Transcripts For FBC Varney Company 20240712

Its on fire again. 3. 8 gain yesterday can something similar, up to and half percent again today. Why the big rally . Leader mcconnell says there will be a stimulus package probably this year and that helps. Divided government means no big tax hikes or green new deal, that helps. The fed will most certainly keep printing, so check your 4o1k and a smile. Lets deal with the election, the president ial winner still in doubt. It will come down to four battleground states, pennsylvania, North Carolina, georgia, nevada. Its close in all four states in the trunk team will go to court to make sure only valid votes votes are counted and we expect an update on the count in nevada. That state may be called today. Watch las vegas, 11 30 a. M. , but from campaign may be filing a legal challenge there also. This is the place to be if you follow money on politics. Varney co. Is about to begin. Stuart i wanted something more upbeat and lively with the market rally to die for. We will try next hour. The path with a hinges on four battleground states. A joe biden and President Trump are both looking for the magic 270 number, the Electoral College vote. We could see a winner in nevada today and here is where that race currently stands if biden wins the state it would give him the magic number 270 needed for the presidency, but the Trump Campaign insists arizona is still in play of votes are still being counted in the state and foxnews has called the race for biden. We have a big show a head. Madison, republican, youngest member of congress had more than 100 years and the outspoken trump guy, Corey Lewandowski. Lets get to money. Lets see how the markets are reacting and bring in dr barton. I think you are saying that this divided government is the main driver of the market at the moment. Is it . You got it, stuart. There are two great reasons and you touched on both of them earlier. One of them, number one taxes. With a red controlled the senate, thats going to allow us to not see those big Corporate Tax hikes that the blue team wanted to impose. The markets love that the big magnetek benefits the most and thats why they are taking off so much in combination with reason number two which is the reduced headwind of anti trust action. With a red controlled senate its going to be more difficult to have a onerous, a very heavy antitrust action taken against those Big Companies and i think there will still be something happening from the Justice Department. It just wont be as strong and i think the markets are showing that stuart im going to put the big tackle winners on the screen again. This is premarket today all of them showing a gain of at least 2 , thats a phenomenal gain for copies of that size. You can see them on the screen, apple, amazon, facebook, alphabet, microsoft. Which of these would you be a buyer of today . My two favorite, stuart, or microsoft number one because they have their antitrust issues already behind them. They dealt with that decades ago and they are not even considered by the Justice Department rang out. Plus, there growing gangbusters. Revenues and their gaming revenues from the xbox up 30 yearoveryear, cloud up 48 . Love the microsoft Going Forward. Google, we hardly know the Justice Department case against google in a 500 plus page document plus they are growing 10 glowing their Cloud Business 30 , so those are my two favorite out of the five. Stuart you have been on the show for many years and you consistently have said big tech will be the winner and it has consistently. Thank you for your service to varney co. For the last five years. We will see you again soon. Its not just big tech thats creating some serious winners. There are others out there and a susan has a list. Susan we have lots of earnings. Chips are in the vast majority of the world of smartphones and we saw better earnings of the forecast, half a billion 5g smartphones to be sold next year. The apple iphone is also polish for apple sales. Amazon, allie baba, the Biggest Company saw the earnings fall 60 from a year ago. Online travel company expedia reporting a smaller loss than anticipated. Demand seems to be picking up slightly for travel and tender owner, reporting a stronger quarter based on more people paying with more than 6. 6 million subscribers and regeneron, that medicine President Trump credited with curing him likely to get fda approval. Stuart so thats a Matchmaking Company . Susan yeah, Something Like that a dating app for you swipe swipe left. Stuart are you about to tell me for elderly people . Susan i dont think theres a demographics. I think everyone using it. Stuart lets move on. Senate majority leader mitch, promising a stimulus bill by the end of the year. Watch this. As i have said repeatedly, in the last few months, we need another rescue package. The senate goes back in session next monday. Hopefully, the partisan passion that prevented us from doing another rescue package will subside with the election, and i think we need to do it and i think we need to do it before the end of the year. Stuart brian brandenberg is with us, this thursday morning. Do you think mcconnell can get it done and how big do you think its going to be . Stuart, the name of the game here is leverage. Mcconnell has more leverage now than he did a few days ago because this was such an embarrassing election for nancy pelosi and Chuck Schumer so the answer is yes, i think we will get stimulus now on mcconnell has been talking about it for months and has he said hes been willing to do it, but he wanted to do it in a sane way which means not blowing the budget and spending money where we need it, not simply wear blue states wanted because their budgets are messed up. I think we will get a stimulus and i dont think Speaker Pelosi has a choice now about whether to go along with something smaller. For moderates will rebel they didnt like what happened in this election and they can see the future coming up for the next one and they dont want to be the one standing in the way so i think we will get a package that will be smaller than what pelosi was asking for, probably the 1 trillion to one and a half trillion range by the end of the year. Stuart do you think it will make a difference to the performance of the economy . Lets suppose its a trillion dollars injected into the economy fairly quickly, a trillion chucked in, what difference does that make to the rate of growth in the economy . Ive always been a skeptic of the stimulus. There are shortterm benefits especially when you are in a situation of lockdowns, but its not the thing that will rescue the us economy. Its not that thing that will guarantee recovery. The guarantee of recovery comes with opening up. It comes with getting a vaccine that helps people to be comfortable in the economy again so the problem we have had is we have leaned on stimulus too much. We have leaned on the fed too much and its caused us to be slow when it comes to being smart about reopening. I dont want to see that again and i dont think mcconnell will allow this. He sees it as temporary and not the rescue for the economy. Stuart thats another plus. I dont hear much talk of lockdowns now that we have passed of the election. It was to some degree politicized. Thats another plus for the economy. Last word to you. After the election i hope a lot of things become less political and we can be smart again and we arent thinking about where it will land us in the win loss, and the senate or the house. The committee about workers, families and wages and things that should have been in the forefront. I think the biting government can help with that, actually. Stuart thank you for your Great Service to this program all these years. See you again soon. You got to look at futures again. You will likely see. This is the election week rally to die for. Up a 300 again on the dow jones and the nasdaq two and a quarter percent, big deal. The gap apologizing for this tweet showing a red and blue hoodie calling to move forward together. Let me ask this why do you have to apologize when you are calling for unity . We have the story. Protest at the polling stations in arizona, a state President Trump believes he is still in play. Mc mulvaney thinks that way too, arizona still in play they say. They will tell us why after this Nonvalvular Afib can mean a lifetime of blood thinners. And if youre troubled by falls and bleeds, worry follows you everywhere. Over 100,000 people have left blood thinners behind with watchman. Its a onetime, minimally invasive procedure that reduces stroke risk and bleeding worryfor life. Watchman. Its one time. 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Lauren bill simon says his policies will slow economic recovery. He points out tax increases and if rates go back up at the individual and corporate level, but also taxing in Capitol Gains as ordinary income if the senate has President Biden. Hes also worried about the regulatory changes that could come and they would be pushed if joe biden picks a cabinet that leans progressive so we are talking about banking and environmental changes. There will be more stringent rules and onerous for businesses. Stuart we have a warning about his potential administration before he has even won the race. Why not. Thank you. Look what we have from the president , moments ago he tweeted stop the account. All caps models. Meanwhile a furious legal battle coming up. Heres a protest outside a polling station in arizona. Of those protesters think the race was called it too early. The president trails slightly in that state, but there are still 400,000 ballots to be counted. Fox news decision desk call the race for joe biden in arizona. Come on in acting white house chief of staff. Mick mulvaney is back with us. Do you think that the president has a path to win in arizona . I do and i think the president should be expected to win based simply upon the massive. One of the mistakes a lot of folks are making including with respect to your network is they do not understand what the votes exist in arizona. The mail in ballots, yes mark largely from Maricopa County and for that reason a lot of people say its a biden leaning, but thats not how arizonas county. There counting on last in last out basis. The ballots yet uncounted are the ones delivered including walking on election day and those are heavily republican votes and thats why you see the president close the gap in the last 24 hours. He has close that gap by 25000 votes and pulling between 55 and 65 of these ballots and if that holds, and it should, he will catch and pass a joe biden in arizona by the time the last 400,000 votes are counted. Stuart if arizona did go for mr. Trump, that would rearrange the Electoral College map and rearrange both the president and joe bidens path to the 270 required with a radical transformation because i understand arizona has 11 Electoral College votes. Its a 22 vote swing and then brings all attention on pennsylvania and raises the very unique possibility of a tight if nevada goes the president s way in pennsylvania goes the president s way, but for some reason he were to lose georgia and thats a 269 tie so i dont think arizona is getting the attention it deserves because it is really swinging. If he cannot win arizona he wins the race. If he wins arizona things change dramatically. Stuart it so, arizona is of paramount importance. We are told i believe 11 30 a. M. Eastern the trump team will make an announcement in nevada, maybe this could be another lawsuit challenging the photo nevada. What do you make of this . There will be lawsuits just about every place because of the nature of the election. The laws changes state to state, sometimes county to county. About nevada, four years ago donald trump lost by 27000 votes and i think the margin now is a third of that, maybe 8000 votes so its extraordinarily tight. Would not surprise me to see lawsuits they are to make sure the count goes correctly. Stuart a lot of people are saying or i see a lot of pundits and commentators suggesting biden has got it. You dont think so do you . No. At this point the campaigning is over. They are trying to persuade people to go, but its over and now its about counting accounting legally. We made the case for arizona and we know how tight nevada is in pennsylvania the president is up and while there are a lot of folks like to be counted around philadelphia theres also a lot of ballots in trumps part of the state with various analysis that biden has to get almost 90 of those votes to overtake the president into the vein of what i think you see out of the white house and by the way you should see out of both campaigns is lets legally count the votes to make sure no one finds a box of ballots under a rock someplace and make sure ballots are counted correctly. The reason pennsylvania is so difficult as there may not be results for litigation as they did strange things there in the runup to the election choosing not to count early like in florida and instead said if a ballot comes in and has a signature in the signature doesnt match the registration we will still count the vote. Thats the thing that invites lawsuits and dragging the decision out. Stuart count only ballot the votes and the president has a good shot. Mick mulvaney, thank you, sir. Now lets get back to money and i will show you big tech sometimes i can hardly believe whats going on with big tech. All of them way up. What are they so happy about . Susan makes you very happy. Less regulation, no breakup and difficult hiking Corporate Tax with a split congress and thats why we have a huge rally in tech stock these are the single best day in history after any election for the nasdaq. Gridlock is good for big tech and they have a safety play with guaranteed growth in greer and shed profit. Apple is uptodate despite the fact with bloomberg report saying its running short of chips for its new iphone. Amazon is is shipping off the fact that jeff bezos sold 3 billion in amazon stock last week. Stuart do you know i am so happy to see big tech go up . Its not just that i have some, but a hundred million americans are invested so for a one case, ira, apple is one of the most widely held stock. Susan and amazon and microsoft. There should be a lot of stimulus still any a trillion dollars is nothing to stop the and also a fed meeting later today which could be accommodated with low Interest Rates. Stuart dow jones up another one and a quarter . Futures again, let me remind you its election week in a big rally. All the indicators are sharply higher especially the nasdaq which is looking at 12000. Thats it. I will show you more after this. We are having a good time. Trelegy for copd. Birds flyin high, you know how i feel. Breeze drifting on by you know how i feel. Its a new dawn. If youve been taking copd sitting down, its time to make a stand. Start a new day with trelegy. No oncedaily copd medicine has the power to treat copd in as many ways as trelegy. 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I back up and i kind of try to look at the american voting public as a amoeba took i know Everyone Wants to go red and blue, but what were voters really saying . Heres what i hear, it looks like joe biden has the inside track to the white house. It appears, i think, more strongly that the senate will stay republican and a so what voters said is we dont want radical change. We dont want a green new deal. We dont want medicare for all, singer singlepayer system or massive tax hikes, however and this is by a slight margin we do want more peace and quiet. When i look at this next four years thats what i think we will get, no major changes in policies and a little bit more peace and quiet and thats a really Good Environment for the market. Stuart im sorry, i see it as a rejection of socialism. Speaker pelosi majority in the house actually shrank. She thought it would take up, but it shrank. She has to deal with the squad and i dont know how shes going to do it stuart, i totally agree with you on that. It is a rejection of major change in the direction of the us policy towards the socialism and losing 10 seats in the house for nancy pelosi is here at the way i think of it and she just lost a trillion dollars from the stimulus bill, so one thing i will look at is how Mitch Mcconnell deals with a stimulus bill now. If we keep it focused on the impact from covid, thats a Huge Positive for the market because now, we are to bailing out states. We are not putting all kinds of extraneous things in for new immigrants etc. , keeping it focused on coping covid and if thats what happens with the stimulus bill, its a sign you are right about socialism and i am right that people dont really want major change and i think thats a Huge Positive for the economy and the stock market in the months and quarters and years ahead. Stuart excellent. Brian, thank you for being here today because you are joining us in election week and we have an election week rally thats extraordinary. Lefthand side of your screen retailers, all up. Bottom righthand corner of the screen futures up or hundred points. Reading of the bill means we are starting to trade on a thursday morning, three, two, one lets see how far up we go. Off and running. Im dying to see this. Its fun, isnt it . We are all making money hair appeared dow jones up 350 in the first to 12 seconds, up one and a quarter precent. S p up one and a half percent. Nasdaq up 3. 85 yesterday and up 1. 93 today. Susan, its up 217 points. Its a way way up and we love it. Uber, they are winner this morning. Susan well, they were. Stuart not anymore. Okay, creates out this afternoon. Susan they were up 17, double digits yesterday after winning proposition 22 so we will hear what it means for their business Going Forward. Still, a tough slog with ride healing especially with covid. Food delivery, will that make up for some of that food delivery of doubling as more order from home and the more you do that the longer i will continue to talk. Stuart why talk about stuff that comes up after the bell when we just rang the bell to start trading and we are straight up. Uber is down . Susan its a big company. Susan next case, what we have . Peloton reports yeah, they report after the bell, but right now before the close of trading there up 2. 8 . Okay. Lauren comedy anymore . Lauren i do, i mean, the numbers are going to be fantastic. We told you last courted a Group Revenue over 170 . They will do it again, expected to grow 228 . 1. 32 million subscribers and they pay not only for the bike and treadmills, but 40 a month for the interactive classes, so obviously peloton has been a pandemic winner with shares up 300 this year and now they have to fix supply chain issues so stayed tuned for commentary took also, how to get people who are not rich or uppermiddleclass to buy their bikes and so far they have been able to do that by lowering prices. Stuart lets get to todays action because im looking bottom righthand corner of the screen up 415 points on the dow jones, 28200. Heres another one that reports after the bell what are you going to tell me after the bell today as opposed with going on now, ashley . Ashley tanks were setting that up for me so well. Down 45 year to date expecting a loss of about 4 a share with revenue around 430 million down a 73 from the same quarter last year. Secondquarter earnings were brutal. Losses across the board portfolio with casinos and resorts, revenue, the wind palace was down overhead yearoveryear , revenues down 9097 . The question is will we see improvement as people start to travel . Are more people driving at least two vegas from la . We also have and i on the outstanding debt was 13 billion at the end of last quarter with that said, something happening right now Morgan Stanley raised the stock from 90 to 95 vote of confidence. How about that . Stuart i will take that, ashley. General motors, a winner. They are winner now. Ashley yes. Stuart whats going on with gm . Ashley let me just say, stuart, you are huge and start the villages in florida. They say we love stuart, hes so cheeky. I wanted to pass that on gm following in the footsteps of the ford and see it chrysler with gm reported betterthanexpected thirdquarter results thanks to a surge in suv and large truck sales in north america with boosted earnings thats been a story across automakers. Earnings were twice as good as expected. Gm reported earning 283 a share beating estimates, edging out forecast 35. 48 billion. Us sales for gm fell 10 due to the pandemic but they said it improved with every month and by the way in china gm sales up for the quarter 12 , the first Quarterly Sales growth in china in two years. Stuart we will take it. Thank you. Lets get back to the action right now straight up, look at this, the dow jones up 438, one and a half percent, susan. 28200. 10 year treasury yield is all down to. 76 . What does that mean . Susan let me ask something, what is the bond market telling us compared to the stock market . Stock market is flying s p with the highest level. However, 10 year treasuries i mean if you were bullish this should stay at the 95 that levels we saw an Election Night, but you come down 20 points and i think theres a divergence between who has the market call correct, is at the bond market or the stock market . Stuart may be the fed will flood the market with money pushing Interest Rates down below where they are now, maybe. I dont know. Susan usually when they have a lot of money because up. Stuart the price of gold up 35, 1931 is your price rate there. Lets get back to whats happening now bitcoin 15000 per coin. Susan thats the new gold right there. Stuart maybe so and oil 38 a barrel and the price of gas keeps falling. Us get back to today, again record high for alphabet. Susan record high and dont forget the surprise in the july to september period when they saw growth with sales and profit and by the way split congress is probably the best outcome for the market especially with a democrat in the white house according to research and look at the s p 500 usually gains 13 and a half percent afterwards with a split congress, democrat in the white house rallies 75 of the time after the election. Stuart more stimulus coming before the end of the year, a split congress is always good news for the stock market and the fed meets today and they will almost certainly keep churning out the money and up goes the market. Paypal surging again . Susan extending at 80 rally the share. Visa bank and alice recommending investors by the stock predicting it will hit 210 each and we did have analysts raising their target prices above the 200 level. Stuart this is election week on the market and what a week its been. That about 20000 on the dow jones, straight up throughout this election week. Now, last week the media, the pollsters were claiming a blue wave was on the way. Watch this. President trump is dragging down republican senators with him. This could be the year where texas goes blue. More likely as we sit tonight joe biden lit wednesday landslide. Billy joe biden has now come the polls will not be wrong. [laughter] stuart classic. Did you see the cover of the New York Post today . No matter who wins the polls, pundits, press were all wrong, wrong, wrong. Thats the theme of my take coming up. The remember this powerful speech from the Republican Convention . Batman on your screen just one a house seat in North Carolina. Hes 25 and will be biggest house member in over a century, i believe. He is on the show coming up in the 11 00 a. M. Hour, batman, hes on that man, hes on. This is the feeling of total protection now that we protect your identity, and mobile phone, as well as auto home and life youve never been in better hands allstate click or call for a quote today but when i started seeing things, i didnt know what was happening. So i kept it in. He started believing things that werent true. I knew something was wrong. But i didnt say a word. During the course of their disease around 50 of people with parkinsons may experience hallucinations or delusions. But now, doctors are prescribing nuplazid. The only fda approved medicine. Proven to significantly reduce hallucinations and delusions related to parkinsons. Dont take nuplazid if you are allergic to its ingredients. Nuplazid can increase the risk of death in elderly people with dementiarelated psychosis and is not for treating symptoms unrelated to parkinsons disease. Nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. Tell your doctor about any changes in medicines youre taking. The most common side effects are swelling of the arms and legs and confusion. We spoke up and it made all the difference. Ask your parkinsons specialist about nuplazid. Stuart in a sea of green i see one item read that is alibaba down 3 , why . Susan tough comparison to last year when they had a big onetime gain. 60 down in sales. The mayfair main main overhanging is the cancellation of the recordbreaking that was supposed to raise 35 billion this week in the story goes check mark apparently the richest man is china insulted the Chinese Government and thats why beijing blindsided him by canceling his recordbreaking ipo. 3 trillion was taken out of the market and thats partially why we saw the selloff last week because people were getting ready to buy and i think ray will agree with 3 trillion raised its not going anywhere but going back into the market so they are buying tech in the us. Stuart we are featuring this because its the fifth Biggest Company in the world and its down sharply. Lets to bring in ray. Hes our guy who frequently he always waves. Good man. 285 a share is the price of alley bob. Dot right now. Would you buy it . Yes, definitely. This is the stock if you want to get into china as a proxy for digital in china with every piece of the commerce action in place. They are Cloud Company and building a i and the advanced technology and because jack has left technically they are now blessed by the government and i think that slap in the face to jack what was going on for the anti po for the same reason as they are reinstalling people and their Management Team as we speak as kind of a lesson to jack to toe the line or we will take action and thats what happened but the reason you what alibaba is because they are growing at 30 rate. They are 750 million monthly active users and thats a significant market, so if you want to plan, she by alibaba or jd in china. Stuart they are a big Cloud Computing company; right . They are with cloud in asia and also inroads into africa and inroads into europe with the alibaba cloud. Its a market you want to participate if you are in china so you will see countries like salesforce last year partnered with them to get into the china market. Theres a lot going on in that space. Stuart record high for alibaba is 319 a share and its 286 now. Will it hit 320 soon . 320 in about three to six months. They have their version of amazon prime day coming in those numbers will hit in the next quarter. Stuart thank you for joining us now, dow jones of 450. Susan how about that. Stuart how about that. Thats my expression. There may be interesting changes taking place in the formerly golden state, thats in my take a coming up in the 11 00 a. M. Hour, california changing. Trump campaign gearing up for a legal fight this 2020 race. Watch this. We need to fix fix this, remedy it now because we won pennsylvania and we won every phot counted in a fair way. Stuart that was pam bondi and she is on the show coming up next right after this. Powerful relief so you can restore and recover. Theraflu hot beats cold. Powerful relief so you can noand if youre troubledan a lifby falls and bleeds,ers. Worry follows you everywhere. 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We need to fix this, remedy this down because we won pennsylvania and we want every voted counted in a fair way. Stuart we watched that wednesday afternoon with President Trumps Campaign Swing michigan, georgia, pennsylvania. Pam bondi is with us. Pam, i understand you have got breaking news for us. Tellis, please. We do, stuart. We are sitting in a Conference Room now in philadelphia and an appellate judge it just entered an order saying we are to be immediately let in the Convention Center with sixfoot distancing of all access of the vote counting Effective Immediately, so we can observe that these folks are being counted. Stuart you had to sue, i understand, because you are being kept at a 30foot distance and you could not see what was going on with the people counting. Are you now satisfied with mac well, once we get in there we will be satisfied, 100 satisfied as long as we can observe like in the red counties they are allowed to observe within 6 feet of all aspects of meaning, stuart, as you know our 15 people who are in there are allowed to watch the ballots being counted. Thats part of our process created by the legislature under the United States constitution and supervisor of elections on the secretary of state cannot come in here and say we cannot do that and thats what she was doing. Its only in the blue counties which makes it even worse. We want from an appellate judge Effective Immediately your queen plan to go in there because thats our legal obligation for our candidate, donald trump and mike pence. Stuart we are told that around 11 30 p. M. 11 30 a. M. Eastern the trump team will make an announcement in nevada. Maybe its another lawsuit. Can you tell us anything about it . Not going to get ahead of nevada. We have a great team in nevada and arizona with folks on the ground in georgia. We are going to win this election. We have a one pennsylvania and will not have them take it away from us by bringing in ballots later than postmarked later than november 3. They are not going to do it or could they keep we are winning in court turk we are following the law, they are not and we will be in that Convention Center today and Corey Lewandowski and i are not leaving pennsylvania until its final. Stuart are you suing in pennsylvania because the court changed the election rules right at the point of the election and you say thats unfair . Is that the nature of your lawsuit . Its not unfair, its illegal, stuart. They cannot do it. Yes, exactly. They changed the rules and theres a case pending in the Us Supreme Court in pennsylvania as well, so we have two lawsuits going and we won the one in state court this morning we appealed it stuart, to show you how shady the Democratic Party is here. They came into court with eight lawyers and we had one lawyer ready to go yesterday. You know what they said . Judge, we want to continue this and post on this three, four more days because we want to give you a history of the voting process in pennsylvania. Really . They are trying to drag it out until the election is over. The judge did not buy and we are going to fight and they wont get away with it. Stuart how long do you think this contest in philadelphia will last . Hopefully by the end of the week we will know ballots keep dropping, but now that we can observe we can see the postmarks and thats all we ever wanted to do. Every phot thats postmarked after the deadline takes away from the great people of pennsylvania who voted fairly and legally in this election. Every illegal vote takes away one of their legal votes. We are not going to let that happen whether you are democrat or republican, we are all going to follow the law. Stuart pam bondi, thank you. I know you are busy and we appreciate you taking time to be with us. Think you. Thank you, stuart. Stuart what were you searching for on google on Election Night . We happen to know which were the most common searches. Lauren, what were we looking for . Ashley coffee and booze near me. Americans were up at night stressed out and they were searching how do i stay up with coffee and get it delivered and ditto for alcohol. Regardless, 2020 has been the year of the brown stuff, liquor sales up 35 due to the pandemic. We are drinking a lot and we needed some relief to get through tuesday night and apparently we still need it because its been one long weekend we still dont have a election winner. Stuart no, we dont. Lauren, thank you. Still ahead, look what we have for you. Mike huckabee, mattis Madison Cawthorn, Corey Lewandowski, great show with great headline on the front of todays New York Post no matter who wins, the polls, the pundits, the press were all wrong, wrong, wrong. Thats the subject of my take that. Look at the dow jones, up 490. This year, walmart turned black friday into deals for days. Starting saturday, november 7th, score deals like a 49 gourmia toaster oven instore and online. Lets end the year saving bigger. Stuart great headline on the front of todays New York Post. Wrong, wrong, wrong. The polls wrong. The pundits wrong. The press, wrong. The post is right on all three counts. The people who run the polls have not figured out how to count shy trump voters and they keep overcounting democrats. They got it wrong. So many pundits forecast a biden landslide or democrat takeover of the senate. That is the intelligentsia for you. They couldnt break out of the trumphating bubble. The media, they dragged our country and our president through the different at every opportunity. They paid the price. That is the president for you. Wrong. Lets go beyond the post front page. There were plenty other losers. Speaker pelosi on the morning of election day she confidentially predicted she would increase the muse. Wrong. She lost five seats maybe nor. The speaker publicly ripped up the state of the union speech will find her leadership challenged. Identity politics a loser. You remember if you vote for trump you aint black . It didnt work. Trump won much bigger share of the black vote. In florida the hispanic vote swung the election to trump. They should drop the hypen, call us what we are, americans. Senator schumer lost. Hundreds of millions of dollars he tried to win back the senate are wasted. He is still the minority leader. Mike bloomberg showed you even a billion dollars doesnt buy political success. I guess he was the biggest dollar loser. Trump supporters may be disappointed the election winner is in some doubt. Look at the opposition, polls, pundits, press, pelosi, identity politics, disappointments all because they lost. The second hour of Varney Company about to begin. May all your soros be small, heres to the losers, bless them all stuart frank sinatra, heres to the losers. We were having a little fun. Producers, that was very fun, smart choice of music there. I say the market is the real winner today. Obviously so. The dow is up 460. John layfield is with us. John, why are we up so much in this election week . I think were up so much, stuart, democratic sweep is taken off the table. Last week was more about, not who would win the presidency. It has been kind of expected biden would probably win the presidency the last couple months but it looked like last we can we would have a democratic sweep of all three branches of government. That would be bad. Historically since 1933 the best returns in the stocks market when we have some balance of power. Funny how the forefathers saw that 400 years ago, balance of power was best thing for occur economy and country. Stuart how about Mitch Mcconnell, saying we want a stimulus plan before the end of the year. I presume that helps . Absolutely. It helps tremendously. Were getting what looks like, stuart, the best of every case here. So were not going to get, because republicans will take the senate, well not get incredible tax hikes. Well not get the green new deal. Well keep things very good under President Trumps administration, if President Biden becomes President Biden. That is the tax reductions and also the cuts in regulation. Well get some type of stimulus deal. Looks like well get all the good things we had in the economy. The good thing Going Forward in the stimulus deal. Were taking the things off the table that would hurt the economy and the country Going Forward. At least in the eyes of the market. Stuart last one. 2000, when there was a 38delay getting a decision on the presidency, i believe the s p went down eight or 10 . But it went down. Are we going to have a delayed and probably you know, disputed election period right now, is that going to hurt this market rally . I dont think so. I dont think so. What the market is trading on now, the fed will be incredibly come he h accommodative. You can buy back your own stock, making 2 on your money. It is advantageous to have low Interest Rates. The fed being so accommodative as they are. Well get some type of stimulus, whether President Biden or President Trump, some type of stimulus. The economy and will be find no matter whether we find out tomorrow or a month from now. It is bad for the country if we find out a month from now but as far as the economy i dont think it is. Stuart John Layfield still surrounded by a giraffe over his shoulder and ming dynasty terracotta statue on the other. Always good, john. See you soon. Brad blakeman with us now. He has a smile. You heard my take on losers. Press, pundits, polls, pelosi, schumer, identity politics all losers. Did i leave anything out . These are not mistakes when polls are this wrong. Everybody bought into the blue wave because it was propaganda. They wanted the American People to be snowed. The American People are a lot smarter than they were. And their voices were heard loudly. If democrats didnt learn a lesson, perhaps in two years they will repeat it in the midterms. In the midterms as we know it is all about congress. And holding your job. And whether youre in a house or whether youre in a third of the senate, and it will be a referendum as they always are on the president but you know democrats tried to perpetrate a fraud on the American People and it didnt work. And democrats got left holding the bag. Stuart it doesnt look like the president has an easy time of it getting to 270 elook tomorrow College Votes. In fact it looks like like an uphill struggle for him and easier for joe biden at this moment. What say you . There is no doubt about it. But you know, i wouldnt bet against this president at this point. There are a lot of things we do not know especially what is happening in the recount centers and tabulation centers in places like arizona and in georgia, North Carolina, and of course pennsylvania. As weve seen, im a veteran of 2000 recount, 37 days in florida. I saw what was possible in defraud and deception after the election. The election is not over until a winner is declared. Every candidate should use every tool available to them in order to assure there is a fair and free election in the end. I would not count out anything can happen. And the president is using his best judgment with his best people to make sure that this election is free and fair as best as possible. Stuart brad, i just want to straighten something out. The president tweeted this morning about an hour 50 minutes ago, he said stop the count. That was all in block capitals. Does he mean stop all counting or just, just count only valid votes . Which is it . Count only valid votes. As weve seen in pennsylvania and other jurisdictions ballots are going to be challenged are being separated. You cant count all the ballots make a challenge. You must segregate those ballots that you want voted. Then you have to go to the proper court of jurisdiction in order to, you know, air your grievance and seek decision. Weve seen it in many races around the country. This is routine in election cycles. Of course gets more attention in a president ial cycle because the stakes are so big. But you know, there are irregularities out there. The question, do they rise to irregularities that make a difference . Stuart got it. In this case it might. Stuart i got to run, brad. Look, thanks very much for being with us again. I will go back to money. A few moments we went above 500 point gain for the dow, up 477. Susan has the task, an easy task. Find the winners. Susan today pretty easy. A sea of green out there. Check out General Motors first of all. Strong demand for trucks and suvs. One of the best branded consumer brands. They are predicting 550 million 5g smartphones sold next year. Stuart that is a 5g play. Susan they make most of the chips that go in smartphones. Iphones are one of them. That is a bullish signal for apple. Apple up 3. 25 percent. Despite a bloomberg report shortage of chips possibly threatening the holiday shipments of iphones. Stuart thank you, susan. Susan im not done yet. Stuart i will introduce this. We have to be careful. Did you find any losers. Susan that was hard to find. That is a good thing for 401 k s, your money. Zynga, mobile gamemaker. The problem the outlook was weak. Biogen, huge, explosive 40 jump yesterday. That is a bit of profittaking today. Also we have hanesbrands, the underwear maker, make champion brands. Selling pretty well. Lifting sales. Guidance was slow for the shopping period. Stuart that will kill you. Down 20 . Not good guidance. Thank you, susan. It is thursday, 10 00 eastern Mortgage Rate time. Lauren, have we got a new record low, tell me please . Lauren ding, ding, ding. Record low 2. 78 for the 30year fixedrate. Comes from freddie mac. Almost one full percentage point less from where it was this time last year, the 15 year stays at 2. 32 . Look we have the Federal Reserve meeting today. They have already committed to keep rates low and in a pandemic, when people want to, you know, move and buy homes, these historically Mortgage Rates are takenning the housing market. Stuart i always like to go back to my first house back in san francisco, like 1977, 78, i paid 12 1 2 for a Mortgage Rate. I thought it was a bargain. I always do that when we do Mortgage Rates, but what a difference. 2. 78 . Lauren, thank you very much indeed. The dow is back up 500 points. Reminder for the audience, please, noon eastern today, well get an update on nevada. That state counts for six electoral votes that could bring biden to 270. Thats the magic number. In addition to nevada, pennsylvania, georgia, North Carolina also in play. Listen to this. How frustrating is it though that at least, 47, 48 of the American People who voted disagree with your vision, with democrats vision, with joe bidens vision . The fact it is this close i think is a hurt. Stuart how could the population of america disagree with socialism . Oh, my lord. Joe concha is ready to sound off on that one. We will join us next. Along with a allstar line up. This is the second hour of Varney Company. Achievable steps along the way. So we can spend a bit now, knowing were prepared for the future. Surprise we renovated the guest room, so you can live with us. Oooh, well. Im good at my condo. Oh. I love her condo. Nana throws the best parties. Well planned, well invested, well protected. Voya. Be confident to and through retirement. Noand if youre troubledan a lifby falls and bleeds,ers. Worry follows you everywhere. Over 100,000 people have left blood thinners behind with watchman. Its a onetime, minimally invasive procedure that reduces stroke risk and bleeding worryfor life. Watchman. Its one time. For a lifetime. Stuart president ial tweet just in. All caps. Any vote that came in after election day will not be counted. The markets taking no account of that. Were still up 570. You might have thought a dragged out election would hurt stocks. Hasnt at this point. Up 570. Were waiting for a press conference from the Trump Campaign coming up shortly from philadelphia. Lets check the markets. No impact from president ial tweets at all. In fact we moved higher. Were close to 600 points up on the dow. Close to 300 up on the nasdaq. Close to 80 higher on the s p. That is an election week rally and a 1 2. Retailers, first of all, online guys, all of them nicely higher. Check the rest of the retailers. Theyre all up as well. Hard to find anything down today. Tjx, macys, lululemon, all of them on the upside. Here is big winner in retail, that is costco. October sales up 16 . Apparently this is all about pandemic stockpiling. The stocks are up 2 . Susan finding bulk at a discount is very popular. Connell free lunch to boot. Take a look at alibaba. That is the loser at this moment. Whats the problem . Susan you know what, alibaba is having an impact, probably spurring the rally weve seen in the last few days. Stuart how come . Susan why . Because alibaba was going to list their financial arm anchor, 35 billion in a record breaking ipo. Small investors and investors around the world, raising cash to be in the record breaking inpo they had to sell stocks. That 3 trillion is going back into the stock market. Stuart 3 billion i think. Susan 3 trillion. Stuart what . Susan yeah. Stuart investors raised 3 trillion to put into am. Susan 3 trillion. Did you not read the wall street journal this week . Stuart i thought they would raise 30 billion, billion with a b. Susan the group was going to raise 30 billion for record breaking ipo, but investors raised 3 trillion. The not everyone gets in preipo. If you get a chunk, good for you. 3 billion is where you buy higher priced. Stuart got the 3 trillion together to jump in. Susan i would say part of that decline was because of that. Stuart money pouring in elsewhere. The dow is up 300 points. Thank you, susan. The gap under fire for a sweatshirt that promotes unity. I want to hear more about this, lauren . Lauren lets see what the viewers think. Gap, since deleted this tweet. A picture of one of their hoodies, half blue, half red. One thing we know together we can move forward. Okay, what is wrong with that . I think the answer it is too soon. Some say gap was trying to capitalize on national anxiety. Gap said they never intended to sell this hoodie. I think the message is, it will be so hard to bridge the gap after 2020, after this election season. Gap tried. Utter failure. Stuart isnt about some time people have a backbone, for heavens sakes. You cant promote unity without, lauren, thank you very much indeed. Listen how the media responded to the election, roll tape. How frustrating is it though, at least 47, 48 of the American People who voted disagree your vision, with democrats vision, with joe bidens vision . The fact that it is this close is a hurt. Donald trump outperformed how most republicans performed among hispanics. So what is going on there . Theyre not finding biden votes all over the place, particularly not in those states. Theyre counting. Stuart did you see andrea mitchell, unhappy that half the population doesnt support socialism . Before you start, we got another tweet from the president , any vote that came in after election day will not be counted. Okay . You know what happened. Twitter already flagged this as misleading. Go at it, joe. Very quick when it comes to the president s tweets anything that comes from somebody on the other side of the aisle that is Something Different all together. That gap thing is incredible by the way. I put out a tweet yesterday saying i was against puppy mills and the mob came for me. You cant say anything positive anymore at this point on social media. The woke mob is incredible. Look, this election has been crazy. Go ahead, stuart. Stuart i just feel that, this election demonstrated the abject failure of americas media to inform america. I think they are some of the biggest losers in all of this. Theyre totally lost their professionalism. You are a media critic. You follow this. Am i going too far . No, youre not going far enough quite frankly. Look, biggest mistakes that media makes is that we report polls as lead story as if they are facts. As if the 2016 election never happened and we didnt learn from that. I think it is intentional quite frankly in terms of ilk norring 2016, not listening to the devils and angels on your shoulder, wait a minute this, might not be accurate. Look at the polls we saw going into this election, stu. Biden plus 1212 nationally, cnn biden plus 12, michigan. Cnn. Up 10 in iowa. Up nine in ohio. Dont think that worked out too well. Washington post abc, biden up 17 in wisconsin. 538, Democrat Investigation 70 chance of taking back the senate. All of these spectacularly wrong. I give frank luntz credit, if we go in and get this wrong it will be devastating to the profession. Poll goes out. Media echoes it. The perception a landslide coming. Like the montage, i keep saying anchors and pundits over and over again, repudiation. Why wasnt this a repudiation on trump. Give you a quick quote from joy reid on msnbc. She said in this moment it is aggravating. I do think weve been reporting for the last five years about russia, undermining our national security, impeachment, racism, nazis all of it, yeah, wow, people shut that off . People didnt see through the bs as if the Mueller Report didnt happen as far as russia and collusion . That is the thing. When you report on hourly basis four four years how horrible somebody is, be surpised a landslide didnt happen. It is this close who may win and who may lose. Stuart extraordinary. Joe concha. Thanks for bringing us up to speed on all of this. Dont be a stranger. Come back soon. Thank you. Go gap. Go girl scouts. Stuart big election day money went bust for failed president ial candidate mike bloomberg. Ashley, he was a real big loser, wasnt he . Ashley really big, stu. After blowing through a cool one billion dollars in a shortlived president ial bid himself, remember that . The new york billionaire has made it his mission to boot donald trump out of the white house. Turns out big dollars cannot buy big wins. Bloomberg dumped 115 million to help joe biden beat trump in florida, ohio, texas. Guess what . His candidate lost all three. In florida bloomberg spent 100 million to finance antitrump ads, i can vouch for this seemed to appear every five minutes on any channel you watched. Money was also used to target plaque and latino voters but in the end trump outperformed expectations in highly diverse miamidade county. Weve talked about that. And then the very few closing days, bloomberg threw another 15 million at either swing states, ohio and texas. Again he lost. Bloomberg wasnt alone. Democrats raised 315 million to decisively lose six senate races. They tried to flip races in iowa, kentucky, maine, montana, south carolina, texas but democrats ended up losing all six of those races. In most cases the results werent even close. Very quickly case in point, south carolina, democrat Jamie Harrison brought in a huge 109 million to unseat senator lindsey graham. Only to go on to lose by 10 1 2 . I could go on with other examples. I wont. Yes, michael bloomberg, a lot of money went down the sewer. Stuart ashe, a good round up. Thank you very much indeed. Ashley sure. Stuart Campaign Filing lawsuits, this is the press conference about to start in philadelphia. The Trump Legal Team, were going to take this are we taking this now . Wait until they start . Taking it now. This is update on what is happening in philadelphia with the Trump Legal Team going after counting of the votes. Good morning, were hear this morning because we had a great morning at the Appellate Court. Issued an order allowing immediate access for our team to observe the voting process. Our team of 15 people will be sent in right now to observe vote counting process. This is very important. [inaudible] 30 to 50 to 100 people have [inaudible]. They had had a guy wearing a mask stuart just going to inter result for a moment pam bondi. Pam was on the show about 20 minutes ago, telling our viewers what she is now telling press conference in philadelphia, that is, they have won an Appellate Court decision. They will be allowed in to watch the counting of the vote and they will be just six feet away from the people doing the counting. Previously they got to stay 30 feet away. The judge says no, youre in and youre six feet away. You can see what is going on. That is the nature of what pam bondi is telling the press conference in philadelphia right now. By the way, Corey Lewandoski, the man who is about to address the cameras, he is on this show a little bit later. Got to take a break. Got to make some money. Back after this. [inaudible] now is the time for a new bath from bath fitter. Every bath fitter bath is installed quickly, safely, and beautifully, with a lifetime warranty. Go from old to new. From worn to wow. The beautiful bath youve always wanted, done right, installed by one expert technician, all in one day. Weve been creating moments like these for 35 years, and were here to help you get started. Book your free virtual or inhome Design Consultation today. Stuart the state of wisconsin has been called for joe biden but President Trump wants a recount. Air own jeff flock is in milwaukee. Jeff, would a recount actually change the results . Reporter well i dont want to say recounts never change Election Results but i will say recounts rarely do, especially when there is this much of a difference, 20,000 votes. Here is the, regardless what you think is going to happen. Here is the who, what, whereof it. Who and where would this take place . The county boards. This would take place across the state in each county. The county boards or canvassers would conduct it. Technically the president cant ask for a recount until after december 1st. That is when the state vote totals would be certified. If it is less than a percentage point between he and biden at that point he can ask for a recount. If it is more than that he cant. Seems clear it will be less than that. He would have to pay for it, however, unless, a quarter percent difference between them. That would be we think, based on last time recount was done, about 3 or 4 million. That is trump change. That is not a lot of money. Not a big deal. What about the recount here in 2016 find . Well you know, only state to have a recount in 2016, in the clinton trump race was here in wisconsin. In that recount, Hillary Clinton gained 713 votes. Donald trump gained 844 votes for a swing of about 113. If he is pinning this all on a recount in wisconsin, it was also no fraud or foolishness found in that recount f he thinks there is fraud, maybe the recount would uncover some of that but, if it is just a recount, there was no fraud, probably not going to happen. There you go. He has a lot of spaghetti flying at the wall, maybe something is going to stick. Stuart i hear you, jeff, what youre saying it probably wont make much difference to the final tally, more importantly, the recount wouldnt start until after december the 1st. That i think is a big deal. Reporter talking about dragging things out. That would be a problem. Stuart jeff flock, thank you very much indeed. I want to bring in gregg jarrett, fox news legal analyst. Gregg, i was watching the giuliani yesterday afternoon, implying that the president s legal team has a case and the case theyre trying to make is fraud. Fraud in the electoral process. Do they have a case . Do you think there was fraud committed . Well it depends on poll watchers ability to actually watch. Thats why there are laws allowing poll watchers and they have to have meaningful access under the law. So if they are 30, 40, 50, 100 feet away, in some cases actually ejected from the places where the votes are being counted, that is the antithesis of trans. Translator paren sy to protect honesty and fraud a poll watch hears to be within a few feet, look at the ballot, see the vote, see the tabulation, see the postmark on the envelope, see the signature. Im glad to hear at least one judge stepped in, said they need to be within six feet. I was down there in florida for 40 days in 2000 during the election contest. Literally pole watchers assigned who were sitting across the table from the people counting votes. And counter would turn the ballot around and show it to the observer. So that is a sort of thing that instillconfidence in Election Results. Not prohibiting poll watchers from being a short distance away from the vote counters. Stuart does it go to the Supreme Court eventually . Well that is a second part of this equation. Lawsuits have been filed in georgia and pennsylvania. Lets take pennsylvania. The Supreme Court in that state elected democrats by the way, tore up the law passed by the legislature that said all ballots have to be received by the election boards no later than 8 00 p. M. On election day. These Supreme Court justices in pennsylvania, said, we dont care about the law, were creating a brand new law. They did it without authority by judicial fiat. Theyre justices. Not lawmakers they were abusing their power. The Republican Party took it to the u. S. Supreme court not once, but twice, unfortunately chief Justice John Roberts sided with the liberals wouldnt even hear the case although it is pending. Yesterday the Trump Campaign filed a motion to intervene in the pending case before the u. S. Supreme court. Frankly this is an absolute nobrainer. Pennsylvania Supreme Court has violated the law. What they did was unconstitutional and scotus needs to overturn it. Stuart gregg, lets see if the Supreme Court takes it this time around. Greg, thanks for joining us. Im up against a hard break. Gregg jarrett, everyone. You have got to look at the market. This is an election week rally big time. Were up 573. Susan, what have we got . Susan looks like the rally could continue, maybe another 4 1 2 for the s p over the next three months according to sundial capital. You can make a lot of money next quarter. Stuart if theyre right. Susan historically that has happened going back to 1932. Do you want to bet against history, stu . We did have for the first time in history the broader s p rallying 1 1 2 on election day and the day after. That has never happened. Why people are bullish on the markets. Stuart i feel like im being attacked. Youre six feet away why youre being attacked, ahha. I can challenge. Stuart i can live with that. Six feet apart. We should make it 12. Four years after polls got it completely wrong theyre dead wrong again. Mike huckabee says these pollsters are as officially obsolete as eighttrack tapes. That is a good line. That doesnt stop there he sounds off next. He is set to become the youngest member of congress, 25yearold Madison Cawthorn. He is here with us. Why it is time for new Republican Party. This is Varney Company. Some things are good to know. Like where to find the cheapest gas in town and which supermarket gives you the most bang for your buck. Something else thats good to know. If you have medicare you may be able to get more benefits without paying more through a Medicare Advantage plan. Call now to request this free guide. Learn about plans that could give you more benefits from humana. A company with nearly 60 years of experience in the healthcare industry. Humana offers a wide range of all in one Medicare Advantage plans that include medical and Prescription Drug coverage. Plus valuable extras that may include the Silver Sneakers Fitness Program and mail order prescription coverage. 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A licensed humana sales agent will walk you through your options, answer any questions you have and help you enroll over the phone. Plans with a zero dollar monthly plan premium are available in many areas. Call now and well also send this free guide. Humana, a more human way to healthcare. Stuart regardless who ends up winning this election one thing is certain the polls got it absolutely wrong, certainly most of them did. Mike huckabee, former governor of arkansas. I read what you said, polls are as useless as an eighttrack tape. That was a good one. Only you and i remember those things. Make your case, governor. Polling was not just wrong but it is has been embarrassingly wrong. It has been wrong for several election cycles. It is time to quit pretending polls mean anything. It is only a way people in the media are able to predict elections and suppress votes. I think polls ought to go out of business. They have shamed themselves. They have disgraced themselves. They actually injured the election process by trying to influence voters because they are telling us what is going to happen. They tell us theyre so wrong. Polls are deader than elvis. Yes he died in 1977. Stuart okay. Wait a second, do you think it was deliberate . I noticed a lot of these polls were put out by media companies. Yeah. Stuart the media largely is on the leftwing and they were all antitrump. So do you think they were coming up with these polls, antitrump polls deliberately . Sounds like a conspiracy theory. What do you think . Stuart, you are such a cynic. Come on, man i dont know. I cant absolutely say for certain. If you analytics for polls. They were overweighted for democrats. They were underweighted for Trump Supporters and underweighted for rural voters. The methodology ever polling which worked 30 years ago, doesnt work today. People are on cell phones and not sit to spend 20, 30 minutes to answer detail questions from a total stranger. Theyre already getting bombarded by a bunch much calls about politics. They will not sit and do it. They will hang up. Busy people especially arent going to do it. Only people maybe answering these things are folks with nothing to do but sit to or talk to a pollster because nobody talked to them all day long. Stuart what will we do to replace them. Public wants to know about certain issues trending . Why do we have a replace them. Let the facts get out there, without somebody in the media telling them what to think. Stuart i would love to have a poll that backs up my opinion. I will give you one, give you one next time. Something else we need to quit doing, projecting winners. Im sick of it. Projecting winners is absolutely a wrong thing to do. I will tell you why. First of all until the votes are in and officially counted all of this is really just, to me, taking sourcerry and turning it into political theater. And because it does affect how people think and feel, it creates expectations. Look, if i were king for a day, there would be a lot of things we would day, that would one of them. Get rid of the debate commission. Stop having a lot of things we do that are designed to influence people rather than inform people. The role of the media is to inform. It is not to try to tilt the scales. That is what theyre doing. I think it is time to push back and push back hard. Stuart good king huckabee, that is a title you could live with that. A benevolent dictator, benevolent dictator indeed. Stuart the best kind im told. Thank you. Stuart the stock market rally is good news to for the bill is that. They have been the big winners since the election. Lauren, who are we talking about, which billionaires . Lauren lauren speaking of kings, amazons jeff bezos and Mark Zuckerberg of facebook. They gained yesterday, because it was the best postelection day in the stock market in 120. 28 and 8 billion respectively, added to their net worth in one day. If you look all the billionaires in the u. S. , they added 57 billion to their combined net worth. Weve had the amazing rally. I did some math. The dow this week is up about 20,000 points. Let me add something you have been saying the press got it wrong, polls got it wrong, investors got the election wrong too, they kept trading for a blue wave that didnt happen. Stuart okay. Were all winners now, arent we . There are 100 million american investors. Lauren thats true. Stuart they have done very well this week. Lauren 2,000 points. Stuart got to go. The producer is in my ear. Protests in portland and new york city overnight. What happens if trump wins . Will the protests get worse . There is a question. Were on it. Nevada still in play. We expect to get news out of there very soon. Well take you to las vegas live next. 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Out front we expect to be ric grenell. He is a trump loyalist as you know, a former acting director of national intelligence. He will be joined by adam laxalt, former attorney general here in nevada and current cochair of the Trump Campaign. What they are going to announce is a lawsuit, and at the heart of that lawsuit is a claim by the Trump Campaign that as many as or perhaps even more than 10,000 votes were cast here in nevada by people who no longer reside here. So why is 10,000 important . Well, if you look at the current state of play here, former Vice President joe biden is leading President Trump by Something Like 7600 votes. Those 10,000 of course could be critical. We havent seen the evidence that they will presumably have to back up this claim of 10,000 nonresident votes but adam laxalt was on fox last night. Previewed the argument. Listen here. We dont know how many bad voters there are in this giant stack. We also know that there are likely to be dead voters. We know there are likely to be people that have moved out of las vegas but, their ballots were still cast. So were looking into all of this. Reporter now, again we have not been offered as yet by mr. Grenell or mr. Laxalt any evidence to back up this claim, nor have we been given, stuart any reasoning why they would naturally assume that all 10,000 of those nonresident illegal votes that they claim they are would necessarily be going to mr. Biden rather than President Trump. Meantime the counting goes on here. Were expecting a large dump of data in about one hours time from the nevada officials here. In the meantime, the secretary of state says, quote, the counting of ballots in nevada is proceeding at the expected pace. The timeline for counting ballots in nevada legislatively approved process. The process dictates all properly received ballots continue counted up to nine days after the election. So a very busy day here in nevada with that press Conference Announcing the trump lawsuit and more data coming on where the votes are headed. And it is critical. If you look at the fox count right now, decision desk says biden has 264 Electoral College votes. He needs to get to 270. How many does nevada have, stuart . Six. That puts him over the top. Stuart very accurate. Six votes out of need. Jonathan, thank you very much indeed. There is related story in las vegas. Currently the lockdown hurt the strip and gambling places now we understand theyre cutting hours . Susan park mgm hotel is closing weekdays temporarily because there are fewer tourists in town. It only reopened at the end of september. Midweek occupancy is low. Closures wont go past december, if you go to the wynn on core closing monday and thursdays. These are some of the hotels you usually hit up. Stuart yes. Susan they have not been taking weekday reservations july. Weekends for only two caesars property. That might impact voting, do you think . Stuart yes. Susan we have my unemployment. Vegas strip is used to 4million visitors. People are losing their jobs. Mgm laid off 18,000 already this year. Stuart i would have been in trumps favor because lockdown joe wouldnt improve the situation. Open up trump would have. Well see how the vote eventually goes. Susan, thank you. What is this about pandemic fatigue . I am told that were all tired of being couped up. Were desperate to break out. And so are we traveling, lauren . Lauren, we are booking flights. We are going to go home for the holidays to see our family and friends. It is called pandemic fatigue. Were taking a calculated risk to get on a flight to see the ones that we love. So bookings might rise more than we expected as we approach the holidays, stuart. Stuart those at that we love are members of our family. Moving on. Check the markets. Were up nearly 600 for the dow. Were up 275 for the nasdaq. We have a big hour coming up for you. Elizabeth macdonald, Madison Cawthorn, Corey Lewandoski. California, this is for you. I think there is change evident in the formerly golden state. My take on that is next. What do you look for when you trade . I want free access to research. Yep, td ameritrades got that. Free access to every platform. Mhm, yeah, that too. I dont want any trade minimums. Yeah, i totally agree, they dont have any of those. I want to know what im paying upfront. Yes, absolutely. Do you just say yes to everything . Hm. Well i say no to kale. Mm. Yeah, they say if you blanch it its better, but that seems like a lot of work. Now offering zero commissions on online trades. We charge you less so you have more to invest. Noand if youre troubledan a liby falls and bleeds,ners. Worry follows you everywhere. Over 100,000 people have left blood thinners behind with watchman. Its a onetime, minimally invasive procedure that reduces stroke risk and bleeding worryfor life. Watchman. Its one time. For a lifetime. But when i started seeing things, i didnt know what was happening. So i kept it in. He started believing things that werent true. I knew something was wrong. But i didnt say a word. During the course of their disease around 50 of people with parkinsons may experience hallucinations or delusions. But now, doctors are prescribing nuplazid. The only fda approved medicine. Proven to significantly reduce hallucinations and delusions related to parkinsons. Dont take nuplazid if you are allergic to its ingredients. Nuplazid can increase the risk of death in elderly people with dementiarelated psychosis and is not for treating symptoms unrelated to parkinsons disease. Nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. Tell your doctor about any changes in medicines youre taking. The most common side effects are swelling of the arms and legs and confusion. We spoke up and it made all the difference. Ask your parkinsons specialist about nuplazid. So what voters said is we dont want radical change. I think this is a Huge Positive for the economy and the stock market in the months and quarters and years ahead. You know, after the election i hope a lot of things become less politicized and we can be smart again and were not thinking about where its going to land us in the win loss column. I do. In fact, i think the president should be expected to win in arizona based simply upon the math. Lets legally count the votes. We are going to win this election. We have won pennsylvania, and were following the law. Look what you made me do, hook what you made me do look what you just made me do. Look what you made me do, look just what stuart i find the music interesting. [laughter] unique and unusual. You knew it. Stuart i know who taylor swift is, but ive never heard that before. That was interesting. Its 11 00, 11 01 here on the east coast. Several astronauts continue to count states continue to count, weve got that. Electoral College Votes right now, 264, biden. 214 for President Trump. Now, in a few minutes the Trump Campaigns expected to announce a new lawsuit in nevada. Were monitoring it, well bring it to you when it happens. Weve got a big show still to come. Podcast host rob smith is with us, congressmani elect Madison Cawthorn, Trump Campaign guy corey lieu wan dow key all coming up lewandowski. Now were up 630 points on the dow industrials, thats 2. 25 . And the nasdaq is up 2. 5 , 300 points higher. This is election week, and that is a huge election week rally. Now this. This programs been on the air for ten years. And for that whole decade, weve been making fun of the formerly golden state, california. Dysfunctional, oneparty government has reduced the state to rampant poverty, homelessness, blackouts, massive tax burden and a mass migration out of the state. California is no longer a vision of the future, its a nightmare vision of the terrible policies of the past. However, there may be some light at the end of californias socialist tunnel. Voters decisively rejected the states restrictions on independent contract workers. What a shock. Californians will be allowed to work when they like and for whom they like. Yes, they can work for themselves if they wish. Thats a Big Government rollback if ever i saw one. In california, of all places. Wait, theres more. Californians rejected a proposition that would have increased taxes on commercial property. That was another antibusiness initiative. It lost. So did a measure to impose more extensive arent control. Whoa, what a turn around. Rent control. And, you know, it might just go further in the future. The state has to grapple with work from home. Thats going to push a lot of highly paid people out, eroding the tax base. Theyre going to deal with it. They might have to do something about the lockdown. Are californians going to stand for thanksgiving dinner outside with no singing or shouting . Lighten up, governor newsom. That thing about wearing a mask between mouthfuls just makes you a laughingstock. It will be a long time before a republican wins a statewide election, but on tuesday California Republicans did win back several house seats. In california the times may be achanging. I hope. The third hour of Varney Company is about to begin. Yeah. Stuart youve got to concentrate on the markets, folks, because this is extraordinary stuff. Dow is up 600, nasdaq up 300. Hook at the s p look at the s p, up 80. Its been a spectacular week, and it is election week. Look whos here, jason katz, managing director at ubs. In a nutshell, can you tell us whats behind this extraordinary election week rally . Stuart, we are making lemonade out of perceived lemons. I mean, weve been talking about since this summer, you and i, the importance of this senatorial election. So very simply put, no divided government equals no onerous taxes, no draconian regulations. That, in a nutshell, is why youve seen nearly a 7 rally over the last two days. Stuart and thats the big deal here, divided government is the big deal. But what about the Federal Reserve . Jerome powell, hes going to speak today, we believe. Whats he going to do, print money therefore . Is that what youre expecting . I mean, look, Federal Reserve chairman powell has been, arguably, the most vocal advocate of more fiscal stimulus. So you know youre going to get a dose of that today. He is going to keep rates low for long on the short end. There was a rise in rates heading into the election because we thought wed get this big blue wave and a 2. 2 trillion stimulus package. Stimulus is back on the table. Mcconnells tone has definitely been conciliatory. But with rates now on the long end likely to remain low, that bodes well for stocks. Plus, the fed has other tools. They could yield curve control, buy longended treasuries to help fight this pandemic and keep Mortgage Rates low. I heard you talking about that earlier today with susan. Stuart on the program in the recent past, youve talked about i think it was 5 trillion cash liquidity sitting on the sidelines around the world. Could we conclude that some of that 5 trillion around the world is now funneled into wall street, into the United States . Can you say that . Well, clearly thats been the case at least in the last few days. Theres still the an abundance of liquidity. A lot of investors, especially a lot of professional investors, have been caught wrongfooted here. So if you think about a regime of very reasonable taxes that arent likely to go higher in the near future, rates that are anchored at these levels, bond returns that after inflation adjusted are negative, where else are they going to go . That doesnt mean you blindly buy equities here, but clearly equities catch a bid and have some support at these levels giving that backdrop. Stuart im feeling a bit more safe in stocks at this level. Thats the way i would put it. Last word to you, jason. Look, i would say that you want to be mindful of the risks that still remain. The virus are is still running rampant, West Virginia yet to get this weve yet to get this next fiscal stimulus package. Weve seen a mini parabolic rise in the market. I wouldnt just blindly be chasing whats working in the last few days. Theres other places in this market that now have value. Stuart im chasing nothing right now, im sitting back and enjoying the gains. Jason, we appreciate it, we really do. Thank you. Stuart ive got a huge number for you here, listen to this. A record, lefthand side of your screen, 150 actually, its 158. 9 Million People turned out to vote in this years election. Thats about 20 million more than in 2016. Liz macdonald is with us, and shes the host of the evening edit. Liz, thats an enormous number. What does that tell you about politics and the election we had tuesday . It is big number. Its the most voters that weve seen in history turning out to vote this election. Its bigger than the population of entire countries in asia. So, you know what . People are upset about covid, their upset theyre upset about jobs, but more so, stuart, they care. They came to the ballot box because they cared. And i hear, you know, people in europe and overseas are making fun of whats going on in our elections. You know what . Its rare to see 160 Million People come out to vote. Stuart yes. Its the sense, i almost feel, stuart, its like a sense of civic duty because voter turnout has been poor since the 60s after the vietnam war and Martin Luther king, Bobby Kennedy was assassinated, the nixon area. But now theyre stepping up, and whats really encouraging is to say what hispanics are saying, the expats in cuba and venezuela. They see the rhetoric here and the talk in the Democrat Party, they dont like it. They dont like hearing insuring equity of outcomes, packing the court, change the countrys history. They saw that happen in their home countries, they said, wait a second, u. S. This is a wakeup call. Youve got to listen to our experiences and what our families endure i think thats an encouraging sign that we we had more Voter Participation stuart absolutely. You are so right on that, liz. Its just such a pleasure to see all these people turning out to make a point. Right. Stuart now, Speaker Pelosi, shes lost some of her majority. Not all of it, but shes lost some of her lead in the house of representatives. Shes lost five seats, maybe more. Do you see shes rattled . Where do you get that from . Yeah, i think she is rattled. Were tracking the d. C. Sources saying that and what people inside the Democrat Party themselves going on the record saying, wait a second, weve got to take a check and take a looksee on whats going on with our leadership. So this is the smallest House Democrat majority in about a generation, in about 18 years. And, you know, they expected they had a bullish prediction, pelosi and the democrats said they were going to gain anywhere from 1015 seats. Now theyve actually lost 7 seats. And so now youre seeing a lot of talk about, well, should nancy pelosi stay in the House Majority as house spooker, rather, and speaker, and that debate now firing up on the democrat side. Theyre talking about putting in hakim jeffries, democrat of new york, hes one of Nancy Pelosis lieutenants. So well see that unfold as, you know, theres still a lot of races that have to be called. But right now the democrats are not feeling so good that they lost both the senate and now their majority, it looks like a shakeup in the House Democrats as well, stuart. [laughter] stuart i can see you smiling there, liz. I can see you smiling. [laughter] its always entertaining, right . Stuart it is, it really is. Im having fun, ive got to tell you. Elizabeth, well be watching you tonight, 6 p. M. Eastern on this network. Got that. Now, back to the markets because youve got to cover money when youre making money like this. Whats responsible for the big moves today, in your opinion . Big tech, and, of course, the bug five as they call them. Look, the markets are on track for their biggest weekly rally in eight months, and where is the money row tating to . Big tech, of course, and apple, amazon, facebook, microsoft and google, 25 now of the s p 500, highest ratio in close to 40 years. So as they go, so goes the broader market. You know the dow is 4 away from record highs again. If we close above with a pop of 690 points, we are up on the year, something we havent seen for a while. So divided Congress Actually means theres going to be less regulation, more stimulation and lower taxes. And heres, i would say, the edge and the new gold as i call it, the most momentum of any momentum e plays. Dud you see what happened to bitcoin in the last few minutes . 15,000 for the First Time Since january 2017. Remember 20,000 at the end of 2018 . We havent tested that level, but some say were going there and beyond. Stuart up 1200 in a day, 8. 5 . That is a rally in the bitcoin. Were only just getting started, folks. Still to come, Dan Henninger is here. He says mailin voting was a disaster. Maybe ill challenge him on that. Lets see what hes got to say. But first, black support for President Trump jumped four points from 2016. Rob smith says hes not surprised. Rob smith is next. Life changes, you cant just with you never know whats gonna happen vo im a verizon engineer and today, were turning on 5g across the country. With the coverage of 5g nationwide. And, in more and more cities, the unprecedented performance of ultra wideband. The fastest 5g in the world. It will change your phone and how businesses do everything. Im proud, because we didnt build it the easy way, we built it right. This is the 5g americas been waiting for. Only from verizon. Since pioneering the suv in 1935, the chevy suburban has carried many things. Nothing more important than family. Introducing the most versatile and advanced chevy suburban and tahoe ever. But when i started seeing things, i didnt know what was happening. So i kept it in. He started believing things that werent true. I knew something was wrong. But i didnt say a word. During the course of their disease around 50 of people with parkinsons may experience hallucinations or delusions. But now, doctors are prescribing nuplazid. The only fda approved medicine. Proven to significantly reduce hallucinations and delusions related to parkinsons. Dont take nuplazid if you are allergic to its ingredients. Nuplazid can increase the risk of death in elderly people with dementiarelated psychosis and is not for treating symptoms unrelated to parkinsons disease. Nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. Tell your doctor about any changes in medicines youre taking. The most common side effects are swelling of the arms and legs and confusion. We spoke up and it made all the difference. Ask your parkinsons specialist about nuplazid. This is the feeling of total protection now that we protect your identity, and mobile phone, as well as auto home and life youve never been in better hands allstate click or call for a quote today youve never been in better hands allstate i feel like were forglet me check. Ing. Xfinity home gives you peace of mind from anywhere with professionally monitored Home Security built around you. No, i think were good. Good. So when youre away, you dont have to worry. The tent. We forgot. The tent. Except about that. Xfinity home. Simple. Easy. Awesome. Hey look, i found the tent get xfinity home with no Term Contract required. Click or call today. Stuart why do we keep covering the market . Because youre all making money, thats why. The dows up 600 susans halving at me nasdaqs up 278 and the s p is up 75. We will take that. Channel patience if you will. [laughter] stuart President Trumps support among black voters hit a reported 12 in this election, about 4 points higher than 2016. Rob smith is with us, hes a veteran, hes an author, and hes a podcast host to boot. I dont think you were surprised by that number, the 4point increase. I was a bit disappointed. I thought it might be more. What say you . Well, you know, i think that there were a lot of people that were projecting, oh, you know, trumps going to get 20 and 30 of the black vote. That was always a little bit extra, i think. [laughter] but i think these are good numbers. Lets break it down a little bit, right . He has increased the black vote by 33 from 2016, the black male vote went from 13 to 18 . Hes doubled the black female vote from 4 to 8 . Now, these numbers dont seem high, but while we see how contested the election is right now and how thin these margins are, when you make that sort of headway into any group, that is definitely a really good sign. And when you take into the capacity that President Trump got the most voters of nonwhite citizens since 1960 for a republican candidate, that is huge. That means that the message is getting out there, that means that people like Katrina Pierson and paris dennard and all of the people that are on the black voices for trump board that have worked so hard to get this message into the black community should see this as nothing but a success and something to keep building on whether its trump for the next four years or whether were just building this gop coalition for, you know, the next two decades. Stuart lets get real for a second, rob. Yes. Stuart do you feel welcomed into the Republican Party . More black folks in the party, more hispanic folks in, are you do you feel welcomed . I really do, honestly. Like, look, i just came off a book tour for my book, always a soldier, im going back on, and i speak to places all across the country. I go to republican groups in colleges, i was just in hawaii last week, and people love this new diversity and this fresh, new energy in the party. I think that it energizes them, i feel completely welcomed. My podcast this weeks episode is saying why this black gay man voted for donald trump. I encourage you all to download and subscribe. But i talk a lot about how welcome i feel in the party right now. And the party is very open to this new emergency because, if not, they wouldnt have made such a concentrated effort to reach out to these black voters which is, obviously, working out. Stuart okay. Lets talk urban disturbances. There was a riot declared youre smiling but, you know, weve got to talk about this. Yeah. Stuart a riot was declared in portland, oregon, overnight. In new york city, rough lu 50 people arrested during election protests here in the city. Now, what happens if trump wins . Because a lot of people are saying, well, thats simply the cities are going to explode, meaning inner city people will explode in rage. Do you think that happens . I really do. Like, look, biden voters that have been rioting over the past six months have told us exactly what theyre going to do, theyve shown us exactly what theyre going to do as they have destroyed communities, as theyve looted, as theyve rioted, exploded in violence. And that is exactly what will happen. But we have to make a point that this will only happen in cities whose Police Officers are not empowered by their leadership. So what im saying that this is only going to happen in cities with weak leadership like, unfortunately, new york city. De blasios an absolute disaster. Portland is antifa central, seattle. So this stuff is going to happen in those types of cities. Now, im in the great astronaut of florida, and i love it in florida because florida Police Officers are empowered to do their jobs, and we dont see these explosions of violence, rioting and looting. Stuart whats the name of your podcast . The name of my podcast is rob smith is problematic, and ive got problematic takes on everything every single week. Stuart whats the name of your book . Always a soldier service, sacrifice and coming out. Stuart listen to the podcast and buy the book, is that correct . That is correct. [laughter] stuart its commissionable to me if i increase your viewership and readership. I dont know, stuart. I dont remember signing that contract. Stuart oh, man, youre sharp. All right, rob, we may see you again on this program, who knows . [laughter] who knows . Stuart how about this one . How to move to canada. Apparently, that was trending on google on Election Night. Lauren, i hear its not so easy. [laughter] its not so easy. It was trending along with coffee and booze. Yeah, well, because of the covid19 pandemic, the border, the northern border has been closed for nonessential travel for about eight months and, basically, the only people who are allowed in canada are permanent residents, staying for more than two weeks or, like, immediate family members of citizens. You cant go there. But four years ago a lot of people wanted to, and it was much easier then. But look at this list, chelsea handler, snoop dogg, miewlly cyrus miley cyrus, cher, i think theyre still here, stuart. When it it was easier to go to canada because their candidate didnt win, they never went. Stuart i think i said if Elizabeth Warren made treasury secretary, i might consider going back to england. But i never said that publicly i dont think its going to happen. Stuart im a lifer. Im an american, thats the way it is. [laughter] thank you, lauren. Thank you very much. Stop laughing. How many years is that . Stuart ive been here 46 years. How many years left . Stuart left in my life . [laughter] u. K. Starts lockdowns today. Ashley webster is with us. This is not going to go down well in britain, is it, ash . Theyre closing the pubs [laughter] there are few things that send a shiver down the spines of brits. This is one of them, pubs closing for a month as of today. All part of an effort to try and stop the spread of the virus. The u. K. Does have currently the third highest infection count in europe after france and spain, so last night pubs were absolutely packed. Im sure that wasnt great for their plans, but they were across the country as people downed a pint or two ahead of the lockdown that began just after midnight. By the way, bars were with offering some cheap booze, as low as 99 pence a pound of about 1. 28. Thats because some of these ills have to be ales have to be poured down the drain before they can reopen again. During the first lockdown in the u. K. , some brewers found other uses for beer including organic fertilizer for farming [laughter] as well as animal feed. Im sure there are a lot of happy cows. Stuart that was very good, ashley. Very good, indeed. [laughter] you hit the nail on the head right there, lad, you really did. [laughter] all right, dows up 570. I thought it might be coming, legal challenges to the election process, and its here. Election chaos, some would call it. We have live coverage in pennsylvania and wisconsin. All thats coming up for you. Wall street journal guy Dan Henninger says mailin voting is and has been a disaster. Hes going to explain that one. I thought it was a successful well be back. I will wait, i will wait for you. And i will wait, i will wait for you our Retirement Plan with voya gives us confidence. They help us with achievable steps along the way. So we can spend a bit today, knowing were prepared for tomorrow. Wow dad, do you think you overdid it maybe . I dont think so. What do you think, peanut . Nope honey, do you think we overdid it . Overdid what . See . We dont think so, son. Technically, grandparents cant overdo it. Its impossible. Well planned, well invested, well protected. Voya. Be confident to and through retirement. Noand if youre troubledan a lifby falls and bleeds,ers. Worry follows you everywhere. Over 100,000 people have left blood thinners behind with watchman. Its a onetime, minimally invasive procedure that reduces stroke risk and bleeding worryfor life. Watchman. Its one time. For a lifetime. Stuart lets give you the state of play. Biden has 264 Electoral College votes, he needs 270. The president has 214. He needs 270. Nevada, pennsylvania, alaska, North Carolina, georgia all up for grabs as of now. Weve got live coverage of all this. Grady trimbles in philadelphia, and jeff flock is in wisconsin where the president has called for a recount. Jeff, well start with you. State the astronaut of state of play. Reporter question is will the recount do him any good. The other thing he has called for through his lawyer yesterday is to look into the, quoteunquote, irregularities in wisconsin in terms of the counting of some of the ballots. You know, thats something that really raised the hackles of Election Officials here. Take a look at what they said in response to questions about the vote here. The election official in wisconsin, top one saying i think its insulting to our local Election Officials to saw that the election was anything but an incredible success. It was the result of years of preparation and meticulously, carefully following the law. Youve got any questions, bring them to us, any evidence. Stuart, as you know, we watched the counting process. We reported on that on this broadcast the day after the election. Giuliani has talked about 120,000 votes, mailin votes found overnight for joe biden in milwaukee. We watched the counting process. It was actually 170,000 roughly mailin ballots, 120,000 roughly went to biden, and the rest went to trump. Thats about 70 30, and thats about the same percentage that Hillary Clinton got in milwaukee last time. Doesnt seem like an irregularity. If theyve got more evidence, they ought to bring it forward, but that was the state of play in wisconsin. It goes on. Stuart fair enough. Jeff flock, fair enough. If thats the state of play, weve got it. We appreciate it. Lets move on to Grady Trimble in philadelphia. Grady, im surprised to hear this, the ballot counters have gone home for the day . Whats with that . Reporter thats on the other side of the state from where we are in allegheny county, and that is right, there are protests going on here in philly. But in pittsburgh there are 35,000 mailin ballots that still have to be counted, but the county administerrers say they are not going to be counted today. Instead, those who worked in the election there are working excuse me, sir. Dont flip our camera off stuart okay well get out of this. Sorry about that, grady, but were not having that, and we appreciate the way you dealt with it. Reporter thats in allegheny county. Here in philadelphia, as you just saw, it has been quite an interesting morning here. We have these antitrump protesters who are arguing that every vote should be counted. On the flipside here, you can see a large group of supporters of the president , and theyre arguing that votes should not be counted if they were received after november 3rd. And this is the scene where pam bondi addressed the press this morning. We want to play that sound bite because that gave them permission to watch the ballots being counted inside this building from just 6 feet away when before they were being kept 30 feet away. She says this is a victory not just for the Trump Campaign, but even for these counterprotesters. Listen to that. [background sounds] across the street, you should be allowed to [inaudible] our voting process. All parties involved. Reporter and across the astronaut of Pennsylvania State of pennsylvania, still 700,000 mailin ballots to be counted, thats about 30 , and we do apologize for the profanity. Its Live Television and its a ruckus crowd, stu. Stuart on the contrary, grady, i think you handled it very well. Well done, young man, congratulations. All right. Im going to put up on the screen a headline from the wall street journal. It reads the covid19 election, the pandemic gave joe bide an issue to run on and gave us the mailin vote fiasco. Dan henninger wrote that, and hes with us now. Whats this . The mailin voting was a fiasco e . Honestly, dan, im sorry, i thought it was a success. What do you have, 60 or 70 Million People voting by mail . I thought that was a success. It doesnt look like a success to me, stuart. I mean, i think their, the idea that theyre going to be able to accurately count that much mailin ballots, to me, and to do it on time and not simply extend it out into the indefinite future as some of these states have wanted to do, those cases have gone to the Supreme Court, the Postal Service always said that they were not going to be able to get all of these mailin ballots delivered in time. And in addition to that, stuart, i dont like the idea with idea at all that under the panic of the coronavirus, we had people voting a month or so before the election. Elections end when they end, and this one, as we know, had joe biden in the final debate making the mistake of saying he would transition us out of oil which affected votes in pennsylvania and texas. So these elections arent over until theyre over normally, and the idea that we should normalize allowing people to decide how they want to vote a month or so ahead of time, i think, leads to robotic partisanship of the intensity we just witnessed there in philadelphia. Stuart you know, dan, i i think youre absolutely right there, i do. But, however, i cant see it going away. Four years from now or two years from now people will still want to mail in their ballot because its so much easier. I dont think its going away. What say you . If its not going away, stuart, then i think perhaps congress, the law urn Congressional Authority under Congressional Authority over president ial voting is ambiguous, and perhaps congress should finally step in and regularize the way these elections, president ial elections are conducted rather than having 50 separate withdraws of doing it ways of doing it so that close elections like this one whether in North Carolina, michigan, wisconsin, nevada, arizona, you have these endless battles over when the election should be over, when mailin ballots should be counted, when they should be mailed in. Perhaps congress should regularize that process if were going to do it again. Stuart fair enough. Dan, i think youve got a point there, and i think i was wrong. I dont often do that kind of thing on Live Television, but i think i was wrong. [laughter] Dan Henninger, you are all right. Thanks for joining us. [laughter] strange times. Stuart strange times indeed, thats for sure. Dows up 547 points. Thats the best part of 2 . The nasdaq is up 2. 5 . Its another rally. Have we we got something on this one, susan . Yeah, lets talk about earnings because the fact that corporate americas doing very well, helping this rally, is something we shouldnt miss as well. This morning we woke up to stronger earnings from the likes of qualcomm, theyre the chips that go into virtually every smartphone in the world, and expedia reporting a smaller loss, so we know travel coming back which i think is encouraging. And i know this is your favorite, match group9 and the tinder owner because more people are signing up for tinder and paid services, 6. 5 million used the stuart okay. Im not going to get into tinder and all the rest of it, but i am going to say that the you are right in the fact that weve talked about the new stimulus package that Mitch Mcconnell wants, divided government, the fed all helping the market, and youre right. So, too, corporate earnings. Yeah. 87 have beaten on profits, making more money than anticipated, 82 reporting higher sales than anticipated. And if you have a divided congress, lower taxes, less regulations, thats a good thing. Stu stuart youve got a rally as a result. Now, nevada expected to give an election update in just a couple of minutes. If joe biden wins nevada, the election could be over. Were going to dive into that one for you. 25yearold Madison Cawthorn about to become the youngest congressman in modern history, and he says its time for a new republican part. That man with us after this. The dog days are done. Can you hear the horses cuz here they come we love the new apartment. The Natural Light is amazing. Hardwood floors. There is a bit of a clogging problem. clog dancing at least geico makes it easy to bundle our renters and Car Insurance. Yeah, helping us save us even more. For bundling made easy, go to geico. Com stuart were breaking in to show you ws going on in las vegas, nevada, at the moment. Thats a press conference about the election and what the trump teams doing. Listen in, please. [inaudible conversations] but the reality is, is that transparency is not political. Ballots are not automatically legal votes until theyre checked. We are not being allowed to check. The harry reid machine recklessly threw ballots into the mail, and now we cannot check whether or not there are nonresidents, which we have evidence, publiclyavailable evidence that you all in the media should be also looking at, publiclyavailable information that nonresidents have voted. There is a 30day residency requirement in the state of nevada. If you havent been in the state for 30 days, it is illegal to vote. Reporters have a responsibility. The fact is we are filing this federal lawsuit to protect legal voters. It is unacceptable in this country to have illegal votes counted. And that is whats happening in the state of nevada. Weve asked clark county for answers, they have no answers. They continue to count illegal votes. That is unacceptable, and its giving legal people a sense that the system is corrupt. We have to have a system where legal votes are cast. What the harry reid machine has done is throw out recklessly ballots, and now they dont want us to check those ballots, and we are seeing discrepancies all over. We are asking clark county to give us answers. All of your questions about the details are legitimate questions, and they should be asked of clark county because the clark county officials are silent. They are not giving us any answers, and they continue to count these illegal votes. Ballots versus legal votes. Thats what were talking about. It is unacceptable in this country. [inaudible conversations] stuart what youre seeing now, lefthand side of your screen, that is in las vegas, nevada. You just saw ric grenell, and what theyre talking about here is the conduct of voting in nevada, and theyre saying that theyre going to have a legal challenge to it to check out the conduct of voting. I want to bring in right nowed hadson cawthorn Madison Cawthorn. Welcome total program. Youre joining us at a very convenient moment. You are the youngest congressman in a hundred years. I want to know what you think about this lawsuit, this series of lawsuits that the Trump Campaign is mounting on the electoral place. Whats your opinion on this . Well, stuart, you know, i am very thankful that my generation, the one i represent, of the coming conservatives, i feel like weve had our collar taken off, and were here to fight. And so im glad that we have a president whos not going to just take these hits on the chin, but hes going to file these lawsuits to fight for the soul of our country. I really believe this election is the fate of our childrens children. Stuart you say you want a new Republican Party. Spell it out for me, what kind of new Republican Party . Well, you know, we always talk about the Republican Party how we want a bigger tent, which i think is absolutely correct. I want us to welcome all people of every race, creed and color. But i also believe that we need a bolder tent. I think that for far too long the Establishment Republicans have acted with timidity on issues of the day whereas we should be leading the country with great, thoughtprovoking ideas that give people hope and give some people something to rally behind. And so i believe that the republican part needs to start defining what we believe in and winning the argument with the American People. Stuart what to you give me something that you absolutely, positively believe in very firm lu, one thing. Firmly. One thing. Go. The first amendment. I believe that people in the United States of america to have a robust and free citizenry need to be able to defend themselves, and they need to be able to speak out against tyranny. I think right now, stuart, i think youd agree with me, that there is far too much corruption in washington d. C. Stuart well, its not just corruption in a financial sense. I think our democracys corrupted by the Political Correctness which cancels people out. You dont like their point of view, theyre out. Its a suppression of free speech. I think thats what youre getting at, because you youngsters, youve been in college, and your free speech has been suppressed, and it would be wonderful to hear you come out and oppose that. You are absolutely correct. And, you know, i genuinely believe that, you know, in America Today the New Town Square is the digital town square with on social media. And so im very happy, you know, you saw senator ted cruz speak to the twitter ceo and just ripping him apart i saying who elected you . Because i believe right now that these publications, theyre technically platforms, but they should be treated as publications by the government because theyre starting to censor what we can and cannot say. And i genuinely believe that if we continue to allow, one, culture and just the mobs be able to cancel people out and intimidate people who have a different point of view and these social media platforms to be able to censor whats on their platforms, then i dont believe well be able to have these Difficult Conversations that America Needs to have to continue to stay free. Stuart Madison Cawthorn, i think youre a huge asset to congress and an asset to this program, and were very happy to see you on it and with us. Appreciate it. Stuart, its an honor. Hope to be back on soon. Stuart you got it. [laughter] what youve been looking at, lefthand side of the screen, is an ongoing conference there in las vegas, nevada. We have the Trump Campaign objecting to the conduct of the voting in nevada. They want to do something about it. Theyre saying that illegal votes have been counted, and that is illegal to count illegal votes. Meanwhile, a judge has dismissed the Trump Campaigns lawsuit in georgia about the campaign and the process of voting there. A judge has dismissed the Trump Campaign thing. And earlier this morning we did is have an allcapped tweet from the president , stop the count. So, obviously, theres a lot going on with lawsuits and voting and counting. All of that is happening as we we speak. I think were going to take a short commercial break, and i think i hope weve got Corey Lewandowski on the other side of this. More on these legal challenges. Well be back. 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He is in philadelphia challenging the election process. Now, corey, i understand that you won a legal battle. You can now be just 6 feet away from those doing the counting. Thats a win for you guys. But does it really make that much difference . Well, stuart, let me tell you whats really going on. We did win a legal battle, and we have an injunction from a judge that says we can be 6 feet away. Were here in the Convention Center in philadelphia, and the people of philadelphia who were running this election refused to honor the judges order. Theyre continuing to not give us the access to these ballots. This flies in the face of democracy, this flies in the face of the judges order, and the attorney for the city said theyre going to evaluate, stuart, the judges order. I dont know how you evaluate a judges order. It is crystal clear, take down the barricades and let the people with the Legal Authority go inside and observe this process to take place to do so. They have said no. Weve now called the county sheriff. There may be a Law Enforcement requirement here, stuart. This is what theyre doing to try and steal this election. Stuart you believe that some of the counting is not quite right, is that what youre saying . Stuart, what were saying is we have no ability to actually see what theyre doing. We dont know if these are postmarked, we have no ability to see the ballots, we have no ability to verify anything. This is the only city in america where theyre counting this hours a day 24 hours a day. In the world of covid19, theyre finding a way to count ballots 24 hours a day. Its amazing what theyre doing here. Im physically standing in the courthouse right now, we are fighting for donald trump. We deserve and have a Legal Authority to have access to this counting process, and they continue to refuse to let us in. Stuart the president tweeted this morning in all caps, stop the count. Do you want to stop the count in philadelphia . Well, stuart, we want to know whats going on. We want every legal ballot counted. But this president is up hundreds of thousands of votes, and every, like, three hours they do something called a ballot dump. Ive never heard of that before. They just pour more ballots in, they decide how many they need, theres no way to verify this those are accurate or not, and they stopped the counting originally so they could find out how many ballots they needed to produce in order to steal this election. Its shameful. Democracy dies in the dark, stuart. We need to do better. Stuart am i right in saying that at this moment President Trump leads in the pennsylvania vote by roughly 650,000, but there are another 1. 3, 1. 4 million mailin ballots still to be counted . Is that accurate . Stuart, its accurate. And more than that, they wouldnt tell us how many outstanding ballots there are. Donald trump is the victor in pennsylvania. We were here yesterday s and we declared pennsylvania a victory for donald trump, and youve seen now that even one of your competitors, i wont say which one, just declared that arizona is going to fall for donald trump which means once we win here in pennsylvania, donald trump is the president of the United States for four more years. Stuart fascinating. Corey, youre feeding the news to me, and i appreciate that. We got you just at the right moment, right in the middle of it. Thanks for reporting to us, corey, we really appreciate it. Thank you, stuart. Have a good day. Stuart yes, sir, thank you. Wow, breaking news on the air. Good stuff, indeed. Con floppation confrontation right there in philadelphia. Check the big board, up 1. 86 on the dow, 28,365. And we will be back. If you hold on for one more day. Can you hold on for one more day . Is. Things will go your way. Hold on for one more today get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Adapting. Innovating. Lsetting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. Deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. Stuart let me recap what Corey Lewandoski told us. He was standing outside of the Convention Center in philadelphia where theyre doing the counting. Early this morning an Appellate Court judge had given the Trump Campaign the right to go into the arena and watch the counting from a distance of six feet. Not the 30 feet originally, but no, six feet. Well Corey Lewandoski tried to take his team inside. They were rejected. The counter said no you cant commit. You cant come in. Corey lewandoski was waiting out decide. He is wait for the sheriff to arrive to enforce the idea that he can go in to watch the count. That happened. Interesting developments on the legal front right there. Quickly, tomorrow is friday. Therefore, it is friday feedback. We want to get your messages on the air, please. Send it to varney viewers at foxbusiness. Com. Email, just send it along, please. Susan he know. Stuart do that modern stuff. Dont write us letters. Markets are up big time. We lost a little of the rally in the dow but were still up 500 points. What a week it has been. The election, the aftermath. A market rally. Neil. Its yours. Neil stuart, thank you very, very much. Youre quite right. I think big thing for the markets no matter what happens on the president ial election front, no matter how long that drags on, seems well have a Republican Senate that will be the stopgap if you are in the business and market world youre worried about anything that could disrupt that. Might be a leap of faith here but the fact were looking already at the fourth triple digit dow gain in a row. So were all over that. Were also all over what is going to happen in the key states updating their results. Griff jenkins with wilmington, delaware with how biden folks are responding to all of this