tv Varney Company FOX Business April 12, 2018 9:00am-12:00pm EDT
♪ dagen: thank you, stuart, it is all yours. stuart: crises crises everywhere and still the market goes up. what does that tell you? speaker ryan will retire, crisis of republican leadership. the fbi seizes trump's personal records, crisis at the presidency, the president clinton attack on syrians and their allies, crisis of foreign-policy. now a little pushback from the president. never said when an attack on syria would take place, could be very soon or not soon at all. the united states under my administration has done a great job ridding the region of
basis. where is our thank you america? that tweet helped stocks. as soon as came out futures moved up and stayed up. the dow is going to open up 140, s&p 13, nasdaq 37 points. there is something else that play other than political crises. that would be profit and economic growth. all the forecasts suggest a profit surge. larry kudlow, the president's top economic advisor forecast 3% growth, 4% growth later this year, that is good for stocks too. thursday, april 12th you won't believe what we are going to show you next. "varney and company" is about to begin. ♪ stuart: there was fighting and sports last night, first it was a vintage yankees red sox
rivalry in boston after getting hit by a pitch, they charged the mound, the benches cleared for all out rall. the champions league game a player from the italian team conceded a highly disputed penalty. and starts protesting vigorously, too vigorously. they sent him off the field. and the world-famous and shirtless christianoh rinaldo wins the game for the spanish team. uproar, outrage. that is what we will be talking about this morning. what do you think of that? liz: it is slow for me. it is sort of like watching golf or baseball, kind of slow for me. it is so slow it is like
watching europe grow. stuart: we will do it later, do it again. liz: i am speechless. stuart: let's deal with money. where are we going this morning? we are going up, 150 points higher. look at the price of oil near a 4-year high but $66 a barrel stabilizing after the president's syria two. barclays says bit coin will likely never hit another record high. the peak in prices is in the past but it is up this morning at 7600. with get to politics. similar probe is focusing on the access hollywood tape. speculation about the president firing mueller. look with the president tweeted this morning, if i wanted to fire robert mueller in december as reported by the failing new york times i would have fired
him. more fake news from a biased newspaper. republican national committee chair rodney mcdaniel. welcome to the program. i don't care if the president fires mueller or not. what concerns me is the idea we could be considering removing the president from office for events that occurred before he was a candidate, before he was in politics ten years ago. >> we have been concerned mueller would expand the scope beyond the original intent, investigation in search of a crime, there is no resolution so got to find something else to justify the taxpayer-funded wild goose chase. it is shameful, it should be over, we have an election coming up, we want to get this done so the american people know there was no russia collusion. we figured that out, let's get this over with.
it is a taxpayer boondoggle and needs to be done. stuart: the deep state will be leaking as much damaging information to the president through summer and fall and they think, democrats will when the house at lunch. >> where was the raid of hillary clinton when she had thousands of emails on her private server, classified emails in the breach of client attorney privilege going into michael cohen's business. i want to understand why different set of standards for our president then it was for hillary clinton and people across the country are appalled. of when i don't think the country will stand for it. and that the nasty leadership fight within the republican party. you are smiling but it is not good for republicans. >> you saw the announcement, i have kids his age, we talked about it when i took the job. it is a grind to be in congress, to be away from your
family. stuart: he is leaving a badly divided -- >> i understand his personal reasons, his dad died when he was 16, he has a 16 year mac, he can no longer be a weekend dad. he didn't want to run and just step down. we are focused on the midterm. kevin mccarthy is our, republicans across the country have something to run on. the country is doing better with republican leadership, jobs coming back in our economy is robust, people getting more money in their paychecks, we have something we have done and accomplished and vote for democrats you would get smaller paycheck, less wages, less jobs, vote for republicans we have proven see what our leadership brings to your family, your household, making life better, put us back in office. stuart: that doesn't mean you're not worried. >> of course. i energized but
never bet against donald trump, he devised the odds. stuart: thank you very much for being on the show. an important day in our opinion. facebook for two they zuckerberg was grilled by congress. let me pass judgment, i say he won. ashley: he didn't dissolve into a puddle of sweat as some said he would. there were all sorts of predictions, he held up very well. he held the company line, he didn't deviate and he handled those questions some of which were difficult but deflected very well. >> i think he lost.
and connecting the world as a community, did you see the missouri guy who sued, cancer found out his treatment options, when you find that out you got to say, a stocker on the internet following everybody. >> stock is up and look at futures up 170 points higher. art laffer is with us. i think the rally is about profit reports that start tomorrow, big games likely and larry kudlow sang a strong third and fourth quarter of the year. is this enough to give us a second leg up for stocks? >> it clearly is. i love larry kudlow. he is phenomenal and correct on the second and third quarter of this year, totally right as long as something bad doesn't
happen i see no reason stocks shouldn't be up the rest of the year. stuart: you could say these sharply higher profits already baked into the market and any disappointment will bring things down. >> the only thing i worry about his trade and the mueller stuff and those are wildcards and they materialize into something really big but those are the negative ones. otherwise this market is on along trajectory of increases. stuart: still talking 30,000 on the dow? >> yes. just when? >> you tell us when. >> i told you 30,000, you have to do the when. we have a long prosperity coming if there's not a huge negative thing happening. of democrats swept the midterms that would heard the economy a lot. of china war without the economy a lot and the mueller indictment of trump or family member or something would hurt
the economy a lot but other than that the country is on strong economic footing, the tax bill is working, deregulation working, the president is going to do a second tax bill, that would be phenomenal. on the economic side of everything we are looking really good for a long-term bull market. stuart: i have more material a little later on. coming up immediately california governor jerry brown has agreed to spend 400 troops all the way through california, not just the border but the coastline and inland areas as well. they will be spread really thin. texas congressman louis gombert will tell us what he think next. if you are a varney regular you are familiar with the company boxed, the online retailer, you have heard of four companies that tried to bite including amazon. the ceo will tell us the status and how much money, varney continues.
stuart: which company is the largest asset manager? blackrock doing very well making a lot of money, stock is up to present. the other way, bed bath and beyond, weak forecast for the future, they are on track to open at a 9-year low down 16%. to california governor jerry brown, national guard request but largely symbolic. congressman louis gombert, republican texas is with us now. you are a border state, your governor is sending the national guard with guns and they will patrol the border but in california they have 400 spread throughout the state including the coastline, the interior, maybe the border and they are not going to be enforcing what we think of as getting the illegals out. what do you make of this?
>> governor brown, though he may be crazy, he is not stupid. he knows if you are going to break into somebody's home on the street and you know the every home on the street but one i going to be guarded you go to the one that is not guarded. he is hedging his bet and when they see the thousands streaming away from texas and heading toward california, in california, here i come, where all the illegals go, probably head to the border with national guard troops and they go back down to arizona, new mexico or texas. he will have national guard troops, initially not right on the border but when they see what is coming, they are taxed to the max and they can only do so much. stuart: isn't it about the
hispanic vote? >> trying to avoid looking like he is being discriminatory but there is nothing discriminatory about enforcing the law equally across the board. that is the only way not to be discriminatory. stuart: your bering very generous in assuming the governor of california will move troops to the border when he sees people coming. >> from other places, he is going to know he has to do something but he is hoping he won't have to do that. stuart: tell me about paul ryan. glad to see them go? >> from a personal standpoint sorry to see him go, i said the day before the reporters are you going to try to get paul ryan removed?
know, but i won't vote for him for speaker again. what do you mean by that? one way or another i won't vote for him for speaker. when he made the announcement that was one of the ways i wouldn't vote for him for speaker again. stuart: there is going to be a fight in the run-up to november. >> people are wanting a prediction what is going to happen. thomas said it is like nascar. there are many laps to go and there will be some spectacular crashes before we get to the finish line. we what you seem strangely subdued this morning. normally you are jumping out of the screen anatomy. >> great opportunities are looming on the horizon and once we get an investigation,
rosenstein, mueller and comey and get rosenstein fired things will be looking at. stuart: that is underneath it all, you think rosenstein is going to be fired. >> don't know if he will. he desperately needs to be fired. so does the person causing a lot of problems directly under him. she has got to go. i am sure you remember this, passenger being dragged off a united flight. one of the officers who took him off the plaintiff suing united putting the blame on the airline. the judge will tell us if he has a case. [ phone rings ] hi, tom. hey, how's the college visit? you remembered. it's good. does it make the short list?
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stuart: walmart will spend $200 million just in the next year to build, remodel and add technology to stores across florida. new stores will come to central florida, jacksonville, miami fort lauderdale cmdr. distribution center coming to the city of cocoa. walmart shares up 17% since last april but off their highs of earlier this year. sen. cory booker, democrat new
jersey, jumps on the crumbs bandwagon slamming tax-cut bonuses, roll tape. >> who is getting the most? for all of us who have gotten those people who have gotten $1000 as a bonus, that is not free money. it comes with a cost of driving up the debt. stuart: art laugher. i'm sure you heard that and i would like your comment. >> i don't know what to say with a comment like that. if we took everything from every worker we could reduce the debt completely. everyone who makes anything should give it to the government to reduce the debt. what a bunch of silliness. it makes no sense whatsoever. the reason we did the tax cut is to create growth, output, employment and reduce debt. larry kudlow is completely correct, we will have higher growth at the end of this year into the future. the higher growth, less tax
evasion, the moving companies, all of that, tax revenues will increase and we will reduce it, you cannot balance the budget and cannot reduce the debt without economic growth. that is plain and simple and i don't understand cory booker. it italy what he is saying and embarrassing. stuart: let me play the other side of the coin. i see numbers that worked out who is paying what after these tax cuts are in place. the top one 10th of 1%. 0.1%, a tiny fraction of top income earners, they used to pay 18% of all federal income taxes. they pay 22% of all federal income taxes. >> the total amount of taxes collected much larger and paying larger percentage of the larger number. it is when/win.
stuart: pure politics. >> cory booker should be sending birthday cards, thank you notes, candy. treat him like we treat customers. when you get someone to give you money don't you love those people? not the government, they hate people who give the money and went to go after them. they are the best customers the government has and we should treat them respectfully. rich people, jobs pay taxes. stuart: you are right. stuart: all-americans want to climb the income chain, get out and compete to make some money but as soon as you make some
stuart: it's only ten secondses from now, this market will open this thursday morning. and it's going to go up, the question is how far up and will it stay up by the close of trading today? i don't know. but i tell you this we've just opened for business and we have opened on the upside to the tune of 150 points. 158, keep climbing. 160 to be -- 160 do i hear 172, 173 we're up triple digits, firmly so -- and 29 of the dow stocks have opened and they're all up a and wait for the last one to open. it will open shortly let's see how it goes 171 for the dow jones average that is two-thirds of one percent to put it into those terms. how about the s&p 500 where is that opening today? a little less bullettish there. it's up a half percentage point 14 points. the nasdaq is up about the same as the dow. about two-thirds of one percent.
ashley webster is here, and elisabeth mcdonald is here and beats and faine ryan to you first. profit reports coming out supposed to be very, very good is that muff to give us a second leg up for the market? >> absolutely what we saw on january that big meltup we prepared for a bigger meltup later on so sitting in cash is one of the foolish things you could possibly do right now. >> super -- >> a raging bull right now. >> you don't care about trade or crisis? >> fund mentallals unemployment is at 4%, and i mean this is look as good as it gets. >> with answer like that i have to turn to david d. to see what answer i get there. >> but first kept secret is earnings first quarter will be up 17%. everyone knowses that. you have to ask what's already reflected in stock prices? second, earnings are a backyard looking indicator and everyone wants to know what are panes say will come forward into the extent that they get merves because of what's going on trade
wars -- geopolitical developments that could injection caution. >> what about democrats take the house all of a sudden the president's progrowth probusiness agenda gets, you know, stopped. dead it in its tracks in the house. >> what about that ryan paine? >> well i think the forces of global growth will exceed anything that what is on capitol hill as warren buffett said i never delayed a business decision of what's happening down it in washington. >> fascinating. >> we're listening. stuart: dow is up 180 points now look at the price of oil. it was yesterday, at its highest level in four years 67 a borrel now come back to 66. but that still means surely, higher gas prices this summer. david, is that going to be a problem? >> i don't think it's going to be a problem you know just a couple of years ago we were worried about about $5 a gallon at the pump and we have some of the lowest unemployment figures in years. strong, i think that people will still take their trips and --
higher gas priceses is not their biggest financial concern today. >> we're all having positive feelings this morning aren't we? >> away, to regular nationwide 267 that's going up. stuart: don't forget facebook -- two days of testimony by zucy in front of congress i say he won no regulation in the near future. sometime the he, obviously, knew far more about the subject than those people asking the questions. [laughter] i say he won the stocks at 165 what do you make of that, with ryan? >> i think stock bottomed out around 159, 160 and if you look at ford earn orings on that 21 times it is not exactly cheap. but given what weir in a growth engine type market, definitely a great buy here pane going high or or. >> you would with be buying it at 165. >> i absolutely would. >> force of reason is elizabeth. >> but it is creepy and weird that you feel with like you have to get block chain encryption for your own computer and don't stock you.
facebook zuckerberg said we may need to hire 1500,000 people and hit the bottom line and made me think the government does create jobs if it is forcing facebook to do things look that. [laughter] >> nice back door approach there. very well done. i should bring your attention to the market because we're now up over 200 points. we're back above 24,400 up 2222 as we speak. the world large asset manager is making good money and it is up 1.6.. cap gain there. but going the other way is bed birth date an beyond who would have thought wonderful stores. >> gave weak guidance. now the stock is getting 20% off coupon very good. very good. down 17% no laughing matter there. 17 bucks on bed bath and yongd. apple -- they've cut manufacturing orders for home part and discontinue it -- >> it seems that way.
they cut it down to 200,000 a month more than half of the 500 they were thinking. too expensive and cost 200 dollars more than average price for home speakers on the market and it is too limited to function it can't use apple home pod and hard to use itunes and home pod. >> the new revolution thing in home computing and they're discontinuing. they were late to the gaming and charge three times. >> missed the -- >> yes. we're down on apple aren't we? listen to this one. apple music they've surpassed 40 million subscribers all of them pay $10 a month. spotify has 71 million subscribers. they pay $10 a month. ryan -- [laughter] is your money on spotify or apple music? >> handle down spotify. hands down. first off it is a technology plague apple has users that they can bring over to the new
platform that's easy. but organic growth and 159 million users -- it's i think what do you say 59 million that actually -- >> about spotify. 71 million -- and no, no not all of those are fade subscribers but in the universe and a lot of those are converting to paid subscribers and 30% this year and technology is awesome it's a great contribution. >> so you buy spotify you like it. >> raging bull again. 150. absolutely. >> up again. raging billion. raging bull. [laughter] okay. stuart: okay. off against fierce competitor. >> problem for spotify is they must make money with music which is a tough business but up against apple, amazon, they can use music as a loss leader they can give it away in order to further parts of the business that scarce me when you're paying that kind of evaluation for product not as good it doesn't really matter. and right now -- if you think about it from a superior stand point their technology is best. >> okay. i have to move on to ge.
stuart: i don't think you're a raging bull in ge i can't bsh but you are -- >> i am. look, for example, to start with sales, you know, if ge stock price had the same price as competitor would be three times as much. they have more sales and microsoft and more sales than cisco i think the fact that there are con they have ways to unlock valley and it is nice thing is they have these option it is to do various spinoffs to some of the parts worth more than the current hole. stick with ge. >> you know what we covered every day because it is a fallen giant down so far -- that if you bought it as a day trader and you trade for a 50 cent gain. you with make a significant percentage and a very limited amount of time. if you can trade through a discount broken we all do. the five bucks of trade is very easy to make money on ups and down of g ergs. that ladies and gentlemen, is why we play it so much. then we have netflix it's around $300 a share at the moment.
309 to be precise. listen to this gold man sax no less thinks it is beginning to 360. the company reports profits next monday by the way, now, do we have another raging bull stock -- i have here. >> i have to dial it back a little bit. [laughter] 359 on the dot. bottom line is trade such a high multiple that it is priced to perfection and really for them to pressure is on continually bringing out great content and you have a lot of different players many this space. so a little more suspect that it can go that high. so i would be a little less bullish. >> in that's rare. >> disney is leaving the platform and netflix piked out you can't have billions to create block busters but it is tiflt. >> calm down even when it comes to netflix. bank of america will no longer lend to companies it that make military style weapons. now, this is a kind of boycott from the banking industry.
>> wells fargo saying going to continue to top legender that wells fargo is top lend per to the -- gun industry. but the -- it's the ar-15 that bank of america officials are worried about the military assault type gun. >> this is business's response to the gun control movement isn't it? that's part of it now. >> the pressure. they're apartment it have. but responding to shareholders which ultimately owe allegiance right now and trendy to be antigun and more with the public than to be progun. >> they're anti-depressant a certain type of gun the military assault style gun. that's -- that's america saying. >> on a hair -- it >> not a hair but distinctio. >> how wells fargo love the medieval empire they don't care. >> just answer -- the pressure is bachelor's degree and look we'll continue out with what's unpopular. >> and stock is -- 15 a share. you know what it's that team.
9:40 saying good-bye to superraging bull there and a little less raging bull david d. gentlemen thank you for being with us. check that big boards on the way with out there up still 212 points or for the dow industrials that means 24,400 right there. who's coming up? i'll tell you, a olympic gold medal winner now he's betting big on block chain. launching his own company, he's going to be with us many our next hour. if you're a varney regular you're familiar with the company box online retailer several companies want to buy it. we have a chey wong with us to tell us did anybody buy him and if not why not? how much. we'll be right. back.
>> thursday morning solid gain very solid actually up 60 points. that's a just above 1%. tesla back in the news, they're blaming the driver in that fatal crash. nicole tell me all about it, please. >> this was in march and driving tesla vehicle that was on the automatic pilot and his family is the fatal crash involved an the family has now seeked legal help for this one and tesla is fighting back saying, obviously, they're feeling terribly about the loss. but the crash happen haded on a leer day with several hundred feet of visibility ahead had. and turns out mr.wine knew that autonomist pilot was not perfect and that was one of the reasons he was in there. so that is the argument going back and forth the stock is down about a half a percent. they are also pushing their model y in 20189 so that'll go on to production as well so
there's a lot going on with tesla but a lag for last year so -- that's one percent. >> nicole thank you very much indeed next case. kroger -- amazon general mill bed, birth date and beyond they've all reportedly it thought about buying online discounter boxed also known as the costco for plane yams and look who is back. why not? [laughter] budding billionaire is -- greetings -- oh, oh it does -- [laughter] but why are we in the same eggment? name is chey wong -- >> nepalo in the flesh. >> so what's the status you've been been sold yet i take it. >> so we're still an independent company and i know there were names up there like -- we've talked to a bunch of folks since we started the company so first acquisition offer came
eight week officer we started the company since then you know, we retailed small world gotten to know everyone i would say certainly over last three to six months, though, the course has gotten louder. partially because i think we as a business have grown into a scale that's meaningful for a lot of companies and also, though, the market is now punishing folks for inaction, and so when they look around who sells oreo cookie and clorox wipes and technician with experience man that ugly guy he looks like he's only guy around doing this. so -- >> you're valleyable but they've not offered you not you. but not offered enough for the company at this point. is that right? >> i qongt say that. i will say -- 10 billion you would be sold. >> fist time i was on the show you said 100 million so like you wouldn't sell it for 100 million, and we can rewind -- and -- you know, i think this is how i think, and you guys know me now like the way i think is that what can we do that is most ho impactful to have a huge impact on this have i and a then also
what can we do to make our people have a great outcome and so that's why i look towards first, like for me -- all american first chasing -- [laughter] that's it. but when they made their offers i'm sure they did make their offers. but did you -- did you think -- [laughter] did you want to stay with the company? i mean, after your golden hanker you can't move or start another company you have to stay. >> i think. you know there's a thing like -- in silicon valley a lot of folks say like, no one ever wants to sell that company but you can dry your eyes with hundred dollar bill but that's not the case for me, man. i feel like -- i'm taking it seriously. you say you're not primarily interested in significant, huge dollars. you're interested in melding developing this company which you started from your pone garage. that's your motivation. really? >> i would say that's and think about it guys.
i'm an entrepreneur, i -- and here in the business world, there is no bigger opportunity than what's going on in retail right now look at all of those names on that board we're not talking about biggest retailers on earth but biggest companies on the face of the earth. some in the history of mankind. they're all trying to solve food. and for us to be in that ring to discuss with those names on the board i'm awfully flattered it makes me excited man so that's why i don't to give up. >> you're doing well. >> that is the problem i want to solve. and if it's with a partner and us independently then i'm -- yeah going to make your company even more valuable . >> so if i investigated it -- that is the audience -- that you are starting up a subscription service you pay per moth to get free shipping are you better than amazon's prime service? >> well actually right now, even on pricing, we do pretty well we're very sharp on pricing so vast majority of the too many when you shop on box per ounce,
you're gong to be saving against anyone else online. any of the big names included but on top of that we heard folks are like free shipping right now is $49 sometimes i want maybe two or three items but i want that flexibility so we're giving that to them. so you can still shop on boxed for free. and as long as my heart is beating and i'm in this chair it will be free to shop box but right now we have an added value service leak prime where you can get free shipping on all of youred ors. >> if i offered you $10 billion -- [laughter] what are you thinking? >> you would. you would. [laughter] i don't know. maybe i would. but -- you've got me and there's a lot of their own. but 15. but i would still come to work and work psalm hours every single day. [laughter] but you're a good man. >> i don't care. thanks for joining us, sir. check look at this. there's some more look at that
every sog one of the dow 30 on upside in the green, and dow industrials are up 286 points get that. and sure you remember this. passenger on a united flight being dragged off -- one of the officers who took him off the plane is now suing -- united. putting the blame on the airline, the judge will tell us if he's got a case. this wi-fi is fast.
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>> at the rally let's check tech stocks only one that is down is pook even though i still think zuckerberg won in last two days up 17 and apple is up. alphabet is up. microsoft 9342 now this, obviously, you remember when that doctor was dragged off united airlines flight and doctor is now suing the airline. claiming he was not properly trained to handle unruly passengers. jj napolitano is here. does he have a case? >> this is a lawsuit -- it he was fired first of all he's a police officer that was almost unheard of not carrying weapon. he's a graduate of the chicago police academy. and it's a police department 300 cops or employed by the airport to address security issues. he gets a call that is unruly
passenger use the least force necessary to get off the plane. but he's been trained in using least force they is. uses least force necessary we know what happened. look at this on the screen we watch hundreds of times it was an outrage c walked away with seven figures we don't know the number but it's a lot of cash. month later he sues united for putting him in that situation and he sues former boss for firing hem. i think he's got a good case. i think he's got a good case he can it not commit a fireable offense he basically did what he had been trained to do. minimal training and never that had very act but use the least force necessary to -- allow plane to take off. >> but anybody who is fired can now sue claiming hey, i wasn't lazy. you didn't train me right or put the right protocols in place. not my fault. >> glad you raised that because big picture of that is a
problem. with people suing it ends up giveing management pause before they fire people and cross management a lot of money in defending these lawsuits. lawyers would say no. it will force management to train their people better so when these crises occur they'll know what to do. i don't know what the answer to that is. >> rubbish i think it is beginning to be. this one is probably going to go to a jury i don't think this one will be settled he doesn't want cash but his job back. he loves his work now if they hire hmm back case is over. meanwhile draggy the person who was dragged -- in the position he gets -- what 7 figure to million dollars is that taxable? >> no. not taxable pmg buzz urd the law it made him whole. w-h-o-l-e brought him back to the position he was in when he first walked off the plane and not increase in wealth. it's the -- feet of the lawyers which is
$333,000 for a couple of phone calls varney -- that is not income to them so, obviously, taxable. >> may has been low down on the foot chain. >> but you make a lemonade. now we have this one for you trump tweeting this morning that he never said when an attack on syria would take place would be very soon or not soon at all so what should his response to syria be former uss coal command we are me at the top of the next hour. stay there please. ty trades are. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today.
porn star. now we're told it is about the billy bush tapes. that is the excuse to break the attorney/client privilege. that is how the left gets its hands on president's personal records which will be leaked in dribs and drab. the democrats believe it will help them win the house that would give them the platform they need to launch an impeachment drive. incredibly that is where we're heading. hard to believe, isn't it. that these alleged events could be used to impeach and remove an elected president. bear in mind all of this occurred before the election, before mr. trump was even in politics. but the left truly hates this president and that hatred is passed along through the contemptuous media. they think they're going to win. hold on. will america sit still for this? robert mueller was supposed to figure out if trump colluded with the russians. now it is an all-purpose fishing expedition and it will continue as long as possible. this wasn't about finding the
truth. it is about finding something, anything, to undermine the presidency. i think we'll see an impeachment effort. i don't think it will succeed. i think we'll see a backlash. you only hear from the elite. they run most of the media. you don't hear much from ordinary everyday americans. when they find out that the president could be taken down by a pack of deep-state conspirators, there will be hell to pay. the second hour of "varney & company" is about to begin. ♪ stuart: you know, it is thursday morning about 10:00. it is mortgage time. what's the rates? ashley: hello it is mortgage time. 4.42%, 4.42. that's up just a hair from 4.40 last week. we've been kicking around 4.4%
range for couple months. they have stagnated in that area. we've seen inflation starting to tick higher. the fed raises rates. we do expect the mortgage rates to go up a little bit more. they are by historical standards still pretty darn low. stuart: we always say it, we always say it. 4 1/2% on 30-year rate fixed home is a bargain 1/2. i speak a modicum of german. gain of 31points for the dow jones industrial average. we have reached 24,500. check the big tech names. the only loser which is facebook, down a buck 70 at 164. boeing, the biggest boost for the dow, it is adding 2.2%. $7 higher. the boeing is a dow stock. paul ryan retiring from
congress, crisis, crisis up go the markets. gary caught obama, president of kaltbaum capital management, and what is call on here. the. >> looks like the market may like a darn good crisis. i simply believe we're carving out a low. it has been happening for the last 10, 12 days. all of sudden you see three and 400 reversals. the big question does the market already know about earnings? we'll get a good move out of here. i think we'll just stay in this range for a while which is not a bad thing after a gargantuan move started in the election and stopped on january 29th. stuart: tell me about oil prices and gas pricing. because we have moved up to what, $66 a barrel, almost 67 yesterday. that means we'll get higher gas prices very soon. it could be close to three bucks
a gallon by the end of the summer s that a problem for the stock market you think? >> it could be. it's a tax on the consumer. it is a tax on business. costs go up, every time a dime at pump it is billions of dollars. that is something to watch. that does crimp profits. as of right now markets acting better but that is definitely something to watch. you have the syria thing going on right now. april 7th, we shot 59 tomahawks and russia told syria leave it alone. not so bad. if we go further than that russia gets involved i think we could have much higher oil prices in the near term. that could hurt and something that has to be taken into consideration. stuart: i do want to talk about bitcoin. i know you're not a fan. i do know that. many, many times. barclays says, bitcoin will never hit another record high. i mean, they're preaching to your choir basically, aren't they? >> look, i'm with them but just
remember in a mania prices as high as somebody is willing to pay and i actually think bitcoin price probably hit a low today but i don't think we're going to get there and i do believe when things end it will be dust but stuart, i want to mention something that happened last couple days. you afforded me an opportunity to come on here to blast some companies that changed their name. two of them long blockchain and long fin, both got delisted by nasdaq on the last day or so that is good news. i'm hoping if we stopped one person from buying at the highs we did a good thing. i think there is a couple more names same thing would happen to. stuart: appropriate you should make that call, gary, a little later in the show we have apolo ohno is with us, he is founding, starting a blockchain company. i'm pairing your comments against his. >> speedskating, blockchain company, how nice.
stuart: sarcasm is a low form of wit. we'll see you soon, gary kaltbaum, thank you for being with us. >> thank you. stuart: now this, a tweet on syria from president trump this morning sent stocks higher. here is the tweet. i never said when an attack on syria would take place. could be very soon or not so soon at all. in any event the united states, under my administration has done a great job of ridding the region of isis. where is our, thank you america? joining us now former uss cole commander. commander, did the president make a mistake originally and make threats and warn the russians and iranians was he warning them to get them out of the way? >> good morning. i don't think he was warning to get them out of the way. in reality what usually happens while the president and political class say one thing but military to military talks at a very professional level where they warn the russians,
here is when the strike is going to occur, make sure your people are out of the way, they do that. that is the level those warnings truly occur at within the intelligence and military communities, not at the political level. certainly not at the twitter level. stuart: are we in a position, i mean you know this you were the commander of the uss cole, are we in a position with assets already in place or getting in place very soon for a major strike, something that would take out assad's air force for example, something as big as that. >> i don't think we're in place yet. i think what we want to do along with our allies, with the uk and france and any other countries that want to provide us with the support, saudi arabia, qatar, we want to make sure that we have as much flexibility in what we want to do. at the end of the day, stuart, we have to define what is going to be the endgame and punishment we'll levy on syria for conducting chemical attacks. we want to do it that not only
takes out their capability in the long term so we don't have to come back and do this again. 59 tomahawks was great. that clearly wasn't enough. now we need to look, what is the end state what do we have to have in place? more forces give us greater capability. stuart: if you do that, if you do something on that scale you run the risk, i don't know whether a risk or not, but you run probability of iranians or russians getting killed and that's can lates. >> absolutely. that has to be taken into consideration, but at the end of the day the united states is going to look at it, and say, does this serve our national security interests to strike? we believe it does because it so violates international law with the use of chemical weapons we can not tolerate. if they're willing to use it there where else in the world would other country willing to use it where u.s. forces may be in danger? it is part of a ripple and domino effect we have to be careful of. we can warn the russians, we can
warn the iranians, at the end of the day they chose to support the assad regime. they are complicit what they did. stuart: thank you, commander, we appreciate what you did today. we appreciate it. thank you so much, sir. now this, federal appeals court reviving a lawsuit against barnes & noble s this about a data breach? >> that's right. so it happened 2012 thereabouts. people were swiping their cards at those boxes sitting next to the cash register and thieves took the pin numbers, right when the cards are swiped. they failed at a court level, the plaintiffs and the judge said, listen, you can prove the dollar amount what your economic damages were. appeals court in chicago said, wait asecond you can not affix economic damages to the time wasted trying to deal with the breach on a personal level, fixing the credit report, calling banks to clean up. stuart: good point. liz: this is a big deal. barnes & noble stock is about only a third of what it was
three years ago. it is in trouble. but this opens up lawsuits possibly against other companies that have been hacked. stuart: because you do suffer economically if you're hacked and you have to fix your own personal information. liz: yeah. stuart: if you attach liability to all these -- liz: that is a big deal. stuart: that is a game-changer. for the third straight year twitter ceo jack dorsey decline ad salary, that was 2017. not to worry. he can still pay the bills. dorsey owns a lot of shares in twitter worth more than half a billion dollars. twitter is at 29 now. look at this, eight-time olympic medalist apolo ohno is launching a 50 million-dollar blockchain platform. he will join us here in the studio. i will ask him why he thinks blockchain is wonderful thing. stuart: mark zuckerberg came out a winner over two days of congressional testimony. that means we won't get any legislation in november.
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stuart: i can confirm it's a rally. the dow is up 28 points, 24,447 -- 288. we just changed all 30 of the dow stocks are up. where is the price of gold on a day like this? it is down 17 bucks, $1342 per ounce. got to talk facebook. this is an opinion now, i say mark zuckerberg won the contest after two days of congressional testimony. congressman chris collins, republican. congressman you got to ask zuckerberg questions. i'm the opinion that he won there is no regulation coming down the pike and the stock is
holding up. i say he won. what say you? >> i would agree with you, stuart. i have a son in my office, that says, in god we trust, all others bring data. mark zuckerberg came with the data. there is a lot of misperceptions of facebook, he had a chance, four-hour hearing. based on senority i was near the bottom of the questioning order. i got to hear a lot of other members ask questions he answered very directly. he was very direct. he didn't try to filibuster us. he gave us the data. the first thing that came loud and clear they don't sell data. that is the misperception of america. they use data for placement of ads but don't share it with advertisers or otherwise sell it. a lot of people didn't fully understand that. when we talked about the data breach, 87 million people, that was a bad actor, alexander kogan, who put an app, a third party app up where he signed a terms and conditions never to
sell the data. he was able to ultimately access through the friends 87 million people. facebook has since changed that. if this were to happen again there would be 300,000 folks, not 87 million. these are people who willingly went to the app, took a quiz, and that exposed their data. but the third party app developers are required under the terms and conditions to never sell that data. this individual did sell it. they have since changed the way that works so they can't access friends of those participants. so i came away convinced that facebook us self-policing. he was very clear on how the privacy works and how users can in fact opt out of their data being shared and it is not that difficult to do. so i would agree with you, i don't see regulations or legislation coming through in the near future and we will continue to hold hearings as need be. they're operating under an ftc,
federal trade commission consent decree from 2011, that would bring significant financial penaltieses were they to not pay attention to what they agreed to under the consent decree. i think that is, what is all we need to make sure that facebook does in fact pay attention to privacy, data security and so, yes, i would say, it was a win for zuckerberg and win for facebook. stuart: we hear you loud and clear. i do have to raise the issue of speaker ryan not running for re-election. looks like there will be a leadership fight as we run up towards november. i don't think that's good for the republican party, certainly not in the house, what say you? >> there won't be a fight leading up to the midterms, first of all we need to maintain a majority in order to elect a speaker. we know our current majority leader, kevin mccarthy, current whip steve scalise would be interested in being speaker assuming we maintain republican
control of congress. the campaigning will not be until december after the midterm election. it is business as usual running up to the my terms. paul ryan is still speaker, still has control of the republican conference. we're focused on individual races around the country. we're all dis.ed that paul is leaving. he has been here over 20 years. he came here as single guy. he is married with three teenage children. family is very important to paul. we respect his decision to leave. i don't think there is any impact between now and the midterms. stuart: congressman, thank you very much for joining us. >> good to be with you, stuart. stuart: thank you. how about this one? different kind of story. rising cocoa prices, healthier eating habits hurting hershey. the stock is down a lot this year. ashley: hasn't stopped me one it about. love chocolate. i like healthy too. but yes, also that competition is pretty tough. they have cadbury's not forget,
who are very good competition. look, hershey's has popular brands, they have hershey's kisses, reeses peanut buttercups. they have to come up with few products according to analysts who are looking at stock, saying hershey's needs to get its act together. they bought out hershey's gold, new candy bar, has no chocolate. carmelized cream, peanuts and what else is in it, pretzels. thank you. justin jumped in, pretzels. this has been a dominant player in the game. what we're being told is maybe people are eating healthier they need to expand their product. stuart: here is the question, which do you prefer, cadbury chocolate or hershey's? ashley: no competition. cadbury's. stuart: lizzie you know what we're talking about? liz: i didn't know chocolate is bad for you. ashley: it is not. that is my point.
>> look at me. enough of this. a lot of excitement in the sporting world. we got a bench-clearing brawl between the yankees and red sox. we got it. then there is soccer. this was the final minute of a big european champions league game. it was very thrilling, tense as well. we'll bring you the full story. ♪
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stuart: between yankees and red sox. i'm more interested in soccer. what happened last night or yesterday i should say between uventis and real madrid. jared max is with us. good morning, jared. >> good morning, stuart. stuart: i want to put on the screen again, it was disputed penalty. uventis gave up penalty. the renaldo scores. the goalkeeper sent off. there is the disputed play, personality. we can talk about whether penalty or not. the guy in the black is the goal keeper. gets a red card. they send him off. riots. >> bring in the backup goalie to face renaldo, the goalie picked wrong. stuart: my point asking you on the program is, premier league, soccer, european soccer is wildly popular in the united states of america. and i'm right. >> very much so. stuart: yeah. >> but why does not everybody subscribe to it, stu? stuart: what do you mean not subscribe to it? >> i was a soccer fan my whole
life. i was goally as a kid. i thought soccer could become the biggest thing in america but i'm still waiting. it is getting there. stuart: i am not talking about major league soccer, kids playing soccer in high school and elementary school. premier league soccer, best in the world. massive ratings on television in america. do i need to go on? >> now that he is american he wants to bring everything from the other side. stuart: no, no. i like to look -- >> stuart, great to watch. i'm always wonder why only certain american sports fans wake up at 6:00 in the morning to watch the premier league matches. fox is huge with the coverage. stuart: what are you talking about waking up at 6:00? >> people wake up at 6:00 a.m. ashley: on the west coast, maybe. stuart: ash and i were watching uventis play real madrid yesterday afternoon at 2:45 eastern. >> i went to a match in torino. stuart: do you realize hundreds of millions of people watch you vent tis and real yesterday?
>> yes. stuart: do you know more tickets. [buzzer] stuart: more tickets for the world cup -- >> like i'm on the yankees and he is on the red sox and coming out swinging. stuart: americans blank tickets for the world cup in russia. ashley: 14,000. stuart: 14,000, yes. are we done? yes, we are. 2615, i have to get out. >> he will give me a red card. stuart: red card. thanks for being the butt of my ill humor. next case, tesla, says he wants to start production of its model y. that is the suv. start next year. this is just another bold play, another bold headline from elon musk to disguise big troubles in the company? we're all over that one. ♪
♪ stuart: i called it. liz: come together. ashley: come together. liz: you won. stuart: we play beatles every morning. charlie kirk is with us. he guessed it would be come together. he was right. that is a almost i -- is a rally if i ever saw one. last time we checked, the big techs, all of them were up except facebook. facebook is still down a buck 40 at 164. amazon, apple, alphabet, microsoft, all of them nicely on the upside. i bring you this breaking news. the senate foreign relations committee holding a confirmation hearing now for secretary of state nominee mike pompeo.
this is expected to last for hours. if there is any headlines of any kind we'll bring them to you first. that is a promise. now this. tesla's elon musk wants to begin production on the model y. it is an suv, begin production in november of next year. loup ventures managing partner gene munster is with us. you are a tesla bull. i put it to you elon musk making a flashy headline about the future to disguise problems in the present. what say you? >> i don't think so. i want to make a distinction here stuart, between the opportunity and these announcements around products we don't have. stuart: vapor wear essentially right now. the existing cars in 2006, one of two things, phone call or text message. tesla is effectively an iphone. it is much more complicated
thing to build and that has been the negative rub against the tesla story it is tough to build. that doesn't change the opportunity they have around the model y. i would say this, that elon musk is clever in terms of generating cash from products that haven't shipped. so they have about a half a million orders for the model 3 which they have taken 5,000-dollar deposits on each of those. with the model y, they take deposits on these, they could generate several hundred million dollars in cash flow which is important for funding this machine, basically, to build the factory, to make these iphones if you will. so i don't think this is some scheme. i think it is creative financing from tesla. stuart: so you're still a bull, you're still a fan. it is still the ultimate car company, and it is going to make its mark at some point in the future? you're not backing off at all, gene munster, correct. >> no i'm not. it will be a wild ride. the stock was down 35% and then
up 25%. that will continue. i till still see this as one of the names in tech with the most upside the next five years. stuart: we have an analyst that says apple will become a trillion dollar company because it is going to hit $195 a share even though it has problems like disappointing sales of the homepod which i believe it is going to discontinue, and the iphone x, not great sales. what are you smiling at? you do believe that it is go egg to hit 195, the stock, right? >> i do. i think we're going to inch our way there. keep in mind that apple has a massive amount of cash they generate a year, somewhere around $50 billion and they can use that to buy the stock back which can increase the share price. so they can generate three to 5% increase in the stock price the next year just by buying their stock back. we're 12% away from the magical 195 number. so i think part of it is the share buyback.
they also hope springs eternal come out with larger factor iphone in the fall, 25% bigger than the iphone x. that should spark sales in the services business. collectively when you put it together we should gradually inch to the trillion dollar mark. stuart: a true believer right there. tesla can do no wrong. apple is going to a trillion. there you have it, between munster, any word from you? he nods his head. >> your prediction they will discontinue the homepod, i'm on a different page than that. i think the product is off to a slow start. it has been a disappointment. doesn't score as well as google home and alexa in terms of intelligence i think it will be a product but rounding error in apple sales. less than 1% of sales. stuart: gene, you're great guest. thank you important being with us. >> thank you. stuart: the market hold on to the gain. we're up 300. good stuff. new harvard poll on
millenial voters 55% plan to vote for democrats this november. joining us now, the founder of turning point usa, future president of the united states of america, we wanted to have hail to chief as his intro music but he wouldn't have any of it, his name is charlie kirk. look, this harvard study say there is a blue wave coming centered on millenials. you represent millenials trying to win to the republican side. it is uphill. >> it is down 12% from where obama had his youth support in 2012. there will be a uptick in youth enthusiasm and youth interest. in order for democrats to get back where they were with barack obama to hold on some senate seats take back the house they need numbers like 6, 68%. why is young person voting for democrats. a young person voting for democrats is chicken voting for colonel sanders. they will raise your taxes
harbor individual freedom all on promise of free stuff. stuart: i was at college just the other night. it was an address to students. up pops this leftist, who tells them, we got to pay higher taxes. it is giveaway to the rich. all the young students nodding away. >> impressionable. stuart: yeah, we got to do this these are kids who will go out. they will get taxed to the hilt. they're lapping it up. >> it is very easy it be generous with other people's money. socialism is sold on the best intentions of young people that have not ever entered market place the socialism and leftism is about hating rich than helping the poor. what we have to do as people that believe in the free market that believe in conservative values, is we have to sell to young people actually things in life that give you meaning come from responsibility, not just this idea of free stuff. not just taking from someone else and redistributing it to another. that is hard sell, mind you, that means you have to go to work. you have to do something of value in your life. you will have to take responsibility of your choices
and actions. but the reason why you see young men in america doing so horribly over the last 10 years we sold this idea of free stuff and total freedom without any responsibility. and not trying to say you know what? you have to actually take responsibility for your choices actions and do something value in your life. jordan peterson, dennis prager doing so well selling idea of responsibility to young men in particular. stuart: i would try to follow that with another observation because i can't because that was pretty good but i do have to ask you about paul ryan retiring. >> sure. stuart: i think there is a leadership fight and a nasty leadership fight building up to the november elections. i think that is bad for republican. >> i'm a big football fan. i feel if the house republicans equivalent would be they're playing prevent defense and playing not to lose. nothing ever good happens when you're trying just retreat into a oblivion. i wish they were going for the kill right now. how many bills can we pass before november to push our agenda forth to the american people? if the democrats get control of
the house, it will be total, it will be total political chaos. if you think we're divided now, wait until they have these nonsense inpeachment hearings, subpoenaing everything. market will go down and business will be more hesitant and not get anymore tax cuts and regulatory relief will be put in injunction and courts. kevin mccarthy is fantastic, steve scalise is great. i'm sorry the focus who will raise the most amount of money to be the next speaker. i hope they're not raising money to be minority leader. we need to keep the house as republicans or else democrats will put impeachment charade and not good for the country. stuart: thank you very much, charlie kirk. >> you bet. stuart: 2044. now this, hulu and spotify are teaming up for dual streaming venture. what is that about? liz: $13 a month stream hulu, tv, movies, spotify music.
it would cost $18 a month separately but $13 a month if you dot package deal. this is way for hulu to get at netflix. hulu has only 17 million subscribers. netflix has 118 million. is it a good deal? sure looks that way, package deal. coming your way. stuart: stock is doing nothing. you will recognize the man walking down the hall right now, there he is, olympic gold medal winner apolo ohno. wait for it. he is launching a 50 million-dollar blockchain platform. he will tell us why he is so bullish on blockchain. here he comes. ♪
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hurt the economy a lot. other than that this country is on very strong economic footings. the tax bill is working. deregulation is working. the president will do a second tax bill. that would be phenomenal. i think we're on the economic side of everything. we're looking really, really good for a long-term bull market. ♪ (indistinguishable muttering) that was awful. why are you so good at this? had a coach in high school. really helped me up my game. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches and a full education curriculum- just to help you improve your skills. boom! mad skills. education to take your trading to the next level. only with td ameritrade.
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stuart: barclays says that bitcoin likely will never hit another record high. barclays says, peek prices they're in the past. it is up today at 7600. let's go from bitcoin to blockchain. remember long island iced tea? they changed their name to long blockchain. now it is being delisted from the nasdaq. our next guest however is jumping right into the blockchain business in a very big way. apolo ohno, eight-time olympic medalist joins us now. apolo welcome to program. >> thanks for having me. stuart: what are you doing? putting a 50 million-dollar fund to invest in blockchain technology. you tell me what is blockchain technology good for. give me an example? >> it is multiple examples. enterprise, peer-to-peer. stuart: communication device? >> the ability to distribute risk really among multiple difficult facets of parties all over the world. instead of having one send
alizeed hub of failure, you're able to distribute this risk and have it on going keep us updating. stuart: try again. i'm not understanding. >> in a nutshell, when you do a transaction the transaction is recorded somewhere, right? for example we do a transaction it is recorded. we need a third party intermediary to make sure the transaction is true. i send you money. you get whatever products i'm selling. give you an example. this allows us to transact without having a third party mediary. we can do a transaction through trustless technology. without transacting with another. without someone paying verifying documentation and paying a fee in some capacity. stuart: if the communication is between us, using blockchain technology, you and i are communicating is it hackable, can anyone get in there? >> blockchain itself has not been hacked to this date, right. so aside from all these conversations around prices of bitcoin, prices of where is this market going i think the
fundamental thesis is, is how blockchain eventually will be invisible to many users like you and i. so we'll be utilizing these technologies just like we use internet, like we use email and enterprise. enterprise will use it. it will be used for data logging, for storage, for infrastructure. you name it. any type of transactional value in any capacity, whether storing ids or making sure there is transparency in a voting system, the list is really endless in terms of how these can be implemented into society. i think the real question is, why should we care and, do we care? i think the number one most contributing factor to this entire industry, it is nascent, it's new, how do we educate the average person? how do we educate someone ike yourself or myself don't come from the world of tech. and how do we utilize it in a way to take advantage and display it in a way has all the potential we believe in and distribute amongst the world. stuart: you have got this group,
you have a fund, what it is called hybrid chain? >> hybrid block. stuart: hybrid block. $50 million you're going to raise. what will you spend the money on? what will you invest and what are you going to buy? >> we at hybrid block focus on building cryptocurrency exchanges. we believe in trading assets yet to be defined in other parts of the world. my number one goal is part education, part mass adoption and provide a robust way people can transact and buy and sell these types of digital assets. my focal point how we further legitimatize this asset class. enable users to understand what it is i'm buying. we saw the crazy, wild, volatile swings last year. tons of institutions are looking in. they're starting to participate, positioning themselves to make their bet i want a little bit of exposure to this new asset class. regulation is a huge component of that. so compliance, making sure existing crypto asset exchanges
are compliant, they understand the rules and regulatory bodies that are for seeing what will happen in these markets. for us what we're building is really how do i make it easier for the person to understand what it is, the risks involved, do i want to participate and then, how do i understand what the digital wallet what is private key, what is blake chain and what is this person everyone talked about that created these technologies? thisthis so knew we have to fige out ways, that is part of the way we're spending money is the education component. looking at mass retail market, look this is the nextwave, the next area of internet 3.0. if you want some level of understanding how you participate in some capacity, understand what it is. stuart: it is a hell of a long way from ice skating, isn't it? >> it's a long ways away. a long ways away. stuart: america very center of blockchain technology and innovation and usage or is it
south korea? >> i think the united states will always be the center for technology excellence in a nutshell, right. so innovation. excellent technology firms will always be based here. south korea has taken a different approach. they have been significantly more aggressive in terms of their adoption. they're a smaller country, right? the united states is a long storied history -- stuart: before we close it out. do you have your own money in this. >> absolutely. stuart: you do? >> absolutely. stuart: a chuang of it? >> absolutely. it is hybrid block, correct. hybrid block, apolo ohno. thanks for joining us. >> thank you. stuart: i find it fascinating. i need a few more classes. >> that is what we provide. stuart: thank you, apolo. thank you. we appreciate it. former governor of massachusetts william weld joining forces with john boehner pushing for the legalization of marijuana nationwide. weld joins us in our studio to talk about us with a new partnership with a nationwide pot company. that is coming up.
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a dozen states. governor will weld joins us. are you a pothead. >> no, sir. never smoke ad cigarette at anytime in my life. stuart: rush dealing with acreage? >> what john boehner and i do is taking a look at making this state as right issues for legalization. in order to do that you have to deschedule cannabis as a class one mark tick. stuart: you're in favor of that? >> i'm in favor of descheduling. i notice the trump administration looking for comments with descheduling cannabis as a one. stuart: you're in this business, it looks very profitable to you or are you in the business because you're pushing social cause of legalization marijuana? >> i doctor this is a health care issue. there are a lot of applications from marijuana. they do that from research in israel where it is legal to study marijuana. it could help with serious
diseases like cancer, diabetes, hepatitis. it could help populations like our veterans, 20% of who use it on daily basis anyway. it has to be in the shadows. kind of like the immigration issue. i would like to take this thing out of shadows. $50 billion, let's tax it. stuart: what exactly does the company do that you're on the board of? >> its emphasis is medical marijuana, it's a whole bunch of wall street guys which is one thing i like about the company. they have been buying up companies in the cannabis area since 2011, 2012 and their plan is to take the company public soon and become a dominant player in the cannabis industry. they have got the money behind them. they built up a 30 billion-dollar company in the recent past, different industries, finance but they have got the rigor, they have the money behind them. i think they're going to become maybe not the dominant player in this industry but a dominant player. stuart: you're looking for financial discipline to otherwise spacey kind of --
>> they are. i'm bringing political communications in and speaker is bringing that. stuart: that is why you're on the show. communicating politically, are you? >> no. that is right. there are political aspects. stuart: the name of the company again, acreage? >> acreage holdings. stuart: not public at this point but probably going public later. >> soon, soon? >> soon. stuart: areaage holdings, bill weld thanks very much for joining us. governor of california, jerry brown are agrees to deploy 400 national guard troops at president trump's request but they are not going to seal the border, oh, no. my take on that is next. ♪ hey, what are you guys doing here? we're voya. we stay with you to and through retirement. so you'll still be here to help me make smart choices? well, with your finances that is. we had nothing to do with that tie.
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stuart: governor jerry brown agreed to use the california national guard but if you think for the 400 troops will be used to seal the border, think again. let me be crystal clear, that is what the governor says, this will not be a mission to build a new wall or roundup women and children or detain people escaping violence and seeking a better life. sound like california will remain the promised land for illegals. the governor's definition if you're seeking a better life you're okay, you are in and once you are in california won't allow the feds to get you out and you will get medical care, education, food stamps and a driver's license. where will 400 troopers be stationed and along the border, the coast and throughout the state. a near 200 mile border with
mexico. they will be spread so thinly they will be almost irrelevant and that is the governor's intense. he claims humanitarian motives and i do not dispute that. jerry brown is a good and decent man but at the heart of california's resistance is pure politics. it is all about the hispanic vote. the hispanics are the largest ethnic group in california and they are flexing their political muscle through the democrat party. that is why governor brown's grudging acceptance of national guard troops is a charade. last point. a tweet from donald trump this morning, quote, california governor jerry brown is doing the right thing and sending the national guard to the border, thank you, jerry, good move for the safety of our country. may be the president is being a little sarcastic? the third hour of "varney and company" is about to begin.
let me tell you this, the california republican party will respond momentarily to what i'm saying about california. happening this hour donald trump meets with governors and members of congress about agricultural issues. the news comes out of that, you will get it passed. paul ryan holds a news conference one day after he announces he is not running for reelection. any news from that you will get here pronto. now to your money, check the big board, the rally continues. 27 of the dow 30, the dow is up 258 points. tomorrow morning the big banks report their profit. scott martin is with us, fox news contributor. we are expecting very strong profit reports.
is it going to be strong enough to give us a second leg up on the stock market? >> that is $64,000 question. here's the way we are playing this. we own financials, we own jpmorgan, wells fargo, here is the thing, the opportunity is there to deliver great results, we had some volatility which helps trading activity. loan credibility as far as creditworthiness of the borrower is good but the interest rate curve isn't so good so they are pushing and pulling financials but i'm worried market sentiment on financials has gotten over its skis so disappointed tire of these numbers don't come in blockbuster. stuart: tech reports and industrial companies report, they are all expected to be
stellar profit reports. i ask the same question. are these profits big enough, strong enough for another second leg up for the market? >> we love them and owned them and many of the viewers do. we love amazon, microsoft, apple, google, we own those guys. the other side versus financials, how many times have we talked about how everybody is throwing tech out the window, and you need to go outside and catch it and put it in your portfolio so i am liking the prospect of tech going into earnings because market sentiment turned so negative. stuart: the price of oil backed up a little bit to $66 a barrel. higher gas prices as we head through the summer is that likely to be a problem at all in the market? >> the summer driving season is a monthly two away. it still feels like february.
and and the wage growth that we see every month, i don't believe the impact of higher gas prices will be as pronounced as it was some years ago. stuart: scott martin still bullish on technology, see you again soon. got to move on to facebook, mark zuckerberg was grilled by congress, i think he won. that is my opinion but i think he won. greg walden joins us now. he won in the sense of regulation anytime soon. >> i think the american people won. they want accountability and
transparency in the high-tech companies put it on display saying we have a problem to take ownership of it and we will fix it. that see them do it. this is no longer a dorm room company but a 15-year-old pretty important platform for advertising and communication but we will hold them accountable and i would like the other ceos to spend time with the chair as well because the american people are demanding account ability and transparency, what are the controls on the data and the goods and services exchange. stuart: we are in agreement that no regulation is coming any time soon that would seriously crimp profitability. >> that is probably right right now but if you listen to my friends on the other side of the aisle they were accepting
congress hasn't weighed in with aggressive - stuart: the left is upset because facebook's information was used by cambridge analytical to help the trump campaign. >> it may be but their reaction is the overreaction which is to overregulated unless we balance that out. i think americans have a right to privacy. the ability to understand - if we want to download a new era when i know i got to check the box and rewrite them and didn't understand them and have trick language, there is work to be done to simplify user agreements and better understood and in facebook's case they realize they were slow to act and in the past there was abuse on the platform and got a gigantic job to do, keeping track with billions of
postings every day, and tools were prominently displayed to give users to transparently control, and they have access federal regulation it will take down the innovation, they started here for a reason. stuart: this is not europe, this is the united states of america. thanks for joining us. check bit coin, above $7000 aucoin. barkley says bit coin likely will never go back to record highs. how about the price of gold in an upside stock market? we have a downside gold market off $18 per ounce at $13.41. illinois massive pension
problems retired government workers. and a drastic move the city of harvey, illinois laid off dozens of first responders to cover pension costs. jeff locke on the ground. is this a preview of what is to come elsewhere? that is later. house speaker paul ryan won't be running for reelection. is a leadership crisis coming to the gop? we will ask kaylee mcinerney. he is still working and while that is happening the president is meeting with tariffs and farmers. live-action hours. [fbi agent] you're a brave man, mr. stevens.
stuart: pension problems leading to layoffs of firefighter and police in harvey, illinois. this is all about paying retired government workers. that is it, isn't it? >> police and firefighters specifically. we hear about unfunded pensions, here is what happens. you lose half your police and firefighters laid off because the state is withholding money to go into the pension fund. i'm in front of a burned-out building in harvey, half a block from the fire station and they just a lemonade half the fire department. i went you to hear from someone on the ground because i can't tell the story as well as christopher clark can tell it. you live your 48 years, you just got involved in politics, got elected two years ago
because you felt this here. let me is your quick reaction. the firefighters union said the mayor's secretaries his sister, there is a $1.5 million judgment owned to firefighters in backpay, we dealt with four law firms because the city won't paid legal bills and that is the tip of the iceberg. there is widespread corruption in this town. is he right? >> is wide correct, widespread corruption, a lot of nepotism, cronyism going on. >> reporter: it has been 10 years since they funded police and firefighters pensions. >> that is correct. where the money went, because they collected the tax money i don't understand where the money could have gone but didn't go where it was supposed to. >> reporter: you are losing, half the guys in his fire station over here and half the police force in a town that was clearly disadvantaged and plagued by crime. >> that is correct.
these are salt of the earth people who will serve the needs of the community for many years, and because of incompetence, mismanagement and corruption, it is a shame, a black eye on the city. >> reporter: i hope you survived it. >> i am pretty sure we will. we will come together at the end of the day but we have many rivers to cross but we will get through it. >> reporter: a tough situation and illinois has a law that if you don't fund pensions and go to court and get a judgment they can withhold the state money that will come to your town to put in the pension fund and that is what happened here. there are other cities in the crosshairs. stuart: we see that in illinois. thanks, see you again soon. headlines from donald trump's meeting with congressional members and governors about agricultural issues and concerns over tariffs. he just said farmers are going to do fantastically well but
have been trending down because of bad trade deals. china has consistently treated us agriculture and fairly. trump also says china is selling a lot of us beef thanks to a conversation he had with pres. xi jinping. more headlines as they come across the trends in. there will be more. house speaker paul ryan not running for reelection. come on in, kaylee mcinerney. there will be a leadership battle heading into november and january. it will be nasty. that has got to be bad news for the gop in congress. >> reporter: we are not looking at it that way. steve scalise was approached about being speaker, he said there is no speaker unless we win in november. the gavel could be nancy pelosi. i understand the inclination to figure out who the next leader is but november is key or we will not have a speaker. stuart: you have a badly
divided gop, it is split, not down the middle but certainly split. how are you going to paper over that divide as you head towards november? >> we need a successor to paul ryan who can bridge that divide. we have an abundance of voices in our party, that make the republican party great, we are not lockstep liberal women like we see in the democratic party behind nancy pelosi but someone who can bridge the divide and donald trump goes a long way doing that and paul ryan was able to bring the freedom caucus to the establishment and get things done. we need a paul ryan successor like paul ryan so hopefully we find that. stuart: i don't think you can bridge the trends in. i don't mean to be pejorative but i think the democrats, equally split, don't come out with their split. it is not apparent to the world but the gop badly split come right out with it, criticize
each other, leaks to the media about the other guys and how bad they are. you don't play politics as well as the democrats. >> there are a few, i mean fewer than 5 individuals in our party who speak loudly about their differences on policies, mainly referring to senators but you look at what paul ryan managed to do, been sanctuary cities, kate's law, repeal and replace obamacare, dodd-frank, they came together and got that done. you don't with a few senators who tend to be rogue take over the party. stuart: we will see you again soon. look at that market, still up 300 points. and that is a solid rally, all the way through this morning.
charlotte, north carolina wants to host the 20/20 republican national convention, host of the 2012 democrat convention in the proposal. charlotte site infrastructure with several new hotels and they won it in 2020. lots of fighting and sports last night. the yankees and red sox, about to begin. this is madrid in the european champions league. scores a penalty, very controversial. was the penalty valid? that is the penalty foul. you - the goalie, the red card, very famous guy, rinaldo scores. move on. a home in san jose that suffered fire damage two years ago in the market. ridiculous price, look how much
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stuart: more headlines from donald trump's meeting on agriculture and trade, getting pretty close on a deal on nafta, could be weeks or months, run out of bullets on trade. we expect to hear from the president shortly on tape. we asked you before the break, how much this burned a house in san jose, california. the price for the home and the 5800 square-foot lot, the
median price is $1.4 million, realtors renovated instead of rebuilding or buying another home in the area. miraculous video shows a truck driver escaping from his big rig seconds before the train hit it. they are the train's with all, no one was injured. aston martin, number 007, auctioned off at christie's new york. and fitch between $600,000, and proceeds will go to a nonprofit that helps students get into college. something more serious, and donald trump's actual response can we talk to david rubin direct from israel. i want to know if this will turn into a regional war.
train to the 300-point gain for the dow is holding. we are up 30,624,500 on most than the majority 26 of the dow 30 and the green. we are waiting on the news conference from speaker paul ryan. this is the day after he announced he is not seeking reelection. if he says something important to market moving, you will hear about it. now to syria. the world is awaiting the president's action. what is he going to do about syria having made these threats? david is rubin with us, and he is our israel expert on the spot. the question that everybody is asking here is has the potential to turn into a nasty, regional war? what is your answer?
>> well stuart, a regional war is highly unlikely in the situation. there are four allies working together in syria. one is russia. the other is iran. the third is hezbollah and the fourth is assad himself. assad is the smallest player here. the chemical attack from assad has the fingerprints of iran all over it and we have to remember that iran is the most problematic force in the middle east today. so because you have those four parties all ensconced in theory have right now and everyone around the area is against iran and against the russian president. so, the forces like saudi arabia and the persian gulf countries, they are all against iran's presence in syria today and i think that is where attention should be focused.
>> david, there is some concern in america and elsewhere that has not yet been proven that it was assad who laid out those chemical weapons and gasses women and children. you just said it was assad and has iranian fingerprints all over it. can you back that up? >> of course. iran is known to have methods to be developing nuclear weapons. everyone speaks about the nuclear weapons. they also have chemical weapons. so they have been developing all of this for years. look, assad by himself is an emasculated forest beauties suffered a lot from the defeats that have happened over the years to his forces. he is the strongest party among the serious. but that is not taking much. iran is in there.
the iranian revolutionary guard is in syria and they are being protected by russia, by putin. so it is clear who are the powerful forces in syria. and it's clear that's where the attention should go. if there's any attack on syria right now, i wouldn't waste my time with that. i would go right after iran because they are pulling the strings there. stuart: what about the price of oil? it's got quite sharply in the last few days because of the situation in syria. do you expect that continue, the price going up? >> well, it is a natural thing that when there is conflict in the middle east, the markets get a little bit nervous. they get nervous about the oil supply. but we have to remember that the oil supply in the middle east comes mainly from saudi arabia, from the united arab emirates.
those are the major sources of western oil today. iran is still pumping oil, but most of it is going to china. so i don't think that there's a reason to be nervous right now. i think the focus should be on stopping iran. in fact, i could point out that the crown prince of saudi arabia is very, very nervous about the iranian presence and would be very happy to see an attack on iranian forces in syria. stuart: cottage. david rubin, the pleasure having you here direct from israel. to read in the middle of it and we appreciate it. thanks for joining us. appreciate it. big headline from president trump. he just said meetings are being set up right now between him and north korea's kim jong un. he also says china is helping at the border with north korea. he's covered a lot of ground in this meeting.
trade, agriculture, nafta, north korea. we expect to hear more from him very, very soon. the federal appeals court has ruled unanimously that employers cannot pay women less than men just because they made less at a previous job. all rise, judge napolitano is with us. but this in context before we go any further. >> this is a federal statute called the equal pay act, which prohibits discriminating. it prohibits businesses that engage in interstate commerce, which is every business in the country from discriminating against women on the basis of gender. one of the mechanisms a court found to further that discrimination is what was your last salary and how did it compare to the males who did the same work at your last place of work? the united states court of appeals or favorite for the ninth circuit in sitting in san francisco says you cannot thought question and you could not take salary history into
account when you're offering a compensation package to anyone, male or female. stuart: what is your take on that? do agree with that? >> it's an extrapolation. congress did not prohibit this. the court is leading into what it thinks congress would have done had this issue been confronted. given that this was written by stephen reinhardt, the late stephen reinhardt, the liberal lion on the ninth circuit who died after 30 years on the ninth circuit come in the very this opinion came out and given the ninth circuit not very good record with the supreme court coming think it will be reversed. i think it's an actual interference with free speech by preventing lawyers -- the lawyers usually do this, preventing employers from learning about the salary history of the potential employee. stuart: let me get this right. if you're an employer under this ruling, you may not ask a woman
who applies for a job, how much teaching making your previous job? or you can't say how much did you make in your previous job and how did it compare to a male colleague. >> nor can you dispatch someone to do that research. that is the constitutional problem. you can't ask the question of the potential employee and you can't do the research. you can look up anything you want. but that's the issue confronted with a supreme court hearing. stuart: how do you feel about that when an employer may not ask for salary history of a woman who applies for a job. >> i think congress would be well within its authority to restrain the government from doing that. but i don't think it has the authority to restrain private employers from doing that. i think they make better decisions by having more information rather than less. decisions that are good for their business. congress knows it's good for society purdue players are making decisions on the basis of what's good for owners of the
business. stuart: fascinating subject very much in the news. judge, you're all right. thanks for joining us. the economist cedillo, amazon second headquarters could bring soaring housing prices to this idea chooses. maybe d.c., miami, boston. they could see big increases according to villa because they are to have high rent prices and little housing availability. i bet the city still want amazon. black drop, the world's largest asset manager is making money. the stock looks good up to .5%. $538 a share. look at this. these are the people who give you 20% off coupons. bed laughing beyond body weak forecast and the stock is down nearly 20%. seventeen dollars a share. california's governor sherrod brown says he will send troops to the border. he'll use national guard troops, but he's made it very clear to
force federal immigration laws. the california republican party chair will join us on that in a moment. last time jim was on time he claimed he had evidence that illegals are being registered to vote by the dmv. the california dmv reached out with this statement and will respond to that. just a moment from now. ♪
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stuart: l.a. county wants to give the homeless a place to live, in people's backyards. the county's board of supervisors over half a million dollars pilot program, which would build a handful of small backyard homes or upgrade garages. some agree to host a homeless person. brent will be covered by low
income vouchers for tennis contributing 30%. after my editorial at the top of the hour, california's governor going to use national guard troops in a letter he wrote he says let me be crystal clear. this will not be a mission to build a new wall. it will not be a mission to round up women and children were detained people escaping violence and seeking a better life. the california national guard will not be enforcing federal immigration laws. joining us now, jim now, jim cruelty, california republican party chair. so it seems like governor brown is going to have it both ways. he'll take federal money come use national guard troops, to keep the border up in. that's what it sounds like to me. how about you? >> well, i think the governor is seeing what's happening in local cities for 90 city councils are voting to impose the state policy. you know, jerry brown was it just do it student.
i think he's taken a page out of solomon spoke by trying to cut the baby in half and put border up the national guard, get a positive treat from the president, but make sure they don't do anything to enforce border laws. he's trying to have it both ways. no question about it. stuart: would you just hold on for a second? i'm about to get tape from president trump year he's been holding a meeting this morning about trade agriculture and he was asked a question about syria. do we have that tape cued up? i'm just going to tap dance for 30 seconds. he was asked a question about celiac and you'll hear his response in a moment. we will add that this news is out there. it does not
have any kind of negative on the stock market. in fact, it's power and further forward. here it is rolling. [inaudible conversations]
>> we are having a meeting today on syria. a number of meetings. we will see what happens. we're obviously working very closely. now i'll be going back as soon as this meeting is over. but we are looking very commit very seriously, very closely at the whole situation. we will see what happens, folks. too bad that the world but those in a position like that. as i said this morning, we've done a great job with isis. we have to absolutely decimate isis. now we have to make further decisions, so they'll be made fairly soon. thank you all very much. stuart:
you heard there the president addressing the question about syria. we will see what happens. you said that repeatedly. that does not have any impact -- no negative impact on the stock market. dow industrials holding above the 300-point plus level at this point. we will bring you more from the president in just a moment. last time you were on this show,
you claimed you had evidence that california's dmv was allowing illegals to vote. the dmv responded with this and i will read it briefly. the new motor voter program will automatically register customers about is eligible during i.d. card or change of address transactions. the customer can choose to opt-out of the process. undocumented california and are not registered to vote in programming measures event that from occurring. your response, jim cruelty. >> well, the dmv like every government entity, most people make mistakes. that may put california in perspective. were registered voters in california than residents in 46 of the other 49 states. we've made it very easy to vote when i registered 40 plus years ago i had to sit in front of a registrar and a signed under penalty of perjury. we then made it eligible to
register by mail. you can now do it online. we've had evidence of online registration fraud at one of the das in the state tried to deal with that. but because the secretary of state's website doesn't allow you to trackback the ip address, and the da could not pursue the fraudulent registration. and we are out in the precinct. we've made over 2 million phone calls. we have walkers out there. i had a walker that talked to me the other day about somebody that he was talking to in a sad he registered through the dmv. i get the popular mythology among democrats, but there is no such thing as voter fraud. i will tell you, there's not as much voter fraud of some republicans think. but there's a lot for the democrats. stuart: can we just clear this up. the law very clearly says that undocumented people in california may not vote.
get a drivers license, but they may not vote or that's what the law says. >> that is correct. stuart: but you are saying the way things work has made it easier for undocumented people to get a drivers license and vote as well. is that what you're saying? >> sure. under the old system you have to get a drivers license. they ask you if you wanted to opt into voter registration. under the current log you have to opt-out and because over 1 million people in california illegally have a drivers license and they are 100% foolproof, and we have some evidence that people here illegally who have not opted out and have registered to vote in our field people have picked up some of
that. i don't think it's a huge problem, but no system is foolproof and the secretary of state in california didn't participate in the integrity product the president had because democrats in california are in denial. they believe that no voter fraud exists and they are wrong. stuart: jim brulte, got to go. we'll see you again very soon. we are of 284 points on the dow. coming back a little bit from the 300-point plus. the market is react into a little from what the president said about syria. next, senator corey booker jumps on the crumbs bandwagon along with nancy pelosi flaming tax-cut illnesses. you will hear what he said next. ♪
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>> who's getting the most? we are getting crumbs. either way, all of us who've gotten us people that have gotten $1000 as a bonus. remember, that is not free money. the cost of driving up your dad. stuart: joining us now is congressman dave brat. i just keep this up for you. >> corey needs econ 101. we just had to fluff up the budget 400 billion for them. we've got economic growth now. the kids i taught economics to never have seen economic growth. we are growing at 3%. which is currently present. people getting $3000 bonuses. the kids can finally get a job. hopeful job offers. i was just in cbo and the budget committee, republicans cut taxes $2 trillion. democrat wanted to raise taxes
10 trillion. i said which is better for the economic growth and for the kids? $2 trillion tax cut or $10 trillion tax increase. you definitely want to cut taxes for the democrats have a hard spot politically. they don't have any economic solutions, so they are doing the crumbs gain. with the average person.com come a few thousand bucks a year is a big deal bride live. stuart: the top one 10th of 1% of income earners used to pay 18% of all federal income taxes. this is your .1%. with the new tax law, they will pay 22% of all federal income taxes. so in fact, the very rich will be paying a whole lot more than they are used to. >> right. they think we have some monopoly on the rich. manhattan has a few democrats from what i've heard. i think that is split 50/50. they are doing well. i hope the economy keeps
booming. i was in the room with larry colo this morning, phenomenal cheerleader for economic growth. he is totally pumped up. i see good things coming for the next several years. if we get f., the economy will boom for several years and the kids will see the difference between the two parties very clearly. stuart: dave brat, got to leave it there. gary sardi to cut it short. promise you, there will be more "varney" after this. ♪
you. >> this is pure dram in. ashley: neil cavuto is a huge fan. stuart: neal, it is yours. neil: thanks for giving me update on that. this is football? i didn't get where they were going with that. i get where we're going with the corner of wall and broad. a relief rally at least the president is immediately planning to go to war here. kinder words when it comes to trade. reports that he will be flexible on rework of nafta. first senator cornyn of texas first hinted that president later confirmed that we're on top of all of that. let me introduce my esteemed panel.