The wall street journal calculates that icahn will make 400 million if hes right. More on that in a moment. Lets get to the market. Down yesterday, and probably opening a little lower this morning. President trump says if china doesnt make a trade deal, he might raise tariffs even more. He also said hes very happy with china because the treasury has taken in almost 100 billion from tariffs. All right. The dow is going to open down about 80, s p down about 9, nasdaq down about 32. But all of them still right at record highs. In a couple of hours, really big meeting in texas. Apple meets the president. Tim cook meets donald trump. This is at the new mac pro factory in austin. Pivotal meeting. Its about building apple products in america. Its about tariffs on apple products. Its about china trade negotiations. It is a big deal meeting. Just as important, what will the president say to reporters when he leaves the white house . We will certainly tell you. Varney company is about to begin. Did either of you ever have any evidence of quid pro quo . No, maam. Ambassador . I did not. Any evidence of bribery . No, maam. No, maam. Any evidence of treason . No, maam. No evidence of treason. Stuart how about that. Congresswoman stefanik questioning the former ambassador to ukraine, kurt volker and former National Security council staffer tim morrison. No crime. That was the bottom line from yesterdays hearing. Blake burman, come on in from capitol hill. Youve got 30 seconds on Gordon Sondlands testimony today. Reporter it is explosive, stuart. We have just gone through it. It is 19 pages long and in it, he outlines a quid pro quo. Sondland is the u. S. Ambassador to the european union. At one point he says quote, as i testified previously, with regard to was there a quid pro quo, as i testified previously with regard to the requested white house calls and white house meetings, the answer was yes. Thats page 14. Let me direct you to page 5. Quote, mr. Giulianis requests were a prquid pro quo. Mr. Giuliani demand ukraine make a Public Statement announcing investigations of the 2016dnc server and burisma. Mr. Giuliani was expressing the desires of the president of the United States as we knew that these investigations were important to the president. Page 17, real quick, as i flip through, last one, sondland also says quote, by the end of august, my belief was that if ukraine did something to demonstrate a serious intention to fight corruption, specifically addressing burisma and 2016 server, then the hold on military aid would be lifted. Sondland is about to testify, stuart. He provides as well in this Text Messages and emails that we have not seen up until this point. Also brought into the fold with all of this, the secretary of state mike pompeo. There are questions about Rudy Giulianis involvement as sondland says at one point, quote, everyone was in the loop. It is not good for this white house and we are about to hear from sondland directly. Stuart . Stuart blake, it was more than 30 seconds but it was reporter sorry. Stuart no, no, it was worth it, young man. It was worth it. Thank you very much indeed. We will have more on this and the relationship between impeachment and the market in just a moment. Meanwhile, look at that. Back to target. They are going to open sharply higher. As we said earlier, they reported much better profit, much better sales and their online sales really took off. Best of all, they gave a rosy forecast. That stock, by the way, is up 67 just this calendar year. Retail watcher michael zaicor is with us now. What is target doing so right . Well, they have really embraced the new retail model. They have embraced the desires of consumers. What Consumers Want is to be able to buy whatever they want, wherever they want, whenever they want, however they want. Stuart what does that mean . Online target sales, 31 up in Digital Sales on the quarter. They have integrated the new disney store in store, which is a huge plus. They focused on connecting the online and offline, buy online, pick up store, they are hitting all the right notes on what it means to be a modern retailer. Stuart can i draw the message from that that the consumer is extremely strong, or is this just a targetspecific story . I dont think its just targetspecific. The consumer is strong, sentiment for spending is up. I think its going to be a fantastic Holiday Season for most retailers. There will be some outliers who fall by the wayside but this is retail darwinism. The strong are rising to the top, the middle is falling apart so we are really seeing the highend focus on accommodation of online and offline is doing well. Traditional boring legacy nothing new to the table retailers are having a hard time. Stuart Department Stores . Department stores more than anything else. You and i discussed this over and over again. Its a model thats dying. Its on its last legs. Putting a digital bandaid on a model that needs a digital heart transplant is not cutting it. Stuart okay. Graphic terms there, but thanks very much indeed. Im staying on retail and im also staying to some degree on Department Stores. Billionaire carl icahn, hes betting against malls. Whats he doing . Lauren because the Department Store is the anchor of a mall and hes betting against the shopping mall, standing to gain 400 million if mall owners cannot service their debt. We have seen announcements more than 7,000 stores will close this year but you also have a lot of malls doing innovative things, bringing Health Clinics in, esports gaming, activities for the family. Icahn could be wrong. But hes betting against the shopping mall. Stuart back to michael one more time. Department stores are done. Pretty much. Yeah. Stuart okay. Pretty much. Thats it. All right. I think the question about the malls is can enough of them adapt quickly enough to the new reality to survive. You know, putting things like sports and gaming and services in could help. Keep an eye on the American Dream mall across the river in new jersey. I think thats going to be a great test case, whether this newly rethought mall concept can work and if the Department Stores can make a comeback through that model. Stuart we shall see. I know that place. Yes . Lauren theres a water park. Are you going to go shopping in your bathing suit . Stuart theres a ski lift, ski run. Ashley i can see you now. Stuart very funny. Thank you very much indeed. Lets get to the impeachment hearings. They continue today on capitol hill. As we heard moments ago from blake burman, Gordon Sondland is going to say yeah, there is a quid pro quo. Come in, fox news columnist liz peek. So far, the market is completely ignored these impeachment hearings. Its gone up despite them. Hitting new highs every day even as these revelations, so to speak, are being broadcast nationwide. I think its because we know the outcome of this. I think thats what the stock market is saying. We know the house is going to vote to impeach. That was a given from day one. That was a given january 1st of 2017. The house is going to impeach the president. The senate will not remove him from office. They will vote to acquit. So its sort of a big yawn, it seems to me. Today, from what your reporter just mentioned, it sounds to me like theres going to be new, rather more alarming testimony thats going to give democrats a stronger voice in their vote to impeach. As of yesterday, there was beginning to bubble up the thought they might not vote to impeach because there were a lot of people, lot of representatives in trumpwon districts who really were not on board with this. This could change that. Nonetheless, it doesnt really change the outcome. Stuart, i would further say that the market is telling us i think that trumps going to be reelected, because i think stuart by the way, sorry to interrupt you, but when mr. Burman, our reporter, reported moments ago that there is a quid pro quo from mr. Sondland, instead of going down, futures actually started to go up. I just dont think the market really cares about what mr. Sondland is going to say. The market has been trading on earnings. We saw this whole discussion about retail, whether that boded ill for the Holiday Season. I think very quickly economists looks at kohls results and home depot and said no, that really isnt a bigger picture, the retail story is intact, consumers are in very good shape, the jobs, optimism, all those things are doing extremely well. So that is really important. That i think carries over also into 2020. What the market is concerned about is trade with china, that is there is trade talks are still a market mover and earnings. The prospects. Stuart that was blake burman. I know. Stuart my apologies to blake. Thank you for a great performance again. Thank you very much. Check futures. We came back despite what blake burman had to tell us. We are now down 60 as opposed to being down 70 or 80. President trumps going to leave the white house later this morning on his way to texas to tour that apple plant in austin. We are keeping an eye on him. See what he says to reporters, if he speaks to them and he usually does. Yesterday on this show, here we go, i called the latest baby yoda craze utter nonsense. Later this hour i will talk to a star wars geek who will try to convince me otherwise. Good luck with that. The senate [ inaudible ] to support protesters in hong kong. China is really mad about that. Next question, will the president sign . If he does, china will be really mad. Were on it. Thlook at all this ink no more bit comes with. Es. Big ink tanks. Lots of ink. No more cartridges. Incredible amount of ink. The epson ecotank. Just fill and chill. Im a regular in my neighborhood. Im a regular at my local coffee shop and my local barber shop. When you shop small you help support your community from after School Programs to the arts so become a regular, more regularly. Because for every dollar you spend at a Small Business, an average of 67 cents stays in the community. Join me and American Express on Small Business saturday, november 30th, and see how shopping small adds up. Stuart door dash, food delivery, they may go public with a direct listing as opposed to an ipo. Quickly, whats the difference . Ashley if you go ipo, you have to create new shares, you have to have them underwritten, you sell them to the public, you go on the road show, you do all of that. Lot of public scrutiny. You go direct listing, you dont create any new shares, no underwriting. You literally go straight to the exchange and you can sell existing outstanding shares. So spotify did this last year to quite a lot of success. Slack did it this year. Its still relatively rare but getting more popular, especially when we look at what happens to the weworks who couldnt even make it to the ipo stage. Stuart exactly. Thats right. Thats a way around it. Thanks, ash. Door dash. Got it. Ambassador Gordon Sondland, hes about to testify in those impeachment hearings and he is about to say yes, there was a quid pro quo. Which Speaker Pelosi interprets as yes, there was bribery. I want to bring in john kennedy, republican senator from the state of louisiana. Mr. Senator, does that, what mr. Sondland is about to say, does that change the game . No, and stuart, anybody who knows a law book from a j. Crew catalog knows that the issue in this case is not a quid pro quo. Its the president s motivation. Now, Speaker Pelosi said the president asked for an investigation of a political rival but theres another point of view and that is that the president asked for an investigation of possible corruption by someone who happens to be a political rival. That would be in the national interest. The former would be in the president s parochial interest. The problem with all this is that Speaker Pelosi and chairman schiff will not allow the president or any of the minority on the committee to offer any evidence whatsoever of the second scenario, and thats what this case is going to turn on when it gets to the senate. Stuart when its all through, how will a future president conduct Foreign Policy, Foreign Policy as in a meeting with a foreign leader, when hes got umpteen people from the state department listening in and reinterpreting what hes got to say . I think its very dangerous for the long term. Well, im on the record saying that what president or rather, Speaker Pelosi is doing is dumb but its also dangerous. She is normalizing impeachment as a political weapon. Shes establishing a new precedent. Some day we are going to have a democratic president and when we do, the one half of the country that doesnt vote for him or her, the first time the new president does something that they dont like, that half that didnt vote for him, know what theyre going to demand . Impeach him or impeach her. You did it to trump. Lets be fair. And this will be the only partisan impeachment in the history of the United States and i would say respectfully to Speaker Pelosi, she needs to stop governing with appetite and ambition and rely more on knowledge and wisdom. Stuart mr. Senator, im going to change the subject because on this program, we are really concerned about china trade. It makes a big difference to the economy and the market. The latest news is that the senate has passed that prohong kong democracy measure. The next question is, should the president sign it . If he signs it, china is going to be real mad. If he doesnt sign it, the senates going to be real mad. Whats going on here . I think the president should sign it. I know that china is upset. China should be upset. Not because of anything that the senate has done or the United States has done. This will the reaction to the hong kong protests was a huge mistake by president xi jinping. Not only is he destroying an economic jewel for china, he is inviting the world to see how he governs. Hes an authoritarian despot. And the arguments that the people of china love their way of life and they believe in selfdetermination, were seeing its all a bunch of nonsense. If president xi jinping is as smart as i think he is, what hes going to do is say you know, i made a misstep here, we are going to pull back from hong kong, we are going to give them the right to selfdetermine themselves and were going to say to hong kong you know, we talk about diversity, we are going to live diversity. If you want to have a different Economic System from the mainland and a different political system, we welcome you. Now, will that happen . Probably not. Would it be the smartest thing that president xi ever did. Stuart yes, sir, it certainly would. Those of us who know hong kong would very much get behind what you have to say. Mr. Senator, thanks for joining us. Thank you, stuart. Stuart check that market. We are going to open lower but bearing in mind what we have heard from the impeachment hearings, we are quite surprised its not opening lower still. The market seems to be ignoring those hearings. Down across the board but not by much. Yesterday we told you about kylie jenner selling her cosmetics line for 600 million. Now shes about to find out how much of that she needs to pay in taxes. We have the numbers. Youve got to hear this to believe it. Mattel is changing the colors of the cards in uno because of politics. My goodness. We will deal with it in a moment. introducing the Marilyn Monroe collection of fine jewellery. Exclusively at zales, the diamonds are a girls best friend store. Woi felt completely helpless. Hed online. Exclusively at zales, my entire career and business were in jeopardy. I called reputation defender. Vo take control of your online reputation. Get your free reputation report card at reputationdefender. Com. Find out your online reputation today and let the experts help you repair it. Woman they were able to restore my good name. Vo visit reputationdefender. Com or call 18778668555. When it comes to using data, which is why Xfinity Mobile is a different kind of Wireless Network that lets you design your own data. Choose unlimited, shared data, or mix lines of each and switch any line, anytime. Giving you more choice and control compared to other top wireless carriers. And now get 250 off when you buy a new Samsung Phone during Xfinity Mobile beyond black friday. Plus, you can save up to 400 a year. Click, call or visit a store today. Stuart kylie jenner selling a majority stake in her cosmetics company, selling it to coty. Now she faces a big tax bill. Lauren, youve got the tax bill number. Lauren shes selling it for 600 million and the tax bill is 200 million, maybe more, in both federal and state of california. Stuart california. Lauren in california, Capital Gains are taxed as regular income. There you have it. Stuart thats right. I had forgotten that. If you tax at regular income, you could pay a Capital Gains tax rate of up to 37 , 38 p , 3. Ouch. Lauren shes still worth billions of dollars and shes 22 years old. Stuart im wrong. In california, yes, you pay Capital Gains as regular income. It would be the state income tax rate, not the federal income tax rate. I made a mistake there. Ashley there you go. Stuart the next story, Political Correctness taken to the extreme. Mattel gets rid of blue and red cards to make the popular board game uno nonpartisan. Ashley its complete its just a ploy, advertising ploy, but they are replacing red and blue with orange and purple. Even the packaging will be in purple instead of the classic red. There is also a veto card that if you start calling politics, you can put down the veto card and they miss