tv Varney Company FOX Business March 14, 2018 9:00am-12:00pm EDT
>> thank you to this panel could have a great day, everybody could burn a company begins right now. stuart: maria, thank you indeed. too close to call, but the democrat has the edge in the democratic pennsylvania special election. conor lamb declared victory. republican rick saccone has not conceded. there may be a recount. this was a referendum on president trump campaigning hard for the republican with the tumultuous rally in pennsylvania saturday night. if it was a contest between those who do not like the president style and those who do like his policies, it was a virtual tie. today the president goes right
at democrat senator claire mccaskill. will be in st. louis missouri. trump country that is. his visit is a challenge to the democrat serve as who's up for reelection. let's see if they repeat the trump unleashed approach used in pennsylvania. it is certainly trump unleashed within a candidate. rex tillerson out of secretary of state comments gary cohn already had his economic advisor. both health policy opinions not in tune with president trump. they will now consider tariffs on $60 billion worth of chinese products. another jampacked day of politics and money. you will love what is happening with your money and that is why were all about, politics and money. "varney & company" is about to begin. ♪ stuart: here's how the market
will open this morning. look at futures up about 90 points for the dow, seven for the s&p and another 27 on the not back. a couple of individual stocks are moving and making news. broadcom has withdrawn its hostile bid to buy qualcomm. broadcom up a fraction. wal-mart will opt for home delivery of groceries. that's a new thing in 100 cities. wal-mart at $88 a share. google following facebook's lead by banning ads for crypto currencies. uber's stock is out. back to the broader markets. i come on the air every day and say here is how we are going to open. but i can never say where we are going to close. ashley: at its headline driven. who's knows what's going to happen by 4:00 p.m. eastern. stuart: i hate saying to our
audience, you're going alike what you you see. you like what you see right now. liz: you could say we're just getting started. stuart: "varney & company," we are just getting started. i'll leave it right there. thank you very much. pennsylvania, still too close to call. katie pavlik is with us, fox news contributor and townhall editor. good morning. >> good morning. stuart: i'm catching my breath here. if this was a referendum on the president, he lost, right? >> races too close to call, but the president has been supporting rick saccone for months. he got into the race very early on before conor lamb really became the candidate of the race. the truth is he's probably a better candidate and his running on a lot of the things that president trump has been successful at. taking things local, going against democratic party establishment. but yeah, the president went last week or maybe this week to a campaign for rick saccone.
he wanted people to back him. there was friday night he went there. the president has some risk on the line here when it comes to the election. however, i will also say this is a special special election because not only is it a special election, also a district that is not going to exist in the year. temporary status for the district. stuart: you don't think the republicans have a lot to worry about? >> no, they do have a lot to worry about. the number of people retiring republicans in blue districts that held us republicans went for hillary clinton should be very concerned about those being filled by democrats this time around. midterms are notoriously difficult in their first term in president trump, his approval rating could use a bit of a boost when it comes to backing candidates. republicans have to be concerned. however, special elections are
in their own way unique and they are not necessarily a representation of what is going to happen in the future. stuart: katie, and have you seen this already, but for the benefit of our viewers all repeated. this is an op-ed in the "washington post" read the title is just stopped, hillary, please. >> what they want hillary to keep talking. she has demonstrated prejudice against the poorly educated and unemployed as well as social conservatives and women stay home with their children. to name a few. that is a repudiation by the "washington post" op-ed writer of hillary clinton. i'm surprised to see it. >> hillary clinton made it clear that not only does she loathe parts of america, she hates certain parts of america and waved in those area i find it interesting that hillary clinton
was the former secretary of state couldn't find it in herself not to criticize american white women and american voters who decided not to vote in 2016 on foreign soil. you would think as the secretary of state that is something you would want to avoid. democrats have a huge problem here. she keeps inserting herself into democratic politics and policies pitch is part of a number of races which is only good for republicans because they want her to go away. conor lamb is not an elizabeth warren type democrat. he's a blue dog from a blue-collar type democrat and that is the kind of candidate they are looking for. they are not looking for the elitism that hillary clinton still has to this day after nothing about her ability to protect to everyday voters who voted against or for donald trump in 2016. stuart: katie, one of these days you'll tell us how you really
feel. stay with us, katie. we'll see you soon. to the market, i want to bring in dori whiteley with the commerce street holdings. he is our guest this morning. i read your stuff he may be surprised to hear that and i know you are telling our viewers and investors to get out there and buy dips because the market is going up the rest of the year. that is what she said. >> fundamentally, it is hard to argue with what is going on. we've got low inflation nothing it's like the boogie man with excuses on the economy. unemployment is low, production is up, everything trump is doing is he's running circle around the last 10 presidents in what he is accomplishing. earnings are up, we are getting earnings surprises. stuart: back on wall street, he's out pacing the presidents
on wall street? >> it's amazing what happens when you get a decision maker rather than make assistance builder in the white house. we may not approve of his methods or how he gets there, but when they get there and makes a decision, it is nice and refreshing as a business person and as an investor like to see that. he's going to make mistakes and he recognizes that in many changes it. stuart: i am trying to place the accent. it is texas, isn't it? i cheated. wait a second, you brought with you three stocks. we are going to name them. we are going to start with macy's pitcher made a premarket. where is mrs. premarket right now. twenty-nine dollars a share. you like it. you recommend they buy it. where does it go? >> i'm trying to buy on fear and be opportunistic because the market is high. you have to pick your spots and you will get those on individual
specific as well as headlines to create throughout the day. macy's has been on the downside for a long time with concern about big-box retail. it is killing a. stuart: we are at 29 now. why isn't it going -- where is it going? next one is at&t. premarket $37 a share. where is it going? >> it needs to be mid-40s. i love this stock because it's great for me. if i make a mistake i'm wrong. if the merger doesn't go through, it's undervalued. if the merger goes through its undervalued. i like that, get above a 5% dividend. i'm buying pretty close to it. it is a good solid company. stuart: last one is bank of america, which is today premarket again as its trading right now, 32. where does it going?
>> upper 30s. stuart: you've got three stocks that are looking for a gain of 5% to 10% in each of them this year. >> that's correct. stuart: dory wiley, you are all right and we will see you again. from west texas. my favorite place. big hour for you on "varney & company." we spoke to congressman greg walden yesterday. his legislation right to try failed in the white house. would allow patients with no other medical options to use experimental unproven drugs. he was turned down by the house. we will discuss that one. coming up, pennsylvania elections too close to call. the president, vice president, president signed seems like a referendum on the president and he did not win hands down. coaching former athletes had to keep their money and make some more. a super bowl champ goes to an ivy league college to teach a course to athletes on how to
stuart: prime minister theresa may expelling russian diplomats from the u.k. what are their 23 of them? >> 23. russia ignored a midnight deadline yesterday but the use of military grade nerve agent and attempts to assassinate a double agent. he and his daughter now in critical condition. teresa called for an emergency u.n. security council meeting. rush is a permanent member of the security council. it is a single biggest expulsion in 30 years by the u.k. russia now threatening a tit-for-tat. it makes for 23 british diplomats, suspending all bilateral plan talks with russia
and the same will degrade russian intelligence capability on u.k. soil or years to come. stuart: hold on one second. ashley coming to the threats threatened to boycott the world cup? ashley: they did. now they say we will not send any dignitaries at all. we are not going to take that step. this is a continuation to grow and grow. stuart: a federal appeals court with it than on sanctuary cities can take effect while legal challenges proceed. judge napolitano is here. texas as we are not going how sanctuary cities. >> i don't think this is extraordinary. this is the texas legislature enacting statutes, telling employees of the government in texas how to behave in the behaviors you will cooperate with i.c.e. similarly, on the other side of the coin, the legislature of
california has told government employees, you will not cooperate with i.c.e. both are cons additional because both are the employer, the state, telling the employees how to do the employer's work. stuart: but in california, that contradicts federal law. i don't think you're supposed to do that. >> if you are refusing to cooperate, that does not contradict federal law. if you are hiding or excessively restricting that will contradict federal law. the supreme court has ruled federal times they cannot commandeer state employees. they do differently, you can employees and say you will help us but the state's expense to enforce federal law. it can put all the federal agents in it once but it can make them work for it. >> understood. as the relationship of morality.
stuart: with lawyers have shouted -- >> thou shalt not kill except for this, except for that. we always obey the producers. stuart: we do. the house fails to pass the right to try bill. someone on their deathbed would have been able to use experimental drugs. well, the house says no you can't. >> the house can take a hike. especially when you run a deathbed and it's an opportunity to extend your life. this failed because of politics in the house of representatives. he didn't go far enough. he went too far. what about liability for the drug companies. how about letting people choose for themselves what will work. stuart: why not? what's wrong with that? >> we still suffer from the woodrow wilson era mentality that the fda, food and drug administration will decide what
we can put in our bodies rather than mature adults deciding themselves. stuart: democrats that it's a safety issue. we can't allow you to engage yourself. >> you're about to die. it's past a certain level of efficacy. it's not just something you're pulling out of a shoebox, but it hasn't passed the final level of efficacy. why can't you try it? stuart: could you extend that to other drugs like marijuana if you are in a state that does not allow it, i'm on my deathbed. i want some relaxation of the pain. >> the one who believes you have a natural right to ingest what you wish. the government began. >> that doesn't help me in the current situation. >> may be larry kudlow will get this stuff changed. stuart: we will see. he's a good man. we will see you again. thank you, sir. sad news to report. stephen hawking, theoretical physicist has died.
at the age of 22, doctors only gave him a few years to live after he was diagnosed with a rare form of motor neuron disease. he wrote the bestseller, a brief history of time. he taught physics. he taught math. he delivered speeches. in an interview six years ago, he declared was still stumped him. women. [laughter] they are a complete mystery. [laughter] stephen hawking was 76. you can't predict the market, but through good times and bad at t. rowe price we've helped our investors stay confident for over 80 years. call us or your advisor. t. rowe price. invest with confidence. where we're changing withs? contemporary make-overs. then, use the ultimate power handshake, the upper hander
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stuart: in just over an hour, we will get the latest report on how much oil with god in storage that may affect the price right now. right now the price is $61 a barrel. now this. a lot of people thought about this one. a puppy dies on the united airlines flight. ashley: dreadfully sad story. a passenger traveling with an intent in a small french bulldog and a carrier get on the flight and get into an argument with a flight attendant on his flight to new york in the flight attendant says that they can fit under the seat in front of you, and has to go in the overhead bin. he says i'm not putting my dog in the overhead bin. eventually that's what they do. the dog died midflight. it is unclear why those compartments are not sealed, but
not a lot of air gets into those compartments. regardless, horrible thing. united taking full responsibility. they are not sure why the flight attendant insisted it be put in a compartment. you know, everyone that has focused these days come it is very clear from those people on board that indeed the flight attendant knew that it was a dog in a carrier and she insisted it be put in. trade for that is not policy, right? ashley: the airline said that is not what we do. liz: united airlines, there's so many controversies that theirs. stuart: can we expand this because the issue before lot issue before lot of people as these emotional support animals take with them on flights. 138,000 animals went on flight. ashley: they are clamping down on it. stuart: i think we've got the video here. the lady who wanted to take her
peacock on board a flight. the airline said no. >> is that an emotional support? what would you feel if you get on a plane and a person sitting next to you has a snake? or emotional support for the passengers. >> i agree with you on that. this is about judgment. this is the same airline where the doctor was dragged off the flight to make room for a crew. they did the failed lottery for bonuses for their workers. the woman had to give up her seat for a 2-year-old toddler, for a standby passenger. i want to know what's going on with this airline. stuart: bad publicity. we will do it at all. moments are not the market will open and we will be a pretty good. 80 points higher for the dow industrial. we will open higher. i have no clue how we will close. back in a moment.
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been better than they are today. we will be opening higher, maybe with a better than 100-point gain. i always say i have no clue. you hear the bell? 9:30 eastern time and we are up and running. look at that. all the stocks in the dow are open to 75.82 -- 82-point gain on the dow industrials right from the get-go. a gain of one third of 1%. how about the s&p broader-based and profession receives the s&p is the indicator. they are up one third of 1% in line with the dow in the not a composite doing better than that. they are up 242%. that implies the big-name tax that would take down yesterday. we shall see when we get to the individual stocks.
right now up 107. .com withdrawing its hostile bid to buy qualcomm. both sides appear to be happy. the president doesn't want the deal to go through. i'm looking at express. we'll get that in a second. ashley webster, elizabeth mcdonald, and jeff sica. both have been cautious in the january high. both said watch out, we are not sure where this thing is going. so shah gillani, have you abandoned your caution? are you telling your investors like you used to come and get back in there and buy? >> i am less cautious than i cautious than a has-been, stuart. i'm a little more optimistic. we seem to have almost peaked here as a market led by the tech stocks have done very well. it's a mixed bag in terms of the broad market and whether the
stocks are catching up with the leadership stocks have done very well. tech actually hitting it out of the park. the market has made a turn here and i'm increasingly optimistic we will no longer reach those lows again. i think we are past that. that could change where we stand the volatility, no think i will subside anytime soon. it's a little worrisome but with cross or the barrier. i think run a positive side. tree into what it is not the old shah gilani is up no matter what. now jeff sica come you are a different story entirely. you've been mr. cautious for a long, long time. would you say you are cautious still? >> i would say i'm beyond cautious at this point. i want people who believe the economy is doing well, who believe there's a lot of great things going on. let's face it, you market up 200% that investors are calling 10% of viable correction and
it's a very, very narrow market. that worries me when you have a narrow market and a strong likelihood that interest rates will move up and you'll have a market that hasn't had to deal with rising interest rates. there's a good reason to so. stuart: really slowly had the latest consumer prices showed nice pretty benign inflation right now. you're getting stocks to catch up with the economy almost. >> yes, it is true that the economy is moving forward. but when you have money chasing a handful of stocks, it shows that maybe the competent isn't quite where it should be. so much of this is driven by moment 10. so much is driven by traders. that's when you have to be concerned about volatility, which could steamroll the average air. stuart: it took you two minutes to explain not. couple of big names for you.
just to stocks, boeing and goldman have been responsible for keeping the dow in positive territory so to speak. this calendar year. does that surprise you? very narrow. >> the 20 dow stocks of flatlined. all of this has been bowling and goldman and that is going back to my prior point. that is what concerns me. if you look at the prior two years there was the banks, the big tech. liz: this is really short-term thinking. it's usually 17 year cycles we talk about for the market. this is short-term thinking for you, not long-term. stuart: let shah gilani speed, please. >> i agree with liz. these are statistics. this is how you dice and slice the numbers. if you look at the dow, the two stocks seem like they let the market. if you want to call them flat that may be so. some of them have done extremely well. some of them haven't.
exxon is down 11%, so that brought the dow down if he hasn't gone as high as you should have or have your general electric down 17%. wal-mart down 10%. you have some stocks to pull the dow down in some of the others are at the 17% like intel. there's a mixed bag in there. what is working, the company is producing sustained regular earnings growth. they are the ones going out. it's not just throw a dart and buy any stocks. this makes a lot of sense and that's why we see leadership stocks continue to do well and lead the market higher. stuart: this question for you because today is the 10th anniversary of the bear stearns bailout. do you think something like that could happen again, shah gilani? >> i don't know to that extent. there's always a chance for a big selloff because of the mechanics of the mark these days with the different trading venues. on and on and on. that is entirely possible.
we've seen the crash of 2010 in all kinds of things in them. that's entirely possible. fundamentally we will exceed 2008 again. overleveraged market across the globe. we don't have anything like that now. stuart: we are losing some of the rally. we were up 100 points at the opening bell. now we are up 69 points. that's not a big loss for the rally by any means. still up 25,000 right there. low sales i think that jewelers. that is hurting the stock down 12%. higher profits and sales at express. that is the clothing retailer. the market of 4% bear. apple, where is that this morning? 179. it had been closing in on a trillion dollars market value. it has to get to 195 to be worth a trillion bucks. do you think you'll get there this year?
>> i don't think it's going to get there. it's close but it won't get there. apple is rolling out new versions of products continuing to ride the momentum of the iphone transition cycle. i think they will have a hard time getting there and honestly they are overvalued. trade to give me to give me one stock, jeff sica, that you would buy right now. >> i think dollar general. stuart: we all know dollar general. >> i don't own the stock that i on a lot of the real estate, but i really, really like it. another one, p.j. masks. honestly, they are doing a lot of great things that i really, really like them. i've been talking about the retail ice age. p.j. -- t.j. maxx. i hate to remind you, but she
did like jcpenney. we are not being fair to shah gilani. i like this story. wal-mart to offer home delivery of groceries in 100 cities. this is the grocery delivery battle. are you a part of it? are you buying into it? >> looking at wal-mart down here, looks very good at this price. maybe done a little bit lower. maybe today, tomorrow. i like it down here. i don't think it's got too much lower to go. i love what they are doing. they have to compete against amazon and deliver groceries and other products. you can pick up groceries at wal-mart, call ahead and make the amount. now the delivered to your front door. they are doing everything. they'll hit it out of the park. this is one of the big box companies around to find amazon. liz: they are talking same-day
delivery in places like new york city. stuart: you can do that in cities and they are doing that in 100 cities that amazon does it, too. i haven't done i get. getting my coffee and two hours five. liz: you like to drive your dodge into the donald's. train to stop it. ladies and gentlemen the audience, you cannot hear what is in my ear. google is following facebook's lead by banning ads for crypto currencies. i'm inclined to say that's another nail in the coffin of a crypto current day. ashley: yeah, i think so. it's all about regulation or lack thereof. there are theories out there that google doesn't like the concept of block chain technology. traded to facebook, also that the googles. ashley: they are private
business. >> crypto currency is far too risky right now for there to be advertising for investors. they are making the right decision. ashley: these companies are taking a political position. we are not going to advertise guns. you are selecting products which you will not offer. you will not advertise. that's a limitation of consumer choice. trade where they cannot fraudulently advertise themselves as a free open market. >> stuart, there is more to this than meets the eye. facebook since january and the reason google has stepped up his what do advertisers to if they put the crypto currency and then hijack computers and they start to use personal computers for crypto currencies. it's not just about the financial services. it's about the code embedded in a lot of these ads. stuart: good point, young man.
thank you. a bold talk from volkswagen. they say they are going to overtake tesla in the electric car market. the rollout batteries, new battery models, hybrid models in the next five years for facilities all around the world. should tesla be worried? >> elon musk should go tomorrow because here you have volkswagen, the largest car company in the world that makes quadruple or more than tesla does. tesla is very good at taking orders to manufacture cars. they are horrible at manufacturing cars they only sold a little over 100,000 last year were volkswagen did around 10 million. you also have the luxury band they own. they'll blame the gini.
>> the good news is volkswagen won't have to take an admissions test for an electric car. >> wooden shoe rather drive a lamborghini than a tesla? >> absolute. my age in a lamborghini. you've got to be crazy. stuart: that's another story entirely. i've got a save thank you to joss and shah. we appreciate you being here. check the big ford. now we are up just 30 points. 35 points. that is where we are right now. the pennsylvania election too close to call officially. the president says that rick saccone seems like a referendum on the president feared we would do without election result momentarily. you know what they say about the early bird...
you'll be bathing in savings! tripadvisor. check the latest reviews and lowest prices. stuart: has the right now, five minutes into the trading session we are up 30 points 25,000 on the dow. it did unveils a new wearable. it's another one of their answers to the apple watch. come in, nicole. how much does it cost and what does it do? >> 200 box, which is less than the latest apple watch. why is this one being pushed so hard? this is the fed did voice. this is the lightest metal smart watch in the 90s days. if you're looking for lighting versatile, this is the one you may want. the modern design shows your health and fitness features, et cetera. it's about 200 box. they also come in just enough,
just released the kids for $99. you can see if your kid sleep seven hours and have it to the 60 minute like they're supposed to. and i think you'd look great in a lamborghini. stuart: that's another story entirely. back to the pennsylvania election. it is too close to call. however, the democrat connor land has claimed victory over brick saccone. i call this a referendum on president trump because he campaigned so hard in pennsylvania. if there was a referendum on the president, i've got to say, he lost. >> i don't think it was a referendum on president trump is a democrat who's claiming victory said he was not running against john. i would argue the opposite. on president trump came into this race, conor lamb had a six-point advantage.
now we are within a few hundred votes. stuart: before the election, conor lamb was i think five or six points ahead in the polls. the actual election result is so close you can't officially call it yet. suppose either that's an indication the polls got it wrong again or that the president pulled back from support in pennsylvania on saturday night. i guess you take the positive side of that argument. >> yeah, that is right. he's had some support from conor lamb. an interesting point to add to this is conor lamb did not run against trump. he ran against nancy pelosi. he ran for guns. he ran as a republican. so he deceived a lot of voters. make no mistake about it. stuart: i've got to come back at you, kaleigh mcenany. this has been in republican
hands for 15 years. travel in that congressional by 20 points in the general election. for a democrat to come on so strong, you cannot call this a republican win. >> well, i will call it a win for republicans not driven. this guy adopted the republican doctrine with the union spin. he tailor made himself, contorted himself for this district. adding the big pro union spin on the back of it. so he was a powerful candidate. to extrapolate from this nationally would be a mistake. he's across the country and moderates like
conor lamb are being chased out of congress. dan lipinski in illinois about to use to a progressive primary opponent. diane finds a not receiving the endorsement of her party. they are not going to win primaries. stuart: if you see the triumph unleashed and i think that is what we saw on saturday night in pennsylvania. you think he will repeat the
trump unleashed performance in missouri today, st. louis when he goes after claire mccaskill, vulnerable democrat senator. >> absolutely fewer people. claire mccaskill is one of them. none of them adopted pro-trump points like conor lamb against tax cuts. claire mccaskill does everything stands for and president trump would be wise to go after her. stuart: you've got a tough job, but she do it well. appreciate you being with us this morning. let's get back to the market because now
we've lost almost all of the rally. we've still got a preponderance of green. that means there are more winning stocks that messieurs or the dow industrials are up just 13 points. up next, former super bowl champ teaching former athletes how to keep their money. i'm interested in that. he is with us next.
and as you say, fully guaranteed. without a guarantee they don't think you're performing properly without paying out the contract you signed. 28 million a year for the three-year stubble make him the highest-paid in the nfl. a former washington red skinned, but they want him. stuart: 28 million guaranteed. no matter what he gets the money. they make a few trips over and injures himself and can never play again, he gets the money. stuart: there is a contract to die for. look who is here now. how apropos is the super bowl champ. his name is marcus colson. greetings. >> thanks for having you teach a course at ivy league college. teaching retired athletes how to keep their money. that is correct? that is what you do? >> that's correct, to a certain extent. stuart: wait, wait.
i got to say, if i was teaching that course, the first lesson would be save money, no matter what, you save money. lesson number two, never invest in your cousin's restaurant. what do you actually tell them. >> we focus on the second aspect, the latter. we understand there are a lot of opportunities in the private investment space. our guys will take advantage of it. what we want too do put together a process to vet the right deals, get in front of the right deals. stuart: you're a retired athlete. you have a ton of money. no cut contract and they come to you and you tell them, what deals they should be looking at essentially? how to evaluate a deal, right? >> yeah. so what happens is, is because of our platform that we have, we end up in front of a lot of opportunities and we're accessible almost to a fault sometimes. what happens is, when you're
able to put together a process to objectively evaluate every deal, you end up one, you become a smart investor because you get that pattern recognition, but also allows you to really put together what your ideal opportunity looks like. stuart: sure. >> to what we do is really arm people with the information and help them develop that process. stuart: sounds good to me. maybe you can help me. i'm not retired yet. i don't have much money but i like to know how you evaluate deals. you have done that yourself, i take it? >> yes, sir. stuart: you are not retired yet but you have a lot of money. >> i've been retired two years. i couldn't get what kirk cousins did. stuart: they didn't tell me that. i wish you best of luck. i think idea of teaching people how to keep money they made is a first class idea. thank you,. >> thank you. stuart: rex tillerson out.
gary cohn, out. i call it president trump unleashed with his own cabinet. the media says chaos. i say vintage trump my take at top. hour. ♪ ♪ i can do more to lower my a1c. because my body can still make its own insulin. and i take trulicity once a week to activate my body to release it, like it's supposed to. trulicity is not insulin. it comes in a once-weekly, truly easy-to-use pen. the pen where you don't have to see or handle a needle.
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stuart: rex tillerson gone as secretary of state. gary cohn, gone as top white house economic advisor. the president is showing the door to cabinet members who are not 100% on board with his policy ideas. tillerson didn't want to tear up the iran nuke deal. the president did. cohn didn't like tariffs. the president likes them. both out. what were they looking at is a trump unleashed. free to make decisions on the spot, unhindered by other voices. what a shift. this president is running the country like a company. he is the chairman of the board and you stay on the board only so long as you agree with the boss. this cops from mr. trump's absolute confidence in himself. he thinks he's right and he will
win. trump unleashed faces the problem of attracting talent. rex tillerson ran exxon. gary cohn ran goldman sachs. talented people. there was no room for them in the totally trump-dominated white house. who is next? attorney general jeff sessions? national security guy, h.r. mcmaster? veterans administrator chief david shulkin? with the axe hanging over so many heads it must be hard to get much work done in the white house but this is the president's management style, everyone on edge. he have one's job on the line all the time and every policy, every presidential statement, is subject to change. it is all an ongoing negotiation. the media calls it chaos. the media thinks it is terrible. i have to say having watched this president closely he thinks he is dead right. he thinks he is going to win. it is all about him. if you are not with him, you are out. the second hour of
"varney & company" is about to begin. ♪ happening as we speak, high school students holding a moment of silence outside of the white house to mark one month since the florida school shooting. after that, they plan to march to the capital and hold a rally for gun control. students are holding walkouts at schools all across the country today. also happening in this hour, republican leadership holding the weekly news conference. we're monitoring it. if paul ryan make any news, you will hear it first. where are we on the market? 32 minutes in on the wednesday morning trading session. we're up 50 points. 2550. big tech names we always check them. that is mostly where the action is. amazon, $1604. microsoft above 95 bucks.
alphabet at 1155. apple is down 40 cents at 179. that race in pennsylvania still too close to call officially between rick saccone republican, conor lamb, democrat. lamb has declared victory however. saccone has not conceded. north dakota congressman kevin cramer is running in the senate against democrat heidi heitkamp. sir, would you want president trump to go to your state and deliver a similar rousing trump unleashed speech like he did in pennsylvania last night? >> thank you, stuart, for the question. frankly i would welcome him to come to north dakota, give a speech, seven them is willing. only thing would be better if hillary clinton would benefit for heitkamp. that would be a real winner for me. stuart: that is sarcasm. you're with trump. that is how you're set ising yourself up? with him both the policy, the man and the policy?
you're with him all down the line, are you? >> am with the man, i am with the leader. i supported him early. i was one of handful members of congress that supported him before it was cool. i still support him. i'm not 100% on every poll city. i have concern about tariffs, at least widely, cast tariffs. but i support his regulatory roll back in a big way as vast majority of north dakotans. i support his tax cuts as vast majority of north dakotans. i support stopping money to sank larry cities as vast majority of north dakotans. stuart: think campaigned hard for his with his son and vice president and it didn't work. does that worry you? >> you had two candidates running away from nancy pelosi, running toward the trump agenda,
seems to me the trump agenda got9% of the vote in pennsylvania. i'm not so sure didn't work. we don't know how close the race was prior to going to the pennsylvania. there are at who have things beside the president in these races. it is particularly house races because they're very localized this one became localized. it was not a national race. i do think we as republicans, we certainly can't take it lightly but we shouldn't panic either. the lesson, run on what we've done, particularly in the economic realm, tax cuts and regulatory roll back. that is a winning message. it is an accomplishment that the republicans should take credit for. stuart: congressman, thanks very much for joining us. we'll follow your progress throughout the rest of the year. >> always a pleasure. stuart: yes, sir. at the markets now at top of the hour i editorialized about the trump domination of the administration. if you don't agree with the guy, you're out. jack hough "barron's" senior
editor, is with us now. does the market approve of the you're either with me 100% or you're out? >> the hard to argue market would disapprove of anything about trump because the gains have been great since trump has been president. you agree with me the policies of president trump and president trump are very different. we had raging gains under president obama and raging gains under president trump. stuart: the bounce from the low in 2008. >> early on but the market kept on running. we had under both low interest rates and voracious buying of bond assets. some cases they bought stocks directly. they chase investors in bond because they can't get yield. trump would replace mount rushmore with four trumps because he is so great for the stock market. that is dangerous argument going forward. central banks will wind down this buying going forward.
that could be headwind. stuart: you're worried about a debt crisis at some point in the future. other than that you think this market this, economy and the trump policies are good? >> when you ask me about the market as reaction to trump i dent want to hurt the president's feelings there are forces in this world even larger and more powerful than mr. trump. i think collective buying of central banks has been one of them. stuart: 10 years ago today bear stearns collapsed. >> yes. stuart: could something like that happen again? i mean if you're worried about a debt crisis? >> i think the banks are in a stronger position. with those particular instruments we paid very careful attention to them. what we seem to have lost sight of what is right in front of us. biggest monthly deficit that we're running now since 2012. our deficits are going to go to a trillion dollars a year. not because we're desperately digging out after recession. we're doing this at top of an expansion, if you're doing it there what happens in the next recession? maybe trillion dollar deficits
become 2 trillion-dollar deficits. we need to start to care about the debt again in america. stuart: got it. talk about walmart. they are expanding their grocery driverry service. they are taking it to 100 cities. a battle royale to deliver groceries on the same day you order the groceries. >> it is. this will be such an exciting stock this year because walmart had gangbusters growth in the e-commerce business after they bought jet.com. those numberses got anniversaried out. walmart says no, no, the real number is 40%. that is what we expect this year f they can deliver on 40% this year i think investors will be greatly encouraged. next couple earning reports from walmart will be telling it is financial thing but cultural thing. who would have thought a few short years ago you go online and get your tide pods delivered two hours hence.
who would have thought. >> who would have thought as walmart going up against the big guy. stuart: who woe have thought. what a change. jack, you're all right. thank you very much. this, joy behar did publicly apologize for mocking vice president pence christian faith. what did she say? liz: here is what joy behar first said. it is one thing to talk to jesus. it is another thing when jesus talks to you. that is called mental illness if i'm correct. hearing voices. here is her apology. >> i think vice president pence is right. i was raised to respect everyone's religious faith. i fell short of that. i sincerely apologize for what i said. stuart: somebody teller had to do that? liz: after weeks of protests. she spoke with the vice president on the phone. they were both raised roman catholic. joy behar was raised roman catholic. stuart: she apologized privately on the phone. was she told to apologize?
>> is final question. there is not tentative to believe jesus talks to you. i'm catholickeds raised christian. not a tenet to believe jesus talks to us. stuart: it is not mental illness. liz: that was the fight. stuart: what would she be doing now if she insulted islam. ashley: in that is rhetorical question. liz: how fast the apology on air would be. stuart: elvis presley blue mercedes-benz is up for sale. 1971, 280 sel set dan. the price is 100 -- $139,000. ashley: i'm still in the building. stuart: he is a gold mid-dal winner and cancer survivor and author of a book how to succeed beyond your wildest expectations. he is scott hamilton. he will sit next to me here in new york.
i ask him about the right to try bill which failed in the house last night? that is important to him. senator bill cassidy leading a bipartisan group aimed at lowering drug prices. i will ask him why drugs cost so much and what he is going to do about it. the second hour of "varney & company" is about to begin. ♪
patients the option of trying experimental drugs not approved by the fda a but it went down to defeat. joining us scott hamilton, olympic gold medalist, a cancer survive and i want to ask him about the right to try legislation. i'm personally disappointed it failed. we should all have the option. >> we live in a free country. i understand you want to be safe. i understand the fda is very fine organization meant to protect us from evils of bad substance but at the same time, if you have no other recourse if you have exhausted every opportunity, you have two choices. you can advance science, you can fight for your life. i have a cancer foundation. scott hamilton cares. stuart: you're a survivor. >> i'm a survivor. i understand, you want every moment of your life is precious. every breath you take is worth something. to do everything you can to extend life is extremely important. i see it in the health care community. we could go on for hours about
the ills of the health care community but it comes down what is best interest of the patient, not only in firing for their lives but the quality of their lives. stuart: yes. in your head too. >> so many things are -- we're not going to reimburse for that. proton therapy, we can't reimburse for that because it is experimental. please, it is fda approved. covered by medicare. why are we not allowing patients broader access? it might be expensive. who cares? it comes down to the doing the right thing for the patient every single time. if a parity wants to try something to extend their lives, maybe live long enough to see grandchild being born or whatever, they have the right to do that for the government to take that away i think is really shortsighted and selfish that is not me, guys. what happened! stuart: tell us how you really feel, young man. finish first, this is the book. i'm holding it right here. he hasn't autographed it yet, but he will. finishing first, winning changes
everything. i skimmed it. you say failure, the first lesson failure is information. >> failure is information. we're devastated about getting a participation trophy. we're entitled to have a nice experience and all these things, but i think if you don't people how to win and lose early, what is the value of a win without a loss, right? stuart: so you're not egalitarian? get out there and compete. >> get out there and compete. if you lose -- like my son started playing hockey. he didn't like losing the first couple games. i go what did you learn? i have to skate better, handle better, do all those things. what would you have learned if you won? he went, i don't know. we're better when we lose. we're better when we get great feedback. we understand our weaknesses. stuart: i'm sew sorry, you learn a lot by winning. you learn how to win. you learn how to crush the
opposition. >> i just don't want failure to be debilitating. i want people to reidentify failure. i have fallen on skates 41,600 times, lower estimate, but i got up 41,600 times. you know what happens when you get up 41,600 times? anything that comes your way you realize, you're probably going to be okay. stuart: that is not an actual number, is it? >> it's a low estimate. i thought i was doing well until nate then chen, 18 years old told me has fallen 100,000 times. there is a competitor. stuart: you won the gelled in 1984 i think it was. >> i did, yes. stuart: '84. >> you were a young man back then. stuart: thank you very much indeed. how much time do you think we have left in the interview? >> that depends on you. stuart: olympic champion. surely you strap them on occasionally, do a couple triple axles? >> kind of like,. [coughing] i milked that cow dry.
i got more out of skating. i have skating academy and work for the nashville predators. it is skating program. whoever wants to come to learn how to skate, i get on the ice with them. we have a blast. stuart: the subtitle of your book, winning changes everything. i think you're reffing to the gold medal win in 1984 because that changed everything? >> i'm referring more how people approach their victories and how people approach having victorious life. for me, when you start to like show up every day, and you work a little harder, if you start to commit to the process, if you are committing to the long haul, if process failure, edit your critics all the things in the book, my goodness you see a change in your life, it is, things are better. things are, this, all these little victories, you know, they build up a bigger victory. open the door for other opportunities and everything else. if i hadn't won the gold medal in the 1984, the president of ice capades told me i was too
short to be in the chorus line. it was all or nothing. with that came other opportunities. now i'm working to raise money to develop new treatments for cancer, and i have a skating academy. i have four kids and i have got this book and this life. stuart: you're on "varney & company"! >> you have no idea. this is awesome. when i heard that you were having me on, i was like this is fantastic. stuart: flattery is the mother's milk of television. you're good at it son. wait a minute. this is the book. this is a pen. please auto graph it. while you're doing that i tell the audience what is coming up thank you very much, by the way. boeing down today. it is one of two stocks that really kept the dow positive this year. we're going to talk about that. the new tax law, one of the reasons why these two stocks did so well. we'll go live to a boeing plant in st. louis where president trump will tout the benefits of tax reform later on today. yes, we will be back.
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stuart: the news on equifax the sec charged a former executive win cider trading. we don't know which executive it is. when we get more information we'll bring it to you. the story is they have charged an executive with insider trading. that is at equifax. that is it about the huge breach of security there. now this, president trump's busy week in missouri continues. first stop a tour of the st. louis boeing plant. that is where jeff flock is right now. jeff, what kind of tax talk can we expect today? reporter: what was that i'm sorry? stuart: you were talking over me right there, jeff flock. i -- reporter: i was, yes, i'm sorry.
stuart: wait for it. what kind of tax talk can we expect from the president today? reporter: i appreciate it. i will turn 60 on friday. so i appreciate you speaking slowly to me. [laughter]. there you go. the president today will be here at boeing. i guess i can talk faster because you twice are all younger, will be here at boeing to talk about the benefits of tax cuts with nine other ceo's of missouri companies. you know it is hard to find a company that has benefited more from the president's policies, tax and otherwise than boeing. you look at stock, i know you don't like to look at the stock charts, boeing at the end of 2016 in the 150 range, now well over 300. so double your money, thanks to president trump. you know took on boeing right at the start. remember he was criticizing them for charging too much for the new air force one aircraft? he apparently shave ad billion or so off of that price tag.
also buying new f-18 hornet jets, those fighter jets. going to buy more of those. that money is in the budget. the only caveat here today, stuart, is with regard to potential trade war. you know if you're looking at companies that overseas nations would retaliate against, levi's jeans or kentucky bourbon are or harley-davidson, boeing is on the top of that list as well. they send 80% of their come mesh planes overseas. hopefully we don't get into a trade war. wars are not good, shooting or trade. stuart: you should really speak very slowly to me i am a decade older than you. we're leaving it right there, son. we're leaving it right there. a child, jeff flock. reporter: no comment. stuart: a mere child. almost a juvenile. president trump joked with congressman kevin brady this week about getting a second leg on tax reform. in our next hour, mr. brady
♪ stuart: look, i'm not allowed to sing along even though i would like to, that is just fine. beatles music. like it very much indeed. play it every day at 10:30 eastern. we're still down, for the benefit of our radio listeners, we're down 64 points, 24,942. what do we have on oil in storage? liz: way more than expected. up five million in storage. third week of increases.
hanging is in there at $61. iran is telling opec we have to get oil stuck around this range to hurt u.s. shale producers. stuart: we have a lot more in storage, frackers are churning it out. liz: that is correct. barely up for the year. stuart: i want to check the stock price of equifax again please because the sec has charged a former executive with insider trading. this is about the massive 148 million person hack. ashley: you got it, the data breach. the individual was the chief information sister. sec claims that he knew this data breach would be announced. what did he do? they say he exercised all of his stock options, sold off the shares. made nearly a million dollars. they say he did all of that with information that was not available to the public and therefore is guilty of insider trading. stuart: equifax is down all of two cents. ashley: massive reaction to that apparently. stuart: that is sarcasm and it works. ashley: yes. stuart: the president said you
will not do this deal. broadcom has withdrawn the hostile bid to buy qualcomm. lower sales at signet jewelers. that stock is taking it on the chin. last time it was down 12% on signet jewelers. trying to get it on your screens. can't do it. but it is down. higher profit, better sales at express, a clothing retailer and it is down 1%. seven bucks a share on express. our next guest says this market will end this year up from where it is now. how about that? i have known this man for a generation. his name is brian belski. he is now with bemo. he is the chief investment strategist there. you remember the good ol' days? >> oh, man, we are dating myself, aren't we. stuart: i am dating myself. what about you? you're saying this market, don't get out, if you're in don't sell because it is going higher for rest of the year. make your case. why is that so?
>> number one most investors lack perspective, stuart. they have not been through the proper cycles. we've seen, really seen since 2001, people shun fundamental analysis. they look at backward data, quant data they have to have prove everything. how do you diffuse fear through faith? what is faith in our business? fundamental investing and we've forgotten how to do that. we've forgotten how to do that, the pressure stuart to perform, in the '90s, went from five-year track record as mutual fund manager to a one-year track record because we were chasing the money, right? we're seeing race to zero fees. all we're doing in the about, keep our seat. we're defensively trading our portfolios, we lack perspective because second part of it is, society al issues. bullet point analysis. we have to know right away what is going on. no one is doing the work. stuart: you're blaming me.
you are blaming me. bullet point analysis. >> right, bullet point analysis. i have to find out what the vix? what is going on? no. then the third part of it is, equity investors have chips on their shoulders because we have seen trillions of dollars being poured into bonds and etfs, we have forgotten how to invest. because of that we're so afraid to be wrong we don't want to be right. all the binary calls. buy the market, sell the market. no. be an investor. buy great companies with cash flow, with great products. we're entering into a peter lynch, warren buffett area again. if you know what the stock is, if you can reach out and touch the stock, own that stock. stuart: that is very interesting. what about the big tech stocks? they have made the running. they have gone straight up. would you actually buy more of a facebook, google alphabet, microsoft, amazon, buy more? >> here is what i want you to think about. think about tech as an investor
and how you use it in every day things. when was time you had a bowl of campbell's soup? stuart: that would be approximately two years. >> all right. when was last time you touched this thing, the apple machine? 30 seconds ago. these stocks are consumer staple stocks. stuart: really? interesting. >> think about it on fundamental basis, the tech sector in the s&p 500 is the most stable earner in the marketplace. we used to think about consumer staples. what about personal confidence and consumption expenditures. we're not buying campbells soup, we're buying this stuff. what is this stuff? apple, microsoft, intel, everything is inside here. we use it all the time. these are consumer staple type companies. we're officially neutral of the sector because at 25% of the market, i'm running portfolios up in canada for our clients in canada i don't want to have 30% second in my portfolio. i want to be more concentrated in five or six stocks we just mentioned. stuart: okay.
>> i got you. stuart: yeah you did. i'm usually ready with a supplementary question. this time i'm not. go ahead. >> biggest issue with the market right now everybody still hates financials. they don't understand financials because we're so fearful of 2008 and 2009. we can't get it out of our mind. financials are microcosm for corporate america. we're all bad guys. we firmly believe that institutional investors around the world are massively underweight financials. they don't understand we have to transition all the bonds and etfs at some point into equities. hasn't even started yet. remember in 2017 we had outflows from equities. stuart: are you investing in financials at this moment? >> yes, i'm overweight financials. our favorite sector. stuart: which ones? >> bank of america, morgan stanley, first republic, affiliated managers, t. rowe price. those types of names. stuart: so you're in there already. belski, you did quite swell on fox business network. >> so great to be back.
it is an honor to be on. stuart: get out of here. >> so cool. stuart: brian, you're all right. >> thanks for having me. stuart: much obliged. politics, here we go, trump, mr. trump, president trump, he is going after california. our next guest says this is a good strategy for 2020. joining us now, hoover institution fellow bill whalen. make your case, sir, because you know, he is not going to win in california. he is going at california. will lose in california. why is it a good strategy? >> very simple of this. the photo he got out of california yesterday, stuart, going to the border wall, looking at border wall technology. that plays marvelously to the trump base that voted for him in 2016 in large part, talked about border policy. probably wonder what is happening with that wall. so it placates the base. second, every president, successful president need as foil, someone he can make the us against them argument. for donald trump the angry
protesters in california and semiout of control democrat leadership in the golden state that is a perfect foil for him. stuart: what do you make of the president's style? it is brash in the extreme. it is confrontational. he often uses personal insult is. do you think that is a good strategy? >> well, it worked for him once, probably work as second time around. when george w. bush came to california in 2001 he gave a speech in los angeles, went out of his way to point out what he had in california as texan. he was in favor of free trade. opposed offshore drilling off the california coast. trump has no interest whatsoever being conciliatory in california. again it is part of the style of trump. bullying, getting inside of people's heads. he thrives on this it worked well against hillary clinton. i think it will work well in 2020. it's a mistake democrats keep making they want to engage with him on his level. what is the old cliche wrestling with the pig? the pig gets dirty and enjoys
it. stuart: that is good one. you live in california. the hoover institution is in california. do you get the feeling sometimes you are living in a separate country? >> god, where do we begin with that? stuart, i live in a corner of the world, two bedroom, one bath, 1200 square foot home gets torn into million 1/2 dollars and gets torn down with a mansion. the teslas are car of choice not honda or toyotas this is bubble. this is the problem with californianss looking at donald trump those of us in politics looking at 2016 election made two mistakes. we misjudged data, popular votes against the parts of sum which is state by state. secondly we left our personal feelings about donald trump our biases no way this man could be elected toward office. he can't appeal to people. that was in part based on confines which we live. we failed to understand that great pockets of america donald
trump resonates. here in california it is an education that needs to be told you may dislike donald trump's style, you may dislike his policy but tens upon tens of millions of people who disagree with you who he actually resonates. stuart: bill whalen, very interesting. hoover institution in northern california. >> my pleasure. come on out. stuart: into the belly of the beast? probably not. >> jerry brown will welcome your dollars. take care. stuart: that is true too, thank you, bill. all right, president trump's nominee for cia director coming under some criticism for her role in running black sites, right after right after 2003 an. senator bill cassidy will join us in a moment. we'll ask him whether this will keep her from being confirmed as the new head of the cia. ♪
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platform that we have we end up in front of a lot of opportunities and we're accessible almost to a fault sometimes and what happens is, when you're able to put together a process to objectively evaluate every deal you end up, one, you become a smarter investor because you get that pattern recognition, but it allows you to really put together what your ideal opportunity looks like. stuart: sure. >> so what we want to do is really arm people with the information and help them develop that process. ♪
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it's simply a matter of following the signs. they all lead here. cme group - how the world advances. stuart: pennsylvania republican candidate rick saccone says he is not conceding. also not ruling out a recount or other legal action. for now, he is waiting for all provisional ballots to be counted as of friday. check that market. we lost the rally. we were up about 100 points. now we're up just, sorry, we are down 45 points. that is a reversal. we have seen the reversals frequently recently but the market may epup 100 points and within a coup hours it is down 100 points. you get that kind of movement intraday. so you may, we can go on the air at 9:00 in the morning and say the market will open xyz, but we have no clue of knowing how the
market will know at the end of the day. it is called volatility. there has been an awful lot of sideways movement. i think that is what we're seeing right now. we're right around 25,000, which puts us what, 1600 points below the all-time high which we reached in january. president trump's new cia nominee, gina haspel could face a tough nomination process. come in republican senator bill cassidy from louisiana. she ran so-called black sites, at least one in thailand. will she have a hard time in confirmation hearings? senator cassidy, i don't think -- okay. senator cassidy i'm sorry we were not getting through with the audio there. my question is this, gina haspel, nominee to run the cia, has run the black sites at least in thailand after 9/11. therefore she could face some tough questions in her confirmation hearings. will she get through?
>> i think she will. she served under both george w. bush, president obama and now donald trump. she knows the agency inside and out. she, whatever barriers may have existed because she is a woman, she has transcended those barriers and risen to the top. in the trying times she is perfect portion to have seamless transition to someone knows what she is doing and can protect our interests. she can get through, whatever folks we have. obviously the obama administration accepted her. stuart: you're leading the charge in a new bipartisan pub for price transparency in the health care sector. i have a specific question if i may. i had a recent blood test. $1200 for a simple blood test. can you do something about that? because i don't think that price is right. >> i can't do it but the market can. there is a recent press report of somebody being charged
$17,000 for a urine drug screen. that is absurd. i can tell you she could have gotten it for 150 if not less someplace else there. is no reason that the provider of services should keep the prices to themselves, and stuart, deny you or others the opportunity it know those prices. we're trying to break that open. stuart: what you want is transparency, maybe before i get treatment i can say, how much is that going to cost? i get a straight answer, one simple answer, that is what you're pushing for? >> totally. if you talk to folks who are, if you talk to just people, go to a town hall meeting, they're concerned about the high price of drugs, the high cost of health care in general. they want to know something about it. if you mention, wouldn't you like to know the price of something before you get it as you just said, all those heads begin to nod yes. it is an issue which people understand, in fact they don't understand why it is not the case now. we're trying to push for it. stuart: you're going right to the heart of one of the big
problems in the health care industry, the high cost of drugs, and the fact we don't know what the cost actually is. can you solve it by just legislation? >> the administration is clearly interested. secretary azar, hhs, recently spoke to this. gottlieb, head of fda spoke to it. united healthcare is starting to do point of sale rebates for drugs. we would like to think there is going to be a welling up of interests from various stakeholders that will begin to push the issue. we think our legislation may be the first domino in and other dominoes fall because once consumers get used to it, they will demand it from everybody else. stuart: yes, sir. you will start that ball rolling. we wish you well with it, senator bill cassidy, republican, louisiana. thanks for being on the show, sir. >> thank you, stuart. stuart: yes, sir. i say president trump has been unleashed, getting rid of any voice of opposition within his cabinet. his critics call that chaos.
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stuart: at top of the hour i was editorializing about the ousting of secretary of state rex tillerson and gary cohn from the trump administration cabinet. that is being called chaos by the mainstream media. however, we have with us this morning, martha maccallum anything but mainstream media, she is host of "the story compote on the fox news channel. >> great to see you, stuart. stuart: sorry i don't appear on your program. >> not because you haven't been invited, stuart. stuart: what do you make of that? the seems the president is getting rid of all contrary voices within his cabinet, no matter who they are they are gone if they don't agree with him 100%. what do you think of that? >> i am not sure that is entirely true. i think he gets pushback from general mattis. the two favorite people in the
cabinet are general mattis and mike you mulvaney, seems up for every job. president wants to get rid of the dead wood in the cabinet. that is what we seen. the execution of the tillerson situation is not done well. they acknowledge that in some ways but i think rex tillerson was a bad fit for secretary of state. the president appears to be feel very empowered what he is doing lately. the tariffs, the north korea decision an saying outwardly, tillerson was my decision. it is over. stuart: he is going full bore with trump. it is trump unleashed. he is now -- >> was he leashed before? i didn't notice. stuart: some restraint. gary cohn, some restraint. rex tillerson, some restraint. that's gone. >> i think gary cohn is a loss for this organization. i think a lot of people feel that way. i think he was a good stablizing factor, a good sort of middle of the road guy. it will be interesting to see who replaces him, whether larry kudlow or some of the
other people on the list. i do think this president is behaving the way he did as an executive. he likes to make the decisions. he is not looking to delegate in large part. stuart: do you think it is ai don't see? the mainstream media says it is chaoses. >> i think it is chaotic there, i think it is absolutely chaotic. i think it is managed chaos. i think that is the way he likes to function. i think the chaos is not in his department. he is operating the way he likes to operate. that kind of operating makes a lot of people very uncomfortable. when you're trying to manage the messages out of the white house i think it can be frustrating i can imagine. i don't think it will change. i think you will see more reshuffling with the cabinet. stuart: here he comes at any moment. >> yeah. stuart: you have the perfect job, prime time on fox news channel commenting on the most unusual presidency. >> it is amazing period to watch. i enjoy it. stuart: martha maccallum, everyone. good stuff. thank you. some democrats are starting to walk away from hillary
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stuart: i didn't expect to see this in the washington post. she has demonstrated a loathsome prejudice against the poorly educated and unemployed as well as rural whites, social conservatives and women who stay home with their children. the writer is passing judgment on hillary clinton and her speech in india which characterized millions of americans as racist and sexist. some senate democrats are uncomfortable with the losing candidate who will not go away. sherrod brown up for reelection in ohio, that is not helpful.
sen. mccaskill, commented on hillary's be, i don't think that is the way you should talk about any voter, especially one in my state. as the headline says, some democrats are saying just stop, hillary, please. didn't expect that. next case, will democrats walk away from louis farrakhan. he is a notorious anti-semite but democrats have held meetings with him including keith ellison, deputy chair of the party apparatus. if you are a mainstream politician you should be condemning farrakhan, not holding private chats with him and if you don't repudiate him and are a senior, credit you should resign. note to all moderate democrats, connor lamb repudiated nancy pelosi. he is a democrat and it looks like he won the special
election in pennsylvania. note to the democrat party, allowing the far left and the bigots to dominate will do you no good at all and seriously damage the country. the third hour of "varney and company" is about to begin. i hope you heard my editorial. betsy mccoy is former new york lt. governor. do you agree with me democrats should be watching? >> her name is toxic, as toxic in many parts of the country as the 3 letters cnn. stuart: are you surprised to see that editorial piece? that is the washington post and they came right out with it.
>> the democratic party has become representative of hollywood, illegal immigration, benefits for people who refuse to work, legalization of drugs, not the values that made donald trump president. the dozen or so contests for u.s. senate this fall cannot be won by democrats who represent those values. they must stand aside from what hillary clinton is enunciating in a speech like that. stuart: new jersey as a new governor, phil murphy. he has come out with an extra ordinary proposal. he is going to raise the sales tax, have a new and higher tax on millionaires, more taxes on businesses, tax uber rides. >> he is auditioning to make new jersey tax hell just like malloy's connecticut and new york. is going to be worse and he will see the same sort of flood of people out of his state as
we have seen in new york and connecticut. stuart: some of us are mad about this because the extra revenue they will bring into new jersey is spent on union pensions. >> it will be bye-bye tax base because the millionaires will pool out just as they have done in connecticut. stuart: you are expecting, let's not forget you can always higher taxes but those higher taxes are no longer deductible. >> after tax dollars we pay for those, makes it more expensive for residents. stuart: he will do it anyway, that is extraordinary stuff. he used to work for goldman sachs. >> he must've forgotten everything he learned about numbers. stuart: he won the election. >> and election is a contest between two people. by the way, farrakhan, he is the head of a hate group but i
remember in 2008 even hillary clinton had the good distanced herself and make farrakhan an issue when running against obama. now the congressional black caucus is all buddy buddy with farrakhan and the party has become a party where if you are a white man you are a second-class citizen. you might as well accept the fact that nobody in the democratic party will put you out for anything. stuart: i said to another guest an hour ago tell us how you really feel. i won't say the same to you. thank you very much. check the big board, down significantly, we are off 100 points and the dow 30 shows a preponderance of red, far more losing issues than winners among the dow 30. christian magoon is with us, amplify ets ceo. you think this market is going to go down and test those lows,
$23,000 and change, going back below that level. make your case. >> i'm very concerned, there is a tug-of-war here, really good economic news coming outcome a very investors are nervous about this and more of a negative bias and in the next several weeks to buy many of these bargains, and bullish then after that. >> and i will start with shutterfly. it is $85 a share. you say you like it. you tell me where the stock
price is going. >> it continues its momentum. they continue on the upside, just acquired the largest producer or picture taker of school photos around the us. we think the stock could be remarkably higher, the number one performer in the online retailer portfolio and we think that has room to run. stuart: where? where is it going? >> it could be in the $100 range by the end of the year. stuart: how about grub hub. a lot of people don't know it. it is at $108. you like it, where is it going? >> we see this as a stock that can reach 120 this year, the third best-performing stock over 50%. this whole online retail space
is a hot area, they are outperforming brick and mortars, the the brick and mortar stores are doing deals, grub hub had a $200 million investment from yum brands, the parent company of kfc, they will deliver through that stock. >> at the, and $35 range. >> all 3 outperformed amazon. >> they invested in the stocks you mentioned. >> these are three of the top 5 holdings. stuart: thanks for joining us. that was short, sharp and to the point. general motors starting an air
b&b type service for cars, a pilot program -- - it is a great idea. the founder of google, larry page revealed his flying taxi. slated hit the skies in 2021. it act like uber. the flying taxi designed to use self flying software, once airborne, a single rear propeller pushes it through the air at speeds up to 110 miles an hour. doesn't have a pilot, he asks? >> i'm not getting in that drone. stuart: a giant throne taxi. where is the coin this morning?
look at that. the price of gold was holding above 1300. phil king. and tax breaks to companies helping to build the border wall. and we have one of the companies that provided a prototype for the president. and and people over 65 will outnumber children by 2035. a first in us history, more on that coming up. we have star congressman kevin brady is next was are we getting a new phase of tax cuts? stay right there. this is the third hour of
kevin brady joins us now. tell us definitively that you are indeed working on a second phase? are you? >> we encourage mainstream optimism at record levels with our economy is gaining momentum and booming in a big way. more can be done. we went to encourage innovation, we want families to save for the long-term. the tax cuts for families were long-term but not yet permanent. we will address issues like that. we are in discussions with the white house and the president and house republicans continue to work. stuart: when will we get some concrete proposals? >> the answer is this year as we haven't set a timetable yet but we are exploring what good
new ideas can be brought forward in tax reform. we think there raise paychecks and bring jobs back from overseas. that will be a top priority, making corrections, a tax reform of this size, we are listening to stakeholders, local businesses and others about what they would like to see done. we forward that on the future. >> miscellaneous professional services like agents fees for hollywood stars? is that under discussion? they are screaming bloody-minded because it is no longer deductible.
>> we are looking to improve the tax code. for the first time we have tax relief for small businesses that never existed before. we are always looking to do better. stuart: how about the non-deductibility of alimony payments, divorces settled after january 1, 2019. they are screaming about that too. will you correct? >> of course not. why would you treat those were divorced with a better tax code than those who stayed together as families. that would unbalance the old tax code, making sure families whether they are together in marriage or divorced. >> how about the denial of deductibility of state and local taxes. will you do something about that? >> up to $10,000. and we are able to use the
revenue to lower taxes to every american across the country including high tax states and encouraging states to do what they should do which is lower their taxes on families and local businesses. stuart: i can sum it up like this. you are considering new cuts, new changes to the tax code which will make the economy more productive but you are not considering fixing the glaring horse stories from the first round of cuts. >> there are no glaring horse stories, there are lobbyists who would claim that is the case but most americans are pretty thrilled, getting the economy back. make sure businesses are hiring me and backward through the old obama economy. stuart: what would you do if you were me? i live in new jersey, i make decent money, i am going to get killed by the existing taxa
from bill that you pass and the incoming governor of new jersey who wants to tax me even more. >> you won't get killed. it depends what your financial situation is. new york, new jersey, california, they will have the most job growth because of tax reform and real tax cuts for most families. now that the curtain has been pulled back, why are you hammering us brutally with these high taxes? get in step with the rest of the country. stuart: i will take that advice. thanks for joining us. stuart: moved to pennsylvania. star wars theme park in the works, one in california and one in orlando, drone footage showing progress on construction, the park is going to be called planet but to a
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described as a ufo flying at high speed off the east coast in 2015. the footage was recorded on a pod mounted underneath the u.s. navy jet. what was that? a thief trying to steal a gumball machine from an animal shelter in sacramento, spilling gumballs from all over the floor, the machine did not make it out the door. a massive solar storm will hit earth today and could knock out satellites and disrupt power supplies, it could also create stunning displays of the northern lights. the storm was created by a solar flare last week. watch that sky. the race between republican saccone and connor lamb, next we have the former governor of pennsylvania ed rendell. what is wrong with the trump growth plan. a new census report says
elderly people will outnumber children in america by 2035. first time we have ever seen that in this country. the market is continuing to head south, we are up 124 points, 20,888. ♪ [ phone rings ] hey maya. what's up? hey! so listen, i was taking another look at your overall financial strategy. you still thinking about opening your own shop? every day. i think there are some ways to help keep you on track. and closer to home. i'm all ears. how did edward jones grow to a trillion dollars in assets under care? thanks. by thinking about your goals as much as you do.
stuart: two article we opened up 100. now we are done 100. that is where we are. john lansky, managing director, welcome to the show. if you are watching 10 minutes ago, kevin brady was on the show. we are going to get a second round of tax cuts, tax reforms. >> reacting on the spur of the moment, the very idea we might get more tax stimulus for the economy. >> we may have problems with the bond market if we get a bigger budget deficit. interest rates go higher.
>> that was the idea. tax cuts to improve retirement savings accounts. >> of it increases the incentive to save that has got to be a positive for interest rates can increase savings might mean less consumer spending. maybe we got as much as we could out of tax cuts with the initial round cutting corporate income tax. you do have that constraint that you face in the us with an aging population. it will be very costly to fund my retirement. stuart: you are jumping into the second story from the census bureau predicting people over age 65 lot number children, 18-year-olds and other, older people outnumbering younger people by 2035, that is a huge problem for social security and medicare.
>> they will have a lot of fun paying for my retirement. social security and medicare. making matters worse, working age population in terms of growth is expected to slow and you will have a difficult time keeping economic growth, gdp growth at 2% or higher. stuart: i will bet they don't reform social security, won't raise the retirement age. i bet they will increase the social security tax. i will bet you they tax it up for 300,000 or whatever it is to make social security solvent. >> that will happen if democrats gain control of congress and the presidency and that is why the market is off because that is what happens in western pennsylvania. >> there is not another round of tax cuts, what a disappointment from you. >> i have to worry about the bond market, i don't like that we have a 10 year treasury
reeled getting up to - housing activity and the like. stuart: allows the 284 at the moment. >> tell somebody in the middle class who have hardly any savings of the mortgage yield goes higher that prevents them from buying a home. stuart: our ratings this hour have been very good. what are you trying to do to me? you will be back. to the pennsylvania race between rick saccone and connor lamb. too close to call but lamb considers himself the winner. ed rendell is with us, former governor of pennsylvania. welcome back to the program, good to see you again. we love to have democrats on the show. can't get many of them on but one question. what is wrong with trump's growth plan? >> there are certain elements that are good but certain
elements are bad. what it does to the deficit and the debt, the national debt is tragic and will have long-term consequences. they will eat away and the road. stuart: what did you say when the democrat administration of pres. obama was running the debt from $10 trillion-$20 trillion in 28 years. >> the same thing. we had something called a campaign to fix the debt and we decry anyone who causes the debt to grow. we were strong supporters, i was a supporter of simpson bowles which was a bipartisan plan to do something about the debt that never got and acted. stuart: i did see the democrats
plan which everyone released last week that would raise the tax on upper income earners, raise the tax on businesses, bring back the alternative minimum tax and one other thing which escapes me at the moment, another tax, they would use the money not to bring down the deficit but to spend on social programs. >> that money will spend on infrastructure, long-term investments are desperately needed by this country and there's a difference between spending for food stamps and investing in infrastructure. the hoover dam was constructed and built with government money in 1930. 90 years later it is still providing a benefit to us. we need to invest in infrastructure. it is a positive thing for the economy. we haven't done it and that would have been on my list ahead of the tax-cut. stuart: do you approve of the president's policies but
disapprove of the president's persona and way of running the government? >> i certainly disapprove of his persona and way of running the government. some of his policies i agree with and some i disagree with. on tariffs, when i was governor i testified before a commission that had a right to impose a quota against the chinese for dumping steel pipe into america at a subsidized price and only destined to do one thing, to drive our steel pipe manufacturing out of business. we got a quota dropped during the obama administration but it took too long. i think the president did write, imposing a terrace and what he did wrong was across the board. the chinese are a wrongdoer, we should the quotas on the ability to come into this country and drive american jobs out. why would we put a tax against
canadians and europeans, makes no sense at all. stuart: it was great to see you back on the air. welcome back, good to see you and hope you can visit us soon. >> you don't want to talk about pennsylvania 18? stuart: know. i got to make some money. i live in new jersey. i need to make some money. the sec has charged former aqua fax's executive with insider trading. judge and an napolitano was here to explain the nature of this charge. judge napolitano: he dumped copious amounts of stock after he learned of the hacking and before it was announced to the public and before they did anything to repair it. he took care of his own financial needs. a clear-cut case. i imagine he has a defense but it is a criminal prosecution, not a civil lawsuit.
we won the equifax breach, as we are speaking here, don't know just what happened with the dow industrials are down 267 points. judge napolitano: it must've been your interview with governor rendell. stuart: i'm not aware of any momentary developments. did john lundy do this? >> it is not my fault. i am blameless. stuart: an inexplicable loss at this point. boeing is down 4%. that really hurts. maybe that has something to do with it. judge napolitano: nobody wants to cut spending. of the one the boeing dropped 4%, accounts for a 100 point drop for the dow industrials. that is the trade war. california politician phil king wants to deny tax breaks to
companies that help build the wall. can he do that? >> the 14th amendment to the constitution requires equal protection, similarly situated taxpayers treated a similar way, the government cannot punish a taxpayer because it builds an ideological opposition. it absolutely would fit. stuart: the prohibition on a bill of attainder? judge napolitano: that is a legislative declaration of guilt, congress voting that stuart varney is a criminal, can't do it. parliament can do it. that is why we have prohibition on bill attainder because parliament it is a jefferson, washington, madison and all those wonderful patriots. stuart: hold on, dow industrials now down 261 points. a chunk of that loss is accounted for by boeing which
is a dow stock and it is down 4%. trade war worries if we go after china. boeing cells heavily in china. watch the quid pro quo. we are down 265. momentarily, more on the border wall. one of the companies that provided a prototype for the president. what do they think of losing a tax break because they did that? first we will deal with border security, donald trump says california is begging for a wall. we have the national border patrol council with us as well. in wyoming the yellowstone volcano showing signs of activities after many earthquakes were detected. the latest on that one. you get it all on "varney and company". ♪ you know what they say about the early bird...
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1%. boeing has been under pressure, the biggest loser, taking a look at that, that is down 4%, looking at it 324-80. the dow loser across the board and we are seeing commodities under pressure as oil and gold are pulling back. we see gold down $1.70 please the financials as well. united health and cisco systems so we have some up arrows, utilities in the green, the fix, the fear index going a little higher. keep it here.
stuart: a few minutes ago the market turned sharply south. we are down 250 points. one explanation is boeing, down 4%. boeing is a dow stock. when it goes down sharply because of trade war worries with china, it takes 100 points off the dow. liz: the trumpet ministrations is china has to reduce the deficit by $100 billion. that and the intellectual property, the industries will make it on china. >> old faithful could erupt very soon. it is showing signs of activity, 569 small earthquakes
detected in the last month. the largest had a magnitude of 3.1. national park experts believe the geyser could erupt within hours. grizzlies beginning to emerge, and 11-year-old male grizzly in the park earlier this month, males tend to come out of hibernation before females do. they are out. donald trump says the border wall prototypes during his trip to california. chris cabrera, national border patrol council, is it true the president said california is begging for a wall? >> he did say that. we finally got a president who realizes what it will take to secure the country and building a wall is the first step.
stuart: there is already a wall in southern california, partially a wall around san diego and it works, doesn't it? >> it does work. you have folks tunneling under the wall, that is one thing they will addressing these prototypes and we have bits and pieces in south texas and they work very well for us down here. stuart: what exactly are these prototypes? are they solid? are they high? >> they are not completely solid. some are solid at the bottom. some are solid at the top. they are all a little different but they have the same specifications, they can't be cut through or broken through in a certain time. we have areas they cut through the wall. and hinge on them, it opens like a door in the vehicle is gone into the country.
stuart: i don't think the president is talking about a continuous wall all the way across the entire stretch of the border. he is talking about large sections of the border being covered by a wall. >> from what i understand that is what it is. we have certain areas like big bend in south texas or west texas with a 30 foot bluff to the river. to put another 30 feet on top of that, i don't know if that is the smartest thing but if you have a virtual wall when you have the technology to monitor the area so when we know something or someone is coming into the country we can go apprehend. stuart: a few months ago we were hearing the inflow of illegals had dropped down 60%, 70%. what is the situation now? >> in south texas we are getting hit with huge numbers on a daily basis.
our manpower stretched real thin, we are dealing with catch and release coming in and we have to release them on their own recognizance. we are not back to the levels we saw in 2014 or 16 but we are climbing up pretty high and it is getting bad. stuart: you catch and still got to release. >> not the actual border patrol, we are passing them to another agency. from there they usually get released because there is no detention space to house them. we are dealing with unaccompanied minors and women and children coming into the country and huge numbers. it occupies so much manpower we are stretched so thin as far as preventing anybody from coming to the country. stuart: thank you for joining us, we appreciate it. speaking of the border wall and prototypes, one of those prototypes will be joining us shortly.
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stuart: a significant selloff, we are down 250 points, boeing a big drag on the dow because of trade worries, boeing is down $14, that is 4%. back to the wall, the president toured prototypes yesterday. tommy fisher is with us. you built one of the prototypes. >> that is correct and we are proud of the prototype we built. what your last guest just adequately stated, there is a problem on the southern border and our company has the solution to fix it and that comes in three phases. stuart: hold on a second. i'm seeing a picture of the wall, the prototype part of the
wall you built and i thought the president wanted a see-through wall to see what is going on on the other side. >> i will bring you to that was when we provide the infrastructure for border agents there's a road on each side of the wall and it is the only wall strong enough to put an elevated road so you can be on top and as you drive 50, 60 miles an you can look over like you look over a bridge and you can see for miles. that sets it apart. the other part, your guest said about the hoover dam performing for the last 90 years, with our life expectancy of the wall, our wall lasts 150 years, and if you make the wall see-through with steel that is already rusting out in 10 to 20 years you are constantly fixing. i think the president with his building expertise when he analyzes all the facts he will see the concrete is the only solution. stuart: that is a nice pitch for your prototype.
there is a politician in california, phil king, wants to deny tax breaks to any company that helps build the wall. he would go right after you. what do you say? >> i believe like any other thing if the government asks to build a great wall project or whatever, that is what fisher industry does. we build the best, and if they want to go after us, so be it and the courts can figure it out. stuart: have you come across any hostilities with your your company because you want to build the wall? >> we have had some but it was drowned out by the positive. every american wants southern border protection. once they see what we are building and the border protection system and it works for those hard-working agents people will come around, change takes a little bit but we want to build something that lasts for the taxpayers and works for border agents and every american citizen.
stuart: we hear you and appreciate you being here with your prototype of the wall. >> thanks for having me. stuart: there will be more varney after this. chevy traverse. what do ya think? this looks better than 99% of the suvs out there. it's very modern... sleek. maybe the most impressive part of the all-new traverse... is what's on the inside. surprise! what are you doing here? i've missed you guys. i haven't seen you guys in so long! what's happening? we flew her out. it's a family car, we had to put your family in it! yeah, it gets 7 thumbs up!
stuart: we've seen a lot of action in the last hour and we're down 300 points. i'll trying to get the sequence of events. lizzie, am i right in saying 45 minutes ago, 50 minutes ago, the white house made announcement, hey, china, you have to cut your trade deficit with us by $100 billion? liz: that's correct. that is 375 billion annual trade deficit. stuart: want to cut 100 billion out of it. liz: boeing sits in the cross-hairs of any of this activity. stuart: boeing is our largest exporter. sells a lost planes in china. the market went to boeing, sold it off, down $15, 4 1/2%. that accounts for 100 points on the dow?
ashley: probably, close to. liz: materials, industrials taking hits. stuart: that is what happened. you get immediate reaction from the white house announcement and the market is turned all around. we're down almost 300 points. we're out of time. charles payne is it ising in for neil and has loss of time. charles: lots of time. i'm charles payne in for neil cavuto. as stuart said, trade concerns are worrying market. investors rattled by a possible trade war with china. s&p 500 on track for the third down day in a row. boeing shaving off most of the points, up with hundred on the dow. president trump is set to talk about his tough trade talk ironically at a boeing plant in st. louis. he is standing by his stance here, tweeting, quote, we can not keep a blind eye to unfair trade practices in our country. to republican pennsylvania