Transcripts For FBC Varney Company 20240712

Another one coming in half an hour from now. Lets go through the techs because they are obviously doing well. Apple, you have to share with apple, tens of millions of shareholders, up again 3 bucks higher, 137. Amazon, now well above the 3,500dollar mark, the company is worth over 1. 7 trillion. Microsoft, also worth 1. 7 trillion with another record high. Up another buck today at 228. We will bring you the rest of the tech titans in a moment, just wait till you see zoom and how much its worth. Politics, you are going to see a sharp contrast in Campaign Styles today. The president continues to fly all over the place answering reporters questions whenever possible. Hes off to North Carolina today. Joe biden will not be getting on a plane when he travels to wilmington, delaware. He never goes far and shies away from reporters questions. This is becoming a political issue, favoring President Trump, hes out and about almost every day. Joe seems unwilling to abandon his basement strategy and as we said, the polls are tightening and Varney Company is about to begin. Stuart we have plenty of action in the markets already. Look at this. Thats draftkings, Michael Jordan joining the board as special adviser. I believe hes taking equity stake, putting money in his wealth. The market loves it, the stock is up nearly 12 . And this one too, pelaton, jp morgan raising the target price to 105 a share. They are up 8 and a half percent this morning at 90 a share. All right, we have a couple of retailers who reported this morning. Macys, the good news there is that Digital Sales jumped 53 last quarter, but store sales dropped by more than a third. By the way, the most popular items bought online at macys workout clothes and home decor. Susan sweat pants for lockdowns. Stuart i will call them lockdown winner, Digital Sales jumped 23 , during the pandemic, look at the retailers. I promise wed get to zoom and here it is, okay, down a bit today after a spectacular performance yesterday. All right, susan. How much are they worth . Susan they are worth 125 billion. Thats bigger than big blue ibm. Zoom skyrocketed gaining half of value. Gaining 50 in one single session of 40 billion or so. So 125 billion in market cap, now the 55th Largest Company in america and not just bigger than ibm, zoom is now bigger as you saw on the board chip maker amd and also having great year, starbucks and boeing and pretty incredible when a company more than quadruple its sales in 3 months in one single quarter. Founder eric now worth more as carl icahn and worth more than than the company ipoed last year. Think of docu signs, up nearly 25 , crowd strike was 25 , slack also getting lift and lift this morning and zooms incredible numbers, maybe wall street may have underestimated the money that the lockdown winners might have made and thats why they are trying to rush in to buy now. Stuart i have to be honest, ive never heard of zoom until six months ago and now they are worth than imb. Susan 10 million users and now 300 million and counting. Stuart down a little bit to do today, dont forget that. Green arrows across the board right there. Shah galani is with us. Do you remember greenspan way back then, are you inclined to use that expression to describe the market today . I am, stuart, i believe that in 1996 is when Alan Greenspan addressing and what was happening in tech sector. Another 4 years before the market ended up and nasdaq composite down 78 . The metrics are certainly getting shall we say irrational. I know you hate price earnings and stuff, multiples on all majors up between 60 and 65 in a year. Ive never seen that before other than end of 1999 to 2000 in the nasdaq composite, so things are getting frothy but this is where the money is going. Theres no other alternative, so it can go on for a bit good longer. Stuart we will quote you on that, it can go on for bit longer. Lets talk politics for a second, shah, we have a poll that shows joe biden leading President Trump by 7 points, only 7 points. His lead is really narrowing. Do you think that that favors President Trump in my opinion. Is that a factor on the market today . I believe so. I believe that the polls have been reversing, not in absolute terms but President Trump is picking up in terms of the polls and as that narrows, as the difference between the two narrows the markets are reflecting that and saying we would rather see President Trump back in office with the kind of administration he has right now even divided congress. I think the market is in for a severe shock if the democrats sweep in november. Thats i think the one thing that probably can derail this market rally. Stuart hold on a second, shah, you cant see this but the viewers can. The dow up going 135 and nasdaq going up 124. You dont see that very much, do you see, shah, the nasdaq has the same the numbers attached to it as the dow industrials, have you ever seen it like this before . No, its staggering. Makes sense that work from home stocks, tech sectors, the earnings are there and profits are there. Some of the higher multiples are justified there but overall to me, stuart, its getting too much of a newfangled meltup. Stuart thank you very much, sir. Mortgage applications came out this morning, actually down 2 , lauren, i presume that Mortgage Applications are still way up from last year, though. Lauren way up, indeed, so applications to buy a new home up 28 from last year and if you look at refinancing, they are up 40 , home buyers continue to flip the market and homeowners continue to lock in lower rates, all positives. The author of the report is crediting two items, Strong Demand from the delayed Spring Season thats stretching through summer into fall, also the desire for space but they do caution, the refi demand will continue to slow down without notable drop in rates but housing has been booming. How long can it continue is the question. I do have to say, stuart, manufacturing after the ism number at 2year high, manufacturing is really a strong part, so between housing and manufacturing, this economy can certainly recover. Stuart okay, thank you, lauren. See you again later. Lets get to the pandemic. Health and Human Services says since the peak in july, new virus cases are down. 38 across the country. New hospitalizations down 37 . Look who is here dr. Mark seigel. Professor at center. Seems to me the virus is in retreat, what say you, doctor . Doctor this is very good news, stuart. I think even more important than the case numbers being down across the country its also that the hospitalization numbers are down. Thats what really puts such a big pressure on the Healthcare System and caused us to close elective surgeries and procedures, cancer screenings and heart treatments, all of that big problem with depression and suicide, what i call Collateral Damage. That may be reversing because hospitalizations are down, the percentage of tests that are positive are down to about 5 . We are heading in the right direction despite by the way all of the protests where its pretty easy to spread virus if its any around. The hot spots that i talked about on the show, texas, california, texas, florida have all made significant improvements in dampening down the curve and getting much less new cases per day. Stuart okay, winter is coming, the cold weather is coming, we are told that that favors the spread of the virus. What do you say . Is there big risks coming this fall and winter . Doctor i think we need to take precautions. I think that its a reminder about physical distancing and ventilation and masking and being using disinfectant and being responsible. Its a good time for that. We need that more consistently across the board but this virus has not obeyed what we were expecting it to do, so there may be areas where its already affected those who were most susceptible but its not time yet to take the foot off the gas, pedal in terms of public health, but i want to point out manager, stuart, thats really shocking. People seeking is 35 , that tells you what the cost of the lockdowns have been. We cant go back in time. We cant be doing these lockdowns. We just have to be judicious and responsible because the Collateral Damage has been enormous. Stuart you threw me there with the statistic but its a valid statistic pointing out the social cost of a lockdown. Extreme, indeed. Doctor, always good. Thank you, sir. We appreciate it. See you soon. All right. Thank you, stuart. Stuart staying on the virus. Susan, you to tell me about roche, they have a new virus test. Susan they are launching new rapid covid test and typically yields results in just 15 minutes. Now the accuracy rate is pretty high as well, 96 , now its also reportedly more affordable but the company didnt release or give any prices but roche has applied for emergency authorization by the fda. Dont forget abbott labs which cost 5 bucks, they got fda approval just last week as well and the Trump Administration is buying 150 million of these abbott labs rapid tests for around 3 quarters of a billion dollars and im sure that something that roche is looking to do as well. Stuart rapid tests on the way. Hundreds of millions being produced fairly soon in place fairly soon . Susan we need it. You need quick test results. Yesterday health and human says it comes in 2 and a half days. Stuart not good enough. 30 seconds would be cool. Futures, look at that. Green across the board especially the nasdaq. Will you look at that, up 128 points tat opening bell. Not bad. Big show ahead, larry kudlow will be here, when we will get our next stimulus package . By the way i want to talk to him about the wealth effect. We are a lot of people are getting richer from the stock markets gains, whats the wealth effect from that . I will ask him. House speaker Speaker Pelosi caught red handed getting her hair done in shuttered closed hair salon and she wasnt wearing a mask. Question, do you remember Shelley Luther, the texas salon owner who was jailed because she reopened early. He will join us in the 11 00 oclock hour. Perhaps Speaker Pelosi should be playing by the rules and this, the mayor of Portland Ted Wheeler reportedly moving out of his home because nonstop rioter brought damage and fear to his own neighborhood. Stay there, please, Varney Company just getting started. Stuart acting dhs secretary chad wolf says hes had enough of the lawlessness and riots in portland, oregon telling ted wheeler he must prioritize private safety or the feds will have no choice to come in and protect the city. Here is part of fiery letter that he wrote, quote, you have stood by passively arguing that the nightly violence will ultimately burn itself out, the evidence demonstrates otherwise, chaos, destruction and suffering in portland are evils you cant stop and must stop. Joining us now Ken Cuccinelli with dhs. Sir, what kind of federal intervention are we talking about here . Federal troops in full battle gear or what . Ken no, not troops, its a Law Enforcement failure and Law Enforcement solution. The first responsibility in the communities is state and local for policing but we are seeing portland intentionally not and willfully not policed to the extent needed to stop the violence and thus the secretarys letter to portland and, you know, we have to use extraordinary and fortunately federal authorities that weve avoided doing to this point, but as the president has made clear and the secretary in his letter, all those options are on the table and compare it to kenosha, we saw formula for quick stop to violence and that was democrat mayor and democrat governor. Partnership shouldnt have anything to do with this. Its straight Law Enforcement, its a simple solution and portland and Governor Brown refuse to implement it. Stuart we just had a report that the mayor ted wheeler is moving out of his own house, going elsewhere because his neighborhood is under threat. Have you had a response from mayor wheeler to the letter sent from dhs threatening federal intervention . Ken not yet. Hes probably busy picking out real estate agents. [laughter] ken yes, thats my natural state of being, but what it also just sent recently. He has a history of responding to these things and you have a governor who has over 7800 National Guardsmen at her disposal, she hasnt used one of them and even mayor wheeler asked Governor Brown to bring the National Guard in june but he come out and defends violence and defends antifa and the anarchists even as they attack his own condominium complex. Stuart there are reports that this is a wellfunded operation that that theres somebody behind all of this, an Organization Behind all of this, the rioters are being paid, the gear that they are using is being paid for. Are you close to finding out who is really behind this . Ken well, im not prepared to say we are close. There are hundreds of investigations running across the country, federal investigations running across the country that include those sorts of questions and we also have, of course, legislators on capitol hill asking those sorts of questions as well and as some of those committees start to look at this, theyll have a different set of authorities to bring to bear. Stuart i mean, hundreds of people are being arrested here. Is anybody talking . I understand that one person was arrested in 3 different places. Ken yes, and they draw special attention from us when they cross state lines and thats been true in portland where you didnt have very many crossing state lines but you have repeat offenders where you have local da that wont prosecute them. We focus federal resources on that. Half of the arrests in kenosha, on the other hand, traveled from other places. When you cross state lines you invoke federal jurisdiction and the opportunity for the federal government to prosecute you goes way up and investigate how you got there and how are you funded and so forth but because of the Fourth Amendment we have to respect the process and and weve got to have a certain level of evidence to begin using search warrants and doing those kinds of things to investigate the financing on the backside of this and thats what we are doing. Stuart Ken Cuccinelli, go to it sir. Thank you. Got fox base alert for you. Listen to this. Fox news reports that russia is targeting black lives matter and black voters ahead of the election. What do we know about this in susan stoking divisiveness and polarization as we head into the november votes. Multiple intelligent sources telling fox news that russia is making moves online directed squarely at influencing black lives matter and black voters ahead of the 2020 election. Yesterday there was one case where Russias Internet Research Agency created a fake leftwing news outlet complete with fictional editors and writers and then removed the accounts and the fbi is now investigating this. Facebook removed accounts but they have one where they are perpetrating, being young africanamerican who withdrew support from black lives matter and now supports republicans. Some of the tweets from what i saw got 40,000 likes in under 24 hours. So there is this influence taking place and they want to make sure that russia does not get any say this time around. Stuart malicious influence. Ly put it like that. Check those market again, please. Dow futures up 129, nasdaq futures up 118, s p futures up nearly 20. And now the traditional live look at deserted time square, well, it is raining so that explains something there. We will be back. [camera man] well, shingles can be prevented. Shingles can be whaaat . [camera man] prevented. You can get vaccinated. Frank they have shingles vaccines whaaat . Thats what i said. Were taking you to the doctor. Not going through that again. [camera man] you can also get it from your pharmacist talk to your doctor or pharmacist about getting vaccinated. Talk to your doctor or pharmacist so you ready to hit the road . I dont know. Just get on your bike. And ride no now you can trade stocks and etfs for any amount you choose instead of buying by the share. All with no commissions. Stocks by the slice from fidelity. Get your slice today. Stuart welcome, everyone, to the big techs, all of them up again today and welcome up to ray wong, covers big tech and bullish on these things for so many years that ive lost count. All right, ray, give me one big reason why the tech stocks have done so well, tell me. Good morning, first of all, it is because the Bigtech Companies are taking market share and what theyre doing is they are growing at double digit multiples, they are bringing doubledigit growth in profits and membership growth or user growth and thats whats the fundamentals behind that and they are taking market share at some point at the expense of other industries and breaking into other industries and disrupting them. Stuart arent they the face of the new economy and its a new economy yeah. Stuart new Global Economy actually dominated by these companies. Thats another huge reason. Its a Global Economy, its dominated by the Bigtech Companies. If there is free trade and fair trade, so you basically have u. S. Versus china in that debate. Some markets you cant get into so it doesnt matter, other markets are wide open and thats really what the competition is for. Stuart open the market shortly, before we do, ray, talk to me about zoom. It surged yesterday pulling back a little today. Whats your price target . Ray price target is 550 i believe and the zoom boom is real, so i think its 3350, i have to double check. Zoom boom is real and the market cap is literally as ibm plus hp, a little bit more, 129 billion and what they were able to do add customers which is what matters in the enterprise and the ability to hit that is incredible, can they repeat that in the next quarter, probably not at that growth rate but will they continue to grow and add consumers, the answer is yes. Stuart okay, i will put 3 work from home stocks, docu sign, slack, are these the up and coming tech stocks in your view . Docu sign, definitely, its figuring out digital signatures, contactless and everything begins with them. Oza connects you work from home and connects you. [bell] bell. Stuart we turn to the stock market. Ray wong, thank you very much, indeed. Right, we are off and running. It is wednesday foreign, it is september the second and we expect solid gain for the dow when we open up all of the stocks. In the early going we are up about 80 points, 28,700. Thats the dow industrials. The s p, im pretty sure its a new record high because it is up 17 points, 3,543. And the nasdaq, where is that at the opening bell . 108 points,. 9 , 12,000 and 48. What an opening bell this wednesday morning. Let me show you the vaccine makers. New cases, hospitalizations down significantly since julys peak, the vaccine makers are actually down today. We have the president saying that hes going to help the airlines through this time of mass layoffs and furloughs because they are looming, airlines went up yesterday, some of little bit more today delta and american are down. Tesla, of all the analysts who cover tesla, theres only one in 5 say buy it at these prices, 1 and 5. The day traders still love it but the analysts on wall street are saying not so fast. Here is a stock, i will call it a pandemic winner. They were up 4 a share in march, last week we featured them when they were at 18 and change and now they are 2136, thats a rally and a half. Ford motor company, theyve announced that theyll be laying off 1400 whitecollar workers by the end of this year. They say itll be done through voluntary buyouts, however, the stock barely budging, still in the 1 dollar per share range. Next case, what do we have here . The next one i want this. I dont want to buy it, pelaton up 200 this year, jumping again today because jp morgan raised their price target on the stock. Lauren, come into this, please, where do they say is going . Lauren 105. So they raised to 105 from 58 making it the highest on wall street where the average is about 67. Look at the stock trading at 90 and change. Here is why jpmorgan is so bullish. They think pelaton have what i call highclass problems, delivery times, average 6 to 7 weeks, suggests that pelaton cant keep up with Strong Demands even as gyms start to reopen. We get the earnings next week and the company and many others are bullish on them. Look at the stock, just about tripling this year, stuart. Stuart lauren, i remember saying earlier this year that the pelaton its just too expensive. 2,500 for a bike, et cetera, et cetera, i thought that was too expensive. Boy, was i wrong. I dont know how many thousands theyve sold. Lauren convenience. Stuart hightech gym at home, seems to be working. All right, the dow is now up 104 points, look at the stocks hitting alltime highs. Apple 134, amazon, 3,040. Alphabet, 1671, alibaba dropped back a little a few moments ago at 300 a share and nvidia is up at 577, i will call that a big tech rally and a half. All right, lets go back to lauren, retailers report this morning. Macy, how did they do . Lauren its up 9 and a quarter percent. Sales recovered at all 3 brands. Digital sales, up 53 in the quarter. Thats why you have the rally today, but, but macys is still a department store, the stock is still down 59 this year, samestore sales still fell 35 and, yes, they still reported a lose, net loss of 431 million. I want to add one quick thing to this and this is adding to the stocking, they say they are going to test Smaller Stores outside of shopping malls and that might be a winner for the struggling department store. Stuart you have the news on lands end, please. Lauren they reported net income 4. 4 million, Digital Sales up 24 , thats good. The casual closing retailer, they also sell home goods so casual and home, goes together. They are backed by eddy. Just about doubled this year, stuart. Stuart thanks very much, lauren. Can you put nvidia, ask and you shall receive. Nvidia up. Susan, explain. Susan we have to put into context, of course, now we are looking at 3 Straight Record days. Gaming is where nvidia made its name. Whats driving the stock today . Well, we have gaming levels hitting record during lockdowns so guess what, they are unveiling holy grail in game chip, its recall game tracing and games are now life like. Lifelike games and fortnite are moving to lifelike games. Also nvidia cutting price by a thousand bucks. Stuart wait a second, i look at some to have video games and they are lifelike already. Susan think of it as 3d almost, very Impressive Technology and, you know, nvidia is benefiting from the ship to the cloud, benefiting from gaming and data centers and just going away. Stuart a couple of months ago we were saying that nvidia it was heavyduty stock. Susan its obviously breaking out. Stuart off to the races. Make them look lifelike and you win. Check the big board, up 148 points. Thats exactly half percent. 28,788. Whats the yield on the tenyear treasury he asks,. 68 . Whats the price of gold . It is 19. 58. Down 20 bucks today. Bitcoin, havent checked that for a while. Okay. Forget that. Im not sure where that is on the screen. Have we got the price of bitcoin, no, we dont. We have oil, 42 per barrel. I have a quick programming note for you, yeah, this is important. 2 00 oclock this afternoon eastern time Charles Payne hosts a virtual town hall with sports founder dave portnoy, not too late to take questions, how you can take control of wealth and investments email investedin investedinyou. President trump leaving to North Carolina today to declare it a world war ii Heritage City but its a swing state. You can expect a Campaign Style visit. Take a look at the latest real clear politics average, its 48. 47, thats in North Carolina. I will call that a tie, 48 biden, 47 trump. The president goes there today. Gee, i wonder why . Meanwhile joe biden out of the basement taking credit for saving the economy during the Obama Administration. Listen to this. President obama and i stopped the depression in 2009. We took a bad economy that was falling and turned it around. Trump took a good economy and drove it back into the ditch. Stuart where did he get that stuff from . What would larry kudlow have to say about that . Well hes on the show on the 11 00 oclock hour. Next question, what does coffee, ketchup, nike shoes all have in common, not a trick question, we will answer it after the break. Im hector. Im a delivery Operations Manager in san diego, california. Weve had a ton of obstacles in finding ways to be more sustainable for a big company. We were one of the first stations to pilot a fleet of zero emissions electric vehicles. The amazon vans have a decal that says, shipment zero. Were striving to deliver a package with zero emissions in to the air. I feel really proud of the impact that has on the environment. But were always striving to be better. I love being outdoors, running in nature. We have two daughters. I want to do everything i can to protect the environment to make sure they see the same beauty ive seen in nature. My goal is to lead projects that affect the world. I know that to be great requires hard work. Stuart rally holds, 12 minutes in, up 163 for the dow, up 75 for the nasdaq. S p up 17. Before the break, we asked what do coffee, ketchup, sneakers and yoga pants all have in common, lauren has the answer, tell me. Lauren i do, they cost more because of the pandemic. Okay, how much more . Ketchup up 10 and instant, coffee, when was the last time you had instant coffee . Stuart when i was a child living in england. Whats the attraction of instant coffee . Lauren i think because of tiktok. They make a whipped coffee, you need four ingredients, the videos went viral, instant coffee is one of those ingredients, people went out to buy it. Thats all i have for you. Slice ham cost more than last year. The answer is why, aside from tiktok or working from home, we are making our coffee, whatever types it is and we are also making sandwiches for lunch. In terms of ketchup, Companies Used to do big batches of ketchup, that costs more money. What do we work in, yoga pants, lulu lemon up 7 , nike air max sneakers up 10 and a half percent from last year. This is the new covid consumer economy. [laughter] stuart i would never have guessed that. The tiktok connection for instant coffee. Thanks for pointing it out, lauren, thank you. Recovered these names sorry. We have a delay here. Sometimes we talk on top of each other, my apologies, lauren. Look at apple and tesla, theyve been on a tear, down a bit this morning for tesla, but apple is up. Our next guest says Restoration Hardware rh, that can play bag as well. Andrew, research guy. All right, andrew, i think of Restoration Hardware as very expensive furniture and yet i see the stock going up, not today but its going up. Make your case that its a breakout stock. Andrew you are correct. Its furniture with good design. Everybody making money in apple and amazon and everybody making money in the stock market who is staying at home at the same time, where are they going to spend their money, buying expensive furniture, the company is profitable, unique and about to go international. For those reasons i think Restoration Hardware could easily go up 50 from here. Stuart 50 from here. Well, you know how to get our attention. Up 50 from here. Is this by any chance a bit of a wealth effect. A lot of people maybe spending the money on expensive furniture, is there a connection there . Andrew wealth effect and people moving out of big cities and going into bigger homes where they will buy new furniture and home economy. So its also hits millennials, we are focused on design, the apple, the tesla, the peloton crowd. You really have all of those effects coming in and they really have not much competition. Their supply chain and perfected it over the past 5 or 6 years and scaled content of design. So stuart okay. Andrew if you look at valuations, i hear yaw talk the zooms or wayfairs of the world, theyre not crazy value. Its a stock that you can comfortably buy. Stuart i do read your stuff and i noticed that youre saying the vaccine makers moderna and novaxx are jokes, why are they jokes . Andrew they dont seem to have anything promising. Its easy to go through phase 1. You are talking something safe and not going to work. So i think what astrezeneca has is more promising. I hope it works out for everyone but before investors go out and start buying the third tier pharmaceutical names because they think they vaccines, be cautious because moderna can go back to 15. Stuart ouch. You got our attention right there again. Andrew, thanks for joining us, sir, always appreciate it. See you again soon. Restoration hardware, i have to remember that. Tesla down 3. 3 . That will be 16 to get some context there, susan. Whats going on . Susan largest outside shareholder is reducing position in tesla so before they owned around 6. 32 but they have to reduce it and keep it and trim it to 5 , they cant have an outsize position in one particular. Stuart they have to sale. Susan they have to sell but they plan to remain significant shareholders. We dont have the specific timeline in terms of when they are going to do that but that dilutes the share. More stock now into the market, obviously theres a lot of demand still because the stock has run up over 400 so far this year, but there are only 5 billion in new shares. Gifford is selling more stock. For a long time tesla was cash crunch but selling more cars and having more money in the balance sheets, in pretty good position. Stuart september 22nd, battery day and i want to see electric car sales figures from china. Susan yes, there you go. Stuart joe biden getting big boost in fundraising. Expected to report oh whopping 300 milliondollar take in the month of august. What do the republicans think about that . I will ask chair of the rnc Ronna Mcdaniel who is on our show in the next hour. Check out smile direct club, they are up 18 this morning. Theyre canceling plans for 37 milliondollar factory but big investment from original investors and maybe thats why its up 18 , the cfo of the company is next who is usaa made for . Its made for this guy a veteran who honorably served and its made for her shes serving now we made it for all branches and all ranks whether they served one tour or made a career of it. We also made usaa for military spouses and their kids usaa is easy to work with and can save you money on auto, home and renters insurance. Become a member today. Get an insurance quote at usaa. Com quote usaa. What youre made of were made for theres an art to listening. Its the ability to hear more than whats being said. To understand the meaning in every pause. And to be able to offer the answers that make someone feel truly heard. I understand, lets get started. Thats what you get when you talk to a Dell Technologies advisor. Lookentertainmentour experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. Stuart okay, we are 22 minutes into the session and weve got green arrows all over the place. The nasdaq is only up 11, 20 points, it had been up a lot earlier, solid gain for the dow, though. Next case smile direct club, the stock is up 19 and a half percent. 3 executives scooped up over 15 million worth of the stock, maybe thats why its up 19 . Kyle whales is the chief financial guy, kyle, what is it, a couple of weeks ago you reported 45 drop in secondquarter sales compared to last year. Why are your executives putting in money at this point . It sounds like you need a boost of confidence. Kyle well, first off, thanks for having me. You know, i think what it ultimately shows is our conviction in longterm belief and longterm prospects where we believe the stock can go. If you look at the Second Quarter overall we had a nice beat, we beat revenue by 20 , we beat over 20 , came nicely compared to expectations. If you look at the guide we had for the Third Quarter that was up about 25 sequentially, so we think we are very well positioned, very much believers in the longterm prospects for the business and for the company and thats what this purchase was about. Stuart okay, understood. Now you canceled plans for 37 milliondollar factory south of austin, texas. Why did you do that . Kyle yes, so the facility in texas, outside of austin was about redundancy. As we looked at facility here in nashville, tennessee, you know, we wanted the ability to continue to produce aligners and as a result of covid really made us take a step back and look at aspects of the business and facility in kyle was no exception to that and what we felt we could accomplish in business but do it in much more costeffective way and manner much closer to home. And so as we look at the uncertainty with covid, we thought it was important to have the facility closer to to where we are here in nashville. Stuart the pandemic, the lockdown hurt you a little bit, didnt it . Kyle well, it hurt i think it hurt every business. The unique part about us given our platform it gives the opportunity even in times like this to continue to perform well. You know, if you look at our business overall, you know, throughout the pandemic, it really gave us the opportunity to reset our cost profile. Stuart okay. Kyle if you look at the growth that we have in q3, 25 sequentially the quarter like i said but we are doing it in much more profitable way than we did last year and we remain on track to be positive by q4 of this year as we talked about earlier this year. Stuart kyle, thank you very much for joining us, your audio is breaking up. Youre joining us on a day when your stock is up 22 . Thanks for being here. Kyle whales. Great to be here. Stuart here is what is coming up today, larry kudlow, of course, we will talk to him about the wealth effect as i call it and the president called the super v recovery. Speaker pelosi, breaking her own rules to get a hair done in a closed San Francisco salon. Get this, she thinks hes done nothing wrong. She wasnt wearing a mask. Im fired up. You will hear my take about that next. From fidelity. Now you can trade stocks and etfs for any amount you choose instead of buying by the share. All with no commissions. Stocks by the slice from fidelity. Get your slice today. So youre a Small Business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Stuart 30 minutes in. It is 10 00 in the morning. We have the rally strong for the dow and s p. Nasdaq has completely faded. Were on the downside. One or two stocks must have faded. Susan apple up 4 . It is down 3. 25. I it said it was up on reuters recently. Maybe i have a delayed system here. Stuart apple down 3 . That hurts the, hurts the nasdaq and also hurts the dow as well. Which is still up 180. A bit of a contradiction there. Amazon 3508. Alphabet, 1666. Alibaba hit alltime highs. It has come back a bit. It did hit 300. Nvidia going strong at 558. If youre turning in. Stuart got to remind you, were talking about larry kudlow at 11 30. A lot of topics to talk about. Wealth effect and state of economic recovery. Factory orders, that looks forward to the state of the recovery. What do we have . Susan positive, better than expected. 6. 4 for the read in july. That is acceleration. Month on month figure. Up 6. 4 in july from june. The june figure is revised upwards as well. This is important for manufacturing which represents 10 to 15 for the u. S. Economy. Capital investments and amount of money are putting into the u. S. Stuart does indeed. The dow gain ad few points. Up 172 as we speak. Now this. News flash, the virus is receding. No, of course it is not beaten. It is obviously still with us but the evidence is that the uptick we saw in the summer is in retreat. The number of new cases is down sharply from late july. Hospitalizations down. Deaths down, every day on the front page of the New York Times they keep the score. Today that graphic shows a 14 decline in new cases and 16 decline in new fatalities over the last two weeks. Not beaten but in retreat. You know, that is beginning to sink in. We can sense, maybe i do certainly, the lessening of the virus anxiety and tension. Were getting tired of the restrictions. When the elite break the rules the rest of us really dont like it. Speaker pelosi needs her hair done. So she breaks the rules. And she doesnt wear a mask. Goes into a closed hair salon. The day before, another democrat, the mayor of philadelphia caught dining inside of a restaurant. In another state when he banned inside dining in his city. Before that it was lori lightfoot, mayor of chicago who just had to have her hair done against the rules. When top officials flout restrictions they themselves imposed you know the loosen up demands from regular folks can only grow. What about joe biden . Threatening a new National Lockdown and a National Mask mandate . Surely those are nonstarters. With the virus in retreat it is time to look towards more opening, rather than more lockdowns. This is september. Not march. Now effective tests, treatments and vaccines are very close. We can deal much better with outbreaks that cold weather may bring. Weve seen the other side of the virus. That is where we want to go. If our leaders break their own rules it is time to change the rules, maybe change the leaders too. Look who is here. Liz peek, fox news contributor. Big smile. Always big smile. Liz, welcome back to the program. What is the point of rules if the rule makers ignore them and what does it tell us about the state of the lockdown . Stuart, who could be a bigger hypocrite on this topic than nancy pelosi who has been critical from day one that donald trump was not taking, in particular the maskwearing mandate seriously enough. So this is really remarkable to me. But it also makes people question the rules, right . Nancy pelosi is 80 years old. If it is okay for her, a member of the most vulnerable part of population to get away with not wearing a mask, what does that say about the rest of us . What does it say about the possibility of a National Mask mandate . It is completely idiotic. But to your point, a recent poll showed that in the battleground states americans are becoming less anxious about the virus. That is very bad news for democrats because they have made this their number one topic, their number one issue going into november. They say donald trump is not handling it well, has been careless in how he managed the virus. Guess what . In those battleground states his approval on that topic, on managing the virus has gone up. So democrats have to find a new way to battle this and right now a lot of their restrictions and, these actions by some of their leaders, dont forget chris cuomo who was also caught out in similarly hypocritical moment. They look pretty stupid. They will have to figure out a new way to attack donald trump. Stuart do you sense what i talk about there, sort of lessening of the anxiety, a feeling that maybe it is time to come out of this . I mean five, six months, maybe we shoed loosen up a little bit. Do you sense that amongst other people . Absolutely because look at the numbers. The death rates and number of cases have plummeted as you pointedbecause among other things we know much more how to handle this virus. We also know still half the cases are, of deaths are in nursing homes. By far most people getting it who have serious repercussions are older people. For young, healthy people, stuart, this is now a big issue. Democrats i believe have politicized this. They want to keep the economy under wraps. States like new york are not facing any surge or resurgence of the virus are still delaying opening businesses and opening schools. This is really malpractice. They are hurting our country and hurting our economy. New york itself is about 10 of u. S. Gdp. By keeping it under wraps theyre presenting a tremendous speed bump to recovery of the economy, that is food for democrats they think. I think though now, weve gone beyond that point. People are frustrated. They want their lives back. They want nfl football. They want big 10 football. Time to open up to get back to normal life. Stuart liz, you have a wonderful smile but youre very sharp edged. I think that is what like about you. Thank you, stuart. Thanks for having me. Hope so. Stuart right. Get back to money, shall we . We keep hearing about the popularity of trading apps, making it easier for the average person to invest. Lauren, youve got numbers on this. Tell me please. Sure do. These apps that make it all possible are adding millions of new accounts per quarter. So the virus has served up the perfect recipe for success. Lockdown. Smartphone apps make it easy. Individual investors, momandpops, trading stocks more than ever. Look at this. It is estimated that momandpops are responsible for 19 1 2 of the stock market in the first half of this year. That has doubled in the past decade. If you think about robin hood, they make it super easy. Weeble make it like a casino. It makes it addictive. Analysts warn of the dangers of irresponsible or uneducated investing. Cornerstone macro, they make an excellent point here, as the stock market is a bigger part of the overall economy. Consumer wealth is tied to stocks. That could everybody dangerous for some people because what goes up also comes down. You have to worry about both ends. Stuart youre absolutely right, huge surge of Retail Investors coming into the market at this time, that made a big difference to the trading patterns and a big difference to some individual stocks. Im thinking of zoom main, tesla, for example. Good point lauren. Lauren lauren and apple. Stuart and apple. Thank you very much indeed. Moving along, market watcher john lonski is with us. I want to talk about the wealth effect. Im big on the wealth effect today. A lot of people made significant money in the economy, Retail Investors. Is this a factor in this economy . I think it very much will be a factor. It is one of the developments that tell us now were at the beginning of a new Business Cycle upturn. By the way home sales well exceeded expectations for some time. Real Consumer Spending in general has topped earlier estimates. Were on the road to recovery. The fact that weve had this better than 6 trilliondollar increase by the market value of common stock over the past year, despite covid19 can only be a positive for house old expenditures. Stuart you said a new Business Cycle. Explain that. Upturn. I think covid19 recession is over. Right now we are in the Third Quarter and the consensus estimate for Third Quarter Economic Growth is 21 1 2 . Believe me, stuart. It is impossible to have a recession when the u. S. Economy is growing by 21 1 2 annualized from the previous quarter. Of course weve seen positive trends by household spending, by housing. Better thanbetterthanexpectedn factory orders. This has been going on for several months. Stuart you say the wealth effect is about to kick in. It has not kicked in yet . I think this, has a lag effect. Will benefit the economy over time. It will boost consumer confidence. By the way, if im a Corporate Executive and my stock price is rising, well, you know, im more inclined to add workers as opposed to cut staff. So i think this is also a positive development for hiring activity in general moving forward. Stuart john this recession is unusual. We had a very shallow decline by the equity market compared to what weve had in the past. Took only six months to reach a new record high for the equity market. The great recession, it took five years. Stuart just amazing. John, youve been right consistently. Thanks for being on the show. See you soon. All right, stuart. Stuart mr. Lonski. Were 62 days to the election and joe bidens lead over President Trump is narrowing significantly. New National Poll puts the president just seven points behind joe biden t was a 12 point gap in june. Democrat pollster, one of them, predicting a huge trump win on Election Night but there is a catch. Watch this. It looked like donald trump was in the lead. He fundamentally was not when every ballot was counted. Stuart okay. Sew he is talking about trump wins on Election Night but then a little later, biden wins when they get all the mailin votes counted. Im asking rnc chair Ronna Mcdaniel about that. She is coming up. What about this . Joe biden reportedly fundraising a record shattering 300 million in august. He did this from his basement . Whats up with that . The second hour of varney. Were rolling. So youre a Small Business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Stuart the Biden Campaign expected to rake in a record shattering 300 milliondollars fund raising in the month of august. That is expected. Ronna mcdaniel rnc chair with us now. That seems like an awful lot of money for a man to raise from his basement. Do you have any comment, ronna . Well, he had a vp pick and he has the benefit of act blue, an organization that has been a small dollar juggernaut for democrats for the past several election cycles. This is why President Trump was strumal was launching win red for the republican side so we had something to combat act blue. Theyre raking in money. The Trump Campaign has been raising money for three years. We have invested in a ground game. The numbers im interested we had nine million voter contacts last week. Were docking on Million Dollars a week. Joe biden is knocking none. I have two million volunteers activated on the ground and 2000 field staff. You cannot build a ground game in a day. On tv we will saturate the airwaves that is joe bidens game plan. We outregisterred voters in six battleground states that democrats fallen short in compared to 2016. Those are numbers im looking ad. That is where we invested our money early that will make a difference in november. Stuart stalk polling numbers. I have a new National Poll shows joe bidens lead is narrowing, 5043. That is the latest suffolk poll. It was a 12point gap in june. Youve been telling us for some time you have got internal polls that show strong support for President Trump, stronger than the public polls actually suggest. Would you care now to share any of those internal polling results with us, that you talked about so much in the past . Well, i will be getting new numbers this week and see what happens from the convention but i will say internally weve always seen the president doing better than what the National Polls are seeing and our polls incorporate energy, door knocks, more analytics. So theyre not just polls. It is actually data modeling. So weve seen the president doing significantly well in the Battle Ground states. Were not looking at california, new york, were looking at likely voters. Were incorporating what were seeing in our door knocks what were seeing on the ground. We feel really good about the energy for president. Stuart battleground states, being pennsylvania, wisconsin, michigan . Michigan, minnesota, ohio, North Carolina, florida, iowa. The whole gamut. Those are the state has im looking at every day. Nevada. Im always looking at those states and our numbers. And i feel like the president , since mount rushmore, we have seen a rise in his numbers that is continuing to grow. After our Convention Last week, i will get numbers on wednesday and friday, well see what the result will be but weve continue to see it in the energy on the ground, volunteers, all things seeing across the country. Stuart okay. Im sure you saw that democrat pollster who said that trump would be in the lead on Election Night but when all the mailin votes come in and it would be a biden win. Ronna, what he is really talking about, and what ive been talking about is election chaos. Election chaos is coming. You dont expect to get a result on Election Night or election month, do you . No. It is disgusting to watch democrats, stuart, i wish the American People were paying more attention to what democrats are doing in the dead of night to change election laws, to manipulate the process. To insert chaos into our elections. We saw it in new york, it took six weeks to get results. 20 of the ballots thrown out in patterson, new jersey. One woman in california said she received new ballots for a woman never lived in the address. Fauci said it was okay to vote in person. New jersey got rid of in person voting. Rnc is in 41 lawsuits. Democrats are stripping Election Integrity out of the election. When he says President Trump will win on election today until we get in mail in votes. Well until we get our cheating done. Stuart you cant do anything about it. The rules, when you count what are valid ballots, those are set by the states, not the federal government. There is a limit to what you can do. We just won a lawsuit in iowa. Weve been winning lawsuits across the country. As it gets to the federal courts. I do think the supreme court, i hope they take a look at states run by democrats, upending and changing election laws 90 days out, 80 days out from election. Not testing processes, not vetting them. It is absolutely will insert chaos into our election. President trump is right to call it out. Thank you for calling it out. We should be able to vote in person. That is the safest way to vote. Or absentee vetted, tried and true, not mailin ballots everybody getting a ballot whether you want it or not. Early in person voting. Stuart i have a bee in my bonnet. Ronna, we appreciate it always. Thank you. Thanks for having me. Stuart lefthand side of your screen. Plenty of green. Like the look of that. Nasdaq, s p, dow jones, all of then up, look at peloton. Alltime high. Above 90 a share. In march, this company, this stock was about 20 a share. Get to nvidia, alltime high there. Up 23 bucks. 4 as we speak announced a new line of hyper realistic graphic cards. What they will do, susan is the authority here, that will make the characters in video games even more life like than they are now. Susan almost 3d i said to you. Youre a good student. Youd it up like that. So second savvy. Stuart i can remember what you said three minutes ago. Three hours ago ive forgotten. Look at draftkings. Have we got the stock please . What, susan, has draftkings got to do with Michael Jordan and the big stock rally . Susan the reason the stock is rallying up almost 13 in the premarket. M. J. Is joining as special advisor to the board. Also taking an equity interest in draftkings which is a sports better. Jordan is expected to offer draftkings expertise, development, diversity, equity, marketing. The six timenba champion brings in name recognition. We know who mike is. We wanted to be like mike in the early 90 avenues and 2000s. The main reason why he is a billionaire, the stake in the charlotte hornets, the nba team. Draftkings is up 250 this yea, more than tripling on the excitement of return of Major League Sports means this industry and Sports Betting will grow, around 11 up until the year 2027. Reaching 200 billion in total according to grand view research. One sports better turned stock trader, dave portnoy, draftkings sup 13 because m. J. Joined as special advisor. That is bananas. Theyre code taking his action which makes sense. Michael jordan is known as a sports gambler. We have dave port i dont with Charles Payne at 2 00 p. M. Even you know who Michael Jordan is. Everybody wants to be like mike, including stu varney. Stuart Everybody Knows Michael Jordan one of the stand out sports figures of the last century. Susan greatest of all time. Stuart larry kudlow, very important, he is the top guy in the white house in terms of economics. He is on this show today. Next case, what else we got . Demand for gas not great as we continue to work from home. How about that . Our next guest does not expect demand for gasoline to pick up anytime soon. That is interest. And now, the normal view of sixth avenue in the rain. Look at that. Look at that. There is nobody there. Well be back. I am robert strickler. Ive been involved in communications in the media for 45 years. Ive been taking prevagen on a regular basis for at least eight years. For me, the greatest benefit over the years has been that prevagen seems to help me recall things and also think more clearly. And i enthusiastically recommend prevagen. It has helped me an awful lot. Prevagen. Healthier brain. Better life. Stuart green across the board, including a gain for the dow of 237 points. The nasdaqs recovered. It is now up 35 after slipping into the red earlier. It is a rally folks, im telling you. Smile direct club, the dentistry guys, i hope they dont mind me putting it like that, we have the chief Financial Officer africans selling of their megafactory outside of austin, texas. We wanted to be ability if that facility were nogo down to ability to produce aligners. As a result of covid it made us take a step back to look at all aspects of our business. The facility in kyle was no exception to that what we found could we could accomplish same level of redundancy and support of our business, but do it in much more Cost Effective way. Stuart the cancellation of the factory has not hurt the stock. What has helped the stock gain 22 today is two of their big original investors put another 15 million into the stock. It is up as we said 22 . It is now 10 30, 30 seconds past that we have the oil situation. How much oil have we used . How much have we put in storage . Susan we used a lot. 9. 326 Million Barrels in the week. We were expecting a drawdown of 1. 8 million or so. So were using a lot of oil and you know what that says . It says that the economy is reopening and getting slowly whack to normal. Stuart it does indeed say that. It tells me the expectations game is a farce. They always get it wrong. Susan stop. Oil is hard to forecast on a weekly basis. Stuart moving on, the National Average for a gallon of gas, that is it what im interested in, it is still 2. 23. 34 cents below what it was year ago. At that price, 2. 23, it has not gone up that much. Only about five cents in the last couple months. Why . Because demand for gasoline remains low. Lets see what andy lipow has to say about this. He is the oil analyst of the day. Do you expect demand for gas, therefore the the price of gas,o go up very much in the immediate future . Well i dont. In fact the eia came out with statistics for june and showed year on year declines in gasoline demand of 15 . Today gasoline demand is down about 10 compared to this time last year. In the weekly stats that just came out, we saw week on week that gasoline demand was off about 400,000barrels a day. The fact is, is that less people are taking to the road for a variety of reasons. Stuart the bottom line is, that were going to have, i call it dirt cheap gas for some time to come, right . Well, i agree with you. Gasoline prices will remain under pressure as there is plenty of crude oil around the world, pressuring crude oil prices which get turned into cheaper gasoline for the consumer. Stuart so what about, that is the price of gasoline, 2. 20, 2. 30 rest of the year. Got it. Oil, 42 bucks a barrel now. Where is that going . You can see with the big decline of nine Million Barrels of crude oil, were down about 30cents, weve recovered to be slightly down. Which means gasoline prices i dont think will go up by very much but on wti prices, given that the rig count remains very, very low compared to last year. I expect over the next couple of months well drift on up to 47 a barrel. Stuart thats it . 4dollars a barrel. That is all you got, right . That is all i got for this year. Well see what happens next year. Because the oil market is still depending on opec plus reining in production throughout 2021. Stuart that will be the day. Andy lipow, thank you very much. Im being sarcastic. There you. Andy, thank you very much indeed. See you soon. Individual stocks, i want to check them for you. Zoom, whoa, 8 lower. Down 37. That follow as huge gain yesterday. That yesterday gain sent the value of the company soaring. Zoom is worth more than ibm. That was news to me this morning, but yes, it is. That is the grand dads technology stock. Ibm. Susan never heard of them. Susan i have. By the way the gangbusters. Stuart i dont like the expression. Susan for zoom, up 45 one day. I think that is gangbusters all right. Stuart slang. Dont care for it. Show me docusign and slack. You did already, thank you. Down today, but they are pandemic winners. Docusign slated to report tomorrow. Slack is on deck for next week. Both of them down today. Show me square, jack dorseys mobile payment platform as they say. Up 166 from the beginning of the year. What is driving that rally, lauren . Lauren there is a part of square called the cast app. It has got like 30 million users. They can deposit your stimulus check, pay friends, even invest in stocks all on their phones with this app. That is the reason why the stock is up so much. Analysts are giving it a 40 billiondollar valuation. I want to put that in perspective. That is half of squares overall valuation. It is more than most banks. 40 billion. You mentioned the annual performance, if you look at the kbw banking index, it is down 32 this on per serves tently low Interest Rates and worries about potential default. Alternative banking, cash app on square really booming as traditional banks struggle a little bit. Stuart all the new stuff i got to get aquainted with. Lauren, thank you. Susan all on the phone. Stuart i will get it. Apple is down 1. 7 . That is down 2. 30. How many jobs, not quite sure, what is the app store, how many jobs do it support . Susan it will surprise, if you think about it, 300,000 new jobs right here in the u. S. Were created because of the app store during the pandemic. Now the app store supports 2. 1 million jobs across 50 states. That is an increase of 15 from last year. It makes up the majority of the 2. 7 million total jobs that apple helps support here right in the United States of america. This is during, by the way record unemployment rates. If youre an app developer, youre doing well. Texas was a stand out, adding 36,000 new jobs. Marilyn added 25,000 new jobs. Michigan 12,000. Smaller states like alabama, nevada, oklahoma, saw doubledigit increases. Note that i didnt mention the traditional tech hubs of california and new york, right . It is creating jobs in states thaw wouldnt have thought of. It is also apples app store facilitated half a trillion dollars in commerce over the past year. However it is still a source of controversy since it is part of the reason why regulators are looking at apple for antitrust, having too much control. They are locked in a showdown with epic games maker, fortnite maker, epic games because of the fees it charges. Stuart it is a massive concentration of power and money . Susan yeah. Think of where the jobs are . Stuart yeah. I looked down on my phone here. Microsoft is up over 3. 20. Reaching susan what does that mean . Can you calculate that if you have 437 shares and stuart excuse me. Let me press the little button here. Microsoft is up 1. 4 . Does that make you happy . Susan i understand that. Four bucks. Stuart thank you. Disney, they just treated that the Second Season of the mandalorian will begin streaming on october the 30th, lauren . Lauren on disney plus. Season two is coming at the end of october. Obviously it was a smash hit for the streaming service. If you look at the announcement on twitter, there is a picture and it shows two things. It shows the mandalorian himself and stuart, very sorry to do it to you, it shows baby yoda. Stuart oh, that thing. Lauren maybe more baby yoda gear coming to the market in time for christmas 2020. Stuart lauren, i got to tell you, i think we spend far too much time on the mandalorian, or what was the other one, mulan . Susan i have dont think we spent too much own mulan. Baby yoda. Stuart moving on. I will read a tease. Here is what is coming at you, folks. Put me on the screen. Mcdonalds responding to claims that its food does not decompose, after a ticktock video showing a 20yearold hamburger goes viral. We really are going to show you that too. Is that it . I guess thats it. 20 years old. Good lord. Still no plan for Indoor Dining in new york city. Restaurateurs taking action. More than 300 new York City Restaurants banding together in a classaction lawsuit. Good. They want billions in damages. I hope they get it. calm inspirational music i cant stop worrying. Why cant i sleep at night . How do i deal with all this stress . When did the world get so scary . Hello, this is michael youssef, there can be no doubt that our world is filled with troubles right now. And yet, there is one person who said, i can give you peace that can never be shaken even in the worst of your circumstances. Jesus is the way the truth and the only giver of eternal life and he is inviting you to come and surrender to him. And he will give you unbelievable peace, a peace that seems too good to be true, but its true. Will you come to him . calm inspirational music [female voice] are you looking for a peace that can withstand any hardship life can bring . Visit findingtruepeace. Com to find answers. Again, thats findingtruepeace. Com. calm inspirational music find a stock basedtech. 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. Stuart im still seeing a lost green. We had the nasdaq pop into the green. Nice gain for the dow. 230 points higher. How about that real estate company, zillow . I always look at zillow. Love to see the prices. Got a buy recommendation from deutsche bank. They have got a price star get of 106 a share. Right now zillow is at 89. Rents plunging in some of our biggest cities. Tell us more, lauren. Lauren rents are going up everywhere except San Francisco. This is pretty god. Apartments listed to rent there are down 4. 7 from march to august. Why . Tech workers are working from home. That home increasely not in San Francisco. Theyre moving out. New york city, another victim. Rents down 3. 9 percent during the pandemic. San jose, miami seeing rent prices down 2 each. Up nationally. In some big cities like San Francisco, new york city, very expensive cities. They are coming down. Stuart entirely understandable with a exodus from the big cities, you have lower rents. It is that simple. I dont see any change in that in the immediate future that is my position. Thanks, lauren, very much indeed. Still on new york, the mayor telling Restaurant Owners Indoor Dining may not resume until next year. 300 restaurateurs banded together, have a class action statute going. They want two billion dollars damages from new york state. Look who is back. Rocco desiirito. Good to see you stuart. Stuart youre a new york restaurateur. Im appalled what i see here. Why cant i go out the studio and have lunch today . I karn elsewhere. Why not new york . The answer to that is not that simple. Were not allowed to provide that experience, why were not allowed is now a mystery to all of us. We put for the the restaurant act where we have over 200 sponsors in congress. Were looking for 150 billion in aid because otherwise, were looking at a mass extinction of event of 50 to 80 of independent restaurants going byebye forever. Talking about 10 of millions of jobs. The independent Restaurant Community is the largest employer in the United States besides the federal government. Up and down the supply chain were talking about hundreds of billions of dollars of karn snowing in and out of restaurants. This is dire time for restaurants. I would never imagine it would come to. We have a classaction lawsuit. Im not sure what action well have to take next but serious action is required. I managed to open up a little popup not far from you in midtown east called cleo. That is the action i decided to take. Take advantage of what is available which is Outdoor Dining only. Stuart i think we have pictures of the popup restaurant. Cleo. Oh, good. Stuart it is outdoors. You popped it up. It is only outdoors. Stuart look fall is in the air. A chill in the air. Thats right. Stuart what happens to the popup outdoor restaurant when it starts to snow for heavens sake . Talking about businessmen im working with, owner of the whole, operator, steve brennan, were invested time and resources. Were only allowed to keep it open until october as of right now. Were hoping there will be an extension. Were really hoping new york city will follow new jerseys lead and open Indoor Dining for at least 25 capacity, very, very soon. Time is now. We cannot afford to wait any longer. Stuart rocco, sorry to interrupt you. Im telling you now, 25 operating capacity is not enough. You cant make a profit at 25 capacity. You got to have more. Otherwise you will get the restaurant extinction youre talking about. Absolutely right. Its a start. Wonderful if we have 25 outdoor now, looking 50 by the end of the year. With schools reopening, other gathering places reopening, i cant see why a careful reopening of restaurants isnt possible. I think, one of the only cities left in the country where we cant do some sort of Indoor Dining. Stuart okay. Rocco, thanks for coming back to us. We wish you the very best of luck in an extraordinarily difficult time. Our heart goes out to you. Thank you very much. Come see me at cleo. Stuart i will be there. Thanks, rocco. See you soon. Okay. Stuart we teased, see on the righthand side of the screen, i believe that is a 20yearold hamburger. We kind of teased this story, and lauren has the story. What is going on here . Lauren im going to bring up ticktock again, stuart. This all started, this viral video when a tiktoker showed her grandmothers 1996 mcdonalds hamburger, still in a box, still intact, grossing out the internet, raising concerns that mcdonalds fastfood doesnt decompose. Mcdonalds is responding. Any food left to dehydrate, if there is no moisture or bacteria, the food can stay dry 24 years. I want to know why the woman keeps mcdonalds food for 24 years where there are bugs around . I have so many questions about this. It basically looked edible a quarter of a century later. Stuart im not sure it is edible. This is antimcdonalds thing. Bad for you. Makes you fat. That is all that nonsense. Im a fastfood fan. I go through, very, very frequently, the drivethrough. My favorite is the wendys a bacon jalapeno. Susan man of the people, when was last time you went through a drivethrough . Stuart last weekend . Susan really. Stuart wendys drive through. Get on with it. Get on with it. At the start of the pandemic everybody was watching netflixs tiger king, remember that. Now there is a lot of buzz about class action park. It is about the notoriously dangerous vernon, new jersey, Amusement Park. The filmmaker who made the documentary is on our show. 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. Safe drivers do save 40 . The big events are back. Xfinity is your home for the return of live sports. Little bit higher, make it faster. People control the action. Combine that with liquor, anything goes. There were no rules. A lot of kids, that was heaven. If you couldnt swim well, yikes. I dont think you can understand a place like action park, if you dont understand the kind of minds that built it. Stuart that is fascinating stuff. That is a clip from a new documentary, entitled class action park. It is about a dangerous Amusement Park in new jersey. That is what the documentary was all about. Here is seth. He helped make this documentary. He is with us now. Seth, it occurs to me, look, that is a great documentary. But it occurs to me streaming gives new life for documentaries like yours. Before streaming you never get a lookin. Absolutely. The whole documentary world is really seeing a golden age right now. Just, its a model doesnt really work well for Movie Theaters. Not many documentaries make it to the Movie Theaters but there is so much good stuff out there, so many good ideas, so many good documentarians. Endless number of slots the streaming service can have, makes it just so crying for this sort of stuff. Stuart seth, it is called class action park. I take it, did you or somebody else drive them out of business . No, no. I went to the park a couple times as a kid t was open from 1978 to 1996. It was called action park it. Was in vernon, new jersey. Developed a reputation for probably most dangerous, certainly chaotic, insane Amusement Park that ever existed. Instead of daring people, the reputation grew them in. That was the appeal. Stuart fascinating documentary. I have got to see it. I most certainly will. Thanks for being on the show, sir. Great documentary. All right. Do you remember, Shelley Luther . She is the texas salon owner who was thrown in jail back in may for defying shutdown orders and opening her salon early. She is on the show. Of course, i want her reaction to Speaker Pelosi blatantly breaking the rules to get her hair done. All of this coming up for you. Plus larry kudlow. I want to know when will we get the next stimulus package. Will we get one at all. I want to talk to him about the wealth effect. Which i happen to be big on at the moment. Larry kudlow coming up on the show for you. Im a verizon engineer, and im part of the Team Building the most powerful 5g experience for america. Its 5g ultra wideband, and its already available in parts of select cities. Like los angeles and in new york city. And its rolling out in cities around the country. With massive capacity, its like an eight lane highway compared to a two lane dirt road. 25x faster than todays 4g networks. In fact, its the fastest 5g in the world. From the network more people rely on. This is 5g built right. Only on verizon. Introducing the allnew 2021 gla suv. Starting at just 36,230. Its the biggest thing that ever happened to small. Stuart all right. 90 minutes worth of business under our belts, and the dow is up 200, the nasdaq up 20 and the s ps up 24. I will call that a rally. Nasdaq, alltime high. S p, alltime high. Dow, getting close. Some of these Big Tech Companies have been on a tear. Apple, though, has retreated 2. A 5 this morning, but amazon powering ahead, 3,524 per share, and alphabets up 12. Thats about threequarters of 1 . More stocks hitting alltime highs, alibaba, invidia, peloton. All of them soared this morning. Ones come back a bit, alibaba, but earlier it hid 300 a share. Now this. 100 million americans have a 401 k or an ira. Now, that is a lot of people with private pension money. Take the time to open your account and take a look at it this wednesday, september the 2nd, because youre almost certainly sitting on a very healthy gain. The best august for stocks in decades, the sharpest sixmonth rally ever. Youve done well. The value of all stocks has develop up 14 trillion since march. You have a piece of that action. This is wealth creation. It brings with it the wealth effect; that is, the realization that youve made some money, and maybe youll use it. You feel more comfortable with your financial situation. You are a winner. So perhaps youd go for a better car or a house. Thats the wealth effect. It is financial optimism. Investors are taking their cue from the reare treating virus retreating virus and the recovering economy. There is plenty of optimism about the economy no matter what joe biden tells you, and theres plenty of money flying around. The Federal Reserve is printing trillions, and Bank Accounts swelled to 2 trillion during the lockdown. There is also optimism about the kind of economy that will emerge from the pandemic. Its going to be technologybased, and its going to be led by American Technology companies. Thats why apple, microsoft, facebook, google, amazon, tesla, even zoom are being deluged with money. Huge gains for those stocks, huge gains for their investors. Thats the wealth effect. The market has given us a healthy dose of financial optimism. Well be talking about that in just a few minutes from now when we speak to march ily Kudlow Larry Kudlow e direct from the white house. All right, i need an economist. Ive got one. His name is brian brenberg, hes a fox news contributor, and he joins me now. What do you think about the wealth effect . Well, stuart, if you look at Consumer Spending over the past few months, i think youre right on the money. As weve seen the stock market come back, youve seen consumers spend, and i agree with you on this, i do think people are much more optimistic about the future than whats reflected in headlines and certainly what you saw at the Democratic National convention. I mean, stocks show it. But if you just look at main street america, stuart, you talk about main street america all the time, people are so interested in finding a way to get back. You talked to that Restaurant Owner just a minute ago. He wants back. Hes even okay with 50 of his business indoors. I know youre not okay with that, but even he thinks he can make it with that. Thats the optimism thats going to power this recovery and is already powering the recovery. Stuart i think part of it is also the retreat of the virus. Hospitalization rates way down. Deaths down. New causes, down. I think we can see the other side of the virus, and i think thats a source of optimism as well. Let me digress for a second. Forget the vshaped recovery. President trumps going even more bullish. Hold on a second, brian, just listen to this. We have now the alltime highest stock market if you take the average. Were at a number that nobody would even believe. Were doing well. You look at the v, now i think its a super v. Stuart right. Hes talking about a vshaped market and a super v for the economy. I dont know exactly what he means by a super v, but what do you make of it . [laughter] a super fast recovery, what do you say about that . Well, i love every time the president says the letter v, the press goes crazy. And if he says super v, they go super crazy. [laughter] he knows exactly what hes doing. Look, hes just looking at the data. If you look at manufacturing, jobs, durable goods orders, you know, business equipment, Consumer Spending, housing, weve got a solid recovery in place. Weve got a solid comeback. Hes projecting into the future, and unlike so many other people out there right now in the press and in politics, hes saying we can do this. We can have a strong are cover. Recovery. He was right for three years during his presidency when all the professional economists said he was going to be wrong. Hes been right about the comeback so far with all the experts undershot it, hes been right time and time again on the potential of this economy that so many people doubt. I, frankly, am happy that we have an on optimist in the white house. Weve got enough pessimists. Lets talk about what we can do, not whats impossible, stuart. This economy can do great things if you believe in it, if you put your money behind it. People are ready to do that. The president s ready to do that. Some politicians arent, but i say let them go. If theyre not ready to recover, let them go. Stuart are you an outlier in the Economics Community . Because you are telling us, look, it is a very strong recovery. What are the other economists saying . Yeah. Im an outlier. Just look at the data. Look at the Expert Consensus, stuart. Every time you read about it in the press, the Expert Consensus is that things are going to slow down, Growth Prospects are diminished. These were the guys throughout the Obama Administration who said the u. S. Economy can never grow at 3 again. Were over that. Demographics wont allow it. Technology wont allow it. And we did that. So, yes, im happy to be outside the mainstream there because i think the experts are detached from what actually happens on the ground. They live in ivory towers. Theyre not in the streets of the United States of america watching how people are fighting for a chance to grow and earn an income. But when you actually do that, then it repairs your belief that we can make a strong comeback. But youve got to be on the ground to see it, stuart. Too many experts simply are not on the ground. Theyre in lofty places looking down from on high, and they simply cant see whats happening in daytoday life. Stuart and i think theres some political bias on the part of some economists that i see elsewhere. Brian, youre all right. Well see you again soon. Thank you, sir. Were very proud of this, 2 00 this afternoon on the Fox Business Network Charles Payne hosts a virtual town hall with barstool sports founder dave portnoy. Email us, if you want to get a question, investedinyou foxbusiness. Com. Still time to get your question in. All right. A couple of big retailers reported their financial position early this morning. Macys, Digital Sales up 53 . However, samestore sales dropped by more than a third. What do you think was the most popular item bought online at macys . It was workout, as in comfortable clothes, and home decor. And macys up 2. 8 . Lands end, lockdown winner. Income, 4. 4 million, not huge, but its income. Digital sales jumped 23 during the pandemic. The stock, though, down about 1 . Google, interesting story here, getting hit with new digital taxes, but susans going to tell us theyre passing the buck. Thats right. So thats usually what happens when you Tax Companies more, they pass it on to the consumer. Theyll charge higher fees in the u. K. , austria and turkey, all three countries collecting digital taxes just in the past year, so theyre taxing 3 at least on these Tech Companies with more than 800 million in worldwide sales. Thats what a digital tax is. Google says, okay, well charge 2 more in the u. K. , 5 more in austria and turkey which mirrors the rates of the Digital Traffic that theyre collecting. France, meantime, suspended the digital tax after the white house stuart ah, yes. Threatened to tax french cheese and wine. So i guess they said, okay, detente it is. Stuart were going to tax your wine and cheese. [laughter] love it. Yeah. Stuart next one is a a mc, Movie Theater people. Lauren, theyve got a big weekend coming, right . A lot of theaters will open up. Labor day weekend. So 140 more amcs will open. So in total 420, thats 70 of amc theaters operating this weekend with limited capacity. Also the expected blockbuster from Christopher Nolan are, tenant. As a perk, we were just talking about wine and cheese, yes, that is luxurious, but you can get 5 food and drinks at amc through october. Not bad. Stuart thats a lot less than they used to charge. I know stuart i did an entire ed editorial on paying 18 for a big coke and a big Something Else at a movie. Did you ever stuff your pockets with other items that you brought in . Stuart moi . Twizzlers that you got instead . Stuart mi . Do you think i would do that . No, my wife did that, she put it in her handbag. You know, thats how it works. [laughter] like a real gentleman. I love it. Stuart okay. Shall we move on to tiktok . Why not. Is this an incremental move in the story of the sale of tiktok hitting a snag . Yeah. Let me get back to the Movie Theater. You had to hold the handbag though, didnt you . Stuart no. She may have snuck them into the theater, but i bet you held the handbag. Stuart no, i did not. Get on with the story. [laughter] a snag over vital algorithmings, theyre the crown jewels for social media companies, and really it differentiates each social media from the other. So, yeah, there are differences in a arguments over whether or not they should be included in the tiktok deal, and that is a stalled topic. Figuring out what users want to see and also figures out how to arrange the right type of video content. Part of this deal up until friday when china threw a mown Monkey Wrench into the talks, transfers over any technology and, yes, that does include transferring over algorithms. Now, the deal isnt dead, not necessarily, but it does add a lot of complexity to this. One of those involved in these deal negotiations says itll include the algorithms. Its like selling an expensive, fancy car but with a really cheap engine. At 30 billion, still the expected price, i always ask what tiktoks asking for, and you have two bidders here, microsoft and walmart, and then you have the oracle side. If you dont have the algorithms, is it worth paying for . Stuart well, if you do get the algorithms, then presumably youve got to pay more. 30 billion is a lot to ask. Stuart not for microsoft, its not. Well, they have 140 billion in cash, yes. Stuart you know what i said . Get on with it. Democrats blame the white house for the failure, what will it take to finally get a compromise . Ill talk a little bit about that with larry kudlow, plus the wealth effect. Thats a big dealed today. President trump heads to wilmington, North Carolina, today. Joe biden will be in his hometown, the wilmington, delaware. And we just got word hes heading to kenosha tomorrow. The is this bidens well, bidens getting out of the basement. Stay with us, third hour of varney getting moving. Im hector. Im a delivery Operations Manager in san diego, california. We were one of the first stations to pilot a fleet of electric vehicles. Were striving to deliver a package with zero emissions into the air. I feel really proud of the impact that has on the environment. We have two daughters and i want to do everything i can to protect the environment so hopefully they can have a great future. I can protect the environment you can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save 400 a year on your wireless bill. Plus, get 400 off when you buy the new Samsung Galaxy note20 ultra 5g. Stuart im going to repeat this one for you. Joe biden will travel to kenosha, wisconsin, to. His campaign tells us that he and his wife jill will, quote, hold a Community Meeting in kenosha to bring together americans to heal. Look whos here now, erin we lean, director of press communications for trump 2020. What do you make of this new announcement that joes going to kenosha . Well, its good to see that joe biden is playing follow the leader. President trump was in kenosha yesterday meeting with local Law Enforcement, talking to those businesses that had been destroyed in rioting and really uniting the community. You saw thousands of individuals lining the streets in kenosha welcoming their president , thanking him for their leadership. Joe bidens decided to basement and try to follow the president , but he will never be as strong as President Trump in uniting this country or backing the men and women of Law Enforcement. Stuart all right. Forcefully put. Next case, the president goes to North Carolina today, hes going to declare wilmington a world war ii heritage. This is a campaign trip, surely. I mean, the president is seven points no, hes leading, in North Carolina hes leading joe biden by just one point. I presume that today is a campaign trip. He wants to make that gap much wider, right . Well, this is an official trip from the white house to commemorate the end of world war ii, to talk to veterans. Obviously, theres no better president for veterans in the United States than President Trump not only reforming the veterans administration, but giving veterans choice and more access to Better Health care. Obviously, this is a bug day. The president s big day. The president s excited to be in North Carolina. This is an official trip, but were very excited to see the president going to North Carolina. Stuart i think the president has flushed joe biden out of his basement. Is he going to go somewhere, is the president going to travel somewhere every single day . Well, you will see the president crisscrossing the country. He will be in pennsylvania on thursday delivering rea marks. The Vice President remarks. The Vice President is out as well traveling the country, so is the whole team. Weve got two buses crisscrossing the country as well. Joe biden wants to win the state of delaware, hes got a really strong strategy by just staying in his basement. Stuart are you concentrating on the battleground states . And im thinking pennsylvania, im thinking michigan, im thug wisconsin. Is that minnesota, for example. Are you going to concentrate the visits there . Well, well certainly be going to those states. When joe biden woke up this morning in his basement in delaware, he did wake up to two new team trump ads that were in wisconsin and in new minnesota. We are absolutely targeting those states. Were also targeting states like new hampshire, like pennsylvania, like ohio, like pennsylvania and florida and georgia. Were going to be every where because this is a president for all 50 states. Joe bidens really got that delaware one locked down. Stuart okay. You must have access to the internal polling in the republican party. Can you tell us if that internal polling of yours shows a tightening of the race or mr. Trump leading in battleground states . In all of the states we track, and i certainly cant show too much of our hand on our internal polling, but [laughter] every state we track we are either ahead of where we were in 2016 and certainly ahead of joe biden. We are in a very strong position across the country for President Trump. Hes got a great message of leadership. Democrats are all doom and gloom. You see them not standing up to antifa, not standing up to these destructive riots. You see President Trump with a cleareyed focus on uniting this country. You see him with a careereyed focus cleareyed focus on rebuilding this booming economy. Stuart i dont know whether they can see this or not, erin, but on the lefthand side of our screen, we have joe biden who is in wilmington, delaware, with his wife jill as we speak. Theyre just sitting down at a table. I dont mean to be pejorative, and i know im feeding you good stuff here, but thats not a very dynamic staging of an event, is it . No, theres nothing really dynamic about joe biden, his candidacy or his policies. He just came out of the basement to give a speech in pittsburgh the other day. Theyre now trying to spend 45 million to make those comments to eight people. Looks like something more than him standing in front of a capable, and now you see him a cage. Its clear how they feel. His campaign tweeted he ran up four steps to get on a private jet which seems very odd for a guy who wants to eliminate fossil fuels in this country as a vigor for the campaign. President trump traveled 6800 miles in one week, joe biden climbs four stairs, and his campaign applauds loudly. Enthusiasm is with President Trump because he is fighting for every american. He is all over this country because he cares about every american. Joe biden climbs four stairs, and they applaud. Well done. Stuart sarcasm is a low form of wit but occasionally effective. Erin, see you again soon. Thanks, stuart. Stuart lets get to the markets. The dow up now about 180 points. It had been up well over 200, but well take it. 28,800 is your dow reading at the moment. Wells fargo just cant catch a break. Stocks been languishing in the lower 20s. Theyve got to pay 2 million in fines for failing to supervise properly broker recommendations. And then theres exe son. Out of favor exxon. The stock is down a few cents, but its below 40 a share. Its confirmed that it is looking to cut jobs all over the world because of oil prices which have just not rebounded very strongly. And then theres unilever, changing how they make their this is interesting. Unilever is a gigantic Consumer Products company. Lauren, what are they doing, changing the way they make them . Yeah. And some of those products include cleaning products. Theyre now spending 1. 2 billion to stop using oil and gas to make the products in ten years time. So they will eliminate fossil fuels by 2030. Its a switch to renewables or recycles carbon. Its very popular. I find fit amazing, i charted this stock this year, its only up about 6 on the year, i said, what . To not only to they make cleaning and laundry products, they also make hell matchs, another pan hellmans, another pantry favorite. It surprised me, stuart. Stuart i just wonder if our producers can get me, can you show me netflix on the air . The reason i say this is because ive got a flash from from thew york times that says prince harry and meghan sign a megawatt netflix deal. Thats in the New York Times this morning. Netflix, though, is down 8, 7, 1. 4 . Now, lets move on. The pandemic pushing the demand for Home Appliances. I dont think of samsung as a Home Appliance company, but youre going to tell me they are. Look, in the covid times people are using more appliances and buying more appliances, especially those that make their homes clean. They are the most popular around the world right now. Samsungs air purifier sales jumping more than five times in the last seven months of this year compared to haas year. Its clothing steamer has seen a spike in sales. This gets rid of bacteria in closets, and custom fridges also driving sales by 30 in the first half of this year. And these are fridges where the size, the color and the panel types, very popular in china and russia where its launched, and its expected to be introduced in Northern Europe in october. As a result, factories kicking into high gear in the u. S. , mexico, poland, india and also looking for more Warehouse Space in the u. S. , korea and europe as well. Youre rolling your eyes stuart no, no, no. Its very important. Home appliances are up 30 for samsung and making 300 million in three months time from april to june. Stuart absolutely right. Fair point. Good question good story and very interesting from samsung. [laughter] i never think of them as a i think of them as a phone company. Really . Stuart yeah. They have washers and dryers and steams and fridges, so, yeah. Stuart im a whirlpool guy, thats where im coming from. Okay. You do you. Stuart Speaker Pelosi ignores shutdown rules, gets her hair down. In San Francisco not supposed to do it. Her team claims she played by the rules, but i wonder what jailed dallas salon owner shelley loofah thinks about that. Shes on the show. Its the virus that drove the economy into the ditch, but joe biden has a different idea. Watch this. President obama and i stopped a depression in 2009. Trump took a good economy and drove it back into the ditch. Stuart okay. Trump took a good economy and drove it back into the ditch. I wonder what larry kudlow has to say about that. Well find out, because hes with us after the break. Stuart yes, indeed. Lets alert this, Grady Trimble joins us with breaking news on united airlines. What do you have, grady . Reporter well, stuart, the airline will be furloughing involuntarily 16,370 employees come october 1st. Flight attendants make up the largest number of those employees with more than 6900 of them out of a job come the first of october. Pilots, the second largest with about 2800 of them out of a job on october 1st. This, of course, is when the cares act expires unless theres some sort of extension of that or other help from the federal government. United did send warn letters to 36,000 employees back in july telling them they could be furloughed. They said they had Great Success though with their voluntary programs like absence and early retirement programs, so the number of furloughs is much smaller for the involuntary, but its still a lot, 16,000 of them. The president said yesterday there is more help on the way for the airlines, but there is no deal as of yet, so now we have united furloughing involuntarily more than 16,000 employees, and american announced last week that they would be furloughing and laying off 19,000 employees, stu. All of this, of course, when the cares act expires in just a couple weeks time. Stuart is there any suggestion, grady, that they will retreat from those furloughs and layoff ares if they get more government help . Reporter yes, exactly. And it would actually be likely requiredded that they retreat on those furloughs. But as of now they said we cant really count on that, so we have to lay out this event callty if it does come to that. If theres some sort of federal help that they get, yeah, i would imagine that they would back up on these furloughs to a great degree. Stuart got it. Grady, thanks very much. Appreciate it. Larry kudlows with us. All right, just popped up on the screen live from the white house, larry kudlow. Sir, you are on. Id like to deal with something right from the start, if i may, larry. Joe biden earlier not today, but earlier this week he said that mr. Trump had taken a good economy and driven it back into the ditch. I thought that was absolute nonsense and said so on the air, but i want your reaction, please. Well, look, its factually inaccurate. Thats really the key point. I dont want to do politics, its just factually inaccurate. First of all, the expansion after the financial meltdown, you know, ten some odd years ago was the slowest, i dont know, going back to the great depression. But even worse than that, and this is a point that id like to make, if you go back and looked at a what President Trump directly inherited from the middle of 2015 to the end of 2016, the economy was on the front end of a recession. It was growing, stu, by 1. A 1. 5 or less. And having been in the business for a long time, we used to call that a growth recession. And what President Trump did by cutting taxes and regulations and opening up oil and better trade deals is immediately provided almost Shock Therapy to rebuild the economy with a gigantic increase in employment and a record lower in unemployment and a much faster growth rate. And, of course, a huge stock market. So my point here is not only has trump, you know, not run it in the ditch, blah, blah, blah, blah, we inherited the front end of a recession, and that is in the facts. And last point ill make is to the other side that wants to raise taxes by 4 trillion, this is something i will never understand. I mean, youre coming out of a deep pandemic contraction, all right . Weve made great progress on the recovery, but theres a lot of work to be done. This things not over yet. Still a lot of hardship out there. Stuart yep. Show me a good keynesian, show me a good demandcider, show me sider, show me a john f. Kennedy democrat, nobody in their right mind would want to raise taxes right now. We want to keep money in the pockets of men and women in wallets and pocketbooks and businesses. We dont want to be picking their pockets with tax hikes because were trying to get a good recovery going. So i dont understand that either. Stuart we want to get a good recovery going, and treasury secretary mnuchin says we need more targeted help, i think to the tune of 1. 3 trillion. You onboard with more stimulus at this point . Well, look, again, i agree with secretary mnuchin on the idea of targeting. I think thats essential. Well come back to the vshaped recovery. Weve had some phenomenal numbers in factory orders and manufacturing and car sales in just the last couple days. But i think secretary mnuchin is saying, look, there are some important targets that would be very helpful. One of thems going to be the Small Business extension of the ppp. That is something that would be a great help, okay . The recovery may not depend on it, but thats not important. It would help. Why not do it . The other thing is some extra money for schools would be a great help. Why not do it . There seems to be some agreement about this, so perhaps differences on the quantities. So, look, where we agree, why not go for a targeted bill instead of, you know, a 3 or 4 trillion which would bail out state and local governments and waste taxpayers money . Theres some things that really could help, why not try it . I would also add to that list why not put in some more unemployment assistance . Theres nothing wrong with that. It would be a great help to people. President trump has done it by executive order. President trump is deferring paw roll taxes by executive order. And hes keeping up the i Eviction Moratorium by executive order, but we could get some help from congress by codifying all of that. I think that would be quite useful also. So there are things, there are targeted specifics that would be smart, that would be smart. Not political, not grab bag, not things that have failed time and time again, stuff that would be smart to help this economy. Were going to grow at 20 president in the second half 20 in the second half, stu. Theres a vshaped recovery. Stuart thats what i want to talk about. [inaudible conversations] look, the ism manufacturing numbers were speck tack already. The new spectacular. The new orders component were spectacular. The factory numbers that came out, i think last friday or thursday, were spectacular. Ive seen private surveys of, get this, a trucking boom, and we know about the car boom. So were in good shape for the vshaped recovery. But, but, but, but, it would be nice if the congress could develop some bipartisan, targeted point, put it in a smaller bill and help the american recovery. Stuart how about this as a drag on the super v recovery, the failure especially in the big cities to get back to school . I would have thought that was a drag on the economic recovery. Because if the kids dont get back to inclassroom learning, the parents cant go back to work. I mean, i would have thought that was a drag on the recan cover. Recovery. Well, it may be a restraint. I think your generic point is very important, kids should get back to school. I mean, our watch words here regarding any of these congressional negotiations are schools and kids. Schools and kids. Not hard to understand. And we dont have to spend a fortune, we just have to provide the necessary assistance. But youre right, there could be in certain areas some restraint on the recovery, on this vshaped recovery because parents may have to stay home. All i can saw on that point, stu, youre right, lets see how it plays out before we put quantities on that. Stuart yeah. And the virus appears to be in retreat Good National numbers. Stuart absolutely [inaudible conversations] we should be up more. Yes. Heavens more. Lets reopen. Were about 80 reopening. The spikes in the south and west did have some restatement on the recovery restraint on the recovery but not nearly as much as any of us feared, is so thats important. And, look, one last point thats worth noting, this bug this Big Stock Market boom is contributing to a all americanss not only just their 401 k s and iras and Union Pension funds, for example, but its creating huge net wealth. Consumer net wealth has increased by 12 trillion from the pandemic low. We are now at a record level of consumer net wealth. I looked it up this morning, its 122 trillion. Weve picked up 12 trillion more. Stocks rising, homes rising, people have plenty of cash in their Bank Accounts. Theyre not taking on new debt. So thats a good fundamental point as well. Stuart from your days in broadcasting, larry, you know that a hard break is coming up. I got it. Stuart you know how it goes. Its always a pleasure. Thank you forking being withs us today. Appreciate it. Stuart thank you, sir. I think were going to roll that videotape again. You know the one i mean . Speaker pelosi ignoring shutdown rules to get her hair done . There you go. Its on a kind of loop. The Mainstream Media doesnt seem to care about that. However, do you remember the dallas salon owner who opened early against the rules . She went to jail. Well ask her about the double standard because she is going to be on our show right after this. Right now, the worst place to be is stuck inbetween. Accelerate your investments or pull back . Change the plan or stay the course . Thats why Northern Trust is here. With specialized expertise. A history of success through every economic climate. And proven strategies rooted in data and analytics. Giving you more control. Clarity. And confidence. For now and whatevers next Northern Trust wealth management. Im a verizon engineer, and im part of the Team Building the most powerful 5g experience for america. Its 5g ultra wideband, and its already available in parts of select cities. Like los angeles and in new york city. And its rolling out in cities around the country. With massive capacity, its like an eight lane highway compared to a two lane dirt road. 25x faster than todays 4g networks. In fact, its the fastest 5g in the world. From the network more people rely on. This is 5g built right. Only on verizon. Stuart yes, were going to run okay, why not. Speaker pelosi, who has said that the president doesnt take the virus seriously are, as you see, caught on camera apparently ignoring shutdown rules. There she is getting her hair down in San Francisco. She was not wearing a mask. The owner of that salon calls it a slap in the face. Thats interesting. I want to bring in Shelley Luther. We all remember shelley, there she is, owner of salon a a la mode. She opened her salon early and went to jail. All right, shelley, welcome back. Great to see you. [laughter] thank you very much. Seems like its been years. [laughter] stuart this is the perfect opportunity for you on this program. Would i you have any comment on Speaker Pelosi breaking the rules . You know, i dont know how long americas going to accept this blatant hypocrisy just slap them in the face any longer. This woman thinks shes above everyone, and then tries to tell people she didnt know that she was breaking the rules . She thinks were stupid or something. Its ridiculous. Stuart hold on a second, because i do want to read the pelosi teams response to the video we keep running. Heres that response. The speaker always wears a mask and applies, complies with local covid requirements. This business offered for the speaker to come in on monday and told her they were allowed by the city to have one customer at a time. In the business. The speaker complied with the rules as presented to her by this establishment. Okay. Dealt with that, lets move on [laughter] please so her mask is digital . Stuart sarcasm is a low form of wit, shelley. I want to ask you about business since you got out of jail. How you doing . Im doing great, thank you. The business is doing well and operating very smoothly, so were happy. Stuart okay. Why are you running for state senate in texas . What made you jump into politics . There are several reasons. You know, ever since i got out of jail are, you know, people have been contacting me all over social media, handwritten letters wanting me to do something about, all of the horrible things that have been going on lately, and ive been active ever since i was released from jail. I feel like im doing the job and already, i might as well step in and maybe get a title for it and make some things happen. Stuart would you call yourself a trump supporter . Absolutely. Stuart okay. Well, i was expecting a longer response to that, you know . In a tv interview when you ask your guest a question and you get a oneword answer, youre kind of flummoxed. Would you like to fill out your support for President Trump . I think trump has done amazing in everything that hes done; reuting reuniting the people of america even though the left wants to say that hes not, i think that he is doing great as far as trying to get our economy back on track. Hes doing the best that he can as far as covid is concerned even though the left is not giving him any type of help or assistance at all. So everything that hes doing, i am i love it and support it. Stuart youre a natural born politician, and thats a fact. [laughter] its really great to see you again. And im really glad your business is doing just fine. Shelley, dont be a stranger. You can come back anytime. Good to see you. I sure will. Thank you so much. Stuart sure thing. Next, prince harry and Meghan Markle have just signed a massive multiyear deal with netflix. Theyll be producing films, documentaries and childrens programming. No word yet on exactly how much the deal is worth, but i notice that netflix is down 2 today. Thats 11 lower. Carol baskin, yeah, the carol baskin from netflixs tiger king, shes been chosen to be on the next season of dancing with the stars. Here she is in the announcement video dancing with, of course, a stuffed tiger. Dancing with the stars, here she comes. All right. I want to go to zoom. It has such an enormous gain yesterday, and its got quite a dropoffed today, down 38. Thats 8 . Youre back to 419 on zoom. Im going to call that profit taking yes. Well, it made 45 yesterday, fell back some 8 . Capped some of those gains and locked it in. Not bad though. Stuart never seen a company go up almost 50 percent yeah, in one single session. But if you think about it, all the stocks, the work from home workers, the crowd strikes, the winners, theres a lot of profit taking today as well. Stuart did you tell me earlier that zoom is worth more than ibm . Not just ubm, its worth more than starbucks, boeing and amd which is that famous check upmaker here chipmaker in the u. S. Stuart that is kind of ridiculous. The founder is worth 20 billion, as much as carl icahn. Hes worth more than the company was worth on its first day of trade on its ipo. Stuart okay. Point taken. Who knew . Stuart who knew . Now weve got elon musk, hes going to meet with germanys economy ministered today. Thats according to some reports that were getting. Do you know if this is about the ricer . Partly. Musk said in july that they were building these printers to help a vaccine developer, but also hes there, of course, to check in on his tesla giga factory just outside berlin. Theyre going to employ 8,000 people. He might as well hes there also just to help out with vaccine development. Stuart on the script, im reading the script here, it says that tesla printers, tesla makes printers . Yeah. Vaccine printers for molecular mrna vaccines. I didnt want to get too complicated because if i use all this technology lingo, your eyes roll back. Stuart they do. Thank you, susan. [laughter] nascar doing a victory lap. Their ratings crushed one of the most popular sports leagues in the country. Well tell you who they crushed after this. Hi, this is margaret your Dell Technologies advisor to listen, is to hear more than whats being said. And offer the answers that make someone feel truly heard. I understand, lets get started call a Dell Technologies advisor today. I understand, lets get started if i could, baby id how can i, when you wont take it from me you can go your own way go your own way your wireless. Your rules. Only with Xfinity Mobile. Stuart sports alert for fans of big ten football. Sports radio host dan patrick friend of mine he reports that the big ten could be looking at an october 10th start date. He also reports, however, that even if the conference plays, some teams a may still choose to sit the season out. Just a day ago President Trump said he had, quote, constructive talks with the leagues commissioner. Big ten, maybe there. Stay on sports. This is interesting. Looks like the nba ratings cant keep up with nascar. Explain this, lauren. There are no politics in nascar, so you saw several nba games they were postponed because of the Police Shooting in wisconsin. So if you look at saturday, game five of the nba playoffs was the lakers versus the trailblazers, it drew 2. 9 Million Viewers on tnt. Nascar, same day, same time, their ratings on nbc, a million more viewers or 3. 87 million, stuart. Stuart that really surprises me. I would have thought the nba would beat nascar. Obviously, im wrong, thats a real surprise to me. How about you, lauren . It was a may have game. Playoff game. It was, i think, the weakest game of this series. But, you know, this is protests or not, i mean, a playoff in august and september for the nba is, well, up charted territory. Uncharted territory. Like most things these days. Stuart thanks, lauren. Because i droned on, we missed the opportunity to talk about callaway golf with super, but thats how the cookie crumbles. Ive got three seconds to tell you more varney after this. 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. Stuart look at this, calloway golf pandemic winner. Susan four dollars to 4. 21. People are teeing off more. Better sales. Stuart that was fast. I thought you would take at least 15, 20 seconds for that. That is how much time we have available. You didnt do it. Susan not taking your airtime. Stuart welldone. Smart move. I have five seconds left. Just enough time to say my time is up. Neil cavuto. Its yours. Neil thank you very much. Were following up what you have been following up on corner of wall and broad up 210 points. Nobody is looking this puppy keeps getting closer to alltime highs. Less than three Percentage Points away from positive territory. Nasdaq for a while had been in record territory. Down a little bit as Technology Stocks are taking a little bit on the chin. It might be a lot of profittaking right now if you own apple or amazon, tesla. Now is the good time as any to start taking money off the table. Maybe that is what a lot of people are doing. Tesla, taking five billion of that stock gain, reinvesting it in the company. It could be over a