Transcripts For FBC Varney Company 20240714 : comparemela.c

Us. We have all got a stake in the action. 55 million 401 k holders, 35 million i. R. A. Holders, Union Pension plans, government worker Pension Plans, all benefit from the trump rally. Maybe records today. Politics. This is the day the democrats define themselves and their party. In a couple of hours, Speaker Pelosi takes to the podium. She will try to bring a badly divided Party Together. They are split on impeachment and split on how far left to go on the Green New Deal and open borders. Then tonight, theres the democrat debate. That too will define the party as it goes to the 2020 election. Same story. How far left will they go. Weve got a big show for you guaranteed. We are dealing with vaping, guns and the europeans, yes, they are printing money again. Varney company is about to begin. Stuart here it comes. A tweet from the president moments ago. It is, im going to read it for you, it is expected that china will be buying large amounts of our Agricultural Products. There you go. We have more on trade. The wall street journal says china wants to narrow the scope of the trade talks to get things moving. Susan, what does narrowing the scope mean . Susan to deal with only trade matters because we know these trade negotiations have been complicated with what they Call National Security Problems as well, that includes huawei, whats happening in hong kong, u. S. Arms sales to taiwan. Lets get the rest off the table, separate the issues, National Security and trade. Lets just deal with trade, since we know both countries want a trade deal. We have been hearing also, by the way, china will make a gesture of its own since we know President Trump of course giving face to the chinese, giving them a twoweek reprieve, especially when october 1st is rolling around. October 1st is very important to the chinese. This is the 70th anniversary of the communist Peoples Party founding. Thats a very smart move by the president , giving face to the chinese delegation. China will say well, we will buy more agricultural goods before the october talks and that includes purchases of soybeans and pork and hence the tweet you saw from President Trump this morning. Some say we might get a smaller deal, as you mentioned. We do have liu he who is heading up the trade talks. He has been quoted, at least according to the wall street journal from sources, he wants 40 to be negotiated now, 40 later and 20 is nonnegotiable. Stuart i call that positive. I think thats reflected in the futures market. Okay. We are up 50 points, thats not a lot given a headline like that but we are up very close to record highs. Gary kaltbaum is with us. Gary, you know the story. We are a few points from record highs all across the board. Are we going to hit record highs today, do you think . I dont know about today but i think its in the cards. Five days ago, everything that i have been saying to avoid for a year woke up. Im talking the small caps, midcaps, foreign markets, transports, and commodities, and thats broadened out the market here while hitting the growth stocks, which is, they just had too big of a run. Im not sure about today, but for sure, looks like the big four, the dow, s p, nasdaq, nasdaq 100, will get there in the days ahead. Stuart know what drives me nuts, gary . The fact that you barely hear a word about these recordshattering performances on wall street in the conventional media. They are just not mentioned even though its a wonderful thing for all of us. Two weeks ago, the National Media spent days, 24 7, running recession, recession, recession coming and it looked like they had the champagne out ready to pop the corks off it. They looked so happy, i couldnt believe it. You know what like bill maher said and some of these others. Yeah, im not surprised by it. But i will tell you, people that are in the markets are quite happy right now. Stuart i want to get this in. White house adviser on trade largely, peter navarro, is talking Interest Rates. Roll tape, please. If the fed cuts rates next week 25 basis points as the journal has reported, is that going to be enough to move the needle on Economic Growth . It will move the needle but not enough. This is a chess match. Feds playing checkers in a chess world. Stuart i think he and the president want 50 basis point cut. What do you say, gary . I disagree with the administration bigtime, stuart. Leave the markets alone. The tenyear has backed up from 1. 5 to 1. 75 . Telling me we are not going into recession. A quarter points fine. I hear all this talk from the president about going to negative rates. All that does is screw the savers. The president for years railed against obama and bernanke for their 0 printing money. Theres a reason why they have negative rates in europe. They are a basket case over there. The big socialism has taken over what greatness the economy can be over there, and they need to go to these negative rates. By the way, theyre still not helping. We need to learn a lesson from japan who has tried it for years and years. It does not work. If i were the president , i hope hes watching, let the markets be. They are doing just fine right now. Stuart okay. Got it, gary. Hold on a second. Ive got to get to a couple retailers. Down big at the opening bell. Look at oxford industries, the parent of tommy bahama. Their outlook fell short as they say and by the way, they are blaming tariffs. Separately, tailored brands, the parent of mens wearhouse, they expect lower profit. Look at that, 8 down on oxford, 26 down tailored brands. Then Grocery Store chain kroger. They did report better sales but the stock is virtually unmoved, up 11 cents. 25 a share. Next one. Federal regulators have reportedly ordered google to assure their employees they are allowed to speak freely on political and workplace issues. Tell me more. Ashley yeah, this order comes from the National Labor Relations Board who responded to complaints from google employees who said if they complained, no matter what the issue was, they felt they were retaliated against, and therefore felt a little unable to express their thoughts. Thats come back to remember the Google Engineer who was fired, he said he was fired for talking about unpopular right wing politics on internal memo boards. Google have always said no, he was fired for misusing equipment. Regardless, the new ruling from the National Labor Relations Board says you have to allow people to speak freely without fear of retribution. Stuart gary, is google retreating here . Well, they should. Look, free speech is everything this country has going for it. Doesnt google own some things where people get on there and put up videos and free speech and all that . Its kind of ironic that they would block people having free speech at their company but yet own companies that do the exact opposite. This is good news that somebodys pounced on them and hopefully they do the right thing. Stuart gary, thank you very much indeed. See you again real soon. As you know if you watch this program, the streaming wars are really kicking into high gear. Apple rolling out their product november 1st. Disney plus comes out november 12th. Ive got the big streaming players on the screen and how much each of them is going to cost. All of them under ten bucks a month. Apple is the cheapest. Mark douglas is with us, a tech guy who follows this kind of thing. On the screen there, all these new streaming services, who wins . I still think its netflix and disney. Apple is actually cheaper than that. Its free to everyone who buys a new iphone, computer or ipad. Thats an indication what they think its worth right now. They are literally giving it away. Stuart will they win on the basis of a superlow price and free for a lot of people . Apples ambition is kind of stunning. They basically are taking music, tv, games and everything you read and offering it under one bundle. They are saying you can get everything from apple for one family price, thats the ultimate ambition. They are offering it in 100 countries at the same time. They are basically creating a new Playing Field above disney, above netflix, where all entertainment comes through apple but they dont have the tv part of it right now. They are getting it but its going to take some time. I think people are being optimistic in terms of that. Stuart if you are a consumer, and you want these streaming services, are you going to get them all and pay for them all . If you do, you are paying about as much per month as you used to pay for your cable. Clearly the days of paying 150 a month for cable and theres nothing to watch on tv are officially over. Now you can pay about 20 a month, get disney and netflix, apple is giving away the service for the first year, essentially, and if you want Live Television it will kouft anothcost you ano. Its less money than cable and it feels like virtually unlimited content. Stuart i think most people will go for two or three of the major streamers. Everyone says three. Apple is trying to create a whole new spot on the third spot. If you want to watch it, play it, read it or listen to it, you can go to apple, pay one price to get it. Stunning ambition. Stuart stunning ambition. If not yet accomplishment. Exactly. Exactly. Stuart thanks very much, sir. Appreciate it. Next case, france, france, they say they will block the development of Facebooks Libra Digital Currency in europe. Does that mean they are blocking it all across the country . Susan the french finance minister said not on european soil. France is also going after, you know, u. S. Tech in general with the Digital Sales tax but thats what he says about libra. Its dangerous, could be linked to money laundering, to terrorism, exactly what steve mnuchin, our treasury secretary, just said moments ago. He said very far away from adopting libra here in the u. S. You are looking at shares of facebook, they are up today. Why . They are going ahead with this because they think they dont necessarily back it, they are part of a consortium of dozens of private companies that back it. They have over two billion users that will use it, they think, but the concern is because you do need Global Cooperation for this thing to really work and go through, how do you get that Global Cooperation when france is saying no, the u. S. Is saying no, and who elected mark zuckerberg, right . Stuart who indeed. Who can deelect him . He controls the entire company. Thanks very much, lauren. Check futures again. Moving up a little here. Good news on china trade keeps on coming. Dow going to be up about 70 points at the open, 50 up for the nasdaq. Walmart expanding its grocery delivery Subscription Service nationwide. 98 a year gets you unlimited Grocery Delivery Service right to your front door. Walmart is at 116 this morning. Former acting i. C. E. Director tom homan, big fight with aoc over her comments about the agency he used to lead. He says hes never witnessed such hatred toward Law Enforcement in this country. You will hear it all. Nearly 150 ceos writing a letter to the senate demanding it take action on gun control. Next, senator john kennedy. What does he think about corporate involvement in political issues . We will ask him. Varney company just getting started. Do you have concerns about mild memory loss related to aging . Prevagen is the number one pharmacistrecommended memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. Ever since you brought me home, that day. Ive been plotting to destroy you. Sizing you up. Calculating your every move. You think this is love . And if you have the wrong Home Insurance coverage, you could be coughing up the cash for this. So get allstate and be better protected from mayhem, like meow. Stuart tweet from President Trump. Here it is. Some really big court wins on the border lately. Very short. Very much to the point. Next hour, we will talk to the judge about those Supreme Court wins. Corporate leaders sending a letter to the senate urging them to act on gun control. What does it say . Ashley basically saying doing nothing, they say, is unacceptable. The letter urges the senate to pick up from the houses lead. They want bipartisan agreement, legislation, on expanded background checks and these are just an example of those companies that have joined this. Beyond meat, gap, lyft, twitter, uber, you name it. A lot of Corporate Leaders saying you need to firstly they would like to see an expansion of background checks on gun sales and strengthen the socalled red flag laws. Interesting, too, the Washington Post abc poll this week found that 89 of respondents including 83 of republicans do support requiring background checks for all potential gun buyers. Theres less divisive issue as time has gone on. Stuart lets bring in senator john kennedy, republican from louisiana. Welcome back to the program. Look, heres public opinion, clearly motivated towards doing something, background checks, red flag laws, et cetera. What are you going to do about it . I find it curious, stuart, that when a radical jihadist blows up a school and kills kids, were told not to judge all muslims by the act of one muslim and i agree with that, by the way. I just dont understand why the same rule doesnt apply to the hundred million lawabiding gun owners of this country. Heres my starting point. I want to see facts. I believe love is the answer but i also own a hand gun just in case. Thats my right as an american citizen. The bill of rights is not an a la carte menu. The second is just as important as the first or the fourth. Some of my colleagues say okay, we are going to curtail the Second Amendment constitutional right in the interest of Public Safety and it will reduce mass shootings. My response is okay, prove it. Im interested in facts. Im not interested in speculation. I dont want to see people pull stuff out of their orifices. Show me the Scientific Evidence because you are dealing with a constitutional right and in terms of what these ceos say, i respect their right to have an opinion but i dont pay any attention to them. Lot of these guys, they are the ones who tanked the economy in 08. Stuart that was my question, senator. How do you feel about corporate involvement in political issues, whether its gun control or anything else . Its corporate involvement in politics. I know theyve got the right to do it. How do you feel about it . Well, they do have the right. But do i find it persuasive, no. Most of these ceos, not all of them, but most of them, they think theyre the smartest guy in the room or gal in the room, and theyve got their eye on the bottom line, and you know, i treat it as like any other letter. And about that poll, stuart, first, i got to see the polls that say what folks say they say. I know how to write a poll question. I can make a poll walk, talk and whistle the battle hymn of the republic. Number two, lets suppose that the polls are right. We have a bill of rights not to protect the majority. But to protect the minority. The bill of rights doesnt protect the High School Quarterback or the prom queen. It protects people who arent as popular. Stuart mr. Senator, out of time. As always, you are pithy and right to the point. We always appreciate that. See you soon. Thank you very much. Again, we are going to take a look at futures because we moved up a bit more. Now it looks like an 80 point opening up for the dow, 50 for the nasdaq. Well be right back. The world is built for you. So why isnt it all about you when it comes to your money . So. Whats on your mind . We are a 97yearold firm built for right now. Edward jones. Its time for investing to feel individual. All right brad, once again i have revolutionized the songwriting process. Oh, here we go. I know i cant play an instrument, but this. This is my forte. Obviously, for auto insurance, weve got the wheel route. Obviously. Retirement, were going with a longterm play. Makes sense. Pet insurance, wait, let me guess. Flea flicker. Yes howd you know . Studying my playbook . Yeah, actually. Stuart lets talk peloton as you race around on your home bike. Very expensive proposition, by the way. They are getting ready to go public. Mark douglas with us. Look, you like peloton. You like the company. Expensiveness and all. Yes. Stuart make your case. Basically they took the soul cycle craze and brought it to the rest of america. Like when amazon started, they started with books because it turned out there were a lot of towns in america that didnt have a bookstore. Theres a lot of towns in america dont have a soul cycle shop. Peloton brought it right into your home and people love it. Stuart wait a minute. How Many Americans are going to spend 2,000 on the bike, 4,000 on the treadmill if thats the way you go and maybe 20, 30, 40 a month to be shouted at by someone in a distant location . If you want a date you will probably do it. People are motivated to look stuart what . To be healthy, look healthy and theres obviously a market for it. They are doing well. They continue to grow. They have also expanded into treadmills. Susan 4,000. Its expensive but the market is there. The markets in new york, in l. A. And now they brought it to the rest of us. Susan they say their retention rate is 90 . Of course it is. When i shell out 4,000, what am i going to do with this treadmill . You need the subscription and the motivation that comes with it. Stuart i want to leave