Transcripts For FBC Varney Company 20140515

The government deciding right now whether streamers like netflix should pay more for Speedy Delivery. This is an Net Neutrality issue in the big deal. So are we. Varney and company about to begin. Stuart we start with big names that are moving, start with the biggest retailer of the mall, walmart, lower profits, slightly lower sales, they blame the weather, stock down 2 . Dickens story at cisco, maybe a sharp slump in business. Maybe it is easing. The market thinks so. Is up 7 . This is a door stopper stock, usually dead flat 24 a share of 7 and a bigger loss at 3d printer maker x 1. Remember phil roosevelt, the barons guy talking about tollfree the sector . Called a glorified playdoh factory . Maybe he was right. Almost all of them are coming down. Check the big board, that is a selloff down 144 points as we speak. Billionaire Hedge Fund Manager david tepper says he is nervous, i think he brought this market down a little. Look at the ten year treasury. That is not right. That is incorrect. It is not 5. 5 . A lot of people which was but it is not. The ten year treasury is right around 2. 5 dipping below that key market, 2. 5 this morning. What does that tell you about the future of this economy, Interest Rates down again. Different subject, take a look at this. They actually thought given the context of the Obama Administration thus far that they could do that and get away with it. Not true. In my mind this irs cant always the most dangerous scandal in u. S. History. Stuart she said it right here, Monica Crowley on this program on the irs scandal. Today here is the other bombshell. This one links the scandal directly to washington. Documents reveal irs targeting was overseen by d. C. That contradicts los lerners initial claim the targeting was limited to the rogue cincinnati office. Fox news contributor Monica Crowley is here. Lets deal with this first. Did know was lerner lie . Yes. Based on what we know right now and i dont think why is too strong word. I prefer using the truth rather than euphemisms and it looks like based on what she said initially that this was just limited to a couple rogue agents in cincinnati and we have concrete proof that was not true. Stuart the Judicial Watch got emails from los lerner to d. C. Not the white house, not campaign but d. C. The head office of the irs. Yes, this investigation even though it is happening in multiple fronts in congress thi. The fact that an outside group Judicial Watch had to sue in order to get these irs emails tells you a lot about this administration. They continue to stonewall and lie about what happened here particularly with the irs and we need outside groups to help congress because this administration is not cooperating. Stuart i understand one of lois lerners emails at go after this group because i am quoting now, because they could have impact. That is an obvious clear statement that you go after them because they are the president s political opponents and might count in this election so go get them. I am sure it goes further and allow higher than lois lerner. The reason i sat on this program i have been repeatedly saying this is the most dangerous scandal in u. S. History is in the past when the irs has been abused for political purposes it was always elites toes, kennedys against Lyndon Johnson or richard nixon. In this case you had the irs, the most fearsome arm of the u. S. Government used to target hundreds, if not thousands of regular americans for the simple crime so to speak of speaking their mind. Stuart let me get into the other smoking gun, letters sent to then irs commissioner Doug Schulman and lois lerner reveal democrat senator carl levin repeatedly pressured the irs to target conservative nonprofits. That is again a senior democrat saying you, irs, these are conservatives, go get them, check the mouth. This is a smoking gun because it ties the irs abuses to an actual lawmaker sitting in the u. S. Senate. We also heard word that senators Chuck Schumer and dick durbin, both democrats as well were encouraging the irs so i am sure more will come out about this but this doesnt happen in vacuum. We dont have concrete evidence is originated from the white house but these people dont go freelance this kind of stuff. The directive came from somewhere and that is what this investigation should be all about. Stuart thanks very much. We will see you very shortly. Check the big board, down today, triple digit loss, we are up 157 points. May be fueling the selloff for helping to Hedge Fund Billionaire david tepper says he is nervous about the direction of the Global Economy. He says dont go wrong long on stocks. This guy i am going to say is one of the big kahunas, tens of billions of dollars of management and comes out and says this guy has influenced. Charles i am critical of most of these guys, the new pharaohs of wall street but this is a guy who has been right where a lot of them get this sort of stature out of left field, and it goes up 200 but the next the street sells down anyway. This guy when everybody was afraid he said dont be afraid and the essentially what he is saying in my mind is the market has come a long way. There are some issues out there and you dont want to be as long as you have been and it almost makes sense. Stuart he said dont be too long. Charles back to conversations we have a lot. I dont think you sell your 401 k but if you have trading positions or something, stock is at 15 you might as well close out now that kind of thing, if you are trading like that, it means be prepared for another air pocket. Stuart dow is down 160 points. I get a lot of flak about being a soccer fan. Today a little vindication may be. Tell us about Manchester Uniteds stock. Nicole markets to the downside, we should note a tough day on wall street, 162 points. It is up 1 basically, 1 2 at 16. 70, turning negative. What we are looking at, were talking about this because Quarterly Earnings come in and those stores the revenue from broadcasting and commercial revenues are on the rise. No word yet we will find out in due course on the manager. Manchester united finished 7 out of 20 from the early lead it. You have this stock and checking it out. Stuart i am laughing because you have to read that stuff about soccer to make sure you get it right and you are not into soccer. I happen to love soccer. I played division 1 soccer in college so i do love soccer. Did i watch the premier league . All the time . No. I just want to make sure i dont lose sight. I want to make sure my facts are always correct. Stuart you read the script very well. We are moving on. Your visit to the Grocery Store costs some say a little bit more. I would say lot more these days. Look of this graphic. Pork of 20 , a 15 , the 11 , grains 7 , those jumps in one month between march and april, that is a spike. Joining us from nashville, tennessee, former reagan economic adviser art laughter. I dont get it. You saw food price spikes in the last month and the official Consumer Price index numbers this morning tell us we have maybe 3 inflation. That is it. Where am i going wrong . Do we have inflation or dont we . We dont have it right now but we could have it. Anyone who ignoresnflation does so at his or her own risk and i personally will do no investment of my own that are not inflation had. I have been expecting inflation for a long time. I have been wrong for a long time but i think theres a real risk in this economy. Stuart if this is a risk of inflation explain to me why Interest Rates are falling and they are. The 10 year treasury below 2 . That is a barometer. Two things in the Interest Rates. Number one is the expected rate of inflation which is that is what is going down that i dont understand it either but the other is the expected return on capital. When the ten year bond yield went from 270 to 270 that was all in the expected return on capital, not in the expected rate of inflation. I expect a lot of this stuff going on in the ten year bond yields expect returns on capital and it shows a slowing down of the economy which you have been saying all along. Gdp was terrible. Stuart we just got the walmart numbers, they got lower profits but lower sales as well. They are blaming the weather. You are suggesting there is Something Else going on. Theres Something Else going on. The weather contains the timing of sales if you have a big snowstorm last day of the quarter and people go on the first day of the next quarter, you have all sorts of things that can happen to change the timing but that should not affect stock prices. Stock prices are the discounted present value of all future aftertax profits and bad weather shouldnt affect the overall profitability of the company. That just shouldnt happen but when walmart sees it going down it is more than the weather. Stuart the l. A. Times says people lifesaving up for health care so they got less to spend in stores. That is another negative indicator for the economy in the future. It sure is but i dont think the l. A. Times is very insightful. I used to write for them. I was on board of contributing member, they are fun people and live in sunshine but they dont understand this stuff. What you find, it is not that they are saving, worried about the future. Obamacare is the very serious problem. You are going to see all sorts of problems exploding out of obamacare, you will lose your doctor, your hospital, all these things, Concierge Service comes through and then you get the irs. The Monica Crowley section you have here was just brilliant. If you look at irs people, they want to please their bosses and what better way to please barack obama than to go after his enemies or his opponents. In the white house with nixon, it goes to the white house. Believe me it does because they wanted to. Stuart we have got to prove it. They will find it but it will take a while and go through the political process but it always does. Always. Stuart killing me. You know how it is, the heartbreak, get on with it. But it was good stuff. You can come again. Executive editor Jill Abramson ousted at the New York Times. And equal pay compared to predecessors. The judge is next. Today marks the dedication of the 9 11 museum in Downtown Manhattan in the bedrock on the world trade center. It holds 10,000 artifacts in the wreckage of the terrorist attacks. Emergency response vehicles, personal items, it opens to the public next wednesday. It allows us to see that we can affect each others lives. In a time of crisis how we have strengthened always done that day. Stuart breaking news from the fcc meeting discussing that neutrality which essentially is whether Companies Like netflix should pay for faster internet speed. Peter barnes is inside the meeting and says the chairman appears to have the support of the two democrat commissioners on the panel, a 5 person panel so we could see charges for faster speed. The vote comes at 11 30 eastern time. We are on it. Look at the big board because we are falling, up 186 points at this point, just over 1 . 186, down 164. The price of gold right at 1,300 an ounce this morning. As for the price of oil we are 1 tournament. 71. Not much change as of now. Keep coming with the big names we are watching for you, General Motors is recalling the one 40,000 chevy malibus with great problems, stock is still there at 34 a share. Apple may add split screen multitasking for the ipad. The stock is below 600 again, 590 right now. Now this. The Company Makes machines, little figurines, jewelery, it is a glorified playdoh factory. Stuart that was a dig and at half, roosevelt talking about 3d systems, one of the 3d printing stocks. More bad news from one of its rivals, x 1 also in the 3d printing sector. Charles, tell us about x 1 and then tell us about this ugly shakeout in the whole sector. Charles x 1 they dont make playdoh stuff, they make all industrial stuff, it is a german company. There are nine analysts on it and im surprised about two things. The earnings estimates which are kind of robust and hard to it. They havent made earnings yet and the selloff here from where it was at the highs, we have a common theme. Any company in building mode in this industry or any niche of technology has been hit, they are an Aerospace Chemical energy that sold three machines, and it is not they dont make figurines but there is inconsistency, they gave Forward Guidance that suggests in the second half would be better but these stocks are very vulnerable. Stuart the entire sector there is one enormous shakeout. Charles it is like all straight up, tech not making money even take it is making money i am seeing companies with revenues up 120 , down they go. Stuart New York Times ousting to use its own word its executive editor, Jill Abramson after she reported the questions what she called unequal pay compared to her predecessor. Judge Andrew Napolitano joins us from washington. As i understand it miss abramson wanted the same pay as her predecessor, bill keller who had been there a long time. Shes a woman, he is a guy, we of Donald Little dark but we will bring you up with some lighting any time now also the question stands, does she have grounds, you are back. Does she have grounds to sue on the grounds that gender equality and pay. There is no specific statute that requires gender equality in pay but there are numerous statutes governing employment in the state and city of new york that prohibit discrimination on the basis of gender so if she could demonstrate that she was paid less in large measure because of her gender she not only would be able to sue the New York Times for herself, you are going to love this, she would be an appropriate candidate to represent a class of all female employees presently employed by or formerly employed by the New York Times to inquire into whether their salaries are equal or less and if they are less is it because of gender so the answer is yes and this could be a monumental headache for an organization that has championed gender equality. Stuart i got to tell you i love it. We are waiting right now for a decision on whether the government will allow streaming Companies Like netflix, whether they are allowed to pay more to get up to speed on the internet. Internet, what is the word, cant remember the expression, Net Neutrality. Do you thinks that the government should be in a position to decide pricing within the internet . That is such a soft ball. If you could stop with july think the government just fill in the blank anything after government. Unless it is going to preserve freedom. Of course the government has no business regulating the internet. There isnt even a statue that authorizes this regulation. This is one of the most monumental power grabs in modern times. Where the fcc is giving itself of the authority to regulate the internet. It has tried this before, the United States court of appeals of the District Of Columbia ie them and i predict they will stop the again. It would have to be by congress and secondly i dont think Even Congress has the authority to give that authority to the fcc. Here is the question. Do we really want the bureaucrats at the fcc monitoring everything on the internet so that they thought government will decide if google treats the same way it treats and the constitution never interested that kind of authority in the hand of government. Stuart i agree with you. I dont want it but i bet you that is exactly what we get. Judge napolitano they will try but i think the courts will push back. For once will be on the side of the black robes judges. Stuart i am always on the side of justice. I heard that all the way from d. C. Thank you very much. We asked dr. Keith tableau why people are so fascinated with celebrities. He said it is because as a country we are losing our religion. Your take from face book and twitter is next and speaking of celebrities, the person who leaked the j z fight video got a big payday, turns out that person will need that cash. An update in a moment. When folks think about what they get from alaska, they think salmon and energy. But the energy bp produces up here creates Something Else as well jobs all over america. Engineering and innovation jobs. Advanced Safety Systems technology. Shipping and manufacturing. Across the United States, bp supports more than a quarter million jobs. When we set up operation in one part of the country, people in other parts go to work. Thats not a coincidence. Its one more part of our commitment to america. We are war shipping people who can dominate the airwaves and dominate the pixels universe rather than war shipping people with courage, leaders with honesty and integrity and people who are connected to some almighty power. Stuart that was dr. Keith ablows response when asked why we are so obsessed with the lives of celebrities. We ask you the same question and got an overwhelming number of interesting comments. Jacob says i dont force abroad lies anyone. I will become a fan that that is different from worshiping. Mary adds i am for worshiping god. We can admire certain people for their accomplishments but not worship them. Right again. Rebecca says after 9 11 i know who the true heroes of america are and i know they do not live in hollywood. Jerry and asks are there any people with courage and integrity to worship these days . If so please let me know because our society could use them. Well said. Thank you one and all for your comments. We love to read the month the air and include your opinions on this program. We keep a close eye on brick and mortar stores, lower profits and lower sales, down goes numb to. 5 . There is an ipo today, a Cloud Software company up 40 on day one. Now this. The Hotel Employee who leaked the elevator video of j z fighting with his sisterinlaw has inspired. This Standard Hotel has said it fired the employee and pursuing all available civil and criminal actions. Charles, this employee made 250,000 to sell that video tape. The hotel is going to come after him. He has got to hire a lawyer. Does he come out ahead . Charles it is going to be closed between the taxes on the 250 and what the lawyer will charge and it will be he made and not having a job. Team may feel like i thought was interesting what the judge said because they get this stuff all the time and a lot of the time authorized are they buying stolen property . That is the main question. Stuart good question. Are they liable in any way, shape or form . Stuart charles j z never thought wanted to go away. Stuart the price of a wedding through the roof, john stossel is not happy about it. John wedding season. This year 3 million americans will promise to stay together. Or not. My divorce has lasted 61 2 years. I ys say be thman with the plan but with less ergy, moodiness, i had to do something. I saw mdoctor. A blood test showed it was low testosterone, not age. We talked about axiron the onlynderarm low t treaent that can restore t vels to normal in about two weeks in most men. Axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. Women, especlly those who are or who may become pregnant, and children should avoidt where axirons applied as unexpected signs of puberty in children or changes in body hair or incased acne in women may occur. Report these symptoms to your doctor. Tell your doctorbout all medical conditions and medications. Serious side effects could include increased sk of prostate cancer, worsening prostate symptoms, decreased sperm count, ankle, feet or body swelling, enlarged or painful breasts, problems breathing while sleeping and blood clots in the legs. Common side effects include skin redness or irritation where applied, increased red blood cell count, common side effects include skin redness headache, diarrhea, vomiting, and increase in psa. Ask your doctor about axiron. Became big business overnight . Like, really big. Then expanded . Or their new product tanked . Or not . What if they embrace new technology instead . Imagine a companys future with the future of trading. Company profile. A Research Tool on thinkorswim. From td ameritrade. Stuart breaking news from the fcc on this Net Neutrality should. Rich edson outside. There is the vote, renos it, go. Rich the fcc voted 32 to advance a draft proposal by the chairman that would allow internet providers to charge separate rates for content providers like netflix to get Faster Service to get their content over the internet. This is not a final deal because this begins the 120 day comment period, the rules can be changed but it does advance this very controversial proposal set off by a Court Decision a couple months ago. Folks against this say basically the problem is you can have netflix and google pay extra money for Faster Service and start up companies would be forced onto a slower internet. This starts the whole process 120 days before it is final. Stuart i want clarity on this. This vote says yes, netflix can be asked to pay more for Speedy Delivery and the internet will be regulated as a utility. The government will if this goes through, stick itself as a utility. The utility part is open. Part of the final rule is basically say set up platform to say we are going to consider whether or not we will treat it like utility and if it does it will give the government broader powers to regulate the internet and some proponents of that sale will allow the government to then say all these side deals cannot happen. The government can promulgate a truly Free Internet but it would open it up to much more regulation from the federal government. That is yet to be decided. Stuart thanks very much. Check the big board. No impact from that vote, the stock market down 170, 16444. Walmart blaming the weather for its lower profits and slightly lower samestore sales, that stock down 21 4 . Stocks looking up at cisco, a 7 , you dont often see a move like that at cisco. Here it is the s p 500 edging further away from the 1900 level, which would have been a record set earlier this week. Lets go to john stossel. He is here, he is amazed, even disgusted at how much weddings cost these days. Here she comes. John but they keep getting married the you may not kiss the bride. John may spend lots. It is still pretty. John even before the wedding we are told to spend money on engage in rings. How else can you last forever . Stuart they keep doing it. Look at the average price for a wedding in America Today according to the wedding channel. They got an interest in this. 29,000. A wedding in manhattan, new york city, will cost an average of 87,000. You dont like this. John no. There is not much of of market for people who overpay because you do little in once or twice, same with funerals, easy to rip you off but it is women, not just people who want stuart you dont think it will move the deal . John it is voluntary. I believe in the market. If people want to spend this, fine. I wouldnt. Stuart you were training me. John i have a daughter. Stuart i have four daughters. You are telling me this is a womans thing who demands this big wedding and the guys dont like it. John most guys dont. Stuart the dad has to pay traditionally. John the biggest dam is the diamond engagement ring. Theres nothing inherently special or wedding related about a diamond. It was an ad campaign from this racist cartel that convince americans after world war ii you want to show love, by redeye and engage in a ring and this has become the standard all over the world. Stuart you meanspirited guys, both of you, i am not included in this, you mean spirited guys would not be prepared to say to your daughters you can have the wedding of your dreams . It is okay if the young man gives you a diamond as the engagement ring, you would be meanspirited and say you will get married in the backyard and we will do a barbecue and cubic zirconium for the ring. You would say that . John i gave my wife cubic zirconia. She knew i had these feelings, i did this toy, two years later she said this is the diamond and i said no and she was ticked off. Stuart how many carrots of cubic zirconia . Charles carrots with a cake, not a real diamond. John i took a 65,000 diamond with the 100 invitation to Jewelry Stores and show them the couples and they could not tell the difference. Why should we spend the money . Charles i thought Stuart Varney was the cheapest man in the building, you pass him up like a rocket ship. John we should spend their money on important things. Charles what you care what people spend their hardearned money on . John i just dont get it. Charles a lot of societal pressure especially when a woman you are talking about. For me when my daughter and her fiancee, i dont like the guy. I will put up the money. Stuart you said that on live television. Charles if she had a different beyonce i would put up the money. Stuart i never thought this interview would go in this direction. I lost control, totally lost control. John is watching this . Stuart is your wife ever going to make an appearance on this show with the cubits zirconium . John no. Stuart is that the subject of the show you propose to put on this network tonight . John all about weddings and of course. Stuart now you get to it. Charles got to start with the divorce first. You sawding was expensive . Stuart i got my coughing fit back. Charles paying off the mistress is a big theme these days. Stuart oh please. I am getting iraq thank heaven. We will be watching this one. This is an extravaganza. Check this out. A private island going up for auction. Reserve price, i think is 10 million, not sure but reserve price on it. After the break the person who is running the option. Some pieces of economic news, 297,000 people filing for firsttime jobless benefits last week, lowest level since may of 2007 and Consumer Prices for april came up slightly 0. 3 from march. To france, their Prime Minister signing a decree giving them a power to block foreign takeovers of businesses saying the government can in a battle for Energy Assets and independence for signature, bullet trains, General Electric to acquire the operations for 13 billion but not satisfied with the terms, inviting siemens to make a rival offer. Shares of general of electric right now i trading below 1 . Next up, how much would you pay for private island . We will take a look next. [ female announcer ] who are we . We are thinkers. The job jugglers. The up allnhts. And the ones who turn ideas into action. Weve made our passions our lifes work. We strive for the moments where we can s, i did it we are entrepreneurs who started it all. With a signature. Legalzoom has helped start over 1 million businesses, turning dreamers into business owners. And were here to help start yours. Stuart Urban Outfitters down. They got a downgrade. How is that . Nicole the downgrade talks about names as well. The stock is down 3. 6 , 35. 33. Under the Urban Outfitters umbrella, Urban Outfitters and anthropology and 40 people. Those two names did well in 2013 but they are cut to market perform from a net outperform, cutting the price target to 37 from 44 and that is because they worry about the potential growth slowing and those very popular names. The recent run up in the stock we have seen is being done with this downgrade we are seeing today and dont forget words from walmart, cutting Urban Outfitters. To the downside. Stuart watching it go down. We showed you this private island when it was first put up for sale. This island will not be sold for less than its reserve price of 10 million when it goes to auction tonight. Joining us now is the president and founder of Concierge Auctions laura brady. The auction house that is handling this islands auction tonight at 6 00 p. M. Eastern time tonight. You got to tell me first of all about the reserve price. When the bidding starts for this island you are not going to let go for 50,000. You are going to have a reserve price. There is a reserve of 10 million and that amount is set because we believe property is higher than that and originally lifted for 55 million. Stuart 55 million drops to 38 . You got a minimum 10 million for this island. Did you set the 10 million minimum or the seller . It is a negotiation between the seller and representatives, legal and real estate representatives but we try to identify value for assets like this that are so unique and 1ofakind that what is it worth . Stuart did you tell the sony and wont get much more than that and we will get on with it. We said it is not up to us for him or the realestate agent but it is up to what the market determines the value is. Charles the buyer will see the asking price, no way i will go for the asking price. Was huge. They will come and bid and once the bidding is the reserve it will go up words from there and whatever highest bid is. Stuart does it start at 2 million and goes up . Is that where you start . That is up to the auctioneer. They can start lower but knowing it is not going to fall unless it meets or exceeds 10 which it is going to do. I never say guaranteed but it is going we have a lot of interest in it and it will find right buyer. Stuart it is a physical auction, your the auctioneer stand with the crowd around and got the gavel and banging it down. People can bid from all over the world. They can. Stuart follow the auction on the internet. They can bid over the phone which most remote bidders will be on the telephone with a representative. Stuart you got some video of the island so they can tell what it is. It is on our web site. Theres a video that shows the property of a few minutes and gives a great tour of the island. Stuart where is it . It in the bahamas, is the largest privately held live in the bahamas. Stuart so i could theoretically pick this thing up for just a little over 10 million. I can register you. Stuart i take it you do this with lots of high end properties. We do. Right now we are executing options a rum world. We have been in 23 u. S. States and four countries and open an office in london where your alma mater is just last year so we will be doing more business and you are up as well. Charles is there a correlation . We see these are auctions go crazy, record for watches and rolexes through the roof, is there a correlation between that and your business . Another one was a record at christies contemporary art auction on tuesday, 475 million. So these are the same buyers that are participating in our sales. You are used to buying fine assets, jewelry, art, antiquities, they are used to the concept and with real estate when it comes to unique aspect that is in comparable how the value that . Charles people look at this and say you have an artist working for 43 million and a similar piece goes 80 million the year later do you feel that anxiety because people watching this show feel that with the stock market in their daily lives. Do i feel there might be a bubble . Actually we feel otherwise because we see a lot of increase in bidders registering for auctions would still quite reserved, and they want to spend what they feel comfortable about but it allows confidence to be instilled by seeing other bidders around them. Stuart full cash, isnt it . If it was 20 million i got have 20 million right there signing that check. By the way what would be the commission that you take . There is a commission for both realestate agents. I dont know of the top of my head the commissions how much our buyerss commission is on this commission, i dont want to speak out of turn. It is in the terms of conditions in the auction and this is such a significant part but in general our commission is about the same amount of roker would earn if they sell the property on any given day in that market. Stuart in that neighborhood closer to 10 . Closer to 6 on average across the nation. Stuart you are a good sport. 6 00 p. M. Eastern time tonight. The auction for the island, it is called denisons island. The end of denisons continues when you brought it up. Stuart thank you for joining us, good luck tonight. Hundreds of fastfood workers walking off the job across the country demanding 15 an hour. An update after this, the dow is down 190. We asked people a question, how much money do you think youll need when you retire . Then we gave each person a ribn to show how many years that amount might last. I was trying to, like, pull it a little further. [ woman ] got me to 70 years old. Im going have to rethink this thing. Its hard to imagin how much well need for a retirement that could last 3years or mor so maybe we need to approach things dferently, if we want to be ready for a longer retirement. Sunny or bubbly . Cozy or cool . Meow or woof . Wheels or wheeeels . Everything exactly the way you want it. Until boom, its bedtime. Your mattress isnt bliss its a battleground of thwarted desire. Enter the sleep number bed, designed to let couples sleep together in individualized comfort. Hes the softy his sleep number setting is 35. Youre the rock your setting is 60. That works. Hes the night owl. His sides up while youre in dreamland. Youre the early bird. Up and at em. No problem, because youre in it together. Keeping the love alive. And by the way snoring . Sleep numbers even got an adjustment for that. Crazy . Only if sleeping peacefully with your soulmate is crazy. You can only find sleep number at one of our 425 sleep Number Stores nationwide. and right now all beds are on sale. Yep, all beds, starting at just 649. 99. Know better sleep with sleep number. Stuart fastfood workers in 150 cities across the country have begun protests for higher wages. Some chains like panera have begun adding a new ordering kiosks to their restaurants. Some concern that jobs will be lost. I asked the ceo about this concern, here is what he had to say. 42 million in this technology move. I you going to get rid of some workers . We will increase the workers. Simply put, we are putting in, using mobile apps, using the kiosk, using those devices as a way to get the waters in, taking that labor, increasing labor were putting into production, increasing the labor to deliver the food to the table. Stuart clearcut response. Do you use technology to cut your workforce . Answer no we dont. Charles, you dont think that will carry through to other chains. Charles i dont think it will stick with his chain. That may be what he would like to say. This is a very politically correct company that wants people to pay what they want for food but all these politically correct companies are taking hits. What the shares of whole foods crushed. Their earnings estimates are free falling and stock is down big from a 52 week high. Around the world this is what is going to happen. When you automate, this is what i want and there will be more robots in the kitchen. Just like driving through a bridge. When i come through the bridge only half of the toll booths have human beings out of ten. It is just going to happen. Stuart technology remove the jobs. I think you are right. That would be new at noon, freespeech Police Patrolling Keller College campuses, voices on the left and right, mostly voices on the right squashed from speaking at graduation ceremonies. We have Dan Henninger around that one and herman cain on how the democrats and republicans are divided over how to stop American Companies from moving overseas, clearcut division. Two minutes from now. My dad has aor afib. Brillation, he has the most common kind. Its not caused by a heart valve problem. Dad, it says your afib puts you at 5 times greater risk of a stroke. Thats why i take my warfarin every day. But it looks like maybe we should ask your doctor about pradaxa. In a clinical trial, pradaxa® Dabigatran Etexilate mesylate . Was proven superior to warfarin at reducing the risk of stroke. And unlike warfarin, with no regular blood tests or dietary restrictions. Hey thanks for calling my doctor. Sure. Pradaxa is not for people with artificial heart valves. Dont stop taking pradaxa without talking to your doctor. Stopping increases your risk of stroke. Ask your doctor if you need to stop pradaxa before surgery or a medical or dental procedure. Pradaxa can cause serious, sometimes fatal, bleeding. Dont take pradaxa if you have abnormal bleeding or have had a heart valve replaced. Seek immediate medical care for unexpected signs of bleeding, like unusual bruising. Pradaxa may increase your bleeding risk if youre 75 or older, have a bleeding condition or stomach ulcer, take aspirin, nsaids, or blood thinners. Or if you have kidney problems, especially if you take certain medicines. Tell your doctors about all medicines you take. Pradaxa side effects include indigestion, stomach pain, upset, or burning. If you or someone you love has afib not caused by a heart valve problem. Ask your doctor about reducing the risk of stroke with pradaxa. Is all ready the brand ofstate the year. D Berkshire Hathaway home services. Good to know. Stuart yes, of course, we have the irs scandal linked to d. C. Yes, we have the inflation picture. Yes we are talking about the New York Times. Dan henninger. The margin counterpart. We will check basketball. Look at what david tempo is doing to this market. We are down nearly 200. Stuart there are some worries about the economy. That is not helping the stock market this morning. Then there is david tepper. He has clout within the market. He says he is nervous about stocks. The yield on the 10 year treasury, that is a key rate interest rate. We have tepper, Interest Rates and inflation. Prices at the Grocery Store up. All of those spikes in one month. That is between march and april. From chicago, here is larry 11. Prices are going up like that. Why is it that government inflation figures show inflation very tame and very low . If you were to ask the people standing behind me, they do not really trust the way the government does accounting. Clearly, there is no question. Prices are continuing to go up. Accounting is maybe one of the things they are having a tough time doing. This graduation season. Students protested Commencement Speakers. Forcing them out, actually. What Dan Henninger called the realistic burning of college commencement. He is with us right now. Welcome back. Stuart this is the end of free speech. The closing of the american mind. Closing of the College Campus mind. This has been going on for a long time. Something has snapped. It has occurred to me that back in the 90s, a lot of us thought for what was known as the curriculum wars. I think that the chickens are coming home to roost. You now have faculties, especially in the humanities, english, history and the like. That has transformed the disciplines. The kids, these 19 yearolds, there is justice everywhere. They feel that the imf is an impairment was thick and oppressor and abuser of women around the world. The problem is they gave into this knowledge for the last 15 or 20 years. Most of the time, the people who were being driven off the campuses were conservatives the idea was the conservative idea of just did not have a place among the liberal academy. Most of the conservatives had been driven out. There are very few of them. The example here is the Commencement Speaker being the former chancellor of berkeley. The ground zero of Political Correctness. He is in favor of minority students. The lgbt community. Undocumented, illegal immigrants. He was banned. Stuart on what grounds . They had an occupied movement in berkeley. The Berkeley Police came to remove them. The kids decided that he needed to sign a document with nine points including agreed to reparations for the victims of berkeleys violence. Stuart when will it stop and how will it be reversed . A friend of mine wrote a book with the the title same year radical. This thing that happened, the humanities, it will not be changed overnight. It will take University President with a lot of backbone. I just do not think that they will sign up for this kind of circus taking place. Stuart always good. Thank you, sir. It looks like a slump in the business may be turning around. That is a very solid game. Walmart blames the harsh Winter Weather for lower profit. I believe, nicole, the stock is down. It is. You continue to see these declines. The stock is down 2. 4 . Off earlier lows of 7625. You do have the ceo talking about the fact that it was a harsh winter. I hope all the best for walmart. We are not pinpointed walmart per se. Stuart thank you very much, indeed. Netflix counts for a third of web time traffic. Denise is the author of what great brands do. She joins us now. They come in and you want to make the viewing experiences gauging. Stuart how about a sports package . The point came up. Look, sports packages. That is what turns on an awful lot of men and women. Short. It is great programming. Stuart fox sports does remarkably well with european soccer. Nbc does remarkably well with european soccer. I think at t and direct tv, if they ever got together, that have a remarkably good package. Stuart is that what those Networks Want to be known for . Stuart you know, sports packaging really turns a lot of people off. Anyway. I digress. Players, as i understand this, led by lebron james are now threatening to walk out if sterling is still the owner of the l. A. Clippers. Make it very clear that this is what you stand for. This could be turned into a plus. We stand for what is good, what is right, what is american. Absolutely. Stuart thank you for joining us today. You have covered a lot of ground. It is good information. Your british accent is stuart i knew i liked you. What are you doing tomorrow . [laughter] stuart dennys, thank you very much. Appreciate it. Timothy geithners book. Here is the quote from the book. I remember during one prep session i object did when dan pfeiffer wanted me to say Social Security did not contribute to the deficit peered listen to what Timothy Geithner said in an interview with bret brett. I would never have done it. Stuart he writes one thing in the book and does another thing in that interview. When a guest on this program but game stop on deathwatch, he did, you know. That may not be a valid description. Maybe you should never put him on deathwatch. We will discuss that next. Cars are driven by people. Theyre why we innovate. Theyre who we protect. Theyre why we make life less complicated. Its about people. We are volvo of sweden. A short word thats a tall order. Up your game. Up the ante. And if you stumble, you get back up. Up isnt easy, and we ought to know. Were in the business of up. Everyday delta flies a quarter of Million People while investing billions improving everything from booking to baggage claim. Were raising the bar on flying and tomorrow we will up it yet again. Stuart i want to show you some of the big losers today. Look at them go. All of them on that list down to3 . Look at the homebuilders. Down also. Cheryl casone is with us. She is our real estate person here. I would say expert, quite frankly. Cheryl we came in at 45. The estimate was 49. There is no confidence among the builders. There is no confidence among the american consumer. All of the builders are sensing that traffic is not down. People do not want to buy homes. Stuart they are kind of in the doldrums because they say the economy is lousy. It is not strong enough. Yes. There are also existing home sales. The prices are jumping. Stuart their are people taking out mortgages. Cheryl where is the millennial generation owning a home was the american dream. These kids are not lining up for it anymore. Take your pick out what is happening with millennials. Stuart president obama knows that you have to get this Housing Market going to get more jobs. Housing is cheap. He wants to loosen up the borrowing standards. He wants to make it easier for people to get a home loan. Some people say wait a second. What do you say . Cheryl i say that that will not happen. We will not go back to 2008. Stuart would you be okay with a lower down payment . Cheryl 10 . Stuart lowered the credit score which consumers have to have. Cheryl yes, i would. Absolutely i would. Shareholders and banks are not allowed to say. No money down, you get a loan. That will never happen again. Look, certainly president obama backs off. The treasury secretary, everyone in washington was telling him you cannot do this. You cannot leave these restrictive packages in place. Stuart you would be in favor of loosening the credit. Cheryl a great move two days ago. Stuart a great opinion out of you. [laughter] stuart dangerous territory here. Three quarters of videogame players prefer the physical version of a game you old in want in your hand over a digital version that you download. They want this. Hold it. Feel it. Stick it in the machine. There he is. That would be founder of polygon. Therefore, game stop is good. That kind of refutes your theory. You would think so. Think back five years ago. What do you think that paul was like . 5 difference from last year. The only difference is you could buy a game and then resell it after you have used it. The game itself is exactly the same. Stuart why on earth are they going on and on about video games . Billions of dollars are being spent on video games. You dont think it matters . You are out of touch. Kids are starting out four years old on ipad. It depends. You would see about a 5050 split. Stuart okay. You still say that game stop is heading in the same direction. Absolutely. Stuart which game do you play . I play everything. Stuart thank you very much, indeed, sir. A billionaire Hedge Fund Manager says the stock market makes him nervous. My take on the big kahuna investor. That is next. Baddest man in the whole damn town better than old king kong meaner than the junkyard dog im jane and i have copd. Im dave and i have copd. Im kate and i have copd, but i dont want my breathing problems to get in the way my volunteering. Thats why i asked my doctor about breo. Oncedaily breo ellipta helps increase airflow from the lungs for a full 24 hours. And breo helps reduce symptom flareups that last several days and require oral steroids, antibiotics, or hospital stay. Breo is not for asthma. Breo contains a type of medicine that increases risk of death in people with asthma. It is not known if this risk is increased in copd. Breo wont replace rescue inhalers for sudden copd symptoms and should not be used more than once a day. Breo may increase your risk of pneumonia, thrush, osteoporosis, and me eye problems. 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We call it the x1 entertainment operating system. It looks like the future he has a phaser its not a phaser its my phone he can use his voice to control the tv. You can use your woice . My voice. Your woice. My voice. Vuh, voice. His voice. Your woice . Look. Watch scifi. [ female announcer ] the x1 entertainment operating system, only from xfinity. The one last hour we spoke to Monica Crowley on the irs scandal which she called the most dangerous scandal in u. S. History. Listen to what she said today in response to the bombshell emails linking the scandals to washington. The fact that an outside group Judicial Watch had to sue in order to get these irs emails and ben dr. Oz the emails tells you a lot about this administration that they stonewall and continue to lie about what happened particular early with the irs and you need these outside groups to help congress because this administration is not cooperating. Stuart monica is not the only one who thinks the scandalous series. This fox poll says 44 believe it is a serious scandal, 27 say somewhat, 3quarters of voters who say they think the irs story is a big deal. Herman cain joins us in a couple minutes, we talk about American Companies moving overseas for tax reasons, democrats want to make it harder to leave, republicans want to make easier to access day. Here is my take on the late joe cram bill. Most of you i am sure have never heard of him. Jo grantville had a huge influence on the stock market. When he said it goes down it goes down. His heyday last a couple years. I knew him well. Nobody put on a show like joe. He would hire a huge auditorium, tell the world in advance he is about to make a market moving declaration. Sometimes she dress like moses complete with tablets in investment wisdom. He chucked them around in the crowd. Stocks seemed to move the way he said they would. He had eight children and i think six wives and his largerthanlife personality took on a life of its own. Then he got it wrong. Following is a device was no longer profitable and his outrageous antics started to great. By the late 80s he was done. I bring you this story because investment grew roots are making a come back. And influence is growing, and billionaire Hedge Fund Manager david tepper is nervous. This is a nervous time in the market. That made headlines. He may have helped to move this market sharply lower. David einhorn, very wealthy investor who takes public positions, bets against companies, he says the stock is going down. Carl icahn, ken griffin, even warren buffett, they are all of this type of guy. These investors have growing influence, they are the investment celebrities of our time and nothing like Joe Glenville got back but their influence is similar. Like him they will have their day. When they are right and then they will get it wrong. They will fade from the headlines and we will make way for the next generation. Investing never changes. The faces do. Stuart the sec approved the proposed Net Neutrality rules, that means netflix can be asked to pay more for speedy streaming delivery. Peter barnes was there and joins us to handicap it. What happens next . Peter the fcc has only proposed these rules. In the meantime netflix has cut those deals for the fast lane access with Companies Like providers like comcast and others but there wont be a four month rulemaking period for public comment, and then issue a final ruling but it has done this twice before. And right back in the courts after this third attempt and the fcc chairman, tom wheeler, and spoke as the former venture capitalist and tech entrepreneur knows these issues has the scars to prove them. I understand this issue in my bones. I have got skies from when my companies were denied access in the pre internet days. The hearing was very tense. I saw a Public Interest protesters jumped up and interrupt these proceedings three times and the vote was along party lines between three democratic appointees and two republicans. Stuart the bottom line to me is they are going to regula the internet like a utility and they are going to allow pricing according to speak and delivery of streaming. Theres a period when you concomitant on it but at the end of the day they are going to regulate this thing. If that happens that is somebodys going to be unhappy and take it to court. Stuart that is true. This is america. I forgot about that, thank you, peter. Peter barnes, everyone. Cisco. Sometimes i call it a doorstops, cant say that today. It is up 7 . Maybe the slump in its business is over. Maybe the market thinks so. It is up to 24 a share, not exactly a spike, is it . Clouds Software Ipos starting today, it is doing well. Is up 43 on day one. Not bad. Democrats want to make it more difficult for businesses to relocate their headquarters overseas for tax purposes. Republican senator orrin hatch says oh know, instead of making things more difficult we should be making the country more business friendly by lowering Corporate Tax rates. Herman cain joins us right now. Isnt this a perfect example of the difference in our political cultures. The democrats say tax it, rain it in, we want the money. Conservatives are saying let them loose, lower the taxes, set them free. A perfect example of the dichotomy of our culture. What do you say . I say the same thing. That is a fundamental difference in how democrats approach trying to solve a problem versus republicans. Democrats believe that they can use the force of law to force businesses to stay in the United States of america. They are not working on the right problem. The right problem would be to replace the tax code. If you dont that how about the secondbest thing, lower tax rates. You know the United States is the only developed nation in the world that class three decades has not lowered its Corporate Tax rate and that is why businesses are leaving and so the democrats want to go and raise the 20 threshold to 50 . That is not solving the problem and republicans on the other hand wants to remove barriers. You are absolutely right. That is a fundamental difference between how republicans approach problemsolving and how democrats approach it, not solving the problem. Stuart theres a broad majority on both sides of the aisle which would go for a compromise, lower Corporate Tax rates down to 25 , lower Corporate Tax rates, bring in some of that money that is parked overseas and get the economy going. That is a compromise both sides would accept. Why doesnt president obama go for it . Because democrats fundamentally believe that unless they can control it, they arent even going to allow free money that is over cease to come home. We have over 2 trillion, businesses have 2 trillion in profits offshore. You know this. But instead of just making it possible for them to come back so that money can be redeployed much of it here they would rather stick to their democratic principles. Remember when george bush did this under his administration in the yearly 2,000s . He didnt even lower the repatriated tax rate to zero, he lowered it to 5. 2 and money flew back into this country. Why dont the democrats learn from that . They dont want to do anything that might allow them to give the up some control over we the people and our profits. Stuart you have real clarity, you really do. See what you think of this. Are Free University is planning a mandatory part of orientation, mandatory power and privilege training for Political Science students. What do you make of that . You spoke in harvard in march of this year. And be aware of white privilege. Give me power of white privilege. This is Political Correctness gone off the track again. And the rate this is going we are not going to be worried about power and privilege, we will worry about poverty and underprivilege at the rate we are going. When i spoke to those students it was at lincoln day dinner for the Harvard College republicans. Believe it or not they have all hard College Republicans group. We have a capacity crowd. Let me tell you what is on the mind of those students. They want to get a job when they graduate because based on the latest statistics they already know 50 of the might not be able to find jobs. The questions those students ask indicated to me is that they get the big picture and they are not worried about power and privilege. They are worried about prosperity in this economy and especially in this country. Stuart i am glad you could cram both republicans into that booth at the diner around the corner. That was a capacity crowd, good stuff. Thanks a lot. Thanks for joining us. You are welcome any time. Billionaire Hedge Fund Manager david tepper is nervous about the market, that was the headline today. Time to get out, the real halftime report, we will deal with that next. Americas newest Real Estate Brand is all ready the brand of the year. Berkshire hathaway home services. Good to know. For 175 dollars a month . So our business can be on at ts network yup. All five of you for 175. Our clients need a lot of attention. Theres unlimited talk and text. Were working deals all day. You get 10 gigabytes of data to share. What about expansion potential . Add a line anytime for 15 bucks a month. Low dues. Great terms. Lets close. New at t mobile share value plans. Our best value plans ever for business. Crews and los angeles have vacuum that 10,000 gallons of crude oil and sprayed into the streets earlier, multiple commercial businesses were affected as the oil spread to over half a mile from the original site. Because of the spill was the pike that burst Data Transfer station for a pipeline from bakersfield down to texas. Hundreds of fastfood workers are walking off their jobs in cities across america protesting a 15 an hour wage. Strikes are hoping to draw attention to lowwage workers across many industries. For the backing of president obamas call for a 10. 10 wage. A new report adds there might be a multi casting function on the ipad allowing users to interact with more at the same time. We discuss economic considerations and their ability to move the market in the real halftime report. [ male announcer ] what if a Small Company became big business overnight . Like, really big. Then expanded . Or their new product tanked . Or not . What if they embrace new technology instead . Imagine a companys future with the future of trading. Company profile. A Research Tool on thinkorswim. From td ameritrade. Stuart this is it, the real halftime report. Ed butowksi, lauren, cheryl, both here. Hedge fund manager david tepper says he is nervous about the direction of the Global Economy and even says, quote, dont go too long on stocks in america. Do you listen to him . Has he got influence . He has a lot of money and a lot of people listen to him and i agree with him. Usually hedge funds use leverage and they leverage up and borrow and they go really long and get these great returns. He is saying pullback and be careful. The Global Economy is a mess and right now want to be going along on anything that is a long way position. Economically to everyone out there start pulling back the position, be careful, buyer beware. Stuart how you think it is. Why the loss at 3d printer x 1 . He is down on 3d, maybe he is right but x 1 is down 15 , the whole Group Falling out of bed too. Stock is down 15 , baron as a guest, and he is right on the money with this one. The rivals 3d systems also down 50 just like x 1, 3d systems, the first drop in quarterly gross margins, we are talking x 1, their sales basically have been in half so that is not good news. They do machine 3d printers, ceramic and the like. Their cost is very expensive. Machines cost anything from 100,000 to 1 million so it is not cheap and overall they really are facing an uphill battle. The whole group of them, 3d systems are under pressure this year. Stuart they went up and have come down. Our grocery bills are going up but overall inflation, the government tells us, is 3 . What is going on . Ignore the 3 no. It has no relevance on this earth anymore. What you need to do is look at your own cost of living increase. I do this all the time. I track the cost of living increase and your increase no matter where you are living ranges somewhere yearoveryear from 6 to 10 and the cost of your food is going up. Another thing that is inflationary taxes. When taxes are putting to the economy that is passed along to you so your costs are going up and they will continue to go a because the obama economy is inflationary but the cpi number wont showed. Stuart walmart blames the weather for their lower profit. I will call, good strong economic indicator. Any Silver Lining . Cheryl the winter is over. That is good news for everybody but the Silver Lining was customers will come back. One thing walmart mentioned is taxes, dealing with the higher tax situation and health care for their workers. They found Health Care Costs are going up. They have some issues but walmart will come back, one of the smartest things walmart ever did was get into the grocery business. They know how to wonder at the other stores. Target will lose. Walmart will be in the winner. Stuart walmart wins, target loses. Strong stuff. Another recall for General Motors, a great problem with 140,000 chevy malibus. They got issues, gm. 2. 5 million older cars altogether renouncing 5 recalls today. 2. 7 million cars if you are keeping track. Gm worldwide has recalled 11 million cars this year. This could be a record high. The number if you want to call it is 30 million back in 2004 but for gm what theyre doing is they have a new safety feature, jeff boyer trying to get these issues out in the open and testing cars and getting in front of Quality Control and going to find out about a lot more recalls. You have a car and if you have a car stuart but the stock stays right there at 34. Barely breaks below it, holding down. L. A. Times, people are saving up for health care, they have less to spend at the shopping mall. Are they right . Of course, you have to save up and we are saving for health care, sitting for your kids, saving because of cost of living going up, you dont have enough money for anything else. Retail shopping numbers are down and will continue to be down because when you suck that many of you create a stagnation in this economy and we said before and i will say it again we have stagflation in this economy into will get worse as Health Care Costs rise. Stuart the market is listening to all our people because we are down 185 points. That is it for the halftime report. Thank you one and all. Now this. N. Y. Times executive editor Jill Abramson reportedly ousted because she was too boss the and demanded equal pay. We discussed that after this. Humans. We are beautifully imperfect creatures living in an imperfect world. Thats why Liberty Mutual insurance has your back, offering exclusive products like optional better car replacement, where if your car is totaled, we give you the money to buy one a model year newer. Call. And ask an Insurance Expert about all our benefits today, like our 24 7 support and service, because at Liberty Mutual insurance, we believe our customers do their best out there in the world, so we do everything we can to be there for them when they need us. Plus, you could save hundreds when you switch, up to 423. Call. Today. Liberty Mutual Insurance responsibility. Whats your policy . Stuart the good people of italian extraction are supposed to like pizza. Dominos is confident italians in italy may be will love their pizza. Lauren simonetti, tell me what is going on. I am italian and i love my pizza and dominos is fine but it is not what you get in italy. Dominos has a thousand stores overseas more than they have in the u. S. And have been struggling recently so now they are saying lets think about going to italy because the italians may not love our pizza but they love you can get it delivered. They cant get the pizza delivered in italy. Stuart american pizza . They might do a regional thing, they have a four cheese one in france and different seafood pieces in asia so maybe they will have a thinner crust or a in the middle. I dont know how that italians will feel about that. Stuart they are going. Or argentina. Stuart they are everywhere. We are not. I dont know what to tell you. Stuart the New York Times ousted there were they ousted the executive editor Jill Abramson after she reportedly questioned what she called unequal pay. She wanted the same amount of money predecessor was making. Listen to what judge Andrew Napolitano had to say earlier. Judge napolitano if she could demonstrate she was paid less in large measure because of her gender she not only would be able to sue the New York Times for herself, you are going to love this, she would be an appropriate candidate to represent a class of all female employe leaves presently employed by or formerly employed by the New York Times to inquire as to whether their salaries or equal or less if theyre less is it because of gender . Stuart he is good, isnt he . A classaction suit launched because of unequal pay for women. That would be one heck of a lawsuit to fall when she could go after them for slander. I wonder if she will do that as well. The New York Times the way he addressed the news room, they spoke about her, they really are, you can say character defamation is happening with regards to how they are portraying her as a manager at the New York Times, she was abrasive, she was mean. If she was a man would that be happening . I am not so sure but certainly they would go after her reputation. Oped columns in the New York Times and they were done, wasnt there when she got ousted. Stuart tough stuff. More varney is next. This was an assault on the Civil Liberties of the american people. Go get them, mr. Varney. Pete had this to say about the wage protests today. Wages should be determined by the market. No minimum wage equals more jobs. Excellent. That is it for us. Now here is deirdre bolton. Deirdre thank you very much. This is risk and reward. A lasting affect on the way that you watch tv and the internet. The national 9 11 memorial and museum is dedicated today. We have an exclusive with the developer that is rebuilding downtown. My conversation with larry wittgenstein. Two records broken. One for the auction house and one for a writer diamond. Deirdre we do want to get you straight to our top stories. How you watch tv, how you use the internet and at what price. Protesters are there. You can see the signs. The fec is promoting new rules