Skip to main content

tv   Making Money With Charles Payne  FOX Business  April 24, 2019 2:00pm-3:00pm EDT

2:00 pm
instrumental. thank you very much. [applause] the department of labor is expanding federal efforts to help recovering americans find a great job in our soaring economy. as a result of our historic economic boom also we're lifts up all americans from all walks of life including those who have endured the pain of addiction. they're getting a second, third, some case as fourth chance. they're making it. they're making it. they have really something to live for. some of them say we love getting up in the morning. we love going to work. we love our job. if they don't like the job, because of what has happened, it is a miracle. all over the world they talk about what happened with our economy. if they don't like their job, they have choice also like the vets. they have choice. it is a choice going out finding a different job that they like better. big impact. last year a record 73% of the new jobs went to people who are out of the workforce and are now
2:01 pm
coming back to work for the first time in many years. [applause] and these newly employed citizens are joining 5.5 million more workers who found jobs since the election, driving our national unemployment rate to its lowest level in 51 years. and, as you know, and you have heard me say it, african-american unemployment, lowest in the history of our country. asian-american unemployment, lowest in the history of our country. hispanic-american unemployment, lowest in the history of our country. people that graduate without a high school diploma, a big group, lowest in the history of our country. women, sorry, lowest in the 61 years. but we'll soon have the record.
2:02 pm
we will soon have the record. [applause] we're going to have that record too. we're all americans. we are all one family and we know that we are the strongest when no one is left behind. my administration is committed to insuring every citizen can live with dignity and purpose and proudly pursue the american dream. critical to this effort is my administration's strong support for faith based initiatives. [cheers and applause] america's a nation that believes in the power of prayer and the strength of fellowship and we believe in the grace of god. we're proud of it. [applause] here with us today is dr. monte
2:03 pm
burks. 19 years ago monte turned his life around when two women of prayer from his hometown church helped him to get on a path to recovery. now monte works for tennessee's, what a great state, department of mental health. he is director of their faith-based recovery initiative. month tie, please come up and tell us a little bit about your work. [applause] >> thank you, sir. >> in all honor and humbled. the opposite of addiction is relationship, that simple equation is what helped me find my freedom. criminal justice intervention led me to treatment, which led me to recovery, which put me on this podium. i've been blessed to serve --
2:04 pm
charles: you've been watching president trump at the rx drug and heroin abuse summit talking about some of the major, major improvements that have been made in this difficult, perhaps the most difficult challenge facing america right now. good afternoon, everyone, i'm charles payne. this is "making money." breaking right now, president trump has made this a signature of his. he really focused completely on this we brought in fox news medical a-team dr. marc siegel with us. because, dr. siegel, you have been on top of unlike many people that i know. president trump reeling off some successes of late and some actions taken on their part. $2 billion in grants to states. 43,000 fewer vets reporting on opioids and also legislation. walk us through where we are right now perhaps the greatest crisis facing this country. >> first of all, charles, he is talking about public/private partnerships involved. red cross has been involved. as you mentioned he talked about
2:05 pm
veterans of the veterans are a hugely important group because people in combat end up with injuries, easily get addicted to opioid medications. getting them off of it is difficult. he talked about mothers and their babies addicted trying to get them off opioids. the key statistics from my point of view are there is a 3% decrease over the past year in deaths from opioid overdoses. that is first time going back in the right direction. when he came in it was 20% increase. the second year was 10% increase in deaths. now they're finally going down. also 25% less drug, less prescription drugs being prescribed by doctors. opioid prescriptions are down 25%. the big problem though, and the elephant in the room remains fentanyl. this incredibly powerful drug 100 times more powerful than morphine. mailed over across the border, coming over from china, that we
2:06 pm
can't stop. so people get addicted to pain medications end up on fentanyl and being overdosed and death. that is big reason we're up to 70,000 a year. neil: what else can be done beyond legislation? we know that plays a critical role but it's a societal problem, right? this is socioeconomic crisis, societal part of it. president trump did talk about the jobs. talked about 73% of people who got a job last year had been out of work prior. we know that, sort of despair, if you look where the top regions of this country are, many are in economically-depressed areas. so what else can be done beyond legislation? >> one other thing, this is my last point about legislation, you talked about medicaid funding more relevant and increased. that is hugely important. two times more people addicted to opioids are getting medicaid. that is enormous audience for this. people overusers and abusers and we have to reach out to the
2:07 pm
communities more. medically assisted therapy just putting people on is naloxone decreases desire for opioids. pain medications that are non-addictive. more naloxone, antidote to fentanyl and antidote to heroin that has to be more readily available in the community. president trump made steps in that direction. someone who knows an addict, that they can spray in their nostrils, that is out on the streets. neil: a kid died in my backyard from a heroin overdose six years ago. he was a great family. a great kid. he got hooked on this, he wandered into my backyard. they did not have the antidote for him. >> the problem starts at source. how did you get there? did someone misprescribe a pain medicine? did you grab it out of a medicine cabinet? neil: we know a lot of ways it starts, at least numbers going in the right direction.
2:08 pm
good to see you. >> good to see you. charles: on the stock market side the biggest company on the dow, boeing out with the highly anticipated earnings report. the company abandoned its 2019 financial outlook. it announced billions of dollars in increased costs. halted their share buyback. it is the world's largest plane manufacturer. it has been suffering after it had to ground the 737 max jets after two fatal crashes in just five months. a major blow to its otherwise very stellar reputation. most stocks overall flat. as the s&p 500 closed at a record high yesterday. the bias seems to remain to the upside. the question how much longer, how much higher can we go? let's ask brian belski, bmo, and gary kaltbaum, president of kaltbaum capital management. gary, let me start with you. a little bit of a pause here. the breadth is even more or less. where is it going from here? feels like the momentum despite
2:09 pm
today's pause is to the upside? who i'm not so sure i see a pause. the semiconductors are up another 20 points today. for me i always told you the semiconductor is the most important group. they have led the markets up and down. they are en fuego. they are in good stead. remember we have couple more thousand earnings reports the next two or three weeks. some could be market moving and you don't know at this juncture whether amazon or facebook will cough one up. all i can tell you so far, so good. i was looking at tex instrument as numbers were terrible. the guidance was terrible. the stock gaps down three or four points, last i looked it was up three or four points. it is not the news. how things react to the news. so far so good. neil: brian that seems to be theme of this market. two things are working. momentum stocks, whether texas instruments reversing one day or more infamous name like netflix made a major reversal, not uncommon or value.
2:10 pm
we also see value names are starting to move. is that where investors have to look in a market making new highs where everything participated but certainly has to become more selective? >> i think the key thing is, we're seeing a broader participation in the market especially relative to last year. the key point is, is value is beginning to do quite well and remember there is such a massive you know ownership of financials that really lacked last year, really helping bolster that and earnings were actually pretty good. that's number one. number two this whole notion less about etfs, more about stocks, our line has been the stock market, the stock market is market of stocks. you want to be fundamentally biased investor. not just buying etfs or macro or momentum. we think, guess what you will hear sell in may go away rhetoric. more people are more negative than not. charles: you like that though. >> i don't want sentiment being super bullish. then we are more worried. second half earnings are the key
2:11 pm
and second half earnings will be way better than most people think. charles: what about bottom line? earnings are better than anticipated. still less than half the names, gary beating on the top line. is that some indictment about their inability to grow or raise prices or something broader, an indictment on the economy. >> top line is not that great. we've seen a lot of beats but guess what? there is lot of guiding down over the last few months. for me there is a couple things at work here. the fed is back on the market side. all the other central banks, the same. you have 2.5% 10-year which is always going to provide some tailwind here. i think we're in good stead. i think brian is right. there is a lot of cash still out there. a lot of doubt still out there. we're seeing a little near term froth with some of these ipos. i think overall there is a lot of doubt what is happening here. i think that could keep things on the move. realize we had a good run. we could pull back anytime.
2:12 pm
but pullbacks would be normal if we did. charles: brian, cash on the sidelines is not just individual investor. i look at american association for individual investor sentiment. neutral is the overarching theme. it is professionals sitting on mountains of cash for a long time. do they wait? do they keep waiting this out or at some point do they say i have got to participate? ultimately their job i would think is make their customers money? >> they are. i have said it before and i'll say it again. i think most investors from the institutional side have been speed dating stocks. they have not been having a relationship with stocks and i think that's going to change. ownership of u.s. stocks i think globally is very low as they left the states not only after 16 but 17. i think they're coming back. because long only across the world massively underperformed. let's face it, since christmas people are not a believer in the rally. they started to inch in. with all the negative rhetoric, charles, people are so afraid to be wrong, they don't want to be right. this is the most reactive market
2:13 pm
environment i've seen in 30 years on wall street. people do not want to be an investor. to me that is very, very bullish. more fundamentally biased, more process, discipline oriented the more you are going to win. charles: thank you, great comments guys. president trump slamming house democrats investigations as ridiculous. will the never-ending probes stop? possibly, possible bipartisan legislation because there is some things, some deals that could be possibly be done. my panel weighs in on that next. ♪ >> we're fighting all the subpoenas. look, these are not like impartial people. the democrats are trying to win 2020. they're not going to win with the people that i see. ♪
2:14 pm
♪ ♪ our new, hot, fresh breakfast will get you the readiest. (buzzer sound) holiday inn express. be the readiest. when it comes to type 2 diabetes, are you thinking about your heart? well, i'm managing my a1c, so i should be all set. actually, you're still at risk for a fatal heart attack or stroke. that's where jardiance comes in. it reduces the risk of dying from a cardiovascular event for adults who have type 2 diabetes and known heart diseas. that's why the american diabetes association recommends the active ingredient in jardiance. and it lowers a1c? with diet and exercise. jardiance can cause serious side effects including dehydration, genital yeast or urinary tract infections, and sudden kidney problems. ketoacidosis is a serious side effect that may be fatal. a rare, but life-threatening, bacterial infection in the skin of the perineum could occur. stop taking jardiance and call your doctor right away if you have symptoms of this bacterial infection, ketoacidosis, or an allergic reaction.
2:15 pm
do not take jardiance if you are on dialysis or have severe kidney problems. taking jardiance with a sulfonylurea or insulin may cause low blood sugar. so, what do you think? now i feel i can do more to go beyond lowering a1c. ask your doctor about jardiance today. 2,000 fence posts. 900 acres. 48 bales. all before lunch, which we caught last saturday. we earn our scars. we wear our work ethic. we work until the work's done. and when it is, a few hours of shuteye to rest up for tomorrow, the day we'll finally get something done. ( ♪ )
2:16 pm
the day we'll finally get something done. comcast business built the nation's largest gig-speed network. then went beyond. beyond chasing down network problems. to knowing when and where there's an issue. beyond network complexity. to a zero-touch, one-box world. optimizing performance and budget. beyond having questions. to getting answers. "activecore, how's my network?" "all sites are green." all of which helps you do more than your customers thought possible. comcast business. beyond fast. it's a revolution in sleep. the sleep number 360 smart bed, from $999...
2:17 pm
senses your movement and automatically adjusts on each side to keep you both comfortable. and snoring? how smart is that? smarter sleep. so you can come out swinging, maintain your inner focus, and wake up rested and ready for anything. and now, save $400 on select sleep number 360 smart beds. plus, free premium delivery when you add a base. ends saturday. charles: president trump blasting the democrats for wasting the country's time with ridiculous subpoenas and constantly going after him and his administration. >> the subpoena is ridiculous. we have been, i have been the most transparent president and administration in the history of our country by far. so you have no collusion, no obstruction. now we're finished with it and i thought after two years we would be finished with it.
2:18 pm
no. the house goes, starts subpoenaing. they want to know every deal i have ever done. i say it is enough. get back to infrastructure, get back to cutting taxes, getting back to lowering drug prices. that is what we should be doing. charles: now this after tweeting earlier today he would go to the supreme court if quote, partisan dems tried to impeach him. blake burman live at white house with more. blake? >> not sure what the supreme court has anything to do with this, that was part of the president's tweet earlier today. the threat is very much out there as we just heard from the president as well. he sort of laid out his argument as why he feels that this subpoena process in his words is ridiculous. the president essentially saying, the mueller report, two years worth of it, has come and gone. he feels that the country needs to move on. >> they checked my financials and they checked my taxes, i assume. it was the most thorough
2:19 pm
investigation probably in the history of our country. i think i read where they interviewed 500 people. i say it's enough. get back to infrastructure, get back to cutting taxes, get back to lowering drug prices. reporter: now the president was also asked today about a subpoena sent the to former white house counsel don mcgahn who was interviewed extensively under oath by the special counsel. the president saying quote, we're fighting all subpoenas. there is a question of if the white house will klym executive privilege. if it does, whether or not that argument would hold up. separately today the department of justice just, within the last couple hours here, they wrote to the house oversight committee it would not allow john gore, who is the principle deputy attorney general in the civil rights division to take a deposition without counsel being present. so the department of justice pushing back today. we're told that this decision has the backing of the attorney
2:20 pm
general. so within the last couple days here, doj pushing back, charles. the president pushing back. there is all sorts of talk whether or not the white house will move forward with executive privilege on don mcgahn. charles? charles: blake, thank you very much. we have editor-in-chief of the daily send trust, rick ungar, chairman of civic forum pac, ford o'connell. everyone understands president trump's frustration with all this at same token, the democrats continuing down the path are only hurting themselves because the american public equally frustrated with this and probably looking to move on. your thoughts? >> you're absolutely right. we had a two year, non-obstructed investigation of something that didn't happen. now the democrats are basically talking about using the people's type and taxpayers money to basically politically harm trump. a morning console poll only 34% of people favor impeachment. trump and pelosi move on with the people's business to look at
2:21 pm
infrastructure. that is something donald trump said on this network is the easiest thing to accomplish. do the people's business. charles: i think, rick, pelosi wants to move on. i think she wants to move on. perhaps steny hoyer wants to move on. couple presidential candidates, including cory booker, you know what, sort of suggesting it is time to move on. >> yell, yeah, look here is the reality of this situation. you have to decide do you want democrats in congress to play politics or do you want them to do their job as the constitution tells them they are supposed to. i have been, let's take tom steyer, who i had a big problem with. for two years he has been saying impeach trump. i keep going why? why? i mean i'm a progressive, right, but you have to have a reason. you can't just not like him and say impeach him. he won the election. we have a difficult situation now. i know that nobody likes to admit it, if my friend judge andrew were here he would back me up on this but the fact of
2:22 pm
the matter is, not on the first part in the mueller report, when it comes to collusion and conspiracy, the mueller report essentially cleared the president. on the obstruction part, not so much. and now it is up to congress to take this up. it is what the constitution says they're supposed to do. politically i wish this was over too. i worry about how it will hurt my party as an american -- charles: this is not, it is not a legal thing. it's a political judgment. >> it's a political judgment based however on the constitution requires that you need to show high crimes and misdemeanors. i think mr. mueller laid out -- charles: by being frustrated with a two-year investigation, by being frustrated with a this whole thing beginning with species document articulating, that is enough for congress to say hey let's continue -- >> i think makes it enough 10 different points of potential obstruction the special counsel laid out, laid out very clearly,
2:23 pm
he did no-go forward. on it he is works for justice department. >> rick, if democrats want swamped with impeach man proceedings go ahead. >> i'm not disagreeing you. >> talking about two volume two -- shoe is right versus what is political. >> republicans learned the lesson of the 1990s. the big question as rick rightfully pointing out is whether democrats have. if you want to run impeachment proceedings something in the based, what we call unfocused scheming, go ahead you will reelect donald trump. >> you might be right. >> it is political. charles: meantime president trump weighing out there things he knows nancy pelosi would like, at least democrats talked about, infrastructure seems to be the lowest hanging fruit. both parties would agree on trying to curb the drug emdem mick in this country. are the democrats missing a golden opportunity to get something crafted to your
2:24 pm
earlier point legislate? >> it's a great question. i'm been very surprised how the president gone back to tweaking nancy pelosi because where he really needs her, your issues are important issues. he needs her to get through the revision to nafta. he cannot do it without her. weighs treating her pretty well because of that. now he has gone the other direction. we need a infrastructure program. i agree with you. they ought to be working together on it. we'll have to see how the president and mrs. pelosi interact. charles: after the way the usmca was scored, either scoring last week i think dems would really be crazy, crazy not to ratify it. >> i don't disagree actually. charles: rick, thanks a lot. ford, appreciate it very much. >> thank you, charles. charles: stepping up on attacks on ceo bob iger's pay. writing a new op-ed, really saying it is time to call out disney and anyone else rich off their workers back. this could become a winning issue for the left. is the business world ready to
2:25 pm
defend itself? a massive caravan loaded with migrants heading this way. president trump blasting mexico and the democrats for not doing enough to stop it. that's next. i'm working to make each day a little sweeter. ♪ to give every idea the perfect soundtrack. ♪ to make each journey more elegant. at adp we're designing a better way to work, so you can achieve what you're working for.
2:26 pm
touch shows how we really feel. but does psoriasis ever get in the way? embrace the chance of 100% clear skin with taltz... the first and only treatment of its kind offering people with moderate to severe psoriasis a chance at 100% clear skin. with taltz, up to 90% of people quickly saw a significant improvement of their psoriasis plaques. don't use if you're allergic to taltz. before starting, you should be checked for tuberculosis. taltz may increase risk of infections and lower your ability to fight them. tell your doctor if you have an infection, symptoms, or received a vaccine or plan to. inflammatory bowel disease can happen with taltz, including worsening of symptoms. serious allergic reactions can occur. ready for a chance at 100% clear skin? ask your doctor about taltz.
2:27 pm
2:28 pm
has been excellent. they really appreciate the military family and it really shows. with all that usaa offers why go with anybody else? we know their rates are good, we know that they're always going to take care of us. it was an instant savings and i should have changed a long time ago. it was funny because when we would call another insurance company, hey would say "oh we can't beat usaa" we're the webber family. we're the tenney's
2:29 pm
we're the hayles, and we're usaa members for life. ♪ get your usaa auto insurance quote today. ♪ charles: welcome back. stocks mostly flat today after setting new records. traders digesting potential break in the trade war. there are slew of corporate earnings out this morning, ebay and irobot, one rising strongly after bidding. the other one collapsing after it came up short. ford pledging to half a billion dollars in new start up. the company, the move should help ford with the offering of
2:30 pm
new generation of ev vehicles. they rolled out new electric pickup and suv that will go on sale late next year. bidding war for anadarko petroleum. occidental make as new offer 20% higher than chevron. the $76 a share bid comes. the it would bolster the position in the ever important permian basin. president trump on a twitter tear, try saying that three times this morning, blasting mexico oaf what he calls the mother of all caravan. a very big caravan of over 20,000 people started up through mexico. it has been reduced in size by mexico but it is still coming. mexico must apprehend the remainder or we will be forced to close that section of the border and call up the military. coyotes and cartels have weapons. just moments ago he praised the
2:31 pm
construction of his worder wall. >> we are stopping the drug flow as much as we can. soon we're going to have a wall that will be a very powerful wall. it is under construction. the media doesn't like talking about it. [applause] the media doesn't like talking about it. one of many things we're doing. charles: joining me now border and commerce secretary council president nelson belito. thanks for joining us. >> hey, charles, good to be with you. charles: seems like every time you and i meet like this, the coverings is a new caravan. often they're getting larger and larger. numbers are disputed. some say it is 10,000 people. perhaps it was 20,000. a more shockingly large number. recently we see apprehensions among families and children. why is this crisis getting worse? >> if you look at the numbers, look at 2017, 400,000 apprehensions for the entire year. 2018, about 520.
2:32 pm
as of this month we've already surpassed both those years for apprehensions. we're on the way to one million apprehensions this year. the issue stems from the lack of cooperation from mexico. the president that took over there on december 1st, 2018, just last year, if you look at the numbers when they started spiking, a couple months right before he took over. and then, taking, the cartels started taking advantage the movement of the president and their people. then you see a spike come december, january, february, you're seeing it continuously. mexico has to seal the southern border. and if they don't do that, it is not only taking jobs away from the actual citizens of mexico, but also creating a culture of corruption. it has gotten to the point where smuggling humans is more lucrative than smuggling drugs. i will tell you one governor i just got off the phone with, the of in mexico, this is border
2:33 pm
state between laredo and brownsville. he trillions me wants to do more, work with the department of homeland security. we've been working on this campaign for security and prosperity with our council, working with dhs. manny padilla, joint task force west and certainly the governor, looking at ways we can stop this cartel encroachment because what's happening at five to $7,000 a head, we're feeding this culture of corruption. this governor is the only guy that is going out there. we have seized, we looked at 10 people that we did an inneragency search and named them, we caught seven of 10 cartel, major cartel members in less than eight months. that is humongous. i wish we cooperation from the government mexico. charles: until that happens can we expect the on rush to get worse? by the way we have a minute left.
2:34 pm
some say the success president trump is having erecting the wall is creating a greater sense of urgency? >> it is creating a greater sense of urgency. we have to have the wall that stops and slows down traditional immigration. we folks that are here and daca recipients and so forth. that is separate issue. we have to stop the bleeding before we figure out how to diagnose the entire problem. that issue of continuous 4,000 people coming over that border on a daily basis has to stop. charles: right. >> this caravan is simply another symbol of they're laughing in our face, these cartels are just moving these people wholesale towards our border. charles: nelson, always great to discussing this with you. you bring facts that no one else brings. we definitely appreciate it. thank you very much. >> thank you, charles. appreciate you. charles: a new twist on capitalism versus socialism the great niece of walt disney says ceo robert iger, makes too much
2:35 pm
money, far too much money and isn't sharing the wealth. more on that when we come back. this is my headquarters. this is where i trade
2:36 pm
and manage my portfolio. since i added futures, i have access to the oil markets. and gold markets. ok. i'm plugged into equities. trade confirmed. and i have global access 24/7. meaning, i can do what i need to do. then i can focus on what i want to do. visit your online broker today, to learn more.
2:37 pm
2:38 pm
2:39 pm
charles: disney ear heiress be a gill disney talks about the bob iger's salary. iger made more than $65 million last year, which is 1400 times more than the median pay of a disney worker. abigail disney goes on to say wage inequality can be curbed by rewarding all employees to help rebuild the middle class. we have joe sandberg. joe, thanks for coming on the show. >> thanks for having me. charles: you know, it is always, this is growing conversation, we have presidential candidates pushing legislation or saying that they will go after this
2:40 pm
sort of egregious acts. on the other side of that, looking at a country, america, which is the most successful economic country in the history of mankind in large part because of our capitalist system. >> yes, that's right. charles: how do we reconcile these two? >> what i believe we can have a great country and still improve it a lot. we can have a great market but still need to address the flaws. the biggest flaw in the free market right now too many people are working multiple jobs and they still can't afford life's basic needs. i grew up pretty close to disneyland. unfortunately the happiest place on earth cast as dark shadow among the communities that live near it. let me tell you what happens to workers at disneyland. one out of 10 workers at disneyland have experienced homelessness in the last two years. two out of three workers at disneyland don't earn enough to provide three meals a day for their kids. one out of seven workers at disneyland have been on food stamps in the past year. charles: so someone would say
2:41 pm
okay, on homelessness side, you have large silicon valley companies, these very rich elites, folks like yourself, you made money in area, driven up cost of living of housing. that is not disney's fault, right? it is high taxes, high regulations of these left-leaning cities that make it impossible for people to work and makes it impossible for small people to actually be able to do the things that you did. why should disney have to pay for the policies of the cities that they operate in, in this particular case, los angeles. >> on the other hand though, just because you can't doesn't mean you should. so perhaps the law allows disney to pay its executives exorbitant amounts but that doesn't mean it should. charles: how do we judge exorbitant? is there a way of judging that? listen honestly, if you're ceo of a company and company's earnings go up 100%, the stock goes up 200%, is it okay for you to get a 20% pay raise? >> i think we judge exorbitant like the supreme court tells us we judge pornography.
2:42 pm
we know it when we see it. i don't think any american would call the disney ceo made $65 million a year where two out of three workers at disneyland can't afford two out of three meals. charles: no one is forced to work at disneyland, right? >> yeah. charles: i would suspect people work there got in the line, when they said there are 10 job openings, i bet 1000 people got in line for the jobs. i do think that you're on to something with respect to the idea that disney's ceo pays could go up 24% and stock could be down 30% or ceo of cvs could have 24% increase while their stock is failing, while the company is going down. that thing i think will resonate. but i do want to ask on other side of this, your solution. you were part of blue apron. blue apron went public at $10. now it is9-cent stock. do you feel bad or guilty people
2:43 pm
used blue a apron bought the stock at 10 bucks, but investment is down 9%? it is easy to take shots. what is the solution you propose to cure this. >> people who need to buy things don't have my none any. we've been wondering for the last decade or so why economy isn't going three or 4% consistent before we want. it is really straightforward. we is economy based on consumption, but people who need to buy things don't have any money. people who have all the money don't need to buy anything. charles: somehow we magically have 21 trillion-dollar economy. >> it could be bigger. just because that is $21 trillion, that it could be big enough. thing about disney wages it pays for workers but it is bad for business. charles: you would be fine if disney paid its workers more money? you're not looking for bob bob iger to give up anything he is earning, but if disney pays workers more, that would be
2:44 pm
equitable for the solution looking for? >> what matters most all workers need to earn a living wage. if we pay all -- charles: los angeles to oklahoma city. >> there is no doubt -- charles: that is not disney's fault. joe, we have to leave it there. we'll come back. this topic is not going away. >> sure isn't. charles: recent poll finds support for marijuana legalization is hitting new all-time high. canopy growth is betting big legislation happens soon. in fact $3.4 billion bet. the ceo on why he is willing to make such a gamble. we'll be right back. i'm working to keep the fire going for another 150 years.
2:45 pm
♪ for beauty that begins with nature. ♪ to make connections of a different kind. at adp we're designing a better way to work, so you can achieve what you're working for. you wouldn't accept from any one else. why accept it from your allergy pills? flonase relieves your worst symptoms including nasal congestion, which most pills don't. flonase helps block 6 key inflammatory substances. most pills only block one. flonase.
2:46 pm
2:47 pm
2:48 pm
charles: texas lawmakers are voting on a bill making low level marijuana possession punishable by a fine, but get this, folks, no jail time. this gets the industry on notice. they wonder if this is the stepping stone to look for federalization. canopy growth is making a big bet it is. the world's largest pot company will acquire acreage holdings for $3.4 billion. there is caveat, the deal will
2:49 pm
go through when cannabis is legalized in the united states. we have the canopy ceo. bruce, thanks for joining us. that was huge news. had a lot of folks excited. listen, most of these candidates, most of these marijuana plays are canadian companies. there is limited growth. everybody wants to see what happens in this country. what kind of timeline do you think before there is federal legalization of marijuana? >> yeah. so, with the acreage structure we have lower threshold. we have a lower threshold not federally permissible. i think that would mean for people watching is that, suppose state went ahead worded in right way would allow if colorado had a patient system and a party that that would be a permissible at federal level and that would be sort of trigger we think enables us. that feels like a 12 to 18 month window. what we like about that time
2:50 pm
horizon is that once we close this transaction, which is for the end of june, immediately thereafter we can lend to acreage all of the lessons learned and brands created by spending a few billion dollars in 16 countries building up canopy. i think it will enable them to be more aggressive, capital costs and bigger by the time that trigger occurs. charles: what is the biggest lesson that they need to know? >> you know every time you add a zero to the platform it changes and what i mean by that if you have a small operation that is 10,000 square feet, there is nothing similar at 100,000 square feet. as soon as you go to a million area feet, that is like an industrial growing environment and everything starts to become continuous flow and scale. you can then go from that how do i process it. we're running clinical trials for humans and dogs. in q4 we launch beverages that are very, we think, revolutionary as far as how they fit into the sector, what
2:51 pm
they're about. so there is a whole bunch of technologies, scale. we have 35 patents issued. we have over 200 families filed. there is quite a lot of intellectual property. charles: bruce, we saw recently where new york and new jersey did not move towards legalization although people thought there was an opportunity to. they did not. it didn't happen. but red state texas maybe could be the one that could change all of this. how are you handicapping that? >> yeah. so the move there they're making or made today, is a little interesting. it is a good first step. they will make it so someone with cannabis doesn't end up in jail but where did the cannabis come from? do we feel good about the supply chain? are they paying taxes? do they produce it in the state? is it coming across the country with other things with it. there is the whole question where the cannabis comes from. i see this being precursor to a cbd structure or a medical structure. it certainly says they're aware that the old system isn't working and to just attack it
2:52 pm
with punitive measures hasn't been very effective. charles: i can tell you right now feels a lot like maybe 20 years ago, the question of legalized gambling when only was in two or three states is sort of ubiquitous except for a handful right now. bruce, congratulations, you are the number one company in the weed space. everyone is being looking for you guys to continue to forge ahead. so far you have. thanks for coming on, appreciate it. >> better get back to work. charles: okay. twitter is shocking investors with its impressive growth, the question now, what about facebook? despite contentions negative headlines earnings consensus have gone higher and certainly higher than they were three months ago. the question now, can they deliver? we have a preview for you next. ♪
2:53 pm
2:54 pm
2:55 pm
2:56 pm
charles: snapchat and twitter both surprising investors with a jump in their daily users in the first quarter of this year, so how does this bode for facebook, who they are reporting their earnings after the bell? think about this. the companies had privacy scandals one after another, they had stalled user growth in the united states. want to bring in jmp securities chief to discuss this. the last time they reported, mark, wall street was pleasantly
2:57 pm
surprised, but the stock never really truly regained the sort of invincible air it had for so long. how are you seeing the numbers after the bell today? >> well, we have been very optimistic about the metrics. we have been obviously paying attention to some of the scandals you talked about from last year but the more we talk about metrics, the more the stock goes higher. i think that's been more of what wall street is paying attention to. we are looking for advertising growth to be in the mid to high 20s. we are looking for daily active users and instagram stories to be 500 million. you see either of those metrics exceeded, you will see a stock that goes higher. charles: do you think twitter was able to, i don't know, create a whole new way of looking at these companies, because while growth was better than expected, the idea that the monetization of these eyeballs sort of now being the key metric, is that going to be something that really plays a role after facebook announces and the stock's move after that?
2:58 pm
>> it is, charles. that is the most important metric. facebook is the leader in monetization. i have always said this. facebook to me is the most mercantile company i have ever seen. they don't do things that aren't going to turn into revenue and growth. if they see things that aren't, they abandon them. they do a really good job of monetizing things. you see instagram, the number of people who are capping on things daily is 130 million people. there's now instagram checkout where you can monetize the advertisers. they are doing a great job of that. yes, twitter is starting to come off the curve in terms of take but facebook was already there. charles: talking daily active users in the fourth quarter in the united states, 186 million, 185 the quarter before, 184 the year before. that kind of stuff initially, when those numbers started to stall maybe a year ago, they were red flags. you're saying don't pay attention to that, pay attention to the money, but by the same token, if they are unable to
2:59 pm
monetize the way they have been so far because of pending legislation, how does that change the equation? >> well, eventually it's all going to go to dollars and cents. you are going to want to be able to monetize your audience. we saw that in snap, we haven't talked about that but snap is another example where they think they solved the demand problem, the eyeball problem, and are getting closer to monetization, really paying attention to that most important metric. i think eventually that is what is in the shares' best interest which is whatever the advertising grows, forward is going to be where the stock goes. charles: kind of reminds us of the path to profitability spiel we heard in 1999-2000 when a lot of these kind of names fell apart. real quick, 20 seconds, microsoft, looking for a big number there? >> we are. i think the cloud revenues are going to continue to exceed forecasts. i think they have done a great job of monetizing that platform. obviously that stock is hitting all-time highs now. you will continue to see cloud growth. i would pay attention to those
3:00 pm
who benefit from that. microsoft is obviously a big one, sales force is a big one. charles: thank you very, very much. dow only off 21 points. it's been a side ways session, liz claman, but you can feel investors are still just waiting for the earnings to come in. liz: they are. look at the nasdaq. while you were doing that interview it popped up into positive territory. we are watching it right now. we are also watching this. breaking news. quite a few pharmaceutical stocks need a little headache medicine after president trump just made a promise at an atlanta summit on drug and pharma abuse. he and the first lady are apparently just departing from atlanta. we will take you live to the white house to tell you what exactly the president said that's got pharmaceutical and biomedical investors turning tail. we are bumping up, as charles mentioned, against a huge afternoon for earnings. two tech titans with billionaire founders facing pretty significant controversies. facebook's mark zuckerberg and tesla's elon musk

9 Views

info Stream Only

Uploaded by TV Archive on