Transcripts For FBC Varney Company 20240712

Just hours before the hearings and one day before they tell the world how much money theyve got, all their stock prices are on the upside. All right. Now to politics. Joe biden says he will announce his Vice President ial pick by the end of next week. Its probably the most important veep selection in history. Hes 77. Hes forgetful. Occasionally unfocused, and he does not campaign vigorously. If he wins in november, who will really run the country . We will find out. Getting back to classroom learning. Looks unlikely in many parts of the country. That means parents scrambling for child care and lower educational standards. The American Federation of teachers says their members will strike if safety is at stake. They dont want to go back. The unions president will join us shortly. As you look at the early market action, remember there will be a Federal Reserve News Conference this afternoon. That will give us a hint as to how much money they are going to print and how long Interest Rates will stay at rock bottom levels. The dow up 45, maybe, s p on the upside, nasdaq gaining about 60 points. Better stay there. In a few minutes, the president leaves the white house for a trip to texas. Odds are he will take some questions from the media. You dont want to miss that. Varney company is about to begin. Stuart first off, just take a look at boeing again this morning. President trump has announced theyve got a big deal to make drug ingredients. Its become a Pharma Company but look at it go, up again, up 200 yesterday, up another 100 this morning. 16 bucks a share. By the way, the ceo will join us in our next hour. Heres another winner, the chip maker, advanced microdevices. Revenue up 26 last quarter and they have raised their revenue outlook for the year. That stock is up a whopping 10 . Big gain for a chip maker. Starbucks, the pandemic beat them up. Same store sales down 40 last quarter. They lost 3 billion. But they are banking big on Curbside Pickup at about 1,000 stores, and thats put the stock up nearly 5 . Some big movers today. Now, heres the story of the morning. The stceos of the crown jewels american businesses testifying to the house judiciary committee. Apple, amazon, facebook, google. Susan, what are we going to hear . Susan they are all sounding very patriotic, branding themselves as American Companies and basically the products of the innovation and freedoms that america provides. Lets take a look at the Opening Statements already posted on the websites and released to the public. Jeff bezos sounding very personal in his remarks. He says in fact amazon has made billions of dollars of failures, failure inevitably comes along with invention and risk taking, which is why we try to make amazon the best place in the world to fail. We know jeff bezos, this is the first time testifying on the hill. As for apple, tim cook says apple is a uniquely American Company whose success is only possible in this country. Mark zuckerberg of Facebook Says im proud that we stand for american values, like giving every person a voice and expanding access to opportunity. But there is no guarantee our values will win out. Sundar pichai of google saying competition always sets Higher Standards for privacy and security. Ive always believed that privacy is a universal right and should be available to everybody. Google is committed to keeping our information safe, treating it responsibly. This will be very interesting because combined market cap of all four of these companies is bigger than germanys economy at 5 trillion. Net wealth on that panel will be around 265 billion. They will be looking at jeff bezos and zeroing in on him, first time testifying on the hill, something reportedly hes been trying to avoid. Stuart hes on deck today. Susan, thank you very much indeed. Market watcher shah gilani joins us. Shah, can you explain why all these big tech stocks, they are going to appear at the hearing but the tech stocks this morning are up. Why so . Its still early, stuart. I hope they remain up. I think they are probably up because theyve got earnings coming out tomorrow and i think they should all beat or do well. But im not so sure they will have an easy day today on the hill or virtually at this house subcommittee hearing. I think they are going to be held up as bad examples of everything that is wrong with those companies, including maybe even the ceos themselves. It will be a real political show, unfortunately, and really how these ceos answer the questions i think is going to be a determining factor in how investors look at their stocks over the next couple of days, certainly through earnings and through the rest of the week and as we go into the election, because i think we may get a picture today from the house as to what they may push for right up to the election. Stuart but regardless of the criticism and regardless of what their defense is, nothings going to happen to them for a very long time to come, because theyve got so much money, so many lawyers, so many lobbyists, they can delay any nasty action against them for years, cant they . Yes, youre absolutely right. It doesnt mean investors wont want to take profits off the table. The tech stocks have had a tremendous run off the march lows and they are starting to look a little bit tired. I think they are at a point, and this is a very particularly important week because of the hearing, because of the earnings, they are actually all at a point where they could probably lose anywhere between 3 and 10 if investors decide to take profits off the table. Im a bit concerned this week that that could happen. Stuart but do you think its likely, 3 to 10 down for these big techs likely . No, not likely, stuart. Possible, yes. Probable, no. But the investor in me doesnt matter what happens. You hold on to these things, they are going a lot higher. The trader in me says if i can get them another 10 lower, i certainly would. Just because of where they are, how they have traded for the last two weeks, technically, the way i look at the market, these are slightly vulnerable coming into today, coming into earnings tomorrow. Stuart got it. Shah gilani, thank you very much indeed. See you soon. Lets go to boeing. They did report their position this morning. Lauren, first thing i know is they lost a lot of money. What else . Lauren they lost 2. 4 billion and said they are going to slow jet production as their customers, the airlines, are also reporting steep losses because of the pandemic. Demand is down for the grounded 737 max. Major problem for the airlines for the jet maker but also for their more expensive dreamliner. Those are popular on International Routes but demand for that is anemic right now. Revenue fell 25 in the quarter to 11. 8 billion but take a look at the shares of boeing. They are up 1. 5 today because investors arent totally disappointed by this report. If you look at the level boeing is trading at, its about half of what they traded at last year. Stuart i happen to know, lauren, i know that to my own cost, by the way. Lauren i know. I know. Stuart okay. I wont repeat it. All right. Now, next, we have this. Im surprised to see this. Mortgage applications dropped last week, down 2 from the week before. John lonski is with us. Hes a guy from moodys. John, you are our guy talking about real estate. Up until today, we talked about real estate really being a strong part of the housing recovery. Now weve got Mortgage Applications down 2 week to week. You read much into that . Nothing, stuart. We know that one weeks worth of data does not constitute a trend. Might i add that despite this weekly decline, we are still up by 68 from our low back in early april of this year. In fact, for the latest reporting week, july 24th, home buyer Mortgage Applications are higher by 21 . Housings recovery remains intact. Stuart give me a big picture deal here for a second. Because weve got congress debating another stimulus package. Weve got the Federal Reserve looking at Interest Rates and printing money. Do you have any doubt that the governments going to spend much more than a trillion dollars and the fed will keep on printing money for a long time to come . In other words, do you have any doubt that more massive stimulus is on the way . As long as we have a significant number of covid19 cases, i can guarantee you that youre going to be getting more fiscal stimulus from washington. Perhaps eventually you will get another trillion dollars or so on top of the trillion dollars recently suggested. Youre going to see the government budget deficit as a percent of gdp approach world war ii levels between 15 and 20 . Mortgage yields, i mean, Interest Rates in general, are going to remain low indefinitely as the fed keeps the federal funds rate close to 0 until a now double digit Unemployment Rate drops down to roughly 5 . That may not be until 2023 at the earliest. Stuart housing boom, lots of stimulus money, sounds to me like a positive for the market. Yes . Yes, it is. Believe it or not, very quietly, there is this phlx index of housing sector share prices, for the Third Quarter to date, thats up by 13. 8 . Nasdaq is up by only 3. 4 . In the second quarter, that housing sector share price index, up 41 . That beats the 31 increase posted by nasdaq. So the equity market is very much looking for a substantial rebound by housing, by housing related spending, on Building Materials and whatnot. Stuart john lonski, thank you very much indeed. On that note, look at where the markets going to open this morning. We are going up again. I see green. Its not a huge rally by any means but the nasdaq is going to be up about half a percentage point. Big tech is looking good. Looks like politico may have jumped the gun after publishing and quickly deleting an article which announced Kamala Harris as joe bidens running mate. The original post even had a direct quote from biden. We are covering that. On capitol hill, sparks really flying during attorney general bill barrs socalled hearing. Watch this. Weve only got two minutes, sir. That they recognized mr. Barr but this is a hearing. I thought i was the one that was supposed to be heard. Im aware of protests reclaiming my time. Does it have mr. Barr, i will get to that. Stuart a lot more where that came from. The democrats didnt even let him speak. Chairman nadler wouldnt let him take a fiveminute break. The full story coming up for you. As the big tech ceos testify today, the ceo of tiktok is out with a scorching statement slamming facebook. We will show it to you next. It was 1961 when nellie young lost her devoted husband. Without him, things were tough. Her last option was to sell her home, but. Her home meant everything to her. Her husband had been a High School Football coach and it turned out, one of his former players came up with an answer. A loan, created just for older homeowners. And pretty soon, nellie young had one of the first reverse mortgages. Discover if a reverse Mortgage Loan is right for you. 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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 maybe it could mean as mucsimon pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. Touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. Stuart big tech ceos testifying later. One of them, Mark Zuckerberg and now the ceo of tiktok has released a scorching statement which really slams facebook. Hillary vaughn, whats he saying . Reporter whats interesting is as facebooks Mark Zuckerberg is going to make the case to Congress Today that they have plenty of competition and that they dont use their dominance to squash their rivals, one of those rivals, tiktok, their ceo is coming out with a blog post this morning thats essentially saying the opposite, saying that facebook has been on a mission to make sure that they eliminate their rising competitor by trying to make the case that tikt tiktok, whose Parent Company is based in china, is essentially unpatriotic. The ceo saying quote, lets focus our energies on fair and open competition in service of our consumers rather than maligning attacks by our competitor, namely facebook, disguised as patriotism and designed to put an end to our very presence in the u. S. Tiktoks ceo also makes the argument that they are apolitical. They are basically one of the only social media platforms that advertisers have access to that does not take advantage, does not take profits from political ads. Thats a topic zuckerberg will address today because they have faced a lot of criticism of how they regulate those political ads on their platform. Today he will argue that they should not be the ones making the tough call. Stuart . Stuart hes not the only one who will go after facebook later on today. Thank you very much indeed. This just coming at us. Philadelphia schools will go virtual until at least november. The superintendent says they received a lot of criticism for the original plan which was to send kids into school for just two days a week. The superintendent told parents virtual schooling would not be for the full year. That, he said, would only hurt students. A Teachers Union representing 1. 7 million teachers will support teacher strikes if returning to the classroom for classroom learning is not deemed safe. Randi weingarten is with us, president of the American Federation of teachers. Welcome to the program. Great to see you again. Let me put it to you, can i just put it to you from the point of view of educating children. It seems to me that virtual schooling has not been a success, its hurting minorities most, and its keeping some kids at home, some of them in abusive situations. Now, under your strike threat, they will be out of school for a very long time and i think their education suffers. Whats your response . So look, we actually agree with you, stuart. We think that we should be back in school and frankly, in april, we put out the first report about how to get there because we know that Remote Learning doesnt work, and frankly, before the surge resurged and before mr. Trump and betsy devoss recklessness in july, 76 of my members polled in june thought if we got the federal funding and we could make it safe in those places where the virus had been contained, we could actually get back to school in a hybrid model. But all heck has broken out in the last few weeks, particularly in places like florida, california, texas, and thats part of the reason why you see texas going back and saying lets wait for us to contain the surge. Thats why youre seeing that in california. Thats why you should be seeing that in florida and in philly right now, where they were trying to do that, whats happened is they cant get the ventilation systems so that theyre safe right now. They cant even get soap so that kids can wash their hands. So thats why we are trying in these kind of places to start remotely and then get back to school. We want to be back to school. We need it to be safe. Stuart okay. Look, i think we are in agreement here, which is kind of unusual for you and i, but nonetheless, i think theres some agreement here. But to me the bottom line is that we are not going to go back to classrooms. I know theres very good reason for it. But were not going back. The bottom line is that for the rest of this school year, most children will not get the education that they deserve. Now, we can apportion blame left, right and center but that is the bottom line. I wouldnt say its for the rest of the year. We have dr. Fauci last night at a town hall meeting, 100,000 of our members watched him. I asked him that question. I asked him the question about a vaccine. When youre hearing districts like houston or districts like philly talk about this, theyre talking about starting this way. There are some other places we are talking about, if we can make it safe, bringing teachers together at the beginning of the year, like in new york in classrooms to work together. In massachusetts, in classrooms to work together. In puerto rico, they are bringing teachers in to do the Remote Learning because there is better equipment in those schools than others. Its just that we have to do both because what happens, just like in baseball, where they have all the testing, where they spared no expense, you see what happened in terms of kids testing positive. We want to be in school with kids. I cant emphasize that enough. But we have to make it safe. Stuart okay. I think were going to agree to slightly disagree which is most unusual but very well put, randi. We really thank you for being on the show today. Come on back. This is a very important subject. Very important. Thank you. Stuart it really is. Quickly, check the market. This is how we are going to open this morning. A small amount of green. Let me put it like that. The nasdaq is going to do very well. Well be right back. My name is janelle hendrickson, and im an area manager here at amazon. When you walk into an amazon fulfillment center, its like walking into the Chocolate Factory and you won a golden ticket. Its an amazing feeling. My threeyearold, when we get a box delivered, he gets excited. He screams, mommys work when the pandemic started, we started shipping out all the safety stuff that would keep the associates safe to all the other amazons. All of these are face masks, weve sent well over 10 million gloves. And this may look like a bottle of vodka. When we first got these, we were like whoa [laughing] with this pandemic, safety is even more important because theyre going home to babies, theyre going home to grandparents. So, our responsibility is to make sure that they go home safe every single day. Stuart im showing you netflix. It is up this morning because they absolutely cleaned up at the emmy nominations. Tell me more about it, lauren. Lauren well, they spend a lot of money and it is paying off, stuart. Netflix spends more than any competitor to make their content and it earned more emmy nods as a result. A record 160 for netflix compared to hbos 107. Okay. So how much did netflix spend last year . About 15 billion. This year, more than 17 billion on content. Thats five times more than their closest competitor, hbo. So the bottom line is, it is expensive to compete in streaming. Stuart yeah. The stock is back to nearly 500 a share. Good stuff. Susan, tell me about the competition. Susan its heating up. We know netflix has a lot of streaming competition and more coming online this year. Lets take a look at the latest subscriber numbers. For instance, Nbcus Peacock launching this month, 1. 5 million Apps Download in the first six days of this year. Thats 20 more than quibi during that same period. Hbo max reported over 4. 1 million subs in its first month, less than what disney did, since they had ten million in their first week out. Disney tv we know is booming, over 54 million subscribers at the end of the First Quarter. We know compelling content is whats driving paid subscribers. Awards do help but money probably counts more since we know netflix spent about 15 billion on content which is pretty much how much they make in sales. Thats how it is, money, dollar, eye balls. Stuart money talks. It really does. It makes the world go round as far as im concerned. They are all doing well this morning, all the streamers. Now look at moderna on your screens now. Controversy over the price of their vaccine, lauren . What have we got . Lauren this is a tough one. Moderna wants to sell the twodose vaccine for 50 to 60. Pfizer is looking to sell it for about 40. Heres the rub. Astrazeneca signed a deal with europe, 3 to 4 a dose. So moderna [ inaudible ] about a billion dollars in federal money to develop its vaccine. There are so many factors that determine drug pricing, the timing, the strength, the competition, and it raises the question, should Companies Profit from their covid vaccines. They are on different spectrums with this. It depends. Stuart especially when you get 1 billion to develop the vaccine in the first place, then youve got a relatively high price when you sell on it the market. Its an interesting question, is it not. We will get to it later. Lauren it is. Stuart i dont think theres an answer to that question. We just presented reality. We are about 15 seconds away from the opening of the market this wednesday morning. That means any moment now, you will hear the bell ringing. There we go. We are going to open probably in the green for all three indicators. But its going to be all eyes on big tech, because four of their top executives testify today. Here we go. Its 9 30. Were off and running. Right from the start, weve got a very slight gain for the Dow Jones Industrial average. Moving on quickly to the s p, please, because we dont have that much Stock Price Movement this morning. Although the s p is doing okay, up. 33 . The nasdaq, thats going to do well. The nasdaq this morning is opening with a gain of. 66 . They are moving up. Lets go back to big tech. All of them on the upside. Those four companies, their chief executives will appear today, being questioned by the politicians. In advance of that questioning, which may be harsh, those stocks are up. All right. Look at spotify. They reported a deeper loss, a deep loss, i should say, down 5 on the stock price now. Theyve got 299 million monthly active users, 138 million paying subscribers. The stock is down 5 . Boeing reported earlier. They lost 2. 4 billion. Revenue down 25 . All thats expected because of the virus. The stock is up a fraction, 60 cents. General motors, they reported a small profit. Vehicle sales down more than 30 compared to last year. Again, all expected because of the virus. The stock is up 1. 4 . Now, the most interesting stock story to me is kodak. Talk about a resurgence. What, up 200 yesterday, up 128 this morning. They have become a pharmaceutical company. Thats whats going on here. Lauren, what did the president say about them . Lauren yeah. This is amazing. 130 on top of yesterdays 200 surge. Well, the president announced a major deal to move generic drug ingredient manufacturing back home. Today my administration has taken a momentous step toward achieving american pharmaceutical independence. Very very big, big step. A focus of our campaign to bring americas critical supply chains and medical manufacturing back to the usa. Lauren the award for kodak, 765 million. They do have to pay that back. The benefit, little reliance on china and this is quite honestly a new lifeline for the photography pioneer and investors are celebrating that. Stuart i asked my grandchildren, ever heard of kodak . No, never heard of kodak. Never heard of them. Lauren yeah. They were hurt by the digital camera. Stuart they certainly were. Lauren, thank you very much indeed. Im going to put on the screen another winner for you this morning, amd, advanced microdevices. They have very big numbers reported this morning and a bright future. Whats the bright future, susan . Susan at the expense of intel. Amd looks to be hitting on all cylinders, better earnings, raising guidance for the full year. Thats pretty rare in this coronavirus age, dont you think. They make these chips that go into pcs for computing and also data centers. Microsoft, sony are some of their big customers and they are probably going to increase their orders given that intel is now delaying their next generation computer chips and that means more customers and more orders for amd. I should note that amds ceo, first woman to top the fortune ceo pay list last year. She took home nearly 59 million. Just to get back to that Eastman Kodak story, dont you think thats probably the biggest pivot in history and probably whats happening with amd, pivoting away from intel to amd chips instead. Stuart i find the kodak stuff astonishing. We never mentioned them for months and even years. Never even mentioned them. Suddenly the stocks up over 300 , nearly 400 . Susan i think we mentioned them as a cautionary tale, meaning you dont innovate, thats what you become. You become Eastman Kodak. Look, i think they are taking that to heart right now, taking their own advice. Stuart i think they are. Thanks, susan. Next stop, starbucks. Okay. The virus hurt their sales but the stock is up nicely this morning, 3. 6 . Lauren, this is all about Curbside Pickup, isnt it . Lauren speaking about pivoting, yes. They have pivoted to Curbside Pickup and they will now offer it at 1,000 more stores. But this is the worst loss, numbers were bad, worst loss for starbucks in over a decade. Their same store sales globally fell 40 . It gets a little bit worse for the company. It resulted in lost sales of more than 3 billion in the quarter and starbucks had to pay workers more money to come in, and their same wages to stay home. Guess how much that cost them . 350 million in the quarter. Stuart 350 million. My goodness me. Lot of money. Got it. Lauren paying you to work and stay home. Stuart right. All right. We are five minutes into the trading session. Heres where we are. Dow is up 44 points. Just look at that level, 26,400. The tenyear treasury yield this morning is. 57 . The price of bitcoin sorry, gold, lets do gold first, gold, 1977. Getting pretty close to 2,000. The price of a bitcoin, one bitcoin, 11,120 this morning. Oil, not much of an indicator these days. 41 a barrel. Show me fire eye, please, a cybersecurity company. It reported this morning. Susan, whats this, another pandemic winner . The stocks up. Susan record earnings, yes. Cybersecurity is a hot sector and probably more important than ever this year, especially as you saw and probably exemplified by that embarrassing twitter hack earlier this month. Firee fireeye, its not just them in the cybersecurity space thats doing well. Take a look at crowdstrike, up 2. 5 . Another pandemic winner. This stock is also by the way doubled so far this year. When we are talking about an Election Year in 2020, cybersecurity is probably more important than ever, especially as more companies are having to work online from home. So you can imagine they are all pandemic winners. Stuart you know what, its been awhile since we heard of a major breach or a million person hack. Been awhile since we had that. Susan i think its also, we did have that twitter hack, probably one of the biggest in social media history, right . That was embarrassing and also a sign that your private messages are not safe on twitter and you need to increase your security. Stuart thank you, susan. I had forgotten that. Thank you very much. All right. We are still up but only just. The dow is up 19 points, 26,400 or thereabouts. The Miami Marlins now pushing their season i dropped it. After more players test positive for the virus. Does that mean the entire baseball seasons in jeopardy . We are going to discuss that. What a mess. Don jr. , donald trump jr. , that is, lashing out at twitter for suspending his account after he tweeted about hydroxychloroquine. Roll this tape. Im not a doctor. I didnt claim to be. I just put something out there that challenged the narrative and because i have a large platform, im canceled. Stuart does he have a point . We will debate it. Speaking of twitter, its going to be a big day on capitol hill with big tech ceos testifying before congress. My next guest believes it will be quote, a day of reckoning. How about that. Well be right back. 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. So when it comes to screening for colon cancer, dont wait. Because when caught early, its more treatable. Im cologuard. Im noninvasive and detect altered dna in your stool to find 92 of colon cancers even in early stages. Tell me more. Its for people 45 plus at average risk for colon cancer, not high risk. False positive and negative results may occur. Ask your prescriber if cologuard is right for you. Im on it. Thats a step in the right direction. Stuart the big story of the day, those four tech titans testifying today. Our next guest has been watching them all very closely for years, and he says their day of reckoning is finally here. Thats his quote. Come in, matthew taylor, hes the director of the creepy line. That is a movie which really took the social networks to town. Matthew, welcome back to the program. What do you mean by the day of reckoning is here . Tell me. Look, we all remember in 2018 when google was invited to congress and they didnt show up and it was the famous empty chair. They disrespected their users, their breaches and all sorts of privacy issues, and they basically completely ignored the governments calls to rein in their bad activities. I think this is a show of force, because you know, usually they will bring one or two in, they will bring in Mark Zuckerberg. This will be bezoss first time sitting in front of congress. But to bring them all in at once and sit them all down at once, that is a massive, massive show of force from the government saying look, were not messing around anymore. There will be no empty seats there today. Stuart but whatever the government wants to do with them, will be delayed for years and years and years because those four companies have, what, 434 billion in cash. You can buy a lot of lawyers and a lot of lobbyists with that. So nothings going to come of these hearings in the immediate future. Nothing at all. Or what . Will you go at me on that one . Look, i agree. I think that trust but verify. The problem is that they can ask questions but they cant get into the system to see if theyve done anything or changed anything. The best thing that a lawmaker can do is break them up but in my opinion, i think breaking them up is very dangerous. I think large parts of our economy have integrated with these companies to a point that if you broke them up, for example, what does that do, what happens with health care, traffic lights and all the other systems they have integrated into . Congress is really going to have to come up with new solutions, not standard oil style solutions, because these are not those kinds of companies. Stuart i want to move on to another issue you talk about, and that is the censorship of conservative posts. Donald trump jr. s twitter account was suspended for 12 hours because he put out a post about hydroxychloroquine. Heres what he had to say about it on tucker last night. It was very nice watching the people from cnn or msnbc because jake tapper himself, a few weeks ago, posted study finds hydroxychloroquine helped coronavirus patients survive better. Now, why is jake tapper not spreading misinformation but i somehow am . Again, im not a doctor, i didnt claim to be, i just put something out there that challenged the narrative and because i have a large platform, im canceled. Stuart isnt it part of a situation here where conservatives are frequently censored on twitter . Well, look, this situation is particularly hilarious to me because, and most of the time i say yes but heres the deal. With covid and coronavirus, the Scientific Community still doesnt actually know a lot of things about this virus, so how can twitter make up standards about what is true and not true and only then apply them to, say, don jr. So it is an evolving topic and to say you cant post this video and you cant post that video has to evolve as well, or not evolve at all. Its twitter and theres a lot of things that lap happen on twitter, so i do think its targeting but the coronavirus and covid, i think that this is particular since the Scientific Community is just as clueless as twitter. Stuart okay. We will end it right there. Matthew taylor, thanks for coming back. See you again soon. Thank you for having me. Stuart a related story about tiktok. Their Parent Company is beijings bytedance. They want to sell a majority stake in that company. Susan, whats the valuation price . I know its huge. Susan 50 billion. Thats bigger than snap which is currently sitting at 33 billion. This latest number comes from reuters but there have been numerous reports that bytedance, their early investors are really chomping at the bit to take tiktok off bytedances hands. Its a hugely popular viral music app, away from its chinese owner. Tiktok broke records for downloads the First Quarter, downloaded over 2. 2 billion times globally at last count and its expected to bring in around 1 billion in sales just this year. As you know, the u. S. Is considering a ban. We just heard from President Trump which will be in the play back that hes considering maybe making a move sometime later this year on National Security risks. However, i would caution on these reports that bytedance, yes, its the worlds most valuable startup at 140 billion, but they have bragging rights here because they are the only Chinese Company that has been able to crack the u. S. Market. You think they are going to give that up that easily . I dont think so. History has shown they are wresting apps away from original ownership does not work. Think of myspace and tumblr and how those failed. Stuart the president did say hes looking at tiktok, i think. Looking at it closely. Susan looking at it closely. Again, dont you think if you have bragging rights, you have that above every other Chinese Company, are you going to give up your big money maker in the u. S. That easily . Stuart understood. But is it worth 50 billion, a majority stake in the company, if they are banned from the United States . Susan okay, no. If they are banned from the United States, no, they are not worth 50 billion. I think people are playing it that the entire blanket ban is not going to happen, especially when you have so many users and its so popular in the u. S. Stuart youre right, but to me, its just extraordinary that the expression 50 billion should appear out of nowhere for Something Like tiktok. I cant get my arms around it. Youve got a Global Market and i cant quite wrap my arms around that. Havent got used to it yet. Susan let me ask you this quickly. We have that big tech hearing at 12 00 noon today and i was just listening into your last interview. Dont you think that the tech ceos are a little more insulated with four of them there . Thats what they wanted. They didnt want individual questioning because if you take a look at bill barr yesterday, he takes all the heat from the subcommittee but if you expand it over four, that means you have more cover. Stuart i think you are absolutely right. It was a show of force by the government to bring them all in, but all four of them together gives them sort of collective security to some degree, maybe. Susan, thanks very much indeed. Next case. It appears that democrats were not very comfortable letting attorney general bill barr speak at his own hearing. But we will let you make that judgment. Roll tape, please. Reclaiming my time, mr. Attorney general. Reclaiming my time. Reclaiming my time, mr. Barr. Reclaiming my time without political bias. Reclaiming my time. Reclaiming my time. Stuart reclaiming my time without political bias. Got a lot more of that for you coming up soon. Another look at gold, please. Its done very well recently. Nearly 2,000 bucks an ounce. My next guest says this is a once in a generation buying opportunity. However, please remember our guest is a gold miner. Well be right back. The new house is amazing. So much character. Original crown molding, walk in closets. We do have a ratt problem. Round and round with love well find a way, just give it time. At least geico makes bundling our home and Car Insurance easy. It does help us save. Round and round with love well find a way, just give it time. Round and round what comes around, goes around. For bundling made easy, go to geico. Com stuart here is the president speaking to reporters just moments ago. Listen in, please. The courthouse very well secure. We have done a fantastic job. We hear all sorts of supports [ inaudible ]. We told the governor, we told the mayor, secure your city. If they dont secure their city soon, we have no choice. Were going to have to go in and clean it out. We could do it very easily. We are prepared to do it. They need to clean out their city and do their job and get rid of the anarchists [ inaudible ]. Thats what they are. Theyre not protesters. They are anarchists and agitateors. We have many in jail, many of them have been put in jail. Its going to be a long sentence. They need to clean out their city, do it right or were going to to do it for them. Would you like to Say Something about that . As of now, were very far apart. [ inaudible ]. We want to work on evictions so people dont get evicted. Work on payments for people and the rest of it, we really dont care, we want to take care of the people. The democrats arent taking care of the people. The payments arent enough. The payments arent enough. You understand that. Theyre not making the payments high enough. The democrats are not taking care of the people. Nancy pelosi takes care of herself but she doesnt take care of anyone else. Look at whats going on [ inaudible ]. With schumer and pelosi [ inaudible ] take care of the people. In the meantime we ought to stop evictions because that expires very soon. We want to stop the evictions. [ inaudible ]. Reporter are you going to pass a short term bill . Are you saying you want to pass a short term bill . I didnt hear a word youre saying. Reporter are you saying you want to pass a short term bill . [ inaudible ]. We want to take care of them now. The rest, well discuss later. They want bailout money. The democrats ran cities terribly. The cities are going down [ inaudible ]. You look at whats going on in seattle. Democrat run cities, whether you like it or not, they are terribly run and they are always overtaxed so they tax them too much and they run them poorly. We dont like that. What we want is we want to take care of people. [ inaudible ] most of the country is very well run. Youre watching portland, youre watching seattle, youre watching new york where they had a 400 increase in crime. 400 . My city that i love, that i l t left, had a 400 increase and its unacceptable. Most of the country is very well run and republican cities are very well run and its a shame to reward badly run radical left democrats with all of this money that theyre looking for and cities that throw it away on cities that are poorly run. Reporter what about the fbi money . Reporter are you confident that [ inaudible ] . I told you, i read about it, i talked biabout it, colin powe says its not true. Colin powell is not exactly somebody im a big fan of. Colin powell says its not true. Other people say its not true. If it were true, i would be very angry about it. You look at russia, russia became russia from the soviet union. They lost a fortune and a lot of people. A lot of people. So i dont know why they would be doing that but i would certainly take that under. President trump i would spend appropriately. Nobody ththats been tougher on russia, nobody has been tougher on china, nobody has been tougher on iran than me and it is not even close. Everybody knows it. Nobody has been tougher on russia, china, or anybody else than me. Including our allies, nato, who i got to pay stuart i was getting seasick as the shot moved around all over the place. I couldnt quite hear everything that was being said. We had to drop that. I apologize. President is saying to the big city mayors if you dont secure your city, well do it. They are a bunch of agitators and anarchists, and well clear it out. That is what he said to the nations mayors. Well have lot more varney after this. 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. Other mortgages are paid each month, but with a reverse mortgage, you can pay whatever you can, when it works for you, or, you can wait, and pay it off in one lump sum when you leave your home. Discover the option thats best for you. Call today and find out more in aags free, noobligation reverse Mortgage Loan guide. Access taxfree cash and stay in the home you love. Youve probably been investing in your home for years. Making monthly mortgage payments. Doing the right thing. And its become your familys heart and soul. Well, that investment can give you taxfree cash just when you need it. Learn how homeowners are strategically using a reverse Mortgage Loan to cover expenses, pay for healthcare, preserve your portfolio, and so much more. Look, reverse mortgages arent for everyone but i think ive been round long enough to know whats what. Im proud to be part of aag, i trust em, i think you can too. Trust aag for the best reverse mortgage solutions. Call now so you can. Retire better stuart 10 00 and the Dow Jones Industrial average has moved up a little bit. Maybe because the president told reporters theyrer working on payments for people. The two sides are far apart. Well take care of the people. The indication, well spend government money. Up goes the stock market a little bit, nasdaq, nice gain, 82 points higher. Another big story, kodak, look at this, moving way up again, 200 higher yesterday. Another 160 higher today. I got to tell you weve got the ceo coming on the show very shortly. You got to look at big tech. The ceos of the most powerful companies in the world, big tech names, follow them every day. Hillary vaughn tracking it all. What are they going to say, hillary . Reporter stuart, we got an early look at the Opening Statements. Here is a brief take from each. Well hear from amazons jeff bezos. His first appearance in front of congress ever and he will make the case the pandemic made his competitors like target and walmart, costco even more competitive as consumers go to Online Shopping and things like Curbside Pickup. We also face new competition from shopify, instacart, companies that enable traditionally stores to put up an online store almost instantaneously. Apples tim cook will say one of his biggest competitors is google and their development of android devices. That is big competent are h tore for them. Sundar pichai will talk about free services, maps and gmail. Those are key to keeping main street open and online during the pandemic saying this, nearly 1 3 of Small Businesses owners say without Digital Tools they would have to close all or part of their businesses during covid. Lastly well hear from facebooks Mark Zuckerberg who will make the case he should not be the one making the tough call over what type of products and political ads or discussions are moderated on the site. They want one rule from regulators over when and how content gets moderated. Well hear from that. Stuart, this is about antitrust. Well hear from sources. Hear a lot about censorship and accusations over apples manufacturing footprint in china. Stuart well hear a lot of them being filthy rich. That will come up. There will be nasty questions from the left. Hillary, thank you very much indeed. This is interesting news. Big news, actually. Pending home sales numbers, very important for the real estate market. What have we got, susan . Susan very bullish in the month of june. 16. 6 increase in the month of june. That is the second biggest gain on record after mays 44 surge. We know home recovery is doing well after covid. New home sales also did the same. I think it was like a 13year high because Home Mortgage rates are doing very well. Stuart Mortgage Applications were down ever so slightly last week but, lauren, tell me about refi activity. That is a different story, surely. Lauren up 121 from last year as investors try to lock in lower rates and save money on their mortgages. This is positive part of the market. Overall Mortgage Applications they fellas week. Is that a sign that perhaps the red hot Housing Market is cooling off a bit. If you couple that with the size of the average loan increasing you could make the argument some firsttime buyers are stressed economically and the fed has spiked the punchbowl. The low rates juiced the Housing Market, increased competition with the home prices f youre a firsttime home buyer, you dont know what the next stimulus will be, dont know the status of your job, prices are going up, can you continue to afford a home . Stuart good question, i dont have an answer for you immediately. The market seems to like the surge in real estate activity. Thanks, lauren. Now this. Never has the choice of a Vice President been so important. Joe biden will make his choice within a few days. I dont know who he is going to pick but i do know woman so ever he chooses will exercise far more power than any Vice President in generations. Biden is 77. If elected would be 78 going into the oval office. He is forgetful, occasionally seems confused, not focused or sharp. The Vice President will exercise power, stated politely, she may be president sooner rather than later. Mr. Biden has been pulled to the left by bernie sanders. He and alexandria ocasiocortez have pushed him into the extreme green new deal. If he chooses senator warren as his running mate he goes even further left. If he chooses Kamala Harris other any other black woman he will be wading right into identity politics. Who is really running this campaign . Seems like joe biden is reacting to and appeasing his badly split party. Maybe he has to go with senator warren to keep the socialist wing own board . Maybe he has to go with Kamala Harris to secure a big turn out of africanamerican voters. It is not totally his campaign. It is not centered entirely on him. He is at the top of the ticket, but like never before he has got to share the limelight, share the attention and if elected share the power. This is truly an election like no other. By the way, politico may have jumped gun. They reported that joe biden chose Kamala Harris as his vp. Lauren, they took the post down, what more do we know about this . Lauren i dont know if it was real or a head fake, stuart, but i can tell you they published the article. It was dated august 1st, joe biden picking Kamala Harris as his running mate. There is a quote, she brings her experience as prosecutor, household name recognition and skill as a debater to the ticket. The politico said the article was a placeholder t was published as a mistake. They took it down. On the same day, app photographer joe bidens notes on Kamala Harris she may be number two. Part of notes, do not hold grudges. Harris attacked biden last year on the primary debate on opposition to federally mandated schools desegregation busings. She made amend, she endorsed him and campaigned for him since march. She has household name recognition. She is a good debateter. Stuart we just dont know. We just dont know. We can place our bets so to speak. Thanks, warren. Bring in liz peek. Come back in again. Good to see you again. Good morning. Stuart do you agree with me here that this is the most important vicepresident ial pick in generations and whom so ever he picks will be extremely boyarful . What do you say about this. There is no question, stuart. We know joe biden cant handle a lot of giveandtake with reporters. He isnt really doing many inperson public events. That is going to leave the stage very open to whoever is his number two. There is a lot of speculation that joe biden wont make it threw four years because of his various issues with cognitive deterioration. There is possibility, likely possibility, whoever the vp is will be the next president four years later. Generally speaking president s, or parties get two terms. Yes, i think it is incredit boy consequential pick. I do think biden has got himself into a corner. I think he absolutely has to choose a woman of color. That is why were talking about Kamala Harris. Stuart it will almost be a vote on the Vice President in november, as opposed to just on joe biden . I thinks true. I think voters have to assess a lot of things. Right now joe biden is running as a blank slate. Because he is not out there very much and because the progressive wing of the party has taken such an incredible lead with democrat agendasetting. Weve seen that with socalled unity platform between sanders and biden and also with the very big role being played by elizabeth warren, you know this is the group that is in charge right now, joe biden what does he stand for . He is supposed to be a moderate. Stuart, if you look at the various bills that he has put out there, the platform he put out there, there is nothing moderate about it. I hope voters are paying attention to this and particularly paying attention to the outside chance that the democrats take the senate because there is a whole wishlist of progressive priorities that are barked up in the house that could go through the senate if that happens. I honestly think the country would never be the same. Stuart i think it is called election risk. Weve spoken about it many times. Liz peek, thank you very much indeed. See you soon. Thank you. Stuart back to the market. We moved higher. Maybe it was something to do with the president saying we would spend money. He didnt say it in those words but he basically implied that. Were up 70 points on the dow. Ed yardeni is with us. Can you answer me this question, ed. We have contentious hearings coming up in a couple hours, yet the tech stocks and their executives who will be talked to today, those tech stocks are up. Why is that . Well, congress, washington threatened antitrust moves against the Big Tech Companies before. It has been kind of the chatter in washington, d. C. , for what about, two three years now and nothing really has come of it. I think the perception these are really Huge Companies which is why theyre looked at. They have tremendous amount of firepower in terms of lobbyists and look, i think they actually will make a case there is competition in technology. We always look at some of these Big Companies so you know, theyre taking over the world but there is always up starts that you know, come out of nowhere. So i, i think there, investors will say theyre going to be fine. Stuart i agree. Because you know, they are the crown jewels of american business. Correct. Stuart if we Start Talking about taking them to pieces or reining them in, you will do damage to our economy. I dont think people really want that. I think go ahead. That is reflected in the stock market. 25 of the s p 500 market cap is accounted for a handful of these Big Tech Companies and sew youre absolutely right. Theyre the crown jewels. Stuart thank you. I glad you got my endorsement on that one. Ed i cant remember denany, thank you again. See you soon. Look at kodak. What extraordinary ride theyre having after getting 765 milliondollar loan to make key drug ingredients. The stock is up another, keep looking at this, amazing, it is up another 240 now. It was 200 yesterday. That is quite a performance. 27 bucks a share on kodak. The ceo joins us later this hour. Baseball, on the brink. Miami marlins taking a break to deal with the Virus Outbreak. 15 players infected. Is the entire baseball season doomed . I will ask a former player turned physician, dr. Mark hamill ton all about that. He is in the next hour. How owning a home put one black family on the trajectory to success. Well bring you the Success Story after this. Hey, can i. Hold on one second. Sure. Okay. Okay safe drivers save 40 guys guys check it out. 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 hes here. Hes right here. Hi hi. Hey thats totally him. Its him thats totally the guy. Safe drivers do save 40 . Click or call for a quote today. Breeze from the air wind blows through my hair dont care if people see my dancing in my car and if it shines or rains oh i cant complain its still a Beautiful Day because i got love got love got love got love its a Beautiful Day welcome to camp tonsafun on xfinity its summer camp, but in your living room. Learn how to draw with a minions expert. How to build an indoor Obstacle Course plus. Whatever shes doing. And me, jade cattapreta. The host of es the soup camp tonsafun. Its like summer camp, but minus the poison ivy. Unless you own poison ivy. In which case, why . Just say summer camp into your xfinity voice remote to join. Home in the First Quarter of this year. Welcome to the program. I want you to shea your story with our viewers because as i understand it, your greatgrandmother purchased a house way back, 1936 and established your familys success. Take me through it, please. Great story. Thank you so much. That is correct 1936, my greatgrandmother who was widow with four young boys, purchase ad plot of property with home on it in hillsborough, North Carolina for 500. That one decision has affected the family. Weve all been homeowners. Followed her example. We all been to college. The equity from that one purchase powered my family forward. Stuart that is a wonderful story. Duplicated many times forward. Joe biden wants the Federal Reserve wants to address the wealth gap, the racial wealth gap i should say. What could they the Federal Reserve, what could they do . I think first and foremost keeping Interest Rates low so that those who do qualify for a Home Mortgage are able to do so, to afford and buy a build a home that is very important, especially in this climate. Working with the treasury and hud to support existing legacy down payment. What i mean by legacy down payment, friends and family able to gift you thedown payment and nonlegacy down payment such as my company, will give a down payment for you when mom and dad are not able to bridge the gap of wealth disparity. Stuart that is terrific idea. That seems obvious to me. Why cant someone donate money to a perspective home owner to get them into the home, with a down payment . Who would object to that . Well existing guidelines say that your family can gift you the down payment, which is wonderful if you come from a family that has the means to do so but unfortunately within the our Minority Community that is not the case more times than not, asking mom or dad for 10,000 for a down payment is very difficult within the black and brown communities. That is why our program like the chenoa fund, will provide down payment for those that dont have the familial means from to their children. Stuart thats ma great story. Tai, thank you very much. Come back soon. Back to the market. Were up 79, nearly 80 points on the dow industrials, 26,458. Look at starbucks, they estimate what, they lost 3. 2 billion because of the virus. The stock is up this morning. It was three, four earlier. Up 5 now. They will do Curbside Pickup at up to 1000 stores. That is a new kind of business for starbucks. The market likes it. Blue apron is higher this morning. Stronger profits because more people are working from home. However the stock is down 10 . Still at 12. 65. It was 2. 28 back in march. Its is down 10 . Well come up with a reason for that shortly. Amc theaters, movie people, they have a deal with universal. Allows new films to be played in theaters for 17 days. Then after that it can be released on streaming services. Amcs stock down nearly for . Netflix, here is a story. They snagged 160 emmy nominations. It shows nominated included the ozark, the can minutesky method. Up 2 on that news. Spotify, where is that now . Down one, nearly 2 . What is this about artist paying fees to gain more exposure on spotify . Is that a scandal, susan . Susan you have to pay to get noticed. There are too many artists and too much music out there. Rolling stone did an indepth investigation, saying up to 2,000, paid by a new artists to get 100,000 screens for his song. It is tough to get people to listen. The spotify ceo said more than 40,000 new songs are released each and every day on the streaming site. That number is higher this year. Another avenue for performers to develop a fan base is tiktok. We talk about it this morning. Marketing campaigns on tiktok is 250dollars. You can go up to 4,000, to pa playlists of one million. Tiktok, spotify, apple music, pandora, those are the main players deciding the future music stars and number one hits. Stuart that used to be called paytoplay. It was a scandal back in my day. Susan thanks have changed. Stuart why is spotify down so much today . Any idea . Susan the reason is they took a bigger loss in the quarter. Were talking about nearly 300 million in losses but there is some good news here. This loss was accounted for because of higher payroll taxes they had to account for in the quarter but the underlying business is looking pretty good. We had more people streaming, more listeners coming online, more paying subscribers. That is a benefit for a company like spotify. Stuart lets not forget investor greg smith think it is going to 400 a share and that spotify is the next netflix. But it is down today. Pitter airlines, some staff could face furloughs. How many employees, lauren . Lauren lauren the first lowcost carrier to detail job losses when the aid package expires in october. 20, 30 of pilots, flight attendants and other workers may be set furlough notices. The unions will be informed on friday. You know, they have 9,000 workers at spirit. So were talking about 20 to 30 of that. Stuart okay. Spirit airlines, down just a fraction today. That is nearly 2 , however. 16 a share as we speak. The Airline Trade union not too optimistic about the travel industry bounce back. Did you cover that, lauren . Am i going back to you . Lauren this is ugly, stuart. The International Air transport association, they say that air traffic wont recover to 2024. They pushed it back by a whole year. Theyre blaming three big problems. Level containment of the virus here in the u. S. And other countries. Anemic international travel, that was a mooney maker. And low confidence among passengers. When you put that together, people will not fly anytime soon. Stuart i would love to go visit my kids in new zealand and australia but i cant comeback. Texas congressman Louie Gohmert tested positive for the virus. He was scheduled to fly down with the president to texas today, but obviously he will remain in washington. Representative jim jordan, jerry nadler sparring during attorney general barrs hearing yesterday. Watch this. I dont want the time. I want the attorney general to be able to have enough time to respond accusations and questions asked him and you guys not cut him off. What you want is irrelevant, irrelevant to the rules. Mr. Stuebe is recognized. Stuart there is more where that came from. Tensions between barr and House Democrats clearly boiling over. You will hear more of it coming up. Senator Marsha Blackburn pushing the nba to get tough with china. She will tell us what she wants commissioner adam silver to do right now. She is on the show. Dolph lundgren, youve got a onesixty i. Q. , a masters in Chemical Engineering and youre technically a genius. And it appears youre quite the investor. I like to trade. Well, Td Ameritrade has pros ready if you need help, say talking through a new strategy. Just in case things, you know, get a little rocky . Im sorry on the upside i think thats waterproof. Maybe not. Stuart still in the green but marginally so. Exempt for the nasdaq composite up over 1 , better than 100 points. Technology doing well. Advanced micro devices. That is a tech company, were calling them a lockdown winner. They report revenue up 26 in the second quarter. They have raised their fullyear revenue forecasts. The stock is up 11 . Intel is in trouble. Amd comes in and does very well. The stock is up at 75 a share. Boeing, that has turned around. They opened higher. Now theyre lower. They lost 2. 4 billion. Slow aircraft production because of of course the pandemic. Look at that drop, 3 down. 165. General motors, 758 milliondollar loss. They blame factory shutdowns. Again obviously because of the virus, the stock is back to 25 per share. Gm is worth a tiny fraction of test tesla. Itch got amount of money over storage, how much we used, what have you got, lauren . Oil is up 1 . This is big draw in Oil Inventories last week. Down 10. 6 million. We thought it might have went down a lot because we got other data showing a very big surprise drop. It happened again down 10. 6 million, cordtoring the Energy Information agency. You remember ashley did some fred astaire tap dancing but. Stuart demand is strong for oil. Up goes the price. 41 a barrel. It is peak driving season. The National Average for gallon much gas is 2. 18. That is the National Average. Jeff globing coming to us from a gas station in indiana. The gas price doesnt go up until demand really returns. What is it like where you are . It had been returning, stuart. Those numbers that you, lauren just gave you, those are big news. That would indicate demand has risen again. But last week demand for the First Time Since the pandemic started was down. That really had a Chilling Effect on gas prices. You see this one here, 2. 18. Seven cents below the National Average. You always want to know where it is cheapest. Were getting down there in places like mississippi. Cheapest gas in the nation at 1. 83. Louisiana at 1. 85. Arkansas, texas, a few pennies more. Biggest drops last weekend was because of last week, demand being down. Michigan dropped five cents, here in indiana, down four cents. That news that you just reported should be big news for oil, should rise the price of oil but unfortunately the bad piece of that, may force gas prices up little too. Stuart just a little, jeff. Reporter it is cheap when it comes to gas. Stuart you used the word cheap in same sentence as me. Youre right. Gas prices right now are very, very low, historically speaking. 2. 18 a gallon. Dirt cheap. Jeff flock indiana. A few more pennies. Stuart i can afford it. The nba getting ready to tip oaf the season, tomorrow it happens. The league is getting pressured over its ties with china. Tennessee republican senator Marsha Blackburn joins us. You, what are you demanding of the nba about its ties with china . Stuart, i had written to adam silver and got a response last week pleased that they have cut the ties with the Training Facility in in in china, that they are tied closely to china tv around alibaba. I think what they should do, as they begin the season, create a foundation, put a portion of the chinesemade profits in the foundation to support human rights abuses. The uyghurs, Hong Kong Freedom fighters, fines they collect during the season. They should put it into the foundation to do some good wit. Because if they dont break their ties in beijing, in 10 years, you will see them be the National Beijing Association because beijing and Chinese Communist party wants to take all things american, create a chinese version of it. Stuart is there any chance this foundation will be established . I dont know. That is a question for adam silver what they ought to do with this money they are making off the chinese marketplace. Look when youre doing business in china, you are working with the Chinese Communist party. What we know is, xi xinping has turned into a very aggressive proponent of the china 100 year marathon, of having the 21st century be the china century. Look. They took our jobs. They sent us this virus. It has been about six trillion dollar hit to the u. S. Economy. They need to be held to account and companies that are doing business in china, have got to start unraveling their relationship with the Chinese Communist party, and these business entities that the Chinese Communist party controls. Stuart take a hardline on china, senator. For the benefit of our viewers. I want you to listen to the way democrats spoke to attorney general bill barr in a heated hearing yesterday. Roll tape, please. I gave instructions as to what reclaiming my time. Im answering your question. You have got to let him answer. Reclimbing my time. The effort there was i asked foreyes or no. Let me tell you, im starttoring lose my temper. Mr. Barr, i will get to that. Reclaiming my time. You answered the question. I have another question for you. Shame on you, mr. Barr. Can i say,. Shame on you. My time expired. Stuart any comment on the treatment the attorney general received there . I got to tell you when my children were little they used bad manners, i would say youre appearing to have graduated from rude school, maybe we need to put you in manners camp. I think it was just horrendous. The Democratic Party is better. There are men and women who are better than to have conducted themselves in such a manner. I can not imagine what the press would be today if republicans had conducted themselves in that manner. Bill barr is the attorney general of the United States. He is there to serve the american people, which he does, with honor and integrity. The way they conducted themselves yesterday was absolutely abhorrent. Stuart i will leave it at that. Senator Marsha Blackburn, republican from tennessee. Thank you. Stuart very much so. Thank you. Vice president pence weighing in on the perils of mailin voting. Watch this. What you see across this country in democratled states is an effort for universal distribution of ballots without the accountability that you have with absentee balloting. The entire ability for widespread is very real. Stuart in my opinion, there is no way we get Election Results on Election Night with extensive use of mailin ballots. I call that election risk. You will hear what martha mack has to say about it a little later on this program. President trump, touting his new deal with kodak to make key drug ingredients. Watch this. Today im proud to announce one of the most important deals in the history of u. S. Pharmaceutical industries. Might have administration has reached a historic agreement with a great American Company. Stuart yeah the stock is absolutely skyrocketing. Again, it has just been halted by the way. It is up 500 . Then it was halted. 50 bucks a share. How did a formally Camera Company become a Pharma Company . Well, the ceo is on the show next. 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I dont do that but look it, were here to make, ks m a pi and help fight the pharmaceutical blockage in the u. S. And the lack of supply. So were really here for the right reasons. I dont speculate on the stock price. Stuart ignore the stock price. But the market is telling us that youre going to have a huge extra amount of business. Are you going to take over the supply of basic drug ingredients and take it over from china . Is that the goal . Were not taking, were not taking over but we will supply about 25 of the small molecule ksms and apis, which is key starting materials and active pharmaceutical ingredients for the u. S. Supply chain with other partners. Stuart what is 25 of that market worth . Can you give me a dollar number there . I couldnt right now speculate that. Stuart but youre going to get, youre going to try to take 25 of the small molecule active ingredient market. That is pretty nice chunk of money. Can you do it . Because, i think of you, the maker of chemicals that used to go into film, that kind of thing. Can you turn around real fast and get into the production of these small molecules . That is a process of films is quite similar. Were currently making unregulated key starter materials already. Weve been doing it a couple years, for a few years. Were doing it already. We have can get into it. Were proving it out, expand to a large sale, moving from batch manufacturing to, utilizing buildings within eastman business park. Adding additional capacity to rammed up the volume. Stuart did you go to the administration, we can do this, this, and this, give us some money. No. I think it was kind of mutual. When the pandemic hit, stuart, what can we do . We started making Hand Sanitizers, face shields. We did printed Circuit Boards for ventilators. That got us into the context how we can help with the pandemic. We were working working with anr partner with the government. They were going to start making them for this particular partner. That got the introduction. Meanwhile the government can look at this, dr. Navarros group, kodak was on the list. The two things were met and married. Stuart sir, congratulations, that is astonishing performance of your stoke and your company, what a turnaround for what youre doing up there in upstate new york. Sir, it was great to have you with us. Perfect timing. Your stoke is now at 47 a share. Im sure you dont mind. Jim continenza, thank you for being here. Thank you, stuart. Stuart talk about good timing. Amazing. Were following the tech titans ahead of their testimony to Congress Later on today. Congressman greg stuebe, republican from florida. He will be at the hearing. He wants to break big tech up. Does he . Im not sure about that. But i wilt ask him. What does he want to do . He is on the committee. He will be asking questions. Well ask him. Two new jersey gym owners arrested for defying state lockdown orders. They say they will not back down. Watch this. Im not afraid of tyrants and no american should be, because, we out number them greatly. The only thing that they run off of is fear. Which is why you see what you see in the media where theyre pumping fear into the coronavirus when what they should be pumping is solution. Stuart theyre on the show in a moment. What is the status of their business. Can they stay open . Theyre on the show after this. Stuart what do you think the response is going to be . Likely to be arrested maybe . That is certainly a possibility but we consulted with our legal team early this morning. They have been reviewing the orders posted. So they told us to go ahead and open. We will, well deal with the consequences at this point. Stuart consequences were they were arrested and those two gentleman are back with us today, ian smith, frank trumbetti. Ian, to you first what is the status of your business as of this morning . Are you still in business . We are still in business although governor murphy constructed a plywood barricade over our doors. Stuart are you going to keep, frank, are you going to keep getting arrested . If mr. Murphy has his way, yes. Bottom line well go back to business. Were putting a plan together, retooling. We think this is a great injustice not just us but to the community in general. They have, they are not practicing equal application of the law in any way whatsoever. Theyre picking and choosing who the winners and losers are in this situation and it is insane. We need to keep fighting. We need other people to keep fighting. With need to bring the light, governor who woman who needs no introduction more phonessable for things they have actually have done, all the deaths occurred in the longterm care facilities. I asked the question, governor murphy, why did you Start Recording the deaths in longterm care facilities on june 23rd. On that day 57 people in new jersey died. 50 in longterm care facilities. Only seven out of the other nine Million People. Just so happens the next day, there is actually a task force, j. T. F army covid19 task force was put into the longterm care facilities to track the numbers, keep track of the data. On june 20 fourth that task force was disassembled. They have not updated numbers since. I truly believe that more people are dying every day still in those facilities than are dying out of the nine Million People out here in population. Stuart let me jump in for a second. Ian, when you were open, people were using your gym, what safety precautions did you take . We put together a 15 point safety procedure, starting at the door, as soon as people walk in. They walk in front of a biometric scanner that takes their temperature. So its a touchless system. They stand in front of it. Anybody who was 100. 4 or higher was not allowed back in the facility for 72 hours. We have a no touch signin system where each person take as clean pen, fills out a Health Questionnaire with questions whether they have been in contact, whether recently tested, whether they have had symptoms. They record the time of their entry, market with a signature gate and also their temperature. Hand sanitizer at the door. Each individual who walks in the facility gets their own spay bottle which is cleaned beforehands. We have ecolabs disinfenn tant proven to kill coronavirus in 30 seconds on surfaces. The entire thing is spaced out. Everything is six feet apart. Stuart you took the precautions. We went above,. Stuart you went above and beyond, still shut down and arrested. I got to leaf it there. I want to follow up own this, see what happens to you guys, ian smith, frank trump betty. You. Thank you very much. See you on sat stay. Stuart you got it. Lauren, do people wear masks while they are working out . Are we buying more home equipment. Lauren a lot more home equipment because our habits have changed over the past four months. Were comfortable working out at home. We invested in it. I want to show you pretty big numbers. This comes from ebay. Dumbbell sales rose 2,000 versus march and april last year. Weight sales, 1300 . Ameritrade, said 59 of people will not return to the gym, saving themselves 2100 a year on gym memberships and fitness classes. You look at some of the winners like peloton. It is up 3 again today. Wedbush says peloton will continue to outperform even after the pandemic. So, it is a tough time for gyms right now. It should continue to be. As for wearing a mask, while working out, ive seen people jogging with masks on. I think that is pretty impressive. I dont like to wear a mask when i work out, if i work out. But some people are fine with it. Stuart try to get your kids to keep the mask on if and when they go back to the classroom. Probably not going to happen. Susan impossible here. Stuart Virus Outbreak forcing the Miami Marlins to put their, put the team, their games on pause. Is this going to bring down the entire plan for the 2020 season . Im asking are former baseball player and physician, dr. Mark hamilton. He is coming up. Also ahead Brian Brenberg on the next stimulus package. It is going to be gigantic. I think the fed will print money for years. That is my opinion. Well hear what he have has to say. Martha maccallum on the left push for mailin voting in november. I think that is huge election risk. Were covering it. Tech titans facing a grilling. I call the companies crown jewels of american business, leaders in technology. Policymakers want to real them in. My take on that is next it was 1961 when nellie young lost her devoted husband. Without him, things were tough. Her last option was to sell her home, but. Her home meant everything to her. 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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 it is 11 00 and weve got a modest rally on our hands for the dow, up 88 points. Solid rally on our hands for the nasdaq. It is up over 1 . Thats 115 points. Technology is doing well. Heres the stock of the day. Kodak. Unbelievable. Wait a minute. Just a few moments ago, it was 53 a share and the stock was halted. We then interviewed the ceo just literally minutes ago, and now the stock is at 28 a share. Gone from 53 to 28 in our interview with the ceo. Maybe its because the ceo would not speculate on how much business he would take from the chinese. Maybe thats what did it. Not sure about that. But essentially, weve got a spike and a selloff in just a matter of minutes. Now this. One hour from now, big tech testifies. Dont expect a tobacco moment, remember that . It will be a virtual hearing, not facetoface. Not facetoface combat, i should say. But it starts the debate on the power of four giant companies, apple, amazon, google and facebook. They are leading america and the whole world into the digital era. They have computerized business. Together, they are worth nearly 5 trillion and they have between them 434 billion in cash. Now, that is real power. And now comes political pushback. They are accused of abusing their near monopolies, playing fast and loose with our privacy, acting like big brother and as far as the left is concerned, being unconscionably rich. What to do with them . Do you tax them . Do you tie them up with new regulations . You break them up, do you . Confiscate the wealth of the superrich, jeff bezos or Mark Zuckerberg . All of the above, all those ideas are on the table. I doubt that anything happens in the immediate future. These guys have enough money for lawyers and lobbyists to delay serious change for many, many years. But look, isnt it interesting that these four companies which i call the crown jewels of american business, should be under attack . They are american winners on the global stage. They have established clear American Leadership in technology and we want to break them up or rein them in . Remember when the clinton team went after microsoft a generation ago . That set back that Great Company for a decade and more. Now, yesterday, we saw extreme political theater when attorney general bill barr was attacked and insulted by politicians who wanted their sound bites for their campaigns. Watch this. When protesters with guns and i am aware of protesters in the federal government this is my time and i control it. Let me explain it had been planned all day. Attorney general, the time is mine. Weve waited a long time for you to come here. The time is mine. Youve waited to talk to me like this, you didnt need to wait so long. Could we take a fiveminute break, mr. Chairman . No. Stuart how about that. You may see something similar today. A lot of posturing. But dont let that detract from the importance of this moment. We have to decide how we are going to treat the most powerful and Richest Companies in the world, and the public debate starts today. By the way, you can watch it right here on the fox business network, about one hour from now. I want to talk about stimulus, okay . Because thats very much in the news. Weve got Congress Looking at a stimulus plan of 1 trillion. I think it will be more. And the Federal Reserve is printing a lot of money. Brian brenberg is with us. Lets talk big picture, brian. Have you any doubt in your mind whatsoever that the feds going to keep on printing forever, certainly for years, and the governments going to throw in more than 1 trillion into the economy . Thats gigantic stimulus. Any doubt that its going to happen . Yeah, theres no question about the fed. Theyve essentially said the monetary spigot is open and its going to be open as far as the eye can see. My big concern, aside from that policy which, by the way, is really revolutionary, my big concern is on the fiscal side with congress. I cannot believe that we are talking about potentially another 3 trillion stimulus, and you know were going to get something close to that because the republicans opening bid was 1 trillion. So this, by the way, this is not a onetime thing. Lets be clear. Were nout tat talking about a onetime stimulus. Its the fourth or fifth, depending how you count stuart but look, wait a minute, brian, youre coming at this as an economist. Fair enough. But this is entirely political. Of course theyre going to spend trillions of dollars because theres an election in three months time and both sides think its in their interest to chuck that money out there. Its politics, isnt it . Yeah, but that doesnt mean it should be. I dont have to agree with that. I dont have to want it to be that way. By the way, the republicans are miscalculating here, stuart. If they think theyre going to spend their way to electoral success, they are in for a rude awakening. They can never outspend the left liberal Progressive Agenda of alexandria ocasiocortez, sanders, warren, youre not going to win that game. My fear right now is they are actually trying to play it. Their opening bid was another trillion. That suggests to me they have no desire to stand for a growth agenda. They want to stand for a spend your way to election agenda. It simply wont work and theyve got to change tack or they are going to be in for a drubbing in november because there is no reason to vote for them if this is where they stand. Stuart all right. Lets move on to an area where im sure there is agreement between you and i, and that is Liability Protection for businesses. Listen to Senate Majority leader mitch mcconnell. Roll tape. No bill will be put on the senate floor that does not have Liability Protection. The goal is to eliminate the prospect that one could make more not working than working. Stuart are we in agreement on this, brian . Absolutely vital, Liability Protection . Yeah, were arre in agreem it and theres no way any bill should get passed if this isnt in it. Talk to business owners, Large Business owners, Small Business owners, all of them say the same thing. I am deeply concerned about opening my doors and having employees or customers come in and ending up on the hook for an illness they may contract. Its just impossible to figure out if they are truly liable as long as theyre taking reasonable steps, there is no way they should be on the hook. This has to be in the bill, stuart. Its one of the few progrowth things that Senate Republicans actually offered here. If its not in the bill, the bill has almost nothing to redeem it. Stuart okay. Dramatic stuff from Brian Brenberg this morning. What did you have for breakfast . All right, brian, thank you very much indeed. See you again real soon. Thanks. Next, going to put some stores up on your screen. Okay, retail stores. They are running out of change. Okay. People are going out but theyre not using cash. The u. S. Mint is asking for help to get more coins back into peoples hands. Ed moye is with us, former director of the u. S. Mint. Ed, let me go straight at this. What do we need pocket change for any longer . Hardly any of us actually uses cash anymore. Well, you and i probably dont use much cash these days, but there is a significant number in the population that is unbanked or lower income, where cash is king. And they need cash to survive because they dont have credit cards, they dont have bank accounts. So change is really important to that segment of the population. Stuart do you think its worth getting rid of the penny and the nickel, perhaps . You know, there are a lot of countries that have gotten rid of that in a larger context called currency reform, where they get rid of their lowest denomination coin, which would be the penny for the United States. They promote and use a higher denomination coin like the dollar coin and get rid of the lowest denomination bill. That usually saves a couple hundred to maybe half a billion dollars of printing and manufacturing costs each year. Stuart okay. Sounds like a good idea to me. Yes. But you know, it requires an act of congress and you cant get them to pass a budget. So dont expect any changes in currency any time soon. Stuart glad you added that one. While we have you, as former director of the u. S. Mint, i want to talk gold. Terrific runup in the price, close to 2,000 an ounce. Goldman sachs says its going to 2300 an ounce within a year. Do you have an opinion on the price of gold and why its up so much . So your conversation prior to this, the monetary stimulus dovetails into why gold prices are reaching new record highs. I was director of the United States mint when gold prices hit its last high and the same factors that drove gold then are pushing gold today to past 2,000. I believe in the goldman prediction. Its mainly two big reasons. The fear of inflation from unprecedented amounts of monetary and fiscal stimulus with no clear plan to unwind, then theres also uncertainty of how and when the u. S. And global economies will recover from this pandemic. So those are the two big factors that are driving it. Then there are two smaller factors that your viewers might be interested in. That is the deteriorating relationship with china and they buy a significant part of our debt which helps fund all this fiscal spending, and im not sure how crazy they are going to be continuing to support the United States in this way, and then theres civil unrest in our country which also puts out questions on the u. S. Reputation for being very stable. Both of those have played into the lowest dollar in my memory. Stuart you make a strong case, ed moy, former director of the u. S. Mint. Thank you very much for being with us today. Please come again soon. Good to be back with you. Stuart come again soon. Thanks very much indeed. Im going to go through some earnings reports. First of all, general electric. Known as ge. Revenues down across the board in all their different businesses. Energy and renewables getting a little bit of a boost but the stock is down 4 . Ge still languishing at six bucks a share. General motors lost close to 800 million in the quarter. Thats compared to a 2 billion profit same time last year. The stocks down 2. 7 . Look at it, 25 a share on general motors. Six flags, theme park people, quarterly revenue down 96 , obviously because they were closed. They only brought in 19 million in revenue. The stock is down again nearly 5 . Spotify, their paid user base grew by almost 30 last quarter, but they still lost a whole bunch of money because of the virus. And all that spending on some top tier podcast deals. The stock is now down 2 . The Miami Marlins will not play another game for a week. 17 members of the Team Reportedly test positive for the virus. There were only 60 games to begin with. Can the season last that long . Going to be truncated. We will discuss it in a moment. Lawmakers slam attorney general bill barr for using federal troops in portland, claiming protesters mean no harm. His response on that is coming up. First, 97 days to the election. 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Its interesting, theres 32 states that have a requirement that your ballot be received on election day or prior to election day, but still, obviously its going to take time to count those ballots, stuart. In many of these states, we see a new york Congressional Election that was held in june where theyre still trying to figure out who the winner is based on or july, rather, based on some of accounting of these mailin ballots. I agree with you, i think there is a recipe for potential disaster here as we look at this, and you also have to, you know, sort of encourage people to get these ballots as soon as they can, if they do plan to vote by mailin and to get them mailed in as soon as they can, and i dont know that everybody, you know, their head is there at this point in the middle of july. Stuart i think its a lawyers charter. There will be challenges all over the place, wrong signature, lacking a signature, wrong postmark, late postmark. Absolutely. Thats whats going on in new york. They had to throw out one in five ballots. They werent effective. Stuart and throwing out of those ballots was heavily concentrated in minority districts. So youve got race coming into this as well. What a mess it is. I do want to talk to you while weve got you, want to talk to you about the big tech hearing that starts in about an hour. Its obviously very important to the financial community. Were paying attention. But you tell me, is the rest of america watching this . You know, i think to a certain extent they are. It harkens back to the times of monopolistic investigations that weve had throughout the course of technology, ibm was in i think a five to tenyear lawsuit over monopoly back when they were the king of tech, then you had bill gates as the last leader of this magnitude to be hauled before a committee to discuss the same thing. I think theres a lot that is, you know, even their technology is something we all use every day, stuart. Theres still a lot of mystery there for a lot of folks who follow this, but the main two issues are going to be whether or not this is a monopoly so for example, in amazons case, theres an issue with whether or not they use their own sellers data to try to create their own products to compete with those sellers. Now, thats an issue that would be very close to the hearts of anybody whos in business and selling their products on amazon. The other big thing that youre going to hear a lot about today is whether or not there is censorship on these platforms and whether, you know, you look at the story from this week, President Trump retweeted a video of doctors talking about hydroxychloroquine and whether or not mask wearing is effective. It was sent out originally by donald trump jr. And then he retweeted it. That was taken down. They were temporarily limited in their ability to use twitter because of that. Now, whether or not those doctors are speaking the truth and science, thats another matter but the fact of the matter is that if you want to post Something Like that, you ought to have the freedom to do it based on your own understanding of whats being discussed and why you think it makes a good point. I think youre going to hear a lot of this discussion at least by the republicans in the room today pulled in that direction. Stuart i would bet big money that at 7 00 eastern tonight, you are going to be reporting on the left really going after jeff bezos, because hes the richest person in the world. Thats going to be its not going to be im not dictating your lead but guaranteed you will be talking about that. Yep. Thanks, stuart. Nice to see you. Stuart see you at 7 00 tonight. Thanks, martha. Another look at some individual stocks that are moving. Avis, rental car people up, what, about 2 . They say that people are getting out more and rentals are getting back a little bit towards normal. I think the rental Car Companies are in deep trouble during this pandemic with competition from uber. Spirit airlines, they are going to tell the unions to be ready for a round of layoffs. Furloughs, i should say. Thats the expression. Maybe 30 of the work force, thats a very big number. The stock is down nearly 2 . Boeing, now, this is a big drag on the dow. Its costing the dow about 50, 60 points at the moment because its down nearly 4. 8 . They say they are going to slow production of their flagship aircraft. The stocks down eight bucks. That hurts the dow. Without boeing, we would have a very solid rally on our hands, would we not. Better get back to kodak. Where is it now . All over the place today. It went to 53 a share, then we interviewed the ceo, it went to 27 a share. Now its 33. Hey, lauren, was that drop, that selloff, because of the interview we did with mr. Continenza . Lauren yeah, he said he wouldnt quantify for you, you asked him directly the size of the business that kodak is taking from china, only to say that the company is producing about a quarter of the ingredients used in generic drugs. The pandemic has sparked a new lifeline for kodak. Listen. When the pandemic hit, we were like what can we do. We started making Hand Sanitizer and face shields and Circuit Boards for ventilators. The next thing that got us within the context of how can we help with this pandemic lauren now they have this loan, they will help lessen our reliance on china for lifesaving medicine. The stock is up about 500 this week. Stuart this week, 500 . 300 today. Lauren the last two days. Yeah. Stuart what a story. Just amazing. We have news on tiktok, the popular social media app. Got that. Tiktok. Their ceo, former disney guy, just called out facebook. Now, this is ahead of Mark Zuckerberg, facebook guy, his testimony before congress. What did the tiktok guy say, susan . Susan well, tiktoks new american ceo, kevin mayer, just accused facebook of using patriotism as an unfair way to attack the chineseowned consumer app. He also slammed facebooks efforts to build copycat apps that look exactly like tiktok. Instagram reels it set to launch next month. Facebook is reportedly offering hundreds of thousands of dollars to lure away some of tiktoks top influencers. Tiktok has taken the world by storm, breaking records for app downloads in the first three months of this year and it has a younger user audience, social media that they covet including 70 of 10yearold girls have it on their smartphones according to one researcher. Thats a segment that you want. Facebook also has a history of copying their competitors and their features including snaps disappearing posts and that really hurt snap user growth. Tiktok is wary but the company also has other headaches to deal with including regulatory hurdles to clear and you heard President Trump this morning saying he will look at a ban on tiktok in the u. S. Now, in response to that, tiktoks Ceo Kevin Mayer also says the company accepts that it must deal with even more scrutiny because of its companys chinese origins. Stuart okay. We will see about that. The story moves on. Thanks, susan. At least 21 Football Players test positive for the virus at training camp. More players are opting out of the season. Is football doomed . Is it . Strong word to use but its a good question. We will discuss. The Consumer Electronics show in vegas, canceled. Its moving completely virtual. Completely online. We will tell you how much money vegas stands to lose. I will tell you now. It is huge. Back in a moment. We made usaa insurance for veterans like liz and mike. An army family who is always at the ready. So when they got a little surprise. Two . 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And call to receive the complete guide to buying gold, which will provide you important, neverseenbefore facts and information you should know about making gold, silver and platinum purchases. Pick up the phone and call americas gold authority, us money reserve. With nearly two decades in business, over a billion dollars in transactions, and more than a half a million clients worldwide, us money reserve is one of the most dependable gold distributors in america. Stuart well, look at that nasdaq go, up 119 points, better than 1 . Nice gain for the s p and the dow as well. Stocks are up this morning. Lets get back to big tech on the hill. Bring in congressman greg stubey, republican from florida. Youre about to walk into the hearing. Seems to me that there are three choices as to what you want to do with them. You can break them up, you can tax them to death, or you can reregulate them bigtime. Does any one of those options appeal to you, congressman . Those three things dont appeal to me as a member of congress. I certainly dont support increasing taxes, i certainly dont support increasing regulations on businesses. I think we should do the opposite. And im not one in the camp with the democrats to think we need to break up private companies. Im going to go down the line of asking questions as it relates to censoring conservative talk. We saw recently there was a letter from employees at google to their ceo basically saying we dont want to have Police Officers with gmail accounts, we dont want to provide them services through google and those are the type of things that i intend on asking in the hearing. Stuart what could you do about that . I take your point, censorship of conservatives, its rife across the board here, but what can you actually do about it . Well, i think bringing to the surface whats really going on in these companies which i think that letter to the ceo illuminates the position politically of some of the employees at google, 1600 of them that dont clearly support our Law Enforcement agencies. I think bringing awareness to that and i think a lot of people certainly in my district have always believed that conservative voices are thwarted and there is bias in google and facebook and some of these other Big Tech Companies and i think bringing that to the surface is very important to do, and asking them to be accountable. We have the First Amendment in our constitution that gives everyone the ability to speak their mind and free speech, and i dont think that these Tech Companies should be stifling that speech. Stuart i will second that, sir, bigtime. Thank you very much for saying it. Now, you were at the hearing with attorney general barr yesterday. I know you saw this, but for the benefit of our viewers, i want to play some sound from the interaction going on and get your response later. Roll the tape, please. What makes me concerned for the country is this is the first time in my memory that the leaders of one of our great two political parties, the Democratic Party, are not coming out and condemning mob violence and the attack on federal cou s courts. Why cant we just say, you know, violence against federal courts has to stop . Can we hear Something Like that . Stuart he asked the question. I doubt there was much of a response. You come from a Law Enforcement family. What do you think about that interaction there from a. G. Barr . Well, not a single democrat was willing to call the violence that were seeing in these cities for what it is and that we need to have federal Law Enforcement officers to protect our federal buildings, to protect our federal monuments and for the rule of law. Youre not hearing a single democrat talk about that. In fact, they brought up video of peaceful protests. Mr. Jordan in the beginning of the hearing showed video of all the violence, actual footage, black and white and in color, all across the country of what is actually happening in some of these cities and the democrats are trying to cascade it as a peaceful protest. We know these are not peaceful protests. Yes, there are peaceful protests that have occurred but when they turn violent, you need to condemn that violence or you are encouraging that behavior and from a Law Enforcement family, a father who is a sheriff and a brother who is a deputy, our officers lives are at risk because there are leaders in this country that are not condemning violence and encouraging this behavior. Stuart give me 20 seconds on whether or not you think this is an issue in the election in november. Absolutely, 100 think it will be an issue in november. I dont think that moderates and independents in florida and across this country think its okay to Defund Police and attack Police Officers and attack federal property. Stuart greg steube, we wont keep you any longer. Thanks very much for joining us today. We appreciate it. Thanks for having me. Stuart thank you. Next, the Consumer Electronics show is canceled. This is a big deal. Instead, this years show will be completely digital. Kurt knuttson is with us now. First of all, can you quantify how big a hit vegas takes with this cancellation of ces . Stuart, good morning. 171,000 people will not be going to las vegas january the 6th. Thats how many people showed up last year. So we were anticipating roughly the same amount. Its fairly consistent. 4400 companies would bring all their wares or goods or services and call themselves exhibitors and thats what people flock to see, the latest and greatest in technology. The most significant tech show in the world has been shut down in its physical form. It is going to be massive for the tech industry. It is going to be massive for the Consumer Electronics retail. It is going to be massive for las vegas in their own economy because they rely upon that in part for their 57 some odd billion dollars of annual revenue that comes into that. Im Still Holding my Hotel Reservation for that period. I havent let it go. I just cant yet, but i will. Stuart well, do you think it will go stay virtual, stay digital, forever . Never. Not a chance. No. Theyve already indicated that in 2022, they will be picking a date momentarily, it will return physically as early as just june they were saying theres going to be some fourmonth physical gathering. I have been going to this thing for almost 20 years. I was sent a very Detailed Survey online asking in essence what would it take for me to go this year, come up in 2021, and i just, as i went through it, it kept challenging the question just to see how comfortable i might be as a journalist who usually goes there. Based i guess on all of those survey answers, their own internal workings, they put an end to it for 2021. This is a big blow. Stuart yes, it really is a big blow. I have been to ces. I have seen it. Vegas is jammed with people with money, theyre spending freely. Its a very big deal. And it is not going to happen this year. Kurt, as always, thank you very much. See you soon. Thank you. Take a look at spotify, please. Wheres that stock right now . Its up 9. 4 . Thats a rally. They are now a certified lockdown winner. Revenue up 97 last quarter. They brought in over 700 million. As i said, the stock is up bigtime, 9. 5 . Look at l brands. They are cutting 15 of the corporate work force, about 850 people. Thats the Parent Company of victorias secret. Investors love this. The stock is up 34 . Less than a half hour from the big tech ceos testifying before congress. We have a preview of what they are going to say. We will tell you in a moment. First, though, less than a week after opening day, and the virus is putting the entire baseball season in jeopardy. We are talking to a former pro baseball player who is a doctor, after the break. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Should there be sports right now . Should Major League Baseball go on . The nfl, too . It seems to me that its probably not going to be able to happen. Based on, based on what the leagues themselves are saying. I mean, you have the marlins saying we cant do it, so many people, so i think they should just follow the science. Stuart there you go. The baseball season probably not going to happen, according to former Vice President joe biden. Mark hamilton is with us. Hes a former major leagues player and hes now a doctor. Thanks for joining us this morning. Do you think were going to have anything like a reasonable, even 60game season for baseball . You know, thanks for having me on, stuart. I appreciate it. Are we going to have a reasonable season . Its probably too early to tell. The indications from the marlins camp are not good, but i also, you know, i watched the commissioners address on the matter and saying they had protocols and you know, a lot of, you know, ideas to follow if this were to occur and kind of builtin contingency plans so what we see a normal season, i think the answer is already no. Will we have a season, i think many are hopeful. Stuart what do what do players talk about in the bull pen there, you know, as theyre waiting to get on . I mean, youve got this virus. Do they understand the risks . Are they still fist bumping and chest bumping and all that kind of thing . Is that going on . Sure. Im not in the clubhouse right now to see it. So im not 100 sure. My guess and my kind of understanding of it is that its everpresent on everyones mind right now. It seems like the players are calling votes to decide whether or not they want to go play in a certain city or whether they want to play whatsoever. The positives of it are at least as far as were aware at the present time, its confined to the Marlins Organization and granted, miami is currently experiencing its own very large outbreak. So well have to see. But my guess is that the players are at least aware that theres a significant risk to their own health. Theres a risk of bringing it home to your family and i think every players situation differs based on whether or not they have someone at home thats more at risk, where they are in their career and things like that. Stuart what would you do if you were still on the roster of a Major League Team . What would you do . I think its a tough decision. Like i said, its individual so i look back at my own career, this is kind of a question i assumed would be asked, and where i was with the cardinals as a predominantly bench player, predominantly a backup, you know, the risk of playing as long as the safety protocols are solid, which the fact its contained to the marlins is a good indication that at least there is a way to contain this if there are issues. Obviously if other issues break out, if the philly players end up positive, if other teams start showing issues, we would have to call into question whether or not this is feasible. But i think if you were trying to make a roster, if you were trying to, you know, establish yourself in the league, i would be more inclined to play in that situation. On the other hand, if i was a star player on a guaranteed contract and you know, i had a high risk Family Member at home, i think opting out would be the clear choice. Really, this whole situations going to dictate itself based on the players, in my opinion. They came together, they made an agreement, they are testing that agreement, they are really the first sport with somewhat close contact to test it, and its kind of a test case and what we are seeing is a speed bump, to say the least, but not a roadblock yet. Stuart well said, doctor. It is indeed a test case. First contact sport to try to get back in business. Dr. Mark hamilton, thanks for joining us. Appreciate it, always. Thank you. Stuart sure. Lets switch to football. The virus causing some nfl players to just opt out of the season. Thats what were looking at here. I dont know exactly how many have opted out but some are opting out and it puts the whole football season, although its some way distant, certainly puts it at some degree of risk, just like baseball. I will get more on that in just a moment. Look at this. Im going to quote the stock price of wingstop, okay. They are a chicken wing company. Look at them go, up 15 , soaring. Thats because they had a blowout earnings report, income more than doubled from last year. They were delivering a lot of wings. Sales surged both online and on their app. This was a chicken wing epidemic, if ever there was one. Wingstop, 153 a share, up 20 bucks. Starbucks, okay. They lost 3 billion in the last quarter, but the stock is up nearly 4 . Why . Well, ill tell you why. Theyre expanding Curbside Pickup to 1,000 stores. Thats something new from starbucks. Investors love it. 77 a share on starbucks. Then theres tupperware. They reported a huge jump in profits last quarter. Restaurants closed, everybody at home, and eating leftovers. Yeah, they did. Me, too. Thats good for tupperware. The stock is up 52 . 14 a share, up five bucks. Amazing. I think weve got jillian mele with us, Fox Friends First cohost. Give me the story on the Football Players who are opting out of the season. Okay. So heres the deal, stuart. According to the nfl players association, 21 nfl players tested positive for covid19 in just one week of training camp. As the list of players opting out continues to grow, here is where we stand as of right now. At least 25 players have opted out of playing this season over covid19 concerns. 14 are voluntary optouts. Three are highrisk. Eight at this point are unspecified. So what does that mean, you might be asking. Im going to tell you. Those considered at high risk for covid19, they are going to get a 350,000 stipend from the league and get credit for an accrued season. Voluntary optout, thats most of them, they get paid 150,000 and they dont get credit for an accrued season. So say a player was slated to become a free agent in 2021. That will now happen in 2022. So a lot of difficult contract work here at play. A lot of players have made the decision to opt out because of very personal reasons. Case in point here, eagles wide receiver Marquise Goodwin posted a really touching message on social media and this reads in part quote, three years ago i made a decision that affected my whole life. I chose to leave my wife at the hospital after prematurely birthing our first baby boy which resulted in a fatality to play in a football game. I felt like i had to prove to my coaches and my new team that i was dedicated to winning and i wouldnt let anything keep me from the goal, not even my family. Now, he also posted a video and went on to say quote, after choosing football so many times, i am finally choosing my family first. Now, by the way, after the couples first miscarriage, they went on to have two more. He said his decision in the past was selfish and that hes not going to do it again. So thats just one example of many. We are hearing a lot of personal stories like that coming from the players who are opting out and those who choose to play are and will continue to undergo frequent testing, and we can expect safety protocols to change throughout the season. Of course, as we are seeing with the mlb and the marlins, sometimes you have to quickly change the course of action. So that is it for now. Stuart its a fascinating story because there really are two sides to it. Im inclined to say come on, lets play, but then when you hear those kind of personal stories, you hear the other side of the fence. Thats very important. You realize they are people just like all of us are. Stuart they are. Jillian, thank you very much indeed. Good stuff. Thanks. In a few minutes, big tech ceos start their testimony in whats expected to be a contentious antitrust hearing. Weve got their Opening Statements, by the way. We will bring it to you after this. Businesses are starting to bounce back. But what if you could do better than that . Like adapt. Discover. Deliver. In new ways. To new customers. What if you could come back stronger . Faster. Better. At comcast business, we want to help you not just bounce back. But bounce forward. Thats why were helping you stay ahead and adapt with a network you can count on, 24 7 support and Flexible Solutions that work wherever you are. Call or go online today. But what if you could stdo better than that . K. Like adapt. Discover. Deliver. In new ways. To new customers. What if you could come back stronger . Faster. Better. At comcast business, we want to help you not just bounce back. But bounce forward. Thats why were helping you stay ahead and adapt with a network you can count on, 24 7 support and Flexible Solutions that work wherever you are. Call or go online today. 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 a delay in the big tech hearings, pushed back to either 12 30 or 1 00. So youve got roughly a half hour, onehour delay there. However, we do know what the big tech leaders are going to say in their Opening Statements. Susan knows all about it. Tell me more. Susan the Opening Statements were released last night and all painting themselves as patriotic American Companies. There was a difference in tone between those that are founders like bezos and zuckerberg and those that are more ceos and custodians like cook and pichai. Bezoss opening will be more personal, more about the Company Culture and writing in fact he says amazon has made billions of dollars of failure inevitably comes along with invention and risk taking which is why we try to make amazon the best place in the world to fail. Zuckerberg will say im proud that we stand for american values, like giving every person a voice and expanding access to opportunity. But theres no guarantee our values will win out. Same line for apples tim cook who says that apple is a uniquely American Company whose success is only possible in this country, while alphabets Sundar Pichai will say the competition also sets Higher Standards for privacy and security. As always, he believers privacy is a universal right and should be available to everyone and google is committed to keeping your privacy. Combined market cap of these companies 5 trillion. They have a lot of cash on hand for potential fines. Apple has 200 billion. Google, 130 billion. Facebook has 60 billion. Amazon has 50 billion. Combined wealth of all four individuals, you have two of the three richest on the planet, 265 billion in total. Thats bigger than peru and bigger than greeces economy. I dont expect to hear anything new later on in this testimony but i will tell you, there will be some interesting theatrics and people will closely Pay Attention to bezos since its his first time testifying on capitol little. Stuart they will go after bezos because hes the richest person in the world and that will be the Headline News when these hearings are over. Thats my prediction. Im sure im right. Thank you, susan. Susan as always. Stuart more varney after this. We could never do what they do. But what we can do it be a partner that never quits. Verizon is the most Reliable Network in america. Built for interoperability and puts First Responders first, giving their calls priority, 24 7. We do what we do best so they can too. Stuart the big tech hearing has been pushed back a little. 12 30 or 1 00 oak it will start. Look on lefthand side of the screen those are the big tech ceos who will be under pressure today. All on the upside despite the pressure. Got to get this in. Kodak where is it at now . Good question. It was 33 a share. During our show it went to 53 a share. Then we interviewed the ceo and then down it came to 27. Now it bounced back to 33. He wouldnt confirm how much extra business he would get by going into the pharmaceutical business and taking over some of chinas supply to us. What a story. My times up. But neil, it is yours now. Neil remember when it was a dying photography giant. It missed the digital age. Now it has a connection with the drugs and all the rest . It is off to the races. Stuart extraordinary story. Neil you and i are probably only ones that remember that old kodak. Thank you my friend. Neil, i was going to tell you asked my grandchildren what do you know about kodak . Never heard of it. Never heard of it. Neil isnt that wild. Isnt that wild . Paul mccartney was, beatles what is that . Okay. Game over. Stuart you got it. Neil feel like lawrence welk