find the plan thats right for you . One that fits your needs and your budget . Call humana now at the number on your screen for this free guide. Its just one of the ways that humana is making healthcare simpler. And when you call, a knowledgeable licensed agentproducer can answer any questions you have, and help you chose the plan thats right for you. The call is free and theres no obligation. You know medicare wont cover all your medical costs, so call now and see why a Medicare Supplement plan from a company like humana, just might be the answer. Stuart happening now, the Second Circuit court of appeal has ruled that the president s tax returns must be turned over to a grand jury in new york. The president s legal team says they are going to appeal this to the supreme court. Thats the story. As they say in the news business, stay tuned. Okay. Check the big board. This is far, far more important than the president s tax returns. The stock markets just hit a series of record highs and the economy is going gangbusters. Look at that. The dow is up, what, a half percentage point and even bigger gain for the nasdaq and the s p. This is record territory. Thats what we want to talk about, prosperity. Come on in, Danielle Dimartino booth. Danielle, i call this a goldilocks situation. Where am i going wrong . Weve got the economy growing full employment, no inflation, low Interest Rates, strong profits. Dont we go up from here . Well, stu, you missed one very important component and that is that as of today, global money printing is at 76 trillion, an alltime record. It is now being led by the Federal Reserve so Central Banks are pumping in record levels, record levels of liquidity into these markets and there is nothing, nothing that the stock market loves more than floating on a sea of rising liquidity. Thats where we are. The earnings season, we are seeing the third consecutive month of declining earnings per share in the s p 500. Stuart is that the main factor here, money oh, gosh, yes. Stuart what about american corporations, growth, full employment, low inflation . I understand, stu, but weve had declining profits for over five years if you look at the government records and follow the facts from the current earnings season, Third Quarter earnings season, we are still at a negative number. This is the third consecutive quarter of declining earnings but a lot can be papered over if theres enough liquidity because liquidity indeed fire up the Share Buyback machine and Share Buybacks have been in large part what have helped prop up this stock market. Theres a stuart let me get back to the original okay, back to the original question. Do we go up from here . I dont see how we dont go up from here, stu. I think jay powell has made it abundantly clear, he increased the overnight purchases from 75 to 120 billion a few days ago. I think he will print as much as he possibly can so that he can keep this economy going which is in large part been propelled by the stock market wealth that is being felt by so Many Americans. Stuart can you quantify that . If the worldwide globally, were printing 76 trillion new money, if thats what it is, can you quantify what impact that has on the stock market . Because the dow is now at 27,500. With all this money printing, where does it go . Well, so if you think about what the fed alone is doing, it might help to isolate what the Federal Reserve is doing. Just the amount that they have added here over the last few weeks, 260 billion odd, if you were to annualize that, it comes out to about 1. 6 trillion on an annual basis they are pumping into the u. S. Stock market. Compare that, thats double what Share Buybacks of 800 billion were last year, so you have record, record levels of liquidity flowing into the u. S. Stock market. There is simply no way stocks cannot go up under such amounts of serious support. Stuart 30,000 on the dow . You never know. We dont know how far powell is going to push this, because hes trying to make sure that its a situation in the credit markets stay contained. Hes also starting to get worried about the economy. We have continuing jobless claims increasing by a level of 2. 5 as of last week. This is Realtime Data as opposed to whats revised with payroll. This is the first time we have seen an increasing number of americans collecting Unemployment Insurance since december 2009. The first time of the current expansion. Jay powell knows he needs to continue providing support and easing to this economy. Stuart lets leave it here. The markets at record highs. Danielle dimartino booth says its going up from here. I leave it right there. Thanks very much for joining us. We always appreciate it. Thank you. Stuart the governments launched a National Security review of the app tik tok. Christian whiton joins us, former state department official. Wait a second. Tik tok as i understand it is an app, you create very small short videos on this thing, and its wildly popular with younger people especially. My kids and grandkids. Whats the security review all about . Security review actually, tik tok is a Chinese Company that purchased the predecessor to this app so music. Ly, the transaction closed. The Company Controls or has increasing amounts of access to data from u. S. Adolescents particularly popular from 16 to 24yearolds, much of the content is probably benign but never know what the chinese are doing and they are of course, great practitioners of the art of coercion, especially if they have compromising material on people. Thats why this is triggering a review by the Trump Administration by cfius which sounds like something you might catch at mardi gras. Its the committee on Foreign Investments in the United States. Its now taking a look at this. Stuart is that it . China might be looking at tik tok videos . Thats it . Thats the security review . Doesnt seem like a whole hill of beans to me. Well, the idea again that young people are posting stuff that they probably shouldnt be at times, that can be coerced and you know, so you put something on there stuart its potential for blackmail, thats what youre talking about . Exactly. Stuart some youngster couple years down the road, they are in an important government position and the chinese say oh, remember that on tik tok. Thats the problem basically, right . Theres also a foul on the part of tik tok. Everyone now knows if you have a Chinese Company or investors, anything looking at something remotely sensitive in the United States, anything touching on technology, you should proactively go to cfius and ask them to review your proposed transaction. This did happen two years ago but well into the Trump Administration and after u. S. Policy on china got a lot tougher. Stuart okay. Over the weekend, a prodemocracy politician was stabbed in hong kong and there were other violent incidents, and yet it looks like we are going to go through with and sign phase one of the china trade deal. That looks to be imminent. Are we to some degree abandoning the hong kong protesters if we see this happening there, but still go ahead and sign the trade deal . I dont think so. President trump actually, the administration has given hong kong protesters most of what they wanted. I mean, we are not going to invade hong kong and certainly they are not asking for that, but you know, in providing moral support for the protesters and moving along the hong kong human rights and democracy act which passed the house and poised to pass the senate which would say hey, if china ever really moved in hard into hong kong, we would take away its special status as a separate customs entity from the mainland that. Would essentially kill hong kong as a financial center. Its an extreme step but it gives the president the power, more power to do that. So also the administration had Vice President pence out being very clear about supporting the protesters, their aspirations and also chinas broken promises over the years. So really, i think, you know, this administration doesnt talk a huge amount about sort of a freedom agenda and human rights the way, say, the Bush Administration did, but actually when it comes to real world pressure, its morepredecessors. Stuart im just seeing that video for the first time. That is really heavy duty stuff. You and i have both lived there. I just hate to see this. The triads working. Stuart working for beijing. Thanks for joining us, as always. Thank you. Now, a deadly shooting at a house party in northern california. It was an airbnb rental. Airbnb is now saying they are going to ban these party houses. More on that, please. Ashley yeah. The question becomes how do you ban this, because how do you know that youre renting out your place and its going to be the scene of this huge party that turned out to end up with five people shot and killed. This was in the bay area. Someone said yes, i would like to rent your place through airbnb. We have a Family Reunion. We will have 12 to 13 members. The owner of the place said okay, fair enough. Turned out that wasnt true. It was a big party, widely advertised across social media. More than 100 people turned up. They even had a deejay come in, one of those shot and killed. So the question for airbnb is how do you stop this. They say they will redouble their efforts to try and avoid party houses. They are going to have a Rapid Response team. I dont quite know how that works because you go online, you are the homeowner, how do you know what your house is going to be used for . Its a real problem for airbnb. Stuart how do you define an Upcoming Party house . How do you say it will be a party house . Stuart how do you stop someone from saying just that . We will have a Family Reunion, this place is perfect. Turns out its not the case. They will have a big massive rave party. Stuart they will have this Rapid Response team available. Ashley to address issues like this. Not quite sure, what does that mean . A s. W. A. T. Team, somebody shows up . How can you, you know, how is that feasible . Stuart its a worldwide company. How do you do it . Ashley i dont know. Stuart they have to clean these problems up because they want to go public next year and they feel regulations coming at them. They have to make it right. Tough call. Ashley very tough. Stuart i would love to invest in that kind of company. Ashley many people use it and love it. Stuart they certainly do. Now then, we have this for you. Three states helped push the 2016 election in mr. Trumps favor. Pennsylvania, michigan, wisconsin. This time around, its all about the economy for them. Next, we are heading to one of those states. What are the voters saying about the economy . I would love to tell them how well its doing. First we talk to governor matt bevin from kentucky. President trump is heading over there tonight to help mr. Bevin get reelected. Looks like a test of the president s popularity directly, full on. Were on it. Stuart three states, i can say this, three states really were crucial to the president s win in 2016. Pennsylvania, michigan and of course, wisconsin. Come on in, connell mcshane. Hes in chester county, pennsylvania. Connell, look, this morning on this program, were celebrating the economy, celebrating prosperity. Its doing very, very well. What are people in pennsylvania saying about the economy . Connell well, every single person, this is true, stuart, we spent a lot of time over the weekend speaking to people here in chester county, suburbs of philadelphia, every single one of them told us that the economy is booming or some version of that, that its very very strong, that people are working, people are very happy, if anything, things are getting better. Maybe they have concerns about the future but things are very very strong. Where we start to see a political split, its been like this for awhile in this area, is when you start to ask them about the politics. I will just tell you a couple quick and doekts taecdotes, tal people, a couple women voters, i go up to them, said hows the economy, great. What about the president . No, no, im not voting for him. I would never vote for him. He doesnt set a good example for my daughters. Then we talk to someone who is obviously a trump supporter. Complete opposite argument. On the economy, its great, things are working, its terrific. If you ask about politics, they say listen, give the president some credit. Forget about the distractions as one person said to me, forget about the personality. Lets focus on the results. So its fascinating. You have agreement across the board on the economy, you have disagreement almost 50 50 at least in this area outside of philadelphia when you talk politics. Stuart it seems then, connell, that its a contest between those who dislike the president , his tone, his style, his language, his approach to the presidency, and those who just love the prosperity which mr. Trump has brought to pennsylvania. Connell right. To be fair to the president on this part of it, hes doing much better in the battleground states. We saw this in the New York Times polling that came out this morning. New York Times Siena College than hes doing nationally. Whether its here in pennsylvania, michigan, where i will be tomorrow, or wisconsin, where we are doing some shows on wednesday, he does much better in those battleground states. Heres one of the reasons why. Even when the economy starts to slow, for example, other parts of pennsylvania, the rural areas, they are losing manufacturing jobs. They have lost more than 9,000 so far this year. Hes personally popular. One of the things that stood out in that times polling to me was they asked people who voted for a democrat in a swing state in the 2018 midterms who they were for next time around. Two to one they were for trump. Even those people who voted democrat in the midterms doesnt necessarily mean they will support a democrat next time around. I thought that was really interesting. Its not straight down the middle. Tough to figure this stuff out in states like this. Stuart its very complex. Theres crossing both ways. Thats what it looks like. Connell, you are on a swing all the way through these states for the next week. Im sure you will be on this program regularly. Good for you, lad. Thank you very much indeed. Connell all right, stuart. Stuart lets go to kentucky. President trump is going there later on today to endorse the governor of kentucky, matt bevin, who faces a reelection challenge tomorrow. The governor himself joins us right now. Your honor, governor, welcome to the program. Good to see you. Stuart, great to be with you. Let me just simply say you mentioned there were three key states to the president s election. I would submit there was a fourth. Kentucky was the very first state ever called for him, as president. We are certainly proud of that. Stuart you got an uphill struggle tomorrow because you are running neck and neck with your opponent here. You are banking on President Trumps approval rating, because its at 56 in kentucky, thats what you are banking on. Well, i would beg to differ just a bit. Im certainly grateful hes coming and he will be a huge help because hes loved and respected here. But i would remind people that four years ago, even though every poll said that i was going to lose by 5 or more, i won by more than 9 , winning 106 out of 120 counties before this president was the president. Im only the fourth republican in 100 years, though, so its not typical that we elect republicans to the governors seat and in fact, we have never had in our history a republican follow a republican ever in the history of kentucky. No one has won reelection and no republican has ever followed a republican. So its always an epic battle at the governors race. Stuart the race that youre in is being portrayed as almost a referendum not on local issues, not on you, but on President Trump. Would you agree with that . I think theres an element of truth to that, but of course, local issues matter. People vote their interests financially and otherwise. They vote their wallet, as that earlier piece was talking about. The economy matters to people. Theres no question at all, National Issues are a big part of it as well. Stuart is the economy of kentucky doing very well . Better than ever. We have set every record and again, this is a business show. You understand things like not just low unemployment but work force participation, highest its ever been. Per capita income, the highest its ever been. Not a single state that borders us, and there are seven, has had a higher per capita income increase in the last four years than has kentucky. Record levels of revenue. We have cut our income taxes and corporate taxes by 17 in the last four years, yet still have record level, 22 billion in private capital invested in this state. Exports more than 111 billion in the last three years alone. Every single metric is at an alltime record. Stuart governor, you will be on the stage tonight with the president , im sure. We will be following you. Best of luck, sir. See you very soon. Thank you. I do want to point out to our viewers that we reached out to his opponent and have not heard back at this stage. Couple of stocks worth mentioning. Fiat chrysler, the merger with peugeot close, should be closing as early as december. Thats helpful for the stock. Its up 2 . Fiat chrysler stock up 2 . Ferrari, robust Earnings Report and they upgraded their guidance for the rest of 2019. The stock has been doing terrifically well. Doing well again today. 6 higher on ferrari. Tesla, the federal governments taking a closer look at tesla battery defects. Makes no difference to the stock. Its up at 318, the best part of a 2 gain. Heres a story for you. The ceo of mcdonalds, fired and its all over a consensual relationship he had with another employee. We are all over that story. Youre still out there chasing what matters. Thats why at aetna, were committed to taking care of the whole you. With Medicare Advantage plans that offer Health Coaching and fitness memberships. Plus hospital, medical and Prescription Drug coverage in one simple plan. With monthly plan premiums starting at 0. Aetna Medicare Advantage plans call today to learn more and well send you a 10 visa reward card with no obligation to enroll. Medicare annual enrollment ends december 7th. Stuart putting apple up on the screen. Earlier it reached 257, an alltime high. It backed off. Still pretty close to the alltime high. Apple is committing a lot of money to californias housing crisis. Lauren simonetti has the story. First, you are going to tell me what theyre doing, then you are going to tell me why you have got a long face because you dont like what theyre doing. Lauren its good news. So smile for that. Its 2. 5 billion, basically putting money into an Investment Fund to jumpstart shovelready products, a program for first time home buyers and land they can actually develop. Does this keep residents in the state, though, where the average asking price for a home is well over 1 million . If you look at the past couple of months to the tune of 10,000 a month, residents are leaving because its just too expensive. Does the 2. 5 billion go far enough when you have red tape including expensive labor, expensive land, the zoning laws, very long process to get housing projects approved. That has to change in addition to this infusion of money. Stuart im with you. I think apple would better spend its money changing the rules and regulations on building new homes in california. Change the rules and get some homes built. Because right now, you cant build them. Ashley nope. Stuart ive had my say. Lauren we agree. Stuart all right. Now lets get to mcdonalds. They fired their ceo because he had a consensual relationship with an employee. Whats wrong with that . Ashley the way you read in leads me to believe you dont agree with this. Stuart im waiting for your report. Ashley because, this is my take on it, if you sign on as ceo of mcdonalds and theres a clause in that deal thats kind of like, that says you may not date anyone equal to you in the company, youre ceo, or below, its against Company Rules, and he does it, what do you expect . You know, he broke the rules. Whats frustrating about this is we dont know any other details other than he admits it was a mistake and they said no, what you did was in violation of your contract. Now, hes going to get six months pay, 26 weeks. He earned 1. 3 million in salary last year, another 15 million in stock option awards bonuses. Stuart still seems like ashley you think its harsh. Stuart i do. I really do. Plus i dont like to see the end of the Office Romance. People fall in love all over the place. Why cant they fall in love at work any longer . Lauren because its 2019. Ethics trumps Everything Else in the metoo era. Even though the stock price basically doubled from when mr. Easterbrook came on and did 24 7 breakfast and delivery and ashley that goes out the window. Lauren it all goes out the window. Stuart im just not prepared to reverse several millenia of Human History and contact and relationship between men and women all ashley where people are not the ceo they may be allowed to have an Office Romance as long as they go to h. R. Which takes the romance out of it. But it doesnt mean its dead. Stuart you are an utter killjoy. Thats what you are. Ashley what . Stuart next one. Ashley i play by the rules. Thats what i do. Stuart oh, what a guy. What a guy. Ashley thank you very much. Thank you very much. Stuart ashley webster. Look, the dow is up 120 points. It would be up 160 points were it not for mcdonalds which is a dow stock which is down. You take my point. Ashley i think i do. Stuart killjoy. Ashley killjoy webster. Ashley k. J. Webster. Lauren he just plays by the rules, stuart. I didnt know you were such a romantic. Stuart you didnt know that . Lauren i did not. Stuart okay. All right, all right. We havent got time for the popeyes story because i took it up with mcdonalds. More after this. Does your broker offer more than just free trades . Fidelity has zero commissions for online u. S. Equity trades and etfs, plus zero minimums to open a brokerage account. With value like this, there are zero reasons to invest anywhere else. Fidelity. Stuart popeyes relaunched the chicken sandwich on sunday. There were lines around the block all over the country. Youre looking at one of the lines. Lauren, where am i going wrong . I dont understand it. We passed a popeyes on route 17 in new jersey. The line was on route 16. So many wanted chicken sandwich. Did you try one. Stuart we bought one. I dont eat on camera. Talk about a killjoy . Stuart oh, cheap shot. Saving it for lunch its a little cold. Put it on ebay. Ebay. Stuart i dont care what you say that was a great show, full of humor and poignancy. Follow that neil. It is yours. Neil when is the last time you have gone to a fastfood restaurant . Stuart i go all the time i im a mcdonalds. Theyre excellent. Theyre fast. Im a fastfood customer. Neil i really wasnt interested. I thought the way you juxtaposed it there. I cant picture him. Then again, who could have pictured this, the dow in record territory. First time since midjuly. We have the hat trick going on with all major market averages well into record territory now. You know the drill here. A lot has been built on strong earnings. A lot has been built on steady as she goes economy, not growing too fast, not t