Transcripts For FBC Varney Company 20240712 : comparemela.c

Transcripts For FBC Varney Company 20240712

Ah but have a look at tesla. It made a profit. Its opening a factory in texas. It hopes to sell a half million vehicles this year and the stock is up again this morning. Elon musk now leads, im going to say he leads the technology economy. The stocks up 64 bucks now. Microsoft down. Whys that . Im told its because their Cloud Business only grew 47 . First time the growth rates been below 50 . Well, sell that thing. The stocks down nearly four bucks. Theri cnhe tin in po rt landrtla oregonor a44th offf inriing. Th ayor or jtl jedostl bedy b b pst at th supporsupp the anarc ahinast anast anaaken ne inne t ihen theheneworkork ity i nows theshehe wororst pl ac businebuness retairsrsrsrsrs sarsy. Now, tnohaw,tw,w,s a is. Th e new cold war, china and andhe s. A a fitivs researcher linked to chinas military is reportedly holed up in the chinese consulate in San Francisco. The president s considering closing that consulate just like the one in houston. And now look whats lapping on happening on the markets. We were going up then we got the jobless numbers. The dow will be down about 20 points. Fractional loss for the s p. Look at that nasdaq. Up again. A 50point gain 10,800 level for the nasdaq. One of these days the news will slow down but not today. Varney company is about to begin. Stuart i really have to start with tesla. Now up 69 bucks, thats premarket this morning, rallying again. All right, susan, come on in. Why are they up again . Susan surprise profits and near guaranteed inclusion in the s p 500, also reaffirming 500,000 deliveries for the full year and choosing austin texas for its next giga factory where they will build model 3, model y and trucks. Thats a 1. 1 billion factory likely to come with 5,000 jobs to austin. One concern going through this Earnings Report nearly half of teslas sales in the quarter were accounted for by regulatory credit revenues and those are credits that tesla sells to other Car Companies so they can meet emissions regulations. Were not sure how sustainable that is Going Forward as the gms and fords also ramping up their own electric car lineup. Still, tesla, now the 12th Biggest Company in america and adding to it today. Stuart astonishing. I will be back to you in a second. Ive got another big winner for you, and it is twitter. Lauren twitter is up 3. 6 38 a share. Tell me why. Lauren record user growth up 34 over the past year to 186 daily active users. That means engagement. There are head winds like ad spending which has plummeted but twitter says it is coming back especially in recent weeks. The company is spending a lot of money to deal with the aftermath of that Data Security breach as you know and it does expect expenses to grow at least 10 in the Current Quarter. Stuart long time since i saw twitter at 36, 37 a share but there you have it. All right. Back to susan and microsoft. They are down this morning, 3. 80. Tell me why. Susan growth in cloud, not as fast as previous years. Its crazy to think azure was a disappointment but wall street has gotten used to 50 , 60 growth also the closing of Microsoft Stores cutting into earnings as well. Thats the reason guidance was a little lighter than anticipated for this Current Quarter that we are in. A bright spot though gaming. Xbox sales surging, up 65 during the covid lockdowns with people playing more games and spending. They also talk about the surge in Microsoft Teams usage and teams is the companys answer to slack and zoom. But no new updates on users. Last quarter they told us the daily active users jumped 70 to 75 million daily users, but not this time around. No new numbers for us. Stuart okay. Got that. Thanks very much susan. Lets move to the latest on yeah the virus. President trump says he would be among the first to take the vaccine. Roll tape. You know the way it works. If im the first one theyll say hes so selfish he wanted to get the vaccine first. Then other people would say hey, thats a very brave thing to do. I would absolutely if they wanted me to if they thought it was right, i would take it first or i would take it last. You do know if i take it first, i will be either way i lose on that one, right . If i take it first and if i take it if i dont take it they will say he doesnt believe in the program. I will make you a deal. Ill take it well take it together. Stuart you saw him right there. Dr. Marc siegel exclusively with the president there in a oneonone interview and hes with us now. Okay. We got it doctor you are going to take the vaccine with him when its available but i want to know what are the other major vaccine headlines you walked away with from that interview. Well hes actually very excited about the vaccines that are in the pipeline right now. We talked about the pfizer vaccine, about how Biontech Pfizer vaccine is being brought into operation warp speed in the sense that 2 billion from the federal government is going to buy 100 million doses in preparation if the phase 3 trials show that it works as well as it seems to have been working. So they have several candidates there and the president is very excited about it and as you heard, hes willing to be at the front of the line and he and i are going to take it together and im going to add you to that. I want you to take it. This is going to be historic. You are going to take that vaccine right out of the chute. Stuart yes, i am as a matter of fact. I think its a responsible thing to do. If the vaccine is available, i shall take it with you and the president if thats possible. But wait a second. Strictly speaking as a medical guy, doctor when do we get this vaccine tested tried, distributed, in place . When will that day come . Well you know we talked about the Oxford University as tra sen astrazeneca vaccine the other day. Thats already in phase 3 trials. Its going to be late fall where they know the results on that. That one might be a month or two ahead. I think one or more of these is going to emerge by the end of the year or early 2021. Thats what were talking about here. Thats very exciting. Now, the president also said in the meantime, hes excited about all the focus on therapeutics. The idea that we are using dexamethasone in the hospital now, a steroid, we are using remdesivir earlier on in hospitalizations. He thinks thats making a big difference and several other drugs are being tested for early use in patients when they get into the hospital with covid. Stuart got it. All right. Great interview, doctor. I watched it all the way through. Thank you very much for being with us this morning. Doc siegel right there. Now lets bring in market watcher d. R. Barton. Lets talk vaccines. Lot of positive news here on vaccines. Is that part of whats driving this market . Yeah, absolutely. You know we have seen as the news has come out, we can go back a month with moderna, then we can see pfizer then astrazeneca all these times where we get that come in we are seeing a real punch as the headlines come out. So investors and traders are certainly watching this news and i think we cant discount that therapeutic end, either. While the number of cases is going up we are not seeing the mortality rate the death rate click up nearly as much and i think those therapeutics are helping us a lot as well. Stuart we need them d. R. We really need them for all kinds of reasons, obviously, but we got that jobs number this morning which really wasnt very promising. The rate of growth of the economys beginning to slow down. The recoverys stalling. Not good for stocks, d. R. No and i think the big numbers out of virginia of all places my home state where i grew up and california i think are showing that we are getting some impact but i think the Silver Lining is that continuing claim, how many people continue to ask. Remember that number is firsttime ask. The continuing claims number has continued to drop. A little bit of a Silver Lining. I think thats why were not getting a much bigger market reaction. Stuart got it. Thanks for joining us this morning. Appreciate it. Look at that nasdaq go again, up 50 points at the opening bell this morning. Weve got some Big Companies reporting earnings. First thing today, American Airlines theyve got more than 16 billion cash on hand. They were burning through 30 million a day in the month of june. The stock is down a tiny fraction. Southwest, they burned through 23 million a day last quarter, but they got that down to an 18 million per day burn in july. I guess thats a positive sign. They say limited demand until theres a vaccine, and they are reevaluating their august and september schedules. That implies not so many flights. The stock is down. Travelers, insurance company, they are a dow stock, they reported a bigger loss than expected but they are up because they are charging higher premiums. The stock is opening up 30 cents, there. Check futures, still down a little tiny bit on the dow industrials, down 19. Fractional loss for the s p. Big gain for the nasdaq and technology. It is a big payday the Los Angeles Dodgers mookie betts is getting 365 million extension. Looks like the baseball season isnt struggling for money after all. The dodger play the dodgers play for real tonight. By the way, it is opening day. Heres a headline. New york city is now the worst place to do business. I couldnt agree more. I say americas big cities are in crisis especially the big apple. You will hear more about that on my take later in the program. Joe biden says hes only going to tax the rich if hes elected president. Nonsense says grover norquist. He will reach down and tax the middle class, too. Grover is on the show. More varney after this. Lets instead stop looking at the investments which we cant control and lets now look at our goals. In other words, we only want to take as much risk as is necessary to achieve our goals. groans hmph. food grunting menacingly when the food you love doesnt love you back, stay smooth and fight heartburn fast with tums smoothies. Tum tumtum tum tums apps are used everywhere. Except work. Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time they have. Or sending corporate their expense reports. Ill let you in on a little secret. They dont. By empowering employees to manage their own tasks paycom frees you to focus on the business of business. To learn more, visit paycom. Com hike Simon Pagenaud takes the lead at the indy 500 coming to the green flag racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. Touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. Stuart fox business alert. Negotiations for phase 4 of the virus stimulus are ongoing, happening now. Ashley what is secretary ashley very interesting, he says hes focused on getting payments out as quickly as possible. 1 trillion Coronavirus Relief bill he says but it will not include, says the treasury secretary, a payroll tax cut. Something the president has been calling for. He says that takes too long to get into the system. He prefers direct payment. Well you know the 600 extra a week in Unemployment Benefits runs out the end of this month, july 31st. He was asked well how much more you going to send out. He says we dont want to pay people more to stay at home but hes looking at somewhere around 70 of wage replacement. Unclear how that is going to be structured. But he says hes looking at that benefit that will be indeed about a 70 wage replacement. You know this is about 1 trillion. He said hes reached a fundamental agreement, hes going to meet with Mitch Mcconnell this morning, but of course we know theyve got to get in agreement with the democrats who say this is way less than is needed. Stuart but it is important in the sense that hes committed to getting more money out there into the economy. Ashley absolutely. Stuart into peoples pockets. Thats i think the important point there. Okay. Thanks ash. Couple of stocks we want to check for you. Auto nation reported a big jump in profits while they cut their expenses 14 . Thats good. Their revenue got a boost from their investment in the used car company vroom. The stock is up 8 . Dow chemical profits down 24 compared to last year. They are going to cut 6 of their work force because of the pandemic. The stocks down about 2 almost. Yelp released their Second Quarter report. Lauren didnt they have a grim forecast for store closures . Lauren yeah closing forever. They find businesses are closing their doors for good. 60 of the 26,000 restaurants on the site that were temporarily closed are now permanently closed. Thats almost 16,000 restaurants, stuart. The numbers are even higher for bars and for nightclubs. Cities where the most businesses are calling it quits, honolulu San Francisco and vegas. Yelp stock up. Stuart what was that again, 60 of those restaurants that have closed temporarily will in fact close permanently and how many was that again . How many restaurants . Lauren about 15,700. So about 16,000 restaurants closed forever. Stuart thats just that is extraordinary. Lauren think about it. Not all restaurants, not all menus are catered for takeout and not every restaurant has the luxury of big outdoor seating. There are so many challenges the Restaurant Industry is facing. We are four months into the pandemic. We are talking about getting more money to these Small Businesses but if you cant operate at near full capacity, sometimes you cant stay in business. Stuart 15,700 at latest count. Extraordinary. Thank you, lauren. Joe biden has got big ideas, big plans for the country if he wins the election. He will spend a total, he says of about 8 trillion if you add up all of his plans. That includes trillions for Climate Change billions on buying american and billions more on housing. Who pays . He says he will tax the rich. They will pay for it. Grover norquist is with us founder and president of americans for tax reform. I know you say thats nonsense so why dont you spell out how the middle class will have to pay up under bidens plan. Well one example is just recently he said he would definitely bring back the obama care tax, the tax on people who decide not to buy obamacare, 700 for a single individual, threequarters of the people hit by that tax make less than 50,000 a year and you dont get health care for that by the way. Thats the punishment for your not buying obamacare. 700 per person 2,000 for a family of four. Thats one of his tax increases. He also wants to have a carbon tax, energy tax. Thats just a gasoline tax which clearly hits the middle class, plus on your Home Heating Oil and your energy used in your house and everything you buy. Its a massive value added tax on the energy part of all purchases. Stuart i saw his phase 3 or part 3 of his plan where hes going to spend about 775 billion and he will pay for that with an increase in real estate taxes. What exactly does he mean by that . Well everything from property taxes to getting rid of 1031 which allows Small Businesses to have like a small hotel to then buy a bigger hotel and keep growing that way, or a restaurant or farmers, you know some land and then more land as long as you are buying the same thing, like product, you dont pay Capital Gains tax until you sell your very large building. So its how people in real estate operate. They have a small building sell it make some money to get a bigger building and keep growing to have more buildings or more businesses or more cars larger cars for your fleet of businesses. This is a way of delaying the gains tax until you cash out. It allows you to keep money inside a business to grow. It doesnt hurt rich people. It does hurt people who are trying to get rich who are just starting in life and moving from owning a small building to wanting a larger one. Stuart im sorry im out of time. It drives me up the wall to hear strivers people who want to get ahead of the game climb the food chain, constantly batted down. We will punish you. All his taxes hit those people. Not people who stuart exactly. Im sorry, we dont have more time. Come back again soon. I want more on this, please. Grover norquist. Streaming names, going to put them up on the screen. There they are. At t, comcast, we have new subscriber numbers for both of them. First, at t say their hbo max platform had three million paying users one month after launch. Then weve got comcast, not sure ive got the numbers on that. Facebook says thats a separate story. I dont have the numbers on comcast for you. But i will tell you this. The stocks of both of them are dead flat. Facebook says introducing new feature to broadcast live to facebook from messenger rooms. Havent a clue what that means. The stock is down 8 cents. Got that . Ad lib futures, so the script says. I will do that for you. Dow will be down about 40. 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