tv Making Money With Charles Payne FOX Business November 18, 2019 2:00pm-3:00pm EST
steve: treasury secretary -- steve mooch -- mnuchin treasury secretary. we understand no daggers were thrown. everyone left peaceably. now charles payne. charles: thanks a lot, good afternoon, everyone, i'm charles payne. this is making money. dow, s&p, back at all-time highs. powered by strong corporate earnings and a massive epiphany on wall street that the good times could last well up to 2020. there is the usual china trade scuttlebutt. remember our economy is soaring, wages, homeownership, jobs, all soaring at the same time there are 360 billion in tariffs in effect. our experts are here to tell us where they think the trade talks are going to go and where you can see your best investment opportunities at this moment. president trump, does he like
the idea of testifying into the impeachment hearings? will the president give first-hand account of the call to ukraine to congress? the democratic divide is deepening as president obama throws shade on the far left candidates and they respond. what the moderate surge could mean for the election and your wallet. that and much more on "making money". ♪. charles: after a monster run stocks naturally moving slightly sideways today. they're higher. make no mistake. feels like there will be a another huge move very soon. the bias is to the upside. we'll take our cue from big week of earnings data. all tied into the american consumer. we'll have earnings releases that will wrap up the entire earnings season which is not only better than expected. this is the most important point, folks, they move stocks higher in a big way. they caught wall street flat-footed. i want to bring in erin gibbs, first trust advisor chief
economist brian wesbury. erin, let me start with you. last week all i'm reading about all of sudden mutual funds are diving into the market, heading out of cash, hedge funds changing their outlook, wall street says go into cyclical names. the economy is back, no talk of recession. i'm not sure why wall street had the epiphany so late but they're having it. >> we have all finally come to accept this is the tina environment. there is no alternative environment. that you should not be in cash. you should really be in u.s. stocks. it is your best bet particularly looking at 2020. i think wall street is really just waiting for confirmation of what we were expecting for 2020. with the q3 earnings, we got a better sense what was going on. so now we're reassured. we're all-in. between, you know, more stability outlook on fed rate cuts and earnings, this is going to look good. it looks good for the next 12
months. charles: brian, to that note, interesting that jay powell met with president trump and some key advisors. last week he was on capitol hill. he talked with congress both times. i never saw a more confident jay powell in the role yet. he was not only confident but chastised and collided congress to do their job. he took a victory lap. he more or less assured us, this is good, we'll be in a good place a long time? >> i agree he was confident. i agree he should chide congress. here we are in the 11th year of an economic recovery and we still have a trillion dollar budget deficit. even john maynard keynes is rolling over in his grave. he believed in deficits, not in the 11th year of a economic recovery. however, i would love to kind of tell you that i don't think the fed needed to cut rates to get this rally going. i believe the fourth quarter of last year was a correction.
in the middle of that correction we wrote a piece. we expected the s&p to hit 3100. it is over that now. we expected the dow to hit 28,500. i think without the boeing problems and 737 max we would be there today. and so this is followed our script. i don't think, really, that we needed those interest rate cuts in order to get this. we were never going to have a recession but with those cut, it makes it even more certain that next year is going to be a growth year. i think that is what the markets realizing. consensus earnings estimates right now are for 10% growth in earnings. neil: right. >> we all know those consensus estimates are too low. i'm look for 12 to 15% earnings next year. charles: erin, wall street says the coast is clear but the market is at all-time highs and this has created a dilemma particularly for fund managers that were sitting on their
hands. we're seeing a lot of buying in names that haven't moved. they call them value. some say go with the value names. cyclical names attached to the economy but have been beaten down. and this week we get a good sense of that. we get a lot of retail earnings. for some reason on last week, macy's and gap stores were among the top 10 winners last week. everything else that was up last week were up on earnings. so, i mean, is wall street in a dilemma they're guessing, trying to guess? people watching the show, should they try should they roll the dice on stock like macy's which has been unmitigated disaster or go with proven winners? >> when it comes to the big box retailers, i still think there is a lot of consolidation that needs to happen in the space. your nordstroms, your macy's. i'm not ready to jump all in. what i'm more secure is companies like walmarts, targets, put heavy, heavy,
spending into improvements, e-commerce, expanding their footprint into groceries, other business lines. these type of retailers as well as home improvement. those i feel more safer about. charles: thank you very much. brian, thank you. erin, stay with you in a moment. i want to share news with the audience. fox business confirming an exclusive report from the white house that the commerce department is extending the temporary license to sell huawei for another 90 days, allowing american companies to continue to do business with the largest telecommunications manufacturer in the world. same old boring guessing game in the media about china being pessimistic or optimistic, really overshadows the fact that both sides agree phase one discussions over the weekend were quote, constructive discussions. with me commerce department deputy director chris garcia. thanks for joining us. >> thanks, charles. charles: forget about the guessing game for a moment. feels like things are moving in the right direction, even with
both nations upset at each other the sabre-rattling is different. feels like there are no more threats. feels like we're moving in the right direction. with can we expect? i feel the deal we're move towards is not the one you advocated for. >> president was planning to sign an agreement with president xi in chile. but the apex summit was canceled because of unrest. coming up to the deadline, the goal we'll need real commitments from chinese from theft of intellectual property and structural changes. they will take a lot longer. the problem is at enforcement side. china has to agree to change the laws to enforce the law. if chinese companies are stealing intellectual property they need to crack down on that. we'll not see that happen with china. they have the same routine behavior time and time again. they agree to something. they sign an agreement. they cheat anyway. that would take a long time. say to bob lighthizer, hold the line. you have the moral upper hand in
this treatment. you have to know they are on the right side of history on this. charles: they have the moral upper hand and economic upper hand. a lot of people forget when this began we were much larger economy. china has done a brilliant job bringing up the middle class with really a heavy use of debt and there is a entrepreneur class there i would love to see a freer market as well. they have got their own issues but that being said it feels like we're going to get something. lighthizer, kudlow and the president understand the hurdles but they are saying there will be some ip stuff even in phase one? >> i think that is the goal for phase one, right? i don't think we would accept anything besides having some ip protections. it will be on the enforcement side. something that newt gingrich mentioned, former speaker newt gingrich mentioned, he expects the chinese will agree to ending i.p. theft. they will cheat anyway. we'll get back to the place maybe in a few months from now. we'll have to have a second round to find another enforcement mechanism.
charles: you think they cheat that quickly. the ink won't even be dry? >> they have thousands of people dedicated to to this. charles: i said when this pebegan i a great deal would be to get them stop sale stealing in broad daylight. steal under the cover of darkness when no one is looking. just don't walk in and steal from us in broad daylight. we look like chumps! >> that is exactly it. it ties into the hong kong protest movement where you see basic freedoms, these university students want basic liberties. they're right to be afraid of the extradition -- charles: before i let you go, usmca are you feeling better about this? >> i think we have signals from both sides, democrats and republicans want to pass this. they want it ahead of thanksgiving which is next week by the way. just around the corner. couple days. charles: nancy pelosi has to do is say yes. >> bring it to the floor. mexico labor will be will be a
little bit of an issue. this will be another notch for the united states to make sure we win the war of capitalism versus communism. charles: chris, always good to see you. >> thanks, charles. charles: bring back erin gibbs to get her thoughts an investment ange fell. whole china trade thing, no matter nuances, just to have it checked off would be a good for wall street who refuse to put money into the market until that happens. >> ike you're saying, some of the cash coming out, industrials are beaten up. they're still trading a bit low. industrials cobe an area doing better. at least having stability what their earnings are the next 12 months that would be one of the more positives coming out of this. charles: right. >> another one, obviously consumer discretionary, very sensitive to tariffs. but again, be very particular where you invest within that sector because there is still a
lot of consolidation and changes. lastly i say health care. looking strong. as long as we don't have, you know, as long as warren isn't in the lead i think health care is going to be -- charles: that is a great observation because even with the moves by the administration last week to cap drug prices health care was the number one performer for the week. real quick, ford with its electric mustang, initially was going to be built in mexico but suggesting it could end up being built in this country, is that another reason to get usmca passed? >> yeah. i think this is, we've already seen this trend. certainly there are large trading partner. whether, that is still, you know, a small portion of ford and they have got a lot of other issues, just getting into the electric market. exactly. one more reason that we want to be able to have a more fluid transfer between mexico and, as a trading partner. charles: absolutely. erin, thank you very much.
appreciate it. president trump opening the door to testifying in the impeachment probe hearing after speaker nancy pelosi floats the idea of him resigning. fox news legal analyst gregg jarrett weighs in on what should happen now. the ceo of fedex is challenging "the new york times" after a debate after a tax bill expose' later in the show. i have a warning for fedex. why this could backfire. ♪ (people talking) for every dollar you spend at a small business, an average of 67 cents stays local. shop small and watch it add up. small business saturday by american express is november 30th.
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how'd he get out?! a camera might figure it out. that was easy! glad i could help. at xfinity, we're here to make life simple. easy. awesome. so come ask, shop, discover at your xfinity store today. charles: so president trump potentially throwing a wrench into the impeachment inquiry he considered testifying himself tweeting, nervous nancy pelosi who is petrified by her radical
left knowing soon she will be gone suggested on sunday's deface the nation, that i testify about the pony witch-hunt. she said i could do it in writing even though i did nothing wrong, and not like giving credibility to the no due process hoax. i will like the idea and will in order to get congress focused again, strongly consider it. will president do this to get congress focused and author of witch-hunt, gregg jarrett. you have the knack of writing these amazing books at the right time. >> this is "witch-hunt," the sequel. charles: i watch the thing, even if you don't want to use the term witch-hunt, fishing expedition. we'll find the crime in real time. last week it started with quid pro quo, went to bribery, finished with witness intimidation. >> it is silly. first of all the adam schiff
created the witness intimidation by reading the tweet. defending yourself publicly in a tweet against false accusations is not witness inteldation. it is clearly defined in the law and this ain't it. bribery, by the way, is quid pro quo. so simply changing the name doesn't alter the equation that there is no evidence in the transcript of the telephone call of a quid pro quo. charles: apparently they did a focus group. >> yeah. charles: bribery resonated more than quid pro quo. that is why the name was changed. >> of course. you know, bribery is what members of congress do every day. they take all kinds of money from interest groups. in exchange for that, end up voting in favor of those interest groups. if we're going to call it bribery, then everybody is guilty. charles: often against their constituent. maybe that is one of the reasons we have $20 trillion in -- >> exactly. >> what about the idea of
president trump testifying, either in writing or in person? >> it ain't going to happen. he is teasing, tweaking -- charles: would his advisors -- >> no. you shouldn't do it unless the process were fundamentally fair and embraced due process. no, the president is mocking and teasing and tweaking nancy pelosi. she will be the last person in the room to get it but his next tweet, i guarranty you will be, oh, i'll testify, if, you make this a fair process by letting republicans call their witnesses, allowing full cross-examination including by white house counsel. adam schiff, the head clown in this clown show, will never do that because that would mean the whistleblower would have to testify. and the whistleblower would implicate or incriminate adam schiff as working with him to invent the pretext to impeach the president. charles: right. when this began he said he never
met him. >> he lied about it. charles: real quick, this whole process going back to the whole russia investigation, to me it feels like a quagmire for the democrats. like they really have dug themselves in. you know, of course the first rule of these kind of things is to stop digging but they won't and i don't think it is resonating with the public. they will have to tell the public at some point what was the result of this? it is going to be another dry hole. >> absolutely. if i were trump i would be in a repeating title of herman wouk comedic farce, don't stop the carnival. it only extends to his benefit because people, americans are very smart. they realize fundamental unfairness when they see it. this is hyper partisan. it is precisely what the framers feared which is were they inserted in the impeachment clause in the constitution, a procedural protection, 2/3 supermajority to remove the president and that will never
happen. charles: that's one of the reasons market sees it. it knows it is a nothing burger. it could have major political implications a great book if you haven't got it, "watch hunt," gregg jarrett. >> thank you. charles: president obama giving a stern warning going too far left. so far candidates are not listening to the lecture. michael bloomberg stirring the pot he will jump into the 2020 race after apologizing for a controversial apology but is it enough? didn't he slam joe biden and pete buttigieg for their own apology tours? more on that next. ♪. i don't know what's going on. i've done all sorts of research, read earnings reports, looked at chart patterns. i've even built my own historic trading model. and you're still not sure if you want to make the trade?
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i have a really good feeling about this. ♪ each day our planet awakens but with opportunity comes risk. and to manage this risk, the world turns to cme group. we help farmers lock in future prices, banks manage interest rate changes and airlines hedge fuel costs. all so they can manage their risks and move forward. it's simply a matter of following the signs. they all lead here. cme group - how the world advances. charles: he is not making any endorsements in primary season
former president obama making it clear where he stands. he is warning the democratic field not to move too far to the left saying it would alienate too many voters. he told a room full of liberal donors the average american doesn't think we have to completely tear down the system and remake it. i think it is important for us not to loose sight of that. though obama didn't mention anyone by name the message was clearly directed at likes of elizabeth warren and bernie sanders. joining me liberal radio show host ethan biermann and trump political advisor jenna ellis. ethan, this is your wing of party, president trump, i mean president obama saying the goal of the candidate is say win the election. >> no question, president obama has a good point. we need to keep our eye on the ball, getting trump out of office in november 2020 and we need to reach the swing state voters, insure they will on our way to win the election and joe biden is really the guy.
this is his indirect endorsement of joe biden by saying this, looks like he will pull ahead in south carolina. polls are looking great for new hampshire for joe biden. he is looking strong on the trail and reinforcing what eight years of obama's presidency did with the affordable care act unlike republicans that americans have affordable access to health care. charles: jenna, interesting the warning comes from president obama considering many speeches he gave. in one of them in atlanta a few years ago, part of it struck me, for most of this country's history we african-american community have been at the receiving end of man's inhumanity to man, we all understand intimately insidiously race plays in the job, our schools, health care system, the criminal justice system. the word system used twice there. he used it a lot of times. he was the president who ran on the idea of tearing up the system and rebuilding it.
>> right. charles, i had a couple of reactions to this from president obama. like ethan said i think it's a implicit endorsement of joe biden. we'll see how that works for him. second this is really hollow coming from president obama whose eight years in office ushered -- era that did tear down the rule of law. he was so far outside the margins of the u.s. constitution. that is being challenged in the supreme court is his daca proposal that should have gone through congress. congress has the power of immigration law, not the executive branch. there are some things that obama did that now, that is arguably giving rise to the legitimacy and even for the democratic party to even question and look at the likes of bernie sanders and elizabeth warren. so this is a little bit ridiculously hypocritical of obama, but third, i think he should vote for president trump clearly. he doesn't want his party to go so farrest, hey, president obama we love to have you as a trump supporter. >> no doubt the pull to the left
is significant. it will be a lot more left perhaps no matter who wins the nomination. you know, i do want to get you guys to respond to this, that former new york city mayor mike bloomberg apologizing for his support of stop-and-frisk. eat than, the move, in my mind underscores two things here, no democrat can win the nomination without black voters and michael bloomberg will get in the race at this point? what do you think? >> it almost seals the deal with the apology that he will jump in the race. i have tremendous respect for mayor bloomberg. he does have a lot of things, leads on the environment and led the charge to defeat republicans and nra in virginia. that can definitely hang his hat on. the problem, the stop-and-frisk, according to police themselves, police benevolent association said it was mistake in the first place. he should have listened to cops on the police that it was causing a wedge between police and communities.
really important that mayor bloomberg came out and made the apology. you're right. he is jumping. charles: jenna some may say too little too late, the police department said itself it is not a good idea. mayor bloomberg, billionaire's trait, that he knew even better than policemen who had to police the streets in new york city. >> unfortunately for bloomberg it is too little too late. shows the hypocrisy of politicking he is only apologizing something because he wants to win over voters rather than sticking to what he might have believed and may still believe is genuinely good policy he was even endorsing this as recently as january. so even if we disagree on politics at least have the guts to stand up for what you believe. i don't think bloomberg is winning any favors for his credibility. i don't think it will serve him well. one last comment, ethan, congratulations passing the bar. welcome to the profession. charles: i didn't know a. >> thank you. jenna. thank you, charles. charles: thank you both for
being on. we'll have a lot to discuss the appreciate it, eat than and -- ethan and jenna. charles: while "the new york times" looks like hypocrites, that could backfire on fedex. president trump backing off on the pledge to ban flavored e-cigarettes. we'll tell you why when we come back. so when a hailstorm hit, usaa reached out before he could even inspect the damage. that's how you do it right. usaa insurance is made just the way martin's family needs it - with hassle-free claims, he got paid before his neighbor even got started. because doing right by our members, that's what's right. usaa. what you're made of, we're made for. usaa
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♪ charles: the ceo of fedex, fred smith, challenging "the new york times" publisher to a debate after the paper ran a story about his company. now the title, how fedex cut its tax bill to zero. susan li live in the newsroom with more. >> you can imagine fred smith was not happy about this, throwing a challenge down to the publisher of "the new york times," ag sulzberger have a debate who pays for taxes and who invests more in america. smith and fedex fired back after "the new york times" published a report over the weekend that fedex paid effectively zero federal taxes in 2018 after hard lobbying of the trump administration, a tax bill that was cut from 1 1/2 billion dollars in 2017 down to zero. so effective tax rate of 34% to nothing last year. instead, reinvesting the tax
savings back into the u.s., "the new york times" alleges that fedex spent less on capital investment in 2018 than they did in 2017 when they actually had to foot a larger tax bill. fred smith and fedex firing back today, pointing out "the new york times" paid nothing about it way in 2017 in federal taxes on their own and just 18% in 2018 while also cutting capital investment, they say by "the new york times" by 50% to just around $57 million which is just a rounding error to fedex's 6 billion-dollar investment back to the u.s. economy. fred smith challenging sulzberger to a debate, i hereby challenge ag sulzberger publisher of "the new york times" and the business section editor to a public debate in washington, d.c., with me and the fedex corporate vice president of tax. we got in touch with "new york times" to fox business. fedex's colorful response does
not challenge a single fact of our story. it is clearly a stunt a stunt and and effort to distract from our findings of our story. when you're paying nothing in federal taxes you should reinvest into the u.s. and provide american jobs as well. charles? charles: susan, before i come in my thoughts it could backfire. "new york times" looks like hypocrites, fedex and many other businesses have to be careful. for instance, when fed smith and others talk about holding back invests because of tariffs even after pocketing hundreds of billions of dollars from lower taxes, lower regulations not a good look. their invests create jobs no doubt about that. they're not altruistic, they benefit the business. if we use the same logic on other things, some should say we should write off college loans, because it makes our children better citizens, and society would benefit. i want to find out what rick
unger thinks. host of the rick unger show. i'm not sure if "new york times" pays zero taxes they're the right folks to bring this up. pot meet kettle. this underscores a serious issue for corporate america. when the markets to high, all-time records, when they get the big tax breaks, a lot of people feel left out. >> well you know the article was interesting. to say that fred smith was not happy with this would be an dramatic understatement. i like your response you just gave. makes a lot of sense but the article was operating on go different tracks. one was talking about the fact we were told the 2017 tax cut to corporations on the idea there would be massive invests of capital. that's a good thing, right? charles: right. >> what we kind of came to find out maybe a little too much went to stock buybacks which benefited shareholders, not so much the captial expenditures. was confusing though, i know fred smith spent $6 billion on airplanes. what i can't tell, did he spend that in 2017 or 2018 and beyond?
if he spent it after the tax cuts, then "the new york times" got that wrong i have to say. if he spent it before, a little bit different. then you do have to point out if he was buying 6 billion in airplanes, it was because he needed $6 billion in airplanes for his business. i want to see this debate. charles: so do i, so do i but, you're a moderate democrat, right. you're a successful businessman. so, from a political point of view because you're right, "new york times" tried to make eight political story, maybe they have woven too many things into one article but it's a topic this year. how does it play out moderates in your party pushed back hard on elizabeth warren saying hey, let's not take everything from billionaires? >> it is interesting what is going on with the argument in my party, you saw the result when elizabeth warren released a new part of her "medicare for all" plan that looks awful like what the other democrats are
suggesting, how she would approach it in her first 100 days. the reality is, charles. neil: it is pretty interesting, it is very much starting to look like the moderates having their way in the democratic party. charles: i have 30 seconds. put buttigieg rocketed to the top in iowa. how serious a contender he would be in iowa is special made state for him. he poured a lot of money. he has to duplicate that in other states. >> i will pat myself on the back i predicted pete buttigieg would win iowa i did that three weeks ago and i think he probably will. when you get to south carolina, he doesn't have it going on. charles: got to cut you off. secretary pompeii answering important questions. >> will increase the isolation of the u.s. and particularly around the world because everyone else held the position if not illegal, they are at least inconsistent with
international law. then secondly if i could, there is a lot of questions, there are a lot of questions about why you have not chosen to speak up publicly in defense of your employees, including those who testified before the impeachment inquiry? can you explain why you haven't chosen to make comments in their support? >> so first question, well, i must say, sadly, there hasn't been much support for israel in the years leading up to this it is hard to imagine more isolation unfortunately at the u.n. as a result of this decision. we have been challenged to convince nations all across the world to stand up for the people of israel and, their nation's right to exist. so no, i don't think this increases that. i'm happy to talk about ukraine policy today. i'm not going to get into the issues surrounding the democrat impeachment inquiry. just not going to do it today.
it is worth noting that ambassador yovanovitch departure preceded the arrival of by bill taylor. there is some idea somehow this changed was designed to enable some nefarious purpose. look at the simple fact it was, it was bill taylor that replaced ambassador yovanovitch, who in each case has been driving towards the appropriate ukraine policy. i'm happy to talk about. i'm proud of what the administration admin has done with respect to the ukraine. we reversed president obama's policies in ukraine. a group of ukrainians wanted nothing more to defend their nation but just given blankets and non-lethal equipment. i'm proud of what we've done. president trump's policy has been consistent throughout. the state department is fully supportive, not only what we've
done but our ukraine policy moving forward. reporter: no defense of your employees? >> i always defend state department employees. the greatest diplomatic corps in the history of the world. very proud of the team. reporter: mr. secretary, on iran, how do you balance your support for the iranian people and -- the government, the request to hold the government accountable and your support for them that has been seen an at this iranian regime as interference? i have another question. >> we, i remember how the previous administration treated the iranian people. i remember the signs that said, are you, are you with us or are you with regime. i don't think anybody in the world has any doubt where this administration stands. we want iran to abnormal nation. we want the people there to have freedoms which they're entitled. we want the, we want the
regime's monies to be spent on things that benefit the iranian people, not proxy forces in iraq. not underwriting hezbollah. not conducting assassination campaigns throughout europe. we want the iranian regime to behave like a normal nation to take care of their people, i think that is what you're hearing and seeing in the protests taking place in the islamic republic of iran over the past few days. reporter: on the palestinian issue, sir, would your decision about the settlement and the about the capital of israel and golan heights under israeli control do you believe we're getting closer to one-state solution as the two-state solution is noner viable? how do you bring the palestinians to the negotiating table considering your decision today? >> we've had a long time with policy, legal interpretation announced today being the other way, and it didn't work. that is a fact in evidence. we believe that what we've done today is we've recognized the reality on the ground. we have now declared settlements are not per se illegal under
international law. we provided the very space that your question suggests, the very space for israel and the palestinians to come together to find a political solution to this very, very vexing problem. we think in fact we've increased the likelihood that the vision for peace that this administration has, we think we created administration has i hope move forward on that in not too very, very long. reporter: on the practical implications of decision, your decision not to declare the settlements per se illegal. that does apply to east jerusalem or primary the west bank? >> we're making -- charles: that was secretary of state mike pompeo taking an array of questions from the media of the last one on iran we see reallies amazing uprising going on there. asking about the diplomats of the state department, saying he
was proud of every single one of them. up next, former nba player al harrington to explain why he is scoring big on his cannabis plan and the after a new roadblock. the fda is warning that it is not safe. i thought we got over that already. we'll be right back. ♪. shop small and watch it add up. small business saturday by american express is november 30th.
charles: major averages higher today, dow, s&p 500, nasdaq at all-time highs. joining me to discuss, "claman countdown" host liz claman. liz? >> that is what we'll talk about. we've seen stocks hitting all-time record highs today, charles. it has been on sort of relatively incremental moves. almost a game of inches. of course friday, 28,000 for the
dow jones industrials. so these are big numbers. what about the numbers that make up all of this? we'll point out the stocks that got us from 27,000 to 28,000 and from s&p 2,000 to where we stand today at more than 3,000. all time report highs. what are the names. does that mean if they have already been winners, do you need to get out of those and pick new winners? we'll look at all of that, much more. yes, names of stocks that have been the best performers. some of them you won't even recognize of the that is what is kind of interesting here. plus, charlie gasparino, more than a week ago said, that john legere of t-mobile would not be interesting in wework. that is of course the reality today as john legere, the ceo of t-mobile said no, i'm not going to switch over to that company. charlie will break more news on that and so much more. always a great time, 3:00 p.m. eastern. we'll see you then. charles: it certainly is. liz, thank you very much.
folks be sure you tune in to the "claman countdown," at top of the hour. cbd dealt a big hit by former fda head scott gottlieb, that the improvements may never be substaniated. do the claims hold any weight against the popular medical alternative? i want to ask former nba player, owner of the viola brands, al harrington. to a degree gottlieb has the point this being the wild, wild west, maybe there should be some regulation. >> i definitely agree with him from that perspective. we definitely need regulations right now we could start a cbd company in our kitchen, distribute it it through ups mail service right now. until we get that, there are some companies selling products that don't have any cbd in it. or products have thc in it over the .3 threshold which is also a danger to a lot of athletes, especially comes down to testing, being able to pass
their tests. charles: my son opened a vape-cbd shop three months ago. business is going very well, despite the headlines and he is shocked how a lot of older folks reluctant to buy the product they're back the next day. my arthritis, my skin. people when they try it, they love the product. it is anecdotal but flies in the face what scott gottlieb was saying. >> guys that make claim like that he doesn't have the proper testing to make a statement. i think about my grandmother. she had replacement hip surgery, she uses the oil, capsules and happy as he shoes ever been from a pain perspective. cbd can be on-ramp for people to actually get comfortable with the plant. not being psychotropic it it a lot safer. charles: al, when you talk about cbd, people think about the vaping industry. that has been under huge scrutiny of late. a lot of people died at one
time. a lot of states pushed back. president trump considered a ban. he is not doing that now. how are you people think about vaping? >> it is safe when you get in regulated market. when you buy vapes from the black market -- charles: how do you know? >> you need to go into dispensary and purchase it. the dispensary you know you are getting a safe product. it has been tested two or three times before it made it shelves. charles: your business, how do you see it next two or three years? still flying off the shelves? >> hopefully going up. we try to create great experiences for our patients. allow them to alleviate themselves from pain just alternative way to medicate people without obviously all the dangers of -- charles: in your mind one day all of this wit be moot point. all of this will be legalized, regulated but legalized in every state? >> big pharma will come in to take over the industry at some point. charles: maybe they will buy you out. >> hopefully. >> al, appreciate it.
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so that every veteran can take advantage of these near record low rates. charles: all right, folks. at this moment the dow, s&p, nasdaq on track for record closes again, hitting new all-time highs. 2019 certainly will not only go down as the year of the stock market roaring, but there will be chapters on the massive declines in those big-time initial public offerings although that might be changing. the only folks with a worse year than the ipo is the hedge fund. maybe it's a natural fit that we are learning that they are now diving into those ipos big-time. it's not just hedge funds. last week, jpmorgan chase made uber their top pick in technology. these stocks act a lot better including luckin coffee, turning higher today. it had a huge week last week. i want to bring in rebecca wallser. this is a debate right now.
the market soaring, we are at all-time highs. professional money managers, hedge funds caught flat-footed trying to figure out how to catch up and looking at the ubers and lyfts of the world saying that's the answer. what do you think? >> yeah, i think uber has a lot of runway. if you look at uber as a whole. there are obviously regulatory challenges with california that goes into effect january 1st. that's a big problem. if we look at uber eats, you see european competition that has merged this year in germany and their stock is up over 60%. it looks like a potential merger with grub hub eventually will give uber a long runway and potentially hedge funds are looking at that saying there is actually a lot of stuff we can grow here. charles: but some of these stocks are unmitigated disasters. almost criminal. smile direct, the idea that not only the big names on wall street brought it public but not long afterwards, they all reiterated the buy ratings on them as well. some of the other names, peloton, had some big-time
competition. i know it's a challenge right now for all investors to find something that will outperform when the market is already at all-time highs. how do you go about this? >> you're right. obviously peloton, smile direct, a couple of not great ones. wework completely pulled all together. you got people today saying it's worth nothing. obviously, there have been some challenges in 2019 but we have a long runway for unicorns. these are not your 2000. these are companies that have 12 years on average of actual, you know, track record and they have over $100 million of revenue. there is definitely some great news. look at the ipos for next year, airbnb is going to be huge. we will have some good runway. but if you look at zoom and luckin coffee, all of these have shown positives even though we are down for the year from their ipo price. hedge funds are seeing that and scooping it up. this is something individual investors can actually say hey, wait a minute, if the hedge
funds are buying in, they must be seeing something i might be missing so give it more consideration before you outright say it's a 2019 flop. charles: i'm with you. i'm starting to change my mind on some of these names. i'm looking very closely. i love the fact uber has the same voting rights, the shareholders there, as management does. i think that was a smart move on their part. what about other areas of the market where names are up but off the highs? for instance, amazon. i'm really shocked, for instance, nvidia. since getting hit on that earnings report, it has become a juggernaut again. netflix, coming on strong. there's scuttlebutt out there this morning that a major, major investor on wall street maybe has taken a big position in netflix. so even in names like that, are they worth looking at in your mind? >> yeah, absolutely. you know, this is what always happens. people start to discount these companies. netflix, for example, disney plus, apple tv, so netflix is like oh, you know what, it's saturated, we don't have any new
subscriber base in the u.s., it will just be international growth here and all of a sudden, you get potentially this, you know, maybe there's a big investment announcement coming and all of a sudden, now it's got fresh blood. netflix is going to in the long run, if you look at how much money they put in to content, it's so massive that i think stranger things is going to do just fine and absolutely i think long term, if we have a depression of the price because of disney plus and apple tv, look at that as a potential buy. long term netflix is going to do fine. if we look at alibaba, for example, they are about to give us the price tomorrow that will be listed on the hong kong exchange. we've got basically another whole potential there. you know, there's just a lot that we should not at any one point say this is a loser and that's it and it's written off for the year. the market is fluid. trump's economy is great. we have to look at these things one date at a time. charles: i agree 1,000%. it gets a little tougher in these periods but i think we might have a gift of some of the overreactions we have seen this
year. we went through a lot. appreciate it. thank you very much. >> thank you, charles. charles: well, all three of the major indices are higher. not by a lot but it doesn't have to be a lot after the last six or seven weeks that most of these indices have seen. liz claman, most exciting hour in the market, going to take us there. liz: that's right. that's right. it's not how the market opens, it's how it closes. sorry, stuart varney. yeah. charles, thank you so much. stocks climbing to new everest high peaks again, as we head into the final hour of trade, but with the dow at 28,000 and the s&p and nasdaq hitting intraday highs, are we about to see a volcanic blow-off top that the bears have been waiting for? our floor show traders are here, getting in front of their cameras to tell you if they believe this is the lastkrakatoastyle stock eruption and if so, what stocks are they buying to buy right now? president trump spent months publicly slamming him but today, he invited fed cef