tv Varney Company FOX Business November 13, 2018 9:00am-12:00pm EST
york state and mayor of new york city may need to do a conference call with alexandria to explain what 25,000 jobs means in terms of the tax revenue how that helped fix new york city subways. >> and they wanted amazon headquarters. >> they still want. tweet that i'll retweet it have a great day everyone. tweet it dagen. [laughter] >> morning maria. good morning everyone. look after a 600 point loss it is all eyes on stocks. ofnl, so how will market open? here's the answer. a little higher. this is a very modest bounceback for the dow up maybe 30 points s&p up maybe 10. and nasdaq up maybe 38 that's a very modest bounceback. yesterday's bust sent on big tex they took a real tumble with apple continue worried about future iphone sales look at them this morning modest bounce
for most but not for apple. apple is down another $2. look at the levels they're at. facebook is at 142 amazon at 1648 alfa bet a thousand 50 and microsoft 106 so modest, modest bounce back to some of them but still a depressed levels. now there is another big financial story that is the continuing decline in price of oil it touched 58 dollars a barrel earlier this morning. down 12 days in a row we've not seen that before. american frackers have created a supply glut and down goes price. look at gas, national average 268. drive to delaware for a fillup gas there is cheaper than anywhere else. 233 is the average in delaware. any moment now, amazon confidently preticketed to name two sites which will split itses new corporate headquarters. crystal city virginia just outside d.c. and long island city which is actually inside new york city.
25,000 jobs to each location, backlash, though, in new york. social fist congresswoman object it is to the tax breaks usedded to lure amazon here. boeing is in the news, "the wall street journal" says boeing withheld information 737 plane that crashed in indonesia. there you have it. how about that? all of the headlines not a single mention of president trump. just wait. "varney & company" is about to begin. ♪ stuart: dread california fires, look at that, well look at those fires right there dreadful video. ash what you got? ashley: you're looking at the camp fire paradise northern california, absolutely hell on earth to be honest stu. 130,000 acres, burned 30% contained at this hour. we have 42 fatalities confirmed.
three firefighters injured. 228 people still unaccounted for and very difficult in all of the chaos to know where people are. so we have 28 people still unaccounted for that town paradise is gone. it is gone burned out. we have mayor of paradise on yesterday said there were few buildings yet. bottom line is majority that have town wiped out. 4 fatalities. absolute disaster. now another story coming out of this. pacific gas and electric, the utility company that serves the area apparently had left a message for a woman -- who owns property just outside of paradise saying we -- we with concerned about sparking powerlines we need permission to come your property she was on vacation she got an e-mail. it is believed now that that is what started this fire. because firefighters have nailed it down to the particular area where flames began and that corresponds with where powerlines were that were suspectively sparking now pg&e
under a lot of pressure told listen, are you doing enough to prevent these kind of -- situations in extreme fire danger? we now know that the utility was considering shutting down the electric system in nine counties just prior to this fire because of the very, very extreme fire danger. of course this is all 2020 hindsight but bottom line pg&e having to answer tough questions. >> that would have been a very strong move to shut down power in nine counties. in nine counties just on fear that fire could happen but bottom line is -- we know what happened in the aftermath that is dreadful. >> got it ash, thank you. big tech as we said, i'll get to money it can a beating they're taking a beating recently and it was more of the same yesterday. market watcher david dietz is with us now. david, look, this is not 1999. these are not.coms they're not going away entirely so isn't this an opportunity to buy? >> i think they're way oversold
here and you are going get a rebound you have amazon down about 20% in five weeks. plus it changed in amazon stuart people are not shopping online i don't think so. a is down nearly 20%. and everyone i see is still using iphones and o.c. you have the facebook and netflix down cost 20 to 30% so i think these are oversold now and that i think growth story in this country and indeed worldwide is intact. you've got tail winds of the tax cuts -- stuart: hedge fund managers they might be facing a waiver redeposition in other words shareholder won't take money out. they want cash. so those hedge fund have to sell these big techs because that's where they've got their money. just propels them down. >> you see a reason for stock prices going down people selling for reason ares unet ready to what's actually happen hadding at the shopping center, then take advantage. do your homework look for the companies that are being tossed out for no good reason and take your position. stuart: i'm surprised apple down
a couple of bucks at 192 now. >> never want to stop doing your homework we said no growth in the sale of iphones so, obviously, cheaper competitors are moving in there. same with amazon internet retailing is so important but now you have choices to see you've got wal-mart you have target. so you know, it is not just amazon same with with netflix disney is on chasing them hard. stuart: fundamental reasons for decline but do you think almost technical reasons for hedge fund -- >> a 20% drop for five weeks is not just the fundamental reason. stuart: a maybe a reason to dip in there. >> take advantage. stuart: let me read this as bug financial news of the day, the price of oil and gas, first off, it is the international agency, the iea that say, this country, with america, will account for half of the world's oil and gas production growth by 2025. that is energy dominance, is it? and national average of gas is
all the way down now to 2.68. down 34 days in a row. having said all of this and seeing -- oil at 58 bucks a barrel, why do you recommend buying exxon stock? >> so i think -- i'm a big believer in the global growth, stuart. about are, oil and gas got down to about 22 dollars barrel in february 2016 is got all the way up to 75. now it is pulled back. i think it is going higher because there's a lot of supply side destruction, pane i think that more people are going to be driving and using energy. so you know, historically in oil 20% pullback is like -- like a snowstorm in colorado in april. >> a snowstorm in colorado in april. >> it does happen. take advantage. >> thank you very much indeed moving on to amazon, they are likely to announce their plan to build two new headquarters. one in northern virginia, and one in new york city. announcement could come today, and now the new york socialist newly elected socialist
alexandria cortez taking them on. taking on amazon. here's the tweet. amazon is a billion dollar company that idea that it will receive hundreds of millions of dollars in tax breaks. at a time when our subways crumble and communities need more investment not less, is extremely concerning to residents here. >> how shortsighted can you be there's a reason 238 cities enregions across this country began bidding to get amazon headquarters okay it is being split about 50,000. that's 25,000 high paying jobs coming into your district with a tax revenue associated with it. okay you get tax breaks to entice in first place but this economic growth stuart, for an area if your subways are crumbling you're concerned about lack of investment this is something to bring prosperity. do you so shortsighted on this. >> don't understand how to grow the cake interest of growing the cake. they want government to slice it. that's what had they want but if
you can grow it by bringing in this kind of company, into a given area -- think about it. 25,000 high paying jobs that will also attract others it is -- either you don't grow and stagnant or you do grow and attract amazon. it is very disturbing if they doapght get that. >> you don't -- [inaudible conversations] good comment there justin not bachelor's degree at all. i didn't know anything about economics when i was 28 years old. that's what -- okay sarcasm there. >> many of true words said, there is indeed. here's some excellent economic news. it's a very positive report on small business optimism. tell us. >> it's amazing continuing its streak of -- of record highs when it comes to measuring the opt mism of small business that the engine of this economy. two straight years of record level highs of business optimism among those small businesses, what's really interesting when you look at this report is, they're wanting to expand they want to add inventory and add to
space of their businesses. they are desperately trying to add more workers but there's a problem that says 38% of all owners reported job openings they just could not fill. 88%, 88% reported few or no qualified applicants for the openings and there in speaks bigger issue in this country. there are lots of great jobs to be had but struggling to piked people to fill them. >> when you bring it to new york socialists don't want them. >> yeah, go away. what a great country. we're going to comat to individual stock for you. starting off with -- home depot they gave a rosy sales forecast so that stock is up about a buck at 180. the medical marijuana cultivator is cronos. lost money, but their revenue tripled and they lost money so they're down 9%. ge, got to keep going back to that one. it is dropped below 8 dollars a share right now. it is recovered to 806. that's where we are.
check futures, very, very modest gain after yesterday's big drop up maybe 30 for the dow industrials. those migrant caravans, still on the move. smaller in number, but they're still headed towards southern border. i want to know did we, america, did we help create this crisis? i'll ask mary anastasia that question, the florida recount underway three races contested. are we talking fraud here? or just -- spieser is here. herr about london died president of the london center for policy research, he was a frequent varney guest. herb was a conservative thinker and good friend of this program he survived by wife and two daughters. herb was 79. he will be missed.
of rockets into southern israel. tell me more. >> violence we've seen in last four years. on the border between israel and gaza. we understand that one person inside of israel was killed in a rocket attack more than 400 rockets coming coming coming fro israel and southern israel all in response gaza but israeli agents over weekend and israel has responded as you would imagine with air strikes goo gaza six people killed. on that side of the border, and now there's an effort to try to restore peace. but the israelis are meeting in emergency meeting right now in jerusalem but bottom line is that tensions are extremely high. >> david rube aren who is on the show later says that they're marching towards a wall. >> it feels that's what he says he'll be on show later. i want to get to recount in florida two big race are it is that are being contested that's the senate race between bill nelson democrat and governor
rick scott republican, and also the governs race between republican juan and democrat andrew gillum and sean spicer joins us now. does this -- are we talking about out and out fraud here in florida or is it just incompetence and slaughterness which is it? >> i think it is latter it is incompetence this office especially in broward county plagued by mismanagement and to be blunt it hasn't mattered nobody noticing little things but it's these critical moment when is you have tight races that that level of incompetence really does come threw and funny thing to me this blatant disregard for the law that's in place by democrats to keep talking about following the law and allowing every vote to cast. and you have deadlines that haven't been missed bocks of ballots randomly found if you're willing concerned about the rule of law and if every vote
counting these should be very concerned about how broward and palm beach counties two of the 67 counties in florida have conducted themselves. smg well the democrats as i understand it wanted kind of change the rules of the election. after the vote wases taken is that basically what they're doing? >> yeah. of course they're down. so they're going to do anything they can in both of those races to figure out a way to claim that whatever is whatting to them is not right. i mean clearly if this was the case if they were up in the race, they would be saying that it is god and you know all is good. but they -- again i think that the interesting thing is, they have a hard time because these are controlled by democrats. so it is hard to kind of point fingers an say okay well really if there's a problem with the ballot there's a problem with thing then it seems to me it is your party working against you. [laughter] >> now democrats of kyrsten sinema has piecially won arizona senate race separately, "the wall street journal" says democrats could end up with more seats in the house as all votes come in.
sean, with republicans didn't do as well as we thought they done a week ago. would you agree with with that? >> yes, i would. and there's no question about it. i think that a lot of these races that were close have gone to democrats especially in the senate race. i wases definitely shocked by arizona. montana, i was hoping for an upset there. but it didn't work that way. so i think those are probably the two big shockers there's no question i think that rick scott will maintain his lead and be next united states senator from florida. but i would have hoped for a much better day freshly in house. one thing that's not coming through stuart, and you think it has to be said i have spent two years at the nrcc the wing of the party that oversees the reelection of these members of congress there were had a lot of campaigns that were plagued with incompetence on republican side i think that factor -- needs to get, you know, thrown in the mix is hasn't been part of the discussion i think in some of these cases you have
member of congress who face this -- first serious challenge they've had in a long time yet ignored it pep and probably could find themselves back in house of representatives had had they done due diligence to prepare themselves to face a level of political atrophy that caused their doom. >> thank you sean got it. check futures, already flat now maybe up 10, 15 points at the a opening bell for the dow. the california wildfires yes they are still burning. path of destruction i want to know what this is going to cost the state. we're going to get into that in a moment. back to the -- every investor should ask questions. is our money in the right place? what am i really being charged? and is it eating into my returns? is my advisor a fiduciary? is he always a fiduciary?
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>> draw your attention to this dow futures just turned negative. remember are down 600 yesterday. at one point this morning up 150. lost all of that right now we're looking to open ever so slightly lower. let's get back to the california wildfires. and focus on the price tag joining us nick steinburg director of analytics at research firm for 27. all right nick let's get at this real fast. i would imagine that the insurance companies take a very big hit here. i would imagine that in premium rs for homeowners in california at least, will go through the roof. is that what's going to happen?
>> look, at this time, the expected economic impact at least to 40e78 it homes that was lost is at 19 billion and these fires burn through the end of the month putting that tally at 23 billion. insurers will cover some of that, of course, but it took a loss in the state of california about 16 billion last year. so not all of this will be covered and there will be a hit as well as homeowners, of course, long-term impact to the communities. >> will the -- will these higher premiums will that be spread across the whole krnlgt for example i live in new jersey. will i be paying a higher premium on homeowners insurance because of what happened in california? >> not necessarily. insurers will take a look at the fire risk are of the particular area. so here in california, for example, there was about 3 to 4 million homeowner it is that own homes in the wild and urban interface these are very, have i
high risk areas. about two million of those are considered extremely high risk. premiums for those households will expect are expected to increase as -- fire risk becomes more evident. and we have a better understanding of the probability of risk. it takes a lot fuel to drive a wildfire of this severity so you can expect premiums in the quest to go up in years ahead. >> well, some of these homeowners will be just out. they've lost it and their loss is not covered that's accurate isn't it? you are talking a lot of people here. >> quite a few homes lost uninsured or not insurable so state has mandate to refuse ability for homeowners to rebuild in those areas due to high risk. or they must require some sort of risk reduction effort so that these home dos not burn again. we see that these devastating fire could raise every year. throughout the year. >> sorry nick i have to go
because market about to open but nick steinburg thanks very much for joining us very good information. appreciate it. okay futures turn negative we open the market in a moment and we will be ever so slightly lower for the dow. back in a moment. i wanted more from my copd medicine... ...that's why i've got the power of 1-2-3 medicines with trelegy. the only fda-approved 3-in-1 copd treatment. ♪ trelegy. the power of 1-2-3 ♪ trelegy 1-2-3 trelegy with trelegy and the power of 1-2-3, i'm breathing better. trelegy works 3 ways to...
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after all when dow goes down over 600 points on a monday, you check out your stocks on a tuesday morning. see each direction they're going in now. i'll tell you, we were going to open higher. that was about a half hour ago, now we're expecting a modest loss of at least for the dow industrials in very early going. all eyes on big tech as well. 9:32 here we group and running and we're with a loss of 68 points. 47 points. there you go. down 43, 47 it is a small loss at this point but that's on top of the whopping great big loss we had yesterday there you have it down 45, 48 points that's about .2%. show me the s&p please. is that down? no it's not. it is actually up a quarter percent. there must be some stocks within the dow that are really pushing the overall index down. as for nasdaq nice gain. up a half percentage point. that implies that the big techs are at least solidifying at a
new low let's have a look at them how they open up this morning. i think it is a pretty mixed bag here we've got all of them are up xepght apple look at apple down more a buck at 193 amazon up 15 and facebook up only a fraction at 142. google is opened up 7 bucks at 157 and microsoft up a dollar at 107. joining us now dr barton mike murphy ashley webster dr to you first why not buy big tech here? >> buying big tech here. i am. yes. >> you're doing it? >> absolutely doing it we've already made our first four in and that i believe if we look at what happened every time we get these pullbacks people do not want to buy then. they only want to buy what it is at the tippy top going if it would pull back a little bit i would buy it but then they don't have the discussion to do it. stuart this is the time we have a very strong seasonal period i know we're going to talk more about this coming up.
but i believe will bring tail winds to help us on these. >> dr is a big tech buyer as of right now. got it. murphy -- >> yes, sir. you are are you a big tech buyer right now? >> i'm a buyer i'm a buyer of pullback unless story changes this wasn't a glass table i would pound table 15 time next earnings this selloff at apple is a great boy opportunity but i will tell you i think it is important for viewers stuart that i've been very positive on facebook. a recent changes we've seen where there's -- talk of them censoring people inside the company. i think changes the entire dynamic because for me if they're doing that to employee, what are they doing to just you the end user? i don't know the answer to that. but it's enough for more we haven't sold pouk but we're not buying here and might be selling position. >> what about the forecast and who is the next leetdzer for it is not tech. is carry burden for so long with
these markets and seems like there are no answers people say maybe industrials, health care, but there's nothing financials for a while is considered to be the next big sector. that is struggled so what do, what comes in to take over from big tech? >> the answer has to be for shortest term to go to consumer stayings to thingsing to carry ball until big tech pick a mantle back up because -- growing double digits. and tech i got one for you. a point. new leadership will come, i believe from the new big techs which the world come public. ping he's seen a lot of investor dollars coming into those companies. but what about big picture for the overall market. i think both of you have said it has high, and it is beginning up to as we head towards end you're still definitely saying that. this next nine months is one of the strongest periods that we have. people look at this presidential cycle the four-year presidential cycle academically supported in wall street big investmentback p
banks support this and nine year period is stroangs out of the whole four-year presidential cycle. economy is hit on all cylinders right now. so you buy any pullback you say thank you very much and -- >> i feel like we're only game in town if you look at continuing to struggle in united states is beacon right now when it comes to the economy. >> strong dollar act which is driving that. remember you have a 600 point drop yesterday. but this morning as of now, we're at 25,400 little perspective next case. oil, the price is being dropping now for 12 days in a row. longest losing streak ever. the international energy agency says america will account for half of the world's oil and gas production growth by 2025 that's energy dominance isn't it and oil at 58 right now. and that keeps pushing down the price of gas. 268 is your average down 34 straight day. all right give me an idea how
low is oil going? >> you know one of the things i like to do stuart is look on charts see where people are are started rebuying before. in february when we have the big market drop it was just a buck or two below here about 56 dollars a barrel that was a very strong support point. so i have already been burned trying to jump into oil once. two weeks ago, but i believe that we are, we are ready to get a rebounding but not a monstrous rebound so not 76 i by end of the year prices we saw before. >> it is widow maker that's what they call it for a reason. but i really think that in the next two, three, four, weeks -- gas buddy will tell us of one gas station somewhere in america where it is a buck 99. probably. i'm request you and stuart if we were up for 34 straight days we would be talking about how that's hurting people people won't spend money but same workses in reverse are. this is a credit and people's pockets they're out there going to have a great holiday season spending money.
five and a half minutes into trading session. we open down a little. now we're -- strong back and we've got a gain of 50 points 25,400. check the banks, they took a beating yesterday. way down, bounce back today not a huge bounce back by any means but modest general electric, touch below 8 dollars a share. now it's at 816. tyson their sales fell short of what was expected and stock is down 4%, however, there was a rosy outlook from advanced autoparts that usually work did it today -- yes it did 7% high or for advanced after autoports a rosy outlook for home depot as well and that stock is nicely higher no, no it is down. down 1.. what happened? >> even though numbers were good stuart guidance was good. the market is looking at this as a reason to sell. i don't think there's anything negative out there. if you're long home depot hang on to it and looking for entry
point on major pull b.c. it is a great company and they've been able to fend off amazon people are not buy new homes at the pace we would like but they are, they have jobs they have wage increases they're going out there spending money on home hoes. hurt by housing market that's struggling? >> that is stu but one of the best numbers i've seen plus 5.4% growth in per square foot sales. that's a huge number in retail. they're doing really well i'm with murf on this one. direct from one of the founders -- that they came to him for home depot she said wept to sell candy home improvement store we're not a candy store they got him to agree to sell it now second largest seller of candy in the united states of america. >> home sale contractors so checking out they have the candy right there in front of them they take it and contractors like sweet tooth? >> indeed. we've got it all on this program. [laughter]
this may be a headache for boeing -- questions about whether boeing withheld information about that liceon air jet which crashed in indonesia it doesn't seem to be that big of a problem for stock but that's not really the the concern here. that's just bad px r for boeing. >> that is bad fr and one of the things that i've known because back in my engineering days i worked with boeing projects. and i've followed this airline industry in these -- when we have these horrific crashes what happens in the aftermath is a he said, she said -- everyone fighting for their position. we'll find more coming out on this. boeing has not made their statement. their definitive statement on this yet. we will hear more about this and i think that's why we're seeing the stock not respond so -- >> as i understand it boeing has an 8 year back log of orders. and they're playing. beauing winning this game so big. they are the -- they are the airframer to be in. in the dow. this week marijuana companies are reporting their profits or
otherwise. this is just less than month after canada legalized recreational marijuana so murphy would you buy any or all of marijuana stocks? >> i would. i think best name to own in this group for people watching canopy cgc tough to jump in front of the earnings stiewrmt because these aren't volatile but supervolatile stockses you could see a 30 50% moment in these so a jump in front of the earnings report i wouldn't advise but i think can base is a real industry that has huging upside for the the united states. >> these you have because of that supervolatile bounce nature. buy these, be patient. buy these on big pullback top three are a 10 to 3 billion market cap the same market cap as win resorts who are making 6.5 billion dollars of revenue they are making 100 million of revenue forward looking. so still a growth, but a triple digit growth industry. >> but you would buy a pot stock
not a moral objection? >> i don't have a moral objection to that, stuart because -- the laws and the medicinal uses are there. >> you've got quite the contrary. i think this has a great opportunity pot that is can be to replace the opioid or to help solve the opioid epidemic that we have. so i think it is a huge help for these. >> 9:40 eastern time murphy dr i have to say thank you very much. check that big board up nicely 66 points. 25,400. i have to tell you we were down -- 600 yesterday. and we have no clue how we closed this afternoon. better check this one out harley-davidson showing off newest bike something different it be. all electric -- no loud b twin engine rumbling between your legs how will that go over with the harley faithful we asked the biker, a biker important guy chris cox, better ask him if the electric car. president trump claim to have
neutralized threat but north korea still working on its ballistic missile program? i'm going to get into that one and mark zuckerberg refusing to get into facebook and should he not be testifieding his industry. steve hilton joins us on that one. stay with us. hi, my name is sam davis and i'm going to tell you about exciting plans available to anyone with medicare. many plans provide broad coverage and still may save you money on monthly premiums and prescription drugs. these are affordable, all-in-one plans that help pay for doctor visits, hospital stays and emergency care. but they also include prescription drug coverage. in fact, last year humana medicare advantage prescription drug plan members saved an estimated $6,900 on average on their prescription
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>> i think they should tell him how to blaif at a press kfns. just a personal preference. check big board we've lost some of the rile which we had before now we're up 8 point after a 600 point loss. let's get a look at facebook -- mark zuckerberg could face subpoena or contempt after refusing to appear before an international grand committee probing facebook. steve hilton is with us the host of the next revolution on the fox news channel. why did stukerburg refuse surely should be deading his company in industry shouldn't he? >> the question is where is there? this thing turns out to be a kind of -- it sounds all legal and subpoena all of the rest of it a made up thing and politicians show voting and grand standing led by british a guy there damon who is achieved remarkable feet of making me feel sympathy. for mark zuckerberg and pork because he's been so pompous in
the u.k. used this -- the problem facebook has been having basically to launch this massive attack on all tech companies america and facebook and face political advancement i think you said a precedence that any -- group of politicians anywhere in the world can sum monal at will a u.s. ceo to up and testify i don't think that's something we want to support. facebook to be fair to them said we'll corporate we'll send off poem and do everything you want and give you information and can't fly markerburg all around world to satisfy your political needs. he's not getting very good pshes rshes, though, is he mark? maybe you've got a -- some relation are to that i don't know. but is public image. my wife is at facebook not for very long. not this week but yeah. public image is taking a beating. look, the truth is could he be sacrificial lamb so facebook can move? >> i think that he is heart and soul of that company it is his company he built it he knows it
is -- strength and weaknesses i think it seems to me he's committed to turning it around for the long haul and remember he's got voting power as well. in terms of the -- ownership structure of that company. >> i want to ask you a question about about your article that you had on foxnews.com headline was trump is right. french president macron completely wrong about nationalism. well the president said, i am a nationalist. >> yes. macron said that's not the right way to go. that's the opposite of patriotism you shouldn't be doing that. >> you can tell that macron has no real argument here. because the way he puts it, he set up a strong man he said that he described nationalism as our country first, who cares about the others? that's not what anyone is saying. it's president trump is not saying, we don't care about any other country or -- by putting america first we want to do anyone pells down. he just saying that, i'm elected toed lead this country as mark roan is elected with french votes to lead the french nation.
and actually, if you think about it, that what -- that way of looking at the responsibilities of a leader is the only democratic way to do things. you only accountable to your own vote not a vague notion of the global interest or european interest which is what macron seems to love because he's elitist he wants to operate in world where it is all just a globalist agenda -- but serves and blown to pieces that european union had is class pick global experiment is actually falling to pieces. >> yes because it's not working for -- for the people in individual countries and they want to know that the policies that affect them are policies that they can change. by getting rid of the leaders that put them into practice. when you pass it all on to a globalist institution you can't do that. it's not democratic. [laughter] thank you steve we'll see you soon. yes, sir, more breaking news, there will be a trade meeting at the white house today. blake burman is there -- any idea what's on the agenda,
blake? >> stuart i was told by source it is that this trade meeting is taking place between the president and his senior trade advisor it is here at the white house today. one source telling me that the potential of autotariffs it that the president has threatened for months now is one topic on the agenda. the president has levied possibility of this threat most specifically against europe and whether or not there could be a possible 20 or 25% autotariff so that is one thing that they will be discussing this trade and that will generate headlines stuart, and rightfully so. but one thing that i would also submit to you is president is set to meet with his trade advisors today, there is a large gathering later this month in argentina at the g20 summit president has a major meeting down there as well with china president xi jinping in two and a half weeks so these trade stories and -- the whole trade issue itself is coming into fore front here. and president is going to be silting down with his top trade
advisors today. >> treasury secretary mnuchin talked with china vice premier on friday again that's part of the trade talk process. that's going forward -- >> you've got that. you've got eu, the eu and u.s. top trade advisor set to meet this week as well so there's a lot coming in here on trade fund and run of one of the reasons they're having this. >> check that market still up but only just 38 point higher as we speak. okay 40 point higher 254 is where we are. cost of oil price of oil -- down 12 days in a row price of gas dropping for 34 straight days. how low are we going to go? well we will get into that in just a moment. [ phone rings ] hi, tom. hey, how's the college visit? you remembered. it's good. does it make the short list? you remembered that too. yeah, i'm afraid so. knowing what's important to you...
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account for half of all of the growth in gas and oil output, that is true energy dominance by america isn't it? >> well it certainly is and you can see actually that -- u.s. production today of 11.6 million barrel a day is up 2 million a day from this time last year, and i expect that by 2020 our oil production will be up another two million barrels a day. >> well we were told on this program by a cabinet member to hit 14 million barrels per day. , within next couple of years now what's the implications of america dominating the world energy market like this? >> well, the implication is that, of course, the u.s. would import less crude oil and export more refined products to the rest of the world and also tend to dampen price rises, and it makes opec quite uncomfortable because they're no longer
supplying 40 and 50% of the world oil demand. >> last time we were on the program last week you said oil would bottom at $58 a barrel well we're there $58 a barrel. is that the bottom? >> well, i think it is, and the reason is because you've already seen that had the saudi arabian oil minister said they're going to cut production by 500,000 barrels day. and that the december 7th opec and nonopec producers meetings i expect you cut for calls of 1.2 million barrels day so it is difficult to call the exact bottom but you can see that the market has forced opec and nonopec producers into action. for their own benefit. >> how about the price of gas -- the average right now is $2.68. where do you see that going? >> well good news for the consumer. because i expect gasoline prices to fall below 2.5 on national basis there's plenty of gasoline supply. refiners are returning from
maintenance, and we're going to have even more gallons arranged for the consumer this thanksgiving. >> do you think that at some point in next three weeks we'll find a gas station somewhere in america selling gas for a or dollar 99 do you think it will happen? >> i don't think so. it's still a long ways away. delaware is the cheapest state in the nation at $2.the 33 so i think it is a far cry. but there could be some stations at big box retailers that are really close to, you know, two bucks by the end of the year. >> i would love to see it. andy thanks for joining us, sir, appreciate it. see you again soon. >> thank you. >> let me break this news for you amazon has kiferled it will build new head quarters in northern virginia and in new york city. meanwhile, congresswoman elect xangd alexandria cortezed outrages at amazon to get amazon to come to new york city. really there are thousands of new jobs -- and she objects my take on that
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stuart: i would have thought when a company like amazon locates 25,000 workers in your city there would be universal approval. well, amazon is doing just that. approval is not universal. enter the newly-elected alexandria ocasio-cortez. she represents voters who are neighbors of amazon's new development. alexandria ocasio-cortez says this, amazon is a billion dollar company. the idea it will receive hundreds of millions of dollars in tax breaks at a time when our subway is crumbling and our communities need more investment, not less, is extremely concerning to residents here. there you have it. the basic problem with socialists. to them the cake is always the same size. it just has to be carved up differently. to them the cake doesn't grow. they don't understand how growth
creates more for everyone. they don't understand that amazon's billions will indeed grow the cake. they simply have a knee-jerk react shun to business. amazon is big, therefore amazon is bad. just give us the money. like it or not there is a contest to bring new business to any city or state and tax breaks are part of the equation. make your place attractive, compete. that is the way business is done. rightly so. amazon will bring enormous benefits to this city, new york, extra income, extra tax revenue, big tech coming to new york city. miss ocasio-cortez does not see it that way. there is no pleasing some people. the second hour of "varney & company" is about to begin. ♪ stuart: now we started to head south on the market. we're down 50 points.
25,300. a modest blip up at the opening bell. now we descended in the red. down 50. home depot was up earlier. now it is one of the biggest drags on the dow, down 1%. look at ge. it will sell up to 20% of its stake in baker hughes, an oil services company. that means $4 billion in cash for ge. the market likes it. up 2% at 816. big tech names. look at apple. first of goldman sachs cuts the price target on the stock. apple, amazon, alphabet downtown. facebook up tiny fraction. microsoft up as well. the price of crude oil at $58 a barrel today, down 12 days in a row. we've never seen that before. the price of gas keeps on tumbling. 268 is the national average right now. i want to go back to my
editorial at the top of the hour. alexandria ocasio-cortez is outraged at the tax breaks amazon will get setting up the second headquarters in new york. former arkansas governor, mike huckabee. as governor of arkansas you must have have approved tax breaks for companies coming into your state. i take it, it is a good deal, nothing wrong with it, right? >> absolutely, stu. if you be competitive to bring jobs to the state, you will have to give some concessions. may be in the form of tax breaks or creating a rail spur or some type of intermodal transport facility. that is part of the game. what you have to do is evaluate what you spend will be worth it in terms of the return. clearly new york felt like it was prestigious enough, the jobs were valuable enough it was worth doing. i don't think she has a clue when the economy works, jobs work.
when your most visible show of skill is how to make macaroni and cheese on the internet, maybe she is not quite prepared to evaluate whether amazon should have gone to new york. stuart: governor, sarcasm a low form of wit as we well know. >> but it's a lot of fun, stu, come on. stuart: you're right, you're right. i will get back to you in a second but let me bring in scott shellady tjm europe managing direct are tom scott, i ended my editorial there is no pleasing some people. i should have said no pleasing a socialist where capitalism is occurred. >> in 19990, margaret thatcher said she is the type of person that said she would like the poor a little poorer if the rich was less rich. how will that help your crumbling infrastructure now? there are simple questions to ask. no consequences to what comes out of her mouth. she thinks 40% of the americans,
she thinks 200 million americans is 40% of the population. she thinks we're 500 million people. she thinks the military asked 700 billion-dollar raise. that was her budget. she has no consequences what comes out of her mouth. amazon going to left-leaning town like new york already? , she doesn't make any sense. stuart: get back to governor huckabee. i understand it, part of the amazon announcement they will take 500,000 jobs to nashville, tennessee. that is a huge boost. i think that is where you are at the moment. >> that is where i am. i tell you, nashville will be delighted to see the jobs come here. this town is on fire. it is growing like crazy. tennessee is a no income tax state, a lot of people come here from high-taxed states like new york, california, new jersey. this only probably brings some more. if you keep electing socialists
out of new york, going out and just trashing people in the private sector and people who are bringing jobs, chances are there will be even more showing up. stuart: i don't think you would ever trash a company which comes to your state and delivers jobs and capital and extra tax revenue. i know you wouldn't do it. i'm not being sarcastic either, governor. >> no, i wouldn't do it. i can't imagine why this newly-minted congresswoman would do it either. it makes no sense at all. but then again, having listened to her a few times i'm really amazed at the people of new york thought she was ready for congos. stuart: you recovered the high ground, governor. we appreciate you always being with us. thank you, sir. >> thank you. stuart: scott shellady, amazon's stock, that has been beaten down like the rest of big tech. are these stocks in your opinion any of them, a buy right now? >> well, we'll have to let the market kind of digest what we've
seen happen over the last say, month, stuart. obviously big tech, the harbinger of the u.s. we're going to continue to innovate, invest, it will be fine. remember we need to remind ourselves, some of the big behemoths, facebook, it only listed in 2012. it is around 14 years. we'll see a shift to smaller companies we don't really know about now. don't forget to remind yourself about all the money apple still makes. more than half of the world's internet traffic goes through amazon web services. i mean we have got some real big behemoths that will be just fine. we need to bring in younger guys to help folks give confidence in the sector again. stuart: i said good-bye to governor huckabee. i hope he is still there because i have another one for you. democrat krysten sinema has been declared the winner of the arizona senate race. midterms are a week ago. looks like more rosie out look
for the democrats than first thought. these late results coming in not good for republicans, governor? >> we need to get the elections closed out pretty soon or they will end up losing the majority in the senate. if they keep finding and counting votes in places like broward county and arizona, i'm being a little bit cynical here, but there is a great opportunity. governor ducey could appoint martha mcsally to the unexpired term of john mccain. she would end up being senior senator and be in line to be elected when the next election rolls around. there could be a karma coming on in governor ducey is willing to take the step. i think it makes perfect sense. stuart: you have a new book, called, rare, medium or done well. you want to give me 20 seconds what that is all about? >> well the quick version is. stuart: it is not a political book. people can be excited. it has been endorsed by far left van jones to people like tony perkins on the right.
there has to be something in there for everybody. it is looking at life, taking a good stab where we are, what is important. sometimes there are things, believe it or not, even more important than politics. i leave it at that i think people will enjoy it. it is fun, entertaining, informative. stuart: i shall read it. governor huckabee, thanks for joining us. scott shellady, you too. thanks for joining us. got you. the my grant caravan has been on the move for one month. it is breaking up into small groups. our next guest says america contributed to growing chaos in central america. she will make her case in a moment. nancy pelosi trying to rally support as she runs for house speaker amount new poll shows a majority of democrats want somebody else. i will talk to a reasonable democrat later this hour. this headline caught my attention, the danger of artificial intelligence isn't the loss of jobs. it is the loss of privacy.
stuart: after 600 point loss yesterday, we're dead flat this morning, up exactly, now down a half-point. there you have it. medical marijuana cultivate tore grower kronos lost money. the revenue nearly tripled. the fact it lost money is not good to the market. the stock is down 6%. more cannabis companies report profits or loss whatever this week. expect extreme volatility in the group of stocks as you see on the screen. bayh monsanto disclosing more more weed killer lawsuits. this is all about round up. the stock taking it on the chin.
down another 3%. those migrant caravans, breaking into smaller groups, but still heading for the border. from "the wall street journal" the drug war, the caravan, misguided american policies contributed to the growing chaos in central america. the author joins us now, mary anastasia o'grady from the "wall street journal." are you saying it is partly our fault? >> demand for drugs in this country very long time empowered criminal groups. it is very simple. you have a high demand for a product. it is illegal. so by definition it can only go to criminal organizations. think about alcohol prohibition. it was the exact same problem. and so, when this money goes into the you know world, it is partly going to help, you know, these gangs that are criminal. stuart: these gangs, the cartels, they have completely destablized central america? >> i would just be careful with cartels. the gangs are sort of different
than the cartels but they're the ones who very much got into trafficking of drugs through central america. now in el salvador they use the platform to get into other things. one of the big things they're in, is this extortion and control of large areas of the country. it is a very similar thing that happened to colombia in the late 90s, where the guerrillas were in charge of large areas, large parts of the turf. stuart: is part of the answer then, legalization of drugs in the united states? >> well, i would say, you know that is a very difficult question but i would say we at least have to face reality either you bring down the demand, which we have been trying to do for 70 years since the war on drugs, or you create some other mechanism whereby the drugs can be bought, regulated, so forth. i know it is very dangerous territory and very controversial. and i understand that people have resistance to it but i think if we could at least, admit, alcohol is not good for
people. alcoholism killed a lot of people but we finally had to admit it was better to have a, you know a legal, regulated system than to have it in the underworld which was destablizing. stuart: let me get back to central america for a second. >> sure. stuart: they are totally chaotic. honduras and nicaragua and -- >> yeah i think -- first of all -- not nicaragua. nicaragua is run by danny ortega. that is a, not a problem. guatemala is a little bit more economic. what i talked about my column specifically is el salvador, to an equal extent honduras where he have the gangs operating. they have overwhelmed the weak, the young democracies and institutions of those young democracies. it hasn't helped that u.s. foreign aid has gone to prop up some of the terrible governments like the former guerrilla
government in el salvador, the fln. the obama administration would not stop giving them foreign aid when it became clear they were destroying the independence of the judiciary. we play a role in these kinds of things. these are huge little countries. we have to infuns them more, think about that if we want to slow the violence. stuart: mary an establish that o'grady thank you. >> fired mr. lucky because he supported mr. trump. he is speaking about politics in the work place. he is going after another big tech company. we have him on record. that is coming up. >> cnn suing the white house after the trump administration pulled jim acosta's press pass. they say that is violation of the constitution. we'll see what our scholar and lawyer, the judge, has to say
you get any financial advice? yeah, but i'm pretty sure it's the same plan they sold me before. well your situation's totally changed now. right, right. how 'bout a plan that works for 5 kids, 2 dogs and jake over here? that would be great. that would be great. that okay with you, jake? get a portfolio that works for you now and as your needs change from td ameritrade investment management. stuart: tyson food sales down in part because of lower meat prices and tyson foods stock is down a big 6% there. advanced auto parts, raised their guidance. that is usually good news for the stock. it is in this case. the stock is up 9%. 15 bucks higher. here is story we broke for you last hours. cnn suing the trump administration over jim acosta's banishment from the white house. here is cnn's statement or part of it. the wrongful revocation of these credentials violate cnn and
acosta's first amendment right of freedom of the press and fifth amendment right to due process. all rise. judge andrew napolitano is here. answer that charge, please. >> this is sweeping complaint filed by ted olson usually associated with republican causes in washington d.c. filed in federal court in washington d.c. not looking for money damages. looking for the immediate return of jim acosta's credentials. they argue that the president doesn't like him because of his speech. that is the first argument. his credentials were taken away out any hearing that is the fifth amendment argument. you and i talked about this in the past, during the break in which you said what i think a lot of americans agree with you on, that there should be a certain level of decorum in the white house press corps and failure to comply with that decore couple should be grounds for revoking the pass. the only grounds for revoking is the pass are, is the person a
danger to the physical security of the president and his family. obviously acosta may have been an irritant to the president but he was hardly a danger to him. so i think cnn has a very good case. i think this will be resolved quickly. i don't expect a jury trial. i think it will be either be settled or cnn will prevail on motion. the president is a defendant. of the general kelly is a defendant. bill shine is a defendant. sarah huckabee sanders is a defendant. the head of the secret service is a defendant. the particular secret service they didn't know his name at time they filed this, he is called john doe. stuart: i imagine they change the rules. >> the complaint is filled with madisonian language i love about value of a free press to help americans make free choices in the electoral process. stuart: not freedom to make a circus. hold on, judge, ran dal stephenson, head of at&t.
what is he saying. >> very support i have of cnn jeff zucker. he says cnn likes jim acosta's work. this is wrong. if the white house wants to pull someone's press credential as. there is a process. you didn't like the line of questioning. that seems to be violative of our freedom of press. >> that is part of the argument. believe it or not acosta would be entitled to a hearing they would have to show which rule he violated. the only rule that has anything to do what he did, was he a danger to the president or the president's family. obviously not. stuart: well, apart from taking his credentials away, couldn't they have just said, you, out? you're not coming in? >> let me tell you what dana perino our colleague told me george w. did if somebody acted in the way the president felt personally offensive. he didn't call on him two or three days. things called down, they went back to normal. ashley: he would stand up. stuart: you know he would stand up and keep talking.
>> that is part of the rough-and-tumble of the first amendment. stuart: okay. >> remember jefferson. i would rather have newspapers without government than a government without newspapers. a bit hyper billionic, you understand the value of the free press to the founders. those would be people -- stuart: i just trying to understand the value of jim acosta being rude to everybody including the president of the united states. we're out of time. guess what? >> all right. giving yourself the last word. stuart: i am as usual. what do you think? the dow is down 112 points. 600 yesterday. down 100 now. alexandria ocasio-cortez says her community is outraged over the idea that amazon got big tax breaks to open their second headquarters in new york city. i say, socialists, just fundamentally don't understand how growth creates more for everybody. that is my point of view. we'll see if brian kilmeade agrees. he is on the show next. this is quite a headline, the danger of artificial
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off most of them. amazon is down. facebook up a fraction. google down five bucks. microsoft coming back 40 cents. ashley: yeah. stuart: a mixed bag. most of the pressure to the downside. check out boeing. i believe that is now lower. yes it is, down 3.7%. the biggest percentage loser of all the dow 30. "the wall street journal" said boeing withheld information about the information on the plane that crashed in indonesia. the stock is down. look at this. a headline from market watch. the danger of artificial intelligence is not the loss of jobs. it is the loss of privacy. joining us writer of the headline, economist peter morici. make your case. go right at it. >> for one thing artificial intelligence will increase the productivity. it will not replace it. oncologyists can do four tough cases without a two. the machine can't do any of the
cases without the oncologist. period. the real problem, businesses are starting to use bots, web searches, so for things like sorting resume's. if you said thing antisocial in their view, for example, supporting a conservative candidate like donald trump, i mean facebook will fire you. chase manhattan bank will surely be cautioned not to hire you. we're living in a world where your most private thoughts are susceptible to them. did you know that google is letting app developers read your email? so you better not say anything emotive to me next time you drop me a line, stu. they might feed that to someone at fox, we like stu, heck, we don't want any trouble. stuart: fair point. facebook and google know absolutely everything about all of this. when artificial intelligence comes along it, could be a predicter of our behavior and they can channel it.
so this lack of privacy getting even worse with artificial intelligence. that is the bottom line, isn't it? >> cultural norms get imposed. for example, we know on the west coast, for example, facebook fired someone donating to the trump campaign. at google, basically a ceo can't do business with the pentagon anymore. they're happy to deal with chinese stooge corporations that in turn, you know, help with face imaging in china. they won't help the pentagon use it for defense purposes, things of that nature. an ethos is developing, if you're not liberal, you're not just disagreeing, rather you're immoral. we certainly don't want to be hiring immoral people. when my son was at cornell in the law school, the students were taking on basically anonymous, pseudo identities for the purposes of facebook and twitter because they didn't want law firms to know what they posted. that was a legitimate fear. we now have to whisper hype
closed doors with the blinds down, just like the days fascism in europe. that is wrong. the danger here is, that google, facebook, given the values that they have, and that they have shown us they have, they are much greater threat to your liberty than the chinese or the russians are interfering with your elections to maintain the sham of fairness, you can count on even liberal democratic governments doing what they can to combat russia and china. but they're not going to combat this. stuart: i'm with all the way, peter. you make a lot of sense there. really dangerous to have such enormous degree of power concentrated in the hands of a couple of multibillionaires. >> also true believers, people who believe that their view of the world has to be correct, even on normative behavior. stuart: morici, come back soup, okay? we appreciate it. thanks very much, sir. >> take care. stuart: as you were hearing there, facebook reportedly fired the chief of oculus, that is
palmer luckey because he supported president trump in the presidential election. palmer luckey is speaking out. susan li spoke with him. susan, did he address his facebook firing? >> well, stu, i think we tried to address it directly but he sidestepped it a bit the issue when asked, were you fired for supporting trump at facebook and at oculus. he did go on to say there are probably more conservatives in silicon valley that you actually think. there should be cohesiveness for national interests. take a listen. >> i think it is dangerous where we see it going in the tech industry where you're seeing the polarization between political parties making people disagree on things that should be bipartisan. people should agree that national security is important. yet it is becoming for many people, some kind of partisan issue. >> we do have palmer luckey and his new company. they're going to use technologies to help monitor the
country's borders. he didn't make a controversial statement in that panel yesterday. he says he doesn't want to sound xenophobic, when you look at people signed up on the google petition not to work with the pentagon, a large number of those that signed on to that petition were not americans. this got a bit of pickup on twitter sphere. palmer came up to say, what i was trying to say, non-u.s. citizens, non-americans, they don't want the u.s. military to have the best technology. that didn't alleviate a lot of concerns people have in relation to that comment. stu. stuart: i have a problem with them all. susan li, thank you very much indeed. >> you're welcome. stuart: we better welcome the big board. we're down what, 120 points. i don't want to belabor this. go. ashley: oil prices, depression of oil prices is really not helping any bounceback from yesterday's selloff. stuart: i could see how it would
hurt the oil stocks, but what about the rest of the market? why? ashley: sentiment. uneasiness we saw in october thought it had gone away in november. last week's action was positive. but it kind of returned. all pieces are being seen negative. strong dollar. china, the fed being overzealous. you name it, bottom line, there is a little bit of a malaise right now in the market. stuart: hedge fund redemptions to get cash. ashley: that is a big part of it. stuart: want to get back to the editorial at the top of the hour, specifically, alexandria ocasio-cortez going after amazon. she doesn't like the fact that they got, that amazon got big tax breaks to move their headquarters to new york city. one of the two new headquarters. she doesn't like it. on the radio, brian kilmeade, host of the "brian kilmeade show" is with me right now. there is no pleasing some people. i don't understand how you can reject 25,000 new jobs very close to your area. >> this is one of the fastest
growing places. think of manhattan for those people watching around the country and around the world, think of manner hat tan. long island city is one of the hottest places in the count to live. if you bring amazon in there, the money comes in surrounds it, people that get employed, that live there, it fans out through queens through her area. it will be nothing but a magnet which she doesn't understand, which must be an embarassment to her college, boston college or boston university? she has an economics degree. she doesn't understand a ripple effect and reasoning behind you bring companies in with tax breaks. you are competing with 50 states in countless cities to bring in amazon distribution hubs somewhere. you won. she should be high-fiving, not condemning. stuart: boston university by the way. >> thank you. stuart: degree in international economics. that is where she got it from. socialists are not interested in economic growth. they're not. they think that the cake all
stays the same size. you just got to reslice it so workers, people on low incomes, get more of the cake. that is the way they see it. i'm astonished at this. she just is newly-elected. she will now hold these views in congress. does she intend to go to new york city and say, forget it, we don't want amazon, go away? can you believe that? >> she is horrified amazon, multibillion-dollar company, one of the biggest in the world will get a tax break. she doesn't understand, when you have a lot of power, makes you attractive to other cities to bring you there. if amazon chooses long island city. they say, you know what? i'm part of that tornado of economic activity. sometimes you have to, sometimes you have to invest and attract in order to grow. and to me. she is such an embarassment to the 70,000 people that voted for her, and to everyone in queens, that i think it is about time
she crack a book open or get some night courses or maybe even some online courses that she could take, because, between waiting for her inauguration as a congresswoman which is not going to happen, between saying we have enough missiles in our defense department that are defense department she tells "the daily show," we have enough missiles. we don't need anymore. when is this going to stop. incompetence will take over. stuart: dream on, brian. probably is not going to stop. brian kilmeade. we appreciate it. see you again stu. >> you got it. stuart: we did tell you that harley-davidson is unveiling its first electric bike. next hour i will talk to chris cox, he is the guy behind bikers for trump. he says harley's electric bike is terrible. he will make his case. democrats will vote on their leadership later this month. a new poll shows the majority of democrats do not want nancy pelosi to get the speaker's gavel back. we're on that one too.
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facebook undoubtedly having basically to launch this massive attack on all tech companies, on america, on facebook, really for his own political advancement and i think if you set a precedent that any group of politicians anywhere in the world can summon at will a u.s. ceo to show up and testify, i don't think that is something we want to support. facebook, to be fair to them, we'll cooperate, send our people, we can't fly mark zuckerberg our ceo all around the world to satisfy your political needs. ♪ what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st.
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stuart: we were down just a few minutes ago. we were down about 130 points. now we're down 85. you can expect volatility in this market. it seems to deliver just about every single day. how about this one? a "gallup poll" found 56% of democrats favor someone else other than nancy pelosi as speaker of the house. doug schoen, fox news contributor is with us now. now, you're on record saying -- >> i am. stuart: anybody but nancy pelosi. >> yes. stuart: but i don't understand the hostility among democrats for ms. pelosi? she just delivered the house for the democrats. what is wrong with that? >> more in spite of nancy pelosi rather than because of her. what she does do is fund raise. that gets obligation.
ultimately votes but her image is out of step with the american people. she represents the old politics. frankly she is so far left that people like me and many democrats say, time for her to go. stuart: is she that far left along with the ocasio-cortez people? is she that far left? >> stuart, i have to make a confession, until this year i would have said unbashedly yes. now with ocasio-cortez and pressley in boston, she is a traditional liberal and they're far left, anti-capitalist, as you said progressives. stuart: who is the leading contender to be speaker of the house if nancy pelosi is so unpopular with democrats? >> it is nancy pelosi. because she has literally through her fund-raising, campaigning, i through planishments, give money, whatever, is give money to her.
what i hope happens, a counsel of elders, nancy, you've been there a long times. take six months, take a year. after the 2019 season, let's get somebody else in for the election year. stuart: that will not happen. >> i don't think so but i sure hope it does. stuart: you think she is the speaker? >> if i had to bet she is the speaker, even though there are lots of other people who i think deserve the job. stuart: the house controlled by the democrats. their lead may increase as some late votes come in. >> looks to me like that will happen. stuart: seems like the house and the chairs of these committees, they're determined to make investigation central, all the way through. that's it. >> look, i think we do have to wait and see robert mueller's report before we reach any definite conclusions. if the democrats go investigate, rather than legislate, they will lose. it will hurt them. stuart: that is what they're going to do. not a question of mueller. it is a question of his tax returns, cell phone usage, all
kinds of other things. >> again that would be a mistake. stuart, we can do deals on immigration. on health care. we can arguably, one of the issues we talked about, that hasn't been discussed much, worth 10 seats of the 35 to 40 the democrats will win, cap deductibility of state and local taxes. democrats should and republican as well, get rid of that. we could see a slight increase in the corporate tax rate. ever so slight. all of which given the burgeoning federal deficit. but these are rational compromises that i believe sadly will go the way of what you say, investigate, investigate, investigate. stuart: just fascinated to hear that the democrats may bail me out of the tax problem of salt. ashley: oh, the irony. >> they're on record supporting it. frankly, it was the big mistake we discussed it here last year, it is the big mistake of the tax bill. it was punitive and played a
major role costing republicans in the house. stuart: reasonable democrat. you're anchoring the show tomorrow, by the way. >> stuart, always happy to be here. stuart: president trump going after french president emannuel macron this morning slamming him for proposing an army that would defend europe from china, russia, and even america. i will talk to someone who advised the president on foreign policy. he is coming up next. ♪ [ phone rings ] what?!
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airfields reportedly inside of mountains. you hear a lot of crazy things out of north korea. of course they didn't agree not to do any of this in any of the agreements with them so far. stuart: the idea of denuclearization is going to take a long time, surely? >> it will take a very long time. it is very complex nuclear program. aside from these facilities that have been spotted. you have a complex, plutonium-based program, a lot of spent fuel would have to come out. it wouldn't be just like libya, moving equipment to oak ridge t would require a lot of complex verification too. stuart: are they going to tell us exactly what they have got, a full list of everything? >> that i think is still on the to-do list. that is something the united states requested repeatedly, question of what we want ahead of another meeting between president trump and dictator kim jong-un, looks like planning for the summit is coming together early next year. it would be good to get that declaration to know if they're
lying or not. i don't know if that will happen. stuart: that gives us leverage. show us what you got, we don't come to the summit, pretty much like that. >> i think so. to sort of demonstrate to them we are willing, we haven't taken up any sanctions or much of the pressure. there is more we can do as far as pressure, putting more military assets and strategic assets in the region, the chinese won't like and might cause chinese to put pressure on north korea. stuart: christian, we received a latest tweet from president trump. i'm not sure i understand it entirely. i will read it for our viewers. emannuel macron, suggests building its own army to protect europe against the u.s., china and russia but it was germany in world wars one and two, how did that work out for france? they were starting to learn german in paris before the u.s. came along. pay for nato or not! i'm not sure i understand that entirely. can you help me out? >> there is a lot of info into the tweet. look at series of tweets.
there were five this morning, basically the president disappointed with macron who had a good friendship who totally pants him at the end of marking end of world war i, ripping on nationalism, clearly an affront against trump. this is macron trying to distract from own problems at home, his popularities is in the 20s, something trump mentioned. his economy terrible, 1.6% growth, half what we have. things are not going well. what trump wants to point out, the threats from europe, not certainly from the united states. we of course along with brits, our other allies helped them out of very bad situations repeatedly in the 20th century. stuart: does president trump not want the europeans to defend themselves with a european army? >> i think the european army is a anti-american construct. it is not a commitment to spend more on defense. france spends 1.8%, below the 2% requirement their own pledge. germany is 1.2%.
worse. merkel is jumping on the bandwagon. would be better to fulfill the commitments through nato that would frankly undermine nato. stuart: merkel son the bandwagon. she came out in favor of a european army. you think a way out, seriously defending europe, that what you're saying? >> i think so. we need to look at it more partnering with new europe and poland and others, traditional allies, brits, rather than relying on frankly french and germans to do more. i give trump tremendous credit putting pressure on the people to meet their own obligations. stuart: he is trying. christian whiton. thank you, sir. positive news for you. the price of oil dropping below 58 bucks a barrel. the price of gas keeps on falling by the way. why is this happening? because america's fracking revolution changed the energy world. it made america the dominant energy power. i will call that a win in my editorial next.
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stuart: the energy news is that spirit the price of gas keeps falling. the national average is down two, $2.60 per gallon. it's a joy to see them changing the signs are good at the gas station. this has happened because the price of oil has dropped now below $58 a barrel. oil down from a gas down. why is all that's happening anyway? because america is pumping at an astonishing rate in the energy surge is not over appeared no less authority than the international energy agency says past the growth in oil and gas output will be coming from america by 2025. in plain english, and america's tracking revolution has truly changed the world. we go after the oil and gas
trapped in shale deep under the ground here to mention the technology to release the energy and that has made america the dominant energy power appearance have the extra oil and gas produced coming from america, who would've thought. a few short years ago or production was falling and imports are rising. now were pumping 1,126,000,000 barrels of oil a day and one cabinet member on this program's forecast 14 million barrels a day very soon. think what would happen to our production levels in states like new york joined the franking club. the bottom line here is this. the trump team got out of the phrack raceway. they encourage drilling and it's taken off helping america become the dominant energy power. it is an american win. the third hour of "varney & company" is about to begin. ♪
you want to talk about volatility. a few moments ago we were down 100. now we are down three and closing in rapidly. about half the dow industrials are down and about half are out. volatility. price of oil look at it now, $57 a barrel in early 1 cents. down 12 days in a row. that is a record. look who's here. moody's managing air, john lonski. you heard an editorial bear. i say all this has happened because of american truckers. we are pumping like crazy. what's wrong with that? >> nothings wrong with it. look at what fracking has been with opec. increases the purchasing power of the dollar, helps the transportation industry, and reduces the goods and whatnot. it's just great news for the
economy. stuart: why a few minutes ago where we been told the dow industrials were down 100 points because oil was falling. i don't get it. >> i don't get it either. for the exploration and production companies that type of thing. i would tank this is reducing inflation expectations and that will make it easier to lower treasury bond yields and went to get the bond yield moving lower, share prices are going to be rising higher. a lot of what would-be home buyers would have to be lower mortgage yields. stuart: maybe the markets listening to you up 20 points. stuart: the newsletter the e.u. and u.k. may have come to some sort of deals on brexit especially dealing with the most difficult. stuart: i'd be surprised if right fit had a turnaround at angola bull. >> the housing sector share prices were up because of an expectation of mortgage yields because of lower inflation
risks. stuart: jeff flock is in chicago for a spirit what are the traders saying there? are they mentioning how low it is going to go? >> speaking of listening to you, and they must've been listening to you for your editorial because as you were talking we lost another 20 cents in oil. it's absolutely right that there is tremendous output out there. now you've got a watch and see what opec does. you mentioned the forecast on your show, 14 million barrels a day in terms of u.s. output. opec is saying it's going to get to 16. that is crazy. some people say opec is doing that because they want to build a case of bacon cut output. right now president trump has them over a barrel, not to make a joke there. you know, i think we may be in for lower oil prices for a while. stuart: will take it. jeff flock on thank you very much. ashley: the demand is as well. could be both feared train to
what we've got john here, one more in the spirit consumer confidence at or near an all-time high. small business optimism at an all-time high. looks to me like it's going to be a terrific fourth quarter. >> consumer spending will be stronger than anticipated. it's going to be a solid holiday shopping season. it will give us every reason to believe that 2019 will be another year of growth for both the economy and profits. stuart: it's hard to invest at this point with this volatility. >> was still have a lot of problems on the interest rate front. we have a lot of a lot of people commenced interest rates have to go higher and higher. home sales are down from their peep fourth-quarter 2017. i think we are coming to the ceiling interest rate spread one last thing. not only oil prices that are down. the price of copper is down from index of industrial metal prices down by 12% annually. that usually is an indication of
global economic growth. again, limited upside for interest rates. stuart: thank you, john. you've got it all in. check apple, please. where is that today? i believe it's down again. now it's turned around. now it's up to back speared goldman sachs by the way cut their price target on apple. they have said it's gone to 222. now they say it's only going to 209. by the way, some iphone suppliers cut their outlook that accounted for the earlier weakness and apple. look who's here. joel schulman with entrepreneur shares. good morning. >> apple mousse with the market or the market moves at apple i should say. when you look at apple weather goes up 1% are down 1% the market moves with that. stuart: are you going to answer the question? >> of money flows come in, your
press guy said he will be a strong retailers market in the fourth quarter. i agree with that. a strong fourth quarter and money moves in. when the baskets event, apple goes. microsoft goes up. by the way, last week we had seven points 7 billion come into the market and is a strong period for the markets. apple mousse just like to tinker in the mississippi river. stuart: how much money we invest putting into the stock market. >> it's a selection for all the institutional investors. strictly a function and will certainly move with market news. one of the arkin is a brought the entire market down yesterday and the same will happen when it goes back up. stuart: turn the market around. interesting. ge, what you make of ge at $8 a share. it had dipped to below a box.
>> this is an 18 year side. it peaked in 2000, spent 86% down. 53% year-to-date. this is a company in the 80s and 90s was the company and corporate finance. biggest issue $3 billion a day in two hours and commercial paper. it's a nonregistered corporate iou for people who don't know commercial paper. in the 80s and 90s, ge, gm and ford controlled the commercial paper market. today it's gone because they dropped a two is liberating. they can issue commercial paper. i used to believe the way to finance everything else. stuart: you wouldn't have ge. >> not right now. the data is hemorrhaging. they got rid a lot of the margins dropped from 41% i don't know how many years ago down to 12%. they are losing now $30 billion. this is a company hammer gene and its 126-year-old company.
you don't have jack walsh in there anymore. it's a different economy. because of that, the turbines are selling like they used to. it was heavy infrastructure, heavy machinery. this is a company by the way in the 80s but also finance economic turnaround in 1981. they bought tax credits. so this is a powerful finance company that's gone. >> every remind you that things have been seen on the program previously appeared we will rise to the end of the year. stocks will go up late november into december. i'm going to ask you or you still holding? >> i'm still bullish. six weeks ago. i'm not going to change now pretty strong retailers market. we've got companies like google are alphabet that is flat. i'm on tape now. gender second will come back. stuart: thank you very much indeed. the california wildfires ripping
across the state. campfire in the northern part of the state from the deadliest in the state's history. the wolves if i are taking toll in southern california. this hour we'll talk to the ventura fire department. they are right in the thick of it. overseas, tensions rising in the middle east. more than 300 rockets were fired from gaza into israel. the palestinians threatening more violence amongst israel ceases attacks on them. are we headed to full scale war? i'll ask her a mideast expert david rubin. he knows a few things about the situation. some democrats in the house want to reverse the trunk tax cuts for high-income households. coming up, i'll talk to a congressman on the republican policy committee. i want to know what the gop is doing to ensure that trump tax cuts in place. in washington, president trump and his advisers will hold a trade meeting at this hour in the white house. that is ahead of the g20 summit later this month where president will talk to china's later.
much more for you coming straight ahead on the third hour of "varney & company." ♪ i am an independent financial advisor. it's our name on the door. we are accountable to our clients everyday. we have the freedom to build a plan. a porfolio based specifically on their needs. we're fiduciaries, stewards of our clients' money. entrusted to do what's right. it's a mission. a guiding principle our firm lives by. charles schwab is proud to support more independent financial advisors and their clients than anyone else. visit findyourindependentadvisor.com
stuart: medical marijuana grower lost money on that stock is down quite significantly at the moment. they are down significantly. kill rate and canopy report their profits later this week. a lot of volatility in that sack there. the banks way down yesterday because of a strong the latest on the wildfires in southern
california. campfire in north california has at least 42 people. one is near containment. joining us now his record not good with the ventura county fire department. richard, to what degree is the fire controlled in your county? >> where two fires here. the hill fires in the ventura county area, currently 4531 acres and we have 90% containment on the fire. two houses destroyed and getting a pretty good handle on that. the smaller the two fires we have here. stuart: any information on the larger the two fires? >> yes, sir. rated pch highway, and 9,601,400 acres at 35% containment. we've made some really good progress. we've had a 10-acre slop over
and they've got one of our families got lots of firefighters here. they cannot go back to survey the damage in their homes. >> when the fire burster and it appears that the neighborhoods are safe and we still have infrastructure problems here and we still have guardrails that are down. they need to residence a priority to give residents back in and we have repopulated a lot of the area, but we still understand we have a lot of people out of their homes still. stuart: richard macklin, ventura county fire chief. we appreciate it, thank you good
>> thank you. stuart: politics, some democrats in house want to reverse the trend tax cuts for high income earners now that they are back in control of the house of representatives. republican from pennsylvania, congressman, are you confident that those tax cuts for high income earners will not be reversed? >> i'm confident. i know certainly some of the democrats would love to see that happen, but it shows an ignorance of how our whole business system is set up with subchapter ask corporations, llc, partnership. so much of business is done through those entities. if you want to make america uncompetitive from a business perspective, they should not want to do that. we are the best economy in over 20 years. people seem more money in their pockets. we see wages going up. significant increases in wage growth. why would democrats want to halt the progress. >> you could reverse it.
you could stop that and start the reversal of mr. trump's tax cut. you could do that, right? why would you want to do from 3% 4% growth rate we said would happen if we cut taxes that nancy pelosi gave us. stuart: i got it. i do understand now. bacon spending increase revenue on infrastructure programs. they will propose that. let me propose that appeared them a taxi about the judiciary committee. you're on the house judiciary committee. democrats who are now going to run the committee are focusing on investigating the president. you can't reverse that. >> correct. they can make the choice that they want to do that. again, to what end? serious allegations going on at the justice department and fbi. i hope those are swept under the rug. top officials have the fbi either be demoted or fired based
on what the inspector general found on the politicization was all going on with fbi and department of justice. a lot of questions have to be looked into it resort and his wife, nellie. those investigations should go on. stuart: and they won't. they won't. it's just not going to happen. congressman rothfuss, thank you for joining us. this is one of those huge new states could appreciate you being here. overnight, the arizona senate race was called. kristen cinema became the first democrat elected to a senate seat from that state in 30 years. in georgia, a judge expanding the deadline and the governor's race, republican brian camp ahead by 60,000 votes. stacy abrams filing a lawsuit to count reject the ballot. she's not conceded here in florida, the recount drama in full sing. large companies scrambling to meet thursday's deadline.
lawsuit on both sides. what a mess. we'll deal with that. first, harley davidson getting ready to release its first electric motorbike. the real harley drivers think about it? we've got bikers for trump guy, chris cox with us this hour. i'll tell you now, he doesn't like the sound of an electric bike. it ain't real. he's on the show shortly. ♪ i wanna keep doing what i love, that's the retirement plan. with my annuity, i know there is a guarantee. it's for my family, its for my self,
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stuart: could it be that ashley webster was right? once in a while. that was cool. let me explain. a few moments ago were trying to figure out why the market had gone from minus 132 plus 100. our suggested it was because this news out of brexit. are you telling me? >> panga stronger, the dollar started to fall.
25 for us where we are. bitcoin admitted that 6000 change. yes, $6200. never moves. 1204. florida republican still holds a slim lead over democrat bill mason in the senate race. some florida counties are discovering more irregularities talents. lawsuits have been filed on both sides. a recount is also underway. republican ron desantis leads democrat andrew gillam by a razor thin margin. the deadline for the recount to be completed this thursday. now this. facebook's mark zuckerberg in the hot seat refusing to appear before a committee proving facebook and could then be subpoenaed. uris are questioned.
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stuart: it's a volatile day you know. down 100, over 100 coming out 75. an even split between winners and losers among the dow 30. right now were 25,400. about the nasdaq. that reflects technology. nice game there. 95 points up at 1.3%. that's a very solid game for technology. the s&p broad-based indicator is up nicely, thank you. 21 points. check facebook. mark zuckerberg refuses to appear before an international grand committee proving facebook. he could be subpoenaed, could face contempt charges. jeremy owens, tech editor of marketwatch. why doesn't zuckerberg testify? what's wrong? >> they have a conference call
it seems like every week now for the most recent horrible thing that happened on facebook. we need mark zuckerberg they're running facebook to make sure we don't have more of these. he spent last year traveling the united states to see what the real america is. we obviously need him a facebook trying to fix the issues that are affecting every american. stuart: wait a second, these problems keep on popping up your disk a public relations problem if he refuses to address them on an international forum. i understand this is a made-up panel of politicians who want to take money out of america. i got it. but it is a pr problem if you don't show. >> it is grandstanding. if they want somebody, facebook was, facebook will send somebody who probably knows the issues more than mark zuckerberg. they just want zuckerberg to score political points. facebook is fine to send a counsel or somebody else to go talk to them, demanding
zuckerberg is political grandstanding and annoying at this point. stuart: talk to me about apple. the stock has turned around today. it has taken a beating recently. it is up 1 dollar at 195. has apple stock bottomed at this point? >> we will see. i'm sure they're buying stock to support it. you see this rebound after a bad day has turned into a bit of a pattern. you probably see the large stock buybacks going by their own share. that's one of the reasons apple is safer than others. they are doing the largest buyback in history. if their share prices this bacon go in and push it back out. we can see what happens after this. once we see these results it is really when the test is going to be peered stuart: that is sometime in the future. but you make of the suppliers
apple iphone buyers cutting back on the supply to apple. what does that mean? >> it means they're going to sell fewer iphone. if you're looking for assignment that they would've decided now is the time they'll stop telling us. we've seen lots of these signs that iphone sales to decrease. however, they are charging more and more for these phones. as long as they keep bringing more money come it doesn't matter if they sell fewer iphone does long as they are selling higher average selling price items and more expensive iphone. apple will be just fine. stuart: jeremy, thanks for joining us. see you again real soon. i've got to get back to the california wildfires. obviously it is going to cost a great deal of money to fix all the homes and businesses which have been burned to the ground were certainly damaged badly. joining us now is howard mills with deloitte services. he deals with insurance, obvious
question i would've thought if your house has been burned down and you rebuild coming or going to be charged an arm and a leg for insurance about home. what am i missing here? >> devastating fires clearly highlight the risk of california. it's been very dry. we've seen fires repeatedly. the answer is it won't necessarily see the media rising insurance rates. the insurance industry is heavily regulated the california department of insurance needs to sign off on any rate increases. there were things they can do to ameliorate the risk. fire safe commuting for the entire community works on fuel from the source of the fire. things like that can be done to help limit the increase in your rates. stuart: should we be rebuilding in areas with extreme danger? >> we see this in all sorts of various peers should we be real building on the coast? people want to live in beautiful places and there are risks in
california, risk of earthquake. stuart: should the rest of us, sometimes as taxpayers should the rest of us be subsidizing their race? >> we are not really subsidizing the risk because you have risk based pricing. i don't believe people should be subsidizing other people living where they want to live in an area of high risk. as long as we are not subsidizing our experience, they have risk based pricing. stuart: if i live in a fire risk area and i'm rebuilding, i would've thought that i could pay a much higher premium to insure my home then someone who's living in a non-fire risk area in california. >> a new bill. the modeling has gotten so sophisticated that insurers can really model what your risk is. a look at things like proximity to fuel. they look at things like you have a sprinkler system, have you removed the brush? there is risk based pricing is to undergo regulatory review and those are things they look at.
insurance carriers will go to the regulator instead they suffered significant loss. and they will be able to win overtime rate increases. stuart: howard mills, thank you very much. we appreciate it. now to the recent violence in the mideast. 400 rockets fired from gaza into israel in just 124 hour period. our an expert on the middle east has come to new york with us today. david rubin, author of the book, trump and the jews. i read your stuff. you've been telling us for marching towards war. are you still saying that? >> we are still marching towards work of the question is when it's going to happen exactly. just yesterday the israeli prime minister, benjamin netanyahu met with his defense minister in the top generals from the israel defense forces and gave them a green light to go ahead and plan for major operations in gaza.
the greenlight to go ahead and prepare for a major operation. then the cabinet, the israeli security cabinet met today for seven hours and came out of the meeting without any announcement at all. generally the meeting for seven hours would indicate that something is being planned. the question is whether they're going in right this minute or not. hamas has been reaching out to israel through various channels trying to get a cease-fire. it reminds me in the schoolyard, goes in, punches somebody in the face and then says okay, let's make peace. stuart: okay, so you think they are losing. that hamas is losing so they ask for a cease-fire knowing that a big operation is coming out and if they don't get a cease-fire.
>> every time when they launch a major attack against israel and then they see that israel is starting to get serious about hitting them disproportionately. five times as bad. that people do in schoolyard that they want to survive. in the middle east and that's the way we survive. i don't believe that president trump will have any problem with it. i've been sending out signals through jason greenblatt. the message is clear. president trump will be behind israel if israel needs to launch a major operation. but president trump can't be more catholic than the pope. stuart: okay come interesting. david rubin, thank you for being here in new york. appreciate it. individual stocks are moving. tyson foods sales down. apparently meet sales down and
that has hurt tyson stock to the tune of 6%. advanced auto parts raising its guidance when you do that the stock usually goes up to about stock is up 8% as we speak. and then there's the harley davidson story. to release their first electric motorbike. it is called the livewire. what do real harley riders think about it? chris cox the bikers for trump guy. i've got a feeling he's not a fan of the sound of the electric bike. washington, president trump senior adviser hold a trade meeting at the white house today ahead of the meeting with china's leader, president xi later this month. stay with us.
sometimes, they just drop in. obvious. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group - how the world advances. ♪ >> maria bartiromo had a chance to sit down with dennis bloomberg and here's what he had to say about the 737 crash in indonesia. take a listen. >> .online here at the 737 max
is safe. it always has been and we ensure that airplanes are safe. in fact, the airplane went through thousands of hours of tests and evaluation, certification working with applies only than transparent on providing information being fully cooperative on the investigative act. we will continue to fully cooperate in the investigation. the bottom line here is the 737 max is a very serifed airplane and we are very confident.
stuart: developments on trade and president trump and senior advisers today at the white house. blake burman as they are. they are going to be talking about what specifically? auto tariffs? >> one of the topics under discussion double the talked about between the president and senior advisers will be auto tariffs. one of the big threats from president trump over the last few months have been directed specifically toward the european union as it relates to potential auto tariffs 20%, maybe 25% of the trade deal doesn't get threatened out, doesn't get straightened out rather with the e.u. so that is one piece of -- piece of items i guess up for discussion. keep in mind, stuart, g20 has been about two and a half weeks for the president will be made with his counterpart xi jinping
still won't be surprised if he talks about that as well. larry kudlow spoke with reporters and said that the relates to china we are communicating at all levels right now. a little bit of optimism heading into those discussions with the seniormost divisors who we believe will be in that discussion as well. stuart: the trade talks seem to have real momentum and that's a fact. thanks very much indeed. moving on fast as they want to get to the story because i'm interested in it. harley davidson to release their first-ever electric motorcycle called the livewire. chris cox who is the founder of bikers for trump and the harley kind of guy big-time. he joins us now. tell me honestly -- tell me honestly, how do you feel about an electric harley? why? >> stuart, this is certainly going to be a performance-based decision for the biker community.
i don't see that the environmental impact will have a lot to do with that. from what we can tell, this bike will have 110 to 20-mile radius. that being said, you get about 90 minutes of writing into 45 minutes to an hour of charging. they've got to start somewhere. we are still sore about the cheap shots they took at the president regarding the tariffs that were downright exaggerations and lies. that said, police harley davidson now is trying to broaden his horizons. they are doing things that reach out to millennialist. >> i thought you would object to an electric bike on the grounds that the sound it makes. kind of like a mosquito almost. not like the word we've come to expect in a harley. i thought that was your objection to it. >> well, you know, it is certainly not going to be as fun to ride.
we've got to take into account a lot of things here. we are trying to entice the younger community to get on two wheels and this way of life. whatever they do to encourage some of the younger millennialist and so forth again on, it's certainly not going to be showing a lot of these thanks to our demographics. as far as the sound goes we are not interested. it is a silent bike in the only sound it makes is when it shifts gears. the whole idea of pulling over to recharge for 45 minutes to an hour doesn't sound very appealing. there's a lot of room to be made in this market. right now that being said, this market is dominated in asia. the asians like these bikes for commuting. another example of harley davidson trying to move and shift attention outside the united states in my opinion. stuart: the one thing you might get from electric vikings acceleration. one of the big selling features
of electric cars is that they just take off. the pickup is fantastic. you might get that an electric harley as well. >> when guys like to get on their bike and ride, we don't pull over a couple hundred miles before we can put gas in there and get back on the road. having to go less than 100 miles and then has to pull over and plug in. they have these plug-in sites around the country. to me it is a shot in the dark. we haven't slowed down to talk much about harley davidson, but for you will slow down for just about anything. stuart: you're all right. >> i might add one more thing. we took some heat for not showing up over at tucker carlson's house with all those demonstrators. they are lucky they wanted stuart varney's house because they would've been there in a second.
stuart: thank you good i'm glad to hear that. thank you. check amazon. officially announces new headquarters will be long island city new york and in northern virginia. also, it says nashville will become the new east coast hub. it's going to add 5000 jobs in nashville. amazon stock has recovered rack up 21 bucks. btc power. they make fast charges for electric vehicles. those are charging stations you can see right there. lots of grocery stores have them i'm told. how much should they rely on government subsidies and how fast do they really recharge. alas the guy who runs the company next. ♪ i don't know what's going on. i've done all sorts of research, read earnings reports, looked at chart patterns. i've even built my own historic trading model. and you're still not sure if you want to make the trade?
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trantor next guest runs a company that makes fast chargers for electric vehicles. in fact, it is the largest fast charger manufacturer in the country. here's frank mazer, ceo of btc power. welcome to the program. good to see you, sir. >> good morning, stuart. stuart: how fast can you recharge a tesla?
>> typically they would take less than 30 minutes to give you a full recharge. stuart: you are not quite at the point where you've got a gas station for electric cars because that would take two or three minutes. but you are at a point where i could drive up in my tesla, plug it in and go away for 45 minutes and do some shopping a comeback is fully charged. that is where your business is basically located. >> that is correct. it is also the metro areas if you're going from town to town you have a fast charger located that you could get your refill and get on the road again. stuart: how many fast chargers have you installed in america thus far? >> we are at 750,000 fast chargers in the united states. we could put another approximately 1000 fast chargers
in the coming year and it is led by a company called electrify america and they have -- we've been one of the awardees scored their electrification across the united states. stuart: does your company, btc power, do you get any government subsidies? >> not at all, sir. while most of the fast charger money has been through government subsidies in the companies such as eb connect, other companies such as electrify america have a consent decree to spend $2 billion in their money, part of a vw visa award -- not a word, but their penalty. they are going to spend $2 billion electric infrastructure. stuart: if i wanted one of your
fast chargers in my house, how much would it cost for you to poke one in my house? how much would i have to pay? >> and electric fast charger is really not a home application. there are other chargers for a home application. an electric fast charger or from a gas station to electrify your electrified station, that would run anywhere from $25,050,000. stuart: franconia got quite a business there. thank you are coming on the show. i could handle a 45 minute recharge. i'll take that. craig, you're all right. there will be more "varney" after this. ♪ .
stuart: apple's chief designer, johnny ive created a diamond ring, no all diamond. may fetch a quarter of a million dollars. the money will go to an aids charity. not sure i bet this one of the world's largest model cities is on display in germany. google built it. they built a street view car to finish this thing out. it is called miniature wonderland a railway connects various areas. >> giant hand. >> giant hand. >> a las vegas strip an airport. >> look at detail. a lot of work went into it. stuart: i still don't really get it. all right, i get it. i get it. let's talk the market. i understand that much more. we're up 55 points. i still see nobody saying it is "brexit" possible deal-making
market go up. >> all right. stuart: so you're wrong. >> i'm not. adding to the slight optimism. that is what we're saying. stuart: apple is coming back a view. that is leaving the market back up a bit. only a little. can we compromise on that? connell mcshane is in for neil connell: thank you, ashley. i'm connell mcshane in for neil cavuto. larry kudlow, the economic advisor said the president, president trump, and chinese president, xi xinping will at the g20 talk trade. here he is. >> we are now