tv Mornings With Maria Bartiromo FOX Business October 27, 2017 6:00am-9:00am EDT
doing. cheryl: well, they are going to other direction, they seem to be following our lead, riva, i'm sure we will talk to you about spain on monday. >> thanks for having me. cheryl: that's it for fbn:am, we turn it over to lovely talented dagen mcdowell and say good morning, mornings with maria starts right now. dagen: back at you, good morning, everybody, in for maria bartiromo. earnings extravaganza, we are awaiting reports from big names including merck, exxon mobile this morning. amazon shares jumping on the news making jeff bezos $6 billion richer. google and microsoft hitting all-time highs in post market, it wasn't the only good news for
retailer, amazon gaining wholesale pharmacy licenses in multiple states, the move part of driving force behind cvs reported proposal to buy health insurer aetna for a staggering $66 billion. futures are showing this in the markets right here right now. gains across board. dow industrials futures up 42 points at the moment. this is after gains yesterday in the market. first reading on how fast the u.s. point of view was growing in the last quarter, investors are also eyeing key developments out of washington, of course, including the house passing a budget paving way for highly-anticipated tax reform. >> i am very excited because today we passed a budget that's fiscally responsible and that means good jobs and fairer
taxes, so much time and money wasted complying with this incredibly complicated tax code that's unsustainable. dagen: more on on the prospect of getting that deal done, straight ahead. we have gains across the board, biggest winner so far into friday's trading day there cac quarante in france up more than 1%. in asia overnight, stocks ending stocks higher, gains in hong kong, shanghai, nikkei and japan, nikkei is the biggest winner. the truth is out there, but not all of it, conspiracy theorists outraged after the white house continues to keep some jfk assassination files under wrap. the biggest revelations from what was released coming up. plus iphone lovers braving the morning hours to get the iphone 10, latest as preorders go up
online. and fewer on the field, the tense moments after miami dolphins alonso hits ravens quarterback joe flacco in the head knocking him out of the game. awful hit. all that coming up this morning and so much joining me all morning long lea gabrielle, kelly and company managing partner kevin kelly, republican strategists, erin elmore. lea, i see you every day in the halls. i know you're fired up because there's so much news in the markets from earnings, we have the first reading on the third-quarter gdp coming up which could be a huge market-mover as well. i say it is a market mover. kevin: i couldn't sleep last night. the people that we have coming up to talk about it, that's what i'm even more excited about. dagen: let's tee that up.
venture capital itself and partner peter thiel, his conversation with maria, new york stock exchange tom farly and tv and film star kevin on his new movie and so much more. i will be in outnumbered with kevin sorbo. the pharmaceutical giant merck also expected to report within the hour and, of course, we are watching shares of amazon after the company reported record quarterly renew and amazon reportedly getting into the pharmacy business. i love being able to attribute stories to individual newspapers. there was a story in st. louis dispatch that amazon received approval for wholesale pharmacy licenses and leads 12 states this as the drugstore giant cvs
is said to be in talks to buy third largest health insurer aetna for $66 billion. kevin, where do you want to start? you want to start with amazon and this deal because they go together? kevin: it's interesting to report on amazon given the fact that amazon is at 52-week high. we saw it reach a thousand $82 a share. the interesting aspect of amazon, the biggest threat to them is regulation. they don't even really pay taxes when you look at wal-mart, they are paying billions of dollars of taxes every single quarter, so the big play here on amazon is their amazon web services, they continuously dominate in that facet. they are clear number one. microsoft they don't compete, they are trying to compete on what's hybrid cloud. what that means companies that have servers on site, they can
replicate it up in the cloud too and they could pull from the cloud as well as on site. what's interesting, amazon did a deal with vm wear last october to compete against microsoft and amazon web services they continue to cut costs to be the number one player in that space, so it's so interesting how amazon conducts bids -- business. they have the delivery mechanisms, right, logistics, 50% of sales are third-party distributors on the e-commerce site. that's pretty telling. dagen: by the way, it is the top story in the wall street journal today. boom, there you go, 66 billion-dollar offer, multiple meetings of ceo's of cvs and aetna. how could this potentially change? cvs has been moving to health care business as percentage of
revenue have been falling, smaller percentage of revenue falling. in the journal they point out this could leverage negotiations with drug makers for cvs, it would get a great deal more health data from owning aetna and give it ability to strike new deals that tie drug prices to patient outcomes. i think that the possibilities are limitless when you have a pharmacy like this buying a health insurance company. kevin: that's an interesting aspect. cvs has no experience whatsoever in the insurance business and they are coming out the gate and buying one of the largest health insurers and this goes back to drug pricing, we have seen a lot of chatter about pharmacy benefit managers and what the rebates are being on drug pricing. you have drug makers pointing to manufacturers and insurers pointing back at them. it's such an interesting dynamic and shows how much it's georgia to change and cvs is trying to
get in front of that. dagen: it's fascinate to go just think about the possibility with amazon filing the wholesale pharmacy licenses because people in washington -- even president trump has talked about on the campaign trail driving down the costs of prescription medications. how about letting the private industry do it with the likes of amazon coming in and becoming a major negotiator with the companies? >> how regulators get involve and lawmakers get involved but i think that would be balanced by potential for drug prices to come way down if amazon does get into pharmaceuticals. >> amazon does everything right. dagen: until they don't. we don't know when that might happen. >> amazon captured a lot of cvs market share in terms of retail product and now that amazon is getting into the pharmaceutical world is cvs that's cat chasing
its tail? kevin: what they are trying to do here is they are the next leg of growth in stock price. that's what we need to focus on, their ad sales. they are opening a new headquarters here for ad sales. what they are going to do is server placement on the front, if you're a company, they've got what you listen today on your -- on amazon music, they've got instant prime video and see what you buy at the pharmacy, if they are delivering it to you. dagen: people talk about amazon getting too big but if you read into reportings from amazon and parent company alphabet, there's competition for amazon, alphabet reported 40% increase in nonadvertising revenue. strength of cloud computing business. $3.4 billion there. microsoft had a huge surge as
your infrastructure services in office 365 online. both of those, the revenue there respectably up. there's competition for amazon's businesses. >> they are broken up differently. dagen: right, what you mentioned earlier. kevin: microsoft is sort of a utility play and they pay a dividend like that. think about how google doesn't pay a dividend, okay, and constantly reinvesting, what microsoft did is switch business from enterprise sales until subscriptions. you now pay on a yearly basis, automatically updates and rollover and they are all trying to transition, what they do best for all these companies is they have the best leaderships, microsoft finally got off to the races in dominating in core competencies. dagen: one thing i will point out because i'm a stats nerd in
one hour after closing yesterday, after earnings came out for alphabet, amazon, $80 billion of market value was added, 80 billion. incredible. you want to know why the market is moving you up despite dc doig nothing on health care reform is because of earnings. kevin: largest sector and benefited from the dollar. dagen: we didn't even get to talk about the iphone 10 which i was watching online what the delivery times are, out to five weeks, they don't start shipping until early november, november 3rd, i think. newly released government about president john f kennedy's assassination are released, more questions than answers. were the russians involved? sold-out, if you preordered
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i enjoy the fresher things in life.o. fresh towels. fresh soaps. and of course, tripadvisor's freshest, lowest... ...prices. so if you're anything like me... ...you'll want to check tripadvisor. we now instantly compare prices... ...from over 200 booking sites... ...to find you the lowest price... ...on the hotel you want. go on, try something fresh. tripadvisor. the latest reviews. the lowest prices. dagen: white house delaying the release of some of the jfk assassination documents citing national security concerns. cheryl casone has the details, cheryl. cheryl: where is kevin costner when you need him, dagen.
historians upset that president trump didn't release the entire collection. 1992 law mandated that all documents be publicly disclosed this year but the cia and fbi asked that some information be withheld. the president trump put files under six-month review saying that he basically had no choice but the 2800 page that is were released revealed interesting new details like lee harvey oswalt meeting a kgb agent in méxico two months before the shooting and get this, cia had been involved in assassination plots against cuba's fidel castro. so this -- like i said, they'll be movies and tv shows about new documents coming up. preorders for iphone 10 start today but you will probably have trouble getting hands on one, sources say that supplies of the hot new phone already sold out, shipping estimates well beyond launch date, weeks, maybe months, the news coming on weak
sales of the iphone 8. two researching firms says that iphone 8 weakest, people are still getting 7 basically. costly win for baltimore ravens against miami dolphins last night. second quarter, watch the hit on joe flacco. alonso nails him, a fight after all this goes down. just waiting for the fight. anyway, unnecessary roughens against alonso. he crushed flacco, would go straight into locker room and had a concussion and did not come back into the game. meanwhile the national football league is taking hits as well. fox news polls finds that the league's favorable rating is dropping. 46% of voters have a positive view of the nfl now but that's down 18 froints four years ago. 41% view it in a negative way. that's an increase, fans are
starting to come around nfl players kneel if for national anthem. yeah, 44% think kneeling is appropriate. that's up from 41% who felt that way last month and 32% who didn't really -- they liked it in september but basically still a majority think that it's inappropriate, dagen to kneel during the national anthem at a football game. dagen: thank you so much, cheryl, kevin, so we see the favorability ratings come up but the earnings -- the ratings haven't fallen that much, they are down year over year but -- or were earlier in the season but they are not down that much. kevin: no, it's not. there's so much business and entertainment that revolves around the nfl that you really wouldn't see it come down from fantasy football to sports betting to everything that revolves around it. even think about the super bowl half time show, such a big production put on by pepsi that we talk about oh, my gosh, justin timberlake is coming
back. >> the commercials are fun of the time. dagen: not anymore. here is my favorite tweet from pat, stay get away from politics and social issues on my birthday. ly relax and watch nfl game and a couple of late-night talk shows. >> if you want to hit them where it counts you hit ratings, you turn off television and ultimately it trickles down. >> what do you think they attribute to cte or brain scandals? dagen: some of it is people are switching off television and they are watching programming differently but also it's certainly impacted somewhat, they are tired of seeing the political shenanigans in sports. >> espn is sort of a thing in the past these days. dagen: they have a lot of work to do. i was watching espn, and they have a lot of work to do in a lot of ways like not covering breaking news but that's what we do here. coming up, four points, narrow win for budget resolution that clear it is way for the
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dagen: turning now to road to tax reform. president trump's tax plan clearing another major hurdle, the house narrowly approving the senate 4 trillion-dollar measure yesterday paving the way for tax reform. the plan was passed with a vote of 216-212. 20 republicans voting nay on this. here is what secretary of commerce wilbur ross and chairman kevin brady had to say
after the vote. >> i think the few negative vote that is came were probably mostly over the deductibility of state and local. >> proposing the brackets, lower tax rates for everybody in every state, lawmakers in very high-taxed states, new jersey, new york, illinois, others as well, they are worried because local politicians are hammering them with taxes because they worry about the burden. we are working with those lawmakers. dagen: tax writing committee will hold meeting in couple of weeks. paul ryan says he wants to pass bill before thanksgiving. editor at large political analyst scott. i knew i was going to foul that out. [laughter] dagen: can tax reform get done by tend of the year? >> it has to. if it doesn't there will be republican senator that is lose
in primary and base is so angry with the inability to pass repeal of obamacare. we need to have a procedure that will let us pass with 51 votes, that's all it was. we will see lots of horse-trading from now till the end of the year. dagen: senators up for reelection don't care, john mccain won his seat and you saw on the health care bill. i push back on that that there are a lot of senator who is don't care what happens. >> but the republican senators are more united on a desire for tax reform than they were on changes to obamacare. this is an issue that really does unit the republicans. the idea of lower tax rates, the idea of growing the economy through tax cuts and through a different approach. it's something that will get done but i don't think it's going to look anything like the framework we saw yesterday. dagen: i want to get to this piece of sound, this is something that i have lost my head over, i have been in a full
rage for the last week over the gop tinkering or messing with or taking hatchet to 401(k) contributions. chairman brady of house ways and means told lou dobbs last night that he and the president were not plan to go make any cuts to 401(k) plans, listen to this. >> he wants to increase the amount of savings in 401(k)'s, lift the limits, so do i. we want to encourage people to save sooner in life and more. at the end of the day if we cannot find consensus in the country, we will leave them as they are. dagen: that's tap dance-verbal tap dancing. they in washington have been talking about cutting contribution limit from $18,000 a year, 18500 next year to
$2,400, that's a fact. now you get this response. >> i think it's something that should infuriate you. a great example of what the problem is with trying to predict tax reform and what it will end up being. 401(k)'s themselves were never intended to be what they became. it was a mistake written in the law. a guy name ted bennett read the law and figured out congress made the mistake. we have tens of millions of people who see as a corner stone of retirement. dagen: it is. lea: they are talking about limits. you see this has to be done but the devil is going to be in the details when they hash this out and yesterday we saw 20 no's and that was because of the state and local taxes and those deductions, so i guess my question is, you say it has to get done, how can it get done when we have seen no details yet? >> what you will see happening is state and local deductions is a big issue for people who live in new york, new jersey, it affects higher-income earners
and more than lower-income people. that's where the money is. the popular support around the country is to get things that benefit high-income people, high-income earners are the ones with more influence. something will be done in state and local deductions but will not be full elimination. same thing with 401(k)'s, they will trim something back, not as much as they are talking about right now and they are going to do it with one goal in mind. has nothing to do with economics, it will all be where is the 51st vote. dagen: thank you, scott. if they tinker a little bit with 401(k) plans, it's not worth the revenue that it would raise, it would only raise a quarter of a trillion over ten years. >> you're talking substance, i'm talking politics. dagen: in case you missed it here is some of this week's
clips of show. >> something of a revolution going on in saudi arabia right now. they are starting from scratch hoping to build industries, you have the titans of business here on the ground in riyadh hoping to get a peek of the build-up. royal highness, prince salman. >> the opportunity is unimaginable. a region that's almost vacant. there are many dreams from the saudi leadership, many of the saudis and many -- partners and large companies or individualses. thousands of dreams that will be established, quite frankly, we will not waste 30 years of our life in dealing with extremist ideas. we will destroy them today. >> the crown prince and everybody is really announcing
that they are changing the whole nature of the way they think about this economy and this culture. they take the reforms that they're talking about, the whole gulf coast and saudi as leader, they have a real revival going forward. maria: investors are watching the saudi deal. >> the transaction needs to be looked in the context of overall strategy of effectively promoting the growth of saudi economy over time reducing, of course, reliance on export of hydrocarbons. maria: do you agree what the president is saying about canada and méxico having a great deal and the u.s. is at disadvantage? >> i do. we spent six decades being consumer. i would tell you over and over, we haven't given much thought to being an investor, things like manufacturing.
the president is putting emphasis on what can i do to create jobs in america as exporter of manufactured goods and i'm all for that. dagen: house republicans were considering a plan to sharply reduce the amount of money that americans can save in 401(k) plan. >> if having higher tax bracket is a stupid idea, and it is, going after savings for people's retirement is a particularly god awful stupid idea. we have to get away for punishing people from saving for own retirement. maria: his statements are outlandish and seems just to want to i don't know if i'm allow today use this word, i think i am, suck up to trump. >> i was kind of shocked that he would be saying that about me or about any secretary of the treasury and i refrain myself. we can debate whether we will
pay down the debt. i was quite surprised by the comments. >> a misfire by donald trump. >> the machinery is working and politicians know it is a necessity to get something done and stop bickering. rucks. chevy, chevy, chevy trucks. we think it's because chevrolets are the most dependable dependable dependable trucks. built to last a long long time. with durable durability and rugged ruggedness. i like the extra power hauling power maxi power!!! and quality. seems they make them strong extra strong mile after mile after mile. ♪chevrolet! big thinking in the finger lakes is pushing the new new york forward. we're the number one dairy and apple producers in the eastern united states supported by innovative packaging
dagen: it is friday, october 27th. top stories is 6:30 eastern. and earnings blitz on wall street, exxon, chevron the busiest week of earnings season. we bring you the numbers as they come out after a huge day for three tech titans which amazon, microsoft and google parent alphabet delivering better than expected result, futures point to hire open 43 point gain, the likes of microsoft and google hit an all-time high. later this morning the first reading how fast it was growing last quarter, not quite 3% is the expectation but pretty close for the us economy come in europe gains across the board in england, france and germany, stocks end the week higher as well, gains in the fourth major market we watch. declaring a crisis, donald trump setting his sights on the
rise of opioid addiction in america. >> this epidemic is a national health emergency, no one has seen anything like what is going on now. is american this we cannot allow this to continue. time to liberate our communities of drug addiction. never been this way. dagen: the president plans to combat the epidemic ahead. disgraced hollywood heavyweight hits back, harvey weinstein suing his former company in the wake of his sexual harassment scandal was a real dealer box office flop? regal theater testing service pricing charging the biggest blockbusters, we will look at how it will work. cool hand luke's wristwatches not cheap, the record-breaking amount paul newman's legendary
rolex brought in at auction. top stories is half hour maria sat down with peter teal at the saudi investment conference asking everything from artificial intelligence to investment communities. watch this. >> we founded paypal we were in a different time. we are talking data, the cloud, digitizing our life and technology is the under pending of any industry whether it is driverless cars or collecting data, on industries, where are you finding opportunity to invest in industry? >> air b&b, space x, facebook earlier on, investments i made it. it is part of a trend. sharing the economy or social
networking for facebook and that is a misleading way to describe it. better to think of solving specific problems. air b&b was a hotel room substitute, the only company doing that on a worldwide scale and that makes it a one of a kind company. facebook somehow figured out real identity. maria: one scene we are talking about is all the technology that will be in the new city of the future. where do you see the opportunities in starting from scratch? what technologies will be needed? >> a tremendous amount one can do when starting something new from scratch. one thing that is striking about the great cities of the world, london, new york,
silicon valley, even though there are incredibly dynamic economic places is extremely hard to change things. new york city it costs $1 billion to build 1 mile of subway, in san francisco you can't build new highways, the transportation grid is set, this weird transportation problem with the big cities that becomes incredibly hard to build new transportation once the basic city has been built, if the transportation systems are inadequate and i would say they are badly inadequate in all our major cities even in the developed world, the developed world, they are generally inadequate. the self driving car trend, is a very important trend for the
economy, changing consumer behavior tremendously if you have self driving cars, you could have a longer commute, some things would change, not sure it is a good investment. some companies are doing similar technologies, hard to know how differentiated they were. maria: more ai and machine learning in a situation the fewer jobs you have. are robots going to be taking our jobs? >> one of the things, i'm nervous about the abstractions. artificial intelligence can mean the next generation of computers or the last generation of computers or anything in between. things are a little bit in the future or far in the future. if you had generalized artificial intelligence, where you had a computer that was
smarter and more able in every way possible, i would say the problem is not economic but political like an alien from another planet landing and if aliens landed on earth would not be what does this mean for the unemployment rate, the question would be are they friendly corbo unfriendly, things like that. i to the extent the economic question is serious it is more the political question. maria: what can we do to protect ourselves in this new world where we feel like everyone is getting hacked and data is so much more powerful? >> there is a tremendous amount we can do in combining computers with humans. a lot of the approaches in crime, defense, areas like this, security, have been we have all human solutions or all computer solutions and the truth is there is a lot to be
done with intermediate hybrid solutions which what we have done at paypal is figure out a good division of labor between human analysts and automated computer systems. if you get the division of labor right you can do a lot. one of the challenges with fibersecurity is there is something about it that is very asymmetrical. most forms of defense, military technologies the defense side is pretty good. in cybersecurity, it is hard to defend, easy to attack. if you have something where it is easy to attack, incredibly hard to defend, that creates very unusual challenges. we haven't figured out what to do about them. we are not able to defend as well as we can, not willing to
take precautions needed and it calls out for some more work in the decade ahead. maria: you are successful in terms of watching where the growth is, when you identify companies that are solving important problems, what excites you right now? >> people by may be under submitting bit coin significantly because it is like a reserve form of money like gold and just a store value, you don't need to make payments, $70 billion worth of bit coin in the world, $9 trillion worth of gold and if the coin is the cyberequivalent of gold it has great potential left, it is a different kind of
thing than silicon valley normally focus on, companies, not algorithms or protocols but this may be one exception that is underestimated. dagen: peter teal with maria in saudi arabia. the end of the line with railroad operations reportedly part of the plan to get ge's corporate engine revving again. record-breaking rolex, jaw-dropping amount acting legends paul newman's watch clocked in at auction. ♪ >> 3 days in saudi arabia and maria bartiroma made news from the start. >> changing thinking. >> the crown prince's game changing and it was just the beginning after heading up panels that future investment
initiatives, vital insight from leaders and decision-makers and ceos. >> earnings are supposed to be accelerated. >> growing the economy is the number one thing. >> every business day, "mornings with maria" helps more viewers start smart only on foxbusiness network. a sinkhole opened up under our museum. eight priceless corvettes had plunged into it. chubb was there within hours. they helped make sure it was safe. we had everyone we needed to get our museum back up and running, and we opened the next day.
dagen: futures point to hire open fueled the market run by earnings, 45 point gain on dow futures. we are looking at a few stocks on the move. the wall street journal reporting company looking to leave its railroad business. report says the move is part of the cls plans to divest billions of dollars in assets in the next couple years. shares of ge moving up 1/2%. we are watching intel, the tech giant reporting strong third-quarter earnings after the bell yesterday, earnings-per-share of $1.01 well above analyst estimates,
$.80 a share for raising its full-year outlook, shares of intel moving up 4%. donald trump promoting the national takeback day, cheryl casone he has more on this. cheryl: calling on americans to go through their medicine chest and get rid of leftover prescription drugs by taking them to designated collection sites. they can pose a risk for adoption and overdose, the program is sponsored by local agencies. donald trump making a reference to his late brother fred in yesterday's speech the opioid a public health emergency. >> i had a brother, fred, great guy the best looking guy, best personality, much better than mine but he had a problem, he had a problem with alcohol. i learned because of fred, i learned and that is what i think is so important.
>> harvey weinstein suing the company he founded demanding access to document he claim can help with his potential defense against civil and committal claims. resigned from the board amid allegations of sexual harassment and assault. nbc political analyst mark alpern losing deals following reports he sexually harassed five women, canceling the next edition of its game change book about the 2016 presidential campaign, hbo is scrapping a miniseries tied to that book. alpern has been suspended by nbc. paul newman's rolex selling $17.8 million, setting a world record for a wristwatch at auction. it was given to newman by his wife on the set of the film winning. later, a portion of the proceeds go to the newman
foundation, those are your headlines. dagen: if i was rolling in cash, i would buy it. my watch is a steve mcqueen watch. didn't belong to him but it is kind from the movie. i would wear them both at the same time. a preview of the must-see new film about the iraq war. thank you for your service, that is next. thing we all thint as we head into retirement. it's why brighthouse financial is committed to help protect what you've earned and ensure it lasts. introducing shield annuities, a line of products that allow you to take advantage of growth opportunities. while maintaining a level of protection in down markets. so you can head into retirement with confidence. talk with your advisor about shield annuities from brighthouse financial established by metlife.
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dagen: that was a clip from the film jigsaw. michael to marrow is here, resurrecting, breathing life into the franchise. >> have there been eight? if you see someone like one you know to run from that person. the biggest year in order history, close to $1 billion. this movie looks to come in at number one. dagen: the last one i loved was the conjuring, the first was unbelievable. >> there was fantastic. the ones after that, it has been an incredible year. dagen: you have a chance to sit
down to talk about the new iraq war movie, thank you for your service. >> jason paul told me about this incredible movie. thank you for stepping into the fox site. you described this as your toughest role. to embody someone else's trauma is difficult. for adam to wrap up the experiences. >> you don't see the bomb unless they want you to. >> i see nothing.
>> he see it, how has this sort of shaped your perspective on the wars we thought and the men and women doing battle day in and day out? >> the obstacles and hurdles these guys go through when they get home. lend a voice to this cause, so much respect and empathy and compassion for the service men and women. >> of the country we are sending honorable men and women over there and the concept we enter into are as honorable as men and women we are sending. >> if you have one movie to see make sure it is thank you for your service, opens up this weekend. >> ♪ i'm only human after all ♪ don't put the blame on me ♪ dagen: i would rather see that. >> for some the battle continues once they come home.
a fantastic portrayal of their sales. the man behind american sniper, jason hall, doing his own service in telling the stories. dagen: it is incredible, thank you. hanging with my dog doing laundry. hercules star kevin sorbo's take on the harvey weinstein scandal, harassment in hollywood in his new movie, the next hour on "mornings with maria". ♪ ♪ yes you can ♪ well i'm gone ♪ can i kick it? ♪ to all the people who can quest like a tribe does... ♪ .. ..
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>> good morning i'm dagen mcdowell. friday, october 27. earnings blitz the big names including merck, exxon mobil chevron all reporting this morning. while their missing expectations. the house making the move which is the key to any hope of tax reform. wilbor ross praising the passage. they didn't put any of that at all. even though they had been talking about quite a few amendments. the only reason they would have had to do that more on the prospect of getting a deal done i have.
it was certainly lifted by terrific numbers. those three stocks in one hour. adding about $80 billion in market value. we get the first reading on how fast the u.s. economy was going last quarter. by and in in england, france and germany. it was the same story over night. new details behind the jfk assassination. the staggering revelations including the possible involvement in russia. shocking moments on the road and in ohio.
a 10-year-old lead police on a high-speed chase that topped 110 miles per hour. the devices you could soon see. in the republican strategist aaron elmore. good to see you. rocking out on this friday morning. think about this. as your sales are up 90% the revenues are up 42 percent. technology is 23 percent of the overall markets. coming up this morning new
york stock exchange zero motorcycles. the top story this hour looking for colgate moments ago. they're also waiting on the first raid on how fast the economy was growing last quarter. joining us now global academics editor. john, what do you want to start with. again, do investors need that tax reform. i think they will get some
kind of tax reform. there is a very aggressive timetable they are setting out to. very ambitious but it looks like they're moving in that direction. the earnings numbers are so good. and as you said in your lead up. working to be getting economic growth in numbers out tomorrow and they're there to coming pretty strong as well. a little bit south of 3%. the economy is doing pretty will right now. it sure is enough to keep it going. it's a major issue.
when things are going poorly and things are going well. the european economy has started turning up again after spending most of the last decade in a funk. the japanese economy is turning up again. we talk to people there who say equipment sales are rising. emerging markets are picking up. we've a sweet spot in the global economy and big multinational american companies are benefiting from it. are you concerned about the dollar. are you worried about this global story that you are talking about.
i think in a moment like this when the dollar is strong if to say why is it strong wise it picking up. earnings for american companies are there. they tone down the benefits. when the global economy is doing well our exporters are going to do well also. i don't think a strong dollar is us sign of weakness. i make a list every morning of things i think our important to talk about. it was earnings and the federal reserve chief. watch this.
tell me who the preferences. janet yellen might be worth keeping. >> she was in my office three days ago. i like her a lot. you like to make your own market. i think she's terrific. you were the man on the fed that everybody had to listen to what you think. we spend so much time in the office trying to figure out what's going on. when i hear i wasn't looking at it. he sounds like he is very impressed. why would he change horses in the middle of the race that he's winning right now.
there seems to be some desire there to put his own mark on the place. i think he is really struggling. he is really thinking carefully through this choice through the pros and cons. if a john taylor is a next of fed chief he's gonna be more aggressive at raising interest rates. anybody in real estate doesn't really like higher interest rates. in these very fixated. that is one reason why. wiring and amasses something that could cause the market to take.
basically been right at janet yellen's side with every decision. he's also getting someone who is going to keep interest rates relatively low. if he's gonna bring something to's can look like janet yellen and the policies that he pursues why not just bring back janet yellen. they say he's gonna make a decision before he leaves for asia next week. we can stop having this conversation and see whether she made --dash mckee made a good decision or a bad decision. don't we all. thank you john.
we don't really need to guess. present trouble tell you. he just tweeted. never wins elections. for backgrounds spending ten million dollars on an ad campaign. calling for president trumps impeachment. there you have it. more from the president i'm sure on twitter. shedding new light on the shot heard around the world. rolling back prices and rolling out new technology.
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now the biggest tax cuts. the truth coming out. numerous jfk assassination files are coming out. good good morning to you. when you think about it in the 2800 documents released last night. i apologize for all of the noise. the leaf blower goes by here a few times millimeter what happened last night. it's about the documents related to the assassination of kennedy. the real headlight will be that many of the records were withheld due to national security concerns. do you to keep this in mind. those documents contain raw elements. we do learn about that.
let me share just a bit of a white house statement they talk about those records that were not released over night. some people would say it's just a drop in the bucket. the president has submitted unprecedented transparencies. this is an important one from the cia every single one of the approximately 18,000 remaining cia records well ultimately be released with no document withhold -- withheld in full. that promise could spread more promise. and the castro regime. there are number of days that we are keeping an eye on as we look forward to the rolling release of this document.
that's when we expect another big batch. researchers rock on. see what you can find out. back to you with my friend in the blood he leaf blower. they are as frightening as chainsaws. it's great to see you. the president of the new york stock exchange sitting down with maria at the future investment situation. to land potentially the biggest public offering of all-time. the dramatic new feature coming to social media.
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welcome back. at the future investment initiative. our own maria bartiromo was able to sit down with the stock exchange president and get his take on everything from the trump effect on the market to the magnitude of the expected aramco ipo. journey me right now is tom farley. thank you so much for joining us. it's really incredible to me how the people in investment management and business people are here this week. i was waiting to sit down with you.
it is a great and the good of financing around the world. one of the big reasons is that they are gonna take the oil company public. it could be the biggest ipo ever. it could be up to $75 billion. it would be a huge piece of business for the new york stock exchange. people see me in the halls here. everyone assumes that my relationship is totally about that. i've been the company for many years. as you know the new york stock exchange is owned. it's a partner and a customer in that respect. we will compete for any ipo with great global business. other than anyone you meet from the company or the
ministry. they are professional. they are sophisticated. they are carrying out a very disciplined process. i don't want to prejudice any decision that they make. first of all we want them to make the right decision for them. clearly the new york stock exchange is a leading exchange in the world for listings. we have something like 34 trillion of market caps. in terms of the deepest liquidity in the world. that's in the united states. it's also a rigorous governance test. that is that decision criteria that benefits what the new york stock exchange brings.
what are the implications of such a huge deal. if you're looking at ali baba. give us the sense. why is this so important. large ipos are nerve-racking. we do them a lot. and even those companies that fall on the other seven many of them have ultimately listed in the new york stock exchange. its purpose built for those big deals. we still spent a lot of time getting ready for those ipos because there is a lot of offers that come in that come in on that moment. and you need to make sure that the stock opens smoothly so that the management team doesn't spend the next six months or two years slinging what went wrong on ipo day.
obviously there has always been a massive competition. what can you tell us terms of business year-to-date. from our normal home base. it's a very global story. the ipo market is booming. we've had twice as many roundabouts. twice as much as turn of dollar value. last week alone we did a great company from southeast asia. next week a brazilian company. so we are seeing great global companies racing martin global companies relative to the u.s. and i want to go public. i'm not going to. people were wondering why the market was not so busy early this year.
the american audience likes to make a big deal out of the story. some of the great american tech companies had chosen to stay private -- private. we begin man who started a company three years ago to head computer lending. as been an amazing tech story. technology company that offers gaming. we still talk about it as much. these are great tech companies choosing to go public and she's in the new york stock exchange. here is the stat for you. they are down 50% over 20 years because of the regulatory environment. the treasury came out with a report what are you doing in
terms of lowering the bar and the standards. make making it easier for companies to go public. i think you are referring to our press report that came out. to push the administration to make it easier to engage in ipos. the aggregate market cap. the part public market works great for big companies. is not working as well for small companies. small companies are the life blood of lifeblood of free enterprise. what can you do to get more of them to go public. big companies can handle it. you can allow them to meet more with investors in analysts. for example not require an external early for the first
few years. you could extend that to all new companies not just the tiniest wants. ones. expand the envelope a little bit. one thing is create a longer window of time in which they can be in the emerging category. it requires less regulation for small companies. regulations like taxes. complete government control is not the answer. somewhere in between is the right answer. we have swung too far towards heavily regulating small companies and we need to swing it back aggressively to make sure that that ipo engine is there for those young entrepreneurs. what does it feel like to you when you go on the floor and you speak to big investors because how do you like the way the president is constantly tweeting we are record highs.
do you feel like things are getting overheated. do you feel the same sentiment i look up at the indices every morning and it's amazing what has happened. the indices really cratered and now they had zipped back up. it's also a global story. and in the last two weeks alone the dax they have all hit all-time highs. this is a really good moment. do you feel like sentiment is still there. or our things getting overly priced. rebuilding puerto rico. 80% of the island is still without power in the wake of hurricane maria. we will talk to the company hired to restore the territories electrical grid.
your top stories at 7:30 a.m. eastern. just a few of the names closing out the busiest week of earning season. missing however on revenue expectations. we will bring the rest of the numbers as they hit the table. they're all delivering better than expected results. turning to broader markets. you can see how the futures are doing. not just microsoft it is set to hit an all-time high as trading opens but also fellow components intel and the two companies that are adding roughly about 36 points to the tao just between microsoft and intel there. i just met an hour from now. at the first reading on how fast the economy is growing in the last quarter. gdp will bring it to you as it happens. puerto rico left in the dark.
80% of the island still without power we will talk to the company hired to restore the electrical grid and get the response to the controversy surrounding the 300 million-dollar dollars government contact if received. actor kevin sorbo they join us to weigh in on the hollywood harassment scandal. a wild ride on in the ohio turnpike. a boy ten years of age putting the pedal to the metal. more incredible video. [indiscernible]
we will bring you more of that straightahead. a different kind of dramatic zoom. it should take over your story feet in the coming days. say it ain't so. rolling back prices. the futuristic new tech coming. to ensure that shelves are always stocked. the crisis in puerto rico. two house committees had federal watchdog are now investigating the 300 million-dollar no-bid contract that was reported to repair puerto rico's flood electrical grid. during the cell as a spokesman.
ken, what do you say to these investigations. this is our assignment. mostly in the mountains of puerto rico. it is necessary to restore the power ultimately over time. the real issue congress should be asking as where are the other firms that they are hiring to come to the island. those contracts were just let last week. another two or three weeks before more help us to the island. the resources are not there yet. they only had two full-time employees as reported when maria hit puerto rico. give a pretty robust experience when to the company hire you.
they hired us two weeks ago. the entire industry ramps up when you get tax. it's why we were hired. if you have a question about that. and the business practice of ripping up much like homebuilders, consulting firms and others do. look at the results to date. 320 people are already on the island. repairing the grid. if there is a question that look at the facts. my real issue is no one has asked a question and then reported the facts. what are the facts that you think are not being reported. the fact you had two employees any of a model that ramps up just like hundreds of firms in the united states in all over the world. and you now had 320 employees. if you question a two-person firm with the ability look at
their experience which is working in the mountainous regions and the ceo is leading that effort. there are also allegations the interior secretary ryan zinke son have an internship. what do you say about that. he was a flagger. he directed traffic on a summer job through a friend. but to say that the interior secretary have anything to do with the contract number one, it's not true everybody has said so. he found out about the contract after it was lead. his no authority over fema, the core again there is a jump today to guilt versus facts. the other part of that is if you really look at the political landscape the interior secretary would not
necessarily be popular in puerto rico where the majority of the population supported the other party. these investigations are not going away at least increase the governor of puerto rico said his administration will soon audit the contract awarded. and there is a tired air force colonel. a lot i've -- of eyes on whitefish now. every member of congress should have information that they're asking for. we will certainly give that out but the first thing is there were no questions asked everybody jumped to a conclusion based on the washington post article if you want information were more than happy to give it to you the contract was done
correctly prep a has a company working on the island and the current administration does not had those resources there yet. at the end i'm just hoping people report that there was nothing there. to. >> the director has been quoted saying that part of the reason that he was there. i wanted to ask. how well and how is whitefish finance for this. whitefish is very while capitalized. will capitalized. they had financing from several private equity firms. they've met all they met all of their obligations to date. polemical back. there was a very small deposit it was $2 million i believe. there was another firm that also wanted to work but required ten to 15 of those.
we had barges coming over every day. we're trying to get our equipment through the ports so that more men and women can come to work and help puerto rico. thank you so much for being here. the retail giant in the high-tech solution to make sure that the shelves are always stocked. the new feature brings drama to your storyline. today, a focus on innovation in the southern tier is helping build the new new york. starting with advanced manufacturing that brings big ideas to life.
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maura trump tweets breaking news right now. here is from the president. jfk files are being carefully released and there will be a great transparency it is my hope to get just about everything to public. it will not stop the conspiracy theory. the fbi is set to give congress documents related to the controversial russian dossier that we now know the democrats and the in the hillary clinton campaign were behind. cheryl has at story. paul ryan this is the says the fbi has provided documents in a variety of investigations including information about a 35 page research document. they have informed us that they will comply with our document requests and they
will provide the documents to congress we expect the fbi to honor that commitment. both clinton campaign in the chairwoman denied to congressional investigators about who paid for the dossier. that testimony can put them in hot water. democrats have paid for part of it. they could face perjury charges if it turns out they gave false statements to congress. a 10-year-old leading police on a dangerous high-speed chase that hit 100 miles per hour. [indiscernible]
all of this went down yesterday morning in ohio. cleveland police said they saw the car speed by chase by another car possibly driven by his mother. it lasted less than an hour. as you can see there. the kid was boxed in. he was taken into custody the same little boy stole his mother died charger i went down interstate 90 earlier this month. instagram introducing a new feature called super zoom they can create dramatic zoom and shots. this is a second big update from instagram this week. users can stream live with friends and instagram said last month they had 800 million monthly active users across the world. fifty stores by the end of january. they are kennett scan isles for out of stock items.
walmart has been testing these robots. taking a look at the stock the shares of walmart up about 20% so far this year. and those eager speedy headlines. >> i think we should point out it's a miracle that nobody was hurt whether it was the kid or the catheter -- passenger and another car. she told me about this. it adds your face. and literally if you take a cell fee. it takes about 20 years off your life. now people can be using it when they're on their dating websites. you are just refreshed with a good nights of sleep. at the cancer center with my mother where i never wear any makeup.
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hollywood sexual harassment secrets revealed. he said he was a victim. they are here to talk about their new movie but i want to talk about that. you have, and said in my book and happened years ago. it's out there. i'm a big dude. most people are not going to what amazing is now the underbelly of hollywood coming out. and we have a film that's coming out and it's almost the end is a test of that.
we are kind of excited because this takes a different one. the uplifting film. the character driven movies. and now they celebrate the antihero. i don't think it's a stretch to say this. with hollywood and people in the industry broadly speaking that there is a disconnect between individual and family and faith. it is an industry where faith is not front and center. do you think that opened the door for greater sexual harassment. i'm not naming any individual.
it's a different face. they put faith in darwinism and evolution. he took what he wanted and he got it. and sometimes he made him pay with it. everybody who knew about it was perfectly fine with it you worship at the altar of filth. we had two people who are grieving and one of them worships at the altar of south. and the next then ex-wife who is faithful and goes to church and as raising the two boys in the christian faith. you can walk it alone or you can walk it with higher power and you see the difference.
let's watch this clip. clinically dead in entrance the entrance for four minutes. it's a miracle. and you wrote it. i was lucky that he jumped right on board when he heard the idea and then two weeks later sean calls kevin. i said we had one. is this your favorite project you've ever worked on. it's one of my favorite.
i've done a lot of work. i'm very fortunate that i'm still working. certainly coming out of the conservative christian closet in hollywood is pretty much a one-way street with them. you can find out what theater it is plain in. we found that there is a little bit of a threshold for high they are looking for some presales and step they don't typically look for. movies are storytelling. hollywood shapes our culture. do we want to trickle down into this culture. do we want the culture to be pervasive in the u.s. culture. are you finding though the people are were receptive to conservative to people who are wearing their faith on the outside.
i travel a lot. people walk up to me now. please make more movies like this. they have to support them. we don't have the big budget to bring these out there. and they become successful because of word-of-mouth. i will be very nice i promise. x out. the iphone ten selling out already. presales started earlier today. when can you get it and how much will you pay. more head. the most dependable dependable dependable trucks. built to last a long long time. with durable durability and rugged ruggedness. i like the extra power hauling power maxi power!!! and quality. seems they make them strong extra strong
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earnings per share s. dagen: i am dagen mcdowell for maria bartiromo. it is friday, october 27 top stories 8:00 a.m.. >> earnings exattractiveganza all reporting this morning, comes after stellar, earnings yesterday afternoon, from tech giants amazon microsoft, google apparent alphabet all delivers better than expected results, amazon shares jumping on the news co jeff bezos made about six billion extra dollars on that move not only good news for that retailer the company gaining wholesale pharmacy licenses in multiple states part of force behind
cvs to buy aetna staggering 6 billion dollars futures begins a across the board, this morning, we have a 32-point gain on the dow futures -- higher by microsoft stock again on those positive earnings and also intel two dow components gains across the board reads on how fast u.s. economy was growing third quarter first reading on gdp, investors eyeing key developments out of washington including house passing a budget, and we have exxon earnings coming in right now, looking -- double beat 66.17 billion, on the revenue line, and then also, earnings per share coming in higher as well. 93 cents a share on exxon, versus an estimate of 86 cents a share, show a double beat on exxon and, again, those earnings growth in the energy
secretary of sta sector is gang busters triple digit gains on earnings there, president trump tweeting this morning saying talking about the house budget, congratulations to speaker ripan gop leader steve scalise now the biggest tax cuts, moving on to new details, behind the jfk assassination white house allowing release of thousands of previously blocked records, the staggering revelation a possible warning nearly 30 minutes ahead of the tragedy, iphone lovers braving early morning to oi.d phone 10 latest as preorders for the device go up online apple needs a win iphone 8 sales slowest for new device in years. the greatest of all time taking the wheel staggering amount will cost to you drive a special edition aston-martin
designed by tom brady. that is right. can the man not do? i am joking here with me to break it down news correspondent lea gabriel, kevin kelly, republican sergeant top surrogate. >> the it comes would fully ininflaitd tires. dagen: get down, the -- >> i haven't heard her say a word. dagen: nag. >> one thing we didn't say that stephanie is going to be here one favorite economist especially gdp will give coverage no one else has on streets favorite person. dagen: here is how it goes since do you the show almost like two times a week. we introduce the panel, and
then we promo the guests you just stepped on my promo. >> i know just -- excite. >> i thought he -- dagen: kevin stepped on this promo we have -- [laughter], coming up, cetcho mara talked to him yesterday sam motorcycle ceo, "varney & company" host stuart varney don't miss it and stephanie bottom of the hour busy season with two big oil companies reporting we had exxon earnings hitting the tape earnings per share up 93 cents topping expectations revenue also a beat, kevin kelly your thoughts on energy sector huge surge in earnings off the bottom a year near the bottom a year ago. >> highlights what is driving earnings season because engendering sector was so did
he previoused, 25, 30, 35, have a dollar a barrel oil now consistently above 50 has not played through yet an interesting aspect going to want to see what guidance is going forward investors focused on effects of the hurricane that are going to be -- in chevron as well as exxon what they sea going forward where they are in terms of cost cuts a very, very big focus for them because a lot of times, the cost of oil a barrel is higher for a lot of why not integrated exxon chevron all over the globe, so because there has been a -- a depression of prices globally that is affecting them the lastening, also what they are going to do, people are word i they need to buy companies. dagen: what about the regulatory backdrop we focus on washington and what -- the congress hasn't done on health care and taxes, but in terms of the regulation rollback that is something trump administration has been on top of and that does particularly
help energy companies. >> really helps energy companies they have spoken about that on investor and conference call all yearlong waiting for action of more deregulation, to happen in the space especially to deploy more capital, we see coal actually done really well this year, and supplies up people using it more especially with renewable energies a lot of tax credits flowing through a lot coming out of washington is going to dictate what happens to companies. dagen: microsoft alphabet parent company of google on track for record highs amazon stock a boost microsoft intel,really pushing up the dow futures this morning, you look at these stocks go, and amazon on the nice, that not just earnings but amazon is getting into the pharmacy business or gotten approval for wholesale pharmacy lines,
"the wall street journal" reporting cvs in talks to buy third learners insurer in the country aetna 66 billion dollars, this deal is in direct response to amazon, is that right? what other kinds of deals could we be looking at in response to amazon's move into more and more businesses. >> this really is a shot across the bow if you think about what did amazon do that was of the most significant recently they bought whole foods. >> getting state licenses with pharmacy can they distribute basically prescription drugs through their wholly appoint logistics with whole foods cvs looking to do detail with aetna they have no experience in, so this is pretty telling we are going to see this story play out over the next couple quarters, not years there is going to be a lot of activity, we are going to get a lot of direction coming through on
that, you can see, amazon is fighting, wal-mart toe-to-toe especially when in the next leg of fight with them, in the prescription drug business. >> prices can come way down. dagen: there are drugs packages like with medicare prescription drug packages part d, that you can only apply your prescriptions at like major pharmacy like notlawed to get prescriptions at smaller local pharmacy you literally where i am from you have to go to wall matt on-- wal-mart, trying to break up juggernaut. >> the idea is model they have a fulfill presence figure out delivery and like i said, with the logistics that they do have. >> a great idea for people home bound wheelchair bound helping the market they can't help themselves really nice.
>> with cvs acquisition of aetna in terms of what it could potentially do expanding, basically giving a huge number of new customers through aetna for pharmacy benefit management business bolstering leverage in negotiation for drug this drug makers in terms of pricing pour, also you strike deals with to tie drug prices to patient outcomes also incredible, i want to move on to washington, this time, it is about truth coming out of dc numerous jfk assassination filed released, about blake burman is at the white house with the very latest, blake, good morning. reporter: good morning to you this is nearly 2900 additional dominatings relating to president kennedy and his assassination that were proud by national archives not all documents last batch were put forward as president said in a memo that quote srn information should continue to be reabout didacticed because of national security, law
enforcement, and foreign affairs concerns, newest documents do shred more details about the inventories surrounding assassination of jfk for example, one shows that a british reporter received a phone call about 25 minutes before president kennedy was shot and was told there would be impendeding quote big news, another deals fbisource claimed days later the soviet union was fear full a missile could head their way because of the actions of irresponsible u.s. general final batch last set has to be released by end of april president trump tweeted out moments ago the following, said and i quote jfk files, are being carefully he released in the end there will be great transparency my hope to get just about everything to the public. for now dagen the if you need good reading curious all you have to do head to national archives web site, the documents are listed right there. dagen: i am really tempted when i came out i was -- so --
got other state your i need to read. reporter: dagen will be there for a while. dagen: precandidates for new iphone selling out in minutes, overnight, would it mean for anyone trying to get their hands on hot device in the release date technically november 3 what if you need it before christmas or holds nobody can drive down the field like tom brady but at least you can drive down the road like the patriots super star new ride from aston-martin inspired by the greatest of all time. ♪ alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics,
iphone starting today you might have trouble getting yours cheryl casone. cheryl: hey dagen sources say surprise hot new phone sold out the shippings estimates beyond november 3 launch date in the u.s. on apple's web site 5 to 6 weeks right now according to one report by the way out in hong kong they are sold out, on line, both models iphone 10 currently unavailable, that is in that country phone apparently sold out on apple's web site over
in the uk. now this news on weak sales of iphone 8 two firms say 8 posted weakest sales of any new smartphones apple prior premarket more than 1%, coastal win for baltimore ravines against miami will do fins second quarter flacco, his helmet knocked off after the hit alonzo given unnecessary rough penalty alonzo crushing flacco, would go into locker room with concussion would not return to the game. well, let's stay with able to tom brady has a cool new ride, aston martin selling a tom brady edition car convertible 360,000 dollars associated with 007 tv 12 on the door, on
the place on the doors, tv logo all over the vehicle basically from fenders, if you want one keep in mind only 12 of these things made. just in time for halloween starbucks launched the zombie franchise chino drink apparently inspired by a carmel tastes like tart apple we are told he will find out in taste tester on set will watch on like uniform frappuccino huge hit for the company starbucks stock down will 1% premarket right now, stock to watch. dagen: what is the -- verdict? >> do you think tastes like a tart green apple with caramel. >> yeah, it is -- a lot of one -- >> a lot of one. >> like -- >> together put in blender eat
it. >> cheryl about technically if zombie photograph chino wouldn't it taste like rotting flesh. cheryl: i don't think that is what they are going are. >>. >> rotting flesh? dagen: pink. cheryl: pink chipped dream supposed to be brain red is blood aim grossing you out? >> -- but, by the way, you have to like kind of drink them quick, because once they kind of -- basically, saying like what you once order don't hold on to it because it is going to get -- >> something happens. >> thank you so much. >> coming up paving the way for public debut maria sitting down with top name from softbank to top about the timeline for a possible uber
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dagen: breaking news to bring you espn reporting alibaba cofounder has reached agreement in principle to purchase a 49% minority stake the book lynn mets worth 1.8 billion dollars by latest valuation according to forbes magazine. >> now the nets -- there you go i will storm you got to games, where can you find value in this market maria bartiromo sat down with softbank adviser ceo in riyadh saudi arabia asked him just that. maria: you are 100-billion-dollar vision fund is dominating conversations cross the world congratulations. >> thank you. >> on the performance as well. tell us how you are allocating capital where are growth opportunities in the world today?
>> group tounts are everywhere but concentrating with entrepreneurial equal system existences two locations china and u.s. if you look at our funds, and we have two pools of capital in softbank the vision fund a hundred billion, makes a lot of technology and investment we have sprint, mobile, we have 28% stake in alibaba, also has grown in value so there are two pools of capital. but half investments are going into u.s. 50 odd billion, a lafrng chunk in china large population there they are leap frogdz technology to conclude the population from ride shares companies, bicycle sharing food dliefr et cetera,
et cetera very exciting. >> uber wanted 10 billion dollars from you -- >> s uber not looking to take 10 plan from us will get a billion a billion and one half, investment, there is potentially an opportunity to provide liquidity to shareholders and employees early investors to sell secondary shares to softbank, and we are late stage discussions to potentially buy some secondary shares from early investors. >> let me ask you about the valuations is it harder today to find value which is also a growth story i mean obviously alibaba has been an incredible performer for you, but when you look elsewhere is there another alibaba out there. >> al bab as, we make a thousand times return we vested in media nine months ago 5% of mediaia for 3
billion dollars worth 6 billion nine months you don't have to to find just al bab as to make good investments we are going to if technology revolution as we speak in every aspect of human life, from food delivery to life sciences to as i said insurance to selling used cars to selling homes, to getting a mortgage a loan every aspect of life. >> everything is sharing economy. >> yes. >> right? >> so there is plenty opportunities valuation not an issue if you find right companies that are market leaders, that have the right entrepreneur and management, to scale, to go global what softbank heads to a consumer company 35 million subscribers with sprint, with 35 million subscribers softbank mobile in japan, et cetera, and getting these companies to work with with each other learning you don't have to reinvent the wheel ride-sharing companies
learns a lot from china from experiences, vice versa. >> telecom has been critical for you why is telecom sort of underlying important backdrop of some of your investments? >> well, four that are shaping the technology revolution, first, power the ability to process and cost of processing has gone through the phenomenon nomal scale iphone can process cheaper faster than mainframe 15 years ago or laptop, 20 years ago, data, second. ability to collect data and processing of data driving -- graphic processing autobiography, and ability to structure large analyze large data pools, and make sense out of it and predict outcomes predict consumer behavior managing, that kind of data,
so data ability of collecting data having access to data is a second process, processing data software to analyze it lastly, telecom speed, and cost of telecom, look at so years ago no smartphones smartphones in 2007. >> now can't live without them. >> the ability to have that processing power in your car, in your smartphone in your house, so on telecom speed is important for that. >> before you go let me ask you about a.i. the worry people wonder what skill sets do i need to thrive in this new world a.i. means robotics machine learning are they going to take humans' jobs. >> we have a lot of robots, a robot doesn't have to walk and speak robots. >> should not be afraid. >> not at all robots versus 10
years ago all cars that robots iphones robots et cetera, et cetera. they enable your life a lot better, services better, they will make your entertainment better listen to music, wrist watch tracker with a skills slow in learning there is so much you don't have computer program to be successful -- in this -- in the next generation. you need to learn go to china you need to go to india see what all you need to do sake about what is successful in one part of the world take it to another. >> great to have you on the program thank you so much. >> thank you. dagen: first readinging third quarter gdp on the other side of this break. we all depend on trucks. chevy, chevy, chevy trucks. we think it's because chevrolets are the most dependable dependable dependable trucks. built to last a long long time. with durable durability and rugged
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dagen: 3.0% that is how fast the u.s. economy was growing, this is the first reading on the third quarter gross domestic product biggest measure most important measure of how the overall u.s. economy doing expectation for 2 1/2%, there bbz gut to get 3% see that nice three number in front of gdp growth, is exciting if you want u.s. to do well joining us now one of our favorites guests of all time. >> stephanie your initial take on this 3% reading how is it that we are growing at 3% growth.
>> wow. you know i am surprised i want to see details, in terms of the inventory contribution versus consumer spending obviously what we care about is seeing strong spending, rather than just inventory bill i know that at least the atlanta fed therefore built in almost a full percentage point contribution from inventories largely due from hurricanes that we saw so that will be interesting to look at but as you know, my concern is that there has been a broad deceleration in growth not that wheels are off but general downside waze a lit since 2015 slowing tax receipts down a recession reading some things don't square with the strength of the headlined numbers i am very interested to find out you know what the details here are. the other thing we're seeing that is a little is disturbing kind of conflicts with strong
hadline spending gdp numbers rise in delinquencies a couple things out there have me concerned this is why i am so ask you to to see tax cuts come through we need to pass this baton from monetary to fiscal policy in other for the economy. dagen: do you think 3% gives congress more -- that they think, the economy is doing okay. there is no urgency? that is my worry. >> that is danger exactly i am since i am looking at things like tax receipts billing, you know slowing consumer discretionary spending i am worried sitting here biteding nails they have got to get this done, fast. >> i am glad you brought up tax receipts i am extremely worried fed keeps saying we have not had inflation but looking at wrong indicators asset inflation unbelievable health care the price has gone up exponentially college education up significantly
talking pce, cpi just like, you know, areas for them to deflect asset inflaigs worried about do you see headwinds coming about because now we are at i am looking recession highs for the dollar 10-year yields going up, do you see this could be the only two quarter gdp that we get that is good given the headwinds. >> this is what i worry about, you know glad you talked about the rising cost of health care, tuition housing expenses up a lot couple years if you strip out housing health care, that is 40% of the increase in consumer spending so discretionary spending as i said slowing actually, people are now relying more on credit cards and transfer payments to you know cover their every day necessities, so i think it is a major issue and then you've got fed doing qt isn't going to help in terms of tightening credit conditions, et cetera. so this is why again i come back do the urgency of will really getting tax cuts through getting some relief,
because right now, clearly the trend toward decelerating growth notwithstanding third quarter going to consume you -- >> best 6 month stretch since 2014 for economy in terms of gdp commerce department said this was particularly interesting or strong, because of the hurricane we were still able to grow at 3% for the quarter. and this is the first reading, it could be revised downward or upward, but, again, it was put particularly spectacular for that reason because of the weather. >> i mean i think the thing to watch forward is what is happening on consumer spending front, like you said, i think some of the data actually the monthly data has been surprisingly strong, over that hurricane period, we did see yesterday, retail inventories much weaker when you saw auto inventories thankfully post largest decline since recession that is sort of a silver lining of this
hurricane, and you might have provided all producers relief on inventory because dealing with very high -- >> spending gain driven by motor vehicles americans placed cars damaging by storms service spending by contrast to weakest since 2013 goes into your kind of discretionary spending outside of housing and health carb. dagen: what about inventories. >> i am throwing that out o. >> scan i ask fed plan to unwind balance sheets the fed what risk do you see in terms of future gdp. >> i think we are credit dependent economy you know, talking about how it is the car basically, credit the fuel gets it going, and we have actually reached the point where we rely we are going to worse mileage need in other gas in the tank to go each additional gdp mile if you start to reduce the supply of fuel in the economy credit fuel what the fed is basically going to do do natural tendency to grow tat slower
rate, and we are already you know in the deacceleration phase bank credits bank lending rolled over sharply ahead of qt we have not seen fed tightedening yet credit conditions are already starting to slow down again, just -- underscore why i am really focused on the tax cuts, because you know we got a pass of baton from monetary to fiscal policy, and right now, you know a nail-biter. >> trading inventories added combined 1.14 to the growth. >> yeah supposed to add .8, final sales 1/6 that is not from 2.9 -- last quarter that is a pretty big slowdown. so -- >> anyway --
>> [laughter]. >> back in the real economy would be nice. dagen: good to see you always every time you talk here, you always tell us something we don't know, just a different -- >> that is my job, focus on the stuff a lot of people are not focused on. dagen: some kind of tell you what you already heard 800 times. >> good to see you. thank you so much have a great weekend oil in focus as well exxon chevron reporting earnings both topping expectations, joining us now price futures group senior market analyst fox business contributor mr. phil flynn mr. flynn what do you see in earnings. reporter: my gosh back in big oil how about that companies a couple years ago, were given up for dead exxonmobil used to be biggest energy company in the world moved down to number four, chevron major problems with earnings, what a comeback right now, especially if you look at exxonmobil, what an
amazing earnings quarter when you consider the fact that they are entire refining operation on gold coast underwaterlast quarter they are saying earnings would have been even better you know 4 cents better if it about weren't for that situation, so we are seeing something going on that is he reflected not only in oil plies brices but gd sometimes comeback relative what we have seen in economy an economy recovering not only here but around the globe, and that is why i am excited about big oil and big earnings, because, that means the economy, demand for oil natural gas going up people working so this is great news for the economy, today. dagen: great to see you as always, take care, coming up electrifying performance from text stuart varney weighing in on huge gains from industries like microsoft google, why general electric is said
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. dagen: amazon microsoft, google are they more powerful than we thought joining me now with his thoughts, host of "varney & company" mr. stuart varney. >> more powerful than thought i guess here turning in performance like that yesterday afternoon, those profit gains and now the stock price gains i mean for those who are listening on the road amazon up 81 dollars a share microsoft up 5 dollars a share about 7%, by the way, and alphabet up 43 dollars per share. did anybody see this coming?
i didn't. i don't know about analysts i certainly didn't that was an absolutely blowout performance. and it extending the power of the american technology into whole new industries why cva looking at aetna corner drugstore with health insurer amazon around the conner coming on strong may be delivery prescription drugs everywhere five technology companies astonishing i am blown away by it period. dagen: if you are an investor literally we have talked about this for years literally comes down to do i want to own a piece of a great american business that is getting even bigger that is dominating a variety of fields or do i want to lend uncle sam federal government money for 10 years, and only get paid less than 2 1/2% in yield because that is really the decision if you are buying a treasury versus stock. >> a that is right let's weigh
this up shall we? do i join the global economy buy apply into technology stock money through the roof or do i lend to uncle sam get me 2%? when do i do? okay, i am dead safe with uncle sam i got it but going nowhere. taking a risk with technology, but i am going somewhere. as for putting new money in now, that i am not so sure of i am going to hold off on that, but as everybody knows do i own some microsoft my point today i am not selling at this point. dagen: do you think microsoft makes better decisions with your money or congress? >> [laughter]. dagen: we already pay taxes, that is -- i know that is a little simplistic i always think -- >> that is what it is -- you know where i am coming from. >> you are about fantastic each every day stuart almost exactly 15 minutes "varney & company" every day, 9:00 a.m.
eastern time, three whole hours mr. stuart varney. >> economy last quarter much better than expected nicole petallides on floor new york stock exchange. >> good friday morning dagen that is right the economy here in u.s. the latest quarter grow faster than expected, 3% rate faster than 2.5%, rated that was expected right about -- consumer and also business spending that helped it along and that is why you did see, that -- despite harvey irma futures up 17 points to the dow jones industrial average see if we make records taking a look at merck that is downside this morning, sales dropped 3% overall, very well with the u.s. long -- cancer lung cancer that helped them along but not enough to break the stockdown 2 1/2%, profits -- raised outlook for sales misthen colgate-palmolive
relatively flat take a look at that ramped up ad spending about 20%, ramped that up cut into numbers, that is down one third of 1% good old ge we reported recently dropped out of dividend portfolio for morgan stanley now exiting in things they want to exit out of railroad business not seeing demand it is a seasonal business, it is -- inconsistent and they have so many others from aviation to power, health care, to name some so this morning, we are seeing it up one quarter of 1% but we did see those new lows, as to 1026, 2120 not of a far off people holding this long term ultimately very disappointed, and there is talk cut outlook cutting dividend why morgan stanley ultimately tried to pull them out of portfolio for wealthy management because not what they are looking for big picture we have much more,
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dagen: if tesla wants to revlize the way we drive no noise vibrations best bikes out there electric the next great american brand completely made in united states, joining me now, is motorcycle ceo sam tell me about the bike because i am a harley fan, that is a regular old-fashioned combustion engine this not anything like that. >> it is this is the most innovative motorcycle in the world with harley something like harley sports -- 1200 had 73 foot pounds about torque to give acceleration the bike in front of us 116 foot pounds of torque you are getting the acceleration of a more than day super bike out of motorcycle. >> what is your dedemographic? key demographics three basic typed of riders that make up
the majority of who we reach out to, first, we have -- riders tend to have one more mercury in t motorcycle, in 2011, 2000 plug in vehicles in united states overall four wheels two wheels everything else flash forward last year 160,000 plug in vehicles united states 780,000 globally this phenomena is catching on in motorcycle community relatively new we get required have equivalent bikes more than one motorcycle in the garage new riders don't the have that established connection with one brand so they go to zero fall in love with it most common riders love motorcycle riding one point in life one reason or another had family kids moved away now law or of electric
ride. >> don't have roar and rumble of a harley harley riders did he -- devotees he kref an experience of senses three on electric motorcycle completely different than on gas giek first as you mentioned, audio the sound. you are not going to have that same rumble tense sound hear surroundings better two smell fumes not there. dagen: my colon. >> your cologne a the fithird all vibration you feel with gas bike you don't feel with electric motorcycle you are feeling connection to the road and ride. for me, made in america like
harley so is that a selling point, too. >> this is huge point for our consumers bikes have been engineered from the ground up, designed and all built on in the bay area, in northern california. >> what are sales like year-over-year how much have they grown. >> growing 35% comp annual growth rate similar to what is happening in the ev space two dynamics one motorcycle market the second market growing rapidly. >> what about other products that you might be looking at outside of motorcycles? we have three basic business segments the first is a commercial motorcycles for sale to consumers. >> i interviewed founder of the company years ago. >> yes, fantastic he was a nasa funded engineer one point mountain bike motorcycle enthusiastic second fleets military great for local
police forces the companies realize behind curve on he electrification, coming to us to help he electrify products they have created. dagen: please come back, i would get on one but -- i am not wearing my motorcycle pants today, sam thank you so much. >> come out to california we will get you a bike on. >> oi day like day chilly i will take even northern california coldest place on the planet middle of july really good to see you final thoughts from our all-stars. ♪ ♪ alerts -- wouldn't you like one from the market
next time i'm out here and cvs14.5% of their customers use mail order and amazon is coming or you. >> leah. final thoughts. >> zonk budget resolution due back in april almost halloween if they get saturday on next year's now so might get independence day so get it moving. >> final thought to the people in congress, the gop who are writing that tax reform bill if you touch 401(k) plans and make this market tank you're going to own that and feel the wrath of trump for remaining days in congress a big thanks to erin, kelly and mr. varney starts right now. with "varney & company," stuart i don't know it if i'm early or late but it's all yours. >> i'll tack it dagen gratefully. you know we're running out of
sporallatives new words to describe american technology companies. good friday morning everyone. amazon, google, microsoft, nobody expected what profits to be this big. they blew everybody away wait until you see how much had their stock price is going up you won't believe it a gush herb of money for their stockholders. and larry paige they gained billions just in the last 24 hours. microsoft bill gaits cool in with a extra $400 million. chump change. impact of these companies is spreading drugstore chain cvsments to buy etna why? because amazon is lurking and may get into the pharmacy business. now look at the impact on the overall market. another new high coming in a few minutes especially on