Get on with it he says. He wants health care and tax reform passed quickly. Despite the negatives and the problems the dow will go up again. Politics and money, thats what we do. Varney company is about to begin. Back to the news thats developing and breaking as we speak. There are reports that President Trump is going to pull out of the paris climate deal. Ashley, do we have anything more than hes likely to. Ashley well, we do, were told by according to sources that theres a small Team Including the epa administrator working on the detail. Two options that the Trump Administration could use here, one which would be much faster, and far more extreme to exit the underlying the Climate Change treaty. They do that, the u. S. Is out period, out of everything. Or they can initiate from the Paris Climate Accord, they say it could take three years to disentangle. Stuart this is the paris accord. Ashley if you want to draw it out for three years, you withdraw from the paris accord, you could do it quicker and cut the cord and withdraw from the climate treaty with the u. N. Stuart liz peek is with us, what does it mean for the economy and market, if anything at all. The reason we would pull out, and the green gale, the holy grail. Others were willing to do that, germany, deciding they would never engage in fracking and uncovering natural gas. We dont want to do that. Stuart is it a plus for us, withdrawal from the paris is a plus for us. And Trump Supporters expect him to do that and i think theyll be thrilled. Stuart with that in the bag, where is the market opening . The and is, ever so slightly, dow futures up 30odd points, still above that 21,000 level. Ive got to take a look at the big tech names, we stress this all the time. Theyre close to or at alltime record highs. Microsoft a smile on your face. Stuart im allowed to smile. Ive owned it for 20 years. Ashley like the chesire cat. Stuart now, liz, dare i say that some of these fabulous five, beginning to look a bit like the dotcom bubble . Well, look, what theyre banking on Enormous Growth rates, the expectation for amazon, for example, is five year growth of 27 a year, thats really extraordinary. As a result, the p. E. Multiple of this, which i know is technical, is like 149 times this years earnings. These are enormous valuations, but there really is no other growth game in town. And this is where the Creative Destruction is taking place next to our economy and amazon in particular has any number of industries that they have not yet ventured into, like fashion. Which is what theyre talking about next. They have a lot of opportunities and i think that thats what investors are giving credit for. Stuart let me get to another number without the buzzer. The price of amazon, 149 times greater than their profit that they will make this year. No, 149 times this years profits. So its less on a next year profit. Because of the Earnings Growth is pretty substantial, but thats a big number. Stuart its a very high number. A very big number. Stuart looking toppy. Not much room for error. Dont say that, and the error lets leave it at that. The president wants the senate to get rid of the filibuster. His tweeted coat. The u. S. Senate should switch to 51 votes immediately and get health care and tax cuts approved fast and easy. Dems would do it, no doubt. The republican of utah says not so fast, roll tape. I have great concerns about getting rid of the filibuster, because we would have had sick single wayer by now, and we would have gotten things if we would have gotten rid of the filibuster rule. He says dont get rid of the fast tax. Stuart that probably means hopes of a tax cut or health care this year are fading fast. Expectations are down. Apparently in las vegas, the word is no one is expecting tax cuts and investors are saying, were buying stocks even so. Theres a lot behind the headline items of tax cuts and health care reform. Basically, our deregulation agenda and other things that are positive for Earnings Growth and stimulating our economy, but it does seem like the legislative program is really sluggish and trump is frustrated. Why blame him. Despite our exhortations. Exactly. On this program. Stuart on this program. Lets see what weve got now. Senator mike lee, by the way, will be joining us on this program about 30 minutes from now. Next case, this is interesting. A minneapolis transit cop was fired after asking a suspect if he was in the country illally. All rise, judge Andrew Napolitano is here now. Fired for answering a question. Fired for asking a question. Stuart asking. Right, it seems awfully harsh for me. Does the Minneapolis Police department have the right to order its cops not to go near the immigration issue . Answer, yes. Theyve decided to Public Policy reasons if victims are crime who are Illegal Immigrants think theyre going to have their status asked about, fear having their status revealed, they wont report a crime. Whats a policy decision that the Minneapolis Police department can make. Ive never heard of firing someone for asking a question, i would have to see his personnel report to see if this happened before, to see if there were other reasons that contributed to the firing, but on its face it seems awfully draconian and a harsh way to enforce a controversial rule. Im beginning to wonder if the pc movement has reached its peek. When you fire a cop for asking a question, you have to ask, has the pc nonsense gone too far . So, if this were in texas where the law is 180 degrees and the cops are required to ask the question, he would be fired for not asking the question. I mean, that is and if you want to do that go there, if you want to live in dallas, do the opposite and live there. I want to do this for you. On a somewhat unrelated issue, Kathy Griffin has apologized with the photo shoot with the floodied trump mask and she says she went too far and President Trump responded with a tweet. Kathy griffin should be ashamed of herself, my children, especially my 11yearold barron are having is hard time with this. Could you look at that as a threat to the president . If you look at it as speech, its repellent. If you interpret is this woman is suggesting to others this ought to be their goal with the president , i dont blame the secret service if they engage in minimal inquiry. To think that Kathy Griffin is a threat to the president , i dont think so. Shes not a threat to him politically or personally. This is very difficult it look at, turned my stomach when i saw it for the first time and the president is absolutely correct in condemning it. One should condemn it, no matter of whom it was, it was a depiction. Stuart let me finish with this, you fire a minneapolis transit cop for asking a question. Youre going to connect these dots. Stuart are you going to fire cKathy Griffin for holding this up. Who employs here. Stuart cnn. Up to them. Stuart you can be fired for asking a question, should you not fire her for what she did. It depends if what she did is in the interest of her employer. I cant imagine if its in the interest of cnn or of the resisters, which hillary and bernie are part of after the commencements speeches, to do something as horrific as that, under the First Amendment, my dear stuart, its protected speech and government cannot harm a hair on her head. Stuart then i have no further comment on this with you. [laughter] am i back at the 11. Yes, you are. Lets do the math in 19 minutes time, up 36 points on the futures, all indicators on the up side. Despite the stuff going on in the background. Same old story. Terrorists have carried out a suicide bombing in afghanistan, kabul. At least 80 dead, hundreds injured. The attack carried out at the height of the rush hour. More details coming up. The u. S. Military carrying out a successful test of a defense system. A show of force to show north korea we can shoot their missiles out of the sky. Were on that one, too. A very sad story. Were getting new details on tiger woods dui arrest, the car was damaged tires blown out and well have more when its released, well be back. Now, this is more bricks and mortar trouble. This time its michaelkors. We call the democratic luxury. Theyre going to close between 100 and 125 stores and they lost money in the latest quarter and that stock is going to open up with a loss of about 8 1 2 . Thats a big drop. Look at j. Jill. Raising its forecast and shares will be up at the opening bell. Will someone get in my ear and tell me what does j. Jill do . Silence. Ashley cricket, cricket. Stuart a womens retailer. Ashley there you go. Stuart thank you very much, ladies and gentlemen. Now, theres more on this, bricks and mortar disaster. Liz peek is here. Whats new york citys mayor, bill deblasio doing with the bricks and Mortar Stores in new york city . This is unbelievable. Up and down lexington avenue and madison avenue, stores are closing in the droves. Id say in some blocks, twothirds of the stores has closed in the last two years. What has deblasio done requiring employers of fast food workers and other workers, 14 days notice and if they dont abide by that, then they have to pay a premium. Many groups came out in opposition, retailers, i know some of the people who own stores on lexington. Theyre panicking, they cant afford the rising rents. Land owners have three years hiatus, and they have three years to not pay taxes and people are panicking, to do this on top of this, its unconscionable. Ashley bearing in mind whats happening to bricks and mortar all over the country. This is a microcosm and its scary. Stuart and the left has an agenda on forcing department stores. This is in addition to 15 minimum wage, pretty bad. Stuart im going to segue fast because as most people know ive got a bee in my bonnet about tort reform. I think that we need legal reform big time if we want to save any money on health care. Come on in, please, tommy thompson, who is a previous hhs secretary. Governor, welcome back, good to see you, sir. Well, its always a pleasure to be on your program, stuart and always good to hear you because you articulate a message that is badly needed and has common sense, so, thank you. Stuart oh, would you like a half hour on the show . Take it away, lad. Seriously, i do have this i really think that tort reform is really, really important if we want to try and contain and bring down the cost of health care. Do you see any possibility that well get tort reform before were done with obamacare . Im hopeful. Im not sure its going to be on the first bill, but fairly confident in the second bill. Tort reform is badly needed. I can tell you and attest to it, when i was governor of the state of wisconsin we put a cap, 350,000 on punitive damages, and we were able to successfully drive down insurance rates. Our sister state to the south, illinois, did not. Their rates went up and it was easy to see doctors travelling across the state lines to practice in wisconsin because of that particular issue. So, i know that its a serious cost and i know that it helps doctors and it does drive down health care cost. When you talk about health care, youve got to look at everything and anything to drive down costs and tort reform is one of many. Stuart yes, it is. Would you comment on, im going to say its a dark cloud hanging over the legislative schedule. We want to get Obamacare Repealed and replaced. We want tax reform, we want an infrastructure plan, and theres only 43 days between now and september the 30th, where the house and the senate are both in session. In sounds like, governor thompson, cannot see him. I think we lost him. Ashley we did. Stuart thats a shame because our own Ashley Webster when he was a nipper, a young lad. Ashley a young cub reporter. Stuart young cub reporter, his first interview with governor tommy thompson. Ashley i moved to green bay and he was cutting a ribbon at a new factory. My very first interview in green bay, he was very nice to me. Stuart although the governor cant hear us, thank you indeed, governor thompson, im glad you agree with me on tort reform and you can come back to the show anytime. Lets me move on to another flying nightmare. A jetblue flight from new york to San Francisco, forced to make an Emergency Landing after a laptop battery caught fire mid flight. Weve got full details on that coming up next. What a story. I count on my dell Small Business advisor for tech advice. With one phone call, i get products that suit my needs and i get back to business. Thithis is the new new york. E . Think again. We are building new airports all across the state. New roads and bridges. New mass transit. New business friendly environment. New lower taxes. And new University Partnerships to grow the businesses of tomorrow today. Learn more at esd. Ny. Gov President Trump on the twitter account again this morning. Whats he saying . This is about Climate Change. He says, i will be announcing my decision on the paris accord over the next few days, and then in capital letters, make America Great again. So, there you go. We know that, through reports, the process was underway. Now we get a timetable from the president saying within the next few days. Stuart so sources are saying the process of exiting the paris accord is underway. Ashley yeah. Stuart thats where we are with it. Next case, a reported laptop fire forced a jetblue plane to land in michigan. Now, this was a laptop that was in the passenger cabin . It was, some passengers say smoke started coming out of row 25, how frightening at 35 feet. Headed from jfk in new york to San Francisco and immediately the fire broke out from the lithium battery inside the laptop. They managed to put it out, but rightly so they landed in grand rapids, michigan. But it raised serious questions. Stuart now laptops are an issue because internationally they may have explosives in the laptops and domestically youve got a problem with the battery. A nightmare. The worst idea, we have to check theyre trying to make a law to check the laptops. What if it happened in the hold, it would have created more chaos. If the terrorists are smart enough to put explosives in the laptop and dont they put a timing device and blow it up in the hold of the plane. And there must be something i trust people like mattis and people behind this, its going to be peculiar. Stuart its going to be a tough summer for airlines. Bicycles. Stuart what else is up . The futures, were hoping up the market in four minutes time and up about 30 minutes. Well be back with the opening in a moment. Look closely. Hidden in every swing, every chip, and every putt, is data that can make the difference between winning and losing. The microsoft cloud helps the pga tour turn countless points of data into insights that transform their business and will enhance the game for players and fans. The microsoft cloud turns information into insight. 50 seconds to the opening bell. Were about 86 points away from an alltime high on the dow industrial average. When we open up, that will be about 40 seconds from now, well be up about 30 points. In other words, we are again, getting very, very close to another alltime high for the Dow Jones Industrial average. Pretty much the same story with the s p 500 and the nasdaq composite. Now there are a couple of negatives in the back drop. Number one, it isnt look like the president will get rid of the filibuster, 51 votes in the senate for health care and tax reform, it doesnt look like thats going to happen and weve got some concern whether or not we would withdraw from the Paris Climate Accord. It looks like were going to and the president says the announcement comes shortly. Bang, 9 30, were off and running and were up 18 points, up 16 points. 21,046. Let me summarize like this, the opening bell has scene the dow industrial average go up again, firmly above 21,000. The alltime record is 21,115, so were less than 100 points from the alltime high. Show me, please, the big tech names which are always performing very well, certainly for the last long, long time. Will you look at microsoft . Why, i do own some of it. Look at it, 70. 54 per share and thats an alltime high for that stock and amazon close to a thousand bucks [trumpet playing] the trumpets for microsoft and alphabet close to 1,000 a share. At one point one of these companies will be worth a trillion dollars, well get to that in a bit. How about mcdonalds . That stock near an alltime high, weve got news on it, that its teaming up with uber, i almost said hoover, vacuums. Uber, cars and driving, for the delivery of food. Mcdonalds 150 as of right now. We heard from a couple of clothing retailers earlier today. Michael kors losing money, closing stores, down it goes 7 . J. Jill, womens outfitting clothing, a rosie outlook for the future. That sets the stage 90 seconds in. Who is with me . Ashley webster, elizabeth peek and keith fitzgerald. And keith, remind me a little of the dotcom bubble. What say you . Well, it does on the surface, stuart, but very, very different. Back then, we didnt understand what dotcom meant. We had pets. Com with no revenue garnering millions of dollars. And now youve got capital and this is the finest example of capitalism most people would see in generations. Stuart would you put any of your clients money into the big five stocks. Without reservations on both counts. Stuart which ones . All of them. Stuart really . Thats a strong endorsement from the west coast there, all right. Keith fitz, youve set blood racing early in the morning there. Liz, are you going with that . Ill drink the koolaid. This is a sector that has Growth Prospects that are exciting. There is no end in sight. That makes amazon a 1,000 stock. There are sectors of the economy they havent tried yet. Remember, they started out selling books. Its extraordinary and now theyr