Worth 123 billion. Hes up 6 billion overnight. Look at apple, it posted the best quarterly profit of any company in history, it now has the largest cash pile in history. 285. 1 billion. That. 1 is a hundred million dollars. Apple is now down two bucks. How about that . Next case, 200,000 new jobs in january, i will call it solid. Listen to this, wages up nearly 3 in the last year. Thats a definite improvement. This comes after a remarkable forecast from the Federal Reserve bank in atlanta. It expects Economic Growth at annual rate of 5. 4 . Yeah. Deep breath, ashley. How about that . Politics dominated by the memo. We are waiting for it. When its released, here is what to look for. Simple question, was a document paid for by the clinton president ial campaign used as excuse to spy on the president ial campaign of donald trump, thats what its all about. That question will be answered, we think, by the end of the day, yes, it is a very big day. Varney company is about to begin. Stuart all right, we are down a bit more. 240 points lower from the dow industrials. Its a down day across the board. Why . In part because of this, look at the tenyear treasury yield. We are now at 2. 83 and rising. Very bad news for the stock market. Now, weve got some stocks which are the biggest drags on the dow, these are dow stocks and all of them are dow, goldman, boeing, visa, caterpillar all of them on the downside, that drag it is overall market down. Joining us john layfield. All right, john, its obviously a dip, are you buying into it . Im not buying it but im not selling either. Ill recommend if people want to get into this market, there doesnt seem to be a black cloud ahead for which some people it is a black cloud. I dont understand the reasoning, i would be a buyer if you had extra money you want to put to work, yes. Stuart really . Youre a brave man john layfield, you sit in bermuda. 5. 4 annualized Economic Growth rate that the atlanta fed seized, 5. 4 , john, thats reaganstyle growth, is it not . It is, its also lbjstyle growth, 64 tax cuts, enacted by president johnson, 4. 1 unemployment for his entire term. Lowest of any president. 4. 1 right now and gdp expand in incredible margin. Reagan in 86 went to 3gdp in the last quarter. Forecast was not very good by businesses, it is because of demand, either way theyve got to replenish the inventories that will greatly help gdp the next quarter. Stuart i have to talk to you about amazon, it posted big e profit, 164 per share, what stops it going snup. I dont think anything does. Ive bought some more two months ago, the best company in the world. I think will be the Biggest Company in the world. The only thing they can stop amazon, 8 per share earnings this year, forecasted for 14. 75 growth in earnings per share. A company that size, thats mine boggling how fast this big company is growing. The only thing on the rise could be potential antitrust legislation but they only have 5 market. Microsoft word or jpmorgan or rockefeller or carnige that had antitrust that was necessary. Stuart you must have thought it 11 or 1200 . I did. 1100 something when i bought it. 10 or 15 gain just in a couple stuart no wonder youre smiling. Its a remarkable run. Stuart ive never seen anything like microsoft amazon run, i wish it was microsoft. Tell me about apple. Its profit hit 20 billion in three months at the end of last year. Okay, they sold fewer iphones but they brought in a lot of money and a pile of cash, 285 billion, thats what intrigues me, john, do you think the 285 billion will go to shareholders, stock buyback, extra dividend . Yes, i do because theyre having a hard time, look, this is reminiscent of steve, had the most Profitable Company in the world just like tim cook right now, mountain of cash right now, they are having a hard time on what to do with the cash. Not necessarily the best use of cash but Share Buyback and dividend increases. Stuart we will leave it there. John, if you had extra money you would put money to work in the market, i will leave everybody with that. John layfield, everyone, back to the beach. President trump has been tweeting about the memo. Here is the quote, the top leadership and investigators of the fbi and Justice Department have politicized, something unthinkable just a short time ago. Rank and file are great people. Harlan hill is with us. All right, the memo. I think its got to answer one simple question, did one president ial campaign use the russian dossier as an excuse to spy on another president ial campaign, thats where its coming from . Actually probably worse than that. Stuart really . Yes, the fisa Court Warrant was predicated on steel dossier which was research funned by the Hillary Clinton campaign, it goes deeper than that. The guy that signed on the application is Rod Rosenstein, the same man super vising the Robert Mueller investigation. If Rod Rosenstein signed off on this, we could be head today constitutional crisis. Theres no question about it because if theres this investigation which seems to be a witch hunt, you know, circulating around this russian nonsense and mueller makes a play for the president of the United States and meanwhile hes implicated and using Opposition Research to leverage the full faith and credit against donald trump, theres going to be riots in the streets. This is we are on a nice edge and the American People deserve to know whats in this memo. Why are democrats fighting so hard to keep it a secret . Why . Stuart well, you to answer that question by saying theres something really bad in it for democrats and they will move heaven and earth to keep it quiet. We know nancy pelosi made a personal phone call that devin nunes needs to be removed. Why is she making personal phone calls . This will undermine the entire story around russia and undermine where they spent the last year trying to do to President Trump and the American People arent going to believe it. Stuart constitutional crisis comes if mueller tries to go ahead and find something really bad on donald trump when his investigation has been prompted by the Clinton Campaign. Absolutely. Stuart thats the crisis to you . Absolutely. Stuart i have to move on. Listen to this. Now President Trump he commented on the democrats reaction to the state of the Union Message, roll that tape. African american and hispanic unemployment have both reached the lowest levels ever recorded. Thats something very, very special. [applause] and when i made that statement the other night, there was zero movement from the democrats, they sat there stone cold, no smile, no applause, you would have thought that on that one they would have sort of at least clapped a little bit which tells you perhaps theyd rather see us not do well then see our country do great and thats not good. Stuart he went right at them. Yeah. Well, its true. The democrats are more invested in the president s failure than they are in leading and legislating on capitol hill. They are holy invested in his failure. A couple of people walking out and one congressman even playing candy crush on her phone. Stuart that is true. Zero respect, zero. Stuart to me its a visual thing. The state of the Union Message on television, had the biggest audience for state of the Union Message ever its visual and when people sitting on their hands all playing candy crush as you suggest, it looks visually bad. Its a bad political image. Look, i spoke out against congressman wilson when he said you lie to barack obama. The state of the union is time when you come together and put politics aside, its about the celebration of this democracy and democrats have slapped it in the face. Stuart harlan wolf what did i say . [laughter] thats a movie star name. Ive been called worse. [laughter] Stuart Harlan hill is a good man. Still down about 200 points when we open for Business Today and its true with the s p and nasdaq too. Exxon, their profit fell a little short but they got a 6 billiondollar tax benefit thats still down 3 bucks at 86, chevron, their profit jumped, they got a 2 billiondollar tax gain, not helping the stock, its down 2 . Better profits at merck driven by higher demand for its blockbuster cancer drug, the stock is actually down this morning strangely. And then we have visa, more money being spent on that credit card, the stock is down 2 and a half percent. Its a down market today. Two days to the super bowl, the eagles take on the patriots in minneapolis, we have an allstar lineup, former nfl star marshal and walker, both coming up later on the show, we are going to get them to react to this, Justin Timberlake halftime performer at the super bowl, he says he will not let his son play football, hes too worried about concussions, fox friends host pete hegseth said timberlake is soft. He will make his case next. They ended up making more money, five bucks for beer at a football game. How about that . Thats a tax cut metaphor. Stuart you can get hammered. More Varney Company after this. Stuart this is what Justin Timberlake says about letting his son play football, roll tape. So you would support if he we wanted to run some routes and get in the nfl . He will never play football. Okay. No, no. Stuart whoa, he will never play football. By the way Justin Timberlake is the entertainer at the halftime show of the super bowl. Fox Friends Weekend host pete hegseth is with me now. Pete, i was surprised that the halftime entertainer will say that his son will never play football, your response . [laughter] i guess i was too. This guy was in a boy band, i think his son will be much more qualified to be in a boy band, its a lot safer on stage than a football field, right . Come on indicative that elites see football and tough sports and manhood frankly, this idea that you learn things when you get hit, you learn things in the huddle when you get knocked down, listen, we all care about player safety, thats important, to say no, my kid cant play football because im worried he might take a hit, its indicative of softness that we get. Hes a good boy band member, a good singer, thats all fine, to me its an eye roll, here we go again, another guy that wont let his kid football. Stuart pete hegseth, you will get clobbered for that. The idea that you put safety on one side and ignore concussions, every mom in this country is throwing things at the tv set right now. Well, i hope they throw another thing, my thing is we need boys an anyone who wants to play in football being tough. Listen, you have to be safe, you have to learn how to hit and do it the right way. I played High School Football and took shots going across the middle as wide receiver but taught me a lot of getting back up. Why are we getting rid of any sport that can harm someone especially professional athletes, play it safely, as a fan i want to see hits and a real game on the grid iron, listen, i think it sounds soft when someone says what if the boy can play wide receiver, this is america where you can do anything, come on, dads. Stuart okay, i will move on we will get in real trouble here. [laughter] stuart youre at a diner, im sure give me the pulse of america at your dimer because a lot of those people surely had tax cut break in the paychecks, maybe some of them got bonus, whats the pulse . Stuart, a lot of what we hear, with fox friends we do a breakfast with friends segment every week where we go to dimers and talk to regular people and we are hearing the same thing every place, the pulse of the people as well, thousand dollar bonuses are not bread crumbs, when youre getting 60, 80 more in paycheck than you were before, only one place that that came from, folks understand that when you cut taxes it puts more money in the pockets and have an opportunity to spend it like oasis coffee or other places across the country. So what seems when nancy pelosi says something so foolish and disconnected, regular folks understand what they are actually doing. They also understand deregulation. Stuart you managed to find the one place in minnesota which likes trump, is that accurate . [laughter] pete well, this is the one conservative in minnesota. The blue state almost went for President Trump. A lot of people here who get the bluecollar common sense of our bluecollar billionaire president. Hes getting a lot of good approval from folks. Stuart i think i saw somebody with a packers packers fan back there. Pete right on the border from minnesota and wisconsin. A few come over. I would build a wall between minnesota and wisconsin. [laughter] stuart youre a crowd pleaser, hegseth. Pete why not . Stuart we are down 240 points. Now, President Trump, he floats the idea of even more tax cuts, a second phase as he put it. Coming up on this Program Shortly gary cohn, the man behind the first trump tax cuts, whats he going to say about the second, hes on the show at 9 45. So from the two trucks over here. I want you to pick a new truck for your mom or dad, knowing that they could possibly pass it down to you one day. Oh. Cool. But before you decide, you should know that chevy silverados are the most dependable, longest lasting fullsize pickups on the road. Which means that ford f150s are not. giggles which truck would you pick . The chevy. There you go. Boom. That was obvious. Plus it looks cooler. No doubt about it. Now they know what to get me. Stuart five minutes to go. Higher Interest Rates. The yield on the tenyear 2. 8 going up. Big lose on deutsche bank. Anything else negative . Theres worry in this market and i think to quote someone i heard recently, this bullish market is a mile wide and an inch deep and when the first sniff of trouble theres a tendency to run to the exits. Markets take the staircase up and elevator down. Ashley right. With that interest yield rate going to 3. 2, that is an issue and if it does that means borrowing costs go up. That means taxes are initiated because we have to pay interest on that debt. Stuart i think the stock has a real problem. Its inpolice inflation. Stuart right now we are looking a drop of 200 points. Key factor here the tenyear treasury moving to 2. 84 . Thats a negative for stocks, back in a moment. Were going to be down sharply at the ohming bell less that a minute from now heres a little background to whats going on on wall street. Weve got the jobs report earlier today. The interesting factor is not so much if 200,000 new jobs but the rise in waging. Year over year, were gaining wages to the tune of almost 3 . Thats the fastest rate of gain for wages in many years. That means maybe were headed towards some form of inflation and because of that, weve got the yield on the tenure treasury going up to 2. 84 as of now. Were Interest Rates go up quite sharply the stock market generally talks a hit because the yield on bonds becomes more attractive compared to dividend on gains u 9 30 eastern it is friday morning we are up and we are running and we are going to be down. There you go. Town 145, 152, 153, 165. Were about to drop below 26,000 and selling keeps up there you have it. Were down 198 down 200 points were below 26,000. And it is a sea of red amongst the dow 30 stock. Only one of them is unchanged. 29 are town. We stabilize with a loss of around 200 point in the very early going. That is a loss of. 7 . Lets compare that to the standard and 500 which is also open, of course, and it is down. 64 . In other words, less of a drop than the dow. How about the nasdaq home of all of the Technology Stocks that down, lets see u now thats down half percentage point so the loss in percentage materials on the dow is greater than the loss on the the s p and the nasdaq. But everything is down this morning. What happens could be divorce in 14 months worst week for the dow in 16 months. Thats how we close if we keep this up. On your screens now is amazon look at that please. [laughter] what a report late yesterday afternoon it is up 5. 5 77 dollars up as of right now. How about apple, pretty good performance at its report yesterday. Best profit in a quarter of any company any time 20 billion but stock is down just over 1 . Alphabet otherwise known a google thats down 5 . Now that is a loss and a half. Friday morning who is with me on what could be a historic day ashley liz, john leifield is become and so is scott. Sum is up if you would please why are we down so much today . News flash, things are starting to act like theyre supposed to right, i mean you open up u the show tell everybody about what is happening as far as Interest Rates but the reason it might be going up because things are good, right gdp is going up. Wages are going up. Unemployment is going down it those are all good things and might take a off the stock market but these are numbers to bolster gains weve seen in the stock market. Back to you a half hour ago i asked you if you would buy the dip. Repeat what you said. Look,able theres not a black clouds on the horizon. I think inflation is a potential problem that could come out look forward earnings which i earned and old prices are up 50 in the year but theres really not a black cloud on the horizon and you have to understand were up 30 . And in a year, i take the fact that were down less than 1 today i think overall is market is on a roll and janet said as a black cloud on horizon that that should impede this market. A moment ago we put amazon stock on the air as it opened in the fist couple of minutes of business i think established a new all time high right now at 1,465 a share thats a 75 dollar per share gain. That is up 5 . Its the most Exciting Company in the world that is my opinion. Now lets get to pure economics for a moment. The atlanta fed says, the economy is on track to grow at a 5. 4 annualized rate and thats astonishing. Scott, that is reagan style growth, isnt it . Hey, another news flash right, seems to me that donald trump has brought common sense back into vogue. You cut taxes. You get rid of regulation and i mean talk about Infrastructure Spending plan thats going to raise your growth right so things start and work like theyre supposed to get back to back to normalization im a happy guy. Atlanta fed keeps into manufacturing growth they have theyve been off slightly less than a percentage poijt but manufacturing growth as weve been reporting it was at a 14year high the factories are humming in the United States. Why do we have a town side move on the market 200 point down . Apple weighing with a Federal Reserve bank in flangt says were going to grow a 5 . Why . Shop in the forecast a is weighing on it. Thank you. Interest rates. And dow members certainly are weighing on the stock market. Tell me right now please whats the yield on the tenure treasury thats what theyre keying off 2. 83 284 and i dont to pick about this. But 283 and that puts stop laughing scott dow is down 218 points as we speak. Show me amazon again lees. Firing on all cylinders large fest profit in its history i think it made a billion bucks. Millions of new prime members price cuts that whole foods helping Grocery Sales there. John i know you bought this thing. A few months ago around 100 or 1200 would you buy anymore of it now at 1481 . Im not sure im a buyer but on any tip. Look theyve acquired soup. Com that xangdz their middleclass and double what is they have right now in the United States they are hitting on absolute all cylinder as i said earlier only thing that could be a road block is potential antitrust legislation that comes forward. But they have only 5 of the market thats not close to being monopoly of anything. I dont see any impediment within probably a year. [laughter] shaking the heads of amazon twaim had you account for a company like that. It is astonishing really but now it is up nearly 100 dollars share. 96 dollars up on amazon at 1486. Scott, i just heard a big sigh whats that all about . Municipal no. Im happy about it. Look what theyve done to Retail Sector and the app im excited to see what theyre doing with the health care industry. Remember are on tuesday when they came out with that deal, we have a lot of those insurers up 2. 5, 6 and pharmacy pup 5 theres a shakeup there and i think Health Care System is about to get the app as well. Rntion as we were speaking amazon went up 100 a share. Ill move on to apples record profits, and by the way, it is got a cash pile now a record 285 billion dollar. Now john i thought have thought some of that money will be brought back to america and probably put towards shareholders as in a stock buyback or dividend increase. What say you . I agree completely. Theyre having a hard tile using that money for anything else and generally when companies dont have a good use of that money to make acquisition or to increase their business, they use it for share bye back and dividends thats what theyll do. Apple has 3. 3 billion with some type of apple product reoccurring revenue is incredible with this company and not inno straight at a pace that Steve Jobs Used to do o. C. Thats steve jobs is once in a lifetime ceo. So i think theyre tboipg to use this probably for something more mundane but thats good for shareholders than buyback and dividends. Grade school known as alphabet that lost money. Well it took a 9 billion charge related to the new tax law. But its core advertising business continued to very, very strong run. It is down 57 dollars as we speak. So john, back to you. This is a dip and a half for alphabet would you buy this dip . I own to already so im not buying but yes i would be buying if you have extra cash. They have three cables theyre going to own o the the internet. They have 50 of the top ai scientists in the world that work for them, and ting that theyre the new cable they have is 10 million times the speed of an average modem theyre going to own the internet. Good lord. Cant keep track of it. According to wall street reports 32 straight months of 20 growth in sales for alphabet. 32 straight months. Straight months of 20 gain. Each and every month. Correct almost theres years. [laughter] and stock is down 50. Follow that. Down a bit more dow industrial is up 224 points were o well below 26,000 ill give you the quote for radio people it is 25,950. Couple of individual stocks on the move. Go pro uhuh owe give a weak forecast theyre already down, theyre off another 2 . Exxon their profit fell, physical short of what the analysts were expecting took a 6 billion tax benefit because of the tax cuts the stock is down nearly 5 . Chevron profit jumped on cost cutting, and theyve got a one time tax gain of 2 billion thats not helping either. Down 2 . The maker america better profits. Info by cancer drug. Even so, merck is down. Consumers are using their cards more nonetheless stock is down 2 overall this market is down. Tesla, is going to sell sold off products in 800 home depot e stores. Sound like a good strategy to me scott, what do you say . I think it is a great strategy this is why im not a big fan that have car. Not that i dont like the way it looks and drives but you know what cities are such a large part of that business when it comes to ecocars. And weve seen some european country qhs they drop subsidies, the females of those cars go u through the floor. So hes going to be very sensitive the government subsidies over there and a great idea to have that company from a car company to a Technology Company i think it is absolutely the right thing to do. I do too scott because theyre rying to sell you this power wall storage unit where you get solar energy through the panel to get stalled in this battery that you like and then plug your tesla in it but also use it when power goes out on main grid and come back to a generator. So kind of cool. Okay. Okay well stock is at 3. 50 on tesla what if your employer made you wear a wrist banding that tracked your every move . My god. Nudged you when you thought you were doing something wrong. Amazon has one two patents for that kind of wrist banding. Lizzy . This is a fight between robot and human workers ab amazon is rying to trek whether youre slacking off at work i have to say whats next. Play flight of the bumblebee in warehouses. Can you imagine tracking 15 seconds to when order comes in to putting it in bin for delivery. The amazon worker boy, wristband . Theyre getting a lot of nudges. Wristbands like question get it here. Stock is just keeps on going up. [buzzer] now Oil Production in the United States hits the highest level in 50 years. John, you live in bermuda but youre a texan by birth fabulous news xepght for oil company stocks. Yeah, i think it is too. It is also terrible news for saudi arabia they were broken and having a massive time right now with budgets because of old it shall oil prices no longer use extra capacity because any time you have a lag in market prices you see shale oil come on in west texas. I think it is great for our country. I think it is tough on oil prices but 65 or roughly per birl and these can make money. I think american production really puts a lid on world prices doesnt it . We have a worldwide economic boom going on. And yet the price of oil is 65 dollars barrel and tries to get higher but because it is doubled since twailgt. And this is sanctions on steroids for countries like russia. Let be blunt. This is the highest i think since 1970 how much u. S. Is pumping oil 10 million a day. Which is about the same and were about to pass saudi arabia. Who would have thought . Oo opec and russia well said and now dow industrial for radio listeners were down 222 poins as we speak. Okay we were down right from the opening bell. Interest rates are rising this has been a long, long rally. Maybe due for a pause. This is certainly a pause were dropped below 26,000 as we speak. Okay, now, lets see now show me i hate to do this but i want to go back to amazon. Do it. Look at the market down 200 point all across the board stocks are down. But amazon is up 87 dollars per share. What the devil stoppings them . Nothing stops them right nothing. Can you give me a quote on jeff bezos net worth as now request amazon 447 per share and i dont know what hes at 16 stake in the company. And i believe hes now worth 123 or o even 124 billion dollars. He had gained 6 billion just overnight. Well they were thought to be the most profitable nonprofit not posting the net income line but now the cash flow and u numbers are coming in on that front. I mean amazon, i mean, heres the thing which company will be first trillion dollar market value and they have a short distance and would trade it around before we go to our next important gentleman indeed i want to sew you the treasury is above 2. 8 and 2. 8 as we speak director of the National Joining us from the the white house. Gary welcome back good to see you sir network is down interest are up you worry about this rise in Interest Rates. No,ing look were not worried, obviously, the Interest Rate market is trying to find a new level here. Trying to figure out what is going on with inflation. What levels are going to be the right clearing levels is the market trying to figure that out and look at what happens with the market right now. Remember we have a stock market that was up almost close to 6 in the first month of the year. We have had Interest Rates back up a little bit here. But were still at really historically low levels of Interest Rates. So this is a dip youre the buy who used to run Goldman Sachs you know about the stock market would you carry if this is are a dip. I characterize it as a consolidation as 6 rally in the first month of the year after our market that had a sort of you know continuous up tick all of last year so we literally had 15, 16 months of continuous and three or four day consolidation here, which would be a normal trading pattern but you know, we had, you know, very good Economic News today in the job numbers. And question got a lot of good momentum going on in the imhi with the tax reform that had just gone through. Good news in the job numbers look this is in my opinion was near 3 rise in wailings over past year o posessed to just 200,000 new jobs wages that is the good news. You and i having talking about lack of wage groat for u now a year and one of the real are big ones for tax reform and tax cut plan was to get real wages to grow in the United States. We have not had real wage growth in a long time in the United States. Look did we see real qaij growth this month. Yes, we did. It is one month so i im excited about that. But what we need to see is a long term trend of real wage growth in the United States. And hopefully this is a start of a longterm trend of real wage growth. Atlanta fed say it is in the First Quarter, we had annualized Economic Growth of 5. 4 . Thats a very big number. Are they complete outliers . Well look thats the atlanta fed forecast of where theyre seeing the First Quarter. We would be very excited if that number is correct. Weld be very happy to accept is the number with the 5 could be excited for number starting with a 4. We just ended up getting the last quarters First Reading of gdp, there was some interesting dynamics in the Fourth Quarter number because of the tax plan and what people did and people act very rationally in the Fourth Quarter. And expensing a lot of things through and drawing inventory down so we think there will be a lot of inventory momentum in the First Quarter so we are expecting strong quarter. But remember that Atlanta Survey is just the survey of a forecast of where they think the gdp number will be. But look were opght mystic and excited about whats going on in the economy. Well the president mentioned maybe more tax cuts or certainly some tinkering with more with the tax cuts. I think he called it a second phase. Do you want to tell us more about what . Because we would love to hear. The president is always trying to deliver for the American Workers the american public. We would really like to make the individual side of tax reform permanent thats one thing that we didnt get done and we would love to go back to make it permanent as soon as possible and president is you know driving to get that done. He wants to make sure that every hardworking american gets permanent tax cut. I have to ask you something that maybe politically difficult the Unemployment Rate amongst africanamericans went up from 6. 8 way with up to 7. 7. Thats a political problem isnt it . Look stuart for the 12340 7bg9s were still at a historic low in the africanamerican unemployment number. Yes we did see it tick up for the one month but as understand in the wage growth number look this is a one month number. If the 12 month number is historic low these numbers are volatile from month to month but look it is a number that were watching and a number that concerns us for the one month but look if it is a trend it is concerning if it is a one month blip it is concerning well wait to see what happens next month like the qaij growth hoping that is not a trend and hope oing wage growth is a trend. The chair of the dnc, says this donald trump continues to take credit for the Strong Economy he inherited from rahm but instead of rewarding American Workers for ul pooing our nations prosperity, President Trump and republican it is in congress have given massive tax cuts to big corporations and the top 10 at the expense of the middle class. Tbear your response please. Well, stuart, i have trouble answering that question because i cant stop laugh hadding every time someone says that to me. So tell those 3 million workers that just got tax cuts bonuses or got a wage increase or bigger kringses to their 401 k plan that the corporate or top 1 are taking the tax cuts what were seeing here and you saw it here in wakes like i said we hope this is a trend that our tax plan is driving real wage growth. It is driving a better economy. It is driving more homeownership and seeing everything we want to see in the economy in the real economy. In the workers of this country. I think that what people are saying it just absolutely ludicrous talked about it being a crumb and bakery but how many laying around. Very good line. How much credit qow give to president obama for the current state of the economy . Look, president obama has been out of office over a year. Here is an interesting stat and well just throw this one out there. How many manufacture jobs can the Obama Administration create in their last year in office . Okay ill answer it, it was a negative number. How many manufacturing jobs do the Trump Administration create in the first year of their administration . Okay. The answer is over 200,000. You it tell mow who is drying te economy when President Trump got elected the corporate world and the Small Business world they got excited about a world where they werent going to have to deal request overregulation. Where bank credit was going to be available to them. Where they thought tax reform was going to happen and they started investing in their businesses. They started hiring people weve had over 2 million jobs created last year over 2. 6 million jobs created since the election. Because people got optimistic about the economy. Thats thats the numbers those are the facts the facts speak for themselves. What are the Big Tech Companies what are they going to do with all of that money that theyre bringing back to america were talking hundreds of billions of dollars. First of all theyre going to pay us a tax to bring it back. Which is good for everyone. And then theyre going to look apple which is anouned theyre bringing back money will invest enormous amount of it into the United States theyre hiring 20,000 new workers. Theyre building a second karps. You know amazon is talking about not talking about, but theyre theyre out exploring where to build their second new campus. Youre going to see massive invest. From these Tech Companies when they cash we have to remember they sign the tax bill what five weeks ago. Five and a half weeks ago Everyone Wants instant satisfaction. Give it some time to work through the systems, the Tech Companies earnings are out tonight and some next week youre tboipg to see more and more announcement when is theyre doing with earnings and repatriation to drive the economy here going forward. Last 30 seconds that i have twaibl will you tell us more about the tax cuts or the tax tweaking that youre trying to do . Making individual cuts permanent what else you got . Well the president always trying to make america more competitive what he was at the World Economic reform last week and america being open for business and america being very competitive right now. And how were competitive but were acceptive buzz were regularring regulating in a smart way and energy and we have a tax rate that make fuss competitive with the world to make us competitive with the res of the world and taxes big component with competing with the rest of the world and we need to make the personal side of the tax code permanent. Okay thanks very much for taking time out with us this morning we appreciate it. U my pleasure thanks for having me. Gary cone, First Response to that ashley. Me made all the of the points necessary and of course continue to give this economy the credit for it to barack obama to me is just laughable and how they can keep saying it maybe they believe they keep saying theyll actually believe it but they cannot believe that. Performing nothing screams policy they can see and know policy than still talking about the predecessor qhar they policy ideas right now . That point, that point john i know youre listening to the conversation. What is your high point whats your take away are from gary cone . What theyre doing as far as competitiveness being here in bermuda Google Stores billions of dollars a lot of businesses have come here to shelter mechanic. And also get away from regulation. Theyre scared to death right now on this island because of what america is doing because america is becoming competitive again in the world thats wonderful for america and as an american i route for that. Ming on our screens a moment ago we were showing you the dow, the s p and the nasdaq from since the election. Look at that. Everyone though the dow is now at 25,944 it is still up 41. 52 since the election. So you may have a dip of over o 2 hushing points close to 250 points. But you still up 41 since the election. 30 pup on the s p, and 41 up on the nasdaq. I find that very significant. Democrat response still saying tax cuts will hit the middle class thats overrigged a lot of top spin that Roger Federer would love in that and what theyre saying. The Tax Policy Center says 80 of the u. S. Households will get a tax cut. Next few minutes i want to put up the response to the jobs report and response to the tax deal ill put that up again shortly. Right now im checking the big board i think this is the low of the day. Now were down 263 point. Were at 25,927. Now a completely different story what is late of this it really different. Hostess will pay bonuses in twinkies. Now were with talking. As well as the [laughter] cash bonus twinkie bonus which had do you like better . Twink by or ding dong for employees listen this is big deal. This is not only about the bakes goods it is also about the moola yet another Great Company coming through because of the tax plan. Giving money to the workers. Weve seen roughly 300 companies 3 million americans getting more money because of the tax plan. Hostess is in there bonus tots employee each employee and, obviously, that adds up that is not talking about baked goods we can talk about crumbs but it is big picture a winnings are pee for workers. I dont believe there are new crumbs with a twinkie they hold together very well. [laughter] preservatives. Moist as our producer said. One key question about russia are investigation could be answered today. Did the fbi use a Clinton Campaign funded dossier as an an excuse to spy on President Trump campaign we may find the answer when that bombshell memo is released. My take on that, coming up next. And in the nation, we need to work together. We need to do it more often to help people that need help. Ill stand by you. Fvo hes encouraged other people to look around and notice one another and take the time for each other. Thats his gift. Ill stand by you. . . We are waiting for the memo. When it arrives it will dominate the news and we will cover it. As we wait, here is the most important question. The memo should answer that question. Did the fbi use a russian funded dossier as an excuse to spy on candidate trumps president ial campaign and then use it to undermine the newly elected President Trump. We are about to find out if one president ial campaign bugged another. Did they use the premier Law Enforcement agency to do it . November the fbi is in panic mode. No wonder they want the memo out there for all to see. When you see it, we see it. The second hour of varney and company is about to begin. Ive got news on consumer sentiment. The dow is down to 75. What does this report say. 95. 7 which means the level for Consumer Confidence remains very strong. Its better than expected. I know you hate that expression but have to measure it too something so there you go. It is better than expected. Last january, this is the final reading and about where december was. Overall, consumers are confident when they are confident they buy things in the economy picks up. We are down 287 points. We just dropped below 25900. We are right at that. Only Economic Data that we are seeing so far shows two very Strong Economy and gaining strength. Good good news on the economy, bad news for market. I think were back to that. Back to normal. Down to 91, 25895. That is the market as of this moment. Youve got a look at amazon. They posted its largest profit in its history, made a billion dollars in the last three months of last year but it was up 100 but now its up 65. Without level. 1455. Share. We believe jeff pesos made about 6 million tonight. Check apple. Its profits hit record 20 billion in profit for apple in the last three months of last year, even though customers bought fewer iphones. After that, i always call them google, but the correct name is alphabet. Way down. Seriously down. Five and half down. That means 66 lower. Exxon, that profit fell short and they are under pressure. They are a big drag on the dow. The dow 5 . We are off nearly 300 points. Sprint, theres a bright spot for you, they raised their forecast. Always good news for the stock. Its up 20 cents, 5. 30. Share. That is nearly 4 . Back to my tape, top of the hour, the president is twittering about the memo and the fbi this morning. The top leadership for the Justice Department have politicized the sacred investigative process in favor of democrats and against republicans. Something which would have been on thinkable. Jenny is now, tammy bruce. Your thoughts on the memo and its really. There has been some concern that this has been overhyped a little bit. The president is clearly seeing it and with that tweet is clearly indicating what people are going to see. I think people should have a little bit lower expectation. I do think we will see this has been a politicized process and not necessarily unexpected. We can think of J Edgar Hoover and the nature of that agency but americans want a better government, they want transparency and they want to know that politics have not been used by Law Enforcement agencies. If this memo answers the following question, did the fbi use a clinton funded russian dossier as an excuse to spy on the Trump Campaign, if the answer is yes they did, that is a blockbuster. If the answer is no, then wit weve overshot by a long way. Remember what they have named this, this pfizer abuse memo. They are using it to be able to wiretap the new incoming president. That is outrageous. It is a blockbuster. We will see major changes but this is at the core of what we call the swamp. This is what we are fighting against. We want the rankandfile of the fbi to be able to be proud and do their work and have the trust of the American People and this is going to be the beginning, im sure. Hold on a second. I want to get back to you. The dow just dropped 336 points as we speak. 341 and falling. More good news. Positive news on consumer sentiment. Positive news on factory orders. Interest rates are rising in the stock market is falling. Good news on the economy probably is bad news for the stock market. That jobs report, wage growth, im picking up wage growth as the major point in that report. They are rising at a faster pace than any time in many years. Come on in. I am saying wage growth is the big deal. Im saying its very positive. What say you. Thats absolutely right. Wage growth is what we been looking for for years. Its almost 3 , 2. 9 yearoveryear. Thats the highest its been since 2009 when we were coming out of recession. Weve gotten very substantial wage growth, that was the point of the tax bill. We have read about raising wages and bonuses. It had the impact it was supposed to have. The economy is on fire. Thats one of the problems with the stock market this morning. It means more middle and workingclass americans are going to benefit and these numbers show thats exactly whats happening. What you make of the atlanta Federal Reserve bank saying that in the First Quarter we are going to have annualized Economic Growth of 5. 4 . I have to ask you the same question. Is the atlanta fed just outliers, way out of line with every else or what . In my opinion, we have to go from their forecast too. [inaudible] i love to see 5. 4 or fourpoint to percent or 3. 9 at any number in the range from three and a half up to their number of 5. 4 would be wonderful. Their number is spectacular. Its what we hope to see. Its what reagan and kennedy produced with tax cuts. Id love to see that number. Its not get overly optimistic. We would be very happy if it was 3. 9 or 4 . Wed be having a party at 5. 4 . We will be thinking president john for proving that what weve been saying for the past eight years is true. 300 companies, thats the new tally, 300 companies have announced bonuses because of the tax plan. That is likely to grow. Do you think we will hit the point where all of the 500 fortune companies, all of them are forced into offering their own bonuses . If you dont offer, if you have a company in the fortune 500 and you didnt offer bonuses, your employees will wonder where the benefits are. People who got raises benefited from both. People who are getting raises and benefits are going to wonder whether company spent the money. By the way, that 300 companies, those are companies that have announced they are giving bonuses and raises. I guarantee you there are a ton of Small Companies that dont make these kind of announcements that have increased compensation to stay competitive. They are part of the whole bonus scene. They made 20 billion profit in the last three months of the year. I think thats the largest profit of a corporation ever appeared on your screens, 285. 1 billion, that is apples cash pile. Have you any idea what any company would do with 285 billion cash . I think we have some indication what apple do. First of all, they said they are going to announce capital allocation. Secondly we know they bought 19 companies. You get so big and you can be the steve jobs innovated company when you are smaller. They are buying innovation. They will purchase it. They also said they want to go to cash neutral which means the tax law that allowed them to bring their overseas money back to the United States is allowing them to go to cash neutral position where they can buy companies, invest and theyve announced 350 billion in the United States and they can pass on the benefits to their shareholders. It includes pension fund and mutual funds. They make up a large percentage so i think its very positive. Thank you for joining us. Something completely different , you saw his shadow, therefore six more weeks of winter. There is a good chance. [inaudible] hes only correct about 40 of the time. He sees his shadow about 85 to time. Big hour for you. Leonard marshall, twotime super bowl champ is donating his brain to science on concussions. Pete called Justin Timberlake soft. Leonard marshall will respond. Later, john is outspoken, host a bar res rescue. Later this hour he is back to talk to chela. There is an agave shortage looming. He will give has his first reaction to apples record profits. You are watching the second hour of varney and company. Today, innovation in the finger lakes is helping build the new new york. Once home to the worlds image center, new york state is now a leader in optics, photonics and imaging. Fueled by strong university partnerships, providing the worlds best talent. And supported with Workforce Development to create even more opportunities. All across new york state, were building the new new york. To grow your business with us in new york state, visit esd. Ny. Gov. Its a topsyturvy market. We were down 330 and now are down to 89. It just cracked below 25900. Dragging on the dow, these are dow stocks, all of them down. The biggest drag is exxon. It is down 5 . Apple is down 2 . Boeing 1 . Chevron down 3 . Despite taking in a lot more money on credit card purchases, it is down 3 . Okay. There you have it. Sports, super bowl performance, Justin Timberlake says his son will not play football. Roll tape. So you would support if you wanted to get in the nfl. He will never play football. Pretty categorical. He will never play football. Joining us now, twotime super bowl champ and former new york defensive lineman, its an honor to have you with us. Its good to see you too. Justin timberlake, his son will never play football. He is the halftime performer. I dont like the look of this. It seems that youngsters will be withdrawing from the game. That is bad for the game long term. It comes back to the same thing we talked about. We need to protect the kids, making sure people are certified to teach. Its tough for them to play between the ages of eight and 12 years old to play tackle football. I think they should play football. Nothing get away from the game or the competitiveness because it helps you shape your for life, however, its tough for a kid to go play a gladiator sport like that. We play for money. Men play for money. Thats okay. We understand that but for a kid to play this game they run the risk of head injury playing tackle football, thats a problem. Earlier on this program we had pete. He called Justin Timberlake soft. Hold on a second. Roll tape and lets listen to it. This is indicative of the way it leads see football. This idea that you learn things when you get hit. We all care about player safety but to say my kid can play football because im worried he might take a hit, its indicative of the softness we get. Its indicative of your toughness, based upon you playing a kids game. Like i said, we played a kids game for kings ransom. For those kids to play football and not think they are tough because you cant take a hit, but the game is not about toughness. Its about learning how to compete in life and how to learn things at an early age that will help shape your life. You are going to donate your brain. Your donating your brain when you pass for the study of concussion cte. Youre part of the legacy foundation. Youve launched a campaign, flag football for people under 15. So no tackle football into your 14 years old. Unless you go to a usa football type camp or something thats mandated and you have to make sure that the game is safe and that their learning how to play and tackle properly. Im totally against the kid between the ages of eight and 13 years old hitting his head in competitive tackle football but thats not to say he cant go out and play lacrosse, field hockey, or whatever else. You run that risk playing massport. Thats on you. We hear you, but we also want to hear who you think will win the super bowl. Its tough to bet against that guy bill belichick. I have two Championship Rings into trophies in my house. Is the coordinator and did a fantastic job. Are you telling me the hated patriots are going to win. I think so. I think they will have a slight edge in this one. The under over is 58. Very high level. I bet the under. Im not asking you where youre going to about. I think i would bet the under two. I think it would be a defensive struggle. Its a pleasure having you on the show. We are waiting for the memo. When it arrives it will dominate the news and we will cover it. Sometimes, they just drop in. Obvious. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. Its at the market 25915. In december of last year the Unemployment Rate of africanamericans without historical, 6. 8 , but in january of this year, it went up to 7. 7 . A significant increase. That in the last month. Lawrence jones is with us. Lawrence, your reaction to what is a significant jump up in the black Unemployment Rate. The morning. I can be more excited. President trumpet, during the campaign, he said what do you have to lose. You been voting for the Democratic Party for a long time, dont you want some change. I think this justifies, its not just black unemployment thats going down, black businesses are growing. Black women businesses are one of the strongest demographics of new businesses and we know that it starts with jobs. Went well more black voters turned to the republicans. [inaudible] i think the democrats performance, when it comes to dhea it will help get that done because they shut down the government over noncitizens when black folks given Democratic Party 90 of the vote but as it relates to the economics of this, i talked about this off the record and the president going into the black community and talking about his accomplishment, only the president can get them to rally behind him. The president loves. [inaudible] if we could get him talking about facts, this will change their lives. The comments were people criticize them, thats just emotional stuff. Were talking about economics. Were talking about people who live paycheck to paycheck now being able to put food on their table. They wont have to work two jobs. They will see more money in their paycheck. If the president goes on the road and delivers that message, i think he can turn this thing around. Lawrence jones, we hear you. Thank you very much. We will see you soon. Amazon, record high after record high in the three months at the end of last year, they took in 60 billion and the stock is now up 78. Share. On that, tech analyst, next im not supposed to be smiling when the dow industrials is down but we have come back from a minus 332 minus 252. Here is amazon. Look at that. Now we are up 84. Share on amazon at 1474 a share. Vmware, after dell its largest shareholder disclosed it was evaluating its business combination, vmware is down. Okay, got that, visa, forecasting slower Revenue Growth and down it goes, three dollars lower. To have . Back to markets and those big tech profits. Amazon, they had a blowout quarter. Jean is with us, characterize amazon. Is there any stopping it . Its up 84 a share. That was the exact word i had. Its unstoppable. Put in the perspective, 35 Revenue Growth in the september 17 quarter, 35 Revenue Growth in december that they just reported last night and the midpoint of their guidance was 35 for mormarch. They usually come in at the high end of that so they may see an acceleration of growth. This is higher than what amazon was growing a year ago when i was in the mid 20 . Thats where unstoppable comes. So thats the right language because to have a Large Company like this accelerate growth and maintain it is something to be appreciate. Its a stunner. Its the most Exciting Company in the world. Thats my opinion. About apple. They reported 20 billion in profit in just the last three months of last year. If apples profits machine is unstoppable. Its a great profit machine, but before i talk about apple, we need to call out that a week ago i was on the show and felt that the i phone number was going to be fine and i was wrong about that. Thats something that we take very seriously. I think this focus on the iphone and the profitability that it generates, theres a slight shift in terms of how investors, and i want to leave your viewers with this concept, every quarter for many years, investors have really hyper focused on what is the iphone unit number. I think what you will see an apple talked about this on the call is a shift away from what the iphone unit number is but the space of 1. 3 billion active users that they have. Thats similar to what facebook has and how they can make more money from those users. They are milking their ecosystem is what its all about. Jean, talk to me about google. That stock is way down today. Whats its problem . The problem is they pay third parties, so for example, apple to have Google Search within their apple safari browser. They pay for that and they do it with many different providers to see that Google Search bar. That is called the traffic acquisition costs. That number was higher than what people thought. Essentially what investors are trying to figure out is, is google paying a little more for the growth they had and therefore the stock is down. It seems like a huge drop for something a company of that size. It is, but thats the Second Quarter in a row were tech has gone up and it gets investors little bit nervous if that trend will continue. Ive got starch about tesla. Theyre going to create these solar kiosks and they are selling solar products in home depot, in kiosks. What you think of that. Its a step to their vision. Their Mission Statement is to accelerate the world adoption of renewable energy. You have to get it so everyday people can see what its all about. Going to home depot, as a feverish home depot supporter, i can say this will get in front of a lot of people. Essentially what tesla is doing is they are paying for placement in the Home Depot Store to evangelize people about their products and i think thats the right move. Only been 800 of the 2200 schoolers but its a starting point. American Technology Companies rule the world, dont they. Dont respond, im just telling you. Jean, things for joining us. We will see use them. Am i going to change direction . Yes. Listen to the spread there could be a tequila shortage coming. Dont go into a faint, liz, the key ingredient, agave takes years to mature and tequila makers are using young plants to keep production up but they produce less tequila. John is the host of bar rescue. What are you going to do to rescue tequila. Its interesting, the spirit industry has had its highest sales for eight consecutive years. 4 growth, billion dollars, but tequila has grown 9. 9 this year. Volume is up huge, they are running out of agave which is the product they distill it from. It seven years to mature so now they are using smaller plans, getting a lesser yield and every time they use a small plant at six to seven years to grow another one mlb shortage through 2021. This could take down a few acute companies. The last time we talked to you, we talked about petrone being sold, they sell 1. 6 billion worth of petrone tequila every year in the United States. Dont just put the price up if there shortage. They will. As a matter of fact, there is a superpremium petrone product, believe it or not it 7500 a bottle. Bacardi pays 5. 1 billion knowing that the shortage exists so its interesting to see how they played this out the next few years. Would you stay there, ive got another subject in just a moment. Meanwhile, let me segue to this. The atlanta falcons. They took a risk when they announced lower prices for stadium food. It actually paid off, bigtime. Amb group, ceo is with us now. Welcome to the program. I was just informed about this this morning, that you really did cut the price of coke in the Falcon Stadium is two dollars. Thats it. A beer is five dollars. Weve got the prices on the screen. Those are way down. You telling me you sold more the product and your gross revenues were up . Hour. Person spend was up 16 despite the drop in prices of 50 which just shows that if you put the fans first they will come and spend more time in your building and ultimately the Fan Experience will be greatly improved. Are you a bit worried that fans will arrive at the stadium and see fivedollar beers and get utterly hammered. No, we want them in our building. In fact its a real advantage. What we found, because of this pricing, people are coming in earlier. We have 10 , 6000 more people in our building an hour before kick. We like that. It spreads out the entry so suddenly the entry experience, coming into the stadium is not happening all at once so they are happier, the overall experience is happy and we havent had an increase in alcohol incidents due to our pricing. This is classic economics. You lower the price of something to increase demand and you take home more profit. Thats exactly what you have done. You think anyone else will follow suit . I really do believe, ultimately, this points in a very positive direction because at the end its not just the impact inside food and beverage, your drug prices can you increase consumption, its about a systemwide impact so weve got a better entry experience for our fans. Our Merchandise Sales went up by 88 over last year so as people are in our building, feeling good about the falcons and receipt he spends stadium, they are transacting at a much higher level. Thats remarkable. Thank you very much for being with us. I know it was short, but that the very Important Message but we like it. Thank you. Stewart, thank you. John is still with us listening in. That was brilliant, wasnt it. You lower the price is like that. You basically cut prices in half and you expand your business. You not only expand your business, but as he said, hes improving the Fan Experience but they are enjoying themselves more, they had more money to spend on merchandise and other products, maybe theres a margin impact a little bit, but that volume is very powerful when you are paying employees. Hour. Higher volume. Hour lowers your labor cost as a percentage so if the volume is high enough he might even be able to retain his margins. Thats pretty good. A fivedollar beer, twodollar hot dog and a twodollar coke. That aint bad at all. Like to see that at yankee stadium. John is the author of a great book, i think i can say it, dont bs yourself. Thats how im going to phrase it. Thank you for joining us spread we will see you again and that the fact. Wouldnt it be nice to know what an investor like Warren Buffett would do on a day like today the book on buffett, a family member, is with us in the next hour. First patriots tight end is cleared to play in the super bowl after suffering a concussion. Are they hurting the future of the game . Jason whitlock is next. Oh good, youre awake finally. Youre still here . Come on, denise. Were voya we stay with you to and through retirement. With solutions to help provide income throughout. I get that voya is with me through retirement, im just surprised it means in my kitchen. Oh. [whispering] so that means no breakfast . I said there might be breakfast. I was really looking forward to breakfast. I know. Voya. Helping you to and through retirement. Earlier we spoke with President Trumps top Economic Advisor gary cohen and he talked about the possibility of a second phase of tax cuts. Take a listen. I think he called it a second phase. Do you want to tell us more about that . We would love to hear it. The president is always trying to deliver for the American Workers, the american public, we would really like to make the individual side of tax reform permanent, that is one thing we didnt get done and we would love to go back and make it permanent as soon as possible. The president is really driving to get that done. He wants to make sure that every hardworking american gets a permanent tax cut. Still down 200 points plus, thats about 1 . Were up to 66, 25900. Back to sports. The patriots tight end has been cleared to play in sundays super bowl. At a news conference, super bowl performer Justin Timberlake said his son will never play football. About that. Jason whitlock is with us. Speak for yourself on fox sports one. I think that is a very bad sign for the sport going forward. If the halftime performance as his son will never play football, thats bad news for youngsters in the game. Fake news. Fake news. Justin timberlake spoke offthecuff, his son is like two years old, this is nothing. First of all, Justin Timberlake, great dancer, great singer, great entertainer, one of the greatest of all time, but i dont care whether his son will play football and neither does Justin Timberlake at this point. He later went on to say look, my kid is just two years old. Will let him figure out what he wants to do. The guy was speaking offthecuff, made a flip comment, the news media, the leftwing that hates football is trying to make this into something that it just isnt. Jason, i think you straightened us out there. I like that. I really do like that. Good stuff. Now, i think this is much more important. Its a wall street journal mbc poll that says the nfl is losing its core audience. Adults who follow the nfl dropped 9 since 2014 and just 51 of men say they follow the nfl. Thats down from 75 four years ago. Thats a big deal. Thats not fake news. Great things need to be challenged. Football is great and its good that its facing challenges. I think its great that the nfl has brought thursday night football to fox sports. We love football and know how to support it. There is a narrative out there that are football is so dangerous and your kids shouldnt play. It is blown up, out of proportion. Life is a challenge. Life is a risk. Hold on. Its a tremendous game, it will rebound once we support it properly and tell it story properly in the media. Yes, his football dangerous, so is life. Hold on a second. Leonard marshall, you know who he is, even i know who he is, he was sitting next to me 15 minutes ago and he said, now i dont want kids playing tackle football under the age of 14. Its dangerous. Thats what he said. Great. I played tackle football starting in my third grade. Kids do skateboards and all kinds of things that are dangerous when they are little kids. The conversation about football is completely out of context and unfair to a sport that has been tremendous for a lot of people like myself. Again, is football a combat sport . Is it like boxing, usc, hockey, a lot of other sports that are physically demanding, absolutely, but not everybody, the overwhelming majority of people, the overwhelming majority of people who play football are perfectly fine. Most people quit playing once they are in high school. They, there is a small group of people who have long nfl careers where there is some sort of highrisk to ct and things like that. Football is being beat up on fairly, i am so glad football, thursday night football is coming to fox sports so we can start defending the sport properly. There is reason for concern and i get it, but football is something thats terrible and kids shouldnt do, i call bs. Okay. I say the following. I want your response. The patriots will win the super bowl by a significant margin. Agree. I agree with the second part, the first part if youre following this, let me give you little inside information. Bill belichick went to an nba game last night. He went to the timberwolves in be a game. He is smelling the roses. I think this is his last lap. Tom brady has some documentary out, tom versus time on facebook, i think the patriots are distracted i think philadelphia will jump out and get a big lead and guess what, the patriots wont be able to recover, i think theyre gonna lose the super bowl. If youre not careful, we will have you back next week when we know the result. I look forward to it, so i can quote. Okay, youre coming back. We will see later. Sunday, 125,000 outoftowners are descending on minneapolis and all headed to the nfl experience. Will have their next oh, and theres the closing bell. sighs i hate missing out missing out after hours. Not anymore, Td Ameritrade lets you trade select securities 24 hours a day, five days a week. Thats amazing. Its a pretty big deal. So i can trade all night long . All night long. Is that Lionel Richie . Lets reopen the market. Mr. Richie, would you ring the 24 5 bell . Sure can, jim. Trade 24 5, only with Td Ameritrade. Thats it. Im calling kohler about their walkin bath. Nah. Not gonna happen. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. Call and ask about saving 1000 on your walkin bath, or visit kohlerwalkinbath. Com for more info. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. It is the Super Bowl Weekend and fans can check out the nfl experience if they go there. Our own is there checking out the experience. What is the experience . There is so much to do here. Lots to do. You gotta check this out. Thirtyfive dollars if youre not adult, 25 of your kids get the front door. You can see the trophy, play a little football, meet semifamous heroes in the nfl, also you get a chance to play some games and get your hands on football and that is the big thing here. Here right now in the fedex area, this is basically where kids, adults, anybody can come and test out there throw. I will do it. Mark is in charge and we will actually do an entire group pass just for you. Im doing this only for you because i love you so much. You ready to do a full pass. Here we go have some footballs. Ill go ahead and start. Use help this row. Three, two, one. I got it. Look at that. I actually hit the mark. Thats pretty cool. See if you can take the shot. Give it your best. Pretty good. Theres all kinds of installations like this. And a 35 to get into see this and do it. Thats the whole point. Of course i didnt miss. Before i send it back to you, all right. Thank you. You definitely beat me in the past game. That is for sure. 35 to get in and theres virtually nobody there. I wonder why. Have a good time. I am determined to stay up to the very end of the super bowl , for the first time ever, im determined to do it, to see the patriots win. Yes, we are in the middle of a sellout. Do not despair. The dow is still up thousand. Since the election and the atlanta fed says we are growing at 5. 4 growth rate for the economy. I will be the voice of calm amid the selloff. Coming up at the top of the hour. Nity comes risk. And to manage this risk, the world turns to cme group. We help farmers lock in future prices, banks manage Interest Rate changes and airlines hedge fuel costs. All so they can manage their risks and move forward. Its simply a matter of following the signs. They all lead here. Cme group how the world advances. Stuart ah, the market is, indeed, tumbling. Plenty of anxiety in the world of money. The memo is coming, rage and turmoil in the world of politics. Its time, perhaps, for some perspective. Step back a little, put things in context. First, your money. This selloff has taken the dow down about 600 points below its high. Yes, it is a selloff, but its not at this point a decisive break in the trump rally. At this level now, we are still up 7,000 points since the election, still up a trillion dollars, still up 40 . The economy, theres no sign at all of a recession anywhere on the horizon. Far from it. Im still surprised at the atlanta feds forecast of 5. 4 annualized growth in the First Quarter. Thats the kind of growth weve been dreaming about for years. As for your personal money, youve got to be happy. Most people just got a bigger paycheck because of the tax cuts. More than three million and counting got a bonus and or better benefits, and that is not crumbs. Think about this its the best economy in ten years, we are beginning to feel a little more prosperous. That puts the stock markets wobble in some context, doesnt it . All right, politics. The memo. This will dominate the weekend talk shows if its released today, and when we find out exactly whats in it, i suspect its going to be a plus for republicans and a minus for democrats. The left thought russia, russia, russia would lead to impeachment, but a memo that shows even a hint that its all about hillary, hillary, hillary will be grist for the republican mill. Either way, there will be an enormous amount of noise. Its political noise. Sunday night, the super bowl. Monday morning, a whole new day. A whole new hour, the third hour of Varney Company, is about to begin. Stuart all right, happening at this hour President Trump meets with people who defected from north korea. We will bring you the video as soon as we get it. Lets get to the jobs report. I looked at it thoroughly, and i think that the biggest deal within that report is the sharp increase in the pace of wage gains. Best, actually, since 2009. Paul conway with me now, former Labor Department chief of staff. Theyre the strongest numbers on wages in since 2008, 2009, Something Like that. Thats the standout to me. How about you . I think thats the number one standout, and then theres another grain in here, stuart, that i think is a very positive trend thats continuing especially under President Trump, and that is the employment of people with disabilities. Actually, the Unemployment Rate for them is going down, which means that through technology and also more job creation were pulling talent off the sidelines and especially those people that struggle with that. But the wage growth is an important thing to keep track of, and i think the president and his policies get great credit for that. Stuart in december the Unemployment Rate amongst africanamericans was 6. 8 . In january it jumped way up to 7. 7 . Thats a negative. It is. I think youre going to have to take a look at that over time for the aberration, but still historically its down, and i think that is a very important point here especially after the state of the Union Address as well as hispanic unemployment. The fact that people did not stand and applaud americans going back to work is not a republican or democrat issue, thats a battle of philosophy. And what you have in action here with the president is a conservative philosophy and conservative principles, and you have some folks that take joy, i think and i think its evidenced in the state of the Union Address about dependency. Theres no reason why people shouldnt stand and applaud every american who goes back to work. Thats just an american principle, stuart. Stuart it seems to me that were running up against a shortage of supply of qualified labor. The Unemployment Rate is, what, 4. 1 . If youve got a job and youre offering it out there, theres a limited number of people, a, qualified to take it, b, able to take it because there are not that many people out there. Thats true. And i tell you what, that sets up the stage for a couple things. One that i mentioned for folks with disabilities, Technology Improves your chances and more jobs improve your chances as that labor market tightens. The other thing is the stage is being set now for two or three very important debates, one of them on welfare reform, to have work requirements for benefits, the other is on disability reform so that those who need it get processed in time, and those who may not need it actually get encouraged to go back to work. And the other one is the growth in size of government, i think, in terms of downsizing some of the government and empowering the cabinet secretaries like the president mentioned. That creates more jobs in the private sector. Stuart got you. Paul conway, always good to have you with us on a jobs report day. We appreciate it. You got it. Stuart check the big board, were down 300 points at 25,885. The dow is on pace for its worst week in two years. Lets bring in jim rick asker, chief global strategist. Jim, whats the bottom line . Why this big selloff . Stuart, i think theres a lot less there than meets the eye on this employment report. It was a good report, no question about this, but this 2. 9 yearoveryear, its a strong number, but bureau of labor statistics reports that nominally. You have to subtract inflation, so that real yearoveryear gain is about 1 . Thats better than 0, no question about it, but normally in a Strong Economy you see growth at 3, 4, 5 in wages, thats what the feds looking for. Good number, better than for a long time, but not strong historically stuart why is the market down . Why is the market down 300 points right now . Were at, what, 700, 800 points below the high that we hit last month. Is it higher Interest Rates . Ive got the yield on the tenyear treasury going up to the. 83, 2. 84 percent. Its mainly higher Interest Rates, and i just put cold water on the employment report, but the fed doesnt. Theyre on drag to raise rates track to raise rates in 2018, and the markets discounting that. We saw this in 1987, the bond market tanked. Interest rates went up, prices went down in march. Then in october the market the stock market fell 22 in one day. That would be the equivalent of 5,000 dow points today. In 1994, the bond market sold off in march and april, and we had the mexico tequila crisis, and secretary rue bun had to bail out rubin had to bail out the world. When you see Interest Rates going up like this, the stock market gets nervous, and i think thats whats going on. Stuart the Federal Reserve bank in atlanta is predicting 5. 4 growth in the economy annualized after the First Quarter. Thats a blockbuster number. Ive not heard 5 from anybody. Are they complete outliers here . Well, heres the thing, stuart, people dont really understand that methodology. Im a big fan of the methodology, i follow it closely. You have to understand what it is. A wall street analyst will take the data they have and do a lot of projections for the quarter. Thats not what atlanta does. They ask a different question. If you had the print gdp today based on the data we have, what would their number be . Theyre agnostic on the rest of the data. Atlanta fed for the last two quarters started out over 4 at the beginning of the quarter and was down around high 2s or 3 by the end of the quarter. Its just the methodology. Its very volatile, and that number usually comes down a lot. So im not putting too much weight on that. Stuart okay. I want to go through the big tech stocks which are making all the news and all the running today. Amazon to start with. Way up, 74 per share higher, thats a 5 gain. They took in 60 billion just in the three months before, during the holiday period. Founder jeff bezos is worth now, what, 123 billion. Is there anything on the horizon that you, jim, see thats going to stop em . I dont see whats going to slow amazon. This is great news for amazon, no question about it. Its not good news for a lot of other parts of the economy. That story is very well known. But, no, people like the convenience. I bought some stuff on amazon before i went to bed last night. But i wasnt going to go out shopping stuart nothings stopping them, okay . I dont see anything well, possible antitrust lawsuit from the government. Remember, the Washington Post is trumps worst enemy, so i would not discount the political side of that. Stuart okay. Apple, they got 20 billion in profit in the last three months of last year. I think thats more than any company in history, 20 billion. And theyve got a cash pile of 285 billion. Have you any idea what apple will do with all that money . Well, theyre starting to look more like a mature company, and when you have that money, i would expect what others expect, stock buybacks and dividends. If youre buying back your stock and paying dividends, in effect youre saying we dont have any good ideas, so its very much a negative. Thatll give the stock a little boost, but longer term its sort of negative news for amazon apple, rather. Stuart now take a look at google, alphabet, whichever you want to call them. They are way down, off 58 a share as we speak. Whats the basic problem with google . I think theyre caught in the political crosshairs. Obviously, its advertising they have a lot of businesses, of course, but its advertisedriven. Partly because of the russian manipulation, but a lot else is coming out. Theyre starting to ban a lot of banner ads, ban different kinds of campaigns. Its not all political, some of its, you know, more economically driven, but theyre having to spend a lot of money and compliance time policing their advertising with a lot of pressure from washington. So i think thats a drag on the stock as well. Stuart jim, thanks for joining us on a big day. Appreciate it. Thank you, jim. Thank you. Stuart im going to quote bitcoin. Been a couple of days since we did that, but it is way down. What have we got now its struggled back to 9,000 a share. Just a few minutes ago literally it was 7,600. Yeah. I mean, this is well more cut in half since december. In just the last 24 hours, cryptocurrencies have plummeted losing an estimated 125 billion in market value just in the last 24 hours alone. Stuart, thats the equivalent of losing a honwell market cap. India is joining south korea and china in cracking down on cryptocurrencies. Stuart thatll get you. Its really rocking the market right now. Stuart coming up, nfl legend herschel walker. Hes a fan of the president , and hes coming into the studio momentarily. The minimum wage going up sharply along the west coast. We have the fat burger ceo coming up next. [laughter] can he pay those higher wages and give bonuses . Thats a good question. And, of course, were waiting for the them toe. And the memo. When it arrives, we will cover it. You wont want to miss that. And were following this selloff. Worst week for the dow in a couple of years at the moment, but were still up 40 on the dow since the election. Hour three, Varney Company, were just getting rolling. Oh, yeah. Of course. Stuart how about this . Oil production hitting its highest level in nearly 50 years. November crude production just over 10 Million Barrels a day. Thats the best number since 1970. Its a production boom, and its being driven by frackers. Right now oils down a buck at 64 a barrel. Our next guest runs a fast food chain in california where the minimum wage is going up. This company, however, is expanding. Andy weinhorn is the ceo of fat burger. All right, andy, how can you expand if labor costs are going up . What are you doing, using technology, using fewer wait staff . What are you doing . Well, listen, its going to cause prices to go up. Minimum wage increase just eats away at the operators margin, so the Tax Reform Act is going to give the operators extra money to spend and grow their business, but minimum wage is going to take it away, and thats going to mean that prices have to go up. Stuart really . But youre expanding, nonetheless. Sure. Our operators are smart businessmen and women, and they make that decision. But the only way to counter minimum wage is to increase your price. Somebody has to pay for it. Stuart okay. If youve got a higher minimum wage, labor costs are going up, can your franchisees afford to give bonuses . Well, you know, thats a good question, right . If they have to raise prices to keep that margin, because when you raise minimum wage by 50 , youre taking away the entire net margin that a Restaurant Operator makes which is about 1015 points out of a 30 labor cost. So you really have to raise prices to make it up. Bonuses should be for performances. You cant just give them away. Stuart i want to talk to you about the proposal in california that would send waiters to jail if they offer straws to customers who didnt ask for em. Now, youre smiling. I dont think youre really smiling because i think youre really royally annoyed at this, arent you . This is a ridiculous law, absolutely ridiculous. Consumers should be educated, not legislated. Theyre smart people. Just like the Hotel Industry did when they say if you want to have your towel washed, throw it on the floor, and if you want to conserve water, hang it up on the rack, and we wont watch it today. Customers understand that. The straws and the public lids are on a selfservice island, and they can get one if they want to. But to fine the wait staff because of this is crazy, and customers wont put up with it. Stuart ive got to ask you about the name of your operation, fat burger. Whats with that . When i hear the word fat burger, i think its loaded with cholesterol, its a great big thing, a gutbuster, to put it by another name. Am i right . Is it that kind of burger youre selling . You still havent had one. You promised me last time, you were going to have one. Send one over. [laughter] the calories in a fat burger, its like 300 calories to 500. Its a healthy burger, its lean beef, and, you know, honestly fat really stands for, you know, in the old days it was, you know, fat cat, fat city, and it meant, like, a really big burger. Today our Parent Company which went public is fresh, authentic, tasty brands, fat brands. Stuart okay. Do you remember krispy creme . They always arrived with about 16 dozen kristy cream krispy kreme donuts. I suggest youll arrive with some fat burgers, okay . Lets do that. Next time im in new york, for sure. Stuart andy, thank you very much, sir. We do appreciate you being on. [laughter] elon musks flame throwers sold is out in five days. The Boring Company was selling them, and they got rid of 20,000 of them at 500 a pop. Thats a revenue of 10 million. Musk says hes going to ship the flame throwers in the spring, more of them, and each will come with a free fire extinguisher. What do you need a flame thrower for . Stuart theyre fun. Really . California fires . Stuart dont have to snow blow the driveway. [laughter] there you go. Of. Stuart i want one. Individual stocks making news, gopro, they gave a weak forecast. Despite that, theyre up 2 . Somebody gonna buy em. Exxon, they got a 6 billion tax benefit, but with oil prices under pressure, exxons stock is down 5 , biggest loser in the dow. Same story with chevron. They got a onetime tax gain of 2 billion, but cheap oil, down goes the stock. 3 lower for chevron. Coming up, mary buffett. Notice the last name . She is the former daughterinlaw of Warren Buffett, and she has some insight on what warren might do with the 160 billion that he is sitting on. Yes, and we have to include this. Punxsutawney phil, he saw his shadow. That means six more weeks of winter. The groundhog day tradition in pennsylvania has been offering weather predictions since 19 no, 1887. Note, phil has only been right 39 of the time. Trip adviser out with the worlds top hotel, and it wont cost you thousands of dollars. In fact, its less than 200 a night. We will tell you where it is next. When heartburn hits fight back fast with tums chewy bites. Fast relief in every bite. Crunchy outside. Chewy inside. Tum tum tum tum tums chewy bites. I cannot imagine managing my diabetes without my dexcom. This is the dexcom g5 mobile continuous Glucose Monitoring system. 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Shouldnt it all just be one thing . Thats why Xfinity Mobile comes with your internet. You can get 5 lines of talk and text included at no extra cost. So all you pay for is data. Choose by the gig or unlimited. And now, get a 200 prepaid card when you buy an iphone. Its a new kind of network designed to save you money. Call, visit, or go to xfnitymobile. Com. Stuart tradeadviser says the worlds bt hotel costs just 128 a night. Thats on average. Its called the viroff. It is in cambodia. It provides stellar service, extensive green areas, 65foot pool, spa, gym, multiple openair restaurants. Thats what tripadviser says. Now, the best hotel in america is in massachusetts, the nantucket built in 1891, all rooms have ocean or harbor views of course they do, its a tiny island. [laughter] the nightly rate is an average of 530 but in the winter goes all the way down to 195. Have you been there in the winter . [laughter] stuart a house in arizona has taken the concept of a man cave to a whole new level. Its got two bedrooms on top, sitting on top of a 3,000 square foot underground cave. To get there, you go down a 15foot ladder. Its on the market for 200,000. Now this, nasa says its found a satellite thats been missing for 13 years. It was launched in 2000. They lost it in 2005, couple of weeks ago an amateur spotted it. Get this, it still works. Partially. Jaguar hopes to challenge tesla with it new fullyelectric crossover suv called the ipace. The car has a range of 220 miles. It can be 80 charged in 45 minutes. Really . Stuart im not so happy about that. Its got to recharge like a gas station. Agreed. Stuart you can preorder starting next month, if thats what you want. Look at this, the landscape of mars from curiosity rover. The crater is 3. 8 billion years old, area is 96 miles, thats the crater. E think that i think thats what were looking at. The rover was launched in 2011. These photos are from late last year. You know what . It looks like yuma. I lived there, i think thats yuma. Stuart it doesnt look like mars, but i dont know what mars is supposed to look like. [laughter] lou dobbs worked in yuma. He did. We often share some fun stories. Stuart did the fbi use the Clinton Campaignfunded dossier as an excuse to spy on President Trumps campaign . We may find out the answer when that bombshell memo is released. Were waiting for it, still waiting. Meanwhile, the dow is down 315 points. Yeah, well be back. Make something for dinner. But some of us make something much more. Mom would be proud. With blue apron, any night is a chance to see what cooking can do. Stuart happening at the white house, pt trump is meeting with the people who defected from north korea. There may be some videotape from that meeting. If there is, you will see it. Now, the big board. The dow industrials at elope of the day, i believe. At the low of the day, i believe. Thats a tripledigit loss. Jeff sica is with us, and he is with circle squared alternative investments. Give me the reasons why were down so much. First of all, this is overdue. This is not much of a pullback, but the first thing that investors have to realize is this is the second longest rally weve had in history. The market has become complacent, and when you have complacency with a market that a lot of people are not even acknowledging the fact that markets do have the potential to go down, what happens is you get what we have now which Interest Rates begin to spike up, bond yields begin to spike up, and then all of a sudden people begin to think that maybe there is a chink in the armor, and maybe this market could fall after all. Stuart but your advice to our viewers is, presumably, dont panic. No. I dont think investors should panic. I think theres a lot of good things, but i think investors that have made money in in this market should really think about taking some money off the table and maybe paying off some of the debt theyve incurred during this bull market. Stuart okay. Let me talk to you about the five big Technology Companies. We cover them all the time, as you well know, because you do it with us. Now, theyve got a ton of cash. I mean, i dont know how much, close to a trillion dollars. Right. Stuart it must be. What are they going to do with that money . Well, i think the reason youre not hearing a lot from them is 2018 is going to be the biggest year for mergers and acquisitions we have ever seen in technology. For example, apple. Ive been calling for apple to buy netflix for quite a while now stuart and they havent so far. No, they havent. They should have in 2011. They have 250 billion in cash stuart 285 billion yeah. And, see, whats happening now is they have bought a lot of shares, they have bought a lot of their own shares. They are paying people more, hiring more people, but mergers and acquisitions are necessary. And all these emerging companies that are not yet public, theyre waiting for some of this money to come to them. It is going to be a big year for that. Stuart that will be very good news for the stock price of the companies which apple or the others were to acquire. Thats a real big plus. It is. And a lot of these companies, a lot of these companies that really are never going to see the light of day as Public Companies are going to get merged into the big five. So you have Companies Like google that has Google Ventures that has tens of billions, hundreds of billions of dollars coming in to them that need to be deployed, and theyre out there looking for the next technologies, the innovation, the next innovation. The weak dollar too, right . Stuart what a story. Thats incredible. Stuart the cash out there. Ive got to talk to you about bitcoin. A few months ago you said bitcoin will end in tears. Its now below 9,000 a coin. You were right. Right. And the thing about bitcoin is it exemplifies how people get greedy when they see major market moves. Bitcoin, i believe that cryptocurrency, everyone on this set will have a form of cryptocurrency. We dont know which ones. I believe that the block chain is a tremendous technology, but if youre going to invest in what i consider smoke and mirrors with a lot of the cryptocurrency, you have to be prepared to lose everything. It is the ultimate gamble. Stuart yes, it is. [laughter] its a gambling chip. Exactly, yeah. Stuart jeff, thanks for coming in on this friday morning. Thank you. Next case. Our next guest knows a thing or two about finance. Shes the former daughterinlaw of Warren Buffett. Shes also an entrepreneur and the author of the book buffettology. Mary buffett is with us now. I want to talk to you, first, about the economy. Because the atlanta fed is telling us that the economys growing at an annual rate of 5. 4 . Thats huge. Are they youre an economist. Are they complete outliers . Thats a pretty big jump. I mean, considering that our economy has been slowly kind of very linearly going along at 2, 2. 3 . In order for it to jump up to 5. 4 , i really find that hard to see whats going to happen. Theyre outliers, in my opinion. Stuart have we got a shot at getting it close to 4 in any quarter this year, in your opinion . Maybe. I mean, even 4 is a stretch, you know . Its going to take a lot for us to come back. And the markets are very volatile. And that matters. Stuart okay. You wrote the book buffettology, and i found out that warn buffett, berkshire hathaway, theyve got 160 billion in cash, i believe. [laughter] give me some insight on what you think Warren Buffett might do with it. Well, he has 109 billion in cash, and with Free Cash Flow included, thats 160 billion. So, you know, having that amount of money, hes waiting. He, you know, he made a bid for encore not too long ago for 9 billion, and that is in the utilities sector. Getting together with jeff bezos and jamie dimon with the new Health Care Initiative is a very interesting subject, to me. So i think hes waiting for an opportunity whether that means a nice big correction, and then hes, i mean, hes been watching stocks. Hes been looking at companies, seeing which one he wants to buy and at what price. Stuart do you think hell buy into this dip . Now were down 339, were at 25,848. Do you think hes going to buy the dip . I, you know, i dont know if its enough of a dip. It depends on the kinds of companies hes looking for. Certainly, he buys hes a contrarian, so he buys on the down. He buys on the dips. I think it might dip a little bit more [laughter] stuart okay. So we Value Investors love those dips. Stuart im sure you do. Mary, thanks for joining us. We do appreciate it. By the way, i believe the dow is now at its session low. Thats a loss of 336 points. 25,850. Thats where we are. I want to move on to the fbi memo. Fox news now reporting the white house is sending the memo back to the House Intelligence Committee. Its expected to be released later on today. Joining us now on the phone, judge andrew napolitano. Judge, i want to make sure ive got this right. I think the big question which will be answered by this memo is whether the fbi used a clintonfunded russian dossier as an excuse to spy on candidate trumps president ial campaign. I think thats the big deal. What say you . You know, it does seem first of all, good morning, stuart. Always nice to be with you. It does seem as though you are correct on that. I say seem, because like you ive been getting snippets of whats in the memo and whats not from various people who claim to have seen it or heard from people who claim to have seen it. What will be troubling is this response by the fbi. Its really the first time in history, certainly in the cable era and the internet era, that the fbi is putting out its own response to something that the white house wants. But they are apparently going to point to other information that was given to the fisa court judge who signed this search warrant which, in their view, is sufficient to justify the search warrant. Again,s this is snippets of information im receiving. I cant confirm it. Its a speculation, but the people that tell me this claim they know what theyre talking about. Stuart do we have a constitutional crisis if, if the president fires senior fbi officials . No. No, they can all be replaced. It would be politically troublesome for the president and for all of us because i happen to think that chris wray is a p decent, fairminded person. But he is caught between what his people that work for him are telling him is the case and what the president wants. And he is the one who will bear, stuart, the political blowback, if any, for the release of this fbi memo which will apparently contradict the House Intelligence Committee memo. Stuart all right, judge, get some rest, because i think youre going to be working hard later today when that memo is released, if its released later on today. All the best to you. Stuart thank you. I. C. E. , they raided 77 businesses in northern california. The raids were in the San Francisco and sacramento areas. Its the largest localized raid since President Trump took office. They made the raids. Better profit at merck, drug maker, of course, driven by higher demand for the box buster kitruda cancer drug, but the stock is down. More money coming in at visa. Visa is down sharply, 2. 5 lower. Of course, its an overall down market. Whos that . Hes coming down the hall. That is nfl legend herschel walker. What does he think about Justin Timberlake say hell never let his son play football . And i want to know who he picks to win the super bowl. Stay there please. Walker, next. Achoo snap achoo snap achoo achoo snap snap achoo achoo feel a cold coming on . Zicam cold remedy nasal swabs shorten colds with a snap, and reduce symptom severity by 45 . Shorten your cold with a snap, with zicam. Im Nicole Petallides with yourx business brief. Cord cutters, listen up. You have a new option to consider. Its all about youtube. Youtube is putting out its live tv. Were seeing google parent down 5 today, but millions now will have the potential to view youtube live tv at 35 a month. And you can see it on your smart tvs, mobile devices, laptops. And on apple tv and also roku. This is where it will be debuting. Obviously, sling tv and directv, those are certainly well established. Hulu, thats another one that people have been using with 450,000 subscribers. Thats 40 a month. So youtube tv coming in at 35 a month trying to battle it out with the big guys and make those cord cutters consider youtube live. Stuart yes, its patriots eagles, super bowl lii sunday. Here is a look at the performers, halftime show. Pink will sing the national anthem, leslie odom jr. Will sing america the beautiful, Justin Timberlake is headlining the halftime show. The big question, how many people will watch. The nfl saw a 9. 6 decline in viewership last year compared to 2016. How many will watch the super bowlsome i dont know, but well find out. Want to get back to Justin Timberlake. He says he will not let his son play football, and hes the halftime entertainment. Heres what our guests earlier today have been saying about this including leonard marshall. Roll tape. I mean, come on, this is indicative of the way the elites see football and tough sports and manhood, frankly. This idea that you learn things when you get hit, you learn things in the huddle when you get knocked down. Listen, we all care about player safety, but to say, no, my kid cant play football because im worried he might take a hit, its indicative of the softness we get. Its about learning competitive, how to compete in life and how to learn things at an early age that will help shape your life. Stuart we have something of a split opinion, dont we . Its either americas becoming soft or, no, were not soft, we just should get smarter. Look whos here. Nfl legend, and i mean that sincerely, herschel walker. Hes on the set with me again today. Oh, thank you for having me on. Stuart youre a glutton for punishment, lad. [laughter] what are you doing sneer okay. So your opinion on justinen timberlake saying my son will never play football . I think thats a terrible thing to say. I know football was good to me, and football has been good for a lot of other people that said theyd never let their son play, and i think thats the wrong thing to say right now, that early. His son is only 2 stuart 2 years old. Yeah. And if you listen to the whole conversation, he did come back and correct himself and said, you know, im going to decide when the time comes. Good decision. Stuart so he got himself off the hook. Yeah, he brought himself back, became politically correct. [laughter] stuart speaking of which, you know, you knew donald trump and you knowresident trump. Yes. Stuart you worked for him when you were with the new jersey generals and i still work for him. And i think thats what people gotta realize today. President trump is the president of the United States, and uhuh think they need to respect and i think they need to respect the white house. Whether hes in office or not, respect the white house and quit thinking that everyone has the freedom to speak whatever they want to say, but respect him as the president. He won through a system that we put in place through congress. Stuart now, you know him personally, spent a lot of time with the man over many, many years. Yes. Stuart whats he like . He is a great man, and its sad to see people that do not know him say the awful things theyve said about him, that hes racist, hes this. Im here to tell you, donald trump is not a racist. Ive spent a lot of time with him. Ive, you know, been with his kids when no one else has been around, and hes a very, very good man. And i feel that if they give him an opportunity where hes not having to fight against everyone in washington, everything hes wanting to do, he can do some amazing things. And i think they should give him that time to go out to do it because he didnt win he won the presidency. So give him an opportunity to be the president. Stuart okay. Herschel, whos going to win the super bowl . You know, im going to pick the eagles. I think this is their time. Youve got to your hat off to the patriots. Theyre a great coached team, very well played team, a lot of athletic ability finish. Stuart hey, wait a second, youre giving away a truck to a veteran. Yes, i am. They can go register, i think the military is, deserves so much. Theyre the reason were the best country in the world. Stuart thats a nice big truck. And i tell you what, thats the reason i want to give it away. Stuart herschel walker, what a pleasure and honor to have you on the show. Dont be a stranger. Id love to come back. We can talk business. Well talk soccer. [laughter] thanks, herschel. Ive got news on that classified memo. Adam shapiro, capitol hill. Bring me up to speed please. Reporter yes. This is coming from Catherine Herridge at fox news confirming that President Trump has sent the House Intelligence Committee a letter declassifying this memo, the threeandahalf, almost fourpage memo that everyone has been talking about. That memo is now going through a review so that they can redact and strip classification markings before it is posted to the House Intelligence Committee web site. We are being told to look for specific things in this memo such as the fact that testimony from a high ranking Government Official, without that testimony the trump dossier, fbi and doj would not have actually secured a surveillance warrant. Also the fbi and department of justice used media reporting to lend credibility to the dossier. The firm behind the dossier, remember, was fusion gps, and fusion gps according to this memo and also British Court records had actually briefed different news outlets here in the United States including the new york times, Washington Post, cnn, new yorker, yahoo as well as mother jones. Also Christopher Steele, that is the former british spy, intelligence agent who had been hired by fusion gps to write this dossier, apparently he was cut off by the fbi and continued to pass information as did fusion gps according to our sources to the Justice Department as well as the fbi through bruce orr. Remember, it was bruce orrs wife who was hired by fusion gps. And according to this memo, there is evidence although we dont know what that evidence is that mr. Steele had some kind of personal animosity for president and, or for candidate and then President Trump. Stuart adam on capitol hill, we appreciate that. Thank you very much, indeed. Yeah. Stuart the bottom line here is that that memo has been declassified. Yes. To adams reporting high ranking Government Official says without the trump dossier, the fbi and the department of justice would not have secured that fisa warrant. And thats the key. Yeah, it is the key point. Kimberly strassel from the wall street journal made this point. The point the media is saying, essentially, this memo is not to be the antitrump file is not to be regarded. They had enough evidence to go after the fisa warrant. Its clear they didnt have enough evidence, because they relied on this fake paid for by the dnc and Hillary Clinton dossier to get the fisa warrant. And the question is how long did that spying go on for. Stuart i know. Its just so totally complicated. I keep wanting to bring it down to one simple question, did the fbi open up the Russian Investigation based on a clintonpaidfor dossier from russia . Right. Stuart is that what they used to open up well, yes. They wouldnt have gotten the fisa warrant without the dossier. Stuart yes. And james comey testified it was unverified and salacious. But they used it anyway. Stuart that is huge news. It is. Stuart that means one president ial campaign used the fbi to spy domestically on another president ial campaign. Correct. And the media stuart thats the nittygritty. And the media will topspin it says theyre going after carter page because he was a top Foreign Policy adviser on the Trump Campaign. Thats why they needed to look at him, because he was thought to be a russia recruit. Thats what the wall street journal said. But remember, unmasking of Campaign Officials was widespread, and ben rhodes was involved, Samantha Powers and so was susan rice. Thats according to reports. So its not just one official. They were looking at a number, a Broad Spectrum of individuals in the Trump Campaign. Stuart its a blockbuster memo, and we are going to get to see it. It is. It names names, clearly. Stuart now, i dont think theres any Market Reaction to that. No. Stuart weve got a selloff on wall street. Were down 3 3w7 points separate issue. Completely. Stuart were down 330, nearly 340, i dont think thats connected to the release or declassification of this memo at all. I think this is related to higher Interest Rates. Yep. Stuart weve got the yield on the tenyear treasury last count was 2. 83, 2. 84 . Thats a rising Interest Rate. Usually bad news for stocks. I think thats whats happening now. And we had a lot offed good Economic News pushing of good Economic News. All right, were down 329. We will be back. Stuart now, weve got some bullet poins from that memo, so to speak, and i want to go through them one at a time with judge napolitano whos back on the phone with us. First bullet point, judge, we would not have gotten, the fisa court would not have agreed to allow the bugging of the Trump Campaign without that russian dossier. The significance of that, please. That the fbi presented to a federal judge a presentation under oath information that it knew or ought to have known was corrupted because it was written by political hacks and paid for by the Democratic National committee. This has profound repercussions on the people who made this presentation and will put tremendous pressure on the committee to produce the raw data so we know who made the presentation and who came to the conclusion that but for this dossier, the fisa court would not have issued the warrant. Stuart okay, next one. The memo includes testimony from a high ranking Government Official, that without the trump dossier, fbi and doj would not have secured the surveillance warrant with. We just dealt with that one. Next one, judge, if fbi, department of justice used media reporting to lend credibility to that russian dossier. What do you make of that . I never heard [laughter] i never heard of media reporting being introduced under oath as proof that something happened. Even though we like to think we check our sources, were basically hearsay. We are repeating in the media what some source has told us. Courts are interested in original sources, not in the medias interpretation of them. Stuart okay. After former british spy Christopher Steele was cut off from the fbi, weve learned that he continued to pass information as did fusion gps through the Justice Department official, bruce orr. Again, significance, please. One part of the fbi seriously doubted the credibility of mr. Steeles work, another part of the fbi which is known to have been highly politicized and aunttrump was willing to accept his work nevertheless. Stuart we have this is the type of thing, stuart, that i think was characterizedded as career ending, when people use the courts to further a political agenda. Stuart evidence that steele has a personal animus for the president , President Trump, candidate trump. What to you make of i dont know that that is not significant and its not surprising for any of us who have read the dossier that wasnt written by a neutral source. Added all up. It sounds like a bomb shell piece of political news. Is it . I think it is. I dont think it impairs millers investigation but i think republicans will argue that it should. I dont think ive got any more to add. Its a very, located situation. We are going to get to see the whole thing very soon. Thank you very much for being with us. I am sure he will study this thing up and down and you will do it. Just as we are hearing this, these bullet points coming out from them memo, we have to check the dow because we are down some more. This is the low of the day. Maybe there is connection on the bombshell memo and the dow industrial average. We started out at 930. What do you say. President trump has called the memo a disgrace. Some people should be ashamed of themselves but thats from President Trump. As we are saying that, the dow industrial keeps falling. We are down 390 pointspread we are back to 20000. I have to believe theres a connection between this memo and the sharp decline in prices. Now we are down 400 and still falling. Neil caputo, its your. Thank you. Remember there were a number of republicans who were against the release of this memo. Whatever you say, congressman, the republican of pennsylvania said the better part would not be released, it would just feed a political narrative. Jeff flake agreed with that sentiment saying releasing it wrist undermining the u. S. Intelligence gathering efforts are you have a battle back and forth between that campus ed sure there is a need for all that and another camp said this is not disinfectant, it just stinks up the place, pick your poison. Thatui