tv Varney Company FOX Business March 20, 2018 9:00am-12:00pm EDT
that's what i've been expected. dagen mcdowell, lindsey bell, brian brendberg, tomorrow mornings with maria in washington, i will talk to alan greenspan and utah senator orrin hatch. stuart: good morning, everyone. big news today on facebook, on uber and, yes, on the stock market, talk about a storm, facebook is right in the middle of it, premarket, no recovery for the stock, it's down some more, took a huge hit yesterday, here is the news, the security chief is stepping down, there will be emergency meeting of employees to address the data abuse problem and here is a real bomb subpoena shell, damming under cover tape with cambridge analytical chief. it used facebook's data, here is heart of facebook's problem,
regulation. next case, uber, a pedestrian has been killed in an accident involving an uber self-driving car, happened in arizona, the local police chief says the uber car was not likely responsible. the pedestrian came out of the shadows, out of nowhere she says, the self-driving test program from uber has been suspended. legal questions remain who exactly is liable. >> and then there's the market, down a whopping 335 points yesterday, maybe down a little bit more first thing this morning at the opening bell. now, this, the revolutionary, the saudi crown prince arrives at the white house in a couple of hours, the president set to impose tariffs on china, yeah, another big day, around varney & company is about to begin. ♪ stuart: early morning
explosion at the san antonio fedex facility. it may be linked to the texas, that is austin's serial bomber. ashley: don't forget we three bombs left on doors in austin area and bomb on the street and now device that explodes at fedex building sorting facility outside the san antonio just after midnight, medium-size was was on belt and exploded. there was one worker who did have an issue affected this woman's hearing, she will be okay, but, again, this is a huge problem, the police are just trying to track down who or what is behind this, motive and who may be doing this, they even reached out and said to bomber or bombers, please talk to us which indicate that is they don't have a lot of evidence to
go with right now. stuart: explosion in texas facility, all connected. ashley: yeah. stuart: down a little at the opening bell, just a few points, remember, we were down 335 yesterday. the story of the day remains facebook, here it is, premarket down another buck 90. right there at $170 a share. yesterday it came way down after the government and the european union pushed for probes into those recent data breaches, d.r. barton is with us. ii want to know if you buy facebook at 170 this morning? >> i'm not ready to buy more, stuart, you know i own it personally, our company owns it. i believe that the long-term facebook will weather the storm and there's still a storm to be weathered. there's headline risk for every piece of data coming and taking another little change out of
facebook but i think there will be a time soon where we can go back in and buy more stock. stuart: some regulation imposes on their ability to monetize the information which they have. >> absolutely. stuart: if that happens, that's the big problem for facebook. >> that's the big problem and i think there's some words that have been thrown around a little loosely like breach, there was no true breach of data like an equifax breach last year. this was about a professor who used his name and standing to be able to gather data and within the then rules of facebook to bring stuff together. liz: it was kind of a breach because it was misleading the facebook users for academic purposes. >> that's right. it went from there to the cam bridge analytica and the problem that facebook needs to be more diligent on how the data is handled. stuart: i'm staying on facebook,
170 as we speak. down 1%. herman cain is with us, never let a good crisis go to waste, herman, but essentially the data was used by the trump campaign and that brings in trump into this mess with facebook, doesn't it? >> it does, but i don't think there's much there there and here is why, remember the democrats have been trying to tie trump to russia, russia for a year, collusion, collusion, collusion, so if there's any connection at all, i don't anticipate that it's going to be something that's damaging. stuart: this undercover tape that was run by channel 4 in britain is undercover tape with alexander nick, ceo of cambridge analitica, in the tape he's talking about bribery and corruption and blackmail and this was a company founded, i
believe, by steve bannon, this is going to come up in america. >> it's going to come up, but i think that we are a long way from having any definitive facts about what actually happened. all you have to do is look at some of the other theories that have been out there and they go on and on and on and there's no there there. i'm not saying there isn't any there, there, i'm saying it's way too early to begin to make any conclusions about what he said or what they think that they have found. stuart: i think that mark zuckerberg will be dragged in front of british parliament and probably congress and democrats will have a field day with that. >> they will have a field day with that and here is the other thing, facebook started out as a neutral platform, now, when they become not neutral, they get in trouble in terms of people not being able to trust them. i think that that is an issue that is now surfacing because of what that guy said as well as
the breach that some people don't want to call it breach, i agree with liz, it is a breach of sorts because he used his academic identity to be able to get in and get information and then released it without people knowing about it. that, i think, is a bigger issue. stuart: i know that you're an investor, herman. would you buy facebook at $170 a share? >> no, i would not and here is why, there are a lot of other alternatives that i have in order to be an investor at this particular point. it's not that i'm against facebook, but my investment strategy is a little different than buying a stock at $170 a share. [laughter] stuart: i do understand these things. herman, hold on, we will see you shortly in ten minutes later on the show. >> okay. stuart: president trump meet it is saudi crown prince today, noon is the meeting time. the prince reportedly wants to solidify saudi arabia's antiiran
stance with our country. bill mcgurn is with us, wall street journal editorial board kind of guy. [laughter] stuart: i think that this meeting today unravels the last plank of the obama administration's campaign which was the iran nuke deal. i think we unravel it today. >> right, i certainly -- certainly it's a product of the obama years. the saudis were close to the u.s. and in the obama years it went by the wayside, not because what the obama administration did with saudi arabia but the policy towards iran. every nation is worried about iran. when the saudis look at the world, they see three arab capitals, yemen and baghdad, so that worries them. stuart: we are told that the president is probably going to tear up the iran nuke deal.
>> first couple of weeks in may, do you think he will? >> i think he will because he said he will. one of the things of all criticisms with donald trump, he generally follows through on what he promises to do. stuart: he's doing what he says he said. >> the iranians could say, we don't have to abide by anything and go on their mad rush which is also why the north korean thing is such so important because they will be looking at that. stuart: mohamed, he's a revolutionary, the man is overturning there. >> i think actually we see the public stuff, the women driving and movie theaters now open and so forth, i suspect the private thing is going on, for example, the closer ties between riad and jerusalem that has happened. some of this because it was a common problem with president obama and iran. stuart: who would have thought
there was agreement between saudi arabia and israel, who would have thought? >> this guy has moved the country pretty quickly. i think some of the worry that is we concentrate too much on these public symbols and some of this maybe better done when there isn't that much attention, so that there isn't the backlash stuart: i feel like it's a revolutionary meeting of mind. >> you know, he's like benjamin netanyahu, he has to be happy with the new guy in the white house, it changes the direction and the u.s. is still a big player there and when the u.s. seems to be absent and away from top concern which is a nuclear iran, there's trouble. stuart: bill mcgurn, thank you so much, we will see you again soon. okay, let's get back to future's market where we are likely to open. the answer is ever so slightly lower, maybe down 10 points at the bell which is in 20 minutes time. oracle, ouch, down 9%, ladies and gentlemen, this is a major
technology company and that is one huge selloff, why? great disappoint about the results of their cloud business, just not up to snuff, they did well with profits because of tax cuts but the cloud business really disappointed big time and that thing is down 9%. ouch as i said. politics, president trump proposing a new deal, a new daca deal with the democrats. he gets 25 billion for the wall, they get a path to citizenship for 800,000 dreamers. the democrats did not bite on that, mr. trump says the dems do not want a deal at all, they want to keep the issue alive. the deadly self-uber driving in arizona, the police chief says says she does not believe uber at fault. what does judge napolitano have to say about the legal implications thereof? he's after this. jeff bezos taking a robot dog for a walk in amazon's -- at
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stocks, all of them are up this morning, modest rebounds, i mean, it's very modest, apple, alphabet, microsoft, modest rebound. look at facebook, down some more. the worst loss in four years yesterday, down another, what, another buck and a half as of right now. that's facebook. and then we've got the uber self-driving car. it hit and killed a woman in arizona, according to exclusive in the san francisco chronical, the tempe police chief says early probe shows no fault by uber. all rise, judge napolitano is here. but that doesn't solve the overall liability question of self-driving cars? >> the problem is complex one, i believe what the police chief is referring the woman that was killed was outside of the crosswalk. stuart: she was. >> the computer technology may not have been programmed to recognize someone as a human being who could be injured by
the vehicle that wasn't where she was supposed to be. every time a significant change in technology, the advent of the railroads, the advent of the railroad in america, they don't know who to sue, they sue everybody and let the judge and jury resolve. in this case, one of the people that should be sued is the government of arizona which wanted to be the first state in the union to have unregulated driverless cars and the governor of arizona overruled his own department of transportation just signed and executive order authorizing this local police chief and local mayor didn't want it and the cops didn't know what to do with this thing and now the lady is dead. stuart: do we need new legislation to cover this new technology? >> you're asking me if there should be more laws and even though i smile because we debate
this psychologically and philosophically, yes, this driverless vehicle on public roadway, people drive on the roadway, expects a person regulating needs to meet certain standards before you can put it on the road. stuart: liability surely lies with the person or the software or the computer in control of the car. >> correct. stuart: so the software could be liable. >> plaintiffs' lawyer have to sue everybody and let the defendants demonstrate why they are not liable. clearly there was a problem with the software that fail today recognize this lady. look, if somebody walks out in crosswalk, they are not fair game to be hit by a vehicle driver or driverless, she may have some liability on her part, but the bulk of liability is on the part of whoever designed this thing. stuart: whoever designed it. >> or designed the relevant controlling part. i don't think they will sue the
manufacturing of the tires but they have to sue somebody who created the artificial intelligence, if you will, that run this is. stuart: sue everybody. >> absolutely. and they should including the government that in my view with inadequate notice put this thing on public roadway. stuart: the lawyers will win yet again. i love lawyers. you know what i mean. [laughter] stuart: thank you, judge. bernie sanders holds a town hall on income inequality. >> oh, god. stuart: who were the headline guests, senator elizabeth warren and the gentleman on the left, that's michael moore, the far left wing of the democrat party in the spotlight again in my opinion dragging the whole party left ward, herman cain on that after this.
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rich slice in america. stuart: okay, you heard it, bernie sanders town hall on income inequality, you saw michael moore, senator elizabeth warren, come back in again, please, herman, we want to talk to you about this, looks to me like that's the left wing of the -- i was going to say socialist party, the democrat party and it's taking over. that's my opinion and what's yours? >> you're correct, the socialist party. look, this is hypocrisy on steroids and as margaret thatcher so eloquently stated at one point, the only problem with socialism is when you run out of other people's money, this is total hypocrisy for them to be talking about income inequality and secondly charles payne pointed out just this morning that many of the people who have moved from the middle class have moved up. stuart: right. >> this whole concept of income inequality is just a talking
point to try and fan the flames of class warfare. that's all. stuart: by the way, in new york state, cynthia nixon, formerly a star -- liz: sex and the city. stuart: she's challenging governor cuomo, she's to the left, way to the left of governor cuomo. the impact to have left wing is really profound here. >> it is profound. you have the extreme left-wing democrats like nixon and like bernie sanders and like elizabeth warren and what that is doing it is making the elected leaders like chuck schumer and nancy pelosi almost afraid to do anything that's close to the middle, not one democrat signed the tax cuts and job bills and as the republicans talk about phase two, guess what, the democrats are shuttering in their boots, why, i believe that the republicans are saying, we are going to dare
you to tell the working people again you don't want them to keep more of their money and so, yes, they are dragging the entire party to the left and it's causing people like chuck schumer and nancy pelosi not to make decisions. stuart: herman, out of time, hard break, thank you herman cain. we will have the opening of the market after this. nah. not gonna happen.
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stuart: down 335 points yesterday, so obviously we want to know how this thing is going to open today. you've got two second to find out, boom, here we go. it's 9:30, it's probably going to be, well, okay, we have a 47, 49-point -- 48-point gain. we were expecting a modest decline. we have a 50-point gain instead, 24,674, let's see if it stays right there. so far we are up 60 points, that's a gain of a quarter percent. how about the s&p? how is the action there? pretty much the same story. up just a fraction, though, .15%. now the nasdaq, that's virtually dead flat, up .07%. so flat technology indicater and look at the big techs, they they were all down yesterday, facebook, will you look at that, that's the story of the morning, facebook is now down 5 more
dollars, 166 on facebook. another 3% drop. amazon, microsoft, apple, balancing a little. who is with us, let me tell you, ashley, we have liz, we've got d.r. barton and david deeds with us. facebook, before we start with facebook, what did you learn -- ashley: we learned that british lawmakers sent formal request to mark zuckerberg to go to the uk to testify in person to members of parliament about data protection and what they did and didn't do with regard to this particular case. stuart: facebook now at 167, would you buy it at 167? >> the current valuation even with the dip would not get me to buy it, what was a local community board is now the world's publisher that comes with privacy responsibility and transparency, it's not there, it's going to be a different business by the time the lawmakers get done with it.
stuart: they'll be regulation? >> i believe so. liz: lost 50 billion in market value between yesterday and today. two things, they apparently misled the users when they had a blog post that they put, even though they knew about it at the time, right, the second thing too is that essentially obama was big data genius, he was sending messages to facebook users, saying vote for me. facebook has a lot to talk about with its business model in terms of its transparency and credibility. stuart: we have a meeting this morning or today i should say, crisis meeting of their employees, i think online kind of town hall. i'm not sure, a crisis meeting, what's their response of the data of the situation, the stock is down 168. facebook and alphabet down,
amazon is back up but only 5 bucks. microsoft at 93 and apple is 176. are you bargain-hunting for any of those names, d.r.? >> i think we've had too small of a dip to call it bargain hunting. i think there's still momentum investing to do done, however, i believe that amazon we are going to talk about some other stories with them, i believe google is also still very well positioned and, stuart, facebook will be a buy again. i'm going to take a little bit of the other side of david, not too much, not yet but it will be a buy again soon on my block. stuart: you think it's getting close? >> getting close. stuart: heal headaches at whole foods since amazon took them over. by the way, whole foods, what is it now, they're marketing and merchandising team, they're holding emergency meeting today or amazon is giving them -- ashley: a supply summit after 200 suppliers, they are upset, they say the whole dynamic has
changed since amazon has taken on whole foods. amazon through whole foods is now charging suppliers more money in fees, fees for in-store promos, fees for more prominent positions within a store. your store is eye level on the store, they are paying more for that. paying more for shipping. all says that the small suppliers it's killing them to the point where it doesn't make it worthwhile to put goods in whole foods. some of the medium-size companies, finally, finally it's being run more efficiently and they welcome it, so summit to sort it all. bottom line, amazon is running whole foods a little more streamline and with more directness. >> a little more like amazon itself. liz: exactly. stuart: wait a second. another amazon story, they are considering buying some toy are us actually stores. >> vacant real estate like
california, the north and southeast. i'm looking at the map of the 450 toys"r"us and baby r us stores and they are key market. they wanted to buy radioshack stores and they didn't do it, so they need for distribution and have people come out in stores to check out alexa in person and devices in person. stuart: look at this, we have the market up 130 points. it's hard to figure this thing out. down 330 yesterday, down 500 at one stage, now 24,700 is where we are. here is another big tech company in real trouble, the stock market this morning, we are talking oracle, down 8% this week, very disappointing sales in their cloud business. that's all important these days if you're a tech company, they didn't do well, they are down, taking it on the chin. 8% down for oracle as of now. president trump prepare today
hit china with $60 billion worth of tariffs annually. david, you don't like the sound of that, do you? >> it does not work for me. why make consumers in this country pay more in order to fight the good battle on intellectual property, i get that, it's too heavy-handed a tool. china will -- what they will do is end up buying from other countries. i don't think it will create more jobs, i don't think it's going to work. stuart: it's not hurting the overall stock market this morning? >> no, ultimately, the bark will be worst than the ultimate bite. stuart: investment firm thinks apple will sell far fewer iphones. ashley: based on own sources, the requests for the iphone 10's or x's has substantially lessoned especially in the month of february. they've ratcheted down sales from 8 to 12 million. originally 13 to 12 million. the biggest problem, the price. $1,000 in the u.s., $1,300 in
the uk, they also say that another dynamic, the use of the phone, the length's of the phone use is four years if you look after it properly which people aren't upgrading as upgrades themselves are not that great in order to pay a thousand dollars for it. stuart: apple stock holds in mid-170, 176 as we speak right now. ashley: sure. stuart: okay, let's get to uber self-driving car which hit and killed a pedestrian in tempe arizona, dr, you have a different take on the self-driving industry, what is it? >> i do. i think from a stock standpoint you've got to let the dust settle. this isn't the time to jump in and start bottom picking any other types of stocks, we don't own them right now, stuart, i think we are missing a bigger picture here, 5,987 pedestrians were killed in the most recent
yesterday that we have data for which is 2016 by drivers. i believe every human life is precious including this dear woman who we lost in tempe, everything we can do to make our streets safer and i believe that autonomous technology is going to do that. stuart: really? >> autonomous cars do not drive distractively. we will keep doing the things to make technology as engineer better and better till 20 years from now we will not believe we even had this discussion. stuart: you say speed it up. >> speed it up, let's get it going to make our streets safer using autonomous cars. stuart: different take, we appreciate they. morgan stanley say it is melt-up in stocks is over. i guess the melt-up was from the time of presidential election all the way to late january last year. they say that's over. you say? >> i wish they had told me the end of january, i've been waiting for two months for volatility. ashley: genius.
[laughter] >> i read it, i don't agree with premise. i think some of the data is good. melt-ups can last longer than we ever believe. stuart: all depends on profits? >> a lot of great profits, you have benign regulatory environment, possible infrastructure spending and very green overseas, i'm a buyer longer term. stuart: maybe more tax cuts. >> totally possible, we need them. stuart: you're in, we got it. oh, dear, it's that time. i have to say good-bye to d.r., good-bye to david, both of you, thank you, gentlemen, good stuff. check the big board again, please, i'm not going to call a solid rally but it is a modest rally at the at least, 24,700, a gain of 97 points. and more on amazon, amazon says it's cashier less, it's a hit. cashiers, the people who check you out, they don't have them in
the stores, it's a hit and business is good and customers keep oncoming back for more. we thought you would like to know that one. president trump proposes new deal on daca, you know the dreamers, he gets the wall, 800,000 dreamers get a path to citizenship, the democrats say not good enough. and what's mr. trump's response, he say it is dems don't want to help dreamers at all, they just want to keep the issue alive. we will be back.
tell me what they are doing together, please. nicole: teaming up is all about security, security for your microsoft app, excel, word, and the like, powerpoint, all these on your smartphone, collaboration here is for software security software which is what blackberried moved into in 2016 when they started making smartphones, they moved into cybersecurity capabilities after we saw a wave of attacks. this is a collaboration between the two companies to give them this ability and give them security and cloud service enterprise, you could see that microsoft jumps 3 quarters of 1% and blackberry gets a pop of 4.7%, stuart. stuart: blackberry and microsoft together, good lord. which planet have i been on? nicole, thank you very much, indeed. the trump plan, give me
25 billion for the wall and 800,000 dreamers get to stay. the democrats say, no, we want 1.8 million dreamers to stay, then the president said this, quote, the democrats do not want to help daca, would be so easy to make a deal. congressman, former congressman utah guy, jason chaffetz is with us this morning, welcome back. >> thanks for having me. appreciate it. stuart: do you think the democrats want a deal at all? >> they don't. i think they want chaos, they like the own the issue, the president is absolutely right. the president has added a new card, if you don't build the wall, you're not fighting the opioid crisis. these drug dealers are bringing in the heroin, they are bringing in things across the border and they are doing it from méxico, he cited 90% of the source of this is coming out of méxico. stuart: brought in another reason to build the wall? >> yeah, i think america gets it. i think they understand.
you have to secure the southern border, it's never been safe and secure and a border wall works. stuart: that puts the democrats in a difficult position, doesn't it? don't you want to fight the fentanyl outbreak in america? besides, didn't you say okay with 1.8 million dreamers and now you say it's not okay. >> the democrats previously voted for the wall, that's why there is a wall. they have already authorized it, now they need to fund it. the democrats need to fund it. we are having 14% increase on domestic discretionary spending, chuck schumer and nancy pelosi ought to take that and run to the bank because they have everything they wanted and the president is asking to be able to complete the building of a wall, it's already authorized by congress. stuart: they can't afford to be seen, hanging hanging the electl hats on illegals. >> you're giving a lot of
ammunition to house republicans and people running for congress saying we need the wall not only for the border security, but we need it to fight the opioid crisis as well. stuart: i have a buck say they cave, what say you? not gambling on television. >> you should spend more than a dollar. [laughter] stuart: growing number of democrats and they are offering former fbi deputy director andrew mccabe, offering him a job. it's an effort -- the people on the screen. they are offering the man a job, they want him to keep his pension. >> well, it's a political publicity stunt. here is the way it works, he will get his full pension, he won't get enhanced benefits having had worked in law enforcement up until the age of 50 and putting in his 20 years, he will fall short of that but gets entire pension but you can't work in congressional office, you actually have to work in law enforcement in order to complete that. that's why it's just -- these
guys put this out there and called for it. stuart: andrew mccabe lied and leaked and these guys, they want to keep him with his pension. i mean, i don't get that. >> you know how hard it is to get fired from the federal government? it's almost impossible. [laughter] stuart: you took a step down. >> unbelievable. stuart: keep your pension, jason. mr. chaffetz, thanks for joining us. >> thank you. stuart: am done, here we go again. taping the temperature of new cashier less store in seattle. ashley: huge hit, so much so that everyone has been using it, comes back repeatedly, you scan a smartphone app when you go into the store, as you can see from the video, you take cans whatever you want, put in the bag, that's being scanned by cameras and sensors, you eventually finish the bill is charged to the credit card, you
have on file with amazon. they say the biggest problem for people, quote, is we didn't necessarily expect to see how many people would stop at tend and ask is it really okay if i just leave? [laughter] ashley: because it's so -- not to have a cashier pay and stuff your bag full of stuff and walk out. stuart think what a complete picture amazon gets. you can tell what they look at. ashley: yes. stuart: priceless until they are regulated. well, look at this, high of the day for the dow industrials, up 141 points, 24,752. all right, here we go. a new app romio, let's you hire anyone from hair stylist to plummer. we will talk to the man behind romio next
hire anyone from a dog walker to a plummer right from your smartphone. the founder is and the ceo is terry, welcome to the program. >> thank you very much. stuart: first of all, can i get it on my app now? >> absolutely, it's available, we are excited to be making it available to users. stuart: free to me. i don't have to pay. free to viewers. >> free to everyone. stuart: i get the app, it's on my thing here, i need a plummer, what happens? >> you get -- you get the recommendation and book and go. stuart: whose recommendation, yours? >> nationally recognized experts. the difference with app you will get recommended apps babysitter and assistant so you don't have to go through reviews online. you can't trust politics and
reviews, they are full of clutter. stuart: you can't trust news? [laughter] >> there's a trust issue across and it's much more right with online reviews. you have no idea -- stuart: i take your point. you've got a -- you've got experts in all kinds of fields from everything, dog walking, baby sitting, plumbing, you have experts. how do they own their money? >> the experts are compensated based on the quality of the recommendation, so the more quality service is booked, the more they get, you know, a cut to the booking fee. stuart: how do you make your money? >> we charge 15% and share a cut of the booking fee. stuart: if i get on your app, romio, i book a plummer, you charge me 15% of that? how much does the expert get?
>> a third goes to marketing, amazing services, but the good news for consumers is that, you know, they no longer have to do any guess work, how daunting it is to look for baby sitter, contractor going to overcharge you, is the house keeper going to steal your jewelry. nobody has the time and we created an app to book service and go. stuart: i have to rely for complete confidence in the experts that you are using to recommend the plumber? >> if you need a house keeper you will get it from sherry, national recognized parent expert trusted by the new york post and other media. if you need a recommendation for a dog walker, you will get it from lisa litman, wonderful veterinarian. the quality is very, very high so you don't have to do any -- stuart: terry, you're the ceo, the founder of romio and you're already in business and you, sir, are going to make a fortune.
>> that's very kind. i love your show. stuart: no you don't, you're trying to get on my good side. ashley: it works. stuart: you're all right. appreciate it. all right, i have a number for you, try this, 12% of drivers use their phones heavily while they drive. how do we know that? >> study of 2.3 million drivers, stuart that means one in eight drivers, if it's 15%, 12%, one in eight drivers are phone addicts, they are texting e-mailing or calling, the other thing too is 15 states ban the use of phones while driving, looks like people don't care or don't know the rules and cops don't enforce it. there's been spike higher in road deaths especially fatalities among pedestrians and cyclists. stuart: strong statistic. there will be and this is a promise, there will be more promise after this.
stuart: what is facebook's problem? answer, they're running a near monopoly. they have information on two million users and they use it to make a vast amount of money. not everybody is happy with that having someone else know all about them, especially all the personal stuff is used without their express approval. there is the problem. case in point. profiles on 50 million users which were used to predict how people would vote in the 2016 presidential election. the left in particular is angry because that information was used by the trump campaign. how come facebook let this information out? how come facebook apparently didn't stop it quickly? there will be hearings. founder mark zuckerberg will be hauled before britain's parliament or america's congress or both. it will be a grand political, theatrical piece of
entertainment but what restrictions do we really want to impose? that is the central question here. surely we don't want to stop all data mining. if facebook compiles anonymous profiles to sell to advertisers isn't that okay if it is anonymous? it is anonymous. those 50 million profiles used in the election were evidently not anonymous and that surely is a problem. when a company amasses such extraordinary power, pushback is inevitable. facebook is at that point. they decide what is fit for your news feed. that is power. they are censors. selling personal information linked directly to that person requires new rules rules ensuring anonymity. bottom line, here comes regulation. be sure of it. we should be careful. take time to do this don't
destroy facebook or the data mining business. how about serious competition? i would join a social network that gave me extra degree of privacy and gave me fair and balanced news. the second hour of "varney & company" is about to begin. ♪ stuart: yes it is happening this hour, commerce secretary will burr ross is testifying on capitol hill. he will get fiery questions about tariffs. if there are any fireworks we'll bring them directly to you. check the big board. the major gain is gone. we're looking at 98, 99-point rally, 24,700. how about the big tech names. apple on the upside. apple is the biggest gainer among the dow 30 stocks but facebook is down again. oracle, there is a major league technology company.
it is way down this morning, a 9% loss. real problems with its cloud business which is very important to technology companies. that is pushing oracle down $4.62. orbits, a travel site on expedia umbrella. a hacker may have access to personal customer data on the platform. 880,000 credit cards likely affected. it says the problem has since been fixed. stock is up. back to facebook. mark zuckerberg has been asked to appear before parliament in britain. the ftc in america is now investigating. joining us the coauthor of the book, let trump be trump, former deputy manager of the trump campaign, david bossie. the trump campaign has been dragged into this and democrats are making hay. this information from facebook was used by the trump campaign. nobody's happy about this. what say you?
>> well i think it was used by not only the trump campaign. it was used by the clinton campaign extensively. it was used by house races, senate races across the country. that is what campaigns are about. finding audience they want to speak directly to. facebook uses modeling to try to deliver messages to those folks. there is nothing wrong with that by the way they do that with the auto industry, with banking, with technologies. it is done every day. what we need to make sure there is no censoring of it and delivering for only one side or the other. we see facebook, twitter and others hold, you know, conservatives, it seems to a different level, a different standard, if you will. so it is harder for conservatives and republicans to get their messages out. stuart: i just don't think we should have someone a big check, goes to facebook, give me this information, give me this raw data, they get it. you have to have some rules on that. >> i agree with you, there needs
to be policies and procedures. i think mark zuckerberg and his team at facebook are probably looking, how to police themselves a lot better so they don't get a legislative solution. you know from congress. that is always bad for whatever industry and i think you're right in your monologue earlier. this needs to be done thoroughly and smartly and over time, not just a knee-jerk reaction. stuart: it occurs to me, david what we're talking about now with the trump campaign is no different from eric schmidt and google. they basically organized president obama's technical approach to '08 and '12. >> that is exactly right. there is nothing wrong with campaigns. any campaign from either side of the aisle, any and all of them, to find supporters to try to activate supporters it turn out to vote.
that is part of what we do as americans. whether through the television airwaves in 30 second commercials or radio ads. the newest thing is the social media platforms. there is absolutely nothing wrong with it. there is nothing wrong with what the trump campaign did or the clinton campaign did. remember the clinton campaign was going to supposedly run the digital ad campaign the country had ever seen. they were very close. the only people that did it better is donald trump's guys, part of the reason why we won but using technology to the greatest opportunity. stuart: i think they used that technology very well, even if they weren't supposed to use it in quite the way they used it. >> but the campaign don't know that. whether or not facebook is doing it or not that will come out what you're talking about whether hearings or investigations. stuart: david bossie, thanks for being with us. we'll see you soon.
i will stay on facebook for a moment, bring in scott shellady, manager of tjm europe. you're shaking your head. is this a long-term threat to facebook you think? >> maybe facebook is a problem with facebook. what happened to personal accountability. if you don't like the information, don't put it on there, number one. number two, where is the outrage. 50 million people on facebook breached. we had 100 million breached on equifax, bank accounts, credit cards, god forbid, social security numbers, we didn't have a one 10th of the outrage. what happens to people when 65% get their news from facebook. we don't have a problem with facebook. we have a problem with personal accountability. stuart: put aside facebook look at the stock price, i have facebook at 168, is that a
buying opportunity for you? >> no. it will get lumped all to the other tech stocks, when it gets down to 16 or 17, those multiples people will come back in just because but at the end of the day, stuart, nobody has to be on facebook. you have to be on equifax if you want to buy a house or car. if you don't like facebook, it is democratic. vote with your feet and leave. something else will be better down the road. it is about you, your own personal accountability. don't give people the power they don't have to have! stuart: not heard that point of view before. i personally don't have facebook account myself but the show does. the market is up 98% at the moment. -- 9points at the moment. the melt-up since the election, morgan stanley says it is over. in other words we ain't going to go much higher. what say you? >> we'll have to have a place to put our money, as long as trump
administration is working well behind the scenes with our gdp and other economic indicators starting to show up, looking better, that will help bolster stocks where they are. so you can have a technical correction, stuart if we don't go higher for six months that's okay too, right? that would be a good thing for the market to stablize. we've gone up for some of the wrong reasons. nice to have economic indicators follow, support, we think about the next leg higher, what that might be. numbers getting better. it will bolster where we're at. i like to see that. stuart: scott shell dadely. see you real soon. a package at fedex facility in texas has exploded. this is connected to the austin? ashley: they're all over that facility. sorting facility for fedex near san antonio. they think it is likely linked. we have three bombs left on doorsteps. one triggered by a trip wire on sunday. those four bombs killed two
people, injured four. we had a worker who suffered a concussion when this package went off on a conveyor belt 1:00 this morning. no doubt austin a city on edge. they're appealing to people with surveillance footage from their homes. they're trying to pick up any suspicious vehicles in the neighborhood, any suspicious people. any clues who is behind this. seems very random, which makes it even more frighting. stuart: seems quite sophisticated too, doesn't it? ashley: the sophistication has gone up with the tripwire. liz: was there nails. ashley: shrapnel and nails. stuart: thank you, ashley. big hour coming up for you. saudi crown prince mohammed bin salman is on his way to the white house right now. this meeting is all about reversing policies of their predecessors, the trump and the prince. richard haass, president of council on foreign relations, with us next on implications of
the policy reversal by trump and the prince. uber suspending the self-driving unit after a deadly crash in arizona. how big of a setback could this be for the self-driving industry? we will ask the question. tiger woods may have not won the arnold palmer invitational but the ratings prove he really came out on top. brian kilmeade with what he is calling the tiger effect. you're watching the second hour of "varney & company." ♪ so lionel, what does being able to trade 24/5 mean to you? well, it means i can trade after the market closes. it's true. so all... evening long. ooh, so close. yes, but also all... night through its entirety. come on, all... the time from sunset to sunrise. right. but you can trade...
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1309. the fed meeting tomorrow could have an effect on price of gold. president trump is preparing to hit china with tariffs. how much, and on whom? ashley: $60 billion worth on over 100 chinese companies. it is interesting, when he told the cabinet go away, tell me what they can do, they came back with 30 billion, he said great, double it. 60 billion. it get as little complicated, stu, very hard to find a product totally made in china. they're made by multinational countries in multinational areas around the world. to slap tariffs on that is not directly hurting china. that is part of it. no doubt we're not playing a level playing field with china and this is a real attempt to say look, cut it out but there are many businesses, we talked about this yesterday, who say that the problem is unintended consequences could hurt american business in the end but certainly donald trump as he promised on the campaign trail is getting tough with china.
stuart: hard-line stance up front. got it. saudi arabia's crown bins salman will head to the white house right now meeting with president trump. top of the agenda in my opinion, iran. joining us now council on foreign relations with us, editor of that book, a world in disarray, richard haass. i think, richard, you straight me out about this one, this is about the iran nuke deal and president's plans to tear it up in may what the saudis are going to do about it and what they think about it, where am i going wrong? >> i think you're essentially right. for the saudis iran is public enemy number one. the recent comments of the saudi crown prince comparing to the ayatollah to none other than adolf hitler made that clear and the saudis are focused not just on iranian nuclear capabilities but iranian reach throughout the middle east in yemen, syria and elsewhere. stuart: there is another side to
this. yes the crown prince -- president trump is rolling back his predecessor's agenda, iran nuke deal but the crown prince is rolling back political islam. he is saying he wants saudi arabia to be a normal country as opposed to the extremist wahhabi country they have been. this is a big roll back, isn't it. >> this is big idea in many ways. symbolic, like women being able to drive cars is meaningful the you see the state putting real constraints on the so-called religious police to intimidate and harass people. i think you're seeing a legitimate reform program coming from the top down in saudi arabia. stuart: trump and the crown prince seem like they're perfect together. they're both going in the same direction. who would have thought we see the down prince at the white house where crown prince is talking to israelis. who would have thought. >> we'll see whether that really
comes to anything. the administration didn't help itself with the saudis with the unilateral move of the u.s. embassy to jerusalem. that is not what the saudis particularly wanted. made it more difficult for them to play a role with the palestinians. you could also have differences between the two on saudi nuclear ambitions. saudi arabia wants a civilian nuclear program. they want to have the ability to enrich uranium and reprocess plutonium. this is not something the united states wants to see. i would also watch that space. stuart: are you comfortable with the two getting together in this fashion discussing these subjects? >> look i'm an old-fashioned diplomat. i'm always in favor of people getting together and the fact you have the new saudi leader and american president, by the way, they're 40 years apart in age, if they find some common cause among other things to deal with the iranian, what i call the imperial iranian challenge to the middle east. that would be get. if they get a settlement to the war in yemen, a big goal, that
would be great. i probably don't share your enthusiasm ripping up the iran agreement, what i would like to see the treatment extended. i think the sunset provisions were a mistake and i would like to see the agreement open-ended. stuart: as long-time diplomat, 40 years as a diplomat, you must have a hard time accepting the icon classic donald trump? >> short answer, many case i do. we talked about the iran agreement. we'll see what happens with north korea. just before you came ons we talked about the tariffs. this will be bad on balance for american workers and for the american company. mr. trump and i have had this conversation. i think free trade on balance helped this country strategically and economically. he disagrees. i think america's world leadership on balance served this country well. we benefited far more than it cost. again he disagrees. he is president though. i'm not.
closing up shop. the headline is, oh, they're offering discounts before they totally close up and go out of business, offering discounts on apple products that perked up our imagination and interest. of course it did. lauren simonetti it is not quite what we thought. >> let me give you some of the deals so far. some toys "r" us are selling apple tv half off. so $75. ipod nano which company no longer makes, 63% discount. this is great. stuart: but that is all? ashley: that's it. >> toys "r" us sells apple products and one of the stores discounting them. i'm a mom. i've been going into local toys "r" us. i have two. one of the sales starting. i have easter baskets to fill. we might find out today at liquidation hearing when they get approval to put out closing stores signs. ashley: iphone x for 50 bucks. stuart: i want a charger for 25. [laughter]
it is apple tv, just the device itself? half off. okay. that is apple tv. if you can find a toys "r" us that has the things, will sell them to you. ipod nano which is defunct product anyway. >> apple no longer makes it. it is selling that for $54. you are telling us that wonderful headline, discounted apple products at toys "r" us ain't quite what it is supposed to be? ashley: a good headline. >> no, but stay tuned. it takes two months for stores to close, when everything becomes -- likely start with 20% discount and becomes bigger and bigger and bigger. stuart: until they're all gone. >> remember bigger picture, 30,000 jobs are being lost. this is 70-year-old company because of debt and changing retail circumstances amazon. stuart: one other quick thing. toys "r" us out. one of former rivals which went out of business in 2009, they're thinking of getting back into the toy business?
liz: looking at strategic brands, kb toys, he says i want to save the great american toy store. i want to bring back the great american toy store with super chains across the country. lots have changed since kb toys went under in 2009. here comes walmart, here comes amazon. here comes target. this is interesting a guy wants to save defunct, bankrupt american brands, hydrox cookies. saying kb toys by christmastime. >> walmart and target sell best stuff. toys "r" us would tell the stuff. that is where kb toys can do well. stuart: more promise. more "varney" after this.
♪ stuart: you can sing. >> i can't sing. stuart: i'm not allowed to. ashley: oh, okay. stuart: there is whole protest movement look at this, look at this. up 165 points as we speak. ashley: back it to where you once belonged. stuart: show the big techs, in particular, pay reference to facebook, will you look at that? down another $5. it is down to 167. that is facebook as of right now. that's a selloff and 1/2. big drop yesterday, down some more today. amazon coming back to the tune of 23 bucks, 1568. microsoft is back just at 93.46. google down a couple bucks, apple, 176. but the big drop, that's facebook. let's get to daca. that would be the dreamers. over the weekend the white house and congressional democrats traded proposals.
here is what president trump tweeted. the democrats do not want to help daca. would be so easy to make a deal. joining us now utah congressman chris stuart. do you think the democrats want to make a deal or not? >> i am beginning to wonder whether or not they have a political issue? we have given them proposals. republicans support most of the ideas around daca but all we're asking for border security to protect ourselves as sovereign nation, maybe other reforms have bipartisan support. for some reason or another we haven't been able to convince enough democrats to agree with us on this. stuart: if that number were moveable, at the moment, president wants 800,000 dreamers to stay, if that number went to 1.8 million, you think maybe democrats would come on board then? or are you sure they don't want to deal at all? >> 1.8 or 1.7 million number has been on the table, what, a
couple months, since the state of the union. they haven't been willing to come on up to this point. once again i don't understand why they object to border security. i mean the american people support that. it is not controversial. at least it didn't used to be controversial. that is the thing that makes me wonder if we're offering border security with 1.8 million dreamers, they're still rejecting that, you have to wonder maybe they rather have the politics rather than a policy in place. i will be very disappointed -- look, we're so close on this we're so close for weeks. let's fix it. let's get it off the table. stuart: do you think the democrats will be prepared to shut down the government, that is what they would do, and they would therefore be linked with shutting the government on behalf of illegals? that they surely don't want to be in that position? >> surely not. you can see the hashtag, another "schumer shutdown." they totaled like a cheap shirt they say, couple days. they realize the politics of
government shutdowns just don't workers specially over this issue. and i think they will do everything they can to keep it off the table so we don't reach a shutdown. i think republicans are the advantage in this. i hope we press. we want to protect these dreamers. we want to secure our border. once again how could anyone object to those two goals. stuart: congressman, we may be forgetting something else though. the president chucked another issue building the wall, yesterday with the opioid speech, he talked about build the wall to keep the drugs out, keep the fentanyl out. if the democrats object to that they're on the wrong side of the opioid debate as well? >> that is exactly right. interesting we had a briefing in the intelligence committee last week on fentanyl and mexican production and production of heroin. it is one of those things you walk out shaking your head. the perspective threat coming from our southern border on those two areas, again, feign at that nil and heroin production should get everyone's attention. now does a border wall protect
us from all of that? no, it unfortunately doesn't. does it help? it absolutely helps. one more argument once again, third time why i said it, stuart, why would you object putting up border security on the southern border? stuart: i tell you why. you want to protect the hispanic vote. you want to make sure the very important hispanic vote stays with the democrat party. doesn't that underlie all of this? >> conventional wisdom that is true. conventional wisdom majority of the people will vote for democrats. i think there is argument to be made for that. i will tell you what, i go out and engage the hispanic community in my district, i will take this one by one this is why you should support conservative policies. this is why it is better for your children. i look forward to that debate. let's go ahead to stablize the situation we can for the dreamers. let's go argue politics with them because i think we can convince many of them at their heart traditionally and culturally they're much more
closely aligned with the conservatives than they are with the progressive or liberal side. stuart: congressman chris stewart, thank you very much for joining us this morning. >> always a pleasure. stuart: thank you, sir. getting back to amazon. ashley: yes. stuart: you can't leave it alone. they're tracking how that cashierless store has been doing in seattle. how is it doing? liz: people really like it. there is the grab-n-go model. there are no lines. no cashiers. you walk in, cameras and censors aimed at what you're looking up, putting back. when you walk out of the store your cart is charged via your smartphone. to ashley's point, people are saying, can i just leave without a cashier? am i really allowed to leave? this is grab and go model. this is priceless for amazon to see what people are looking back and not buying. stuart: they can tell how long you look at certain product.
ashley: of course, cameras, sensors. stuart: all good stuff. we're up 150 on the dow industrials. i will call that a rally. joining us live on the radio, brian kilmeade, the host of the "brian kilmeade show." brian, i want to talk about sports. you know what you're talking about with sports. on occasion so do i. i certainly no golf. when tiger woods did very well at arnold palmer invitational, i believe the tv ratings went through the roof, am i correct? >> they went through the roof. remember he missed the cut first. then he didn't. he went 12th or 5th. tied for second last week. he was sensational for four straight days again. rory mcilroy had extraordinary tournament deserves to win. when you're losing to rory mcilroy, that is okay. these are the types of people, tiger would be struggling to beat. so i think that is fine. leading up to the masters, this
is a godsend. for the sport this is a godsend. he is excited. he is fit. he is approachable. i think that he is getting something that rarely happens in sports, a redo. he put some pressure on himself. he was a bundle of nerves. if he heard something in the stands, someone came up to him at the wrong time, auto graph here and there, he tended to be a little abrupt. he has changed. i watched his tournament interview. stuart: a lot of smiles. the man was fernable. he used to be abrupt. he was personable at this time. i would love to see, if he does well in the masters which starts on thursday, april the 5th by the way, if he does well in the early rounds, the ratings on saturday and sunday will be astronomical. >> why not? we love the stories, very larry replicated. montana was out year-and-a-half, comes back with the chiefs, gets in the championship game.
almost like you pulled him out of canton. in a way you pulled tiger off the memory list and 30/30 special on espn and all of sudden you got him back. he played against this generation. as i mentioned last week, this is interesting, it might bother you a little bit, doesn't bother me, these next generation great golfers want tiger to do well because he inspired them to pick up the club to begin with. they want to play with him at his best. he won a lot of people over with captain of ryder cup team and all he did was inspire and gave advice. like a-rod with the next generation yankees. they don't remember the steroids, controversy, ridiculous behavior this is a guy the best for a while and looking to impart some wisdom. stuart: do you think messi will be return to es about player in the world? >> i think so, you know what i'm
talking about. >> i would say this, bring us back to all world and the sports world, if the russians continue this abhorrent behavior, especially in your former home the uk, how do you rationalize going to the world cup? not only are your players safe, are your fans safe? stuart: i don't want the brits, england, i don't want them to pull out of the world cup on political ground. i don't want to see that. >> they're killing people with nerve gas in your country. they figure it is up it 12. what is the body count has stuart varney telling the english to stay home. name it. they will hit. they're challenging the world. you will take me anyway. by the way they corrupted practice to get it. it belonged in england to begin with in 2018. it should have gone to the u.s. in 2022. they found the money trail who vladmir putin paid offi give great credit to your country staying home like we are. we are staying home from the
world cup. stuart: you know? >> why? because we're principled. stuart: no. we lost. i am an american, okay. i was going to support america in the world cup but it wasn't to be. i do not think that england should withdraw. brian, your time is up. >> i have more to say. i have more to say. stuart: you have another 20 second is. go. >> i actually don't have more to say. stuart: caught you. >> i have nothing to say. that is 3 hour radio show. a lot of dead air [laughter] stuart: talk to you very soon. thanks, mr. kilmeade. >> same to yourself. stuart: coming up, uber suspending the self-driving unit of uber of a deadly crash in arizona. how big a setback could that be for the whole self-driving technology? is it a setback? gene munster our tech watcher will answer the question. before we go for break.
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steroids, as margaret thatcher eloquently stated at one point, the only problem with socialism when you run out of other people's money this is total hypocrisy for them talking about income inequality. secondly charles payne pointed out just this morning that many of the people moved from the middle class have moved up. stuart: right. >> this whole concept of income inequality is just a talking point to try and fan the flames of class warfare. that's all.
stuart: we're holding on to a nice rally, up 150 points, but do remember we were down 33 a yesterday. now this. a self-driving uber car struck and killed a pedestrian as she walked into the road. this was in tempe, arizona. the tempe police chief says the early investigation indicates uber is not at fault. gene munster with us, loup ventures manning partner. he is our guy on technology. is this a big setback, do you think, for the self-driving industry? >> stuart, i don't think it is but i want to take a step back to look at the big picture. this is an example why to be careful about news and don't rush to judgment. make no mistake this is tragic what happened, but 15 people lose their lives, every day, pedestrians in the u.s. in these type of accidents. the car, details are important
here, i want to answer your question but the car is not at fault here. this was essentially the ai can not predict when humans act irrationally and while tragic, it is not the car's fault. so to answer your question how much does it set the industry back? i want to put perspective, most people generally think we'll have autonomous driving somewhere routinely in two to three years. we've always felt it is kind of this three-to-five year window. still feel good about that window. the biggest risk, stuart, to the timing on this, about the political risk. this is not a technology problem. this is potentially a political soapbox that i think will be capitalized on. the big question is liability. who is at fault? who is sued in the event a self-driving car is involved in an accident, that is the question, isn't it? that could really hold things up. >> it could. in this case, from the facts that i know about this, uber
would not be held liable for this. not to say there will be accidents in the future that self-driving cars will be liable for. that is how i would see this. uber would not be liable. stuart: i want to talk about you to about facebook. the stock is down again today, down another five dollars. huge drop yesterday. dominates market action. got two senators calling for a senate judiciary hearing to question big tech companies. minnesota democrat senator amy klobuchar and republican senator john kennedy. what is the risk here for facebook if and when mark zuckerberg is hauled before britain's parliament and hauled before the congress? >> the risk is that they change the type of data that they can gather. when you talk to advertisers, they say advertising on facebook is powerful. every dollar that they put in, they three 3, 5, $10 back in terms of increased sales. the reason why that happens is
because the profile that facebook has is so comprehensive they can really capitalize on making money in advertising. so the risk here is simply that these legislators end up changing the type of information that facebook can gather and that has a negative impact on the value. the reason why -- a negative impact on their ability to monetize. the reason why the stock is down is less about that, that is a longer term risk, it is more about the controls and investors getting confidence in the controls in the company. stuart: so you don't think facebook -- the basic business of facebook is digital advertising and telling the profiles, the information which it gathers on people. that's its base being business. do you think that will be interfered with or not? >> i don't think it will. i think there will be some small tweaks to how they gather information potentially disclosures, or the problem in this case, what happened after
the data. the data was supposedly to be deleted. there are some controls around the process. so the simple answer is, this will be a lot of noise. i'm sure a lot more news around this but ultimately a year from now, i don't think this will change anything about facebook. stuart: that's interesting. let's see if you move the market because it might come back after what you said. we'll see. gene munster, thanks for joining us, sir,. >> thank you, stuart. stuart: coming up a story we brought you yesterday, the orange county town of los alamitos, voting yes to opt out of the sanctuary city state law, it passed. we want out of this. the mayor joins us in the next hour. ♪ i am an independent financial advisor.
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convertible, easily transferable and very, in that murky world of cryptocurrencies it is very hard to track down. they reckon about 10% of illegal profits are laundered through digital currencies, and now there are others popping up, monero, totally anonymous, form of currency. coin join can obscure it. if you want to get clean cash for your ill-gotten gains you can go into this world to do it pretty simply. one of the more popular ways to transfer illegal profits in real estate. there is a bitcoin real estate area where you can buy penthouses, you can buy homes, all with bitcoin. that is a great way to convert your bad money into good money. stuart: very hard, across the board say, found them. ban them. you can't do that. ashley: no, you can't. opportunity for criminals. stuart: we have what may be a
very big story on microsoft. they're working on a netflix kind of thing for videogames. liz: yeah, game-changer. stuart: there you go. liz: video fames on any device anywhere in the world. right now you can't do that. you can only play certain games on certain devices. why is microsoft doing this? they have a new cloud gaming unit. all the games go up in the cloud. you pay a monthly subscription to access games in the cloud. estimated 2 billion people are gamers. so this is, there is bing watching on netflix. now bing gaming. go ahead. stuart: i'm intrigued with this anybody who wants to play a game can any game. liz: anywhere in the world. stuart: anywhere in the world. liz: on any device. doesn't have to be microsoft console. stuart: universal gaming platform. microsoft setting it up. liz: watch this. this is news-breaking. facebook wants to get into the
space. facebook wants videogaming on their facebook web page. on the facebook page. stuart: on the left-hand side of the screen, the press conference has begun, they are naming officials who will appear at the press conference in texas. this is the about the bombing, series of bombings around austin. if you may remember there was explosion in a fedex plant outside of san antonio. are we listening in briefly? we'll bring you back to that press conference when we get a significant development when they tell us more about the latest bombing. you will see it, hear it right here. dow industrials up 137. we'll be back. okay. here we go. we want to go back to the press conference. ashley: latest at 1:00 in the morning at sorting facility, outside of san antonio, a fedex
sorting facility, a package went off, the exploded. a worker was injured. she was concussed but she is okay. this is the fifth case. stuart: fifth case? ashley: case. four previous bombings, now we have a fifth person injured with 5 devices. >> 5 bonds in 19 days. the surveillance cameras to track whoever is doing it. this is a different move to mail a package through fedex. ashley: there were three packages, the first three were left on people doorsteps, the fourth was set up by a tripwire which is more sophisticated, now a package exploding in the a sorting center. it is difficult, authorities struggled, they had 500 leads, they are appealing to the
public who have cctv that they could use to look at specifics cars or specific individuals that they are trying to track down who is responsible. it is not easy and austin is a city on edge. stuart: we are about to see - okay. we are 5 minutes out from more details on the latest bombing. we will get to that when we get there. we will be back after this. okay. sorry. i made a mistake. here is what we are going to do. made a mistake. up 143 points, 23,063. we are about to see the reversal of pres. obama appc ran deal, the last obama policy
still standing. donald trump has rolled back just about everything else. in one hour, saudi revolutionary arrives at the white house, only 32 but he is making tidal waves. women will drive. women are allowed to watch sports, music and cinema return, the morals police standing down, the detention of notables until they cost $100 billion, all of that made big headlines. the white house meeting today will fry bigger fish. one, ending the it ran deal, 2, rolling back political islam. the young saudi crown prince is part of both. he ran's influence in the middle east has grown rapidly since they signed the new deal with obama, the saudis are not happy.
they have gone to war with human, they picked a fight to put back on a red's expansion, eager allies of donald trump and will pay big money to make it clear who's side they are on. the president will tear up the air ran deal very soon. the other revolutionary move is the crown prince's role in political islam doing a policy reversal of his own. it to placate the mullahs and he ran. here you have two leaders made for each other, both reversing the policies of their predecessors, donald trump ending the apologetic foreign policy, mohammed bin selman ending his country's oppressive version of islamic rule. who would have thought the leaders of such totally different countries could come together like this? they have. they meet at the white house one hour from now and you will see it. the third hour of "varney and company" is about to begin. ♪ i want to bring in john
hoffmeister, former president of shell oil, now with citizens for affordable energy. you say the saudi prince is a risk taker and has to be taken seriously. right? >> absolutely, stewart. this is a time for people with a stiff spine and we need a stiff spine in this world to tackle the major issues we face. i couldn't agree more on the fact that i think these two gentle blue, donald trump and mohammed bin selman are going to hit it off and have hit it off and will do well together. tough decisions need to be made because tough decisions are being made elsewhere and we can't be in a position where we
are equivocating. the difference between trump and mohammed bin selman is donald trump is focused on the here and now and as you said, changing policies from the past. mohammed bin selman is focused on the next 20 or 30 years. his reign has yet to begin, so he is thinking about the society of the kingdom in 2030 and beyond. he recognizes the strength and powers of the united states despite our political divisiveness. he is thinking of how he builds bridges not just to the white house but to other parts, other sectors of the economy of the united states, despite our clumsy democracy, he is trying to build a pathway that is crystal clear, obvious to everyone in the kingdom as well as the middle east on what the future holds. stuart: he locks up a lot of dignitaries, billionaires, the ritz-carlton in riyadh and
extracted $100 billion, is this an opening gambit on being the strongman of saudi arabia? i am in charge, listen to me and if not, get out of the way. >> he had a couple strongman decisions but it was a strongman decision for the internal leadership of the country and he won that battle hands down but his other strongman decision had to do with overproducing oil which really harmed the uranian, russian economy, devastated them in the last two or three years, now strongman decision to reduce production or hold production while global demand picks up and the whole situation in yemen and so on. this is not a person to trifle with. this is a serious man who sees serious opportunities for the kingdom to take its rightful place. three years ago i gave a speech in saudi arabia where i really said to my friends it is time for the kingdom to take its
rightful place among the nationstates of the world. you don't have to be subject to opec. you can run on your own in your own way. you earned it. i think mohammed bin solomon is playing that out where the kingdom is taking its own rightful place not only in the region but in the world and i think at a time when we need stability and people we can count on, people with a long-term view, not just political election view, this is a man that i think is going to make his mark for a long time to come. stuart: who would have thought we would see this unraveled before us right now? we will see you again soon. richardson is at the state department. i'm calling this a reversal of the obama era foreign policy. we will see it today at the white house.
>> it will be on display in the gulf countries will see it that way. if you look at the posture towards the ran this administration has taken compared to the previous administration it is not as if there's no alliance between saudi arabia and the united states under the previous administration but that posture has changed dramatically with the election of donald trump. what you have is donald trump saying to the european countries, you have to change the way you act towards air ran, boost sanctions, confront their missile program, be willing to push the ran nuclear deal beyond the deadlines that were agreed to. if not the president said by may he is going to walk away from that and that is something the gulf countries are happy to hear from this administration. stuart: at the moment it is the europeans who are almost on the hook to keep the air ran deal and if they don't perform we are out of it. >> that is the way donald trump
has set this up. to keep the united states in the air ran deal the us has to continue waving sanctions. last time the president agreed to waive sanctions was in january and he said this is the last time unless the europeans agreed to what is essentially a side deal that addresses ballistic missiles and he ran's other behavior around the region and a longer timeline so folks in the state department are in europe negotiating with france, germany and the uk to get them to create a side deal to put stronger measures against a ran in the president said if you don't get to be a lack here that i like i'm walking away from this. >> stuart: we appreciate it. we check the big board, holding onto a rally up 143, 24,00754. check out big tech. where are we? we are all down big time yesterday was a modest come back for amazon and microsoft, a little bit for apple too but alphabet down again and
facebook now down $7, another 4%. look at that, 165.39, down 7 bucks, 4% down again. again i have to tell you mark zuckerberg testifying about how it handled user data. time to take a quick look at bit coin. $8500 per coin. huber suspending its self driving test program after a pedestrian was killed in an accident involving a driverless car in arizona. the local police chief says the car was not likely responsible and the pedestrian came out of nowhere. we are still awaiting news from the press conference in texas where a fifth package bomb went off, this one inside a fedex facility in san antonio. when they start talking, we
will bring you there. the loss alamosa city council in california voted for to one to exempt themselves from the state's sanctuary policy. today we have the mayor of that town in california coming up on the show. the raleigh police department asking google to hand over data not just from suspects who were near a crime scene but from all people in the area. a privacy issue, isn't it? the judge will come up on that one. the illinois gubernatorial primary, we will talk to the republican candidate challenging the republican governor named jean ives. illinois has a huge problem with unfunded government worker pensions. what would she do about it if elected? the third hour of "varney and
company" keeps on rolling. does it make the short list? yeah, i'm afraid so. it's okay. this is what we've been planning for. knowing what's important to you is why 7 million investors work with edward jones. stuart: straight to the press conference in texas. here we go. >> the focus on public safety, engaged and working in cooperation with the fbi and atf. michael hansen, special agent in charge james smith from the
fbi and assistant special agent in charge frank ortega from the bureau of alcohol, tobacco, firearms and explosives. i would like to recognize michael hansen who will provide additional information. >> good morning. at approximately 12:25 this morning an explosion was called into the police department. it occurred at the facility at 9935 dual ln.. members of the police fired, ems responded and determined an explosion had occurred. shortly thereafter, members of the san antonio police department bomb unit, bureau of alcohol, tobacco, firearms, explosives and fbi arrived as well. a package had been traveling on the automated conveyor, and one
employer near the explosion complained, ringing in the ears. she was treated and released. we were very fortunate that there were no injuries. early in the investigation. we are confident neither this facility nor any location in the church area was a target. with that said, i need to reiterate the message i heard so often recently, that if you have a package that was not expected, if you are suspicious of the return address, if you come across any specific suspicious object do not touch it, do not move it, contact 911. we should thank the assistance provided by the fbi, texas department of public safety,
san antonio police department, bear county sheriff's office as well as the resources provided by southwest texas regional advisory council and emergency management. now open up for questions. >> did the package come from the fedex store? did the package come from their? >> we can't go into details of the package, still under investigation. we are entering the building. >> from austin. was a label? >> can't say what the packages destined for. >> under investigation. >> directly into the topic. >> we serve through the evidence of where we need to
go. >> we are looking into it, still early on, happened late last night, we arrived early in the morning, still working on it. >> is this connected to the serial bomber in austin? >> is, can you confirm the package had nails and shrapnel? >> i cannot. >> how do you know this didn't mess with someone here? >> we just entered the building recently to make sure the building was safe before we could go in so we are still at early stages. >> someone here -- >> we can't confirm that. >> targeted here. >> we just entered the building, trying to understand that but right now we have no indication of any issues of
threats. >> tell us the size of the package and if there's any evidence left to gather? >> i can't go into details of that right now. >> anything to add? >> still an ongoing investigation and we can't provide that at this time. >> other employees in the facility still? >> bottom line of the authorities are not divulging any details whatsoever but a package did explode at a fedex sorting facility. we 5 on a conveyor belt, one person complained of ringing in the ears. they were very fortunate no one was seriously injured. ashley: the police official saying we were just entering the building so we can't confirm any details where the package was going or what it looked like, the address on the package, was there shrapnel, none of that, can't confirm anything. don't know why he is up there in the first place but he cannot confirm anything. bottom line, a fifth bomb went
off in the area, this time in a fedex sorting facility. the illinois gubernatorial primary is today. bruce router facing several challenges including gop candidate jean ives, joins us now. you have a republican governor in illinois. you are a republican. why are you challenging? >> tucker carlson was right, he is a fake republican, we have a fake republican, and failed in all sorts of ways, hired him to be the conservative reform governor and betrayed us on every party platform issue we have. taxpayer funding of abortion, sanctuary state, you name it. stuart: the big issue, i'm an outsider but the big issue in illinois surely, the unfunded government worker pension problem. if you were elected, you might not see it, $138 billion worth
of unfunded pension liabilities in the state of illinois for government workers, retired. if you were elected, what would we do about that. >> new hires go into a 401(k) style program and this is not due in the state of illinois. we have a program like that we have been using at the state university level. and when we do that, when we put new hires in a 401(k), the bond market and residents and businesses we are going to stop digging this problem and work on the rest of it. stuart: democrats dominate the state legislature and would not allow that. >> i don't believe that is the case. we have good conversations with public-sector employees, democrats, they know we can't continue on this unsustainable path, we can't continue to spend 28% of general revenue on somebody else abstention and think we can fund our disability community, infrastructure, education, everything else.
a day of reckoning is coming it has to happen in 2018. stuart: governor brown signed a law last year about sanctuary cities making illinois a sanctuary state. what do you do about that? >> i signed on to the repeal bill for centauri states and as a governor you run the police, the illinois state police will comply with federal immigration law and we will pressure local municipalities to do the same and the truth is there were two cases where illegal aliens killed loved ones in the state of illinois and the governor promised those loved ones prior to signing sanctuary state and refused to meet with these folks, refused to hear their side and that is shameful too. >> you are running of the trump republican, that is where you are coming from. >> i support donald trump on his policies, i have two kids in the military. i like what he is doing in military training and spending. stuart: thanks for joining us,
we appreciate it. we did reach out to the governor to join us and have not heard back from him. a surprising stat as a statistic for you, new numbers show more than 100,000 payphones still operating in the country. about a fifth of them are in new york city and there's money to be made with those phones. the fcc says payphone providers made $300 million in revenue. that is what they took in. 300 million from payphones just last year. a new survey reveals the top city for the best quality of life, take a guess which occupies the top spot. don't know why we are seeing the roman coliseum. in america can you guess which is the richest city? we will be back with the answer. ♪
california, near san francisco, ever tousled income $443,000. rounding out the top 5, cherry hill village, colorado. number 3, new york suburbs, scarsdale, number 4, los altos hills near san francisco. number 5, short hills, new jersey which is fairly close to new york city. we asked you to guess which city has the best quality of life in the winter is vienna, austria. so says the consulting firm mercer which looked at criteria like education, healthcare, transportation and recreation. rounding out the top 5, zürich, swetland, munich, and new zealand. and the worst, baghdad. the challenge, and that would
be - and onion rings, tomatoes and coleslaw. eat it all? it is free. engaged millennial's embracing a new trend. instead of a diamond ring around your finger people are having the diamond embedded in their finger. the finger piercing trend is popular in new york. it cost $100 for the piercing. donald frump, the crown prince of saudi arabia in the next half hour. he is also about to hit china with $60 billion worth of tariffs, busy day for politics, the market right now up 138 on the dow. hi, i'm joan lunden with a place for mom
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you'll be bathing in savings! tripadvisor. check the latest reviews and lowest prices. stuart: holding on to a triple digit gain up 154 points, bouncing back a little after yesterday after hundred point loss. morgan stanley, the melt up in stocks is over, the melt up from the election to the end in january, that melt up is over. john layfield, ceo of the way to the field report and john brodsky, the managing director.
this is about long-term investing, long-term direction of the stock market. morgan stanley says the upside is over. >> the initial upside was over pretty quick, the market was up from 2014-16, the market jumped 8% on donald trump being elected before the in our generation, that was a huge melt up. they are trading on fundamentals of the economy which are very strong, tax cuts have not taken effect. stuart: long-term we can expect to go up a little bit. >> the market would end the year higher from here. stuart: is the melt up over? >> know. i think we are going to go higher, 7.5% for the s&p 500. that doesn't put it much above the peak it established in january. i think this inflation scare is overdone. we are going to find the upside for short and long-term interest rate is limited, some
claim and as a result there's a good chance the market has a good rally later in the year. unemployment may be low but the rate of capacity utilization so there's a lot of room to grow us output without paying the price. stuart: market watcher and an economist say there is room to grow a bit further on the upside on the stock market. another one. donald trump wents and is probably going to announce by the end of this we, $60 billion of tariffs on chinese products. >> i wouldn't go that far yet. a relatively small portion of exports to the united states. we have a lot of companies, the longest. go of time complain about restrictive trade practices in china. these companies that force them
to go ahead and hands over trade secret. >> will there be a tit for tat from china. >> i don't think china wants to shoot itself in the foot. we are their biggest customer. stuart: what do you say? >> i think so. if the first initial salvo happens, questions whether that will happen and if that happens the retaliatory measure will hurt the us significantly more, we tried in 2009, all we did was call the guards, same thing tariffs 2002 with president bush, trade wars with china, they have a global supply chain, not a single supply chain but retaliatory tariffs on farm products that are going out that effect jobs in the us. stuart: i went to talk about facebook, the stock of
yesterday, way down again today. a lot of concern how they handle data. the low of the day down $162 down $10. >> i own facebook, the problem is dealing with fake news, 1000 people to deal with that and this but the overall problem you can't fix stupid. of someone believe there are italian dinosaurs in loch ness that is not the fault of facebook but somebody -- i have been like this. stuart: you own it but not selling but not buying. >> you have to figure what is going to happen and how the responses going to be. the dog and pony show, figure out what will happen. >> facebook being punished for their success. stuart: the stock being published on the likelihood of
regulation. >> to your point other social media stocks are down as well. that is an indication that the fear is there will be regulation. stuart: if the regulation says you may no longer monetize your database the way you have been doing in the past that is ahead on facebook. b5 wanting more money with 3% taxes. the danger -- stuart: stopping them monetizing the database they exploited so far. is down $9.24, 5% on top of yesterday's loss, only 10 days ago that thing was 188. >> how many apps are on the website when you are on facebook watching it? what is your profile? what information do they have on each of us? we should be able to know which
information facebook has and we should be able to see it. stuart: at the moment i'm not allowed to go to facebook and say what do you know about me? show me your file on me. you can't do that. what have you got on me? a pedestrian was killed by a self driven car in arizona. huber has suspended the testing program. a big setback for the self driving industry. >> temporary setback. industry have a chance to prove itself in the future that it is safe. stuart: temporary setback, that is all you got. >> can't give you timespan but this doesn't permanently doomed self driving vehicles. >> the person died and didn't hurt the air industry. after orville and wilbur they demonstrated air flight, it kills the observer on the air flight. it didn't kill the aviation industry. you hate the person was killed,
the person has a family, that is terrible. is growing pains unfortunately. the local police chief said he was not likely to be the fault of huber and the self driving car. >> who is liable? stuart: who knows? this is america. you can sue anybody at any time at any point and they will. we have industrial up 152 points. back to the overall market, you don't think we are going to retest the lows which were 23,000 and small change. >> i will be surprised if we are. i'm worried about inflation and trade wars, mitigated for several months, perhaps a year and a half, trade wars look like they won't happen. >> the average trade war will respond in a manner that reduces any fears of a very severe and prolonged trade war. trump is long trade. when the market tells him to call that he will respond in kind. stuart: fair point. don and john, thanks for
joining us. how about this one? some toys "r quote us locations offering some discounts on some apple products. all right. locations selling apple tvs for as low as $75. some are selling the ipod nano for $54 as opposed to $145. it is no longer in production. those are the only apple products on discount that we could find but it made a good headline. now this. the job market in dc slowing. the dc metro area, 48,000 jobs in the last year, below the number in 2016. it was 60,000 jobs per month back then. can't be true.
>> productivity is going higher. stuart: the number can be blamed on a slowdown by the federal government. the rally police department asking google to hand over data not just from suspects who were near a crime scene but from all people in the entire area. what does judge andrew napolitano think of that? city council voted 4-1 to exempt themselves from california's sanctuary policies. next we have one of those four council members coming up shortly. ♪ ♪ ♪ i can do more to lower my a1c. and i can do it with what's already within me. because my body can still make its own insulin. and once-weekly trulicity activates my body to release it. trulicity is not insulin.
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which may worsen kidney problems. i choose once-weekly trulicity to activate my within. if you need help lowering your a1c and blood sugar, activate your within. ask your doctor about once-weekly trulicity. nicole: a close look at microsoft and blackberry. both are winners this year and both have a barrows. blackberry has been jumping on the news that blackberry has a software security pass with microsoft. the two used to be bitter rivals and time ago and now they have a deal lose the deal is blackberry will provide security for the flagship apps used for the business. it will include microsoft apps like excel, word, power point.
low. that is 21/2% down. oracle disappointing sales from the cloud business taken to the cleaners down 9%, a major technology company, weak sales, down it goes, 6% lower. in california the orange county town of los alameda's did vote to opt out of california's sanctuary city and thinks where he state laws. joining us is troy edgar, the mayor. why did you withdraw? >> for us, taking on this issue was an important one. we wanted to make sure, couldn't find ourselves defending the oath of the constitution and basically defending this law that basically would tell us to defend the state constitution
over the federal u.s. constitution. stuart: what happens next? i take it you are going to be sued by the atty. gen. of california. >> that is quite possible but we took two actions last night. the first with the ordinance to acknowledge we are going to exclude ourselves from the california values act. the second, we agreed to file an amicus briefing on behalf of the city of los alameda's in support of the federal lawsuit is a friend of the court to make sure we send a message as the bigger lawsuit moving to california don't agree with the direction the state is going. stuart: have you had support from other cities? >> a lot of cities are out there thinking about it. considering the focus we have
attention, the exodus from california, the number of the census department, solid number, 140,000 people left california because of high taxes and the housing crunch. are you seeing that in your town? >> we are a city located 20 miles south of los angeles in orange county, california. we have determined amount of businesses moving out of state. some of us that are still here we are going to fight and stay here and bringing the state back to where it was. the amount of impact, the constituents and the message that as councilmembers take this on the best we can.
stuart: the mayor of los alameda's, california, thanks for appearing with us, much obliged. >> have a good day. stuart: we will. the city of raleigh, north carolina, once google to hand over information from, of all people, near crime scenes, not just suspects. the judge is going to appear. is he with us right now? he is next. just wait a little bit. moments from now we will see donald trump greet the crown prince of saudi arabia. a big day for politics and money. we have you covered from every which way. back in a second. ♪
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austin, texas. police in raleigh, north carolina asking google to hand over user data for all people near crime scene. judge and a napolitano is here. what do you make of that? judge napolitano: bit of a similar case before the supreme court of the united states was we don't know which way the court will go but reading the tea leaves they are going to go against the ability of the government to do this because the constitution could not be clearer. you have to have a search warrant and a search warrant has to be based on probable cause and the warrant must, quote, specifically described the place to be searched for the person or thing to be seized. with these police want and i understand why they want it, does not minimally comply with the constitution. b1 suppose there is an assault at a street corner, they want the information on anybody who witnessed it but then they went
information on everybody in that for block area. judge napolitano: they went to see if there are photographs, collaborators, any way to pinpoint how everybody moved so they can therefore conclude how the defendant was not going to speak to them voluntarily. stuart: what is the difference between that and surveillance cameras? what is the difference? judge napolitano: when you give this up you give up a lot more information than what a surveillance camera would see. a gateway to almost anything they want to know about you, medical, legal, financial. stuart: i threw you with that question. judge napolitano: surveillance cameras thanks to the british are everywhere. stuart: on that note i believe there is more privacy on social media, in the european union than there is in the united
states. judge napolitano: definition of privacy is different and more expansive in great britain. i post something about myself on facebook in the us, i am deemed to waive my privacy rights on everything i posted. i do the same in the eu. i'm not deemed to waive them by posting it. i must expressly waive the privacy rights. stated differently the eu, great britain, your former buddies, as we speak, are getting search warrants for the service for cambridge analytics and that will take them into the service of facebook. the germans are doing the same thing. stuart: facebook official tentatively agreed to brief house judiciary members as early as tomorrow. we did know previously the british parliament is demanding mark the coburg get over that and testify and we have a
german minister of information saying come on over here as well. judge napolitano: let's not get carried away with this. politicians only do what they do for one reason, to get reelected. stuart: that is true. judge napolitano: if no crime is committed and no civil wrong for which they can be sued has occurred the government has no right demanding they answer their questions but they will do it anyway. stuart: if there is questionable use of information on 50 million facebook users. judge napolitano: that is not facebook. that is cambridge. stuart: facebook allowed them to get that information and use it. judge napolitano: here is where there is a dispute to be resolved in court, zuckerberg having a financial settlement, facebook claims cambridge analytics violate the written
contract between facebook and cambridge analytics. a judge has to decide that or someone will take the money to go away. stuart: the judiciary committee is in no nude for legal niceties even though they are judiciaries. judge napolitano: and hold the constitution. could you repeat that? stuart: facebook is down $9.92 and as the news of these hearings come through that is dropping. 5.7%. yesterday it was down a bit more than that. judge napolitano: a lot of $55 billion, how much did mark the coburg lose? stuart: i have no idea. >> $55 billion in market value. stuart: the issue here is facebook and its use of the data it accumulates on 2 billion people. what can you use it for? how long can someone else use it and can you have a situation where somebody comes to facebook with a big check and says here, i want information
on this group and they give it? judge napolitano: nicely summarized and i don't know the answer except different country street it differently as we discussed. stuart: the only time i have ever witnessed this. by the way the rally on wall street is not exactly disappearing but we were up 250. now we are up 90. the news background is not that positive but chinese product, not a big plus for the market. the hangover in the defense stock, the tech stock still down, some of them down a bit more today after the big loss yesterday. this market doesn't look solid at this level but i promise you this, judge. there will be more varney after this. ♪
stuart: very shortly you are going to see white house, left-hand side of the screen, arrival of crown prince of saudi arabia for a big meeting with president trump. liz, ash, i say this meeting will reverse the last plank in president obama's legacy, which is the iran nuke deal. ashley: yes. foreign policy of lead from behind. in the crown prince you have unconventional fresh young leader or future leader of saudi arabia who is going to turn things upside down. who does that sound like in the white house now? donald trump. these are two good friends because they come from the same place. liz: eight years of obama's work reversed in year-and-a-half by president trump. he was voted because they didn't like the policies. stuart: we can confirm that facebook officials have been,
and will confer with the house judiciary committee as early as tomorrow. okay? and that is pushing facebook's stock down $9. 5.25%. we're back to 163. all right, who we got today? neil. i couldn't see you in the monitor. i didn't know. ashley: what's his name. neil: thank you, steve. a lot coming up here, my friend. including on going investigation what is going on in texas at fedex station, believed to be loaded with explosives. we'll have much more. tentacles, many are hearing reluctant to open packages no matter where they live in they come to their house. the president set to greet the saudi crown prince, mohammed bin salman any moment. the south did is are