tv Mornings With Maria Bartiromo FOX Business November 26, 2018 6:00am-9:00am EST
they are flat up to one half ever present. in europe markets are higher this morning a bit better than 1%. in asia over night they close mostly higher with the exception of china which is on affection. it reopens to travelers. they stormed the area. mike johnson addressing how congress should act on sunday morning futures yesterday. we know that there are harmful human traffickers who take advantage of the border for years. we have illegal opioids and fentanyl and harmful drugs that come across the border every day. this is a top priority of the present and the congress. and we have to make do on that. the very latest this morning on the battle coming up.
we will have the latest details there. the highest grossing movies. all of the stories coming up. i hope everybody's thanksgiving was great. this is the most important week left in 2018. in terms of the markets. j.p. morgan had a research note out over the weekend. and this is the most important week left in 2018. with jay foul speaking on wednesday. with the big g20 meeting. with president trump and president g.
>> even if the body language says there is peace between the united states in china. i don't know if you have to have some sort of great development can send the stock market higher. they are worried about higher tariffs on chinese imports. we will see if it is the most important week so far. things will likely slow down. the market is on hinge here. any good news could help through the rest of the year. any bad news could be really bad news. they've a big day for the democrats. there is no question. i believe she's going to be speaker. i believe she deserves to be speaker for that party. she is leading that party. she is not leading all people she is leading the democrats. down south we were described nancy pelosi as she will get
you. they are now coming back and saying okay. with a lot to going -- a lot that we are talking about. they are giving us a rundown on how shopping went. on the fox news senior analyst. in former senior advisor to george w bus. the house committee on foreign affairs. a lot to talk about this morning. don't miss a moment of it. we will kick it off with its holiday shopping in full swing. more than $2 billion in sales
coming from smart phones alone. this is according to adobe analytics. the former ceo of saks fifth avenue. it's great to see you see. how would you characterize the weekend. i thought it was a great start to the holiday season. everybody i talked to said the traffic was there both online and in the stores. the store traffic was up. it is really a good sign for the next several weeks. the journal have a story about foot traffic not been as strong not to say overall it wasn't good. because it was a strong weekend online. the foot traffic was probably a flatfish. but the conversion was higher. the price that people were paying was up a bit. the combination of better ticket. sales over all were up in the stores end up in that 20% plus range online.
if you were to break down the store side of things between luxury and every day. is there compartmentalization of a compartmentalization of who is doing well right now. the consumer is healthy. they are feeling wealthy right now. they've a little bit more money in the pocket. and the high end is performing well as is the low end. they are performing well and growing as are the luxury players you see in france like louis vuitton and bucci. -- gucci. the nordstrom stock which is not upper luxury but still considered a luxury retailer by some. may be as a chain by chain story. but target for example down almost 20% month to date.
>> the performance of the stock from the business and consumer. the earnings that most of these retailers are reporting a really pretty good. they are seen better margins. a little bit of sga pressure. but the stocks have tanked. and part of it is a result his outlook and the concern that skin be out there. it's good to be in the new year. the question is with the labor and shipping and tariffs is next you're going to be as good as we've seen this year, i don't know. that is the concern that the street is exhibiting. when people are surprised that the holiday is as good as it's coming in. but time will tell. the black friday model seems to change help a lot.
now it seems like it's a whole weekend cyber monday is becoming cyber week. is this a smart strategy among retailers. but it's clearly different. we went from one store to another. that has all changed. the deals are there all the time. the reality is that the season started before thanksgiving it's can go all the way through the holidays. and mastercard is projecting that the sunday before christmas is going to actually be bigger than black friday. you can see all of this. you will probably see a low during the first week or two of december. and then it will pick back up again. but the weekends are big every saturday and sunday. you're right. this is an extended time and retailers are very smart about it. they're putting deals and across the. and you are finding that a lot of news out there apparel is
doing much better that we -- than we've seen in years. i think they were up 8% for the month of october. that is the best we have seen since 2012. we have monday and cyber sales. how big will today be. and what you make of this worry that things well slow down considerably. when you look at what you mentioned. i 22% selloff and a couple of these stocks. it's obviously anticipating that things are gonna turn. we're talking $3 billion plus an online -- online sales alone. we are looking at 20% plus online growth. this is really remarkable but remember online is still only 10% of total retail. brick-and-mortar is vibrant. still the most important weight that people shop.
i think you had mixed feelings. at the the retailers are very optimistic. each of the retailers they are actually feeling good about the consumer and their businesses. their inventories are in line which means the margins are probably going to be pretty good this holiday season so the consumers are getting good deals but that's built into the pricing model. and you say is the consumer, what will happen this week and the trade talks. clearly there was a very high correlation between the stock market and luxury sales. we are still at a 24,000-dollar dow. is still a very healthy level despite the falloff that we have seen. >> i was gonna say. it seems like being in the stores not buying anything but that the luxury retailers are mandatory -- managing their
inventory much better. there are still plenty of four -- full price merchandise. we have moved away from the seasonal aspect of clothing so you definitely see a much better inventory management i think the inventories are under control. in the consumer is looking for newness. there is excitement. i was gonna say i love the fact that you get an ad on instagram pushing high end yoga pants. they know, they can know what is selling. they are right there along with a carbon 38.
are you worried about profit margins. i will be looking at them if they are affected by tariffs. whatever they are affected by. if you get very healthy comp growth. in a little bit higher cost you're still gonna get some good profit growth. i am concerned about the percentage margin if they come into play. one of the things we had been talking about. they pre- bought a lot of inventory. you can't do that next year. they will have that if cost of inventory goes up. there's no issue that they are very concerned about it. most of the retailers are thinking their supply chain. how do i move my sourcing out of china and other asian markets. there aren't that many that are better places to go to.
and some products just take a long time to change the supply chain. even in the coming years. and doesn't seem like you are worried about that. after a very strong fourth quarter. >> i am not expecting a downturn. as you continue to be a good. of time for retail. clearly anything can happen if you have a political disruption. my expectation is that we are in for a continuation of what has been a very healthy trend. steve, good to see you. hundreds of migrants storming the border. they are forcing them to use tear gas. with the very latest on what's happening now. and then officially out.
maria: welcome back. futures indicating a very strong opening. the nasa cap 103 right now. california's deadliest wildfire in a century is now fully contained. cheryl casone with the details. several days of rain have helped firefighters knockout at the campfire. after more than two weeks of devastation there. the breeze -- blaze braised -- blaze leveled nearly 14,000 homes. they are to continue to dig through the ashes.
eighty-five people now confirmed that dead in that wildfire. mitsubishi motors the days after the reliance partner. for the alleged financial misconduct. he also let them know. the largest shareholders they hold 15%. they are down 15% so far this year. it was quite a holiday weekend at the box office. they delivered at the second largest thanksgiving opening ever. >> put on your church shoes little sister because were about to blast off. ralph breaks the internet
really broke the box office. $84.5million over the long weekend. also up this weekend. creed two. it rounds out the top five. maria, those are your headlines and your box office winners. i just want to say that i spoke to someone close to carlos' gone over the weekend and he is maintaining his innocence on all of these charges. they are complaining that he was put in what was called pre- detention trial. at which time the prosecutors can decide what charges they will put on him. they have not put a specific official charges against him yet. this is all coming from company insiders.
he is in a 22 holy day detention where murderers are held as well. they can keep him for up to 60 days. and he's not allowed to speak to anybody. other than his lawyer. he also is saying that within the company there was a real movement against merging with renault. and then putting these three companies together. the carlos go to campus and this is not true. i want to clear my name and in terms of why the motivation they are blaming people within nissan and the japanese government who would like to make companies japanese. i just want to say he is maintaining his innocence. i do question the judicial system where they put you in a holding pen for 22 days without actually giving you any charges and not allowing you to speak to anyone, is
that odd? it's a front-page story. it was tens of millions of dollars in deferred compensation and he was acting appropriately when he did not report that money and financial disclosures because it was deferred compensation. he has not gotten that money yet. this is what the carlos go camp is telling me. he has not been paid this as part of an agreement which by the way he says he never signed he never actually signed that agreement. two board members did sign the agreement. i do want to put that out there because we still don't have any word from prosecutors on an official charge. and we don't have any word officially from carlos' gone.
he is maintaining his innocence. we will see. take a break. the migrants are storming the border. they are vowing to take action. they are risking adventure. i can't believe it. that grandpa's nose is performing "flight of the bumblebee?" ♪ no, you goof. i can't believe how easy it was to save hundreds of dollars on my car insurance with geico. nice. i know, right? ♪ [nose plays a jazzy saxophone tune] believe it. geico could save you 15% or more on car insurance.
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if you look at the statistics in 2015 the department of homeland security. it allowed 81% it would just allow you in. those days are order -- over. this is the first step cleanup. now mexico is saying that it will storm the border. mexico should move the flag. we will close the border permanently if need be.
your reaction to what has taken place and what in what tools the president has at this point in order to secure the border. is usually a place where they have that. after that migrants broke from peaceful march. he doesn't have a lot of options. we saw the ninth circuit judge locking the president. they can seek asylum. because they legislated that is not allowed.
even with republican control. there is pushback people didn't want to do it. a lot of the republicans who are leaving the house are actually angry at the president. with any of the major issues. it is a possibility of a shutdown outside of some kind of emergency move. when they try to move the ball which is something that will probably get blocked in courts. outside of that i don't expect anything. let's talk about the upcoming spending bill. now they are linking support for the spending bill to that robert mueller probe. as they headed to the critical stretch of the lame duck session. i think we should use it however we can. it is going to depend on what bills are coming to and how we can do it. we have to protect this investigation.
>> it is classic washington dc. used in using the amount of small leverage that you have. they wanted senator jeff sessions gone. they wanted his replacement right now. and someone they say it should should be recused. they might be able to get a deal out of this. certainly republicans and they would say maybe we should protect the mueller probe. for certain he does not want to get involved with that. he sees as a play to embarrass that gop. very much expected to come to a close soon. does this go on like more of a fishing trip throughout the next two years. >> i think it will be wrapping up.
all the interviews have been with primary targets. people who have a lot to say. and usually you don't go to the primary folks until you have the entire rest of your web chosen. he is very likely wrapping it up. and they expect the same thing as well. obviously some of these investigations i had been going on in the house probably go away. once you have jerry nadler running things. >> coming in i expect congressional investigations to be the name of the game over the next two years. your main power is going to be investigation. it will be a lot of good television and bad politics. they waited until five weeks before.
with how slow they had been. other than just broad defenses. that's what i'm interested in seeing. what does the agenda look like in your view? let's look ahead to the two-year time. >> i think that they would've gotten something accomplished. they are any way they can, i don't expect them to try to give him any ways and much more investigation. more maria that's true, christopher bedford from the daily caller. investors watching the g20 summit, president trump and
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maria: welcome back, good monday morning, we hope your thanksgiving was great. i'm maria bartiromo, top stories 6:34 a.m. on the east coast. investors waiting g20 summit this week, president trump and president xi jinping to meet on friday. we will wait for jay powell to speak on wednesday in new york economic club, that may very
well move markets, all ahead markets in rally mode, take a look at futures, triple-digit move at start of trading, 260 points higher on dow, 110 points higher on the nasdaq, this comes after dow and nasdaq had the worst week, in europe markets are higher this morning across the board, ftse up 1%, cac quarante up better than 1%. in asia overnight, markets closed mostly higher except with the shanghai. green light for british prime minister theresa may, approved divorce deal. the fallout between russia and ukraine as un security council holds emergency meeting this morning. paying taxes with bitcoin, details as digital currency falls below $4,000 now, 3937 on
bitcoin. 6-month journey is coming to an end, countdown to nasa mars landing is ahead. more video of incredible catch, did you catch it? first top story this half an hour, president trump prepare to go meet with president xi jinping in what could be turning point on trade. this comes after the market suffered major declines last week, joining us right now financial strategists art hogan. >> nice to see you. maria: how important is the friday meeting between xi and president trump in terms of trade, what does the market want to see and is anything priced in in terms of what might dictate market performance in december or next year? >> no, i think only bad news is priced into the market right now, i think only good could come out of the meeting. fact that they agreed to meet and talk about trade is a step in the right direction. i certainly think that the framework for a deal or the ability to say here is the
things we need to iron out, list of things that they have gone back and forth on would be constructive for the market. i would say, maria, the two biggest headwinds in this market or last year or so, pace of monetary policy and fear that we might get too fast and trade and that we might get into a mutually destructive trade war with china. if we can feel any relief on either one of those fronts from powell on wednesday or as we look at conversation at g20 meeting, this market could have a whole lot more to do to upside than downside. maria: dagen, that's what you said earlier, it's all gravy. dagen: the concerns about the trade policy here in the united states and the fight with china is kind of something bigger going on and as the central banks, the u.s. central bank reducing balance sheet but the european central bank is on pace to end its bond buying at the
end of the year, bank of japan also pulling back, so, art, the removal of all of that unprecedented accommodation by central banks around the world that is causing in part, we are on track for the first time in at least a quarter of a century that global stocks and bonds could both finish the year in the red for the first time in more than 25 years which is kind of incredible at this broad selloff that you've seen globally and literally every asset class. >> yeah, dagen, pretty amazing, at the same time to put that on -- to put that at the feet of central bank policy is probably the wrong place. i think that you've got both ecb and the fed stayed too low for too long and struggling now just to get to a normal place. getting normalizing rates such that if we were to have some sort of, you know, global economic slowdown or certainly recession in the united states there would be monetary policy to then give back, that's where
we are at right now. i certainly think ecb who has been ultra slow to removing accommodation just getting to the fact that quantitative easing will come to an end, certainly not tight by any stretch of the imagination and u.s. fed is just very gradually walking into the place that's more normal. i think we have another 50 or 75 basis points to go and i don't think that's what the markets are concerned about. i think it's messing up, you know, complex supply chains that have been put in place over the course of the last decade and a half with tariffs that have no economic value. i think if we can get trade right and get to better place in trade with china i think the domestic and global economies will be looking much better. >> it's mitch roschelle, investors are selling stocks, they are selling bonds -- dagen: oil, burlap. [laughter] dagen: that's in article. >> they do mention burlap.
that means there's a ton, trillions of dollars of cash sitting on the sidelines, how long can it stay there if you're a money manager and you're incentivized to generate return, how long can you sit on the sidelines in cash? >> that's a great question and it never stays there for very long. they'll be some shift at some point in time. when you look at what's going on, your point is very solid here, right, everything is for sale, crypto currencies, stocks, bonds, et cetera, all the way down to burlap, when you look at what's going to actually happen, you will see that we are oversold, equities both domestically and globally, strong case to be made for merging stocks as well as we head to '19. all of this is going to pivot on the fact something constructive will come out of g20. that removes bottleneck that investors have had for most of 2018 and move forward to much better place.
maria: there's bottleneck on trade but what about bottleneck on rates. we are expecting the next hike in the next couple of weeks when the final meeting happens this december, fed chairman jay powell to speak this wednesday on new york economic club and last week we had dallas fed president kaplin, even he's saying we don't need the foot so much, listen to this. >> at this stage, you're going hear me be much more careful and avoid being rigid or predetermined regarding our future moves. i think we might have some further moves to go but i'm going to be very in the lingo data dependent and avoid being about path of rates and the pace at which we are moving. i think that's appropriate at this stage in the cycle. maria: art, he doesn't think that the fed should be
aggressive at this point, what do you think? >> i agree. the fed started talking about raising rates in 2013, they didn't get increase until 2015 and this is the first year they've ever hit target. i don't think they will go two years in hitting target whether they need to raise 3 times next year or not, i think there's enough evidence in the economic data stream with softness in auto, italy and brussels not getting along, evidence for them to take a pause, next year every meeting is live, press conference every meeting. maybe back to two more hikes next year and that's as neutral we will get. maria: real quick on the sloppy brexit, the european leaders approving deal, prime minister theresa may needs to get deal approved by parliament, is this going to be a market-mover? >> no, the market expects that not to go to parliament.
that goes to parliament again, another meeting of the leaders in the euro zone in two weeks and we probably don't get this approved for least a month, i don't think the first run-by parliament will see a run. >> you said bad news is price intoed the market, we talked a lot of things that are priced into the market, is anything that could, you think, take everything or derail it in the coming weeks even more? >> i think if you saw economic data have significant slowdown that would be the biggest concern, we haven't seen that as early as last week leading economic indicators continue to show expansion, i think that the two soft spots in economic data streams continue to be housing and auto. if we were to see such significant slowdown, i think that would be the downside -- maria: sounds like you want to put money to work, art, you are still positive on stocks? >> absolutely, i think we will
cheryl. cheryl: that's right, maria, united nations will be holding emergency meeting later today after russia fired upon then seized three ukrainian ships in crimea claiming they crossed in russian waters illegally, ukrainian authorities said they had given advanced notice to russians that the vessels would enter waters, protestors outside of russian embassy in ukrainian capital, video from that. two countries have been battling for years after russia annex crimea back in 2014. well, ohio said to become first state to pay with bitcoin, everything from sales taxes to employee withholding taxes with the digital currency. individual filers eventually will have bitcoin as payment option, bitcoin, though, has fallen we should say below $4,000 losing a third of its value, now down about 80% since hitting high near $30,000 last,
3,000 and change. nasa will try to land insight spacecraft, this is big, the 7 minutes between entry and landing are the riskiest of the entire mission. shortly before 3:00 p.m. eastern time, if -- the mission to study mars and planet and still looking for signs of life that thought existed back in the day. maria: brawl on the field, crazy fight breaks out between the bills and jaguars last night. more on sports after this.
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maria: welshing another wild sunday in the nfl, jared max with all the highlights now, jared. jared: good morning, maria, congratulations to cleveland browns who for the first time in more than 3 years won game on the road. green bay packers do not want the travel. bumpy ride from wisconsin continued last night in minneapolis, packers 0-6 on the road this season. they lost sunday night game to vikings 24-17, 343 yards, 3 touchdowns, minnesota improves record to 6-4-1, week 12 of the nfl season wraps up tonight in houston where the texans will honor bob mcnare battled cancer, the team owner brought the team back to houston after oilers left for tennessee, in 1999 mcnair was awarded the 32nd
franchise, 3 years later texans were born, initials of robert mcnair, congratulations to buffalo bills, they won two in a row. fought their way past jaguars, both loss to buffalo, ejected for fighting and they kept going at it in tunnel, fans got involved, ugliness, indeed. check out seahawks running back chris carson, gymnast against panthers, look at that, flip it is landing too, sticks that and the seahawks come back to win big one, 32-27, big loss for turner sports thanksgiving this weekend, technical glitch caused match to be shown for free and now it is time turner sports is going to be issuing refunds, 20-dollar refunds, folks who went to the bleacher report live page, they doubled the pay,
folks who paid for it, became free event and great golf event, right, mitch? maria: all free online. >> i was following it on twitter and not watching it and it was amiaing and i happen to turn on and somebody live streaming on instagram, live streaming the punt that tiger left short and phil made and pretty high drama. jared: 22 holes before finally and phil wins it. dagen: if you don't get enough football i can make suggestions on podcast because you know i listen to the erin hernández on podcast, boston globe, spotlight on boston globe, i listen to scott fowler about ray, just got out of prison and now onto steve mcnair, famous quarterback who was killed, espn podcast about him and his death. i'm all in.
jared: you are podcast central. >> she got me on kuruth. unbelievable. dagen: sandra adams the mother of the woman killed by the guy that ray karuth hired, unbelievable, you want to talk about a story of redemption and strength and love, listen to it just for sandra adams. maria: what's your favorite podcast? dagen: joe rogan but i love the reporting, great journalism happening in podcasting and cheers to all of the great reporters. maria: fantastic. jared: the in fact, the audio medium for people is radio is dying, radio is dead, no. [laughter] dagen: coming from a radio guy. jared: from a minute we are born we are told stories to. maria: jared, thank, catch jared fox news 24/7 or siriusxm 115,
maria: welcome back. good monday morning. thanks so much for joining us. i'm maria bartiromo. it is monday, november 26. your top stories right now 7:00 a.m. on the east coast. shoppers gearing up for cyber monday deals. we're taking a look at the state of the consumer as the holiday shopping season gets into high gear. markets are on fire this morning. futures indicate a powerful rally at the start of trading, up 107 points on the nasdaq, 31 points higher on the s&p 500. all this after the dow and nasdaq had their worst week since march last week, all delines across the board as you can see there for the markets. down 4.5% on the dow, the nasdaq
down 4.25% last week. in europe markets are higher across the board. fq100 is up almost a percent, cac up better than a percent. markets closed mostly higher in asia, with the exception of china. apple is headed to washington. the supreme court hearing arrestingments on apple's anti-trust dispute. trouble for tess la. elon musk is admitting the automaker nearly died. >> essentially the company was bleeding money like crazy and just if we didn't solve these problems in a short period of time, we were dying. and it was extremely difficult to solve them. maria: that because of a cash crunch. more on his comments coming up about tesla. real estate realities, why borrowers are tapping their homes for cash despite rising mortgage rates. all those stories coming up this monday morning. joining me to break it down is dagen mcdowell, mitch rochell
and lee carter. great to see you this morning. >> great to be here. maria: good morning. >> busy week. >> looks like we're having a rally this morning. maria: a big rally underway. jp morgan in its research note over the weekend said this is the most important week left in 2018 for markets because you've got a lot of stuff happening this week. federal reserve on wednesday, jay powell speaking with the new york economic club. on friday china and the u.s. will speak. then you've got retail stuff coming out, a window into how the consumer is doing. dagen: the consumer looks good. we'll get an update on how fast the economy was growing in the third quarter. it's expected to hold steady, 3.5%. but again, 4% growth in consumer spending in that quarter. the u.s. shopper strong. however, in terms of that wall street journal article about there's no refuge this year, that all the asset class% down
across the board, stocks, global bonds, copper, crude oil, even burlap. 90% of the 70 asset classes tracked by deutsche bank are posting negative total returns in dollars for the year through mid-november, 90% of 70 asset classes. the previous high was 84% in 1920. so last year, only 1% of asset classes delivered negative returns. now it's 90%. maria: what is going on? what does that tell us? >> i think it's a pullback in monetary stimulus and a tightening of monetary policy globally, not just in the united states and also a global economic slowdown that the rest of the world is not firing on all cylinders. >> central bankers around the world did what they could to accommodate and stimulate the economy. we're the only super power that had tax reform. so the rest of the world didn't have that kind of fiscal stimulus that we had and that's
what's -- so we could carry our growth into the future because of that and other countries around the world can't. maria: brexit is an unknown. we don't know what will happen in terms of britain leaving the e.u. we know that china's economy has slowed down. it's at 6% or so. but it's way down from what the expectations were. >> they're admitting that it's down. >> that's a big deal. maria: right. exactly. all of that coming up this morning. we have a lot to cover in this hour. judge andrew napolitano is here along with the co-founder of brook linen, rich philip is here. scott rand will give us his take on markets, along with fox news contributor kar carl rove is he, along with congressman scott perry with us as well. big show ahead. we kick it off with this, our top story this hour is the holiday shopping season. it is in full swing. take a look at the numbers. it's set to be a record monday,
record cyber monday, $7.8 billion expected to be spent today on cyber monday. to shift online, the highlighted -- that was highlighted in the wall street journal article this morning, titled store traffic falls again on black friday but not all news is bad. joining us right now is the international council shopping center ceo tom mcgahee. last time you were here, you said the fourth quarter is going to be a blowout in terms of spending. what did you see on black friday and what does that tell you about what's to come for the overall holiday shopping season? >> i still think it's going to be a blowout. maria: you do. >> i do. i was surprised by the journal's headline. our statistics were that actual traffic increased over the holiday from last year. we had 151 million people, our estimate went to out shopping this weekend versus 145 million last year. i think black friday was great. this weekend was great. i think cyber monday will be strong. i expect the rest of the holiday
season to be very strong. all the numbers -- all the members i spoke to reported strong results this weekend. >> we were talking about how black friday and cyber monday has become a whole weekend event. i think this is increasing the presence. do you think that will cause the enthusiasm to die down in the future? do you think this is a smart strategy? >> i think the term cyber monday infers that everything happens online. it's the merging of the physical and digital world. you hear about click and collect where people buy things online and pick them up in the store. that is happening. i think that also the retailers have become much better at leveraging the strength of having a physical store to drive web traffic as well. so we have a recent report out called the halo report, which is when you have a store when you open up a store, your web traffic in that geographic area goes up by 37%. there's a si synergistic
relationship. the discussion becomes simplistic of online versus physical. i think there's a renaissance in retail that's happening. the consumer doesn't care. they want it conveniently, most effectively and price sensitively. >> we're over-retailed in terms of the number of square footage, we have just under 24 square feet per capita in this country. germany has 10% of that. is this store closing trend going to be something that continues as you said we're starting to figure out how to get the digital and physical world to work together? the reason i ask, i don't want investors to see store closings as necessarily a bad thing. it could be a good thing. >> i think what's happened, those retailers that tended to close stores and/or went bankrupt were those that didn't invest in the store network, didn't keep the experience fresh. in one hand you're having a lot of retailers invest in their store network where the last 10 years were the investment of the digital properties. the next 10 years i believe is
about investing in the store network to bring those relationships together. to your point around the global statistics, i think in the u.s. we have historically been very department store centric in the composition of retail. where the rest of the world had a lot more entertainment, food and beverage, et cetera, and what you're seeing now is as those stores happen, a consistent veer yens or -- veer consistenconvergence or converso entertainment, et cetera. young millennials, they like to entertain. dagen: i say this all the time. cheese cake factory is the anchor tenant in a lot of shopping areas. a retail analyst was on friday. she said a lot of the maul and shop -- mall and shopping center space that might be vacant is getting taken up by pop-up shops. it's this rotating lineup of
retailers that are in these malls like even the one out in garden city, long island which i think is owned by westfield properties, that you get this refresh every three months, every six months with pop-ups moving in. a lot of times it's an online retailer like brooklinen that moves in to fill vacant store space. >> there's a huge amount of demand by online only retailers moving into physical space. we have a show in a couple weeks, we'll have a section devoted to online digital retailers moving into physical space because of the relationship and to grow the brand awareness, you need to have the physical location. maria: what's wrong with the markets? dagen mentioned a number of stocks, like target that's down 20 there's a month, others down 22% in a month, markets nervous about a growth slowdown. you keep saying we're going to
get a blowout and everything is great with the consumer. you're not the only one. we have the former ceo on of saks that said the same thing. what is the market worried about? >> if i knew that, i wouldn't be doing this. maria: oftentimes the market is anticipating things. dagen: if you look at a look of major reterrells, -- reterrells, the only one that we track that is up is fred's, the only one of anmajor retailer that is up. a lot down double digits. nordstrom, target, kohl's is down 16%. maria: is the market worried about margins? >> i think margins are part of it, looking at the coverage. i think obviously the cost of fulfillment, shipping costs are obviously significant. that's why i think those retailers that do a good job of leveraging their physical store footprint are in a good exeat situation -- good competitive
situation. they're bringing the consumer to the store. we know when consumers come to the store to pick up something they bought onlie, they tend to buy something else. so that convergence is really, really important that you build a coordinated strategy. maria: tom, it's great to get your insights. thanks so much. coming up, apple heads to the high court, the supreme court is hearing arguments in an anti-trust case tied to the app store. and tesla's ceo elon musk details how close the car maker came to dying, his comments later this hour. right here. back in a moment. ♪ i'm on the right track baby i was born this way. ♪ so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today. (tonand all thro' the house. 'twas the night before christma,
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on headlines now. cheryl: the officer died aftr a burglary suspect's car ran him over. this happened on saturday when the officer and another officer responded to a burglary call. the driver was shot and killed and another suspect also captured. the 31-year-old officer is survived by his wife and 4-month-old baby. a gav gofundme page raised more than $20,000 so far to help the family. the wall street journal said more homeowners are tapping the equity in their homes for cash even as rising mortgage rates put the brakes on demands for refinancing. more than 80% of borrowers who refinanced in the third quarter took the cashout option, pulling more than $14 billion in equity in homes i in total, the highest share of cash-out re-fies we've seen in 11 years. banks give out credit scores, right? now china is going to be
awarding social credit scores. a authorities in beijing will judge each of the country's 1.3 billion people on, quote, personal trustworthiness. it's under a point system coming up in 2020. there are no details about how the point system is going to work. punishments for low scores are believed to include slowing internet speeds, less access to good schools for their children and banning people from certain jobs. hard to react to this. maria: it's pretty extraordinary. if you get a bad score, you will not be able to move at all. in other words, you won't be able to get tickets to get on the train, to get on planes, to travel. and you have to believe that some high profile technology companies are helping china with this new system of grading people like google. what do you think, mitch? >> i think it's unprecedented.
i worry about it. we have a massive concern about privacy in this country. we have all of these conversations going on about what's going on in china. this is something that should get a lot more attention. dagen.cheryl: it sounds like ts no transparency into what the system is and what it's about. it's a scary prospect if that's where that country is going. >> in china they use facial recognition technology differently than we do. big brother is definitely watching in china. maria: what gets me is that google walked away from doing a deal with the pentagon, helping the pentagon providing its artificial intelligence to the u.s. government because they said they couldn't be anywhere close to what was going on in terms of immigration. and yet they're willing to go to china and help china grade and judge 1.3 billion people to make it harder for them to move around if they don't like if you smoke cigarettes or whatever you're doing that gives you a
bad review. >> the other thing is, it may be technology companies of ours that are doing it willfully or maybe our technology being used against that company's will when they've stolen the i.p. themselves. >> and they continue to do business there, let's be clear about that, even if the i.p. is being stolen. dagen: our privacy has been abused for years and years and years by companies, and you can say it was our personal responsibility not to hand over all this private information to a facebook or be more aware of how google was using our private information, just about how we use the internet. but again, they've hood wing wid us. now they've got to move on because we're waking up to how they've made money off our backs. maria: in china they don't have a choice, because they'll be grading you. dagen: communism. maria: there you go, communism. right. we'll take a break. we'll watch this, when we come back, the fight for transparency
in the us, fired fbi director jim comey says his hearing in front of the house judiciary committee should be public. the pushback coming up. we'll tell you about public versus private in terms of the hearings. then tesla's year, howi how eln musk said the model 3 production affected the company. stay with us. ♪
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cheryl casone has details. cheryl: happy monday. what a tough year for tesla's ceo and for tesla, especially in the ramp-up of model 3 production over the summer. musk said just how bad things really got at the company. >> essentially, the company was bleeding money like crazy and just if we didn't solve these problems in a very short period of time we were dying and it was extremely difficult to solve them. >> how close to death did you come? >> you know, within single digit weeks. cheryl: within weeks, tesla struggling to survive. remember the wall street journal story asked suppliers to refund some cash so they could sustain production. tesla did sustain itself. it turned a profit last quarter but it still has about $10 billion in debt. the balance sheet does not look good. the stress of all of this taking a toll on elon musk. >> 22 hours a day? >> seven days a week, sleeping
in the factory, worked in the paint shop, general assembly, body shop. >> do you ever worry about yourself imploding, like just too much? >> absolutely. no one should put this many hours into work. this is not good. cheryl: a little bit of regret i sensed in his voice there when he said this is just not good. but look, he's smoking pot during a podcast, he's sending tweets that put him in hot water with the s.e.c. and he also in they same interview talked about not only going to mars but living in mars to build a base there, even though that could spell death because there are dangerous conditions. this is the mentality of the ceo of tesla and spacex, just that pie in the sky visionary type of person but he was pretty candid about a lot of the reports, that did he sleep on the factory floor, yeah, he wore the same clothes for a week to get the
company to survive. maria: the founder. >> a high threshold for risk, that guy. can you imagine living like that and coming up with new ideas, spreading yourself more thin. dagen: i think the narrative that emerged from that -- we're all guilty of this, that emerged from the joe rogen podcast, it was a long podcast, it was two hours and we focus on him smoking weed. everybody in tech smokes weed in california. it wasn't indicative of his lifestyle. he was able to focus and save that company, the company as you pointed out turned a profit. i've always been a ma nay sayerf elon musk because i think he's a jerk. i think it was i responsible for him to -- ir responsible to put out the tweet.
the narrative that emerged was that he was unraveling. he's focused enough to continue to operate the company. maria: it's legal in californ california. dagen: recreational marijuana use is legal in california, as well as almost a dozen other states. i -- never mind. i'll save that prediction. >> even after the tweet, he had another tweet. >> there's been a series of tweets. he doesn't stop. maria: he wanted to stick it to the shorts, over and over again. dagen: he enjoys trolling the s.e.c. who doesn't, quite frankly. >> he's going to be who he is. he's got a high threshold for chaos and risk. he's a true entrepreneur. he wants to build a base on mars. he's 47 years old. he said there's a 70% chance that he does that. dagen: he's worried about artificial intelligence which is something we discuss here often. he's worried about the
infiltration of a.i. into our everyday lives. he's warned president after president about this very thing. if you listen to the whole podcast, he gets into that. >> do you think he redeemed himself in the hbo interview? i showed you a couple clips of it. do you think this is the style of an executive we want to see heading up major companies. there was a mass exodus of executives and talent, i think 23 executives last in the past three years, partially because of what elon musk was doing to the company. maria: that's probably why he did the interview, to make people better understand what he's thinking. winter's chill comes blowing in, hundreds of flights grounded by a snowstorm in th the u.s. on oe of the year's busines busiest tl days. and a highway patrol station gets an unexpected intruder. yes, that bear. back in a minute.
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maria: welcome back. good monday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is monday, november 26th. your top stories right now. markets this morning are on fire. take a look at this rally underway. futures indicate a gain of 250 plus points on the dow industrials, better than 1%. s&p is up 30 points, better than 1% there as well and the nasdaq with 102 point move up 1 2/3% right now. this comes after the dow and nasdaq had their worst week since march last week. take a look at the numbers, dow industrials down last week 4.5%, and the nasdaq down 4.25% on the week last week. in europe this morning markets are higher across the board. this is just shy of the highs of the morning, fq100 up 58, cac up 46, dax index in germany up 137
points, that's 1.25% higher. similar story in asia overnight, markets close mostly higher with the exception of china. hang seng index up 1 3/4%. the supreme court hearing arguments today on apple's anti-trust dispute. plus, questions for fired fbi director jim comey. trey gowdy ways in on how to avoid a carnival at mot atmosphr comey's interview with the house judiciary committee. >> the remedy for leaks is not have a public hearing where you are supposed to ask about 17 months' worth of work in five minutes. i think the remedy is to videotape the deposition, videotape the transcribed interview. that way the public can see whether the question wa fair -- whether the question was fair. maria: the fallout coming up this morning. and the snowstorm batters parts of the midwest, forcing hundreds of flights to be canceled. plus, luxury for less, we're
checking out brook linen, a popular online bedding brand with millennials, it's going from clicks to brink bricks com. plus details on a bear, yes, the bear that walked into a california highway patrol office. all those stories coming up this monday morning. first, our top story this half hour, apple is under fire, the technology giant headed to the high court today where the justices will hear argument as part of an anti-trust lawsuit over the company's app store policies. it accuses apples of breaking anti-trust laws by monday on a y on iphone apps. they argue the case threatens the e-commerce industry. joining us now is judge andrew napolitano. >> good morning. i took out my iphone. here's what the argument is about. you like all these apps that we v. you buy them from the people that you got the iphone from, apple. >> harris: rathe rather than bum
from another place. it doesn't say you're overcharging. it doesn't say you caused me to lose money. it doesn't say you're unfairly competing against me because the complainants are the consumers who say we love the iphone, we just want to be able to get apps from another source to which apple says get that other person's iphone which of course doesn't exist. so it's interesting. this was filed in california in san francisco. apple lost. apple of lost at the ninth circuit. apple asked the supreme court to take the case. you have to get permission for the supreme court to take your case. there's no automatic right to appeal. the supreme court said yes, we'll hear it before justice kavanaugh joined. i think justice kavanaugh is a vote for apple. i think apple will prevail. maria: can you buy apps somewhere else and use them on your iphone? >> i don't know. i haven't tried that. maria: i don't know where else to buy apps, do you?
>> according to the lawsuit, the answer tour question is no. maria: well, that's the point. >> they want to be able to buy apps elsewhere. you buy a general he motors car, you want to be able to get a tire from ford and put it on the car. that's the analogy. it's a rough analogy. maria: i understand it. >> that's the argument of the consumers to which apple says you aren't harmed. you love our products and you use them. we haven't cost you a nick bell. maria: another app seller is harmed. >> yes. that person is not suing. apple is saying the wrong person is in court. >> what's the remedy here. let's say the plaintiffs prevail. would that create a new cottage industry for third party app distributors? >> yes, it probably would. and their argument is, the plaintiffs' argument is that's better for the economy because competition improves the product and if there were more app stores, i guess we wouldn't call them app stores because it wouldn't be an ion. lauren iphone.>> it would be anr
phone, a third party app store. >> that would create more commerce and would generate more wealth. dagen: app pell -- why -- apple, why couldn't apple argue this is our phone, this is our system. if you don't want to use an iphone, then don't. >> go buy an android. dagen: go buy an android phone or buy another phone. >> that argument is being made before the supreme court when the oral arrestingment is being lead today. that argument was made and lost in the circuit court. apple has a different audience with the supreme court. they're going to make that argument. maria: they could come back and say look, apple has the dominant position in the market. so i don't want to buy another phone. i want to buy apple. they have the dominant position. can the dominant position also offer different apps from a different company? dagen: they actually don't -- aren't the biggest phone seller in the world. they're not anywhere near the largest. worldwide they're not. >> in the u.s., they're -- i
think they're largest in the u.s. though. >> how many apps are there? probably about 350,000. it's almost inconceivable that -- the point is will the system tolerate, will it accept an app from another source. the answer is no. maria: the answer is no. >> it's interesting to see if this could impact the reputation of apple. this is another piece of a narrative that says apple isn't on the side of the consumer. >> let me tell you an odd thing in the case. the justice department weighed in and filed a brief on the side of -- >> apple. >> apple. very unusual. so the justice department whose job it is to monitor anti-trust violations is saying we don't see one here. maria: okay. let me move on to get the subpoena news out there because fbi director jim comey is vowing that he will revisit a closed door hearing with house republicans, citing concerns over selective leaking. house oversight committee chairman trey gowdy responded to
the claim yesterday. >> leaks are counter productive, whether jim comey is doing it shall, the fbi is doing it, the congress is doing it. the remedy is not to have a public hearing where you're supposed to ask about 17 months worth of work in five minutes. i think the remedy is to videotape the deposition videotape the transcribed interview, that way the public can see whether the question is fair, they can judge the entirety of the answer. maria: judge, we know that loretta lynch and jim comey have been subpoenaed and comey keeps saying i want the public hearing versus the private hearing. i've been told that the reason you don't want a public hearing is because he can just come out and say i can't answer that, that's confidential. that's classified. whereas in a private hearing he will have to answer all questions. >> well, if they have the same level of classification that he does or did -- maria: exactly. >> the answer to that is correct. actually i agree with both sides. i agree profoundly with congressman gowdy that leaks are horrible, generally, and when
congress has a private hearing like this, democrats will leak what they want, you get their narrative, republicans will leak what they want, you get their narrative. i don't think we need the videotape. just release the transcript. let us read what the questions were and the answers were. and i share jim comey's concern that they're going to leak me to death. i want to do it in public. the witness doesn't get to -- maria: this from leaker in in chief. >> you can make that argument. the witness doesn't get to decide the forum or the circumstances. if he challenges this subpoena because it's not an open be public hearing he will lose that challenge. is that the real reason for the challenge or is it to delay things until january 3rd. maria: that's exactly -- the 11:00 hour. >> what happens january 3rd, the democrats take control of the house. dagen: you would think the norma desmond of the federal bureau of investigation would want to get in front of the camera to do sales of his book before the holiday shopping season.
>> he's doing that. >> if jerry nadler serves the subpoena on january 4th and it's a public hearing we'll be glued to it and the witness will be very happy because we're glued to. maria: i've been with this story all year, interviewing all the heads of the committee as you know on this fbi, doj story. i've got to say, what the heck took them so long to subpoena jim comey and loretta lynch, four weeks before the democrats take over, god, are you inept or what? >> you and i and many colleagues have been critical of the republicans of doing too much negotiating. they could have served the subpoenas 18 months ago. now in the death throes in their tenure, now they serve the. maria: i do believe there was -- now a subpoena. >> too late. they can run the clock. dagen: a lot of people behind the scenes blame paul ryan. maria: that's right di. dagen: for throwing up
roadblocks. maria.>> dagen is correct. the speaker must approve the subpoenas. if the speaker doesn't approve it, it's got to go to the floor of the house for a vote. they can't get to the floor of the house without the speaker's approval. paul ryan is the one that blocked it. dagen: bob goodlatte wrote an editorial about the need to do this. he said this particular part of the investigation has been underway for more than a year now. >> they may not have thought they would lose the house, but this should have come to a head a long time ago. maria: quick break, then out of the cyber world and into brick and mortar. how popular millennial brand brooklinen is setting up shop giuliani line. smarter than the average bear, this california bear makes an impromptu visit to a police station. more of this great video and what happened next, coming up. ♪ i just want to use your love
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dangerous travel conditions. cheryl: hundreds of flights were grounded. more than 500 flights have been canceled today and yesterday over 1200 flights were canceled. the storm closed major highways at the end of the thanksgiving weekend. meanwhile, the delaware memorial bridge reopened late last night after being closed for more than six hours because of a chemical leak at a nearby plant. lots of drivers stuck in the traffic on one of the busiest travel days of the year. well, a deal could be in the works to end a bitter fight at campbell's soup. the company reportedly is expected to add two new board members. it would expand the board size to 14 from 12. the deal also under discussion to give third point input on a third director as well as selecting campbell's new chief executive. shares of campbell soup were down 15% so far this year.
this is a look at a curious bear finding its way into a california highway patrol office in northern california. this is the surveillance video that was shared by the chp. the bear appears to take a peek inside the building, then opens the door to go inside. first stop, the vending machine. he then strolls around before he returns to the door and the exit of course followed by two armed officers who in their guns drawn. the bear actually stood up to open up the door to come in. [ laughter ] maria: that's great video. thanks, cheryl. how to score luxury for less as online bedding supplier brook linen expands outside the digital realm, that's next. ♪ i hear the secrets that you keep. ♪ when you're talking in your sleep. ♪ i hear the secrets that you keep. ♪ when you're talking in your sleep. a september to remember,
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♪ don't sleep till brooklyn. ♪ no sleep till brooklyn. maria: welcome back. from clicks to bricks, luxury online bedding company brook linen recently opened its first brick and mortar pop-up shop in new york city. joining us now is rich pilla. we have fans on the panel dagen has used your sheets and loved them. tell us about the business. >> the response has been incredible. this is our first forray from going online to physical retail. we've met a lot of our customers, new customers, customers that come back to buy more. it's been a wild success so far and hopefully there's more to come. maria: that's fantastic. what's the sales pitch. why are these sheets so great? >> it's a tremendous value proposition.
the price you're paying for the quality we're polic police deli, it's second to none. we have a best in class product. we have a lifetime warranty on all of our products. there's zero risk. we have 50,000 reviews of happy customers. it's overwhelmingly positive feedback. low risk pork purchase, great nt sleep. >> i said it's a great idea. i want to touch the sheet before i buy. i turned it and i feel a lot better about the product. how do you overcome that obstacle? >> a lot of people said it would be a problem. we minimized that with the warranty, the goo guarantee, grt reviews, we guide people to the right fabric, the right weights, the right texture. you feel informed about the decision you're making. dagen: lee, you're picky, most people don't need to touch the sheets. >> you would think a lot of people would. dagen: the way you described the sheets, the way they're photographed, you know what you're getting.
i have been a brook linen customer really from the beginning when you guys launched it. and again, the deluxe sheet set, it's white sheets but you don't have to iron them, they look crisp and the pillow cases have a lovely pocket so the pillow doesn't stick out. maria: what's the fabric. >> it's a 480 thread count, it's a long staple cotton, extremely luxurious and soft to the touch. our classic line was the first. we talked to customers a lot and say what do you want next, looking for something heavier, lighter, brighter, darker, we do that almost every quarter and that helps with the product development. dagen: you've had trouble keeping up with demand. >> we have. dagen: last year i tried to order your winter weight sheets and they were sold out. i couldn't find them for months and months. >> we have a new winter weight coming out in about a month, so stay tuned. but yeah, keeping up with demand has been a challenge for us as we've grown so quickly. really it's about just getting ahead of our forecast.
we've had such a positive feedback. it's been challenging. maria: are you growing so quickly because of millennials? any specific pocket of the population that you think is fueling the growth? we know that millennials apparently this is a favorite. >> the direct to consumer model is really good for millennials because they're predisposed to buying online, on mobile, so it's really, really easy for them. but our mix is really 50/50 now. the initial customers, early adopters were millennials. now that's pretty much 50%. now beyond 45 plus is another 5 #50% of our customer base. dagen: i know mitch wants to get in here. what was the most effective channel that you used in terms of advertising when you first started? was it instagram delivered ads? did you advertise on pod casts which i know a lot of direct to consumer businesses like casper mattress did that and were successful at it. >> we took an old school
approach. you now we have 25 different marketing channels, podcast, tv, everything you said. it was great customer service and word of mouth referrals. we made sure customers had a great experience. we hoped on banked on referring to cousins, siblings in friends. and the business grew. that is the best marketing channel. in terms of paid marketing, we have a lot of stuff going on, they interact together at the same time. >> your forray into brick and mortar retail, it's a pop-up store, is this experimental or do you have longer term plans to add more stores? >> it's experimental. we wanted to test the peak holiday season and some of the lower season after the new year. the goal was to not get a false positive where everything is great but to see how things equalize over time. the goal is to grow into it a more robust plan, nationwide, several stores, once we prove out the concept and really master the economics. dagen: where are they made? >> portugal and israel are
sheets, blankets are israel, germany, canada. we have stuff from all over. dagen: no tariff trouble at this time? >> no tariff trouble, no china manufacturing. maria: what kind of fourth quarter and next year are you expecting? how does the consumer look to you? >> the consumer looks really good. our customer does well even in times of market turbulence. we are the number three fastest growing company in retail. hopefully we continue a that momentum next year. it's been a whirl wind in only four years. dagen: four years. maria: the fastest grower in retail. >> thank you so much. maria: we'll be watching the developments. good for you. check out the sheets. still ahead, we are expecting a record cyber monday today. we'll take you to the biggest online retailer of them all, amazon, check out what they're seeing, that's next hours, "mornings with maria," stay with us. ♪ ain't no mountain high enough. ♪ ain't no valley low enough.
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maria: welcome back. good monday morning. thanks so much for joining us. i'm maria bartiromo, monday, november 26 top stories 600 confirm on the east coast, from bricks to click gearing up for cyber monday deals after spending more than 6 billion dollars on line on black friday, we are taking a look at power of horizon holiday shopping into high for a question stock up better than 2% looking at a strong rally this morning markets on fire, check this out dow industrials expected to be up about 250 points, right out of the gate this morning better than 1% s&p 500 up 1.1%, 29 points higher nasdaq up 1 1/2% 101 points higher right now after a tough week last unique dow, nasdaq worst week last week since march dows do down 4 1/2% as nasdaq s&p down 3 3/4% worst week since march
for the smaij averages in europe bounce there as well the president 100 up two-thirds of a percent cac quarante up two-thirds of a percent dax up 1.1%, 125 points higher in asia overnight strong markets o mostly higher exception of shanghai composite, down a fraction, there, caravan crisis major southern border reopens to travelers after a group of migrants stormed the area, congressman johnson and jim himed on "sunday morning futures" yesterday. >> the dangerous radicalized terrorists undetected find their way into country take refuge plotting who knows what -- >> flat outlying about national security threat associated with caravan. >> secure borders important you saw problem by understanding it. maria: ask latest as president trump threatens to close the border permanently
if this keeps up. >> removed overcast agency chairman the latest new questions what is behind allegations against ghosn he says he is innocent, gps confusion a woman blaming her navigation system, for driving on railroad traction instead of the roads says gps told her to go that way stories this monday morning joining to us break it all down fox business network dagen mcdowell pwc partner mitch reproach chel pollster president maslansky and partners -- >> that is a new one gps told me. >> great defense. >> car driving like -- whoopa you are not on a dirt track then there is a problem. >> gps ever question? >> i yell at gps. >> thank you for reifr forcing notion women are bad drirgz don't understand directions --
hats off to her, cyber monday expecting another big day of shopping, black friday, you were watching from get-go friday what did you think about black friday store traffic journal says a little lower than we expected online was up big right. dagen: i always wait until later in the shopping season because in recent years even going back last 10 years i think busiest shopping day of the season even of the year is the saturday before christmas, and so it is a great black friday the season might not look great overall, if it is if it is somewhat weak in terms of foot traffic i know foot traffic down according to some reports. maria: yeah. dagen: but still could be a great season with consumer holdings this up economy quite frankly. maria: ooefb we talked to tom mcghee on early head of international shopping centers former ceo of saks say a blowout quarter fourth blowout
shopping season for the holidays coming up i don't understand recession worry. >> consumer confidence all-time high too. >> and, listen it is very clear that consumers about enthusiastic journal reported lower income americans felt really strong going into this holiday season, and i think that is really important, and that is really the payback talking about a year ago. >> lower gasoline prices on lower income. >> especially important this move in oil prices lower as perfect timing for consumer big hour ahead joining the conversation german george w. bush senior adviser fox news contributor karl rove here. >> congressman scott parry joins us "varney & company" host weighs in don't miss hour wicking off right here, with cyber monday full speed, to be biggest online shopping day in u.s. history, adobe analytics predicting record 7.8 billion
dollars oenlt sales today alone jeff flock with the very latest on amazon cyber monday plans good morning to you it is snowing out. reporter: oh we had beautiful plans maria this morning to be inside, this horizon center one of dozens across country thousands of workers filling your orders, but blizzards power out 2:00 a.m. to this center you can see trucks are backed up trying to deliver inside but they haven't got workers the a purpose the lights inside to do it so you know, we can talk about a blowout season but right now just blowing -- and don't mess with mother nature. as i said this is one of the fulfillment centers sausage gets made snow be stopped here in illinois hopefully they get power back on con-ed working on it here in illinois getting power back on folks back at
work, we will show you exciting scenes throughout the day here on fox business network, right now, we are just cold, and snowy in illinois. >> sure is jeff thank you so much lovely you don't have to go outside if you want to participate in the online shopping we are expecting thank you a look at rally to start week for insurer investors watching jay powell speak out wednesday speaking in front of the new york economic club on friday has got president preparing to meet with chinese president xi jinping, this week, that could be a turning point on trade, that is going to happen in argentina friday, this, of course, coming after markets back on rebound after major declines last unique markets expected to be up 250 points today you do nasdaq up 104 points one and two-thirds% a strong rally under way right now, wells fargo senior global strategy scott wren good to see you. >> how you doing. >> when you see a market up 200 points, right out of the gate, after a market that saw
the dow down 4 1/2% last week, you want to buy or you want to sell into it? >> well for us we want to buy, and really, you know if you look at technically 2580 to 2630 that is good support zone in there. we've been watching that, he weren't exactly sure we are going to trade down there again, but obviously we are down top end of that support range, so we have been encouraging our clients we don't think this expansion is over, we don't think the bull market is over, and we certainly want them put in cash to work, and like most realer investors our clients tend to have a a little bit of cash on the sidelines. >> good morning, you referenced s&p 500 is your suggestion to your clients, basically just buy that index? >> well, mitch we tried -- we have a lot of clients obviously who like doing single stocks but, also, we do a lot of asset allocation obviously the index if you
look at sectors within that next industrials consumer discretionary financials health care, that is the way we want them leaning we don't want them hiding in things like utilities, things like that. so you know, whether they do it through etfs or trying individual stocks that is up to them but certainly, s&p 500 is a good foundation to own here. >> how important is the fed this week, what do you think about jay powell speaking on wednesday, at new york economic club, dallas federal reserve president kaplan joined us last week basically saying the fed does not need to keep foot on slerlt accelerator at this point we are going to see economic slowdown. >> at this stage you are going to hear me be much more careful avoid being rigid or predetermined, regarding our future moves, i think we might have some further moves to go but i am going to be very in
the lingo data dependent, and avoid again being rigid predetermined about the path of rates and the pace at when we're moving i think that is appropriate at this stage in the cycle. maria: and that, of course, futures down that was november 16 a week and a half ago when he joined us, what would surprise markets, scott in terms of this wednesday speech from jay powell wednesday at 12? >> maria i think, you know, really there's two events that are going to determine withstands here over the next five weeks and houp we finish this year. one is of course the xi-trump meeting happening at g20 friday and saturday. the other one, of course, is the fomc 18th and 19th i think that is likely to happen this week with powell's speech he is going to set the table for that, is he going to continue and is fed going to continue kind of a hawkish kind every tone not strongly hawkish but
hawkic or back off of that a little bit? so whatever happens at fomc i think jay powell is going to set the table for that, and i think there is a reasonable probability that we hear good news, out of the xi-trump meeting it won't take much but, also, that there is a reasonable chance that we see here the fed, maybe back off a little bit may be a little less hawkish if we see both things happen or may be just one of them i think the market is going to be higher than where we are right now the end of the year. dagen: scott it is dagen mcdowell what do you make about widespread broad-based rout that we've seen in a host of asset classes the "the wall street journal," writes about it today, it is global stocks, it is global bonds, it is oil. copper, burlap, is one commodity trabd tracked by
deutsche bank, negative turns seems to suggest sg afoot constant be solved by a truce between united states and china on trade. >> two biggest risks this year talking a long time the fed making a mistake, global growth slowing down, and, believe it or not, in one of our models bureau l.a. is input into that so i mean that is an economic indicator that is worth watching. but i think it has to do with the global slowdown clearly, when 35 or 40% of the revenues for s&p 500, come from overseas you need? help from overseas economies people are afraid right now whether china whether it is a eurozone, japan, that things are slowing down, outside of the u.s. we need that help to get to our year what was year-end target 2800 to 2900 certainly a year from now we want clients looking where i think you will have probably a north of 10% return, we need
help from overseas. >> you think that everything is -- you sound very optimistic a lot of folks saying next year growth is going to slow down there is no way we can sustain this. do you disagree with that. >> here is the situation, clearly we are not going to have 20 plus percent earnings growth next year market knows that known that this entire year. >> how about 29%? >> -- yeah. the third quarter 29% i mean unbelievable, that is not going to continue, but it doesn't have to continue. i think we are going to be somewhere around that 10% range maybe a touch lower if you have modest inflation earnings growths 8 to 10% something like that, stocks can do well in that kind of environment we don't need to grow north 206% for zoks to do well i think that is the case in 2019. maria: all right. we will loaf there it great to see you scott thanks so much. >> thanks guys. >> scot wren from wells fargo frenzy at border see these
pictures officials using tear gas closed a key entry point for hours after hundreds of migrants stormed the brourt over the weekend. >> -- the ouster from nissan last week there are questions this morning about the future of the renault-nissan alliance what is behind this. back in a moment. ♪ it's time for ultimate sleep number week on the new sleep number 360 smart bed. it senses your movement and automatically adjusts to keep you both effortlessly comfortable. it's the last chance to save 50% on the new sleep number 360 limited edition smart bed.
gulf arab countries they claim to have video admiting he is a member of mi6 britain secret intelligence servicer did straining relations between britain and uae. >> mitsubishi removing carlos ghosn from role as chairman after nissan ousted ghosn as chairman for alleged financial misconduct saying ghosn has too much power led renault nissan's largest shareholder renault holds 43% stake in nissan japanese ought maker 50% stake in ren elate shares nissan down 15% so far this year, check this out distracted driving not sure but this is a woman caught driving on train tracks claiming her gps told her to i will do it! pennsylvania police say woman one hundred percent sober, had no medical conditions affecting her decision making she was cited for careless driving was not hurt pulled
caroff the tracks to dagen's point does make it a tough argument for female driving thanks a lot lady making us all look good. >> gps made me do it. >> a word about koorlz ghosn ceo of nissan said best ghosn had tip off power why carlos ghosn is detained arrested detained sleeping on futon eating porridge unable to speak to family members told you can't speak to anybody except lawyer no formal charges put on him, none. no formal charges all it is company executive saying that they are doing this with nissan he did not report income, 44 million dollars of which he has not been paid yet i think more to this story we are going to be on top of it putting somebody in jail being detained 22 days could go much
longer than that without charges to me seems scandalous. >> it is a very different way that they have, criminal proceedings over there. >> the judicial system. >> they have up to 60 days to come up with charges while detained, continue to leak information we have seen it. >> he is in jail deciding what they are going to charge him with. >> we will see dribs and drabs what the case is as coming together, the families going to learn it that way really, really terrible process that people have to go through, if you are detained in japan. >> let's not forget movement within nissan did not want to merge with renault. a french company they feel nissan is stronger company, and ren elate owns more nissan than nissan owns of renault there was a lot going on, by people who did not want minimum in charge i saw that out there we will keep following it. dagen: you just told colleagues in terms of millions of dollars deferred compensation he was acteding appropriately when he did not report that in financial
disclosures he rescued nissan from verge of bankruptcy when outside looking in a move by japanese ownership to get rid of him dispose of him. maria: right. dagen: for them to reclaim control of the company. >>. >> that is how it looks from outside, you know if indeed, he was not -- not didn't need to disclose deferred compensation. >> money not been given yet. >> deferred compensation for retirement. >> everything i read journal are or any other story all from people familiar with the situation. nobody is quoted no names, so we just have hearsay here a guy was icon in japan so many years sitting in prison right now as they decide what to charge him for bottom line a short break but gps told her to i will do it day agoen? what the heck? dagen: i don't know my father taught me how to read map when i was three and drive when i
maria: markets on fire this morning check out futures up 250 points on dow industrials up 30 on s&p, and up better than 100 on nasdaq expecting a strong opening this morning, after tough week last week for stocks, meanwhile, there is this chaos at the border, hundreds of migrants stormed the border over the weekend, they forced the closure of a key port of entry the use of tear gas by border patrol
president trump doubled down on tough stance. >> said mexico should move flag waving mooikz many stone-cold criminals back to their country do it in i way you want but they are not coming into usa we will close the border permanently if need be congress fund the wall joining us to talk about that fox news contributor formering senior advisor to president george w. bush your reaction they had to close the board for hours right. >> six hours, one of the biggest most busiest border crossings in the world it wasn't we not only had people rushing the border and trying to -- to get across to u.s. side illegal illegally the fathoming there showing demonstrators throwing rocks at the customs and border protection patrol justified in preventative measures tear gas
pepper spray to stop it what is interesting to me the mayor of tijuana is strongly mexican side strongly against these migrant cavs interestingly enough the incoming interior are minister that will take office december 1 said they were agreeing with u.s. at least for now, that these groups are not to be allowed to cross the border, but should be kept in mexico the mayor of tijuana wants them out of his town wants them sent back to countries they came from primarily honduras guatemala. >> karl the rule of law sort of the reputation image control that we have going on right now. it is really hard to fight this battle when you see a woman with two children going up to the wall, being sprayed with tear gas. how do you think the republicans deal with this from a messaging optics perspective because -- stance on immigration wildly popular in practice really, really
hard to stand behind it. >> we all have compassion for people suffering economically live in poverty unsafe country not legitimate grounds to say every one of those individuals gets into united states i am a probability of immigration, immigration reform worked hard to help bring it about short in 2007 because harry reid democrats like about barack obama but as a country we have to control this process. and the idea that somehow or another we are going to if you show up at our border we are going to let you no is not right there was a group of americans 500, representing various migrant groups support groups southern california, rallied on saturday, and is on, in san ysidro across the border from mexico carrying signs like let them in all. we can't do that as a run perfect we have to have orderly process otherwise you allow people to sort of show
up come in more we will hear that message and follow. >> of course, mexico says they will deport migrants who stormed border louisiana congressman mike johnson spoke yesterday on "sunday morning futures" on concern with influx of migrants in mexico. >> mexico has an interest as well their concern that central america migrants refugees would come through mexico, in have droves, carve after carve if we don't top stop this address crises appropriately mexico and u.s. going to haves similar problems. >> this is right at the time carl that you are seeing a change in leadership, so do you think president trump is going to be working with the incoming mexican government on new border security measures or just working with old president? what will new president coming in, do, in terms of of the approach? >> well, we don't know exactly what the new administration of president obama odbject bra
odor will do the u.s. administration working not only with pet nieto current president but outreach to the transition team, of president obama president oabout. rador not friend of united states hangs with people from venezuela cuba nicaragua anti-american understands good politics to be anti-trump president trump's approval rating in mexico low double digits, so we are going to have a difficulty relationship here in week and months ahead the one good thing is, is that there is clearly a negative impact within mexico of these carves we saw when they overwhelmed mexico border forces southern border of mexico now in tijuana mayor of tijuana saying our city cannot afford to provide food and shelter and services to these people, it is responsibility
of mexico city central government, those are going to be pressures that president o. but rador known as mlo is not a friend of the united states going to have to he is going to quicklyfying out that we have common interests in slowing these caravans. >> to your point there are 5,000 migrants traveled with one caravan from honduras camped out in a sports complex, for two weeks, waiting to come to the united states so they are in tijuana, they are 5,000 individuals, and so about the people in mexico whether mayor of tijuana, other officials in that country, reallyize this isn't just a problem this is mexico u.s. problem. >> a lot of people cross that board for jobs commerce each are day north and south the idea that this is a huge border crossing, through which thousands upon thousands of
people cross every day, is not every if not every hour daytime, the closing is a huge negative impact on his communities he knows it so there are some common interests we need to sort of make certain we have the right tone, particularly as new administration comes in there are opportunities to work at common purpose here. >> quick on black friday, bette midler blaming black charisma craziness on low minimum wage tweeting this, how was your black friday no injuries i hope it is incredible that we have to fight over stuff, if there were decent minimum wage or workers were treated fairly got a tiny portion of salaries and ceos pay themselves we wouldn't, your reaction to bette midler. >> with all due respect she is a great singer but economic illiterate may be people want to sales case they wanted good deals, and i want to know, all those movies records she has done how much money did she take out of her salary as a star, and share with all those
starving actresses actors walk-ons please, this is this what is we normally get from hollywood -- friday was a good friday employed jobs, people had to in an stores manufacturing goods had to move goods, a great day for american commerce. >> good to see you karl rove stay with us president trump hitting the campaign trail. we've got it next. stay with us.
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of a big week for markets, rallying futures a gain 230 points start of trading on the dow, up 100 points on nasdaq, and up 340 points on the s&p. markets are higher, right now. after a tough week last week. in asia, europe also we've got a better tone take a look at european indices higher across the board ft 100 up two-thirds of a percent cac quarante up half a of a percent dax in journey up better than 1% in asia overnight markets o most higher exception of china down a for example from interest bricks to clicks shoppers gearing up for cyber monday we are expecting, tons of cyber monday deals today, we are expecting, sale to be up from a year ago, taking a look at power of amazon shopping season kicks into high gear this week gasoline prices on decline that is helpful what more money in pocket means for state of the economy as oil prices, continue to correct, now 51 dollars a barrel on crude. coming up this morning first top stories this 1/2 an hour
president trump hitting the trail, in mississippi, congress headed bag to washington after a long thanksgiving holiday blake burman live at the white house with all details blake, good morning to you. reporter: maria, good morning to you as well senate relevancy in mississippi focus for president trump today will hold two campaign style rallies in that state, biloxi and tupelo, the president heading to mississippi to support cindy hyde smiths ahead of tomorrow's election runoff against democrat mike espy neither cracked 50% first go around on election day this men and women the president this morning continuing to keep his attention, on the southern border, as this weekend the border patrol was forced to fire tear gas on hundreds of central american migrants stormed border front north of tijuana president tweeting out mexico should move flag waving migrants many of whom are stone-cold criminals back to their countries do it by plane bus
any way you want but they are not coming into usa, we will close the border permanently if need be congress fund the wall, as for that lame-duck congress it returns to washington, this week, and wall funding will be key issue from government funding including for department of homeland security needs to be hashed out by december 7 next friday, if not, that could trigger a partially government shutdown also later this week maria democrats meet behind closed doors for a test vote of sorts identification you can describe it as to see whether or not nancy pelosi will be the next speaker of the house. maria: blake thanks very much we will be watching that big we can there as well joining me tens congressman house committee on foreign affairs member scott parry good to see you thanks very much for joining us. >> great to see you. >> big week that is your expectations for funding, border wall a spending bill needs to get done gofrt could
close down by december 7 what are you expecting. >> certainly not anding a shutdown i don't think we are headed that direction but i am hoping that we take a look at the border funding, and immigration reform security in particular. we almost passed a bill we got 195 votes on it earlier in this session, and i think we ought to go right back to that take up extra 20 votes give a little on each side attach that to spending bill the farm bill, and get those things done, before congress changes we don't want to see these things happening at the border there is no reason for it if we have a secure border, these hostile tees occurring at border right now would not be occurring i think that we really as americans need to be very cognizant of that look for a solution while one is at hand right now. maria: but you haven't been able to get it done so far the president has been asking for it mean what is going to change in the next two weeks? >> well we do have lame-duck session folks that might not
have been willing to vote for it in the past i think might be willing to vote for it if asked next week i think it is incumbent upon our leadership to ask i am going to offer amendments to the bills that will allow a vet on it we should have the vote on the floor not just in the rules committee but bring to the floor allow members to vote, to on that legislation, like i said we've got 195 votes we were very close just a little bit of leadership there to push it over the top. i think 800 helpful i as i president will be there for that. >> trade the president meeting with chinese president xi jinping at g20 this week on friday look anything that happens, would probably be seen as positive, because the market is not expecting much but what is your expectation in terms of a trade deal with china? that would be tret impactful won't it. >> it would be, i think the president has said he said he is ready i think that over time xi is becoming more and more ready as pressure
increases in his own country, so i think the time is ripe for this. i -- you know, the -- these the tariff in particular tough on all countries but this raid war that is been going on, been you know instructed by china for many decades now the president is answering the call to this war, and i think we are going to come you the on top the president is -- serious, and masterful negotiating i think that he is looking at this opportunity about four days here to either continue the conversation, and direct it more in united states' interests or to make a deal if -- if china is ready indeed to make a deal i think the president certainly is it has to be good for united states of america and that is the difference here. >> meanwhile, what is u.s. do about russia and ukraine tensions flaring up united nations holding emergency meeting after you been russia fired upon then seized three
ukrainian ships near crimea they are saying they crossed into russian warts illegally yu crepe authorities say they gave advance notice to russians vessels would be entering these waters your reaction. >> first thing i think for the united states to do is to understand, our relationship with russia, they are a strategic adversary longstanding relationship is between russia ukraine goes back to hostilities that began in 1930s if not before that russia in my opinion doesn't owe any claim to that land, i think a number of issues can be taken by united states, like, selling ukraine,s surface to air anticharacteristic artillery to make sure russian understands where united states' interests lies low we decide our ally is should be did he sidedly ukraine in this stance i think small tens make
a difference in russia's cancellation what they do vis-a-vis ukraine we will be watching congressman good to see you thanks very much. >> thank you. >> see you soon, we will take a short break gas prices are down, stuart varney has a bold predictions on what you will pay at the pump could mean good news for the economy a second chance for ups i delivery company is aiming to avoid past about fumbles in holiday shipping wait till you see this. back in a minute. ♪ ♪ you've got a good record and liberty mutual won't hold a grudge by raising your rates over one mistake. you hear that, karen? liberty mutual doesn't hold grudges. how mature of them! for drivers with accident forgiveness, liberty mutual won't raise their rates because of their first accident.
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maria: welcome back, gasoline prices are lower drivers could be getting a nice christmas gift joining us the host of "varney & company" stuart varney to weigh in stu that is a big gift. >> i know i am a broken record here, i know i make a big deal out of cheap gas don't you love it maria really? don't you lot of it? you pull up and say fill her up you pay about 25 bucks to fill up the tank, i absolutely love it as you appointing out, the national average for regular is 2.55. down 47 straight days, and if you wanting to over to missouri, you can get an average price of 2.17 a gallon if you go to six or maybe seven different states now you can pay a buck 99. i live in new jersey, where average is about 2.50, i am convinced that by christmas i will find a gas station
somewhere in my home state will pump me gas for a buck 99. i am kidnapped, oil 51 dollars a barrel this morning another plunge like friday, i think we are heading towards two dollar gasoline what say you i think a wonderful thing. >> i wondered what it is telling us stuart a good thing to have more money in your pocket no doubt about it but, you know, that sometimes oil is an indicator of what is going on in global economy so is it telling us that things are really slowing down. >> i think it is telling us two things, you are absolutely right, the rest of the world is indeed slowing down, we're not there, that makes apple difference to demand for oil therefore the price but the other big thing is american frackers, turning out what 11.6 million barrels per day oil more than any other country, russia and saudi arabia included. going to go to 14 million barrels a day within a couple years. that is going to keep the price of gasoline well under
control absent some cataclysmic event overseas that is energy inflation suppressed i think overall a good thing. >> i know more in 10 minutes thank you so much we will see you "varney & company" top of the hour 9:00 a.m. eastern after "mornings with maria," first a short break we are expecting a record cyber monday sales day we've got a look how big retailers like amazon are offering the best details back in a minute. ♪ ♪ welcome to the place where people go to learn about
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billion dollars on line black friday susan li checking out the details there good morning to you. >> monday morning maria expecting a better clooish monday than black friday, believe it or not, analysts predicting over seven billion dollars we spent online today, higher than friday, and 8% more than last year, let's check out the retailers amazons walmarts targets amazon bacteria territory, walmart struggling tar gt seeing good returns so far 2018 move to christmas season we have ups expecting to handle 800 million packages during that time they have hired close to 100,000 seasonal workers hoping this year that they will get a surge probably something they can handle get packages delivered on time, let's move to gm, gm expected to shut
down operations in oshawa ontario canada comes from local news report canada by tv use protecting 2800 workers affected in a city east of toronto awaiting confirmation of 2.0, back to you. >> thank you so much looking at a rip-roaring rally start of trading you guys, and earnings obviously have been pretty good, 29% year-over-year for the third quarter dagen what are we talking about recession? i don't know dagen: you know what it could -- if the market drops enough that alone could trigger recession could it not? if it -- disrupts investor spent consumer sentiment sufficiently fulfilling in a way the estimates for earnings growth next year have come way down, they are below, last time i looked below 8% growth next year down from kind of a double-digit growth story, moving into -- before the
reporting -- >> sharp decline. >> right. >> it is that and also, again, uncertainties about what global central banks are doing the global economy slowing of that broad sell-off in asset classes unnerving. >> it is everything is -- >> one of the things we talked to lindsey bell about last week or week before the fact that this upcoming near earnings don't have one time benefit of the traem whtax reform some shocked by that expectation earnings growth -- >> fiscal stimulus goes away over time. >> if companies start spending as they looked like beginning to do, the first quarter of this year. what if they did that,. >> as opposed to buying stock paying dividends. maria: we will see about that final thoughts after this short break. stay with us.
♪ >> big market day expected today 250 higher on the dow final thoughts from this all-star panel lee carter. >> i'll be watching who is speaker of the house nancy pelosi, my guess is going to be it. i think that democrats are going for huge identity crisis but it hurt i think she's going to win. >> vote is on wednesday. mitch. >> i said last week that how consumer may haves this weekend in holiday shopping is going to impact way the market is behaving consumer was robust, and market is up. >> yeah, good call mitch. >> good call. a note that the reason that people are in stores fighting with each other because it is better to fight with strangers
than your family, and like your aunt who makes you watch first wives club like for the 8th time kind of seen it, been there done that. that's why people are in stores on black friday. >> with minimum wage and tweeted many times. have a great day everybody thanks for joining us. stuart is up next 25eubg it away. >> good morning maria, good morning everyone. one word, rebound. one question, will it last? well, it definitely is a bounce after last week horror show and go up a solid 200 points at the morning close. we were at 24,200 last friday. we'll be above that today. you've got to love nasdaq, home with techs moving back up today a gain of 100 points. president trump meets xi jinping this week there's optimism overren china trade that's helping market this morning and so does this -- price of gas t