tv Varney Company FOX Business November 4, 2019 9:00am-12:00pm EST
>>s november, time to rotate into cyclicals from defensive. great way to get performance. one way to do that is the tfra rotation custom index. maria: we'll check it out. >> it's up 17% versus 11% for the s&p. maria: great to see everybody. have a great day, everybody. "varney & company" begins right now. stu, take it away. stuart: good morning, maria. good morning, everyone. whoa, this is looking good. all signs are positive for the economy and the market. all right. now, before we show you what's happening today, consider this. in the three years since donald trump won the presidency, the value of american business has gone up by 10.5 trillion. we all share in that. today, we are going to celebrate prosperity. look at this. we expect to see more record highs across the board from the get-go. yes, this is a big monday morning rally. look at that. the dow up 160. s&p up 18. look at that nasdaq go.
up about .75%. strong profits, positive news on trade, an expanding economy with full employment. this is why stocks are headed up again this monday morning. this stock, though, is not. mcdonald's. its ceo, steve easterbrook, has been fired. he broke company rules by having a consensual relationship with another mcdonald's employee. no details on that, but he's out. the stock had doubled under easterbrook's tenure. today it will be down about -- not as much as it was earlier but it will be down about 1.5%. quite a drop to $190. here's another stock in sharp decline. under armour. they just reported what i think was solid profits, but investors are worried about an ongoing accounting investigation. big drop, down 14%. big change at airnbn. no more party houses. they will develop a rapid response team to handle incidents like the one on
halloween in california, where three people were shot dead. airbnb wants to go public sometime next year. stay there, please. we have a big monday morning show for you. there's a lot going on. "varney & company" is about to begin. stuart: you know, overall, that was a pretty warm welcome at madison square garden. a lot of the media focused on some of the booing. that was when he attended the ultimate fighting championship in new york saturday night. okay. we are done with that one. look at the market, please. look at futures. we are poised for fresh records across the board this monday morning. jack hough, barron's guy, with
us now. >> i think the ufc fight, they were saying boo-ming stock market. stuart: stop it. stop it. they were cheering the guy, okay? i heard the cheers. this is a goldilocks economy. that's why we've got a stock market rally. where am i going wrong? >> i think you're right. everybody will call this the china trade deal hope rally. i heard that 175 times. if we were trading 20% down from where we were when that started i would say maybe. the stock market is hitting new highs. it is a goldilocks situation. not too hot, not too cold. when you look at gdp, the number is uninspiring, the growth, but as long as it's positive and not too hot, we keep interest rates low for a long, long time and stocks remain the best deal in town. stuart: look, profits are strong. i mean, stronger than expected. i hate to say it, but strong, can we leave it at that. there is positive news on china trade. we do have a full employment economy. lots of new jobs created last month. i mean, what's wrong here?
this is a pretty good situation for investors. >> especially -- stuart: where's the negatives here? where's the problems? >> well, i can come up with some if you would like me to. i can say well, we are running a trillion dollar deficit. i would like to see some of that money a little better spent right now. i could quibble. but you're right, you know, especially this late into an expansion, things are broadly good right now and there's no reason not to expect this stock market to continue rising. stuart: it's going to run for a bit -- >> i believe so. stuart: new record highs today but we will run for awhile to come. stay there, jack. i want to tell everyone this man is on barron's roundtable on the fox business network fridays, 10:00 p.m. eastern time. >> that's not me. that's the host there. some people say he's better-looking. don't believe it. stuart: i was trying to flatter you there. got to talk about mcdonald's. i'm going to call it the stock of the day. down in an otherwise up market after firing ceo esteve
easterbrook over a consensual relationship with an employee. grady trimble joins us from chicago. first of all, what rule did he break? reporter: well, mcdonald's didn't tell us exactly which rule he broke but there is a company policy listed on the company's website that says an employee can't date another employee who reports to them, either directly or this is important, indirectly. which in the case of the ceo, seems like would be just about anybody. if they do violate that policy, according to this policy on their website, you are supposed to report that to h.r. we don't know the circumstances surrounding this and whether either of the two employees involved did that, but that seems to be the policy that he violated. stuart: let me make sure i've got this right. we don't know whether or not this other person had complained and we don't know whether or not steve easterbrook admitted to this and reported this relationship before being fired. all we know is he's fired. that's all we know?
reporter: that's right. we don't know how this came about, whether an official complaint was filed by the other person involved or some other employee filed the complaint. all we know is that he's fired. but easterbrook through his attorney released a statement to us acknowledging that he made an error so he admitted at least to a mistake. stuart: i guess the era of the office romance is thoroughly over. is that right, grady? i don't mean to ask you for an opinion on this. but come on. reporter: i will just say this. i will say this. rules are rules. when we all take a job these days we sign a company handbook and you would assume the ceo of a major company signed the same handbook everybody else at mcdonald's signed. stuart: fair point. well said, young man. well said. i'm sure we will be back to you throughout the day on this one and you know it. you will get a lot of air time, son. good stuff. then we have under armour. they reported what i thought were pretty strong earnings first thing this morning but the stock is way down, 13% down.
jackie deangelis, why is it down so much? jackie: good morning, stuart. it's because of under armour is subject to a federal accounting probe and also because in that earnings release, while the eps was that under armour cut its revenue forecast for the second time, cutting its guidance, but let's dig into what is happening here. it's being accused of or potentially probed, as i said, into the shifting of sales from quarter to quarter to appear healthier. so it's an accounting issue, where you would book revenues for the company earlier than you actually had those revenues. there's a partial criminal inquiry that would be a part of this. that's the justice department prosecutors, they are looking into it. then there would be a civil part the s.e.c. would be looking into. under armour is saying it's cooperating with the investigation and that's what we know right now. but 14%, almost 15% in the premarket to the downside right now, it will be a tough day for this stock. stuart: i think you could say that for sure. jackie deangelis, thank you.
another couple stocks we are looking at, individual stocks here. start off with harley davidson. got a downgrade to what's called under weight, by keybank. the stock is down 1.7%. uber, they report their profits this afternoon. in running up to that profit report, the stock is up 19 cents, not much. nowhere near the ipo price which i think was -- susan: $45. stuart: it's $31 this morning. now we have this. a pro-democracy politician in hong kong stabbed over the weekend. what a development. susan: had half his ear bitten off as well. there are some graphic videos on television where at one point, one of the tv stations actually showed a bag containing half of his ear. his name was andrew chu. this means the violence has increased over the last five months of protests. we also had another organizer who was attacked with hammers and knives recently. second time he's been attacked. so maybe it's a signal to those,
the organizers of these ongoing protests now on to five months, those that want hong kong's economy to come back to life are not in favor of some of these ongoing -- stuart: they are going to sign phase one of the china trade deal, that did not impose itself -- susan: don't forget over and over again, they say if they don't adhere to the rules and promises made in 1997, will they stick to the rules and promises made in any trade deal. stuart: fair point. thank you, susan. check futures. we are still going to be up very nicely this monday morning. 150, 160 up for the dow. look at that nasdaq. there's the index to look at. home of technology companies, up about .75%. next case. elizabeth warren's $52 trillion medicare for all plan getting panned even by some democrats including joe biden. she's got a plan for everything. i don't think that's going to work. i think that's a rotten strategy
personally but that will be my editorial, top of the 11:00 hour. plus, when i'm wrong, i'm wrong. the popeye's chicken sandwich is a hit. people waiting in long lines across the country to try one yesterday. i still want to know why. we will find out. president trump heads for kentucky for a campaign rally tonight. he's trying to get matt beven re-elected. tomorrow's election is a test of the president's popularity. "varney & company" continues after this. as a struggling actor, i need all the breaks that i can get. at liberty butchemel... cut. liberty mu... line? cut. liberty mutual customizes your car insurance so you only pay for what you need. cut. liberty m... am i allowed to riff? what if i come out of the water? liberty biberty... cut. we'll dub it. liberty mutual customizes your car insurance so you only pay for what you need. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪
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stuart: i'm going to put boeing up on the screen. $346 per share. airlines plan to test the 737 max jet without passengers before returning it to service. the whole point, of course, is will passengers want to fly it when it does return to service. bank of america corporation accelerating its move from its current minimum hourly wage. it's going to pay between $17
and $20 per employee, that's their minimum wage by the end of the first quarter of 2020. okay. that's from bank of america. highly contested race for governor in kentucky. president trump's going there to endorse the current governor, republican matt beven. joining us, marc lotter, strategic communications director for trump 2020. the election tomorrow in kentucky and mississippi, gubernatorial elections, is this -- you regard this as flat out a test for president trump? >> no, not really. i think it's a test for the voters in those states whether they want to keep their economy moving strongly like we do with the rest of the country door they want to fall back in kentucky, nearly 50,000 jobs have been created under governor beven and with president trump in office and you have an opponent there right now who is supporting taxpayer funded abortion, supporting sanctuary cities and that's just not in line with the values of the people of kentucky. so this is a decision they have
to make. the president is going to go there, tell them what he thinks and i have a feeling they are going to come out, they are going to vote and re-elect the governor tomorrow. stuart: what i really meant was, is this really a test of presidential appeal, national issues as opposed to local issues? the personality, the demeanor of the president as opposed to local issues? i think it is a test of the president's standing on a national basis. don't you think? >> well, kentucky supports president trump in very strong ways. i have no doubt they will be one of the first states on the board next november on election night for president trump. this is the opportunity for him to not only get out there, talk about why he supports governor beven but also to energize that base to get people rallied and fired up and make sure they understand they have to come to the polls. it worked in those special elections a few months ago. it worked again in the louisiana governor's run-off and i have no doubt the president -- trump's
support is going to help the governor tomorrow. stuart: the governor of kentucky is going to be on this program a little later in the show, in the 11:00 hour. meanwhile, marc, congresswoman ilhan omar stumping for bernie sanders last night. as you know, i'm going to show our audience, she had some choice words for the president. roll tape. >> that is why we must build a mass movement of the working class that transcends faith, age, gender and background. i am beyond honored and excited for a president who will fight against western imperialism. stuart: a mass movement of the working class, end western imperialism. i heard stuff like that when i was a kid in england in 1952. that's a socialist manifesto right there. >> it is. and i mean, just think about that for a second. you've got a sitting congresswoman who is throwing her support behind a socialist,
talking about fighting western imperialism when the president of the united states is actually fighting for jobs, fighting for freedom around the world but remember, bernie sanders honeymooned in the soviet union, has praised communist leadership, not only there, in cuba, they stand behind the dictator in venezuela, and that's what this race is going to be about. it's going to be a race between freedom and capitalism, the american way versus the new radical socialist democrat way represented by the squad, ilhan omar and bernie sanders. it's actually despicable. stuart: was it you who said bernie sanders went to the soviet union for his monhoneymo and never came back? was that you? did you say that? >> i might have. i don't recall that but it does sound correct. stuart: i just wanted to get it in. marc lotter, thank you very much. we will see you again real soon. i want to show you what's going on on that market in 12 minutes' time. we are going up. this is a monday morning rally
big-time. new highs. you will see them real fast. we have colorado allowing residents to load their driver's license on to a mobile app. they say it's safer. in other words, your license is going to be on your iphone. that's what this is all about. we've got the guy who is prodding that forward, next.
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stuart: fiat chrysler merger with peugeot to close as early as december, question mark. yeah, probably. the stock, fiat chrysler's stock up nearly 3% on that. $16 a share. colorado's governor giving the okay to digital driver's licenses that you can access through an app on your smartphone. andre duran is with us. he's with ping identity. that company helped colorado with the software to get this done. what's the advantage here? so i get the app, my driver's license goes on this thing. what's the advantage? >> well, thank you, stuart. so the advantage is that we are going to be able to provide a better experience to all coloradons as well as improve the security of presenting your identity to the state and businesses. stuart: i could lose my iphone, couldn't i? >> you could lose your iphone and all of us have done that. takes a little bit of time to
reload the applications and our payment mechanisms into the phone. but the phone is becoming really the center of all of our digital experiences, and americans are in love with our phones. we are already today putting our credit cards and attaching our driver's license to the back of the phones, so this is not a new experience. stuart: okay. so look, colorado has accepted it and your app is going to be on these phones. which other states are considering going this way? >> well, i can't speak for other states. certainly there has been a lot of interest inbound to my company as people have gotten wind that colorado is leading the way in digital experiences to provide better services and bring government to the citizens of colorado right through their phone. i expect other states will follow. stuart: sorry to interrupt you. i just noticed on the left-hand side of the screen your stock is way down since the ipo. down 17%.
any idea why? >> well, i can't speak to that. we are still in a quiet period. we recently went public on the new york stock exchange, so you know, want to really focus on what we are doing to power and enable security for all of colorado with this new digital driver's license. stuart: okay. thanks for joining us, sir. i'm sure i will get on the band wagon at some point in my life, assuming i live for 25 years. thanks for joining us. no, no, seriously, we appreciate it. >> thank you, stuart. stuart: good stuff. dow industrials going to be up about 160. pay close attention to the nasdaq. look at that. that's going to be a new all-time high right from the start of trading this morning. it's going to be up about three-quarters of 1%. technology looks like it's doing real well. we will take you to wall street for this great opening after this. with time, comes change
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stuart: you know by now there is a homeless crisis in california. i know you know that. but did you know that apple is spending some money to do something about it? well, they are. you are going to tell us what they are doing. susan: apple is committing $2.5 billion compared to facebook and google who of course committed about $1 billion earlier this year.
microsoft is doing the same in seattle with $500 million. apple says we are contributing $2.5 billion, a billion in an investment fund for shovel-ready projects to get up and running as soon as possible, a billion dollars for those looking for their first home mortgages. as you know, with the high paid tech players coming in, a lot of middle class citizens are pushed out so they are ebbing to focus service community, first responders and teachers that don't make a tech wage and can't find affordable housing. they are committing about $300 million in this parcel of land near the north san jose area around the light rail line. stuart: maybe apple could do something about the restrictions and regulations on any new form of building. susan: i believe that's a government issue as well. they pointed that out because of the state and local development zoning laws. housing development is not allowed in a lot of places. that's why you have a shortage of housing as well. stuart: wonder if apple can do anything about that. probably not. susan: gavin newsom, though. stuart: you think he would do
anything about rules and regulations? i think not. what have we got now? 11 seconds to go to the opening of this market. i think you will like it, sports fans. i think we are going to hit record highs right from the get-go for the s&p and nasdaq. here we go. 9:30 on monday morning. we are off and running and higher, straight from the start. look at that. all-time high right there. right from the start. 27,467. right from the start, we are up, record high. got it. s&p 500, new record high. right from the start. all three of them, nasdaq composite included, all-time record highs. never been higher. first thing monday morning right out of the box, there you go. this is prosperity written across your screens, ladies and gentlemen. i've got three dow components, three stocks which are in the dow. they are all in record territory. look at them. apple has hit $257.
caterpillar, $145. jpmorgan, $129. i've got to tell you about mcdonald's, however. a change at the top there. that stock is down in the very early going. down about 2%. more on that in a second. under armour facing a federal accounting probe. they are down this morning, sharp drop, 14%. again, more on that later. let's get into this rally. jeff sica, susan li, ashley webster, all back together again. record highs right out of the gate. jeff, if you pour cold water on this, you will never eat lunch on this set again. >> i know you guys don't have one for me. stuart: what have you got? what have you got? >> listen, there was a lot of good vibes coming out of president trump and wilbur ross last week. that's the reason why the market's going up. but the market is anticipating a very positive outcome on china trade. i personally don't think they are going to get it. stuart: phase one?
the market's anticipating that phase one will be signed. you don't think it will be? >> they believe it's going to be signed here in the u.s. that's what they anticipate. i think we will get phase one but keep in mind, this agreement has to be much more in depth for it to be effective. stuart: nobody is suggesting that we don't keep talking towards a phase two. everybody knows that. susan: that's right. as long as things don't get worse, that's the point, for investors. as long as it doesn't get worse and tariffs don't go up december 15, the market will continue to go higher. as i heard from tim cook, he says he doesn't know anything we don't know, but he expects phase one to be signed. ashley: i thought larry kudlow on friday had a terrific list of things that were being accomplished. it quite surprised me how far along they are in the process with intellectual property probably not in phase one but they are talking seriously about it. it seems more encouraging. i just think every headline changes 180 every time.
we will get a headline this afternoon, everything is in bad shape. no. we are going to be lucky to get phase one. i do think they are further along. stuart: thank you. i'm moving along. let me move on to mcdonald's. we've got records across the board. i don't want to care about worries about phase two. i don't want to hear about it. i've got to tell you about mcdonald's. steve easterbrook, out as ceo. he had a consensual relationship with an employee, apparently that's against the rules. i'm as stone tisastonished thatt he is out. do you have anything to say about that? >> i have to agree with you. it seems like a very low bar for them to remove a ceo for breaking this rule. to me, i don't think we know enough about the story, if there's something else involved, but i really don't think it makes a lot of sense. it especially doesn't make a lot of sense considering the fact that they are bringing in a new ceo allegedly that is not -- has
not been effective in his region. that's problematic to me. susan: he's also stepping aside, easterbrook, as the company reported its first quarterly profit drop in two years. things are slowing down. stuart: that's not why he stepped down. susan: i'm just saying if he had the stellar record where yes, i know he doubled the stock price under his tenure since 2015. most of that is because of repurchases. $100 billion in buy-backs and dividend increases as well. i would say that his biggest accomplishment would be the all-day breakfast. that's when the turn-around actually happened for mcdonald's. stuart: let's talk about the demise of the office romance, because it is dead and gone. you can't do it. ashley: if you sign as ceo and the rules say if you do this, it's against company policy, there's no real room for argument, i don't believe. and he was ceo. susan: everybody virtually reports to him. anyone that directly or indirectly reports to you, you cannot have a relationship.
even though he's a divorced father of two. stuart: moving on. under armour, they reported this morning better profit but they've got this federal accounting probe that's still going on. susan anderson is with us, the analyst, one of them, that looks at under armour. you just came off the company call. what did -- can you be brief, tell us what did they say about this accounting scandal? >> they didn't give much information as expected. i think that once the probe is completed, we will know more. but until we do get more details around what's going on with the investigation and if there is some wrongdoing, i think it's going to be difficult for investors to invest in under armour. stuart: so it's legit, then, 14% drop for the stock is legit even though we don't know much more about the accounting scandal. you think this is okay? >> yeah. also, they lowered guidance on the top line for the year. it was plus 3% to 4%.
they lowered that to plus 2%. we lowered our number on the top line about plus 2% so you know, i think part of that is also weighing on the stock. there were a lot of questions on the call around what's going to drive reaccelerated growth on the top line next year which is really what we need to get justification for the valuation here, and we have a sell rating on the stock. we don't believe they are going to be able to reaccelerate revenue in the next year or two. stuart: that's tough. a sell rating. how about that. susan, thanks for joining us and getting straight to the point. we appreciate that. susan anderson. have a look at that market. we are six minutes in. we are 136 points up. all-time record high, the dow industrials at 27,478. how about that. apple, as we told you, spending about $2.5 billion to help california's housing crisis. the stock's at a new high. dow component caterpillar, same story. the stock is at a new high. we are now at $145 on
caterpillar. jpmorgan, new all-time high for that bank, too. $128 on jpmorgan. world wrestling entertainment, wwe, shares are down. wells fargo cut its price target to $80. interesting. the stock is at $53. look at the ten-year treasury yield, please. it is 1.75%. no real news there. the price of oil, very interesting. right now, the price of oil is -- any day now we are going to get that -- oh, $57 a barrel. i'm surprised. big article today about four countries coming onstream with a lot more oil next year. a new oil glut, challenging prices. i find that interesting. $57 a barrel for oil right now. deadly shooting at a house party in northern california. it was airbnb rental. now airbnb is banning house parties.
ashley: the woman that rented this home in the bay area said she was having a family reunion with 12 or 13 people there. turns out that wasn't true. it was actually going to be used for this massive party, more than 100 people turned up. it was widely advertised on social media. then gunfire erupted. five people ended up being shot and killed in this, three on the scene, two died later. the question for airbnb is how do you prevent something like this from happening. it's not easy. they say they will redouble efforts to try the look for red flags of something like this that could happen and also to respond with a rapid response team. i'm not sure what that is, like a s.w.a.t. team for parties? i don't know. not being flip but i don't know how they can do this. they are definitely going to try and clamp down on this kind of thing. and you know, look, party houses have been a problem in party areas, vegas, miami, this kind of thing has happened before. stuart: they want to go public next year so they -- ashley: they will have to solve this before they do that.
yes. >> also, there's the issue that now that short-term rentals are very much in jeopardy now because for example, the state of california wants them to start registering as if they were hotel guests. this is going to put government scrutiny on -- state scrutiny on airbnb. i think airbnb is a very good concept but they face a lot of head winds with what's happening now. stuart: it's election day tomorrow and around the country, there are a lot of local ordinances up for a vote which will place restrictions on airbnb's short-term rental. there's one in our area in south jersey. all right. here we go. popeye's relaunched their chicken sandwich. they introduced it again on sunday. took a shot at chick-fil-a which is closed on sunday. people were lining up, we have some video. that is people lining up, that's actually people lining up, the drive-through line of popeye's chicken. i can't believe this. okay. here's what we've got.
this is it. this is a popeye's chicken sandwich. can you explain to me why there's such a rage about this chicken sandwich? >> i think it looks delicious and the audience needs to know there's [ inaudible ]. stuart: i will sell you mine. >> i think -- by the way, i'm gluten free so if i ate it, it would be a very long ride home. and chick-fil-a makes a gluten-free sandwich. stuart: i'm not going to eat it. susan, would you care to eat it? susan: sure. let the girl do it, right? ruin my lipstick. okay. here we go. i have to be the brave one. actually, i want to try the sauce that comes with it. stuart: well done. well done.
>> my mom wants it to be elegant. stuart: is your mother watching? susan: probably. she would say stop talking with your mouth full. stuart: well done, susan. well done, everyone. i don't understand it. the rage about chicken sandwiches. guess i'll get to it. sica, thanks very much indeed. you were just great today. okay. 9:40 eastern time. i will show you the market. look at that. we are up 150 points. 27,500. we have arrived at that level. new highs for the s&p, new highs for the nasdaq. it's a great monday morning. yes, the market is setting records. the economy is booming. but if you follow the mainstream media, you would not know about any of it. that's because they are obsessed with impeachment. i will tell you why we should ignore all that and celebrate prosperity. that's in my editorial coming up at 10:00 this morning. speaking of celebrating, the president is hosting the world series champs washington nationals at the white house today. again, all we hear about is the
team's one pitcher who is not going to be there because he doesn't like the president. what happened to the honor of going to the white house? invite me any day and i'm there. alibaba, china's version of amazon, holding a big shopping day next week. it hopes to attract half a billion shoppers. michael zaiko will join me and i will ask him about that. ♪ ♪ ♪ ♪ ♪ ♪ ♪
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their big shopping day called singles day, it's one week from today. alibaba thinks they are going to get a half billion shoppers, 500 million shoppers from all around the world. our next guest is going to be there. his name is michael zacor, retail watcher. he joins us now. you think amazon should be worried? because it sounds to me like their singles day, alibaba's singles day, is going to overlap amazon's prime day. >> well, actually, stuart, they have left amazon's prime day in the dust. last singles day global shopping festival for alibaba produced $30 billion in gross merchandise value in one day, so that's about four times what amazon prime day does in its best year. last year they had more than 400 million consumers and they shipped more than 700 million parcels. stuart: do they do things better than amazon? is their execution better in
some way? what do you think? >> well, part of it's just scale. they are 1.4 billion people in china so roughly four times the size of the u.s. population, but what they do differently and a little bit better than amazon is they spend months preparing for it. they recruit new brands constantly and most importantly, they make sure that brands are putting up new merchandise. so we are expecting $200,000 brands and retailers to participate and more than one million products that have never been available in the marketplace before will be available for sale. stuart: why are you going to be there? >> because this is my favorite time of the year, stuart. you know that. this is, you know, some people love black friday, the start of the holiday shopping season. for me it starts on singles day, so really, it's the future of retail. when we often talk about the new retail, the complete integration of online, offline technology, alibaba really invented that and we are seeing how it's start to
spread to the rest of the world. it's just a great day if you are interested in retail consumption and what it means for american brands and retailers as well. stuart: michael, full disclosure, i own some alibaba shares. they are at $181 today. where do you think the stock is going? >> well, you know, the stock has been somewhat in neutral over the last year and a half, i think, artificially so. there have been some worries about the resolution of the trade war. you know, i still think that the stock has a runway to growth. at least to $200 to $220, if not more. it's surprising me it's taken this long to break out past the $180 mark again. stuart: want to ask you real fast about jc penney. we brought you the story last week that penney is adding yoga classes, gaming lounges, all kinds of things to add to the experience you get within the store. obviously it's an experiment. do you think it works?
>> well, that model has been proven to work with other brands and other retailers, so in this retail environment today, we are having a renaissance, a rebirth of retail, which includes services, which includes the connection between online and offline, so they are including things like concierge service, people bring clothes to you, reduced floor space, magic mirrors in the dressing room, restaurants, spas, yoga, all these things make sense. that's where the world is going. the problem is, it's one store and i don't know if this is going to be scaleable for their 850 stores, and with the debt they're carrying and with their stock hovering around $1 and they are in danger of being de-listed from the stock market, they have the right idea but how they are going to scale it, mystery to me. stuart: the jury is out. good luck in china. i hope to hear from you from there. see you later. thanks very much. check the dow 30. looking good.
stuart: amazon, the company is trying to make its hometown of seattle more friendly towards business. good luck with that. fox news reporter dan springer is there, and he's going to tell us what amazon's doing. tell us, dan. reporter: yeah. well, stuart, to know why amazon wants a more business-friendly city council, you just have to go back a couple years. you and i talked about it, when the seattle city council passed a head tax of $275 per employee that would have hit amazon at about $14 million a year, raising $50 million for the city for homeless services. well, at the time, amazon came out and said okay, we will stop construction on a couple of buildings down here. the city council backed off on that but damage was done to the relationship so now amazon has put $1.5 million into a political action committee run by the chamber of commerce here to try to get a more business-friendly slate of
candidates, and seven of the nine seats are up for grabs. not talking about seven republicans against seven democrats. we are talking about seven liberal democrats against in some case, socialists. so we have a socialist on the council now, we have a couple more running for open seats. what amazon is trying to do is trying to get a more business-friendly city council. they have not been very politically active in the past but now with that head tax proposal, they are starting to weigh in. a couple of people weighed in on their campaign donation. bernie sanders and elizabeth warren blasted amazon for that political action committee. however, we will see if it works out. voting is going on right now and tomorrow we will know whether or not that donation had any impact or not. stuart? stuart: i want to see those results. that's very important. dan springer, great stuff. thank you very much indeed, dan. thank you. now, president trump took a shot at california governor newsom over the wildfires. governor newsom fired back. take me through it. ashley: let's begin with what the president said about the
wildfires. said that governor newsom has done a terrible job of managing the state when it comes to cleaning the forest floors and he should stop listening to his environmentalist bosses. mr. newsom came back with -- saying this, we successfully waged war, said governor newsom, against thousands of fires started across the state, guess why, due to extreme weather created by climate change. something you, mr. president, have conducted a full-on assault against. stuart: i'm sorry, i'm with the president on this. it's not climate change that has created the fires in california. it is government policy in california. climate policy, which has encouraged this to happen. ashley: yes. stuart: okay. calm down. let's go to the markets. that's all good stuff. record territory, as you can see, left-hand side of your screen. all those are record highs. got it. president trump heads to kentucky to rally for governor beven tonight. this is a test of the president's popularity. by the way, the governor will
join us in our 11:00 hour. conservative comedian terrence williams will be here. he claims to be the president's number one funny guy. how hard is it to tell jokes and get a laugh in a politically divided country like this one? he's on the show. the market's breaking records but all the mainstream media cares about is impeachment. even more reason to keep it right here. i'm going to editorialize and celebrate prosperity after this. most people think of verizon as a reliable phone company. (woman) but to businesses, we're a reliable partner. we keep companies ready for what's next. (man) we weave security into their business. virtualize their operations. . .
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tell your doctor about any changes in medicines you're taking. the most common side effects are swelling of the arms and legs and confusion. we spoke up and it made all the difference. ask your parkinson's specialist about nuplazid. stuart: in 45 seconds i bring you latest on factory orders. maybe the market will react. we'll have to wait for 30 seconds before we get actual numbers. meantime i tell you, this is a big rally day. first thing out of the box on monday morning we hit all-time highs for all three major averages. you're looking at the dow industrials, up half a
percentage point. we're just shy of the 27 mark. s&p 500 hit a record high this morning. we still up the best part of a half a percentage point. as for nasdaq that is going very well this morning. we have a gain there of about two thirds of 1%. 8400. 10:00 eastern time. on the button, factory order for september. ashley: according to expectations. stuart: no. ashley: these are the estimates so important. i have to do that. down .6%. now the estimate was for .3%, up .3%. not a good number. not a good number. stuart: down instead of up? ashley: correct. stuart: i don't know what the trend on factory orders is. stuart: that just came out 40
seconds ago. ashley: stocks hold gains. susan: factory orders 11% of the economy. distribution is not as big as it used to be. stuart: that is fair point. factory orders came in worse than expectations. market didn't react. all right. everybody. now this. let's start with a really, really big number. $10.5 trillion. the value of all stocks gone up since donald trump won oval office. $10.5 trillion. we all share. 55 million americans with 401(k). 35 million with a ira. their pension money, your pension money gone up about a third, maybe more. union pension fund. college savings fund, all
looking real good. there is hardly a mention in the media. the elites will not report anything good in the trump era. same with the economy. america is growing far more vigorously than any other industrial democracy. you don't hear much about that. but it is true. europe is floundering towards recession. they are on the edge of another financial crisis. it is not our fault. it is their policies that are wrong. ours, tax cuts and deregulation, that are right. but this editorial is not about the media. it is about economic success. that is trump's america. the president's political opponents are living in the past. what is this about our economy not working for everyone or you need two or three jobs to make ends meet. come on. the wages of lower-paid workers are rising fast tore than that of any other group. wages overall are rising at the fastest pace in 10 years. there is virtually no inflation to eat into people's buying power. interest rates are way down.
mortgage rates close to historic lows. there are 7 million jobs going begging. it is called prosperity. under trump it has made a comeback. throw in strong profits, trade deals, and more economic growth still to come, you can see why we have record highs on the stock market. good job you're watching this program. we celebrate prosperity. much media is celebrating impeachment. that is pathetic. get at it. market watcher dr barton graces our presence sitting next to me in new york. where to from here? record highs from right now. where to? >> data is pretty clear on this, if we go back to 1950, look what happened every time the market hit a new high, 75% of the time we're up a year later on average 10 years. three years later. 87% of the time the market is higher than it was when we hit all-time highs. in general what that tells us,
when markets get a head of steam, they continue to go on. traditionally, that is what we've seen. i think we have some other things that are in place to keep us going right now. stuart: looking historically there is plenty of room to keep going up, based on historical evidence? >> it is. stuart: other factors which will tell us to keep going up, tell me? >> yes. you hit a couple of them in my take. earnings continue to surprise. the ones that we keep looking at, big tech, big banks have done really well, helped buoy things up. we're also coming into the strong period of the market. november and december are a couple of the best months out of the year. and the six months between november and april have been shown, dating all the way back to english markets in the 1600s to be statistically significantly better than any other time. that is true for 106 out of 107
countries. the next six months are the best six months of the year. stuart: no worries about china trade? that doesn't enter into the factor here? >> look at headline risks if there was huge stumble in the china trade that could give us a trip. if we continue on with an intermediate deal, with hope of a better deal to come, i think that will continue to keep a floor under the market. stuart: one last one, we're at 27,000 and change right now. obvious question. where do we go? 30,000? when do we hit 30,000? any idea? >> 30,000 is goodly bit away. within the next calendar year, when next fiscal year, stuart, i will come back on the show, we will have hit 30,000 in the time frame. stuart: in the next 12 months? >> next 12 months, 30,000 in the next 12 months. okay, you're on. i hope you grace us with your
presence before then. we would love to see you back in a year at 30,000. dr, thank you very much, sir, appreciate it. want to turn to politics briefly. our next guest wrote a op-ed on foxnews.com. i interviewed the trump family for two years. this is what i found. that is on the basis of a new book he has written, called, "inside trump's white house, the real story of his presidency." come on in doug wead. quite a introduction. you spent a couple years literally talking to the trump family. what is the atmosphere like within the trump family? >> well i listened. i spent two years listening. i'm surprised, very cool, very calm. one of them said you know, we hear hear the criticism and hatred. we feel it. but in the long term we believe we're going to be vindicated. the numbers will hold.
and history will grind to lies, stories from anonymous sources. they said, after we're gone, we feel we will be validated and vindicated. stuart: something very personal here. a lot of comment about the media relationship between president and first lady melania. how would you characterize that relationship? you know it pretty well. what is it the president in almost every conversation, he says melania this. melania that. he mentions her all the time. there is scene in my book they're sitting down to. melania is under attack for nothing other than pure jealously. the president says, melania,
honey, aren't i glad i taken you on the great adventure, you're the first laid day. oh, yeah. thanks a lot. thanks a lot. so they are very much a couple. they're weathering this together. there is another scene in my book where the secret service sits her down to say that the president is going to go into a combat zone, the dangers involved. she says i want to go. oh, no, we have only couple first ladies in history have gone into combat zones. only after many weeks of preparation. she said, if he is going to be in danger, i will be with him. so on christmas night, they flew out to iraq to be in a combat zone with american troops. so they're very much a couple, stuart. stuart: one last one. we keep hearing that the president, you know, for a couple years, was accused of being a russian spy, or a russian agent. when, presented with that kind of charge. what does the president actually say, in private?
>> it is ridiculous. the whole deep state thing is troubling to him. i think after a couple years it became more troubling to him because he realized what a president knows. he came to the conclusion, i think, with great disappointment in his face, when he was talking to me, he said, they knew, they knew what was going on and, by they, he finally said, obama. they knew. so he knows that a president haven'tly no matter how the staff says we have to give the president plausible deniability, we have to do this on our own, no, there is cya, nobody in the fbi will run off and attack a political opponent without being covered and having permission. he sees it as very serious problem nobody thought they would have to solve because they all thought hillary clinton was going to win. nobody would know. stuart: doug wead, i want to read that back. i most certainly will.
>> thank you, stuart. stuart: thank you. we'll talk about apple for a moment. the stock is at 256 now. it had been 257 earlier. that is all-time high. they're making a big investment. they're trying to combat the homeless crisis in california susan will tell us what they're doing. susan: they're pledging 2 1/2 billion dollars, twice as much as google, facebook committed this year. a billion for google. billion for facebook. apple wants to help the homeless, housing shortage in san francisco. 30,000 people left san francisco from april to june. it is just so expensive. according to one non-profit, there is housing shortage of 3.4 million. this is because high-tech, highly paid tech workers came into the san francisco. middle class find it hard to find affordable housing. apple is doing billion dollars for the investment fund, for shovel-ready projects to get units up as quick as possible. billion dollars for first-time home buyers.
they focus on valuable members of the community. first-responders, teachers, that can't afford their homes. stuart: first-responders, teachers, will apple give them a down payment? >> this is a loan. there will be repayment at some point. it is not charitable. but they will reinvest any capital they make off these funds for future housing as well. stuart: that sounds like a good idea to me. >> they're donating land as facebook has done as well. this partial land in san jose, near the light rail. so people can travel with transport as well. stuart: give them credit. thank you very much. susan. stock of the day, mcdonald's, the ceo fired after having a consensual relationship with a employee. i will ask about this to the judge. he is on the show. i want to know about this. you have a consensual relationship, you're still fired. i want to know what is going on there. later this hour, terrence
williams once kicked off twitter because he supports president trump. i will put it to him. how does he keep laughing people in political times like these? he is on the show. world series champs, washington nationals going today, all they can talk about one pitcher who isn't going because he doesn't like the president. howard kurtz. this is the second hour of "varney & company." we're just getting started. ♪ e ♪ limu emu & doug and now for their service to the community, we present limu emu & doug with this key to the city. [ applause ] it's an honor to tell you that liberty mutual customizes your car insurance so you only pay for what you need. and now we need to get back to work. [ applause and band playing ]
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easterbrook. he had a consensual relationship with an employee. he's out. judge napolitano joins us now. he is also by the way the host of "fox nation"'s "the liberty file." mcdonald's stock is down five bucks. now he is going to walk with 26 weeks of severance pay. >> right. stuart: but he can't work for any other company i guess, a fast-food company for two years. >> can't compete with mcdonald's for two years. stuart: judge, sorry, this is awfully harsh for a man who had a consensual relationship with an employee. >> so his problem is, someone learned of the relationship. not like the partner in the relationship complained. she is a mcdonald's employee. mcdonald's policy prohibits sexual relationship unless you're on the same level. doesn't matter if she doesn't report directly to you or only reports indirectly. he knew that. there is a reports of a lot of reports of sexual harrassment
not been addressed. those people are saying now, we know why, because the boss was involved in a relationship. you know better than i how he turned mcdonald's around fabulously so. stuart: stocks doubled. new technology, kiosks. >> deliveries. all the stuff. stuart: we don't know the details of this firing. i don't know we ever will. seems to me they have got this rule, no relationship with an employee. maybe he din report it. and that was the fault. maybe. i'm speculating wildly. >> i think that is a very sound, very sound speculation, stuart. we don't know, if this is a firing for cause, he wouldn't get a nickel. instead after firing for cause, they allowed him to resign. and they're going to pay him for six months. that i think is just to cushion the blow. when i say for cause. this is not because he exercised poor judgment. he did something absolutely
prohibited under the mcdonald's internal rules. stuart: can you deal with under armour in 30 seconds? >> yes. stuart: federal probe of their accounting practices. the stock is down 14%. what has been going on? >> it has been going on since may of 17. a 2 1/2 year investigation in which the feds are trying to determine if under armour, criminally, criminally inflated its earnings by taking money that wasn't even in the bank yet and claiming it was already there in order to deceive investors. there is a lot of leeway that accountants have, money they know is coming in. they're allowed to say it is in, when they know it is coming in. this may well be a question of accounting judgment. if it's a question of deception. if somebody lost money because of this deception. you will see an indictment. stuart: the stork is down 14%. >> you would have to tell me. that is probably substantial. 14%. stuart: really is. judge, thanks a lot. >> pleasure. stuart: we'll see you soon.
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>> a little problem in the kitchen. nothing trivial. stuart: that was a good clip. made me laugh. the movie from the '80s, "money pit." very young tom hanks was the star. ashley: he was young. stuart: the money pit was the house. ashley: the exterior. the actual interior was shot in interior lot. it is on long island. a company bought it for 2.12 million. they put in $6 million worth of renovations. it needed a lot much like the movie, "money pit." just sold for 3 1/2 million. they had 8 million into it. down 4 million. long island. high-taxed area.
luxury homes are struggling to get what people valued at. people taking big discounts just to get them sold. stuart: look at greenwich, connecticut. ashley: my gosh. stuart: talk about a pricing crash. looking at it right now. however i digress. let me get back to the markets. the dow industrials are up 127. we had been up a bit more. factory orders number, came down a bit. we still love the best part of a half percentage point. s&p 500, same story. still way up there, half percentage point higher. nasdaq, still same story. record highs. we're up .58%. 8434 on nasdaq. coming up, a man says big tech companies are destroying the democracy and the free press. we'll let him make his case after this. ♪ (nationwide jingle)
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to band shopping list. that's for you. you need it. join nationwide now and get a free amazon echo auto. ♪ stuart: that is a little obscure. not wild about ringo songs. not wild about his singing. give me john, george, paul, ringo. as long as we play the beatles 8:30 eastern time, every weekday morning, the producer is trying to talk to me. susan: four of them. you only like half the beatles. stuart: shall we move on? susan: yes. stuart: british theme. i'm no longer a brit. i'm an american citizen as you know. the polls in britain say boris johnson will win the election.
ashley: first major poll now in the six week election campaign period. very short in the uk. the numbers show conservatives 38%, labour under jeremy corbyn, 31%, lib dems have 15%. brexit party of nigel farage, 9%. that is quite a large percentage for the brexit party. stuart: i'm surprised to hear he has 9%. ashley: he does. if boris gets the victory and seats he needs to get a majority, maybe, maybe, we won't have to talk about brexit anymore. susan: doesn't president trump endorsement get you 9% in the polls? stuart: i don't know whether he endorsed nigel. ashley: he said it would be a disaster if jeremy corbyn turned up on number 10. stuart: president is absolutely dead right on that one. absolutely dead right. move on. our next guest says, big statement here, big tech companies are interfering with our country, ruining, destroying
our democracy. he is the author of that book on your screen, called goliath. which is the 100 year war between monopoly power and democracy. his name is matt stoler is that correct? >> that's correct. stuart: that is a big claim, big tech is destroying democracy and freedom of press. >> they are taking all the ad revenue. they're destroying local newspapers across the country. local newspapers are the watchers over corruption. stuart: that is all you've got? destroying democracy. >> 2,000 out of america's 3,000 counties have no local newspaper. you want state and local governments with no watchers at all? you really want that? because if you do -- stuart: i live in a small town in you in jeers. i can follow what is going on there online. i can do it easily. >> you can go on line, look at ap.
ap i guarranty you has no reporters in the new jersey state capitol. a bunch of newspapers in new jersey that used to keep watch over corruption in the government are now gone. what you're seeing, there are a bunch of states actually have no reporters in the state capital keeping watch. this sun precedented. we haven't seen this for 200 years. this is crazy. stuart: what would you do about this. >> google and facebook have 60% of the online ad market. they get the money taking data from publishers, forcing them to hand over data because you have to use google and facebook to get to market. stuart: that's true. >> you break up the companies like you separate google search from say youtube. you separate instagram from facebook and what's app. you put restrictions on the ability of google and facebook to manipulate us through advertising. then what we don't get manipulated anymore. advertising flows back to legitimate publishers, for example, you or for example, local newspapers who do real
work instead of these intermediaries that take your work and monetize it for themselves. stuart: a fair point to make. i will not be too down on it. do you really think local newspapers would all of sudden come back and flourish if these google and facebook were made into publishers themselves? >> i don't care if this set of local newspapers comes back and flourishes. i'm interested in making sure there is journalism, real journalism. i don't think it would look the same today considering technology we have, might be individuals or different institutions. the problem when you monopolize advertising revenues, it drives up housing values in pal ocala toe instead of -- palo alto instead of journal imkeeping eye on on core in the country. stuart: do you think journalism in the united states of america is at high level and we respect their professional sniffle. >> i think we're seeing a crisis of journalism all over the
world. not just because you see funding pulled out of journal i am, you see cheap fraud across communications network, it is profitable to advertise against cheap fraud instead of legitimate news. stuart: do you think the profession of journalism is in good standing in the age of trump? >> i would just say journalism has been in crisis, since we concentrated power since the 1980s. stuart: not this kind of crisis. looklook at the front page of "the washington post," "new york times,," establishment media, you look at the front page. that is just hate trump. that is what it is. opinion masquerading as journalism. >> we have a problem with centralization of power in the press. that is a problem of centralization. we, the answer to that, not to say the liberal media is bad. we need diversity. we need funding streams so it doesn't go all to google facebook. a few institutions that can
survive are "new york times," washington post, msnbc and -- stuart: what i would like to see diversity of opinion represented. >> you better break up the advertising market so advertisers can fund the diversity of opinion. or you will get diversity of opinion determined by mark zuckerberg. stuart: not bad. not bad. i said it was a duece in the 10 miss match. >> fair enough. stuart: thank you very much. author of "goliath." thank you for being with us. >> thank you very much. stuart: good stuff. this is hard to believe. see that field on the left-hand side of your screen? that is a bunch of cannabis plants, millions of them worth a billion dollars. it is in california. they will be seized and destroyed. susan you will tell me why. susan: it was meant to be cannabis plants or hemp fields for cbd oil, cannabis oil. instead they found weed for thc, well above the legal limits for thc. so-called cannabis, cbd
production. 459-acres of cannabis plants will go up in smoke. this is 100 miles north of los angeles but, look exceeded thc legal limits. they're saying this is not acceptable. it is not cbd production by the way. seems more street value oriented. stuart: cheech and chong would be horrified. susan: i don't know if they would be horrified is the right term. stuart: would standdown wind from i joke. i joke. get back to mcdonald's. grady trimble with us. >> here we go. stuart: i heard that. you have more on the easterbrook severance package. tell us more, please. reporter: i was reading the document there. that is why you saw that what we found is that he will get six months of severance. that will be paid to him in a lump sum at the end of the six months. what we're still trying to figure out the exact dollar amount on that.
his base pay is 1.3, $1.4 million. but he also has a lot of stock options which would become fully vested within the three years according to his contract. that is the part we were reading. so his salary ranged from anywhere around $8 million in 2015. to at its highest, almost $22 million in 2017. exactly the amount he will get in the six months period of time will be dependent how mcdonald's stock is performing at that given time. stuart: still seems like a pretty harsh sentence. you're out of the top job. sentence is not the right word to use. that is pretty harsh severance, would be my opinion. anything else on this, grady? >> el keep his health insurance if he under cobra, 18 months. in terms of the dollar number. that is what everybody wants. hard to provide because of all the stock options. stuart: i still say it's a harsh severance package. grady, thank you very much indeed.
gotcha. you don't join me on this. you don't think it is harsh? >> no, i don't think it is harsh. he made 16 million, 21 million a few years ago. clearly stated what the company policies are. stuart: has consensual relationship with the employee. we don't think the person complained. ashley: it is in the rules, that is against the rules. interesting to see if he went to hr first -- stuart: bet you only thing he did wrong, didn't report it. i'm speculating. susan: mcdonald's employs 200,000 people in america. those work for mcdonald's, not the franchisees. a lot of people report to easterbrook. the deal is a deal. why didn't he look outside of the company? this man is worth a lot. stuart: love strikes not always in the convenient places. susan: corporate lessons.
>> much anticipated saudi aramco launched their ipo yesterday. ashley: they did. stuart: we've been waiting for four years. ashley: 2016. it has been going on and on. still many questions not answered. they will listing, state-owned aramco will list on stock exchange in riyadh, saudi arabia. we don't have any price range for its shares. don't even know how much of the firm is offered to investors. i think feeling is, they hope local investment will be strong, that will make the sure price go up before it is offered on some foreign markets. here, london, hong kong, wherever. there you go. how much valued at? stuart: we don't know. ashley: we don't know. estimates would like it worth 2 trillion. most estimates have 1.5 to $2 trillion. based on oil above 60 bucks. other factors. this is interesting. it is just starting gun has gone
off. we don't really know what we want to know. how much shares will be. susan: profit numbers are incredible. they made $68 billion in first nine months of this year. apple made $10 billion in profit in quarterly report. think about it, apple up 40 billion in profit this year. this made 68 in nine months. ashley: they made more profits than apple, google, alphabet, exxon combined. stuart: i wouldn't mind buying a piece of that, if i thought oil prices would stay up for the foreseeable future and profits would stay up. ashley: all estimates on the value is based on above $60. they will ramp up production in 2021. susan: only launching ipo because of companies coming online. stuart: how do you keep the price up with that going on? i don't know. later today, president trump will head to kentucky.
he will campaign for governor matt bevin. there is election tomorrow. the president is not on the ballot but the governor is. it is a referendum on the president. we will talk to the governor. terrence williams was banned on twitter when he came out in support of president trump. what does he feel about keeping people laughing when there is so much hostility against the president? this is comedian. weir with him next. ♪
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now this, terrence williams is a conservative comedian. he supports president trump. twitter once flagged him for his comedy. he tweeted about that. here he is what he said. twitter's legal team contacted me on the day i want to go to the white house. people want to take my account down, i said schiff should resign, called out aoc, i support president donald trump. i need your help. terrence williams is here in new york. welcome to the show. >> thanks for having me on. stuart: you consider yourself a trump supporter? >> 100%. the day he came down from the escalators, i was supporting him. stuart: you're a comedian. >> yes. stuart: this is dangerous territory. >> it is dangerous territory. hollywood doesn't like me. i'm not allowed in hollywood.
i can't come none of their barbecues. movie roles, they don't want to cast me anything because i support trump. it is what it is. i refuse to pretend to be somebody that i'm not. pretend to believe in things that i don't believe in. i will voice my opinion regardless of what people think. stuart: how do you make people laugh? you are a comedian. that is your job. you have to make people laugh. this is really toxic environment. >> i don't have to try hard to make people laugh. i can play a video of aoc, beto, whatever his name is. stuart: is that what you do? >> democrats make my job easy. i don't have to come up with any jokes anymore. all i have to do is talk about these looney democratic candidates. i mean, it is easy. you can't do what i do because you will be called a racist, okay. stuart: i would, okay? >> you would be called a racist. you leave that to me.
stuart: you're okay. >> that is what is sad about that right there, people call you racist because you're a certain color, say a certain thing. it is what it is. if i think something, if you think the same thing, that doesn't make you racist. if i think the same thing. stuart: what is it that you like about president trump in particular? >> you know, i like president trump, first of all, i like the fact he is doing what he said he would do first of all. i like the things he is doing for the black community. you know the black unemployment is at an all-time low, at an all-time low. stuart: yes. >> i thought it would be at an all-time low when barack obama became president. he was a black president. he did all the talk, how he would change the world and bring all the jobs back and they never came back. i was like, wow. i like president trump because president trump keeps it real. i don't like when people, i don't like when these politicians sugarcoat.
keep it here with the american people. that is why we like president donald trump. the people there do like him. because he said how it is. stuart: i want to give you a plug, because next wednesday, november the 6th, you've got a show on broadway. a one-man show. that's you. >> yes. stuart: it is called, the deplorables? >> a one-man show on broadway. me and legendary musician, robert davi, comedian steve mcgrew. the show will benefit the folded flags foundation. it is called the deplorables on broadway. believe me, a lot of people are not happy about that. we have a lot of security. a lot of security. so want to put that out there. stuart: terrence, good stuff. the deplorables on broadway, november the 6th. >> appreciate it. stuart: thank you. thank you. can you force local authorities to cooperate with i.c.e.?
i'm asking the senator pushing a bill to enforce just that in our next hour. thom tillis will be on the show. first time world champs washington nationals, they will go to the white house today. they focus on the star pitcher, sean doolittle, who will not be there because he doesn't like the president. media watcher howard kurtz coming up next. ♪ beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in whole new ways. all working with a new generation of technologies powered by our gig-speed network.
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unlike golden state warriors, unlike the philadelphia eagles who got disinvited after the super bowl because their players didn't want to go. sean doolittle. outspoken liberal, doesn't like trump's rhetoric, trump's policies, doesn't like trump. go out of respeck for the office, out of respect for your teammates. you're not there to endorse the president's policies. you're there to be honored with great baseball achievement. when one guy doesn't go, that tends to get media attention. stuart: this is financial program. we deal with the stock market hit a series of record highs. a whole bunch more highs. the economy is doing extremely well, i don't see it covered. i don't see that on the front page of the newspapers or see it leading the nightly news. all i see this is impeachment. is this ever going to change? >> look, impeachment obviously is a major political story. it has to be covered but doesn't have to be the covered to the
exclusion of everything else. i talked last week about the successful raid of al-baghdadi, that got washed away in 24 hours because the es press turned back to impeachment. when the dow was down to 22,000, 23,000, the there were stories how the trump boom was over, what is the impact, now bounced back to record highs, as we're speaking not much coverage. maybe that will change the next couple days, not holding my breath. stuart: you may or may not follow this, the newspaper called the financial times. >> yeah. stuart: comes out of london. the pink paper. their main columnist, edward luce, comes out of washington, the fate the fate the the fate of the borgia. he is likening trump to the murderous borgiass the popes in
the 1500s. >> they can't -- pivot back to baseball. when president went to game 5 got booed predominant in liberal democrat d.c., they were jumping for joy i it is a baseball game. make huckabee said i got booed a lot. it is part of americana. big deal. stuart: one of the reasons why i want to see president trump win to see the headlines next day in the, "washington post" and all the rest of them. >> or financial times. stuart: or "the financial times." they will be in tears predicting a crash i'm sure. howard, i know we see eye-to-eye. great to see you. okay. the u.s. government reportedly launching a national security review of the popular social media app ticktock.
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gigantic tax hike to pay for medicare for all. tens of trillions of dollars taken out of private hands, confiscated by the government for fully socialized health care. no private insurance allowed. this is financial fantasy. it's political fantasy, too. can you imagine a president warren trying to push a health care revolution through congress? it took a year of intense arm twisting to get obamacare through. warrencare would tie everything up forever. while congress goes through that, which plan would be dropped, the plan for free college, canceling student debt, the green new deal, reparations for gays, eliminating the electoral college, which of them will be dropped? something has to go. she has a plan for all of the above but something's got to give. somebody's oxe is going to be gored. some voting groups will be left out. do they realize that? senator warren has spent a lot of time and energy appealing to various groups with plans to give them something.
i call it buying votes with other people's money. when people figure out they're not going to get what they voted for, will they still vote for elizabeth warren? when they figure out that paying for all these plans will ruin them financially, will they still vote for elizabeth warren? this plan for everything strategy may help senator warren with the activists who vote in caucuses and primaries but when the rest of america gets to vote, it will be seen as a fantasy. warren sees america as a collection of victims who must be appeased. mr. trump sees america as a dynamic wealth creator. if it's a contest of visions, trump wins. the third hour of "varney & company" is about to begin. stuart: i actually thought that was one of my better ones. the other person who thought it was okay was charles payne.
he joins us now. what do you think? senator warren's got a plan for everything. i think she lacks credibility. charles: it does but i think that we may be focused too much on the idea of whether the numbers add up or not, or whether or not she's becoming a dynamo and will people on the stump really care about the numbers. i think the gist of what she's saying is what's starting to resonate with democratic voters. the system is unfair, that big business should be paying more, that you are the loser, that somehow, it would be fantastic if you didn't have to pay these high insurance premiums, deductibles, co-pays and all the other things that also she's taking a dig at biden and obama, essentially saying because the health insurance industry wrote obamacare, it never benefited americans the way it was promised. this is why biden is so bitter about this even though obamacare 2.0 won't work, in her opinion, if the health insurance companies are involved. stuart: okay, look, the other
side of the coin comes to us from yale university and oxford economics. they have joined moody's, three powerhouses here, all of them say that president trump will win in 2020 on the strength of the economy. he is going to win. what do you make of that? charles: the one that blew my mind was oxford. not only did they have him winning by five points but they said he would win even with a recession. stuart: even with a recession? charles: i don't have the full report. i went to the website, i filled out the application. they said a salesman will call you later. i will see if fox will pay for it. oh, i'm not getting the report? stuart: good luck. charles: we will go with the headline. stuart: they actually said the president would win even if -- charles: a garden variety recession, not the great recession but garden variety recession because of what's already built in. think of what's already built in there. we have seen dynamic wage growth particularly for blue collar workers, the unemployment rate. you know what's come on strong
that no one is talking about? home ownership again. that used to be the number one metric for presidents, when you were running for presidential re-election, is 64.8%, about the highest it's been in about four years, it's coming on nicely. every metric that i look at is significantly better. significantly better. so they were to dip a little and you technically had a recession, you might have enough built in according to oxford economics to still win this. stuart: i always look to you for the stock market. you have consistently said the stock market is going to go up. today we have a series of highs all across the board. all three indicators, record highs. you think it keeps going further up from here? charles: i really do. i think the underpinnings of this market are phenomenal beginning with the american consumer. i think we are going to see wage growth over 3% going to 4% year over year next year. stuart: really? charles: yeah. know what? we have a combination right now, two-thirds of americans think their wages will be higher next
year according to the michigan sentiment number, that's the highest ever, ever. you also have a large percentage looking for 2.3% inflation. that puts pressure on jay powell. he's already got a lot of pressure but he must address what main street is expecting. so that's the ideal combination. higher wages, low inflation, a consumer, by the way, sitting on 8.3% savings rate, a consumer that has the ability to really, really spend a lot more money. we have been really, we self-regulated ourselves. that's the great recession. we don't get over our skis as much as we used to. when we feel like we do, we pull it back a little bit. we have wages, we have confidence and by the way, success begat success. stuart: i can't remember a time, look, i have been doing this longer than you have, for heaven's sake, i can't remember a time when the savings rate in america was 8%. charles: i can't, either. by the way, this is what cds not paying anything. think about where the savings rate was on the eve of the great recession. cds are paying 4%, five-year cd.
pretty good return. there was like 3.5% savings rate. we doubled the savings rate with significantly higher wages. there's only one problem that bothers me. last week, 2.9 billion was taken out of equity mutual funds. some of it was rotating into etfs but -- equity etfs but it was the 37th consecutive month. too many americans aren't participating in this market. it breaks my heart. it really does break my heart that they are not participating in this. they love every aspect of it because it represents they are not making the money they should be making. stuart: is there anything else that keeps you up at night which says boy, if this happens, we go down? what is it? look, you can't forecast these black swan events. you don't know -- charles: the irony of course is a black swan event is something you are not supposed to be able to forecast. we always have those segments, what's a black swan event? i don't know. we're not supposed to know. right now, really, i just don't see anything. i don't see anything. i don't like to be
overconfident. but i think right now, we have become something of a juggernaut but it's not one of these things where it's overboiling with enthusiasm. large money managers are sitting on so much cash. i believe they got to put it to work. at the very least i'm looking for a blockbuster year-end rally. stuart: i have been listening to you for ten years and you have been right. charles: thank you very much. stuart: i will listen to you again and i shall do that today, 2:00 p.m. eastern time. "making money with charles payne" on this very network. charles, you're all right. charles: thanks a lot. stuart: president trump heads to kentucky for a campaign rally. it will be tonight. he's trying to get governor matt bevin re-elected. later this hour we will be joined by the governor. this is a test of the president's popularity. yes, all signs are positive for the economy and the market. next, we talk to senator tom tilis about the media's obsession with something else.
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stuart: amazon stock, back above $1800 a share. amazon's trying, separate issue here, amazon's trying to make its hometown, seattle, more friendly towards business. i would say good luck with that but lauren, you will tell us -- lauren: they are going to try and try in a big way. tomorrow seattle voters vote on seven of the nine city council seats are up for grabs and amazon spent almost $1.5 million trying to influence their votes.
essentially saying look, if you tax us too much, they have this head tax at one point in place, where you know, amazon would have to pay a tax on their employees because they are of a certain size and that would go towards the homeless crisis in the city. they said no, we will move, we will downsize. there are a lot of members on this city council who are socialists or very left and amazon is just saying look, we need you to be business-friendly. we are not going to elect republicans or conservatives, we aren't even trying to do that. we just need a moderate, a centrist, someone who can work with us and keep our money in the state being used to create jobs and higher wages for everybody. stuart: i will pay close attention to that. it's fascinating. lauren: can they do it. stuart: if they can do it. all right. thanks, lauren. i want to show our viewers this tweet again from the president. it's short, sharp, to the point. all time high for stock market and all the fake news wants to talk about is the impeachment hoax. we got it. joining us, senator tom tillis, republican, north carolina.
senator, the market and the economy are doing extremely well but the media doesn't report it. how do you turn the economy and the market's performance to your advantage? >> well, i think the first thing we will start with the general election and actually, in the primaries, to say are you better off now than you were four years ago. the answer to that question is a resounding yes. wage growth is up, people are saving money, hopefully they will put some of that to productive use but i'm glad they are able to have the money to save. look, unemployment is all-time lows, people are participating in the labor market. we are seeing great reports in terms of quarterly and annual reports coming from business. the president has a very positive economic success record that will get him re-elected. stuart: do you think that dislike of the president's style and some of the language he uses overweighs the good stuff coming out of the economy? because that's the equation, really, isn't it? >> i think at the end of the day people will look at his track
record for historic tax cuts, rollbacks of regulations that were stifling american business. hopefully some good trade deals starting with the usmca being ratified. pelosi needs to let that vote happen. the japanese agreement and at least the first of several phases of trade agreements with china, at the end of the day people will look past the style, look at the results and they are compelling. stuart: okay. you are introducing a bill that would force local authorities to cooperate with i.c.e. can you do that? can you force local cooperation? >> well, we are giving local sanctuary jurisdictions a choice. if you release somebody that i.c.e. is in a position to transfer into their custody, if you release them into the community and they do harm to someone, all we're saying is there needs to be a consequence for that. that victim or the survivors of that victim because there have been murders where people have been released, should be able to sue that governmental entity that made that fateful decision. if they don't, they can choose not to and declare immunity,
then it will be at the expense of federal funding that they simply won't be qualified for. look, we trying to keep our communities safer. you are releasing rapists, people charged with murder, drug traffickers into the community and you say that's a safe decision to make? if you're wrong there should be a consequence for it. stuart: are you facing a primary challenge this time around? >> yeah, i am. i always do, stuart. north carolina's prone for primaries. we are going to do fine in the primary. the president has endorsed my campaign. people in north carolina like our body of work, back to the time that i was speaker and working with the president and consistently supporting him on policies that are helping the american people and people here in north carolina. stuart: you are all the way down the line? you're with trump? >> that's right. i mean, the president has been right on tax policy, he's been right on regulatory policy, he's been right in expecting nato to pay their fair share. he's helped negotiate a great agreement with mexico and canada, another one with japan. i think he's going to make progress on china. i support him down the line and will continue to.
stuart: senator, great to have you with us today. we do appreciate it. thank you. >> thank you, stuart. stuart: sure thing. i will check a couple individual stocks which are moving because of various factors. first of all, harley davidson. downgraded by keybanc, didn't make that much difference. the stock is down just six cents. let's have a look at uber. because they report their profits or otherwise this afternoon after the closing bell. they are back to $30 a share. they went public at $45 so they are down 30% from their initial offering price. profits or probably losses reported later today. you heard me sound off on elizabeth warren's plan for everything at the top of the hour. but you know, it looks like "saturday night live" beat me to it. better watch this. >> you said your plan would cost $20.5 trillion but other economists have said it could cost $34 trillion. >> let me stop you right there. we're talking trillions. you know, when the numbers are
you said your plan would cost $20.5 trillion but other economists said it could cost $34 trillion. >> let me stop you right there. we're talking trillions. you know, when the numbers are this big, they're just pretend. >> sorry, senator, i'm going to need to see the math on that. >> are you? you want to see the math? okay, i'll show you. look at this here. yeah. do you understand this? i do. i could explain it to you but you'd die. stuart: that's pretty good. that was a clip from "saturday night live." kate mckinnon there mocking senator warren because of the massive care ost of medicare fo all. what else did she have to say about senator warren? lauren: this kid asked the question senator warren, are you electable. we didn't get an answer to that. because of course it was no. the board they turned when they showed the math in that piece, it showed her priorities if she were elected president, cut defense spending, hit amazon's
jeff bezos and tax the banks. stuart: whoa. lauren: yep. health care was a big part of this. what about the 150, 160 million people that have health insurance through their company? well, this is what senator warren compared it to. >> my insurance isn't perfect but with your plan i would have to give it up and that makes me nervous. >> you know what? i hear this from a lot of people so let me help you understand. your insurance is like a bad boyfriend. girl, listen to me. you need to leave him. he's draining you. you deserve better. dump his [ bleep ]. >> i know, you're right. stuart: that was classic mockery. biting stuff. lauren: i know. the best part of that was just left out. then elizabeth warren asks her so do i have your vote and that pretty blonde with the bad boyfriend says i really like mayor pete.
stuart: that was on a somewhat similar vein, ashley, you've got to tell us about seth meyers. ashley: yes. stuart: what's with this? ashley: it comes out tomorrow, lobby baby, a comedy special on netflix. he said to netflix before this thing actually goes on air tomorrow, can we create a button where people are absolutely sick of political jokes and in particular, president trump, because seth meyers loves to do donald trump jokes. he said we will put up a button and you can push it and skip over that segment if you are tired of it. bottom line is, it's a gimmick. it's giving more publicity to his special because people say oh, that's kind of interesting. but he does say, you know, there are people who push back saying i'm sick of it. you're just going to go straight to president trump, make all these jokes and now like the skip intro button you see sometimes, you can push it and
jump right over it. stuart: you have to ask why on earth would you tune in in the first place if you are going to press the button and skip over the funny stuff. ashley: you might find other stuff he does funny. just not politics. stuart: they're in a bind. ashley: yes, they are. stuart: remember tik tok, the social app? either you, our child, your grandchild has it because this is extremely popular. now there are reports that it is under a national security investigation. details on that for you. meanwhile, the markets continue to plow ahead. records all across the board. we are all over prosperity. back in a moment. ♪
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economy is going gangbusters. look at that. the dow is up, what, a half percentage point and even bigger gain for the nasdaq and the s&p. this is record territory. that's what we want to talk about, prosperity. come on in, danielle dimartino booth. danielle, i call this a goldilocks situation. where am i going wrong? we've got the economy growing full employment, no inflation, low interest rates, strong profits. don't we go up from here? >> well, stu, you missed one very important component and that is that as of today, global money printing is at $76 trillion, an all-time record. it is now being led by the federal reserve so central banks are pumping in record levels, record levels of liquidity into these markets and there is nothing, nothing that the stock market loves more than floating on a sea of rising liquidity. that's where we are. the earnings season, we are
seeing the third consecutive month of declining earnings per share in the s&p 500. stuart: is that the main factor here, money -- >> oh, gosh, yes. stuart: what about american corporations, growth, full employment, low inflation? >> i understand, stu, but we've had declining profits for over five years if you look at the government records and follow the facts from the current earnings season, third quarter earnings season, we are still at a negative number. this is the third consecutive quarter of declining earnings but a lot can be papered over if there's enough liquidity because liquidity indeed fire up the share buy-back machine and share buy-backs have been in large part what have helped prop up this stock market. there's a -- stuart: let me get back to the original -- okay, back to the original question. do we go up from here? >> i don't see how we don't go
up from here, stu. i think jay powell has made it abundantly clear, he increased the overnight purchases from 75 to 120 billion a few days ago. i think he will print as much as he possibly can so that he can keep this economy going which is in large part been propelled by the stock market wealth that is being felt by so many americans. stuart: can you quantify that? if the worldwide globally, we're printing $76 trillion new money, if that's what it is, can you quantify what impact that has on the stock market? because the dow is now at 27,500. with all this money printing, where does it go? >> well, so if you think about what the fed alone is doing, it might help to isolate what the federal reserve is doing. just the amount that they have added here over the last few weeks, $260 billion odd, if you were to annualize that, it comes out to about $1.6 trillion on an annual basis they are pumping
into the u.s. stock market. compare that, that's double what share buy-backs of $800 billion were last year, so you have record, record levels of liquidity flowing into the u.s. stock market. there is simply no way stocks cannot go up under such amounts of serious support. stuart: 30,000 on the dow? >> you never know. we don't know how far powell is going to push this, because he's trying to make sure that it's a situation in the credit markets stay contained. he's also starting to get worried about the economy. we have continuing jobless claims increasing by a level of 2.5% as of last week. this is realtime data as opposed to what's revised with payroll. this is the first time we have seen an increasing number of americans collecting unemployment insurance since december 2009. the first time of the current expansion. jay powell knows he needs to continue providing support and
easing to this economy. stuart: let's leave it here. the market's at record highs. danielle dimartino booth says it's going up from here. i leave it right there. thanks very much for joining us. we always appreciate it. >> thank you. stuart: the government's launched a national security review of the app tik tok. christian whiton joins us, former state department official. wait a second. tik tok as i understand it is an app, you create very small short videos on this thing, and it's wildly popular with younger people especially. my kids and grandkids. what's the security review all about? >> security review actually, tik tok is a chinese company that purchased the predecessor to this app so music.ly, the transaction closed. the company controls or has increasing amounts of access to data from u.s. adolescents particularly popular from 16 to 24-year-olds, much of the
content is probably benign but never know what the chinese are doing and they are of course, great practitioners of the art of coercion, especially if they have compromising material on people. that's why this is triggering a review by the trump administration by cfius which sounds like something you might catch at mardi gras. it's the committee on foreign investments in the united states. it's now taking a look at this. stuart: is that it? china might be looking at tik tok videos? that's it? that's the security review? doesn't seem like a whole hill of beans to me. >> well, the idea again that young people are posting stuff that they probably shouldn't be at times, that can be coerced and you know, so you put something on there -- stuart: it's potential for blackmail, that's what you're talking about? >> exactly. stuart: some youngster couple years down the road, they are in an important government position and the chinese say oh, remember that on tik tok. that's the problem basically, right? >> there's also a foul on the part of tik tok. everyone now knows if you have a
chinese company or investors, anything looking at something remotely sensitive in the united states, anything touching on technology, you should proactively go to cfius and ask them to review your proposed transaction. this did happen two years ago but well into the trump administration and after u.s. policy on china got a lot tougher. stuart: okay. over the weekend, a pro-democracy politician was stabbed in hong kong and there were other violent incidents, and yet it looks like we are going to go through with and sign phase one of the china trade deal. that looks to be imminent. are we to some degree abandoning the hong kong protesters if we see this happening there, but still go ahead and sign the trade deal? >> i don't think so. president trump actually, the administration has given hong kong protesters most of what they wanted. i mean, we are not going to invade hong kong and certainly they are not asking for that, but you know, in providing moral support for the protesters and
moving along the hong kong human rights and democracy act which passed the house and poised to pass the senate which would say hey, if china ever really moved in hard into hong kong, we would take away its special status as a separate customs entity from the mainland that. would essentially kill hong kong as a financial center. it's an extreme step but it gives the president the power, more power to do that. so also the administration had vice president pence out being very clear about supporting the protesters, their aspirations and also china's broken promises over the years. so really, i think, you know, this administration doesn't talk a huge amount about sort of a freedom agenda and human rights the way, say, the bush administration did, but actually when it comes to real world pressure, it's morepredecessors. stuart: i'm just seeing that video for the first time. that is really heavy duty stuff. you and i have both lived there. i just hate to see this. >> the triad's working. stuart: working for beijing.
thanks for joining us, as always. thank you. now, a deadly shooting at a house party in northern california. it was an airbnb rental. airbnb is now saying they are going to ban these party houses. more on that, please. ashley: yeah. the question becomes how do you ban this, because how do you know that you're renting out your place and it's going to be the scene of this huge party that turned out to end up with five people shot and killed. this was in the bay area. someone said yes, i would like to rent your place through airbnb. we have a family reunion. we will have 12 to 13 members. the owner of the place said okay, fair enough. turned out that wasn't true. it was a big party, widely advertised across social media. more than 100 people turned up. they even had a deejay come in, one of those shot and killed. so the question for airbnb is how do you stop this. they say they will redouble their efforts to try and avoid party houses. they are going to have a rapid response team. i don't quite know how that
works because you go online, you are the homeowner, how do you know what your house is going to be used for? it's a real problem for airbnb. stuart: how do you define an upcoming party house? how do you say it will be a party house? stuart: how do you stop someone from saying just that? we will have a family reunion, this place is perfect. turns out it's not the case. they will have a big massive rave party. stuart: they will have this rapid response team available. ashley: to address issues like this. not quite sure, what does that mean? a s.w.a.t. team, somebody shows up? how can you, you know, how is that feasible? stuart: it's a worldwide company. how do you do it? ashley: i don't know. stuart: they have to clean these problems up because they want to go public next year and they feel regulations coming at them. they have to make it right. tough call. ashley: very tough. stuart: i would love to invest in that kind of company. ashley: many people use it and love it. stuart: they certainly do. now then, we have this for you. three states helped push the 2016 election in mr. trump's favor. pennsylvania, michigan, wisconsin. this time around, it's all about
the economy for them. next, we are heading to one of those states. what are the voters saying about the economy? i would love to tell them how well it's doing. first we talk to governor matt bevin from kentucky. president trump is heading over there tonight to help mr. bevin get re-elected. looks like a test of the president's popularity directly, full on. we're on it. ♪
stuart: three states, i can say this, three states really were crucial to the president's win in 2016. pennsylvania, michigan and of course, wisconsin. come on in, connell mcshane. he's in chester county, pennsylvania. connell, look, this morning on this program, we're celebrating the economy, celebrating
prosperity. it's doing very, very well. what are people in pennsylvania saying about the economy? connell: well, every single person, this is true, stuart, we spent a lot of time over the weekend speaking to people here in chester county, suburbs of philadelphia, every single one of them told us that the economy is booming or some version of that, that it's very very strong, that people are working, people are very happy, if anything, things are getting better. maybe they have concerns about the future but things are very very strong. where we start to see a political split, it's been like this for awhile in this area, is when you start to ask them about the politics. i will just tell you a couple quick and doekts taecdotes, tal people, a couple women voters, i go up to them, said how's the economy, great. what about the president? no, no, i'm not voting for him. i would never vote for him. he doesn't set a good example for my daughters. then we talk to someone who is obviously a trump supporter. complete opposite argument. on the economy, it's great, things are working, it's terrific. if you ask about politics, they
say listen, give the president some credit. forget about the distractions as one person said to me, forget about the personality. let's focus on the results. so it's fascinating. you have agreement across the board on the economy, you have disagreement almost 50/50 at least in this area outside of philadelphia when you talk politics. stuart: it seems then, connell, that it's a contest between those who dislike the president, his tone, his style, his language, his approach to the presidency, and those who just love the prosperity which mr. trump has brought to pennsylvania. connell: right. to be fair to the president on this part of it, he's doing much better in the battleground states. we saw this in the "new york times" polling that came out this morning. "new york times"/siena college than he's doing nationally. whether it's here in pennsylvania, michigan, where i will be tomorrow, or wisconsin, where we are doing some shows on wednesday, he does much better in those battleground states. here's one of the reasons why. even when the economy starts to slow, for example, other parts of pennsylvania, the rural
areas, they are losing manufacturing jobs. they have lost more than 9,000 so far this year. he's personally popular. one of the things that stood out in that "times" polling to me was they asked people who voted for a democrat in a swing state in the 2018 midterms who they were for next time around. two to one they were for trump. even those people who voted democrat in the midterms doesn't necessarily mean they will support a democrat next time around. i thought that was really interesting. it's not straight down the middle. tough to figure this stuff out in states like this. stuart: it's very complex. there's crossing both ways. that's what it looks like. connell, you are on a swing all the way through these states for the next week. i'm sure you will be on this program regularly. good for you, lad. thank you very much indeed. connell: all right, stuart. stuart: let's go to kentucky. president trump is going there later on today to endorse the governor of kentucky, matt bevin, who faces a re-election challenge tomorrow. the governor himself joins us right now. your honor, governor, welcome to the program. good to see you.
>> stuart, great to be with you. let me just simply say you mentioned there were three key states to the president's election. i would submit there was a fourth. kentucky was the very first state ever called for him, as president. we are certainly proud of that. stuart: you got an uphill struggle tomorrow because you are running neck and neck with your opponent here. you are banking on president trump's approval rating, because it's at 56% in kentucky, that's what you are banking on. >> well, i would beg to differ just a bit. i'm certainly grateful he's coming and he will be a huge help because he's loved and respected here. but i would remind people that four years ago, even though every poll said that i was going to lose by 5% or more, i won by more than 9%, winning 106 out of 120 counties before this president was the president. i'm only the fourth republican in 100 years, though, so it's not typical that we elect republicans to the governor's seat and in fact, we have never had in our history a republican
follow a republican ever in the history of kentucky. no one has won re-election and no republican has ever followed a republican. so it's always an epic battle at the governor's race. stuart: the race that you're in is being portrayed as almost a referendum not on local issues, not on you, but on president trump. would you agree with that? >> i think there's an element of truth to that, but of course, local issues matter. people vote their interests financially and otherwise. they vote their wallet, as that earlier piece was talking about. the economy matters to people. there's no question at all, national issues are a big part of it as well. stuart: is the economy of kentucky doing very well? >> better than ever. we have set every record and again, this is a business show. you understand things like not just low unemployment but work force participation, highest it's ever been. per capita income, the highest it's ever been. not a single state that borders us, and there are seven, has had a higher per capita income
increase in the last four years than has kentucky. record levels of revenue. we have cut our income taxes and corporate taxes by 17% in the last four years, yet still have record level, $22 billion in private capital invested in this state. exports more than $111 billion in the last three years alone. every single metric is at an all-time record. stuart: governor, you will be on the stage tonight with the president, i'm sure. we will be following you. best of luck, sir. see you very soon. thank you. i do want to point out to our viewers that we reached out to his opponent and have not heard back at this stage. couple of stocks worth mentioning. fiat chrysler, the merger with peugeot close, should be closing as early as december. that's helpful for the stock. it's up 2%. fiat chrysler stock up 2%. ferrari, robust earnings report and they upgraded their guidance for the rest of 2019. the stock has been doing terrifically well.
doing well again today. 6% higher on ferrari. tesla, the federal government's taking a closer look at tesla battery defects. makes no difference to the stock. it's up at $318, the best part of a 2% gain. here's a story for you. the ceo of mcdonald's, fired and it's all over a consensual relationship he had with another employee. we are all over that story. ♪ you're still out there chasing what matters.
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stuart: putting apple up on the screen. earlier it reached $257, an all-time high. it backed off. still pretty close to the all-time high. apple is committing a lot of money to california's housing crisis. lauren simonetti has the story. first, you are going to tell me what they're doing, then you are going to tell me why you have got a long face because you don't like what they're doing. lauren: it's good news. so smile for that. it's $2.5 billion, basically putting money into an investment fund to jump-start shovel-ready products, a program for first time home buyers and land they can actually develop. does this keep residents in the state, though, where the average asking price for a home is well
over $1 million? if you look at the past couple of months to the tune of 10,000 a month, residents are leaving because it's just too expensive. does the $2.5 billion go far enough when you have red tape including expensive labor, expensive land, the zoning laws, very long process to get housing projects approved. that has to change in addition to this infusion of money. stuart: i'm with you. i think apple would better spend its money changing the rules and regulations on building new homes in california. change the rules and get some homes built. because right now, you can't build them. ashley: nope. stuart: i've had my say. lauren: we agree. stuart: all right. now let's get to mcdonald's. they fired their ceo because he had a consensual relationship with an employee. what's wrong with that? ashley: the way you read in leads me to believe you don't agree with this. stuart: i'm waiting for your report. ashley: because, this is my take on it, if you sign on as ceo of mcdonald's and there's a clause in that deal that's kind of like, that says you may not date
anyone equal to you in the company, you're ceo, or below, it's against company rules, and he does it, what do you expect? you know, he broke the rules. what's frustrating about this is we don't know any other details other than he admits it was a mistake and they said no, what you did was in violation of your contract. now, he's going to get six months' pay, 26 weeks. he earned $1.3 million in salary last year, another $15 million in stock option awards bonuses. stuart: still seems like -- ashley: you think it's harsh. stuart: i do. i really do. plus i don't like to see the end of the office romance. people fall in love all over the place. why can't they fall in love at work any longer? lauren: because it's 2019. ethics trumps everything else in the #metoo era. even though the stock price basically doubled from when mr. easterbrook came on and did 24/7 breakfast and delivery and --
ashley: that goes out the window. lauren: it all goes out the window. stuart: i'm just not prepared to reverse several millenia of human history and contact and relationship between men and women all -- ashley: where people are not the ceo they may be allowed to have an office romance as long as they go to h.r. which takes the romance out of it. but it doesn't mean it's dead. stuart: you are an utter killjoy. that's what you are. ashley: what? stuart: next one. ashley: i play by the rules. that's what i do. stuart: oh, what a guy. what a guy. ashley: thank you very much. thank you very much. stuart: ashley webster. look, the dow is up 120 points. it would be up 160 points were it not for mcdonald's which is a dow stock which is down. you take my point. ashley: i think i do. stuart: killjoy. ashley "killjoy" webster. ashley k.j. webster. lauren: he just plays by the rules, stuart. i didn't know you were such a
romantic. stuart: you didn't know that? lauren: i did not. stuart: okay. all right, all right. we haven't got time for the popeye's story because i took it up with mcdonald's. more after this. ♪ does your broker offer more than just free trades? fidelity has zero commissions for online u.s. equity trades and etfs, plus zero minimums to open a brokerage account. with value like this, there are zero reasons to invest anywhere else. fidelity. . .
stuart: popeye's relaunched the chicken sandwich on sunday. there were lines around the block all over the country. you're looking at one of the lines. lauren, where am i going wrong? i don't understand it. >> we passed a popeye's on route 17 in new jersey. the line was on route 16. so many wanted chicken sandwich. did you try one. stuart: we bought one. i don't eat on camera. >> talk about a killjoy?
stuart: oh, cheap shot. saving it for lunch it's a little cold. put it on ebay. >> ebay. stuart: i don't care what you say that was a great show, full of humor and poignancy. follow that neil. it is yours. neil: when is the last time you have gone to a fast-food restaurant? stuart: i go all the time i i'm a mcdonald's. they're excellent. they're fast. i'm a fast-food customer. neil: i really wasn't interested. i thought the way you juxtaposed it there. i can't picture him. then again, who could have pictured this, the dow in record territory. first time since mid-july. we have the hat trick going on with all major market averages well into record territory now. you know the drill here. a lot has been built on strong earnings. a lot has been built on steady as she goes economy, not growing too fast, not t