Transcripts For FBC Varney Company 20240712

That is boeing. Today, there will be a test flight for the max jet. It will be put through its paces with all kinds of maneuvers. The results, recorded. This is part of the recertification process. The stock is up 5. 5 . Watch this stock, too. Facebook. The list of companies which will no longer advertise on it is growing. They want founder Mark Zuckerberg to weed out what they call racist or threatening or misleading advertising. That stock is down bigtime, seven bucks. How about this. Politico says the president has told close aides hes worried about losing in november. Former new Jersey Governor Chris Christie says mr. Trump will lose if he doesnt change course. 127 days to the election. Joe biden leads. The virus is coming back. And the market is rallying. Welcome to the monday morning edition of varney company. Stuart im going to start with boeing, almost two years after that fatal lion air crash involving the max jet. They are set to begin recertification testing. Susan, come in, please. I think it starts today, doesnt it . Susan thats right. Its a threeday test flight that should start later on today and this has been approved by the faa and they say they want to test the internal Flight Control systems, to see if they can actually i guess roll over and these difficult maneuvers. That system has been blamed for the deadly crashes in ethiopia and indonesia and that has grounded the plane for more than a year and also the reason why the stock is down over 40 on the year so far. If this actually is successful, this test, it will take the data, analyze it and they might even consider maybe approving it by september but even then, the earlier Case Scenario is the flights, u. S. Service will resume by the end of this year. However, we have seen a lot of lag and delays in this process for over the past year. Some people say that might be too optimistic. This is good news for boeings bestselling 737 max which has been grounded for more than 12 months. Stuart its back in the air and the stock is up nine bucks. Boeing is a dow stock and that accounts for about half the dows gain of 120 odd points. Boeing having an impact on the dow. Ive got news for you from gilead sciences. They make the virus treatment remdesivir. They have Just Announced that one vial of the drug will cost 390. With a fiveday treatment which requires six vials in total, the overall cost would be over 2,000 for remdesivir treatment. Doc siegel is with us. Seems like a lot of money to me. Heres what you didnt say. By the way, its 3200 but what you didnt say yet is that health and Human Services has bought up the whole supply yesterday. They announced it this morning from gilead, 500,000 doses. Dose courses. 500,000 courses, they will have by september. For everyone in the United States thats going to need this drug easily. And you know what, medicare is going to cover it and private insurors will cover it, too. Medicare covers intravenous medications like this anyway. So the supply will be handled by hhs, it will be distributed and it will be covered by insurance. Stuart lets be clear. This is a treatment, supposedly successful treatment when youve got the virus, this treats it. Correct, doctor . Correct. It decreases the length of course of the illness by about four days, in a dramatic study the nih conducted over several centers. It may be also useful earlier in the game but during when you are really ill and in the hospital, it cuts down the course of your illness by four days and decreases the chances of dying of covid19. Stuart thanks, doctor. Stay there. More for you in a moment. I want our viewers to listen to what health and Human Services secretary alex azar had to say about what some people called the surge in cases. Roll the tape, please. The window is closing. We have to act and people as individuals have to act responsibly. We need to social distance. We need to wear our face coverings if we are in settings where we cant social distance, particularly in these hot zones. Stuart im going to call that a dire warning from hhs secretary and i want to give you some numbers. As of this moment, there are more than two and a half million cases in this country and thats up about 44,000 cases just over the weekend. California, texas, florida, all imposing some restrictions again. So doctor, you were a proponent of reopening. Get on with it is what you were saying. Was that a mistake . Did we do it too quickly . Well, we did it in a certain way too quickly. Texas, arizona, florida, california have over 60 of these cases, and the problem isnt the reopening itself, its that nobody paid attention to physical distancing or Wearing Masks as secretary azar is saying. They huddled close together. So we really needed a laser approach to certain kinds of reopening. Bars are not working. Restaurants, too many people, too many people inside that are talking close together. Thats whats spreading this virus. It spreads on very small respiratory droplets and thats whats caused the problem. We had to reopen. The economy was suffocating. Mental health, physical health, but the problem i have is we are putting at risk our elective surgeries in hospitals if we end up hospitali inizing too many patients. Its a milder version of the virus right now in the sense the number of deaths has not gone up but we cant afford to have people getting sick from this and so we have to take a surgical approach to what reopening means. Stuart all right, got it. Thank you very much indeed. To our viewers, in the 11 00 hour this morning, the mayor of miami, francis suarez, will join me on closing his citys beaches for the upcoming fourth of july weekend. Im going to put it to him, its awfully difficult, isnt it, to control the behavior of young people. Got that. Lets talk about the markets and bring in keith fitzgerald. Keith, there is a rise in the number of cases. It is affecting the economic recovery. Therefore, its going to affect the market. What effect on the market, from what some people call a second wave . You know, thats anybodys guess at the moment. I think it comes down to a mix of the hope that goes with a stock like boeing and seeing the max fly again to the caution doc siegel mentioned. You have to balance the two. Personal responsibility and freedom go handinhand as does respect for the people around you. I have lost members of my family. I have lost friends to this thing. In contrast to other people, this is very real. We have to reopen. We have to do it correctly. The markets are going to reflect that. Stuart you i believe you still like, im going to put some stocks on the screen, stocks that you have liked for a long time and you still like them. Im thinking amazon, is it, microsoft, visa . [ speaking simultaneously ] stuart you have liked them for a long time. Would you put more money into those stocks now . Thats exactly my plan. You want to buy when it hurts. You want to buy when everyone else is uncertain. Yes, thats exactly what im going to do today and for the balance of the week if the market gives me that opportunity. Stuart notwithstanding more cases, maybe a slight slowing of the economic recovery, you are still putting money into stocks as of today . Absolutely. Look at it this way. Fear, hope, those are all emotions but real results, thats what the ceos of america, of the worlds best companies, are tasked with. They will find a way through this just like science will beat this. As an investor, you got to Pay Attention to that. You got to learn to put aside your personal fears and concentrate on the profits because if you are serious about your money, your money will be serious about you. Stuart keith, good stuff. Thanks for joining us this monday morning. We appreciate it as always. Thank you. Lets talk facebook. On your screen now. Way down, thats the stock price this morning, really down seriously. More Companies Joining the advertising boycott of facebook. Susan, some big names are on board now. Susan starbucks, cocacola, levis, close to 150 companies that say they will pause on advertising on facebook over what they say are hate speech and divisive posts. Despite new policies unveiled by founder Mark Zuckerberg on friday, you had more Companies Joining this boycott. Take a listen to zuckerberg and the changes hes making. We will start labeling some of the content because it is deemed newsworthy so now people are going to know whether that designation has been made. Susan that concession on friday wasnt enough to stem facebooks stock selloff, down close to 10 in the session, wiping out 56 billion in market cap for the company and Mark Zuckerberg himself personally losing over 7 billion and no longer the worlds third richest. We do have the Second Quarter coming to an end this weekend. It was already expected to be tough for companies that depend on advertising dollars like facebook. Now, keep in mind that facebook itself is in a pretty good position. It still has over 50 billion in cash on the Balance Sheet, it recorded over 17 billion in sales in the years first three months but there are concerns about the ongoing impact to the business. For instance, taking a look at some of the spending these companies do on facebook. Unilever spent more than half a billion dollars on facebook and instagram in the first week of june and verizon reportedly spent more than 1. 5 million from may to june on facebook ads. We will see how this impacts the business but you know, taking a look at wlahat happened in 2017 with youtube and the boycotts there, it didnt hurt the bottom line for alphabet and google. Stuart i guess it depends how serious the boycott is and how long it goes on for. I think you can say its serious now but we dont know how long it goes on for. But the market taking umbrage at this. Susan, thank you very much. We still have a modest rally on our hands. There was a big loss at the end of last week. We are looking at a gain of 100 for the dow this morning. The story has a lot of people talking or so im coltol. Cam newton will replace tom brady for the patriots. Weve got the story for you. Did you see this headline . President trump reportedly knows hes losing and some of his supporters agree. Roll tape. If he doesnt change course, both in terms of the substance of what hes discussing and the way that he approaches the American People, then he will lose. Stuart all right. Will the president therefore change course . I will ask marc lotter with the trump 2020 campaign. I will ask him in our 10 00 hour. Check those travel stocks. I say this because airbnbs chief executives on the record with a grim prediction about the future of travel. Its grim. 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In an interview with axios, you heard him saying there are sometimes months when decades of change happen and that of course took place during the covid19 lockdown. Thats not to say people wont travel but the way they travel has changed. So less flights, people are not getting on planes. Instead, they are driving to places. Think of more local communities and localities, something domest domestic, more intimate and smaller. This is a company thats been hit pretty hard by the covid19 lockdown and lack of travel so they laid off 25 of their work force. They had to raise 2 billion at a much lower valuation than going into their ipo than was anticipated. They are only worth about 18 billion in that cash raise whereas at the ipo, they were valued at close to 30 billion. What i found really surprising, he has not put off plans for an ipo. He says it could still be possible this year but you wonder why he wants to go public in a year where his valuation has pretty much been cut in half. Stuart dramatic statement, never, ever return to the way it was. Thats interesting stuff. Ive got another item related to travel. The European Unions going to release the list of countries that they will allow visitors to come into from. Lauren, i dont think americas on the list. Does that mean that we may not be able to go to europe . Lauren starting this week. That is correct. Although this list, stuart, will be revisited and edited every two weeks. So europe tomorrow is expected to reveal the safe list, the welcome list, of those who can and cannot visit the eu. A preliminary draft shows these 54 countries that are allowed in. The u. S. Is not on it. Just a few hours ago, the Spanish Foreign minister said the list includes just 15 countries and again, the u. S. Is not on it. By the way, 15 million americans travel to europe each and every year. Stuart i see new zealand was on that list. Of course, thats the friendly list. You can actually go there. Okay. All right. Lauren china is on it, too. Stuart who is . What . Lauren chinas actually on one of the lists, too. Its still being revised but on one of the lists, china was on it. Stuart go figure. Lauren, thank you. Lauren blows your mind. Stuart it actually, it does. It really does. Lets get to your money. Stephen moore, economist at Freedom Works is with us. Welcome to the show. I know you want another stimulus package. I know you want a payroll tax cut to be in it. But i put it to you, you cant get a payroll tax cut without going through congress and congress is not going to give it to you. Hi, stuart. Good to be with you. I do think that trump by the way, im not a big fan of phase four. I dont want massive new spending. I actually think that would be totally counterproductive. But there will be a phase four. President trump has announced that, pelosi wants one, so they are going to come to an agreement. Stuart keep going. Okay. We seem to have an audio problem there. Steve was in full flight and suddenly stopped. I think he had some kind of interruption coming into his ear. Let me see if weve still got him. Stephen moore. We are going to have a fourth stimulus package because nancy pelosi wants it, the president wants it, but im talking here about the payroll tax cut. I know thats what you want. I dont think you will get that through Speaker Pelosi. Can you hear me now . Stuart yes, sir. We got it. Okay. What i was starting to say is that im not in favor of phase four. I dont think we need trillions of dollars of new spending. I think that would be counterproductive. Heres how important i think these phase four negotiations are going to be which are starting in the next week or two between the white house and congress. If trump gets this right, write this down, if trump gets this right, he has a very strong chance of getting reelected. If he gets it wrong, he has no chance of getting reelected. Heres why this is so important. Lets take the two big competing proposals. Trump wants a payroll tax suspension, as do i, as does larry kudlow, as does steve forbes, as does art laffer and we are showing this will create several million new jobs, stuart. Millions of jobs will be created by suspending the payroll tax for the rest of the year. Now, the competing plan is what pelosi has in her bill which would be to extend those Unemployment Benefits which pay people more money for not working than working. She wants to suspend that through january of 2021. Donald trump, if you agree to that, there is no way you are going to be reelected because stuart, that plan would destroy eight to ten million jobs because people would not go back to work. Stuart but you think we will get something in the end . Youve got two sides here. Speaker pelosi wants to extend the emergency unemployment pay. You dont want that. The president doesnt want it. The president and you and steve forbes and art laffer, you want a payroll tax cut but Speaker Pelosi doesnt want it. How do you come to a compromise with two extremes like that . Guess what the American People want . If you ask people what would you rather have, a payroll tax cut so you and i and everybody watching the show gets a 7. 5 raise in their paycheck starting on say july 15th, or the pelosi plan which spends hundreds and hundreds of billions of dollars, sends that money to governors and mayors. Its not even close. People say show me the money. They want the money in their paycheck. I think trump has a great chance of going over the head of pelosi, going straight to the American People saying im going to give you a 7. 5 pay raise, im going to cut the payroll cost of every one of the Small Businesses in this country, you know, side with me on this one. I think he can win this if he sticks to his gun but stuart, if he agrees to any extension of those Unemployment Benefits, he is going to lose because you are not going to have a recovery. No recovery with the Unemployment Benefits extended. People will not go back to work. Stuart you make a powerful case and i will be very interested to see how that plays out because that debate is on the way. Thats a fact. Thanks for joining us. See you again soon. Look at those futures. We are still going up at the opening bell. I see green for the dow, green for the s p. Little red for the nasdaq. Well be right back. Stuart two and a half minutes to the opening bell. A modest gain expected for most stocks, despite the news background. Big techs, look at them, mixed bag today. Facebook is down but amazon, apple, netflix are up. Google down just a fraction. We have been seeing a lot of positives from the Housing Market recently. But our next guest says Home Ownership rates are going to drop. Jeff sica is back with us. Look, make your case, jeff. I dont see it. Interest rates are extremely low. People want to move out of the cities and into the suburbs. Millenials have got some money behind them. How come a declining Home Ownership rate . Well, heres what we have. We have had three solid years of Home Ownership, but the biggest problem now is that covid and the effects of covid and the declining income and high unemployment is going to be felt in the next six months. Thats how the Housing Market works. So when you look at the typical home buyer, you look at the millenial, you look which is crucial for first time home buyers. Those that Consumer Base is very concerned about their future. Uncertainty often leads to declines in Home Ownership. So you are going to see that and you are going to see it increase the longer this covid scenario plays itself out. Stuart what are they going to do, go out and rent . Thats exactly whats happening. As strong as the Residential Market has been, the rental market has been off the charts. You have people flooding into the rental market. Occupancy has never been higher than it has in certain locations and those are the same people who are worrying about their job, they have high debt levels. Keep in mind, prior to all this, the consumer prior to covid, the consumer was strapped with debt. They have that same debt now. They are unwilling or in some cases unable to make the longterm commitment that Home Ownership requires. So youre seeing the rental market spike like we have never seen it before. Ownership is continuing to decline. Stuart we are listening to you, jeff sica. We are listening to you and we will be following this market. I thought we would have a housing boom. Well see about that. Jeff, thanks very much. See you soon. Check that market as we approach the opening bell. Weve got 20 seconds to go. I would call this a negative news background. Nonetheless, we expect some stocks to go up this morning. A rise in new cases of the virus and the president reportedly thinks he might lose in november. I dont call that good for the market but nonetheless, here we go. We are open, we are running, it is 9 30 on a monday morning. Coming off a big drop at the end of last week, im looking at the dow 30 right now for you radio listeners. Most of the dow 30 are in the green. 27 of them, 28 of them are in the green. Ive just got two negatives, microsoft and i cant read the other one. Two of them, intel and disney. Sorry. Intel and disney on the down side. The dow is up 200 points at the very early going. Thats. 8 . Show me the s p 500. How is that doing this monday morning . It is up a half percentage point. The nasdaq, though, im pretty sure thats on the down side. No, its not. Its up. 25 . Okay. Facebook, though, is on the downside significantly. Lets move on. Look at amazon. Warehouse workers in germany have gone on strike. Lot of staffers tested positive for the virus. They dont like that. They are staging a walkout today and tomorrow. The stock is down just five bucks at 2,686. Tesla, do you realize ten years ago today, that stock debuted on the nasdaq at a price of 17 a share . Talk about bitcoin on wheels. That things at 966 as of right now. Gilead, maker of the promising drug remdesivir, Just Announced they will price it as 390 per vial. You need a fiveday treatment. That would cost 2300, 2400. Remdesivir on the upside. Gilead on the upside. Big Name Companies like pepsi and starbucks pulling their ads from facebook over their handling of speech, basically. Speech on that platform. Facebook, twitter, snap, all of them on the down side. Boeing, come in, susan. Their max jet will get tested today, i think today. Susan very important moment for boeing. This is a threeday certification test on the 737 max according to numerous reports. We reached out to boeing. They have still yet to confirm this to us. Faa will evaluate boeings proposed changes to the automated control system, specifically the stall Prevention Software that was blamed for the two fatal crashes inindonesia. If all goes well, data will be analyzed for the next few weeks to see if the 737 max is ready to fly once again so if all goes well, the anticipated timelines the faa would then need to approve new training procedures and you could get approval by september at the earliest, then that means resumption of u. S. Flights by years end. However, we know this process has been plagued by a lot of delays. This might be the best Case Scenario. Some people say dont get your hopes up for the end of this year. The reason why the dow has underperformed the nasdaq and s p this year is because of the drag from boeing, still down over 40 . Stuart i know that, because im a guy who bought boeing some time ago at a very high price. Susan 330, was it . Stuart tell the world. Susan you are inching back up, right . Stuart fortunately, yes, i am. Thank you. Employees at oh, theres a protest outside disneyland. Thats in california. Lauren, what are they protesting . Lauren they dont want disneyland to open too soon. As you recall, it was scheduled to open on july 17th but that has been pushed back indefinitely. What you saw is a caravan of about 200 cars filled with disney workers honking their horns, displaying signs saying we want the appropriate safety measures, the appropriate decisions to be made if and when we go back to work. One of the things that the Union Workers want is more routine testing but disney is saying well, if you get a false negative, that gives you a false sense of security. So disney doesnt want to do all the testing that the workers want, but the july 17th date pushed back indefinitely, and we are not sure when anaheim park will reopen. Stuart one quick thing. How about mulan . They delayed the release again, i think . Lauren yes. Pushed back again. Now its august 21st. Not july 25th. You know, disney is playing a game of chicken, if you will, with Warner Brothers because they have tenet coming back. They pushed that date back. Then disney did the same for mu mulan. Look at new york, look at los angeles, some of these major cities where the theater is tremendous. It intimates maybe they expect the cinemas to push back their reopenings as well. Stuart disney down to 108 as we speak. All right. Now then, on this day in 2007, susan, come in, i think im right, it was on this day the iphone appeared, went on sale . Susan went on sale. Thats right. It was introduced in january 2007, only went on sale in june 2007. 13 years later, arguably, this is the most successful Consumer Product in history. Take a look at the numbers. More than 2. 2 billion iphones have been sold in those 13 years. You do the math. Its close to a trillion dollars in phone sales. If you inflation adjust with compound interest, thats multiples of a trillion dollars. Iphones still account for more than 50 of apple sales today. Not to mention the ecosystem and the app economy that it supports. For instance, as i mentioned last year it contributed half a trillion dollars to the global economy, just from app sales alone. This company, by the way, is still the most valuable company in the u. S. , worth over 1. 5 trillion and some say the iphone is really the pillar of one of the most Successful Companies to ever i guess be listed on the planet. Stuart why dont you remind the world this is another one that Stuart Varney missed. Go ahead. Say it, say it. By all means. Susan i think you did buy into apple and actually held apple through multiple stock splits, right . You only recently sold it off from what i understand. Stuart no. Microsoft. Microsoft. Microsoft was the stock that i owned for many many years. Susan you never bought into apple . Steve jobs didnt impress you back in 2007 when he unveiled that gamechanging iphone, that Consumer Products stuart as i recall, the stock was around 57 a share. Im not sure exactly when. My kids were saying buy it, dad, buy it, buy it, buy it. They were going to apple computers. I said no, its far too high. 57 a share . I dont buy at the high. Susan right. 56 was really high back then for apple. Right now, this company, this stock is supported by i would say cash flow and maybe some financial engineering, since we know iphone sales are expected to slow in these covid19 times. We have 200 billion on the Balance Sheet and you are buying back stock at a rate of 100 billion a year, raising your dividend to 6 . People see that as an attractive cash machine in unknown times. Stuart a large number of people actually own a piece of it. Its owned by all the index funds, mutual funds have got it, individual investors have been in it. I think its one of the most widely held stocks on the planet. Susan the most widely held stock on the planet. Yeah. Check your 401 k and by the way, because its so big, it also is the most influential stock on the board. It represents about 5 of the s p 500, only five companies in the entire history of the s p 500 have had that type of influence. Stuart well, the iphone was an absolute game changer. Absolutely. Not just economically but culturally. That thing really changed a whole bunch of things. Ive got one. Check that big board, please. We are up nearly 200 points for the dow. Thats about. 75 . The yield on the tenyear treasury as of right now is 0. 64 . Down a bit. We have the price of gold, wheres that . After a weekend like weve had, wheres gold . 1783. It is not yet touched 1800 an ounce. Price of oil recovering a bit. 38 per barrel. The mask makers. Lauren, havyouve got some argut on this. The recent surge in cases, is it straining the mask makers supply chain . Lauren especially when you are talking about the n95 respirators really critical for front line workers. If you take a look at some of the states, michigan has less than a twoweek supply. Arizona, some of the Nursing Homes there, less than a oneweek supply. In texas, they are actually using a decontamination system to clean them so you can reuse them. Mixed trade for the mask makers today but look, as the country started reopening, you needed to wear a mask to do construction work and elective surgeries and now with the surge in cases you really need these things. Stuart very true. Thanks, lauren. Lets get back to the stock whose wonderful gains i missed, tesla. It debuted ten years ago today. Hard to believe it was only ten years ago. What a tear its been on. We will take you on a trip down memory lane. Why no. I did miss it. Texas closing bars again and reducing capacity at restaurants because of a rise in the virus caseload. In our next hour, i will talk to a bar owner in texas who is having to shut down again after the governor announced a pause in the reopening. Can he survive . We will ask him. Rapper kanye west has got a personal message for the city of chicago in honor of his new partnership with the gap. We will tell you what its all about, next. Hey, can i. Safe drivers save 40 guys guys safe drivers save 40 safe drivers save 40 safe drivers save 40 thats safe drivers save 40 . It is, thats safe drivers save 40 . Hes right there. Its him safe drivers do save 40 . Click or call for a quote today. Stuart its not quite the beatles. We are playing that song in honor of gaps new tenyear partnership with kanye west. Days after announcement of the deal, west left this handwritten message outside a newly redeveloped gap store, noting that he would shop at this very location when he lived on the south side of chicago. I will bring you a bit more on that in just a moment. First, let me take a look at amazon for you. Warehouse workers in germany walking off the job today, some of them have tested positive for the virus. Lets bring in Gerald Storch, retail guy. Gerald, this is going to be a real problem, not just for germany, retailers, but for the whole world, certainly the United States. One person comes back to work, they get the virus, they sue or go on strike because of it. I can see this happening a lot. Big problem, gerald. Well, employers are heavily focused on it. Amazon, they employ a Million People now globally. They are the second largest private employer in the u. S. They are a big target and they know it. I know jeff bezos wants to do the right thing, he is going to do the right thing, they have to, they are testing their own people, if you can believe that, on top of temperature checks and Everything Else theyre doing to make it well. I would be much more worried if i were in a Smaller Company or financially struggling company who couldnt afford to make those investments to make sure the environment is really safe. Stuart but they need liability protection, dont they . In germany its a strike, thats the threat, but in america its liability, its a lawsuit. I think its a big issue, a growing issue. As you know, the administration is very focused on getting that. Otherwise everyone will be suing everyone for the rest of our lives, long after the virus is gone. Stuart all right. Talk to me about kanye west and his deal with gap. Hes going to bring his clothing line to that store. He tweeted about this. Hes riffed off the classic gap logo. Weve got all of that. All right. Gerald, can kanye west save the gap . I think its a great move. The gap has been stuck in the 1970s for a very long time. They basically lost the consumer, its viewed as your parents brand, your grandfathers brand or something. Mallbased apparel stores, you talk about it a lot, really troubling. This is a brilliant move. This will bring new shoppers. It will make it contemporary with one stroke. It will be a big deal. Question is, is it big enough. I know a lot of companies do more than one of these collaborations to build up lots of noise, lots of excitement, lots of current activity taking place. Kanye west is very big. This is exactly what they have to do. You wont get it anywhere else except the gap. I think it will help a lot. Stuart nike took a sales hit in the last quarter. The virus shut down their stores. Can they make a comeback . Im not remotely worried about nike. Its one of the greatest companies in the world. They have a very distinctive amazing brand. They continue to innovate. Their Internet Sales are up 75 . The reason they are down, because stores were closed during the pandemic. Nobody is immune to that. They will be a great comeback story. I would buy this on the dip in a flash. It is a company of today and tomorrow. Fantastic product. Thats the story. Content will win in the end in any world and thats what nike has. They are a great company. Stuart i have to tell you, i just dont see apparel coming back in any way like it used to. Apparel will not come back certainly during the pandemic, at least not dress apparel. Why dress up when theres nowhere to go. Casual apparel will do better, Athletic Apparel will do better and the pandemic will end. When it does, the kind of clothes we are going to wear are going to change. So while i agree with you entirely, apparel has been taking it on the chin for over a decade as a share of Consumer Spending and thats only going to get worse. I believe Athletic Apparel is going to remain a growth area as we look to the future, even more so as people work at home a lot, and are more concerned about their health. Stuart got it. Gerald, thanks for joining us. Always appreciate it. See you again real soon. My pleasure. Stuart yes, sir. Thank you. Heres kind of i would call this a bad omen for the energy sector. Chesapeake, i think, lauren, they filed for bankruptcy last night i think it was . Lauren they sure have. They were once the poster child of the shale revolution. A year ago today, the stock price wasnt at 11, it was near 400. They have now filed for chapter 11 bankruptcy. They hope to wipe out 7 billion in debt. Stuart, one of the ways they got all that debt was that they spent money to expand so fast and with Energy Prices where they are, as you know, its nearly impossible to stay in business. Analysts predict within the next two years an additional 200 Energy Companies could file chapter 11. Stuart i think its very sad, because those guys, the frackers of america, they are absolute american heroes who made America Energy independent and energy dominant, and now those poor guys are going into bankruptcy. I have to say i feel badly about that. There you are. All right. Moving on. Despite plans to remove those barricades, seattles chop zone remains in place. Some protesters say were not leaving until you meet our demands and those demands include a 50 cut in the Police Department. More on that coming up for you. Barriers are still there. Facebooks founder zuckerberg has lost more than 7 billion of his own personal wealth, as the stock plummeted because of advertisers, a lot of them, are deserting that platform. Are they just trying to silence conservatives here . We will debate that next. There seems to be a massive disconnect between. Whats going on in Corporate America and what investors are believing is going on in Corporate America. The message to you dont trade because you think youre gonna to get rich quick. Because you. Youre gonna to get rich quick. Robinwithout the commission fees. So, you can start investing today wherever you are even hanging with your dog. So, what are you waiting for . Download now and get your first stock on us. Robinhood. 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If you are leading this boycott and especially if you would be whats considered extreme progressive, its absolutely about censorship. If you are a brand thats participating in this boycott kind of following that extreme progressive view and youre just trying to protect your brand. You are just engaged in brand safety. But yeah, the people leading this, yeah, theyve gone with censorship and thats indisputable. Stuart this withdraw of advertising and advertising revenue, you say thats obviously a problem, but you say that facebooks got a data problem thats bigger than the ad boycott. Whats the data problem . Okay. So the ad problem is the boycott is not a big problem for facebook because the brands that are abandoning them dont account for anywhere near a majority of their revenue. The smaller brands, the millions of advertisers they have, thats who facebook relies on and they have a symbiotic relationship. They both grow together. But the facebook login is a much bigger problem. I think whats eventually going to happen in the not too distant future, there will be a boycott of facebook login and facebook relies on that data in order to basically feed the ad engines that those smaller advertisers need to spend with facebook. So if facebooks data erodes, eventually their data erodes also. Facebook login is actually the big threat for facebook. Stuart okay. So there is a serious longterm threat to facebook and its current revenues and current stock price. Mark douglas absolutely. Stuart thats interesting stuff. Thanks for joining us, mark. We were not aware of that problem that you have just outlined for us. Thank you, mark. All right. We have a big show aled fhead f you. Marc lotter with the trump campaign, hes here. The president is struggling in the polls. He will address that. North carolina Lieutenant Governor dan forrest is suing his governor over lockdown policies in North Carolina. Howard kurtz is back. I want to know if he thinks the media is giving joe biden a pass. And of course, making money host Charles Payne will be here later. First, though, heres what i say. New york city and other big cities are in major league trouble because of the virus and social unrest. That will be the heart of my take which is next. Yeah yyeah yeah hey, hey. Look, this isnt my first rodeo and let me tell you something, i wouldnt be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. Its just a loan designed for older homeowners, and, its helped over a million americans. A reverse Mortgage Loan isnt some kind of trick to take your home. Its a loan, like any other. Big difference is how you pay it back. Find out how reverse mortgages really work with aags free, noobligation reverse mortgage guide. Eliminate monthly mortgage payments, pay bills, medical costs, and more. Call now and get your free info kit. 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Retire better stuart 30 minutes in this monday morning. Following last weeks selloff at the end of the week we have a modest rally. Dow up 200. S p up a quarter of a percent but the nasdaq is down. A couple big name tech stocks down this morning especially facebook. That hurts the nasdaq. The read on pending home sales. Lauren, that is a sign looking forward. Lauren this is a with a signed contract. Look at this number, increase of 44. 3 for the month of may. In april, fell 21 . In march, fell about the same percentage wise because the country was locked down, known was boeing out to look at homes. Nobody was showing their homes. Now that you can, people want to move, there is very low inventory, were seeing the number surge 44. 3 in the month of may, stuart. Stuart youre right to use the word surge. That is a record gain. It suggests that the Real Estate Industry and market is strong. I think that is just given a little extra jolt to the dow which is now up 230 points. Interesting news coming out 30 seconds ago. The market is responding. Lets go to tesla. Ten years ago, june 29th, all those years ago, tesla appeared. What a ride it has been, stuart. Susan could have gotten it in the 1dollars, the ipo. It is close to 1000 a share. When it crossed the four figure mark, that was 3,000 return from the investment 10 years ago. The carmaker is 16 years ago. Still the youngest carmaker but also the most valuable on the planet. It passed ford and gm in combined value and surging past japans toyota in market cap. People say there is i will upside for tesla. Electric car penetration is only 4 . Selfdriving is ahead of everybody else. Calling tesla is a technology leader. Everybody is playing catchup to their full self driving including ford, General Motors and the like. The company could be included in the s p 500 if they get four straight quarters of profit. If they get four they included in the s p 500. That means more stock funds have to include tesla and the price goes up. We know consensus around 67,000 tesla car deliveries in the Second Quarter. However dont forget, fremont, the only Production Facility in the u. S. , was closed half of that time. Stuart i make fun of myself missing tesla 10 years ago. I also tell you susan i missed amazon when it went public. I interviewed jeff bezos a couple of days after it went public. He was laughing a lot on the set. Susan trying to think, amazon was closer to 100 or a few hundred dollars . Stuart im sorry i cant remember. He is way below where it is now. I missed it. Susan you dont have to have a critical tall. You can still buy in. The future is amazon and continues with the accelerated trends. Stuart whatever you say, susan. The now is up 250. All right, everyone, now this. New york city is in crisis. Clobbered by the virus and lockdown and urban unrest. Its very hard to see how new york and other cities can come out of this even halfway december shape. City dwellers are facing, in my opinion, a grim future. How do you get millions of people back into the Office Towers in manhattan . Social distancing rules mean subways and buses cannot carry them all in and out. If fewer people come back, the businesses that serve them will not survive. That changes the fabric of city life, not just in new york. Defund the police . What does that do for safety . People expect protection. If theyre not going to get it, they went be enthusiastic about living or working in a defunded city. At this moment in new york city, an encampment outside of city hall is growing. The organizers demand a billion dollar cut in the police budget. There already has been a spike in crime in new york. Why come back here if the advantages of city life are put away and your life at risk . City authorities dont know the rules. If they change the soaks distancing rules for cars, stores, buses, trains, they risk another round of. If they defund the police, they risk losing vote. They risk antipolice action. They are stuck with the politics of the past. They cant deal with the crises that suddenly hit them. Were already seeing a big shift in population and business. The suburbs are growing. States with low taxes are growing. Work from home, work from home, that is also growing. Outside the office tower, that is what people want to do, that is really growing. All the expense of the big cities with a legacy of mismanagement and urban unrest. As with so many things the virus accelerated existing trends like online shopping, teleconferencing, work from home, streaming. You can call all of these a positive, a shift in lifestyle that opens up a lot of possibilities are positive. But the crises in the cities, that that is a different story. Hard to see positives in anger fear, business fail hurst and mayors who have simply lost control. Stay on this, a new poll found hardly any workers have returned to their normal office place. Lauren, what, are they staying at home, working from home . Whats the percentage . Lauren lauren its a harris poll. Only 40 of workers are working from home and not going into the office at all. 40 of us have not returned to the office. 13 of us are doing a little bit of the office, a little bit of at home, a nice parttime mix, if you will, but that is a pretty astonishing stat were getting used to working at home. It might be working for a lot of employers east and employers, stuart. Stuart it really is a big hit to the cities. If 44 of Office Workers have not come back, that is an enormous percentage still at homeworking from home and not using bars and restaurants of the cities . Lauren so exactly, what youre going to see and quite frankly what you are seeing is these offices setting up suburban outposts. It a little bit cheaper but still the opportunity for people to have a needed facetoface. Stuart you got it. Thanks, lauren. The market is at the high of the morning. The dow is up 276 points. Look at boeing adding 83 points to the dow. Its a dow stock. It is up 13. That adds a lot to the dow. The faa will have a key test flight of boeings max jet as early as today. Boeing is up at 183 right now. How about facebook, twitter, snapchat, more Companies Pulling ads over online hate speech what they call hate speech. Amazon workers in germany, planning a two days strike over the companys lack of transparency over virus infections. Listen to what Gerald Storch said about that last hour. Amazon as they employ a Million People now globally. They are the second largest private employer in the u. S. They are a big target. They know. I know jeff bezos wants to do the right thing. He is going to do the right thing. He has to. They are testing their own people, if you can believe that on top of temperature checks everything theyre doing to make it well. I would be much more worried on a small company, struggling company, who could not afford to make investments. Stuart amazon down in a otherwise upbeat market. Gerald storch appeared in the last hour of our program. Were at the highs of the day, up 280 for the dow industrials. Ed yardeni back with us. Ed, a lot of our viewers are worried about the market because of the rise in cases. What are you telling them . I think there is a tugofwar between the virus. I dont think were actually in a second wave. I think were still in the first wave in many ways. But that wave is being offset by a wave of liquidity that continues to be provided by the Federal Reserve and of course fiscal policies also come in. Weve got this amazing tagteam fighting the tugofwar with the virus. That fiscal and monetary policies. We never had this kind of stimulus. So it may be just a tugofwar that lasts for a while where the market kind of goes sideways. I hope in some ways that is the case. Sideways boating boeing straight up or straight down, which would be a meltdown. Side ways is the path of least resistance here for a while. Both waves, the virus wave and monetary fiscal policy waves offset one another in this tugofwar. Stuart were at 25,280 as we speak. I want to throw this at you. Wells fargo head of Equity Securities says joe biden win in november will hurt the market and economic recovery as well. Are you worried about a a biden win . It has to worry everybody. We had a tremendous change in policy between obama and trump and then to have another major change in policy from trump to biden, that could be very disruptive, especially in the extent that biden would be promoting tax increases on individuals, on wealth, and more regulation. I think a lot of it is really going to depend on what the total government outcome turns out to be. Will the senate remain in republican hands . The stock market prefers gridlock. The founders called it checks and balances. So we could have a Biden Victory as long as republicans hold out in the senate, i think there would be a enough gridlock, checks and balances the market could do reasonably well in that kind of environment. Stuart well bear that in mind. Stuart ed yardeni. Thank you for joining us this morning. Thank you. Stuart politico is reporting that President Trump is aware of losing and at risk of being a oneterm president. That is what politico is saying. Listen to what former new Jersey Governor Chris Christie had to say about all of this. Roll tape. He is losing, and if he doesnt change course, both in terms of the substance what he is discussing and the way he approaches the American People, then he will lose. There is no question that while these National Polls are less significant in terms of the raw numbers, the trend is obvious. The trend is moving towards joe biden. Stuart mark later is with us, trump 2020 Strategic Communications director. Marc, do you think that the president will change course in any way, shape or form . Well i think as we see the economy improve, as we see people recovering from the coronavirus and they see the president s leadership on this, then you will see public sentiment change as well but lets not make, lets not make any illusions here. Most of the major Media Outlets had Ronald Reagan losing by eight points a week or two before the lech in 1980. They had Michael Dukakis beating george h. W. Bush. The only people that get it wrong more than pollsters is probably tv weathercast sisters. Stuart you got that right. Stock market forecasters. Throw them in as well. Marc, i hear this is a lot, im sure you do, the president s tone a lot of people dont like. They say a president of the United States shouldnt say things like that, whatever it is. Can you address that . What they want to see is results. That is why the president was elected back in the first place in 2016. They were tired of politicians who sounded good but didnt do anything. Like fix nafta, address china or stealing our jobs or getting tough with other trade, iran deal, and things. They want ad president who would actually do Something Like taxes, like get tough with our International Competitors to bring jobs back to america. That is still donald trump. When you contrast that with joe biden who sported nafta. Believes china is not a threat to us, likes the iran nuclear deal. Those are horrible deals. He wouldnt take out general general soleimani. That is weakness. America will go for strength. Stuart marc, when is the next rally . Were putting final decisions together. It takes weeks to gets things planned. We want to be cognizant what is going on in local communities, especially with the coronavirus. Trust me were not done with rallies by any stretch of the imagination. Stuart marc lotter, see you soon. Thanks very much indeed. New high for the dow, were up 334 as we speak. On your screen conservatives who joined parler, increasingly social media app among republicans. Ceo says they dont sensor posts. He is on our shown. Republican Lieutenant Governor of North Carolina wants to sue democratic governor roy cooper because of his coronavirus policies. The state reported 1600 new coronavirus cases as of yesterday. Will they have to shut down again . That is what is happening in parts of texas. Governor abbott ordering a closure of bars after a surge in cases. We the second hour of varney is just getting started. Liberty mutual customizes your Car Insurance, so you only pay for what you need. I wish i could shake your hand. Granted. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. Coming together and working together. We will once again slow the spread of covid19. We know that we can do both. Continue to allow businesses to open while containing the coronavirus but it does require all texans to go back to those strategies that we mastered. Stuart you heard it right there from the governor of texas. He says the state will slow down the virus. That does mean shutting bars down again which he has done. Monty large, is the coowner of the axle rad beer garden in houston and he joins us now. Monty, you lost 75 of your revenue during the shutdown. Can you survive in your business now that you have been shut down again . You have got a bar in texas, can you survive . Thats right, stuart. Thank you for having me on. Good morning. Were in the beautiful garden as you see me behind me here, 12,000 square feet. We have, it is a very difficult time for us as it is for all Small Businesses in texas and especially out 75 of our business has been gone. We were only open for a couple of weeks before this latest shutdown. But the trend wasnt great. Were trying to figure out what to do from here. Stuart i can see how this puts you in pa difficult position because the future of your business is really unpredictable. You can see they clamped down on the bars, maybe if you get fewer cases you open up again. So they get more cases, they clamp down the bars all over again. I dont know how you do business in that kind of environment. How do you deal with it . The hardest problem is working with employees. Starting a business and opening a business is not just like flipping a light switch on. There is ordering that has to go into it. Stocking, working with employees to make sure they feel safe, making sure theyre ready to go. We have a lot of employees, 42 of them that are parents or caretakers. It is a massive undertaking to open a business. To open and close and reopen again it has been very, very difficult. Stuart during the shutdown did your workers get emergency unemployment relief . Yes. Well we luckily we were very fortunate and privileged to have saved up for small renovation we had planned and when the, when the first shutdown occurred we used our savings to keep our employees off of unemployment for several weeks before we were able to get the Payroll Protection Program loan which was a lifesaver, which really helped save our business and tons of other businesses in houston and the country. So we were able to really consistently pay our employees. Were out of our savings. We used our Payroll Protection Program loan as it was originally intend. We used it over the eight week period. I know they extended the guidelines, were in a situation we really dont know what to do. Stuart i tell you monty, we sympathize with you. Were sad to see a business like yours in any kind of trouble especially now with so unpredictable of a future. We wish you the best of luck. We hope you come back and tell us how youre doing in the future. Monty lodge. Thank you very much. Thank you. Stuart on related story, a bar in michigan, one bar, been linked to the outbreak of the virus. Lauren, how many cases, new cases from that one bar . Lauren 85. 85 cases. Most of them were asymptomatic. Here is the thing, the name of that bar by Michigan State college is called harpers. It opened on june 12th. That is when they allowed restaurants and bars to open. If you went from the 12th of june to june 22nd, it is recommended by local officials you quarantine yourself for 14 days, 14 days. The issue is young people. They were outside waiting to get in line not wearing face masks. No one was doing anything about it. All of those people, going into a bar, not protecting themselves or social distancing and you have 85 infections tied to that one bar, stuart. Stuart that is a very difficult situation. How do you control youngsters going into a bar . How do you do that . Very difficult i would say. Lauren harpers says they have an app. They will use an app to figure out how many people are trying to get in. Yes, these are very good questions. A lot of those people they were friends. They were young. They got together for pool parties. The next day, and few days after that. The virus kept spreading and spreading. Stuart what a story. Thanks, lauren. Lauren i know. Stuart check the markets. Were almost at the high of the day. In fact this is the high of the day. The dow is up 335 points as we speak. Ill call that a rally. Jpmorgan stock, look at that. Actually jpmorgan chase. Some customers saw incorrect account balances over the weekend. Susan, let me get this right. You open up the Bank Account Online and see amount of money or not, it is not supposed to be like that. What happened . Susan a lot of heart palpitations. Technical issue for jpmorgan chase. You saw delayed updates. Customers were looking at the wrong account balances. That caused panic among the 53 million active digital users. Social media, or went on twitter over the weekend, people were rife with complaintses. What is going on here . This is not right bank balance in my jpmorgan account. There are concerning warnings of the new york Police Department. Be aware of phishing scams forgat chase account owners. Stimulus checks, ppp loans and people just not spending any money. Stuart that korb the source of a nice big spending spree some way down the road. Two trillion in bank accounts. Susan, thank you. Miami will close its beaches for the july 4th weekend. That is because florida is recording a lot of new cases. 8500 in a single day yesterday. I want to know, how are you going to police this . Awfully hard to control the behavior of young people as weve been saying all morning. How do you police this . Well ask the mayor of miami. He joins us in our next hour. Summer travel, we know that is taking a big hit. There is a Silver Lining, however. 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Of course, you can use it to pay some bills, cover medical costs, update or repair your home. But best of all, it eliminates those monthly mortgage payments so you get more cash in your pocket, every month. Learn how you can use a reverse Mortgage Loan to cover your expenses, pay for healthcare, preserve Retirement Savings, and so much more. A lots changed since 1961. Since then over a million Older Americans have used a reverse Mortgage Loan to finance their retirements. It meant so much to nellie, maybe it could mean as much to you. Call now and get your free infokit. Stuart high of the morning i do declare. Not quite, but were up there. Up 338 higher for the dow industrials. We have green all over. Nasdaq turned higher and s p on the upside. Its a rally, sort of. Airbnb chief executive, look at this, he says travel as we know it is over and it is never coming back. He says travelers will stay closer to home in the future. Only go places within driving distance Like National parks he says. Cheske says all International Travel will be affected because people are not crossing borders well have more on that. That is a promise for you. Market still up, 33for the dow industrials. Now gas, now a gallon of gas is 2. 17 a gallon. That is the national average. Only a buck 82, that is the average in mississippi. Jeff flock is with us. Good news, cheap gas for the july 4th weekend. Theme for our program, road trip, road trip it, will be a big theme for that. Reporter stuart, always in the summer we do most of the travel by road. Im in the resort town of new buffalo, michigan. They have a beautiful harbor here, a beautiful beach. This is a real hot spot. Mike, come on done here, lets show them the beach. Look at numbers of people doing road trip, road trip. Usually, 85, 87 of our Summer Travel is by car. This year 97 . People are just not flying. Theyre not obviously cruising. Theyre not taking a train. Theyre going by car. As you point out. Great time for it. By the way, cars, this parking lot already filling up here at the beach and cheap gas. This is one of the destinations according to airbnb people are coming to, you know, a u. S. Destination. It is a beautiful lake, a beautiful beach out here. And, consequently, people are taking those shorter trips. As evidence for that, this is a bit of a Silver Lining but good news and bad news. That is, that hotel occupancy, places where people are staying, that is ticking up. It is still bad by any kind of stretch of the imagination but it was like 22 at the worst point in april. It is now double that, to 44 . Of course the typical average is about 66 . So were nowhere near back, but were coming back. As we leave you with a picture of the new Buffalo Beach club. Stuart i will take it. I will take it. The new Buffalo Beach club. All right. As long as we dont lose the summer. That is all im interested in. Lets not lose the summer. Lets go on a road trip. Thank you very much. Im breaking in to show you the price of facebook t kind of recovered significantly. When we started training, we were down 3 . Now were down about 8. Now it is down one buck. That is minus half percentage point. It has come back very nicely. 215 a share on facebook. Lets move on to North Carolina. The states Lieutenant Governor is going to sue, he is a republican and he is going to sue the democrat governor roy cooper over lockdown policies. The Lieutenant Governor says, the governor repeatedly ignored the law and mandates that selectively target citizens of North Carolina without concurrence of the majority of the council of state. Lieutenant governor dan forest, republican is back with us. Mr. Lieutenant governor, this is a straight political fight because youre running against the governor in a forthcoming election. Youre a republican. He is a democrat. Seems like coming down to republicans want to open up and democrats want to keep things closed. Is that about it . That may be part of the battle youre seeing around the country, stuart, this lawsuit that well actually file this suit is a rule of law lawsuit. The North Carolina constitution is a little bit different than some. Our governor doesnt have unilateral power in case of emergencies. He has been bypassing the council of state, which is the body that is supposed to approve these executive orders. He is doing it on his own. We believe regardless of the any of the issues, rule of law is more important during times of emergency than any other time. As you know it applies to citizens, government alike. Stuart its a principle, it is a legal principle that youre arguing here but. [inaudible]. Philosophical decisions behind that related to closures and those type of things, sure. Stuart what you would like to see is North Carolina opening up more easily, is that it . Absolutely. We have problem spots around the state. There is more tracing and tracking going on right now. There are certainly more cases as a whole. Many of those have recovered. We have insufficient data in our state to make certain decisions but we can make certain decisions based on county levels or zip code levels. We dont have to shut the entire state down to be able to respond to this virus. You have to understand that the virus will be with us a while. We have to get our economy up and running again. We have well over half of our counties in our state ready to do that right now without being locked down. We can get things going again. We can protect the most vulnerable and protect peoples livelihoods. Stuart Lieutenant Governor dan forest of North Carolina. Thank you for joining us on a question of legal principle. Thank you very much. I have breaking news from the mayor of new york city, bill de blasio. Lauren, what is he saying . Lauren he agreed to cut one billion dollars from the new York Police Departments 6 billiondollar budget, stuart, he says this, is a press conference going on at city hall. He said i have been a stickler, show me you can keep everyone safe and we will move that money, we will shift it from the nypd, that billion dollars to social services. We dont have anymore details right now. But as you know, for a week now there has been an encampment outside of city hall demanding to cut funding to the nypd. Stuart and he is going to do it. The budget for nypd is 6 billion. He is taking a billion out of that. That is quite something. He is going to do it. Lauren, thank you very much indeed. Coming up we got a sports story i tell you. Im told it is rocking the sports world. Im not sure about that. Nfl superstar cam newton will sign with the patriots w very details. There is a story that will make your blood boil. Three Minneapolis Council members who voted to defund the citys police are use taxpayer money to fund private security. We have the story for you. It has been three months since joe biden held a news conference. Why imagine if President Trump did that. Why is the media giving them him a pass. My name is joe biden. Im a democratic candidate for United States senate. All men are created, you know the thing. Jack, thank you very much. All right, it is chris. Stuart this is just coming to us from the Supreme Court. The Consumer Financial Protection Bureau. Susan, has the Supreme Court ruled it unconstitutional . Susan unconstitutional in its structure. It is led bedly one person who can only be removed from cause. What this essentially means, this ruling is that the president now has the authority to fire the head of the cfpb if he wants to. This was the cfpb was forged during the financial crisis, instituted in 2010. Its jurisdictions over banks, credit unions, security firms, spearheaded of course by elizabeth warren, part of that doddfrank wall street Reform Program after the financial crisis but it was just headed by one individual who can only be fired for a very narrow range of causes. And now looks like the Supreme Court the president now has the authority to fire and remove the head of this institution if he feels like it. Stuart i chalk that up as a defeat for senator elizabeth warren. That is the way i see it. Susan yep. Stuart thanks, susan. Where is joe biden . He sure does make the occasional wayward speech . For the most part he has been holed up in his home . Kind of gaffefree i guess. I think his campaign wants him to stay that way. I thought we would take a look back at some of the gaffe machines greatest hits. Roll the tape please. Look, tomorrow is super thursday, tuesday, i want to thank you all. Im rushing ahead, arent i . We hold these truths to be selfevident. All men and created by, you know the thing. My name is joe biden. Im a democratic candidate for the United States senate. Look me over. If you like what you see, help out. If you agree with me, go to joe 30330. We choose truth over facts. Stuart okay. Hes ban back. Howard weve not seen you for a long time. This is howard kurtz. Nice to see you, stuart. Stuart welcome back. Good to see you, sir. How come the media i think essentially gives joe biden a pass . How come . Well, biden has done a few television interviews. By and large he is enconsed in his delaware basement. The reason there is no journalistic outcry about this, of course he should do a news conference, biden is getting one half of 1 of all Media Coverage and President Trump is getting 90 plus percent about the coronavirus, about the economy, about race relations. Latest story about russia allegedly subsidizing deaths of u. S. Soldiers in afghanistan. Biden is oaf the radar. Democrats, that is great. He is up anywhere from 8 to 14 points in various polls. Should stay in delaware until november. At some point the press will have to focus on the campaign, smoke biden out and ask biden tougher questions. Stuart but their giving him a pass, not insisting and pushing, getting out there, come on answer some questions. By not insisting on that, they are in fact agreeing with his campaign, giving him a pass, allowing him to stay gaffefree because he can stay inside of his basement . I dont disagree the press is giving joe biden a pass, when it comes to being available to answer questions from journalists a opposed to the occasional speeches you referred to. Were in the coronavirus period. The 77yearold candidate wants to be cautious where he is. That has helped, it helped interest in the campaign. I dont think there is much of a campaign right now. Hyperfocus on President Trump and everything he does. And media often focus on what he does wrong obviously this cant last. Were in late june, four months to go to the election. Press should be equal and scrutiny to the two men running for president. Stuart a long time since we saw you on the show. During that times weve seen the New York Times Editorial Page Editor have to resign because he allowed the opinion piece from senator tom cotton to be printed. Send in the troops. I say that is a severe disruption of free speech and free debate within the New York Times. How do you see it . I think it has been an absolute turning point for the worst for journalism. People forget that james bennett, the Editorial Page Editor who was forced out by the publisher ag sulzberger, both of them defended running tom cottons piece. It was only online. He is a United States senator. He is afforded his opinion. There was uproar by the New York Times newsroom, caved under pressure, renounced the piece, got rid of the Editorial Page Editor in a way i found quite frightening. He had aretores that say theyre economisted to diversity or diversity of opinion, when it came their own troops in revolt, they completely did a 180. That is not the only newsroom that is happening. I fear that stuart you and i have been talking about this for years. And i thought it is, it is the disgrace of the profession, the professional journalism. Im shocked that it is now come out like this. I dont think you saw anything like this coming, did yous howard . It has never been this bad. For a long time there is questions of bias and diversity, all of that. Now you have other instances, the editor of the philadelphia enquirer forced out over a bad headline f youre not woke enough, leftwing enough, the few remaining editors trying to hold the line are getting trampled by people in newsrooms who dont really care about telling the other side. They think the other side is outrageous and doesnt deserve any space even on a web page. That is profoundly depressing for those of us who care about journalism. Stuart indeed. It has come to this. Howard welcome back. Dont be such a stranger. See you again soon. All right. Stuart deal. Thank you so much. Now, talk about a complete change of subject, listen to this. Hair dye flowing off the shelves during the lockdown. Of course it is. Madison reed said it sold a kit, hair dye kit every five seconds in the month of may. The question, will the trend last. I will ask the ceo who is on the show. First, sports news. Cam newton signing with the new england patriots. Details you have been waiting for. You cant wait, coming up next. Online sports gambling sites expect a huge surge as sports return. Will it be able to make up the lost revenue . Well discuss it. High of the day, 418 on the dow. Well be right back. 49. 50 i found you good job. Now im gonna stay here and you go hide. Watch your favorites from anywhere in the house with the Xfinity Stream app. Free with your xfinity service. Now any room can be a tv room. Stream live tv, on demand shows and movies even your dvr recordings. Download the Xfinity Stream app today to stream the entertainment you love. Xfinity. The future of awesome. And my side super soft . Yes, with the sleep number 360 smart bed, on sale now, you can both adjust your comfort with your sleep number setting. Come on pup, time to go. Can it help me fall asleep faster . Yes, by gently warming your feet but can it help keep me asleep . Absolutely, it intelligently senses your movements and automatically adjusts to keep you both comfortable. So you can really promise better sleep . Not promise. Prove. And now, during the lowest prices of the season, the queen sleep number 360 c4 smart bed is only 1,299, save 400. Only for a limited time. To learn more, go to sleepnumber. Com. Stuart we like the look of this. This is a full hearted rally weve got going here. Up 400 points for the dow. That is 1. 7 . A gain of over 1 for the s p. Not such a strong gain for the nasdaq but we are in the green, in part thats because, facebook has just turned positive. Wiped out the losses from earlier in the day. They made a liar out of me. Now it is actually down0 cents. It had been down 8. It bounded back, up a couple bucks. Now losing just 74 cents. 215 on facebook. That really has helped the turn around for the nasdaq. Yes, we got the sports alert for you. Do we have the graphics . There it is. Dusting that transition off whatever that means as one patriot leaves his post, another takes over. This has been written for me you understand, okay . Carolina panthers qb cam newton signed a one year deal with the new england megafranchise, replacing the longtime face of the team, tom brady. The former league mvp will reportedly take in 7 1 2 Million Dollars when all is sad and done. Is that per year or per signing the contract or whatever . One year, 7 1 2 Million Dollars. Cam newton. There is the news. Were going to stay on sports. Draftkings, we know the return of live sports should mean a lot more big money coming into draftkings but will the cash last . Will it cover four months of no sports . Susan, youve been digging into this. Susan cam newton fills big shoes by the way. 7 1 2 million for one year. We know the nfl will return hopefully in september. Nba starts july 30th. Nascar is back. Golf, ufc, horse racing. We major league baseball. It might have the added benefit of increase state tax revenues. As you mentioned draftkings has surged since the april debut, one of the main beneficiaries. There is a lot of pentup demand when it comes to Sports Betting. We saw volume surging when nascar returned. Betting on international soccer, golf tournaments, charity ones. Bet mgm reported a 4,000 increase in betting on this pga tour rbc heritage from last year. Sport something legal in nevada, new jersey, pennsylvania, rhode island, indiana, and iowa. I should remind new jersey saw Sports Betting revenue doubling in may from april. 117 million, still way below last year. Were on the up and up. People say there is so much pentup demand you will see that explosion once sports leagues restart. Stuart well live sports does come back in force. I mean there is still some questions about that. Bearing in mind the new cases of the virus in florida and texas. That is another story. Susan that is how you price in stocks, right . You price in whats to come in the pipeline. Stuart sure. Susan youre expecting that restart. Fanduel, draftkings, the main beneficiaries of this socalled pentup demand. Stuart lets hope we get a restart all over. Thank you so much, susan. Coming up it is the latest social media app that many prominent conservatives are flocking to. It is called parler. Will President Trump ditch twitter for the new app . I will ask the ceo of parler who is on the show later. Iphone turns 13 years old. Trip down memory lane. It changed the way we communicate. Changed the culture. A new surge in virus cases but under no circumstances should we shut down the economy again. Thats my opinion. Thats my take. We will hear more about it after this break. Just over a year ago, i was drowning in credit card debt. Sofi helped me pay off twentythree thousand dollars of credit card debt. They helped me consolidate all of that into one low monthly payment. They make you feel like its an honor for them to help you out. I went from sleepless nights to getting my money right. So thank you. Stuart it is 11 00 here in new york city and we have a rally. The dow industrials are up 400 points, 25,421. I have news on the virus for you. Actually, its the states reaction to these new virus cases. We now have 17 states that are pausing or reversing their reopening plans. This of course is as the virus picks up in various parts of the country. 17 states pausing or reversing. You think that might have an effect on the market but at this point, no. We are still up 400 points for the dow. And now this. It sure looks like a second wave. We can argue all day long about whether its a spike in new cases or a surge or a serious increase, but the fact is the number of new cases is going up, especially in some of the states that started to reopen. The governors of texas, florida and california have reimposed some restrictions. Miami closes the beaches for the july fourth weekend. Secretary azar says the window is closing to curb the surge. So should we have a second total lockdown at the state or National Level . In my opinion, no. Absolutely not. No. Quite simply, the economy could not take it. Nor could all those people who have been locked in with abusive relationships and all those people denied lifesaving medical tests and elective surgery. We cant go back to that. The president says no new national lockdown. Instead, put out the fires at the local level. Thats what the bar and beach closings are all about. Wear masks, keep your distance, wash your hands. Thats the policy. Contain the outbreaks, limit the spread. Now, it is going to be difficult to get young people to stick to the rules in the middle of summer. They have already missed college and High School Graduation ceremonies. It will not be easy to get them off the beach and out of the bar. And there will be some impact on the pace of the economic recovery. You cant expand rapidly if there are still restrictions on economic activity. The virus will not go away completely any time soon. There are going to be local outbreaks. There will be local shutdowns. Thats the way it is. Thats what we have to live with. Case closed. But under no circumstances should we shut it down all over again. Once was enough. Look whos here. Charles payne, host of making money with me now. Im saying categorically, absolutely, no second state or national lockdown. What do you say . I agree 1,000 and i think its unfortunate that the media is spinning this as choosing the economy over life. Which is ironic also because despite this socalled spike that we are seeing, stuart, we havent seen it yet and i know deaths are lagging but its going to be interesting over the next two or three weeks as deaths increase, i dont think they will increase at the same rate they see increasing coronavirus cases which could be interpreted as good news, that it has a lower mortality rate amongst young folks. We want people to be responsible and do the right thing but certainly the rationale for shutting down the economy was that a whole lot of people were dying or could die and if that does not turn out to be the case with people 30 years old getting this thing, that it would even be more unwise decision and including all the things you rattled off. Its just, i agree with you 1,000 . Stuart we just reported that there are 17 states which have put on pause or have reversed some of the reopening measures. I put it to you, charles. That has to affect the pace of the economic recovery. Has to slow it down just a little. Yeah, i guess, if you stop people from rafting thats going to hurt us a lot. Im being facetious. Yeah, listen, it hurts the most vulnerable part of the economy, right. If you looked at Small Businesses and with the cash on hand that the average Small Business has, no Small Business group has less money on hand cash than restaurants, so restaurants and bars were already the most vulnerable. This makes them even more vulnerable. Other parts of the economy, i think anecdotally, anybody watching this show will say yeah, this weekend we saw more people out, we saw more activity, even traffic is starting to build up. We see it, we know its happening. As we got to moderate behavior this way, until everyone kind of gets in line, thats fine. Stuart you think you would have been reined in when you were just a late teenager or early 20s if somebody said no, charles, you cant go to the beach . No, charles, get out of that bar. How would you have responded, charles . Be honest. Honestly, at 22, i would have been in the bar. Stuart i i would have been in the bar. Yeah. No doubt about it. I felt invincible. There was nothing i never thought anything could hurt me at all, period. I definitely would have been out there. I would have been one of those knuckleheads. Stuart im sorry to say, charles, i would, too. Look, lets get serious for a second. We have also reported earlier this morning that the mayor of new york city, bill deblasio, has just said yes, he is going to take 1 billion off, out of the Police Department in new york city. Whats your reaction to that . Its just it just doesnt make sense. Its so crazy, this whole defund the police thing. The conversation went from reform to better training, community policing, you know, more involvement, understanding each other better, arresting techniques, to taking money out of the police . Its already, the morale is very low. I dont even know how anyone could be a Police Officer right now, particularly in new york city. Listen, everyone agrees there should be some reforms. To take the money out, you need the money to actually get it in there to get the right professionals in there to work with the communities, to work with the police, to revamp the program. Thats where the focus should be. This is more of a punitive thing than more of a punishment than it is anything else. Stuart its a punishment kind of thing and i really worry about the future of new york city. All cities in america, frankly, but new york in particular. Because we are in bad shape here. Last 20 seconds to you, charles. Well, you know what, i saw worse than almost anybody because i lived in the new york in the 70s. It was never worse than that. I hope we never get back to that. People who lived here for 10, 20 years have no idea how bad it can get. Stuart can i just ask you real fast, what do you think the market is doing with the election . Do you think they are pricing has the market priced in a joe biden win . No, but i think there was some shock and awe wednesday morning when all those progressives won because joe biden can say im raising Corporate Taxes to 28 , all those folks in the aoc crowd are saying no, were not raising them 28 , we will go to 34 , to 40 . I dont know what joe bidens plans are but i can say right now if he wins, hes going to be beholden to these progressives who have all the momentum in the party and thats going to be dangerous for our economy. Stuart im going to be watching fox business at 2 00 this afternoon, charles, because i think thats when you are on and i want to hear more of your analysis on this market. Mr. Payne, we i cant wait. Stuart making money with Charles Payne, 2 00 this afternoon. Thank you. See you again real soon. Thank you, sir. Lets have a look at amazons stock. Earlier it was down. Its still down. Employees at some sites, warehouses in germany, are on strike. Dozens of employees tested positive for the virus. They say the company is not being transparent about this. They care more about profits than workers, et cetera, et cetera. The company is also just announcing it will pay 500 million worth of bonuses for front line workers and some delivery partners. The stock is down 29 bucks but its at 2,663 a share. Tesla. The stock made its debut just ten years ago today. Its also a big week for the car maker as it gets ready to report its Second Quarter sales. Thats this week. It ipoed i think at 16 or 17 a share ten years ago. Ten years ago today. Its now 980 per share. How about that. Restaurant reservations have been on the upswing for weeks. Those numbers, lauren, are they starting to dip a little . Lauren people are skittish about going out in public as infections rise in some parts of the country, and open table is a good way to gauge what people are actually doing. If you look at last weekend, the 20th and 21st, look at that versus last year, reservations were down only 41 . But look how much deeper it was this past weekend because we hear in the news that cases are spreading so this is a good gauge of the economy and the reopening and how people feel about it. Stuart its a tough one. Thanks, lauren. Lets see now. Weve got the latest people are moving around, mobile. I think theres some kind of apple iphone check on how mobile we are these days. What have you got, susan . Susan the mobility data that apple releases each and every week. Over the past week, americans are moving once again, substantially, an increase still of 49 for driving searches and more than 30 , 37 , in fact, when it comes to walking. Still nothing on public transit, not surprisingly since people dont want to be stuck in close quarters elbow to elbow with people. Thats down over 52 . It shows that people are moving and searching for maps and routes as more states reopen. Stuart okay. I guess thats good news. Susan, thank you very much indeed. We still have the dow up nearly 400 points at this stage. Take a look at the airlines. Travel, i think, is picking up. Have you got tsa numbers, lauren . Lauren it is. The Airline Stocks are up today. 633,810 people went through tsa checkpoints yesterday. That is the most since the lockdown rule really took effect back on march 18th. Yes. Traveling again. Stuart i remember in february, i think it was 2. 5 Million People traveled a day. Now we are above 600,000. That is an improvement but we arent back to where we were by any means. All right. Couple years now since deadly crashes grounded the max jet for boeing. Today, the faa will take a major step towards getting those planes back in the air. We will explain whats going on with that. By the way, boeings stock is up. Wall street bracing for the possibility of a joe biden win in november. Its not priced into the market fully yet. Whats an investor to do . We will discuss. Republican leaders signing up for new social media site as criticism mounts against facebook and twitter. We will speak to the parler ceo about the spike in its popularity after this coming break. The best tv experience just got better because now you can watch all your favorite hulu shows and movies on xfinity. Youre only a voice command away from Award Winning shows like the handmaids tale, to new hits like little fires everywhere. And fx originals you can only watch on hulu. Thats just the beginning of what you can experience with hulu on xfinity. Tv made simple, easy, awesome. I appreciate what makes each person unique. Thats why i like liberty mutual. They get that no two people are alike and customize your Car Insurance so you only pay for what you need. Almost done. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Facebook is out of control. Filled with hubris and flagrantly silencing those with whom they disagree. From conservative media organizations to the president of the United States. Im proud to join parler. This platform gets what free speech is all about. Stuart all right. That was texas senator ted cruz and he is not alone in feeling that way. Several Republican Leaders going to this new app, parler, its a social media app. It is billed as an alternative to twitter and facebook. Look whos here. The founder and c. O. O. Of parler joins me now. John, you have a big smile on your face. Im not surprised. What do you offer that twitter and facebook do not . Our main focus is free speech, the idea that theres no political censorship. Its a town square for people to get together and have conversations whether its about politics, about their hobbies or whatever it might be, but you know, without the idea that theres somebody looking over your shoulder saying is that a politically correct view or not, is that the one youre supposed to have, and we really just want to do that while retaining peoples right to privacy, as in we dont sell data and we dont creep on people. We just do what you would expect when you join these platforms. Stuart would you censor anything . Im thinking of a blatantly racist statement right out there, perhaps using the n word, Something Like that. Would you flag that, no, were not going to do that . We have a lot of rules about obscenity, about spam, about nudity and pornography. So the concept is kind of based in the fcc, the idea is think daytime television or think, you know, think if you were out in the middle of new york, you know, in public, what you would be able to say there and what you would do there is likely what we are trying to create here in the platform. The idea is the town square, its supposed to be realistic if that makes sense. Stuart i think, let me make sure this is right, you have added one and a half Million People in one week. Is that accurate . In a week, i think its better by one Million People. We have almost two Million People now. Stuart is it mostly conservatives who are joining . Its mostly conservatives. However, we have seen a large influx of younger very leftleaning individuals, a lot of blm people have actually come to argue with the conservatives who are joining. It seems like its kind of a big movement. They are going well, if all the conservatives are gone, where are we going to go. Stuart have you actually got a debate going within parler . Theres a little bit of i wouldnt call the blm members havent been very, you know, they have been a little bit more aggressive than debating but they are getting to the debate stage. Lets put it that way. Stuart if radicals, the left, joined, would you exercise any censorship of any kind over their political views . The same views apply to everybody equally. Doesnt matter what your point of view is. Thats the whole point of the rules. Thats why its based in obscenity, why its based in the concept of a town square. We dont really care politically what people think. We just want people to have a discussion in a cordial, friendly manner like on a town square and thats it. Share information and communicate with one another. We dont care about your political views. We encourage people to debate. Stuart when you joined us just a couple minutes ago you had a big smile on your face. I take it you are making money. Well, we are not profitable yet. No. We are still growing. Im just happy that we are growing and getting a lot of users on. Its really nice to actually see the Community Coming together like this. Stuart parler. Thanks for being with us this morning. We appreciate it. Thank you very much. Stuart see you soon. Thank you. Now, on the other side of the coin, the facebook ad Boycott Campaign is really growing fast. Susan, tell us, whats the latest brands to join this . Susan talking about dennys joining starbucks, cocacola, levis, unilever, one of 150 big brands saying they will pause advertising on facebook over hate speech and what they call divisive posts. Thats despite concessions, by the way, that was announced by founder Mark Zuckerberg last friday that will now put warning labels on what they call incendiary posts and ones will be factchecked as well with labels. Facebook shares fell almost 10 on friday, recovering today, though, because we started off this monday down over 3 . We are almost back up at par even. The markets are really trying to handicap this fallout from the advertisers. We had facebook recording over 17 billion in sales in the First Quarter of this year. We already know the Second Quarter was going to be tough anyway because of covid for all advertising platforms including social media like facebook but heres what one expert said to you this morning about facebooks impact. Theres going to be a boycott of facebook login and facebook relies on that data in order to basically feed the ad engines that the smaller advertisers need to spend with facebook. Facebook login is actually the big threat for facebook. Susan hes right, we do have mostly small and medium sized firms that advertise on facebook. However, if you check in on the aun ly analyst notes, a lot of them are reiterating the target price on the stock, well above the 200 market. Facebook has over 50 billion in cash on hand still and this kind of feels like what happened in 2018, remember with youtube and brands pulling their ads off youtube. It didnt affect google or alphabets bottom line but it accelerated the policing on the platform. I think if you take a look at the stock action on facebook, i think thats pretty much whats being priced in today. Dont you think . Stuart yes, i do think. I noticed it has come back a little bit. Not all the way back to par but it has been in recovery mode. With 50 billion cash on hand, thats a fine chunk of capital to have. Susan nice position to be in. Stuart well said. Thank you. Earlier we had the breaking news from the Supreme Court. The Consumer Financial Protection Bureau has been declared unconstitutional. I want to bring the judge into this. Look, am i right in saying you think this judgment from the supremes might mean that the president has the right to and the power to fire the chairman of the Federal Reserve . That the way you see it . Well, yes and if i might modify slightly what you just said, introducing this segment, the Consumer Products Protection Bureau has not been declared unconstitutional. It has been determined that the statute, the portion of the statute that insulates the director of the bureau from being fired for any reason but cause is unconstitutional. So the agency remains. President trump can fire the head of the agency, president blank, whoever succeeds President Trump, can fire whoevers in there. So in a very very interesting decision, the Supreme Court said we cant have something in the government that is alien to the constitution and if we create an independent agency and the president of the United States, who is solely the executive branch, cant influence it, that makes that thing alien to the constitution. Wow. Take that language and apply it to the Federal Reserve or the post office or any independent agency, and the president can fire just about anybody he wants and put somebody in there who agrees with him. Stuart whats wrong with that . Nothing. Nothing. Not only is there nothing wrong with it, but if you read the n concurrents by justices thomas and gorsuch, they are suggesting these independent agencies shouldnt be independent. Nothing in the government should be independent. Everything in the executive branch should be subject to the president. Thats the direction that this court might be going in. Stuart that would be quite a change, wouldnt it, if they actually went that far. That would be really something. Thats a revolution. Well, it would. Remember, this all started with the Environmental Protection agency imposing draconian regulations back in the obama years and the Supreme Court invalidated them and our friends on the other side of the political aisle yelled and screamed and yelled and screamed, you cant trust the environment to politicians. We trust the entire government to politicians. The constitution entrusts the government to politicians. Stuart you always get fired up with the constitution. Youre always good at that. Back to the farm, judge. Yes. Thank you, stuart. Pleasure to be with you. Stuart thank you. See you soon. Now then, the dow is holding on to that nice gain, up 400 points. Bottom righthand corner of the screen. Fort lauderdale, miami, closing the beaches for the holiday weekend. Because theres a virus case surge in florida. Can local leaders really stop young folks from getting out there and celebrating on the beach . I will ask the mayor of miami that question. Happy birthday to the iphone. First went on sale on this day in 2007. Coming up, we take a look back at how its changed and what to expect from the new model later this year. More after this. Two things can be true, maria. First of all, we are going to have a strong rebound from the depths of the china virus depression but its also true that we are going to face many years of working our way through these structural adjustments that are going to happen in our urban areas as well as in key sectors like hospitality, entertainment, sports and education. Come november 4th, we are going to be on a significant upswing. Stuart he was laying it out there. Thats Peter Navarro. Clearly he sees a strong economic rebound on the immediate horizon. Jason katz is with us, managing director at ubs. Jason, Peter Navarro sees a strong rebound for the economy. I think you see a fairly bullish rebound for the markets continuing. Make your case. Good morning, stuart. You know, earlier on your show, a guest characterized it really well. We are seeing a tugofwar between the virus concerns and the reopening progress. This past weekend and this past week was a shot across the bow reminding us we can and we will reopen and do it safely contingent on people being smart. Washing our hands, masks, et cetera. The fact of the matter is News Headlines are going to focus on virus fears but as evidenced by todays market reaction, its consumer reaction and consumer business behavior that will drive the market. Stuart youre right. Okay. What about the election . Do you think investors are showing beginning to take the election and look at it, maybe a little worried about a biden win . What do you think . As we see a surge in cases, stuart, the election narrative has crept into the markets. So look, if theres a biden win or if theres a blue wave, you are going to see a few things. Im stating the obvious. You are going to see greater regulation. You are going to see much greater antitrust concerns. And scrutiny, that is. And you are going to see presumably higher taxes, Corporate Tax rates could go up from 21 to 28 . That could hit s p earnings as much as 5 . So look, four months is an eternity with respect to an election cycle. I wouldnt necessarily upend your portfolio. Had you done that this time in 2016, you would have had your head handed to you. Stuart that is very true. But overall, you see no reason to start selling stocks willynilly, changing positions all over the place . Its steady as she goes to the upside the way you see it, is that correct . Without equivocation, i would hold positions where they are. I would use this volatility, any weakness, to start to tilt towards cyclicality, value. You want to look at sectors that have grossly underperformed and can and will rebound when the economy does, whether thats health care, industrials, consumer discretionary. You want to look at value. You want to look at midcap. I wouldnt abandon your growth but start to tilt when you have opportunities like you had on friday to start populating your portfolio in that regard. Stuart jason Katz Broadcasting from a different room in his house today, i notice. We like them both, by the way. Got a lot of interior decorating there. All good stuff. Jason, thank you, sir. See you again soon. Take a look at the market. Look at this. Doing well. Dow is up about 450 points. The nasdaq is up, the s p is up. Thats a nice rebound from fridays losses. I will show you some stocks that are moving the market today. Weve got the airlines, first of all. They have been all over the place recently. Today, they are up despite Goldman Sachs saying it will be a long recovery for the airlines. Southwest is doing particularly well with a 7 gain. Simon Property Group, huge mall operators. They say they are no longer interested in acquiring a Strong Majority in talbin centers. They are still trying to get the deal through. Simon Property Group up 7 today. Full disclosure, i do own some simon Property Group shares. Look at the other retailers which are indeed leading the rally today. Looking at kohls, ralph lauren, my daughter works for them, and l brands, all of them on the upside. Now this. On this day, 2007, apple, the iphone, the first iphone, went on sale. Susan, tell me how things have changed because they have. Susan life changer, i would say. On sale in june 2007 after being introduced in january of that year, 13 years ago by none other than steve jobs. Arguably, the most successful Consumer Product in history, more than 2. 2 billion iphones have been sold since then. If you do the math, i did it at a very conservative valuation, thats a trillion dollars worth of phone sales and if you inflation adjust with compound interest, thats more than a trillion dollars. Iphones still account for more than 50 of apple sales today. But not to mention the ecosystem and the app economy that it now supports. For instance, the apps contributed around half a trillion dollars, thats right, last year, globally and why this company is the most valuable in the u. S. , worth about 1. 5 trillion. Now, i tried to do the math for you and whether or not or how much 100 would have been worth if you invested into apple back in 2002. We had stock splits, 1987, 2000, 2005, 2014. Hard to value but analysts did some of the math and if you had put 100 into apple back in 2002 it would be worth more than 13,000 in october 2019. Not bad, right . Stuart shall we revisit our conversation of earlier this morning where i told you that theres another one i really missed. You want to go back there . Susan well, i also looked back in history and the first shares were sold back in the late 70s, early 80s, just around 40 cents. You want to price adjust it, right . I would have thought you have been around for most of the stocks existence and you might have been tempted to buy in in the near 40 year history of it. Stuart good one. Thats real good. Yeah, i have been around a long time. Thats very very true. Susan maybe in a 401 k somewhere. Stuart my kids said buy apple, buy apple. It was 57 a share. Again, i said no, no, no, no, its too high. Susan youre not really selling the show, you know. Stuart i know. Susan stock info. Stuart i will be quiet. You take over. Hows that . First let me talk to you about boeing. Lauren, come into this, please. Theyve got new look at that stock, up 11 bucks, 6. 5 . New test flights. Lauren wow. Yeah. They sure do. As you know, the 737 max has been grounded for 15 months now. So its set to fly again today, tomorrow and wednesday, very likely after the faa has given the green light for these test flights to resume, according to several reports. They want to know if the changes that boeing has made over the past 15 months to the software and hardware after those two fatal crashes just five or six months apart, if they will actually work. This is very good news for the stock which is down 49 this year. Its up over 6 today. However, its just step one. After that, you need pilot training. After that, international certification. After that, the airlines have to reintroduce the 737 max to the flying public, which is already nervous to fly because of coronavirus. So tough times are ahead but this is a step in the right direction. Stuart its a first step in the right direction. For sure. Lauren, thank you very much indeed. How about this. Athome hair coloring kits are absolute lockdown winners. One of these businesses says they sold one hair dye kit every five seconds throughout the month of may. The ceo of that Company Coming up shortly. First, though, im going to call this a brave warning from the secretary of health and Human Services. Watch this. The window is closing. We have to act and people as individuals have to act responsibly. Stuart despite that, lot of people took to the streets, these are protesters, they took to the streets of miami this weekend. Could that lead to a superspreading event . We will deal with it next. About medicare and 65, ysupplemental insurance. Medicare is great, but it doesnt cover everything only about 80 of your part b medicare costs, which means you may have to pay for the rest. Thats where Medicare Supplement insurance comes in to help pay for some of what medicare doesnt. Learn how an aarp Medicare Supplement insurance plan, insured by United Healthcare Insurance Company might be the right choice for you. A free decision guide is a great place to start. Call today to request yours. So what makes an aarp Medicare Supplement plan unique . Well, these are the only Medicare Supplement plans endorsed by aarp and thats because they meet aarps high standards of quality and service. Youre also getting the great features that any Medicare Supplement plan provides. 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Call today for a free guide. Stuart it is a monday morning rally, all right. The dow is up 430. The nasdaq is up 65. The s p is up 31. I see a lot of green. Look at nikola. That stock is up. They have opened, the company has opened up a reservation for their electric pickup truck. Remember, we had the guy on the show, the ceo, wanted me to go out there and drive one of these things. Well, you can reserve one today. The stock is up 7 . Nikola corporation. Miami and fort lauderdale, by the way, closing their beaches for the july fourth weekend. Thats because florida recorded 5,200 new virus cases just on sunday. With us now, the mayor of miami, francis suarez. Your honor, you have been very good at being open to the media throughout this period. I think we all welcome that. Thanks for being with us today. But ive got this question. Look, you are going to close the beaches july fourth weekend. How do you get young people to follow the guidelines . How do you police this . You know, its going to be difficult, obviously. Its a big weekend. Obviously we have a tremendous amount of people here in our community and its tough. Its been a very tough year in terms of our ability to keep our economy going and keep our economy afloat, given the crises we are dealing with. Stuart are you going to fence off the beaches . Or are you going to have a Large Police Presence saying dont go there, dont do this . How you going to do it . No. We had the beaches closed before. People were respectful of it. We had the beaches closed until right after memorial day weekend. There wasnt any issue. So i dont anticipate there being any issue with actually making sure people comply with it. Stuart its people not wearing a mask, its young people primarily not keeping social distance, theyre not doing the right things, so to speak, and that im sure has helped spread the virus. But what about the protests that we saw this weekend, black lives matter protests, weve got some video of that. I dont see everybody wearing a mask, i dont see everybody keeping distance. Could that also be a way of spreading the virus . Oh, of course. Any large congregation of people. We had protests for two consecutive weeks, three consecutive weekends about two weeks ago and we have 1,000 people or more on the streets almost every single day for two weeks in a row. Our Contact Tracing has not been able to link the protests to new infections but you know, it stands to reason that people being in such close proximity could potentially spread the virus and also could spread it beyond the protests so its not just about when you are at the protest, its about if you get infected, you could go home and infect everyone at your home. Thats also another possibility. Without a doubt, memorial day weekend, the large congregations of people we saw have increased the virus in that age group of 18 to 35. Stuart if you close the beaches, would you consider saying no to an application for a permit to do a protest . You know, a lot of the protests, believe it or not, actually are not with permits. They actually go out there and simply protest. Weve got to look at every possibility of what we can do. A lot of protests are spontaneous so we dont exactly know when and where theyre going to happen. They just sort of happen. About the protests recently, they are much, much smaller. I think the protests the last couple days have been 100 or so people as opposed to 1,000 that we were seeing stuart will you actively discourage the protesters . You know, we are not actively encouraging or actively discouraging protests. Like i said, they are happening spontaneously. We are not really doing anything to promote them or to discourage them. They are just happening and we are managing them and dealing with it. Stuart your honor, thanks very much for coming back to us again. We like to keep in touch with you, see how the progress is going here. We appreciate it. Thanks very much indeed. Thank you. Stuart now, weve got news on the reopening here in new york state. News from governor andrew cuomo. Lauren, what do we have on that . Lauren the new york governor is speaking and hes really blasting the federal government, stuart. He said the federal governments policy was not smart, it rushed the reopening of the country. He also said the federal government has denied the severity of the coronavirus and that was followed by, and this is a quote, abandonment of responsibility. In good news, new york, eight deaths yesterday. Remember when it was about 800 at the peak of the crisis . So what an improvement in new york city and new york state. Stuart okay. That sounds like a direct clash between Governor Cuomo and the president of the United States. Direct, headtohead. Got it. Thanks, lauren. Check the price of look at the gas refiners. There is a group of stocks where some of these companies are i guess you could call them refinery operators. Valero, for example. The average price of gas at the moment is, what, 2. 72 2. 17 a gallon. In mississippi, the cheapest in the land, that is 1. 82. Just to bring you up to speed with the price of oil, the price today is i think 38 per barrel. So there you have it. Thats the energy news. We also have, i believe, the bankruptcy of one fracking company. We will get to that as well. Okay. More news from all sources after this. Its pretty inspiring the way families redefined the word school this year. Its why, at xfinity, were committed to helping kids keep learning through the summer. And help College Students studying at home stay connected through our university program. Were providing affordable Internet Access to low income families through our internet essentials program. And this summer, xfinity is creating a Virtual Summer camp for kids at home all on xfinity x1. Were committed to helping all families stay connected. Learn more at xfinity. Com education. I appreciate what makes each person unique. Thats why i like liberty mutual. They get that no two people are alike and customize your Car Insurance so you only pay for what you need. Almost done. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Stuart with the hair salons closed, the expression i keep hearing is my roots are showing. I dont have enough hair. Okay. All right. Ill come right out and say it. Hair dye is a lockdown winner, bigtime. Madison reed says they sold one hair dye kit every five seconds. Come in, amy. Shes the ceo of madison reed. Congratulations. Thats remarkable. Thank you so much. Stuart have you permanently changed Consumer Behavior . Because look, before the lockdown, you went to the hairdresser to get your hair dyed. Now youve got to stay at home. When the lockdown is done, you think you will keep a lot of that extra business that you got . Yeah, i think we changed a lot of behaviors and opened up the possibility for a great product to be used at home. So were very excited. We are seeing still really elevated sales and continuing to keep significant number of customers that joined up during the shelterinplace. Stuart do you think there could be, though, a sales dip when the lockdown ends completely . Well, our business is really predicated on subscriptions, stuart. So you know, we believe that we will continue to see strong sales and we continue to be super excited. We also have ways customers can go and have color applied for them in our retail stores. We are also seeing that business to be very strong during this period of time. Stuart okay. Am i right in saying youve got some new products coming out for hair dye for men . Is that true . Absolutely. Today, we launch madison reed mister, which is mens hair and beard dye, and we are super excited about it. Stuart is there any difference between the colors offered to women and the colors you are now about to offer to men . So the mens product is a semipermanent gray blending product which is just a completely different product than most women use, which is permanent hair color. So they are very very different. Stuart but its basically to get rid of the gray, is that true . It is. It is to get rid of the gray for beard and for hair and we launched it this morning. We are super excited about that. Stuart could you turn me into a blond . Absolutely, if thats really what you wanted. I would be happy to have us work with you on that. Stuart not sure the viewers would appreciate that. Amy i dont know. I just want to say congratulations, amy. Its a remarkable performance of your operation and i think you have really capitalized on something thats going on here. We appreciate you being here. Thanks very much. Thanks for having me. Stuart sure thing. Okay. Just got to get this one headline in. Broadway theaters will remain closed through january 3rd, 2021. How about that. More varney after this. On your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter trading technology. Stuart tell you the bad news for new york city in particular, just flowing thick and fast. We moments ago that broadway theaters will remain closed at least through january the third next year. The theater business is a Huge Industry in new york city. It will be out completely for much the year. That is bad news number one. Number two, i call this bad news, mayor de blasio, says yes, he will take a billion dollars out of the new york Police Department budget. A billion dollars right out of it. Then earlier we got news and lauren brought us this news about people who work at home not going back to the Office Building in new york city. What is the proportion, lauren . Lauren 40 t was a harris poll. 40 of workers are only working from home right now. A lot of people would say i want the parttime situation. I can go into the office some days, stay at home on others. You might save on child care, come muting, still get the facetoface interaction. Stuart that is huge. New york city has a real problem on its hands and it got a lot worse today. The dow is up 370. Neil, it is yours. Neil i was thinking that, stuart, by extension, radio city music show and that is a tourist attraction. Very sad news. Thank you, my friend, very much. Were following up on a lot that stuart outlined here. But new york city is slowly reopening but we emphasize slowlily. Stuart outlined what is happening on the broadway front. Maybe phase three that could include Indoor Dining in new york city could be pushed back. That may be a mixed signal were getting out of new york city mayor,l