Transcripts For FBC Varney Company 20130709

Bell and the dow is closing in on another alltime high. Yes, this is Varney Company. Lets get started. [ shapiro ] at legalzoom, you can take care of virtually all your imptant legal matters in just minutes. Protect youramily. And launch your dreams. At legalzoom. Com we put the law on your side. All right. Everybody, here we go. Were calling this president obamas america. The numbers for you you. 101 Million People are receiving some sort of government assistance for food. 47 million food stamps. 10 Million School breakfasts, the list of programs goes on and on and the labor department, meanwhile, says 97 Million People work fulltime. In other words, more on food handouts than working. And then we have this, the cost of obamacare subsidies have gone way up. More so, way up from previous estimates. Doubled, in fact, more than doubled, up more than 107 . Accord to go orrin hatch days after the administration announced applying for subsidies easier, you dont need to show proof that you work. More fallout for the irs. 100,000 names and Social Security numbers mistakenly posted on the agencys website. The information was post today a data base for tax exempt political groups, the same agency that will be running obamacare, more on these stories throughout todays program and then we have, lets go to egypt. One day after 51 people were killed when the military fired on the crowd, the military releases a video, showing protesters firing on the military first. And meanwhile, egypts interim rulers laid out a plan for democracy, calling for elections in six months and the white house has not called this a coup and says it will not block to egypt. And Judith Miller joins us next hour. How much does egypt need to make ends meet for one year. She has the numbers and its huge. Make no mistakes about it. There are big names, corporate names, you know on the stock market and theyre making headlines, disney, barnes noble, tesla, ibm, hasbro, are you ready to make money on wall street, that would be Varney Company all of those stories in the opening bell in a moment. [ male announcer] surprise youre having triplets. [ babies crying ] surprise your house was built on an ancient burial ground. [ ghosts moaning ] surprise your car needs a new transmission. [ coyote howls ] how about no more surprises . Now you can get all the online Trading Tools you need without any surprise fees. Its not rocket science. Its just common sense. From td ameritrade. Its just common sense. Every day were working to and to keep our commitments. And weve made a big commitment to america. Bp supports nearly 250,000 jobs here. Through all of our energy operations, we invest more in the u. S. Than any other place in the world. In fact, weve invested over 55 billion here in the last five years making bp americas Largest Energy investor. Our commitment has never been stronger. Not quite the same, is it . The loan rainine ranger, such a disney might take a writedown on it. Disney, well see where it opens in a couple of minutes. Right now, here is my old friend scott shellady. All right, scott, the record high for the dow, 15,409. Were close. Do you think were going to hit it and surpass it this week . Well, we could. And how i think we could do that, if we can get over the old high before ben started talking about his big paper caper. So, if we can get over those dates, june 18th. If we can get over that and hold it, it settles there, i think we have a good chance of getting above that. Youre right. This is obamas america, almost 48 Million People on food stamps. Weve got a 2 gdp and pumping 85 billion dollars into the market every month and creating 150 to 200,000 jocbs. What are the people making if theyre only making 2 gdp. Stuart you open your mouth and youre killing me. And its good to be back and good to see you. The opening bell is ringing and were expecting the dow to go up right from the opening bell, a gain of 60, maybe 70 points that will carry us close to 153. Check the big board in the early going. Were up 30 points, 15263 as we speak. Want to take a look at ibm. Big name stock, lots of people own it, its in the dow of course, goldman downgraded it. Look at it go down. 1 1 2 . That puts ibm at 192. Come in, nicole, im back from vacation. Telllme about another dow stock, dizzily, the lone ranger, tell me about it. Nicole lets take a look at disney. Up 1 , we watched it yesterday after the lone ranger over the weekend. I enjoyed the music, however, the movie was a flop. And basically it brought in 50 million and despicable me brought in 150 million. So that should tell you something right there. Stuart basically were talking here and giving a movie review on a Tuesday Morning after the weekend. Were not really seriously looking at the financials of disney which doesnt care about 100 million writeoff at all. Thats why the stock is up. A alcoa kicked off the yesterday. And they beat the expectations on earnings per share, on the revenues, on the outlook. Good news, its up 1 . However, its interesting when you broke down the report with that, from sector to sector, whether it was aerospace or autos or building and materials. They see growth in the different sectors. Nobody cares. Its 8 a share, its been 8 almost as long as ive been alive, i think. But anyway, thats a long time. I dont disagree, id rather hear what you did on vacation. Just wait. Theres another couple of hours to go on this program which well get to that shortly. Hold on right there, nicole, i want to tell you about hulu, its a streaming video aside. And the owners disney, 20th century fox, comcast. Tracking business from the likes of directv and some private equities maybe. How much do they want . Well, the earlier bid price more than a billion dollars and there are interested parties and meanwhile, netflix, the principal competitor, i presume. No impact on that stock whatsoever. In fact, up another 2 today. 238 on netflix. Come in and tell me about barnes noble, the chief has resigned. I dont know why. Is it because of inept leadership . Whats going on. Because the nook failed to compete. Its so obvious in the digital realm. Its failure and theyre stepping down. Well see what other shakeup occurs now. The stock goes up 3 . There you have it. Im looking at ibm, 192 and tesla is 125. Well get to them shortly, nicole, the dow is up 70 points, 15294. Another tale of ineffective leadership. Blackberry. Our next guest says the company is dead, flatout. Unless its bought out. Larry is here. And thats it . No chance, cant rebound, cant come back. Theyve got to be bought out or they die, right . Absolutely, there is no rebound. What could happen here, you could have a total asset sale and they have 3 billion left in cash. The product isnt doing well. In the tech business, its about the new, new. If you dont bring that out. Youre dead. You ive got a blackberry and im part of the stalled base and they can milk me forever as long as i hold the blackberry. Its worth right now about 9. I think theyll get a take, 5 to 7 range, microsoft. They could take the patents out and the interprice software base, which is the only value and the users. Its a take under. A take under. I said a while ago, from the 5 to 7 range and thats where i believe it will be. Theres a market cap 5 billion. Theyre taking 3 1 2 billion in assets and theyre technically under that amount and they can go totally under and be an asset sale and i dont think that will happen. All right, larry, ive got to ask you about another stock, hasbro. Theyre buying in the mobile game maker, and when i think of hasbro, i think of a toy company. And thats not true anymore, is it . Its gone entirely electronic . Its a great move here. The whole world is going mobile. Were going to a tech eco system and bought a 70 stake in a studio to make games. If you can take monopoly and my little pony and turn them into hits on the mobile. Thats a great play. Stuart ive got to get a grip on this. Thats the strategy for hasbro all electronic, by game makers, studios that make the games . Studios that make the games and turn them into mobile games and the whole new world order, its a smart move. Its thinking ahead and thats what you need to do in the tech world. And blackberry didnt think ahead and kodak, tell didnt think again and a lot of them stayed away from tech. If youre not fast moving, youre going to be dead and blackberry will be dead. Have you been into a walmart recently because i have and the toy section is ever shrinking. It is. Stuart electronics section, thats where the kids are and looking at the mobile games. Were in a new tech eco system. Stuart you like hasbro. Would you buy it. I would. Stuart do you own it . And were talking about president obamas america, made a headline. The handout nation. The stock market is close to another record high. And lets bring in Keith Fitzgerald and investors dont care about what we label handout america. They dont care, couldnt care less about it. All they care about is ben printing money, isnt that right . Absolutely. This is all about ben and as long as its so bad its good mean continues, guess what . The market is likely to go up. Ive come back from a ten day vacation and same old, same old. America is still in the same shape financially and the market is going up. Nothing changes, its still all about ben. Well, thats logical, stuart. I hope you had a great vacation, by the way. But the thing is, the politics of economics tends to be a long cycle game. The politics of the stock market tends to be a quarter by quarter expedition. So theres a mismatch there and what investors are realizing, its the long cycle game thats probably more important and theyll take the short cycle upside no matter who delivers it, whether its ben or economics. Look, the record for the dow is 15, 409. We just crossed 153. Were basically 100 points away from another all time high. Do you think were going to go there . I do, i do believe were going to be there and i think we will have been there for a while. In fact, were a little overdue because ben floated something out there. What would happen if i removed qe, and the markets didnt like that. Hes trapped and not only that, i dont think he has the guts to take his foot off the gas pedal. Were going to get there. Imus were questioning your background. Not you personally, but the background in the studio. You used to be there in portland, oregon, with a fake back drop showing were not raining and now we see a tv background. Whats going on . Well, its still not raining and its a Beautiful Day here, im at a different end of the tv studio because the other studio is used for a different network. Stuart youre in portland, oregon and still part of obamas america. Keith fitzgerald. Thank you for being with us. The dow 15, 297 as of right now. New at 10 00. The nfls image problem. Offseason player arrests, up 75 compared to last year, i say doesnt matter. The nfl will still make billions. No impact whatsoever. What does fox and friends host Brian Kilmeade say about that . Hell join us at 10 25. Two stories for the doctor after this break. If you could screen your children for genetic disorders before theyre born, before theyre conceived . Get ready, its a reality. And the white house pushing greek yogurt and school lunches. Billing government, but is it such a bad thing . Is it . 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I deliberately stayed out of looking at the news and the market and i see astonishing news reports this morning. Look at this, tesla reached 123 a share and its going to replace on the 100. Tesla is up. 109 when i left and 123 now. Kroger made plans to buy Harris Teeter and gets additional 212 Stores Across the country. And facebook at 25. Apple at in other words, big proves and a lot of big name stocks since the 10day period when i started my vacation and now ive got this for us. Randy travis in Critical Condition at a texas hospital. He was of admitted with viral cardiomyopathy. And dr. Marc siegel is here. Its a weakening of the heart muscle in some reason. In this case because theyre calling it viral. Its ballooning out of the heart. The heart can thicken, it can be too strong for its own good or become like a balloon. Theyre saying its a virus, it became like a balloon. It loses its pump. Stuart any connection to his he had frequent problems with alcohol . This is exactly what i was about to say and be careful how i say this. Viral is different from alcohol. Alcohol pickles the heart. It has the same impact. Ten years of drinking will balloon your heart out in the same way that a virus would do in over a matter of weeks. My own personal opinion, dr. Marc siegel here, is that given his history, i would be suspicious of alcohol having been the cause here rather than a virus, suspicious. I cant confirm that and thats not what they are saying, but its putting two and two together. Drinking over a long period of time can cause this exact impact and i want to say that on this program because i want people out there who are drinkers to think about that. If youre a big drinker, think about that. Stuart message well received and taken. Thank you, doctor. Couple more stories for you. Prescreening your child for genetic disorders before theyre born, before theyre conceived, actually. By the way, the worlds first baby was born after full Genetic Screening of the embryo before in vitro fertization. I know why you chose that story. Youre worried what is this going to mean in terms of selection. In other words, down the road, does this mean that im going to choose somebody with blond hair, somebody with blue eyes . Is it going to get out of control to the point where were all robots . And the answer is, it has the potential for that, but right now its in the great medical category. Theyve identified genetic abnormalities and tell you whether the baby might miscarriage. In the business of creating embryos, fertilization, they create five and hope one or two will take. Does the screening go before conception . Yes. Stuart it does . Whoa, whoa, hold on a minute. Before conception . You can use it before conception or you can use it right after the point of fertilization which would be conception. Thats a good point. I hate to put it like this you can weed out unfortunate tendencies, for example, before conception so therefore, you dont have to abort a very, very young human being using this technique . Yes, but this is why i like the program. The truth is its mostly going to be used in the blastocyst stage. And right to life may say that point of view. Stuart ive got to get this. The department of agriculture wants to add greek yogurt in the National School Lunch Program in select schools in new york, tennessee, idaho, arizona, greek yogurt. I dont know that its mandatory, but its a suggestion. Im a huge fan of greek yogurt. Your guy here, Stuart Varney loves salmon in the morning, i think is great. Smoked salmon very good for you. Greek yogurt very good for you, a lot of protein in it. Because it doesnt have as much fat and less sugar than a lot of the commercial yogurts. Some have sugar in them. Number two, i dont think my kids will eat this. I like the idea as an alternative. I dont see how we get kids to eat this. Ive got the refrigerator loaded with this stuff and nobody eats it, but me. Its too tart tasting for kids. Do you allow kids to eat twinkies, dingdongs . Not right now, theyre trying to lose weight and the problem is, its the best yogurt for you. But it tastes tart. You can put them into lead the horse to water, but you cant make him drink it. You approve this. Usually when we take the fat out of yogurt, the sugar. Its good stuff, try it with the salmon. You own stock in it . No, thats a perfunctory question, not yet. Do not own any stock. Unbelievable. Charles no stock in the greek yogurt. Stuart you can tell im relaxed from ten days worth of vacation the. You ate a lot of salmon. Stuart sure did. Ive been out of the loop on vacation as i keep saying, ten days, but this morning im right back into the whirl. Didnt like what i saw. My take is next. I turned 65 last week. The math of retirement is different today. Money has to last longer. 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Ive been away for ten days, stayed out of the loop completely. Hardly read a headline. Then at 3 30 this morning, i plunge right back into obamas america. Its a shock to the system. And here is my take. Item one, amateur hour, surely anyone looking at our Foreign Policy would have to ask, who is in charge . The president s College Cheerleaders . China laughs at us, russia mocks us, egypt in chaos, iran builds its bomb. We quit afghanistan entirely next year and what exactly is our Foreign Policy . Its a good job were not paying too much attention and glad i missed the snowdenmorsiputin debacle, rules not written, exchanges not ready. You can lie about your status for subsidies, the president s team will not check. Gee, its great to be back. Nothings changed, it just gets worse. Let me bring you fully uptodate. The first headline i read this morning was this, more people get government food than work fulltime. Incredible. Four years into a recovery, 101 million get kind of food assistance, 97 million work. But i am determined not to be discouraged. I was in upstate new york for my vacation, out of the country, im here to tell you that america really is beautiful, you cannot screw up the great outdoors. They will try, you can sense the rules and regulations coming at you. Yes, they will try, but for ten days i laid back in unspoiled Rural America and on the pristine beaches of florida. I was relaxed. [ children shouting, laughing ] [ male announcer ] this could be the summer she jumps into the deep end. He gets on that roller coaster. And you finally take that long weekend. It could also be the summer you get your identity stolen. Last year, 12. 6 million identities were stolen. Thats why you need the proactive protecon of lifelock. If youre planning summer vacation, youd better include plans to protect your identity. 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The nfl and criminals on the field. Then we have the judge. What will he say about the british today . They are talking jail time for fingers over there. Stuart look at this, everybody. A Tuesday Morning rally. Will we make a new high . Not this week, but by the end of the year. Listen, they are looking at the market being really cheap. They are watching the runup. We are running at half the multiples as we were during. Com. Big Companies Reporting this week. Stuart your files down there, they are bullish. They are bullish. They are getting more bullish than ever before. Stuart what if bernanke says enough with the money printing . They are making moves in advance of that already. Stuart great to have you with us this Tuesday Morning. Two nicole petallides. We have some winners. First one is netflix. Nicole a Licensing Agreement with cbs. We know netflix has been working day in and day out expanding their library. Up 2. 5 . Stuart what about wolverine worldwide . Nicole it is a record alltime high. You see it is up 4. 5 . If i say shoes were harleydavidson or ted, that is what they make. Stuart good stuff. Thank you. Stay right there. We have a rally in progress. The irs scandal will expand to abuse of audit power and the use of personal information for political gain. Joining us now is congressman mike kelly. Welcome to the program. Thank you. Stuart these are revelations that will come out over the summer. Number one, abuse of audit powers by the irs. What just happened the other day. Thousands of Social Security numbers that were put out. Think about the amount of information that was leaked and leaked to mary specific groups. That is the most chilling aspect of all of this. We know that this is an agency. They have information that none of us have or should have or should be floating around out there. We want to find out exactly why and what happened. This is a great invasion of the americans privacy. Stuart can you tell me that you have found out . An expansion of what we have already. Not at liberty to release any of that information. The information that we are getting, listen, we have your back on this. If you feel you have been abuse, you have been targeted, call forward and let us know. Maybe you guys misunderstood. I sat in front of them. They think that they can do things that other people cannot. This is highly sensitive and confidential information. If we go forward, we are having more and more people come forward. Stuart 101 lien americans get some form of food or assistance. Only 97 million americans work fulltime. What is your comments, sir . We are not in any economic type of recovery. Isnt that a idea about being american is to rise from where you are to any level that you want . The fact that we are subsidizing his me a bad feeling. I think this president has a sign that says i passed the buck. Somebody has to take responsibility. This should never be happening. Not in this country. Not now. We should be leading the world in a recovery and we are not. It is pathetic. Stuart you are preaching to me, the choir. Thank you very much for joining us. Elizabeth macdonald is joining us. I think that you have more numbers. That is right. 114 billion spent on 15 different food stamp and nutrition programs. However, 101 billion on food stamps. That is a record number. 59 are basically getting help from two or more programs. Stuart i have almost 47 billion on food stamps. 32 billion getting free or lowcost school lunches. 8 billion getting women and infant and Children Food support. The milk and Summer Food Program gets to 2 billion people. The Farmers Market coupons for women and children go to nearly 2 Million People. There are 101, not separate food help recipients, but help is given to 101 million different situations. Stuart thank you very much. I want to take you to the billboard. The market was up 75. Now it is up just 40 points. I notice that amazon has dropped below 290 this morning. A little bit of pull back on the market there. I want to move on to the San Francisco Airline Crash over the weekend. It is becoming more and more likely that the crash was caused by pilot error. Attorney Stephen Marks joins me now. He has represented dozens of plane Crash Victims in the last 25 years. If it is pilot error, what does that mean for compensation . Normally the airline is completely responsible for its passengers. The airline will be responsible. Stuart the airline usually makes an offer of compensation, i believe. Those of us who do this kind of business know the proper representatives to contract. Very often the claims are resolved with very little litigation. I represent victims. Stuart are you saying that the offer from the Insurance Companies is usually big enough for the victims to say okay we will take it. Not always. Very often the airlines are very sophisticated. Most of the time they will do the responsible thing. It is pretty clear that it is pilot error. Stuart when you say do the responsible thing it depends on the nature of the claim. Victims walked away. It is very fortunate for them. This is a miracle. Every case is determined on its own merit. Someone who was killed or had serious injury will have a different compensation than somebody who walked away. Stuart this is a financial program. For someone who walks away totally unscathed, what do you think they get . Nobody was unscathed. It was a horrific situation. It can vary anywhere from tens of thousands to the hundreds of thousands. I would not be if it hit the billions of dollars. Stuart the top and of the scale it really depends on the circumstances. It really depends on the unique circumstances of the case. It could be in the tens of millions. It probably will not cost the airline much at all. The insurers will be the ones on the hook. They will adjust premiums. It will not even of fact the insurance market. Stuart you know what you are talking about and we appreciate you being with us today. Two nicole petallides. Wd40. The stock is up big. Nicole the stock moves to an alltime high. Up 8 . It is the kind of tool i told that you go to the closet and it makes you feel good. You use it and it works. Stuart a whole bunch of grocery stocks. Nicole right. 2. 5 billion offer. With this, we are seeing that the stock is moving to a new high. Stuart all right. There you have it. Thank you very much, nicole. President obama delays a key provision of obamacare. Get this, it is not the first time he has done this. The judge is next. I want to make things more secure. [ whirring ] [ dog barks ] i want to treat mo dogs. Our Business Needs more cases. [ male announcer ] where do you want to take your business . I need help selling art. [ male announcer ] from broadband to web hosting to mobile apps, Small Business solutions from at t have the security you need to get you there. Call us. We can show you how at t solutions can help you do what you do. Even better. Stuart we are following tesla today. It will replace oracle in the nasdaq 100. 122 on tesla right now. Please, look at barnes noble. The stock is up. When that executive leaves, the market likes it. Up goes the stock. Amazing. The Obama Administration said it would delay obamacare. Congressman phil roe made this point. This action raises a lot of questions about whether the Obama Administration can simply a door the law when it is convenient for them to do. Judge andrew napolitano. Shortly, the president can change the implementation of a law. He can change the regulations by which that law is empowered. Well, i hate to give you this ambiguous answer. Yes and no. The president is the chief law enforcer of the land. The president could very well say to the justice department, the states that have medical marijuana in them, do not enforce the medical marijuana laws. That is an executive decision on his part. Even though congress offered laws saying it is illegal everywhere and in all circumstances. Put that on obamacare. The obligations of employers, 50 people or board to provide health care that meets the federal standard shall commence on january 1, 2014. If the white house says to the irs, the enforcing agent, do not enforce it until january 1, 2015, he has inherent discretion as to when, how and under what circumstances he will enforce the law. The president shall, not made, not when and how he wants to, but shall enforce the law. That means he does not have this discretion. Stuart we have been through this before. Yes. Stuart the republicans have no case. The question is, who could bring the president before a court to compel him. The one. Not a member of congress. Stuart the British Government is backing a new set of rules. Sending bankers accused of reckless misconduct to prison. Stuart mrs. Varney is not here now. [ laughter ] okay. Because they do not have a written constitution, which prohibits the laws, changing the law so they have a retroactive affect, but the british have a great tradition of not changing the laws. Dana carta prohibits changing the laws. I do not think that this will work. Stuart thank you very much. [ laughter ] stuart the nfl has an image problem. Get this, i say it does not matter. The nfl will still make billions of dollars. That is up after the break. The boys used double miles from their capital one venture card to fly home for the big family reunion. You must be garths father . Hello. Mother. Mother traveling is easy with the venture card because you can fly any airline anytime. Two words. Double miles this guy can act. Wanna play dodge rock . Oh, you guys and with double miles you can actuay use, you never miss the fun. Beard growing contest and go win whats in your wallet . Stuart they do not make out like that anymore. Twinkies will be back on store shelves in less than a week. Hostess stopped production last year after Union Companies and the workers could not reach an agreement. Then we have the nfl. It has seen a 75 increase in players a rest since the super bowl. One of the most recent arrest being former new england patriot Aaron Hernandez in connection with a murder of mr. Lloyd. Right up front, here is my opinion. This will be good for football. A lot of football fans want to see a couple of alleged murderers running around beating people up on the field. I say you are wrong. No one knows business better than you. Under armour, did they want someone who assaulted someone in the bar the night before . Okay. That is sponsorship. Commercial sponsorship of players. That is a separate story. Football will not suffer at all. Will you go after me on that one . No. I do not think that the game will suffer. It is riding a high right now. The only thing he could do is hurt itself right now with these things. The nfl seems to have a lot of programs to get these players ready to become multimillionaires and understand the distractions. I have 25 pages of programs that are in place that the nfl has here to do with money, getting evaluated, your counseling, your treatment. What they go through before they draft a player. They do not want to be in the headlines for some of the things like Aaron Hernandez who you introduced with my introduction. Stuart they want this to go away. We all start back up new in the fall and away we go with this largely forgotten incident. I think that is what will happen. In about two weeks, camps open and baseball loses the spotlight. We talk about football camps. It will all be about the patriots. Aaron hernandez. It will swap that tim tebow mania that was all around the patriots. We will be talking about Aaron Hernandez. The nfl, i think to say that they wanted, like it and dont mind it, i think that is all a face. Stuart okay. Steroid story in baseball. That reached a peak a few years ago. Do you think that her baseball longterm . Longterm, it has helped. I do not like to see musselman hitting the ball and running around. We are seeing real baseball again. We are not seeing the high scores. We are seeing quality ball. We are seeing some good stories. It all comes our way on fox. You are right, stuart. Not many people talking about baseball like they used to. Stuart thank you very much for joining us. We want to see you soon. Good stuff. Thank you. The dow is now of just 34 points. Fifteen to 59. A lot of the earlier game has pretty much eroded. At least 51 dead. Violent protests in egypt. Now that the Egyptian Military said it was only defending itself. This situation, clearly a mess. The latest on that after this. [ male announcer ] at his current pace, bob will retire when hes 153, which would be fine if bob were a vampire. But hes not. Hes an architect with two kids and a mortgage. Luckily, he found someone who gave him a fresh perspective on hisortfolio. And with some planning and effort, hopefully bob can retire at a more appropriate age. Its not rocket science. Its just common sense. From td ameritrade. You are gonna need a wingman. And my cash back keeps the party going. But my Airline Miles take it worldwide. [ male announcer ] it shouldnt be this hard. With creditcards. Com, its easy to search hundreds of cards and apply online. Creditcards. Com. Stuart the market game has eroded significantly. We are up 30 points as of right now. Lets move along to individual stock checks. Blackberry. We had someone say in our last hour of this program that it is dead. Still cold dead unless somebody buys it. Nicole we know that we have watched blackberry tanking and this year is no different. We know that the blackberry can has failed. It did not ship out even half of the last shipment. We also are hearing mr. Hines talking to these shareholders today saying this is the year of investment. Now we have the funds to invest. Over the next eight months, there will be new devices, more devices that run on the new blackberry tab system. Stick around. [ laughter ] stuart just hold your money. We are covering the markets, all of them, today. Look at this. Audio. I believe it is Holding Around the 102 per barrel level. It has gone up roughly 10 a barrel. Just under two weeks. Is this all egypt . The last six or seven dollars a barrel is due to egypt. We are just turning crude oil into more petroleum products. Stuart egypt is not a great oil producer by any means. The market fears that there may be a supply disruption showed that can now be shut down. The biggest fear is if the demonstrations in the streets of egypt were to spread drop the middle is and actually cause a supply disruption elsewhere. Stuart am i to be understand it that because of riots across north africa, because of what is happening in egypt, i will pay more for gas in the United States . Unfortunately, that is the case. I am expecting gasoline prices to raise. I do not expect any shut down of the canal. We will get back these games. Stuart thank you very much. Our next guest says egypt needs to borrow or find somewhere between 13 and 15 billion every year to make ends meet. Judith miller is with us now. Thirteen to 15 billion is what they need every single year. Right. They are basically exporting 25 billion worth of goods. They have a huge imbalance. Their foreign reserves have plummeted from 36 billion for the revolution. Down to about 12 to 13 billion. They cannot import the food that they need. They are the largest wheat importers in the world. Stuart they are on the brink of collapse. Facing economic catastrophe. Stuart where do they get that from . Either the tooth fairy or Saudia Arabia. Stuart in your opinion, they get the money. They get it from Saudia Arabia and upholds into the other. Egypt was growing between six and 8 before the revolution. Now they are down to virtually nothing. Stuart hold on just a second. I want to get your opinion on a calming and story. Edward snowden will accept a asylum in venezuela. I think he was pushed a little by the russians to accept this offer. This was an offer that he could not really very well excuse. He is stranded. He has no place to go. Stuart iran would love to see weaker snowden not back in america, but someplace to keep leaking. Stuart i hate to throw this at you, but, judith, did you know . Only, i think, in a great spy thriller. I think the area is a little gray and mr. Snowden is a young complicated contractor. Stuart you are right there. I think we must stabilize the country. If the country does not stabilize, i do not see how they stabilize. The Obama Administration, which really should be the glaring miss of cool is saying not so fast. At this point, the worst thing that could happen is for the United States to sever. That is why it is being very cautious and not pronouncing the ugly seed word. Stuart i think i got you. Thank you. Hoping voters can forgive and forget disgraced governor Eliot Spitzer. Anthony winger running for mayor. Our new yorkers would they all lacked these guys again . We will deal with this next. Stuart barnes noble chief executive officer resigned yesterday. The company will stop manufacturing its own tablets. Shares are up on that news. Disney could be taking a hit. One analyst says it could run up 100 million. Business stock of today. The Grocery Store change grover offers 2. 4 billion. Shares are up. Shares are also up on that news. Scandals and prostitutes. New york politicians running again. Yes, we will deal with anthony winger and spencer in just a moment. Axiron can restore t levels to normal in about 2 weeks in most men. Axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. Women, especially those who are or who may become pregnant and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased acne in women may occur. Report these symptoms to your doctor. Tell your doctor about all medical conditions and medications. Serious side effects could include increased risk of prostate cancer; worsening prostate symptoms; decreased sperm count; ankle, feet or body swelling; enlarged or painful breasts; problems breathing while sleeping; and blood clots in the legs. Common side effects include skin redness or irritation where applied, increased d blood cell count, headache, diarrhea, vomiting, and increase in psa. Ask your doctor about the only underarm low t treatment, axiron. Stuart look at ibm. The biggest loser of all the dow 30 stocks. Goldman downgraded it. Back to the big board. Coming back up a little bit. Now we are up 46. Still below where we were earlier today. Tuesday morning. Fifteen to 71 is where we are. Former new york governor Eliot Spitzer. Listen to this. People have forgiven in their hearts. We may forgive, but we do not forget. Stuart is it conceivable that mr. Spitzer gop strategist joins me now. Anthony wiener may be the next mayor of new york city. Mr. Spitzer could become the controller of new york city. It does not seem to matter what a democrat does. You are absolutely right. He is ahead. He is number one in the race. You know, he will probably get the trash picked up on time and get the snow removed. The democrats dont care. It is new york city. Stuart they would have to be challenged by somebody else. It is a week field. Stuart i think what has people more worried is that Eliot Spitzer could be, the comptroller. He has vowed to become an activist shareholder. He will oversee powerful Pension Funds here in new york city. I think it is much more likely a poor anthony to win. This is much more troubling. He is dealing with billions of dollars of new yorkers money. I think it is a different situation. Spitzer will have more trouble than anthony wiener. Stuart i do not think that he got that many signatures. He got a lot of negative attention from the people around there. This is a troubling thing. He was the attorney general. He was the guy putting the bad guys away for breaking the law and then he broke the law. That is different than tweeting out a picture of your self. I hear exactly what you are saying. Who do you think i mean, i do not want to put it this way, spitzer tried people in the press. He called people frauds before they went before a court. Who do you think is worse in terms of being an elected official. Spitzer by far. He should not be considered for this. You are dealing with money. It is a type of job that deals with money and that is his crime. Anthony wiener is a different situation. We are talking about judgment there. He lied for a week and misled the media in the country. That is sort of a personal issue. Stuart we have to talk about mr. Samford in the carolinas. He went missing. He is back. He was reelected. He is a republican. Youll get elected there. A democrat is not going to win there. It seems like new yorkers like a spectacle. They think it is interesting. Stuart it is the greatest city in the world. Thank you very much, indeed. We appreciate it. The chinese are invading our real estate market. Details in a moment. The most Free Research reports, customizable charts, powerful screening tools, and guaranteed 1second trades. And at the center of it all is a surprisingly low price just 7. 95. In fact, fidelity gives you lower trade commissions than schwab, td ameritrade, and etrade. Im monica santiago of fidelity investments, and low fees and commissions are another reason serious investors are choosing fidelity. Now get 200 free trades when you open an account. Lou coming up on lou dobbs tonight at 7 00 p. M. Eastern, the coup that is not a coup in egypt. Why they say they are not taking sides. Jeff miller joins us tonight at 7 00 p. M. Eastern. Stuart i want to update you on the breaking news we received a few minutes ago. A dow jones report that snowden has accepted asylum in venezuela. Apparently, now that wed has been taken down. No longer visible on the website. We believe that snowden remains at moscows airport. Chinese buyers accounted for 12 of foreign spending on real estate here last year. 70 were made in cash. Full cash. Cash is king. The Number One Group of foreigners buying homes in america are canadians. That is correct. Stuart been chinese. That is correct. Chinese are paying top dollar. Where they are buying is really interesting. Florida, california, arizona, texas. Stuart there is a special program. If you bring in a certain amount of money to america, you get a green card. Yes. A fasttrack way to get a green card. The program essentially says, you will get a green card if you invest in a property here in the United States or a business that creates job. Stuart we have canadians, chinese, indians, people from b. They make up half of all foreign buyers. That is correct. A little more than half. Stuart it is not that big of a deal. In terms of a dollar amount, yes. It is growing. Where they are buying is really interesting. People from canada tend to go to the resort areas in florida or nevada. Stuart is it growing . Yes. Stuart watch out for those britons. All right, everybody. More varney and company in a minute. It doesnt. Thats crazy. Were all totally different. Ishares core. Etf Building Blocks for your personalized portfolio. Find out why 9 out of 10 large professional investors choose ishares for their etfs. Ishares by blackrock. Call 1800ishares for a prospectus, which includes investment objectives, risks, charges and expenses. Read and consider it carefully before investing. Risk includes possible loss of principal. The highlight reel, role it, please. All they care about is ben printing money. Its all about ben, and guess what, the markets likely to go up. 101 million americans get some form of food assistance. Right. Only 97 million americans work fulltime, were saying this is the state of obamas america. Somebodys got to take responsibility. Hes the leader. Hes the president. This shouldnt be happening. Not in this country, not now, not with everything we have available to us. Its about saving the programs for the poor. Its about doing the right thing to make them work and not to hurt the taxpayer in the process. All right, liz, you said its about saving the programs. Theres no way any program is ever just cut. Well, we want to help the poor, what i was saying, but youre right. Congress no elected official wants to face the wrath of voters cutting government programs. Thats where we are at today. Youd be demagogued to death. Never get reelected. We laid down third rails that tripped up taxpayers right and left. Nicely put. Thank you very much indeed. Dagen, its yours. Take it away, as long as its not taken from me is the regime consensus. Thank you so much, stuart. The growing unrest in egypt, rejecting the timetable announced by the military interim leadership. We have a live report and analysis from kt mcfarland. Inflation on the rise. Can an Interest Rate hike be far behind . Whats that mean for us, the u. S. . The irs under fire again leaking thousands of Social Security numbers of americans on the internet. What is washington going to do to put a stop to this mismanagement . Corporate espionage goes cyber. The online war between board rooms and whats done about it. Those stories, and, yeah, thats right, Connell Mcshane this hour on markets now. Connell i dont think we need