tv Varney Company FOX Business May 10, 2018 9:00am-12:00pm EDT
interesting. people don't seem to know they got the tax cut, but they seem to be happier lately. >> happy you are all here this morning. lindsay james finley carter. love you all and equally. "varney & company" is the next spirit charles payne, take it away. >> and charles payne in for stuart varney. an amazing day for you. first the big one. the diplomatic rate through president trump welcoming home three americans held in north korea. they are back, they are safe and in good health. a placing time now for the summit with kim jong un and details will be announced very shortly. another big international development, israel, since its launch airstrikes inferior to mail in response to an iranian attack on an israeli military forces in the golan heights. tensions in the middle east are heating up. big news from florida halting production the ford f. 150
pickup hit the best-selling vehicle in america. a fire one of its suppliers factories is causing major headaches and delays. this comes a week after ford announced it would stop making compact cars to focus on trucks and suvs. right now looking like a flat opening for the market. look at arroyo. a four year high. another huge day for politics in your money. "varney & company" starts right now. >> they are really incredible people and the fact we were able to get them out so soon was really a tribute to a lot of a lot of things, including a certain process that is taking place right now. i just want to say, this is a special night for these three really great people and congratulations on being in this
country. >> i was president trump early this morning greeting three korean americans detained in north korea for more than a year. they are back on american soil now for joining us this general thomas mcinerney, huge win for president trump. but no doubt about it, right general? >> it was a gigantic win for america. i think we are still trying to figure it out. but it has been a brilliant move diplomatically. things are going well. we are all waiting for the rain to fall on this parade. i can tell you this president has done things no president in our history has been able to accomplish. train to eight tremendous amount of skepticism considering the behavior of kim jong un, his father and his grandfather, the west has been played many times
before. why do you think kim jong un has made these over chores but i've never been made before that historic meeting, the promises of denuclearization, this olive branch now, three help the americans coming back. is it the trump stance that is making a difference? >> i think it's all of the above in addition to the way the mainstream media has played the president so incompetent that all these bad things about him. they've got kim jong un terrified that this guy must be a "mad men" the way the u.s. press is talking about it and he does mean business. he will use all options are not coupled with the effort we are using on economics engines, meaning we really mean business. we are not just throwing money out there and by your way through the previous presidents have done. they know he means business then
they better solve the problem. >> we've got the next one for you. i want to ask you about the israel striking iranian target in serious. how much worse to you see this getting? >> i see it getting a lot worse. one of the reasons secretary matos said they canceled the jcpoa was because of the terrorist activity iran was spreading throughout the iran region and the arabian peninsula. this is building. the israelis are very aware of it. they've been afraid in it and they are now starting to hit targets when they see the buildup coming. it's going to attack israel and the idea of this moving out in a very serious situation. >> we see where the folks, the mullahs and those in charge in iran will have some serious issues in their own country amanda trying to quell this by reigniting death to america. does that also play a role with
the assorted campaigns to re-energize animosity towards israel, like hey, don't worry about your conditions in iran. we've got enemies abroad in israel. >> that's what they're trying to do. the threats abroad is a classical way these governments authoritarian governments work. the fact is i don't think it's going to work as effect really now. there's a unity going on in the middle east with israel and its arab neighbors who are all concerned about the shia crisis sweeping across the arabian peninsula. i believe that this may be the start of the downfall of the mullahs and it should be in our national policy to have regime change in the national policy about the sunni nations in the middle east who have a regime change in that government. the iranian people will be the ones who can make that change.
>> stay right there. we will take a quick look at equity. we were higher than us. we started to drift immense and economic data out moments ago. getting a little bit more of a big or the tao of five sessions in a row. look at ford. major newspaper the company halting all f. 150 production and this could take weeks. >> occurred, which is really bad news. a fire at a major auto parts supplier. a chinese owned company basically shut down and closed it in kansas city. now they have to shut down the facility and also one in kentucky. saying we have enough vehicles out there on the dealers bought for the short term. that would be the nightmare scenario for forward and it will have serious repercussions.
train to the essay was the number one mike 87,000. 52,000 shows you how dominant the spring days and it makes a lot of money. >> it will hurt earnings regardless. once the vehicle is shaken when they're not being shipped it hurts the bottom line. train to thank you very much. and our broader economy. art laffer, then inflation news the economy is heating up. babies the art laffer curve is right. maybe lower taxes does produce something of an economic boom. how do you feel about this? >> i honestly agree totally. i love the lead-in. goodness gracious charles taylor thought you were a believer. on the inflation front, what happens to the price of apples? it doesn't go up. it goes down. supply-side economics under reagan brought inflation way
down. huge increase in the trade deficit. the dollar is strong in the foreign exchanges and we have prosperity literally for decades. we are just on the beginning of that right now here in the united states and it's all starting to work. did you see those revenue numbers then? if we could only get them to stop spending the money. >> everyone that comes on today at on today and tomorrow most able you stops in maine. to your point though, we saw from the nfib record profits for small businesses. the highest level in 45 years. six points 6 million job openings. surplus in the federal government 213 billion never seen before. these are astonishing numbers. can you articulate to the viewing audience that this is
sort of a pen why it's just beginning. >> this is not a flash in the pen. two areas we need to see progress very soon. one is in the participation rate. fallen sharply since clinton left office and humble during the great recession and it has not rebounded yet. i'm expecting the participation rate to rebound by people leaving their leisure in coming into the labor force and starting to work. that's what happened with reagan and other presidents. the other thing that's not happened yet this product to the growth has not rebounded like it should. if we get productivity growth in participation rates starting to rebound, you will see growth rates rising substantially and the doctor said continue to fall over the next 10 years at the national debt as a share of gdp should fall to 50% of gdp, which is wonderful and we should be in the long-term press rarity, which i believe we should be on. keep a close eye on those.
>> last monday but no participation was down month over month, it was at 1.3 million year-over-year. to your point that is still little bit shaky, but darting to sort of get a little traction. >> it should. i'm expecting it to rise nicely. thank you very much. say hello to your team for me. >> two teenagers killed after their model as heavy while an burst into flames. the feds are investigating. they do not believe tesla's autopilot feature was being used at the time of the crash. remain modest e. coli outbreak is spreading. this is the largest e. coli outbreak in more than a decade. california becoming the first state in the nation to require most new homes to have solar panels installed on the roots could
charles: week for tests from the parent of victoria's secret looking at the shares under a considerable amount of pressure and booking holdings, formerly priceline falling on the disappointing outlook. still one of the best performing stocks under consumer consumer discretionary big downgrade this morning. the white house hosting the biggest names in the tech world today. a summit on artificial intelligence. one of those companies is the fact officer joining us now. i'm in now. so what exactly is on the agenda today? >> there's a lot of myths and misunderstandings about artificial intelligence, charles. the reality is a.i. is here
today. really the fastest growing part of our business as we see a link to work industry sending out. we see a.i. not just important today, they're really going to shape the future for us with the future of business and economic growth that will spur new economic growth and reshape the future so it's an important topic for us to get on the agenda to look at making sure we do business in our work is competitive going forward. charles: most people using robots come, artificial intelligence may be big data and working together. the economics of how it helps them then it's not a love i kind of thing. the anxiety about all the rapid pace that it would seem incomprehensible that they could be replaced. >> this is an important topic and something that needs to be on the agenda at today's meeting and ongoing.
we've done a lot of research and we wrote a book called human plus machine and we have a bit of a different view base, which is we believe artificial intelligence like any other technology will create a lot of economic opportunity. new industrial kennedy, new industry segment and a lot of new jobs. the real issue we have is making sure from education and race going and we are preparing workers for those jobs. he talked earlier about jobs being created in the opportunity in the economy today. a.i. will only increase. making sure the future represented a workers are displaced by changes are ready for new jobs coming. charles: where are we in this great a.i. race? understand what i'm hearing, china seems like they really stepped up a time when they might be ready to displace america at least with respect to artificial intelligence. >> it's an important thing to look at. the u.s. is in a very strong
position based on all the academic institution, the research, technology ecosystem that we have here. we are in good shape today, but we can't rest on that in that certainly doesn't assure the future success. in friends they've announced the a.i. plan recently the united kingdom and germany. other countries moving fast. that's why today's dialogue is the start of more dialogue across all the stakeholders and the public sector and private sector to make sure we are addressing three things in our view which is the innovation agenda for the country looking at r&d and data accessibility because access to data is key to fueling in the workforce agenda which is about education, preparing the future workforce and helping those displaced by technology be relevant and find the right opportunities. in a third new area unique to a.i. which we call responsible a.i., which is the accountability for the decision self driving cars are making.
looking at new issues of bias that are introduced as we look into using a.i. they require different types of policies, and that is part of today's discussion. >> there has been some pushback in the tech community, especially at google, for instance, overwork them at the pentagon over artificial intelligence progress. the responsibility factor, i guess it would apply to government in the private sector. but again, they have to work together. do these concerns have any real merit or are they politically-based? >> we focus more on the commercial with the work we are doing. we definitely need more collaboration in terms of how to apply this technology to deal with the issues i talked about, making sure people are prepared and making sure our businesses sure our businesses competitive as we move forward with everything else happening around the world. when you look at defense and
other implications, a lot of investment going on there. artificial intelligence and other technologies are at the heart of the future of transit most types of such errors and we need dialogue thereto to make sure we arrived. >> we want to sustain a piece. good luck today at the summit. let's check on the dow jones industrial average. looking like it's going to have a decent start here at the opening. they can use later of course a contentious here in the cia director nominee going to have lots of questions about the use of enhanced interrogation on terror suspects. former vice president dick cheney weighing in on it now. he says waterboarding works. you're going to hear it right after this.
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to defend it, debate and argue it. if you were my call i would not let it continue this program. >> retired air force general tom mcinerney. you heard the answer, general. what are your thoughts about this? >> is very simple to me, charles. if we have some terrorist and the possibility of five nuclear weapons going off in u.s. cities, i want to use any method that will determine where they are, when it's going to happen and how we can nullify them. i'm not interested in values. i'm interested in saving a million american lives. it is very simple in the kabuki that went on yesterday on the senate intel committee by the democratic members is the set of questions i've ever heard and it died to ensure all our viewers to never elect a democrat. >> senator john mccain is not going to endorse haspel in part
because she believes in torture, and that she thinks that works even though she laid out three instances where it did work not just americans, but all human beings. should they be evaluating the nominee on her feelings were strictly on the facts in her commitment not to use it anymore because it's no longer the legal for us. >> she can't use it anymore because we have determined in congress that it's not legal. they worked on john. that's why they call him songbird, john. those methods can work in their effect as does former vice president cheney said. if we have to use them to save a million american lives, we will do whatever we have to. >> circa mid-thank you very, very much. the dow up a little bit more from the last check. looks like when we come back the market will open higher.
the dow jones industrial average of five days in a row. crude oil 371. "varney" will be right back. ♪ ♪ i can do more to lower my a1c. because my body can still make its own insulin. and i take trulicity once a week to activate my body to release it, like it's supposed to. trulicity is not insulin. it comes in a once-weekly, truly easy-to-use pen. and it works 24/7. trulicity is an injection to improve blood sugar in adults with type 2 diabetes when used with diet and exercise. don't use it as the first medicine to treat diabetes, or if you have type 1 diabetes or diabetic ketoacidosis. don't take trulicity if you or your family have medullary thyroid cancer, you're allergic to trulicity, or have multiple endocrine neoplasia syndrome type 2. stop trulicity and call your doctor right away if you have symptoms of a serious allergic reaction,
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charles: feels like we are back in a goldilocks deal. we are growing but not survive the federal reserve has to step in and hurt the party. our bold will begin to go really quickly. the majority of these ideas higher. home depot will me off slightly. crude oil breaking out big-time. now through 71. they believe some consumer staples spots which have been hit hard particularly procter & gamble. maybe some value as investors or the s&p 500, broader index right here at the opening. of course the nasdaq has been on a monster move powered by those technology names that just won't quit. more recently what will produce oil. $171 a barrel with middle east
tensions in building inventories in america. take a look at forward halting all f1 50 production. more on that in a minute. joining us now, liz macdonald, ashley webster, scott martin, john layfield. seventy-one dollars a barrel. we know about the middle east tensions. we know about the summer driving season. you are the texas oil guide. does it go higher before it goes low? >> the main reason is the bottleneck in west texas. just a sop up any extra capacity. it was rolled into 10 because each time they reduce quotas, shell oil would step in and take market share. saudi arabia could control oil prices by scaling back capacity. in the middle east, oil prices go higher from here. transfer gas prices are at two dozen nine levels. they are pretty low
historically. with west texas, they are drooling so much gas. there is a bottleneck. we need infrastructure spending to get the gas into the market. when oil prices go up, the bottleneck is hurting them. it is getting so cheap they are that they can literally possibly give it away. so this means the administration may be the administration maybe do a number structure spending on refineries to get the gas supply into the market. trades to exporting it to a place like china would be part of a potential deal. one thing about the stocks we should also point now. oil stocks have underperformed a spike in crude oil which is why investors still want to be there. >> they haven't been great for the last several years. to john's point come he is right. opec is an interesting part of this because for the first time from what i can remember the last several years followed their other provinces the last few months to cut production.
as we talked about this on monday, and aml peers are pretty cool atf with the pipelines and transportation we started adding in our towns to take advantage of the capacity that needs to come online. charles: do you remember that, scott? >> yeah, we do. charles: one of the most widely held the ball mlps. this morning we see inflation is relatively retained including record, unemployment claims again this morning. all of these things should be sort of the underlying reason the market goes higher. but will they last. >> yeah, you think they will last. as the momentum enough to carry the market pass their recent highs that we saw in january. that's been kind of the surprising thing to us in their researches the economy has not slowed down. it is stalled out in the sense of getting leveled off as a
better way to put it. the additional data you mentioned that the unemployment claims with monthly jobs report coming out to be positive. gdp will really accelerate in the second half of the year. will that be enough to carry the s&p to the new highs. if you put that against the backdrop of the earnings picture we've seen in the last few weeks, there's got to be a compelling reason if you put those things together to be excited about s&p, especially tech stocks. charles: john. >> i agree completely with god. it is worried why we have not seen wage growth in consumer spending. you think we would see more. i'm not sure anybody knows the answer to that. s&p earnings as scott mentioned him a 79% came out and beat revised earnings. this is phenomenal, but since 1994 projections of earnings going forward on 24% year-over-year growth this quarter. that is amazing for a bull
market in its ninth year. 7% of that because of taxes. still need to cut 12% to 13% in the nature of the bull market. that's amazing the market now is trading on fundamentals. ashley: there is a lie. between the tax cuts and when we actually see that kick in. we had a guest yesterday you said the same thing. it takes a while for the company to figure out where that's going to go to do a whole new hiring spree. i think we will see the benefits in the second half. trim for the tax cut stimulus low-power gdp growth to 3.3%. more than double obama's final year. >> my theory on the consumer with a were smart enough in the great recession that they recession that they'll still policed themselves more than wall street and the federal reserve believes they could. halting all f1 pit the production. the f. series just amazing. by far the best selling vehicle in america.
a huge profit margin. how badly is it going to hurt ford stock? >> they are going to be a producing the most profitable asset that they have. i own ford stock. it's been a terrible start the last number of years. i'm getting a little bit off of that, but that doesn't compare to what ford has had problem after problem. this is a supplier of meridian is the company. the f1 50 in the supply chain has been disrupted you will be disrupted long enough to interrupt earnings. >> to that point, general motors has been taking market share for the last couple years. ford has been floundering here. do you like any of these auto stocks here? >> not really. i feel for john on four because that was one that looked like it was going to stay strong and it just has them. we don't like the auto share
charles. given the self driving cars in the the technology and auto space these days. if you're looking to get into the outer space, but for the self driving side and mobilize what they had last year. we don't own intel yet. i wouldn't buy the automakers. a look at stuff on the technology side. drink you forgot over for a couple years because they had a charismatic ceo and people weren't paying attention to the fundamentals. buy a home from lamar and alexa will come with it. it's a preview obviously of the home of the future. ashley: does tom comes with built-in wi-fi, doorbells, thermostats, lights, all controlled by alexa. the question is, is the demand there for for smartphones? a little. smartphones, of course there is. smart homes. this is lenore trying to get ahead in amazon. trade for he wants the "star
trek" enterprise bridge with voice commands. he wants your home to be like that. if i would buy one that could fold my laundry for me. $53 billion market in 2022 appeared in four years time the antennas on could sell more devices. >> at school, but do we need it? are you listening? open up the door. the dog is listening to that. he'll tell people. it is creepy. it's like the jetsons. how much automation do we want and how much do we want to give up his first control because it feels like releasing a little bit. charles: getting some traction. the dow jones industrial average up 70 points. we been up five sessions in a row. the index, flows of the session. in fact, we've seen some 200, 300, 500 part reversals did the
bias seems to have shifted to the upside. let's take a look at apple trading at an all-time high on its way to $1 trillion of valuation. last night after the closing bell, 21st century fox reported their cable business saw its highest ever earnings. fox agreed to sell the bulk of its film and tv assets to disney last year of $52 billion deal. amc network reported strong profits and revenues have been a huge move right here at the open. earnings fell short for trump, down almost 2%. just a lot of bad news bear. the wind up selling themselves at some point as well. they are still hanging tough. came out of bankruptcy and now looking pretty good. they were able to reaffirm their all but the rest of the year. earnings and strong guidance, the stock having a real good fashion all over the place after they reported a very volatile stock making big, big inroads.
tesla another deadly crash for the company. a string of bad news coming lately. tesla put up its factory as collateral to appease banks. are you a fan of tesla? >> absolutely. i'm a fan of elon musk. they've done everything right except manufacture cars. he's made u.s. the leader in rocketry. spacex launched more than combined. he said everything great except manufacturing cars. he'll get there. he did the same thing with the model x, the model s. he's leveraged everything. the numbers don't work for anybody unless it's elon musk. he's leveraged ip, everything. this is the fremont, california factory. >> profit is the final frontier for tesla and they make great products. about that crash, the driver may
have been going beyond the speed limit. 25 miles per hour speed limit for that dangerous curve in fort lauderdale. true to anytime there's an accident people ask questions that the stock is probably on the californian is about mandatory use of solar panels on new homes. scott, john, thank you so much. always a pleasure to have you on. dow jones industrial average again picking up the government picking up momentum. the fear may have shifted from the market crashing to the train leaving the station. we will see. oil spiking gas prices going up. $2.84 a gallon for regular up 2 cents from yesterday. we will tell you the biggest price increases are. also, a group of house republicans plan to force the house to vote on immigration and protect the dreamers. we are talking to one of them asked.
charles: all right, for, take a look at the big board. the dow is now more than 100-point that we are breaking that trend line. a lot of a lot of technicians and this could be a big rain opportunity. oil also big. a four year high with the 71 print is huge. of course right now, national average for gas still moving higher at $2.84. we have nine states in the $3 club. christina stephanopoulos is standing by in new york. they just join that club. which one. >> yes, connecticut i just called my buddy at gas buddy.com and he said the 10 states in the united states charging more than $3 a gallon for regular.
i'm at a new york location and you can see that it's also $3.9 here. if you're wondering where is the most expensive spot in all of the country to get gas, it is definitely higher than three bucks. it is $5.24 a gallon. that is on route 66 in california should you be taking a trip and you want to drive through the desert, that is the most expensive spot. the name of the gas station is not joe's gas. if you're wondering, that's really expensive. hidden oaks convenience and it's $2.94 a gallon. this is again in california. right now we see across the board 33 cities go up about 10 cents just in the past week alone. gas prices are climbing higher, especially with the withdraw from the iran nuclear deal. for those wondering -- can you just mentioned so many high
prices. cheapest place in all of the united states for gas comes in at plainview, texas in valero. $2.19 a gallon. definitely seen prices climbing to the $3 mark. i'll throw it back to you. charles: something tells me we may see stuart varney down there. we used to get her kids on route 66. republicans tried to force a houseboat in dreamers are joining us now, republican from florida. sir, is this going to work? the american public would like to have some sort of finality with respect to the dreamers. >> that's absolutely right. it's not just the dreamers although that's a major priority for us. the border security. a number of other issues related to immigration. in the fall of last year, the president challenged congress to come up with a compromise, to
work across the aisle and figure this out, it's an enhanced border security. solution for daca for the young immigrants that arrived at our country through no fault of their own. i've grown up here, working here come the paying taxes in our country. the white house but the outlines of a proposal to the senate had a debate were four different bills were considered. regrettably, none of them got 60 votes. here in the house that had no action whatsoever. what house republicans are doing with this process is telling our leadership, it is time to act. we want to have the debate. we want to consider this legislation on the floor. everyone in the house, those whose top priority is border security. those his top priority is enforcement and those whose top priority is finding a way forward for these young immigrants. we all deserve to be heard, to put forward our ideas and convince our colleagues that ours is the best way forward. we are very hopeful that if more
republicans will sign onto the petition. we are to have 17 that our democratic colleagues -- charles: here's the thing. the house has gotten a lot of things done and it just dies in the senate. it often doesn't even get considered. along with president trump's overture, which by the way was an amazing overture and i'm still shocked they turned it down. this actually found it contraction and resolution. >> a key, charles come as for the house to act. immigration has typically gotten stock in the house. in 2013, the senate did a lot of work and passed a major immigration reform bill on the house refused to act. this year at the very least the senate did have the debate. the house has refused to act. i'm confident if we get a product out of the house, that will compel the senate to act and we would get something to the president's desk that he can
sign. a lot of people in our country who are frustrated with immigration policy for a number of different reasons. those all can be addressed in one product here in the house. i am confident that this is something the president wants to do. i was within a couple weeks ago in my district in key west and he reiterated to me his interest in getting something done. congress needs to do its job. that's who are trying to force here with the new process. charles: i agree 1000%. we appreciate you coming on this morning. we will talk to about this real soon. a check on the market stands. there you have the majority higher. they had an amazing themes on trend seems story sales numbers. how is this for a number. in two weeks for delivery to a chipotle jumped more than 600%. so how do they do it? we will tell you up next.
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it is refitting, retrofitting one dozen restaurants by the end of the year to make it so the people who basically make the burritos work faster. 1500 chipotle restaurants across the countries have hooked up the door. mobile sales delivery to your front door from a chipotle restaurant. charles: the new ceo doing some great stuff. folks come investment firms launching the s&p 500. joining us now head of investment strategy. this fund, this etf that holds the biggest names, and the s&p 500 names are at how come is the first? >> it's a great question to ask her to us at such a straightforward idea. obviously a great expansion of equity etf. bond etf have lagged because
it's a little hard to understand. we thought there could be nothing more straightforward than bond issued by companies in the s&p 500. >> what is the reception right now and how does an investor analyzed these bonds versus government bonds, treasury bonds. >> very good question. these are corporate bonds and there'll investment grade. the way to the etf is structured and we take only the high-quality investment grade bonds of the s&p 500 and importantly rank for liquidity in the etf selects from the index that takes the 1000 most liquid of those investment grade bonds. >> is that the wait another another? >> fair market value weighted. to your question, since they are corporate bonds, that is different than treasuries. they are very high quality by profitable companies, but they are corporate bonds, not treasury. charles: some are saying it could go to 4%. does that make it a stronger
rival? does that hurt this fund? why would this be more attractive, particularly to an individual investor. >> you have fields is somewhere around a full 1% higher than treasuries and certainly yields are substantially higher than they were a couple years ago. that is certainly an opportunity for folks who were still worried about rising interest rates. that is still out there. this is a lot more attractive than it was in doesn't have the yield advantage. >> i'm shocked it hasn't been done but i'm pretty sure you'll have a good access with it. the best-selling vehicle in america, the ford f. 100. f. 150. production halted for the vice president saying we have to rebuild the whole supply chain. how long will that take? more "varney" after this.
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coast. 7:00 a.m. out west. huge news day on "varney & company." ford forced to shut down production on the beloved f-150 after a factory fire. ford decided to phase out sedans and focusing on suvs and pickups. we'll tell you how much it could cost ford and how long it will take to get production back up and running. president trump greeting three prisoners held in north korea. he believes president kim jong-un wants to bring north korea into the world. former uss cole commander will be with us later this hour. big night for gop on tuesday. primary wins for solid candidates, setting emup to take potential seats in the senate. talking about ohio, indiana, west virginia. jim renacci had backing of president. he is one of them and is with us. the stadium is not packed
for nhl playoffs, but for e sports, e games. a multibillion-dollar business. you're watching the second hour of "varney" and company. ♪ charles: latest read on mortgages. liz: freddie mac says they expect a robust home season. median house price shot up to 250,000. here is what is going on, housing construction levels, charles, are robust now. home building at levels last seen since 2007. more housing, could come on the market. charles: thanks a lot. names we check every day for you. a lot of green arrows today.
amazon, facebook, apple, all doing extraordinarily well as usual. there is twenty-first century fox's cable business saw the highest earnings ever. fox agreed to settle bulk of film and tv assets to disney last year. that is a 52 bill dollar deal. dow jones industrial average has a great yield, now starting to catch the big move in oil prices. of course we have to check on oil. we broke through 70, we broke through 71. maybe consolidation. ford halting production of the f-150 truck. who else to go to but jeff flock to cover this for us. he is actually at a ford dealership in chicago. jeff, we know this is the country's best-selling vehicle. it is heart and soul of ford. how long will production be halted and how much is it going to cost them? reporter: i've been monitoring the annual meeting which just concluded ironically today, the annual meeting for ford in
dearborn. bob shanks, ceo at annual meeting customers can get the trucks they want and the impact should be short term. that is the very latest from ford but very hard to overstate the impact of this vehicle behind me here at the fox ford dealership in chicago. that is an f-150. it might get scarce before long here. the problem there is radiator support. you can't see it because the hood is down there. it holds the radiator on. they sold 9,000 of these last years. they made 900,000 radiator supports. company builds these, company in michigan but chinese-owned. they had a big fire. they're not making any of them right now. ford is not making any of these right now. question is how long it goes. bob shanks as i reported it will be short term. what does short term mean? they have 84 days of supply right now. that is a pretty good supply. that is three months worth of
supply. the problem is, if you come in and say, i don't want this white one here, i want blue one with these options, you have to order that, get it from the factory. you can't get it right now. they can prioritize orders if they're only down for a week or two weeks f it goes beyond that, charles, it becomes real problem mat mick. somebody said this year an analyst, the f-150 franchise alone is worth more than the entire ford company put together. hard to prove that, but the support for this vehicle is tremendous. charles: i happen to believe that. jeff, we always appreciate it. we want to stay on ford. come on in gary kaltbaum, kaltbaum capital management and fox news contributor. would you buy ford here, gary? >> sometimes the stock is it already down on this news. i do believe it will be short-term news. one thing jeff said, they have 84 days of supply. i think it will only last two to
four weeks at most. i have to add a number, they are selling this at 46,700 bucks, this is big time for ford. anymore weeks goes farther, it could be trouble. the stock has been pretty much dead. if you like buying on bad news this would be the time. charles: yeah. i love what he said though. someone telling him that ford is, worth more than the entire company. i believe that's true. you get rid of all the low-paying products they're stuck with, they have no margins, they're probably right. >> they say the enterprise value of this truck beats out the whole thing of ford, which is quite amazing. it is a quarter of their sales, charles. charles: it is absolutely a monster. i wanted to get one but my wife said no. let's check overall markets, right? we have had big inflection last tuesday. i think it wept unnoticed. if we look back that might be
the turn. dow up five of six of those sessions we came off dramatic selloffs. what are you sensing for the market as we look ahead? >> when we retested the lows the second time, my exact words were i'm not so sure we could go far off of this. this one feels difference. i'm seeing leadership in the market the growth names are breaking into new high ground. never a bad thing when apple goes into a new high ground. financials were undercut are rallying again. we're moving above moving averages for every major index. this feels different. instead of me saying sell rallies, you buy any pullbacks right now. i still think we'll be in a range for a while. we'll not break to the highs. charles: right. >> i think in the weeks ahead i'm pretty sure that is what will happen. all we saw was intermedia term correction which was 10 to 12%, depending which index it is. i do not believe we're heading into a bear market now.
charles: gary, i think the fear is switched to fear of losing money to missing out. always love your insights, buddy. see you soon. >> pleasure my friend, president trump greeted the three americans detained north korea for a year. now they're back on american soil. roll tape. >> they are three incredible people and the fact we were able to get them out so soon is really a tribute to a lot of things including a certain process that is taking place right now. i just want to say this is a special night for these three really great people and congratulations on being in this country. charles: joining us now, iowa congressman rod blum. congressman, your thoughts. because, i got to tell you, too bad it happened 3:00 a.m. in the morning. i think it is up there with a whole lot of historical inflection points whether you talk about the berlin wall or
other things? >> good morning, charles, thanks for having me on and i must say i'm an admirer of yours. i think you're the perssonification of american dream. charles: thank you very much, i appreciate that. >> it was great to wake up this morning to see the huge american flag and vice president and president greeting three former prisoners or hostages. made me proud to be an american. i think, charles, what we're seeing are the benefits of leading from in front as opposed to last eight years leading from behind. these dictators like kim jong-un understand one thing, that is strength. we are negotiating from a position of strength. our president, president trump, exudes strength. i think we're seeing the benefits of this, and we're all very hopeful about the upcoming summit with north korea. charles: it is interesting, to your point, you know, president trump was criticized so badly for his ham-fisted approach to this he was bullying north korea. he was going to spark a nuclear
war. maybe this old-school states manship, that we've seen from prior president, these dictators always taken advantage of that they probably see that as a sign of weakness but not with this president. >> no, i think, i'm 63 years old, charles. i remember well ronald reagan. and the mainstream media and the left shade reagan will start world war iii. just quite the opposite happened. we saw the fall of the berlin wall and the fall of soviet union. this seems to me a replay of that. we have tough sanctions. for example, we need to reinstate those on iran. they were working before we, before that iran agreement, horrible iran agreement was instituted. we need to go back to that with iran and they're working also with north korea. as i said, these type of dictators, these types of foreign leaders that are dictators understand only strength and respect, only strength. america needs to project our
strength. this president is doing tremendous job at it. charles: another one for you congressman, the second series of the docuseries, the swamp, which follows four house freedom members will be released this week. talk about the latest episode. >> the latest episode is one of the swampiest things that happened last six months, the omnibus bill. the 2300 page bill givens to us on wednesday night and voted on thursday at noon. we had seven hours to read it. equivalent of a two i believe boos. the second largest increase in discretionary spending in history. i was not only a no vote, i was a hell no vote. we have to stop that. that is great example of the swamp. that is what this episode talks about. charles: in france there is custom eating tiny little bird, a delicacy, they put a blindfold on feel so embarrassed eating it. i guess most republicans had to
wear a blindfold, how could they, how could they, complaining about barack obama sign on to that. i can't wait for the episode. thanks for the kind words, appearing on the show, charles. >> i will borrow your blindfold line, if you don't mind. charles: you got it. royal updates this morning. madame tussaud unveiling the wax figure of meghan markle. wearing a dress the day she announced the engagement. the statue will make the official debut in london on the day of the royal wedding. dunkin' donuts are offering a royal love doughnut. it is hard-shaped do now filled with jelly, available may 14th through the 20th at locations nationwide. charles: big night for the gop on tuesday. primary wins for solid candidates. that sets them up to take three democratic seats in the senate. jim renacci, he is running in ohio. he is one of the big winners.
he is with us next. also a company we talk about every day, amazon. now making a big play and a big push into your house in a major way. we have all those stories. more "varney" next. ♪ into retirement... and a little nervous. but not so much about what market volatility may do to their retirement savings. that's because they have a shield annuity from brighthouse financial, which allows them to take advantage of growth opportunities in up markets, while maintaining a level of protection in down markets. so they can focus on new things like exotic snacks. talk with your advisor about shield annuities from brighthouse financial- established by metlife.
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charles: all right, folks, checking the big board, we were up over 100 points over the last hour. hanging tough right now. the market really does this, pops, stalls, last hour of trading, watch out. amc networks, great day for them, strong profits, strong revenues. the stock well up over 6%. earnings fell for publisher. a lot of problems for this company. another bad set of numbers. to the primaries,
west virginia attorney general patrick morrissey beat out evan jenkins and controversial don blankenship. our next guest had the backing of president trump and beat out mike gibbons in ohio. want to bring out congressman jim renacci. congratulations on your win. >> good morning, charles. thanks for having me on. charles: it is interesting. the first thing i thought about wednesday morning, steve martin and era of the wild and crazy guy over with. there is no place in washington for a person like that. you're considered the best chance. a lot of people are applauding republican primary voters, this has been an issue. how do you feel about not just your chances but the party's chances to make gains in the midterms? >> i'm very optimistic, especially in ohio. people talk about the blue wave. we really have a red wave there. the tax cut and jobs bill is working. people are happy. they're getting dollars back.
proud to be on the ways and means committee to help mold that with the president. i think it is starting to show. in ohio, if you saw the primary, 200,000 more republicans came out to vote than democrats. that shows you we have a little bit of red wave rolling in ohio. charles: you would think you would. i look at the midwest states. every single one of them has seen a dramatic improvement in the unemployment rate. it is amazing the levels, particularly ohio. so i would imagine, you run on the economy, or other key issues that you will look at? >> always the economy and jobs. that is what people want to see. they want to see their paychecks going up. they want to see the job opportunities. this is happening in ohio. they're seeing businesses expanding because of the tax cut and jobs bill. they're seeing people getting more money in their paycheck. they love that they have come up to me, said, we're happy, thank you. we're able to put 100 or $200 more a month away. save for children's college or make a car payment. these are things that are
important. people in ohio are happy. they really want to see this trump agenda move forward. i think that's whyer this so happy to see me win, because they know i'm a supporter of the president. they know i want to see the trump agenda move forward as well. charles: that is an amazing point because it feels like whether it was alabama or pennsylvania or even virginia, we saw races where republicans seemed reluctant to embrace president trump or weren't on the same page. this time around tuesday, we saw where majority of the folks, in fact, some races every one said i'm trump, i'm trump, i'm trump. ride the coattails of the president is the way to go for the gop this fall? >> for me it is. for ohio it is. ohio supports the president and president's agenda. i'm a business guy. the president is a business guy. we see a lot of things eye-to-eye. we see we need to move the country forward. in the end because ohio supports this president, many poles showing him 54, 55, 56% approval rating. good to be with him in ohio.
i know he will continue to come back out to ohio, not only ohio but some of the midwest states. these are states that will be able to continue to improve and grow and see his agenda working. charles: i know that the your opponent will, a progressive, will push on identity politics, politics of envy and division and perhaps you don't want to take the bait but is there a way for the republican party to address that? articulate how a great economy helps every one? how opportunities are opened up? that only achilles' heel, not necessarily in ohio but nationwide, it is the last card that progressives use? >> my opponent is a progress system he will use that card. for me i am the perfect example when opportunity, if you do the right thing, work hard. i came from a blue-collar union democrat family. became a republican because the democrat party left us. in the end was able to live the american dream in ohio.
one of the reasons why i love ohio so much. it was work ethic and people, all the people helped me brought them with me. there are two differences between myself and opponent, who would do better in massachusetts, california, maybe new york. he will not do well when people realize what his voting record is over the last 44 years. again, he is has not held a private sector job. he has only been someone who has been elected for 44 years. charles: congressman, thank you very much. again congratulations on that big win. >> thank you very much. charles: coming up, immigration in focus. the department of homeland security asking for more troops at the border as the number of deportations surging. we're all on it. they appear out of nowhere.
my secret visitors. hallucinations and delusions. the unknown parts of living with parkinson's. what plots they unfold, but only in my mind. over 50% of people with parkinson's will experience hallucinations or delusions during the course of their disease. if your loved one is experiencing these symptoms, talk to your parkinson's specialist. there are treatment options that can help. my visitors should be the ones i want to see. same thing with any dent or dings on this truck. they all got a story about what happened to 'em. man 2: it was raining, there was only one way out. i could feel the barb wire was just digging into the paint.
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charles: weak forecast from the parent of victoria secret, talking about l brands. taking it on the chin for that. brookings holdings falls on difficult outlook. this used to be priceline. deportations of mexicans from the united states have risen, how much. ashley: 63,000 have been deported back to mexico. that is up 40% from the same quarter last year. it is significant. now human rights groups and immigrant advocates imploring the mexican government to do more to help people deported back into mexico. apparently they get back. some have been here a long time. they have a hard time integrating back into mexico. what do they do, they turn around to get back into the country. part of the equation the mexican government has been called on to do more to help these people, help them set up in their own country. charles: great stuff. sad story. ashley: yeah. charles: homeland security requesting additional troops and
helicopters to protect the u.s.-mexico border. liz: waiting for defense secretary james mattis to sign off. 700 extra national guard troops on the border. they have 1600. they want to get 4,000 by end the september. they free up the border patrol guys to go out to do their job. look at the success since the middle of april. 1600 illegals seized due to the help of the extra national guard troops at the border. they have turned back 451 illegals. they also seized 1000-pounds of marijuana. so their success with the national guard troops at the border. charles: interesting in texas, they're more popular than the wall, which is interesting. in part because of, people have private property issues. you know what? i don't want you to build a wall on my property particularly in texas but we need the protection. good thing. coming up, peyton manning may make a play to get back into
the nfl but this time behind the scenes. we have the story for you. the gaming revolution, this game fortnight raking in $200 million in one month alone. we're on it. ♪ at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today.
check the markets. we're near the highs of the session. this is how the market has been. anxiety about missing was starting to turn into a pretty big move here. of course powered by the big tech names. apple in particular. all the names we watch on "varney & company" on the tech sector looking really good. speaking of looking good how about great. e sports global revenues expected to hit 1.56 billion by 2021. stadiums are sold out to watch the e-sport events. our next guest sells out the stadiums. congratulations first and foremost. this thing has taken the world by storm. >> thank you, charles, great to be here and it is absolutely. this is global phenomenon. for the global audience to reach 400 million just about. so it is taken the world by storm for sure. charles: what's driving it? i mean, you know, is there
something special about this? it feels like is it also about these emerging personalities? starting to have your own recognizable superstars within the sport? >> you absolutely are. there are millions of influencers out there right now, battling for viewership on platforms like twitch and youtube and mixer. that is highly competitive. they're all coming out, trying new games, playing new games. that speaks to the volume driving this the key point the games keep changing. the games get better. it is not monotony. the games come out in droves. a rise in popularity. that brings with it, rise in stardom among the the influencers,. charles: the monetizing it, how are you monetizing it? we're talking about billions of dollars? >> in allied, we have dedicated
e-sport properties we out advertise to create exciting experiences, events, competition. then content from that. so we operate in the three biggest markets there are in e-sports, north america, europe and china. we have eight properties out there to date. we are continuing to do that. the monetizaton side is media rights. that is the biz side. charles: talk about growth. it has been parabolic to this point. it is also, feels like one of these things that has grown so rapidly, there are some different moving parts. could there be unifying bodgy governing this thing? >> there is a lot of talk about that. tough to unify, when again it is truly global. so, how do you get all interests speaking in the same, in the same way, moving at the same beat of the same drum, especially when some diverse games out there. there is challenges unifying around that.
there is global interests and shared interests in the success of this industry and continued growth in it. the idea of more games coming means, there may never be a top to this. it may continue to grow and more fans and more players keep pouring into it. charles: one of the more interesting aspects of it, people are going into stadiums to watch it, right? they're talking about online viewership. for instance, oakland stadium, opening this weekend, will feature "fortnite," the biggest game obviously right now. it raked in reported 223 million in one month alone. is this the game changer right now? >> it absolutely is, "fortnite" is in the hottest genre today, battle royale format. it is hunger gamessesque, 100 people drop into a island, scavange for weapons and last man standing. we're opening oakland, as you mentioned here this weekend. we recently opened up the flagship in las vegas with our
great partners, mgm resorts at the luxor hotel. we hosted one of the largest "fortnite" events on record, with superstar, tyler ninja before vince. we have largest single stream viewership on twitch alone exxon gratlations, man. looks like a lot of fun. will still make my kids go to school. but i will not argue as much if they get good. >> play it with them. charles: then i won't do anything. peyton manning reportedly considering buying the carolina panthers. it is a team he beat in the super bowl three years ago. after the owner announced he would sell the team. a lot of allegations about work place harrassment and other things going on. jared max, fox sports 1 reporter. a lot of names floated around the carolina panthers. >> from steph curry of warriors, to rapper p. diddy.
jerry richardson will be selling the team. marc rich ard son is a big fan of ben navarro. ben navarro possibly leading bidder at $2.6 billion according to "the new york times." navarro reportedly reached out to peyton manning. he wants him to be part of his ownership group. manning is said to be considering it. that is where we're at right now. charles: would this be like the denver broncos, elway sort of scenario? feels like almost all of these, not just football. baseball down in florida, bring in a superstar player, what does that do to the bid? >> what is odd to me about this, this is the carolina panthers who peyton manning doesn't have too many connections. he basically own the panthers since he beat them in the last game a few years ago. charles: got you. >> it is an interesting mix. recently we thought he would get a "monday night football" job or thursday day night job with fox. 10 million a year they report he
had talked about that. didn't want that. he sold 31 shares in papa john's stores. he remains part of that. peyton manning look how big he is is. not just a football player. corporate sponsorships, nike, gatorade, buick, directv. nationwide. charles: derek jeter in florida running a baseball team. we see a lot of former players. they have certain things in common, to your point, very popular, so popular that they carry popularity into retirement. they make big bucks on advertising. there are two competing bids. 2.6 billion from two different groups with the idea peyton manning one particular group give them the overall advantage? >> yes, probably. right now there are said to be four groups but navarro's bid is sitting toward the top. if manning truly wants to be an nfl owner he wouldn't do it for a different team. nothing against the panthers. charles: they happen to be for sale. >> they happen to be up for
sale. liz: how would panthers like it? >> how would cam newton like it, a part boss. as long as they get paid. charles: folks, thank you very much. president trump tweeting big news on isis. here it is. five most-wanted leaders of isis just captured. we're waiting for more details. we'll bring you updates as we learn. that is a major tweet just put out by the commander-in-chief. now to oil, want to bring in gregory zuckerman, "wall street journal." oil up big. president trump announcing we're leaving the iranian nuclear deal but oil had momentum long before that deal, that news was announced. where do we go from here? >> really blows the market. investors not just the iranian deal, such as venezuela. venezuela is major producer. having rediff consults in their predictions, dropping much more dramatically their production. a lot more issues. permian basin, a lot of production is having a
bottleneck. issues whether they can raise production. demand is pretty strong. economy globally is not bad. supply isn't going to be what it was. prices could go higher. charles: by the same token the lack of discipline with the american producers. as price goes up they really start to turn these rigs on fairly quickly whenever they can. you wonder how long this rally can last? >> it is funny, wall street is it putting pressure on oil and gas producers. stop with all the excess production. focus on cash flow and earnings. not clear they're getting the message. they have a temptation always to overproduce. that said because costs are going so much higher in places like permian, it is hard to get workers, suppliers, et cetera. that may not make up what we'll lose from the iranians. the estimates are 200,000 to 500,000. but i'm a little skeptical whether we in the united states can produce enough to offset what we're losing in the near
term. charles: what about saudi arabia? because i think they have made it known that next month at the opec meeting they will push to try to get oil to $80? i'm not sure if that is brent or west texas intermediate. that means crude goes higher from here. >> iranians don't want it much higher. historically, opec is not able to keep it together, always countries cheating. charles: sure. >> in this environment where iranians are enemies with the saudis and russians, they're working together which is shocking to people in the markets. how much that lasts is not clear. charles: saudi arabia doesn't cheat and meet their goals, right? known that these other guys are going to cheat. >> to some extent. they have not been cheating like years past. the saudis are key ones. they have excess production. they could make up what we're losing from the iranians. charles: ironic, to me feels a few years ago, started this, deliberately oversupplying the market to derail the american fracking revolution. they need it to go up because of
big ipo. >> they tried to kill frackers but weren't able to. they have other issues to deal with. charles: greg, thank you very much. appreciate it. california is requiring nearly all new homes to have solar panels installed. a huge cost. wait until you hear the numbers, huge! that is the next hour. president trump warning iran not to start the nuclear program back up. reports are saying that is exactly what they're doing. former uss cole commander kirk lee polled is with us next. ♪ i've always been about what's next.
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hostages that we see here that arrived very early this morning at joint base andrews, welcomed by the president. a big victory for the president. now we have this meeting with kim jong-un and donald trump, the president, in singapore on tuesday, june 12th. by the way the first meeting between the sitting u.s. president and leader from north korea. we'll have more "varney" after this. a flying machine? impossible! a personal' computer?! ha! smart neighborhoods running on a microgrid. a stadium powered with solar. a hospital that doesn't lose power. amazing. i like it. never gonna happen. when it comes to travel, i sweat the details. late checkout... ...down-alternative pillows... ...and of course, price.
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quote, highly anticipate ad meeting between kim jong-un and myself will take place in singapore on june 12th. we'll both try to make it a very special moment for world peace. blake burman in d.c. with more. blake. reporter: can't hear a word you're saying, we'll have blake in just one moment. ashley, huge, obviously. this is what everybody is anticipating. we're very excited about it. ashley: it comes back on the release of three hostages from north korea. we had a tweet short time ago five main leaders of isis have been captured. to say donald trump is having a big week, it is a huge understatement. charles: it's a huge understatement. looking at photos. 3:00 a.m. in the morning. three americans held hostage more than a year returning. president trump said he did know think it would happen before the meeting. overtures from kim jong un have been remarkable going into this meeting.
now we have a time and date. joining us with more, commander kirk lippold. commander, amazing news, isis top five leaders, captured. we have a date which could be one of the most monumental meetings, the whole world watching. north korea, the wildest, most threatening country on this planet right now, they will meet with president trump in an effort to diffuse that situation. >> good morning, charles. what it demonstrates sometimes the traditional establishment approach doesn't work and when you shake things up a little bit, you get positive results. gitmo will be back in business. that is a good news note. when it comes to north korea, look what it is happening. it is unprecedented. incredible confidence building measure by letting these three hostages go. clearly positive results on each side but when i said before, when it comes to that nuclear agreement we'll have to verify they're doing it, then trust, given a 30-year track record
breaking promises. charles: there is no doubt about that and every one understands that the skepticism out there is warranted, but commander, the things we've seen ahead of this meeting are unprecedent unprecedented. the meeting between the leaders of south and north korea. you watch that. there was something there. it was certain sort of chemistry and feeling. both sides would love the dispute resolved. removal of the dmz. taking the nations from defacto state of war, that both sides seem to want. all of this facilitated by the ham-fisted aggressive tactics of a president who the mainstream media said was bullying north korea. >> oh, what i would give to see some of the intelligence cables right now as we're looking what conversations were taking place president xi in china and kim jong-un in north korea. those will provide true insight what may be actually driving some of this.
some promises being made to help north korea economically and otherwise. if we can come to that nuclear agreement, those are the kind of things that i think are going really be at the table, set the pace how president trump approaches this. this is all excellent news. charles: what do you make of the fact they had two meetings, president xi xinping and kim jong-un in the last month or so? >> i think it is an excellent, excellent, promising development because it is going to give us an opportunity and it is a recognition that china is a player at this table. as many people maintained including me, china will be key to resolving issue peacefully. they are the ones who aided and abetted economically supported their openly military ally. that is north korea. north korea could not have a nuclear program unless the chinese allowed it. that is the bottom line. so at the end of the day, we will negotiate with north korea. the two major nations affected
by it, south korea and japan. but at the end of the day china is the one that will the ultimate say how this will be resolved. charles: commander, thank you very much. we really appreciate it. >> thank you, charles. charles: amazon seems like it is taking over everything these days and now the company making a big play for your house. we have that story. ♪ mom you called?
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charles: now this, amazon teamed up with lennar to create model homes that will have amazon's alexa built in. alexa will do everything for you. dim the lights, turn on the tv. joining us shade craft robotics ceo. armen. >> we knew something like this would happen but the steed of adoption for these personal assistants, it is something mind-boggling. can you hear me? >> yes, absolutely. charles: what do you make of this latest -- >> thank you for having me. charles: okay.
while we try to fix this, this is -- liz: i love this story. ash and i were talking last hour about amazon. ashley: built-in wi-fi. you name it. liz: turn on the lawn sprinkler. turn on the washing machine. order paper towels. that is the jeff bezos dream. "star trek" enterprise bridge dream. he loves "star trek." charles: analysts projected sales for these personal assistants, alexa, lead are of them to be so amazing. it is integral part of internet of things. ashley: yes. charles: acquisition of ring and these others, every one, nest, all the major names, amazon google. liz: privacy issues. ashley: there is, privacy issues are mind-boggling, whether or not they listen to us when we don't want them to. whether they're collecting data on us. we a afraid of it. ashley: but are we crying out for a smart house? that is what i want to know? do we really want this? some people, maybe millenials
yes. lennar is taking a big bet for amazon. good for amazon. that people in the future want everything integrated. liz: to your point you have to go to the garage to have a private conversation. charles: or the doghouse. liz: might be there anyway. charles: that is a good one. space odyssey 2001. like with hal. you have to have a conversation. let me try armen again. >> yes,. charles: i thought you were upset because i slightly mispronounced your last name. i have to talk to you about this. you're in the midst about this, expertise on the robotic side, but the rapid rate deployment of artificial intelligence, robotics, it is happening so much faster than i think people thought a few years ago, what do you make of it all? >> well, i think, charles, it is really important to accept it because for you and myself, it might be a little bit difficult
to sort of imagine that. but for our children it will be second nature. they will want to speak to products outdoors, indoors, and voice activation, ai, robotics will be a part of our lives. it is already, but it will be prevalent in the years to come. charles: there is a summit at the white house today focused on the artificial intelligence side of this. a lot of folks are concerned that america may be allowing other nations, particularly china to take the lead here. are you concerned about any of that? >> well, i think that it is important to basically focus on the consumer privacy issues and we take that very seriously in our products. we're the connected hub outdoors as you know. charles: right. >> and it is very important to focus on that but it is something that is happening everywhere. we have to be very cautious what we're developing, make sure it is protected. charles: we're coming up against a hard break. man, i have so many more questions, so you got to come
>> it's 11:00 a.m. in new york. i'm charles payne in for stuart. we have a lot for you this hour. president trump is making a huge diplomatic breakthrough. welcoming home the three american prisoners from north korea. they are back and safe. they're in pretty good health. then there's this, president trump tweeting that he will meet kim jong-un on june 12 in singapore. they added that the president's tweet on isis, the most wanted leaders of isis just captured, were waiting for the pentagon to confirm that. we will let the president give the credit just the same. of course, listen. what would've happened.
i want to bring him in on this and also new jersey, more bad news. film of the signing a bill that will get financial aid to illegals so they can go to college. california will announce its first in the nation to require most new homes to have solar panels installed. that will make buying a home there more expensive. meanwhile, there is a market with recession highs. we are just getting started. it's the third hour of "varney and company". >> we will start with california mandating solar panels on new construction. hillary is live in bakersfield. how much will this cost
homeowners. >> at least $10000 but some say that figure is modest. the requirements go into affect the year end half from now which gives planners not a lot of time to figure this out. it's meant to push people toward clean and renewable sources like solar by forcing them to cut their energy consumption by 50%. the conservative critics say this adds tens of thousands of dollars to a mortgage that many californians already can't afford. the golden state has already been ranked the nation's top five most expensive states for homeowners. a lot of people aren't even able to get into their first home. this will make it a lot harder. about 165,000 new homes and apartments will be built in 2020, but there are some exceptions.
if your home is in the shade, they won't force you to put a solar panel on it because they don't think of you get your money back over time, but still, the homeowner will have to pay this upfront charge and that's part of the problem. it's keeping a lot of people out of the housing market. >> we will speak with john cox. he will weigh in on this and he will have a lot to say. now check on the market. you are looking at the majority of stocks higher, led by boeing. knowing is the proxy for this china u.s. trade war. take a look at oil. oil keeps edging up and it must have a lot of implications for the economy. >> the time being it could shoulder higher energy prices, higher gasoline prices without
too much damage being done to household spending. nevertheless it's a tax that many consumers didn't expect to pay earlier this year. >> because america, and what happened in the past ten or 15 years with this fracking revolution, i always ask people or suggest people, don't fret like we used to because it also means massive, great jobs and those kind of construction projects that require a lot of money. they're capital-intensive but without is what drives the economy. >> there's a lot of technological progress on the energy front. right now i believe the marginal cost of producing a barrel of oil from fracking is $62. barrel. now that the price is up to more than $70. barrel i would imagine that will bring forth more production on the fracking front and that is very much going to limit the upside for crude oil prices, barring some event in the middle east. >> what about the idea that saudi arabia is pushing opec to push the price to $80. >> let saudi arabia try.
they're not what they used to be because we do have sources of supply outside of opec and they might be more than willing to increase production if that price goes up to $80. barrel. i think will be quite a stretch to get it back up $200. barrel. >> it is interesting because we've had a myriad of reasons for the market not caught this year. economies too strong, the economies to week, one of the arguments was inflation. we have a nine cpi number. are you concerned about that just yet? should this be one of our top concerns. >> i don't think so. what i'm seeing now is consumers showing resistance. price hikes are part of business and that's mostly because we haven't seen the gains in personal income reach a pace that makes it easy for consumers to absorb significantly higher consumer prices. my sense is the under mining rate of inflation maybe no higher than two half percent and then begins to recede.
all the while we have all this technological change taking place, that too has the effect of reining in cost. >> of course it feels like the consumers are paying any extra and those stocks have gotten hammered because of it. i do want to talk to about the prices in venezuela, more than a million venezuelans have cost crossed into. [inaudible] we been talking about imposing sanctions, not on their oil, but what do you think will happen. >> i think that and gain might involve a regime change in venezuela. it's amazing if you think about this. right now you have to pay something like 70000 venezuelan units of currency in order to get one dollar. it's insane the hyperinflation they have in that country. they can't even find the goods they want to buy, even if they had tens of thousands of currency units. >> it's also interesting because it wasn't long ago
when oil was significantly higher and they were making promises to the entire continent and you saw political wave and you hate to see misery, but maybe any other country thinking of adopting this sort of socialistic approach may want to think twice. >> this gives pause to all of these suggestions as far as providing every american with some sort of guaranteed income. >> you would think it would give pause to that. if you want to see inflation take off in the united states, see your standard of living defined, go ahead and pose such legislation. >> real quick, the market is up 156.3 now. the dow is up successions in a row, mostly sessions were down so we are seeing a certain kind of resolve that went away after that peak in january. what's happening. >> we were talking about that earlier. were actually going into unknown territory.
we have the unemployment rate less than 4% and were worried about much faster price inflation. i think there's room for the unemployment rate to go down to three and half percent if not three and a quarter% without adding much to inflation risks. we go back in time to the early 1950s, the unemployment rate got as low as nearly two half% in 53 and you inflation never took off. we could be seeing a replay. >> got to a point where commas were saying anything around 4% was full employment. with millions of people who need to work. >> macroeconomics is not a science. these coefficients i give shape are changing all the time. the trade-off between inflation. no one knows without lies. the market is justifiably concerned if we keep lowering the unemployment rate, maybe employment takes off. >> even the best accountants in the country says that. it's interesting. >> my pleasure.
>> health and human services secretary says president trump wants to go much farther in lowering the cost of prescription drugs. in fact president trump is looking into reforms including giving low income seniors free generic drugs, cutting spending on drugs under medicare, and passing rebates on medicare as well. meanwhile for the suspending production of the f1 50 pickup. ford said there was a fire at one of their supplier factories and it's causing a chain of delays. their cfo said the impact should be short-term. big news on north korea, on the same day that president trump greeted the three prisoners were being held there. he also announced the summit will take place on june 12 in singapore. in california, they have a new mandate expected to boost
construction costs for homes by a minimum of $10000. home. coming up next, california representative publican candidate john cox, you can bet he is not happy about this. any moment, house speaker paul ryan will hold his weekly news conference. stay with us. a jampacked our of "varney and company" is next. at crowne plaza, we know business travel isn't just business. there's this. a bit of this. why not? your hotel should make it easy to do all the things you do. which is what we do. crowne plaza. we're all business, mostly.
>> i want to get back to that new solar panel mandate. it goes into effect in 2020. joining us now is john cox, republican candidate for governor. john, what are your thoughts on this new mandate. >> the democrats in sacramento are professional fundraisers. the solar industry is paying for this. solar stocks went up
yesterday. meanwhile, californians can't afford to live in the state anymore for the cost of rent, the cost of housing, it keeps going up. every time the democrats want to help people, and up increasing the cost of an already out-of-state housing stock in the state. i think people are sick and tired of it. we've got a couple career politicians, democrats trying to double down on this. they are special-interest. it's a democrat special-interest all over the place and they're making life miserable for working californians. it will end this year. >> and yet they sell it as a responsibility, the compact between mankind and the earthly atmosphere or something like that and got away with it for long time. to your point, california is either extremely wealthy or you're struggling. >> let me give you two facts
on that. first of all, last year we had forest fires that spewed more carbon into the atmosphere than all the cars and all the power plants in all of california. them they are mismanaging the forest for the missing the forest through the trees. the other part of it is that we are handing out so much money to the solar industry that last year we actually had to pay arizona to take excess electricity that was being produced by the subsidized solar panels in that subsidy ends up in the cost of our food, our clothing, our restaurants, meal meals, or general cost of living. every time the corrupt democrat politicians in sacramento hand of these subsidies, it jacks up the cost of living. someone has to pay for it. you know that, you know the economy. >> the billions of subsidized and the jobs that were created, maybe a dozen jobs
for multibillion dollar project, i've got another one for you. santa clarita is becoming the first city in los angeles county to formally declare opposition to the century state law. you have a serious revolt spreading in your state. it has to make you feel good because the underpinnings of the things you talk about. >> i had a debate with these corrupt democrats the other day. they say the century state is all about going after immigrants were a nation of immigrants. i said to them no, the sanctuary state law is about protecting criminals, protecting ms 13, protecting people that assault police officers and the people of this state, i was sick about. we want criminals out of the state and the century state law is protecting them by telling local law-enforcement they can't contact ace if they have an ms 13 gang member in
their midst. that has got to change because the state needs to have better security. the first role of government, charles, as you know, is to protect the people. >> i watched footage of that contentious meeting. i was amazed at the different folks who were shouting out the opposition. it was based on what you're talking about. without that we have nothing but there's no such thing as prosperity growth if we can have that first. >> with datatype of this governor's race. you say you are under attack from the top two democrats. why do you think there's a worried about you? >> the corrupt game is going to come to an end with me. the democrats in sacramento are all about selling their votes to the highest bidder. we have politicians who are for sale and they know i'm going to call them on it. the voters are eager to have
that change. that's whether supporting me. there was a recent poll that showed me may be in first place in this governor's race and it's because the voters are sick of government for sale. the sick the democrat special-interest who are selling them out, they're tired of paying through the no's for gasoline, as you know i'm the leader of the gas tax repeal. they are sick of paying through the no's for water and electricity and all these things and they know it's the corrupt special-interest driving up the cost of living in the state and they also know i'm going to do something about it. that's what's going to happen in november and in june because voters have just reached their breaking point. i'm what to do something about it. >> it would be great if people voted for their own self interest rather than trying to manipulate them. >> thank you. >> let's take a look at old. it's making a good move up four dollars at $13.17.
anytime you talk cold you have to talk bit coin. we will keep watching it for you. and now there's this. more national guard and helicopters could be sent to the border. about 2000 troops have already been approved to help on the border. meanwhile the national guard has helped apprehend an additional 1600 people attempting to illegally enter this country from mexico since april. volcano in hawaii is on the verge of an explosive eruption that would send large rocks and ash into the air. it could create massive amounts of steam. scientists warned steam driven explosions provide very little warning. everyone is talking about the blue wave. it's here. southern california, a red tide is causing a nighttime
surf. look how beautiful that is. that algae bloom has been lining up a 20-mile stretch of the ocean since monday. microorganisms light up. we'll have more, next. your company is constantly evolving. and the decisions you make have far reaching implications. the right relationship with a corporate bank who understands your industry and your world can help you make well informed choices and stay ahead of opportunities. pnc brings you the resources of one of the
check this out. a spinoff of austin martin is getting ready to reveal the first luxury suv driven entirely by zero emissions powertrain technology. expected to be released in 2021. san diego is eating frozen yogurt with a high-tech experience. the first robotic frozen yogurt vending machines. each serving is created in less than a minute. i want one. following up on drones,
current rules heavily restrict drone flights and a new program will allow operators to fly drones overnight, over people's heads and out of the view of the operator. here are two where drones word delivering emergency defibrillators. bismarck, oklahoma, virginia, kansas, north carolina, fairbank alaska and fort myers florida. they will use drones to survey the mosquito population. now this. new jersey governor signed into law that gives financial aid to illegal so they can go to college. judge andrew is up next. also any minute house speaker paul ryan will bring you his news conference.
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them straight to you. the dow jones at 30. take a look at this. we are going higher and higher led by caterpillar. dupont is looking good. chemical stocks have been hot all week long. big news with apple. wall street journal reports there teaming up on a new credit card with goldman sachs. it would carry the apple pay brandon could be launched as early as next year. it will replace apples reward card which is a partnership. now this, the headline reads its trumps it ran deal now. you say this nuclear deal is going to be revised and with or without europe. >> yes. i think it will be with europe, quite frankly. kicking and screaming. >> of for sure. they are kicking and skimming right now. they were kicking and screaming before trump with material. the point i was trying to make in my column is that the idea was they should not withdraw
from the deal, and even emmanuel brown said there are problems and we need to negotiate a new agreement for the fax fact is europeans never negotiated an agreement unless trump had taken the step of withdrawing from the deal and forcing their hand they simply would've stayed with the status quo. now we're in a situation where a radiance are doing business with iran, they will pay sanctions, the sanctions heard them a lot. it's the reason they did the deal in the first place. i think the fact that european companies are facing a prospect of new sanctions is going to face the europeans to get real about revising that agreement. >> i love the way you flip this, this iranian nuclear deal is a deal, just like the paris climati agreement was an accord. the idea, to listen to the ten commitments, it's absolutely amazing how we've shut down on
fighting back against things we know are wrong. the idea that we don't push back and that we don't fight back and think is a key element on why president trump is owed different. >> you think that's exactly right and we have to keep in mind after 2010 barack obama submitted virtually nothing to congress. the things you are just mentioning, whether it was iran deal, a deal with five other countries, he would do business with foreign governments but not his own, the paris peace accord was never a climate accord was never submitted to congress because democrats would, in the senate they would've voted against it. he couldn't get through the senate. same with all the regulatory executive actions he took. >> all unilateral action. >> we act like they've been embedded in our nation and the part of the fabric of our society and to unravel it would be to unravel the republic.
>> exactly. what it really means is that the bureaucracy is one of these things, they like them, they're not going to move and donald trump's motives brandy is to say i'm not buying into the idea that one's bureaucracies decide on something it's concrete. the only way he is able to deal with this is to figuratively blow them up production what he did with iran deal. >> any idea on the timelin timeline? some people are thinking this latest move might actually expedite a fresh deal. >> i think will especially since her making progress on north korea, trump is going to meet with him june 12 in singapore. there's obviously real movement and i think that will have an effect on getting something done and fixing the ran deal. >> another great article. thank you. if you didn't read it, be sure you do. this bill gives financial aid to illegal so they can go to college. >> my own taxes just went up.
the highest tax state in the union. new jersey has been doing this for a while but this is the first time it's now in law that this bankrupt state will find money for those present in the state illegally to go to a state owned college or university. >> the backer said this is all about the dreamers, the kids who were brought to america against their will or through no fault of their own, that their american and everything else. >> i understand that and that is a compassionate motivation and i can accept that, but not for a state that's bankrupt. not for a state that has greater parity to spend its money and not for a state that so grossly overtaxed. not for state for whose pension obligations will be mind-boggling if you wrote on how much money they have to
spend in the next 20 years compared to the likely income. >> they've seen an exodus of a million people who took trade and skills with them. all those marketable things that make a state great in first place. how are they going to continue to do this? murphy also wants to make new jersey an official century state. you roll out the red carpet and you're saying we are a state without borders and everything is free. get here and we will take care of you. >> danny and i were kidding about this on the way in. you may have problems with chris christie, whatever it was, but he held back the tide. now we have a new jersey not only a legislature, much like california's, not only republican party about as strong as the one in california, you just had the guy who's running for governor, god help him, but a governor much like jerry brown. it will make new jersey california east. activists are filing a lawsuit against the trump administration over the decision to end special status
for honduran immigrants. that status allow them to live and work here for many years but it will run out very soon. >> this is another surprise. this is not an obama program that the trump folks are terminating. this is a george w. bush program that the trump people are terminating from a pandemic in honduras and an earthquake in haiti. you may argue the earthquake was 15 years ago and have a rebuilt haiti? i don't think they have. the pandemic was 15 years ago. is it now over? i don't think so. some of these people are now young adults and philly americanize because of the length of time they are here. they want to be treated as the dreamers were. their argument is going to be we have planned our lives relying on this program. you're going to send us to a country we never knew. by the way, in this lawsuit,
this is the first time the court will be litigating what does the president mean when he refers to countries as, a word we can't say. >> they are taking it out on people who have lived here. >> who came from the countries which arguably he was referring to buy that barnyard terminolog terminology. you do these things and compassion and then all of a sudden your villain iced and settled with the costs and you also encourage other things like this. it's a tough balancing act. >> prediction, they will prevent the trump administration from removing their special status and force the administration to keep
them here. the prediction is very easy. they filed the most liberal federal court in the country in boston. i don't know why am boston, but they chose boston. they have plaintiffs in all 50 states but they chose boston. >> thank you. >> the number of people filing for unemployment benefits remains at a 48 year low. the initial claim of 211,000 last week for the labor market is considered to be near or fully employed. a report earlier this week showed job openings now to record 6.6 million in march. twenty-first century fox payroll division had its highest earnings ever. they agreed to sell the bulk of the assets to disney last year, that's a $52 billion deal. amc networks reported strong profits and revenue, that's not going extraordinary well. earnings fell short and stock is under pressure.
meanwhile they reaffirm the outlook for the full year. wall street likes that year. was up two dollars earlier today hanging on by a thread. in a contentious hearing for cia director nominee, a lot of questions about the use of enhanced arrogation on terror suspects. former dick cheney weighing in on it saying waterboarding works. you will hear it just moment. resident trump, very early this morning greeting three americans were held hostage, held prisoner in north korea. they arrived back on u.s. soil. special report post on this big victory ♪ ♪ ♪ ♪ local
yes. yes you do. a kohler walk-in bath provides independence with peace of mind. i'm nicole with your foxbusiness brief. apple stock goes to a record high. you are looking at a new record close as well practice would be the fifth record close in a row. the stock is at 189 and 50 cents. the big news on apple is that they plan to sell video subscription through booktv app. it will allow you to have access to channels like abc, mba and hbo, and they will
bring simplicity. you won't have to go to another app to get all this. in the meantime the market share is below the others. the big picture is that this tv app they are putting in place in the next few weeks or so will allow you to have access to television shows, movies, all at the press of a button.
we've got two stories about our power grid. first in california the states electric grid operator says power supplies will be tight the summer. that's because of lower hydropower production. it says the grid's capacity to serve customers could be especially tight during the evenings of hot days when solar power dissipates. also in texas, officials are predicting that electricity demand will likely break records because of the explosive population growth. officials say the state still has enough generating power to meet that demand. our next guest is ceo of nuclear fuel technology, he says his company's fuel doesn't produce plutonium so it could never be used to make nuclear weapons. joining us now is seth gray. president trump withdrew america from the iranian
nuclear deal. i want to start with that because you understand this a lot more than other folks. do you think that was a good move? >> i think he did what he felt he had to do to protect our national security. obviously we don't have all the information he had when he made that decision. i do think i'd like to see a more intrusive inspection regime to know what iran is doing. i do think we would like to see restriction and verification on the missile program. we'd also like to stop see them supporting terrorism and all things that go together. bottom line is there are ways to do this. ronald reagan said trust but verify. i think with more verification we can get there. >> will we hear these countries saying we have an inherent right for nuclear power to protect natural resources.
you understand that better than anyone else put how quickly can someone take the different sources of nuclear material and weapon either, for lack of a better word. >> we do have ways with very intrusive safeguard regimes with a lot of people on the ground 247 who could go anywhere in the country with modern equipment, detection equipment and verify what's going on. you have to be aware of a country that says you can inspect this facility and that facility you don't know what they're doing somewhere else in a secret facility. >> the key is timely access. >> all the time access, anywhere. >> the way of structured now, there were enough gains in pushback that they could buy themselves up to a month or maybe longer. it seems to me by this point they could cover things up. >> i think when the deal was entered into they were a month or two away from being able to produce a weapon.
>> it could be, depending on who you listen to. >> the deal pushed back by several years. i think the problem is, from the point of view of israel and a lot of people here in the united states, even if it's seven years or 15 years, that's just not strong enough. it produces some plutonium, but a lot less and it's what's called an isotopic mix of plutonium. isotopes that are actually useless for weapons purposes even if you accessed it. looking at the impact. [inaudible] meanwhile this used to be called priceline and it's down over 5% this morning. the big news is coming out in north korea.
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they are three incredible people. the fact that they were able to get them out so soon was a tribute to a lot of things, including a certain process that is taking place right now. i just want to say this is a special night for these three really great people. congratulations on being in this country. charles: that was president trump earlier as three americans who had been held prisoner arrived in the united states. the president also revealed the date for his meeting with kim jong-un. the highly anticipated meeting will take place in singapore on june 12. we will both try to make it a very special moment for world peace. the president also devices. five most wanted leaders of
isis, just captured. joining us now a special report bret baier. just a string of major form policy victories for the president. what you make of it. >> it's a good week for president trump. it is laying the ground week of the north korea situation for this big moment, june 12 in singapore. there is a healthy dose of skepticism. the devil will be in the details of what comes out of it. the president indicated he will get up and walk away if it doesn't work out to be what he wants. the going conventional wisdom a few weeks ago was that we were headed to war with north korea. charles: yes, that was also the strong criticism as he approached foreign policy.
of course, so far it has yielded things we've never seen before. here's the thing. the left won't give him credit. listen to what senator chuck schumer said about the prisoners who arrived overnight. >> their release should not be exalted, it should be expected. it is no great accomplishment of kim jong-un to do this. when the president does it, he weakens american foreign-policy and puts americans at risk around the world. charles: something tells me if barack obama was still president we would've heard those comments. >> no. i think he is giving a speech that is trying to play to the base. most democrats on capitol hill will say this is a good thing. they jabbed the president that it was a made-for-tv moment overnight, but it was a moment. those three americans are home and a lot of people are happy about it.
what that does for negotiations, just like president obama was fixated on getting and iran nuclear deal to the detriment of syria policy and everything else, there is a concern that the trump administration is fixated on getting a north korean deal and would give up a lot to get it. charles: although we have to admit that it is kim jong-un who made the major concession so far. presidentpresident trump's head to lead the cia is getting grilled on capitol hill. former vice president dick cheney said waterboarding worked. >> i think what we did ultimately produced the intelligence we needed to be able to get bin laden. i supported it wholeheartedly, i still two do to this day and i'm prepared to defend and
debated an argument. if it was my call, i would not discontinue those programs. charles: your thoughts? >> that's always been his position. he is reiterating it. the law is the law and the cia has moved on. she said she would not restart it. the questioning was interesting, do you think it's moral to do this. it was legal based on the time post 911 according to the law at the time. i don't think she will have a problem. i think john mccain is saying you should vote against her and that may affect a couple votes but there will be others who vote for her considering her big resume and officials stepping up for her. >> her commitment to the job and the fact that everyone agrees she has done it greatly. she is committed not to go against what is the law of the land. i appreciate it. thank you.
charles: break out the zyrtec. you will knees. that's pollen. new jersey women sass her husband was working in the yard and tapped the tree with a backhoe. that is a pollen bomb be. [laughter]. i suffer year-round allergies. that doesn't help. apple hitting another new high. closing in on a trillion dollars. 930 billion. liz: sick buck as way, sixes a way from being a billion. charles: do you think the short interest, wall street bet big that the company wasn't going to miss. ashley: how do they feel today? liz: i love it. you know that. charles: that was in the stock.
i was upset every day they dissed it. thank you very much. neil cavuto, giving you 200-point rally. what will you do with it? neil: brought us into positive territory. what is the level to get to a trillion, 195? wow that is pretty close. charles: happen in next two hours? neil: pollen i didn't appreciate. look what is going on at the corner of wall and broad because with this gain we're technically positive territory on the year. it has been a topsy-turvy year here, if you think of that, we're essentially unchanged, been up four months into the year. now anything can happen, probably will. right now the markets seem to be directing favorably to the date and time and place to this upcoming meeting with between president trump and north korea's leader and june 12th in singapore. if you have ever been there an immaculate place, do not, not, throw any gum on the