tv Varney Company FOX Business April 13, 2018 9:00am-12:00pm EDT
>> thank you mike, mike block ramp el outnumber today that's all for us. mr. varney take it away. j i shall do that dagen thank you very much indeed. how much money are they making? well, here come those profit reports. this is a big deal. your money yes your 401(k) is at stake. good friday morning everyone. the banks kick things off. they were held by tax cuts. diamond at jpmorgan says that bank is diagnose we all across the board. citi group and all out with rules they all look good. reports is these profit reports are really make or break for the overall stock market. and a day one is off to a solid start. that will help your 401(k). we also have a big reversal on trade. the president had withdrawn from the 11 nation asia pacific trade
agreement he thought it was a bad deal now in a tweet he wants back in to negotiate a better deal it than one president obama left him with that's something else that pleases the market. but investors are also waiting for promise action against syria. something is coming, what and when we don't know. as usual, we have a full show for you and who knows what will break in the next three hours. "varney & company" is about to begin. >> we are going up 28.5 minutes now 9:30 eastern time. dow is going to be up about 150 solid gain for if the s&p 500 up about 15. the nasdaq up about 30. stocks up this friday morning. as we told you smfts big banks kick off corporate profit season, at jpmorgan, city, wells fargo all of them got a boost
from the tax pc reporting profit not looking too bad in early going this morning. there's that shadow that's hanging over the stock market. the looming action against syria. no movement yet. joining us ferris fox news national security panelist well welcome back to the show you tell me. why the the delay? >> the delay is based on a series of consideration number one internal and all to come if we engage and russia position has impact. russians want to counter if we engage in any -- you know shooting or bombing inside syria. ly it is to choose which scenario the limited action scenario which will be identical or comparable to last year action against the chemical unit. a larger limited scenario which would be against whole entity in the syrian arm forces for
example, the air force or a different situation so now for syria altogether i don't think it is at the table right now. >> but what you expect what you expect is something big not something limited like last time around but something much bigger right? >> if anything goes, it's going to be logically speaking not information but just assumption between higher than what happened last years but lesser than an iraq size or afghan size operation so in between those two with limits. >> there's dangers here, obviously. number one being -- this could translate into a wider war in the mideast. what's the risk of that? >> there is a risk and risk is really not the intentions of both sides. i mean, even doing cold war you remember moscow and washington we're very keen and that red line the trch line between two leadership and it is unthink thabl two powers or nuclear powers go against each other not
feasible. below that it is basically what is -- permissible and for example united states is going to be striking at ally of russia. and russia will strike back at allies of the united states -- so this is domino affect and never want to hurt this morning and russian said any area directly protected by russia and syria this is a message they will counter to counter our missiles. and that force, they could be subject to casualties and fatalities surely. >> iranians in any estimate and shown us those signs and signals before and eager engage in united states and ally they are on offensive russias are kind of on aive protecting their base and but there's a chance there's a possibility that iranians will be ones to reach a year and not russians and not just in syria syria --
and as they start to settle missiles into arabia into those areas that would the reasons that we know. >> free sicely that because we have the price of oil and a three-year high because of what you're talking about. well thanks for joining us. wait to see what action transpires and when. willy ferris thanks very much sure. appreciate it. back to that market when we open just a few minutes time we'll be up and gaining some ground now dow will be up about 160. profit season has kicked off the big banks some of them reporting this morning. so far, so good. market watcher ben phillips is with us this morning. you expect now let's talk short-term because we have profit reports going on stream. short-term you expect another leg up for stocks? >> iption. we're excited about the prospects from tax reform starting to actually be reported in earnings right. we've only seen guidance come out of these companies this is first quarter result that
they're looking at and this is first quarter when we've actually had and on the wall and so we're excited about that. so we saw guidance around february and year end frame and see it coming through numbers -- all of our viewers -- and expecting these really good profits. now is that baked into the market already? and do we have to get even better profits to make the market go up? what should average viewer do? >> well i think it is somewhat baked in but i think there's still room so we track you know hundreds of companies that are going to benefit from tax reform. and we look at, you know, say less than half of them have seen that real appreciation post tax reform. so we think there was some optimism in tax reform to pass and saw stocks rise but now i think once you start seeing companies report stronger earnings say wait a minute this is a permanent earnings tail wind that's when people get excited about these stocks. smtion that's interesting because some groups of companies and some industries that have
tax cuts in place that their stock has not reacted to it. >> there's still a number. chghts i would say it's 40 to 50% of the stocks that we track that are biggest beneficiary of tax reform hasn't seen the full benefit in our opinion. >> which group of company industry do you think gets the big boost from tax reform? >> some that are going to benefit a lot actually if so you know i think those are are some that we're holding the u.s. focus companies that are are high taxpayer there's a lot across industries have been paying 35% tax rate that's going to 21%. >> so huge savings. retail ors they used to pay well over 30%. and hit harder than almost anybody. so what's happening to their stock? >> so problem with retrailers is they import from china and things going on there that from the trade side but also tample i-taxtax reform saverrings but y produce all of their goods in the united states.
plus a better position to exfort from the u.s. so that's are really good story that we with like. >> you have answered questions that viewers always ask is that is are with in for a short-term boost you say yes. you said it on tape watch out -- thanks we appreciate it. >> thanks very having me you may regret it i thought of zillow as online real estate broker that's what they are. now zillow intends to buy and flip homes. why are they going into the ownership business? >> seem like a natural fit with inventory so buy, flip, and buy renovate in vegas and phoenix, they aim to do it within 90 day but stock is down dray dramaticy why because it is cash deal that's going to burn through potentially 75% of its cash on a bounce sheet means they have to borrow and use balance sheets and they have to go into the secondary and into the bond
market to borrow to do this venture and market is not liking that. because it put it under water. >> i wonder why they would do that knowing they must have known that the stock would take a hit. i mean, you would have thought. >> dramatic change to business. we have to say, though, that stock is up nearly a third year to date so far. so maybe the time to do it. >> a good app but they believe make good money. part of the get rid of the veals agents. >> exactly so realtors won't be happen. but they're shorting the stock -- who knows back to the market opens in 20 minutes time it will be up no preponderance now about 150 points so pretty stable at that. check this one out please -- you're with looking at a camouflaged prototype of the brand new presidential limo the code name for it is the beast. it's a fully armored cat lack that can protect president against explosions even a
chemical weapon attack and more on the beast later in the show. >> that's not the final color. >> the the beast -- [laughter] hey you know it feels like spring here in new york. however, hold on, hold on. the warm weather isn't all good news. >> why? >> that was good. doctors are warning about an explosion an explosive allergy season. yeah it's here. it's real. doc siegel on that one a big policy shift from the president he now says that he's open to getting back into the transpacific trade partnership. claudia, republican she represents an industrial district upstate is new york, she's going to be with us -- does she want to get back into a trade deal that the president originally bashed? we will be back. nah. not gonna happen.
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58 bucks share starbucks. new york state spend millions to try to keep young people on long island from joining ms13 tell me it be. >> it's a very, very violent gang that's, you know, creating havoc in certain parts of the united states and here in the local new york area long island has been particularly urd the ms13 gang so new york is kick manager 18.5 million and where does that money go? well after school programs, job training, social service programs, what's interesting when you dig dun a bit stew where are recruits coming from? they target them immigrants young immigrants often come to long island and stay with relatives -- and what happens is they often don't know the relatives that well they don't speak language and easy pray for these gangs they look for them recruit them and that's how it all come about. >> young teens across border up to new york. >> come from past condition and relatives they don't mow if a foreign country so susceptible
to gang mentality and this ms-13 gang debating whether to say this but motto is kill, rape, control. >> okay. very violent nasty and -- >>i think you said it all. president trump tweeting on trade -- here it is. would only join tpp if the el doo was substantially better than the deal offer ad to president obama. we already have bilateral deals and working to make a deal with the biggest of those nations, japan -- who has hit us hard on trade for years. congresswoman claudia republican from upstate is new york joins us now. congressman, you've got a fairly industrial area in upstate new york. how do you feel about maybe getting back into this trade deal? would it help your constituents? >> first of all we had a very industrial area which we lost a lot of industrial jobs and like to bring them back and owner of a small manufacturing facility in upstate knock that's been there since 1946. so for us bringing jobs back
especially in manufacturing is key. i was opposed initially to tpp because i didn't like the way it was negotiated it was 11 party deal with pac rim companies and countries -- and many people said oh well china is not many it deliberately but truth was the way that president obama negotiated tpp is that china would have come in on a docking agreement even if we weren't part of it so i think what president trump is trying to do through his new economic advisor, obviously, larry kudlow who recently had an opportunity to meet with we're looking at free trade but fair trade and president likes to use word reciprocal so it is beneficial to upstate new york and american workers particularly our dairy farmers who want to make sure they're not getting -- the short end of the stick here. >> it's a constant round of negotiations -- and pretty sure that's what larry kudlow would have told you. you open with this position you negotiate. then move to that position and negotiate.
and switching around is nothing to get worried about. is that what he told you. >> he said hang tight the president is in heart a free trader buts a fair trader so am i. and i would like to make sure but don't hurt manufacturing jobs had in new york and whatever we might do with renegotiating tpp is increase the advantage for american workers and for my district and upstate new york. >> have you -- the manufacturing district in your -- constituency has it it been helped a lot by tax cuts? >> yes. very much so. the tax cuts have been huge help to our lower and middle income taxpayers seen a huge literally money put back in their pocket going arranged district meeting with all types of businesses small medium and large who have benefited i did a floor speech highlighting some of those businesses across all sectors all size larger business you know big businesses that wered toed new york state not technically in my business but
corning for example plans on bringing back jobs to upstate maybe not upstate to new york but hoping to bring it back to upstate new york. our biggest problem in new york state is aggress i-ly unfriendly business climate that we have coming from albany. we have a site that tax reform has been a huge help across all sectors and my district and upstate new york. >> claudia -- as always thanks for joining us. come to new york city occasionally -- [laughter] okay. thanks we'll see you soon. all right check the market tben -- same story as we were five, ten minutes ago we're up 150 on the dow. now we are starting to get some excerpts from the comey book from what we're seeing so far tabloid style gossip i didn't see that much substance frankly i don't like it. more varney after this. insurance that won't replace the full value of your new car?
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>> trade is in the news we quote out trade and boeing to start with with america largest exporter up a buck about a buck 50 as of now with this positive news on trade. caterpillar a buck 25 with positive news maybe -- on trade. now we have james memoir this is store shelves next tuesday i have a couple of excerpts here we go. but when the president sits on a
throne protected by a large wooden obstacle as trump routinely did in my interactions with him formality of the oval office is magnified and chances of getting full truth plummet. well trump is firing back with two scathing morning tweets today. james comey proven lyric and liar fired for terrible job he did until he was, in fact, fired he leaked classified information for which he should be prosecuted and untruthful slime ball who was as time has proven a terrible director of the fbi. his handling of the crooked hipght case and presidents event surrounding it will go down as one of the worst botch jobs of history it was my great honor to fire james comey. well a lot to go at this morning. we have to add -- >> the book is full of nasty hits that donald trump -- that shorter than i expect
because comey is very tall. 6'8" because trump smaller than i expected with a tie that's way too long but what was interesting is his likening or analogy of the call for loyalty hex was much like days when i was a prosecutor against the mob. he said that demand came across like sammy induction ceremony. but even more interesting and a i think outrageous he said -- that this is according to the associated press in the book he believes that everybody in investigative team including himself says there was no prosecutorrable cases against hillary clinton and that the fbi didn't find that she lied under questioning. think about that. what we know about what she did. highly classified material on a home based computer. that was open to anyone who could -- >> gone to frizz for -- it and prison for doing that. now what -- read some of the excerpts lizzy what about loretta lynch. >> it says they're, quote, unverify material, material that would undoubtedly used by
political opponents to cast serious doubt on loretta lynch independent so he doesn't see what that information is so he raises it, says it is unverified but throws loretta lynch under bus and can't defend herself and then verify it. i don't understand judgment calls and why bring it up? your book? >> you're saying that her investigation of hillary e mail was biased but he doesn't say why he is saying that. >> yeah. he says that there's a material that it won't be plained to cast doubt on loretta lynch independence and fact of the fbi investigation but doesn't say what it is so why bring it up and unverified material. there's a credibility not reading this book. i don't like it and read it and move on. thank you opening the market in five minutes time. we will be up about 150 points upon the dow industrials. nice gain for the s&p 500 nice gain for the nasdaq, we're going to be around let me see now what
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friday morning expecting gain on the dow industrials of over 100 point in the solid gain for the dak too an upside move in five seconds time. and tap dancing as we approach out 30 and bang we are there. out 30 it is ladies and gentlemen off and running a enwe're up 109 in the very early going make that 125. 24,600 is where we are up 134,3, 246 that's the number of all of the stocks that have opened among dow 30 every single one of them that has hoped is up. right now we've got 27 up. three not open yet. 27 up, all of them on upside and
dow is up 140 points that is a half percentage point gain. where's the s&p this friday morning? pretty much the same up a half percentage point 14 points higher now nasdaq where's that? it's up almost exactly the same up a half percentage point so gain spread equally across board this morning up about half a percent. now let me see the big banks because they reported profits this morning -- their reaction to some pretty good numbers from the big guys jpmorgan, city, and first republic and yeah they came out very nicely this morning republic as well they're up. rest of them not that much change xepght for pnc financial which is down but kicked off earning season not bad. now look at this, the big tech companies -- facebook up -- amazon up. apple up. alphabet up. microsoft yeah, baby, 94 dollars share. good stuff is. happy days. i do own microsoft stock that's my deal. ashley webster is elizabeth mcdonald jonathon, and jeff seeger jonathon to you first sit still for heavens sake we have to keep rearrange aing cram for you you're so active now look --
praise be with with you. welcome back. [laughter] these profit reports -- they better be good because if they're not, this market sells off. what say you? >> and so farther good and stuart to your point so far market seems to be reacting quite well. i wish i could be more enthusiastic keep in mind it wasn't a few weeks ago on temper tan tomb or tariffs that this market was selling off with no bottom in sight so i'm not a hater but i have to tell you i don't trust this rally none of the tech stocks which have led market prior prier to facebook apple to amazon as you said. and neither none of them at new 50 and, in fact, average stock is about 20% from its 52 week high so although i wish i was participating in this rally update trust it given the economic system right now. >> okay wengz you and you make good sense there. all right look at amazon -- first, the president accuses it of getting free ride. now, the president wants evaluation of the postal service is finances because they do
business with amazon. jeff seeger you're an amazon kind of guy i know you invest in property around amazon in places do you think this usps checkup will go anywhere? >> no, and see, i would imagine that president trump has a dark with jeff bezos somewhere in the white house, this is a gripe that -- president trump has had since, since he came into office does not like jeff bezos. but here's the bottom line with the post office, the post office made a very bad deal. and the post office has a history of making off deals they don't make money. they're a very dysfunctional unit and now, finally trump is going to -- president trump is going to look at it and he's going to see that maybe amazon can maybe the post office can make money on amazon because amazon has been very, very good for consumers and that's what president trump has got to realize the prices on
amazon because of their status because of the competition on amazon make product very inexensive >> what do you have to say? >> if he wanted to pox the post office and take burden off tax service been done all over europe and not unusual at all but, of course, can it exactliesome it couldn't be used as a political weapon then, and i thinks that's exactly what yes, i have is alluding to fact that president is using government to herd a public company because of that ceo privately owned newspaper coverage that should be chilling for every american. >>s that bad, i agree with you. we shouldn't be , you know, attacking -- the private ownership of washington post but jeff and -- jonathon make good point about the problems, is that the post office, it is insol vengt and bars 15 ball year from financial financing bank at the treasury dpght and has union cost. high, people work --
for little hours but to work from home. >> but to do so you would require a vote in congress. >> that's right and from a rural stwengt city or anyone representing for older people who like the post office, it's a nonstarter. >> it will not change. crippling health opinion benefits and unions -- >> here's somethings that really change and surprise me -- zillow okay you think of a state brokerage a service and very good at it they're an app. well zillow will buy is this right to buy and flip actual homes. j by renovate and flip homes in phoenix and las vegas, and jeff real estate expert pointed out these are not good majority markets there's a lot of rentals in in and not a lot of buyers in there and need cash because stock is down in other words they have to borrow both to bolt an balance sheet up to a quarter billion dollars to buy homes in
the area and flip them maybe 1,000 homes by end of the year for zillow. >> all right. also one thing zillow has is liz mentioned they have excellent analytics those analytics are going to benefit them in this process. but the problem is yes, they're in the sand states they're in arizona and they're in las vegas. and right now the -- the states which i use that term -- we've got a lot of viewers -- this housing market in those two states is not good. and the demographics as we see it -- they're a lot more rent us out there than buyers. >> jonathan that's why this is a really positive thing. it might not work for zillow but you have respect them bringing liquidity to be buyers for people who wngt be able to sell their homes. this is -- a good thing and a profitable thing as well. >> we're six minutes in holding a triple digit gain just just about 110 points now. just slipped below 246.
look at the a price of oil another three-year high 67 dollars high. the going on in the middle east push oil prices up declining output in venezuela watch out i think we're going to get $3 gas by the end of the summer and not surprise me. price of gold this morning virtually unchanged up a buck 1443 and bitcoin earlier this morning look at that. it's back above 8 billion and i don't know why you're laughing. >> couple of theories people were selling out of bitcoin to get dollars pay tax before april the 17th. that selloff has gone so money coming back in, also a theory that russia and chinese money will go into bitcoin with threat of tariffs could be a combination of both. >> 8,100 very clear. if on bitcoin how about interest rates key barometer for rates
which is yield is 2.84%. do you remember the market went into a advertisey -- in early february because we got to 2.9 i think it was -- yes. big selloff and now we're back to 283 and nothing is happening. netflix how about this -- upgraded by buckingham research not familiar with that company. but it is good enough to put netflix at 315. espn launches its new streaming app. what you going to say? >> 499 this launch yesterday you get most of espn content with one very big exception you don't get the majority of the live sports that's shown on television. you still have to have a cable subscription to get that. >> okay. disney at 101 dollars per share. what do you say jeff? >> well first thing that cools to mind is what took espn so long? they've been reeling from the fact that they went from a sports network to a sports/political network that hurt them immensely.
now they're finally getting into streaming. i think disney is brilliant in a lot of ways but they really have to take control of the espn. because espn is still the leader. but you have a lot of other networks picking up steam and taking market share. >> and that's what's so beautiful stuart about a free market. earlier we saw mark zuckerberg questioning is facebook a media company let's hope because they're giving people like espn a really run for their money. and that's competition there are no monopolists in a free market everyone mighty espn has struggle to keep up with all of the competition. >> competition that is a wonderful thing. all right we have another headache for tesla. workers sum claim racial bias and abuse that a factory in california. >> hot bed of racism that's the accusation by african-american workers that-free mongt factory in california here's the problem for tesla. these workers do not have to go through arbitration which tesla workers usually have to
go through arbitration before they file lawsuits they went ahead to file a lawsuit why, they're sub contractors they're just they have to come in to work. and they're not employees. so that's -- that's a danger for tesla right here. they've got class action lawsuits alleging racism right now and jengd bias. >> jonathan you run money you manage money. would you put money into tesla at 300 a share. the fact this story about you know racial discrimination is a terrible story i don't know indig tv or impact fling on pot company but big part of tesla is you know has been built on very notion of government large of government subsidies we have if the president wanted to save money let's keep going with getting rid of great energy subsidies and that stock weakness is exactly that. elon musk made fun of the shorts a couple of months ago i think they might be making fun of him the stock goes lower. >> all right jonathon please
remember impactful is not a word last word to jeff seeger and tesla. tesla is well on their way -- to becoming dumpster fire i've said it for years on the, on the show. but the reality of it is, this racial bias discrimination allegation -- the fact that they can't produce cars, the fact that they've had these recalls, just leads me to believe that the day of tesla being the sham that they are are coming to a close. >> okay. we've had considerable impacts thus far. on this program on this friday morning. impactful that is not impactful we have to say good-bye to jonathon and impactful as he is and off to jeff seeger as well gentleman thank you very much indeed all good stuff. back to a triple digit gain we dip below the 100 point gain now we're up 121 at 24,600. über's ceo justifying the deadly
self-driving crash in arizona by climbings that his fleet of cars are just student drivers. more on that coming up. not quite sure how that works. wait the world is waiting to see what action president trump takings on syria -- one of the presidents former national advisors says full blown regime change is probably not going to happen. high school make his case after this.
the new price? >> the new price is a significant difference lowering the price 100 from 180 this is for the ring doorbell. this goes into their smart home everything for amazon o.c. everybody is familiar with alexa and echo product that so many of us have in our home and wound per you're listening to other conversations but there's a monthly fee if you want to go back to videotape, and someone rang your doorbell to go last tuesday there would be additional monthly fee but like what they did with whole foods they bought whole foods and then reduce prices of avocado and banana and ground beef now they just bought this ring for more than a billion dollars and now get it for cheaper price. >> there you go that amazon i tell you what. thanks very much nicole -- [laughter] now then let's straighten something out here. i want to know what exactly über's new ceo is saying about
that fatal crash involving an autonomist driving car. >> in arizona where a pedestrian was killed admitting that cars are still learning that it is early stage it is that they're like high school student drivers. and that they are not perfect. that this is ramping up very rapidly. there will be mistakes made but that ultimately robot cars safer than human drivers. >> that straightens it out. 94% of crashes are caused by human roar so they say carries will eventually bring that number one day. >> good story now we're wait for president response to syria. so come on in former trump and bush senior advisor christian whiten do you think that the president will attempt regime change and -- kill assad? >> definitely not. i think you know before assad most recent use of exception allegedly trump was already of the mind and accomplished of the mission we're supposed to be
doing in theory had is to kill isis. going after assad trying to manage the outcome of the syrian civil war gone on for seven years, that's a much bigger dole and huge distraction. >> why the delay? i think the president said i think it was monday of this week he said look 24 to 48 hours you have our response. well, there's a lot longer than that why the delay? >> i think they're trying to build a coalition and i think it is going pretty well in particular, with through yesterday you have british prime minister theresa may commit and support from cab threat to participate in some sort of action they haven't described exactly what it will be. also the french will probably be involved so it will be more than just a few tomahawk missiles off a eastern ship. >> that's what we have last time around. i don't know how it was. was it 94 or 68 i can't remember. but do you think it is beginning to be much more than that. a much wider broader scope of attack. right? >> there's a debate in the administration over how big it should be and i don't think the
president has decided yet. mattis has argued that we have to be careful and there's sort of an argument if you actually go after assad big time if you degrade his forces you would potentially just prolong this war not necessarily advance the forces you know there aren't a lot of good guys in there. so i think it will be more. i think it will be focused on degrading assad able to use chemical weapons but i don't think it is going to be particularly massive. >> okay. if he did that, if he was degrading his chemical weapons attack system whatever you want to call it. that would not e keep us in syria we could still leave as the president want it is to. right? >> exactly. i think you know we have special forces who are assisting sorts of you know again, there's supposed good guys on ground there i'm sure there are some but ability to identify and promote people has has been demonstrated repeatedly in the middle east is pretty limited. >> what do you think to get any warning that something is whatting and something is coming because i want to know when it is going to happen is it going to happen during market hours? frankly that is my interest.
[laughter] >> that is very hard to spot. you know in the united states that was self-aircraft and brits and a french as well we tend to have advantage at night. you know, i don't think they'll let it go on too long and i think the argument only reason for delay i think is to make a better case to world what assad is specifically culpable to present evidence that he used chemical weapons and chemical weapons there's another meeting at the u.n. security meeting today called by russians distinctly so, obviously, administration doesn't share plans with outsiders but i would say before too long perhaps this weekend. >> perhaps this weekend. okay. i think that's good stuff. elevator thanks for joining us sir. back to that market. we're still up but nots a much as we were. we've got 26 of the dow 30. so i make that 25 on the upside. and the dow is gain has been cut to 88 points. 24,562. bad news for anyone who suffers through this allergy season. researchers saying it is beginning to be a rough ride.
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there's a pollen bomb coming fox news medical correspondent dr. marc siegel is here i'll plunge right into this. if i've got an allergy i'm feeling allergy here it comes, i want a fix, it has gig to work. it's going to be cheap and it has to be over the counter i want to walk into that store buy, go home, use it and i'm fixed. what do you got for me? >> i can -- i want you to stay ahead of the curve don't wait million it overwhelms you million you're sneeze and running nose and you think it is a cold or flu and right now it is allergies it is already hugely peeked in the south atlanta is getting killed and come up here to the northeast where we are seeing a lot of tree pollen easer over this weekend 70 degrees hear >> you do answer to your question get those nasal sprays in advance of when you start to feel this. over the counter nasal spray. steroid nasal sprays i like
antihistamines also like accident zyrtec now you have to take them at might so they don't make you sluggish but use one at night and i like the nasal sprays. those should work. >> so we should go arranged sticking stuff up our nose out of cvs and we should do it now even though you have no symptom what is so far. >> not everyone it is genetic too. i heard somewhere someone on the qt told me varnny does not suffer from allergies but other people do. my family does. my family gets killed i already have them on the nasal spray. >> but i don't need to do this and i don't get to get the nasal spray because i don't get these allergies -- >> you don't but others i don't them tracking them into their house take your shoe and frequent showers and get your air-conditioning running early this is a way to keep it from overwhelming group >> have you seen some really serious cases of allergies where people are really incapacitated? >> you can't get that back. >> there's something called oral
allergy syndrome that means when seasonal allergy hits that's when food allergies hit they're both combined so your food allergies can get worse. so you can eat a strawberry you're allergic to strawberry to get a much worse reaction now and you know why all of this is happening because back when we were kids they didn't give antibiotics now we're overwhelming people with with antibiotics and not letting them play in the dirt it and immune systems are screwed up they don't react right. they see a little rag woed and tree pollen wham you get this reaction. allergies are on the rise because we always overtreated people as doctors. a virus alone leave a virus alone. >> i have to move are you killing me here. thank you very much indeed. >> no allergies but ashley does. >> i do. suffers i see you starting to -- >> nasal spray. we are starting to get early excess from combmy book. get that out lots of personal attacks. literally character assassination of our president, the trump hate reverse going to
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♪ you're not gonna say it are you? >> the comay book officially appears april 17th but advance copies have been reviewed by several media outlets. the trump haters will relish the personal attacks scattered throughout the pages. should the man who used to run america's premier law-enforcement agency write a book like this? i don't think so. i didn't enjoy reading his description as a deeply flawed person and leader. a man whose leadership wrecked the fbi is on dangerous ground saying that. he said he was untethered to the truth and lies about all things. i didn't need to know that james comey believes the
president wears his tie too long or that he has bright white half moons under his eyes allegedly from wearing tanning goggles and the ultimate insult, he compares mr. trump to a mafia boss. this character assassination will be spilled all over the media this weekend. the trump haters can't get enough of it. they will wallow in his mud. here's what you won't see much of. james comey's questioning of loretta lynch e-mails of hillary's case. should the former director of the fbi write a tell-all book like this? i don't think so. the second hour of "varney and company" is about to begin.
>> the university of michigan's consumer sentiment. >> not as good as one would've helped for. the estimate was for 100.5 and it came in at 97.8. lower income people surveyed were more optimistic than the higher income. that's an interesting trend. i would still say it's strong. >> no impact on the market. we are up but not that much. the big tech names have not reported profits but they will within the next two weeks. this morning all of them are up except microsoft which is pulling back by 20 cents. we did get bank earnings this morning.
generally speaking they are solid. some have moved to they're down side. ge is one of the biggest gainers in the dow. they were trying to turn themselves around by spinoffs, public offerings for spinoffs. it's up to half percent. joining us now is white house legislative affairs director. welcome to the program. i will get to trade in all the rest of it in a moment but i have to ask you about james comey's book. a series of personal attacks. i have to ask you, how are you responding to this. >> i think the president's tweet speaks for itself. there's a lot of democrats calling for his firing so the president fired him and then
they decided they liked him. we had an fbi director that leaked more to the press and concerned about his own image. i'm sure the media will be fascinated with him but this administration is focused on their agenda. >> on a touch about the nomination of mike pompeo. senator rand paul says he won't vote to confirm him. some democrats are skeptical. are you still confident, very, very confident that he becomes the next secretary of state. >> yes we are. mike pompeo graduated number one in his class at west point. he graduated from harvard law school with honors and he's been an integral part of this administration. he's rebuilt a row and it's
exactly what the state department needs. there's a lot of state department employees and diplomats anxious for him to be there. unfortunately politics often gets in the way of somebody who is incredibly credentialed but we are very confident he will be confirmed. >> for the benefit of our viewers, i just want to run through the tweet on possibly rejoining tpp. here's what he said. we will only join if the deal was substantially better than the deal offered to president obama. we already have bilateral deals with six of the 11 nations and we are working to make a deal with japan. this is quite a reversal. is this more and less negotiating that he does on trade. >> he pulled out a tpp in the first couple days of the administration because he thought it was a bad deal. he still think it was a bad deal. in many cases it was unfair because other nations were not provided the same access to our markets as they were dictating we had to under tpp. he is saying some of the trade
conversations with china is impacting commodity prices. we want the ability to export more markets and he's willing to entertain a conversation but it would have to be a very different deal. i don't think that's different than what he said yesterday to have a different look. that's as far as he went. i think it's important to note that the exciting announcement about opening new markets in argentina is big news. it shows he continues to advocate for policy that allow american producers, farmers and companies to have exposures to more markets. >> you just got this deal with argentina on exporting american pork. that's a bilateral deal. that's precisely the kind of deal that the president wants more of, isn't it. >> absolutely. first time since 1992 that we have that market open to american pork products.
the president has always that i can negotiate better deals for the american people in bilateral negotiations opposed to multinational negotiations but that was one of the concerns. he's allowed them to take another look and we will see where they go. >> he doesn't really want to go back into it does he. >> there are a lot of concerns but it depends on if it can be renegotiated. >> it would take a vast renegotiation to satisfy him. >> i think we've already seem vast renegotiations in the past 15 months producing and see china willing to open up their market to american automobiles. i won't undercut the president's ability to have significant negotiations. >> what about nafta where the progress is being made on a brand-new nafta. has that been erratically renegotiated. >> hopefully we will have some news in the coming weeks on that everything we hear is positive as far as how the deal is improving for americans. >> mike short, thank you for
joining us. >> thanks for having. >> president trump's decision that he may revisit tpp could throw some farm states for a loop. i'm not sure how this works for joining us now is wisconsin congressman sean duffy. your state, your farming and you manufacturing. what do you think about the possibility of rejoining tpp. would you be in favor of that. >> listen. you and i both know trade is good for economies. if we can cut a good trade deal, that's wonderful. a bad trade deal are still bad for our economy. i think this is donald trump, can he navigate a better deal for the american worker in a tpp structure. if so let's get in. >> it would have to be a really radical transformation of the asia-pacific deal. for us to go back into something that we previously rejected, it's got to be a
completely new deal. >> it has to be better. it does have to be better. again, we have some who believe we should trade deals at all cost even if it doesn't benefit us the benefits the countries that we cut the deal with. that's not president trump's philosophy. by the way, this is, his trade comments made by the president has been tough on our district. we make the most cranberries in america in my district. we grow the most cranberries. this is really challenging for ag industry. i think if we can get better trade deals with mexico and canada but also with china that's better for manufacturing and our agriculture industry. >> we've been saying for the past couple days that with paul ryan announcing his retirement that you're going to have a really nasty leadership fight. now i understand paul ryan is from wisconsin and he wants to
spend time with his family and wants to be husband and father. i get that but he leaves behind a vacuum and it's got to be filled and your party is really split. several different ways. this is not good news heading toward the november elections. >> it's not good news, i wish paul ryan would've stayed on as speaker. there's a question now, does paul stay the full year or is there effort to have a lame-duck speaker be removed in the next week or so. that question hasn't been answered yet. >> he said he will stay to the end of january. >> others inside might say is he lame-duck and should we have a speaker who will be here in the long run? that's a question to be asked are now. i hope paul ryan stays, but also if he does go really, you
have steve scalise, kevin mccarthy, maybe patrick mchenry, i don't think we want to fight at all. we don't want a distraction right now so i do think kevin mccarthy, if you left today he would become the speaker. if a fight was going to brew i think president trump would weigh in on who he thanks would be the best and that we might have a lot of division on issues in the congress, we have a pretty unified love for the president and respect for him. if he weighed in on this issue, i think he could get a resolution very quickly. >> the little unconventional but i think he would make that. >> republican from wisconsin. thanks for joining us. >> we talked about how conservatives have no place on college campuses in america today. we will have plenty more examples of that during the hour. one of our friends the show, former nfl star was heckled by students to the point where he couldn't speak. we are on it. president trump says was his great honor to fire james comey from the fbi. should the former director of the fbi write a tell-all like
♪ with expedia you could book a flight, hotel, car and activity all in one place. ♪ now we turn back north again. we were down about 19 points and we are up for. when we opened we were up 150. we've come back to flatline as of right now. how about the price of oil. that is moving up again. 6742 is the price. that means to me a little way down the road we will be
paying close to three dollars. gallon of gasoline. now this. the former governor of maryland had some choice words for the class of 2018. in a rather sarcastic national review op-ed which was titled happy graduation. most of you no longer trust markets, capitalism or your parents. you are now officially social justice warriors. they also wrote the new book that you didn't see that coming and he joins us right now. >> and your copy is right here. part of it is a reaction to this stuff, the trigger warnings.
>> how do we get to this point in american universities where they really are teaching and almost enforcing socialism. >> i don't know. that's my next book. i'll tell you one thing they are having some success. you saw the poll yesterday where they talked about the millennial's from harvard, 55% plan to vote democrat. >> what's interesting is the attack on speech. that's what's really interesting. i grew up in the 70s and 80s, it was the height of liberalism but it was all about speech and protest an american tradition. it was a social movement. now these kids are being taught know, we shut down speech. we are easily offended by everything. were offended by fox, by your show, by capitalism, by freedom. >> we all have to sink to the lowest level of sensitivity.
>> no. i have a freshman at villanova and i wrote an open letter to him about what to expect. were republicans maryland. where used to hostility. you send your kids to college to think. it's a liberal arts education to think critically. you have administrators and teachers shutting that thought process down. nobody talks about that. >> it's a baby boomer generation which now runs our universities. it's the pro- north vietnam people. they now run our universities in the enforcing this. you can't say what you really think any longer. it's groupthink imposed upon students. >> when we indulge, there's lots of groups springing up to fight this.
we need to fight back. this is not what higher education is about. this is countercultural. it's an attack on freedom of speech. the alarms have to start speaking out through their checkbook. >> what are you doing about it. >> writing books and coming to your show and going to colleges and being respectful. i want to hear the other side. don't shut me down when i come from the free market perspectiv perspective. >> i'm amazed that you were once the governor of maryland because you are a republican.
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there is news on trade, not that positive in boeing is down four dollars. you can save the news on trade is somewhat mixed. tesla is up, no it's not it's 299.62. you on mosque says the company will be profitable. all right, when. >> by the third quarter or at least the fourth quarter. why is he treating? the economist magazine which is a british-based publication is attacking tesla in the story. you on mosque says this about the economist magazine, that it used to be boring, but smart with the wicked wit and now it's just boring. that's why he's tweeting about it for the third or fourth quarter with profitability expectations. >> that's optimistic. >> yes it is to be okay by the third quarter and making money by the third quarter.
that's optimistic. he says he's also admit that he's stressed with all the production problems and one more on the same line. uber ceo called self driving cars student drivers. >> ultimately self driving cars will be safer than humans that right now self driving cars are learning. they are student drivers. they suspended their autonomous car testing since the fatal accident in arizona in march that killed a pedestrian crossing the street, they are looking now, they say they haven't come to a conclusion on it yet, they are still investigating because let's not forget we have tesla defending that crash in march in california. they blame it on the driver. it wasn' he wasn't heeding the cars wanting to pay attention to the road. tesla is fighting back. ultimately the belief is 94% of crashes involving vehicles are human error.
once they get the technology right on these cars, that number will drop dramatically. >> thank you very much. >> president trump says it was his great honor to fire james comey from the fbi. it's a question i'm going to keep asking. should the former director of the fbi write a tell-all like this book? ♪ ♪ ♪ ♪
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it's a good song. close your eyes. okay. here we go. a big check of the big board. we opened up 150, now we are down 53 points. no specific reason for this. big tech, mixed bag. facebook is up a bit, amazon is down, apple is down, i'll bet is up a dollar. netflix is up. that bank says netflix has changed the industry in a profound way and given itself a significant lead. they like it and the stock is up. wells fargo, profits are up but it's closing branches and its cfo says revenue from current fees are down $43 million because of an accounting change.
earnings season, it kicked off today, not too bad so far but the question is, what happens going forward if we have a really strong earnings season. david is the author of this book crisis of responsibility and he manages a ton of money himself. >> i guess you could say that. >> i do say that. we are told these profits will be really good. will we see these come out in the next two weeks? if they are really good like up 20% from last year, do you expect the whole market to go up some are. >> i wish i could give you a simple answer but it isn't a simple question. they will be up 17 - 20%. the problem is a high dispersion of results. some will exceed, some will underperform. a lot of different results but
the key ingredient is what the market has already baked in. that doesn't rally the market. j.p. morgan is very interesting. were just getting started. they great results, revenue was beat by almost a billion dollars. earnings beat substantially. they announce going forward this whole tax reform and everybody's going to do stock buybacks and won't help anybody, adding 400 branches? i thought brick-and-mortar was dead. they're talking about incredible capital spending teachers. there's company spending money. out of tax reform, what are they doing with their capital allocation. >> i have to go through all these earnings reports. >> that's what you've got to do. it's not the absolute profit level. it's what the top guy says
going forward it will be like the. >> in a normal quarter that's the case. >> i am really serious about this. we have a high level conviction of everything we are buying but i have a super high level conviction about this. with no sensitivity to timing, this gives you a little ease, listen, oil right now is sitting at $67 and nobody is talking about it. they were the highest performing in the first quarter. we have all this volatility and you know how critical i am on this trade issue, the vicks is through the roof, people are worried about the fed and there's a lot of legitimacy, yet oil continues to move higher and the sector of
energy stocks is down 2% on the year, with the correlation between the stability coming into the commodity prices in oil and gas and how that is not playing out through the mlp, through the integrated, axon at $78, i don't go around the chance to buy it. >> that's a spectacularly low price for exxon. >> incredible balance sheet. incredible dividend yield, great management, global penetration, diversified business units, they benefit up, mid and downstream and there up about 12%. >> this is basically a play on the future price of oil. >> no. it's more highlighting the value that we see because it's disconnected from the price of oil. if oil comes back to 60, it doesn't change the thesis that the mlp will still be producing financial gas. >> the pipeline, i'm sorry. the oil and gas pipeline is something the trump
administration is friendly too. this is a real story and they have wind behind them but they're not seeing it in stock prices. we have dividend yields between five and 8% for high-quality well and gas. >> exxon is yielding around 4%. chevron about four, exxon. >> that's interesting. if you can buy 78 and get a 4% dividend yield and you think the thing is going up, you get a capital gai gain, not bad. >> and they raise the dividend about 30 times in the past 30 years. >> all right. i think you made a pretty good case. david, you're all right. thank you very much. back to my take, that's the editorial i ranted on at the top of the hour.
i said i believe people are fed up with the types of personal character attacks that are littered throughout the new james comey book that will be released next week. we've seen some experts from a. the president tweeted his thoughts this morning. james comey is a proven leader and liar. he is a weakened untruthful slimeball who was, as time has proven a terrible director of the fbi. his handling of the crooked hillary case and the events surrounding it will go down as one of the worst botched jobs in history. it was my honor to fire him. david is with us now. he is the author of what trump be trump. i said i don't think the former top guy at the fbi should be writing a book like this that is full of character attacks and personal attacks on the president. i think it's terrible. >> it's disgraceful is what it is. this is a political hit job by
a political person. that's all this is, nothing more, nothing less. this should be on the fiction shelf. this guy has no facts or evidence that he's bringing forward in this book and he really couldn't because people like james comey know that can jeopardize investigations and jeopardize cases. he didn't do that. this is all about the president didn't like the shiny apple i put on his desk. this is outrageous on its face and james comey is a disgrace for having done it. i'll tell you, he picked bill clinton communication director that abc to sit down with him. it's interesting every aspect of this thing is political. >> and its personal. >> he goes on about the length of the president's tie. did you see that? he says the president has these bright white half-moon's under his eyes and that comes from wearing tanning goggles.
he just had to get that nonsensical material in there, personally in insulting and he called him a mob boss. >> first of all, president trump is the furthest thing from that. he is a warm, kind person and that's the man i know, but let me tell you, louis free, when he was fbi director he compared the clinton white house on a case that i was working on to investigating the mob here in new york when he was the u.s. attorney here. this has been done before, except in that case there were 65 people who took the fifth amendment or fled the country. you have exactly zero in this case. >> you know what will hav happen this weekend. the media will be all over these personal details. i can see the trump haters giggling away with the half-moon's under his eyes. >> the personal attacks fall flat by midweek. if there was something in the book of substance, that would be important. >> calling him a slimeball doesn't really work either but
the point is he politicize the fbi according to fbi agents. >> he will continue to do it through the promotion of the book. that's who he has turned into. >> one of these days he will tell us what you really think. [laughter] >> thanks so much. we appreciate it. now, bit coin up 20% for the week. now above $8000. why? that's a very good question. >> thank you. >> it's above 8000 for the first time in two weeks. couple theories out there, one that bit coin owners were cracked cashing in to pay off their taxes by april 17. that is over and now money may be going back into the second theory is with the trade verbal trade war as it is now with china and the fact of what's going on in syria and the russian environment that's
russian and chinese money going into bi bit coin supporting the price just a little bit. two theories could be totally wrong where they could both be in operation. nothing is very clear. >> president trump tweeted that pressure is building for the border wall. several states send troops to the border. kelly ward will be with us next hour. we are still waiting for action on syria. rob o'neill, the navy seal who killed osama bin laden, what should happen to president asad. that's a good question for the man who killed bin laden. he will answer it for a spread here we go alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics,
now we are down 58. we opened about an hour ago, up to about 150, now we are down 52. 24400. thanks docs, despite some positive earnings this morning they are acting as a drag for the whole market. all of the big guys are down. we are still waiting for the president response to the serious situation. joining us now is the seal who killed osama bin laden. he is author of the book, the operator. >> your book is now in paperback. >> yes. it means we finally have it in airports. a lot of people didn't know was there. they said books don't sell in airports which is news to me because i read on airplanes but now it's in paperback and they can find it. >> a good read. >> whatever you say. you are the guy who killed bin
laden. should we do the same with president asad. >> i don't think we can. osama bin laden was ahead of a terrorist organization who attacked the country. although he is a dictator, he is the head of state. i'm not sure, i'm not saying i would lose sleep if there was an attack on him or they cut the head of the snake off but i don't think that's an option right now. i don't think that's part of it. >> he does need to go and he is the reason for the civil war in syria and he has oppressed his people for so long. he is part of the problem. >> what is a tier one unit. >> it is the elite, there's two i agreed not to say. my book is the first one about the bin laden raid and other raids approved by the pentagon and part of the deal was i wasn't allowed to talk about it. they are very elite navy seals
and there's two of them. >> you remember ian fleming and james bond, he had a license to kill double open. he had the double o prefix so i take it these special units -- >> they are really good people. we have 1% of superhuman athletes but most are solid guys with great minds that know how to work as a team. it's not just the guys. it's men and women behind them, pilots like it them there, we were just guys that were capable of curing sledgehammers and guns and going in after they told us what to do. >> that was your qualification. >> oh yes. >> what did you have a sledgehammer for. >> in case you have to get to adore it's quicker than using keys. i'm digressing. every time i talk to you i'm fascinated. they always say what you talk about. i said i don't know we might talk about anything.
what should, in your opinion, what should president trump do in this serious situation. >> right now, what is happening is what should be happening. we need to make 100% sure what went on with chemical weapons, why and who did it. we don't need to have knee-jerk reaction to get into a war because of possible ramification. syria is backed by russia which is backed by iran which is backed by israel. president macron said if there were chemical weapons he will do something and he doesn't want to be associated with the red line that president obama was associated with and he did nothing. it's a small chip of war going over there right now and it wouldn't surprise me too see them do something first print i want to see an alliance. if something happens we need to know what we are doing and
what is the long term goal and what is the end of state. if he is taking out eventually we can't do what we did in iraq and to separate and started vacuum and see what happens. there is a lot more to a real war and a social media war. this can include, i don't like to be worst-case scenario but if russia gets in a war with us and they realize they can't beat us conventionally, there's a lot to consider. saudi arabia will be involved. in that section of the world it's been a hotbed for a long time but a lot of people who have been combat and have seen how permanent it is, they want to draw back a little and say maybe we don't need to go to war right now. when we invaded iraq i was excited because we could finally do our stuff and fight. i fought war for a long time and it's not cool. >> and we don't want to repeat it. >> no good we need to be smart. what is going to happen, now
what if it doesn't. there's never a perfect plan. even in iraq, we should have gone in and we shouldn't of left. you don't blame anybody. we are here now, what do we do about it. secretary mattis is in charge and he's one of the greatest. >> you wouldn't be surprised to see the french leader. >> there's hundred 65 people who say we can't use chemical weapons. i wouldn't mind seeing the un get involved. >> rob o'neill, i never thought i'd hear you say that. things for joining us. coming up we have talk about how conservatives have no place on college campuses these days. one university were students are actually petitioning to defund conservative groups. yes, we are on that story
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would you tell us what happened to our friend burgess. >> this is the typical thing we are seeing on college campuses. they don't want to hear free speech. they don't want to hear what opposing views have to say and so what they did is they shouted him down to try to get him out of the facility, but we are seeing this everywhere on college campuses. >> burgess is a conservative, he's also black. was there racial element involved? is a black conservative a double bad thing on campus these days are what. >> from what we are hearing, there was multiple people who called him a token that he was a sellout to his community, this is a typical rhetoric that we hear all the time. if you are a person of color, you cannot have opposing view that typically the democratic party is used to having that voting block so when you go against the grain then somehow
you have sold out your community. >> aboard. tell me about this college. i'm not sure which one it is, but penn state, they are going to defund conservative groups, in other words you won't get college money if you're conservative. >> what's going on. >> this is that student power network. they're targeting over 21 campuses. they are calling for conservative groups to be defended on the campus. we reached out to several campuses and they said they were shocked about this because the groups really aren't receiving any funding from the university, not a penny. most of those funds come from private donors. this is something we are seeing across the country. we report on it every day that they are trying to silence conservative speech. these people have one clear agenda, to silence conservatives. they even go and check the data to see if the group was
stuart: some politicians are sound-bite machines, if there's a contest for priceless quotes, nancy pelosi is the outright winner, she's, indeed, a sound-bite machine for the republicans. yesterday at a press briefing she railed against wealth, the rich, she was actually using a quote from martin luther thing to attack the tax plan. that's fine, standard left-wing stuff, but this is nancy pelosi, reportedly the richest woman in congress with the straight face she attacks millionaires while she herself is a million million -- multimillionair. under the new tax deal, the top 20% of income earners will pay
87% of all income tax. it was only 84% last year. the rich are paying more and the ultra rich, that's the top one tenth of all percenters will pay 20%, last year 18%. we now have a very progressive tax system. isn't that what mrs. pelosi really wants? she took to the house to rail against debt and deficit, i kid you not. the trump trillion dollar deficit is here for the life of his presidency, may it be short. okay, but let's not forget that mrs. pelosi was the democratic leader in the house throughout the time when our national debt went from 10 to $20 trillion. she should be in the deficit hall of fame. nancy pelosi wants to win back for -- the house for the
democrats. the third hour of varney & company is about to begin. ♪ ♪ stuart: i hope you heard my rant there on nancy pelosi. i want reaction from congressman jim jordan, republican of ohio, ideally placed to respond to my rant, where am i going wrong, congressman? >> you're right on target. the left will never be happy until they can grab everybody's tax money, our position is real simple, stuart, let family keeps more of hard-earned money and let companies keep more money to reinvest in company and employees and grow our economy, that makes sense and works every time it's tried. stuart: got it, i knew you would agree with me, jim. >> u always agree with you. stuart: no you didn't. >> i was right, you admitted it.
stuart: i apologize for giving you a hard time. moving on, if you could, would you explain this quote from the new comey book where he's talking about loretta lynch, i will read the quote, the source and content remains classified as i write this, it would haven doubtedly been used by opponents in connection with the clinton investigation. congressman, break that down, seems like he's questioning whether or not loretta lynch was unbiased. >> yeah, i don't think you need to go to any type of classified information to question that. we know she met on the tarmac with former president clinton three days before secretary clinton was to be interviewed by the fbi. we know that she told james comey to call the clinton investigation a matter and not an investigation, mr. comey who is writing the book, followed her advice, he called it matter.
it was federal bureau of investigations. i think both comey and lynch were compromised throughout the entire investigation. we know now from the page-peter strzok messages we know that the fix was in for the clinton investigation. stuart: what's the status of all those investigations looking into the clinton emails and the fbi and the justice department, what's the status? seems to just roll on forever and nothing happens? >> part of our reason nothing happens is we haven't gotten all the information. remember the justice department has been pathetic in giving us the document that is we as separate branch of government are entitled. we met with john laos. mark meadows met with him three days ago. i asked him four questions, tell us the universe, tell us the number of documents we are entitled, i don't know was there answer, tell us steps, i don't know, tell us the standard you
use to what is redacted, i don't know. when are we going get what we are entitled to and they couldn't answer that either. so this is -- this is so important, they better change dramatically and they better do it in a short period of time or as we said before, everything is on the table for mr. sessions or rosenstein and that's contempt, impeachment, that's i think everything should be on the table. >> jim jordan, thank you very much for joining us. >> you bet. stuart: i want to go straight to the market, will you look at this, we opened, what, 9:30 eastern time, we were up about 150 as i recall. about 150. now we are down 124. quite a big swing today. ashley: financial stocks. stuart: that's what's doing it? liz: earnings are coming in but those are underperformers. stuart: really? financial stocks that are drags down the whole market. ashley: even though earnings were pretty good. you look under the hood a little and things that are causing
concern. stuart: why is it down now and why is it up next hour, that's a good answer, son. down 131 as we speak. come on in francis gannon investment officer at royce and associates. okay. if these earnings' reports, profits come in up 18, 19, 20% that's what people are forecasting. >> higher. stuart: some of them, are you saying go buy small caps because they are going up? >> we are entering in a period of normalization. we have seen rate normalization, volatility normalization, believe it or not volatility is a good thing for the market. from earnings' perspective, the earnings is going to be better than people think. majority of earnings are here in the united states and are benefiting from the tax cut which just went into
place. stuart: to answer my question you would say, yes, the stocks are going up largely from where they are now? >> i think you have to be selective. stuart: of course. >> there are certain areas of the market that are benefiting more than others. stuart: give me one area. >> the russell in particular, 35% of the russell 2,000 index is compromised of nonearning companies, they don't make earnings at all which is shock to go most people. you have to find the companies and it's hard to actually see these things that actually have earnings that have cash flows, funmentals, those are the companies that you should be focusing in the russell 2,000 and -- stuart: can't i buy some kind of index that covers all the russell companies, all the 2000, can i do that, can i?
>> you can. i would he told you it's a risky company to own. stuart: yeah, but overall the group of stocks is going up? >> i think small caps in general are going to do well, small caps are much broader than just the russell 2000. stuart: am i taking more risk in small caps? >> i think if it's done right as active manager, we think about risks, we think about ourselves as being risk managers first and foremost, you can compile and put together a wonderful portfolio of small-cap businesses where you have less risk than overall market. stuart: i find it interesting for the last couple of years we concentrated on the gigantic technology companies which have done so well, but i think we may have ignored the smaller companies which have done extremely well since the election of donald trump. >> that's right, they have tone extremely well since the election of donald trump, they are the ones benefiting from the economic upturn that we are seeing in the united states as well as outside the united states. the reciprocal sensitive
businesses that are not part of that nonearning part of the world, the tech-internet related businesses are areas that people should be focused. >> stuart: is this the first time on our program? >> it is. stuart: you want to come back? >> i'd love to. stuart: we will see about that. much oblige to you. you don't have to sign, visa expected to make the step later this month. why is this happening? cards these days have a security chip, makes all the difference. the price of oil this morning, $67 a barrel, last time we checked still there, that's about 3-year high. how about the price of gold, when stocks are coming down a little bit, what happens to gold, it's up a little bit. five dollars higher, 13.47. later this hour we will be joined by a seventh generation farmer, we found one. we explain how the tariffs are hurting his line of business.
he's not happy. then we have zillow people look at homes for sales, they are getting into the business of buying homes, renovating them and flipping them. we will ask the property man what he thinks of that. kelly ward, u.s. senate candidate for arizona went to the border recently, there she is on your screen, that's the lady on the left. she wants to build the wall and all for sending troops to the border. that's what she wants, she's next, the third hour of varney & company rolls on.
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♪ ♪ [cheers and applause] stuart: a good reception. 17-year-old rich brown, first public appearance and did it at pep rally at his high school, good for you, son. national guard troops are patrolling the border in response to president trump's call, our next guest was at the arizona-méxico border to see what conditions are like, kelly ward, u.s. senate candidate for arizona is with us now. can we ask you to be our reporter because at this point a lot of us don't know actually what the national guard is doing at the border. tell us. >> well, you know, stu, great to be with you, i was just down at the border a couple of weeks ago with a rancher, mr. jim who a patriot, amazing man and he has
55,000-acre ranch and 25 miles of his property are right on the border with méxico and you will see that the border is a lot of things but secure is not one of them. four flimsy barb wire that are supposed to keep druggers, people from the drug cartels that are trafficking in guns, illegal drugs, in human trafficking causing horrific humanitarian crisis and so we've got to secure that border. it's great to see the national guard being activated across the country, i'm so proud of governor doozy and governor abbott who were at the forefront. glad to see that california is joining in on the fight. stuart: wait a minute, kelly. let me be clear, governor brown of california has accepted 400 national guard troops, they will be spread all the way along the coastline in the interior and all the way along 200-mile border there, that's not exactly dynamic action for the national
guard, opposing illegal immigrants, is it? >> well, no it isn't, but it is -- it's a good start because in 2011 he refused to -- after he was elected in 2011, in 2014 he refused to join the cry to activate the national guard. so to see him talking about, you know, he says he's not going to be enforcing immigration law, but he has agreed to try to stop the trafficking of humans, he's tried to -- he says he's going to intervene with gang violence, transnational gang violence and those things we need to be doing and having the guard there to do those job freeze up the border patrol to do enforcement of immigration issues that we need in order to secure the border. stuart: why are you so supportive of governor brown? >> i'm not really support ifer one way or another. stuart: why are you determine today keep a nice cozy relationship with governor brown, you're the neighboring state? >> right, well, i am thankful to governor brown because his
fugitive -- you know, project has sent a lot of innovators and a lot of entrepreneurs our way into arizona, so i hate to see that for california but i'm glad to see that our state is benefiting from the terrible policies. stuart: you should encourage it. migration of money, wonderful thing, kelly, i'm terribly sorry, so short on time, but thanks for being with us, we like that report on the border. >> thanks, stu. stuart: sure thing, another headache for tesla, workers claim racial bias and abuse at california factory. the stock is just under 300 bucks, volkswagen getting ready to ramp up battery production for electric vehicles, look at that stock, down a fraction. mercedes benz launching a car subscription service in america, national in philadelphia are the first cities where they will offer a fleet of its new cars, no word on the price yet but the -- how it works is you pay a monthly fee and you get to drive
whatever mercedes you want for that month. ashley: anywhere from 1800 to 18,000 a month. stuart: you have 3,000 handy? the brand-new presidential limbo. all presidential limbos are called the best especially this one, protects the president against explosion and even chemical attack, full disclosure on the beast coming up. nah. not gonna happen.
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stuart: president trump is getting a new limbo to replace the one that president obama used. now this is not just any old limbo, obviously, foxnews.com automotive editor gary is first person to know anything about this new thing, aren't you? >> it's been in the works since 2014, that's when the contracts went out. general motors won the contract, it'll be put into service this summer. they've handed the car over to secret service who is putting finishing touches on it. stuart: how much? >> $15.8 million, but they will
probably build 10 or dozen. stuart: it can withstand direct attack like rocket propelled grenade or something like that? >> yeah, it's really a truck, armored truck, probably weighs 20,000 pounds, can withstand ballistic attacks, chemical attack, and even own oxygen system. we understand a lot of this is secret but over the years information has come out on it. stuart: the doors are how thick? >> i've heard 8-inches thick. when you see the president you could see these are very big doors. stuart: 8-inches, like that. >> you have to be a strong person to open the door for sure. stuart: how about the windows? >> everything is bullet proof. it could be completely sealed off from outside air. stuart: that's how you guard from chemical attack? >> the drivers are highly trained if they need to get away but surrounded by army of secret service agents, if they had to bunker down under some sort of bizarre attack, it could
certainly keep everybody safe for extended period of time. stuart: why is it camouflaged? >> that's not so you can't see it, it's if you take a picture you can't see details. this is a cadillac, they want to keep the styling secret until it is revealed in a couple of months. stuart: i have to believe that if you're getting rid of the one that president obama used an getting whole new one this has to be more technologically advanced, that's the reason for getting rid of the old one and getting a new one, all kinds of new stuff in it? >> a lot is secret, medical suite, probably pints of the president's blood type in case something happens. the current ones have been in use since 2009. certainly type for update, if nothing else new engines. stuart: gary, you left the best detail to the end, you should lead with it, carrying pints of the president's blood. >> lots of secrets here, no
doubt that is a mobile command sister that's going to -- center that's going to protect the president. stuart: thank you, sir, appreciate it. zillow known to most people as online real estate broker, now they are getting ready to buy, actually buy homes, renovate them and flip them. what are they up to? we will find out, next we have a seventh generation farmer who says these tariffs are already hurting farmers all across the country. his story is next.
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because i noticed that the stock is way down. >> well, you know, these people want to acquire assets for portfolio, i guess. i hate the idea because it's going to affect real estate people in general, though they say they are not going to use realtors, get their own people to become realtor and have inside realtor do it. it's going to affect the inventory issue, the availability to young people, it's going to compete with investors, i mean, i just think that it's going to be a whole new onslaught of investors coming in and buying the flipped homes. no personalization, buy online. i hate the idea. stuart: i guess they think they can make a profit in arizona by buying this, renovating and selling. i guess it's as simple as that but as you say, the downside is considerable for a lot of
people. >> absolutely. you know, stuart, i'm telling you, this -- there is this little bubble coming. i'm telling you, in vegas, in phoenix. you and i talked about it, the material costs have gone up. believe me when i tell you, stuart, there's no labor, there is no labor, the big projects are getting the labor, the homes are having a problem building homes. as long as you have the no inventory and demand, i'm not -- i don't know what the buy is going to be of how much profit they're going to make. stuart: fascinating stuff. you're right in the middle of it and we thank you for that. i want to talk about toys"r"us, they are getting out of business and trying to sell empty locations but i'm told they can't find buyers, now, why is that? >> correct. well, let's think about this. toys"r"us are, what, 15 year's old, 20 year's old, maybe longer, let's think about when they built the toys"r"us stores,
they built them in large border's bookstore was in business, they became an anchor. well, we see the shopping centers where toys"r"us were an anchor along with other stores that have gone out of business, they are sitting there literally alone. in las vegas, about 5 miles where we are on broadcasting, there's a toys"r"us, there's only one other store literally of any consequence, large hallmark store, when that closes, there's no reason for people to go there, beside it is fact that the market has changed with location, who's going to want to buy these stores and that's -- the other thing is, stuart, cities have changed, an area that used to be a nice place to build a toys"r"us has changed, ie, some areas in las vegas and other cities. stuart: do you blame amazon for all of this? >> well, listen, amazon just announced a big building project in north las vegas, what can i
tell you, they're employing a lot of people but i think what we have is we have a culture as you and i know that love the idea of buying online, there's an area not far from this office that's a really good area, about 15 retail stores are literally closing, what are they going to do? they are going to build restaurants because it's about 5 minutes or 10 minutes from the raider's stadium, the whole complex of las vegas how they are doing things is differently. amazon, they changed everything, stuart. stuart: don't forget to watch the property man, the gentleman on the right-hand-side of your screen. fridays 8:30 p.m. on fox business network, bob massi thank you for being with us, appreciate it. our next guest is a seventh generation farmer. he says tariffs are already hurting his line of business. joining us is casey with
american for farmers and families. casey, how is it that your business in farming is already being affected when the tariffs have not yet been imposed? >> well, this is a really busy time of year for farmers regardless of what you raise because it's spring and you make a lot of decisions for the rest of the year based on what's going on right now and with a lot of the uncertainty that's going on with a lot of the discussions relative to the tariffs to china and certainly the negotiation of nafta, taking that and comparing with the markets, what they're doing, what's happening farmers are cutting backseat on expenses. they are evaluating what they're going to invest in, their staff levels, what they're going to raise and where they're going to raise it. with the operation with my dad we raise bull for genetics and customers are beef farmers and while they're reevaluating what
they're going to do, that includes what they're going to buy for genetic stock. we are one of the first that is on the list of things to consider to invest in and it directly affects. stuart: show the farming people, the community, how is it reacting to president trump, i would have thought that farmers in general are pretty much protrump, are they still? >> yeah, i would say so. we understand what's going on. we understand that china has been a bad actor for a long time and they haven't been held accountable and -- and what president trump specializes in is making a good deal and that's why we supported him. we need a good deal. over the last five years our farm income has steadily dropped every year and projected to be cut again this year probably and we have faith that the president does have our best interest in
mind, that he does want to negotiate a good deal with nafta which is paramount to us considering all of these factors and at the same time we understand what's going on with china and believe that they do need to be held accountable to a degree but the tariffs are very concerning and we don't support going down the road of -- of increasing tariffs. stuart: real fast, casey, if you're a seventh generation farmer, does that mean that the land has been in your family since what, 1850, 1860, something like that. >> in harrison county we have been farming for a long time, since the 1840's. stuart: 1840's. >> my farming has been farming all over over the county. i don't live on the farm that's been in my family that long but we have been in the business that long. stuart: casey, thank you very much for joining us, we appreciate it. >> thanks for having me. stuart: got it.
remember that? the justice department says 22,000 people will receive their share of $504 million, the money comes from assets seized by the government falling the collapse of investment firm nine years ago, the latest distribution brings the total payout to victims to more than $1.2 billion. madoff is serving 150 year prison term on security's fraud and other charges. now look at this, bitcoin, up today, yeah, up 191, the point is bitcoin is above $8,000 per coin, got it. the 10-year treasury yield, the benchmark interest rate, 2.2%, not up, not down very much over the past two months. netflix, upgraded by several brokerage houses, that does it. netflix is at 313, a 4-dollar gain on the day so far. can't make this up, in los angeles crews are painting the
streets white in an effort to combat the efforts of climate change, unbelievable. we will have details in a moment. nancy pelosi out front slamming president trump yet again, first on poverty and then deficit. but we dugged deep and we have the budget deficit while pelosi was house speaker, you will not believe the numbers. stay with us, please, tim donelly is next. ♪ [fbi agent] you're a brave man, mr. stevens. your testimony will save lives. mr. stevens? this is your new name. this is your new house. and a perfectly inconspicuous suv. you must become invisible. [hero] i'll take my chances.
nicole: i'm nicole petallides with your fox business brief, general electric is trading higher today as headlines from the wall street journal that ge explores further spin-offs and joins deal, we know that ge has lost 55% of its stock market value over the last 52 weeks, but there are some analysts who truly believe that ge should be broken up into parts, for example, over at research saying some of the parts, but if they break it up, that it would be worth 25% more, of course, ceo has measured approach to making changes to the company according to sources that are close to him but the strategic review continues. it's been months, they talk
about different kinds of hybrid deals but they have access to cash and there's no urgency at the moment but i'm not standing still... and with godaddy, i've made my ideas real. ♪ i made my own way, now it's time to make yours. ♪ everything is working, just like it should ♪ here's something you should know. there's a serious virus out there that 1 in 30 boomers has, yet most don't even know it. a virus that's been almost forgotten. it's hepatitis c. hep c can hide in the body for years without symptoms. left untreated it can lead to liver damage, even liver cancer. the only way to know if you have hep c is to ask your healthcare provider for the simple blood test.
if you have hep c, it can be cured. for us, it's time to get tested. it's the only way to know for sure. stuart: in los angeles they are painting streets white to combat effects of climate change. they hope that the painting of the streets will make them cooler. they say tests show the white paint reduce it is temperature of roads by up to 10-degrees. the paint costs wait for it,
$40,000 per mile and it lasts 7 to 10 years. ashley: good investment. stuart: obviously worth it. well done, california. i want to get back to my take at the top of the hour, please listen to what nancy pelosi is saying about wealth and poverty, roll tape. >> god never intended for people to live wealth while others live in abject poverty. stuart: i'm not sure that you heard all of that but she's criticizing wealth. come on in, go at it because i think nancy pelosi is the richest woman in congress, right? >> i think you're right. her hypocrisy knows no bounds. it's funny, i happen to be in san francisco a couple of weeks ago and i drove right past her house. i think it's worth something in
the neighborhood of 10 million or more dollars with this incredible view of the bay and yet you have all these homeless in the same city so much so that they're having to clean the streets and spend millions and millions of taxpayer dollars just to clean up after the people who are literally living on nancy pelosi's, well not on hert street but in her city. stuart: she's dead safe, isn't she? she's running for reelection, she's a member of the house, there's no way she loses? >> well, it is a little bit surprising given how she doesn't have the command of her words and the facts anymore, before you, i remember being in the minority in the state legislature and it sucks, it's no fun. [laughter] stuart: you're the guy, you are called the shredder.
i want to move onto something else nancy pelosi was saying about president trump and the deficit. roll that tape. >> the trump trillion dollar deficit is here for the life of his presidency, may that be short. stuart: that's the trump trillion dollar deficit. got it. that's what she said yesterday, now here is the debt deficits when she was speaker, 2010 nearly $1.3 trillion. all right, tim, have at it again. >> well, i guess we should call this the nancy pelosi deficit because she was there for bush, she was there for obama and -- and when you really think about it, strings are controlled by congress and she's been the person at the helm. so it's funny how they never want to -- they never want to
take any personal responsibility. it's always somebody else's fault. remember how they would blame bush years and years and now everything is trump's fault. stuart: i've said in the program that in my lifetime i am not going to see a republican win a statewide election, am i wrong? >> you're wrong. [laughter] >> but then again, look, i'm not going to make a prediction that it's going to be this cycle. there's an energy here in the state of california, you have jerry brown who turned this a sanctuary for criminal illegal alliance and uprising, now 13 cities that have said enough is enough and there's a lot of democrats who are not happy with the state of the state, so i would say just stay tune. stuart: okay. stay alive a little longer. thank you very much for joining us. much on thriej you.-- oblige to
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given to bryan and bryan for american great hero and what he has done for all the men and women here in the united states, the service he's given and we want to thank you for all your service. stuart: wait a second. you didn't enter a contest did you, your name was put in? >> correct. an old boss and he moved down to texas and randomly he put me into the contest unknowingly, got a call about 3, 4 weeks ago and found out i was a finalist. i was very surprised. stuart: you got a call totally out of the blue, you didn't know anything about this? >> 5,000 entries into the contest and what stood out about bryan not just that he was a seal, but that he cared more about everyone else except himself. he couldn't believe that he won, for somebody to put his name in, his wife jill, has given so much
time for him to this country but his wife helping veterans today as well. stuart: and you organized the contest that he won this beast of a truck? >> i organized it and i tell you what, that meant a great deal. stuart: me? >> you helped because we were on your show and we talked about the give away. we had a lot of people to enter and really it was tough because having 5,000 people, we couldn't give 5,000 trucks away but we gave it to a good guy here. stuart: i want to open the door. can we get the camera and have a look inside. look at that, running board. >> the running board comes out. stuart: 500 horse? >> 560-horsepower. you have internet in it. it has a gps and i tell you, it drives just like -- the suspension drives just like a car and one thing that's great about it, all the addition to the truck here, has 100% warranty. normally when you add additions,
you have all the warranty. stuart: bryan i have to tell you that i have a ford-150 and i'm not going to say it's a better truck but i am going to say it's a better truck. tell me, how does it feel, you the phone call, you've won this thing. >> really, i got the phone call and i didn't think it was real for the longest time. i thought it was a scam at some point. it really felt real when i got the electronic plane tickets an got in the plane, wow, these are real plane tickets. so that's when it hit me that it was actually real and i just hope that, you know, i represent 5,000 heros that were nominated. stuart: well done. i have to close this out but i am going to say congratulations, and thank you for your service. >> thank you. >> thank you, again. stuart: you really have something going here. very well, indeed. congratulations, gentlemen. that's ut for outside broadcast, you may never see another one.
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stuart: there you go. ashley: i assumed -- stuart: never assume. ashley: they put camouflage so you can get any specific details from the actual car because of safety reasons, you know. stuart: 8-inch thick doors. ashley: you can survive chemical attacks. pints of blood. stuart: the president's blood. $15 million. elizabeth, what would be your favorite story of the day? liz: big real estate search app zillow buying and renovating and flipping homes in vegas and arizona. this is a ground breaking change moment. do they have the balance -- back from that, they have all sorts of information about housing and houses, what if you were a bidder and wants to buy a home and zillow gets ahead of you and they have better information on
the market, right? stuart: i didn't think about that. i don't know how they choose the houses. liz: i don't know how early they get it. stuart: they are buying, this is a complete change in business model. liz: right. stuart: they used to display information, online real estate brokerage and still doing that, but now the side bar, whatever you want to call it, 250 million -- liz: up to that. they may have a thousand homes inventory, phoenix and vegas, arizona and vegas starting out. ashley: you know why, they want to take advantage of all the people leaving california, that's what it is. liz: there you go. stuart: they are crowding out the market for younger, first-time buyers. there isn't much for sale anyway, prices are rising, that's not real good for the buyers in those two areas. liz: you have to wonder if realtor.com and others are going to do it too. stuart: obviously they they they are going to make money out out
of it. the market is down 45 points. i think we opened with gain of 150, now pretty much flat at minus 45. neil, it's yours. neil: all right, stuart, we are following on earning season, really kicking off with all of the financial firms coming up, all with strong numbers, the banks are going just fine, thank you, but now concern about regulation, particularly with wells fargo a separate incident there which could be weigh on this. there's also concern about, you know, little things like maybe going to war this weekend with syria, so much we don't know, this much we do. the markets are confused. right now down 44 on the dow. what to make of all of this into the weekend, john, gary, gerri willis. gerri, the markets can't get a hold of this? >> every day is different and you don't know what will move the markets next. i