Transcripts For FBC Varney Company 20240713

Economic outlook remains favorable. Plain english, no recession on the horizon. Growth continues. Top banker jamie dimon joined the optimist club. Growth will continue, he says, and he expects a phase one trade deal with china. This week, we reported on jpmorgans call for market rally next year and Goldman Sachs call for a Strong Economy next year. 2020 looking good. Todays Market Action is somewhat clouded by the uncertainty of whether or not theres going to be what the results will be of that white house trade meeting. The dow will be down 30, 40 points. Small loss for the s p. Small loss for the nasdaq at this point. Now, the president s looking good. Reports this morning that some House Democrats will not vote to impeach. That means a split Democrat Party and a hyper partisan impeachment process. Not supposed to be like that. Oh, and the brits are voting. Looks like the socialists will lose. Varney company is about to begin. Stuart all right. We are beginning with the trade meeting, the big trade meeting at the white house. Its been confirmed. Blake burman has the latest from the white house. Blake . Reporter on this december 12th, stuart, we can tell you that the president will be meeting with his trade and economic top team members here at the white house today in advance of this december 15th deadline that the president has as to whether or not tariffs, additional tariffs will be going on china, or if those tariffs could be delayed. We are also told that this meeting, these advisers and the president will discuss potential other options as it relates to china as well. This comes in addition of a standing meeting that the president had earlier this week with his Economic Team as well and by the way, we have been told that china has been told that they should expect a decision soon from the president as to what exactly he decides, all of this fits in here with the timeline of this announcement from the president that we are anticipating here to be coming at any point. Stuart blake burman, thank you. Now, the stakes are very high here. I want to bring in susan and ask this question. If the tariffs go through on sunday, what impact on big tech and prices . Susan also, the American Consumer as well, since we have laptops, mobile phones, footwear, clothing being tariffed at 15 . Looking at 160 billion worth of chinese goods and that includes 43 billion in mobile phones. Think of your iphone going up by 15 . They might not actually follow through and pass that on to the consumer but apple is going to face that on ipads as well. 37 billion on laptops, 12 billion on toys, 5 billion game consoles, 7 billion in footwear. You see on your screen. I should mention we have seen 351 billion in chinese tariffs over the past, what, 17 months of negotiation. Has that actually filtered through to inflation and higher prices for the consumer . The answer is no, as you heard from Jerome Powell yesterday and the Federal Reserve. Stuart stakes are very very high. We have no idea which way this meeting will go at the white house. Thanks very much indeed. I want to get to my interview with eric trump. Listen to what he had to say about the economy. Roll tape, please. His greatest accomplishment, you remember, you remember better than me, when the media made fun of him, trump could never, never, ever get 3 gdp growth, theres just no way, he must be drinking, he must be doing drugs, theres no chance that could ever happen. Stuart fiery interview. Market watcher Gary Kaltbaum joins us now. Are you in the bullish club in terms of the market next year . Not sure just yet. Im not a big believer in looking out a year. We had a gargantuan 2019 already, without any earnings growth, so if we dont get earnings growth, im not so sure. I think it will be okay. Im not into the big gigantic bullish camp. We have had two years stuart gary, gary, wheres the Gary Kaltbaum we know and love . Why all this hedging . That is not hedging. Stuart, when you are up 20 to 30 in one year in 2019, very tough to expect Something Real big in 2020. Thats all im saying. Stuart okay. I will leave it at that. Just sayin. You sound like my wow. All right, were going up 100 . Stuart stay there. We will get it out of you soon. We will have more on my interview with eric trump throughout the program today and the full interview will air in our 11 00 hour. Lets get back to gary. Im not going to say wishywashy. Wouldnt dream of it. The one dark cloud seems to be this uncertainty over china trade and the meeting thats going on fairly soon in the white house. My best guess is there is not going to be a deal this weekend but my best guess is theyre not going to put the tariffs on because i think theyre smart enough to recognize every time they threaten tariffs or put them on, markets took a pretty big hit, and the economy will suffer because that big gigantic uncertainty is out there. But we are hearing rumors that navarro is driving to the hoop wanting him to put the tariffs on. So anythings possible. I am just hoping they come back and say we have more talking to do and we are going to table the tariffs for now. Stuart lets hope. Gary, thanks very much for joining us. We appreciate it. Okay. We will have you back. Now, britains general election, they are voting now over there. Boris johnson going headtohead with the socialist Jeremy Corbyn. Ashley webster is in london for us. Any early indications about which way its going . Ashley no. The polls still open for another eight hours. I would take a little bit of measure with the socialist label. I would say its even more marxist. Jeremy corbyns labour party, my word, they are going to nationalize all the utilities, increase the power of the unions and tax those horrible rich people and tax those horrible successful businesses. Boris johnson says forget that, lets cut the Corporate Tax rate, lets empower the individual and lets do huge trade deals around the world, including the United States. The choices are stark but not until about 10 00 p. M. Local time will we get the exit polls then of course, all the results will start drifting in. By the way, the sun newspaper, a huge conservative paper, put out this headline. Save brexit, save britain. If boris wins, a Bright Future begins tomorrow. But if red jed gets in the lights go out for good. Those are the stakes some believe this election represents. Stuart it seems to me like sort of a mirror image of an election between President Trump and Bernie Sanders. It sounds very similar, i think. Ashley yes. Stuart okay. Ashley, we will come back to you later in the show with more details on this. Ashley webster in london. Thanks. One individual stock we play on this heavily, peloton. The stock at the moment is down again. This is a premarket quote, so its down again from yesterdays close. Later on the program, we have peloton bear andrew left. He says the stock is going down, all the way down to 5 a share. Hes on the show a bit later. Take a look at lululemon. I believe that stocks down in premarket trading. Yes, it is. Its making a push into mens wear and they are spending really big. Right . Susan they want to double the mens business by the end of 2023. They say they essentially convinced women that you could wear yoga pants out and about and now they are doing the same for men. 21 of the sales of this company came from the mens products last year. By the way, i just want you said down premarket, which it is. Its up 91 year to date. It has had a fantastic run. The Company Reported profits that actually exceeded wall street expectations yesterday by three cents. Thats not important but all year, they had been executing on what they set out to do and either meeting or exceeding. Stuart you can expect a bit of a pullback after a 90 runup in one calendar year. Deirdre you look at the s p, up 25 . Stuart doing well. Check futures, please. Down just a fraction across the board. Uncertainty about whats the outcome of that trade meeting today at the white house. You know about the democrats squad, you know about that. On the left. Well now, theres a new squad in town and they call themselves the conservative squad. Theyre on the show. All four of them, right here in the studio. Senate judiciary chair Lindsey Graham delivered a very powerful series of remarks before ig horowitzs testimony yesterday. Cnn did not televise Lindsey Graham. No. Wouldnt go near him. We have what he said, though. We will show it to you. And you heard what eric trump had to say about the economy. Next, we will show what he had to say about his fathers 2020 reelection prospects. My full interview with eric right here in the 11 00 hour. Im your 70lb st. Bernard puppy, and my lack of impulse control, is about to become your problem. Ahh no, come on. I saw you eating poop earlier. Hey my focus is on the road, and thats saving me cash with drivewise. Whos the dummy now . Whoof whoof so get allstate where good drivers save 40 for avoiding mayhem, like me. Sorry hes a baby most people think as a reliable phone company. But to businesses, were a reliable partner. We Keep Companies ready for whats next. man we weave security into their business. second man virtualize their operations. woman and build ai customer experiences. second woman we also keep them ready for the next big opportunity. Like 5g. Almost all of the fortune 500 partner with us. woman when it comes to digital transformation. Verizon keeps business ready. Oh, ho oh, ho, ho, ho you. You got me. Uh, what do you want . Ive got uh, ai robots, ive got vr goggles. I want your sled, please. No. [ chuckles ] timmy. Itd be a shame if this went viral. For those who never compromise. The mercedesbenz winter event. Whoa. He was pretty good this year. Quitting smoking is freaking hard. St, like quitting every monday hard. Quitting feels so big. So, try making it smaller. And youll be surprised at how easily starting small. Can lead to something big. Start stopping with nicorette stuart wheres boeing this morning . Down just a little bit. The whistleblower testified in front of congress yesterday and said the push to increase production may have led to the crashes. Okay. Boeing, premarket, is now unchanged at 350 per share. What else have we got for you today . Ill tell you. Delta teaming up with wheels up. They are going to create one of the Worlds Largest fleets of private jets. Susan oh, yes. Thats right. Delta Airlines Taking a Minority Stake in wheels up. This will be closing in the first half of next year. Wheels up is probably one of the largest private jet operators, largest fleets, at least, we have 8,000 customers, 198 planes and this is slightly different from net jet which is owned by Warren Buffett and Berkshire Hathaway in that it democratized private air travel. Instead of catering to more business travelers which is what net jet does, wheelsup is more High Net Worth individuals and its kind of the uber of private jets. It has a little app, you can book one way private seats on certain planes and flights. I would call it probably more its a more democratization of private jet travel than what you had with net jet. Stuart that will create the largest fleet of private jets. Susan yes. Thats correct. 190 planes. Stuart susan, thanks. Eric trump, oh, sounding very upbeat about his fathers chances in 2020. When i spoke to him, have a look at what he said. Will you predict a landslide win against any democrat candidate . Yes. No question. The reason is everyone i talk to, i ask are we stronger now or stronger in 2016. Every Single Person without missing a beat, without blinking an eye, come on. They roll their eyes at me. Its not even close. Youre much stronger now. Stuart he was intense, let me tell you. Joining us, ronna romney mcdaniel, rnc chair. Eric says its a landslide, no matter who they face. Will you agree with that . I do. Looking at the numbers, the president is on track to win all the states he won in 2016 and then expand the map with states like New Hampshire stuart let me interrupt you for a second. Forgive me for interrupting you. You say when you see the numbers. Are you looking at internal polls . Is that what the internal polls are telling you . Exactly. We do analytics. Our analytics over a month ago showed that impeachment was backfiring on the democrats. We saw that in the swing states, independents were swinging our way. They did not like this impeachment process. Now the National Polls have caught up. You saw quinnipiac yesterday. You are seeing the National Polls catch up with what we had already been seeing. In our internal polls in these battleground states, we see the president gaining ground against every democrat and we are expanding the map into states like nevada, New Hampshire, minnesota, states that we didnt win in 2016, and keeping the states that we won for the historic victory. Stuart i can see how the tide may be turning on impeachment. We have reports this morning that some of those moderate democrats may be not in favor of voting yes on impeachment, which means a divided party, which means that the impeachment process itself becomes just hyper partisan. Well, beyond that, stuart, we get to go to the American People and say weve added 7. 2 million jobs, you have more money in your pocket this christmas to spend on your family, to put in savings. People feel that. That Consumer Confidence is high. People feel good about where their lives are and they know its better because President Trump has fought for policies that help the average american family. Wages are up, they are higher in the lower income brackets. This is something thats good for every american. They also see the contrast of democrats who have done nothing to help them. They have only focused on investigation and resistance and this ridiculous impeachment that nobody is in favor of and they are saying you know what, we are going to fight for a president and vote for a president who is actually done things for the American People. Stuart ronna, do you have any input on the issue of china trade and the tariffs . I ask because if these tariffs are indeed imposed on sunday, thats kind of bad news for consumers, bad news for the market. Do you have any input into saying dont put those tariffs on, mr. President . I will say unequivocally as chairman of the rnc, i dont deal in providing the president advice on tariffs and foreign policy. Thats not really my role. What i will say, though, is the usmca is incredibly popular and the president has crafted a deal thats going to bring manufacturing, agricultural to this country and it is going to make it easier for the president to negotiate with china because hes gotten this deal through. Stuart good stuff. Thanks for joining us. See you again real soon. Thank you. Thank you. Stuart by the way, more with eric trump. He had some strong words about michael bloomberg. We will have that in the 11 00 hour this morning. Back to futures. We have moderated the downside move. A fractional loss for the s p, small loss for the nasdaq, down maybe 20 on the dow. Home depot facing backlash online. Everybody faces backlash online at some point. The ceo said a rise in shoplifting could be linked to the Opioid Crisis. They come down on him like a ton of bricks on the internet. Weve got the story for you. Mcdonalds testing that, a Crispy Chicken sandwich. Coming up, a mcdonalds analyst who has tasted it, says its good and i think he will say its good for the company, too. More Varney Company after this. You are the one. Nothing shines brighter than you. You are my rock. Nothing is stronger than you. You are oneofakind. I love every facet of you. You are my diamond. For the diamond in your life, theres only one Diamond Store. Zales. Its the you are my diamond event. Get 30 off everything including these one of a kind deals. Exclusively at zales, the Diamond Store including these one of a kind deals. shaq chime magenta . I hate cartridges not magenta not magenta. Im not going back to the store. Magenta cartridges are so. buzzer vo the epson ecotank. No more cartridges. It comes with an incredible amount of ink that can save you a lot of frustration. The epson ecotank. Just fill and chill. Available at. sure, the contents easy. But then you have to connect, download, edit, reformat, output, save, send, upload. Still uploading. 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Hes tasted them and i think you say its going to be a big hit for mcdonalds, right . I have never seen a product that has so many opinions, has so polarized people, some who love it, some who hate it, some who claim it will be a disaster, some who claim it will be a great hit. To be fair, its a very good product. Its a much better product than what they had before. I think it will be a very good success for the company. Stuart i think we are in the middle of a war, as people maybe drift a little bit away from beef and the classic burger. Whats the next thing they are drifting towards . I think its the chicken sandwich. Am i right . I mean, it is that big, isnt it . I do, i do believe it is. I think mcdonalds recognizes that. I think popeyes, what they did this past august was kind of a shot across the bow to the entire industry. I think all of the chief competitors, it was a wakeup call about how strong, how, you know, the growth that the company had during that period of time for two weeks before they ran out of the product, then ultimately came back, i think all of the competitors realized we better get with it or we may get left in the dust. Stuart would you recommend buying mcdonalds stock at 194, 195 per share, on the strength of these two upcoming chicken sandwiches . Theres more to it than just that. I would recommend as an analyst buying mcdonalds stock. I think one of the contributing factors will be the success of this product versus their prior product. I also think they have a lot to do and a lot to say within the breakfast wars that are going to essentially really kick off around the first of the year. But i think given the pullback in the stock from where its been, i think weve got a pretty good trend ahead, in my perspective, about improved operating results and ultimately an improved stock price. Stuart is it spicy . I hear . Its not spicy currently. Dont be a bit surprised, dont be a bit surprised if at some point in the future, they certainly address those things that the marketplace loves, and thats spicy food. Stuart do you own it yourself, the stock . No. No. I dont own any restaurant stocks. I love to eat at the restaurants but i dont own any stocks. Stuart good man, bob. You really are. That was an excellent report on the chicken sandwich. Not spicy yet. We will see you again soon. Thank you, sir. Appreciate it. Overall, this market is going to be a fraction lower at the opening bell today. Theres uncertainty about what comes out of the big trade meeting at the white house today. There you have it. Slight loss at the opening bell. 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Stuart lululemon down this morning. They are making a big push to spend a lot of money, getting into mens wear. I want to bring in our analyst, who says the reaction is overblown. Welcome back. You think the stock is going up some more from here . Yes, i think it definitely has room to run. Its a hypergrowth stock in my opinion and i think all of the negativity based around they just had a little bit of a tiny guidance tweak last night and thats it. They beat on comps, they beat on eps, they beat on revenue, their Gross Margins are expanding. I dont know what else you want in your stocking from santa but ill take it. Stuart okay. You have been on the show before saying this thing is going up. Its up 91 already this calendar year. Do you have a target price for the stock, please . I dont have a target price. But i definitely think that theres so much more room to run for lululemon because what they are doing with their company, aside from having a really fantastic product for men and for women, is they are creating an ecosystem around their brand. You Pay Attention to that, because retailers that are going to survive and you know retail is darwinian, in my opinion, only the strongest survive, if you create an ecosystem, you will sustain. Stuart i will take note of an ecosystem in yoga pants and thats a fact. Thanks for joining us. We appreciate it always. The dow industrials will open with a minor league loss, down 30 odd points. Half the dow 30 are up, half of them are down. The s p 500 right now is down a little. Thats negligible loss. The nasdaq composite, that too i believe is down a fraction. 12 points,. 14 . Flat to ever so slightly lower across the board. Southwest airlines reached a partial compensation deal with boeing over the 737 max jet damages. Boeing, down a little bit this morning. Southwest is up. Joining us, lets get off and running here. Market watcher eddie gabor, susan and deirdre are with us also. Let me count it. Jpmorgan, Goldman Sachs, jay powell, pretty bullish on the market and the economy. Eddie, are you bullish for next year . I am. Not as bullish as i was coming into this year. However, when you look at what we are heading into, the fed is off the table. Heres the other thing. This has probably been the most hated bull market in history. Theres a lot of pessimism, a lot of money on the sidelines. People were predicting a recession this year. Stuart the democrats hated this bull market. Thats for sure. Youre right, they wanted a recession. The Consumer Report that came out last week, the job number supports it. We are not going to be going into a recession next year. I think its bullish heading into next year. If these tariffs do go into effect, which i hope they do, i think its going to be a great buying opportunity for people to jump in because i think we will see a shortterm drop. Could be 5 to 7 , but i would jump all over that. Then the china cloud will be behind us. Stuart thats if the tariffs are imposed on sunday. Correct . There would be a market dropoff . Yes. I would buy that. Susan you still would have made over 25 so far for the s p so if it drops off a few Percentage Points thats still a pretty good year. Jpmorgan is bullish heading into next year as well because typically, the s p rallies around 12 during an Election Year and thats with a 90 hit rate that that usually happens. So they say short gold, short bonds, overweight equities and you will make your money. Stuart how do ordinary people feel about it . I own a little bit of microsoft. Its at 151 per share. If i see it drop to say 147, just suppose, i say oh, my goodness, i have lost some money. Okay. I have made a bit less. I havent actually lost. The way people think about it is i lost, panic. They have to put it in perspective. Thats why after a big year like this year, you should be tactical and take some profits and wait and see. We are going to see volatility. Its always there. Buy the dip. Dont get too overweight. Even microsoft. Stuart eddie, welcome back. All right. Take a look at disney. Disney plus hitting new milestones. It was only launched a month ago. What have we got . Deirdre 22 million downloads, according to apptopia. Thats only north america. Disney plus has not even launched yet in europe or latin america. So basically, disney is exceeding many peoples expectations. It was also one of these most searchedfor terms in google. So people are looking for this, they want to know the price. They were very clever as well with that bundling of the disney plus with hulu, espn plus, 12. 99. Theres a lot of people for whom thats a really good deal. Stuart 22 Million People in three and a half weeks, i would call that pretty good. 40 in two weeks. They are getting a million subscribers a day right now. Susan guess what is the most searched term in the last few months . Stuart dont say it. Baby yoda. Susan it is. Yes. Stuart moving on. We are talking stocks and we have an analyst who says apple tv plus needs a megahit show to really come on strong. You disagree with that, anybody . Susan i do. I disagree with that. So you have an okay. So we have 1. 5 billion iphones have been sold over the last ten years. 900 million of those are still active meaning they are not too old, that people throw aside. You have 900 Million People using their iphones plus you get it free for a year if you buy an ipad, mac or iphone. Thats a lot of people that have access to apple tv plus. Deirdre even if they pay 4. 99 a month for somebody who has an apple product, normally is not a lot. Its an upper End Electronics product. Whether its a phone, whether its a tablet, whatever, 4. 99 a month is not a lot if you just want to watch one or two shows. Stuart you think i will ever watch apple tv plus on this . Susan thats up to you. Im guessing from your perspective, you are going to say no. But from a lot of other people, they like it on their mobile phones because they are watching it everywhere they go. Streaming is all about content. Thats why disney is so successful. No one can compete with their content. Netflix has amazing content. I think apple is a fantastic company, one of my Favorite Companies and favorite longterm stocks. However, i believe they are going to have to compete and if they want to get into streaming, they need content. Susan they are spending a lot less. Deirdre by content susan 4 billion on content over the year compared to 15 billion. Stuart imagine that. Only 4 billion on content. Thats all theyre spending. They dont have baby yoda. Stuart nice try, young man. Two weeks to christmas. Actually less than that. Amazon says prime members can buy on december 24th and get, receive, on Christmas Day, the 25th. Ambitious. Susan ambitious and there are caveats as well. When you want to order on Christmas Eve to get it by Christmas Day, you have to order before 9 30 a. M. On december 24th. Your order has to be over 35. But for those that have to cook the Christmas Eve meal, you still have twohour grocery delivery on amazon fresh and whole foods. Stuart that is really good. Susan impressive. But do you really, really want to risk not getting your kids toys on time to open under the tree on the morning of Christmas Day . Stuart some people call it desperation. This is good news for me. Stuart i think amazon its a push to get the consumer numbers up. Stuart new trump tweet. Okay. Just received it. Here we go. Getting very close to a big deal with china. They want it and so do we. Look at the market. Look at the market. That tweet just came out, this changes everything. I will repeat what the president had to say. Getting very close to a big deal with china. They want it and so do we. Take that back, eddie. Hey, if they are close to a deal, that means they have come to concessions with some of the things we want, because we have the leverage in this negotiation. So i dont want tariffs unless they dont come to the table with the things that we need. Stuart we dont know the nature of whatever deal might come along. We dont know that a deal will come along. We simply know the president is very much in favor and so are the chinese. Susan we also know theres going to be a white house meeting later on today and there are two sides of this debate. You have the hawks with lighthizer and navarro versus the doves, mnuchin, kudlow, that want a deal. Have we seen this impact the consumer . Not really, because as i mentioned, we have no inflation. You heard that from the Federal Reserve chairman Jerome Powell yesterday. So who needs it more at this point when chinas economy is slowing growing at the slowest rate in 30 years. Stuart im just taking this as another signal that when the president tweets positively on china trade, the market immediately responds literally in a matter of a split second. Now we are up 123 points because of that tweet on your screens. Getting very close to a big deal with china, they want it and so do we. Thats it. Now, i dont know what kind of deal or anything else comes out of this deirdre thats the question, right . Stuart that is wildly positive, isnt it . Deirdre how much can we really expect china to the things that we really care about, i. P. Theft, china is not going to change. They are not going to change their laws to accommodate trade. So i dont know, obviously, we will wait and see what the details are. But the fact that its positive, optimistic on both sides is a good sign. Susan we are looking for a phase one closure at this point, not looking for the allencompassing generational trade deal. That will take a little bit more time and probably a second term for President Trump to negotiate that through. But if you get the phase one deal through which include agricultural purchases, a rollback on the december 15th tariffs, maybe even a bit of a rollback on the september tariffs, i think thats market positive and thats probably what china is looking for. Stuart thats market positive. Look at it. You are up 160 right now. If theres substance to that deal, this market has its going to shoot and go through the roof through this year, heading into the first quarter. Stuart if there is a deal. Yes. Substance to that deal. Stuart for example, suppose it was just delay on all tariffs. Susan good enough. Stuart thats good enough . Short term, thats good enough. Susan when the fed is your friend and there is no bad news between the two largest economies in the world, thats good enough. When companies are still making money. Stuart first thing this morning, that will be 10 or 15 minutes ago, the dark cloud on the market was china tariffs. The president tweets very positively, they want a deal, we want a deal, the market goes straight up. Erasing that dark cloud. Got it right . Its that impactful. Thats a major dark cloud right now. Stuart impactful is not a word. Its not. Susan i think it is. Stuart thanks very much, eddie. 9 40 eastern time. Your contribution was spectacular. Seriously, you are a good man. Thank you for being here. Check that big board again, please. Straight up, look at that. We are up 151 points. Back above 28,000. That is on the back of a positive trump tweet on china trade. Look at peloton, please. Ubs raised its price target on the stock from 30 to 40. The stock actually is down a bit this morning. Later on today, weve got peloton bear andrew left. He thinks the market, that will be peloton stock, is going all the way down to 5 a share. Hes on the show 11 30 this morning. A lot of people like to criticize millenials. Our next guest says that generation is responsible for this booming economy. So does that mean the economy keeps humming . The bulls are indeed running right now. Varney company continues. Theres a lot of talk about value out there. But at fidelity, value is more than just talk. We offer commissionfree online u. S. Stock and etf trades. And, when you open a new Fidelity Brokerage account, your cash is automatically invested at a great rate thats 21 times more than schwabs. Plus, fidelitys leading price improvement on trades saved investors hundreds of millions of dollars last year. Thats why fidelity continues to lead the industry in value while our competition continues to talk. Talk fidelity. A more secure diaper closure. There were babies involved. And they werent saying much. Thats what we do at 3m, we listen to people, even those who dont have a voice. We are people helping people. Stuart im showing you this tweet all over again. Its from the president and arrived on our set about, what, ten minutes ago. Less than that. Getting very close to a big deal with china. They want it and so do we. That set the market on fire. Check the big board. Now were up 134 points. Big gain for the s p, big gain for the nasdaq. Youre up about a half percentage point all across the board. That is a rally. 28,000 on the dow. The wall street journal says Northern California could be in for a lot more blackouts if pg e doesnt upgrade its aging power lines. Pg e has reached 11 a share, down slightly this morning. Ubs has raised its price target on ge. Tell me, please, whats it raised the price target to . Because its at 11 a share now. Do we know . Okay. I will figure it out. Ge is at 11. They have raised the price target to 14 a share. Its at 11, up 4 right now. Thats ge. How about that. Dow component home depot under fire for blaming the Opioid Crisis for a recent spike in shoplifting. Grady trimble has the story. Whats going on, grady . Reporter stuart, home depot execs had a phone call with investors yesterday. They said they did see a spike in retail thefts and its so bad, they say, that its eating into their profits. So one of their hypothesis or explanations for this is it could be tied to the opioid epidemic. I suppose the assertion is that drug users need money to fuel their addiction, so they are stealing to do so. So lot of people on twitter werent happy with that. But this also comes as the National Retail federation says twothirds of retailers are seeing more theft. So all of these stores are trying to do something about it. Home depot mentioned on the call they are looking into new technology to stop people from stealing, including something that would start a power tool once you purchased it at the store instead of being able to use it automatically anyway and they are also working with good oldfashioned Law Enforcement to stop this spike in shoplifting. Stuart grady, thank you very much indeed. By the way, home depots stock is up a buck this morning. 213 per share as we speak. Two big names, you know them. Walgreens, kroger, teaming up. They are trying to, what, cut costs and reduce prices . How do they do that . Deirdre two ways. So there is a purchasing deal where they are both going to be purchasing some products from the same suppliers. Thats going to save across the board, because combined, they have more power than if they were just individual, and then they have each others goods in each others stores. So they tried this in about 13 stores in kentucky, it seemed to work pretty well, and so they are going to expand the program. Stuart so they are teaming up, they are going to try something else. Okay. Got that. Both stocks, by the way, are higher. Then again, the overall market is clearly higher. Our next guest says hey, we should be thanking millenials for the booming economy. Joining us now, tom lee. Make your case. I thought the millenials were strapped for cash because of student loans. You know, a lot of them probably are, but thats also because they are in their 20s right now, and what we have to keep in mind is theres a few things that are really big tailwinds for millenials. Number one, its a huge group of people. Its the largest 20year generation since even before the boomers. These guys are a larger cohort than the boomers themselves. Second, they are starting to enter their 30s, which is their most productive period of time. Like whenever people enter their 30s, they have got the best skills, their income is growing the fastest, but they are also starting to buy homes, borrow money. This is a big gdp multiplier. And the third thing to keep in mind is they are going to be inheriting quite a lot of wealth. America has 150 trillion of household savings. Thats over 50 of all the wealth in the world. Roughly 70 of that will be inherited by millenials over the next 20 years. So what is perceived as a generation thats in debt, within 20 years its going to be one of the wealthiest ever. Stuart all morning long, for the past week, we have been looking at some big names who are forecasting very good year in 2020, a good year for the market, and a good year for the economy. Are you part of the bull brigade . Well, as you know, we thought 2019 would look like 2009, as we are exiting this year i think thats been the best way to look at this year. We havent published our 2020 forecast yet. Its coming out next week. So im going to start a pass the baton and if other folks have made forecasts, im sure theyve got a good basis for it. Stuart all right, thanks for joining us. Always appreciate it. I want to get straight back to the market. President trump issued a tweet, the stock market rallied immediately. Gerri willis, come in from the new york exchange. The big winners, please. Gerri yeah. Got to love this. 3m, caterpillar, intel all higher, as are chip stocks generally. The markets loving this. The dow turning around, up 140 points right now. Soaring on this news that the president is saying we are very close to a deal with china. This is something that the market always loves to hear. The only stock you would expect to see up right now, apple shares. They are actually down 1 , because Credit Suisse is saying the china iphone shipments dropped in november. So people are looking at that headline, trying to figure out if its true. We tried to reach out to apple on that news. But i got to tell you, the markets are loving this tweet from the president. Back to you. Stuart clearly. Gerri, thank you very much indeed. Again, check the dow 30. I think the balance has changed completely. Theres now only one loser among those 30 stocks. The other 29, all in the green, all of them up. Maybe you missed the fireworks. Senat senator chair Lindsey Graham delivered a powerful series of remarks before ig horowitzs testimony yesterday. Cnn did not televise Lindsey Grahams remarks. We have what Lindsey Graham said, though. You will see it next. You are the one. Nothing shines brighter than you. You are my rock. Nothing is stronger than you. You are oneofakind. I love every facet of you. You are my diamond. For the diamond in your life, theres only one Diamond Store. Zales. Its the you are my diamond event. Get 30 off everything including these one of a kind deals. Exclusively at zales, the Diamond Store including these one of a kind deals. Here, it all starts withello hi . How can i help . A data plan for everyone. Everyone . Everyone. Lets send to everyone wifi up there . Uhh. Sure, why not . Howd he get out . a camera might figure it out. That was easy glad i could help. At xfinity, were here to make life simple. Easy. Awesome. So come ask, shop, discover at your local xfinity store today. Its our most dangerous addiction. And to get the whole world clean . That takes a lot more than an alternative. So we took our worst vice, and turned it into the dna for a better system. Materials made from recycled plastic woven and molded into all the things we consume. We created bionic and put the word out with godaddy. What will you change . Make the world you want. The reality is the sentiment of the American People does not connect to what the anchors in these highrise buildings in midtown new york, other than you, are saying. I mean, the most of them do not understand the sentiment of the nation and what people care about, and there is a huge disconnect. How few people read the Washington Post . You know the reason the Washington Post, the people in the beltway, right, who and by the way, universally, they are the most hated people in america by americans. Stuart there you have it. The president s son eric trump on how the media mistreats his father, the president. Come on in, brent mozell with the Media Research center. Tell me this. I perceived a real disconnect between what the media is saying and how Middle America is feeling. You study the media. Youve got to see it, too. Its very interesting. By the way, i love what eric just said to you. Stuart so did i. Chris matthews said Something Really interesting on his show. He was asked this question about in effect whats going on with america that america just isnt up at arms about this the way we are. Whats wrong with the American People. His answer was fox news. He blamed fox news. His thinking was fox news is giving this other side of the story and the American People, half of america is listening to this other side of the story, and wa, wa, wa, theyre not paying attention to us. He actually said this. So whats happening is that if you were one of the 13 Million People in our nation of 330 million that tuned in to the beginning of this impeachment inquiry, i love the word inquiry, they were inquiring nothing, but when you tapped into the inquiry, it took them about 20 minutes to realize that there was no there, there. So the rest that stayed on there, stayed on there just for comic relief to watch this thing. And the shocker to the press is not only did the numbers go down in audience, but trumps numbers went up in the polls as a result of this. They dont know what to do. Stuart real fast, i dont have time to run the sound bite, but Lindsey Graham let loose yesterday at the horowitz testimony. Cnn did not carry his testimony. They didnt. I mean, what Lindsey Graham had to say. Cnn just didnt cover it. They are in the tank, these guys. Cnn covered 99 of the impeachment inquiry, 33 of the horowitz report, and lets see what happens when the next report comes out. Everyone says its going to be devastating. Lets see what cnn covers then. Stuart well said. Sir, its great to have you on the show. Im so sorry to give you so little time. So little time. Always. Always. Thank you, stuart. Stuart see you soon. Big news today from the white house. The president says a trade deal with china is close. Big meeting on trade there as well. We are bringing you the news as we get it. Well be right back with an editorial. brakes screeching okay. So, today youre going to leave your phone with a guy named flip. ding but its more than your phone, its your business, your customer data, your sales figures. And who can forget, those happy hour selfies . Not flip. honking, gasping this isnt working. Introducing samsung Business Security solutions, with knox software. With the galaxy note10, you can remotely wipe data or lock phones, so your business is secure even when your phone isnt. Samsung business solutions. Were portuguese . I thought we were hungarian. Can you tell me that story again . Behind every question is a story waiting to be discovered. This holiday, start the journey with a dna kit from ancestry. Stuart it is precisely 10 00 eastern time, President Trump today meets his top trade advisors theyre talking china trade. This as the december 15 tariff deadline looms. Now, the press has already tweet ed about it listen to this, getting very close to a big deal with china, so they want it and so do we. Weve got more on that in just a couple of minutes. As for the markets we have alltime highs on the nasdac, the s p 500 and weve just got the latest read on mortgage rates. The only thing that effects the market but what do we got . Its up 3. 73 for the week higher than the 3. 68 we got last week but on very positive reasons they say the risk of an economic downturn has receded, combine that with a very strong jobs market and thats why were in a slightly higher rate environment so all positive. Stuart absolutely and still a very low rate thats nothing. Please just look at this for a second. Another new high for the market this morning. Were now up 225 points for the dow, i cant quite read it 65 up for the nasdac, 25 for the s p, and ladies and gentlemen, that is a rally. And now this. Its Late Afternoon in britain. They have a few more hours to vote in their general election. We should be paying very close attention. We have an interest in this. Not just about britain leaving the european union. Not just about brexit, oh, no. Its about ideology, personality , and yes, donald trump. Boris johnson is a lot like our president , hes unpredict all and very colorful and funny and he goes at things fullon. In the last few days weve seen him drive a tractor through a wall to symbolize breaking through on brexit. Hes delivered milk before dawn, showing he has the common touch, and by the way, he was born in new york. He really is a lot like donald trump and oh, by the way hes a capitalist. His opponent is none of the above. Jeremy corbyn is an outraged socialistic that reminds me of Bernie Sanders. The only thing hes done is move his party to the left just like bernie. Americans should not be rooting for a corbyn victory. He is vigorously antiamerican and a Founding Member of the hate trump club. No special relationship is possible with a britain run by Jeremy Corbyn. Our best interest is best served by a win for boris solidified and uphold the principle that laws should be made by and for sovreign people not foreigners, and of course, it would open the door to a trade deal. Now, thats a special relationship. Thats what im rooting for. We have with us now, ian murray with the competitive enterprise institute. Ian, surely, the brits are not going to go back to socialism, please tell me theyre not going back. Well it all depends on who you talk to. If you talk to the conservative in the south of england, theyre very nervous, they think they may be losing votes to the liberal democrats and yes, to labor, but if you talk to north of england where im from which has never been a stronghold, theyre really bullish. I think we could see a lot of seats changing hands in unexpected directions this election. Stuart but at the end of the day you do think that boris wins and that would be good news for americans. Thats not interpretation. Whats yours . Yeah, all the polls, all of the regression models, everything are showing a majority, it might be a small majority, it could be a very good majority, the trouble is were in unchartered political territory here with so many seats possibly changing hands that probably the best thing to do is just wait until this first result starts coming in at around 6 00 or 7 00 tonight, eastern time, then we will know which direction its going. Stuart okay, ian, ive got to wrap this up. Ive got news on the markets and weve got a huge rally here but ian murray we do thank you for your appearing with us this morning. Look at this lefthand side of the screen. Look at this were up 280, the s p is up 30 thats an alltime high by the way, 20, 185 alltime high, we had alltime highs on the s p and nasdac as well that is a fullblown rally. Now this, the wall street journal is reporting that u. S. Negotiators have offered to cancel new tariffs which were expected to go into effect on sunday. Have we got that . Yes, thats right but thats the big news here and this is an unexpected headline is that the negotiators on the u. S. Side are offering to cut the existing tariff rate by up to 50 , that are currently imposed on the 360 billion worth of chinese goods and this is according to the wall street journal citing sources on their end, but we have the enforcement mechanism in place saying that the u. S. Would reimpose the original tariff level if china fails to carry out their pledges, something that lighthizer has wanted for a long time, and looks like they are both looking for a trade deal according to the wall street journal, and looking for commitments from the chinese side to buy more u. S. Products. Stuart just let me make sure ive got the headline right. U. S. Negotiators are offering to cut tariffs in half. Correct. Stuart that are already on chinese products coming here. And dont forget they went up from 10 in september to 25 and they were set to have an additional new product of 160 billion worth to be imposed at 15 tariffs on december 15, so this is a big deal. Its essentially two headlines cutting the ones that already exist and then sunday when these additional ones are meant to kick in its saying okay, the u. S. Is not going to place tariffs on additional chinese goods which by the way was a whole new list, worth about 160 billion. Stuart cut the tariffs already in place, dont impose new tariffs on sunday. Exactly. And this is things that china has already pushed for. We read this in the news media, like canceling december 15 tariffs was not good enough, we got a phase i trade deal and they wanted to repeal on the existing tariffs in place already. Stuart fascinating, scott martin market watcher with us now, this is very good news on china trade a lot of people wanted am i right . You guys made onset there, its some of the news that i think stuart, people, didnt expect and i think thats really the key point. We didnt believe that the tariffs were going to go on on sunday but we certainly didnt believe this 50 cut was coming so thats why i think the market is taking it so well. Now dont forget too, the threats of the tariffs that were going to come in on sunday were going to attack possibly one of the strongest parts or say impact one of the strongest parts of our economy which was consumerrelated goods on the main front, so the fact that we have both pieces of news as deirdre pulled out here, thats actually why i think the market is bouncing so hard. Stuart which sector of the market and im actually thinking big tech i would have thought that was probably the big winner from this latest china trade news. I agree and i think big tech tends to lead the markets here. Weve seen it do it all year along, so to me big tech is certainly one of the big benefactors given their ties to china supply chains and the like but dont look too further away from industrials too, largely impacted by the trade war so far with china this year. Theyre having a nice rally as well. Stuart im trying to think of what dark clouds remain. And i dont see many frankly. If you take the china trade nervousness off the table, and i think this does, if you take the Federal Reserve nervousness off the table, and thats happened, and if you throw in some bullish forecast from big names on wall street, it seems to me like its straight up. I mean, am i going too far with this, what do you think . No, youre right down the middle of the fair way there. The only thing i would tell you is in the history that i have with the market which is amazingly about 20 years now, yes, thats true, is when you dont see dark clouds when things seem inevitably good thats when something tends to go wrong. Now, i will tell you though given where the markets are given the fact that we do have a nice rally here today thats certainly something to take part of and i dont want to end the Holiday Party here early but i will tell you next year there are going to be some challenges with respect as you talked earlier last hour, which is you have earnings challenges next year, certainly have the big president ial election, and probably some other things coming down with respect to maybe just some repositioning maybe some profittaking towards the end of the year that could impact stocks slightly in the near term. Stuart okay are you buying anything now today . Wouldnt buy anything today stuart when the markets bounce like this we tend to wait for things to come in a little bit but on the next pullback, which we will have one we arent going up 250 points thats when id be adding theres cash on sidelines stuart should i take profits out of microsoft . I never hesitate to take profits especially after a huge run in microsoft. We talked about microsoft possibly taking profits at 100 and now its 50 plus higher, so with respect to your particular needs who knows what those are in that sense, but because i love to know about them but here is the thing. It doesnt hurt to take profits because typically youll get another chance to get in. Stuart oh, young man it does hurt to take profits if you got to pay a whopping great big Capital Gains tax on it. Well thats the governments fault and if its in an ira, re balancing isnt too hard to do as you go into the end of the year and also something to keep in mind theres a lot of re balancing until the end of the year and something we all should keep an eye on. Stuart scott, thanks very much for being with us on what i think is a very important day, thank you, scott martin. Let me recap what we got before we close out the market coverage completely. Okay, bottom right hand, there you go. What weve got is a stock market rally and a half. The dow jones averages up 266 points, 28, 174. Weve already seen record highs for the dow, record for the s p, and a record for the nasdac. Record highs, never seen them before. That is a rally and a half. And all of this comes on the back of the china trade news, the president says we want a deal, president says they want a deal and u. S. Negotiators have offered to cut existing tariffs in half and not to impose new tariffs on sunday. What else we got . Also, so Energy Financial material stocks leading the rally today. We are on pace for the 107th record close in this presidency. The dow is on pace for stuart for the dow . No the s p its 107 and dow looking at 102 record close under President Trump and the nasdac probably the best performer over the last three and a half years looking for 117th record close. Stuart [laughter] i never thought id be sitting here on a thursday morning right before christmas talking about 107 or 102 records in this presidency. What a performance. What a performance, above 28,000, we were at 18,000 on election day back in 2016. Stuart thats right i remember it well. Yes. Stuart and weve never mentioned impeachment this morning. You notice that . Thats a huge stock market rally , we havent mentioned impeachment and the market absolutely does not care about this impeachment effort which i think is failing. He may well be impeached but he aint going to be removed from office and Everybody Knows it and i think it rebounds very badly on the democrats in 2020, because they wasted an awful lot of time, energy, and money going down this rabbit hole of impeaching the president , on minor league charges which really dont stand up. Thats just my opinion folks and weve got a rally. I just love it. 267, up on the dow, 29 up on the s p, nasdac up 77, what do you say . The 10year yield, theres an indicator. The 10year treasury yield is a positive indicator. Its gone up to 1. 87 . People are selling off those perceived safe haven assets, they dont want to be in bonds theyre saying do you know what . This market looks good, this economy looks good, let me put more money to work in the stock market. Stuart and an indicator that the economy is looking pretty good for next year, when the yield on the 10 year treasury goes up like that that implies solid growth for the economy. Right and per these negotiations, dont forget that weve reported this this week that china has been trying to buy more agricultural goods and soybeans up 13 times the amount from september to november than they did last year as well, so thats part of the negotiation, that china has to make good on buying more u. S. Product especially agricultural ones. Stuart i interviewed the president s son eric trump yesterday and i asked him about china trade during our sitdown. Listen to what he had to say. The president will move heaven and earth to make sure that the economy is humming along real well next year; therefore, he will make a deal with china, because he wants to keep the economy going. He will do a deal with china, phase i, tariffs, whatever it is , but he will do that deal because he wants to make the economy hum. Not because its necessarily a good deal. Do you think hed do that . Do you know whats interesting about that . How many times has my father introduced tariffs on china and talked about introducing tariffs on china and then you see these speaks where the market falls 300 points, 400 points and two days later its back higher than it was before, but i can tell you my father is truly angry as an American Patriot about what china has done to this country over the last long period of time. Stuart we are now in a new cold war and the president who started it. Yeah, listen a and i think probably the best way you see the pressure being exerted on the chinese economy and i think thats the only way to slow them down and actually have them, i mean, think about trying to negotiate with the country. Where right off the bat, we refuse to agree to not steal from you. I mean think about that notion. I refuse to agree to not steal your intellectual property, your trademarks your patents. Stuart okay, it was a very interesting interview. Scott martin is still with us. Scott come back in again, please you heard what i was asking eric trump there. My bottom line was that the president will move heaven and earth to keep this economy hum ming do you agree with that . Yeah and i think its one of the big promises and rewards weve had with this president is his main desire, his main promise was to work for the American People, and hes doing it and i think you brought up some interesting things with eric trump there which is the enforcement piece of this deal and its something that deirdre mentioned a few minutes ago too and i dont want to sound like the kid having the party at his house and all of a sudden runs into the party and tells everybody his parents are coming home in the driveway but the reality is this. The deal is great, the premesis are great. I think its great to bring china to the table and get them to agree to some things but as deirdre pointed out we have to enforce these things. Too many times we let china get away with murder on the trade deals this time hopefully we dont. Stuart scott thank you very much for your input today. Quick market recap this is a rally and a half. The dow, the s p, the nasdac all of them have hit record highs in the last 20 or 30 minutes. Right now, the dow is up 28,000, almost 28, 200. Well be back with more after this. Most people think of verizon as a reliable phone company. But to businesses, were a reliable partner. We Keep Companies ready for whats next. man we weave security into their business. second man virtualize their operations. woman and build ai customer experiences. second woman we also keep them ready for the next big opportunity. Like 5g. Almost all of the fortune 500 partner with us. woman when it comes to digital transformation. Verizon keeps business ready. Nothing shines brighter than you. You are my rock. Nothing is stronger than you. You are oneofakind. I love every facet of you. You are my diamond. For the diamond in your life, theres only one Diamond Store. Zales. Its the you are my diamond event. Get 30 off everything including these one of a kind deals. Exclusively at zales, the Diamond Store including these one of a kind deals. [ dramatic music ]ing ] ahhhh ahhhh elliott. You came back stuart why is there such a huge rally on wall street is very simple. We have the president saying china wants a deal and so do we. U. S. Negotiators offering to cut existing tariffs 50 on chinese products, and not impose new tariffs on sunday. All of that, wildly bullish. Look at this, dow is up 286. Trade sensitive stocks that are doing very very well 3 m, caterpillar, intel, all of them up in percentage terms you know its a big day and big caltech all of them on the upside, i think except for apple. No apple has turned around. There was a report earlier from Credit Suisse that iphone shipments have dropped. Well that to china. Stuart well that stocks turned around apple is up 271, alphabet at 1,352, amazon 1,759 and the high on apple just a few moments ago was 272. 56 i think it was but it was a new high, microsoft is at 153, facebook 202, this is a rally. Stay with us, please and youll watch it proceed but i am going to change the subject, right now look at this headline. Its from the wall street journal. Yale prof estimates faculty it political diversity at 0 come in, please, naomi riley with the American Enterprise institute is that accurate . Is there a percent diversity . Oh, i think its pretty accurate. Faculty diversity has never been particularly good but i think in the last 10 years or so its actually gone down significantly 15 of humanities professors actually voted for george w. Bush in 2004 can you imagine that number now . Its probably, it is probably close to zero now. Stuart when we talk about diversity were not talking about race, religion, ethnic background, gender, et cetera et cetera. Absolutely not. Stuart were talking about political. No youll have people with all different skin colors who think absolutely the same. Stuart [laughter] you can comfort yourself with that knowledge if you think thats what a university of education is for. Stuart its a sad decline in educational standards and debate standards. Right students come into college now sort of prepared to be offended by anything that anyone, you know, says that maybe sort of against what they think, and then the colleges sort of reaffirm that. Were going to sort of cement, absolutely everything you thought from day one, and ensure that you all come out, you know, marching in lockstep to the sort of politically correct notion. Stuart i went to college 50 years ago, the London School of economics and it was dynamic political debate all the time. Its a very leftwing college but there were conservatives there and it was a debate that went on 24 7 what an education. Right and nobody went home crying and suing. Stuart no, no, no. If somebody said something they disagreed with and thats the way we go. Stuart what about this lawsuit against the university of california for the s. A. T. S and the a. C. T. S discriminating against low income people, what do you make of that . They want them to drop the s. A. T. Its ridiculous. Theres so many myths but one is that theyre not very good predictors of what happens in college and thats absolutely not true. They are good predictors of whether a student will graduate, of how hard the courses that they take are, or whether they go on to graduate school. These are pieces of information that colleges need to know. Stuart youve got to have some kind of tests. Right. And the idea that were going to be able to somehow compare students from the worst schools in the country to the best schools in the country who both happen to have a 3point 5g p a and then weigh, you know, which of these students is qualified to get in is crazy. Stuart what a crazy world we live in. It is but Higher Education is especially crazy. Stuart [laughter] youre so right. Thanks for being with us today. Check that big board again now were up 300 points for the dow industrials, yes, ladies and gentlemen, that is a rally. All right, look at peloton. Down what . 3. 5 on a day when the market is rallying, susan . Whats going on . I think its interesting because ubs also raised their target price as well as 40 from 30 on the stock, same thing for oppenheimer yesterday says its worth around 38 or so. Youll have andrew less, of citr on research who hammered the stock yesterday calling for it to go to 5. Stuart what happened to it . Maybe there are other competitors out there. Stuart andrew is on the show later on today and he says peloton goes to 5 a share. But were talking about engagement right and saying that 90 of the people who have these use these but part of the accounting trick that peloton has used is that when you sign up for those you have to pay a year in advance so youre stuck, some programs, not all, and so some people say well, even their bragging numbers have been skewed by that percentage. Stuart well andrew can spell it all out for himself a little later on this show okay . Now, were going to follow this rally all the way through for the rest of the day, the rest of this show thats for sure, but i am going to change the subject again. Question. Do you remember alexandria ocasiocortez and the squad . All on the left . Well next, well be joined by jessica taylor. Shes running for congress in alabama and shes the leader of the conservative squad. She and her new conservative squad will join us, in our next hour, thats going to be good. Well be back. Every american wants their dollars to work as hard as they do. 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For those who never compromise. The mercedesbenz winter event. Whoa. He was pretty good this year. Ugh, another electronic signature. You have to print, walk, sign, scan, recycle, walk, email yourself. Really . More walking, try again, waiting, recycle, walk, email yourself, then get back to your day. Or not. This isnt working. Introducing samsung paperless workflow solutions. With the galaxy tab s6, you can sign Digital Documents onscreen, with a finger or your s pen. Samsung business solutions. Stuart now isnt that a very good choice of beatles songs for 10 30 eastern time . Back in the ussr . Were all about capitalism on this program, [laughter] i dont want to know about russia. Weve got new highs for the dow industrials up 279280 new high for the nasdac and new high for the s p and this is a rally. U. S. Negotiators offering to cut existing tariffs on china products 50 . Cancel new products set to go into effect sunday and President Trump is tweeting a deal with china is very close. Thats wildly bullish for the market, and stocks are up acrosstheboard. Lulu lemon, however, i think its still down, yes it is 5 down and theyre investing very heavily into new products fighting off the competition hurting their Fourth Quarter profit and the stock is down 11 a share; however, lets go to gerri willis at the New York Stock Exchange because i want to see winners. Gerri i would say so three big sectors doing very well indeed right this very second, energy, financials, materials, look at these stocks that are higher. Jpmorgan chase, caterpillar, look, the kind of news youre hearing on trade right now this boost in the market also boosts Economic Growth and thats what youre seeing in the markets right now. You said your procapitalism this announcement is procapital ism and ive got to tell you i was talking to trader s about what was going on right now. They were telling me they believe this announcement. There have been lots of talk about trade, some tweets have been taken seriously, some have not. This one, the market is saying yes to. They believe it. They believe its serious, and they are, you know, buying on the opportunity here, as you can see right now. Stuart gerri good stuff. They certainly are buying big rally acrosstheboard. Now, i want to bring in Ashley Webster with a big rally over here. The brits are not going to ruin it with a win for a socialistic over there, are they, please . Ashley [laughter] well, we could be back in the us sr if Jeremy Corbyn wins but no, stu i dont think that will happen. I was looking at the latest starts and labor victory is all the way out to 25 1 the conservatives still favorites at 5 2 only have to bet 5 pounds to win too and a no majority, a Hung Parliament that is 94. Certainly the conservatives is a favorite but they have to vote and they have to count the ballots as we know, stu, but i dont think boris and the conservatives will ruin any rally and in fact, if they to get the majority they need, boris will go to see the queen tomorrow, come back, and the first thing hes going to do at least he promised is to get brexit through and if that happens then the uk is out before january 31, we may never have to use the word brexit again. Not holding my breath but wouldnt that be great . Stuart ashley i want to see you outside Buckingham Palace welcoming Prime Minister Boris Johnson to see the queen tomorrow morning. Ashley, well get back to you later. Thank you very much. Ashley [laughter] stuart this is my favorite segment of the whole show. Here we go. One alabama congressional candidate vowed to create her own squad of conservatives to fight the democrat squad. You know the aoc plus three and she did create a new squad. Jessica taylor is here, with her partners, michelle fishback, minnesota, nancy mace, South Carolina, beth dine, im sorry, death, from texas, this, ladies and gentlemen, is the squad. To you, first, jessica. Why do you do this . We did this because we need a new generation of conservative s who can go with ao c and her squad and they are absolutely Brain Washing the younger generations of this country. A socialistic believe in free stuff, conservatives believe in freedom and we have to get that message out. Stuart can i just throw this out to all four of you. Which policies are you pushing for that would be conservative policies, ill start first with you. I think what were facing is rising healthcare costs and not seeing solutions and there are solutions out there. I think were looking at borders right now that were not looking at solutions to actually close them or to provide protections for all the loopholes where youve got folks coming in, with drug cartels, Human Trafficking were not doing any of those things, and its simple things, like infrastructure. Weve got a collapsing infrastructure around our country and we need to pass a transportation bill. Stuart michelle from minnesota, whats with minnesota . [laughter] well we have one of the founding squad members there. Stuart you do . So we are working very hard and it is about freedom and it is about making sure that we deal with those things that beth talked about making sure that were not, that the congress is not obsessing about impeachment. The democrats obsess and obsess and they havent addressed those kinds of things that need to be addressed and i use the example of usmca. They are finally getting around to it in my district in western minnesota, this is an important piece of legislation and should have been passed a long, long time ago, and finally getting around to it and i think its just an answer to cover up a little bit on their impeachment obsession and sham. Stuart thats interesting i want to raise that. Nancy how does impeachment play in South Carolina . Well its obvious that our country is held up our policies to move us forward are being held hostage essentially by d. C. Democrats have taken a sharp left turn under the influence of the socialistic squad and this is really about socialism, which is the American Values of freedom and job creation and we know that people all across this country flourish under freedom. Stuart jessica your squad, all here, all female. So . Thats right. We need more representation from females in the conservative party. Stuart coincidence or deliberate . Its deliberate. The socialistic squads all female and we thought it would be helpful but we certainly welcome any men to the squad as well. Stuart suburban women, we are told, dont like President Trump you going to turn that around . I look at i think suburban woman are smart and what they are looking at is the policies and anybody who disagrees with policies who weve seen the last three years we are talking about high Economic Growth, low unemployment rate, safety of people on our streets, i think those things are important to everybody. Stuart you just mentioned it. Thats what we want to see. Economic growth. We want to see prosperity continue. Look, i happen to think that prosperity is the glue that binds america together. Without prosperity, youve got a horribly divided country. Our conservative policies are the policies of prosperity and thats really the point here and i wanted to add to a point earlier is that this is the future of the gop. This is not your grandfathers gop and weve got new leaders, weve got women across the country that are picking up the mantel, running for office, because they want to make a difference. Our kids and our country are worth fighting for. Stuart im a grandfather. Nine times over. Thats awesome. Stuart and then i absolutely agree with you, the Current Republican Party is not the party that i knew from way back when. When i first came to america in 1970s i was thought of the Republican Party as essentially the country club party. Almost an elite party, you know . I felt that way. I dont feel that way now. I think the Republican Party is for the people of the United States. Thats where im coming from. Go ahead. Minnesota tell me. Absolutely and im a grandma five times over, so youre lucky but it is about moving those things forward, so that the freedom is really what we are talking about, and people are able to succeed and do the kinds of things that they need to, to take care of their family and children and grandchildren and i think that you mentioned suburban women earlier, i think that they understand the Economic Issues too and they understand that President Trump and the conservatives are talking about jobs. And i think that is important to them and i think that we will win them over as we talk about those things that effect their family and effect winning them over. Because of impeachment too i think next year, 2020 is pivotal because were getting nothing done. We win them with our ideas and our policies and solutions next year. Stuart ive got 30 seconds left i want to know is the impeachment feeling moving towards President Trump, in other words away from the left, and moving away from the idea of actually impeachment . Well when you say moving i would say that the target that the democrats continue to push keeps moving and changing, and now their new idea of obstruction of congress is ridiculous. I mean, if Congress Wants to pull that charge, they need to do it themselves because congress cant get out of its own way. Stuart im afraid were out of time but if you ever want to come back to new york and sit with me again, youve got open seating right here. Thank you very much. Thank you and wed love folks to help us out at conservativesquad. Com. A percentage of funds raised will go towards the candidates running toward the socialistic squad. Stuart conservativesquad. Com with a british accent it works. Thank you ladies and gentlemen very much indeed. Back to the markets as ill check apple one more time thats almost an alltime record high, one analyst says apple needs a mega hit show for their stream ing service to succeed, and that originally took apple down and now its back up again. Disney streaming service, disney plus, downloaded 22 million times in its first month. Disney is at 148. The White House Holding a big event today on parental leave. Coming up arizona senator Martha Mcsally joins us. Shes at the event. I want to know why its the republicans who are now pushing for new programs and all that, why associate that with the republicans thats what theyre giving us and also President Trump signed an executive order to fight antisemitism on College Campuses well deal with that as well on this day, while were hitting alltime highs, all over across the market well be back. chime shaq magenta . I hate cartridges not magenta not magenta. Im not going back to the store. Magenta cartridges are so. buzzer vo the epson ecotank. No more cartridges. It comes with an incredible amount of ink that can save you a lot of frustration. The epson ecotank. Just fill and chill. Available at. Stuart lost a little bit of the rally but not much still up 236 points, 28, 147 just a few minutes ago we were at record highs for the dow, s p, and nasdac. All right its less than what two weeks to christmas . Amazon says youre a prime member, you can order, buy, on december 24 and youll get something on december 25, Christmas Day. Yeah, thats really pushing the deadline if you like but you can do it so if you have prime youre set long story short if you dont have prime basically you have until december 14 for free delivery on purchases of 25 or more and i also want to mention amazon select cities you have a two hour grocery window on the 24th. Stuart bottom line here is theyre prepared to say that if you order before 9 30 in the morning on Christmas Eve, 9 30 a. M. , you order before then and youre a prime member youll get whatever you ordered the next day, Christmas Day, itself. There are caveats it has to be over 35, eligible areas. Stuart oh, thats a caveat. Correct. Stuart eligible areas . Those are usually the large places like the new yorks of this world or the chicagos but i wouldnt be risking it in smaller cities. Stuart okay, all right point taken. [laughter] noted. Stuart amazon is up 11 at 17. 60 lets take a look at lulu lemon making a push into men s wear. They are going to spend big, which may hit their bottom line, and thats maybe why the stock is down, what 4 . Yeah, the Company Wants to double its mens business by the end of 2023 if you look at the sales last year, 21 of the sales came from the mens division, so the company has convinced women to wear yoga pants to other places, other than just yoga class, they are hoping to do the same for men, posted strong earnings, tweaked their outlook statements but the mens line is growing. Stuart okay, President Trump signed an executive order to fight antisemitism on on College Campuses take a listen to what he said at the white house hanukkah event last night. Roll tape please. President trump so we did that and then earlier today we took another historic action to defend the jewish people. [applause] President Trump and a few hours ago i signed a groundbreaking executive order to combatant i semetic prejudice. [applause] President Trump and you know our politicians have been trying to get this through congress for a long time, theyve been talking about it, and finally, they had a watered down version of it and it didnt get through, so i authorized a very strong version of it because ideal with myself. Stuart okay. I want to bring in our old friend, American Center for justice senior counsel. You were there last night. Yes. Stuart now let me, this order, to me, suggests that judaism is a race, with a definable national origin. Not a just a religion. Where am i going wrong here . Well what this law actually does is it makes clear or this e o, this executive order makes clear that jews are also protected with the same protections that are afforded to other minorities. Jewishness and judaism are two different things, right . Judaism is a faith, but there are many jews who either have part of the faith that dont have part of the faith, but jewishness has been deemed a national origin, has been deemed by our enemies to be a race and has been deemed many many things its an identity and whatever the identity is antisemitism especially on campus is horrific there is a recent survey that showed i believe its up to 75 of students on campus say they have been the victims of antisemitism. The problem is that theres no protection because religion isnt protected, and its because religion isnt protected youre able to attack jews and this is saying no. Jews are also protected whether the antisemitism is coming from any source. Its protected and this exact same language this exact same kind of law at aclj, weve been working on these legislations at the state level as well, this is absolutely constitutional. Its absolutely appropriate and its something that jews need, now more than ever and we really are very grateful to the president for doing this. Stuart now the president said this is a hardhitting executive order that it goes a long way. Do you think it goes far enough . Well theres a limit to what government can do because the fact is in america, youre allowed to hate jews youre allowed to hate anybody and say anything like that, so theres a limit to what can be done, but on the enforcement front and other fronts, the president is also in this administration is taking the lead in being as aggressive as possible to try and protect jews around the country, and we appreciate that and by the way also to try and protect jews around the world, and so this law is as aggressive as it can be consistent with the First Amendment and we appreciate that and thats why at the aclj, weve been working on similar kind of measures at the state level. It protects the First Amendment but it says you cant actively discriminate against jews, cant harm jews and use excuses in trying to get away with it. Stuart jeff thank you very much indeed for coming in again today we appreciate it. Thank you, stuart. Stuart thank you very much, sir now before we go to peloton, ill deal with that in a second. I just want to tell you this. The meeting, this big trade meeting that weve been talking about, its going to be at the white house this afternoon, okay i dont know the precise time but it will be this afternoon, top level meeting. Now were going to see the president as he introduces this idea of offer offering a paternal family leave. Federal workers. Stuart for federal workers. He will be appearing. Now he may Say Something about china trade. If he does, of course, youre going to see it and well bring it to you directly, because we want to know whats going on with that. And we will be back in just a moment. You are the one. 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You always drive this slow . How did you make someone i love . That must be why youre always so late. I do not speed. And thats saving me cash with drivewise. My son, he did say that you were the safe option. And thats the nicest thing you ever said to me. So get allstate. Stop bossing. Where good drivers save 40 for avoiding mayhem, like me. This is my sons favorite color, you should try it. [mayhem] you always drive like an old lady . [tina] youre an old lady. Stuart we lost a little bit of the steam but were still up over 200 points for the dow industrials come in please, Keith Fitzgerald on the phone joining us now. Look this rally seems to have legs, does it . I believe it does, stuart and again to the point weve talked about for several months there is the fear of missing outcome wined with an awful lot of capital sitting on the side, the markets are forwardlooking and thats what youre seeing today. Stuart i dont see any dark clouds if the statements about china trade today remove the china trade dark cloud from the scene, what other dark clouds are there out there . Do you see any . No, i dont. I mean, youre going to see a lot of news related to impeachment. Youre going to see a resurgence of russia and all kinds of thins related to investigations to everything to here to the horizon but what you wont see is the interference in the economic progress that really is driving this economy and this rally. Stuart politics seems to have nothing to do with this rally, right . Its an antiindicator. I mean its the most perverse situation ive ever seen ive been doing this 36 years but every time they seem to hone in on the politics something about the argument is exposed as flawed or different or materially incorrect, so traders are looking at this and saying that ive got to do something this morning, i cant sit still and look for the companies and the ceos who make a difference regardless of what the politics are, and there is the secret. Stuart and there you have it. Keith thanks for jumping on the line so quickly for us we appreciate it and the dow industrial is still up now 226 points. Big gains for the s p and the nasdac as well, earlier we had record highs all acrosstheboard. And the next hour, the White House Holds an event led by ivanka trump to address paid parental leave. Business leaders joined by members of the government and the trump adminitration theyre all there. Martha mcsally, senator from arizona is with us and she will be at that event. Senator this is a gop initiative and that kind of surprises me a little. Im not used to the gop, the republicans extending things like paid parental leave for federal workers. Well, stuart its great to see you again, and voting on the panel ill be back for President Trumps remarks but we are pro family, and what we talked about today are some initiatives that allow more flexibility, so that individuals who we want them to be able to have children and we dont want to have them have to go on public assistance and provide opportunities for those children to be set up for success especially in those first few weeks of life, and so theres some legislation that simply allows the child tax credit, bill cassidy and my fellow arizona senator partnered together in a bipartisan way that allows them to take advantage of the tax credit early if you want to in the first year of life, so to bring it forward up to 5,000 and impacts their tax credit over the next 10 years, so these are thoughtful ideas that will actually be profamily and pro business without big federal mandates. Stuart senator, it sounds like an election play. It sounds like being nice to suburban women voters. It sounds like that. Stuart, when i was in the house, i led a working group on women in the workforce. We had several hearings from think tanks, private sector, also field hearings and what we heard is the cost of child care, the issues of time off after you have a child or adopt a child, an issue of flexibility in the workforce is something that is really Holding Women back. Again, if women are able to or a parent stays home and want to care for their children thats their choice and we want to encourage that as well so that flexibility is really key and so not these federal mandates onesizefitsall, but providing more opportunities that are pro business and also profamily is something i think we can find Common Ground on and ivanka trump has been a champion on this issue and i really enjoyed working with her on it. Stuart but this is available to not just mothers but fathers as well, its parents leave . Yes so youre talking about whats in the nbaa for federal workers and what we talked about today is more the broader issue of the vast majority of my con stich wants are in the private sector and what can we do to address some of these challenges but not have it be federal mandates that are impacting our debt and other elements that we would be concerned about. Stuart senator Martha Mcsally thank you very much for coming on the air like this we appreciate it and well be see ing you later thanks very much. Take care. Stuart fifteen minutes from now President Trump will speak about paid parental leave event at the white house and when that happens, youll see it, just in case the president says something about china trade. Coming up, its droning on and i say there are cracks as the democrats as they continue the impeachment process. I think trumps winning frankly. I think the tide is turning. Ive got all of that, in my take , coming up next and pete hegseth, he joins us to respond. 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Keep going, keep going. [maniacal laughter] gold right, uh. Thank you, for that, bob. But i think its time we go with gbtc. Its bitcoin exposure through a traditional investment account. Nice rock. Its time to drop gold. Go digital. Go grayscale. Stuart yeah, this is a very big day for your money and for politics. Happening this hour, President Trump speaks at an event about paid family leave. We want to hear if hes going to say anything about china trade. Hes having a meeting with his trade team at the white house this afternoon. And heres the tweet that sent the markets soaring this morning. Quote, getting very close to a big deal with china. They want it and sdoe we. The market went straight up. Okay. We have come off the highs. The dow, s p and nasdaq did hit alltime highs moments ago. The wall street journal says the u. S. Is offering to cancel those new china tariffs set to go into effect on sunday, and cut existing tariffs in half. Its a big day for trade and even bigger day for your money. We are watching it all, promise you. But first, this. The tide is turning. Trump is looking up. After all those hearings and the solemn filing of the impeachment charges, its the president who is gaining ground. The democrats thought their parade of witnesses would increase support for removing the president from office. Didnt happen. Public opinion is going the other way and rightly so. The democrats should be embarrassed. Impeachment charge number one, the president withheld military aid to ukraine until the government there investigated joe biden, abuse of power. Really . The aid was delivered. The ukrainians didnt even know it was delayed and their president says he was never asked for a quid pro quo. Speaker pelosi calls this a threat to national security. Cue the eye roll. Impeachment charge number two. The president blocked Administration Officials from appearing at the hearings. Obstruction of congress. Throw him out of office for that . Wait a minute. The Justice Department says the president s immediate advisers are absolutely immune from the congressional testimonial process. He doesnt have to let them testify. I guess Speaker Pelosi should impeach the Justice Department as well. The democrats must think were stupid. We are not. We know legalistic political infighting when we see it. We can see this whole mess is a total waste of time and money and we know its the result of pure hatred of the president , no matter what Speaker Pelosi says. Thats why the cracks are appearing. Despite arm twisting flaand flatout bribery, not all House Democrats will go along with this charade and that weakens their attack. You want to take down the president of the United States a few months before an election, youd better have a united party. In fact, you really need some republican support. But the democrats are not going to get it. The president is already winning on the economy. The democrats are about to give him a win on impeachment, too. Yes, the tide is turning. The third hour of Varney Company is about to begin. Stuart okay. You heard what i had to say there. Pete hegseth is coming up. Lets see what hes got to say about impeachment and the turning of the tide. Youre also going to see the rest of my exclusive interview with eric trump. Wait until you hear why he thinks Mike Bloomberg hasnt got a shot if he wins the democrat nomination. And soon, President Trump will take to the podium. Hes going to speak about paid family leave. Were interested in anything he might say on china trade. You will certainly see it right here. Lauren simonetti is with us. Whats on the table with this trade meeting today . Lauren okay. Likely this afternoon, there are reports as you just said at the top of the hour that the president will cancel or postpone the sunday tariffs, then cut some of the existing tariffs in half, return the tariffs if china does not agree to our demands, buy large quantities of our farm goods, protect intellectual Property Rights of our companies and open up access to their Financial Services sector. If they dont agree to that, the tariffs go back, maybe the december tariffs finally get put on. Stuart we will do all of this if you do that. Thats the status. Lauren yes. Stuart whats this about i see a headline saying apple could avoid the tariffs. Lauren so if the sunday tariffs do go into effect, that likely means the iphone, one of the biggest money makers apple has, would cost dan ives says 150 more. What are apples choices here . They could get a waiver from the president , tim cook, Charm Offensive with President Trump, all that lobbying might work. They could also increase the price of a product. What happens when you do that, demand probably falls or they could eat the cost, which would cut their earnings and investors might not like that. But a lot of thats day care especially when you talk about a company the size of apple. Stuart large company, thats for sure. Thank you very much. Want to bring in marc tepper, Strategic Wealth partners. I have jpmorgan, i have Goldman Sachs, i have jamie dimon, i have Jerome Powell, they are all bullish for the economy and the markets in 2020. You vigorously nod your head. Are you on board with them . Im on board. They should be bullish. I actually think its dangerous to be bearish right now, given everything thats going on. So the economy is still expanding, the consumer is still strong. You look at Consumer Confidence is at alltime highs, unemployment is at a 50year low. Household net worths at an alltime high, wages are rising. Thats good for the economy. Thats good for the stock market. Now, we need to be realistic. The stock market is at alltime highs, its up 26 this year. I would not expect a repeat next year. Right . So whats front and center, what are we focused on for next year . Trade and it sounds like maybe we are making some Good Progress on trade today. And the election. Obviously theres going to be continued volatility surrounding the election. Stuart okay. What about impeachment . I just editorialized there saying i think yeah. I can say the exact same thing you said about it. Stuart its good for the market. Its great for the markets because President Trump is good for the stock market. President trumps good for the stock market and this is a side show. Its a complete and utter waste of time. This senate will never convict. And if you look at the battleground states in particular, pennsylvania, michigan, nevada, New Hampshire, you look at all the battleground states, only 44 of people support impeachment. 51 oppose it. So it seems like the democrats are handing the election to President Trump and like i said, President Trump is good for the stock market. Stuart do most market analysts want President Trump to win reelection . Absolutely. Yes. Absolutely. The biggest fear is that you get some socialist president in that seat next november or in january, right, and they just completely cripple the markets. Stuart okay. Senator warren, by the way, president ial candidate, she is speaking right now about her economic plan in New Hampshire. Thats where shes speaking. A new study from wharton says her wealth tax will raise 1 trillion less than she says it would. Her math is always fuzzy, right . Stuart very much so. Yeah. So lets back up a second. First of all, i think Elizabeth Warren Elizabeth Warren is becoming irrelevant. I think theres two ways you can look at that. Two things that prove that. Number one, shes been slipping in the polls over the course of the last few months. As soon as she started waffling on medicare for all and the rest of her policies, right. The second thing you can look at, you can look at the performance of the Health Care Sector in general. It was the worst performing sector of the year headed into about midseptember. As soon as she started slipping in the polls, its now the best performing sector. So i think that is really showing you that shes becoming less and less relevant. But with regard to the wealth tax, like i said, the math is fuzzy. This is not just a tax on the rich. It affects everyone, all the way down to main street, because these billionaires, they employ the people on main street. So what you see happen is you are going to see wage growth slow, you are going to see Economic Growth slow to a snails pace. Its not good for anybody. Stuart seems to me like mark tepper is having fun. Im having a lot of fun. Stuart making a lot of money this year . Our portfolios have done very well. Our clients are happy. We just need to make sure we keep the momentum going. Stuart big smile. Youre all right. Thanks very much indeed. Where are you . Are you there . I think youre there. I had the privilege of sitting down oneonone with eric trump in trump tower. You heard earlier what he had to say about the 2020 election and china trade. Wait until you hear what he said when i asked him if Mike Bloomberg poses a real challenge to the president. You will hear that. First, though, i will get a reaction to my editorial from hegseth. 101st airborne. I say the democrats are embarrassing themselves with this impeachment push. I will get his take on that next. And of course, you are watching, we are watching all the trade news coming out of washington. The president may make news on this. Stay with us. Third hour of Varney Company on its way. Look, this isnt my first rodeo. 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Lauren ubs says they need a blockbuster but a blockbuster might be too edgy for the apple brand. If they dont get enough content, lot of subscribers now who have apple tv for free, they might not pay for it when their subscription, free subscription ends, so if you dont have the content apple, ubs is saying maybe buy someone who does have a lot of content so you can keep subscribers. Stuart apple this morning hit a brand new alltime high. Got that. Disney, lets stay on streaming. Disney plus, downloaded, what, 22 million times . Thats huge. Lauren today marks the end of the first month. 22 million downloads on mobile devices. What i think is even bigger than that, if you look at how much time people are spending watching its content, 9. 5 million daily active users who are watching longer on their service than on netflix, hbo now. So theyve got the eyeballs. This is really good. Again, we dont know how many of these customers will actually pay because disney gives you the free trial. Stuart streaming has arrived bigtime. Thank you, lauren. I really want to get back to my editorial. You may remember i was ranting at the top of the hour, saying the democrats are cracking on impeachment and things are looking up for President Trump. Who better to address my rant than pete hegseth. He is the fox Friends Weekend cohost. Welcome back. Go at it, lad. It was a great rant. I agree completely. Its unravelling. Theres one thing that happened yesterday that we couldnt have anticipated and was never planned. Inspector general horowitz went in front of the senate. This is a nonpolitical guy. He seems to have some amazing political sense, though, about inserting himself in the middle of a process thats been going on in the house now for months, right, and people are sick of it. You are getting one side of it. Democrats controlling the gavel. For one day, we got a preview in the senate of, a, what it would look like if the republicans actually held the gavel and thats what we are going to get when it goes to the senate, with Lindsey Graham holding the gavel, but you also got a look under the hood of what was actually done to then candidate trump and President Trump by our own fbi. And you are going to get even more when it goes to durham later on this year. So it was an unanticipated sort of they sort of it totally disrupted their narrative and further unravelled the very tight case they want to make that the only crook in town is donald trump. Whoa, whoa, whoa, whoa, whoa. We are just now getting a real unbiased look at what was done to him. No wonder hes skeptical of people in his own administration. No wonder hes skeptical of comey who he rightly fired. Stuart my basic premise is that the tide is turning. Impeachment, horowitz testimony, the economy, the tide is turning. I think in the president s favor. I cant prove it with polls and numbers. As an observer, it looks like the tide is turning. You with me . The tide continues to turn. Joe biden crisscrosses iowa for a week and can barely muster a couple thousand people in total for all of his stops. Stuart thats bad. President trump goes to one swing state and fills the stadium with thousands waiting outside. The tide has been turning for quite some time. They are totally out of touch with it. Then on top of it, you place what you talked about better than anywhere else in the country, on this program, about the economy, and how hes unleashed prosperity for people. You cannot compete with that. Stuart i just cant see turning a president out of office months before a president ial election, at a time of extraordinary prosperity. Look at who they put at the podium. Have you seen the meme out there with all the House Democrat leaders standing at the podium and over the top of them it says new york, california, california, new york, new york, massachusetts. This is a coastal elite impeachment. A coup that they want to continue to wage against Middle America, against the people that sent him there to be a disrupter. Hes totally disrupted and hes come out looking sitting pretty. Its absolutely amazing how hes cruised through this and it is cutting against them. You dont need to have a poll to know this is hurting democrats. Watch the vote they will take on impeachment. They are going to lose up to ten possible democrats to vote with republicans on impeachment. Not only is this not bipartisan, its bipartisan against. Stuart that means if there are even five votes against impeachment, and they come from House Democrats, that means the democrats who are Going Forward with impeachment are hyper partisan. I mean, exaggeratedly so, for heavens sakes. This is the left. Look at the articles they are using. The vague language of obstruction, the vague language of abuse of power. They didnt even bring the Mueller Report into it because there was nothing after two years of that investigation. People see through this. Wait until it goes to the senate and a guy like joe manchin votes with republicans, too. They wont get a single republican vote in this entire process. So voters are smart enough to see what the motivations are for Something Like this. Stuart you always deliver at least energy, intelligence, brains, dynamism. Thank you. I thought you were going to stop at energy. Stuart youre all right. Thank you, sir. Great stuff. Now this. Theres a lot of debate over whether its a christmas movie. Im told. Up next, the final word after america actually voted. We cover it all on varney. Speaking of christmas, remember this. A santa with what looks like cocaine in front of him. Well, walmart pulled that after outrage. 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Somebody else is taking it on, cashing in. Who is it . Lauren amazon. This is a top seller on amazon. Santa is bugeyed. You see three lines of snow, make the inference. A Third Party Seller was selling that on walmart canada. Walmart took it down, apologized. If you look at listings for ugly christmas sweaters, its a thing now, they are up 44 from last year. Its supposed to be familyfriendly but when you are a big brand, you have to make sure. Everyone is getting on this. Kohls has sweaters. Fast food chains have sweaters. You have to make sure the gimmick, the sweater, matches your brand. Stuart yes, and i wish they hadnt done this. You wont see that again on this show. Thats a promise. Theres a website called house method. They did a survey on each states favorite christmas movie. Apparently its not die hard. Lauren i know. I live under a rock. You saw a christmas story. Thats number one, basically across the nation. Here in new york, new jersey. Number two is elf. Home alone takes place in the state of illinois. However, folks in illinois dont love that movie, believe it or not. They go for its a wonderful life which is the fourth most popular. Do you know disney plus is doing a reboot of home alone for streaming only . A lot of folks are saying stop, we are done with the reboots. It would be original content for their new streaming service. I would be into it. Stuart home alone, christmas story, elf, die hard and its a wonderful life. Lauren my favorite christmas movie. Stuart you watch that every year . Lauren i watch home alone every year. Stuart okay. Lauren i watch it with my daughter and then she started picking up a little bit of vocabulary in it and we had to stop. Its not curses. Just words a 4yearold shouldnt be saying. Stuart very true. We are still waiting and watching for the president. No, peloton. Thats what we are watching. Stock of the past couple of weeks. Coming up, andrew left is with us. Hes the guy who says peloton goes down to 5 a share. We will ask him how he figures that one out. Its 30 right now. We are watching the white houses every move, of course. Any headline out of there could move the markets. You will hear it first right here. That is a promise. Who could be responsible for this Million Dollar bill . None other than mark grant, of course. That is a Million Dollar bill, really . Lauren yes. Stuart mark grant is here talking about Americas Energy dominance. How about that. Well be right back. Most people think of verizon as a reliable phone company. But to businesses, were a reliable partner. We Keep Companies ready for whats next. man we weave security into their business. second man virtualize their operations. woman and build ai customer experiences. second woman we also keep them ready for the next big opportunity. Like 5g. Almost all of the fortune 500 partner with us. woman when it comes to digital transformation. Verizon keeps business ready. Stuart we have lost a chunk of the rally. At one stage we were up over 300. Now were up 187. But its still twothirds of one percent from the upside and the reason is all about china trade. Real optimism there. U. S. Officials are talking about cutting back the existing tariffs, cutting them in half, not imposing new ones, and the president has tweeted that yes, they want a deal, we want a deal, here we go. Now i want to bring in mark grant, because this is the man who told me all about americas economic Americas Energy dominance. Mark grant is with us. Famous guy, actually. Welcome to the show. Good to see you. Stuart i was reading your stuff. You pointed out that in september, we exported more oil and Petroleum Products than we imported. For the first time. For the first time virtually ever. Stuart now, did you go to the Defense Department and ask them whats this all about, what does this mean . Was that you . I was asked by the department of defense to come speak to them. One of the things they of course concentrate on is all the military, the people, armaments, submarines and so forth. They asked me to come speak to them because i said in a conference, you can use the Capital Markets to deal with some of these terrorist nations. They said how do you do that. I went out there, i spoke to them and said look, first we become Energy Independent, which we have now become. But then theres a second step. The second step is if we Start Exporting Oil and natural gas to europe, say, and these other countries, and we cut off the terrorist nations, we break their budget and we break their back. Right . Stroeft i interestingly enough, whats going on right now, when we think of technology, i listen to you talk about it, we are talking about cloud computing, about different kind of, you know, computers and the new computers and so forth. I would make the point that one of the most significant advances in the United States in the last ten years has been the technology that has allowed us to do fracking, horizontal drilling. America since 1949 was when the government first started the statistics, and way before then, we just dont have the official statistics, has not been Energy Independent, and im pushing the government to become more than Energy Independent which is to become a net exporter of oil and natural gas. Stuart the repercussions of Energy Independence are extraordinary. Gives you a new place in the world. Gives you new power in the world, especially in the mideast. It gives you, as you say, it gives you power over terror states which need our energy. Fascinating stuff. Well, you sell to europe as an example so they dont have to buy from libya or from yemen or from these countries, these terrorist countries stuart Energy Independence. Before you leave okay. I like that. Thats the president. Is he speaking now . He is. We are going to listen to what the president has to say. Any headlines, we will get there real fast. Quickly, mark, weve got jpmorgan, Goldman Sachs, jay powell, jamie dimon, all of them bullish, fairly bullish on the economy and the market for next year. Does mark grant join that club . I am very mildly bullish. I will tell you why. We had a giant run both in equities and debt this year. I have been on wall street almost 46 years. I know how stuff works. When you have a move like this, youre not going to get this kind of move next year. Also, when were at 1. 8 and change on the tenyear, where is it you think were going . Yeah, we can go to 1. 50 or Something Like that depending on what happens but theres only so much room to run, and were not going negative. With equities, to be honest, i think we are getting a little t toppy on valuation and earnings. I think we will have a single digit kind of return next year, not this 25 or 30 . Stuart i would be happy with 6 to 9 on top of what weve already got. Theres one other way. One of the biggest problems right now is yield. I was just speaking at the Cornell Investment Committee meeting about reallocating their assets. You cant find yield almost anywhere. I am going to tell you where you can find it. Closed end funds. But youve got to know what youre doing. If you are a retail person out there, get some help. They are complicated. But you can get double digit yields and a monthly check from some of these closed end funds. Stuart with safety . We are all interested. With relative safety. Theyre not treasuries, but relative safety. Stuart thats pretty damn good. Mark grant, you are all right. Take that Million Dollar bill back with you, okay . Its for you. Stuart good man. Thanks, mark. See you soon. Now, lets bring in the 5 peloton man. This is the guy, andrew left, from citron research, who says peloton stock now at 30, goes all the way down to 5. All right, andrew. I know youre on the phone. Come on in, please. I put it to you, you are really talking your own book, because you have shorted peloton. You want it to go down to 5. You are talking up your book, arent you . Im just talking the truth. First of all, forget about 5, 30. Forget about numbers. Think about it this way. At 5 a share, this would be around a 1. 5 billion to 2 billion spin bike company. That is a great valuation for a spin bike company. So forget about share prices. People invested in this Company Three years ago, private equities, and management sold it 5 two years ago in a private equity round and its because the bankers decide to take it out at 27 and analysts say those are just numbers. At the end of the day when it comes, you have to look at the valuation of the company, where its going to be once soberness sets in. Stuart would it make any difference to you if this really was a blockbuster Holiday Season seller and they locked in an enormous number of subscribers . Would that make a difference . I mean, no doubt, by the way, a blockbuster makes it a billion and a half dollar company. If you look at nautilus, one of the largest makers of Health Fitness equipment in the world, they are around a 500 million company. What peloton is going to face, they sold so far, say they sold around 500,000 bikes and thats to the lowhanging fruit, the affluent, fitnesscrazed people. Where do the next 500,000 come from . Especially the fact their bikes are extremely expensive and you can download their app for 12. 95 and use it on any lower priced bike. So theres a very low boat there, very low barrier to entry, highly competitive industry. Its shown to be faddish and we are talking about a company with a 9 billion or 10 billion market cap. Think how crazy that number is right now. So 5 a share, forget about the number of the price, think about what that means, the value of the company. Stuart andrew left, you make a very good case there. Very interesting. You know what youre talking about. How about that. Thanks. Stuart seriously, thanks for joining us. We appreciate it. We will watch the stock, of course. Andrew left. Got that. Next case, lululemon. They are down this morning in an otherwise strongly upside market. They are down because they are investing heavily into new products, real big spending. Lauren yeah. Their guidance was weak. Thats why the stock is down. Let me tell you about that investment. They are very bullish on men, how far men will stretch 200 for some of the pants in that store. They are trying to really become a lifestyle brand, a nike, if you will. They are only a fifth the size of nike. If they can get into the personal care market, have a loyalty program, give you yoga classes in their stores and really double what they are doing in mens which is impressive as it is, lululemon might have another hit on its hands. Stuart we had an analyst on earlier this morning who thought it was going to go up from here. Lauren it might. Stuart he thought it was a good investment money that they were putting into the company. Lauren this might be a dip for some people because the stock did hit an alltime high earlier this week. Yeah. 4 off now. Stuart its at 90 this calendar year. You can expect a bit of a pullback. Its a pullback now, down ten bucks, 4. 6 on the downside. Theres one more thing i need you to tell me about. Food labels that say how much exercise you need to burn off a particular food item. Is that coming . Lauren sounds like an eating disorder to me. If you are so obsessed with what you are eating and how much you have to walk or run to burn off what you just ate or drank, i say no way. Regulators do not need to do that. Are they thinking about doing that . They are always thinking about something. Researchers in london did put out a study and they are considering to cut down on obesity to make our waistlines smaller, telling you if you eat or drink this, this is the number of calories which might not mean anything to you but if i show you how much you have to exercise, you might make a healthier choice. Then a food Company Might make a healthier product. Stuart i think thats fair enough. Lauren you do . Stuart i do. If youve got a cupcake labeled as it will take you five hours of walking to get this off lauren but it tastes good. Stuart but i would still take notice because i dont particularly want to walk five hours to get rid of a cupcake, if thats the case. Lauren if thats whats happening, i feel like every company in the sweets market is going to go out of business. Stuart for sure. Lauren if we have all this information, where everything we eat will taste like cardboard because its so healthy. Stuart good stuff. You ask the right questions. Thats for sure. All right. We may have a tentative agreement on usmca, but it wont be headed for a vote until 2020 because of impeachment. Coming up, north dakota senator john hoeven. I want to know how his constituents feel about that delay on usmca. May your holidays glow bright and all your dreams take flight. Lease the c 300 sedan for just 399 a month at the mercedesbenz winter event. Hurry in today. Stuart an update on the big trade meeting at the white house. Sources tell our Edward Lawrence that the meeting will happen around 2 00 eastern time, it will last for about a half hour. Those sources say a lot of time in the meeting will be spent on how long to delay the december 15th tariffs. We are told the president has not made a decision to go forward or not with these december 15 tariffs. But the president has just said were not talking about china trade right now. Remember, hes addressing a conference on this paid family leave for federal workers. He did say we are working on a deal. Got all of that. Okay. Got it. Okay. Markets come back down a bit. We are up 157. We had been up 300. Lauren he said one other thing. Stuart go. Lauren he said up until now they, meaning china, have loved me. Take that as you may. Stuart thats what he said. Lauren yep. We are working on a deal, cant say much more but up until now theyve loved me. Stuart take that as you will. Lot of news on china trade this morning. Thats put the market up. Now up 150. Well, today is the farmer to Farmer Conference in omaha, nebraska. Kristina partsinevelos is there and i think shes going to show us some cool tractors. Go, kristina. Reporter i cant show you a tractor because this is a combine. Its a 2019 model that is already on the market. It will set you back about 350,000 to 900,000 depending on what you buy. This thing actually has selfautomation. It can help you drive. Some of the beautiful products we are seeing here at the farmer convention, theres almost 4,000 farmers and this combine is made right here in nebraska. Omaha, nebraska. But since we are talking about combines, not everybody can afford it, not everybody has a big enough farm which is why i will take you to a smaller tractor and the real man. This is brand new to the market right now. You buy this, its less than 50 bucks online. It doesnt even come with the pads or anything like that. You just plug it in. It has the additional this is a john deere tractor right behind me. It can help you steer. This is heading into the future. You have to have an operator in there. The farmer can do it from the comfort of their home in pathei pjs in a warm location. It will help them steer Going Forward. If we take a walk, i want to show you how large this entire venue is. Throughout the day, we have been talking to farmers about subsidies that they continue to get. Theres over 24 billion in federal support from the government to offset the china trade. You have usmca talks and what that means specifically for dairy farmers. A lot of the farmers here are talking about extreme weather so we will be continuously going through all of them, talking to all of them all throughout the day on fox business. Stu, i know we got to go. I will throw it back to you. We will be here with all of these amazing really friendly and very young farmers, too. Stuart wish i was there. Im a john deere tractor driver. I wish i was there. I would love to see them. Reporter imagine you had a system like that, autonomous wheel driving system so you could drive from your room. Stuart im daydreaming. Thats all. Thank you very much indeed. Now, as you know, usmca deal was made and has been made. Theres not going to be a vote until next year, because its delayed by impeachment. Senator john hoeven, north dakota republican, is with us. Your constituents, you cant be happy that theres this delay in something vital to you because of impeachment. Right, stuart. We want to get it done as soon as we can. Its been delayed a whole year by the house. The good news is they are finally moving on it. We wont get it obviously until after next week, and then we will try to move it as fast as we can. Stuart is it a big deal for north dakota . I mean, this is really important for you guys . It is. Stuart why . For example, we export a lot of egg products to canada. They automatically downgrade our wheat. Under this agreement, now, they wont be able to do that, meaning we will get a better price for our wheat. And i got to weigh in on that ag conference you just mentioned. We have a concept called grand farm, where we are developing this precision ag, like your correspondent was talking about and its amazing. The technology in agriculture is amazing now. We are leading the world in terms of that ag technology. Stuart im sorry to cut it so short, sir, but this, as you know, is a big market day and political day, and ive got to run. Senator, its always a pleasure to have you on. We thank you for being with us again. Thanks, stuart. Great to be with you. Stuart thank you, sir. Coming up, we will show you the exclusive oneonone interview with eric trump. We have been playing clips from it all day long. I promise you, its worth the wait. Stay there, please. Eric trump, after this. 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. Neulasta® onpro is designed to deliver neulasta® the day after chemo and is used by most patients today. Neulasta® is for certain Cancer Patients receiving strong chemotherapy. Do not take neulasta® if youre allergic to it or Neupogen Filgrastim . 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[ 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. Stuart and now, the rest of my oneonone interview with eric trump, executive Vice President at the trump organization. We talked about a lot of things and well start with impeachment. Here we go. When Speaker Pelosi announced the two impeachment charges, what was your first reaction . I think most of the time i smirk and kind of laugh at them. They actually took different words, they went out to different states and they polled those words to see which was going to quote unquote, change the minds of the viewers. Thats how weak these people are. Stuart they did polling on that . They did polling on which words, if we use bribery, will that poll better, if we use corruption, will that poll better. This is a game to them. They know they cant beat my father. They know they cant beat the guy. Their candidates are terrible. They know they dont have anybody to beat my father. Weve got the greatest economy in the world stuart did you watch it . Did you watch nancy pelosi, Speaker Pelosi, make that announcement . I did. Stuart were you angry . Yeah, listen. It angers me, just, listen, obviously im very invested in this but its angers me as an american. There are so many things we can be doing for this country. You have never seen a country more prosperous than we are right now. We have the greatest markets, the lowest unemployment, the lowest unemployment in every demographic, africanamerican, hispanic. Look at Pension Funds that four years ago, three years ago, were going to be defunct literally in a matter of months. They are thriving now, look at 401 k s that are through the roof. I mean, its done a great thing for this nation. Then you see this clown show on the other side and i have to call it that because thats what it is. Focus on things that people care about. I can tell you Middle America is not watching this. The people that make a difference in elections, they are not tuned in to this because they dont care. Stuart is your dad running totally and primarily on the economy . Thats the big deal . Hes running on a lot of things because hes done hes done a tremendous job. I mean, go through all of his accomplishments. People talk about the economy, people talk about the military, they always leave out what hes done for look at right to choose, look at what he did for kind of, you know, animals and you could literally go through a litany of 1,000 things under the economy, fixing the military, taking care of vets, hes done to better this country that the media wont even talk about. I think hes going to run on all of it and i think he can. Stuart next year, who do you really want to go up against . Any of them. Stuart come on. You must have a favorite. Joe biden. I say this all the time, he cant go through a sentence without gaffes. You saw what his family was doing. You know as well as anybody, if i was doing what hunter biden was doing and if i got kicked out of the navy for cocaine use, if i had a lot of other problems i wouldnt be sitting where i was and frankly, my father wouldnt be sitting where he was because they would have [ speaking simultaneously ] stuart Bernie Sanders . I dont think bernie is the same candidate he was. Stuart mayor pete. What has he done . What has he whats his track record . What has he done . Stuart amy klobuchar. I think would be a nonfactor in this race. Stuart bloomberg. Well, you know stuart that would worry you, wouldnt it . No, honestly it wouldnt. Stuart 52 billion. You know what, he came out swinging with spending a lot of money, spending a lot of money and guess where his polls are . They are nowhere. Stuart hes only just got in. Second of all, stuart, second of all, you know how far eliminating sodas is going to go in ohio, pennsylvania, wisconsin, michigan and all these other states. People arent into that. People arent into, lets ban you from drinking any soda larger than eight ounces. Stuart guns. He doesnt like guns. That played well in the suburbs, around every major city in america. Think about what bloomberg did, right. Hes actually ticked off every Single Person on the left. Bernie, you have bernien aElizabeth Warren, how dare a billionaire come into the race. Hes everything they dont stand for, right . And think about what bernie stands for on the republican side, right. Hes antigun, never decrease taxes here, wants to ban sodas, wants to ban straws, has all sorts of other radical beliefs, so all of a sudden you take these big segments out and hes kind of playing this little i dont see it. I just dont see it. Quite frankly, we know him and i hate to say it like this, but he doesnt have any charisma. I think if he was up on the debate stage with my father, i just dont think he has the charisma to do it and to relate to americans. I dont. Would he spend a lot of money doing it, sure, he will spend a lot of money doing it but you havent seen him move the polls. Stuart eric trump, thank you very much indeed. Great to be with you, stuart. Stuart i have a little more for you in just a second. First of all, lauren, bloomberg has no charisma. Lauren eric hit the nail on the head. I like mayor bloomberg as a politician. I love what he did for new york city. But hes got a lot of money, hes putting a lot of money in this race. Voters in the middle of the country who dont know who he is might feel hes a little stiff. Stuart ive got a little more for you from the interview. Eric told me about his work with toys for tots st. Jude childrens hospital. Roll that tape, please. Right behind me, theres a statue of toys. Is that you, toys for tots . Or st. Jude . Those arent for me, stuart. If you were wondering. Every year we do toys for tots, amazing, amazing organization. All the employees bring in toys and we send a tremendous amount to them. Its jucst a Great Holiday initiative. Something we care about and focus on. Obviously we do a lot for st. Jude childrens hospital. Stuart one nice part of the interview, we went down the golden escalator that was lauren did you . Stuart yes, we rode it together. We will show you that a little later on. I think maybe tomorrow or monday. But we are going to cover it with eric trump. It was all good stuff. 11 00 monday, you will see more of this. More varney after this. I recently spoke to a group of students about being a scientist at 3m. I wanted them to know that innovation is not just about that one aha moment. Science is a process. We strive to protect you. At 3m, were in pursuit of solutions that make peoples lives better. [maniacal laughter] at 3m, were in pursuit of solutions gold. Gold right, uh. Thank you, for that, bob. But i think its time we go with gbtc. Its bitcoin exposure through a traditional investment account. Nice rock. Its time to drop gold. Go digital. Go grayscale. Stuart just after the market opened this morning the president tweeted that they were on the road to a deal with china on tariffs. Shortly after that, u. S. Officials suggested that they will be prepared to delay the tariffs, cut existing tariff s in half, and not impose new tariffs. All of that china trade news set the markets straight up at one point were up 300 points on the dow. Now, weve still got a gain but we cut it in half up 128 points and maybe its because President Trump speaking at an event on parental leave did not mention the china trade deal, he simply said that he would talk about it later. Neil its yours. Neil thank you, stuart very very much well be looking at that reelection and the confluence of events today the odd timing of this trade news, on the very same day, articles of impeachment are being brought up against the president of the United States. Were told its coincidental but it is an amazing coincidence. We are on top of that, on top of all of the major market averages sprinting ahead and for the time being two of the three of them have fell under record territory , but they are still within a stones throw all three of them are revisiting that so lets get the read from the white house. What could be the impetus behind blake burman and all of this chatter, certainly on tariffs would see maybe progress on a deal. What do you think . Well the president , neil, we can tell you is meeting with the top members of both trade and