Transcripts For FBC Varney Company 20240712

49 cents today, 3346. You gotta see tesla, jeffries is alien that stock could go to 2500 a share, maybe 3000, its up 23 bucks premarket. As we keep saying, you are watching history. The open today, the dow is going to be down about 20 odd points, then we have the s p, its hit 17 new highs this year, itll be up again this morning, the nasdaq has hit 38 highs and up again first thing this morning. Blockbuster economic news, google good orders come up 11 . That is money, now politics. An audacious second night at the Republican Convention, the president parted a bank robber, then he surprised five immigrants making them instant citizens right there in the oval office. Mike pompeo appeared from jerusalem and niclas salmon said you cannot cancel me. But it was First Lady Melania Trump who stole the show at least for me. She walked down the white house and delivered a speech about growing up economy and is him and yearning to complement america. An immigrant who likes it here. I promise, you will hear what they all have to say. But were going to bring you this grim hurricane forecast, laura is on his way to becoming a cat for storm, hitting texas near houston later today. 130 mileperhour winds may be stronger than that and were going to get a storm surge, that the wave board underwater washing and like a tsunami. Our hearts want to those in its path. Varney company is about to begin. This is a fight for freedom, for opportunity versus stagnation. To every part american who believes red, white and blue, my father will continue to fight for you. We have a president who will not stop fighting for you and your family. This is an administration of action and outcome. Lets rebuild america together. One more thing, lets make America Great again. Stuart how about that, the second night of the Republican National convention plagiarism, unity, full display. You saw a series of real people, real americans like you and i describing how the administration help them after years of paying for politicians. More on that throughout todays program. Im going to get to Hillary Clinton, im going to say that shes really fanning the flames of election chaos. Listen to this. We have to have poll workers and i urge people who are able to be a poll worker, we have to have our own teams of people to counter the force of intimidation that the republicans and trump are going to put outside polling places, joe biden should not concede under any circumstances, i think this is going to drag out and eventually i do believe he will win. Stuart there you have it, Hillary Clinton says biden should not concede. Here is market watcher cher. You are smiling, millions of mailin ballots probably delays and joe dont concede. It seems election chaos is guaranteed as an investor. What are you doing . First of all our comments on democratic if hes in the election he has to concededly probably will. Hillary is, is completely off the planet. And she deserves the recognition that she usually gets is nothing. As for the economy, were coming out of this recession so far so good and i think if we get a vaccine were going to explode out of it, vague steps are being taken to the market in terms of businesses getting back on their feet and the recreation of jobs, i think so far so good. The president has done a great job from jobs from overseas, manufacturing jobs more than theyve been in years and the economy poised to come under the secession. I think the market reflects that in a has hired to go because of that. Stuart hold on for a second, i gotta get back to big tech for a moment, obviously on a tear, amazon, google, theyre all coming up record highs, apple snapped a five day record streak, a fiveday of over 500 bucks a share. Where is big tech now. Apple, amazon, microsoft and google and apple that so dominant now that they represent 25 of the s p 500 and that is something that we have not seen in 50 years, that is half a century, you have to go all the way back to 1970 which im sure stu remembers well. Thats the last time you had the topheavy dominance concentrated in a few names. Back in 1978, boston the past, here were the big five, the giants back then were ibm, at t, gm exxon which is been kicked out of the dow after 100 years and kodak, the cautionary tale shows the economy does involve market leaders babble continues to put in numbers that justify the enthusiasm in the stock versus iphone sales were flat from march to june at the height of coated where Global Smartphone sales were down from 20 , samsung fell by a quarter and thats one reason by its so bullish on the stock with choppiness lehigh, 600 price target on apple and as a get higher and higher, analyst have to catch up with it. Stuart i guess they do, extraordinary. Would you sell any big tech stock right now . No, absolutely not. They all have momentum in in terms of apple, i think its a leader in the potential for earnings growth, there is absolutely no reason to sell apple or any of the tech leaders, there is more money coming off the sidelines now that the s p has broken to new highs and it will probably continue to make new highs, more money is going to come off the sideline, a lot of institutional money chasing the stock that is done well higher and that includes all the big cat tech stocks. Stuart turn away and look at salesforce, as you know its going into the Dow Jones Industrial average, the good news keeps on coming, revenue hits 5 billion for the first time last quarter, they are raising their revenue guidance for the rest of the year, a lot of optimism in the stock is up 33, 15 almost at 250 per share. Got that. Tesla, jeffries raises its target price at 2500 bucks with an upside maybe 3000, heres your chance. Is this an electric vehicle double . Is a tesla bubble, the animals keep raising their estimates in the behind the curve of the stock getting way ahead of them. They have to try and catch up and assume the stock is going to go higher. The reason expected to go higher are not the fundamentals or the profitability of increasing profit. Whats happening and driving the stock higher will continue to drive a higher is how many times, how often it is shorted and how many times they have to cover day after day, month after month, the stock only has 548 million and a half shares, typically on any month for the last three years the average number has been between eight and 20 plus of the stock. Eventually the stock price goes higher they all have to cover. This is a wash, rinse repeat cycle, it will drive tesla higher. But it does not mean its not a bubble. Stuart thats a very good explanation, i will go with it. Thank you for being with us this wednesday morning. Thank you. The latest round of Mortgage Rate applications are in, do you have the numbers . Lauren Mortgage Applications trended 33 above last years level, rates still hovering around 3 , lets take a look at refis, they fell by 10 but on the year of 34 , let me tell you what the Mortgage Bankers Association Says about the housing market, they say it remains a bright spot this summer, weve seen 14 straight weeks of annual gains thanks to low rates and while the desire for space the kamala been seeing and highlighting. Stuart is a real estate boom, now were looking at Toll Brothers, on the lefthand side of the screen. Do they have a record year, the homebuilders, what is happening . Lauren they build Drug Delivery homes, their buying a lot of homes and that is pushing Toll Brothers to record june quarter for assigned newhome contracts and the ceo says this robust pace has continued into the month of august, he also says the low low rates and low inventory and consumers focus more than ever on the importance of homes and making it a safe place. Lets take a look at contracts, they rose 26 in the quarter two over 2800 and i found this interesting, where is Toll Brothers building the most, the midatlantic and the south, look at this, orders and their city fell 93 from last year. A demographic change because of the pandemic and the unrest. Stuart their way way down, i couldve told you that. Thank you lauren, lets go south to the gulf, hurricane laura is a cat three storm and may become cat for before making landfall tonight, its expected to hit east texas around the houston area and louisiana with around 150 to 175 an hour. That is strong stuff and the effect to push the price of oil up to 43 per barrel. Most of the Oil Production has been shut down and the goals, the one to punch from the storm this week pose what we are told the biggest start to the oil industry in 15 years. By the way more than a half million coastal residents have been told to evacuate, louisianas governor says hurricane laura may cause as much damage as hurricane rita back in 2005. We will follow that all the way through. Turning around on the dow, sea of green, we were down for the dow, now were up nine points, the nasdaq is where the action is up 31. A fox business alert, a manhunt to underweight in kenosha wisconsin after two people shot and killed during violent protests overnight, watch or of this get down, get down, get down. Stuart thats america this morning. Rioters and looters destroyed local businesses just doesnt try to come back from the pandemic. With the president addressed the chaos, join this weeks convention, we are certainly on it. Larry kudlow staying optimistic about the economy, he says were coming back worrying. His words, dont forget. It was the pandemic and had nothing to do we are going to come back lorene. Traded goods. Tools, cattle, grain, even shells represented value. Then currency came along. They made it out of copper, gold, silver, wampum. Soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. Thats why its time for Digital Currency and your investment in the grayscale funds. Go digital. Go grayscale. But what if you could stdo better than that . K. Like adapt. Discover. Deliver. In new ways. To new customers. What if you could come back stronger . Faster. Better. At comcast business, we want to help you not just bounce back. But bounce forward. Thats why were helping you stay ahead and adapt with a network you can count on, 24 7 support and Flexible Solutions that work wherever you are. Call or go online today. Stuart fox business alert, the administration is taking strong action against chinese owned companies enterprises, Edward Lawrence has details. 24 Chinese Companies have been added to the entity list for their role in building the artificial islands in the South China Sea, the administration going after china for what they call a militarization of the area, destabilizing the sovereign rights of u. S. Partners in that area, 24 Companies Including a big one, the chinese communication construction company, that is a huge supplier in the belton road initiative, billions of dollars around the world, this is followed up in the state department with visa restrictions on individuals with those companies and their families, a onetwo punch against china and companies building those artificial islands in the highly contested South China Sea. Stuart got it, that is not alibaba which has been powering all the time. In alert, new jersey governor, phil murphy announcing jims in the garden state will reopen at 25 capacity as september the first, wouldnt you like to know. This is clearly a changing economy, cars. Com says the pandemic has changed the way we commute. Perhaps forever, what we got on this . Lauren 62 of commuters say they will drive to work, no trains, no buses and half believe itll be three months before mass transit returns to the precoded ridership levels, i dont think people are going back to normal in three months anyway because of this we are buying cars, one in five say we bought our own car during the pandemic and most of us shining sharing right Services Like uber and lyft. Theres another survey that says 75 of people get in their car to drive away from their family to get some space, or so cooped up in together all the time so were using our cars to clear our minds. Stuart that was a sting and the tail was it not. Lauren ive done that, you have not . Stuart not recently. Lauren hes a gentleman. Stuart moving on please, larry kudlow on the show, Top White House Economist Says the economy is coming roaring back. His words. Anthony chan is with his former chief economist at chase coming roaring back. You agree . I think the Third Quarter is going to give you a very strong number, im looking for a 20 gdp number on annualized basis, keep in mind the atlanta federal reserve, their model is forecasting 25. 6 growth in research that ive done finds thats one of the most accurate models of forecasting real gdp. Im really optimistic about the Third Quarter but im still concerned about the Fourth Quarter because we really need a little bit more stimulus out there to help us out. We see a lot of factors out there that are helping Residential Real Estate is coming back real strong in the Third Quarter, remember, that is just 3. 3 of the overall economy, manufacturing is coming back and worried but thats only 11 of the economy, we still need other aspects of the economy to come back and those factors are little bit uncertain for the Fourth Quarter but right now for the Third Quarter im very optimistic. Stuart what would joe biden when due to the economy, not the market, what would abide in when due to the economy. What i look at research that ive done looking at president ial election years, their generally positive and in fact president ial election years you get about 11 rate of return but one thing i do find, markets dont like a change in the Political Party, it does not matter whether it goes from republican to democrat or democrat to republican, the rate of return in the market is almost four times greater when you keep the Political Party that is empowering the white house in power and reelected. If you see a change in Political Party, you should see the equity market this year historically has not been a strong at the same Political Party in the white house that has stayed in power. Stuart anthony chan, thank you for being with us. We will see you again soon. Were gearing up for the election, the social media giant are indeed gearing up, facebook and twitter, what are they trying to protect the integrity, try to make me understand this, how are they trying to detect the election. Susan we will try, facebook and twitter trying to team up with Cybersecurity Companies intelligence officials and academic experts on how to prevent bad actors from trying to influence the election di ths time around and learning lessons for 2016, facebook and twitter want to send out fake news, critical authoritative information, it sounds objective on how they characterize what credible is. Its been apparent that twitter has been stepping up its policing of its platform they have been shielding tweets from President Trump and Fact Checking actions that twitter did not take up until this year, same thing being done on facebook, twitter has already banned all political ads at the end of last year in 2020 and they consider that during the days and weeks heading up to the November Vote but its a tough and tough tall order to do. Stuart look at facebook stock, 283 a share, heading for more records. Extraordinary. Breaking news, the World Economic has reportedly been delayed until early next summer. [laughter] stuart we gotta go. Have going up green across the board, coming up before the opening bell, chief equity strategist Jonathan Golub, ill show you times square, still deserted. We would be right back. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. 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Visit findingtruepeace. Com to find a voice that will never let you down. Again, thats findingtruepeace. Com. Stuart look at the big tech market, look at them go again today Jonathan Golub joins us on the phone, big tech absolutely dominates the market, my question is that a healthy market. If i were to say to you a quarter of the market is delivering a 50 return in the last year versus the rest of the market near 0 you would say thats totally lopsided. If i told you the quarter of the market has no debt with the rest of the market has a lot of debt it is growing their revenue ten times faster than the market, their margins are almost as twice as high that the stocks are less volatile, you would say give me more of that. And so i think you have to look at the fundamentals behind the businesses and their worth even more during a crisis because they are showing that they are not susceptible to all the pressures economically. Stuart do you think its okay to put fresh money into any of the five big tech now . I do. The question is if we look at life Going Forward are we going to see an environment that supports innovation and technology as opposed to old economy stocks. And if you look at the market the u. S. Versus europe, the real question is do you think that a bank because europe has lots of banks and energy companies, old economy in the u. S. Is Innovation Capital of the world, they are more healthcare, tech related companies and as you look to the market and how you allocate the money, and you think old economy industrial firms are going to do better than googles and facebook and microsoft collectively and i think you have to bet with the new economy stocks, are they expensive, yes, when you compare their evaluation to the growth that they are expected to deliver, they seem surprisingly reasonable. Stuart its an amazing story, thank you so much for joining us this morning. We appreciate that. It is a lopsided market but i guess in the right way. Weve got ten seconds to go, the bell will be ringing any moment now, it is wednesday morning, the dow is getting awfully close to 28200, youre not that far for the record for the dow industrials, were up and running, just a little bit for the dow industrials, right from the start, 20000 to 50. Now we just headed ever so slightly south. The dow dead fought this morning, as for the s p 500 coming up 17 records this year and now up a bit more this morning, another fivepoint tiger, the nasdaq 38 records issue, alltime high, 53point, 11500. Look at big tech, they all opened, every single one of th them, the big five in the green, now show me tesla, susan repeat the news about jeffreys and where they say the stock is going. Susan 2500 on the stock acknowledging that this was edge of the electric car may string but as the hudson. Technology when it comes to Battery Capacity and of tom and his driving, theyve a million mile battery on september 22 on battery day and tesla analysts, they are not that bullish on the stocks, theres 33 analyst, only eight out of the 33 say to buy it in the average target price is at 1487 which is far below the 2000 and change that the stock is currently trading at. Stuart it all hangs on the battery. Lauren. Susan they continue to l in china and selling cars in the u. S. Stuart we went a little bit south on the dow, its down 44 points. Salesforce, they had a huge Second Quarter, look at the stock, up 70 , how huge . Susan they made almost three times more profit than forecast at the height of the pandemic, from march to june. I know lots of viewers are wondering what exactly does salesforce do, it works with the cloud meaning no bull the physical service but they track sales, spending, communicating deal with customer complaints to analyze sales in order to help companies figure out what the best strategy is, that is their core business and doing very well and he did very well for the quarter and also benefiting from a stake in the another call Company Called encino which provide software to banks and they had a very successful ipo so the salesforce benefits from that but there is one sign of weakness and so forth earnings that their forecasting a soft July September period. This might be conservative forecast in order for it be easier to beat. Stuart going into the dow, that helps enormously, he is indeed. Nordstrom a total different story, Nordstrom Department store, hit them hard, lauren, take me through what happened and going strong . Lauren the stores are closed for half the quarter, and push the sales down 53 , even their online sales, online has been a bright spots for so Many Companies and nordstrom, still 5 , these are the trends that theyre seeing, Clothing Sales and freefall, having to lean on a home category in the beauty category to fill the gap, that is down more than 60 this year. Stuart ouch indeed and were only three minutes into the trading session look at all the stories weve covered, now were going to talk about nike, nike is going to cut ties with major retailers going into the loan. Lauren we knew this is going to happen, it is going alone three years ago so they hired the former ceo john donahoe of their new ceo for a reason, we know what that is, no longer doing it with dillards, zappos, fred meyer, the city blue, that is back for brickandmortar sense nike gear is a draw for a lot of shoppers to bring in choppers to buy nike gear, it also gives nike more control over the pricing and theyre not forced to discount as much an order to sell the brickandmortar retailers. It is also good for those who get to keep nike gear in their stores and that includes Dicks Sporting Goods and also shoe carnival, footlocker and nike said three years ago, were going to sell her own goods online which makes sense, youre Going Digital first and this is a trend that we live in, online sales jumping to 80 in the first three months. Stuart look at that chart, 111. Lauren they also laid off around 500 workers to get ready for the shift to digital. A lot of companies are doing. Stuart that makes them more money probably. You just spoke of Dick Sporting good. Its up 2 . Top of the headlines, ashley webster. Ashley good morning, what a quarter for Dicks Sporting Goods. They also decided to get a bicycle, golf clubs, a treadmill, Dicks Sporting Goods sells them all. The prophet has nearly doubled, the ecommerce sales nearly tripled, up 194 , pretty impressive, online and curbside orders, also about 30 of Second Quarter sales, the only concern in their report was the fact that the uncertainty and the impact that that can have on the four team sports efforts in the Company Giving no guidance but overall what a performance by Dicks Sporting Goods, up more than 11. 5 today. Stuart im sure they will tack itake it. Employees at bed bath and beyond got bad news. Lauren 2800 of them will no longer have jobs, this is the corporate workforce in the retail stores, the company is looking to save 150 million as they work through the pandemic. They are restructuring including store closures, 200 of them, their shares are slightly lower today, investors on the fence about what this really means but they have seen their sales down just about 50 in the last quarter. They are hurting during the pandemic. Stuart i believe there is good news on the grocery chain, a german company, give me the ne news. Lauren im dying to check them out, Discount Chain spending really fast here in the u. S. , opening 50 new stores creating 2000 american jobs and theyre going to do this by the end of next year, food shopping, cooking at home, more than we ever have before and then i found a study from unc, it finds that their prices are 45 cheaper than trader joes which has pretty low prices as it is, what they are doing is coming in and forcing the bigger competitors, the Traditional Grocery stores to lower their prices and i think the hope is astronomical food prices overall, maybe they will come down because of more competition. Stuart that is interesting, susan that make sense. Stuart bill de blasio says there is not a plan to reopen Indoor Dining in the city this year. That announcement putting restaurants in real jeopardy, the oldest tavern in the city and he will join me next to why he may soon have to shut his doors permanently. Heres a number, 7. 1 million viewers, they tuned into fox news on night one of the national convention, that is a bigger audience than the broadcast networks combined. Martha is part of that Coverage Team and i asked her what she thinks is the biggest difference between the dnc and the rnc. Coming up in the 11 00 oclock hour, just getting started, packing a lot in today. Im hector. Im a delivery Operations Manager in san diego, california. Weve had a ton of obstacles in finding ways to be more sustainable for a big company. We were one of the first stations to pilot a fleet of zero emissions electric vehicles. The amazon vans have a decal that says, shipment zero. Were striving to deliver a package with zero emissions in to the air. I feel really proud of the impact that has on the environment. But were always striving to be better. I love being outdoors, running in nature. We have two daughters. I want to do everything i can to protect the environment to make sure they see the same beauty ive seen in nature. My goal is to lead projects that affect the world. I know that to be great requires hard work. Stuart in the big data space there helping customers figure out insights and Artificial Intelligence but the challenge is the company which is great but the fact mostly Services Less software. Stuart that was right on the show yesterday breaking down what they do and what the challenges are, they filed to go public, im not sure when but theyre going to go public, the ceo, alex is really having a go at Silicon Valley, they said Silicon Valley engineers do not know how society should be organized or what justice requires but they build great software, this is all part of the Companies Filing for the upcoming ipo, founded in 2003 by billionaire founder peter till in Silicon Valley noting that they dont seem to share any more of the sectors values and commitments in Silicon Valley especially when it comes to insecurity, they say that they dont mind share data for advertising thats probably the reason why theyre moving out of Silicon Valley into colorado instead and the company gets most of the sales from government contracts and they have been credited with helping funded in part by the cia investment. The company analyzes data in order to find answers. Its worth around 30 billion but the problem is it is not profitable, they lost around half a billion dollars last year, guess where palantir comes from, lord of the rings, the spherical object from lord of the rings, i thought you were geeky off to know that. In that. Stuart we have a section on this program called feedback friday will get a lot of programs about me being called a geek. Tech is on a tear, as you know, it just with extraordinary gains, we looked for a market watcher who says sell it, sell it and sell it now. We think we found the right person. She is on the street, hillary with capital research, are you really saying sell big tech and sell it now . Is that what you are saying. Now is the time, it is so overstretched. Stuart we have a free situation, 0 dear. Hillary got out the important point now, now is the time, i think shes about to say now is the time that they are stretched on the upside with evaluations and now the time is to sell. Do we have her back or issue still frozen. How are you doing, make your case again. I have to say, first of all amazon, lets start there, with services they came in they were supposed to be up about 40 in sales, they had started to diminish, the growth is not there were was, a lot of the sales were pushed forward before the pandemic, any sales taking place probably already took place in any new iphone sales are really dependent upon how much each persons unemployment had received, 300, 400, possibly up to labor day, 600 again, thats a major problem that we have their, we have seen revenue down on google and we have to be mindful that even facebook is under some scrutiny and lost credibility. Those of the big tech names and lets look at the other side, wall street is looking for efficiency, wall street is saying look at stocks like 3m, we can get 3. 6 dividend yield and they do everything why are we in stocks like that i havent ridden the rally or ol in, these are giving yield 5 . In all the epoxies and vinyls that go into any kind of manufacturing across the board. So those companies have not partaken and thats why so many people feel like they have not been part of the rally because they have been getting in companies because theyre not moving, Goldman Sachs was to be a 250 stock and think of the restructuring of bankruptcies and mergers that they will be doing in the coming 12 months. Stuart that is all very interesting, im sorry we had a communication problem. You got your message out, now is the time to sell big tech, youve obviously done very well, the evaluations are stretched, problems within those companies, sell them. We will get you back on this to see if you are right, at the moment it is still going up, lets see if you are right. Thank you very much indeed, lets get to real serious weather news if i can put it like that, hurricane laura rapidly intensifying and expected to become a cat for storm and will hit texas later today, jeff is down there and going to give us a live report shortly. Global tourism revenue, down 320 billion, obviously because of the virus, thats in a fivemonth period. Thats pretty 120 million jobs at risk so says the United Nations, we have a story for you net until next. We love our new home. Theres so much space. We have a guestroom now. But, we have aunts. Youre slouching again, ted. Expired, expired. Expired. Thanks, aunt bonnie. Its a lot of house. I hope you can keep it clean. At least geico makes bundling our home and Car Insurance easy. Which helps us save a lot of money oh, teddy. Did you get my friend request . Uh, ill have to check. doorbell ringing aunt jonis here for bundling made easy, go to geico. Com. Hello . For bundling made easy, go to geico. Com. 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I was looking at twitter one cast member rights just that the furlough is probably lasting longer than the six months that they told us back in april, the wording in the beginning made it sound like we were getting laid off and another like this, to restore Senior Executive to put me on extended indefinite furlough. Disneyland in california remains closed, disney world in florida, they scaled back their hours, no official word on if the extended furloughs are indeed layoffs which would be the worst Case Scenario but parked close, limited capacity, your operating hours, is this the writing on the wall, i do not know. Stuart the writing on the wall is a change on the tourism habits. In five months, the Global Tourism industry revenue dropped 320,000,000,000. 120 billion on the line, thats United Nations but only big numbers, hes the chairman of the board with the entrepreneurship network. I get a sense that tourism is really changing, im not going to ask about bouncing back, i want to talk about the change it seems to be that a lot are touring places but close to my home. Will happen, summer came, people worchester crazy from the virus and being a home, they decided they wanted to go somewhere but people were nervous about hotels and all the people that were in them and nervous about flights, what people are doing is taking more road trips than they ever have before, that is changing tourism, with travel being down so much, the rv market, i just looked it up its up 10 , people are buying more rvs and renting them and they are going, i looked on the homepage of the major travel sites that used to show disney world, new york city and vegas, they show scion national park, the grand canyon, yosemite, people are getting away to more remote places in a road trip in a car so they can still get out of the house and get Summer Vacation but not the trouble that we used to do at all. Stuart do you think will ever get back to the kind of travel that we used to do . We wont in Business Travel for a lot of reasons, and the figured out how to do most business, and electronically like redoing now like we didnt. I dont think Business Travel ever comes back, Leisure Travel with vacations and holidays will come back and i dont think that comes back either because people that never took a road trip in their life are taking when the summer and finding out that the quality time in the family time, they are exploring your own country, those are really good things to do, i think some number of people the way they vacation in the way they travel is forever changed, it is not coming back. Stuart the whole idea of tourism is not there like it used to be. Its extraordinary stuff, new york city is deserted, last word to you. It is, its going to affect the numbers that you talked about with Global Tourism, one in ten people and 86 are entrepreneurs and Small Business owners, this is the pandemic of its own, so many people that count on tourism can make a living and are going to be out of business, i dont know how theyre going to recover. This is just big news. Stuart it is, you are absolutely right. Thank you again for your big picture stuff, we appreciate it. Big guest ahead, greg abbott on hurricane lauras path to the gulf coast. First the republicans promise a different convention from the democrats and they delivered on that, you will hear my take on it next. Sofi was the first lender that even offered a personal loan. I didnt even know that was an option. The personal loan let us renovate our Single Family house into a multiunit home. And i get to live in this Beautiful House with this beautiful kitchen and its all thanks to sofi. Find a stock basedtech. On your interests and i get to live in this Beautiful House or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Tools, cattle, grain, traded goods. Even shells represented value. Then currency came along. They made it out of copper, gold, silver, wampum. Soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. Thats why its time for Digital Currency and your investment in the grayscale funds. Go digital. Go grayscale. Stuart precisely 10 00. Lets check the market. The dow industrials a a bit in e red to tune of 30 points. New all times highs for the nasdaq and s p. I will show you microsoft, facebook, two of the big tech names powering ahead. Look at microsoft, close to 220 a share. Look at facebook, moving towards 300 bucks a share. Now that is money. Now politics. I will give you highlights from night two of the rnc. Roll the tape. The democrats want an america where your thoughts and opinions are censored when they do not align with their own. I know many people are anxious and some feel helpless. I want you to know youre not alone. My Husbands Administration will not stop fighting until there is an effective treatment for vaccine available to everyone. He ended ridiculous unfair trade arrangement with china punch ad hole in our economy. Those jobs, those jobs are coming back home. To those of you who want lower taxes and better, less Expensive Health care, join me and supporting President Trump. Lets rebuild america together. Stuart the republicans promised a very different convention and they delivered. Audacious is the word that comes to mind. This president knows how to put on a show, doesnt he . Who expected a bank robber to receive a president ial pardon. It happened. Jon ponder robbed a bank in nevada, turned to christianity and became an advocate for inmates. The president said his life is a testament to redemption, pardoned. Nicholas sandmann, he is the young man that the media tried to cancel because he wore a maga hat in front of an indian elder. Mike pompeo. Secretary of states dont appear at conventions. The left is flabbergasted. That he might have broken a the hatch act. The horror. First lady melania walked along the white house colonnade. She was the star. Growing up under communist regime coming to america, studying for the naturalization test and becoming a citizen. A legal sit is who likes being an american. A lot of us feel that way. President trump surprised five people who became newly minted citizens on the spot. Another testament to legal immigration. As conventions go, i think you would agree that was very different. I call it, audacious. One last thing, if i may, our colleagues at fox report that tonight Kaley Mcdonald will be speaking. Kayleigh mcenany. She has been a guest for many years. She talked about her personal history. Something she rarely does. I know her story. I urge you to watch it tonight. It will be uplifting. Liz peek is with us. Contrast, please, the first two days of the Republican Convention to what you saw last week from the democrats . Oh, stuart, that is so easy. The Democrat Convention was a fourday slog through every grievance that could possibly march mar our view of america t was antiamerican and antitrump. What is interesting, biden got no bounce out of it, even though they spent four days talking about what a wonderful man he was. Last two days of the Republican Convention, is it is about accomplishments, about what trump brought to america. About his policies on trade and immigration and other things that really do impact the lives of everyday americans. That is to me the best of this convention so far. These interviews with hostages that have been brought home. The interviews with health workers, real people, who have benefited from the policies of donald trump. And by the way, the democrats have set themselves up for failure. They spent four days creating a monster in donald trump. It is not that hard to bat that down when there are scores of people who will attest to the fact that he is a humanitarian. That he is cares about people. I thought one of the most powerful speakers on night one was Herschel Walker saying dont insult me. Ive been a friend of donald trump for 37 years. He is not a racist and it is insulting to me to suggest i would be friends with someone who was. That is a pretty good message. Last thing i will say, democrats are basically saying this is all about trumps base. I disagree 100 . I think black people watching this convention are watching tim scott, Herschel Walker, and many others including the attorney general that spoke last night are going to be very swayed by what trump actually has done for black people. Criminal justice reform, supporting hcbus, hbcus, whatever. And also, the Jobs Creation and everything else. The unemployment for black people. These are really strong messages. Again the impact of real people. Stuart give you one problem here, more people watched the democrats on their night one of their convention than watched the republicans last night, their first night. There was two million difference in the democrats favor. What do you make of that . Michelle obama, easy answer. Most popular woman on the globe. She was a tremendous person to put in night one. The worrisome thing for democrats, it will be interesting to see how our convention goes. On night four, biden got about 350,000 more people watching than on night three. And usually it is a four to 10 million person increase. I think that speaks to the total lack of enthusiasm or excitement about joe biden. Well see what donald trump brings in on night four. Stuart we shall indeed. Liz, thanks very much. Well see you real soon. Thats a fact. Pleasure. Stuart check the market, new high for the nasdaq and the, sr. A minor loss for the dow jones average. Look at nio, Morgan Stanley from overweight to neutral. It is electric car company that could jump 15 . It is up 7 . Show me jeffries. 2500 bucks is where they think tesla is going. Is there some issue, susan with the nasa contracts with tesla . Susan has to do with elon musks other stuart spacex. Susan other venture, spacex. If tesla has the ties in china, the congressional dem the considers, even politicians across the aisle, theyre concerned look, if china can say you have contracts with us, why cant you give us more information on what the u. S. Military is doing with its space launches and satellite launches. That is a big concern. Looks like spacex along the with the boeing lockheed joint venture, they got 12 billion in military contracts from 2012 to 2019 to launch satellites. There is some National Security concerns awarding u. S. Military, pentagon contracts to somebody like elon musk, like spacex, if he has other ties with tesla in china. We should point out tesla, spacex are two entirely different entities by owned by the same person. Stuart same guy. Musk has always gotten a lot of help from the federal government, various kinds, always. Susan let me give you the numbers, spacex is worth 44 billion. Tesla, by the way is worth over 300 billion lars. Spacex, most of their money comes from the u. S. Government. Stuart sure it does. Look at that, 25 gain. Look who is here marketwatcher, mark tepper, the man who bought sales force. I know you own some of it. It is up big as you can see, mark. Are you buying more at 270 a share . I think it is undervalued a absolute monter quarter for the guys. Another beat and raise. The cloud is on fire. Sales force is the number one cloud company. Probably one of the reasons now it will be included in the dow. The stock is up 100 off its low. But i really think this is more than just the cloud. This is about the changing climate that businesses are operating in. The days of doortodoor salespeople knocking doortodoor, those days are over. So the most important asset any company has is its data, both Customer Data but also the lowhanging fruit which is the people that told you no. Companies that have a good grasp on the data, that understand it well, will do better than companies that dont, right . Sales force help businesses service their current quarters and win new business. Stuart it is a whole new world. Mark, listen to what larry kudlow said about the economy on this program yesterday. Roll the tape. Numbers are coming in. There is a housing boom, nobody, no economist can deny the housing boom. There is an automobile boom. There is a consumer boom. You cant deny these things. Youve had a very strong employment comeback. That is why i say, after the dreadful contraction, it was a pandemic. It had nothing to do with our policies were going to come back roaring stuart come back roaring, the operative words there. Look, mark, if he is right, surely thats a big plus for the stock market, isnt it . Yes. So stu, here is what the naysayers would say about housing. They will point to the fact that residential investment, actually buying the home, is only three to 5 of gdp. But then you add in all the purchases that go along with buying a home and now youre starting to get closer to 20 of gdp. You have existing home sales up almost 10 yearoveryear. Housing starts are up 20 since existing home inventories are low. But most important thing for me, with regards to these housing numbers is that, you know the consumer makes up 70 of our economy, right . Buying a home is a big ticket item. So you would really expect that to translate through to Consumer Confidence. I know Consumer Confidence recently ticked down but i do expect that to tick up in the near future. I think the consumer is strong. It will continue to get stronger as we reopen. Stuart this market is on fire. It is just extraordinary stuff. Mr. Tepper, see you again real soon. Thanks, stu. Stuart what we got next . We have, check on williams sonoma. Highend home goods retailer. They report their profits this afternoon. Lauren, would you call them a lockdown winner . Lauren sure. Shares up 35 this year because of the sprucing up the home trends. But also if you look at wealthier households, they sell highend items, they use entertainment money, vacation money to buy highpriced furnishings. They sell cooking wear from home. Kroger, spice maker mccormack, theyre within dollar of alltime highs. Other staples, smucker, campbells soup, theyre considered some of the Fastest Growing stocks on wall street right now. My kids have peanut and jelly every night after dinner. Always a staple in the pantry. Stuart funny you say that facebook is up two bucks. We said it is approaching 300 and it is. Thanks, lauren. Next case, listen to what Hillary Clinton is saying about the election. You have got to watch this. I think this is going to drag out and eventually, i do believe he will win. We have to have poll workers. We have to have our own teams of people to stuart okay. She actually said, i dont think we quite got to it there on the sound bite, she said biden, joe biden, should not concede ever. Sounds to me like hillary stoking election chaos fires there. We got more for you. More violence in kenosha, wisconsin, two people are dead after a third night of riots. Well take you there shortly. Where is President Trump on all of this, the violence in the cities. Our next guest says he should become the race president. Does he need to address what is happening in wisconsin . I will ask the question. Tracking hurricane laura, strengthening possibly, to category storm possibly heading to texas and louisiana. Were on it. Well show you where it is going. Hike coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. He scores stanley cup champions. Touchdown only mahomes. Expect anything different . The big events are back and xfinity is your home for the return of live sports. Stuart an update on the situation in kenosha wisconsin. Two people shot and killed overnight. The riots are raging on for a third night. Grady trimble is there. Grady, what are the police saying about this . Reporter theyre saying three people total shot, two of them killed. At least one of them happened right at this location. Jacob blakes family called for peace last night. Unfortunately though, the unrest took a grim turn with those three people shot here, 2 00 of them fatally. You can see that this is an area where protesters and rioters were smashing car windows, even lighting one on fire. As you can see there in the background. There is still a lot we dont know about the circumstances of this shooting but there are multiple reports that investigators are looking into whether the people involved in the shooting were protecting businesses. There were reports of armed citizens on the ground here last night, even some newspapers calling it an armed militia group, potentially protecting businesses but none of that, stuart, at this point is confirmed from police. Theyre looking for a suspect who may be on the run. There were people Walking Around last night with long guns, stuart, standing in various areas like this one. It is believed, based on other reports that one of the suspects might have been armed with a long gun. So another night of unrest. As we mentioned, two People Killed last night. Stu . Stuart grady, thank you very much. Staying on this story, i want to bring in kiron skinner, fox news contributor. I want to welcome you back to the program. Should the president address directly what is happening in kenosha . I would suggest so, and the reason, stuart, the president , defacto is the race president in the United States and i say that based on empirical evidence, not on emotional statements about Public Policy. When you look at what he has done in the past 3 1 2 years, with the unemployment figures dropping in the africanamerican and Hispanic Community and other, for other people of color, his commitment, unswerving in support for the historically black colleges, the opportunity zones that he worked on with senator tim scott, these are real evidence of his commitment to Racial Justice in the United States. What i would like to see him do, take these corporate level activities, and bring it down now to the individual level and talk about the tragedy that were seeing in wisconsin, which is just so heartbreaking, not just as an africanamerican for me, but as an american yet again. Stuart right, exactly. The Republican Convention establishes a really Strong Foundation for him to make a statement in the next day d d oo wh assumessumsseasspss off ngh repub rli rnarty par parng uao yo duo hi he hehoe s yet shiomnget likee this, thi policepopo killi kilil o georg g dd other othhe lit lat wrong. Wrce thathat iha issijac y hat . Thin i think thats one part of it but i also would like to hear him really channel some of what the first lady said in her remarks last night. She talked very poignantly about her commitment and interests in issues of race and the stain of slavery and what she saw on her trip. I think that dimension would be helpful coming from the president. The law and order part matters. I understand that. But also just talking to americans about what this injustice is like. I think he does have the perspective, given, what i have seen at the convention and what he has done in terms of Public Policy in recent years. Stuart kiron skinner, thank you very much for the contribution today. Come back soon. Thank you very much. Thank you. Stuart sure thing. The markets are showing some movement for tech stocks. The s p is up. The nasdaq is up. A small loss for the dow industrials. Look at facebook, please. It is on a tear. It has been going straight up recently and now it has reached 290 a share, up 3 1 2 . How about netflix . New piper survey puts it the most watched streaming company in america. Netflix is up 23 bucks right now. Roku up 5 . That is a very big gain for that stock. What is going on, susan . Susan citigroup started coverage on the stock calling it a buy worth 180. That is higher from the current levels. Roku hovering 150 for a month. It is a lockdown winner, we know viewers streamed 14 1 2 billion, at height of the lockdowns from march to june in the Second Quarter. That is a jump of 65 from a year ago. Unfortunately the pandemic looks to worsen during the flu season, more people will be kept at home. The audience should go up and that should be positive for roku. Stuart that is a streaming company, basically. They are the box that feeds to you. Susan it comes free with a lot of televisions buy. They do well during the holiday season. Stuart thank you. Tobacco stocks, havent followed these in a while. They saw a surge in sales after the pandemic started but they have pulled a bit, ashley, that right . Ashley the surge in the First Quarter was dented in the Second Quarter. Philip morris who has virginia slims, down 6. 4 on the year. Altria down 4 percent. British american down 19 . Cigarettes we talked about this before are supposed to be recessionproof. People will smoke in good times and bad times. They spent more on cigarettes because they spent less on travel entertainment. The big numbers in the First Quarter, really hurt numbers in the Second Quarter. There was a question, do you think people got more healthconscious as they stayed at home . No real hard evidence to support that one bit, stu. Maybe a few tried a treadmill. But i dont think the old smokes stopped. Stuart they stocked up early and didnt rebuy during the pandemic. Ash, thank you. Hurricane laura is about to hit the gulf coast. Were told the oil industry will take the biggest hit in 15 years. Were coming live from texas. New york city a ghost town. No tourists. Mayor says Indoor Dining wont on back until next year. We have owner of one of the oldest ones in new york city. Is he going to survive . Well ask him. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Im a verizon engineer, and im part of the Team Building the most powerful 5g experience for america. Its 5g ultra wideband, and its already available in parts of select cities. Like los angeles and in new york city. And its rolling out in cities around the country. With massive capacity, its like an eight lane highway compared to a two lane dirt road. 25x faster than todays 4g networks. In fact, its the fastest 5g in the world. From the network more people rely on. This is 5g built right. Only on verizon. Stuart fox business alert. China, i believe is firing missiles into the South China Sea, susan . Susan according to the south china post, intermediate Ballistic Missiles were fired into the South China Sea south of hunan island this is trying to test some of the war games taking place with these drills that the u. S. Military are currently participating in. This is to test, i guess, show their military might as we have disputed waters in the South China Sea. Also test the bottom line where chinese waters, territorial waters merge with taiwan and other members of the asiapacific. Most notably. This is toe send a message the u. S. Military participating in drills close to these areas. Stuart it would be a different story if it was north korea firing off a couple missiles, bearing in mind the power struggle, whatever is going on with kim jongun and his sister. Susan i disagree. China is probably a bigger threat. And bigger military something that can rival the military than north korea. I see your point. Youre right. Longrange, medium range, shortrange missile fire is bad. Stuart look at the market right now. Were only down 40, 39 points. The news breaks, i would have thought we might have seen a more serious decline in stock prices but we didnt. I think market is shrugging susan firing into their own territory. Stuart that helps. That does help, mitigate the risk there. Now were about to get the latest numbers on oil, how much weve got in storage, how much we used. This is an important number, especially with the oil market doing what it is doing right now. Youre at 43. 50 a barrel. The price of oil has gone up. Do we have numbers yet, ashley . Ashley lets not forget hurricane laura, heading towards the texas, louisiana coast. Down 4. 69 Million Barrels. That is a bigger drawdown, stu than the 3. That was expected. That is the fifth straight week of declines. Last week it fell 1. 6 Million Barrels. The bottom line were using more oil and those stockpiles of crude are starting to come down. Stuart the price of oil did go up just a little at that. Now it is 43. 66. Ashley, thanks very much indeed. Lets talk about hurricane laura. As we said, it is expected to become a cat4 storm later today. Janice dean is with us. It will make landfall tonight as a cat4, right about that level, janice . Janice borderline. I wouldnt put it past the storm right now as it has rapidly intensified over the last 24 hours going from a Tropical Storm to a category 3, a major hurricane. As you see the presentation is looking very good in terms of you know, how strong this storm is. You got the buzzsaw effect. All four quadrants of the system are filling out. You have got that welldefined eye. So, yeah, i would think, maybe the 11 00 a. M. Advisory will bump the winds up. Were expecting it to strengthen further before it makes landfall or impact. We think overnight, three a. M. , somewhere along the border of texas, louisiana, very reminiscent of rita 15 years ago. If you lived in the area, remember rita, the damage that did, this could be very similar. But the storm surge, im very concerned with this. 10 to 15 feet with Hurricane Force winds. Evacuations are happening right now. People need to heed those warnings, stuart. This is a big deal and possibly one of the most catastrophic storms this area has ever seen. Stuart janice dean, thanks for the latest. Im sure we will see a lot of you throughout the day. Thank you, janice. Lets go to jeff flock. He is in port arthur, right on the gulf coast. Jeff, youre near the largest refinery in america. Have they closed it down yet, do you know . Reporter they have closed it down. The motiva refinery down aways. Over my shoulder, you see the largest lng export terminal in the country. That the cheniere facility. Largest in the u. S. They shut that down two. Big facilities shut down as well as other refining operations this is bigtime oil country, stuart, not to minimize the impact on people. A lot of rigs were idled. One of them there, that is a rusty rig there. They have pulled out of here. People have come off the rigs. What they do, when they expect a storm coming, the big heavy equipment they cant get out, they plow up a bunch of dirt, put it up high, hope that it is high enough so they dont get washed away. Were talking about huge storm surge. Were under the sabine pass, not far from it. Well get a lot of water around it. Were right dead center where the cone is. Could be the eye here tonight. Stuart well be watching you later. Jeff flock, thank you very much indeed, sir. I want to bring in an did ay lipow, oil price analyst. Andy, this pushed the price of oil up one to two dollars a barrel. Do you think it goes up some more from here . Crude oil prices could continue to increase because we have 84 of offshore gulf of mexico production offline. I think when all is said and done, well lose about 10 Million Barrels of crude oil. Stuart cant we make it up by fracking operations elsewhere in america . Well, i think fracking industry is under a bit of stress because wti prices are only 43 a barrel, and it is very difficult to make money at that rate but the world does have plenty of oil supplies because opec plus has reduced their production by 7. 7 Million Barrels a day from now until the end of the year. Stuart last couple days i see the National Average of price of gas go from 2. 18 a gallon to 2. 20 a gallon. That is not. Of an increase bearing in mind what is going on in the oil market. Thats right. In fact gasoline inventories are 3 higher than last year despite hurricane laura. One thing to keep in mind, we have 14 of the nations Refining Capacity is down between beaumont, port a sure, and lake charles. The pandemic reduced gasoline demand nationwide by 10 . We have lots of refineries in houston and the new orleans area that could pick up slack from refineries impacted. By the way i do think that those refineries in beaumont, port arthur, lake charles, they will be offline a good three or four weeks with the category 4 storm. Stuart andy, were always intrigued how we come out of the pandemic lockdown. Not exactly getting back to normal, coming out of the lockdown, what can you tell me about increases of demand for gasoline, increased usage of gasoline . You said it was down 10 . Is it coming back rapidly . Well it is coming back, but i would say the rate of the comeback now is slowed down. We already saw from previously, earlier this year, gasoline demand was down 40 . Now it is down 10 . It kind of leveled off. The eia is quite optimistic next year that gasoline demand is only going to be down 1 compared to 2019. So that is looking good for oil demand but the big problem in the oil market is jet fuel demand is still very poor. Stuart all right. Andy lipow, thanks for jumping in for us this morning. We appreciate it. Thank you, andy. Were following all the action from the rnc. We have more of last nights greatest moments still to come with martha maccallum. She is on the show. Were getting a first look at netflixs new reality show, Million Dollar beach house . Is that the next, selling sunsets . Smash hit for netflix. We have one of the stars of the beach house show, the new show, right after this. Hey, can i. Hold on one second. Sure. Okay. Okay safe drivers save 40 guys guys check it out. Safe drivers save 40 safe drivers save 40 safe drivers save 40 thats safe drivers save 40 . It is, thats safe drivers save 40 . Hes right there. Its him hes here. Hes right here. Hi hi. Hey thats totally him. Its him thats totally the guy. Safe drivers do save 40 . Click or call for a quote today. 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Is this going to be, you look a lot like the selling sunset, another smash hit from netflix. Is there a similarity here . There is definitely a similarity because real estate is obviously very hot on television right now. So it is a different market but it is definitely similar because there are three peak markets in the United States, new york city, l. A. , and the hamptons. It definitely does have similarities but you know, l. A. And the hamptons are a little bit different stylewise. You will see a little bit, you know, differences in that, you know, nature. Stuart the whole story is, you guys, realtors, youre all realtors i think in these homes, competing to sell the home. That is the nature of the show, right . Yeah. I mean were walking through all the different transactions, all the different listings. Its a very competitive market because there is a lot of money on the line. So everybody is trying to grab as many transaction as they can, so you know, the end of the year. Every transaction is just the step closer to that goal. Stuart i guess the attraction is the competition between you guys, but it is also, these beautiful homes. That is what sold selling sunset. I guess it will also sell your show in the hamptons . Yes. I mean people always want to pull back the curtain. Not a lot of of people get to experience the hamptons to, get to see these expensive homes. This is the one opportunity, pulling back the curtain, getting to see what 40 million gets you in the hamptons, what 30 million gets you in the hamptons which is pretty exciting. Stuart do you get paid for this . Very minimal. It is more focused on growing the business itself and branding and taking the next step. Stuart i guess if you sell the home, get the commission, direct . Correct. I am in this in the transaction. It is all gravy, everything else. Everybody, just seeing my day in, day out. Stuart fill me in, do you debut today or was it last night . No. It came in this morning at like 4 00 a. M. It debuted. Pretty much today is when the premier is and everybodys watching and excited. I have already gotten, you know over 150 Text Messages just this morning. Everybody is tuning in. My clients, my friends, my family. Everybody has been so positive so far. Stuart welldone. My producer was asking me if i will bingewatch the new show. I have yet to reply to him. James, thanks for joining us on the show. Which appreciate it. Best of luck. I appreciate it. Thank you, guys. Stuart sure thing. From fancy homes, go to fancy cars. Porsche launching a shortterm lease program. Ashley, how much . Ashley lets get right to the meat of the story, stuart varney. For 1500 a month, you can drive a porsche mcan or go higher, to drive the 9 11 carrera. You can just one month or threemonth option. They have already got the program in place. Since 2017. This is a newer version. In the original program you could pick out any model. You could swap as many times as you want. As a result of this, porsche says it has 325 subscriptions. That doesnt seem like a whole lot but the whole point is not to make money. It is to expose people to a brand maybe they thought they could not afford by doing it on a shorter term basis. They say that 80 of the subscribers to this new program are new to porsche and about 10 of those subscriptions or whatever you want to call them, people, go on to buy an actual porsche. It is more about and braking, trying to get the name out there. Of course many of the people who subscribe are younger than the average, typical par that consumer. Porsche. Stuart i guess at my age im not the average typical porsche consumer. Ill tell you why. Ill tell you why. Porsches are very fast cars. At my age, you dont have the handeye coordination, speed to react. You dont have it at my age. Dont drive a fast car. Got that, everybody . Thanks, ash. Motorcycles, harleydavidson delaying the launch of its newest bike. Tell me why theyre doing this, lauren . Lauren theyre hit by the pandemic. They will not launch the bronx street fighter this year. In fact they might scrap it forever. This is smaller bike. Taking back seat to the pan america a new touring motorcycle. The bottom line, stock down a little bit, they have one new bike coming out instead of two. The worry a lack of new vehicles will push more dealers out of business. But with your age, stuart, do you have the handeye coordination for a motorcycle for balance. Stuart it is not handeye coordination. It is balance. I dont even ride a bicycle she is days. I dont think i could. But a bronx street. Lauren couldnt find one if you wanted to. Stuart youre right. Yes biden wants to raise taxes on anyone who makes more than 400,000 a year. He wants to repeal the trump tax cuts too. Well deal with that. New York City Restaurants may not reopen for Indoor Dining until next year. The city is a grave yard, no Tourists Office workers. How do you stay in business like that . Were on it. Its a thirteenhour flight, thats not a weekend trip. Fifteen minutes until we board. Oh yeah, we gotta take off. You downloaded the Td Ameritrade mobile app so you can quickly check the markets . Yeah, actually im taking one last look at my dashboard before we board. Excellent. And you have thinkorswim mobile so i can finish analyzing the risk on this position. You two are all set. Have a great flight. Thanks. Well see ya. Ah, theyre getting so smart. Choose the app that fits your investing style. vo elevate your senses. The audi a6. Get exceptional offers at your local audi dealer. Of course well be back. If folks the miss the theater, if they miss, you know, the Indoor Dining, those things will be back. They will be back next year at some point. That is overwhelmingly the case. Stuart whoop tee do, back to Indoor Dining maybe next year, sometime in new york city. The Restaurant Industry is absolutely livid about this. Eddie travers is with us, he is the owner of the iconic frances tavern in manhattan. Eddie, you are the oldest tavern in the city. If you cant do Indoor Dining until next year, will you have to close for good . Good morning, stuart. It is a definite possibility but were going to keep on fighting the good fight. Indoor dining were limited how we make revenue. How were going to pay landlords and how were going to keep our staff and jobs [inaudible]. Stuart what, youre representing the Restaurant Industry i guess to some degree this morning. What do restaurateurs feel about this . Honestly, everybody i speak to, i know a lot of restaurant owners, ive been speaking with them over the last six months, and everybody is really feeling the same thing. Were running on fumes and money is running out and revenues are not there. People are not there in the city. Everybody is just working to the end of october. And after that, i think, at least 50 to 60 of the businesses will fail straight away. Stuart extraordinary. [inaudible]. Stuart i dont understand it. I really dont. I have dont see why your restaurant and others like it cant open up and have at least 25 Indoor Dining. I just dont see why you cant do it. There is also, you got another problem. There is no tourists. Governor cuomo is maintaining travel restrictions for people coming into the city. I mean, everything is against you, isnt it . It is. It is driving us crazy. You go to long island, you go to westchester you can eat inside. Were asking that, tell us what the problem is. Well use [inaudible]. They have spoke about in the fact using masks. When it comes to covid, when it comes to Indoor Dining, there is no facts. There is just, openended, you can open next year. For us, that isnt the answer. The answer whether air quality, whether 50 into these restaurants, in fact, people are safer being in controlled environment in a restaurant than the air going to house parties. You know. Just makes no sense. Stuart makes no sense. But we feel for you. Eddie, we feel for you. I hate to see a business go down the tubes like this. It is just real bad news. I hope you can come back and see us again. I hope at some point i can go back to fraunces. Used to be a customer there. I loved it. I love to come back at some point. We wish you well, eddie travers. Thank you, stuart. Stuart sure thing. Coming up in our next hour, miamidade mayor carlos jimenez, they are reopening Indoor Dining. Perhaps he can give de blasio in new york city some advice. I would love to see that. You will also have my take on the ongoing violence in our cities. When are the democrats going to come out and condemn this chaos . Got a big show coming up, starting with White House Deputy press secretary brian morganstern. Martha maccallum is also here. The third hour of Varney Company is coming up next. We made usaa insurance for veterans like liz and mike. When their growing family meant growing expenses, our agents helped make saving on insurance easy usaa. What youre made of, were made for. Usaa hello, im michael youssef. Lately, we are hearing so many conflicting voices and i dont blame you if you are anxious and worried and troubled. But if i told you that theres only one voice that you can absolutely trust. After all, he wants nothing from you and wants to give you everything. Im talking about the lord jesus christ, who said, come unto me, all who are carrying heavy burdens and worry and anxiety. And i will give you rest. Hes the only one who can give you true rest and peace. Will you come to him . [female voice] are you waiting to find a trustworthy voice in the midst of the chaos of this world . Visit findingtruepeace. Com to find a voice that will never let you down. Again, thats findingtruepeace. Com. Now you can trade stocks and etfs for any amount you choose instead of buying by the share. All with no commissions. Stocks by the slice from fidelity. Get your slice today. Stuart 11 00 here on the east coast, and the markets are showing nice gains for the nas darks up 100 points. Same for the s p, up 11. Slight drop for the dow industrials. Nasdaq and s p is, they hit record highs right from the get go. Now look at this, microsoft and facebook. My goodness, me. Microsoft hit 220 a share moments ago, backed off a couple of cents. Facebook up 16, very close to 300 a share. Microsoft and facebook. Were keeping a close eye on laura, expected to strengthen to be a catastrophic cat four storm before slamming into the gulf coast. Thats within the next 24 hours. Half a Million People called to evacuate right now. Its a lifethreatening event, and weve got live coverage for you. Texas Governor Greg Abbott coming up and now this this is the america were waking up to this morning. The guns have come out in kenosha, wisconsin. Two people are dead. The unrest began after the Police Shooting of a black man. He remains paralyzed. In seattle last night, demonstrators set fire to a Police Precinct and tried to lock Police Officers inside. They kicked their way out. This is not new. After the killing of george floyd, peaceful protests are giving way to deadly violence, organized and, i believe, deliberate. In an election year, the violence brings politics with it. Democrats have a problem. The violence is happening mainly in democratrun cities. Why havent democrat a mayors stopped it . The president wants to use the National Guard. Middle america is looking at all of this and surely does not approve. Were also waking up to this, Political Violence in our everyday lives. Youre looking at black lives matter demonstrators invading a restaurant in washington, d. C. , demanding that customers raise their fists in support of the blm movement. Thats in your face confrontation. That has political implications too. New democrats or no democrat or republican wants to be confronted personally by, extremists. Nobody, except the extremists, can be happy at the extraordinary division this has opened up. The door is open for the democrats to condemn the violence, and the door is open for the president to stop it. Now lets get to the latest out of kenosha. As we told you, two people shot and killed. The manhunt for the person who did the shooting is underway. Meanwhile, overnight businesses, theyre reeling from the looting and all the damage thats been left behind. Grady trimble is there. So come on in, grady, what are Business Owners telling you right now . Reporter well, theyre certainly frustrated, stuart. This is now the third night, and this is the scene of that shooting, but its also the scene where rioters came and smashed up cars like these, they even burnt one behind me. And, you know, they think that more needs to be done to stop this from happening. The county board here in kenosha says the same thing. They sent a letter to Governor Tony Evers saying our county is under attack, our businesses are under attack, our local Law Enforcement agencies need Additional Support to help bring civility back to our community. Theyre asking for 1500 Additional National guardsmen to come here. Ive talked to several local Business Owners after the last couple of days. I think say the same thing, they want a bigger National Guard presence to stop this damage and destruction, and they also dont understand why theyre the target of these attacks. Listen. We heard the glass breaking from the building here, then we saw them smashing the cars, and then i heard my alarm going off where where i do access my store. Im still wondering what, what we did to deserve this. Reporter this, of course, the car i referenced, very ashy still this morning and i think even still smoldering. The county board in kenosha is calling for the governor to come here so he can see the damage firsthand and see how much there is in this community. Stu . Stuart grady, thanks very much, indeed. Right there in the middle of it. I want to bring in brian morgan stern, White House Deputy communications director. Straight to you, will the president respond directly to this at the Convention Today . Well, stuart, the president s not waiting for the convention to respond. Hes in contact, hes been in contact, the chief of staff, mark meadows, has been in contact with local officials there and with the governors office, and the president stands ready to send federal resources to help. In fact, the white house offered Additional National guard last night. The governor did not want to accept that. The president continues to looked at his options for executive action on how to restore law and order in the streets. People want safety, people want security, they do not want chaos, they do not want riots. And the people that your folks were interviewing demonstrate that very clearly. The president stands for law and order, he stands for safety in the streets, and he is ready to help. However, however the local authorities may need it. And he is looking at whatever his executive authorities may be to provide assistance the at the federal level. Stuart is this going to be a political issue with this election . Frankly, im going to answer the question and say, yes, it is. Im just waiting for the president to stake out a position on it. Well, hook, stuart, i think the president s been very clear that he stands for law and order and safety in our streets. The democrats seem rather silent or rather tolerant of this kind of violence and chaos and rioting. Its unacceptable, and the president has been very clear on this, he will continue to be very clear on in that he stands with people who want with peace in their streets, who want safety and security and the ability to conduct commerce, business and just go on with their everyday lives. People can have their opinions, theyre free to express those opinions. Violence is not an opinion. There is no First Amendment right to harm people and businesses and property. There is a First Amendment right to an opinion, not hurting people, not hurting peoples ability to do business and to conduct their daily lives. The president is on the side of law and order and safety. Stuart brian, im going to move on from that issue and talk about the election. Specifically, Hillary Clinton. Hold on for a second, hear what shes saying. Shes actually saying that joe biden should not concede on Election Night, period. Should not concede the election. Roll tape. Joe biden should not concede under any circumstances because i think this is going to drag out and eventually i do believe he will win if we dont give an inch. And if we are as focused and relentless as the other side is. Stuart really. Okay. Brian, do you want to respond to that . That seems to me like election chaos guaranteed. Yeah. When i first saw this reported, i thought it was an onion headline because Hillary Clinton, if i remember correctly, told us that questioning the outcome of an election was very dangerous to our democracy. What shes doing now is incredibly dangerous in sowing distrust in our electoral process, in our democracy, in the peaceful, you know, transition of power from the president s term into the next term. This is unacceptable, it is sowing doubt and division in our country, and its incredibly, outrageously hypocritical. Stuart just inevitable too. With all this mass mailin ballots, millions and millions of them, there are no clear rules on when theyre acceptable, what is valid, when you start counting, delay is guaranteed. Once you get delayed, challenges are guaranteed. Itll be a lawyers ooh festival with no results lawyers festival with no results probably until december. Thats the way i see it playing out. Look, stuart, we dont want that to happen, and thats why the president has been so vocal that absentee balloting where people are showing they are, in fact, a legal voter, that they want to vote absentee, those things with safeguards are appropriate. The president said this very clearly. Mailing ballots all over or the place to places where the vote or may have passed away, they may have moved, it may not be accurate records, everyone knows that there is a clear distinction, some in the media and on the democrat side, unfortunately, have been trying to blur that distinction. But the president is on the side of a safe and secure election with rules that we can all understand whereas the registered legal voter casting one vote. One man, one vote. These are simple principles that our democracy rests upon, and thats what the president wants. Stuart yep. Brian, thanks for joining us this morning. We appreciate you being here. Thank you, sir. Great to be with you, thank you. Stuart sure thing. Going to do a quick earnings check. Dicks sporting goods, online sales up almost 200 . Instore sales up almost 20 . Because people are getting outside. That suits Dicks Sporting Goods. The stock is soaring, nearly 15. How about express . Now, thats a fast fashion retailer. Biting the dust from the virus. Sales dropped about 30 , store chose yours did not help. The stock is down 6 back to 1. 06 a share. Show me the big techs, please. Amazon, facebook, google. [laughter] they all hit new highs earlier today. Susan, what look at this. Look at that. Amazons up 33, alphabet 8. Facebook is up 15. Thats right. Stuart whats driving this . And not a lot of news, by the way, driving facebooks stock, but it is closing in on 850 billion in market cap, and the reason were seeing these tech stocks rally is a lot of factors. Stimulus from global central banks, low inflation, low interest rateing the work from home trend and this group has made more than two and a half times in profits than other companies have over the past decade. So apple, amazon, microsoft if, facebook, google parent alphabet so dominant that they represent 25 of the s p 500, and thats something that we havent seen in 50 years. We have to go all the way back to 1978 when that last happened. That type of dominance, topheavy dominance concentrated in just a few names. Back then, giants were ubm, at t, gm, exxon. The dow, by the way, after a hundred years. Kodak. Also Cautionary Tales and show how the economy involves and so do market lead leaders. Iphone sales flat from march to june with at the height of covid where Global Smartphone sales were down from 20 . Samsung also report sales down during that time. Raising the target price on apple to 600 the street high. But i checked sales force this morning, its up 28 right now. 28 right now. Im going to steal a line from you, i missed someone. Stuart yeah, what a shame. [laughter] yeah. Stuart extraordinary stuff. Lets get to the virus. Moderna showing positive results in vaccine trials. Lauren, what more do we have on this . This is big because this is positive results for older americans, thats a key demographic. This was a small trial, only 20 people, but they were all over the age of 56. They were given modernas vaccine, and the results were very positive in building immunity with little side effects. So similar to their other trials of younger adults, there have been promising results. Modernas going to present this information later today when the market closes, but this is lending to optimism that an effective vaccine or or or for all age groups can hit the market later this year or early next year. And this one comes from Russias Deputy prime minister. They say 27 countries have shown interest in their vaccine but, guess what . They have two coronavirus vaccines. One, weve spoken about that, already been registered. And the other . Well, theyre expecting to complete trials next month and hopefully register vaccine number two in october. Stuart ive got a buck says that it will be an american or European Drug company that gets there first, not the russians. But thats just me. What do i know . [laughter] dont say anything, lauren, just say right there. Indoor dining may not return in new york city until next year. But miami is prepared to reopen Indoor Dining next week. Why is it safe for one major city but not for another . Ill tell you, how about politics . Thats the reason. Well discuss that coming up. The first lady, she Takes Center Stage at the rnc. Watch this. You have a president who will not stop fighting for you and your family. In fact, if you tell him it cannot be done, he just works harder. Stuart more on the nights biggest moments and how they stack up to the dnc right after this break. Im a verizon engineer, and im part of the Team Building the most powerful 5g experience for america. Its 5g ultra wideband, and its already available in parts of select cities. Like los angeles and in new york city. And its rolling out in cities around the country. With massive capacity, its like an eight lane highway compared to a two lane dirt road. 25x faster than todays 4g networks. In fact, its the fastest 5g in the world. From the network more people rely on. This is 5g built right. Only on verizon. If you tell him it cannot be done, he just works harder. President trump has put hid America First vision into action. It may not have made him popular in every foreign capital, but its worked. My father built a thriving economy once and, believe me, he will do it again. Every proud american who bleeds red, white and blue, my father will continue to fight for you. Stuart some of the standout moments from last nights rnc. Martha maccallum is with us, our anchor of the story on the Fox News Channel and anchor also of our election coverage. Martha, right from the top, ill tell you, i thought the standout, to me, was First Lady Melania Trump when she said how pleased she was to be in america as an immigrant. What was the highlight for you, can i ask you that . You know, i thought she gave a very strong speech. Its interesting, one of the strongest speeches at the dnc, i thought, came from jill biden who is very genuine, very sin seen when she spoke about why she supported her husband for president , and i think Melania Trump also did a very good job in terms of serving the role that she is in, to support the president , to humanize the president , to sort of counterbalance him. He has a lot of sharp edges. She spoke in a are grounded, very calming way to the nation last night, and i think a lot of people walked away from that speech each though theres always going to be quarters that criticize her no matter what she does, but the truth of the matter is she spoke firmly and supportively of her president , thats her role, and she also was a calming voice for the country about racial unrest, the coronavirus and also her own very inspiring story about being a young girl growing up in slovenia and having a dream of becoming an american citizen. She looked into the camera and thanked her mother and father for bringing her to the United States and allowing her to end in this incredible spot in the rose garden as first lady of the United States, institute. Stuart whats the big difference in the way, in coverage between dnc last week, rnc this week. Youve covered them both whats the difference in coverage . You know, i mean, i think you really see each side sort of firmly in their camps on the way that they look at this, you know . In many ways i long for the days when, you know, the American Public would kind of take in both of these experiences. You know, the jabs are out and sharp from the get go. I think that, you know, one of the things that i thought was interesting that Melania Trump sort of quietly pointed out last night was that she wasnt going to be throwing any of those jabs. Thats not what we saw in reverse. Michelle obama was very forceful in her attacks on the president. She has every right to do that, you know . Its a free country and she spoke to her mind, and thats perfectly fair in these environments. But i think we saw a little bit less of that and by choice from Melania Trump last night. So, you know, i think that a what weve seen last week and this week is the kind of environment that we live in, a very, very divided america, and both sides very dug into their corners and not afraid to i say so, stuart. Stuart youve got 7 Million People tuning in to fox news on the first night of the rnc. That is more people than watched the rnc first night on abc, nbc and cbs combined. Yeah. Stuart you did well. Thats a big number and, obviously, were glad, and we hope people stick with us throughout this process. I think all americans should watch the dnc and the rnc. These are unique opportunities to get a feel for i thought there were, in both cases, so many human stories that people can benefit from. I thought the john ponder story last night stuart yes, exactly. Was just so remarkable. It brought tears to my eyes, and i think all americans feel good when they watch Something Like that. Stuart it was just, you know, you must be working 24 hours a day, martha. We are. Stuart you are, i know you are. Are you ready to work the entire month of november . Because i dont think were going to get a result on Election Night or election month. No, i i know. Right after the election well take a little break. I think the calendars are full for some time after Election Night. Were not going to plan anything just yet. Stuart well, look, i think you do a great job. Thank you, stuart. Stuart ill be glued again tonight and, of course, we can watch you every weeknight at 7 00 on the story with martha maccallum. We appreciate you coming on. Its my pleasure if always, stuart. Great to be with you, thank you. Stuart thank you. Next lets go to iowa, battleground state. Trump won in a landslide in 2016, but the latest polls are pointing to a rather different story this time around. Garrett tenney is in davenport, iowa. What are the voters saying now . Reporter well, stu, weve spent the last few days in eastern iowa which has a lot of small, blue collar industrial towns. They have long been democratic strongholds. That changed in 2016 though when 31 counties flipped and voted for President Trump after twice voting for the obama biden ticket. A big reason for that is like a lot of Blue Collar Workers in the midwest, folks say they felt like theyve been forgotten, left behind and no one was listening to or looking out for them. They felt like President Trump did and he continues to fight for them which is why a lot of former democrats say they plan to vote for him again in november. Hes done a lot more small town people. You know, were the poor people. Were the poor white people that live in these small towns. But everythings been better since then, since he took over, you know . And not just for me, for everybody that i know. Reporter not everyone here is convinced the Trump Administration has actually made their hive ares better though. Lives better though. President trump is leading joe biden in the current real clear politics average, but it is less than 2 pointses in a state he won by 9. Democrats are feeling optimistic about winning two congressional seats in the midterm elections. Gop Officials Say they arent concerned because the prime ministers base and the silent president s base and the silent majority are more amped up for this election than they have seen in the past ten years. Stu . Stuart its just fascinating. What is it, 69 days to go till the vote. Garrett, see you again soon. Thank you. Im going to go through some stocks, individual stocks in the news. Ill start with roku. Look at it go. Citigroup just gave them a buy rating. They think its going to go to 180 per share. The stock is up 8 , 12 higher. Look at netflix. Piper jaffray surveyed a thousand streamers in america, found that netflix was far and away the most popular, 41 of streamers use it followed by amazon prime, 28 , disney plus, 17 . Netflix stock, big company like that, up 7 , 36 a share. All right, the hurricane happening, people told to evacuate now. Finish laura barreling towards the gulf coast. Watch this, please. Services, shops, store, food, you know, all that stuff. Its going to be shut down. So it doesnt make much sense to stay. Ive been through this hurricane or too many times. Stuart texas Governor Greg Abbott is going to join us in just a few minutes. First though, joe biden wants to raise taxes on high earners and businesses. How much damage will that do to the economy . Well be back. Introducing stocks by the slice from fidelity. Now you can trade stocks and etfs for any amount you choose instead of buying by the share. All with no commissions. Stocks by the slice from fidelity. Get your slice today. And a highly connected lexus vehicle at the golden opportunity sales event, lease the 2020 es 350 for 359 a month for 36 months. Experience amazing at your lexus dealer. Stuart how many times have i said this in the last few years, check big tech because its going straight up. Apples back above 500, amazon is up 43 a share, facebook is up 15, microsoft is up over 4 a share. Thats 2 . And alphabet is up a fraction of 1 , but its at 1600 a shower. This is a big a share. This is a big tech market going really wild on the upside. Lets change the story, shall we . Lets talk about joe biden. Hes yet to release a formal tax plan, but he says you make more than 400,000 a year, and you should pay your fair share. So roll the tape, please. Will you raise taxes . I will raise taxes for anybody making over 400,000. Let me tell you why im going to do it, its about time they start paying a father share of the responsibility we have a fair share. The very wealthy should pay a fair share. Corporations should pay a fair share. Stuart okay, lets bring in senior policy analyst at the tax foundation. Garrett, is that accurate that the only people making more than 400,000 a year will pay more in tax . The overall joe biden raising taxes on those earning over 400,000, it would have effects across the Income Distribution for many taxpayers beyond just the 400,000, the folks who are earning. The tax plan overall would harm Economic Growth and reduce aftertax income for Many Americans because it reduces the incentive to work and invest in the United States. And thats really important to think about right now because we are trying to recover from this crisis, from this economic recession that were in, and raising taxes does exactly the opposite in order to empower a robust recovery for all americans. Stuart okay. What do you think would be the impact of raising taxes on business and raising taxes on those making more than 400,000 a year, in fact, just raising taxes across the board. If he did it, if he did all of that, what happens to the economy, your opinion . We found that joe bidens tax plan would reduce economic output overall by about 1. 5 and would reduce taxpayers aftertax incomes by about 2 the. 5 . So thats hundreds if not thousands of dollars that folks are going to be losing out as a result of the tax increases, and thats because americas Business Climate and our economy isnt going to be as a attractive for investment in the United States. And again, its really important to think about how to make the tax code more progrowth, more competitive right now, not going in the opposite direction. Thats not what America Needs particularly in this cry is crisis. Stuart President Trump says he wants tax cuts that will improve the Economic Foundation of the United States. What tax cuts in particular do you think would help the economy most . One of the biggest items that should be explored and we havent heard enough from is looking at the expensing provisions that started in the tax cuts and jobs act and that are phasing out over the next couple of years. We find allowing firms to immediately deduct the cost of investments when they make them is one of the biggest progrowth things we can be doing. And so while rate cuts are also another option which we could be exploring and thinking about as part of a broader tax plan, doing that full, e penceing is going to be critical going out of the crisis. Stuart we hear you. Sir, welcome to the program and thanks for being with us. Thank you, sir. Thanks so much. Stuart sure thing. President trumps making a big announcement coming up today. That accurate, lauren . Whats do you know anything about this . It i certainly do, and you can call this Trump Administration putting its money where its mouth has been. Theyre committing a billion dollars over five years to set set up these i guess you can call them research institutes. Theres 12 of them. Theyre hubs for research and development in in emerging technologies. Think Artificial Intelligence as well as quantum computers. So the bottom line is it is a global race right now. We are finding new opportunities to use computers to solve problems, spur Economic Growth but also for National Security. So this is a big investment, and it comes over five years. Stuart okay, got it. Thanks very much, indeed, lauren. Staying on susan, waymo, testing autonomous heavyduty trucks. Where . Texas first, initially. Waymos owned by google parent alpha met alphabet, and they started testing the truck staffed by trained safety drivers. These drivers and trucks will be loaded with weight so they wont be carrying any goods or actual paying customers. Waymo is targeting the southwest shipping corridor, texas, new mexico, arizona and california. At least initially. Now, waymos not the only heavyduty autonomous truck play out there. You also have teaming up with ups and Berkshire Hathaway teaming up as well. And this is, i would say, a burgeoning, shall we say what would you call it, venture . Stuart sounds like it. Not just autonomous, fullydriving selftruck, but were talking about electric trucks as well. Have you seen how well nicola has done so far after its indirect listing . Stuart yes. The money pouring into electrics is astonishing. Helping drive us into the future. Stuart another one i missed. [laughter] thank you. Stop what youre doing and look at this. You are looking at hurricane laura barreling towards the coast, the gulf coast, that is. Thats a view from space. So you can see just how big this thing is. Currently, a category three storm is. Churning towards the gulf. May turn into a cat four storm. Its already forced thousands to evacuate. Weve got full coverage for you. Janice dean, meteorologist, shell bring us up to speed, and the governor of texas, greg abbott, hes on the show next. Come on in, were open. All we do is hand you the bag. Simple. Done. We adapt and we change. You know, you just figure it out. Weve just been finding a way to keep on pushing. Stuart our coverage of laura, going to janice dean, fox news senior meteorologist tracking the storm. What do we have . Whats the track look like, janice . Reporter the track has been very consistent. Its the intensity we are watching because now we are very close to having a category four storm. National Hurricane Center says that, yes, upon landfall, it looks like were going to have a category four storm. Parts of louisiana, unfortunately, are going to be dealing with catastrophic, lifethreatening damage. So 125 mileperhour sustained winds, 130 makes it a category four. Were not far off, 5 miles shy, and it looks like from the satellite presentation were almost there. You can see the outer bands already moving in towards louisiana and texas. Areas that were affected by hurricane rita 15 years ago will be affected again, and this is going to be a stronger storm. Storm surge, 1015 feet. We actually with this new update could have higher feet totals, so maybe close to 20 feet. That would be, you know, you cant survive that, unfortunately. So so thats why we have stronglyworded evacuations right now from local officials, and if you are, you know, if theyre telling you to evacuate, this is a big deal. This is going to be cause lifethreatening damage not only with the storm surge, but flooding, upwards of over a foot of rainfall. And then youve got those Hurricane Force winds in some cases 130, maybe 140 mileperhour along the coast. And that surge is going to come well inland by 30 miles. So areas that thought they were going to be in the clear might not be. So, again, the track has been very steady. Its the intensity forecast that has been difficult, and all eyes right now are on texas and louisiana, right at the border there where we are probably going to have a category four storm move inland overnight tonight, into tomorrow. Theres the rainfall totals. Water, water is what kills the most people, and that storm surge, if we get a 1520 foot storm surge, you cant survive that, you really isnt cant. And you really cant. Thats why we have to take this so seriously. Stuart well said, janice. A storm surge like that, that is something else, indeed. Yes. Stuart janice, youve got your work cut out for you. Thank you very much. Also with us now, jeff flock who is in port arthur, texas. Looks windy. You see what are you expecting where you are now . Reporter well, were right in the center of the cone, stuart, right where janice said, right on the border. We came over, you asked about the biggest refinery in the u. S. , thats the refeignly right there refinery right there behind us. Its shut down, you can still see theyre flaring gas off the top of it, they cant completely shut the crackers down, but skeleton staff. In addition to that, weve got water right here behind us. This town and this area of texas and louisiana surround by water. Half of its bayou, its all low lying, and so what janice said so articulately about youve got to take this seriously, i know theres a lot of news these days. Youve got the convention, youve got covid, oh, jeez, everything. Well, if it wasnt for all that, id tell you, people would be freaking out. The positive on this, i will say, we had a katrina situation in a Huge Population center. Most of the folks have gotten out of here, and this isnt a big Population Center to start with. Anybody here, hang on to your hat. Stuart yeah. Well said, jeff flock. Well be back to you throughout the day, and thats a fact. Joining us now, the governor of texas, greg abbott. Governor, thanks very much for being on the show this morning. My pleasure, stuart. Stuart sir, we just got this report from janice dean that the storms surge could be up to 20 feet, a wall of water 20 feet high coming in, maybe up to 30 miles inland. Can you get people evacuated, can you get them out in time . So, first, people need to comprehend what you just said because its almost unimaginable. Stuart yep. And its far more serious than what we saw, for example, in Hurricane Harvey which was a massive flooding event. This is a big wind event and a storm surge event. The area that you were just talking to and about, the port arthur area, will face the brunt of some of that storm surge. And so what the state of texas has done in collaboration with hoping officials is for several days now weve been going through the process of evacuating people from those regions. Many of the regions that youre talking about where the storm surge could occur are subject to mandatory evacuations, and weve been moving people across the entire state of texas over the past two days. Stuart, the most important thing i could convey to your audience listening from Southeast Texas right now is to be aware of the dangers of the storm. You have a few more hours to evacuate if you have not already done so. Please heed these warnings. Knowing now how serious this storm is and how it can cause you to lose your life if you do not get out of harms way very quickly. Stuart i hate to bring this up, but may i ask whos going to pay for all of this . Because the damage is clearly going to be very ebbs tense i have. Youve got extensive. Youve got a lot of experience of this kind of thing happening in texas. Who pays . So if youre talking about who pays in the aftermath, this is the way that the fema process and the federal Emergency Management process works. Know that weve been working with the head of fema, pete gaynor, who has acted more swiftly than ive ever experienced during my time as governor. Ive already issued several disaster dc la rations that have declarations that have already been approved by fema. Only after the storm comes ashore do we get into the disaster deck la a ration to deal with whats called public assistance and individual assistance. Public assistance pays for all the governmenttype buildings and roads, etc. Individual assistance will pay for the homes and things like that, the private property that is destroyed. And its really a mathematical calculation, but with a magnitude of this storm, it looks like the individual assistance grants for the people who will be losing their homes should be approved by the federal government. Stuart governor, youre dealing with, youre dealing with the aftermath of the virus to some degree, youre opening up your economy as the virus passes through. Does this storm interrupt this opening of the texas economy . Very very interestingly, stuart, this is our second hurricane during the covid. I bring that up because those areas at the time were the worst hit by to covid and in the weeks after that hurricane passed through there, the cases and hospitalizations went down. Finish not up. And one reason for that is because everyone had begun to practice all the safe standards of wearing a mask, distancing yourself from others, hand sanitizing, and my point is this if texas will continue to follow those very same practices, we will continue to drive down the covid cases in texas despite the fact this hurricane is coming through. Stuart governor, i cant tell you how appreciative we are of your spending a little time with us today on a very busy day for you. Thanks for joining us, sir. Much appreciated. Thank you, stuart. Take care, everybody, and be safe. Stuart lets move on to the financial impact. The storm is really affecting oil prices. What have we got on this, ash . Ashley yeah. Big question is the impact on the Oil Production and refining. It could cut crude production at a rate approaching the level of 2005s hurricanes katrina and rita by stopping oil refining at those big plants where jeff flock is right along the texas louisiana coast. Its an area that accounts for about 45 of the petroleum Refining Capacity, 17 of Oil Production. We do know that the 310 offshore drilling facilities have been evacuated and about 1. 5 million barrel per day of shutdown, of crude output will no longer be out there. That, by the way, is 84 of the gulf of mexicos offshore production. Thats near during katrina that number got to 90 . The only bright spot perhaps when it comes to gasoline prices, weve talked about this before, we may have enough supply elsewhere to keep those gas prices stable. Well have to see what this storm does. Clearly, its looking more and more grim as each hour goes by. But for now, we have seen Oil Prices Move up slightly, but well have to see what damage hurricane laura does. Stuart ash, you are right. You just heard janice dean there, a wall of water maybe 20 feet high, storm surge going maybe 30 miles inland. Thats grim, indeed, baby. That really is extraordinary. Lets change the subject. Next week miami will kick off the school year online, but students could be headed back to the classroom much earlier than expected. The miamidade mayor joins us next with the reason behind the change of plans. You doing okay . Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. I appreciate what makes each person unique. Thats why i like Liberty Mutual. They get that no two people are alike and customize your Car Insurance so you only pay for what you need. Almost done. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Everybody is really feeling thee thing, you know . Were running on fumes and money is running out. Revenues arent there. At least 5060 of businesses will fail straight away. Stuart that was the owner of new york citys oldest tavern. Hes speaking out as mayor bill de blasio says no Indoor Dining until new york city until next year. However, in miamidade county, florida, restaurants can reopen to Indoor Dining on monday of next week. Carlos jimenez, may of miamidade mayor of miamidade, joins us now. Whitecollar you open to Indoor Dining but new york city cant . I dont know why new york cant. I think their Positivity Rate below ours right now. We have a Positivity Rate of about 27 , maybe 4 or 5 weeks ago. Todays new number is is 7. 6 , weve had a drop of about 20 . Youve got to be reasonable, and you have to, you know, we our citizens know the things that they have to do. They have to keep their masks on both indoors and out, they have to wash their hands. So we know the measures that we have to take. We also have had very stringent enforcement here in miamidade county. So we feel that we can take this step, this next step to open up our economy a little more while also maintaining this downward trend in positivity and hospitalizations and use of ventilators and, ultimately, a decline in the death rate too. Stuart so just to be clear, the Positivity Rate is the number or proportion of people who are testing positive in virus tests. When it goes down, when that proportion goes down, thats a significant thats a sign that the virus is working its way through your community, thats it . Thats correct. And so a lot of people are hung up in the number of people that are positive. We know there are a heck of a lot more people positive than the official count of weve always known that. So we keep an eye on the Positivity Rate, we keep an eye on the hospitalization rate. We were at the high of about 2300 people in the hospital with covid19 here. Were now below 1,000 and were heading in the right direction. Same thing with ventilators and icu beds. We have plenty of capacity, and so its all heading in the right direction. Want to keep it low, continue to keep heading south with that because theres also experts that tell us that they expect some kind of a second wave to come in the latter part of the fall. Finish the more that we can keep this down, the less that wave will hit us stuart your honor, i just want to get this in, you were watching my interview with greg abbott, governor of texas, and i believe you have committed, if necessary, some relief teams out of miami to go to texas. Is that accurate . Yeah. We actually have two urban search ands rescue teams near miamidade county. Were one of the few counties that have those kind of resources. Obviously, were an epicenter for hurricanes here, and so were really well prepared. Were always willing, and were part of the federal system, were always willing to stuart well done, sir. When this hits us. Stuart your honor, im sorry, hard break coming up. Come and see us again, please, sir. We appreciate it. Absolutely. Stuart more varney after this. Change the plan or stay the course . Thats why Northern Trust is here. With specialized expertise. A history of success through every economic climate. 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What a day for those two. Neil, its yours. Neil stuart, thank you very, very much. I would not be surprised those in the Gulf Coast Region are not necessarily looking at their 401 k s or their financial statements. More concerned with life and death issues, barreling right down their back, hurricane laura, expected maybe to hit land, sometime late tonight, overnight as a category 4 hurricane. Hundreds of thousands in the region are already evacuating. Well talk to a top city mayor who started that process and where the process goes from there. Jets go to jeff flock following all the developments in port arthur, texas. Jeff. Reporter im glad, neil, that youre leading with this one