tv Varney Company FOX Business November 19, 2018 9:00am-12:00pm EST
>> carter, thank you. >> thank you. it is all about mr. varney and stuart varney take it away. stuart. >> thank you so much. good morning dagen and good morning everyone. thanksgiving week begins. for drivers and shoppers oh it started strong. gas is cheap and retailers they kind of jump the the gun on big discounts. first of all look at the price of gas keeps on falling this monday morning national average has come all the way town to 2.62 a gallon over the weekend falling 2 cents day still is. missouri the cheapest fillup in the nation average price there 2.26 that is missouri. a buck and a half more expensive at 3.64 in the formally golden state. as for thanksgiving shopping.
target macy's, koals all began what used to be black friday sales today. amazon started last week. bottom line, i think it is going to be a very strong holiday season. strong economic growth as the year ends. the markets, however, start the week on downside continuing the selling from last week. apple is a drag on the dow it is down. and europe isn't helping there's talk that i.t. thely is considering getting out of euro brits are in chaos over brexit and germany is over reflection and here's a shocker one with of the great names of the autoindustry is close to being arrested in japan. carlos allegedly underreported his carling by salary by 44 million the chair of japan nissan and chair and ceo of francis. you saw that coming. "varney & company" is about to begin.
>> generally speaking i am not a -- a big fan of regulation. i'm a big believer in the free narcotic. but we have to admit when free market is not working. and it hasn't worked here an i think it is inevitable that there will be some level of regulation. >> well that's quite a mission from apple chief tim cook, regulation for big tech is inevitable. emac, that's not what's driving stock down this morning, though. >> what is striking apple cut its production orders for three iphones that just introduced this past september. and what's happening is the story is iphone suppliers have lowered their quarterly profit estimates as apple stopped reporting unit sales remember raised prices so the supplier can't forecast the demand for apple iphones we've got potential smartphone saturation
worldwide and apple price and people holding on to phones longer so first cut by a third of projected estimate of iphone that was first report in october. again apple reportedly cut production according to the reports and suppliers. >> but below 190 stock price at least they're down 3 nearly 2% today that's leading whole market lower. i want to stay on apple bring in art laugher former reagan economist. good morning art now look -- if a l is no longer the market leader and he doesn't seem to be market leader at this point then who is? >> well, i would imagine that right now the market leaders have to be the tech sector but i don't know which company would be market lead or but i know it is not amazon that i do know. >> i'm surprised that cutting back production are on the the -- very popular iphones just into holiday season, i thought it was going to be a very strong season i'm surprised they're coming back like this. >> i think it is a strong season i think you have a good season for total retail sale.
i don't think that iphone here and apple is going to be the right one. >> well if tim cook says it look like regulation is virtually inevitable, will we have the kind of regulation that really changes the business models of the facebooks of this world and googles this world. can it go that far? j i don't think it is going to happen that way to be honest with you. trump has made a proposal for every -- regulation put in you've got to get rid of two regulations so i don't see regulatory environment decreasing over next two years that's for sure. now maybe there's specific regulations on apple that should be put in. but i think that's going to be a deregulation trend in the u.s., ands that's going to be very powerful for economic growth. >> so you're not concerned about regulation crimping the big techs of america? >> i'm not concerned with president trump in office right now and the regulatory environment no i am not concerned about regulations right as we speak. i mean with congress having
changed in the house, and with the possibility of a 20/20 election going wrong way, i would be concerned with long run for regulation but for right now i think regulation is nicely undercontrol and president is ding a great job with executive orders as well as -- as best he can with his own cabinet. j stand by or for a second there art i want it change subjects for a moment. the economy -- sing doing very well. gas very cheap. retail watchers expect a strong comeback for the during holiday periods let's see if liz peek agrees with my analysis there -- well analyze this. >> it is an incredible happy holiday sale season i think and here's why. consumer sentiment is still through the roof extremely elevated, because wages are rising rapidly. the atlanta fed tracker i think has latest read up 3.7% year year october retail sales up% that's flash purple inflation is muted and prices aren't going up
much. gas is dun as you said look all of these things that investors are so focused on, about europes problems with italy and brexit china trade doesn't impact american consumer. down the road yes, maybe some of those things will wobble confidence here. but the strength of consumers sentiment in the face of a very turbulent stock market stock market that is gone down lost wealth across country is remarkable. and i one more thing to add pnc bank does a 12-days of christmas inflation price monitor lords of leaping no change in prices. gold prices down, 1.2 pakistan increase in 12 day of christmas gift i'm telling you your viewers ought to know. >> we are america is standout. where else in the world will there be a holiday christmas period to match americas? i can't think of any place else? >> it is remarkable you look at france where, of course, macron took digs at president trump.
what would he give for an economy that is growing at 3 inflation under control and ploit in france is 10% unemployment is is 10% how would he like under 4% yes he would. so that's take a look at what policies are working what leader is leading their country to do extremely well right now. it is president trump in the united states. whatever issues you have with him it is working here right now. >> i think wii in full agreement with this. >> i'm really positive about this and unfortunately i think that liberal media is really not -- not very keen on giving it full play. and that is hurt this stock market i think it is not hurting consumer sentiment that's really big news. >> with the stock market looking at 100 point loss from the dow after losses last week. thank you liz peek have a wonderful with -- >> thank you. you too i have to get to trade big asia summit over the weekend vice president pence was there. so was xi of china. things got tense guess he wasn't there donald trump and a rest
between the u.s. an china hung over this apec meeting in gnu guinea so much of this divisiveness didn't come out with a group statement at least come out with some sort of statement but he couldn't. at root of this is u.s. claim that china should not be treated by wto as a market-driven economy. u.s. says it one dominated by state supported industries in reality is true. so therefore we have vice president mike pence and president xi of china swapping for two days but nothing came over it because, of course, we have big g20 meeting coming up just in what a week and a half or week now, and whether mr. trump and mr. xi will get together on sidelines with with anymore progress with regard to trade issues is issue that dominates everything right now. >> art laugher -- look we soon to have -- if i use expression tension is mounting ahead of the g20 summit not the right thing to say but quite clearly big stumbling
blocks here and the atmosphere it wasn't exactly conducive to an agreement between pence and xi so what chance we've got of a deal coming out of g20 summit which is next week? >> i don't think we'll have a deal in the g20 summit next week. but i do think that the entire situation is in xi's hands. u.s. has made it very clear what we need to have in china and it is a reasonable from the u.s. i think it is a reasonable ask protection from intellectual property rights all of that. and it's up to china to ask what they need. to get the deal den and they have not done that. and what needs to be done is they need to come to us to say here's what we would like here's what you would like let's get a deal done. i don't think xi is ready for that but trade is only thing stuart that can affect every country in same direction make all of a us negative, any type of major protection afnghts would be a real bummer for marketplace. but all of the other policies liz peek was completely correct that the u.s. is separate to tax
policy monetary policy, regulatory policyst there's no reason why we need the rest are of the world to grow rapidly for us to grow rapidly and we're just out shining rest of the world and it is really neat seeing how that's happening. >> it is neat don't you love it? [laughter] >> i love it thanks for being with us on this thanksgiving woke and we wish you the very best thanks. >> my thanks very much stuart i enjoy it. sew you art. let get latest on california wildfires -- i believe it's at least 76 people have died. nearly a thousand people not accounted for. what else? >> now pg&e pacific gas and electric reported now a second problem. with another powerline first problem this is where they believe the origin of the california fire potentially started. the first was in pulga 6:15 a.m. half hour later they reported just this past friday happened in concow three miles away from first one so firefighters were called to the scene of both of those transmission areas,
transmission tower was damaged. california state regulate confiscated pg&e equipment, problems with high voltage lines because the wind from the sierra mountains were stepping up another development lawsuit filed two more lawsuitses in former chief of police of chicco and his wife who was a school principal they're home was destroyed in the the fire. 17 northern california are a started by pg&e equipment. since last week. >> those -- yes former chief of police is suing pg&e of chicco, california. >> open market in 18 minnesotas and a half time and here's how we open it down about 100 points for the dow industrials. down 50 significant los for the nasdaq. check this week again today. pope francis making news. he's defending the poor taking aim at the rich. he says that wealthy are enjoying what should belong to everyone. a form or ambassador to the vatican will join me to talk about that. big name author duck dynasty
>> in georgia defeated democrat stacey abrams will not call brian kemp the legitimate governor of georgia elect. georgia govan elect i should say. right what did you say? >> interest she said look mr. kemp won adequate number of votes are to become governor of georgia and we've become legal governor georgia, however, she said we know sometimes law does not do what it should and something being legal does not make it right. but which baskly she said there are hundred almost one and a half million voters were removed from the voter roles why because there's a law in place if you don't do any voting over a period of time your name is taken off the rolls buzz you didn't use it. it whats in d.c. and other
states as well it is not just thing peculiar to georgia but fell that law gave advantage to her -- her -- >> setting up future elections in 2020 in particular wouldn't you say we were rob ared? >>yes basically what she's sayig here even though he got most votes and legal winner he's not win or. >> you can't bend fact after the fact you can't do that. law is the law. that's the way it is. but it sets up 2020 as we were robbed. right. >> yeah. migrant caravan people they have arrived on the southern side of our border teeing wan that. but peel living there tijuana they're not giving theme warm welcome brandon judd is us national board president. now they're on at the moment they're on the southern side of the border. in tijuana several thousand of them will they be allowed across the border to claim asylum? >> they're going to come across border one way or another they're coming through ports of entry to do it legally or
they're going to cross border illegally which is what they're actually doing right now. our arrests are are up by a great amount. over the the last couple week, so we're seeing that they are, in fact, crossing border illegally. but what's interesting about this is you're seeing the strain that these people put upon communities such as tijuana. imagine the drain of resources it that they're putting on our agency, the border patrol what wh they break our laws and cross border illegally. >> but i think it is mayor of tea qan that is talking about some of the migrants in this caravan is bad people but they don't want them. he's repeating essentially what president trump said, isn't he? >> he's doing exact thing as what president trump, and a the fact is, i mean we can go back and we can look at democrats and president obama when he was a senator was saying that we can't have people just coming across our borders unchecked and, of course, once if not political expedient anymore he changes his
tune but once everyone rxzs we need to have a secure border in order to prosper as a country and that's what we're trying to get to. >> president trump has won he's attempted to stop them coming close to the border. he's not going to let them in large numbers walk across the border. look, where am i going wrong here because it seem like president policy they shall not come in -- is working. >> you're not going wrong, and, in fact, thank goodness that we do have a president that is working as hard as he is to try to secure our border if we didn't have that, we would have pure chaos and again, border patrol agents are extremely grateful for what this president is doing. >> is there an expedited process to claim asylum? >> there's not but process allows them to gain system and that has to change if our congress doesn't step up, and if they don't change the laws, we're going to continue to deal request this. i'm going to continue to come on your show which i like you've got that great smile.
[laughter] but -- you know, we're going to talk about this year in and year out in congress doesn't step up to do their job. >> brandon judd keep coming back please because this is an issue and we want to know what's happening here, it is very hard it find out what is really going on. brandon thanks very much sir. see you sir. >> yes, sir look at futures, monday morning, the woke after pretty much a down week with last week. we're going to be down at the opening bell up 100 point for the dow. got a big headline from the autoindustry. the the chair of nissan carlos has been arrested. and charged with financial misconduct. now this is a big name guy details, coming up next. i don't know what's going on. i've done all sorts of research, read earnings reports, looked at chart patterns.
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>> well look at this that's the stock price of nissan, premarket down a whopping 9%. why? ill tell you why. the chair carlos a big family in the autobusiness has been arrested. tell me what he's supposed to have done. >> underreporting compensation to avoid paying tax he's a chair of rano both are getting hits today also arrested, quote, for significant acts of other misconduct besides
underreporting compensation so the dollar amount for him and board measure pushing on 44 million that they did not report. 44 million and now he may be removed as chair of nissan. the kneeing san alliance is chair there one in nine cars are made by this alliance this is a bombshell of a story. it is shocking he's a-year veteran of the car industry french officials looking into this as well. for possible underpayment of taxes by carlo. >> that's important nissan that alliance make one and nine cars in the world every year. >> a giant. quell with said. what a shocker. well david's bridal file for chapter 11 bankruptcy any idea -- >> well they've got massive amount of debt as yuck imagine why they're doing this trying to restructure bankruptcy 900 million in debt. the the the stores will stay open while they go through this process but we understand that the changing tastes stu millennials get married later what they do they go for
nontraditional garments so really hurt sub chair retail rs like davids bridal that go for traditional outfit so again stores will stay open during this effort chapter 11 restructuring 900 million in dealt. they've already talked to number of their bond hold percent and lenders trying to slash that number by some 400 million. but times have changed the tastes have changed that is reflengted in bridal store. >>ive got my producer in our ear saying what is a nontraditional garment? i don't suppose you know. >> not a white wedding dress i assume. >> wedding muumuu you are cruel. >> opening market on a monday morning where are we going we're down not a huge percentage los by any means stop laugh you two. dow is down 80 odd points today when this market opens follow apple very, very closely that's down sharply leading rest of the market down as well especially nasdaq down about 47 points premarket opening.
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there. bad week for nasdaq as well. the bottom line for market last week was -- big tech took it on the chin. as oil was fall, as gas was falling, big techs took it on chin and overall market came down. what's a going to happen this monday morning well frankly we're expecting another loss at the opening bell and opening of trading now 9:30 off we go. where are we going going down heading south in very, very early going not always dow 30 have opened at this point but right now we're off 34, say 35 points it is a fractional loss not as big a loss as we were expecting. okay got that. how about the s&p? how's that doing? about price of gasoline show me price it is down about 6 points that's not much of a loss -- can owe show me nasdaq down -- kind of about quarter with of one percent there nasdaq is down a third of one percent so bottom line down across board here's
why. we've got big tech on the downside this morning. look at this, with all of them down except microsoft facebook is off 2 bucks amazon down 13, apple holding right there at 190. google is down just a tiny fraction as i said microsoft is pup a quarter at 108. all right big day today, jeff seeger is us so is elizabeth macdonald and ashley webb stef i have to start with apple facing lower demand for iphone. some supply chain issues, keith, i'm surprised at this because i thought they would have a strong fourth quarter with their apple iphones you expect a bounceback? >> no i think the stock will drop and find a little bit of support but i have an outside number of even 150 a share before the real buying comes back. >> why what was the big, big problem here? what? >> it is the psychological adjustment between the lack of iphone data which many analysts
have fixated on for years in new service what is worth billions. j now a l chief tim cook he says that regulation is inevitable for big tech companies. jeff seeger do you think it will be the kind of regulation which will really upset business model of a facebook and google? >> i do. and this turns their business model upside down. keep in mind that tech companies drop the ball. they failed to regulate themselves and they opened the door for the government to come in, government is going to come in and they're going to greatly, greatly inflict a lot of regulation are that will reduce their margins drastically this is a very, very bad thing for technology. >> look at facebook right now. it is become to 137. i'm not sure where high was for that well over 200 a now you're 137 down 1.7%. amazon is down 17 apple is at 189 just dropped below 190 you
have to check those big tech because that's where action is this morning. and dow is now down a 68 points and say on facebook for a moment. mark zuckerberg reportedly blamed sheryl sandberg making her worry about her job. keith do you think a change at the very, very top zuckerberg sandburg is it coming soon? smtion it is so long overdue it is ridiculous gone on a smear campaign against critics thought we're smarter than others and less educated and savvy. i think facebook needs to get its come up and that is good for investors ultimately but not now. >> getting it right now down to 136 as we speak. and it had been nearly 225 i think i'm looking at that chart. well -- 225 to 13 6 is one big tumble. blaming sheryl sandberg with such an impact on company being where it is. mark has to take responsibility
from company is and dropped the ball and not put it on sheryl sandberg and put it on himself and start taking action to regulate themselves to try to keep the government at bay. because if not, i agree with keith. they have more downside if they don't do something about it. >> here's the the question he owns there's little accountability for mark zuckerberg incentive wise because owns 60% of the voting shares so should congress step in and change security law to ka the am of voting shares -- of chairman or ceo can own? you know what i snow and >> that would be a long-term process. >> how do you change that because he really dictates what's going on -- >> we're talking about he's not letting go of the reigns of facebook. i think we might as well just forget it. he's not going to do it. he wants reigns of facebook even if it means the stock is going -- >> last word to you on facebook -- >> jeff absolutely correct he wants reigns and that's the problem because savvy executive would step up a ingo i made a mistake here's how we fix it but -- casting blame never work.
been doing politic tour for 12 years and irritating frankly. >> exactly in the speak -- never said a conviction. premarket it was at about 140 now you're at 135 now and falling as we speak down 2.5%. interesting -- >> yes. huge funds are dumping it some hedge funds. looks like it check board now down 80 points in early going that's a third of one percent. now where's the price of oil this morning? big tumble recently holding at just holding at 56 dollarss a barrel. it is down -- and look at the price of gas, this is good news for people like me but how about market it is at the 262 national average down 40 straight days. now let's couple that to decline in price of ga with retailers already getting big head start on black friday they're coming in with all kind of discounts all over the place. cheaps gas big discounts at retailers going to be a wonderful holiday isn't it?
>> you're very joyful -- [laughter] i don't see it that way. i think, i think what i see is there is an inventory issue mark my words when i tell you there's an inventory issue at places like facebook. i think there was a lot of optimism going into this season. they have to -- i'm sorry amazon. they had to start the sales early to deal with some of the -- put some of the inventory problems that they're having and trying to move inventory out by having sales. >> a wonderful time to be alive. >> for the consumer we're going to get a lot of deals but it shows that if they start early they need to deal with inventory. >> keith coming to this, i'm saying it is a wonderful holiday season cheap gas, cheap discounts all over the place what had say you? >> you know, that's cent but to jeff's point i worry about the consumer debt because to all of this as my is grown we're now talking about 13.7 trillion dollars in debt that's 800 billion dollars high per --
than it was at the beginning of financial crisis i think my memory is right 837 or something. but affects i worry about availability of debt fueling this versus flush consumers. >> they're wrong a different holiday. their tax cuts already -- that's the problem they spent them already going into the holiday season. >> happy monday. now their days are away from cheap gas. >> they're confident in economy job market is a strong as it has been forever and wages go up so there's a reason for optimism. jeff. >> i have another interesting story okay, this is a good one. united health care largest insurer, it is incorporated the apple watch into its worst place wellness program i hear you, keith i'll get you in a second hold on. you buy a l watch u and h pay for it if you hit daily afnght goal what's wrong with that? this is a brand new use for wearable computers.
>> privacy is out the window you eat where are donut in the morning health care premiums go up in the afternoon this is ridiculous. >> wait a minute you volunteer for it. don't you you don't have to have apple watch on your wrist. >> oh, about yes you will. you watch. expwrus like we have trackers in our car you're going to have to have these things in order to get your insurance within next five year. mark my words. >> a little hologram going to pop up out of your apple watch saying stuart get back up on that treadmill. tim cook get up -- stop that muffin. >> this is crazy. you're most concerned about privacy like keith said i don't tim cook monitoring my goals which by the way, i exceed every day anyway. i don't want to have a -- scenario where my physical health is out somewhere on the web. that's a very -- >> i don't see it like that. i see it as wearable computing power taking its place in our lives. okay. privacy -- in a long, long time ago.
do you think health insurance companies are going to take that information and lower our health care premiums with it? they're not going to do it but raise our health care premiums because that's their business model. but you have a free apple watch out of the deal. >> that apple watch -- it is their idea of innovation i think that apple watch causes more anxiety to set e-mails. >> i'm determined to do something positive i don't know what -- why am i doing this story if i want to be positive? includings head of the house financial services committee -- maxine waters going after global banks. big fines coming? >> maxine waters will break anything she touches and break sector overrelgted to begin with. >> she did you want have power to do that. but my thought on this one. she doesn't have power to break them. >> i don't think she did you, but you know what she's got a very powerful voice and she's also got trump derangement syndrome so she's going after banks hard just to get at trump i don't know if this is good for
anybody. >> china trade talks, break down keith you're our asia watcher let's suppose that the talk break down, the before or during or right after the meeting with trump and xi does market go down big time? >> you know i don't know, i think that's already been priced in that it is not going to happen but opposite will be truth and i believe they're working very hard behind scenes. if there's any surprise or any kind of agreement i think that markets take off sharply higherrer. >> you agree with that jeff? >> i think there's overopt mism and no agreement any soon. i've been negative this whole shows. but reality zerosome game someone has to win or lose and i don't think china will back down that. >> a guy walked up to me while i was eating lunch. [inaudible conversations] [laughter] all right that team 9:40 eastern time sorry folks, jeff, and keith great stuff today.
mostly -- [laughter] we'll see you again real soon. big board now shows a loss of a near 54 points. we're at 25,003 for radio listeners. air travel record numbers coming. although let's face it getting on plane is not a really cool experience any longer? we've got an airline guy on the show. i'm going to ask him about about that, and cia now implicating saudi arabia crown prince in the murder of saudi columnist and u.s. ally, of course, so what do we do? weal get into that, self-driving cars -- are they really the way of the future? so when will i see one on the road? i want to know. we'll tell you, more varney after this. insurance that won't replace
the giant saad tee oil company scrapping plan for corporate bonds how does that affect me? >> a petrochemical and also the -- killing of khashoggi the fallout there could affect appetite for saudi bond debt that's the back story here we're tracking story for you as it develops. >> as we see oil prices continue to come down again this week. now we're back to 55 dollars a barrel. i'm still hoping for $2 gas because of this we'll see. t-mobile chief says his company is had great success blocking robo calls you know stuff that everybody hates. so how many have they blocked? >> last 18 months over 1 billion scam calls they have a couple of things on their system called scam id and scam block poaches. really it is a story it boost their own product. however, robo calls have reached all time high i don't know anyone who says i can't stand call i'm getting. how many do you think spam calls
are made per day in the united states. 147 million a day -- so now the effort is out there you know to find things that can block them because sometimes they're clever now robo calls will figure out your aerial code latch on in hopes to pick more likely to pick up. word is don't pick up no matter what. don't pick up. i have that spam blocker way they -- fake fern answers and gives them runaround it is fantastic it works. >> yeah. i love they give you examples it is hilarious. we have guy on the show. >> yeah. yeah. right. want to get become to them had. let's get to market show me apple please because look at it down 5 buck today back to 188 their problem is, there's not that much demand so we're told for iphones going into holiday season. tech entrepreneur john mayer is with us he's with transpire ventures. john welcome to the show. if apple is not the market leader, stock market leader, and
it is not at the moment who is? >> i think going forward for the next two to three years we will slowly see amazon and companies like google become the market leaders in tech. mainly due to work they've done in ai space you've seen amazon begin through a lease they're completely cashierless grocery stores we're seeing google begin to in mass roll out self-driving cars. these things have very monumental impacts on the economy and the work force and then also their top line revenues. >> ai then promotes amazon and google makes them the leaders of the pack again that's very interest, john. and you spoke about self-driving cars there. i know that's an area that you know about. tell me, when do we actually see them on the road in large numbers? the journal says they're hitting a lot of road blocks with local authorities. they can't get them on the road. >> yes. great question what's
interesting is that -- when i spend my time in you know northern california, and palo alto for example i was there two weeks ago i look over my shoulder as i'm driving around in my own rental car, and i see google self-driving cars everywhere. and in the last months. wit a second -- really? you're up in the bay area are. san francisco they're on the road you see a lot of them no driver bachelor's degree the wheel, none. historically a driver behind the wheel required by local regulations even though they have been driving themselves around, however, in the last month, in fact just last few weeks, in the palo alto area it has now been fully legalized for google alone so there's a first company. to now get these cars on the the road as of a few weeks ago. in full self-driving capable with no driver in the driver's side and what's more interesting about this is google
self-driving division wamo has already driven 10 million miles completely autonomistly with no driver intervention and 25 cds across the u.s. and that's with zero accidents. so -- i think the reason we're not seeing this a whole lot is because normal riders haven't begun to interact with these vehicles a whole lot. but in reality google -- goggle self-driving division has now released a slew of data on not only how many miles these cars have driven but also their accident rates which is remarkably remarkably well. >> opening of a whole new world to our viewers we didn't know this was whatting and appreciate you telling us what's gong on there. god stuff john come back soon. okay thank you very much young man. now where's the market? we open with with a loss of about 100 points and come back we're down about 47. and we've got big news for parents. there's a new drug maybe coming on market to treat peanut
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of one percent. look at facebook, new warnings about a holiday pyramid scheme on that site suzanne lee what's beginning on? >> actually illegal pyramid scheme called gift exchange that's circulating right now on facebook basically what it advertises is you give one gift, you give -- get 30 gifts back in exchange so too good to be true it probably is in this case because how it work is they're advertising right now and particularly across facebook you basically six people subscribe and for every person that subscribed they ask for six friends to pass a gift on to. so you know it's a spammy way to basically make money and it is circulates in different it shall in different cases each and every year but this year it is called secret sister watch out for it. >> like old fashioned chain letter that's what it is. suzanne thanks very much. we'll be back to you. thank you. a new peanut allergy drug looks promisings.
dr. marc siegel is with us. dock for people who actually use this drug in the test clinical trials, for people who took it, what was the success rate? >> two-thirds. which if you have a peanut allergy that's actually really good news. this is a really well done trial where they have one placebo group one non. two groups of over 300 people multicenter trial published in new england journal of medicine which i love it is coupling out tomorrow. it shows big success rate that what had it is, what this drug is, is giving tiny bit of peanuts to people who are allergic to peanuts one out of 50 children are allergic to peanuts. one out of 50 now it is tripled over the past decade so this is a huge problem, peanuts are number one cause of risk of death in young children of food allergies. number one. >> a, immune is company that's putting it -- why is their stock down 7.?
that's what it looks like to me? >> it should comp from this news but drug is called a-10 1 there's a downside to this. if upside is, if you have -- exposed to amount a of two peanuts two peanut and this drug works you can have that exposure and you no longer going to have a severe allergy i'm not telling anyone out there if they took the drug like this to take peanuts to eat peanuts oh now i can with have peanuts you still can't have peanuts but might not have allergy reaction if you were exposed but you don't know for sure and 14% of the people in this trial that got the drug ended up needing that. so this is a drug that would have to carefully be given under a physician's guidance. not something you can just run to the pharmacy with. it could be overused some progress. i'm excited about this small amount of peanuts exposed to someone with a peanut allergy. >> state attorney general says cv cringes and walgreens played
big role in ep i opioid can pharmacies be blamed for this? >> before i started research aring it this morning i would have said no because you know me i come on show here and talk about physicians being responsible for the 200 million ohm i did precipitations a year. but when i looked into this a little bit i kind of understand what pam pawn did is doing thera lot of time it is a fake patient it was a mill of prescriptions she's trying to crack down on cvs and wall groans that gave it out without checking it so i think that's legitimate. >> state has sued thank you very much doc. new study from university of pennsylvania shows a distinct link between facebook and depression. interesting my take on that, coming up next.
stuart: social networks have a profound effect on how we feel about ourselves, it's not all good, you know. in fact, it can make you feel real bad. scroll through your facebook page and see family, friend, nice job, promotion at work, look at me, look at me, facebook or instagram or snapchat pump out of your friends and family that positively glows. is that how your life is going? students in university of pennsylvania show a lot of times on social networks make people miserable and some depressed. people who were limit 10 minutes a day showed significantly falls
on loneliness, take it away and you feel better, this is not a hit on facebook, this has nothing to do with political bias, regulation does not fix this. we just have to figure out how to use this very new social phenomena. maybe we need to exercise some self-discipline, if facebook makes your life seem inadequate, don't spend your life on facebook. the second hour of varney & company is about to begin. ♪ ♪ stuart: we have news on holdbuilder sentiment -- home-builder sentiment. ashley: anything about 50 is positive than below.
i was looking at index of prospective buyer. bottom line is the sentiment numbers were way off the estimates, the lowest since august 2016 and reflects what it's a flattening out of house as mortgage rates continue to edge up slightly and the number of people with number of peoples have dropped a little. stuart: as you reported it, the stock market fell some more so maybe i'm wrong and you're right again. ashley: no eye rolling. [laughter] ashley: someone save it. stuart: save the video. check the big tech names, look at apple, biggest drag on the dow at the moment. look at apple is down 5 bucks, almost 3% back to 183, lower demand for iphones, supply chain issues as well, also look at
facebook at 134. way down there. i've got more on that in just a second. how about nissan? check that stock charles arrested for significant acts of misconduct understating his income to avoid taxes, he's expected to be removed from the board at nissan, the stock is down 7%, the price of oil this morning back down again $55 per barrel as we speak, by the way, eramco has abandoned plans to issue corporate bonds in part because of price in oil. keeps going down, 2.62, down 0 straight days, 2.62, the cheap gas and higher wages and really holiday discounts leads to blow-out holiday shopping season and good fourth quarter in the
economy. are you going to pour cold water on my premise of a blow-out fourth quarter? >> i'm not going to be as negative as some of your guest in the last hour, i will tell you that. i think the fourth quarter will be good, it could be very good, my bigger issue is after that, i just think we have a global slowdown, markets are indicating right now and after the holidays, we shall see. stuart: blowout for the economy but not necessarily real good for the stock market as we do to next year, decent summary on your part? >> let me put it best when you the leaders of the prior bull market getting smashed and the leading stocks in the market are procter & gamble, coca-cola, defensive issues like utilities, tells you everything that you need to know about the market, bearish and defensive and i don't see it changing any time soon and i stick with my stance. stuart: okay, well, you've been right so far, that's a fact.
tell me about facebook, can you predict a bottom for it, it's down to 134 at the moment, way down this morning. >> here is the problem with the facebooks, apples and the rest of them, overowned, overloved and in facebook's case i must tell you that uses for millennials is heading down, as of yet i don't see anything that tells me to get in and you see the big money institutional is selling today, stay out of the way. stuart: big-money crowd almost has to get out to yield some cash for redemptions, it's like the internal workings of the market pushing big-tech down, that's what's happening, isn't it? >> that's why you have seen interest rates on the long end come down and that's why you see some very defensive
recession-resistance areas being bought up. you to remember most of the big money has to be invested somewhere, it's finding low-risk areas right now and that typically indicates bearish market. even in a day like today, we are in supposedly seasonal strength weak, thanksgiving holiday where we should do well, we are getting hit pretty hard especially in past leading growth names. again, you take a powder, be patient, they'll be another great time to buy these things it's just not here at this juncture. stuart: gary, you summed it up, mr. kaltbaum. >> happy thanksgiving. stuart: to georgia where brian kemp has won governor's race but opponent abrams would not say he's legitimate governor. jeff, welcome back to the show. >> great to be here. stuart: what is this? what is stacy abrams is saying,
legitimacy, what does that tell you about democrats going to 2020? >> it may be good in their find for the party but terrible write wrong for democracy, a plan to steal the votes when it's just not true, we see massive attempted voter fraud in florida, only excuse it's not fraud it's incomponent. stuart: massive voter fraud -- >> attempted. stuart: what do you mean? >> the only excuse was that it's incompetence. they knew scott had the votes, the points with all of the efforts, what abrams said in georgia, undermine american states in our democracy and the democratic process and that's really their agenda, stoke resistance. stuart: you're trump 2020
adviser, how do you come back with the message of the democrats? >> increased faishes and increased oversight, the other side fights over voter id, the message has to be what donald trump has been accomplishing for the country. life is better across all sectors in the country in so many ways it's hard to get message out against anger that democrats are trying to bring out there. we have to go with the facts and how good life is getting. stuart: i agree, in my opinion i think the president wins, but what about the style and tone of the president? would you as adviser to the campaign would you say, would you have the -- would you have the courage to say to mr. president, tone it down a little bit. >> i think the president after winning election, olive branch with the media, if you tone it
down, i won't be force to respond in kind. i would like to see all of the tone come down somewhat but right now he's the one with the big pulp and platform and when the media keeps attacking, the democrat message of resistance and resentment is what the media comes with and he's responding in kind. i would love to see the rhetoric come down. i think the president would love to see the rhetoric come down. right now he has the only voices that counter the rhetoric. stuart: never seen ever. >> it's frightening. some people's response is how do we have revolution. [laughter] stuart: thanks for joining us, appreciate it. thank you. maxine waters will be in charge of house financial services committee, she says she will go after global banks. i want to know if the economic boom slows with the democrats in
charge of the house and that committee, mark zuckerberg telling his top executives that the company is at war he says, he will leave the company accordingly as he reportedly blamed sheryl sandberg, number 2 for the cambridge analytica scandal. does facebook need new leadership? we are on it. duck dynasty roberts is here, he has a new book, focuses on the stories of american entrepreneurs, i want to know if president trump is good for business, you're watching the second hour of varney & company. ♪ ♪ through your options trades step by step until you're comfortable.
points from there. i have to give ash full credit, you're right, negative indicater and down 180. blackberry got upgrade this morning, yeah, blackberry, that's right, remember them? they got an upgrade at $9 a share. gd.com, china e-commerce company reported the slowest quarterly revenue growth since going public in 2014, it's down 5 and a half percent. got it. our next guest is a base guy and reality tv star and the author of that book, the man with the beard, the outfit willy robertson, duck commander and ceo duck dynasty star. >> good to hear your voice again. [laughter] >> came in from scotland and london. stuart: you couldn't understand a word they said in scotland, could you?
>> a little bit, they didn't understand me. stuart: america entrepreneur great book, you started that, you're entrepreneurial days started selling bubble gum. >> bubble gum was my first big business, my first is a worm farm. you were my customer and the checkout was really long, i started that and my inventory kept getting stolen by my brothers, so a guy gave my father a box of bubble gum and in fifth grade i sold 50 cents a piece, more gum and more candy. i had hundreds of dollars and the principal called me in the office and said, the con decision stand said their sales are down and i have to shut you down. shut my business down on me. stuart: big government coming in and shutting you down.
[laughter] >> i court have given them 10% and watching my father the duck call business. he was a officialerman as well. stuart: the point of your book you have to try, try, accept failure and keep on going. >> there's a lot of people that did that. stuart: don't you have a chapter on one of your friends who sold ice, shipped ice from america to india? >> eric tudor did that. he shipped ice, before refrigeration, before electricity, what a genius thought, may have taken the idea from his party, may have said it at a party, i understand that, they did, they went out of boston area cut the ice, ship it and wrapped it in sawdust.
if you never had ice, you don't know the value -- you don't know that it's better cold, drinking so he gave samples to bartenders and said, here, you ought to try and people like the cold drinks and they were like now we have to have more of cold drinks and he kept shipping more ice, so when refrigeration came in, that business went down but he made a lot of money. stuart: i take it that you believe that president trump has been very good for the entrepreneurial spirit? you have to say yes. >> i believe the country is doing better financially which will help all of us, yeah, the stronger the country is, the more opportunities we have, more opportunities -- stuart: red tape and tacks too. you get that off your back and you'll expand faster. >> that's what was so good talking about coming from england to america, that's why the businesses. >> going because so much easier to start a business in the young united states back then because you didn't have all the red tape and regulation and people were cranking up businesses and there's no debtors' prison
anymore. [laughter] >> if you went wrong in business, you went to jail. so you talk about the risk, i mean, you could go to jail if it didn't go right. stuart: i know you as a hunter, the duck call thing. i know that you've got one in your pocket. >> don't make me get my duck call out. stuart: how is hunting business, i know about hunting, the number of permit issues keeps on going down and down. >> hunting will always be strong, in a down economy hunting goes up. we use today sell more hunting products because you can still go out and do that. the people that hunt, i'm concerned with the next -- the younger people but as far as regulation, i mean, it is but people will go hunting and fishing and great way -- there's
a pushback, i think, the people having food that's more organic and we can see what that is, so there's a little panic about where is this meat coming from and i get to see it walking or flying. stuart: don't worry, you will make a fortune out of the book. >> i'm giving all of this to charity. i was giving to charity. i'm not making any money off of this one, i'm giving this one. it's in the book. stuart: you're a good man, don't care what they say. [laughter] stuart: the output is okay too. [laughter] stuart: willy, thank you, sir. big day at the white house today, the christmas tree arriving in 2 hours, the president and first lady will greet the tree, then it sits in the blue room in the white house, 19 and a half foot tall from tallfrazier fur, now it's arriving tat white house, we bring you everything on varney &
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stuart: a couple of markets to check before we get to the stock market, gold is at 12.23 per ounce, little change so far today. i do want to know about bitcoin, drop today 5,000 level last week and on the cusp of dropping below 5,000 as of today, 5,095 is the current price of 1 bitcoin. and then we have this remarkable news from the auto industry, nissan's chair carlos arrested in japan for financial misconduct, he's going to be removed from nissan's board, he
used the company's investment fund for personal gain, underreported his income, variety of charges against the man and he's arrested. gary with us, foxnews.com editor. first of all, put the man in a perspective how big a deal, how big a character in the auto industry? >> he grew the company, involved in every bit of it. huge issue, more so even so where he was still ceo and resigned until 2022, nissan does have a new ceo who is the one who oversaw the investigation, he's the chairman of the company. stuart: nissan renault alliance, not a merger, work together. what do they do? they put out 1 and 9 of all the cars produced in the world every year? >> group together they were the best seller last year and first half of this year, huge, a lot
of success around the world, they've done a good job in leveraging each market, they've done a wonderful job of bringing together manufacturing, they share a lot of platforms in technology, it's been a success over the past couple of decades and was looking good right now as well. stuart: was there any warning of this, i didn't know anything about this at all till i walked in at 4:00 o'clock this morning, o he might be arrested? >> absolutely came out of the blue. one thing that nissan ceo did say that in the future we can't tie ourselves to a single individual like this again. opens the door to this kind of problem. stuart: big hit to nissan and rinault, hard time replacing a guy of that caliber, right? >> he's the ceo of rinault. he did ceo position there as well. stuart: thanks for being with us, remarkable story. thanks very much, by the way,
the dow is at the low of the day, we are down 235 points as we speak, that's a big drop this monday morning, coming up, things got tense in big asia summit in papau new guinea summit, ended without any formal joint statement because china was reportedly hung up on one single line of the proposed communique, never sent out, we will talk to former trade commission chairman, he's all for trump's hardline on china, he will make his case for us. facebook, are they under fire or what, a new study shows actual link between time spent on social media sites and depression, should someone at facebook have to go, somebody on top of the tree? we are on it.
♪ ♪ ♪ stuart: you goit right, we are on the set, we have to guess what's the beatles song to have day. ash got it right. ashley: it's a good one. liz: the beatles. stuart: don't you love them? however, when we check the market not so bright and shiny, down 240 points, down 1% decline, we were down 2% last week, the dow is down 1%, here is why, all of them, sharply lower again, look at facebook 134, amazon down $53, that's 3%, $1,500, that's where they are
now. apple is at 187, alphabet 15 bucks, microsoft tumbling to tune of $3, that's nearly 3% down, how about pg&e reportedly another powerline outage on the morning of november the eighth, the day campfire started in northern california, pg&e cooperating with investigations, the stock down 7% as of now. let's get to trade, vice president pence in papau, new guinea with 2-day summit talks broke down completely because of this one line and here it is. we agree to fight protectionism including all unfair trade practices, the chinese would not allow that line to be in communique, saying there was no communique at all. come in daniel oliver, former sec chair, daniel, trump meets with xi next week at g20 summit, we've got this kind of breakdown in talks, doesn't look
promising, does it? >> well, it doesn't look promising depending on where you're standing from, what trump is trying to do is manage trade and he will probably do a good job at it. stuart: it's taking a very hard line, do you see that holding out over the long term? >> yes, do i. i think what people have to remember is that trade hasn't been free since british swelling sweaters to portuguese wine makers. [laughter] >> the tpp agreement was 2,000 pages long, that made the news, what didn't make was nafta agreement 1700 pages long. it's managed trade and that's what we are doing now. trump is managing the trade. stuart: well, at some point china has to give in, has to give something up and something pretty big too, you see them
doing that? >> well, i think they will, trump is a master negotiator, if you want to know all you need to know about trump read the art of the deal and it's all there, most of it is there on the front page, trump is a very good negotiator, negotiated with the canadians and the chinese should take a look at how we negotiated with the canadians and get ready for more. stuart: have you got any idea what a final agreement might look like between america and china? >> no, i think it's vastly too complex for most people to comprehend, i mean, it'll be 1700 pages again so that unless you want to stay up all night and read the pages, i don't think you can have any details. it'll be very complex but my guess is it'll be better for american workers than the agreements we've had in the past and that is donald trump's goal. stuart: but you would say it's going to take a long time to get there? >> yes, it's very complex and a long time and people will have to stay up all night to get it
done. trump will set the outlines and details will get lost as often as details do. stuart: very interesting. daniel, thanks very much for joining us, you know what you're talking about and that's a great help who don't know what's going on, we appreciate it, daniel. >> thank you for having me. [laughter] stuart: come and see us again soon? >> will do. stuart: i have to get to facebook rapidly, mark zuckerberg told top executives that the company is at war and blamed sheryl sandberg for cambridge analytica scandal. let's get right down to it, the stock is at 134 plunging, do you think that somebody at the very, very top zuckerberg, sandberg or whomever has to go? >> only when zuckerberg thinks somebody has to go, the good of the country, the good of the world i will step down, the clock will stop ticking when he
comes back. americans love the second act. you're perfectly capable executive and you come in and all of a sudden your numbers will not grow because that's inevitable and people we need to start clambering, we need to numbers. stuart: do you think it's likely that one to have top two will step away, do you think it's likely? >> i don't think we are there yet. clearly you quoted them, they are ready to weather the storm and convinced that they didn't do what the world thinks they did. they think they have the right answers and they will try to power through, whether that works for the next six months, year, we will have to see there. stuart: to me it's not a question about regulations and data breaches and political bias, there's this study from university of pennsylvania shows an actual link between use of social media and depression, again, this has nothing -- regulation is not going fix this. >> right.
stuart: link here, that's leading people to walk away from facebook, isn't it? >> let me give you an example, i think facebook has a trouble with depression like mcdonal has a problem with obesity, fast-food, quick-served restaurant, super-size me. facebook will have to confront the same kinds of things. social media can be fine in moderation, what we are seeing people using it too much and ending up with depression. stuart: if you're a youngster, 20 or 30-something and you're reading facebook and getting messages from friends and family, they are doing just fine. >> fear of missing out. fomo, that's the phrase, everybody else is having a great time and i'm sitting home alone. it very much can lead to those types of anxieties being amplified. stuart: that would self-regulate because people would walk away from it if they are getting anxiety or depression, they'll walk away, that's self-regulation. >> that i think is the bigger concern, you're sitting home on friday night and you're sitting
scrolling through feed and you're not walk get away, we would like for people to do walk away if you're not feeling good about it, if you're not feeling good off of your life, go out and do something to feel better but the concern is people may not do that and i think that's probably the bigger concern. stuart: i'm not on facebook and happy as a clown. all right, jim. [laughter] stuart: i don't mean to be lower the tone here but really. ashley: i agree. stuart: i'm not on it. thank you very much. former new york city mayor michael bloomberg has announced, i mean big donation to john hopkins university, tell me how much? >> 1.8 billion, he graduate there had in 1964, what's interesting about what mayor -- former mayor of new york city michael bloomberg he wants to form the needs, blind schools, regardless of students' ability to pay, we will provide you money for your tuition. so accepted regardless of ability to pay in lieu of that
you will get tuition help, that's what he wants for this country. stuart: interesting, $1.8 billion, that's a lot of money. probably the biggest donation to medical institution, university of any kind. >> a record amount that he's giving. stuart: okay, well, good for him, i think that's a fine thing to do, i have to say it. coming up the pope taking aim at the rich, he says that the -- quoting now, wealthy few enjoy what, quote, injustice belongs to us all. next hour, talk to former ambassador at the vatican and says this sounds like a socialist mantra i'm incline to agree with that, first, low gas prices, strong shopping seasons, i want to know if democrats can halt the economic boom that we are enjoying, we are asking the question and we are on it, varney after this.
and reasonable ask from the u.s., i think it's a reasonable ask, protection from intellectual property rights and all of that and it's up to china to ask what they need to get the deal done and they have not done that and what needs to be done is they need to come to us and say here is what we would like and here is what you would like, i don't think xi is ready for that. trade is the only thing, stuart, that can affect in the same direction, any type of major protectionist activities would be a real bummer for the marketplace. ♪ ♪
stuart: not quite the low of the day but we are down, down about 1.93%, that translates to 236 points to the downside. frankly most is because of the sharp decline yet again in big tech, i should tell you that the nasdaq is down nearly 2%, very significant drop there again. now between cheap gas and what's shaping up to be a solid holiday shopping season, i think we could see a very strong fourth quarter economically, that's my position, andy puzder is with us, former restaurant ceo, capitalist comeback, do you see it my way, andy, i think it's a very strong fourth quarter, what do you say? >> i think it's going to be strong as well.
in fact, the atlanta fed has gdp now projection model, they are projecting 2.8gdp growth in the fourth quarter, if that's true 3.2gdp growth this year, we are looking toward strong fourth quarter, consumer spending and it'll be fine. stuart: i'm sorry 2.8% if that's what we get in the fourth that doesn't make it for me, i want 3, 4% growth, why is -- look, in the second quarter we were 4 and in the third quarter 3 and change, why are we dropping 2% when we have cheap gas, strong shopping, holidays, what's going on? >> that's the atlanta fed's prediction, even if we are right that's 3% in the year which is huge, it could be much better, with cheap gas and holidays coming up. since the withholding rates were reduced in february, we've had
four tenths of a percent increase every month including last month in consumer spending, that's very healthy increases and it will definitely continue through the end of the year so i think we will have a great holiday season, we could be better than 2.8% but if we just do that it'll be the best year that we've had in over decade. stuart: okay, can the democrats now that they control the house, can they put a cap on booming economy? >> obviously they can't before the end of the year, next year what they could -- they can't do much on their own. you have to get bills through the senate and the president has to sign bills but what they could do is they could stop the president from doing further things through the legislature to advance economic growth such as further tax cuts or sensible policies to reduce the deficit, the democrats, they will negotiate over issues like spending, like the budget which absolutely could be a drag on -- on further growth, but the president, remember president
obama said, i've got a phone and i've got a pen, well, he was wrong, he had a phone and he had a pencil, this president has eraser and he can continue to eliminate regulation which is will further drive economic growth but it would be great if we had republicans in there to pass some laws. stuart: the problem is that the economy may need another shot in the arm, we had tax cuts that took effect earlier this year, that worked wonders for us, 3%, 4% for the year, we need more juice and with the democrats running the house we probably won't get it. >> no, we probably won't, the big problem really is we are not able to juice it on the legislative end, but we've got the fed continuing to increase interest rates which is, you know, home builder sentiment is way down which is having impact on the market today, interest rates go up it'll drive consuming spending down, we have pressure from the fed to try and keep inflation down but we've kind of lost an arrow in our
quiver with respect to getting legislation through because of change of control of the house. stuart: i think the fed should lay off interest rates because i don't think we have an inflation problem and i see the year on the 10-year treasury this morning 3.08, it was 3.25 not too long ago, what do you say? >> neither do i, we are finally beginning to see working-class americans get benefits from the economic boom, you know, if you look at how weekly earnings have increased under president obama versus president trump. compare last 24 months, weekly earnings up 40% and since tax cuts they are up 76%, we are finally getting money into the hands of consumers, let's not taking away by increasing interest rates and driving economic growth to keep inflation which is already under control under even more control. doesn't make a lot of sense. statute stuart $2 gas works
wonders for inflation. thanks for joining us, sir. >> my pleasure. stuart: all right. interesting story, t-mobile's chief says his company t-mobile has had great success blocking robo calls, how many have they blocked? >> in the last 18 months they've blocked 1 billion robo calls and the expression robo calls, not people scamming, computers generating numbers and calling them, estimating 147 million span calls are made per day. >> wow. ashley: robots themselves are creating neighborhood scams where they'll use area code, track down area code and use that in the hopes because you see it's your area you will likely pick up. stuart: they've taken away the phone, i can't answer the phone, it's a robo call and if you answer they'll call you back. they have stolen my phone usage.
makes me crazy. [laughter] stuart: now the cia report on the murder of columnist jamal khashoggi reportedly implicates the crown prince. what's our response to saudi arabia now? what should it be i will ask former state department official who is working for president trump, he says we need to get our head out of the clouds and support our allies, interesting. the market way down this morning, big drop last week, down 230 today for the dow industrials, we will be back.
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stuart: the story on the stock market, continuing decline of the tech which is dragging the dow down, drags the nasdaq down, right now down 200 points on the dow industrials, we have the cia reportedly implicating saudi prince mohamed bin salaman in the murder of jamal khashoggi. christian, the saudis are our allies and seems like president trump will not abandon them because of the jams jams incident, he's refusing to even listen to the audio supposed
audio recording of his killing, he's sticking with the saudis. >> yeah, he didn't dispute that the tape may be accurate, we don't know that it's authentic or not but wasn't pleasant or sounding experience, the administration has been tough on saudi arabia already. it's harder than in cold war, we sanctioned sady allies and he's not turning the other way at this but he realizes saudis are very important ally in particular the fight against iran for dominance in the middle east. stuart: the president can't have any choice, you can't say we have to go and then we -- you can't say that? >> right, first of all it would be calling for something that won't happen, the saudis will died who their own rulers, the system will decide who the ruler is, it's important to keep this in perspective, you saw which country locks upmost journalists it's not saudi arabia, it's turkey, erdogan, the man who is making the most of this for the
own regional advantage and struggle with the saudis, if you look at other allies, eduardo duterte in the philippines and iranian regime, if you say the wrong thing you will go to prison otherwise they will lynch you. stuart: obviously calls for concern here, duterte in the philippines extra judicial killings, jamal khashoggi killed in the order of saudi power structure, it's a new era, isn't it? makes people feel uncomfortable and makes them feel maybe we should have stronger response, we are the shining light on the hill, aren't we? >> we are, but i think our response has been strong, we can't -- if we take a jimmy carter approach an turn back on allies because we don't like some of what they do, we did that with iran in late 1970's
and we are still dealing with the consequences now, if you look at the history of u.s. alliance with dictators as jim circumstance patrick called them, reagan un ambassador, we can put pressure to evolve over time and we is that true happen with military dictatorships that became democracy that respect the rule of law. philippines is having a break from that. that's the approach to take rather than turning back from the countries. stuart: we are not turning backs on saudi arabia, that's a fact. >> thank you, stuart. stuart: yes, sir, the left continually claims that incomes are stagnating, we are going nowhere, americans keep turning water, that is not true and we have the numbers to prove it, my take on that top of the next hour. ♪ ♪ i am an independent financial advisor.
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stuart: what was not about income stagnation? you know, we're no better off, treading water come america's wealth machine has lost its mojo. it's not true. it's true. submits put out by the left which is more interested in class warfare than growth and prosperity. the poorest 20% had seen in 80% increase in after-tax income since 1979 and that's adjusted for inflation to the top% up 80%. the middle two thirds up about 50%. gee, i thought the poor were getting poorer. this comprehensive study from the governments on bean counters the cbo shows the opposite. the middle class is not doing as well. why is that? their jobs went to china. their tax money was transferred
to people over on the pay scale. maybe that's why middle america voted heavily for donald trump. now here's what is true. the super rich are getting much richer. since 1979 to 1% show in after-tax income gain of 200 or 83%. but they are paying much more of the total tax burden than they did a generation ago. this study goes from 1979 to 2015 so it doesn't take into account president trump's tax cuts are the big increase in wages and well-paid jobs. the trump economy is helping middle america to make a comeback. so let's backup a little. it's not true that poor people are left out in the cold. it is not true that incomes are stagnating. i'll close with this. robert samuelson op-ed emissive stagnant incomes from his last sentence i'll read it for you it may seem except for the fortunate few hardly anyone is getting ahead.
that's convenient rhetoric, but it just ain't so. that is in today's "washington post." the myth of stagnant incomes in the "washington post." the third hour of "varney & company" is about to begin. ♪ stuart: well come you heard the editorial fare. reaction from the man himself, charles payne, host of making money. i don't think it's true. incomes are not stagnating the government numbers don't show it. would you say? >> are not stagnating but people convert to the rate of growth of inflation and there is magnified particularly for the middle class you highlighted. you're right, you watch others and also, you know, brought up as a political thing all the time. what i like in the last october jobs report that 3.1% wage
increase included supervisors and not supervisors. it actually grew faster than supervisors, 3.2%. that to me is the kind of thing i'm looking for but i do believe what we have is a wall right around the 50 to $75,000 area. once you breakthrough that upward mobility goes nuts. you collect the hockey stick. once you breakthrough that you are off to the races and that's always we have to figure out a way to get that moving a little bit quicker. once you breakthrough the 5075 area you are going to make more and more money quicker and quicker. train to the left will never do that. they will use it as a political hammer on the republican. we're not getting richer. the poor getting poorer. be my three economic schemes from the wood the democrats running for 2020. medicare for all, federal jobs guaranteed and then a tax credit for low income from kamal harris
theater program alone has $2.3 trillion. these are the programs that doesn't say america in the land of prosperity we can turn the life around. this says there's nothing you can do except government comes to the rescue and will give you all these things. essentially free money and more free money because america doesn't work. that's a political message that may resonate but it's 100% wrong. stuart: uni were not born in poverty, but not exactly up there. >> the first part was pretty good because i was born in an army base. we didn't make a lot of money but we have everything. and my parents divorced we had nothing. no heat and the know-how fodder for the entire winter. talking about one can assume waiting for the next check to come. talking about extreme poverty and really i was lucky enough that i grew up on an army base and i lived around the world the first half of my childhood so i knew that didn't have to be my
life. unfortunately i had to see a first-hand people born and raised in that situation did not have the benefit of knowing there were other things. so a sense of hopelessness i was a dark cloud over their heads and that's why these political messages always resonate with them. stuart: you're a good man. check out this man show called making money with charles payne. 2:00 in the afternoon on the fox business network. >> thank you peered stuart: you're welcome. check out the big word. we are down sports fans 225 points. almost .9%. however, our next guest sitting right next to me says she's optimistic that stocks are going to have higher. she says they're going to have higher. monica is with us from a managing principal at seven capital. we've got a rotten down day today. big tax valley now. you think ultimately we reverse course and go higher.
>> all things considering. what we go through its unprecedented here to receive the end of quantitative easing. trillions of dollars from the government balance sheet basically working through the system. we all had jitters how this would play out. my point is all things considering we see volatility but given its unprecedented situation we are handling it very well. stuart: pharma close to a bottom? not the big tax but the market overall. is that a bottom? >> you'll continue to see volatility. this year you did have the benefit of tax cut and going into next year you're not going to have that available to corporations. i don't think we've seen a full impact of corporate buybacks yet that is going to do stocks. i think you'll see a little more upside into next year. stuart: what is the big thing we need next year to get the market going up some more? >> the best christmas present we could get some clarity on trade.
i think there is a level of uncertainty that is rattling companies interest. stuart: that looks not exactly promising at this moment. >> no, specially after this weekend. we had the aipac meeting where it didn't go as well as anyone would want it to go. stuart: there was a meeting all about trade. china was there appeared america's vice president was there. they couldn't agree on a final communiqué because the chinese felt they were being bullied so they walked away. no communiqué. >> that you shall answer some level of consensus of this is unusual but people also say the g20 meeting is coming up and that is really where you may see more headway on some negotiation for trade. stuart: we shall see. rachel of the stock iraq's. monica, thanks for joining us. appreciate it. apple's chief tim cook says some sort of government regulation
for big attack is inevitable. in an interview over the weekend he says the free market has not been working the way it should. apple stock by the way is way down about 3% as we see. 3%. problems with future demand for iphone lacking apparently enough to take in the stock down today. we do have united health care adding an apple watch to its work place wellness plan. the company says people enrolled in the plan will be able to use the watch to track their steps and i tried it for his personal goals. four dollars a day for me to certain fitness -- you get cash? i don't get back. liz: this is a watch double title after muslims. stuart: i think it's interesting because it's another use of wearables. liz: i don't know about that. stuart: oil at $56 a barrel. the real interest is the price
of gasoline down to a national average of 262. i can tell you, we are down 40 days in a row. 262 year average now. the macquarie caravan has arrived in tijuana, mexico. some residents don't want them there. the mayor of the towns as the caravan has been infiltrated by criminals. was president trump right? we will discuss it. britain's prime minister teresa man say she's not going anywhere. still trying to build support for the brexit plan she has. will she build a stay in power? good question. pope francis says it's not fair that the wealthy few feast on what belongs to everyone. what is the former u.s. ambassador to the vatican think about that? is it the shortly. on trade as we say things get intense. vice president intense. vice president and xi jinping are we going to get a deal? a jampacked hour for you.
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stuart: the feds will send over 300 million bucks of an existing border wall in arizona. the older wall was designed to keep cars from driving over it. only a few feet tall and did little to keep people jumping over it and climbing over so they're going to replace that section. $300 million. the trade dispute with china. tense meeting between vice president pence and xi jinping. so tense there was no joint statement following the meeting. the chinese object one line in the communiqué so was not issued. here's the line. we agree to fight protectionism including all unfair trade practices.
the chinese wouldn't sign it. they said you're picking on us, bullying us. we're not protectionist. jerry baker is with us. his new show on fox business, "wall street journal" large debuts next friday. congratulations. looking forward to it. are we going to get any kind of deal? trump made xi x-ray. anything going to happen. >> total it up completely. the tone of it but meeting was very negative. there's a battle going on inside the administration. those who still want to do a deal, who want to avoid this wholesale tariff on chinese imports which is that the u.s. will do after january if there wasn't a deal. the treasury secretary. people like peter navarro at the white house, bob light has their come and trade representative pushing very hard. the thing was president trump as we know he likes to do deals.
he successfully doing deal so it's not completely out of the question and he offers in something and says i'll take it. it's unlikely but not impossible. >> that's the kind of faith and menu subtle details later. >> you got to do with nafta, something of a deal. he's done some deals. again, if president xi offers him some rain, something substantial come he might say i'll take it. stuart: the market goes to the man. can i talk to you about brexit appeared to minister to reset my cuts he submitted it to the parliament at some point. do you think it will pass? the deal as xi he said. >> right now the arithmetic looks terrible. she is to connect. she's got a solid number of
conservatives from our own party who said they're against it. the labour party is the official opposition. the nationalists in scotland and wales are against imperial double democrats are against it. that doesn't add up. the alternatives could be so horrible. nobody likes to steal except for teresa man a couple cabinet members. the problem is the alternatives are terrible. there's a chance they may be able to persuade enough members of their own party and the opposition of what some are horrible are tentative and really take a deep breath and go for it. but again, unlikely. stuart: the alternative is awful. so maybe you'll go -- >> don't make a terrible the enemy of the absolutely awful. stuart: are you doing this kind of thing on your new show?
>> i do one have to do with so much uncertainty. i hope you'll explore these issues. friday the 30th demo next friday. 9:30 on friday evening. stuart: 9:30 eastern friday evening. fox business network or thank you for coming on the show. don't be a stranger. we checked a different markets for you. first off, gold. $12.3 per ounce on the price of one ounce of gold. bitcoin, what we have to pay to buy one coin. get an awfully close to the $4000 level down a bit today. despite marrying into british royalty, megyn markel is still an american citizen and could owe a ton of money in taxes. the irs could be looking not prince harry. a new study looks at which city in the world is the best to find a job. guess what, the top spot is in
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stuart: we asked you to guess the most innovative city in the world and the answer is tokyo. it topped the list because of its embrace of robotic, 3-d manufacturing and other high-tech industries are not sure i agree with that. followed by silicon valley, new york and los angeles. we also asked you to guess which city in the world is the best place to find a job. the answer is boss and. the study from moping guy who i've not heard a says boston has high levels of disposable income and driving started. number two, munich. rounding out the top five. calgary, canada, hamburg germany. liz: i wouldn't have thought any of that. stuart: you got me there. a new report says britain's
royal family could be facing a nightmare in america. -- of sussex still an american citizen and so she has to pay taxes here on her income they are. that scrutiny could extend to anyone else should receive support from including prince harry and the rest of the family, royal family. perks such as the use of nottingham cottage where she will live with harry needs to be valued and declared unless she is paying rent herself. items such as her engagement ring could be deemed just from a foreign person. which would make it subject to taxes. isn't that terrible? liz: that's terrible. stuart: pope francis says the wealthy few were feasting on what belongs to everyone. sounds like socialism to me. where on that coming up next. wages have enjoyed a series that's been 1979 significantly. the man who says they will rise at an even faster pace in the future. what a show. back in a moment.
docks down triple digits all morning long. this is really about the selloff into big-name techs. apple and face the. transfer yard as. this is a stretch market come of age in bold. when you see trouble in those two titans of industry, such a big player in so many 401(k)s in the robots kick in their concerted could be seen almost every at this time. they are drugs on the market. stuart: apple is no longer leading the market. facebook i've got back to 132. is that right? put it up on the screen. facebook i need. liz: profits are up 6% versus a year ago. taking hits right now. stuart: ouch, that's about $100 below. liz: at sox have set their best financial profit season since a financial crisis. nobody cares. they're watching facebook and apple if they can pull it out.
stuart: pope francis has been talking about income inequality. the pope says it is not fair that the wealthy few feast on what belongs to everybody. a former u.s. ambassador to the vatican. congressman, your reaction to what the pope is saying here. >> well, i'm no theologian but to me it sounds like that worn-out socialist redistributed theology that's not going to improve anybody's lives or anything else. stuart: assumes that the vatican is getting into politics. almost an overt political statement from the pope. >> well, this pope has taken the vatican in some directions which are asymmetric to his predecessors. first of all with a very aggressive climate encyclical where he basically absolved all of these african governments
from any responsibility for taking care of their people blame in the developed world, now we have this pretty socialistic comment. stuart: are not sure your lapse catholic? >> @. you can. i was raised catholic. i became an episcopalian 15 years ago. stuart: what you make of this? liz: i agree with what the gentleman was saying just now. the criticism against the catholic church is this. they have a lot of precious items that they live among the is it that the local starbucks at the dunkin' donuts working with the poor. pope francis has been a big push to work with the poor. the catholic church is one of the biggest if not the biggest services for the poor. i don't know if jesus would be living among and art museums. i'm just not sure about that. stuart: interesting lately or cast a question air. when you are america's ambassador to the vatican, did you sense the catholic church
was split in some way on political grounds? >> not really under pope benedict. when i was there we were so focused on coming to terms with radical islamic terrorism and the pope was very forceful in calling for reform of islam and was very focused on the more traditional catholic approaches towards work in the human dignity that comes from providing for your family rather than redistribution stuff. stuart: what he think our ambassador to the vatican right now should be saying to the vatican? >> i would want to give ambassador gingrich and advice. she's capable of representing the united states effectively there. when you politicize an institution like the church to bring some risks as you're pointing out. stuart: thanks very much for joining us on a very appropriate day. we appreciate you being here. good to have you with us. as i said at the top of the hour, wages are going up.
they are up about 3%, fastest rise in about a decade. our next guest says wages are going up even faster in the future. evolutionary circus, big hitting guy. senior fellow at the hoover institution. a fine introduction i just gave you fair. wages are going to raise at a faster pace next year. >> wages are closely related to productivity increases. what we've had over the past few years during the recovery. as you know is very weak productivity. that's been a big problem, something that's concerned economists. a lot of explanations have put forth. the big change in the last couple quarters as part of tv has taken off. from being done around 1% growth per year, and our year, an hour or 2.% over the last six months. but the really big deal because if you look across countries or
within a country over time, we find a very close relationship between wage growth in productivity growth. it makes some sense if you think about it for a moment. you basically can't pay workers higher wages unless you have the output with which to pay them. so what happens is when output goes, and the friends of the prophets, they have the goods, the ability to increase wages. that will continue to happen hopefully over the next couple of quarters. stuart: is that the use of technology which is creating this productivity boom? >> you know, it's really interesting, stuart. there is always a lag between technology changes and this happened in the 80s. we were waiting for productivity to grow when we have information communications revolution.
it didn't -- just didn't happen. tough to predict the timing that technology has a huge effect on productivity. the major driver. stuart: one rosas question. i read your stuff. you say that the fed doesn't need to raise rates rapidly, back off. that's what you're saying, right? >> well, what i would say is the fed is trying to get to normal interest rate. the unfortunate problem of courses they should've been there a while ago. i wouldn't necessarily say they should back off, but i would say what we see now from the labor market is not inflationary because wages are growing at a rate below product to the poster target rate of inflation. we are still okay. the kind of volatility we see in the market, what we see today and this is not unusual is something i would say requires a steady hand by the fed feared i hate to see them do anything dramatic one way or the other.
the unfortunate situation of courses that we should be at normal rates right now given the fed some room to use monetary policy in the future. that doesn't mean we should go there immediately. if were not there now we can't get there by going quickly. stuart: thanks very much. good to see you at again. stuart: close to load then the markets down 290 points. a good time to bring in mike murphy, one of our regular market watchers whose term of office at 9:30 in the market opens what is on the phone with us now. this is a sharp decline in the attack which is spreading throughout the market. is that how you read it? >> it is, stuart. you're correct. it seems like a trading day continues on as a picking up steam to the downside. concern caused by china right now is really weighing on bit tech. stuart: the trade fight with china. you think that's the primary
mover in the market down, is that it? >> the weakness, names like nvidia doesn't help. ultimately what is causing people to sell is the fact that this may spread moderates out some sort of resolution. stuart: no sign of a bottom at this point, correct? >> again become >> again come you want to be looking at quality names. we'll be buying apple today on the weakness of the fact they are. from suppliers and production cuts come apple will be just fine and i think we are buyers of apple here in this market. my story hasn't changed. i think we will have a resolution with china. you look at any pullback of quality. stuart: apple is 1 dollar away from being in what we called her market territory. 20% down from its high. you're going to buy some today? >> absolutely. as i've said several times, if all you do is buy a quality at
20% discounts, the portfolio will be just great. this isn't the time to run and bury your head in the sand. this is the time to understand what's going on and get in and invest. stuart: takes a real strong stomach and apparently you've got it. mike murphy come to see you again real soon. bombshell in the border industry. police have arrested the chair of nissan. happened today in tokyo. karlis godin, also the ceo of the french car company. he allegedly worked at another nissan executive to underreport his salary by about $44 million to avoid taxes of course. but nissan stock is way down on that news. t-mobile says it lost more than a billion robocalls in the last eight months. one is called scam i.d., instantly alert when a call is likely a scam. the other is scam block, lets you block the callers before they reach your phone.
they've intercepted a billion of them in the last 18 months. florida suing walgreens and cvs. state attorney general says they played a big role in creating the opioid epidemic. both those stocks are down not significantly so. the retailers, target, macy's, calls all started their black friday sales today. amazon started last week. all those stocks down. david's bridal more than $900 million worth of debt. david says it will take 300 stores open into bankruptcy will not disrupt anyone's wedding but tastes change. that's a 39. fallout from the midterms. brenda snipes the election supervisor in florida's broward county reportedly resigning. the resignation would take effect in january. facing a lot of criticism for her handling of the vote. now this.
venezuela. the justice department has requested an international arrest warrant with own president nicholas madero. what is that about? we'll tell you. the migraine caravan arrives in tijuana mexico. some residents don't want him there. what is president trump right all along? it's expected to be a great holiday season for the airlines. record number of travelers going to fly for thanksgiving. i say air travel is just not enjoyable anymore. i'll stick it to her airline guests. ♪
transfer were joined by willie robertson conduct commander ceo and a dynasty star. he said president trump has been good for business is. roll tape. >> i believe the country is doing better financially, which is going to help all of us. the stronger the country is, the more opportunities we have, the more opportunity for small businesses. stuart: you've got to pay some taxes. you get that off your back and you'll expand faster. >> we talked about coming from england over to america. that's why the businesses were going. so much easier to start business in the young united dates back
then. he didn't have all the red tape and regulations of people were cranking a businesses and there's no debtors prison anymore. if you went wrong on a business. an act of kindness. an old friend. a new beginning. some welcome relief... or a cause for celebration. ♪ what's inside? ♪ [laughter] possibilities. what we deliver by delivering.
185.65. if it gets to that level it's in bear market territory down 20% from its high now to 186 level carrying the dow come a big part of losing the dow 309 points. venezuela's exiled justice department wants to arrest the president, nicholas madero. accuse madero of corruption from illegal activities. it's calling to go to prison for 18 years but it is the exiled department of venezuela. they're not in venezuela. the caravan just over the border in tijuana mexico has arrived. people living there don't want them. the mayor of tijuana says it's been infiltrated by criminals. fred barnes is a custom executive of the weekly standard. >> he was right. he's been right all along. the language has been a little hyped up. the mexicans don't want them and
nobody wants them here either. it is a kind of invasion. but, i can see their climbing over walls. i think the president just needs to keep cool in the border guards can handle this. stuart: what are the democrats going to do? they're married to the caravan. >> love, and they have to be for letting everybody in. they always try to mass as if it's not really open borders if they want. of course, open borders is what they want. stuart: they lose politically on this. you can see them fighting in tijuana, demand is up on it. they are literally fighting. i would've thought democrats lose politically on this. >> no, no, the democrats has all these different groups of the parties. if identity politics under several groups with hispanic
immigrants. democrats are mom as a result. stuart: what you make of stacy abrams, the democrat in georgia who will not recognize the legitimacy, while recognize brain while recognize brian kemp as while recognize brain can boast while recognize brian kemp as the legitimate governor of while recognize brain can boast legitimate governor george. why while recognize brain can boast legitimate governor george. why do you think she's doing now? >> look, she's unhappy because their hopes were raised so high by the media and by democrat. so she's said this is very sad politically for the state of georgia where some woman who is a fantastic campaign promises much more liberal than the staid and yet she calms very close and obviously has a future in politics in georgia and now she's leaving on such a sour
note. you know, she cites welders and the stages they suppress odors and so on. i've looked at the three cases the issues talked about. she has no leg to stand on whatsoever on that. i think she's made a very bad mistake. stuart: 2020 has told you, we were robbed. that's it's been set up here. >> i know, but that's not going to emerge. -- is not going to happen. their route now and they'll be wrong again. one of these is a case in which the group sued mr. cantu is now the governor or will be the governor and he settled and it was straightened out. another one is inactive voters and to remove them from the polls. it has been upheld by the supreme court.
stuart: haven't got a leg to stand on. fred ardant, got a go. thank you for joining us. the reason we got to go wizards got a new low for the dow industrial. now we are down 330 points. we are just about the 25,000 level. this is apple leading the market. worries about trade here at all kinds of problems here and were down again 322 points. one and a quarter%. the cost of the nasdaq right away. blackberry can upgrade friend cibc. didn't help library is down 2.5% in overall downmarket. china's e-commerce company reported the slowest quarterly revenue growth since going public in 2014. the stock is down 4% on that. bitcoin barely holding $5000 level per coin. 5085 right now.
face the public attack on the lowest level since two years ago. 132 on facebook down $7 today. that is 5%. big drop of facebook. more americans will fly for thanksgiving. more than ever before. next, someone who represents the airlines. i say we don't have the choice we've got a fly and it's not enjoyable. i'll have a go at it. ♪ give isotoner gloves
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stuart: allegiant hair adding 10 new nonstop routes. none of them will be out of sarasota airport in florida. these lights will go from sarasota to baltimore, cleveland comest yerkes, new york among other cities. that is allegiant air. expected to be a really good holiday season for the airlines overall. record numbers over thanksgiving may have to be 30 million. nick calio, president and ceo of airlines for america. that is a trade group representing airlines. is that correct, sir? >> that's correct, thank you.
stuart: you can have a wonderful thanksgiving. i really don't like flying. it really is awful. would you say to people like me? >> i would say to people like you, stuart, that people are voting with their wallets and making choices to fly. more people find now than they ever have before. year-over-year flying keeps going up. the number of people flying. we do have security you've got to go through. stuart: you see i've got no choice. essentially you're running a kind of monopoly because i live in the new york area, if i want to go to some of my family and say florida, i've got to fly. i can't take a train and i can't drive. >> actually you can drive and you can take the train from new york to florida. it's a choice people make. people are choosing to fly because it is so affordable. stuart: you get my point, don't you? i can leave my job the studio
here on wednesday afternoon but i've got a comeback on sunday. i've got to fly. >> that may be the case and i say that to people all the time but i don't agree with your point. it's your choice. you can stay home or you can fly. today you can fly for less money than you can anytime and there has reappeared this year prices are down 5.5% year-over-year. that includes ancillary fees. there was a time i grew up in cleveland, ohio, born in the 50s, grew up in the 60s and 70s that nobody could fly, nobody cared because they couldn't afford it did in 1978 it was illegal to charge less than $1442 for a one-way fare from new york to los angeles. today the average fare is $320. people can all fly now. we've democratized it. it was ted kennedy's idea to deregulate. deregulation has produced tremendous benefits to our
economy. people do see their families on thanksgiving and other holidays. those are all good things. stuart: i think you've made your case very well. i wish you could spend some of the extra profits on a blanket for example or something to eat. i'm almost choking because i think you've made a very good case. i've got to leave you because it's on the market heading south big time. now we are down 400 points for the dow industrials. this has been led to the big tech. in fact it's been led by just about all sectors frankly. the big techs are really taking it on the chin, especially apple and facebook. stuart: boeing responsible for 75 to 80. they have the issue over the flight crash in indonesia and the sensors in the airplane that stopped west american airlines looking at dialback use of the boeing software and the planes. >> i don't think a trade picture is helping at all. >> vice president meeting over
the weekend at apec. whether china will have intellectual property staff. as they move into the g20, while the trump administration say that china save face and have honor here and not admit to it. the vice president seems to admit no. stuart: we are down 370. the christmas tree is arriving in about an hour. you get it all on "varney & company" and a lot more is telecom. the ♪
found in north carolina. it was cut down last monday. look at this. we are down 385 points. big negatives are apple, leading down. facebook leading the market down. and trade turning kind of ugly. one bright spot is tesla, which is up seven bucks. time's up. connell, it's yours. connell: tesla and the christmas tree. welcome, everybody. we will take you through the next couple hours. i'm connell mcshane filling in for neil. multiple issues, certainly trade worries and apple. iphone demand concerns, that's what's helping to sink stocks in a fairly significant fashion to start the week. boeing and apple combined shaving more than 100 points off the dow. today, we are down 378 right now. that's a 1.5% decline. shares of apple are down. the reports about production of all three new iphone