Transcripts For FBC Varney Company 20240712

Which is indeed making a comeback. The latest numbers show a sharp increase in new cases, running to about 40,000 a day. The virus task force reconvenes today for the first time in two months. Some states are pausing their reopening program. That is a warning to the nations economy and the rebound. The wall street journal, this is an important warning for the president. The powerful Editorial Board bluntly said hes heading for defeat. Thats a warning for wall street, too, because a biden win would be a real challenge for stocks. So where are we this morning . Warnings duly noted. Ive got some red arrows there. The dow is down about 180. The s p down about 10. The nasdaq down about 15. Red arrows for three indicators. All right. Im going to call this a positive. Remember the mob that threatened to take down the lincoln emancipation memorial . They were supposed to attack it at 7 00 eastern last night . Well, it rained. The limited number of people who showed up retreated to shelter. The lincoln emancipation memorial still stands. Varney company is about to begin. Stuart im searching for positives rather desperately. I found one, i think. Big tech stocks, all of them are positive for the week. Except facefacebook. Thats a special case. The rest of them may be down a fraction today but for the week, they are star performers. Ive got a real winner right now. Look at the gap. Soaring. Kanye west partnering with the gap for a tenyear deal to sell his clothing line in their stores. It starts next year. The gap is up 15 on that. How about the big banks . All of them on the downside. The Federal Reserve has capped their dividends and suspended stock buybacks. Every single one of them in the red this morning. We keep looking for positives. Heres one. A market watcher who is still expecting stocks to hit new highs. Despite it all, brian bellski is bullish. You love that alliteration, i know you do. Lets deal with this negative first of all. Shouldnt the market be worried about a possible joe biden win . Thats a negative, isnt it . Good morning. Yes and no, i would say. First off, its already kind of built into the consensus opinion and is very very consistent. By the way, by the time it ends up in the wall street journal and newspaper, you know everybody is thinking that. So our predominant questions with respect to our clients are how do we position. You clearly think about the first sector you have to worry about are financials. You covered that already this morning with respect to what the fed is doing in terms of capping buybacks and dividends so no buybacks until september but they didnt say stop paying dividends. They said you cant grow the dividend. Need to take a look at financials in particular. They are still paying dividends. Financials have been down and out for 11 years now, almost 12 years, so thats an area that i think is already fully priced in some negativity and yeah, we are going to have increased regulations and further scrutiny on financials but again, thats a sector thats already down, stu. If you think about the platforms with respect to democrat and republican, democratic platforms are still more positively skewed toward technology and Technology Companies are up. So i think a lot of this is already kind of built into the market and i think people are way, way, way getting aled head their skis. Stuart give me 20 seconds. You still think the stocks will lit new highs this year, correct . Absolutely, because the wave is there, in terms of positivity. We think the market is going to hit new highs by the end of the year. Stuart stay there. I will bring you back in a second. Let me deal with a couple other things. First of all, nike. It is a dow stock. It will be a drag on the dow today. Sales down during the pandemic. Lauren, tell me how bad was it . Lauren well, it was a surprise loss for nike of 790 million because its stores were closed and shipping sneakers and then returning them is pretty expensive. 75 rise in online sales could not counter the cost of all that. The quarter for nike actually covered the period ending may 31st so pretty recent numbers. Now 90 of its stores are back open but i want to leave you with a positive. I know you are looking for them. In china where the nike brands, the name holds a lot of value, sales there have recovered. They are now higher than they were last year. Still, dow component, stock down 3. 5 . Stuart got it. Thanks very much, lauren. Lets get to the virus numbers. America saw its biggest single day spike yesterday with nearly 40,000 new cases. Ashley, why dont you go through florida and texas . They are still being hard hit, i think. Ashley they certainly are. As we measure that on a 24hour basis, we are continuing to see a large number of new cases. Texas, for instance, new cases there surging nearly 6,000 just in the last 24 hours, 5,996. Total cases, 131,000, 47 deaths in the last 24 hours. Governor greg abbott yesterday putting the reopening plans on pause. He said hes not going to close existing businesses, he says the state will not go backwards, but he will put a pause in effect so that they can corral, as he put it, the spread of the virus. Now, in florida, we have seen 5,004 new cases in just the last 24 hours. That brings the total to 111,724. 46 deaths also. By the way, of the 111,000 cases, 30 of those have been recorded in just the last ten days. So no doubt we are seeing a rise of those cases, especially in florida. Stuart got that. Thanks, ashley. Lets get back to brian belski. We are talking negatives here. Youre not concerned about a second wave which seems to have hit texas and florida. Well, a lot of people are talking the second wave as you say is happening right now. I think to extrapolate that throughout the country, i think is a mistake, especially if you kind of dig a little deeper into the numbers that are lappihappe in texas and florida. Its county by county, not statewide. Thats number one. I think the Texas Governor is doing a great job in terms of communicating and stopping the advance with respect to businesses but not shutting things down. I think thats the right messaging in terms of building confidence. We need to rebuild confidence in our country with respect to the virus. I think at the end of the day, come fall will be the truer test to see how were doing. The president has been very clear we will get a vaccine. Im glad we will have our briefings again because people want more information. But remember, too, the more we test, the more cases so again, some of this is common sense. Stuart fair point. Brian belski remains bullish. I think you balanced it out for us this morning. Thank you very much indeed. See you soon. Thanks. Thank you. Stuart all right. News on facebook, about facebook. Verizon pulling ads. Susan, tell me more. Susan largest advertiser yet to join the Coalition Call by these nonprofits to stop advertising on facebook and instagram. Verizon joining the likes of ben jerry, northface, also an Advertising Firm yesterday that represents the likes of bmw. They are all joining this hash tag stop hate for profit, which is a movement being backed by groups like the naacp and antidefamation league. They are calling on brands to stop advertising on facebook because it allows hate speech and also calls for violence. Getting in touch with verizon, they tell us here at fox business that we are pausing our advertising until facebook can create an acceptable solution, they say, that makes us comfortable. Facebook themselves have not gotten back to our requests but according to one marketing researcher, verizon spent around 1. 5 million on facebook from may to june and around half a million on instagram during that same period. Stuart well, facebook is the one big tech stock that is not doing very well this week. Tell me how facebook is responding to the latest advertising boycott. Susan according to reports, facebook executives have been trying to minimize boycotts or emails and calls with large advertisers and ad agencies over the past week, according to the wall street journal. What they have been telling advertisers is that they take hate speech and misinformation seriously but they are also maintaining that business interests and business interest will not dictate their policies. Zuckerberg himself reiterating the companys principles of neutrality on the platform and said political content can be seen as egregious by one side, maybe not by the other so we are not the arbiter of truth. We have seen the type of activist boycott that remember back in 2017, advertisers started pulling ads off youtube. That didnt really hurt the bottom line at alphabet or youtube. What it did do was accelerate youtubes policing of offensive, harmful content. Maybe that will happen this time around on facebook as well. Stuart facebook down a couple bucks at 233. Thank you. Look at the Airline Stocks this morning, please. They are mostly higher, except united. The ceos, the big carriers, they will be at the white house this afternoon. Blake burman is with us. Blake, is a second bailout on the table . I know thats what the unions want. Reporter well, the unions do want it but im told what the discussions at the white house with the Vice President this afternoon are going to be about, safety measures, especially with the need to reopen and all the reopening we are seeing across the country going forward. Heres the executive that will be in the room with the Vice President , so i am told. The heads of united, american, delta, southwest and jetblue. Im told, stu, the conversation more will be along the lines of things like temperature checks and face masks as there is this reopening all across the country. Also, the issue of Contact Tracing likely to come up in those discussions as well. Remember, the airlines have some issues, private companies handing over data to the federal government on their passengers should there be the need for Contact Tracing because of something that happened on that flight if theres a case on the flight. So all of those issues, i am told, really, thats what these conversations are going to center on. 2 00 hour this afternoon at the white house. Stuart i would love to be a fly on the wall listening to that. This is a complicated and difficult subject. Im not going to be a fly on the wall. Thats it. Thanks very much indeed. We still have red ink if we look at the futures. We will open the market in a few minutes and will be down across the board. Not a serious selloff, though. Ford has redesigned the f150 pickup truck. First big change in six years. The f150 is americas bestselling vehicle so whats new . I will tell you. An onboard generator plus a lot more work space. We will show you. One of disneys most iconic rides is getting a makeover. The big changes coming to splash mountain. Thanks to the cancel culture. President trump going after democratrun cities. Watch this. Take a look at detroit. Take a look at whats happening in oakland. Take a look at whats happening in baltimore. Its like living in hell. Stuart strong words from the president. So why the silence from the democrats . Theres a story for you. We are on it. Back in a moment. We could never do what they do. But what we can do it be a partner that never quits. Verizon is the most Reliable Network in america. Built for interoperability and puts First Responders first, giving their calls priority, 24 7. We do what we do best so they can too. Theyre going to do something with seattle. Were going to do that. Were going to go in there because whats happening, theyre taking over american cities, by the way, in all cases its democrats. Theyre democrat run in all cases and joe biden would have that be the whole country. Stuart there you have it. The president on hannity last night sounding off against the democrat run cities, letting protesters run wild on the streets. Lawrence jones is with us, fox news analyst. Lawrence, the silence coming from the left here, why dont big city mayors and other democrat leaders, why dont they Say Something about this lawlessness . Are they scared . Well, then they would have to talk about the environment that they created. I mean, you know, stu, i spent the entire year last year going to seattle, philly, baltimore, chicago. I reported on this for the channel every single week, all these different, and the hopelessness and the crime and the poor education system. And so they have to deal with it and theyre not willing to deal with it. But then the question becomes, if these are all democrat ran cities and its such a terrible place to live when it comes to, you know, the economics there and the crime, why arent republicans presenting an alternative to beat them . It would seem that it would be pretty easy to defeat such reckless policies. Stuart i think the president has done that. Youve got opportunity zones, we have heard a lot about that, but the message doesnt get out because the media doesnt want that message to get out. Go ahead. Go ahead. The problem is, stu, the president can only do things on a federal level. Thats government 101. He can only do so much when it comes to federal. The republicans have to do something when it comes to the local level. The fact of the matter is that all of these cities are run by democrats. That means that republicans arent in leadership there. So they have to take back these cities. It wasnt always democratrun cities. If we are to present an alternative to what theyre doing, i think that the American People would go for that in these cities. You just cant say the president s federal policy because in many cases, that doesnt affect people on the local level. Stuart understood. Lawrence, im going to put the latest fox news polling up on the screen as we go through this. It shows mr. Trump is struggling with black voters in some battleground states like North Carolina. Biden is looking at 83 of the black vote there. In georgia, same story, biden looks at 83 of the black vote. Trump gets 7 . Your home state, texas, biden gets 85 compared to mr. Trump at 6 . Now, this is not just black voters. The president is underwater with women, millenials, independents, the black vote. Hes really underwater here. Lawrence, give him some advice. How does he get how does he get beyond that . How does he turn it around . Well, from everyone, from the standpoint of everyone, the president has to get back on what matters to average day people. Thats the economy, the issues that impact i saw the president talk about school choice. From a national standpoint, he has to get back to the issues. Joe biden is sitting in his basement right now so hes not having much interaction so theres not any fire coming his way. When it comes to black issues, the president is going to have to not only talk about the issues but theres a Race Relations problem in this country right now. Theres a disconnect in understanding when it comes to the community and the police and they didnt just start here with trump but it has been brought to the forefront right now. So it can just be from a policy standpoint, i know the president has worked on criminal justice reform, i know theres talk about policing reform, but there has to be a tone shift. I think theres a disconnect right there and the president s going to have to close that gap. Stuart a tone shift. I can see that. All right. Actually, thats pretty much what the wall street journal Editorial Board said this morning. I like those guys, stu. Stuart so do i. All right, all good stuff. Im sure we will see you again. Have a great weekend. See you soon. Thanks, brother. Stuart you got it. I want to get to this story bigtime. Straight from teslas elon musk. Listen to this. Hes thinking about taking the cybertruck under water. Whats this, susan . Susan kind of like the james bond movie in 1997, that underwater lotus that was a car that worked underwater. We know musk is a future thinker and hes tweeting his approval of a tesla fan video showing an underwater cybertruck. Musk saying i think we can make that work. You have to i guess take his promises with a grain of salt because he promised the tesla roadster would come with a cold air thruster. That didnt happen. Then he also promised a flatulence app and flame thrower which both of those he actually delivered on. But this is not the first time musk has promised that cars could go and work underwater. Remember a few years ago that musk said the model s could also work underwater. The experts say not really, though the battery pack is sealed and is waterproof. The model s could theoretically float for a few minutes but you never want to bet against elon musk. Stuart all ive got to say is thank heavens for elon musk and his tweets because thats terrific material on a friday morning when theres so Much Negative stuff out there. Good video, too. Susan that was your favorite james bond movie, the sfpy who loved me . Stuart that was 1977, i think. I remember the good old days of the early 60s when sean connery was james bond. It was dr. No back then. Susan did you ever own a lotus car . Stuart no. Never had one of them. Not yet, anyway. All right. Heres what ive got for you coming up. I have been waiting for this. We will take you inside fords f150 pickup, the new version. Its a hybrid, first time. We had that marketing guy on earlier this week talking about lie flat seating. We will show it to you next. By the way, we are looking at red arrows for the market which opens in six and a half minutes. I promise we will take you to wall street shortly. Got it. This truck is going to set a new bar in terms of capability, torque, payload, towing that our truck customers need. We will have a hybrid version that gets great fuel economy and have an onboard generator that can actually power a whole work site or your home for a short period of time. Stuart i like the sound of that. The new f150 has got a generator on board. Lets see it. Gary gastelu is with us. Hes a car guy. I think you are sitting in one now. Heres what i want to know about. I am in a car because i dont do the bookshelf thing. Stuart okay. Number one, i want to know about the generator and about this lie flat seating. Tell us, please. Yeah. The generator comes standard with the hybrid, firsttime hybrid for the ford f150. Its a value add if you go with that power train. Its completely integrated into the vehicle, doesnt take up any cabin or cargo space. According to ford, the 2400 watt version can run up to three and a half days on a tank of gas. This can power a campsite, work site, if you have electric motorcycles or something in the back, you can actually charge them while driving the vehicle wherever you go. This is a breakthrough feature. No one else has ever done anything like this before. Really could help move the hybrids but it will also be available on several of the conventional gasoline powered f150s as well. Stuart do you regard it as a real breakthrough . Absolutely. You know, this is a work truck. Thats where they sell them. Thats where they are selling them right now, as the market is recovering. People are buying them for work more than for play at the moment. This is a big feature thats going to be appealing to someone who is running a landscaping company, construction company, and again, you can use it recreationally as well. Stuart thats fords big profit center, isnt it . Thats the most profitable vehicle, the bestselling vehicle in america. Yeah, absolutely. F series is the top vehicle, the f150 is fords topselling vehicle. Again, a lot of that is commercial sales, especially when you talk about the super duty trucks which dont have this feature yet. Im sure it will in the future. Right now we are talking about the f150. Stuart why are you sitting in a car thats not the f150 . Its not out yet. They did the reveal last night virtually from michigan. Nobody was allowed to go there yet. Nobody has seen it in person except for the folks at ford. Stuart im sorry. I got it the wrong way round. I thought you were actually sitting in one of these things and could show the lie flat seating. Next time. Next time, please. Thanks very much. Mr. Gastelu. Moving on. We have 30 seconds to go before we open the market. It is a friday morning. Theres a few negatives out there. Not many positives. Thats maybe why you are seeing so much red ink across the three major indicators. That bell starts to ring in two seconds and then we start trading on a friday morning. Its been a volatile week. Who knows where we will close but im pretty sure we will open on the down side. Here we go. We are off and running. Its friday morning. Lets see. Right from the getgo weve got the dow down 170, 180 points. Thats about. 75 . For our radio listeners, the lefthand side of the screen shows all 30 dow stocks, all of them that have opened so far are down. They are all in the red. This is a pretty broadbased selloff. The dow right now is down about 190 points. Home depot was the lone positive dow stock. It just turned to unchanged. A lot of red out there. Put it like that. The s p 500, where is that opening this morning . I will tell you, its down about a half percentage point. The nasdaq composite, let me have a look at that one, please, down 25 points. Thats. 25 . Want to show you american airlines. If you want to change your flight because of the virus, they are going to continue to waive that fee through the end of september. They are going to start limiting capacity on their planes. That starts next week. Interesting. The stock is 13 bucks a share. Nike reported profit yesterday. Sales down bigtime. The closure didnt help. They ended up losing 790 million in the quarter. That stock is down 3 as we speak. Now, thats a dow stock. Its down and nike is costing 25 points off the dow industrials. Microsoft, big news just announced. They are going to close all their physical store locations. As a whole, the nasdaq is on pace for its second up week in a row. Amazons up, apple is up, microsoft, alphabet, facebook on the downside. The cruise lines, you have to keep quoting them because they are all over the place. They have been through another rough week. Downgrades from analysts on those stocks. Credit ratings in the tank, delays on getting back to sea. The three big ones are up a tiny fraction at depressed prices. Now, heres a mover. Gap stores. Lauren, kanye west is going to have his clothes in gap stores. Is he going to save the gap . Lauren he could. Look at this. The stock is up 23 . Okay, so gap and kanye inked a tenyear deal. Hes a rapper, a fashion designer. His brand is very expensive, very trendy. Hes also married to kim kardashian. When he was a teenager in chicago he worked at the gap and he once said i want to be the steve jobs of the gap. Hes getting his chance right now. His clothing line will debut at gap stores early next year. The goal for his brand is to bring in a billion dollars in sales in five years. Heres your context because gap is struggling. They have 4. 5 billion in global sales last year but are reporting losses because the stores are closed, they are in shopping malls which are struggling. Here comes kanye and maybe investors think this is something. Stuart its up 22 . Maybe theyre right. Lets see. Thanks, lauren. Banks, got to take a look at them, are trending lower pretty much across the board. Ash, bullet points on why they are all down, please. Ashley yeah. Its been a rock and roll kind of 24 hours for the financials. First they were up because of easing of the volcker rule allowing banks to invest more in Venture Capital funds but now the fed says after its latest stress test that the banks must cap their dividends for the next for the third quarter, suspend any buybacks. They say the stress test showed that some banks, of course, they dont name them, could get close to minimum capital levels in a worst Case Scenario of the ongoing pandemic. Because of that, what you give, you take away. The financials are now down again after making some gains yesterday. Stuart down across the board. Got that right. Thanks very much. Now then, heres an ongoing story. Apple and store closures. What now, susan . Susan so we have 14 more Stores Across florida that are closing and that adds to the seven in houston that was announced earlier this week and 11 across four states announced last friday. That brings the total to 32 stores that are reclosing after only recently reopening most of the 271 apple Stores Across the u. S. After being closed since midmarch because of covid19. Apple said they are evaluating on a store by store, city by city basis and which store should remain open and which should close. As i mentioned to you, it looks like the onus is now on the companies themselves and even if the state governors dont mandate closures, the individual companies are taking the initiative on their own and we should note that apple stores, like microsoft, it doesnt account for a lot of revenue for the company, from what i understand and from what i see on the balance sheet, apple stores only account for maybe less than 10 of sales. So Closing Stores isnt that big of a deal for the bottom line but it does hurt Market Sentiment if americas Largest Company doesnt feel comfortable, right . Stuart for an entirely different reason, microsoft is going to close all of its stores permanently. They are taking a 450 million charge to do that. Susan again, not a big part of their business. I think its the sentiment that it sends to the markets that maybe this reopening isnt 100 just yet and maybe there should be a pause in some of these stocks. By the way, i should reiterate that wedbush has reiterated the 425 street high target price on apple this morning. Stuart for what its worth, i didnt think microsofts stores were anywhere near as good as apple stores. Even though i was an investor in microsoft, those stores didnt make it for me. Susan i havent even been in a Microsoft Store. I dont remember being in one, really. I have been in apple stores, obviously, where you have the music and you have all the new gadgets to try. What do you get in a Microsoft Store anyways . Stuart i just found it rather dull. Lots of examples out there but it was dull. That was the point. All right, we are moving on. Check that big board. The virus and virus scares, especially in florida and texas, really hurting the market this morning. If we stop the reopening phasing in of reopening of those economies, we slow down the overall economy, the market doesnt like it. We are down 230 on that. The tenyear treasury yield this morning is. 66 . The price of gold this morning is 1762 per ounce. The price of oil this morning is 38 a barrel. How about big lots, discount retailer. Posting some good news on their own reopening. They are seeing a nice rebound in sales. More demand over the past few months. They say they will continue, that will continue through the second quarter. The stock is up 19 . Draftkings, Sports Betting people. Stock has been upgraded to a buy from rosenblatt securities thanks to the rumored return of live sports. Not much change for the stock price. Harley davidson, another company hit by the virus. They are cutting 140 jobs in America Thanks to continued cuts to production. The stock is down 2. 25 . Lauren, we talk a lot about spacex. But another company had a successful launch of a space craft. Tell us more. Lauren yeah. That is virgin galactic. They are one step closer to commercial space travel after they tested a second flight in new mexico yesterday. Basically this is how it works. Its pretty cool. A mothership travels 15,000 feet, then releases a spaceship which reaches a glide speed of mach85 and then touches down on the run way. Considering very promising news for future space travel. Stock is up 3. 5 . Stuart i love this stuff. Its ideal friday morning material, is it not. Good stuff. All right. Lets see where we are now. Check that big board. Weve got the dow 234 points down. Goldman, jpmorgan, nike, they are dow stocks. Taken together, they account for 100 points taken off the dow industrials. Joe biden leaves his basement for a Rare Campaign stop in pennsylvania. He made this gaffe. Just watch. Dont have a job, people dont have anywhere to go, they dont know what theyre going to do and a lot of people, you have unnecessarily now we have over 120 million dead from covid. Stuart 120 million dead. The president wasted no time calling him out for that. We will tell you exactly what the president had to say. Still to come, my interview with former White House Security adviser john bolton. Hes calling the president a danger to the republic. He says he wont vote for biden. He will be in our 11 00 hour this morning. The Airline Industry could lose a whopping 84 billion this year. How are they going to turn things around . We will try to answer that question next. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Stuart all right. 13 minutes in, we are down 280 and falling for the dow industrials. Im going the repeat this. Jpmorgan, goldman sachs, nike, they are three dow stocks, they are costing together, because they are all down, 100 points. So if it werent for those three, the dow would be only down 180. The Airline Industry, wow, have they been hit hard by the virus or what. There are predictions that the industry as a whole will lose 84 billion this year. Jeff hoffman is with us. He knows a thing or two about travel. Lets get right at it, jeff. When do you think, if ever, the Airline Industry as a whole will return to the passenger levels that it had in february of this year . So stuart, they have more than one problem to deal with, and the hard part is some of those problems are out of their control, right. The first problem they have that was in their control is making everybody feel safe flying which i have to say, the airlines are doing a very good job of making us feel like the airplane itself is safe, but thats not the biggest problem. The biggest problem now is we are wondering if its safe to get off the airplane. New york, new jersey and connecticut suddenly announced these 14day quarantines from nine different states, travelers that had just booked trips said wait a minute, not only can i not go there but should i even go to those nine states. The fear is not that, you know, you have multiple fears. Is the plane safe, will i catch covid going to a state that has a rise and will i get quarantined somewhere. These are problems they cant control. Meanwhile, they are taking on massive debt. United and american are floating about 2. 5 billion, 3 billion worth of bonds now so they are constantly adding debt to their bottom line so their balance sheets, which can be tough to recover from stuart im reading between the lines of what youre saying. You dont expect a return to the february passenger levels any time soon, probably not in years. Have i got that right . Years . I think thats exactly right. You know, we saw with Leisure Travel and what they need is Business Travel. Business travel is 12 of the passengers and 75 of the revenue comes from business. Stuart i said on this program and i will say it to you, i dont think that Business Travel will come back anywhere near what it was in february of this year. In fact, i think its going to be down 20 . What say you . I completely agree and thats the number that im hearing on the streets from ceos. They are saying at least one in five business trips that they would have made then, they will not be making going forward. They will be using Technology Like you and i are right now to do their business. Thats at least a 20 hit to the travel that will probably never come back. Stuart well, thats tough to take, i must say. Jeff, youve got the numbers there and we appreciate you being with us as always. Mr. Hoffman, well see you soon. Thank you, sir. Now, let me get to what im going to call the Great American summer road trip, because i think thats whats coming at us. On the lefthand side of your screen, you can see it, the average price for a gallon of gas right now is just 2. 17. That is cheap by any other standard. Patrick dehaan, gas buddy guy, is with us now. Okay. It seems to me that we are perfectly poised for a bigtime summer of road trips. I mean, its like perfection, isnt it, for the road trip society. Go. Yeah. Absolutely, stuart. You know, looking at our pay with gas buddy demand data, it does look like the big recovery. We are seeing gasoline demand come back pretty quickly. In fact, we are starting to get real close to precovid demand levels for gasoline. Now, thats not necessarily saying a whole lot. Precovid demand would be february. So we are still down about 18 year on year, but indeed, its a great time to hit the road, if you can do it safely and bring your masks, of course. The National Average is still 50 cents lower than last year. Stuart 2. 17, lets call it 2. 20 for the summer, is that the lowest level in how long . If you adjust for inflation . Well, its going to be the lowest level, stuart, probably since the early 2000s so long as theres not some huge spike in the second half of the summer in terms of gas price. I dont think there will be. We are talking about the cheapest summer prices since 20042005. Memorial day has already been the cheapest since 2004. July 4 could come right in that category and labor day, if things dont improve greatly, also could be in that category. So really, the only thing to watch out for the rest of the summer is how quickly we see covid19 recovery and hurricane season. Stuart okay. I will take a road trip myself. Thanks very much for joining us, patrick. Always a pleasure. See you soon. Thanks, stuart. Stuart yes, sir. Thanks. Now the story about amazon getting into the selfdriving car business. Whats going on . Susan they just confirmed this. They are buying zooks for a billion dollar. It was valued two years ago at 3 billion. Amazon has been invested in selfdriving, this is the latest on top of amazons investment in another Autonomous Car startup called aurora innovation. They have been putting money into an electric car maker and it makes sense for amazon if theres a selfdriving delivery truck to say deliver your amazon packages in the future because that cuts down on costs and that means more amazon control endtoend of the delivery process. This is a thousand person selfdriving startup. They have been testing toyota suvs in San Francisco and las vegas. Amazon, i should remind you, we are on pace for a record close later on today. Stuart i think the only business that amazon is not in is tree farming. Susan they have done well with their purchases. Yeah. Zoox, whole foods, you name it. Stuart everything. Safe to say the president is not happy with former National Security adviser john bolton. Just watch this. Roll tape. Everyone thought he was crazy because all he wants to do is bomb people. You know hell fight russia, lets fight russia, lets fight china, lets take them on at the same time. Hes crazy. Stuart well, john bolton is here on the show later to respond to that. Thats in our 11 00 hour. Disney redesigning a classic ride, splash mountain. The question is, is this the beginning of more changes to classic rides still to come . We will try to figure it out for you. Well be right back. Where will you go first . Wherever you may go, lexus will welcome you back with exceptional offers on exceptional vehicles. Get zero percent financing and make no payments for up to 90 days on all 2020 lexus models. Experience amazing at your lexus dealer. Thats it. Im calling kohler about their walkin bath. [ sigh ] not gonna happen. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. Ask about saving up to 1500 on your installation. Stuart disney is changing the theme of its iconic ride splash mountain. The new theme will be based on the princess and the frog. Eddie is back with us, a former disney imagineer. Does this open the door to other changes in other rides . Well, you know, stuart, this is called an enhancement. Back when i worked there, the edict has always been that walt disney said disneyland will never be completed as long as theres ideas. Walt himself would sit at the exits of his attractions and see if people were really enjoying themselves and if it wasnt the funnest thing they had ever seen, he would always change it. The funny thing about splash mountain adaptation is disney was already working on it. I worked on Indiana Jones for years, back and forth before they finally greenlit it. Long before these protests and recent events, disney for the right reasons said why cant we refresh this with a property that a new generation really loves. This idea of change, even taking twilight zone, a very dated piece of intellectual property, and turning it into the guardians of the galaxy, it really improved business and was a wonderful update. Disney kind of is about change as long as its motivated by being funner and more exciting and of course, with covid, and so forth, i think at the time this opens this will be another reason to go back out to the park. Stuart i dont want to be unserious here, eddie, but there are going to be a lot of people who object to princesses, if thats the theme of this ride. You are going to get some people who dont like that. Talk about privilege. Who is in a more privileged position than a princess, know what i mean . I think i dont know where that came from. I know in the sense of princesses, i believe its the largest licensing and most popular category. Children dress up as princess just to come to disneyland just to be with their favorite princess. So you know, sometimes its not all of the audience. I know disney fans are crazy about the princess. They love them. Stuart but you like the idea of changing what i used to call the log flume, right . This is a good thing . You are happy with this . I think this is a great call for disney because they are keeping the park relevant. Remember, theres a generation of kids who love that film. Its an oscarnominated film. Its got great music. My old boss, tony baxter, the imagineer who did the original attraction, is being brought in by disney to advise on this, from what i read. I think they are going to do it right. They are really going to do a great job with it. It will be more fun. Thats what were there for. Stuart thats for sure. Eddie, thanks for joining us. See you again real soon. Thank you. Thanks again, stuart. Stuart sure thing. There are no limits to todays cancel culture and i think the silence from political leaders just makes it worse. I will explain why i think the woke mob has gone too far. There are some powerful warnings directed at the president about his reelection chances. We will deal with that in my take which is next. Just over a year ago, i was drowning in credit card debt. Sofi helped me pay off twentythree thousand dollars of credit card debt. They helped me consolidate all of that into one low monthly payment. They make you feel like its an honor for them to help you out. I went from sleepless nights to getting my money right. So thank you. So thank you. announcer reliability is everything. So, if your networks down, youre down. Verizon knows your customers need to reach you seamlessly. Your team needs to work from different places across many devices. Plus, you want the security trusted by some of the Largest Companies in the world. And thats why you trust us. The most Reliable Network in america. Stuart all right. We have had 30 minutes worth of business this friday morning and we are down close to 300 points on the dow industrials. Thats about 1. 1 . So we are down across the board, ill tell you that. Now we are down 22 on the s p and down 80 on the nasdaq. This is significant selloff right now. I think the virus, the spreading virus in especially florida and texas, that is hurting the market this morning. Im going to show you the stocks of the dow 30 which are the biggest losers, pulling the dow down. Goldman, nike, jpmorgan. In that order. Better check out microsoft as well, along with all the big techs. Microsoft is closing all of its stores. They will take a 450 million charge to do that. Thats not really affecting the stock so much as the overall selloff. They are back to 197 now, down 2. 65. We are just 10 01. That means we have the latest read on consumer sentiment. Ashley, what have you got . Ashley we do. It came in at a 78. 1. What does that mean to anybody . Well, we were looking for a 79. The june preliminary number was 78. 9 so we actually dropped a little. So modest miss, i think, is what you can call this. The may final was 72. 3. So we are edging up slightly but to give you context, stu, the february reading before the pandemic was 101. So right now, we are at 78. 1 for june which is a little disappointing, but we are slowly heading in the right direction. Im trying to find a bright spot here. Stuart keep trying, son. Keep trying. The market didnt particularly care for that. This modest number coming in. We are down 310 points. But lets see if we can find some lockdown winners. Come on in, susan. Tell me why square and paypal were lockdown winners. Susan they are doing really well. We are talking about 60 , 70 increases in the share price and this is because of accelerating banking trends and more people banking online and on their phones. If you are even doing it, i mean, that is a bullish signal. Paypal owns venmo a Money Transfer app and they are gaining market share. We heard from the ceo himself saying that april was probably the strongest month for paypal since they became a public company. That momentum apparently has continued into may with record, they say, adoption of platform users on to venmo. Square headed by jack dorsey, square also has a very similar app called the cash app, very similar to venmo. You saw direct deposit volumes on its service jumping three times in the month of april as customers moved to store more than 1. 3 billion on the cash app during the month. Yes, a lot of that comes from stimulus checks that were doled out by the government. Square, some people say, is in a very interesting position because it will benefit from some of the moves in mobile payments, also takeout orders they are offering now, but then they are suffering as businesses shut down. Hopefully they will continue to reap the benefits as states continue to reopen across the u. S. As i said, if you are banking online, that is a trend setter right there. Stuart absolutely. At my age, im a trend setter. I dont think so, susan. Nice try. The home renovation stocks or companies, i should say. Thats another group thats done really well during the lockdown. Tell me more, lauren. Lauren yeah. Housing continues to be a bright spot. Take a look here. You are looking at home depot and lowes, sherman williams, builders first stores, they are all up at least 25 in the past three months. Lowes is up 50 . Im going to continue here. Take a look at the builders. They are benefiting as well. Look, they are not doing well today, but they are higher by at least 30 since the Public Health emergency was declared. As people demand space and they demand privacy and guess this, zoom is spurring home renovations. A poll finds 64 of americans are uncomfortable showing their homes in a video call. We just feel a little selfconscious or maybe the beds not made nice enough or whatever the issue is, they are actually doing some doityourself projects to make it look better on zoom. Stuart but zoom, weve got to say, is a lockdown winner. A huge lockdown winner. I dont know how much the stock has gone up percentagewise but its way up. I think its at least tripled since february. I think. I better check that out. Thanks, lauren. Next case. Joe biden picking up a lot of steam in the latest fox news poll and other polls and now wall street is warning clients about a biden win. Watch out. He might win. Jonathan hoenig with us now. You are a market watcher. What do you make of this election risk . Do you think it is a factor in the market at the moment . Well, look, stuart, if you just look at the raw numbers, historically, this is just the numbers, markets have actually tended to do better with a democrat in as president , not a republican. But markets have done the best, again, just going by the numbers, with a democratic president and republican senate. Now, you have to kind of write these figures off, like statistical anomalies. We know correlation does not show causation. In fact, further studies demonstrate there really is no statistical difference. Going by president ial party alone, between whos in the office and whats going on in wall street. What does make a difference isnt the party but the policies. We know time and time again, there is a strong correlation between freedom in the economy and prosperity in the economy. That i think is what the market will Pay Attention to. Stuart are you hearing this, look, i talk to a lot of wall street people. Lot of them say to me you know, im a little worried here, joe biden is looking strong, hes ahead in all of the polls, im a little worried, im selling a few stocks, im selling a few positions. You hearing that . Well, look, theres lots of reasons to be worried from an investors perspective. You talk about volatility. Volatility is the highest its been in years because the president ial election no matter which side you fall on the aisle, thats only one thing. You talked about potential for more covid lockdowns. The trillions in governmental stimulus, the fact the market even now is overbought and expensive, and a potential for more tariffs and further regulation of not just banks and financials, we heard about the stress test, but also Technology Companies. We talked for a year last year about the fear premium being built into names like facebook and amazon and google given the potential for regulatory reform. Thats going to happen under trump or biden. So investors have a lot to worry about these days. The president ial election is just gilding the lily. Stuart thank you very much for being with us. I notice the market has turned south. We are down more than 330 points. I think we have a reason. Ash, come in, please. Youve got news from texas. Ashley yes. We have a new executive order from the governor, greg abbott, basically saying bars where more than 50 of the sales come from alcohol must close by at noon today. They can only stay open for delivery and takeout. Also, the governor saying the capacity at dinein restaurants across the state must now be reduced back to 50 from 75 . So this just adds to the pause he put on the reopening phases in texas yesterday as we have seen a spike in certain areas of the state. I think there was close to 6,000 new cases just in the last 24 hours. Stuart yeah. Understandably, thats hit the market because that implies a slowdown in a very large economy there in texas. All right, thank you very much indeed. The dow is down 330 as we speak. Now this. Today, the wall street journal delivered a warning to the president. It is an editorial and its titled the trump referendum. The powerful Editorial Board is bluntly telling the president you are losing and you have only got four months to turn it around. Well, the warnings are coming from all sides. Economist peggy noonan writes the week it went south for trump. He hasnt been equal to the crises. He never makes anything better. Very wellknown columnist, peggy noonan. Investors may be sending out their own warning. Watch out, mr. President , biden may win. That is now a factor on wall street. Talk about warnings. Look no further than the polls. The New York Times puts biden 14 points ahead. Every poll that we have seen has joe biden in the lead. I think the president s exasperated. His tax cuts produced a truly dynamic economy which was then shut down by the virus. All that wealth and job creation wiped out. You can understand why the president is not happy and with the media goading him, he turned sharpedged and confrontational. I dont think that went down well. So what to do now . Well, heres the advice from the journals editorial. Get out there with an agenda that calls for opportunity for americans of all races, school choice, more choice in health care, build on opportunity zones, revive the economy and restore the gains that workers made in the first three years of his presidency. Its very hard to disagree with that. And if he cant pull it off, heres the journals warning. Quote, hes headed for defeat to, of all people, sleepy joe. Tammy bruce is with us. Its friday morning, after all. She joins us now. Have you got any positives out there this morning for us . Well, if the polls were right, stu, this would be Hillary Clintons second term and its not. So lets be honest here. Also, though, at the same time, you dont want to be complacent. You dont want to take things for granted. Youve got to operate as the president has from day one, i have to say, he faced everything in the campaign, they never let up, his energy has been overwhelming, he has faced everything there is to face and this of course is fascinating, anything you can throw into the lap of the president of the United States really has happened in the last three years, and its an extraordinary event and he has been up to the task. I stopped a long time ago secondguessing this man but at the same time, i put up a tweet and i think people realize, the wall street journal lineup is a good one when it comes to ideas. Clearly thats what all americans want and thats what we expect from a president. Every president , though, faces unique environments. Right now we are seeing an organized during an election period of mass civil unrest. It is not organic. What people arent seeing is direct action. He took a very good step in saying youre going to go to jail for ten years if you mess with federal statues and federal government, you know, property. Thats good. But we clearly see democrat governors and mayors, you know, not helping along, really in a way thinking that chaos will help them politically. Every decision this year will be about politics. The president must stand up and show that hes in charge of this nation. Stuart i want to go to the other side for a moment. Joe biden emerged from his basement yesterday and as you are about to see, hes still got problems. Roll tape. People dont have a job, people dont have anywhere to go, they dont know what theyre going to do, and a lot of people, you have unnecessarily now we have over 120 million dead from covid. Stuart well, obviously thats wrong. Its not 120 million dead from covid. The gaffes keep on coming. I suspect that his Campaign People will tell him go back to the basement, stay quiet. I think thats what theyre going to tell him to do. Well, obviously, we saw this even through the primaries, the less attention any candidate gets including somebody like Bernie Sanders as an example who nobody paid any attention to, people are going to have a better opinion of them because theres nothing ever negative. The president is facing negatives every day. Thats a unique dynamic for him. But you notice the attitude there is almost as though americans are infants, like we dont know what to do, where are we going. We know where were going. We know what we want. The president is the president for a reason. We expect him to be president for eight years but we also expect him to be able to adjust and adapt to the environment which i expect he will. But their problem is clear. Its the candidate himself and i think, you know, we will see some good news. America can solve its problems, all of them, in november in 130 days. Stuart yes. 130 days. You got it. Tammy, thanks very much indeed. Im going to go straight back to the market because we are now down 400 points. The reason being largely that the governor of texas is saying bars serving alcohol, you got to close by noon today. And the dinein capacity of indining, inrestaurant dining, thats going to be cut back to 50 . Market doesnt like it. We are down 400. Later on today, the president is going to sign an executive order which is all about hiring skilled workers rather than those just with college degrees. That seems to me to be a real shift in federal employment. We are going to tell you all about it. We are also talking to john bolton. Remember, he was a frequent guest on this program for years, he was often slamming the left. The critics are now saying well, hes using the left to sell his book. Hes on the show. Thats coming up later. Conservatives and Trump Officials ditching twitter over claims of censorship and they are heading to a new platform. We will tell you where they are going next. Stuart the market does not like what Texas Governor greg abbott has just done. He says the bars in texas, youve got to close by noon today and if you want to eat inside a restaurant, that restaurant can only fill up to 50 capacity. Thats a crimp on a big economy. The market doesnt like it. We are down 400 points. How about verizon and facebook. Verizon is pulling ads from facebook and instagram. Thats the largest advertiser to join the group of companies which are calling on facebook to crack down on what they call hate speech and calls for violence. Both stocks are down. Facebook is down significantly, thats a 5 drop right there. Conservatives and some Trump Officials are ditching twitter for a new social media platform which is called parlor, parler. Lauren, which conservatives have already moved . Lauren devin nunes, ted cruz, donald trump, rudy giuliani. They have left twitter which doesnt mean they dont use the site but they are also using parler, an unregulated social media platform billed as an unbiased alternative to twitter and facebook because those sites are flagging and factchecking the president and others tweets and messages. So they are migrating to parler because its unregulated and helps them get around what they call Silicon Valley censorship. Stuart parler. Okay. We will figure that one out. Thanks very much. Crime in new york, well, i think you can correctly say its surging. 125 shootings just in the first three weeks of june. The homicide rate is at a fiveyear high. The number of people shot, up 42 from last year. Pretty damning statistics. Bring in city councilman joe borelli. Why do you think that the crime is kind of surging here . Why . Well, look, we saw from the beginning of the year when this state passed bail reform package that basically guaranteed that all but the most violent criminals would be free from jail the moment they were arraigned by a judge. We started to see those impacts right before the coronavirus case and now after it, we know that the police have sort of been forced to take a back step approach to crime. They are not as aggressive as they used to be. You know, the commissioner stopped the Anticrime Team which was responsible for taking more guns off the hands of bad guys on our most dangerous street corners than any other unit in the Police Department. So im not surprised that crime is now ticking up, and im just surprised at the lackadaisical attitude of addressing it that we see by the mayor and city council. Stuart now, the mayor of new york city, bill deblasio, he wants to cut 1 billion from the nypd budget. The police say that would put crime back 30 years and cut 22,000 workers. What do you think would be, really, what do you think the impact would be . You take 1 billion out of the police budget, what happens . Well, its a very real impact. Look, the New York Post did a great study the other day, i think they got some documents from the Police Department themselves, which showed the response times in the ten most violent precincts in our city going up between two minutes and three minutes. These are people actually being victimized by a crime in progress who will have to wait an extra two or three minutes for a uniformed cop to arrive. We havent seen these Police Levels since 1991, 1992, and thats before the nypd added all of its Community Policing officers, thats before they added all of its antiterrorism and Counter Terrorism component. So this is going to be Uncharted Waters and i can only promise the viewers that new york city will be more dangerous as of july 1 when the new budget takes in effect than we are today. Stuart do you think it is effective if, instead of sending a Police Officer to a dispute of some sort, you send in social workers . Does that work . No, no, it doesnt. Look, we have tried that before. We have tried cases where we have teamed up social workers and Police Officers to address homelessness. Look, there are certain scenarios where we dont need a Police Officer to respond. But at the end of the day, unfortunately, a lot of people and a lot of interactions with the police arent pretty because of the actions of the person they are going to speak to or arrest. Unfortunately, you know, in a lot of these places around the city, the people who are the victims are the ones who are going to get hurt the most. When we make these cuts, im sorry, im just so emotional over this because its just so backwards, we are talking about Police Officers and we spent three months of protests making them out to be the enemy of the people, yet here we are knowing that multiple new yorkers will be the most affected. Stuart i just dont see how this helps new york city make a comeback. Joe borelli, thanks for joining us. See you again soon. Got you. The dow industrials now down close to 500 points. Im showing you amazon. Listen to this one. They are buying the naming rights to an arena in seattle. They bought the naming rights. Okay, susan. What are they going to call that arena . Susan not the amazon arena. Its going to be called the climate pledge arena. Doesnt really roll off the tongue but hey, if you are jeff bezos and the richest man on the planet worth 140 billion, who knows how you spend your money. Anyway, its set to open in late summer next year, 2021, and the climate pledge arena will be home to the citys incoming nhl franchise, also where the wnbas storm team will play. So this new climate pledge arena apparently will be fully powered, 100 powered by renewable electricity and talks between amazon and this new nhl arena began just about a year ago. There hasnt been an arena, looking back in history, that was named after a social cause but back in 2010 and 2013, kraft foods sponsored to name a College Football bowl game called the fight hunger bowl game. I dont know if you remember that. But look, this comes as part of a move by amazon, bezos, part of their climate pledge, i guess their climate Pledge Program they announced last september and this is by the way only after years of criticism that amazon was not disclosing their Climate Impact and not taking action which was in line with their size and influence. But this arena will cost 1 billion set to open next year. Stuart the climate pledge arena. Okay. Susan there it is. I was looking for that. Stuart there it is. Showing it to you right now. All right. Thank you, susan. Got to refer back to the market because we are down 460 now. Thats 1. 8 . Look, the problem here is an announcement from Texas Governor greg abbott earlier this morning. Bars in that state have got to close by noon today. You can do takeout, you can do carryout, you can do that, but cant sit there and have a drink, not after 12 00 noon today. Thats texas. All bars. And the dinein capacity in restaurants has been cut to 50 . Look, the bottom line here is that texas has an explosion in new virus cases. They have reacted to that by slowing down the reopening process. In fact, they are going backwards. They are closing down a little bit. What youve got there is a slowing economy. So the market sells off. More varney after this. Yeah yyeah yeah hey, hey. There seems to be a massive disconnect between. Whats going on in Corporate America there seems to be a massive disconnect between what is going on in Corporate America and what investors are believing is going on in Corporate America. The message to you, dont trade because you think youre going to get rich quick because stuart this is a selloff. We are down 480 points on the dow industrials because largely explosion in virus cases in texas created a situation where the governor has reversed the reopening process, closing bars in texas as of 12 00 noon today, limiting capacity for in restaurant dining. If other states follow suit, reversal of the opening process, you get a reversal of the economic speed up we have been seeing, down goes the markets. The dows biggest losers are goldman sachs, nike, jpmorgan, they are all down, down 6 . They are still at 2739. They are buying a self driving car called the zooskt zoo. Kanye west will sell his clothing line in their stores, tenure deal, retail watch, kristin is not impressed, she calls this lipstick on a pig, the market is up 32 , 13 a share on the gap. Donald trump will sign an executive order directing the government to prioritize hiring based on skills rather than a college degree. Wilbur ross with us now. Mister secretary, this is a new hiring policy, employment based on skill, not education. Is it worth going to college . It is still worth going to college but not necessarily the be all end all for all jobs. Federal government is the Worlds Largest employer, 2. 1 Million People and 30 of those job descriptions now call for a college degree. In a lot of cases that is not necessary because there are other ways to attain the skills needed for that work so this is trying to make it skillbased rather than label based. Stuart the news as relates to texas and the stock market is there is a reversal of the opening up process in texas, bars will close by 12 00 noon, let Restaurants Limited to 50 capacity, this seems like a real roadblock for the economy as it tries to expand and get out of the mess weve been in for the last few months. There will be some little interruptions as we come out of the pandemic but the key thing in my view is Consumer Spending will continue to lead the recovery, a up 8. 8 in the most recent month. Alltime record percentage increase in that is being achieved despite the fact that consumer Savings Rates are enormously high, average 17. 7 for the five months of this year. Roughly doubled and they were last year, the most recent month, 20 . What that means is the consumer has plenty of dry powder to purchase things. My only question is when will that be unleashed. Stuart would you make any change to your forecasts, and economic rebound in the second half of the year. Larry kudlow said precisely the same thing to maria bartiromo, it is the third strong quarter. And and to some degree in florida as well. Those states lagging a little behind what they hoped to accomplish, the others are opening more rapidly and getting the cumulative effect. Maybe there might be a little slippage from q3 to q4 but at the end of the day the important thing is the direction is a good direction. The direction is a strong upward direction and that is what matters, not the last tenth of a percentage point. I think they have all described it as a pause to do what they think is best, they are the ones on the spot and the ones who have to make the day today decisions. Im not going to secondguess any of the governors. Governor abbott is a serious individual, i know he is studying the situation carefully, he will do what is best for the citizens of texas. Stuart thank you for joining us, we do appreciate it. The markets are down 560 points, better than a 2 , down to the 25,200 level. Ive got google on the lefthand side of the screen, the Justice Department close to wrapping up their antitrust probe of google. Reporter the Justice Department and the doj looking at final documents in antitrust probe which will result in a formal loss against google by the end of the summer so the doj looking at dominance not only when it comes to Online Advertising and web search but control over the Advertising Technology in order to sell space for the display ads, that was looked into by authorities at the time in 2010 in google abuses the android operating system used at 60 of the worlds smart phone, this is a doj investigation, state attorneys, and they might combine their cases so this lawsuit, you can compare it to what happened to microsoft, settled by the way in 2001 and the reason we look at googles gains being captive here compared to other big tech and Silicon Valley competitors. We are expecting a lawsuit by the end of this summer. Stuart i will go back to the market, serious losses in the bigname stocks, 574 loss for the dow, apple down 8 bucks, microsoft down 5, amazon down 25 under pressure from advertisers down 15 a share, tesla down 19 and so on. This is a significant selloff all across the board. There is a new bill being proposed that would give every taxpayer a 4,000 tax credit to take a vacation, 4,000 tax credit just get out of here and take a vacation, a driving vacation in the United States. I guess it is an attempt to revive the tourism industry. We will deal with it. Speaking of travel, rv sales and rentals skyrocketing. The Great Outdoors is calling. We are definitely on it. Plus new delta data tells us more people are going out to drink beer, a good sign for the economy. We will tell you which state is pouring the most beer after this. announcer reliability is everything. So, if your networks down, youre down. Verizon knows your customers need to reach you seamlessly. Your team needs to work from different places across many devices. Plus, you want the security trusted by some of the Largest Companies in the world. And thats why you trust us. The most Reliable Network in america. Wherever you make go, lexus will welcome you back with exceptional offers. Get zero percent financing and make no payments for up to 90 days on all 2020 lexus models. Experience amazing at your lexus dealer. Stuart this is a dramatic selloff, down 2 for the dow industrials, better than 500 points. One of the stock that is really moving, the important ones a lot of people have a small piece of, apple is down 2. One . Amazon, the 2700 level, down 23. 8 . Facebook is better than a 6 drop. Facebook is down one. 9 . The reason for the selloff is what Texas Governor greg abbott said he is going to do because of the rise in cases. Spell it out. Ashley all bars across the state must close by noon, the restaurant dine in restaurant capacity must now be reduced from 75 to 50 and this is on top of yesterday when the government paused the reopening phases in texas. Because of the spike in cases, 5 or 6000 cases in the last 24 hours, the government taking more steps, closing bars at noon today and scaling back the capacity to 50 . Stuart i wonder if any high caseload will do the same kind of thing. That would really upset the market if somebody else did. Florida report cases of Christopher Liddell rose higher than the previous weeks average of 4. 5 . That concerning the market as well. We have investors typically selling off into the weekend because there are a lot of unknowns globally and they dont want this type of risk in a weekend where they cant selloff if a bad headline flashes and we are heading into the july 4th holiday when volumes are sitting in losses get exaggerated with you shares exchanging hands. Stuart Arizona Republican senator Martha Mc Sally is proposing a bill that would give people tax credits if they take a vacation in america, a driving vacation. Tell me more about this. It is called the tax rebate incentive program, 4,000 per individual for a tax credit for a vacation, 8,000 for joint filing and additional 500 for children. It is good for all of 2020 or all of 2021 for the tax credit. It is in the Senate Finance committee, they are of using the proposal, only included for a vacation more 50 miles from your primary residence. If you own a home in florida and live in new jersey then you go to the home in florida, the transportation there, food, lodging, food would be considered part of the tax break. If you wanted to take a trip to the united kingdom, a great breakaway against manchester city, they were not included in outside the United States it is only inside the United States. Stuart that was very good. You got me at the end. A strange idea, isnt it . On your screen, a remarkable number, 1000 jump in recreational Vehicle Rental since april 1st. That is the stunning number. According to aaa, 97 of vacation this summer would be road trips. Why not bring in jeff reynolds, president of keystone rv which is the largest maker of towable rvs in the United States. If the situation is so good, how many have you sold . Our dealer inventories are lower than we have seen in years and given everything going on around us, that was unexpected. We were heading into a good season, even though the circumstances were unfortunate it turned into a great season for us. Stuart you got to make a when the sun shines, you cant be sure things will stay as good as they are. Know. Going to the shutdown we didnt know what to expect. Nobody did. No matter how much planning we did we couldnt have planned for Something Like this. Stuart is the market for your product, towable rvs, is that a hotter market than the big bus like rvs, like a bus, where is the best sales growth . I would have to say towables are leading the way but that makes this so unprecedented. The first 4 people to toe the most with a vehicle spike but over the last several weeks we have seen that acrosstheboard. That makes this really unique, there is not just one market, one demographic, one space, motorized is hot, this is a great opportunity for us. Stuart sounds like good morning vietnam. The weather is hot. Good one. Jeff reynolds with keystone. Youve got a great market going for you there. Regrettably weve got to drag you back to the reality of wall street, down 500 points, close to the low of the morning for the dow industrials. We will bring you the story on fireworks sales, sky red getting skyrocketing. There are complaints of illegal fireworks, the nypd received 11,000 calls compared to just 54 calls in the same period last year. Nike reporting loss of their relationship with colin stuart we are still in selloff mode, heavy selloff, actually. We are down better than 2 on the dow, 1. 8 , the s p, over 2 for the nasdaq. Red arrows all over the place today. Then theres this. Multiple nfl teams reportedly interested in signing Colin Kaepernick. Which teams, ashley . Ashley well, we dont know, but this is according to a reporter at the nfl network who, you know, lets face it, kaepernick is a free agent quarterback. Hes 31 years old and its amazing, hes not played since 2016 but this report says there are a number of teams out there who are looking at him. Of course, all of that is complicated because the pandemic has shut down all sports and the nfl teams not expected to report to even practice facilities until the end of next month. Its going to be hard to get a sense of exactly where kaepernick is in his preparations. The nfl commissioner Roger Goodell has said he supports kaepernicks return to the nfl and even the president said look, hes in favor of the return as well if quote, he deserves it. So well have to wait and see. We dont know the names of the teams but reportedly, he is getting some looks. Stuart okay. Lets talk about nike, with whom kaepernick has a relationship. Nike reported a 790 million loss to their revenue side. However, lauren, the stock is down 5. 6 , but lauren, the news is not all bad. Tell me more. Lauren yeah. No, its not. Despite that loss and a 38 drop in sales because the stores were closed, these are the positive signs. Online sales rose by 75 . Sales on its app hit 1 billion for the first time. Then you look at the nike brand. Its strong because its been out front in its support of black lives matter. Theres a harris poll thats out that finds that that support plus its commercials which featured Colin Kaepernick two years ago, they have only strengthened its Brand Reputation and then theres another harris poll that found 61 of americans say nfl commissioner Roger Goodell owes Colin Kaepernick an apology. Goodell did issue an apology recently, saying the league was wrong but he never mentioned Colin Kaepernick by name, stuart. Stuart i heard you. I got you. Thanks. Im going to refer back to the market real fast here because we just dropped minus 600 just showed up on the screen. There it is. Thats 2. 3 . At risk of sounding like a broken record, i will tell you this again. The governor of texas is rolling back some of the reopening moves, specifically on bars. Hes going to close them by 12 00 noon today. You can still take a drink out but you cant drink in the bar. So thats a reopening setback there in texas. The markets down 612. Coming up, john bolton joins us. Remember, he was a frequent guest on the program in our early years. He often slammed the left. Now it seems like hes trying to get joe biden elected. We will discuss that and see what hes got to say. First, though, we are going to hear my take on cancel culture. I call it a farce. Thats my take, coming up. Airline ceos are headed to the white house. Thats all about getting you on to a plane and making you feel safe in the virus era. More varney after this. In neighborhoods across the country, youll see gratitude. Communities showing support in their own way. Our way is massmutual healthbridge, a free Life Insurance program just for healthcare workers fighting covid19. So to all the healthcare workers on the front lines, thank you. That selling carsarvana, 100 online wouldnt work. Thank you. But we went to work. Building an experience that lets you shop over 17,000 cars from home. Creating a coast to Coast Network to deliver your car as soon as tomorrow. 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Call now and get your free infokit stuart all right. It is precisely 11 00 and the selloff continues. We are down 561 points for the dow industrials. We have this news out of texas, this is whats setting this market to the down side. The governor of texas, greg abbott, issuing a new executive order which reduces capacity at restaurants to 50 and hes ordering all bars to close at noon today. Down goes the market. Have a look at the drug makers. This is germane because we are seeing a sharp increase in many states of virus cases today. The white house will hold its first virus Task Force Briefing in two months. All the drug makers are down but not as much in percentage terms as the overall market. All right. Shortly we will be speaking with former security adviser john bolton. Hes got his new book out. The president says bolton just wants to bomb people. He will respond to that in a few minutes. First, though, lets get back to this selloff on the market and bring in market watcher keith fitz. Keith, looks to me like this is all because of the rollback of the opening up in texas. Is there anything else to add to this . Yes, i think there is, stuart. I think uncertainty is cached in the virus in texas which previously was deemed to be under control. You have the biden effect which real or not, is very much on traders minds. And you have the fed with the dividends and bank tests, all of which are compounding to create a lot of uncertainty. People are taking money off the table today. Stuart the move in texas, according to many investors, is look, thats going to slow down the overall economy. If you are closing the bars, limiting capacity in restaurants, you are discouraging people from going out and about and spending and texas is a huge economy. So really, what the virus rollback is all about is the strength of the economy going forward. I think the markets taking a negative view of that. I agree 100 and i think you put that very succinctly and very eloquently, much more than i could do, stuart. You know, the fear here is that it expands beyond texas, because if this is happening in a state like texas, where supposedly things were under control, what does that mean for new york, for california, for florida . How do all the other industries where people have to function in close proximity get impacted . Stuart well, its friday. The weekend approaches. Would you sell anything today on the grounds that you dont know whats going to happen over the weekend, you dont want to be caught holding the bag monday morning . No, i would not. I will tell you why. Because i continuously, as you know, bet on optimism. I bet on hope. And i bet on the human spirit. The holdings that im looking at are Companies Like microsoft, like intel not intel today, but microsoft, any of the pharmaceuticals. Those are companies that are going to get stronger throughout this and on the other side. Im looking at this as more of a buying opportunity but a day like today, you never want to sell into a panic. Discipline, thats one thing. Panic, no way. Stuart you are a brave man, keith. We thank you very much for sharing your bravery with us this morning on varney company. Thank you, keith. Good stuff. All right, everyone. Now this. The cancel culture has become a farce. Its gone to such extremes. Are we supposed to take some of this stuff seriously . Change the National Anthem to a Woodie Guthrie song . Remove the statues of George Washington . Remove all statues and images of jesus . Topple the statue of Hans Cristian hague and throw it into a lake . He was an abolitionist. He died fighting to end slavery. This happened in madison, wisconsin. In todays los angeles times, you cant believe this, in the times today, l. A. Times, an oped with this headline. Want to tear down insidious monuments to racism and segregation . Bulldoze l. A. s free ways. Again, you may think this is pretty hard to take seriously because its just so extreme, so far out on the fringe, but its thrown at you constantly. I believe its curdling the national mood. I simply cant believe that america sits back and accepts the trashing of our history. But those who object have no voice. We have been saying this for weeks. Where is the leadership from business executives, from politicians of both sides of the aisle, state governors, big city mayors, joe biden, their silence is not helping. America is going into the summer in an angry mood and i dont think thats good. Lets bring in steve hilton. Whats he got to say about all of this. Steve, i dont like this angry mood. I really dont. I think people are voiceless and i think its making them really angry. What do you say . I think thats right, stuart. Its very superficial, thats the word i would use, because thats the sadness of it, really, because one thing that is true is that we do have racial inequality in this country just like so many other countries around the world, certainly in the uk, but lets just focus here in america. That goes back a long way. Theres a massive wealth gap between africanamericans and the rest of the country. That goes back to many policies over the years that affected things like education and housing and there are serious things we can do to remedy that, to bring more economic equality between africanamericans and everyone else, things like opportunity zones that the president has implemented. Things like school choice, which republicans are for but the democrats are against. These things increase opportunity, they are real substantive things that could actually lift up africanamericans in a way that we would all support. That could be a unifying way to actually address this issue. Instead, what youve got exactly as you say is this angry screaming at superficial things. Yes, they may cause offense. Im not against every single bit of this. There are some statues, for example, perhaps the confederate generals, that we can have a conversation about. Certainly not have them torn down by a mob. Do it through a proper process. But as you say, its got so ridiculous when just about anything thats old is branded as racist. It doesnt actually help anyone, least of all the people that it is intended to help. Lets focus on real policy change that can make a difference. Stuart bring me up to speed on california. I know thats where you live. We see in texas today, a spike in new cases and a rolling back by the governor of some of the opening moves that hes made recently. Whats the situation like in california . Because i know youve got a spike in cases. You think youre close to rolling back the reopening . I dont think so, actually. Its very interesting to listen to gavin newsom, the governor, just yesterday where in the sense the tables were turned. There was a time when he was being criticized for shutting down too much and for going over the top in order to control the virus. Now its the other way. Literally, there was a headline on the local radio i was listening to yesterday which is the governor defending the continued reopening despite the spike and his argument frankly is a very strong one, which is yes, theres a spike, but because of the time that they have spent trying to build up Hospital Capacity, ppe, ventilators, all the rest of it, the system can cope with it. Remember, the whole point of this, of the closures, was to flatten the curve so that the Hospital System doesnt get overwhelmed. Crucial piece of data, in california, right now, even with the spike, 8 of the Hospital Capacity is being used. The governor is saying we can handle this. Weve got plenty of capacity, theres no need to slow down or take back any of the reopening. Thats the current position here in california. I think thats good news. Stuart yes, it is indeed. All right, steve, thanks very much indeed. We will be watching you on the fox news channel. I think its 9 00 sunday night . Yes, it is. Correct . Yes. See you then. Thank you, stuart. Stuart thanks, steve. Next, take a look at microsoft, that stock. They have announced they are closing all their stores, all their retail locations, they are going to close them down. Taking a 450 million charge to do that. The stock is down 1. 5 . 197 on microsoft. Ford just unveiled their new f150 pickup truck. Theres a hybrid version on sale. Perhaps the biggest option is lie flat seats and a generator. Ford stock down 2 . But im interested in that new f150. Check the rival gm. They are cutting around 700 factory jobs at one of their plants in tennessee. They blame it on a dip in sales because of the virus. 24 a share on general motors. We told you about texas earlier. All right, ash. Tell us which other states are pausing the reopening process . Ashley yes. Its not just texas. Also yesterday, delaware announced it, too, is going to start pausing its reopening plans. Also yesterday, new mexico, earlier in the week we heard from North Carolina and louisiana at the beginning of the month also saying look, we have seen the spike, theres no rush to fully open yet. We are going to pause our reopening. You know, just looking at the latest numbers, at least 32 states are now reporting increases in the number of new covid19 cases. You know, we have seen spikes in california, florida and texas. Now, steve hilton just told us california believes, look, we are okay, we can handle this. Texas as we know has pushed the pause button but florida, you know, Governor Desantis just said look, we are where we are, we will never go back and we will just go by the numbers. So again, florida kind of taking the same attitude of california at this point saying we are aware of the larger numbers but we are not going to roll backwards, whereas in texas, they have reduced those capacities at restaurants. And closed bars. Stuart i think what the governor of florida said may have helped the market a little bit. We were down 600. Now we are down 500. Maybe im grasping at straws but we are down 509 as we sfe. Lets go to texas. Why not. Casey steagall is in dallas. You are going to tell us all about the bars closing, i take it. Reporter yeah, you know, this is after texas has reported for the last couple of days a Record Number of both new cases and also hospitalizations. In fact, texas alone has recorded some 17,000 new coronavirus cases in just the last three days. Whats more, the test Positivity Rate has also increased to about 10. 5 in the last week or so. That has always been a red flag indicator that the governor has used when he announced the reopening seven weeks ago. So now to help combat the spread, just this morning, Texas Governor greg abbott issuing a new executive order that requires bars to close effective at noon. He specifically noted establishments that have more than 50 of their sales include alcohol, that they will remain open for carryout and delivery. He also noted that dinein restaurants have to reduce their capacity now from 75 occupancy to 50 . That starts next monday. This also follows the governors announcement yesterday that hes pausing the states further reopening because more than 4700 people are now in texas hospitals, a figure that is more than doubled in the last week. In fact, icu beds in texas, specifically in dallas, houston, austin and san antonio, they are filling up rather quickly. So the governor has also halted elective surgeries in just those four cities to try and free up bed space. So again, elective surgeries halted in four cities but across the entire state, the entire state of texas impacted by these bars and restaurants. Stuart elective surgery suspended. Thats a big deal. Casey, thanks very much indeed. Thanks for joining us. Good stuff. All right. July fourth, what is it, just a week away. Fireworks are already lighting up cities from coast to coast. Theres been a huge surge in sales at the retail level. Why is that . We are going to find out. New polls suggest President Trumps popularity is dropping in battleground states. His campaign keeps shrugging off the numbers but they are hard to ignore. How can he win back support . We will discuss that. First, former National Security adviser john bolton out with a new book all about his time in the white house. I want to know, does he want joe biden to win the election . Seems like it. 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When i saw bolton they always gave me what i wanted because they said trumps going to drop bombs on me, hes got this maniac with me. So in a way he helped me in terms of a negotiation but seriously, he didnt do a good job. He wasnt smart. He wasnt sharp. And hes the only man i think i have ever met, i knew him for a year, one year, whatever the time, short time. Stuart dont hold back, mr. President. He was talking there about john bolton who is our next guest. John bolton has authored what im going to call a tellall book. John joins us now. John, welcome back. You were a frequent guest on this program glad to be back with you. Stuart for many years you were on the show. When you came on the show in years past, you would often bash the left and you would bash the media. Now it seems like with this tellall book, you are calling the president a danger to the republic. Seems like you are trying to get joe biden elected. No, im not happy about that, either. Look, the clip you just ran from the president demonstrates what the problem is. Those remarks were childish and unbecoming a president. Im really not going to respond to them. I can tell you i havent become a squishy liberal democrat. Really the purpose of the book is to describe to people what i saw, what happened during my time at the white house and they will make up their own mind. Stuart well, look, in the future, does the president have access to free to viewpoints and information which any president needs, if in the future he sits down with an aide and knows that that aide may just walk out of there and a couple of months later, publish a book that tells all about that conversation, what youve done is to restrict the president s access in the future to information and viewpoint. I dont think so at all. You know, during the years i was there, and before that, there were plenty of leaks out of the white house already. I didnt do it. I think that almost every subject i address in the book, the president himself spoke about publicly, and unfortunately, all too often, he didnt tell the truth. Look, people are adults in washington. They know, they know that what they say is going to be transmitted to a lot of people, and i viewed my loyalty not to an individual but to the country and to a philosophy about how to make america secure. I think theres no better time for the people to know about the character of the president than during a president ial election campaign. Stuart are you trying to save america from this president . It sounds like it. Im trying to give people the facts. Im not going to vote for him. I did vote for him in 2016. I looked at the alternative and concluded that it was worth voting for him and considering the alternative being hillary clinton. But after 17 months of serving in the white house, i cannot in good conscience do that again. Stuart it seemed to me after you joined the administration that you had a real problem with venezuela. I think things seemed to start going south with venezuela. I remember you appearing on camera, it was on this program, i wasnt interviewing you but you were making a statement, you had really talked about the venezuelan generals about to take over and get rid of maduro, it was in league with the cia or somebody, trying to get maduro out and using the generals to do it but it fell apart. Maduro is still there. Was that the start of the trouble . No. Look, the president waffled on the question of venezuela. I lay that out in the book. But i dont have any regrets about supporting the venezuelan opposition. They were the ones dealing with people in the maduro regime, it was all very well known in venezuela, in late april of 2019 they came very very close to overthrowing maduro. Its a tragedy for the people there that they werent able to do it but the opposition continues. I still believe one day venezuela will be free. Its important for the United States not only for that to happen but to push out the cubans, russians, chinese and others whose presence in venezuela props up the maduro regime and threatens us in this hemisphere. Stuart the president says you want to bomb everybody. Did you want to bomb the venezuelans . Im not joking. Im not joking here. I mean, the president said very clearly there bombs away with john bolton. I mean, thats pretty strong stuff. Did you want to bomb any foreign country . No. Look, the president is acting as he often does. Im really not going to respond to it. These are serious issues that ought to be treated seriously. Stuart john, i think you should. Look, if this is a tellall book, you are telling everything that went on between you and the president in your 17 months in the white house, but now you wont make any comment when the president comes back at you. I think you should. I dont think i should. I think when you make those kinds of comments, it degrades the office of the presidency and i think people can draw their own conclusions from it. Im not going to get into a situation where im engaged in exchanging petty insults with him or anybody else, frankly. Stuart okay. The other criticism is that you rushed publication so that you would get the book out there before the election. Because that would affect the election. You did rush into it, didnt you . Well, i didnt rush into it. I went through a prepublication review process that lasted a pretty arduous four months and at the end of which is even the government concedes the review person in the nsc staff responsible for the review concluded there was no classified information in the book. I do think the timing means people have it open to them to consider for november but it has one other purpose, stuart. When a lot of the people on the scene today are gone in 50 years, the book will still be there. Stuart last one. You are also accused of just wanting to make a lot of money. You are going to make a lot of money. You are. You are. This is going to be a bestseller. You will make a lot of money. You going to make five million . Look, i dont know if i wanted to make a lot of money i never would have gone into the government. I served in the reagan administration, in two different jobs, two different departments. I served in the bush 41 administration. I served in the bush 43 administration. And i served in the trump administration. If making money were my only objective, i wouldnt have done any of those. Stuart okay. Look, thanks for being on the show today, john. We do appreciate it. When i get my free copy, i will read the book. John bolton, everyone. See you soon. Thank you, john. Thank you. Lets move away from this. I want to look back at the market. We are down 500 points for the dow industrials. Quickly take a look at apple. New report says one of the most popular apps in the world could be spying on you and is spying through your iphone. Weve got that story for you. Florida reporting 5,000 new virus cases in a day. Will that shocking spike force the republicans to rethink their convention this summer . We will find out after the break. Yeah yyeah yeah hey, hey wherever you may go, lexus will welcome you back with exceptional offers on exceptional vehicles. Get zero percent financing and make no payments for up to 90 days on all 2020 lexus models. Experience amazing at your lexus dealer. Liberty mutual customizes exyour Car Insurance, so you only pay for what you need. I wish i could shake your hand. Granted. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Stuart its been this way for about an hour. Minus 500 on the dow, minus 50 on the s p, minus 160 on the nasdaq. Lots of red ink. Its a selloff. All right, ash. Ive got a feeling of deja vu all over again. Dont you have that . It seems like weve got stories today that were very much like stories that we were bringing like in march of this year. Like the nba story youve got now. Ashley yeah. To quote the great yogi berra, yes indeed. We have just gotten word from the nba they tested 302 players on tuesday. Of those, 16 have tested positive for coronavirus. Those players will now go into isolation. We know the nba is all going to reconvene at the Walt Disney World sports campus next month. 22 teams basically are going to be in a bubble there where they will restart the season on july 31st. There have been questions as to, you know, keeping the players safe. There will only be the players, coaches and team personnel. There has been some grumblings within the nba that they cant be with their family at all during this period because it could be last up to 50 days if these teams go on to the playoffs and finals. But thats the latest news. It just kind of adds, does it not, to the headlines and to your point that here we go again, having these headlines now of more and more people testing positive in this case, the nba. Stuart absolutely right. Yeah. Here we go again. Same story. Repeated. Here we go again. All right. Thanks, ash. Moving on. The market, the virus, yeah, okay, they are going to have an impact on the election. I want to bring in tim murtaugh, trump 2020 communications director. All morning long, we have been talking about the warning signs that are out there for the president , bad polls, wall streets worried about a biden victory, the wall street journal coming out today and saying watch out, mr. President , you could lose this thing. Youve only got four months to turn things around. How you going to do it . I think what we are doing is promoting the president s really incredible record of achievement on behalf of the American People and i think you see that with the report about people nervous about what joe biden would mean for the economy, those worries are well founded. We know he would raise taxes, he would impose the Green New Deal on everybody and four months is a long time. I think people need to remember that we only just found out that joe biden was going to be the opponent while the Coronavirus Crisis was under way already. And we are now beginning to define joe biden. We know that a lot of people know of joe biden but not very Many Americans know about joe biden. Thats about to change. These public polls, we dont put any faith in them because we know what our internal numbers say and those are the numbers that we can trust stuart i want to hear about that. I do want to hear about that. Internal polls, i dont expect you to release nthem to me but youre telling me youve got internal polls showing the president winning in battleground states . Have you got those polls . Absolutely. Stuart you do . Absolutely. We consistently track 17 states around this country and in a headtohead matchup with President Trump, joe biden just fades. President trump is strong in the states that we track, the states that we know will make a difference and which will decide who the next president of the United States is. Thats just the fact. These narrative setting polls the national media, the New York Times and cnn and the like try to put out there, all they are trying to do is write the same story that they tried to write in 2016. The news media should get out of the business of making predictions because they are bad at it and they are heading for another major embarrassment even bigger than the one they went through in 2016. We know the president is strong, he remains so today. He is going to be reelected. Stuart okay. Politico reports that the Trump Campaign is rethinking the nominating event thats set for florida, because of the spike in virus cases. Do you have a plan b . Well, the plan is to be in jacksonville. Its going to be Television Viewers and those who attend it will see it as really a celebration of the renomination of President Trump and Vice President pence and it is going to be a great event in jacksonville. Its sad what Governor Cooper in North Carolina did. He made it virtually impossible for us to have the event in North Carolina and i guess he just decided he didnt want tens of millions of dollars of Economic Development happening in charlotte and around charlotte. You know, we see that, hes a biden ally and he wanted to make life difficult for President Trump so we will go somewhere where people will have a great time and the Economic Development will happen somewhere other than North Carolina. Thats a shame for the people of North Carolina. But still, its going to be a great event. Its going to be safe and it will be what people think of when they tune in seeing the renomination of the president of the United States. Stuart all right. Tim, thank you for joining us this morning. We do appreciate it. Thank you, stuart. Stuart joining us now is dan patrick, Lieutenant Governor of the great state of texas. Sir, weve got this report this morning from the governor. You are closing bars at 12 00 noon, restricting capacity in restaurants. Thats a rolling back of the opening up process. Your comments, sir . Yeah, hi. Good to be with you. Stuart, im sorry, stuart. Forgive me. Its been a long time. What can i tell you . Forgive me. Stuart, look, what the governor did today was to take the right pause on certain areas that we think are creating this spike. You know, im usually a fast talker when im with you and i want to be kind of i want to slow down and walk through these numbers because its so important because the media, not fox, but the media in general grabbed the headline and run with it and i think it misleads people and sometimes can scare people. Let me walk through some numbers that have been i think misinterpreted in this report, and quite frankly, its the fault of some of the hospitals and medical centers, who have put different messages out. Number one, we have seen a spike in our positive cases. We are also testing 35,000 people a day compared to about half that about six weeks ago. So if i went out today, stuart, and tested another 100,000 people, guess what, we would have even more positives. So the positives are important because thats the first silo. The next silo is the hospitalization. Again, we are seeing an increase in hospitalizations as a response to those out there who have tested positive but what has changed is the median age according to some of the doctors on fox as well, the median age has shifted from the mid 60s to under 40 now of those in the hospital. Those in the hospital today are not there six, seven, eight and nine days. They are there closer to four days. They are recovering and going home. So the next silo is your icu units. There has been reporting that houston is 97 full and we cant handle that. Well, four major ceos came out yesterday and said that was not accurate and that we can handle this. Heres what is accurate. We have 7200icu beds in the state of texas. We can add 2,000 or 3,000 more. Of those 7200 now, 5700 are occupied. Of those, 4400 are regular cases. So 25 of icus are occupied. The last silo is the death. We have not seen increase. We pray and hope that continues matching that. Right now we are seeing more cases, younger people that are out at a lot of bars and a lot of places where they gather and thats creating the increase in hospitals but we are not steeei it relating to deaths yet. Stuart thanks for setting us straight on the numbers, the actual situation on the ground. Thats good. But i dont think you are going to deny that the restrictions you are now imposing, bars and restaurants, that is going to slow down the economic rebound. A major state like texas has a big impact on the overall economy. You are slowing down the rebound. Well, we just opened the bars a few weeks ago and everything else, we are leaving open. We are not impacting beauty salons or churches or businesses. We are just saying to the bars in areas where young people primarily are gathering, thats probably related to the increase because quite frankly, stuart, they sat with their parents at home for 90 days, a lot of them living at home, and they said we got to get out of here. Once they opened up, they went and socialized but they didnt social distance. There are a lot of young people who are single. They wanted to get out and have their life. They have gone out and maybe havent been wearing masks, i would say not maybe, probably not, because i havent seen many wear them, and they havent been social distancing. We are trying to corral one area of the problem as opposed to locking down and thats the last place we want to go. And it would take a dramatic occurrence for that to happen. So i dont see that the same way. I just think its an adjustment. People want leadership now, stuart. And from day one, i have been saying we can do two things at once. We are still doing that in texas. Stuart got it. Lieutenant governor of the great state of texas, dan patrick, thanks for joining us. We appreciate it. Thanks, stuart. Stuart we appreciate you being here. Thanks very much. Yes, sir. Stuart more after this. There are times when our need to connect really matters. 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We are still in the red to the tune of 550 points. Thats your dow industrials. Thats down over 2 . Apple got caught they caught, i should say, they caught tik tok spying on millions of iphone users. They got in through a security hole in apples ios system. The stock not reacting to that. Its just part of the general selloff today. Apple is down four bucks at 360. Albertsons, the restaurant sorry, the Grocery Store chain, they did an ipo today, went public, first time their shares are on sale to the public. They were priced at 16 and they have gone to 16. 15. Thats what youve got. So when they started trading they went up, what, ten cents on the stock. Now this. Really interested in this. Fireworks sales, just ahead of this years july fourth, absolutely spiking. Thats interesting. Lets bring in one of the biggest firework retailers there is. His name is bruce zoldan, the phantom fireworks ceo thereof. Welcome to the program. Good to see you. Thank you for having me, stuart. Honor to be here. Stuart why this year are you experiencing this just extraordinary surge in retail fireworks sales . Why this year . Well, i think there are several reasons. Certainly being penned up, most americans, for three months or several months with home isolation, looking to go outside and have some type of entertainment and unfortunately, people arent traveling now, theyre not going to theme parks, theyre not going to see big fireworks shows, parks are closed, so they are having backyard parties and the only entertainment at the end of the backyard picnic is consumer fireworks. So its been a surprise to us, too. Stuart whats your percentage increase in sales this year compared to last year . 2019 . I think our company had planned on a 15 increase in sales based on a saturday fourth of july, and we never expected it would be 115 or higher. Stuart sorry, tell me that again. I missed that. You are up 115 . Yes. We planned on 15 and it ended up being 115 so far. Stuart okay. Can you tell me, what is your best seller . Well, the 500 gram repeaters which is like a mini grand finale, are certainly the topselling items in the consumer fireworks world. Stuart are they all made in china . Yes. 99 of fireworks worldwide come from china. Stuart you have to pay a tariff on imported fireworks from china . Just a normal tariff, fortunately for the consumer fireworks, we werent added on with any major tariff this year. So its just the normal tariff for fireworks. Stuart you know, the number of complaints about fireworks are up all across the country. I mean, look at new york, for example. The nypd has gotten more than 11,000 calls about fireworks this year. It was only 54 last year. Mayor bill deblasio says fireworks arent a big priority this year. Do you do anything to stop people taking fireworks across state lines . You arent supposed to have fireworks in new york city or new york state, they are getting them somewhere. Do you try to stop them taking them to nonfireworks selling states . Well, there are certain types of fireworks that are legal in 49 states and we certainly hope that people that are purchasing fireworks at our Stores Across the United States are using them in accordance with the state law of where they live. Unfortunately, we know that some people take them and use them where theyre not supposed to use them, and we as an industry discourage that, but theres little we can do about it. Its pretty much up to local Law Enforcement where theyre using them. Stuart do you have any liability problems . If i walk into one of your stores, purchase a firework, walk outside, aim it at somebody, they get injured, are you liable . I think you would be shocked at the number of liability cases we have had in the last ten years. We have Insurance Companies begging for our business. Stuart so you have had no liability problems . None . Almost nothing. Very very little. Stuart you dont have Liability Insurance . Careful what you say on Public Television there, bruce. No, we have great Liability Insurance. Im saying theres several companies, Insurance Companies, that are striving for our business because of our low liability claims. Stuart okay. How many outlets have you got . We have 80 brick and Mortar Stores throughout the United States. We operate approximately 1500 seasonal stands and tents throughout the United States. And we sell to several major retailers in the United States. Stuart you are the firework king. Bruce zoldan, phantom fireworks, thanks for being with us today. Congratulations. You are having a great year. All good stuff. Thank you, bruce. Thank you, stuart. Stuart sure thing. We have been asking you to send in your comments about the show all week long and now its finally time for what we are calling friday feedback or feedback friday, not sure which way it is. Friday feedback. We will show you the good, the bad and yes, the ugly. We have some we are going to break some big news to Ashley Webster. Yeah, we really do. Thats next. Stuart thats music worth playing. Okay. Lets not stop me now. Friday feedback. Here we go. We asked you to send in your comments and you did. Im going to start with some of the kind of slightly nasty ones to start with. Okay. First, m. L. Hill says your show is on fox business channel, you should stay on business reporting and not politics. Quit on campaigning for trump and making excuses for him. You sound like his campaign manager. No, thats not true, sir. I support President Trumps views on the economy. Im a big supporter of that. Why not . This one from elliot janes who writes varney, he has a serious problem pronouncing bayer. It is spelled bayer. He always pronounces it bayer. Wait a minute. Is this a speech impediment . Wait a minute. Again, look, look, let me go back to the company here. Look, it is spelled bayer. It is pronounced bayer. Have i got that right, guys . Have i . Susan yes. Lauren yes. Stuart its german. Lauren people confuse it with the aspirin, the medicine. I remember back when i first started doing tv my dad actually called me up, he said lauren, you are pronouncing bayer wrong, its bayer, not bayer. But its bayer. Stuart it is. Thats right. Thank you. Lets move on. Linda hagerman writes this. This is one of the good ones. Love to see the very intelligent and successful women who are analysts and hosts on your show. Love your accent and your sense of humor. Sorry about your boeing stock. Yes, so am i. Congratulations, susan and lauren. I think that was a compliment to you guys. Hoor heres a suggestion from rick. How about a tenminute class on an economic topic and how it affects the economy and my i. R. A. . Absolutely no way. If you think that i could hold an audience with a tenminute deal on the Federal Reserve, think again. Am i right on that one, susan, lauren and ashley . Susan yeah. Lauren no. Stuart thank you. Chip writes this one. This is good. Hey, ash, this is from chip, hey, ash, if you speak into your iphone and say hey, siri, how old is Ashley Webster, you will not like the answer. Hey, susan, give it a try. Susan siri, how old is Ashley Webster . Ashley webster is 119 years old. Susan 119 years old . I dont believe it. You look pretty good. Ashley thank you very much. Stuart how did they get that so wrong . They said you were born in 1901. Thats it. Ashley i remember it well. Yes. Back in the day. Right there with you, stu. Susan siri, how old is Stuart Varney . I dont know Stuart Varneys age. Susan she doesnt know Stuart Varneys age. Stuart 72 next week. Thanks to everyone who wrote in. Keep sending us your thoughts. I promise you, everyone, more varney after this. Hey you, yeah you. I opened a sofi money account and it was the first time that i realized i could be earning interest back on my money. I just discovered sofi, and im an investor with a diversified portfolio. Who am i . i refinanced my Student Loans with sofi because of their low interest rates. Thanks sofi for helping us get our money right. announcer reliability is everything. So, if your networks down, youre down. Verizon knows your customers need to reach you seamlessly. Your team needs to work from different places across many devices. Plus, you want the security trusted by some of the Largest Companies in the world. And thats why you trust us. The most Reliable Network in america. And people you can rely on. Im a Dell Technologies advisor. Me too. Me too. Me too. And if youre a small business, were with you. We are with you. Were with you. We want to help. So well be right here. At home. Answering your calls. Providing support. And standing by you every step of the way. Bye bye. Stuart many thanks to all of our viewers who sent in comments about the show in our friday feedback. If you are not careful we will do it again. We thank all of our viewers. Times up for me this friday, neil, it is yours. Neil im glad mine got through. I was worried he would not get my email. Thank you very, very much. I thought it was funny. Have a wonderful weekend, in the meantime take a look, we have a selloff going on, we were down a lot already unconcerned about the number of cases building in the United States, roughly 40000 backtoback days, we have not seen that through the whole ordeal. And the fact that so many states, half a dozen were seen of taking cases by about 10 , the real news came out of texas because up until now, the state governor has either slowed down