tv Mornings With Maria Bartiromo FOX Business March 2, 2017 6:00am-9:01am EST
address was praised. cap been under fire this morning. attorney general jeff sessions denied reports that he spoke twice with russia's ambassador during president reagan's campaign. attorney general sessions denied any during his senate confirmation hearing. >> senator franken, i'm not aware of any of those that did the days. i have been called a surrogate egg timer to in that campaign and i did not have communications with the russians. and i'm unable to comment. trade to the right is fighting back on the claims colin at the latest attack against the trump administration by partisan democrats. as questions around attorney general sessions for all, confirmations for the cap mentors to not complete. ryan think he has been concerned his next secretary of the interior wall about on housing and urban development is expected later this morning. move over capitol hill. it's not that parent company set
to begin trading today after the ipo last night at $17 a share. 19 and 20. not 21,000. the markets completely crashing through new record highs. closing about 21,000 for the first time ever with a powerful 350-point rally. marcus today traded around the flat line after the powerful note yesterday on the upside. nasdaq, s&p 500 down fractionally. this is of course a big tree after the huge rally yesterday. european markets look like this. ft 100 down a fraction. cac and dax up a fraction. markets mixed. the nikkei average was up almost 1% in japan. shanghai composite tomas was the hang seng. yahoo! security problem headed marissa mayer's pocket. the ceo says she will not be paid or cash bonus following the
breach of a hundred million user accounts. two all beef patties at your doorstep. the plan to expand delivery. plus pizza hut laces up for march madness. in time for the tipoff. all the stories this morning. german attack about it, dagen mcdowell. recon capital partner kevin kelley and fox news contributor rachel campos duffy. >> good morning. dagen: good morning. i was looking in the newspapers are the newspapers covered the record run in the market spread the optimism under investors and the american people. of course "the wall street journal" above the hole this morning. how about u.s.a. today's had time, trump inspires data 21,000. getting that right. above the fold no mention in "the new york times." there's an article below the fall.
what about the "washington post"? nary a mention on the front page at all. we've got the white house is going to splash the epa even under the economy. no mention of the markers record run in the index below the fold. the new market value that has been increased this year by the way. >> we are going to be talking about all day long. but just, nothing. >> a big show coming up. brad andersen is here giving us a look at the retail environment right now. chairman of presidential candidate of "forbes" media, steve forbes is at best. from the reagan budget directs jurors david stockman and adam kissinger. farmer cows are of economic advisers under obama and senior fellow at the peterson institute for international economics. big show ahead. you don't want to miss a moment of it. we take it off right there with
our top story and that is marketed and snap, the parent company of snapchat to begin trading today. priced ipo by the target range of $17 a share their values the company at nearly $24 billion. joining us now is the bow, investment strategist. good to see you. after a 300 plus point rally yesterday, pretty good time to go public. >> heck yeah, i think so. if you think about the text that are in general it's been late in the market on a day-to-day basis. the fundamentals are there. from a company perspective, maybe it's a little premature given that they're still building out their business, figuring out revenues and users and things like that. from a market standpoint i'm sure it's great. maria: having said that, there aren't a lot of ipos this year. we are in a quiet period of more deals this month.
>> this one is so strong. especially a tech ipo. last year was the slowest year since 2009. maria: would you buy a comic kevin kelley? i wouldn't. there's a lot of concerns that came out of this roadshow. they are actually locking up whose locking up who's scanning the actual shares and going through investment firms and then you got to hold these about a year. the main concern is they think they are a camera company. all your revenue is derived through advertising for one key demographic. they are competing against google and facebook for the ad spend when those two firms had the best data and analytics that advertisers are going to spend. it takes a week for an advertiser to go to the platform as well as using some different type of matcher x. they also want advertisers to shoot a vertical. a lot of concerns a lot of concerns and you have a company
say they are camera company when really they are social media company against google and facebook, that alarmed investors. also evaluation. 21 times sales. that doubled with facebook is trading at. transfer the forecast for billion dollars in sales for 2017 would do more than doubled revenue growth for snapshot this year. snapshot like facebook was, like google's youtube license under pressure from advertisers to audit the metrics on the advertising. the media rating council is pushing that chad to have the ad metrics on a day. again, how much penetration are you getting? these are things that travel have to tell the very advertisers. >> slowing user growth and internationally favorite event not dos. they are not going after international users and users in the u.s. are slowing down. there's a funny rumor going
around or funny thing around wall street right now during the roadshow. it's impressive evidence because taking snap ipo considered as the chief product officer is the period they birdie not that their key programs. maria: is interesting because snapchat had no to ceo rejecting the deal to acquire the company by facebook. that was actually the right note the right move not to pursue the valuation at 24 billion. >> i think there is a tremendous opportunity. i had the same concerns you all listed here. they do have a tremendous opportunity when he think of revenue per user of 83% discount of what facebook is making. if they turn the current users they have and get money off of that to that level that's something. dagen: get money off of their parents. >> that's what i was going to say. their users are so much younger than his. your grandma friends on facebook and not that chet.
the user engagement is much higher than these other social platforms. there are positives. i tend to be in the same camp on a long-term% to that we'll see how they're able to monetize this thing. maria: present trend just reading this. since november election may come in the south arkansas posted $2.3 trillion in gains. consumer confidence at a 15 year high. jobs the president to begin that out. and it's true. the market has been on fire. in under 300 plus point rally. what he think about this? >> it's incredible to move we've seen. the dow and s&p have more than 1% gains. so it is certainly animal spirits are alive and well. maria: you have to say the markets would not trade like that if they weren't up to miss them and positive feelings about what policies are. >> you can never discount how
important business confidence and consumer confidence is and how that could drive the market higher. >> businesses didn't have it over the previous eight years. one of the reasons why as they develop regulations for going to happen so they weren't willing to do capital expenditures. he saw stock buybacks go higher. business is planned for the future, wanting to reinvest. they have the confidence and certainty this administration is going to do fiscal needs and reduce taxes committee regulate. >> i can actually connect the snapchat ipo to the trump speech because of the regulation. one of the reasons used in the number of ipos last year, 105, but was sent 2009 is in part because of regulation. amazon went public for years after founding "wall street journal" editorial page points out. it took six years for snapchat to go public good part of that
is regulations not just in doug frank as sarbanes-oxley. deregulation will help spur companies founded for going public. maria: we saw people saying why should i go public? why should i say public? we saw obvious privatizations rather than public just because the regulatory environment was too much for these companies. the mother space-bar. 2012, 2012, viewed as having one of the biggest ipos and to elegy. how do you think that compares to that? at this point the bars appear. >> this book was down 20% the first three months after it began trading on the stock market. maria: i forgot that. >> everything about the 10 largest ipos on average than it double digits. there's definitely a big disparity there. facebook site on the opening, twitter up 72% the first day. we could see anywhere in between there again.
dagen: facebook did something else than 2012 that is critical to its business. it paid only a billion dollars friends to grab, which the journal equates with the dutch buy manhattan from native americans. in terms of innovation, snapshot is when you have to innovate and monetize and that is a very high bar. >> they pivoted to mobile. saw they were and what they needed on desktop and they're the dominant player. 85% of advertisers spent her platforms. great leadership in sheryl sandberg people believe in. that's another key question, their leadership. maria: will keep watching it. lindsay bell joining us. the white house is slamming democrats this morning report that attorney general jeff sessions spoke with russia's ambassador during present trends campaigned. the latest coming up. by pepsi says they have to lay off 20% of workers in philadelphia.
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general jeff sessions reportedly having conversations with russian ambassador to united states. during the campaign he did not disclose during his confirmation hearing in january. watch. >> if there is any evidence that anyone affiliated with the trump campaign communicated with the russian government in the course of this campaign, what will you do? >> senator frank king, i am not aware of any of those that dignity is. i have been called a surrogate a time or two in that campaign and i did not have communications with russia's and i'm unable to comment on that. maria: attorney general sessions and report, telling fox news i never met with russian officials to discuss issues of the campaign. i've no idea what this allegation is about. it's false to the white house at nine acclaim in a statement that reads the latest attack against the trump administration by partisan democrats. attorney general sessions met with the ambassador in an
official capacity as a member of the senate armed services committee which is entirely consistent with his testimony. the surprise al franken is pushing its story immediately following president trump successful address to the country. rachel campos duffy with us. what do you make of this? >> is on the armed services committee. it's possible he may as token that the russian ambassador. to clear some of the stuff that. these are the same democrats who are now demanding they resign. illiquid net 30,000 e-mails to lead it. they demand should run for president. maria: how about land loretto lynch met with no clinton? and there was no hysteria over that. >> she then recused herself. democrats are asking the at least recuse himself. we've seen this narrative and hysteria come out for the democratic side.
they were calling for donald trump to be impeached. you've got to do high crimes and misdemeanors. >> he was the president for two or three weeks. maria: the whole idea of meeting with the russian ambassador. what is the point? he's on armed services. what are they trying to say that they were cooking up some kind of a plan to fix the election? >> i don't know, but here's the deal. it will come out as a big knot and and continue to erode credibility of democrats. make them with patty and for the media to pick this up is also silly. >> how dare jeff sessions do his job and meet with ambassador of russia. if the only narrative they have. dagen: call me a conspiracy theorist, but i doubt that the incredible speech that president trump gave on tuesday night and then you have the market on this terrific record-breaking run, and lo and behold this story
appears in the "washington post." and then you have nancy pelosi saying jeff sessions -- >> a look at it began at edwards. >> i love how she's upset saying jeff sessions lied under a period okay, but where were you when hillary clinton investigation that going on. maria: the rather lynch met with oakland two days before hillary had to testify. >> am i democrats met the russian ambassador. weren't they looking into the hacking that have been due to have been due to pick unix and pointing fingers. let's see their ledger, see their ledger, see scheduling and have not done as well. if so, why did they need him? that's good the sides of the story. maria: me malcolm in the near term support in the obama administration to spread and preserve information about possible communications. what you make of this? now the obama administration is getting in on this in terms of
spreading, preserving anything they can about the election. dagen: which they put their hooks and where before president exited the white house knew exactly what they were doing from a political standpoint. they basically? this for the democratic leadership in congress to use as they will. maria: they started it all at the democratic national convention. >> when he won the chairmanship of the democratic national committee, he said the election was rigged. there was or the russians. he repeated that a few days ago so the narrative continues. >> democrats don't know what they're doing. but could they have addressed the nation after the president spoke. i have no idea. the democrats don't know what's really happening right now. maria: definitely massive
dysfunction. why would they choose him to do the response? >> is not the future of the party. i'll play that much. >> a lot of -- that would've been the right person. dagen: a lot of big money and a lot of big names behind congressman ryan. maria: he's about the most moderate. he makes a lot of sense. a quick rate paid yahoo!'s massive data breach as marissa mayer check out. the major hack. but hamas plans to bring back customers by expanding delivery. back in a minute. and always working to be better.
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that's right. marissa mayer won't be getting her annual bonus usually about $2 million in her stock award because of the massive 2014 breach. her annual stock award said to be no less than $12 million prison is comes after an investigation by yahoo!'s board found mayer's management team reacted too slowly to the breach. the top lawyer also submitted his resignation yesterday amid new reports that 32 million accounts were accessed using torched cookies. also watching shares of anheuser-busch. the world's biggest brewing company and the make or budweiser, still are taught in corona posted bigger than did earnings after sales and the celtic ahead on its bottom line. adjusted earnings at a dollars and 25 cents from 562 billion a year earlier. missing analyst estimates. the company with bonuses for top
executives. meanwhile, pepsi is laying off 100 workers in philadelphia and the company says the city soda taxes to blame. the last account for 20% of the employees and will be spread out over the next few months. there's the power of government right there. philadelphia so that tax into effect in january. they are expected to raise $100 million a year. make donaldson announcing the fast food giant says it's rolling out mobile ordering, mobile paying curbside pickup over roughly 14,000 restaurants in the fourth quarter. they were halted briefly as executives laid out plans to investors yesterday. berea, they say they want and make those burgers better. i say you go. back to you. maria: mcdonald's new effort to bring back, would you do it?
>> my sister lived overseas. they've been doing this overseas in south america they said they would deliver it to her. >> mcdonald's is to do something to differentiate themselves because they are under so much pressure from companies like shake shack, jack-in-the-box. train to the burger market -- >> there's a whole gourmet burger. they've tried to combat fixing up their menu. dagen: it's not about the burger. it's the chicken mcnuggets. maria: and the fries. >> tipping the fries in the i.c.e. cream cone. that's a thing. >> i love five guys, but nobody has better than mcdonald's. dagen: once they get cold, -- yu can't blend of them in the microwave. maria: no way. we will take a break. send us a tweet and let us know which you think about deliberate mcdonald's.
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maria: good thursday morning, everybody, i'm maria bartiromo. it is thursday march second, top stories right now 6:30 a.m. on the east coast. huge day on wall street. snapchat parent company snap set to begin trading today after a huge day for the markets yesterday. snap $17 a share, that values this company at $24 billion, is it worth it? big day as well on the nation's capitol. president trump to visit the navy carrier. the president focused on getting americans back to work and that starts with the tax environment for business. >> here is the purpose for the thing, we know what our competitors do, china, méxico, much lower rates than we do. they no longer tax worldwide, we meet them and they border adjust
their taxes, so today america doesn't, so today american-made product is at a tax disadvantage here in america and abroad as well. maria: huge record rally to stock prices, we are kicking off today with dow kicking off above 21,000 for the first time ever. it was strong. the dow industrials right now looking to pull back from the huge move yesterday but certainly the momentum continues with equities. dow industrials, nasdaq, s&p 500 lose to flat lines this morning. the president just tweeted moments ago on the market, here is what he said, since november 8th, election 3 and a quarter trillion dollar in gains, yeah, that's true. consumer confidence is the a 15-year high. jobs, that's from donald trump. in europe stocks are searching for direction. in asia overnight, nikkei average was best performer. lyft is taking advantage of the
rough week for uber. new funding plan. carrie underwood home hit with storm, latest on the damage this morning. colin kaepernick controversial time with 49ers may be coming to a close, why he's taking a knee when it comes to his contract? pizza laces up. the new shoe that is will help you order a pizza in time for tip off. we will tell you about it. president trump is promise to go bring back thousands of jobs to america during his historic address to congress earlier this week, he touted his accomplishments in the first month alone. >> since my election ford, fiat chrysler, general motors, lockheed, intel, wal-mart, and many others have announced that they will invest billions and billions of dollars in the united states and will create tens of thousands of new american jobs.
[applause] maria: joining us this morning former best buy ceo anderson was. brad, good to see you, sir, thank you so much for joining us. >> thanks, great to be here. maria: characterize what you're seeing out there, what do you think of the president's speech? >> i love optimism. i love the positive consumer attitude that's out there. i mean, i think this whole game is about can we get discretionary income in the hands of more american consumers and leverage in the hands of employers so they are making more money. a lot of this is pretty optimistic. there's a good reason to believe that essential we are seeing enthusiastic amount of growth from companies now and the climate looks like it's going to be easier for most companies, it makes more sense for them to take on risk and grow. so i am pretty optimistic. maria: certainly that's what it feels like out there certainly when you look at the markets as well. obviously you're no longer the
ceo of best buy but the company reported a week-holiday quarter and they also guided, guidance was also weak, that's why the stock was down so much yesterday, miss on quarter revenue because of unexpected drop on sales, can you give us your sense on the retail environment right now? i'm talk the demand picture and i recognize you have nothing to do with what just went on at best buy. >> the reason i can talk about it i left the board the past summer, retired this past summer. i can imagine that the folks at best buy have a different read since last quarter. the earnings were substantially above. they have really strong earnings picture, 28% for the year and even greater for the quarter. earnings growth, they -- i love what the strategic plan is for the company and -- and i think you're talking about a company that's gaining market share, returning a lot of cash to the shareholders, increasing
dividend, i think the company is in really strong position and i'm really excited about the future plan which, you know, there's so many issues created by consumer electronics and they started a program in four different cities of solving by individual customers. ic they have a lot of opportunity in front of them so i bet they were surprised at how the reaction to the announcement. >> brad, it's kevin kelly. there's a lot of tail wind, right, sometimes net tax rate is 38%, they don't get benefit and deductions that oil and gas companies have but one of the biggest impediments i see and i would love to hear your take your on this, border adjustment tax, will the border adjustment tax be completely detrimental to those consumers and they won't be spending more at best buy and other retailers?
>> well, the border add gistment -- adjustment tax specially because of best buy, if i was ceo of best buy i would be concerned about. the other side of this is as you start moving, if it's successful in terms of -- first of all, most countries in the world do it. secondarily if it's successfully begin to go move more jobs in the united states. there's two sides. the other thing the u.s. economy is such a power house in the world that the companies have had to sort of adjust their pricing to this market because they so desperately need this market. i'm not sure that the full impact would get passed to the consumer. i think it's a very mixed picture in terms of what its
impact is going to be. dagen: brad, but looking back at your history in corporate america, can you remember a time where so much of the optimism and so much of even the markets rally hinged on congress and the president and even -- and even to a certain extent president trump's presentation of himself? charles said last night, president trump, it was the way that he carried himself in that tuesday night address that certainly helped with the optimism about what the next at least four years will look like. >> no, i can't think of a parallel to this. the president is tapping in on it and doing it in a way in pragmatically, i served on a lot of boards, if you're talk about
lower tax rate that stimulate desire to take risks and grow, you know, that's, that pushes optimism. maria: you're hitting on something about decorum. that's why the next day everyone was saying it was presidential. people we wanted to see that. dagen: it's hard to quantify, impossible to quantify is in fact, but how he carried himself but brad points out something that we have been saying for the last eight years, the american people are optimistic by nature. the american people want to work. maria: right. dagen: they want jobs, they want a better life. they're -- their goal isn't the 15-dollar minimum wage. that's not the american spirit and again it takes a special leader to unleash that spirit and that's exactly what brad is
talking about. >> everything in the speech is everything he said on the campaign. he just said it in a different more presidential way. maria: he showed leadership. >> focused on growth and that's the thing and his cabinet is even saying, growth, growth, growth, that's what he is focused on, fiscal policy and not monetary policy. maria: brad, as it relates to taxes during the address to congress tuesday night the president also turned harley davidson into a global trade issue, thereon what he said about that. >> i just met with officials and workersers -- workers from harley davidson, because they have been mistreated for so long that they have become used toyota, that it's very hard to do business with other countries because they tax our goods at such a high rate. they weren't even asking for a change, but i am.
maria: 40% went out of the united states. china taxes 70% tax, that's why he said there should be a reciprocal tax. that came out during my interview with steven mnuchin last week. if china charges our companies 70% tax, the u.s. will charge chinese goods 70%? >> well, you know, in general, i think the united states has positioned the least weak in tax, the other is consumers, the more money consume verse to spend.
it says something about how unique the brand is and how powerful the brand is and how powerful the product is. part of that is to face on stack -- obstacles. it's hard to respond based on their own behavior. maria: we will raise revenue while we cut taxes whether it's kevin's point about a border adjustment tax or reciprocal tax that steven mnuchin told us about. how would that play out, cutting taxes would raise a trillion dollars over ten years? >> well, i mean, it's -- first of all, you can't just cut. they have to come up with a reasonable budget plan. maria: okay. >> the simplification of the -- the simplification and if i'm competing in an environment which i'm pretty sure i know what the shape of that environment is going to be and
the simpler the tax structure and the clearer is structure is, the more i can plan ahead and -- and optimistically spend and grow my business. i think this plan is coherent in he terms of what it can potentially mean as a whole. maria: brad, former ceo of best buy. that's the point. the ability to make plans. that's going to unleash business. that's going to get companies to say, okay, here is my plan and i'm not going to sit on cash anymore. >> you have certainty about the economic environment and the regulatory environment you can plan for the future and spend cash specially reinvest in this country. dagen: very aggressive timetable that steven mnuchin are talking about, ghost, get it done by date, get on the stick. i will say it every day until i see a plan in front of congress. maria: marching orders yesterday. [laughter] >> get it done.
dagen: get on it. when he was walking out he was like, okay. maria: now under protection. stocks sliding after the burger reported disappointing results, why slow sales, back in a minute . lower than td ameritrade, schwab, and e-trade... you realize the smartest investing idea, isn't just what you invest in, but who you invest with. ♪ but wwheyou wantve with. somto protect it.e, at legalzoom, our network of attorneys can help you every step of the way. with an estate plan including wills or a living trust that grows along with you and your family. legalzoom. legal help is here.
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maria: all right, rock and roll on wall street. huge day yesterday, we begin today at all-time high above 21,000 ever for the first time ever. markets up 15% since election day. 7% since inauguration, a couple of names shake shack. following the company's fourth quarter earnings, growth was up just 1.6% at restaurants open up for more than a year. slow growth to bad weather in
the northeast. it remains optimistic with plan to open new stores going forward. facebook is cutting price of virtual reality business. together the head set and motion controllers will sell for just under $600. facebook paid $2 billion back in 2014 saying that it could be a major comp outing platform. northeast bracing for a severe weather system on the way. >> the national weather services says storms will bring strong winds this afternoon and could cause power outages in some areas this after string of tornadoes in the south, one man killed in missouri and two died in illinois and celebrity connection, singer carry
underwood in tennessee, woke up to tree limbs everywhere. recent trouble for uber has been paid off for lyft. a lawsuit from rival alphabet over stolen trade secrets and embarrassing video and the company's chief executive yelling at a contract driver. at the same time lift has been reportedly quiet pitching investors on a new funding round. lyft hope it is funding will bring in 50 million and evaluation of 6 billion and 7 billion. investors include alibaba group and general motors and what could be a tragic story for our industry, new survey show that is the number of homes without a television has doubled since 2009, the survey by the u.s. energy information administration says almost 3% of american homes didn't have a tv in 2015. now, that's a big increase from
the 1 point 3% of american homes who didn't have a tv in 2009. more and more viewers getting their content from other screens, computers, mobile devices, the survey also shows there's an average 2. 3 tvs in american homes down from 2.6 in household in 2009. and that fallout from the spectacular blunder at oscars sunday night is just beginning, the pricewater coopers account says they have been banned from working the show ever, ever again. it was colenan who handed the wrong envelope for the best picture award. report says he was distracted because he was busy tweeting. i guess, maria, no tweeting and driving there. maria, no definitely not. i know that the organization says that it's reviewing the relationship with pricewater coopers as well. >> that's right. maria: if that business goes away, wow, that's not going to be good per the pricewater house
maria: welcome back, the salary cap for the nfl getting bigger, more money for the players. jared max with the story. jar jr. you have to spend money to make money. the fourth year in a row nfl team budgets will get an 8-figure boost for the 2017 nfl season. all 32 teams have up to $167 million to spend on the players on the rosters. this is an increase of $12 million over last season,
salary cap has increased by $47 million over the last four years. colin kaepernick was due to make $9 million but kaepernick is kneeling on the final year of his contract. he will opt out and become a free agent. five-time super bowl champion bill belichack at the boston's game last night. little did he know that another team would be in the house, you haven't really experienced life until you had a basketball spun on your finger as we had here on the the set of mornings with maria here by harlem, belicheck and company got an opportunity. we made belichick laugh. >> lebron nearly barreled last night court side, lebron admitted, i definitely slowed up because i knew it was him. i'm not taking a legend out.
that's pretty cool for me. after kyle busch was knocked out of daytona 500 sunday because flat tire caused on accident he -- that good year can't build tires -- they arrived at headquarters yesterday. good year director told siriusxm that our engineers went over them very thoroughly to make sure we didn't miss anything in the racetrack. we feel we didn't. from kyle busch to kirk bush, winner of daytona 500, shared time with us to talk about his great win and why nascar like all other sports making rules changes to compete with all forms of media for our attention. >> i think that way everybody that digest tv not just nascar but all sports in general we have to continue to create a better product that will entertain younger viewers, the same viewers. jared: here we are now, the snapchat ipo, it's all about ten-second forms of
communication and all sports are trying to find ways to keep our attention for longer periods of time. yesterday a golf, all the governing bodies of golf want to reduce the number of rules in golf from 34 to 24. reduce the time of how long you can look for your ball and all this stuff. maria: the games are too long, make them shorter. dagen: drivers when their mishaps all complain about the tires. it is a tire crutch. move on. it's not about the tires. tires are critical but they always blame goodyear. jared: they don't get to listen to music while driving, i asked him three names. maria: let's talk about pizza hut for a second. i can order pizza from my sneakers. they use your location to get pizza delivered exactly where
you are, wherever you are. jared: you can order pizza from all different kinds of devices. >> what do they cost? jared: they are going to limited high-profile folk. >> smart move so all -- you will see that. maria: lovely, more ways to track everywhere you're at. jared: you have pizza in front of your face. maria: jared max, siriusxm 115, we will be right back
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maria: good thursday morning, welcome back, thank you so much for joining us. i'm maria bartiromo, good morning, it is thursday march second, top stories right now 7:00 a.m. on the east coast. will it be a picture perfect day on wall street? snapchat snap set to begin trading today. the value snap at $24 billion. so what are you getting for your money, we will check it out. controversy in nation's capitol this morning. the white house slamming democrats over latest attack on the trump administration. democrats attacking attorney general jeff sessions this morning over official meetings with russia's embassador. confirmations for president trump's cabinet are still stalled, ryan zinke has been confirmed finally as the next secretary of the interior while
a vote on dr. ben carson as the next secretary of housing and urban development is expected later this morning. move coming just two days after president trump's address to congress was praised. >> president trump, the message that he sent to the country last night was compelling, connected with millions of americans but he was always sending a message to the world about rebuilding our military, restoring the arsenal of democracy, calling on our nato allies to live up to their financial commitments to our alliance but you also saw the leader to have free world expressing his philosophy and his approach to have america standing tall once again. maria: president's trump speech is spiring stocks, the dow closed 21,000 yesterday for the first time ever, powerful rally. take a look at futures pulling back from all-time high, just a fraction. although now the dow is positive so we could actually see another record high in the first few minutes of trading this morning. s&p and nasdaq are negative.
you have to call this a victory after huge move in stocks yesterday. in europe stocks are searching for direction as well. dax index higher, ftse down but all right around break even. the wife of orlando nightclub omar mateen set to be released. why a judge decide that had she poses little risk to the public. nasa still relying on russia to hitch more rides on the rocket. paradise got a little better. $4.2billion bajamar resort in the bahamas, we will bring it to you. is it a sacrifice, why stars of the big bang theory reportedly giving up some of salaries, we will tell you why that are doing that, joining me to talk about it dagen mcdowell, kevin kelly, and rachel campos duffey. great to have you.
>> thanks for having me. [laughter] >> harder than you think. maria: now i see why it's worth $24 billion, not. [laughter] maria: you want to say something, dagen? dagen: no i'm all about instagram. we took a snap and put it on snapchat and immediately putted it on instagram. >> that's the biggest concern of ipo that instagram copied a lot of features. dagen: facebook has done incredible job of monetize the use of it. unbelievable on how they deliver ads. maria: we did snapshots and we will show them to you. former presidential candidate steve forbes is with us this morning, former reagan budget director david is here, bajamar president graham davis and illinois congressman and former chairman of economic advisers jason is with us as well.
big hour ahead. do stay was. we kick it off with top story, snap, inc the company of snapchat set to begin trading, cheryl casone is in venice beach, california at the headquarters. good morning. cheryl: good morning, maria. a lot to look at when it comes to snap, the parent company of snapchat as you mentioned and i want to pick up on something that kelly said around the questions of ipo, there are several. first to the numbers, $17 a share, the official pricing for the snap ipo valuing the company at $24 billion. this is now the third largest technology ipo in history behind alibaba and facebook in 2012. a couple of points, particularly instagram, if you look at filing from snap, they did see a slowdown in user growth because
of emergence of stories in instagram. facebook owns instagram. of course, it's going to be exciting day, of course, everyone here in venice beach, california and certainly on the new york stock exchange. 26 year's old, drops out of stanford and starts the company in 2011, we don't know the -- the company is secret about his whereabouts, we do believe he's in new york, other executives staying behind here in venice beach. i mentioned this to you yesterday, there was news breaking overnight, exclusive report coming from reuters that fcc and advisory committee is going to be meeting on march ninth to discuss about the disclosure that this ipo is revealing as far as how the company is going to be rub and what voting rights shareholders
may or may not have if they do, indeed, take a piece of the snap ipo today. if you do take a part of this ipo today you're not going to have voting rights. it's going to be left to a small string of investors that were early investors in snapchat, a very few individuals and, of course, the two founders evan, we did talk to a few people here out in venice yesterday if they knew a 24 billion-dollar company was up the street and here is where they told us? >> i don't know, i snapchat. >> i use it every day instead of texting. >> i use it to send stupid videos that no one gets to see so i love posting it. >> share the moments, we are traveling around the world so we share with our friend all around the world too. maria: cheryl: okay, to people love snapchat, 18 to 25-year-old demographic.
they love it but will investors love it? this is going to be good for wall street. we will see if it's going to be good for main street. maria: it's true. we are zeroing in. cheryl in venice beach this morning and we want to bring former republican presidential candidate steve forbes, so much to talk about in terms of markets. what do you want to look at? what are your expectations for snap? we have to talk about the 30-plus rally yesterday. >> people are ago tore get to new ipo's out there, you know last year we only had 1 -- 105. the key is looking out. even though snapchat may be a bubble or whatever in the future, the key thing is if they do these good things on health care and taxes you're going to have an environment where you're going to see high-tech go not just with the bits but things like aircraft, automobiles
changes. we need more of the traditional things radicalized by technology. >> it's important to know that the way snap has been going public through the regulatory is more secretive and keeps cards closer to their chest. >> well, that was trying to get around the obstacles put up. >> right. >> one of the things i hope they do in the next session of congress is really radically change and all that great for the counting profession, not so good for thicks like ipo's and one reason why too you have such a small numbers of businesses being formed in this country and, yes, they find ways to try
to get around it but the ipo is the way most cash out and redeploy capital to new opportunities, so these have to be getting out of the way and i'm happy president is taking deregulation seriously. that was it. maria: dagen said earlier, that's why so many companies stock are going public. dagen: because of oxley and to a lesser extent dodd-frank. they're sticking to that, they get it done that quickly, steve? that's not a lot of time. >> no, the answer is they have to. it's good to focus on health care but they're not going to get the economy revved up quickly with health care, they have to have a big tax cut and the one thing they have to do is make it retro active to
january 1st so people feel a big cut and whether they do it in august or the spring or fall, key thing is make it good for 2017, they'll be better shape for 2018 both economically and politically. maria: if they do it in august or september or october, why wouldn't they say this takes place in '18. i understand the markets, look at the rally, 300 plus, do you think for sure it's going to be retro active to 2017? that would be disappointing to markets. >> markets anticipate the future, thicks are greener in the future than present, hopefully. by the time they get to taxes, they are going to see 2018 is looming, they've got critical congressional elections and governor election which is are going to be critical for 2020 census and redistricting, so i think they are going to realize the heck with what cbo, the heck
with what people say on the hill, they have to make it retro active so else they are going to be unnecessary trouble for 2018. >> the only way to make it happen is to make it simple and get -- >> cut taxes. give us 15% corporate tax rate. dagen: by the way, you're preaching to the choir. >> make it simple. if they cut corporate rate for 15%, i don't care what they say, that's radical. the only country better is ireland. maria there's no way he is getting 15% and retroactive to 2017. what did the market rally on yesterday? what did the president say? we know it was presidential and we said that first thing.
what did the market see in that speech that caused that enormous rally? >> deregulation, utterly unglamorous critical for small business, that's why small cap stocks have been doing so well and the push that he is going to get something done on health care and taxes. maria: yeah. >> he knows it has to be done and when you leave it to legislators on the hill, that's why you get the talk about thicks bogged down and take forever. he has to kick them. maria: no mention at all in the speech of a border adjustment tax. >> and the fact that the president really gave his best speech ever in one of the finest speeches in congress ever, showed people by goalie, he has the political capitol and the stature to make things happen and i think that's the real reason for the rally. this is now a real president whether you like him or not, he's a real president and that makes things good, possibility to get real things done. maria: yeah. >> the other component is he's not a politician and i think people are believing because
he's a businessman, ceo, that he's really going to get things done. maria: yeah. >> what he said earlier, i'm not going to let you down and they showed tuesday night with the extraordinary speech that he's rising to the occasion and now he has the political capital to push stuff through. >> we haven't heard anything about repatriation in a long time. maria: that's definitely happening. mnuchin said it. >> we have focusing on issues and we just need a simple plan. >> simpler the better. dagen: choir member meets choir leader. maria: steve forbes joining us there. the wife of a shooter who opened fire at orlando nightclub set to be released from prison. backlash coming up next. how nasa could be expanding partnerships to send astronauts into space. we have it for you. back in a moment
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...so he got quickbooks. it organizes all his accounts, so he can see his bottom line. ahhh...that's a profit. know where you stand instantly. visit quickbooks-dot-com. that $100k is not exactly a fortune. well, a 103 how long did it take you two to save that? a long time. then it's a fortune. i told you we had a fortune. get closer to your investment goals with a conversation. maria: welcome back, the widow of the orlando mass killer could be released from jail in a couple of days. >> 31-year-old noora salman has been arrested for aiding and abetting her husband. defense attorney says salma suffers from post traumatic syndrome.
tough times in venezuela where reserves are getting low, the country there has 10.5 billion in foreign reserves left, 7.2 billion in outstanding debt payments and in 2011 the country had 30 billion in reserves. financial outlook not good for venezuela as it faces humanitarian crisis. former president obama reportedly getting back to the political pool, he's been talking with the former president about different ways to help the new national democratic redistricting committee. meanwhile in france, online petition urging mr. obama to run for the country's president, that move continuing to grow. he can't run there because he's a foreign national but he does have 40,000 supporters. this is a nice story, elon musk, nice story, the fifth grader
wrote to mia asked to run a competition to run best homemade commercial, thank you for the lovely letter he said, that sounds like a great idea, we will do it. musk says tes le will hold a contest for homemade advertise meants, tesla cars are the best thing she's ever seen and hope to drive a tesla car in the future because she's too young to do it now, maria. maria: i like that tweet. it would be so cool if you can hook me up with a tesla t-shirt. >> you get a little something, something. [laughter] maria: we will see when the river hit it is road. what do you think about the tesla, kevin? >> an interesting kevin and you have to separate it from the car, tesla city and making battery -- maria: i meant the car. >> they can't make enough of them. but people want it, i mean, think about all of the people
that put a thousand dollars to get the new series that they are coming out in 2018. they are not going to be able to deliver on it so they built up moa. uim behind it and now they need to deliver. maria: we will check it out. seeing green with snap, innovative efforts to go behind the app, whether he tell you about it. that's next. the cast of the big bank theory coming together off the screen. why some of them are willing to take pay cuts, we will tell youy the future of business in new york state is already in motion. companies across the state are growing the economy, with the help of the lowest taxes in decades, a talented workforce, and world-class innovations. like in plattsburgh, where the most advanced transportation is already en route. and in corning, where the future is materializing.
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company of snapchat, the company set to begin trading today. ipo was priced last night. above target range, $17 a share. value of snap at $24 billion. far cry of the $23 billion. pete, good to see you, thank you so much for joining us. >> good to see you. maria: you have the snap glasses, are you recording me right now? >> i'm not. it's only one button and suddenly i am. maria: wow. >> 10-second video of snap and it's going to be in a weird format, it's going to be actually a circle. maria: okay. >> the reason they do that is because they think it's more like human vision. maria: wow. >> the reason we see video is squares and reck -- rectangles. it's kind of a different differentiator. it's going to appear in the snapchat app and i shot some
stuff earlier but you can -- here we go. maria: that's very cool. >> you see how the circle, you rotate the phone and it's sort of, you know, normally with the video it would reorient itself. this one you can keep turning and turning. maria: you're getting a text, a tweet. >> it's corky, fun, like what it is like they call themselves a camera company which is a sit silly, delta calling baggage company. what they are trying to do is enable visual communication because basically the young today communicate through selfies, they communicate through visuals, they have a conversation just by exchanging snaps with each other, something the older generation doesn't get but like young kids they do it,
they are on this app constantly and they capture of that generation. maria: is that enough? kevin and i did that. is that enough to warrant 24 billion-dollar valuation, is that enough that youngings are doing this? >> well, it really kind of depends where they go from here. user growth has not been great lately. it has slowed down and a lot because ib is that tbram is -- instagram is doing their own. can snapchat boost its growth in some way with international users or can they show that their user base has more value which there's a case to be made considering that demographic is mostly 13 to 25-year-olds, that's a pretty good -- maria: 13 to 25, wow. >> you can see that in a lot of discover channels, discover partners, discover is the media
companies that partner with snapchat and put their content in there and the demographics of those are definitely skew younger. so the whole app skews younger. there's a lot of differentiators in snap and snapchat in the app so that their appeal beyond facebook, beyond twitter certainly has a lot -- they have a lot to offer the youngings. maria: for sure. people are clamber to go buy the limited supply glasses in vending machines across the country. the wearable device allows user to take the video as you just did and post it to their snapchat account, the glasses are available for purchase online, $130 for each glasses. you bought those today or yesterday? >> we bought them a while ago when it was more of an exclusive thing. it was a genius marketing stunt to do these and pop up sort of vending machines that they call robots, now you can buy them
online and anyone can buy them but to sort of artificially limit the supply for a long time, it's kind of a genius plus you had where is the machine going to appear today and people were excited about it and would tweet btate and snap about it. it was just kind of a thing that -- maria: it's interesting that snap calls itself a camera company. i mean, i look at it as a social media company for the longest time i always thought this the beauty of snap was that you send a miami and then it disappears but now they have all the new stuff. >> with discover, they are also a media company, straight up media company. maria: tell us how it works? >> goes right to my phone, you kind of have the thing that's indicating recording and it goes -- you pair it through snapchat app, very simple to pair. there's a snap code, you take the picture of it, there's no -- you don't have to go into
settings. maria: let's see the video you just shot. >> ly get that -- i will get that open. sorry. here we go. goes right to the snapchat app and this is stuff i did earlier but we are going to go, here we go. there's the studio. maria: there we are. there we are. >> there we go. maria: that's cool. and so when you send that to somebody, will that go away in a few minutes? >> it saves it to my app that doesn't go away. maria: if you want it to go away and send it to somebody, you can. >> either as a snap or a story it'll only last 24 hours, it's going to stay on my media on the app so that i can get access. maria: how do you think the ipo does today? >> i think it's going to do great. i think snap has clear differentiators over apps like facebook, like twitter and even though there's a chance, i mean, you see with the user growth the slowing user growth that it's
the next twitter as oppose to the next facebook because facebook took off and twitter is struggling. even if they can't grow, they can still make a case for their value because of that demographic, because of stunts like this. it's an inherently different app but it's also like an inherently different audio. maria: you did the whole interview with the glasses. let's see those baby blues, pete, thank you so much. >> my pleasure. maria: working with lawmakers on bold tax haul. a look at bajamar, a look at resort in the bahamas, stay with us. we will be right back ial editio? because, actually there's five. ooohh!! aaaahh!! uh! hooooly mackerel. wow. nice. strength and style. it's truck month. get 0% financing for 60 months
faster than ever before. if we can detect new viruses before they spread, we may someday prevent outbreaks before they begin. maria: get good thursday morning. thank you so much for joining us. it's thursday march 2. 7:30 a.m. on the east coast. it is is set to begin trading today. they are pricing about the target range. seventeen dollars per share. $24billion. such a big day in the nation's capital. following the rousing speech. earlier this week. lawmakers are gearing up for a showdown over obama care.
laying out the challenge that we have. the plans are costing too much. they have a transition from where we are now into something right now to something that actually works for folks. there's unanimity on the principles. huge day for stocks yesterday. a cracked the 21,000 mark for the first ever huge 300-point rally. this morning's here's what the story is. it's inching higher although the nasdaq and s&p 500 fractionally negative right now. a mixed market.
take a look at the euro zone industry. it did not seem to make many waves. in asia overnight markets are mixed. take a look at the numbers. nasa goes to infinity and beyond. paradise just got a little bit sweeter. we've an exclusive look at the new a baja resort. would you take a pay cut for one of your coworkers. the giving up some of their out of this world salary so that others can make a few bucks as well.
it will be a big cut. we will provide a massive tax release. he puts great pressure on taxpayers. nations around the world like canada. in joining us right now to talk about is the former reagan director. we have not seen a tax overhaul since your days overhauling the tax in the reagan days. there is a big difference. 20trillion today. when we get out of control which happened in 1981. the tax cap became much bigger than intended there was a budget surplus by the middle of the decade that we could cut. today they're facing $10 trillion of built in debt before you even approach what trump talked about the other night. i have to say that speech was the most fiscally irresponsible speech given to
the congress. he's can raise the fence. the medical credit. on top of that. a massive tax cut for the middle class. the numbers don't even close to add up. but he came on with as elastic and basically walked us through some of the ideas that the president has been considering one of them is this idea of a reciprocal tax which would raise more than a trillion dollars just like the border adjustment tax. an idea that he's looking at calling a reciprocal tax which is basically saying we want to create a level playing field so that other countries trieste will be argued to do as the president believes in free trade. but he believes in fair trade. what about the idea to raise
revenue in some kind of attacks at the border. it's highly controversial. before that there can have the mother of all debt. i don't know why people can't see this. s.w.a.t the the president is totally misinformed in unprepared about the debt. he said it's down 12 billion dollars on his watch so far. in the first 35 days of the net debt was up to hundred $87 billion. he had three other 82 billion of cash the day he was sworn in. they had burned through $200 billion of cash the government is still that far in deficit and when the debt ceiling freezes and the clock
will start ticking and by the day people will begin to realize that there can run out of cash there is no past way to a majority in the house or the senate to raise the debt ceiling by trillion dollars. that will backup everything. the repeal and replace is turning into a catastrophe. that's where they have to do tax reform during reconciliation. that's why were neck and is the tax until after the summer. to get that reconciliation and they need a budget resolution for the next fiscal year. they have to have a debt ceiling increase before then. the debt ceiling freezes in. they can borrow anything they want. in march 15 it will freeze in at $20 trillion.
they will be $200 billion of cash on the balance sheet. it will dissipate by the day. when they get to zero cash no borrowing authority then where do they get a majority. the freedom caucus i not going to vote for a multitrillion dollar tax increase before they've repealed obama care then i can help trump as long as he is slamming their constituencies and put up walls at the border. maria: they will not support him at all. seebeck the point is the market is totally missing the fact that the tax cut is and can happen that instead there is gonna be this terrible showdown on the debt ceiling that will create a panic and sell off like we haven't seen before. it was irrational exuberance
on steroids. this is in the last once it becomes clear that the clock is ticking on the debt ceiling. maria: it would be a perfect time to sell. the president also discussed some of the ideas about obama care and talked about the timeline. he also talked about continuing to provide tax credits. we make of that. it is obama care light. it does not fundamentally change direction. they just lowered the matching rate. they are based on age. their refundable the refundable they are a new entitlement. the conservative republicans are properly concerned about this. the whole cost of the medicaid plus a tax credit is $6 trillion over the next ten years. and that will not change her
little that's where they're starting. by the time the round up the majority i doubt whether they will get the conservative republicans to vote for it. they need to focus on what's happening on the ground up there not down here. i think he can learn that he is in a different world. he is inheriting 20 trillion of debt. he has no flexibility. and if he thinks he can duplicate what ronald reagan did accidentally in the mid- 80s. because he inherited a balance sheet. there was plenty of room to
borrow. donald trump ought to recognize that he's not the second coming of ronald reagan he is inheriting 30 years. he's in a giant debt trap. it sounds like you are not feeling good about anything that's going on right now at all. >> i'm not there is a collision you can hear the sound of the collision happening on capitol hill right now. it is splintering everyone. what about the idea that growth will cure a lot of these sales. if you rollback regulations. in the short run it will impact very much at all. hitching a ride to outer space. how nasa could be expanding contracts.
that is next. some actors in the big bang theory said they could be taking a pay cut for their colleagues on set. safety doesn't come in a box. it's not a banner that goes on a wall. it's not something you do now and then. or when it's convenient. it's using state-of-the-art simulators to better prepare for any situation. it's giving offshore teams onshore support. and it's empowering anyone to stop a job
the u.s. has lined up russia to be a backup to fly into space. boeing and space x spacek said they will have systems to fly astronauts which in the next two years but there's big doubts about whether the schedules can be met. nasa has signed a deal for up to 373 million with russia to be a backup for flying u.s. astronauts into russia. nasa has retired -- relied entirely on russia. it's summertime and mars. it has captured blowing dust
across the surface. several whirlwinds dancing. it supports a theory that wind is shaping the landscape on mars. and rumor has it that the big bang theory casts is sticking together like never before to try to earn better pay for actresses the show's original cast members had agreed to take pay cuts to allow for actresses to get higher salaries. they joined the show in the third season are earning an estimated $200,000 per episode while the original cast members they reportedly get closer to a million dollars per episode. maria: that's good. there are a team. >> she was a child star.
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got a little bit better. a beachfront beachfront casino. a golf course and a lot more. giving us an exclusive look at it. the president of baja bar. graham, thank you for joining us. it's been in the making for 12 years. and were very excited for the phase one opening. it is absolutely one of the most breathtaking locations on the earth. some of the things that are there. what do bookings look like. and we are certainly ready to open up the reservations.
as we get closer to april 21. it is truly we are creating the next best generation of resort development. it will have a world-class brand under one roof. with the signature course. 30,000 square-foot square foot award-winning spa. from there we had one of the largest connection centers. 200,000 square feet of indoor and outdoor space. it's really a luxury of choice.
are you expecting this is can be a big destination for conferences and work related things. well have some incredible corporate meetings. it's a stunning setting for social events. and what needs as well. coming into the bahamas very easy to get to. we have pre- clearance. tell me about the bahamas and the caribbean. we've all been worried about things like the zika virus and that was one issue. we have no worries whatsoever in the bahamas particularly in nassau new providence. there's absolutely no concerns for us as well.
as the group. i will have a starting out starting out over 2000 jobs. will be ramping up. over 12,000 jobs will be there with the opening. i know i will contribute huge to the bahamas. what are the most expensive things and what should people be aware of in terms of pricing. in the mid three hundreds it will go all the way up into the sum of the manor suites. we really had is rosewood
hotels. has a traveler today demanded different things. what people want when they take a trip like this. it's more than just the lazy rivers and the water slides. it's a very thoughtful programming. whether it be weatherby junior marine biologist program. we have some ever-changing. we want to be able to create experiences. so the come. the big debut on the new york stock exchange. the biggest ipo since ali baba. mornings with maria is here.
. . . maria: good thursday morning welcome back thanks for joining us i am maria bartiromo, thanks for being here, thursday massive 2 top stories 8:00 am east coast a picture point of view day on wall street snapchat parent company snap beginning trading above target range, 17 dollars a share, valuing snap at 24 billion dollars. >> i have i know like having a good time usually just
snapchat. >> i use it every day -- all day, kind of like steved of texting most time. >> oi use it to send friends snapchat see video no one gets to. >>. >> traveling around the world share with our friends all around the world. maria: very latest on debut coming this morning, the markets are on fire, yesterday 300 plus up, we will take a look and then more controversy in nation composite capital this morning white house slamming drats over attack on trump administration democrats tacking attorney general jeff sessions, about official meeting with russia's ambassador, confirmations for president trump cabinet stalled, ryan zinke sworn in confirmed yesterday next up vote on dr. ben carson next secretary of housing urban development many what kept dr. ben carson from being confirmed.
>> stocks this morning it was 19,000, 20,000, 21,000, markets new round number yesterday dow above that 21k number for the first time ever futures mixed seeing more money move into stocks, dow industrials eking out gain this morning futures indicating a fractional gain for the dow industrials meaning, we will see another all-time high at opening of trading, the s&p nasdaq very close to break even this morning mixed markets in europe stocks are searching for direction, take a look at your a zone indices ft 100 down fraction cac quarante. dax off fraction in asia overnight markets mixed there as wealthy to me best performer, up almost 1%, ex-clinic voe fired mocking widow of former navy seals at the president's speech outrage after he attacked beautiful moment during president trump's address to congress
now fired. security problems hitting melissa meyers pocketbook breach over 500 million you user accounts cost a payday. >> illinois congressman with us former chairman council economic advisors with us this morning milwaukee county sheriff david clock host of "varney & company" restitute substitute weighs in big hour don't miss a moment of it we kick off with top story, snapchat parent company snap incorporated to begin trading ipo was priced above expectations, 17 dollars a share, but values the company nearly 24 billion dollars. joining us right now cofounder of stage works brian hamilton with us ceo of scout finance, is here fox business network sr., correspondent charlie gasparino with us thank you for joining us let me get your take your report on ipo. >> this is interesting because
you know, i thought that last bit on snapchat was a -- an add to sell it, short it with kids, because i think the problem with this ipo is that it is a company that is not making a lot of money a company that is product is -- is do you know indicated the retail investors may be shut out of this that creates a -- a scarcity of demand at open so buying into this thing could be very problematic what do we know from people inside the under writing syndicate the retail allotment of this deal a lot thinner than for alibaba, facebook, twitter. >> not a stock to apply -- >> there's a few. >> there is -- >> to your point 00 million shares issuing 150 going to investment firms. >> most of it and not just investment firms friends and family. >> right. >> what they did they took out
from the retail allotment put into friends and family is that necessarily bad i think necessarily good because you know why if you are a retail i don't think you want near this thing right now, here is thing for company that profs egalitarianism want to help eir es in a sense kind of ipo. maria: you are saying at 200 million shares 150 million are off limits off the bat. >> exactly. >> that is a good thing definitely i am going to keep going where you left off to put in perspective, microsoft with six times in sales google was 20 times sales, these guys are 62 times sales very similar to twitter, it is overvalued unbelievable a start-up 6 years old, and just a huge valuation about unbelievable. >> losing -- remember where it gets problematic for the investor because you are creating demand out of scarcity at ipo open, so this
thing is -- what time some point. >> 39, 45. >> i am glad the retail guys are locked out actually. >> locked out now, not after -- >> locked out. >> once able to buy it can buy it and then at that point probably buying over valued stock. >> absolutely. >> buy at 25? >> -- >> have 17 what do you think. >> i think one thing that we have to recognize, there is a cultish following to this company. >> that is true. >> now, whether that justifies the valuation -- i am going to leave experts to it, i am more of a tech guy, and i can tell you that the features on snap that -- that user experience, the speed, the fact that you just take a picture goes right into your -- into your stream that work flow that has created a resonance, that might have staying power. i just don't want to underestimate the fact that there is loyalty to that.
>> kevin and i took pictures of each other, and i said to kevin, so oh this is what is all hype about 24 billion dollars, is that enough? >> it is probably not enough due to the fact it is easily replicated instagram has done that they are doing it -- in their -- but -- knocked off overseas. >> i think you got to ask what makes them different with a made them different guess what college kids can take pictures of each other you know disappears insider traders can maybe use it. >> [laughter] >> this -- >> you are right -- >> i am not kidding you that is what people spoke about, early on, this first came out utility that set it apart insider trading and kids hooking up, now i am sure there will be on that now, you he know the product pretty well. >> still, you know. >> it is a fair point, but one thing to understand this is a this is a world that is noisy
snap has a name, even though instagram even though, you know trying to copy, i can tell you from in this business, to get a new concept out, even a copy, is almost impossible, first mover reigns supreme court. >> spiegel was brl not to go with 3-billion-dollar take out 00 a couple years ago now 24-billion-dollar. >> i am a technical entrepreneur amazing how we get away with a lot of -- just about unbelievable logic doesn't hold. look at this product it is very trendy only 6 years old. >> not logic. >> not at all. [laughter] -- one footnote look at this. when you buy into this company, okay you are not getting voting stock either. what is going on not just value it is the whole -- experience, you know it this is california thing hopefully
not up yet it is doing away with -- >> having any -- >> take -- going on. >> going public, the value unbelievable. >> compared to facebook, i never thought facebook was a big thing like who cares when melissa meyer start monetizing every about it of data the user experience is more sticky i go on facebook i can i sit down they can get stuff from me i interact i don't interact well on twitter except telling you know what themselves, this, too, there is an ability to monetize, this user experience. >> i am glad -- >> and i brought that up the problem coming out two times the amount of double the valuation on price to sale, the issue is also data the analytics better for facebook and google that is who competing against advertisers have not really at an hold and worried about the model, why
in they want vertical video one demographic. >> do they hold sustain margins? >> the biggest issue. >> tons of money, by the way, on your point, remember facebook was making money, google making money microsoft make money in company losing tons of cash about unbelievable 600 million -- >> i don't want to flush. >> this thing on first day of the ipo because for all i know i am sitting here going oh, my gosh, but -- the user experience, and correct me if i'm wrong, seems very temporal, that is what it is based on, quick, done -- in, out can you monetize that. >> first of all, no one is arcing with governance valuation, and ratios, look there has been other examples of ridiculous valuations i am not fighting that i am saying
it has a loyalty to it, i understand the generation using snapchat has edd, okay. so. >> a lot of cash. >> -- >> they don't care about talking to friends worried about making money using entrepreneurial spirit. >> hot now they don't care. >> twitter. >> may be fickle what is systemic about them that they a are. >> millennials never grow up. >> that is what i -- >> i think they don't grow up and i think that that -- those that have been brought up with this gadget are going to always want -- ephemeral experience. >> you are buying financial instrument remember this who founded company 88% control could leave in a month it is in offering they control that
company, it is incredible what people like me get away with in tech industry, and not rebuttal i understand the stickiness the i generational differences it is economics it is incredible arrogance. >> burning 6 hundred million dollars. >> more money. >> what -- >> how often? >> last year. >> last year. >> would you buy in the pop? >> a would i bloo i? on the pop if popped at 25. >> you know what i would, i think that is because -- you know i am not holding it necessarily for ever it is timing resonates with ridiculously high growth audience. >> sounds like you are a seller sounds like you are a seller. >> i have more money in a money market. >> a market gentlemen thank you so much brian hamilton, charlie gasparino greet stuff thank you very much we will watch on snap. >> he attorney general jeff sessions latest under fire
with feeth meeting with russian officials response to attacks by democrats i can't a hoa ceo melissa mooir paying big for massive data breaches how much the hacking scandal will will cost her we are back. stay with us. using smart traps to capture mosquitoes and sequence their dna to fight disease. there are over 100 million pieces of dna in every sample. with the microsoft cloud, we can analyze the data faster than ever before. if we can detect new viruses before they spread, we may someday prevent outbreaks before they begin.
i was thinking around 70. to and before that?re? you mean after that? no, i'm talking before that. do you have things you want to do before you retire? i'd really like to run with the bulls. wow. hope you're fast. i am. get a portfolio that works for you now and as your needs change with investment management services. was brilliant was brilliant. maria: therewith are new questions this morning over the orange jeff sessions after reportedly had undisclosed conversations with russia's ambassador last year, blake burman live at white house with details good morning to you. reporter: maria, good morning
to you as well democrats are calling for attorney general jeff sessions to resign. here at the white house, they are calling this yet eat partisan democratic attack there are two different issues at hand here, the first, is a "washington post" report out this morning, that shows twice last year, senator sessions met, russian ambassador second from earlier this year, during confirmation hearing on capitol hill sessions was asked by senator al franken what he would do if he found out as attorney general somebody from trump campaign team might have been about communicating with russia, listen. >> i am not aware of any of those activities. i have been called a surrogate a time or two in that campaign i didn't have -- communicating with russians, i am unable to comment on it. >> in a statement this morning, sessions does not deny meeting with russian ambassador, but he cash
arrived this way i never met with russian officials to discuss issues of the of the campaign i have no idea what this allegation is about, it is false, pliem here maria you've got democrats pointing to that statement there, saying at best it was misleading going forward, they question if sessions at all can oversee any potential russia investigation, here at the white house, over department of justice they are saying sessions that the point a senator a member of armed services committee acting well within his reach. >> thank you so much joining us to talk more about it illinois congressman adam, good to see you thanks for joining us. >> you bet. >> your take on this. >> two things right now this is breaking more administration to know i think the he attorney general actually needs to be very clear about who he talked to when he talked to them, sir,, for that. i think otherwise there is going to be cloud over him but other thing i can tell you as somebody on the o foreign affairs committee i meet with ambassadors every day if you
asked me have you met with ambassador of the nation of chad i probably would be the be able to tell you whether or not i i had can't remember i think to say you know when i heard, the al franken thing made it sound like it was a prolonged conversation -- attorney general sessions said no, you know meeting with ambassador, i don't know if that is a cardinal sin. >> i think we should talk specifically about what that conversation was about, i mean, when -- when franken was questioning he was asking him about speaking with russians about hacking the election something about the election, and i don't know. is this a reach here? for me to expect that that is what jeff sessions was answering as opposed -- the guy is on the foreign you know -- the -- foreign affairs committee, of course, going to be meeting with all sorts of international counterparts. >> i think to be clear i think jeff sessions needs to be very open honest about about what was discussed when, again,
just giving the totality of everything it would be right to do. maria: yeah. >> i think for somebody what i have heard jumping to the conclusion that somehow he was in cahoots with russians i can tell you i met with russian ambassadors does not make me should be that colludes, makes me a politician. >> is if more than 25 conversations with foreign ambassadors as role as senior member of the senate armed services coi will push back on republicans if republicans even in a small way look like that they are siding with the likes of nancy pelosi, that is not looking good for some members of the gop congressman. >>e i can't, look, i got to tell you i think i think that the democrats are way overstepped tone how they want -- i actually do want answers on russia connections i think needs to be done in bipartisan way every new piece of information comes out you see
democrats grow in hysteria i think it takes away from any representation to get real answers on this. >> adam this is rachel talking to you here. >> hey. >> have how are you. >> i am good. >> second favorite congressman. let's talk about health care. we are seeing divisions at least being reporting, are there really serious divisions? are they going to stall or stop health care reform what are repercussions, i imagine voters constituents are going to be upset about it. >> look, i think there is going to be a lot that dpees in shoulders with of president trump here, he's got to go out and sell, to skeptics repeal replace tax reform unfortunate or party a long time majority not presidency we've gotten into this like problem where we just kind of eat our own, if something is not perfect we are going to oppose it look we've got to work together, to
try to get the best replacement plan make sure people have better health care less expensive, i think we are going to get there but i think there is going to be some difficulty in this process, because, everybody kind of has their own agenda, we will get it done we can't do you know the kickbackless purchase like democrats did when they loaded up obama bill k earmarks. >> democrats saying we want receive jegs to resign step down as attorney general, is this going anywhere. >> i don't think so, again, he does need to be clear with contacts what was said. maria: right. >> i don't think he definitely doesn't need to step down as attorney general, unless this is something that i don't understand what it is reaccusing would be a decision he makes i will do it if time is right, at this point i am not sure if it is there. maria: all right we leave it there good to a see you thanks so much for joining us there, coming up, yahoo! another
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. maria: welcome book, big security reach at yahoo! late 2014 has proved costly for ceo marissa mayer the details now. >> yahoo! is a says discuss a of breach more than 500 million accounts mayer won't get button ugs or stock unaware yahoo! investigation found team reacted to slowly to breach in 2014, also, yahoo! top lawyer ronald, resigned target bonus 2 million dollars a year her annual stock award is supposed
to be no less than 12 million dollars a year, security forced yahoo! to he lower sales price to verizon by 350 million dollars. >> hoa shores up 15% past year. shares of abercrombie & fitch lower in the premarket after company reported fourth quarter results posted a profit of 71 cents a share, missing the estimate for 75 cents, revenue fell to 1.4 billion dollars from 1.11 plan year yearly same-store sales fell 5%, and big story four months after it closed trump taj mahal casino atlantic city being sold carl icahn selling to hard rock international two new jersey investors closed during a strike, icahn said they lost 300 million dollars in january owning taj mahal five casinos closed last three
years fingers crossed for those folks to have success. >> atlantic city not doing well for a while at this point, thank you when we come back president trump hits to road for support for military spending increase could set a stage for a showdown with lawmakers big la arrived will it be picture-perfect on wall street or will enthusiasm vanish live with what to spep, back in a minute. ♪ ♪ that's where i will go ♪ ♪ baha mar,.
. maria: good thursday morning thanks for joining us i am maria bartiromo it is thursday march 2 top stories 8:30 a.m. on the east coast a huge day on wall street, snapchat parent company snap set to begin trading today, the company priced above target range last night 17 dollars a share, valuing snap at 24 billion dollars. what you need to know ahead of the opening bell after a huge rally in stocks yesterday better than 300 points higher more controversy in our capital whooifs slamming at a democrats ovulates attack on the trump administration, now,
basically, the wloest saying attorney general jeff sessions, had an official meeting with russia's ambassador was not up front about it republican congressman chaffetz is reacting to news he tweeted this out a moment oak, ag sessions should clarify his testimony, and recuse himself, from the investigation into russia's activity, in this election president trump set to visit the aircraft carr uss gerald r. ford following a renouncing speech on capitol hill democrats on the attack. >> we have nothing from the administration, nothing on infrastructure, nothing on trade. nothing even on apa, so you want to sit down and talk? let's see what your plans are see if you can get your own act together, before you are pointing the finger at democrats. maria: meanwhile, heroes in blue are fighting back over the president's stance on immigration why several police chiefs say they are standing
to up the president's threat to withhold federal money from ask he sanctuary cities, now 21,000, dow industrials cracked 21k yesterday for the first time ever, futures indicating a rally at opening of trading continues, dow industrials set to open up about 30 points high of the morning, the s&p 500 is flat, to negative, but still this is certainly a victory after enormous rally we saw yesterday he broad-based in europe searching for direction take a look at eurozone indices strengthen in cac quarante in paris dax in germany ft 100 london lower in asia overnight market mixed take a look nikkei average in japan best up almost 1% tournament trump will deliver a speech aboard gerald r. ford proposing 54-billion-dollar increase in defense spending during address of congress tuesday made to. >> i understand seasoned to go congress a budget rebuilding
military one of the largest intreestsdz in national defense spend of he increases in american history. >> former council of economic advisors chairman under president obama jason fuhrman good to see you. thank you for joining us this would be a 10% increase pentagon profoundly budget yet you still hear people like mccain saying not enough we had need more your take what you heard from the president o other tight with regard to military spending. >> i am no expert only defense spending what worries me this is being paid for by guth everything else in the gst if we want to have good jobs in, this country, we are going to need to invest in education, need to invest in about sign opportunistic research what could to pay for this defense increase. >> is we had issues in terms of military the navy fleet army fleet oldest in decades general jack keane on show
yesterday painting a picture of we are not prepared for much, in terms of the military right now. why wasn't an increase in defense spending projected or expected under the obama administration? >> we proposed the same thing, understand what this is all relative to, there was a sequester in 2010 brutality mechanism to force both sides to the table to come to agreement with cuts untenable in defense and nondefense, unfortunately we never came to an agreement so what we have been doing about two years at a time, patching it we have proposed a solution that would have had higher defense spending higher nondefense spending, paid for with combination of savings and entitlements, and revenue that is the real way we should be doing this the commission set out years ago. >> you do think an increase in defense spending is warranted. >> i think it is almost certainly is warranted i just don't know the exact number should be. >> understood.
>> but what i think -- i used to get, pressed all the time, on what are we doing about entitlements what are we doing about entitlements an administration appears to have taken them off table mid clas entitlements any president obama never did anything about entitlements. >> we did savings in medicare part of affordable care act deliver for doctors bipartisan bays 20157 additional proposes beyond that if you take it off the table entirely forces big cuts on medical research, on education on everything else. >> what do you think about the idea of what is talked about now so-called border tax or about reciprocal tax talking about money raise of a trillion dollars over 10 years do you see viability in cut king taxes the way president wants to do also raising revenue by that tax border tax. >> first of all, i think starting point of business tax at a reform competitive system
probably lower rates should not get there by making another one of our problems, the deficit even would swlors have revenue neutral a tax reform what ronald reagan said many on both sides called for in congress, this border tax is something really attractive to tax policy nerds the tax policy ynerd in me loves it i look at he consequences, how that would lower orchestration wto reprisals nervous we haven't thought through. >> i think not ready for prime time i wish it was because it is attractive in some ways i don't think thought through well enough. >> one thing is the idea of economic growth they feel that this team economic team feels that economic growth you get 4% that curious ales, jobless numbers out 223,000, that is a 44-year low, lower than any of the expectations on jobless claims, people are wondering,
how you are going to move the needle on economic greeting, do you buy into that idea? that economic growth will cure ills? >> absolutely. the most important thing we need is more productivity growth a big productivity slowdown last 10, 15 years. we need to get our up a range of things what i think a problem if you build your budget, on rosy scenarios, and wishful thinking you should not do that try to get as much growth as we can, but then be conservative in projections so we are not following a ourselves into thinking we can afford tax cuts on spending intreefsdz that we can't afford as you can. >> president talking about job creation his goal how is he doing so far jason. >> first of all, most of the job creation in this country had nothing do with president obama nothing to do with president trump it is what private sector does doing a good job.
>> wait a minute the private sector make decisions based on policy around them a lot of people will say that because of the regulatory environment, on obama you ares business sat on crash that is why they didn't actually put money to work and hire new people, yeah are business is going to do what they are going to do based on what the policy is. >> policy matters absolutely the policy contributing to the longest streak private sector job growth country had consistently fell further unemployment rate than any forecaster expected, right now you have a lot of optimism in the economy, you don't have a lot of policy to justify that optimism may be that policy is going o to come. i think a lot of it is ununlikely to won't be proposed or you will have some crazy things happening on trade, immigration something else that will hurt our economy i am worried about what happens when you sort of go out over cliff look down nothing beneath.
>> you what do you think stunted growth for years under obama we never did see 3% growth any year. >> two things demographic, you look in 1980s working age population prime age working population growing 2% a year, now falling that is just a function of birthrates decade ago nothing to do with any president the second is there was a worldwide productivity slowdown everywhere ever vansed a advanced economy slower some fallout from recession some of that was just innovation about cycles in the way they work. you looked united states had better growth than most of its peer countries we had better policies with an most peer countries. >> you don't think president ovb could have done anything to move immediately on growth. >> i think orchestration preventing a secretary great depression abort growth if we
did more to invest in infrastructure research the trans-pacific partnership shouldn't have taken two years should have pad if we did that we would have had more growth president obama called for lower rates in state of the union in 011 congress never acted on would be thrilled to see congress act on that. >> you would have thought first two years when president had both chambers could have gotten a tax reform done. >> there is a lot going on there, he -- >> obamacare. >> did obamacare, i think good that has been you know a plus for our economy. >> well hurt economic growth. >> you look at growth he costs growing slowest rate 50 years ceos telling me behavings thing worded about is double-digit growth that is solved. >> that is exactly right, the ceos come on this program say look because of obamacare i didn't want to hire more than 49 people i turned full time jobs into part-time jobs had
impact on economic growth. >> the american enterprise institute a conservative think tank took a look at 49, part-time thing found no evidence for it in data. >> what do you think, a realistic growth number could be with the policies that you are hearing about from the trump administration? >> if you got everything good we have heard about. >> yeah. >> nothing bad you don't get huge increases in deficit don't get trade war, immigration, randomly attacks on attendance a growth rate -- would be 2.2, 2.3 a reasonable conservative basis for building a budget. you know, assumption for going forward. >> and in the entitlements, i mean you make a good point nobody is touching the entitlements. the trump administration doesn't want to. we have not seen any movement to the entitlements, why is this such a hard thing to get around? i mean we know that is where the spending is. >> i think what we should do is pattern that we have done
vr time successfully cut a budget on bipartisan basis combination of putting revenues on the table putting entitleds on table doing two together doing them on a bipartisan basis each side can provide cover to the other instead when a we're seeing here, is a promise of a big, big tax cut, a promise of not touching entitlements, a promise of big defense increases this is not you know, what a sound economic strategy in a country with a deficit is expected to be 5% of gdp the end of the decade. >> you don't think this ends well? >> i -- you know, i am worried i am certainly worried but i would love to see something good come out of this i would love to see business tax free from infrastructure investment better trade ordeals. >> jason great to see you thanks for inoversight, coming up diseases of police chiefs a sfand for sanctuary cities this morning their response to president trump's pledge to
withhold federal money from controversial areas snapchat ready for wall street swrald at 24 billion dollars, prices last night 17 a share, stuart varney is with us. back in a moment. ually there's . ooohh!! aaaahh!! uh! hooooly mackerel. wow. nice. strength and style. it's truck month. get 0% financing for 60 months plus find your tag and get $5500 on select chevy silverado pick-ups when you finance with gm financial. find new roads at your local chevy dealer.
. . maria: snap hoping to be a hit with investors when it begins trading 17 dollars a share, probably will open not at 17 but stuart varney says there is not all about making wall street happy host of "varney & company" stuart varney joins us good morning. >> good morning, maria you know if you dig deeper into snap, as a company, i think it would be a problem as you said probably going to raise 24 billion dollars today. do you know it only has 1856 employees. here is a company same size in terms of market value as fiat
chrysler, 1800 employees, i am saying, massive wealth creating limited job a creation, if you go back a couple years look at wasup, 19 billion dollars bought by facebook at the time had 55 employees. valued at 19 billion dollars. my point is technology is massive wealth creation not job a creation, that i think could be a problem for the overall economy just saying. >> you make a good point he we've been pointing o ultimate a lot of these all morning users growth slowing. >> yes note that coming out to be valued at 24-billion-dollar raising a few billion dollars here, if you start looking at it saying camera company, look at gopro what happened to them lockup stock ran up on hype once that lockup came out
everybody started dumping shares everyone should be worried about. >> is it a gopro -- >> -- radio you -- >> stuart the point stuart, i think the point you are trying to make is that the real job growth comes from the small medium ipos, not these larger ones is that the -- >> my point is that this is the new high-tech economy if you compare to old industrial economy, industrial companies employ tens of thousands of people a technology company does not same wealth citation but a very different employment picture not ideologic right of doesn't have an answer right doesn't have the state of technology how it is. >> see you 10 minutes i will join you this morning look forward to that.
>> see you 10 minutes top of the hour "varney & company" join stuart right after "mornings with maria" coming up dozens of top law enforcement officials are slamming president trump's proposal of sanctuary cities, sheriff david clark on deck. opl, does psoriasis ever get in the way of a touching moment? if you have moderate to severe psoriasis, you can embrace the chance of completely clear skin with taltz. taltz is proven to give you a chance at completely clear skin. with taltz, up to 90% of patients had a significant improvement of their psoriasis plaques. in fact, 4 out of 10 even achieved completely clear skin. do not use if you are allergic to taltz. before starting you should be checked for tuberculosis. taltz may increase your risk of infections and lower your ability to fight them. tell your doctor if you are being treated for an infection or have symptoms.
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. maria: welcome back, a group of over 60 police chiefs sheriffs are standing to up president trump's immigration policy they say, that in response to the president's threat to withhold federal money from sanctuary cities law enforcement immigration task force issues this letter saying we believe we can best serve our communities by leaving the enforcement of immigration laws to the federal government, threatening the removal of valuable grant funding from
jurisdictions, that choose not to spend little bitted resources enforcing federal immigration law is extremely problematic. joining us author of cop under fire, milwaukee county sheriff david clarke in the studio. >> thanks for joining us we want your take on this that statement was incredible. what is your take on these -- >> disappointed a lot spointh sanctuary cities provide a safe haven for criminal illegal aliens, involved in very heinous crimes, against members of the community, look you can't have it both ways if they don't want to participate, first of all, part of the law enforcement officer code of ethics to cooperate with other law enforcement agencies in pursuit of justice that is what this is speaking out of both sides of their mouth the other thing about it is this is wrong, most agencies i saw many of the cities, they have law enforcement officers who are deputized as u.s. marshals serving on u.s. marshals
fugitive task force fbi violent crime task force bureau of alcohol tobacco fire articles firearms investigations i have them as well you can't have we will enforce that federal law but don't think we should be enforcing this federal law, many achievchiefs in relation t mayors many liberal democrats. >> redacten our guest yesterday has a thing to say about a this in washington spoke to jamiel shaw his son was murdered his son was 17 years old. stolen of life, by an illegal immigrant. stephanie: i think mayors any individual does not abide by laws of this country, have to speak to the parents of those who have lost children, or people anyone who has lost a relative, sheriff to that point though how can you -- police officers "go rogue" if you will. if they know that in a illegal immigrant getting out of jail
being released, couldn't they just call immigration enforcement let them know this guy is walking out of our jail any moment. >> here is how this works we work with immigration enforcement on that he previously secure xunts now 287g -- ice knows what they are talk looking for somebody in custody come in our jail look at booking sheets. >> every day. >> every day get data from decide we want to look at this individual here is a detainer, a lawful order, says that we can and should hold them to up 48 hours while they do an investigation, if it goes beyond that got to get another detainer all they are asking not to question the guy determine immigration status all we are doing is cooperating a very low threshold to be asked of us that is why i participate in it i have an obligation to protect law-abiding people of my community we have had criminal illegal aliens in
milwaukee county involved in very serious crimes including drivering driving led to deaths things like that, some of the other crimes you see a lot of crimes go unreported underreported by illegal aliens who are in the country, and they are victimized by criminal illegals won't report that for fear of being discovered themselves so we are being -- we are seeing under reporting of domestic abuse child abuse sexual assault, things like that, because if you are in the couny illegay, i can't call police because theyy discover me that allows th criminal illegal alien to continue to victimize over and over again that iss disservice to people of your community i can't see how law enforcement can say it is not. >> i think there is a feeling that a fear that people have this is about going in, and rounding up you know people here illegal but not knighted
violent crimes. they are doing that on purpose. >> i know i know. >> to confuse the issue. look. i don't think it is too much to ask if you are in somebody's country illegally, to obey all the laws not just a classification they keeping up the ante say just serious ones really serious ones, no. all of them i have been to foreign countries i can't go into foreign countries and commit a violation of the law think they are going well it is just a little thing go on your way be happy it doesn't work like that, you cannot allow people to cross borders come into your country illegally set up residence that is what this is doing. >> one more question. >> the gop salivating over baldwin's seat your name has come up a lot for that senate seat any plans. >> have an kerchief to take care of saliva if that is what they need. that is a big decision i haven't made that i never say never but at the same time that is not really high on
priorities that is why a draft moment going to have to bring me in kicking and screaming. >> great to have you on the program, we will be watching that david clarke. we'll be right back. so they cr operations below the sea, even from thousands of feet above. because safety is never being satisfied. and always working to be better. because safety is never being satisfied. companies across the state are york sgrowing the economy,otion. with the help of the lowest taxes in decades, a talented workforce, and world-class innovations. like in plattsburgh, where the most advanced transportation is already en route. and in corning, where the future is materializing.
>> i'm proud to be on the panel with a former sun devil, let's go asu. dagen: congress needs to focus on getting reelected and that day comes sooner. tax cuts. maria: here comes stuart. stuart: i'll take it. question, is there a selloff after a huge run-up, surely stocks are coming down? no, they're not. at least not at the opening bell. good morning, everyone. the headline is, no retreat. you might have expected a sea of red ink after the astonishing trump rally, but a half hour from now, the market will open up, believe it or not, up. not much, but up. look at yesterday, as you can see right there, the dow went straight up, 21,115 was the close, that means it's up 2,783 points since november the 8th, the election. another big number for you, 3.251 trillion, that's h