Thats likely to be down about. 33 . Lets see how they close. Lets get to hong kong because today, we see chinas clout. The general manager for the Houston Rockets, basketball team, tweeted support for hong kong. Beijing immediately objected very strongly. The tweet was immediately withdrawn. Lots of criticism for the nba this morning. They caved to the communists, to preserve basketballs appeal in china. Hong kong itself, im going to say its virtually shut down as violent protests returned over the weekend. Next case, what have we got for you . Joe biden. He says he will beat the president like a drum, end quote. The General Motors strike takes a rather ominous turn. And amid very visible security, joker hits the theaters and wins big. Varney company is about to begin. Stuart you know, this could be the stock of the day, maybe the week, maybe the month. General motors, down 1 . Its back to 34 a share. When the strike started, it was 37. Now, talks with United Auto Workers union broke down i think late last night or certainly over the weekend. The reason . Susan because gm wants to increase production in mexico, where it now builds trucks, pickups, small cars and also two suvs. According to a lot of the forecasters, it looks like gm is the largest u. S. Manufacturer in mexico, 833,000 cars are made there last year. About 22 of their production. Thats more than ford, more than other car makers as well. So basically we are in the fourth week of a strike, right, and apparently according to the uaw, they cant get any production commitments from gm saying we will make these cars in the u. S. Instead of mexico. That is one of the big snags right now in this fourweek ongoing strike involving 49,000 workers and costing gm about 80 million a day. Stuart longest strike since 1970. Back then it had a huge impact on the economy because they got 340,000 workers. Today its way down there. Susan also, they have a backlog of 70 days in terms of supply, car supply, that they knew going into this. Stuart that makes a difference. Thanks, susan. Moving to the box office over the weekend, joker. Okay, its not the joker. It is joker. Broke records. The debut of this movie, however, has not been without controversy. Lauren simonetti, one of our producers went to the movies this weekend. Before getting into the door, there was a line of police officers. Before you could walk in. Lauren beefedup security at theaters throughout the country, especially in major cities. Bag checks. There was one theater here in new york where there was someone watching the movie and he kept laughing at all of the murderous scenes so eventually he was escorted out because that made people feel uncomfortable. Despite feeling uncomfortable, we went to see it. Record october debut, 93. 5 million here in the u. S. , 234 million worldwide. What does that tell you . I was reading something from the director. He typically produces comedies. He said i cant do comedy anymore because somebody always gets offended and millions of people blow up on twitter. Its not worth it. He did this instead. This is more controversial than any comedy, if you ask me. Stuart joker was made by Warner Brothers ash brothers, a unit of at t. If theres any stock reaction, look at at t. Fascinating. Ive got to break in for breaking news. President trump reportedly lost a court fight in new york to keep his tax returns secret. Whats that . Ashley hes been ordered to turn over eight years worth of tax returns to the manhattan d. A. , cyrus vance. A federal judge this morning rejected the argument from the Trump Administration, well, President Trump himself, the sitting president s are immune from criminal investigations. The judge disagreed and now has subpoenaed the president to turn over eight years worth of tax returns. Both on the corporate side and on the personal side. Stuart i just wonder if the president can appeal that. Ashley they will appeal. Stuart okay. Hang on, as they say. Ashley it is going to be appealed. Stuart i thought this was an ominous headline from the wall street journal. Dim earnings outlook poses peril for stocks. Dim earnings outlook, peril for stocks . Lets bring in jack hough, hes Senior Editor at barrons. Lets suppose there is no significant increase in profit in the current reporting period over last year. No significant increase. Does that put a cap on the stock market . I dont think so. Im with the dim part of this but not with the ominous part. The quarter is going to be dim. The expectation is for a 4 decline year over year in earnings. You have to remember, you know, its like if you have ever seen the old price is right game show, the showcase showdown, you get the price but you definitely dont want to go over. Thats what analysts do when they guess earnings for companies. You almost always get Companies Beating those expectations. You will see that this quarter. You will probably end up with pretty flat earnings for the Third Quarter. I dont think it matters that much for stocks because investors are forwardlooking and this is the last lousy quarter for earnings. Going forward, expectations get a little bit easier in the Fourth Quarter and much easier next year. Stuart because the Third Quarter comparison with last year, where we were very very strong. Booming earnings. So if you look forward next year, wall street is saying 10 earnings growth, dont count on it. They always guess too high about distant forecasts. I would not be surprised if you see something mid single digits, maybe 5 , 6 earnings growth. That would be good enough to keep the stock market moving. Stuart you said that for a long time. The stock market rally keeps on moving, gradually, slowly, but it will keep going. I think so. I wouldnt expect gangbuster returns from here but still, when i look at the things developing, you can buy stocks, theyre the best bet in town. Stuart we like that as a way to open on monday morning when you have ominous headlines in the background. Thank you, sir. Next case, macys. Ive got a number on macys. They plan to hire 80,000 people for the holidays. I dont know how many they hired last year for the holidays, whether its up or down, i dont know, but 80,000 is a big number. The stock is at almost 15 a share. Hsbc, that is a bank, they plan to cut 10,000 jobs. They are trying to cut costs. The stock is virtually unchanged. To syria. Lets report on that. U. S. Troops have started pulling out ahead of an expected invasion by turkey. This is a reversal ashley complete reversal. Ironically, the u. S. Has been with about 1,000 or so troops in this region have been training and providing weapons to the kurdish fighters, who the turks regard as terrorists. So the u. S. And the Trump Administration has decided to pull out, saying this is now no longer our fight to fight, which clears the way, essentially, for turkey to go straight on in and take on the kurds and also the Syrian Defense forces, who have been friendly to the Trump Administration. Stuart i distinctly remember seeing advertisements by the kurds right after the invasion of iran and the downfall of saddam hussein, in which the kurds were saying were friends, were proud american allies. Ashley they led the fight to get isis, to wipe out isis. They were the spearhead of that. Stuart geopolitics hard to understand. Ashley a big part of this, the administration wants turkey to take hold of the thousands of isis fighters and their families, take control of them. Stuart thats another sidebar issue. Ashley it is. Stuart its involved. Ashley its involved. Stuart back to the market. We are still down about 50 points. Thats the way futures are pointing at the opening bell. The nasdaq will be down about. 33 . Take a look at lyft. Theres a stock thats down roughly 50 since going public. Its Public Offering price earlier this year. Coming up, we have a guy who says that stock, lyft, is going up and you should buy it here. We will let him make his case. House democrats think they have the 217 votes needed to pass articles of impeachment against the president , and the president is daring Speaker Pelosi go ahead, hold the vote. Will the democrats do it . We will answer that question. Joe biden trying to make a comeback, writing an oped saying trump wont destroy me and he wont destroy my family. We will deal with that in a moment. Here comes Varney Company on a monday morning. I wanted more thats why ive got the power of 1 2 3 medicines with trelegy. The only fdaapproved 3in1 copd treatment. Trelegy. The power of 123. Trelegy 123 trelegy. With trelegy and the power of 1 2 3, im breathing better. Trelegy works 3 ways to open airways, keep them open and reduce inflammation for 24 hours of better breathing. Trelegy wont replace a rescue inhaler for sudden breathing problems. Trelegy is not for asthma. Tell your doctor if you have a heart condition or high Blood Pressure before taking it. Do not take trelegy more than prescribed. Trelegy may increase your risk of thrush, pneumonia, and osteoporosis. Call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. Think your copd medicine is doing enough . Maybe you should think again. Ask your doctor about oncedaily trelegy and the power of 1 2 3. Trelegy 123 save at trelegy. Com 2,000 fence posts. 900 acres. 48 bales. All before lunch, which we caught last saturday. We earn our scars. We wear our work ethic. We work until the works done. And when it is, a few hours of shuteye to rest up for tomorrow, the day well finally get something done. stuart all right. Look at this. On your screens, walmart stock, doing nicely this morning. Rokus on the screen as well. Its actually down two bucks. The two companies have Just Announced together a new projector and it connects to the internet, projector . Okay. You can hang it from your ceiling. It projects streamed tv on to your living room wall as well as the roku wireless subwoofer, i dont know what the devil that is. Ashley loud bass. Stuart walmart has this way of getting movies on the wall of your house. Thats what it is. This is coming in coming weeks. What is this, it says sold for 129 each . What . What sold for 129 each . Susan the experience. More people are streaming. Stuart the projector. Susan its the experience, entertainment. Its a consumer story. Ashley deep breath, stu. Stuart theyve got a projector. Walmart sells it. Is it roku that makes it . You can get a movie on your wall. Ashley 129 bucks. Stuart now i understand it. With me, sports fans . Lets move on to amazon. Heres something, i understand this one. They have announced new kindle kids edition and a fire hd10 kids edition. Bottom line here is, amazon is coming out with these new products for kids just in time for the holidays. Amazons stock, in a relatively down market, down six bucks. The headline from joe biden this morning in the Washington Post is this. Trump wont destroy me and he wont destroy my family. Hes doing his best to bounce back with that opinion piece and by the way, new polls do show that hes got a big lead still in South Carolina but his lead in wisconsin has been narrowed and in other states, hes trailing Elizabeth Warren. Fox news contributor Jason Chaffetz with us now. Can he come back from all thats afflicting his candidacy . Good morning, stuart. Hes going to need to start answering questions. The Vice President biden has really in essence been in hiding and where is hunter biden . Hes been at the center of this, really answering no questions. I saw that this was put together in writing in an oped, his defense, but he has not been acting as if somebody who can actually answer these questions stuart jason, i have read the editorial, the oped, as it is, twice. Nowhere is hunter biden mentioned. Nowhere is the conflict of interest, the obvious conflict of interest, mentioned. Its just pound on trump and then he closes it with saying in november 2020, i will beat you, donald trump, like a drum. I dont think that works. I just dont think it works. No, the best thing he had going for him was this approach to his fellow democrats saying im the one that can really take the fight to donald trump, im the one that can beat him, but i think joe biden ends up, you know, a distant sixth place at this point based on the performance that he has. I think conventional wisdom has somebody like Elizabeth Warren, Bernie Sanders having his Health Problem but that socialist end of the party is really got the strength in numbers. Scary for the economy. I think its scary for wall street that one of those two could potentially get the nomination but thats where the left side of the party is going in the democrats. Stuart im surprised to see it but the media this morning is saying Elizabeth Warren scares a lot of democrats. Let me move on, talk about impeachment. The democrats say theyve got the 217 votes that they need to pull the trigger on impeachment. My question is, will they vote on it . Well, the very first thing they need to do is vote to proceed with it. Nancy pelosi can stand up and bloviate that yes, it is a formal impeachment inquiry but it really isnt until they actually have a vote to proceed. They dont want to do that, though, because it gives the minority rights. They dont want to have people like doug collins, the Ranking Member on judiciary or devin nunes in intel, to actually be able to have a fair fight and call a witness. I think most of america recognizes that that fairness and due process is necessary if youre actually going to try to impeach a president but she doesnt want to do that. Stuart i think all this toil and turmoil about impeachment actually covers up the mess inside the democrats president ial campaign. Thats my position. Jason, thanks for being with us on this monday morning. Im glad you agree with me. You can come back next monday as well. Thanks very much. We will see you again real soon. Hong kong protests, they flared up again. Youre looking at live pictures now. Thats hong kong, 9 17 p. M. There. They are 12 hours in front of us. We will monitor whats going on there again. We will bring you any updates as the morning progresses. Now then, look at futures. Still down about 50 on the dow come the opening bell. Remember, we were up 370 on friday. Take a look at General Electric stock, ge. It should be moving today. It plans to cut its pension plan deficit by around 8 billion. We will tell you how they are planning to do that. Premarket the stock is barely moving. Paypals cofounder theater thiel is backing a company that makes drones for the military. Good story behind that one. This is the age of expression. But shouldnt somebody be listening . So. Lets talk. Were built for hearing whats important to you, one to one. Edward jones. Its time for investing to feel individual. The lexus es. Every curve, every innovation, every feeling. A product of mastery. Lease the 2019 es 350 for 379 month for 36 months. Experience amazing at your lexus dealer. I need all the breaks as athat i can get. Or, at liberty butchemel. Cut. Liberty mu. Line . Cut. Liberty mutual customizes your Car Insurance so you only pay for what you need. Cut. Liberty m. Am i allowed to riff . What if i come out of the water . Liberty biberty. Cut. Well dub it. Liberty mutual customizes your Car Insurance so you only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Stuart the protests are back and so is the scuffling between protesters and the police. Youre watching it right now, live pictures, 9 22 p. M. In hong kong. Its dark. These protests have been going on on a daily basis. Confrontations on a daily basis. We will keep you up to speed on it. Trump supporter peter thiel, hes helping to fund a company that makes military drones. Okay. Now, that company is run by the guy who created the oculus Virtual Reality headset back in his teenaged years. He was with mornings with maria today explaining more about what his company does. Watch this, please. We are able to detect drones over military bases and other Critical Infrastructure and able to send our own counterdrone to go out and knock it out of the sky. Its really important that the u. S. Has this kind of technology. We cant allow the skies over our military bases and our Critical Infrastructure to become the wild west. The same goes for a lot of the bases and Critical Infrastructure of our allies. We need to make sure we can protect our air space from these threats because you are already seeing attacks in saudi arabia and afghanistan, other things that are not necessarily public yet, and this trend is only going to accelerate. Stuart wait a minute. Thats Silicon Valley working with our military. They dont like doing that. But now they do. Susan well, they are doing a very good job of it, because as you heard, they developed the interceptor which basically is a robot that kills drones. You know, the pentagon has been looking at spending years looking for a reliable way to combat consumer drones that have been reconfigured and turned into Reconnaissance Aircraft and bombers. They have been able to do that. This company is valued at 1 billion right now. They raised 120 million over the summer, including from peter thiel but also, one of the famous vc funds, and this company and palmer lucky, by the way, was a teenager when he discovered and came up with oculus and sold it for 2 billion to facebook in 2014. But he is known, some would say he was kicked out of facebook because of his support for President Trump and his donations back then. Ashley cant do that. Stuart i wish him well in his company. Susan partnership between the two. Stuart anduril. Got it. Check futures again. We are going to be down maybe 70 at the opening bell. Again, we have no clue how we close in these volatile times. Stay with us, please. Big show coming up for you. We will take you to wall street after this. Announcer fidelity is redefining value with zero account fees for brokerage accounts. And zero minimums to open an account. At fidelity those zeros really add up. Maybe ill win saved by zero stuart this is a story everybody is talking about. Basketball. The general manager of the Houston Rockets tweeted support for the hong kong protesters. Then the nba really distanced itself from the tweet and it was recalled, so to speak. What are politicians saying this morning . Susan senator cruz jumped into this controversy and says as a lifelong Houston Rockets fan i was proud to see him call out the Chinese Communist partys oppressive treatment of protesters in hong kong. Also representative hawley made allegations of human rights abuses in china, including the repression of weaker muslims. This set off a huge controversy and firestorm in china which is the Largest International market for nba and their next great hope for making money, so the Chinese Basketball Association disapproved of that tweet. Also, you have a 1. 5 million streaming contract with tencent, one of the largest conglomerates in the world. They said we might be taking a second look at this. A lot of other companies in china saying you know, were not sure we want to work with the Houston Rockets or the nba should do something about this. This was a big, big deal. Stuart on your screens now, thats a live shot right there from hong kong. You can see this is another confrontation between protesters and the riot police. Riot gear right there. And the nba has backed away from any support for those protesters. Ten seconds to go. They are clapping and cheering, the bell is ringing. They will open trading literally in just a couple of seconds. We are expecting a minor league loss for the dow industrials and the other indicators when we start trading. We have started. Here we go. The Immediate Reaction on the market is a downside move, 60 or 70 points for the dow industrials. Ill tell you this. For our radio listeners, lefthand side of the screen, i can see a lot of red lines there because most of the dow 30 have opened on the downside. 70 points lower for the dow industrials. How about the s p 500 . In percentage terms, exactly the same as the dow, down abo about. 25 . The nasdaq composite, i think its down a bit more than that, about. 25 down. So all across the board, we have opened slightly lower. I want to show you General Motors stock. That could be the stock of the day. Because its down to 34 a share. Gm and the union, their talks broke down, theyre in their fourth week. The stock is at 34. When the strike began it was at 37. More on that in a second. Joining us this morning, jeff sica, susan li, ashley webster, all together now. All right. Weve got all kinds of worries on the table here. China trade, earnings coming up. Im going to turn to my colleague, jeff sica, and say look, its monday morning. Dont give me a string of negatives. Tell me something really good, really positive, that you like right now. Listen, i love being on the top business show on tv. Thats one thing i love. But i would say with the best host and the best guests. Susan wow what i would say is the one thing i honestly feel that President Trump is not going to back down. I think hes going to take on the chinese and i think theres going to be some progress with intellectual property. Thats the best that i can do. I think theres a lot of headwinds but i think hes not going to back down. Stuart thats a reference to the chinese dropping some issues from the talks which will take place later this week. Okay. Okay. Its all speculation. We dont know whats going to come out of these china trade talks. We do know there will be some headlines and that will move the market. Beyond that, you sdwrouvejust d know. We have opened 85 points as we speak. Paypal dropped out of Facebooks Libra cryptocurrency experiment. Wheres the stock this morning . Facebook is at 179. Susan we had 28 groups, group of 28 members in this initial launching of libra, including paypal and now paypal says they are not included in this. We have mastercard and visa rethinking their participation as well, after a lot of politicians around the world, central bankers, say this could be misused, how do we regulate it, and should we start our own cryptocurrency anyway. Stuart i dont think all of this background noise makes any difference to the stock price, until such time as facebook starts to make less money. Ashley yeah. You know, to susans point, they have been under so much pressure, all these individual financial companies, oh, libra, that sounds like a good idea. All of a sudden, the politicians and lawmakers have got on top of them. Stuart its still 179 on the stock. Jeff, go ahead. Look how poorly facebook did at protecting our personal information. I think paypal did the right thing in doing this, because money laundering, theres a lot of things that could go wrong if facebook doesnt ramp up their ability to protect their information and thats going to cause a big stress and most cryptocurrencies stuart hold on. I have ten seconds for this. I would guarantee that many people in our audience hold some shares of facebook. Would you sell them . I would not sell them. No. Stuart thats the whole thing. Would you sell them, no. Got it. Check the big board. We are down 79 points. A marginal loss for the dow in the early going, down abo about. 33 . Look at uber. That stock got an upgrade from citi. That rescued it from 29 a share, put it to 30. Its up just 75 cents this morning but that is 2. 5 . It susan 45. Now below 30. Amazing. Stuart Carnival Cruise lines got a downgrade from hsbc, the bank, and is down 1 . Macys plans to hire 80,000 for the holidays. I dont know whether thats up or down hiring from last year. Its a big number. The stock is up 18 cents at 15 a share. We always like to check beyond meat because they have been doing so well. They are down a bit this morning. Nothing to sneeze at. 144 per share. Lets check bitcoin real fast. Where is it today . 8,100. The price of gold, where is it . Is it up or down from 1500 . 1504 to be precise. Price of oil, i bet you its 53 a share. Yes, it is. A barrel, that would be. The tenyear treasury yield is around 1. 53 . Steady as she goes across most markets. Apple will sell a smaller, cheaper iphone early next year according to a new report. Susan right. Stuart a smaller cheaper iphone. Susan well, the Td Securities analyst has a pretty good track record of predicting apple moves and says apple will release a lowerpriced iphone next year. This will be cheaper, probably about 50 bucks cheaper. It will be like an iphone 8 but run on the chip in the iphone 11. Its a bit of an upgrade. Dont forget, this is about selling in emerging markets, those that dont have a huge income per capita. They have had to reduce their pricing in china because not a lot of people can afford a 1,000 smartphone so they rightpriced it to get more people to buy. Thats pretty big for apple. Stuart you dont actually buy these phones, do you . Susan yes, you do these days. The phone companies were losing money on it. Stuart if i wanted an apple iphone 11, i have to shell out a thousand bucks . Whats been happening, people have been holding on to their phones because the prices keep moving up. So that gave them this idea to offer the lower priced phone. This is going to really impact their momentum. Stuart if any of our viewers own apple stock right now, would you sell it . No. I would not sell. Stuart thats the question. Susan would you buy . No, i would not buy. Susan wouldnt buy . Listen, i think apple keeps rolling out new versions of old products. This is the first time they have ever done Something Different than offering a higher priced phone so this could work but i wouldnt take a chance right now. Stuart heres a Big Name Company that is attacking a bigtime problem. That is the pension problem and ge is going after it. Its got a solution, cutting costs to their pension ashley pension debt. Yes. They are going to freeze pensions beginning in january of 2021 for some 20,000 employees who are salaried. They will freeze them. They will also offer a lump sum payment to those former employees who hadnt yet begun collecting their pension. This does not touch those who have retired and are collecting their pensions. By doing this they say they can save themselves up to 8 billion. Stuart the stock still at 8. 53. Thank you, jeff sica. Good stuff today. Check the big board. We are now down 100 points. Thats about a third of 1 . Now, hold on a second. Take a look at the stock price of lyft. That stock is down roughly 50 in the past six months since it went public. Ivan fineseth is with us now and will tell us why he likes lyft at this price and why we should buy it. This thats a bold statement. Go ahead. Two reasons. First, the overall Ground Transportation market in 2018 was 1. 2 trillion. That is growing. Lyft and uber in 2018 were at less than half a percent of that total the total revenue together was half a percent. Their penetration into that growing market is going to continue to increase. Transportation as a service is going to become a major part of the Ground Transportation market and both companies will benefit. However, i think lyft will benefit more. They are smaller and they are gaining ground they are increasing their market share as well as getting a greater market share of a growing market. Those are two parts of a recipe for success. Stuart im sorry to interrupt you but i have limited time. For people like me who want to get into this brand new industry, thats what i think it is, vast brand new industry, the place to go is lyft . Yes. Stuart thats the stock to concentrate on . Yes. Stuart buy it . Absolutely. Stuart i have to move to netflix. Theres a stock thats really taking it on the chin recently. The chart doesnt look great. You say you are not a fan. You think its going to go down some more . Yes. Absolutely. Stuart why . I think theres more downside in netflix, as the streaming wars begin. On november 1st you have the launch of apple tv plus and on november 12th, you have the launch of disney plus. I think disney will outnetflix, netflix. Disney will become the Largest Streaming Service i think within three years, they will easily surpass the current about 160 million subscribers that netflix has. Stuart hold on. Are you saying people will cancel their netflix subscriptions and go with disney instead . What will happen i think, you will see the growth of netflix slow, netflix is going to have to cut prices and they will lose some subscribers. I think people will have a group of streaming services somewhere between as low as two and as much as four. People will average three streaming services. I think netflix will probably be one, but disney plus will definitely be one, and you have two more streaming services launching next year. You have hbo max from at t and you have peacock from comcast. Stuart so when it comes to lyft and the ride sharing, lyft is the way to go. Yes. The key reason stuart when it comes to streaming, go to disney. Yes. Stuart got it. Thanks very much indeed, ivan. Right to the point. We love that stuff. Thank you very much, ivan. Lets see. Conscious capitalism. Clearly on the rise among some in the corporate world. They want a softer, gentler form of capitalism. I think it has a lot to do with the rise of socialist candidates Bernie Sanders and Elizabeth Warren. I will give you my take on that coming up at 11 00 this morning. More millenials are indeed leaving big cities like new york, chicago, houston. Where are they going . Why are they moving . Weve got the story for u. Next, though, talks between gm and the uaw take a turn for the worse. I think its because 20 of gm vehicles sold in this country are actually made in mexico, and the union doesnt like it. Got more on that coming up for you. A programming note. Fox business has added a new show to the lineup. Barrons roundtable hosted by barrons editor jack otter. Catch it friday nights at 10 00 p. M. Eastern. They give us excellent customer otservice, every time. E. Our 18 year old was in an accident. Usaa took care of her car rental, and getting her car towed. All i had to take care of was making sure that my daughter was ok. If i met another veteran, and they were with another insurance company, i would tell them, you need to join usaa because they have better rates, and better service. Were the gomez family. Were the rivera family. Were the kirby family, and we are usaa members for life. Get your Auto Insurance quote today. Stuart an update on a story we broke for you earlier. President trump has now filed an emergency appeal related to his tax returns. He lost a court fight in new york to keep his tax returns secret. The update is hes filed an emergency appeal to stop them being made public. Got it. A new low for the dow for this day, that is. Its monday and we are down now 117 points for the dow,. 4 . We are at 26,400. Take a look at General Motors stock. I believe its back to 34 a share. The strike is entering its fourth week and talks with the United Auto Workers union have broken down again. Curtis ellis is back with us. This is his area. Hes the labor Union Liaison for the trump transition team, or at least he was back then. I think the Sticking Point is very simple. 20 of General Motors cars and vehicles sold in the United States are made in mexico. The union doesnt like it. You hit the nail right on the head, stuart. Look, this is the big part of the entire globalization industry of the auto industry, and you look at the new u. S. mexico trade agreement, what the unions were pushing for was the ability for mexico to form labor unions so they could be on an equal footing with American Labor unions. Now, on the other hand, what were seeing for gm is that their most profitable line of vehicles, the silverado pickup truck, is made in mexico but now its idled because they cant get the parts from the United States because of the strike. So its playing both ways here. Stuart i dont see how this could be resolved. Its an absolute Sticking Point, isnt it . Yeah, and its a game of chicken right now. So gm is losing a lot of money. The globalization of the industry is a tough nut to crack but i hear that theres some movement over on the usmca, u. S. Mexico trade agreement. The labor unions are happy with some of the enforcement mechanisms. Its a matter of money in the mexican budget to enforce the agreement, and theres pledges being made to make sure mexico has the money to enforce this deal. Stuart you are big into the trade situation here. Youre saying there is indeed progress with the new nafta. With the new nafta. Stuart will Speaker Pelosi bring it to a vote in the house . In a way, the impeachment raises the temperature for her to get something done other than trump bashing for those swing state members. Stuart thats a positive for usmca. Yes. Counterintuitive, yes. Stuart lets talk china trade for a second. The report we got this morning was that the chinese are apparently taking some issues off the table. Right. Stuart for the end of this week. Is that a deal breaker . Well, look, President Trumps made it very clear unless he gets a good deal, he will get no deal at all. China is being unmasked for being very totalitarian. They just broke ties with the nba. Stuart they put the nba down. They took south park off the internet in china because south park came up with an episode criticizing china. Everybody knows china is a bad actor. Everybody except maybe a few private equity funds on wall street, that china is not our friend and we have to stand up to them. President trump is not in a position, not in any mood to cave to china. Stuart very interesting, especially with that going on in hong kong. We have been running video this morning, live video, whats going on there now, the protesters have returned. The place looks like its at a virtual standstill. Theres the shot. There you go. Thats hong kong as we speak. Amazing. Stuart it is. Thats a problem for xi jinping right in his own backyard. That used to be his portfolio before it became leader for life, whatever he calls himself. He was in charge of hong kong. So he should know better. This really is egg on his face, you might say. Stuart all right, curtis, thanks very much for joining us. See you again soon. Check the dow industrials. Down 148, a sea of red. Weve only got two of the dow 30 on the upside this morning. Next one. One woman went from drinking a dozen cans of diet coke per day to starting a company that focuses on sugarfree flavored water and her business is growing bigtime. Shes going to tell us all about it and how she did it, after this. To the wait did frowe just winners. Prouders everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. Now you can share it between lines. Mix with unlimited, and switch it up at anytime so you only pay for what you need. Its a different kind of Wireless Network designed to save you money. Save up to 400 a year on your wireless bill. Plus get 250 back when you buy an eligible phone. Call, click, or visit a store today. Stuart look at amazons stock. It is down about. 66 this morning. The Supreme Court has turned away an appeal by amazon. The company wanted to avoid a lawsuit that would force them to pay workers for the time it took to get through security clearances. The Supreme Court says they are not they are declining to hear the case and that is not good news for amazon, down ten bucks. Next case. We really like to bring you stories of success, entrepreneurial success. We found one, another one, i should say. Hint, hint, thats the name of the company, flavored water, they make. They are trying to break into a very crowded soft drink market. Actually, they have broken in. I should tell you that now. Joining us is cara golden who founded the company. Welcome to the program. Thanks for having me. Stuart am i right in saying that 14 years ago yes. 14, a 14year startup. Stuart you were drinking a dozen cans of diet soda a day . Sometimes the fountain drinks as well. But yes, about 12 a day. I was a soda addict. Stuart what turned you off . I really realized that i wasnt as healthy as i wanted to be. There were a few different issues, energy, i had gained a bunch of weight, my skin was terrible, and i really focused on looking at the food first. Stuart im not surprised. Thats pretty bad. I wasnt having 12 cupcakes a day. Stuart lets deal with the flavored water for a start. How did you break into a very crowded market . Because when i go to the supermarket or grocery store, i look at the refrigerator, theres a hundred options for soft drinks. Correct. Hint does not have sweeteners in it. In addition to being flavored water, as you mentioned, thats really the core difference. So people are looking for options to help them drink water, and theres a lot of things out there that sort of claim health, whether they are diet drinks or vitamin drinks, but people are really looking and they know to drink water so thats where hint falls into place. Stuart thats your standout market. Yeah. No sugar but also no stevia, none of these other sweeteners in it. Its fruitbased with water. We have a carbonated version and now a kids box version. Stuart let me tell you, as the father of six children, nine grandchildren, i can tell you juice boxes are very very important. Because its not juice, is it . No. Its not juice. Its hint. Stuart a lot of parents dont want to give their kids juice. Its great. Give it to your kids when they get home. Its terrific. Yeah. That was really the key thing that we saw in the market that was within the last year. Stuart you are a private company so you dont have to tell me how many bottles of this stuff you have sold, but can you tell me your sales growth in the last year . So we are doing over stuart you are hesitating. Why are you hesitating . Im hesitating in telling you that we have had over 50 year over year growth in the last couple of years, but in addition to that, people are estimating us at over 100 million. Stuart really. Estimating your total sales . Yes. Stuart estimating total sales over 100 million. Exactly. Stuart really. Thats all youll give me . You dont have to tell me. Thats all ill give you. Stuart you are tantalizing me with 100 million in sales by when . When . Next year . This year . Yeah. Stuart this year . Absolutely. Stuart you are hinting to me, you dont have to, but you are hinting its a hint but thats what thats all i can say. Stuart thats a lot of water. Congratulations. Thank you. Stuart if you are anywhere close to that i will say you are a success story. Thats great. Hint is the name of the company. Hint. Drinkhint. Com is the website. We sell about 40 of our business online. Stuart really . Yeah. Stuart okay. Im learning a lot. Its a whole new world out there, right . Stuart it sure is. Thank you very much indeed. Thank you. Stuart take a look at starbucks. Why not. Getting caught up in the hong kong protests. Tell me more. Susan it may sound surprising, an American Company being defaced and caught up in the hong kong protests but its partnership with maxim group is whats causing all this controversy and the vandalism that is taking place in a lot of starbucks cafes across hong kong. So they work with maxim and maxims founders daughter has basically made some controversial remarks, saying the protesters dont represent the city and that the police are justified in using rubber bullets and tear gas to control the crowd. And that means that starbucks as a result has been targeted. They have 200 cafes across hong kong and macao. Stuart thats a good story. Thanks very much. Interesting indeed. Yeah. All right. Forget impeachment. Its not President Trump who is in trouble. This is my opinion, okay . I dont think its President Trump thats in trouble. I think its the democrat president ial hopefuls who are facing real problems. Its monday morning and a mess for the left. My take on that, next. [ orchestral music playing ] mom youve got to get yourself a new car. I wish i could save faster. Youre making good choices. Youll get there. Were you going to tell me about this . I know i cant afford to go. I still have this car so you can afford to go. I am so proud of you. Thanks. Principal. We can help you plan for that. Start today at principal. Com. 2,000 fence posts. 900 acres. 48 bales. All before lunch, which we caught last saturday. We earn our scars. 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 for democrat president ial hopefuls its a monday morning mess. That is my opinion. There is mounting answer sight that none of the candidates can mount a campaign that will beat donald trump. Of course as you scan the news of the day you think the world turns on impeachment. You think the Trump Presidency was on its last legs. That is the medias never ending obsession. Look beneath the screaming headlines and it is the democrat president ial campaigns are in real serious trouble. This morning joe biden is trying to break out of his rut. He writes in the Washington Post quote, trump wont destroy me and he wont destroy my family. Come november 2020 he writes i intend to beat you like a drum. He does not mention hunter biden. He does not mention how his son made a lot of money while his dad was Vice President , and yet we have to hear why joe allowed to glaring conflict of interest in the first place. He never told us why he allowed it. Try as he may he cant walk away. Donors are not donating. That is a danger signal for any campaign. Meanwhile Bernie Sanders is recovering from a heart attack. He wont reappear until next weeks debate. We wish the senator well. But voters have to be at least a little skeptical that a 78yearold can return for a year of exhausting campaigning. Now it is true that senator warren has been surging, yes she has, but that has alarmed democrats who do not buy her far left policies. In todays Washington Post again some top donors say anonymously that they will sit the election out if she is the nominee. No wonder. Warren propose as wealth tax, a lobbying tax, a corporate profits tax, a higher Social Security tax on the rich, a higher income tax and a higher tax on gunmakers. Simply put the calmer voices in the Democrat Party understand that senator warren is probably unelectable. If you go further down the list of 2020 hopefuls, it is hard to find anyone breaking into the top tier. Kamala harris only gets 8 from her home state california democrats. Only 8 . Moderate tim ryan is he trying to raise money in los angeles and new york but he is polling way down there in the single digits. Mayor pete is raising a lot of money but he too is way behind in the polls. So the top three all have their troubles and the rest of the pack has failed to break through. Wouldnt you think that with the president unimpeachment threat that candidates trying to succeed him would be powering ahead but theyre not. It is mr. Trump who is raising the most money. It is the trump base that is united. I will repeat eight days before the next daydebate, its a mon morning mess for the democrat hopefuls and the second hour of Varney Company is about to begin. Lets get straight at it. Rachel with the conservative institute. Do you think the American People will remove him from office on the basis after phone call and a couple of whistleblowers . I dont think so. We have the information. We have the transcript. We have the whistleblowers report. Its a bunch of secondhand information and press clippings. The American People are rightly suspect of allegations but they want proof. The democrat have nothing but allegations and press spin. They cant even put it to a vote on the house floor because they dont have the votes. How are they exposed to convince the American People when they dont have the votes themselves . Stuart i understand that. Highly unlikely that the president will be removed from office however he will face several months of constant investigations. I suspect theyre trying to slime him as much as possible . Do you think they will malign himself so the president loses in 2020. What is your answer to that one . I think the best indication how this will go, the recent news that President Trumps Approval Rating is highest it has been in 2019. Thank you, democrats. Their ideas are not winning. Biden is a constant swampdweller with his sons shady dealings. Warren and sanders are running on a platform of getting rid of private Health Insurance and throwing open the border and dont forget beto orourke wanting to take your guns. Their ideas are not winning. So wonder theyre trying to make impeachment happen. The cherry on up of this all them is trumps Approval Rating, the highest it has been all year. Stuart do you think people are upset with the president because of his style, tone, demeanor and language . There is a strong feeling that weve never seen anything like this from a president before. A lot of people, independents, included, dont like it. I think it is fair to say we wish he didnt have to do this. I think its a situation where you have democrats that have no morals on these issues. They are willing to be underhanded, they are willing to lie. So you have a president who is fighting back. I think the American People wish it wasnt this way. They wish the rhetoric was not as hot as it was but theyre willing to see a president who punches back instead of taking it on the chin and doing nothing. Stuart what will you do if President Trump loses to a socialist in 2020 . I will try to make sure the rigors of socialism will never come to the this country. I will be the noble opposition to that effect. Stuart it is noticeable to point out, if a socialist wins, Bernie Sanders or Elizabeth Warren or whatever, if a socialist who wins, he or she really couldnt get anything done this congress or the next congress or any congress. Congress cant do anything anyway . That is a good point. Congress has incredibly low Approval Rating of 11 . That goes to the impeachment inquiry. How will they get public support for impeachment inquiry when they have themselves have a Approval Rating of just 11 . Stuart Rachel Bovard not leaving for canada in the event of a socialist win. Thank you. Stuart lets get to the markets. We are down but not as much as we were. We were off 140 points i think it was at the low of the day. Now were down 60 at 26,500. Scott shellady is with us this monday morning. Scott, i want to talk profits. Prediction profits this quarter will be down about 2 compared to the same period last year. If thats the case, or if there is no appreciable increase in profits, i would suggest that the market cannot rally from here. What say you . Well, i wouldnt say exactly it could not rally but i would say this looks to be the low ebb. We forecast things that were worse the first and Second Quarter and they came in better than expected. So, this could actually be better than expected. And, we, weve gotten negative news out there already. We dumped down all the headlines. So i dont see, the market will slowly but surely grind sideways to a little better. Things were waiting for what you talk about you will at type, usmca and china. But the u. S. Economy, stuart, on its own, i mean you could argue that we dont need to be cutting Interest Rates. If you take europe and asia out of the equation. It is because what is happening globally. Their slow down is starting to catch us. That is what is happening. On its own the u. S. Economy, look what we got last friday, stuart. Im still very, im still very bullish on the u. S. Economy. I dont think that will in make the stock market skyrocket but healthier than it would have been. Stuart what do you think the best area to invest in right now . Our viewers are wondering can we go much higher for the dow . Can we go much higher for the s p . Has the stock market rally run its course . Where would you suggest our viewers, had are investors, where should they focus on now to put their money . First thing i would have said stuart, hopefully theyre invest the in the market. You could have bought the high any year since 1929 and been a billionaire. This market slowly surely keeps going higher. We introduced new people, stocks are to invest in. I would like number one to be invested in already, as they get older they are more bonds than in stocks. As far as the area goes i still like a balanced Mutual Fund Portfolio you have something in everything and watch that go for you depending what your time frame is. It comes down to time frame, when you talk about sectors, it is really time frame. If you have the time frame, stay balanced. Stay in, keep watching as it grows. Stuart very important, wellsaid, scott. Wellsaid. Youre talking to me. Every now and again a Blind Squirrel find as nut, stuart. Stuart i heard that one before, stuart. Scott, thank you. See ya. Stuart Elizabeth Warren wants to tax the rich. Our next guest says however not just the super wealthy should be worried about a warren presidency. He says the middle class should be concerned as well. He will be on the show to make his case. Millenials, yes, they are, leaving big cities. Well tell you why theyre leaving and which cities theyre going to. Rudy giuliani Fiery Exchange with fox news howard kurtz. Kurtz was shushed by giuliani in the live interview and we have howard kurtz coming up. This is the second hour of Varney Company. Great riches will find you when Liberty Mutual customizes your Car Insurance, so you only pay for what you need. Wow. Thanks, zoltar. How can i ever repay you . Maybe you could free zoltar . Thanks, lady. Taxi only pay for what you need. Liberty. Liberty. Liberty. Liberty. Stuart were coming back a little bit. We were down well over 100 points. Now were down 66 points after 43 points worth of business. Senator warren has indeed unveiled her plan for a wealth tax. Joining us now is brandon arnold, National Taxpayer Union Executive Vice President. Brandon, just look at the wealth tax for a second. Are you saying that the wealth tax just by itself hurts the the middle if youre saying that, tell me how it hurts the middle class. It absolutely hurts the middle class. It will reduce the Capital Stock in this country and produce very little revenue to the treasury. Well see projections fall short in terms of revenue. Well not get the 2. 75 trillion Elizabeth Warren is promising us. Well see a flight of capital as millionaires relocate overseas and their assets. That is what happened in europe. Nine out of 12 European Countries repealed wealth taxes the past 20 years. The reason france did so last year, because they lost 42 millionaires due to this tax. When the millionaires left, so did jobs and businesses they supported, that they ran. Its a huge problem. It affects not just the wealthy, it affects everyone up and down the economic ladder. Stuart got that. There is a whole raft of other taxes which a president warren would want to introduce. Those taxes, those extra taxes include an excessive lobbying tax. A real corporate profits tax, an increase in Social Security contributions for the top 2 , a tax on gun manufacturers, and the repeal of the existing tax cuts for businesses and for individuals. I take it that you wrap all that lot up together, you explain to me how that hurts americas middle class. Absolutely. Obama when he ran for office he said he wouldnt tax anyone under 200,000 of income. Elizabeth warren, Bernie Sanders, these other candidates completely set that aside. Theyre in some sort of an arms race who can tax the American People more than their competitor. It is concerning at a time we took steps positive in terms of rolling back taxes in 2017. That the pendulum would swing dramatically in the opposite direction should someone like Elizabeth Warren or Bernie Sanders find themselves in the white house. Stuart if you take vasts amount of money from rich people, corporations, take it from private enterprise, give it by force to the government, the middle class is in the middle and gets hurt, that is your argument . Sure. When youre talking about the wealth tax in particular, a lot of people that are going to be hit are private business owners. These people created large, successful businesses. They may not be flush with cash. They are rich because of their assets, their holdings. If you end up taxes them it will hurst their businesses because they may have to take out loans to pay these taxes. They may have to draw down money they would otherwise invest in the business themselves, creates jobs, sustains the middle class. That is why taxes like this are extremely problematic. They just dont hurt people being taxed. They hurt a lot of people in this country and they should be rejected. Stuart brandon, thanks for joining us. Well see you real soon. Got it. Stuart the big picture is this, china has a problem with the nba. That follows the general manager of the Houston Rockets who tweeted support of the hong kong protests. That china immediately said, they dont like that, withdraw it, and it was withdrawn. Susan you tell me what american politicians are saying in the aftermath . Susan they are criticizing the nba. They apologize for something deeply offensive to the chinese citizens. Immediate response from u. S. Politicians including beto orourke. He says it is an embarassment what the nba is doing. Senator ted cruz says that the nba is shame fully retreating. Its a bipartisan issue as well. We heard from democrats. New jersey congressman says china was using economic power to censor speech by americans in the u. S. Josh hawley, senator from missouri making references to allegations of human rights abuses. This is a big deal. You know why its a big deal . The nba is the most watched professional sport in china. Streaming alone, 600 Million People. Ashley that is why they apologized, right . Susan its a money thing. They dont break out the amount of money the nba breaks out in china but Event Organization makes 4 billion each year. Think how much the teams and players make. This is huge deal when youre upsetting watchers and fans in the largest, most important International Market for your sports league. Stuart nba went for the money and caved on the political side of supporting hong kong protesters. That is the business decision they made. Susan everybody including the the Houston Rockets owner, fertitta says that doesnt mean the chinese Players Organization is run by yao ming who used to play for the rockets. Stuart extraordinarily. Harleydavidson, i believe it is down 2 . The company is struggling to get orders for its electric motorcycle. Harley at 34 bucks a share. A new survey says the majority of americans agree one Million Dollars is enough to on which to retire comfortably. How far it will go depend which city you choose to retire to of course. Well tell you where a Million Dollars goes furthest. Cant guess. I have no idea but it is not new york. Check netflix, last week disney announced it will ban netflix ads from most of its tv networks. The latest shot fired in the streaming wars. Were on it, and there will be, i promise, more varney after this. nationwide jingle alexa added ukulele to band shopping list. Perfect. Peyton, what are you doing . Nationwides teamed up with amazon to bring you the allnew echo auto. Youre gonna love this. Alexa, add xylophone to band shopping list. alexa okay. We dont need a band shopping list. Alexa and i disagree. Alexa, add positive attitude to band shopping list. alexa added positive attitude to band shopping list. Thats for you. You need it. Join nationwide now and get a free amazon echo auto. Stuart all right. Down 84 points. That is 1 3 of 1 on the dow jones average. 26,400 is the level. A new survey from td ameritrade, the brokerage people. A majority of americans say, yeah, one Million Dollars is enough to retire on. Come on in lauren simonetti. Let me ask you this one, if you start with a million how long does it take to work through all of that in different cities . Where does it last the longest . It will last you nearly 32 years if you want to go right by the border in mexico in texas. 32 years for a Million Dollars. Stuart i take it, means you divide it, take a little bit out every year. Looks where does the money go. Health care and housing. Stuart what do you need to live on in these cities. Texas, tennessee that really tops the list. One million will last longest. You also had richmond, indiana. Here in manhattans, lasts the shortest. Ashley two days. Los angeles and San Francisco. If the look at average 401 k , record 103,000. You need a million. 103 is the average. Median balance, the difference between the high and low is 24,000. Stuart 24,000 is right in in te middle. 50 lower than 24,000 in the 401 k , 50 more have 24 in the 401 k . That is not enough. Ashley saying 50,000 is not you have. When you look at reality of situation, people can only help for a Million Dollars. Stuart notice, tennessee, texas, featured big in the cities where it lasts longest. Housing costs are so low. Annual housing in harlingen, texas, is 55,000 where in new york city, 400,000. Stuart tennessee is rapidly becoming the retirement capital. Memphis, knoxville. Stuart you used to live there. Ashley i lived in nashville 10 years. You can tell by the accent. Beautiful state. No state income tax. Incredibly cheap homes. And nashville is a great city too. Stuart is there an estate tax . Ashley i dont think so. Stuart like florida, no estate tax. The die, the state doesnt take a piece. Over and over again showing you surveys where people are leaving the big cities going south to tennessee and the like. Good story, lauren. Thinking of moving . Stuart we better look at facebook. I dont think the stock is affect the at all. It is 179. The Digital Currency libra running into whole bunch trouble. They have regulatory woes in europe and lost backing of paypal. What can salvage libra or facebook . Well ask the question. General motors at 34 bucks a share. It is in the 22nd day of the strike. Union saying negotiations with gm have taken a turn for the worse. Stock is down 1 . Programing note, fox business added a new show to the roundup. Barrons roundtable, hosted by barrons editor jack otter. Fridays 10 p. M. On this network oh, wow. You two are going to have such a great trip. Thanks to you, we will. This is why voya helps reach todays goals. All while helping you to and through retirement. Can you help with these . Were more of the plan, invest and protect kind of help. Voya. Helping you to and through retirement. 2,000 fence posts. 900 acres. 48 bales. All before lunch, which we caught last saturday. We earn our scars. We wear our work ethic. We work until the works done. And when it is, a few hours of shuteye to rest up for tomorrow, the day well finally get something done. the day well finally get something done. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. My body is truly powerful. I have the power to lower my blood sugar and a1c. Because i can still make my own insulin. And trulicity activates my body to release it like its supposed to. Trulicity is for people with type 2 diabetes. Its not insulin. I take it once a week. It starts acting in my body from the first dose. Trulicity isnt for people with type 1 diabetes or diabetic ketoacidosis. Dont take trulicity if youre allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. Stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, or severe stomach pain. Serious side effects may include pancreatitis. Taking trulicity with a sulfonylurea or insulin increases low blood sugar risk. Side effects include nausea, diarrhea, vomiting, belly pain and decreased appetite, which lead to dehydration and may worsen kidney problems. I have it within me to lower my a1c. Ask your doctor about trulicity. Aewith Medicare Advantage plans designed for the whole you. And monthly premiums starting at 0. Plus hospital, medical and Prescription Drug coverage in one simple plan. And Health Coaching and fitness memberships to help you age actively. So you can be ready for what matters most. Call today. Well send you a 10 visa reward card with no obligation to enroll. Or visit us online at aetnamedicare. Com tv. Stuart i need me mine. Breakthrough song 50 years ago. You could say that, cant you say that about millenials, i need me mine, all about me . As they take selfies. You remember that song as if it were yesterday. [laughter]. Stuart i have to tell everybody, when you get old, you can remember 50 years ago with clarity. What you did yesterday is a total blur. How is it that you know this . Ashley he is old. Stuart were staying on the british theme, invasion theme, i guess. New book out from elton john he claims Queen Elizabeth slapped her nephew in front of him, elton john. Ashley yes he did. Stuart i dont think so. Ashley that is what the book claims. Stuart tapped on the cheek. Ashley maybe. The nephew, viscount lynley. His grabbed mother is queen. The elton john said the queen told him to look after his younger sister because she wasnt feeling well. He said no, i dont want to go. Eventually the queen slapped him across the face, and slap, and slap, and slapped the queen. Stuart define slap. It was this . It was this. A light touch. Ashley apparently she made her point, because he took it to heart and went and looked after his younger sister. Stuart she is the queen. Telling him get out and do it. Susan this sun royal behavior. Stuart no it is not. You are the monarch. You are the monarch. What you say goes. I mean, we have the judge. Susan no, no, no, no,. Stuart this nonsensical use of the word slap. Ashley i think it was. Stuart tap on the cheek. Order. Ashley order. Ask me what i think, okay . Check the big board. Get me out of here. Were back to 26,500. Before we get to the judge, lets deal with this. Disney announced, yeah it is going to ban netflix ads on its network. Our next guest is not surprised by that, he says disney will be very aggressive right from the getgo in these streams wars. Ryan patel, Drucker School of management. Lets get back at this thing. Do you think disney beats netflix in the streaming battle . Well you better get the popcorn ready, stuart, this will be one fun battle to watch. I think they will be able to bring everything and they will lead this charge and netflix will have to continue to do the original content t hasnt even started. Disney plus launches next month, disney comes out straight banning all their ads except for on espn which was a throwaway for netflix. To me that shows, if that is not a Tipping Point for anyone watching what disney is doing. Theyre putting a lot of money behind disney plus. They have identified their target, and their competitors netflix. They let hbo, the big players, peacock from nbc and comcast, they didnt ban them. They banned netflixs ads. That tells you something right away this better be something were all watching. Stuart lays down a marker. Come on, youre from the drugger school of management. You tell me if that is Good Management that will win them the game . I say winning streaming wars emerges number one, most subscribers, most parts of the world, most interest in your streaming service, custodies any win . Yeah. I think disney is going to win this, between netflix and disney. What will be hard to forecast there will be mergers and acquisitions in this place and just be clear, it is not just disney and netflix. You cant discount what amazon is doing with prime and with apple. The reason why i say that, why netflix is disadvantaged going forward, disney, amazon, apple have different businesses. They have not just content but directing consumers to their hardware. Netflix if they have to stay in this fame they need different partnerships, other verticals to stay competitive. Obviously right now this is a moneyrich system in live streaming. People are throwing money at all kind of content. Well see that not changing over next six months or 12 months. There will be a battle behind it. Stuart got it. I want to move on to paypal. Because theyre withdrawing from facebook Digital Currency, the libra. A lot of problems for libra. It is clearly in trouble. Ryan, here is the obvious question, is libra dieing . Is it headed for absolute death . What do you say . Not yet, facebook obviously has a lot of money and still a long ways to go. Its a long challenging road. This is not good news. They did not want paypal to take a step back because it hurts the legitimacy when they decide to launch it next year . Stuart if it is launches, the cryptocurrency from facebook, if it gets off the ground, is it a gamechanger for facebook . Here is twoways i look at it. It will be a gamechanger but depends how it starts, stuart. It could be a soft launch. It could not really be backed by too many other countries and businesses and it is just there versus what i think they needed to do have all this like mastercard, visa, paypal all the big firms and companies behind it so they can lead with a bang from the start to getgo. Talk about a gamechanger, there is no going back when all the companies are supporting it. Stuart 2. 6 billion possible users i find that interesting. Ryan, thanks for joining us. See you soon. Got it. Put apple on the screen. Reportedly will start selling a cheaper iphone next year. Susan . Susan smaller cheaper iphone called the se2. This is from apple. They have pretty good track record launching new devices. He thinks they will sell 36 to 40 million more inexpensive iphone 11 models. Dont forget apple tried this 2013. They had the cheaper iphone 5c. It didnt really sell that well. The iphone se2, which will be cheaper than the iphone 8, 449. That something around 400. That will help in emerging markets that dont have high income. Chinas, indias, they cant afford a 1000dollar smartphone all the time. Stuart First Quarter of 2020, that is not that far away. Susan no. Stuart it is october 7th. First quarter of 2020 is literally 10 weeks, three months away. Susan Something Like that. Stuart rest of october, november, december, it is almost here. 2020 is almost here. Susan missing holiday period for the cheaper phones. Stuart i am too. Lets not forget that. Macys they have reported and were reporting they will hire 80,000 people for the upcoming Holiday Season. I want to know how that compares to hiring last year . Ashley exactly the same 80,000 last year. Back to you, stuart. Back in 2017 they hired 87,000 but this is i would say pretty much in line. 30,000 of those new recruits as you say will be going into fulfillment centers. They have service centers. Hiring 1000 for the macys day parade to help with all the different bits and pieces there. Theyre having a National Hiring Event later this month. Stuart i got to tell you, in my opinion this Holiday Season will be the ultimate season. Ashley we heard that from our guests, online sellers. Susan every year is always online. Stuart especially because im going to do it myself. Varney effect. Stuart headlines, sports fans. Raise the Gross Domestic Product [laughter] stuart you may wonder why the judge is laughing with british royalty and everything else. He is actually on the show to deal with the General Motorsuaw strike. So come on in, judge. The strike is in its fourth week. Right. Stuart and i want to know what impact from the investigation of uaw leadership . I mean the fbi is all over them. What impact from that on the strike itself . So the fbi filed a lengthy, detailed criminal complaint against numerous uaw officials. Stuart have you seen it . Yes. It is a public document. Stuart what do they say they did . Robbed the union itself of millions of dollars in cash and lavish vacations which they took and charged to the union. Some of these people are named. Some are unnamed. The most unique individual is this fellow vance pierson, who was participating in the negotiations after the criminal complaint was filed, after he had been arrested and then bailed out. However, this is very unusual, the criminal complaint is amonthold. He hasnt been indicted yet. That tells me something is going on in the case. That some of these people are about to flip and give more evidence against their present and former colleagues. Stuart union is in a very difficult position. It is. Stuart the leadership is being investigated by the fbi. Stuart yes. Weve seen the criminal complaint. Yes. This is not a political in my view, investigation. This is not an investigation timed to weaken the unions negotiations with General Motors. This is an investigation that is real, serious, corruption. Based on information that recently came into the hands of the fbi and their investigators in the department of labor. Stuart does it make it more difficult to maintain leadership if theyre under investigation . Mr. Pierson walked out of the investigations. A reporter from the detroit newspaper said, are you vance pierson. He said no, maam. He kept walking. He didnt want to address attention to himself. He is not participating in the negotiations anymore, which again signals to us something is about to happen. Why would he suddenly, summarily leave the investigation and take a leave of absence from his position as number two in the union . Stuart the stock is down. A lot of wonderful bluecollar people in this union but much of the leadership is very bad and has taken, has robbed them. Stuart judge, thank you very much indeed. Youre welcome. Stuart appreciate it. Next case, millenials, yeah a lot of them are leaving big cities. Theyre going for cheaper housing and better schools elsewhere. Well tell you which cities are losing the most millenials. Thats interesting. A new exchange that will let you invest your money in private companies. Its in the works. It is called carta. It will be disruptive. Well tell you about it in the 11 00 hour. Well update the market for you. Down 79 points. Gotcha. Well be back. Imagine traveling hasslefree with your golf clubs. Now you can, with shipsticks. Com no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. Sending your own clubs ahead with shipsticks. Com makes it fast easy to get to your golf destination. With just a few clicks or a phone call, well pick up and deliver your clubs ontime, guaranteed, for as low as 39. 99. Shipsticks. Com saves you time and money. Make it simple. Make it ship sticks. Shipsticks. Com saves you time and money. Youre smart,eat you already knew that. But its also great for finding the perfect used car. Youll see what a fair price is and you can connect with a truecar certified dealer. Now youre even smarter. This is truecar. Stuart early this morning, we have an update, early this morning a new york court said mr. Trump you have to reveal the last eight years of your tax returns. The president tweeted about it, immediately threatened to appeal. He has lodged that appeal and a higher court said we accept and listened to that appeal. So, bottom line, doesnt yet have to reveal his tax returns. Look at that big board, were off but by not that much, 74 points. Here is the story about millenials. They are leaving big cities, especially new york and chicago. Robert moran, Brunswick Group partner with us. Robert, why . Lets deal with this first of all why are millenials are leaving this city . I thought it was about taxes but youve got another reason for us. A lot of this is actually driven by housing affordability. Weve seen this in other cities as well. We did a tech worker survey, where we found 41 of tech workers were looking to leave the bay area because of housing affordability. Your audience should know this is the fourth year in a row that big cities have lost residents between 25 and 39. So it is happening across a range of cities. It is about housing affordability. New york is a great example. In 2018 new york lost 38,000s residents net between 25 and 39 years old. Occurs to me millenials are behaving like previous generations. You get to your 30s. You may have started a family. If you have, you want a house. Would you really like a good school for your children to go to. That is why you leave the big cities. There is no difference between millenials and any other generation really, is there . Not too much in that regard. People are actors in the market, trying to maximize their utility. I think where the younger families are going is really interesting though. Theyre largely going south and west which is the story of american migration here since the invention of airconditioning in the 60s and 70s but theyre also very specifically going to dallas as one. L. A. , phoenix, san antonio. So those are some of the hotter cities that youre seeing people move to. And also tells you a little it about what the stronger markets are as well. Stuart can we say this to wrap this up, is this exodus, this migration, is it speeding up . Well, thats hard to tell. I think there are a couple Different Things going on here. Theres, when you look at millenials what theyre doing, largely driven by housing affordability, i would assume that it is accelerating, in part because the tax law actually may be accelerating it. The other interesting thing to look at is the outmigration generally from the state of new york to the state of florida. There has been a lot written on that too. That is, that could be driven heavily by taxes. Because it is state, not just new york city. Stuart that really is an exodus. New york state to florida, its a flood, i will call it that. It is. Stuart robert, thanks for joining us. Appreciate your research always. Thank you, sir. Thank you. Stuart mr. Trumps personal lawyer, Rudy Giuliani, he got into a Fiery Exchange with fox newss howard kurtz. Giuliani shushed kurtz and called him pathetic during the interview live and we have the tape and we have howard kurtz next. A new report in the journal says black market vape production products in china are giving the whole industry a bad name. What does an early juul investor think about that . We have him on the show and he is is on next hour. What do you look for when you trade . I want free access to research. Yep, td ameritrades got that. Free access to every platform. 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. No hidden fees. No platform fees. No trade minimums. And yes, its all at one low price. Td ameritrade. Thats why Xfinity Mobile lets you design your own data. You can share 1, 3, or 10 gigs of data between lines, mix in lines of unlimited, and switch it up at any time. 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Everything is installed in as little as a day by a kohlercertified installe. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. Call. And ask about saving 1000 on a walkin bath, or visit kohlerwalkinbath. Com for more info. Stuart we really have come back quite a long way. We were down well over a 100. Were down 61. Were back to 26,500. Hsbc, that is a bank theyre cutting 10,000 jobs. Theyre trying to cut costs. The market not reacting very much. Up five cent, 37 bucks a share on hsbc. Now this, something very different, Rudy Giuliani appeared on Howard Kurtz Mediabuzz and it got really heated. Watch this. Donald trump like hunter biden says. Forget the whistleblower and we have transcript on the call. Before you interrupt me howard, i want to defend it so bad. I dont want to defend anything. Im asking questions. It is pathetic. Listen to me. Just listen to me one second. Stuart wow. There you have it. Howard kurtz is with us. Good morning howard. Good morning, stuart. Stuart fresh from the fray so to speak. Can you tell me what this is all about. I dont take it personally. Ive known rudy 35 years, he told me had gotten too wound up. He just kept on talking and i had to interrupt to get a few questions in. He accused me of cutting him off. It is interview. You dont get to come on to give a 10 minute speech. What Rudy Giuliani was trying to do shift focus to joe biden, his son hunter and introduce allegations against former Vice President s james biden profiting family name. Those are allegations in a lawsuit. Hunter biden says he didnt make money in china. He said youre defending him . No, im not defendhim. Im committing journalism. Giving context to the audience. Stuart i do sympathize, howard, can be very difficult doing interview on the remote. Youre staring into the camera. The guest is staring into the camera. Youre not looking them in the eyes straight off. It is difficult to interject, with any guest who is determined to make their point of view but essentially i see this as a contest between the impeachment drive about ukraine and President Trump and the biden spillover effect, if you will. Rudy giuliani wanted to talk about biden. You wanted to talk about the trump impeachment, have i got it right . Is that basically the difference here . Partially. Because i wanted to talk about his role as the president s lawyers dealings with ukraine. I was happy to have him talk about the biden and biden family members. I think there is appearance problem here at the very least the press needs to focus on. He got really wound you. He sometimes raises his voice. This is his style. Its a debating tactic. Sometimes youre told 10 seconds to hard break. Hey, i got to go to commercial. You can sympathize with that. Stuart ive been there many times, howard. Look, what have we got next . Sorry, howard, im out of time. Getting conflicting orders. Howard, thanks for joining us. Good to see you. Stuart growing number of executives including Facebooks Mark Zuckerberg and sales forces mark benioff calling for a shift to a gentler form of capitalism. They say making money shouldnt be a companys only motive. In my opinion that is kind of a pr move to appease Bernie Sanders and Elizabeth Warren supporters. I will explain it all in a moment. The general manager of the Houston Rockets facing backlash for tweeting his support of hong kong protesters. American politicians now calling out the league, the nba, for hypocrisy. Details on that. Joker, a Big Box Office winner for the weekend. The movie is mired in controversy. Well tell you all about it in the third hour of Varney Company which is about to begin. At fidelity those zeros really add up. Maybe ill win saved by zero this is the family who wanted to connect. 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Stuart youre going to hear a lot about this. Conscious capitalism. Some of the stars of the private enterprise system have already signed on. They all want a softer, gentler form of capitalism, one that is not just about making money. Whats this all really about, and why is Conscious Capitalism gaining favor now . I think its got a lot to do with the rise of socialist candidates Bernie Sanders and Elizabeth Warren. They are the scourge of capitalism and it looks like they have succeeded in pushing the whole Democrat Party into the anticapitalist column. Executives are hedging their political bets. They want to look kinder and gentler. Just in case the left wins. Its a smart move, its an image polishing move. Call me crazy, but i see the same thing happening with fake meat. Countless Food Companies are jumping on board before theres real proof that there is massive demand for plantbased burgers. Actual sales dont really matter. Theyre going with a fake meat option, allowing companies to look virtuous, were doing our part, saving the planet through diet. What we are talking about here is virtue signaling. Look at us, were doing the right thing, dont beat us up. Were good people. Personally, i would like to hear more about the virtues of profit and how it expands the economy, provides jobs, higher pay and encourages innovation, and i would like to hear more about america lowering Carbon Emissions more than any other industrial country. Im not holding my breath. Thats the kind of virtue we dont hear much about these days, but we should. The third hour of Varney Company is about to begin. Stuart now, larry kudlow, who is the president s top economic guy, just spoke with fox news. Ive got some bullet points about what he said. He is concerned about a manufacturing slowdown. He said General Motors strike and boeings halt on manufacturing has not been helpful to the economy. He says he sees possible progress being made at this weeks trade talks with china and he says the u. S. Is open to whatever the chinese delegation brings to the table. He also says Delisting Chinese Companies from american exchanges is quote, not on the table. I believe that may have brought the market back a little bit because we were down 50, 60 points a few minutes ago. Now were down just 20. Okay. My editorial. I want some reaction to it and who better to react to it is charles payne, host of making money. I dont know whether you saw what ive got to say there. Sure. Stuart you probably do. Its on the other side of the building. Nonetheless, i think this is almost pandering. This is caving to the socialists. What say you . Its interesting, i have been talking about this conscious capitalist thing for a long time. I zeroed in on the Container Store because its founder is the godfather of this whole Conscious Capitalism movement. When he went public, he declared Milton Freedman was wrong, his company had a yummy, thats what he called it, yummy approach where he was the first person i heard in business use the term stake holder rather than shareholders coming first. It was a lot of fun, the stock opened at 35, huge ipo, went to 43, now its 4 a share. It was always my cautionary tale about trying to put the socalled stake holder before profits. But i think theres a massive sea change in the american public, and you got to go item by item. Something like plantbased burgers, i mean, if you are burger king you give it a shot. Stuart i have no objection to corporations putting out a kinder, gentler image to soften the image of rapacious capitalism. But i have every objection if they follow through and insist the profits be distributed to all and sundry including the Global Community and climate warriors and heaven knows who else. Ive got a problem with that. Im with you on that. I just dont know if you and i may end up just being on i wont say the wrong side of this debate, but that this is the locomotive thats leaving the station, you know. This morning i found something interesting, i read this piece and it said out of 150 Million People in india, know how many want electric vehicles . 8,000. Then you think about how often have we looked in the morning and some automaker says we will plow billions of dollars into electric vehicles, even in this country . I looked month by month. Theres no demand for it. Since they reported numbers last week, the stock got hammered. Theres no demand for it. To your point, does a company, you know, why are they going down these paths, why are they willing to spend billions of dollars of something that theres no demand for . Its one thing if they would get rid of plastic straws. Thats lowhanging fruit. Its another when you say to shareholders we will take 7 billion and build an electric vehicle plant and at this particular point, theres zero demand for what we are going to be building. Stuart lets take this a little further. Senator Elizabeth Warren is asking Business Roundtable people, the Business Roundtable executives, hey, rally behind my agenda. Shes making a deliberate call for that. I cant see any Senior Executive of an American Corporation going with Elizabeth Warrens ideas for capitalism. But its a brilliant stance on her part. I did an editorial, my take, if you will, just a few weeks ago on this same thing. When the Business Roundtable said no longer are we in business for profits, its been pretty simple, from day one with the Business Roundtable, yeah, companies are out to make money. Thats what we want, period. When they say they made a change, im also asking how, because you know, i juxtapose it with this whole fight with china. When you have these businesses who are just adamantly opposed to this fight with china, how do you say on one hand were for human beings first, were for diversity first, but we dont want to push back against a country with one Million People in reeducation camps, we dont want to push back against a country where they have destroyed Christian Churches and taken out pictures of jesus christ and put in pictures of president xi. We dont want to push back against a country where hong kong is adamantly afraid and intimidated of being a part of it. They live there. They understand what theyre dealing with. So if you really have changed the Business Roundtable, how, show us. Stuart real fast, General Motors. The strikes in its fourth week. The stocks down to 34 per share. You are all about making money. Would you buy General Motors stock at 34 a share . No, i would not. I would not. Its not just the strike. They have too many cars in their fleet. People are buying pickup trucks, suvs and crossovers. They have made some they have had some business mistakes i think are costing them a lot. And maybe they are trying to rectify them through these negotiations and so far, the unions holding tough. Not sure how long they can hold out at 250 bucks a week. Stuart on earnings, we are just entering the earnings profit reporting season. We are told to expect maybe a 2 drop in profits compared to last year. If thats accurate, this market doesnt go up very much and you are smiling. Why . Because we were told to expect negative earnings for the Second Quarter, they came in really good. In fact, the fearmongerers had to use a different set of data. Instead of using the thompson number, they started using factset. The bottom line is we crushed it last quarter, we will probably do well this quarter. Only 21 companies have reported so far, we are doing okay but listen, further out, i think we are going to be pretty good. We are going against recordbreaking numbers from 2018. The comparisons are tough. Valuations have come down a lot. People should not let that be the reason to get out of this market. Stuart by the way, since you started talking, charles, since larry kudlow was talking on Fox News Channel earlier, we turned the market round. Its almost positive. I gave a speech thursday morning in san antonio. The market opened down 300 points. In the middle of the speech someone said charles, the dow just turned around 200 points, the cp effect even when youre not in studio. Stuart when can i see you on tv today . 2 00 p. M. We will rock and roll. Stuart charles payne, making money thank you very much. New numbers from the National Retail federation claim, suggest, that shoppers are ready to spend billions, spend bigtime this Holiday Season. Going to show a Pretty Healthy economy if they are right. We will deal with it. Joe biden trying to make a comeback, writing an oped titled trump wont destroy me and he wont destroy my family. He says he intends to beat trump in 2020, actually he says im going to beat him like a drum. How about that. Will that turn his Campaign Around . We will ask the question. Bidens ukraine problem, bernies health issues, warrens hatred of the rich. Sure looks like we could see another four years of President Trump. Thats just my opinion. Stay with us. Third hour of Varney Company rolling along. With Medicare Advantage plans that offer Health Coaching and fitness memberships. Plus hospital, medical and Prescription Drug coverage in one simple plan. With monthly plan premiums starting at 0. And wide provider networks, including doctors and hospitals you know and trust. Aetna Medicare Advantage plans call today. Well send you a 10 visa reward card with no obligation to enroll. Or visit us online at aetnamedicare. Com tv. Stuart now, the market has come back significantly. At one point we were down well over 100 points this morning. Now were down just 16. I think larry kudlow, the president s top economic guy, had something to do with this. Speaking to the Fox News Channel, he said hes open were open to anything that the chinese bring to the table at the end of this week in the trade talks, open to anything they may bring to the table including, he would be interested in a shortterm deal, shortterm, longterm. The president s top economic guy said open to whatever the chinese delegation brings. Ashley thats a lot easier to achieve than the whole thing. Stuart yes, it is. It has apparently had some effect on the market. Down just 19 points as of now. Now then, lets get to the basketball situation. The manager of the Houston Rockets tweeted support for the protesters in hong kong. China immediately demanded that that tweet be deleted and withdrawn, and it was taken down. Deirdre, why is the nba obviously caving to the chinese . Deirdre 1. 5 billion reasons, for starters. 1. 5 billion, that is the size of the contract that tencent which streams a lot of the nba games in china, that is the contract between the nba and tencent and i think its worth just noting here, basketball and american basketball is huge in china. So im not even talking about merchandise sales, other streaming rights. Thats just one streaming company. So the nba, part of its key strategy has been growth in that country, its been amazing, to your point. The gm of the Houston Rockets did delete that tweet, he apologized, he said that he opened he didnt offend anybody, that he had weighed in on obviously a very sensitive topic. I want to note as well the owner of the team really distanced himself from the gm saying listen, hes one of the best actually he says the best gm in the business, but we are not a political organization. He does not speak for the Houston Rockets. So this incident for the nba is a lot like what the nfl had to deal with with colin kaepernick. Its a political issue coming into sports. Stuart sports has not been afraid to get into politics, but this time, they are afraid deirdre a lot of moneys on the line. Stuart because of money on the line. Deirdre bipartisan leaders weighing in saying its disgraceful on both ends. Senator ted cruz and democratic hopeful beto orourke as well. Stuart all opposed to what the nba did. Deirdre they are prodemocracy. Stuart got it. Thank you. The National Retail federation says its going to be a real good Holiday Season. We will spend 730 billion this holiday period. If thats the case, its up about 4 from last year. Matt shea with the National Retail federation, the president thereof, joins us now. Matt, the story here surely is the rise of online selling, because as i understand it, im looking at your numbers here, online sellings going to go up 11 to 14 this year over last year. Thats huge. Stuart, nice to be with you. That continues to be a really growing component and real bright spot. Obviously it doesnt represent the entire picture because its a relatively smaller piece of the pie so its growing at a faster pace on a smaller base. I think the real story, you alluded to it, is the strength of the consumer. In this environment, consumers are very confident, they are out there spending. We are forecasting growth of between 3. 8 and 4. 2 this year over a year ago. Last year it turned out to be rather lackluster. We only had growth of about 2 . We had the Interest Rate increases, we had government shutdown, we had some other surprises. So this year we look like were set up for a very Strong Healthy year and were looking forward to it. Stuart what exactly is the Holiday Season . Back in my day it used to be the day after thanksgiving, used to be called black friday, i think, used to be, at least, and went all the way through to new years day. What is it now . The way we look at this, we measure sales from november 1st to december 31st. So there are a number of different forecasts out there. They measure Different Things over different time periods. Ours is november 1, december 31 and we exclude automobiles, gasoline and restaurant sales. So we include everything else. Online, offline, in store, offstore, that convergence, we capture all of that in our 60day period. Stuart if we did get a 4 increase in retail sales in that holiday period, wouldnt that be one of the best performances in years . It would be very good. As you point out, it would be an excellent year. Retail sales for the year are up a little better than 3. 5 . They grew 4. 6 year over year in august. The fiveyear average is 3. 7 . So if we get to 4 or into the high 3s, its going to be a very very good year and consumers are set up to deliver it in spite of some of the uncertainty and the noise out there, they look like theyre really ready to go out and consume and shop. Stuart we keep hearing oh, theres a recession coming, we got political trouble, et cetera, et cetera, but an increase in holiday sales like that, would suggest that we really do have a very strong economy. We do, and you just referred a minute ago to Larry Kudlows comments on your Sister Network there and i think hes talking about the things that were seeing, so certainly consumers are feeling the effects of a very low unemployment rate, wage increases, some mobility in the workplace, a lot of confidence although its been a little up and down but overall, very High Consumer confidence by any measure over the last 50 years, certainly the last couple of decades, and thats translating into their behavior. So they are aware of, i think, in terms of the survey responses. They know about the conversations on tariff and trade. We certainly would like to see progress on the conversations later this week but consumers keep spending and we have every reason to believe they will do that through the end of the year. Stuart matt, thanks for joining us. See you again soon. Lets see. Look at macys, please. Speaking of the holidays, they are trying to hire 80,000 seasonal workers. They will be holding a hiring fair later this month at all their stores. They hired 80,000 last year. They will try to hire another 80,000 this year. Another high profile hit to facebooks Digital Currency. The libra. Paypal has now pulled their support. Didnt give a reason but in a statement, they said they are focusing on expanding their existing businesses. Facebooks stock actually up, back to 180 per share. To the box office and joker. Its not the joker. Lets be clear here. No definitive article there. Its joker breaking records. The debut not without controversy, though. 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There is no obligation, so call the number on your screen right now to see if your doctor is in our network; to find out if you can save on your prescriptions and to get our free decision guide. Licensed humana sales agents are standing by, so call now. From the couldnt be prouders to the wait did we just winners. Everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. Now you can share it between lines. Mix with unlimited, and switch it up at anytime so you only pay for what you need. Its a different kind of Wireless Network designed to save you money. Save up to 400 a year on your wireless bill. Plus get 250 back when you buy an eligible phone. Call, click, or visit a store today. One small thing. Yeah. When you bring me out, could you introduce me as joker . Stuart thats part of the trailer for that new movie, joker that hit the theaters this weekend, brought in some big numbers monetarily. Hold on a sek. Deirdre, you give me the big numbers. I think the real story is about the security. Deirdre well, both equally important, in my humble opinion. 93. 5 million Opening Weekend, thats huge. I dont want to ignore the business angle. This is a huge win for Warner Brothers. Biggest october Opening Weekend ever. It beat lots of others like justice league. Its a point worth making. But to your point, tons of security concerns so in theaters all over the country, people were not allowed to wear masks, they were not allowed to bring toy weapons and you remember that unfortunate shooting that happened in 2012, the Dark Knight Rises so because this movies so dark and twisted, tons of police presence, tons of precautions. Stuart in new york city, i believe, someone was in the movie, watching the movie, laughed loudly at the murder scenes. Other people got nervous, some left. He was escorted out. Thats sort of the anxiety. Deirdre everybody is on edge. They want to go but theyre on edge. Stuart no face paint or masks permitted. On edge. Got it. A recent episode of south park has been removed from the internet in china. Ashley it was offensive. Its very popular. Its about just china and its censorship. It makes fun of hollywood changing its movies to suit chinese censors. The episode is called banned in china. Thats band because its a story about a band that has a movie made about it and they make fun of all the changes that have to be made for the chinese market. Look, beijing has responded, deleting all clips, all episodes, any discussion in china of this particular show. Stuart verboten. Got it. Do take a look at peloton, please. Several weeks ago they went public at 29 a share. Okay. They are up 4. 5 as we speak, but they are only at 24 a share. We are looking for the reasons as to why theyre up 4 . We will find it for you. Promise. Last hour, we told you about millenials leaving big cities, trying to find better housing and better schools for their kids, as they get into their 30s. We have a market watcher who says this shows that the real estate is looking solid for the next couple of years. He will join us after this. Announcer fidelity is redefining value with zero account fees for brokerage accounts. And zero minimums to open an account. At fidelity those zeros really add up. Maybe ill win saved by zero stuart i think larry kudlow may have helped the market a little bit. Speaking to reporters last hour, he said the administrations open to a possible shortterm trade deal with china. Stocks came back a little bit after that kudlow statement. Now were down just 16 points. Lets get to real estate. We have guests on our show all the time saying that millenials, they used to say millenials are not interested in buying real estate, they havent got the down payment and are loaded down with debt. Now we hear millenials are moving out of big cities precisely because they want to buy a home in some place where they can afford the house and send their kids to a good school. Market watcher David Nicholas is with us today. Are you saying that its now a good idea for those millenials in their 30s to get out there and buy something . Its a solid investment . That what youre saying . I do. You know, the title of hysturbia sounds like a new netflix program. After world war ii, americans were coming home from the war, starting families, there was a huge growth of suburbs out of the city. We saw a shift towards millenials going into the city but thats changing. So what were seeing is millenials, its defined by one word, walkability. They want to be able to get out of their house on saturday morning or on taco tuesday night, walk down to the city square, walk into a coffee shop, where the barista knows their name. Its really about that. With Interest Rates at historic lows its a great time for younger investors to look at real estate as an investment that will pay off. Stuart i agree entirely. Its the best investment you will probably ever make in your life. For most people, the first house is their best investment. The best tax break they ever get. But we were always told wait a minute, these millenials, theyre way down with consumer debt, with college debt, they dont think its a very good investment because of the housing crash ten years ago. What changed . What changed . I know what changed. They grew up. Thats what happened. Yeah, got to mature sometime, right . I will say, though, to give some defense of millenials, its becoming harder and harder to find entry level homes. This is the issue right now for real estate. After the recession, what happened, a lot of institutions went in and they bought up large retail residential real estate, they held the real estate up until now so its getting harder to find lower entry homes. I think the market needs that. Its not able to find that. There are cities like San Francisco where you are paying 3,000 a month to share a two bedroom apartment with someone else. Its harder in these big cities to find it. But i think in Something Like atlanta is the perfect area, locations where theres a city square, where theres affordable housing, its booming. I had a buddy tell me hes number six on a list to have the opportunity to buy in one of these areas that have affordable housing. Its just the demands there. Hopefully we will continue to see more of that. Stuart by the way, the dow did just turn positive, literally seconds ago. This may be something to do with what larry kudlow had to say on trade, it may be a reversal of sentiment from earlier this morning but let me ask you this. Do you think the performance of the economy justifies higher stock prices right now . Absolutely, stuart. But were not seeing it. Thats the problem. If you look at the s p, the economy has been, i mean, fantastic over the last 12 months. Unemployment at alltime lows. Earnings are solid. But the s p has done almost nothing in the last 12 months. That tells me investors are still concerned. I think theres a lot of uncertainty about the elections for next year. I think thats going to weigh on stocks. I think we will continue to see volatility in the market throughout the end of 2019. Stuart so should i shift some of my money out of stocks . Maybe into real estate . I actually think real estate is a great play right now. Again, with yields being where they are, if you are looking for consistent steady income, theres a few different funds. Nuveen has a real asset funds, dividend of 5 . Real estate right now, if you are looking for a place to park cash, theres multiple different real estate funds you should look at for quality dividends and a noncorrelation to the overall market. Its a great play. Stuart okay. I shall bear it in mind. David nicholas, thanks for joining us. Appreciate it. Okay. A big apple analyst of apple, as opposed to big apple of new york, analyzes apple, okay, he says the companys next move is a smaller, cheaper iphone. Deirdre yeah. I should say, this guy has a fantastic track record. Hes been quite on target with what apple is going to release. Hes from Td International securities and he says in 2020, apples going to release a smaller, cheaper phone so its going to have the design and the hardware of an iphone 8 but a processor of the very latest and greatest iphone 11 model. He says this will appeal to a lot of people. Iphone 8 selling right now for about 450 so hes saying it could potentially be offered basically more power but you pay 50 less. If it hits as such, then apple is probably going to get a pretty big boost. I want to mention, the stock is trading at a 52week high today. If you compare it against the fangs, its outperforming all of them. Stuart apple this calendar year is up 40 . Deirdre i have 45 . Stuart 45 . 5 here and there. Okay. That is interesting. 40 , 45 gain in this calendar year is really remarkable for a company that size. Deirdre we heard from nikkei, remember that news released last week, anticipating in any case their production was going to be up by 10 this year. So a lot of positive indications for apple. Stuart fascinating. It really is. Apple is up. The markets up, too. Los Angeles International airport now banning curbside pickups for taxis, uber and lyft rides. Ashley no curbside pickups from the end of the month. Why . Because its undergoing a massive renovation. 14 billion worth. Because of that construction, the lanes have been reduced. Its an absolute nightmare to get in and out. You could be trapped in there for days. The way around this, you are going to have to get off the plane and either take the shuttle or walk to another parking lot to the side where you can then pick up your cars and all the rest of it, but you cannot do it on curbside. This is going to make life a little more complicated getting in and out, certainly when you arrive in l. A. At lax. Stuart i dont know about you, but i always tried to avoid lax. At all costs. If you can. Deirdre john wayne airport. Ashley orange county. Thats where i go. Deirdre thats where most people go. Ashley burbank is great. Great little airport, no problems. Stuart when i fly to australia or new zealand to see family, i used to go through lax. Ashley me, too. Stuart now united has a terrific flight from newark to houston, down to auckland and sydney. Avoid lax at all costs and i shall. Couple of markets, we always report on them whenever we can. Look at bitcoin, back to 8,174 per coin as of right now. Price of gold, still hovering right around 1500 an ounce. Its actually down seven bucks this morning, 1505. The priece of oil around 53 pe barrel. The average price of gas, 2. 65. A new exchange, it lets you invest in companies well before they go public. The man behind it will explain how this thing works. Joe biden has a new oped defending himself and his family from attacks against from attacks. Biden says hes going to beat President Trump like a drum in 2020. Coming out swinging. Will it work . We are on it. With time, comes change thats for sure. And when those changes might help more people, especially those in retirement, i think its worth talking about so, aag is introducing a new jumbo reverse Mortgage Loan so you can now access as much as 4 Million Dollars in cash, tax free, from your homes equity. Aags new jumbo reverse Mortgage Loan can give you more taxfree cash than ever before find out more in your free aag jumbo guide. Call the new aag advantage jumbo gives you another way to effectively manage your Retirement Income sources. Tell me something, what other asset can give you that kind of taxfree cash right now . And the sooner you call, the sooner youll know if a jumbo reverse Mortgage Loan can improve your retirement portfolios performance. Get your info kit now the good news is, many of us are living much longer, but you know what that means our Retirement Savings are being stretched over more time. Thats where your homes equity can help. Dont wait start learning more today. It could be the financial option youre looking for and give you the cash to supplement your other retirement assets. If youve had your home for a while, its probably worth a lot more today. So why not use that appreciation for anything you need maybe its some home repairs, or updates to make it more comfortable so you can stay in the place you love, your home. Get started today while home values remain high. If youre looking for extra cash now, accessing your homes equity could be the right Financial Solution for you. The new aag advantage jumbo is changing the way people use reverse mortgages, and another way aag is working to make your retirement. Better. Call stuart why are we playing purple haze from hendrix . The next story is about cannabis. Cannabis stocks, as you may know, are way down recently but theres a new report just out that says theyre not at rock bottom. In other words, they are going further down. Deirdre, who put out the report and how far down . Deirdre its from hammerston, a securities firm. They published this in barrons, saying they are going to go down further and a lot of it is because its just difficult to distribute. Ashley has been up in canada and saw this one company, canopy growth. Constellation brands has a 35 stake in this company, had to cut its earnings this year by ninefold so they can grow it, they are processing it properly, its just hard to get it on time to the places where it needs to get. Stuart oh, so distribution, simple as that. Deirdre simple as that. And you know, still legal headwinds in the u. S. Stuart you cant get it to the marketplace, is that it . Deirdre its clunky distribution for the moment. Ashley good work. Stuart the black market never seemed to have much trouble in distribution. Ashley no. Stuart okay. Very good. Very good. Our next guest, big investor in a new platform, new marketplace, im going to call it, called carta, carta. Carta is working on a new kind of exchange that lets you invest your money into private companies before they go public. Gregg smith is back, evolution vc partners. Hes the early investor in carta. Let me see if ive got this right. Lets just suppose ive got it right. I start a new company, doing well, i want to go public but im not sure i want to go with a big flash like on nasdaq. So i come to carta and i can have my shares listed in carta and other people can invest in what is still a private company. Is that accurate . So lets see, carta is the most exciting stuart okay. Okay. Am i right . Are you trying to replace nasdaq . Carta in my opinion in the next three years will be the next nasdaq. Today, they have 13,000 private Companies Listed on carta. They are doing something that sounds so boring but its going to sound so exciting. They basically manage the stock certificates for these 13,000 private companies. These could be series a, b, c, d companies, managing the stock certificates. Heres where this goes. If you think about their platform and their marketplace, they have a million shareholders on the carta exchange. These could be funds like fidelity, sequoia, or High Net Worth investors that might be shareholders as well as their employees. Then they have 13,000 companies. Eventually in the next several years if one of those companies wants to raise capital, they might be able to do it within the carta marketplace. Also, they will be able to give liquidity eventually when this launches, its not launched yet, they might be able to give liquidity to investors in those private companies. Stuart okay. And allows Retail Investors to buy shares. Stuart okay. Step number one, private company, listed on carta, on the carta platform. Im an investor in that company. My shares in that company are now carta account. Stuart other people can buy into that company even though its still private . When this launches, you will have the ability to list your shares. You can either sell your shares or you can try and buy them. Of course it will be for accredited folks. This is not launched yet. But if you think about where this is going, again, you have the ability to displace nasdaq because these 13,000 companies, which by the way, theres only 3600 public u. S. Companies listed on our exchanges left today. Down by more than half in the last 20 years. Theres fewer and fewer public companies. Private companies are staying public staying private longer and raising far greater sums of capital in the private markets than you even see in the public markets. Stuart people dont know that. No. Stuart the number of shares, listen, the number of shares available for public companies, by half. Down by half. Carta can democratize access to private Company Investing when this launches to a greater audience. They should cheapen cost of capital for issuers. They will provide better price discovery, especially in light of how poor these ipos have been performing in the last several weeks. You look at peloton, smile direct club, the underwriters are either for the most part underpricing or overpricing them. And its not good in terms of stuart real fast, you are an early investor in carta. Got that. You are an early investor in juul, the vaping people. Now we have this report saying black market knockoffs from china are giving the vaping business a bad name. Of course. Of course. Stuart not much you can do about that. Its going to be there. We got to shut off the black market. Some of the initiatives that are being done by the government in terms of trying to think about banning flavors are going to push people into the black market, which is exactly what we dont want to do. We want to make sure that the regulated companies are here, they are inspected and overseen by the fda and we have legitimate product on the market. Stuart you have money in carta . Im an investor. Stuart lots of money. I think its going to be stuart you staked your future on carta . I have not quite staked my future but i think carta is going to displace nasdaq in the next three years. Stuart you got the commercial in there, lad. Gregg smith, thank you, sir. Appreciate it. Im going to check a few stocks for you. Railroad names. Slowdown in manufacturing hitting them hard. Quarterly shipments have dropped by the largest margin in three years, down 5. 5 . Thats why the railroads have had a tough time of it recently, although we do have kansas city southern, csx slightly higher today. Joe biden trying to stage a comeback, wrote an oped defending himself and his family, promising to beat President Trump quote, like a drum. In 2020. And hes beating both warren and sanders in some states, according to new poll numbers. You will get it. Should President Trump be concerned about a biden comeback . We will deal with it momentarily. Obvious. Sometimes, they just drop in. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. Its how we care for our patients like job. His team at ctca treated his cancer and side effects. So job can stay strong for his family. Cancer Treatment Centers of america. Appointments available now. Cancer Treatment Centers of america. Thats why Xfinity Mobile lets you design your own data. You can share 1, 3, or 10 gigs of data between lines, mix in lines of unlimited, and switch it up at any time. All with millions of secure wifi hotspots and the best lte everywhere else. Its a different kind of Wireless Network, designed to save you money. Switch and save up to 400 a year on your wireless bill. Plus, get 250 back when you buy an eligible phone. Thats simple. Easy. Awesome. Call, click, or visit a store today. Stuart u. S. Troops have indeed started pulling out of syria ahead of an expected invasion by turkey. Ashley, that is a reversal of american policy. Ashley a huge reversal, because the u. S. Still has troops there training and weaponizing the kurds who led the effort to get rid of isis. Now they are pulling out, allowing turkey to go after the kurds who they call terrorists. So when you say reversal, this is a massive change of direction. Stuart it is. And the president is tweeting about it momentarily, just moments ago. Im going to say what he says. As i have stated strongly before and just to reiterate, if turkey does anything that i in my great and unmatched wisdom consider to be offlimits, i will totally destroy and obliterate the economy of turkey ive done before, they must with europe and others watch over the captured isis fighters and families, the u. S. Have done far more than anyone could ever have expected including the capture of 100 of the isis caliphate. It is time now for others in the region, some of great wealth, to protect their own territory. The usa is great. Ashley thats a big issue, the number of is is fighters, 12,000 of them being cared for and looked after, 58,000 family members, and part of this deal is turkey takes over the administration of those people. Stuart we let turkey go into syria and push out the kurds, in return, turkey has to take care of and keep those isis fighters and family members. Thats the deal. Ashley thats the deal. Stuart okay. Next case. Joe biden has been largely silent since the ukraine story reared its head but hes just published a new oped in the Washington Post and i quote the headline, trump wont destroy me and he wont destroy my family. He ends the piece by the way saying hes going to beat President Trump like a drum. End quote. Go pac chair is with us right now. You think thats going to i dont think were seeing much of a biden comeback, quite frankly. I think theres all kinds of things dragging him down. Think he can come back with this . Two sets of numbers that have to be concerning to the biden campaign. One, their double digit lead in the early states of iowa and New Hampshire and nevada are all shrinking or nonexistent. Some polls even have Elizabeth Warren up. And the fundraising pace that he set early on, hes not been able to keep up. Two indicators that support might be softening or is softening for joe biden. Stuart you know, im looking across the scope of the media this morning, and in the Washington Post they are quoting some leading democrats who say you know, hes got trouble, hes got real trouble here, they dont see him making his way all the way through to the convention and the election. Do you think hes done for . The question is does is he still in the race after the Iowa Caucuses which of course is the first contest amongst the democrats. The momentum right now is with Elizabeth Warren and her campaign. There is still time to go, though, and it will be interesting to watch these next couple weeks. And then you have to factor in now with Bernie Sanders health condition, what kind of campaign is he going to be able to wage in these next couple months. Stuart i think its a democrat president ial race mess, frankly. I dont see joe biden coming back strongly. That doesnt seem to be happening. I sigh ee Elizabeth Warren surg but major donors seem to be sitting this out if shes the nominee. Kamala harris has only 8 support among democrats in her own state, california. The media is consumed with impeachment and whistleblowers but under the surface, i think its a monday morning mess for the democrats. But look, thats where im coming from. How about you . Elizabeth warren will ensure President Trump gets reelected, and the challenge for everybody thats not Elizabeth Warren or joe biden right now running for president on the democratic side is all of the talk nancy pelosi and adam schiff want about impeachment drowns out the message those contenders try to get traction for their campaign so all the talk is about impeachment, so those democrats cant get any attention, thus its a benefit for warren and biden. Stuart sucked all the oxygen right out of congress and the room, i should say. Thanks for joining us. We appreciate it. There will be more varney to wrap up the show after this. Announcer fidelity is redefining value with zero account fees for brokerage accounts. And zero minimums to open an account. At fidelity those zeros really add up. Maybe ill win saved by zero to bring all of these stories thatity ive heard to life. I wanted to keep digging, keep learning. Lets see what they bring. I will add to this, we are open to a number of ideas. Some may be short term, some making long term. It is essential that the structural issues we talked about for two years since ive been around, the i. P. Theft, forced transfers of technology, the cyberspace hacking, the espionage, the trade tariffs and nontariff barriers, that stuff has got to get solved. Stuart that is the president s top economic advisor. That is larry kudlow, who was speaking to reporters earlier this morning not too long ago. When he started to speak the dow was down 100 odd points . Certainly 80 or 90 point. After news what he had to say came out and it sounded rather positive on china trade, the stock market turned around. Were up 20 point. This also helped. Item in the wall street journal, that appeared a few minutes ago. Headline, china is buying soybeans again as trade talks resume. Ashley that is positive. Were open to whatever they want to bring to the table so that was conciliatory. In some respects he also said right there, maybe we can get a portion of this done which is what weve dubbing the varney strategy something rather than nothing, even if not whole ball of wax. That is our biggest agri export full stop. Stuart positive headline on trade which moves the market. It happens all the time. Especially ahead of the meetings. Stuart big tech is not necessarily in the news. Apple is up again reaching 229. Amazon up a little bit. Facebook, despite more bad publicity 180 a share and the dow turned around, up 23. Neil, it is yours. Neil there was a time when the markets pounced on it, it would represent an aboutface of the administration, indicating represents a partial deal. You dont get everything done in one agreement. Were only going on Larry Kudlows remark as few minutes ago, but when he first said them 10 49 00 eastern time, the marked rebounded a little on that. Wall streets view on this, partial deal beats no dial
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