tv Varney Company FOX Business October 22, 2020 9:00am-12:00pm EDT
maria: i went to think matt welch and ellie mccartney. thank you for being here i'm sorry we didn't get to the election portfolio. alley, we will talk more next time. thanks for joining us. allowed and seize the day and be here tonight for the debate. we will be here early tomorrow morning, 5:00 a.m. this start. stuart: maria, are you going to stay up and watch the whole thing? maria: i might pull an all nighter tonight. stuart: well, i will still be bright and cheery when i say good morning to you tomorrow morning and that's a fact. good morning, maria. maria: i'm counting on it. stuart: good morning. as we speak, drama on capitol hill. the senate judiciary committee set to vote on the nomination of judge amy coney barrett and the democrats have threatened to boycott to interfere with the vote. senator kennedy told fox earlier that the
republicans have plans to deal with any eventuality saying she will be confirmed today. i can't call the stimulus talk to medic they are not the militia are one of those people were industries hurt by the pandemic through no fault of your own. you are desperate for help. your situation is dramatic, but at this moment we can't tell you whether you get help from this congress are not. we have the larry kudlow on the show later and i'm going to ask him for up-to-the-minute status on the stimulus talks. the markets i will say again stimulus limbo, maybe debate limbo as well. we have a lower number on jobless claims, 787,000, that's not having much impact on stocks and in fact a dow jones that will open down maybe 50, nasdaq about 22 down, not that much movement but there is real drama in politics. the iranians have been interfering in their elections they want joe biden to win.
they have been sending out messages to registered democrats in america designed to whip up anti- trumps feelings , one more reason why a foreign-policy should be a big topic at tonight's final presidential debate. it's a vital debate for both sides took mr. trump is behind in most polls facing a hostile media and probably a hostile moderator. joe biden has his own challenges as his family took chinese money, his left wing is pushing him towards socialism and he has to get through another debate without a senior moment. watch this program tomorrow because the market will be passing judgment on the debate. in one minute, you will see tesla going up again you will hear strong profit reports and another big-name fleas new york and heads to florida. "varney & co." is about to begin.
♪ stuart: lowder, everyone. are you awake for this? what you're looking at now is-- zero, tennessee, where president trump and joe biden face-off tonight. president trump is already call in our potential bias based on the topics from nbc moderator kristen welker watch this. >> i think of the mutant is unfair and i think it's very bad they aren't talking about foreign affairs. they are supposed to talk about foreign affairs, and i think that the anchor is a very biased person. her parents are very bias, but that's my life stuart: let's put it up on the screen. these are the debate topics tonight.
what's noticeably absent, of course, the economy, the supreme court and foreign-policy. according to pew research the economy ranks as the most important issue to voters. we have a lot to go after today and look who we have on the show, joe theismann and of course larry kudlow and before tonight's final debate, watch fox business special coverage starting at 8:00 p.m. eastern. that is politics. let's get straight to money with another big day for earnings and susan is here to take me through the blockbuster names. susan: some of the airline say they hope for more government help and if you judge by southwest biggest loss of the committee's history and they may need more help yet. southwest lost over a billion dollars from july to september and asking employees to take a 10% pay cut. american airlines losing about two and half million-- billion. american furloughing 19000 of its staff after the first government bailout expired.
marines were a bit better than next visit painted. coca-cola came out ahead , sales falling, fountain drink, dasani dragged by covid and it's also covering 50% of its over 500 grants to get laser focused on bestsellers and finally covid 1318 tdd a business. hbo max new streaming service bringing in more subscribers than anticipated. hbo and hbo max, 38 million us subscribers, more than half of what netflix has in us subscriptions which we know netflix has been around for a lot longer. stuart: it's true. @nice again for at&t, up four and half percent. let's get to tesla, the stock this morning premarket up 4.3%, solid game. take me through the headlines in their report.
susan: after years of loss it's a record of sales for tesla over eight half billion dollars in three months aiming for 500,000 car deliveries this year, but admits it may be difficult. china working out great for tesla as a ramp up production they are also new berlin, austin factories expected to start delivering cars next year but it will take another may be one or two years to hit full capacity according to elon musk and their concerns over the quality of tesla's profitability. stuart: some of their profitability i believe is the result of them selling, some kind of regulatory credit so they get the credit from the government, turn it into cash by selling it. susan: and that's double from last year and that's why it's quality over the profit. second straight quarter where most of the profit came from selling green credit. another headliner, elon musk tweeting: false
self driving will go up by $2000 next monday and you can now get it without buying a brand-new tesla. you have to pay up $8000 , but some say it's a compelling. stuart: fully self driving. susan: but the fact you don't have to buy a 60 to $80000 tesla in order to get full self driving, that's important. stuart: i got it. i'm beginning to understand these things extraordinary. a look at big tech. this is premarket today, big tech on the upside mostly. i want to look at what might happen if we get a clean sweep meaning biden wins the white house, democrats take the senate and hold the house. my opinion, that's a disaster. on going to bring in our guest who thinks it would be a day of reckoning for big tech, bradley is with us formally a bloomberg campaign manager.
bradley, what you mean a clean sweep by the democrats because a day of reckoning for big tech? spell it out. >> yeah, i think if you are a big tech company and all of a sudden there's full democratic-controlled you should be nervous on three fronts especially. the first is ap trust. we've seen the justice department this week file prosecution against google and i think it's unlikely that under democratic control the justice department will be satisfied with just going after one company so whether you are facebook, amazon or apple you should worry about that and on top of that i think it's likely both progressives in the house led by oc and in the senate led by elizabeth warren will want antitrust statutes to make it easier to prosecute companies for violating them and at the same time i think they will take on a us version of the european internet privacy and that's major legislation
that will affect thousands of tech companies and section 230 which is the law that protects platforms like they spoke from being sued for what their users say could face repeal so all these things are coming at once and big tech will have their hands full. stuart: suppose it was just biden takes the white house, but republicans keep the senate, different story entirely? >> it is. section 230 is actually supported on both sides of the aisle. republicans are frustrated with facebook , so is there a world where mcconnell says we all have a common enemy, yeah, that could happen. right now with facebook they've done well politically holding a good relationship with this white house and that's protected them from both new regulation and antitrust prosecution, but if it's just mcconnell on his own perhaps he said yeah, i don't care about facebook either, but
otherwise most of the other threats-- stuart: bradley, thank you. i will pursue this throughout the program, the court clean sweep, in my opinion. i went to bringing brian who is always bullish, long-term always bullish , running, brian because i want to know are you bullish if we get a clean sweep by the democrats? >> good morning. yeah, we are still bullish because there are always stocks to buy and there's always thinks a focus on because we have the best country in the world and the best companies. the focus with respect to investing will be a bit different if and i repeat if we see something like this, we continue to maintain investors should not vote based on politics especially on surveys and polls. -2016 proved that. the emotions and the rhetoric that is just peaking right now in
terms of the chaos that is putting upon investors right now whether or not it's covid-19, coronavirus and wave 2.5 or 3.0 whatever you want to call it it's really this whole notion of a blue wave i think is two-- early. the prior guest talked about some things the government could do if there is a blue wave, but think about this from a common sense perspective. it will take several months if not several years to get things through the congress even if there is a blue wave and if there is a blue wave they will focus on more like the green initiative or taxes in particular so i think i will be the focus of first year of a potential biden administration. stuart: i hear you, but it worries me we will get a near doubling of the capital gains tax, huge increase in corporate tax and huge tax on everyone that has any money. i'm sorry. on that of time that we appreciate your bullish position long-term. now, we now know iran
and rush are meddling in our 2020 election. that's not one of the topics in the debate tonight. i want you to watch this flashback of how president obama and now joe biden view our adversaries. roll tape. >> after my election i have more flexibility. >> i believe russia is an opponent, i really do stuart: that's just another reason why foreign policy in my opinion should be front and center in tonight's debate. we have more on that coming up. astra tech stocks skyrocketing 160% after announcing a partnership to develop rapid breath tests for the virus, breath tests. caution, this test is just in development and we will talk to the top executive in a moment. quick check of futures, not that much movement as we are in stimulus limbo and debate limbo,
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stuart: business alert as we expected the senate judiciary committee has approved amy coney barrett. that vote clears the way for the full senate confirmation vote on barrett plan by republicans for monday. she is in until the final vote monday. i was susan who's a sitting next to me, 6 feet apart, i want the latest on the stimulus because i'm confused as. >> i the whole market is we know pelosi and steve
mnuchin will speak again today. policy has a press conference at 10:45 a.m. , but time is running out for a deal before the election. wall street expects on more stimulus at some point regardless of who wins the election, checks will be written, but in the current talks the biggest sticking point seems to be that amounts were state and local governments. the president tweeting yesterday in the gop saying it's basically a bail out of badly run democratic states and governments. policy spokesperson tweeted differences continue to narrow when it comes to what they want which is health priority but the white house said they made the bulk of these concessions and senate republicans may be the biggest roadblock to any immediate deal even if there is agreement, by the way, between the white house and democrats the senate may not even take up the vote after the election because of how much it blows up the deficit. stuart: so we simply don't know
if we will get anything or nothing and when we are going to get it so at this point you just don't know. susan: i think blowout 2 trillion will be hard to do, may be something smaller. stuart: it's a limbo market based on the stimulus. let's get to astrotech, important stuff as they team up with the cleveland clinic to develop a rapid covid breath tests. , pickens is the chairman and ceo and he joins me now. clear this up for me, please tom. you are in the developmental stage. you don't have the test down pat. is that accurate? >> that's accurate. stuart: so you are developing it and it's a breath test appeared when i think breath test i think instant results like for an alcohol stop on the side of the road. is it like that? >> a bit longer, 60 seconds. stuart: how close are you to getting this test out there? >> well, we think we
will have the results by the end of the year. we will have to go and look at diseased breaths of people that do have covid infection in their lungs to the relationship with the covid cleveland clinic gives us access to that. they are giving us access to their icu in those patients that are infected and then we will also take the same amount of testing with those longs that aren't infected and we will compare the two to identify the metabolites that are representative of the covid-19 and related diseases. stuart: are you using some new technology that's unique to you? >> yes, we are. we are using a mass spectrometer first developed for the international space station nader-- later on for the army and chemical warfare agent detection and then for the homeland security for explosive and narcotic detection and that is just a basic
technology that's been used in laboratories. we have now taken it to where it's been simplified, and now it's applied to the bedside or the point of care for covid testing sp1 the success of your tests depends upon reliability. you will need at least 90% accuracy; correct? >> i think it's more of an indicator in the beginning and then it becomes more and more intelligent as you get more and more tests coming through it and then it can go to a very high probability of analysis, yes. stuart: may i say i think it's a breakthrough because the tests i have been looking at and actually taking myself so far require a lab to get the results , requires a lot of time and they are difficult to administer whether it is spent or anything else. i think you have a breakthrough there. >> thank you.
stuart: you are welcome. i just gave you a huge compliment. i gave you a commercial. i didn't charge you a dime. [laughter] stuart: tom, great to have you with us and we wish you the best of luck because i do think it's a breakthrough. tom pickens, astrotech. now look at astra seneca come on in, lauren. i see one of their vaccine trial patients actually died at what happening here? lauren: correct, but according to brazil's health regulator, this vaccine trial will resume and look at the stock, up 1% in the premarket. it's assumed the patient , a man in his 20s, who died with taking the placebo. we are assuming that because otherwise actually-- astra seneca and its partner oxford university would have suspended the trial so the fact its ongoing lead you to think the
patient that died was taking the placebo. astra zeneca trials in the us have been paused and today is a big day as fda advisers are meeting to decide which of the six vaccines that they are actively studying are safe and effective. that is key to getting people to trust the eventual vaccine that they take it and it's arguably more important than the science behind this, making people believe in the size and trusted. stuart: fairpoint. thank you. we had the dow futures on the downside and we are checking futures right now. this is not much, down 30 on the dow jones, down 50 on the nasdaq, not much movement thus far today. we will be back ♪
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house of the senate and keeping control of the house? >> stuart, there are numbers they give me a bit of encouragement and that's this, 18 different years dating back to 1950 as the democrats control both houses of congress and the white house. during those 18 years we have been up 15 of those 18 years-- stuart: hold on i had to jump in i have to jump in. the democrats have never had policies like this. these are socialist policies and if they win the house, senate and the white house, socialism will arrive in america. that's not good for stocks anyway you slice it took you have never seen a democrat party like this before. >> i believe you are onto something there, stuart. i think bradley who you had on earlier was making a key point because there are some things that could override that trend,
that being increased antitrust activity against the mega tech companies, increased regulation against the financial branch, increase environment regulation, i think all of those things along with the social policies you are talking about could override that past trend that we have seen. however, there's one other good trend that we have seen and that is that any time a president gets reelected , so a second term president in the first year the stock market does twice as well as if when we have a new president in, so if the polls are wrong again like they were four years ago, we could see that nice follow-through coming next year, stuart c1i do you hear you and i am in agreement with you about a trumpet tree. i am in disagreement about a clean sweep, but we will leave it at that thank you. we are opening up the market in about 20 seconds. we will be down, but
again no major movement expected in the overall markets. individual stocks, you will see a move notably tesla, but the overall market, keep using that word, in a state of limbo because of the stimulus and also we don't know what will happen with the debate tonight. watch this program tomorrow and find out the market's reaction. is thursday, as i recall and we have opened mildly on the upside with the dow jones-- look, we don't have much movement. the dow jones pretty flat, s&p 500 i think it also is pretty flat and the nasdaq composite same story going nowhere -- not so bad, up about a third of 1%. we will take that. now show me to pull away , their online's sales tripled in the latest quarter so susan, why are they down? susan: because the cost to go mobile is her tickets profit. delivery is increasing
costs and resulting in fewer drinks sales because you can have your own soda and water at home and that's hurting their bottom line and also food prices went up, more expensive the eight into the bottom line of this is partially offset by menu price increases. we know there is less salsa and lower avocado prices, in case you care for this transition to online is the good long-term bet for chipotle, but in the short term online orders are delivery and target raises by six investment banks this morning cut by two above $1500 apiece. stuart: big drop today, though about four and a half percent. susan: you are up a lot this year, don't forget. stuart: true and i never expected those to get the kind prices they are. $66. whirlpool nice gain. after their latest gurneys, give me some
numbers. lauren: sales rose 4%, earnings up to 74% from last year so there are the numbers. it's a good problem to have, big order backlog. they were hit by supply change disruptions due to the pandemic preventing some americans from getting their refrigerators and washing machines in time so sales outpacing production in the hope to fix this soon as they deal with the backlog but because of the strength in the housing market and because people are stuck at home they are saying we need to upgrade this appliance and they are doing so with whirlpool. stuart: whirlpool is one of those companies which i understand. i have bought their products and i understand that company. thank you. here's another one, i understand this one, makers of the invisible line, they are all smiles kind of a pun work all smiles partly thanks to tiktok.
susan: 's stock price at 31% in the opening minutes pick this is the alternative braces maker and they saw the business boom from july till september thanks to tiktok star and tv actor. seen a 25% increase in teenager sales as a result the invisible braces made almost three times more profit than anticipated in the stock is up 20% this year up by a quarter today and i wish i had these when i was little because i had braces, the orthodontic ones or did you ever have braces? stuart: no. lauren: they were not fun, i will tell you that. stuart: i thought it was just eight teeth whitening thing. lauren: it's braces, but they are actually clear. stuart: i thought i understood this moving on, you have a deal with this one, a downgrade in their back to 119 bucks a share. a were well over a hundred and 30.
lauren: a rare downgrade of the stock. this is because stocks have run up so much, up 450% this year and they warned palatines forecast for the final month of this year doesn't include the holiday shopping, you may see shipping delays caused by congestion at the port of los angeles and out of the 27 analysts that cover the stock only three have a hold, so overwhelming by is the recommendation from analysts. stuart: fascinating, a hold up at the la port because they are imported and they cannot bring them in fast enough. susan: and also a lot of demand. it's a boom time during the lockdown. stuart: quick story on boeing. they are in talks to build what, a new jetliner? ashley, what we have three-- ashley: boeing is considering a smaller commercial aircraft
depending on the amount of interest it generates with its customers. the new aircraft reportedly a single aisle plane with improved engines that could carry between 200 and 250 passengers somewhere between the 737 max and 787 dreamliner, not only would it make up ground with airbus, but it may appeal to airlines that are struggling to sell seats in the pandemic. talks are at eight early stage and a new plane could take years from moving from development. this as a boeing is getting closer on the cusp somewhat say to getting regulatory approval for the max to fly again after it was granted in 2019. stuart: one of the things i would like to see come back is international traveler. i have relatives i would like to see overseas, but i think you have news, i think british airways cutting flights again taking away the
id. international travel picking up? ashley: the question is, do your relatives want to see you? we will get into that later. british airways is cutting its flight schedule for the rest of the year as it reported a third-quarter loss of $1.53 billion, huge. the airline said it will find no more than 30% of its usual fight compared to last year meaning that airline won't even be able to break even through the end of this year, but the carrier says its liquidity and balance sheet is a strong, fewer than 60% of the seats filled on slides operating between july and september compared to last year with brevity-- revenue down. also because of the second wave of the virus in europe new restrictions being imposed by eu governments, overall bookings have not developed as expected, just a 30% schedule from
now until the end of the year, pretty grim. stuart: i would agree. thank you. amazon going to pay shoppers for their data. tell me more, lauren? lauren: what can go wrong? a new program and it lets you upload your receipts for things you buy at non- amazon stores and when you reach 10 in a month they will give you a 10-dollar credit to amazon or donate the $10. amazon said they will use the data so they know what you like and therefore they can improve their own product selection on their own sites and they are also going to help brands advertised to you based on what you like. they say they won't share the personal data. however, they have come under fire many times for leveraging merchant sales information to benefit their own private label, so in this highly regulatory environment i don't see how they won't come under fire for this
program, which by the way starts today. stuart: thank you and breaking right now the senate judiciary committee votes to approve sending subpoenas to ceos of facebook and twitter. we will get the stock price up there to see his been affected with that news. they spoke is up and twitter is down: not much movement appeared tonight's new mute button will allow the candidates a full two minutes to speak on each topic without being interrupted. judging by the past debate performances joe biden might not want that time. roll tape. >> years the last point and my time will run out here's my last point. >> lastly my time will be up shortly i see my time is up. stuart: that might not be the only thing he has to deal with. the laptop allegedly owned by hunter biden is now tied to an fbi money laundering problem. hunter biden's business partner confirms this
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quibi launched and now they are shutting it down. what happened? susan: $1.75 billion later and quibi is winding down, but not for a lack of trying to they had exhausted all options so covid killed the in between moments, the fine men 10 minutes in line somewhere or commuting that quibi was designed for with its short videos. most of the cable operators were invested looking through the list of investors included comcast, at&t, warner media, viacom, cbs and even disney sold traditional streaming seems to be doing well as they add subscribers, but the short form videos for quibi not doing well. they are billionaires and will be fine, but even if you bring in big names you have to have the right design. stuart: may have been the right design, but not for lockdown, five-minute bursts don't work when you have a lot of time on
your hands. lets get to tesla as they have reported fit the straight quarter of profits. a glutton for punishment who is with us. he's back again today. welcome back. always good to see you and art-- do you still have your $578 target on tesla and explain it again, please. >> everything i heard and could see and calculate yesterday really increased my conviction there, so tesla, gross margin 22% once you exclude-- you have to compare that to the gross margin of the manufacturer and even premium brands like bmw could be 20% so that's
the next section. in its very early days with production and then what's interesting is how things evolve from here, so at the end of the year tesla will have capacity to produce over 800 and at the end of next year 1 million that means next year they may ship a million cars versus 500 this year. and a lot of the increase, it's a $5000 more but occurs the exact same to other manufacturers: ten-point additional margin coming in, so that makes me-- stuart: i remember last time you were here i think you said that
tesla will be the preeminent car company in the world by the year 2030, producing more cars per year then i think others combined. are you sticking with that? >> imus sticking with a bat. especially for a small car, definitely. stuart: you have a price target of $578 a share. what is your long, long, long price target? >> you know so i think my price target is based on the conviction that the stock will be $1200 in 2025 and i think beyond that between 2025 and 2030, the stock will still have room to between double and triple again as tesla keeps growing and
becoming like the primary driver of the business stealing yet again you have arrested our attention with that dramatic prediction. come back over the years , keep coming back. we went to check out your predictions. thank you for joining us. we are going back to a discussion somewhat sane argument that susan and i had yesterday and that is paypal. now, they did hit a record high because they are adopting bitcoin. susan: that's right. stuart: i didn't understand how you can pay for something using paypal and bitcoin. you did explain it to me susan: you didn't know how it was calculated, but there are algorithms to do this. why don't you tell the audience that i was 100% correct like you said earlier? stuart: she was 100% right.
susan: there you go. bitcoin is its highest in close to two years. you can shop 26 million merchant transfer in the digital wallet. parol pet-- paypal has over 230 million users. coin is going mainstream , not exactly what warren buffett called it in this morning a huge big hedge fund investor says he's bullish, great inflation hedge, portability and i know people like you are just not used to bitcoin because you like the barter system but this is the future. stuart: coins in the bathtub? we are out of time. pity. will, we are getting our first look at the 60 minute interview president trump walked away from. roll tape. it's short, but roll it. >> we created the greatest economy in the history of our country and the other side--
stuart: how about this premise survey of lending tree. one import shoppers have already finished their holiday shopping, and 11% of the people surveyed said they will buy their stuff exclusively and bricks and mortar. that's extraordinary. retell watcher marshall joins us now. past friend of the show. where have you been all these years? good to see you back. one in four have already finished their holiday shopping. extraordinary. you have never seen this before, have you? >> we have a new year and a new paradox. prime day used to be the official start to back-to-school in this year it became the official start to holiday and other retailers jumped in on the action, so you saw prime day from target with huge success. they set record numbers for the day and with
their drive-through's. stuart: 11% of those asserted by lending tree, only 11% would buy their holiday stuff exclusively and bricks and mortar. and that tells me bricks and mortar has been a huge loser. are you with me on that? >> well, we certainly saw the increase the pandemic brought on for the acceptance of online shopping. keep in mind, we had 67% of people that had not shopped before online shop during those early months and they became used to it and they learned to like it, so absolutely yes, between the continuation of a caution about going into stores, the acceptance of online and the aggressive growth that online retailers and brands have been using will make online the choice place to shop for this holiday and it retells will have to adjust. stuart: i'm sorry to cut it
short, marshall. i am out of time but it looks to me that amazon is the big winner from covid and as we approach the holiday season. we will get back to you for more of that on another occasion. we are just getting started this thursday morning pick still ahead, the guys on deck, larry kudlow and others on the show today. will the president bring up iran at the debate tonight and other foreign-policy issues like the biden family and china? i think it's important you will hear more about that from me in my take next
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♪ you already for this ♪ stuart: get ready for this, we are ready. this is the second hour of "varney and company," 30 minutes into the trading day and showing some green. half an hour ago it was already, now it is all green, slightly higher. facebook and twitter, i am asking you to see this because the senate judiciary committee approved subpoenas by jack
dorsey and mark zuckerberg, they will have to do this part walk kind of thing, facebook up, twitter down. show me nashville, tennessee because that is the site of the final presidential debate which happens there tonight. and we have a big show for you again. all coming up in the next 2 hours and this is extremely important breaking news for realtors. anybody in the real estate industry, existing home sales just got the number. >> we saw 6.54 million units being sold in september looks like we are higher from august. august's 14 year high for existing home sales, this is all positive because we know home sales account for 90% of real estate, real estate accounts for 20% of the us economy. stuart: that is 6.54 million selling rate of an annual basis. what was happening in 2006?
a lot of people doing very well. let's get more on real estate. mortgage rates, ashley, your big day. do we have a record low? ashley: come on, 2.28% following from last week's 2.81%. that is the lowest rate seen since ready's started keeping score 50 years ago. i'm not being sarcastic. mortgage rates today are on average more than a full percentage point lower than rates over the last five years, most moderate income borrowers who purchased a home in the last four years still stand to benefit by refinancing to lower their monthly payments. but 2.08% for 30 year fixed. stuart: that makes it easier to
finance and afford the new median price which is up 14% so it is good we have that. dealing with the real estate industry i think doing pretty well. now we have another indicator, a future looking indicator, the conference board index of leading economic indicators. what is that telling us? >> it came in at 107.2, that is a rise of 0.7%, to tie in housing they say the reason it went up, rising housing permits declining unemployment claims and that is why you get this reading for september. the economy still losing the final quarter of the year. how fast the economy grows, one.5%. stuart: i will get some comment from larry kudlow coming up later on the program. one more check of the market,
lots of green, not a huge rally, the dow is up 40, nasdaq up 18. now this, no, got that wrong, not now, general motors, this is the queue for my take. we are not there yet. we are doing general motors, they are up today one% and john layfield is with us. i noticed gm has gone up from the upper 20s to the mid-30s and i believe it is because of electric vehicles. is that the case? >> it is. $29, $30, they moved up initially, problems of allegations of fraud but gm has continued to buy into the market and they see stock depreciation, this has been a terrible stock, $35 range, terrible company but the bright spot, why stock is moving up, general motors produces 7
million cars a year. what elon musk has done is amazing but one problem he had is the old school stuff, manufacturing cars. he would be better off buying a company to get the manufacturing around the globe. general motors has got the car company, the manufacturing, they are buying into the eb market, 7 multiple going forward whereas tesla is up 129 and probably deserves that, gm's a 7 but multiple, you will see multiple expansion the next couple years. the stock should double to 3 times the next for 5 years based on evaluation alone. stuart: that is quite a prediction. are you buying into the electric vehicle trends? by that i mean we are told electrics take over everything, do you buy that? >> not sort order but i am buying into it especially if biden is the next president, there will be 5000 eb charging stations around the country.
the lift yielded cobalt mining market stocks going through the roof, solar is going up, all the stuff with the eb already seen a price appreciation. i don't think it will happen right away but it is predicted by 2030, 24%, 25% of cars will be eb cars. stuart: are you backing joe biden in this election? >> know, i am not. i don't like taxes rising. i don't think -- as far as the market, the stimulus. what does matter, if democrats get the white house and both sides of congress it has been shown since 1933 the growth rate is 9%, half of that with democrats when they control all 3 parts of the white house and congress. that to me is worst-case scenario for the market, you want something split. of donald trump wins you want something on the democratic side and vice versa with future president biden. stuart: a clean sweep is a
disaster. appreciate it. i am still on the electric vehicle market, i want to bring the electric truck company into this. >> stock is getting rewarded today, the first comments from gm executives on this deal, to billion-dollar investment. it is still on. it hasn't been finalized yet but gm is working on the opportunity. late last month, pushed off after a series of negative events including accusation of fraud, nicola looked into by sexual assault allegations against the billionaire founder, travel milton:the company. gm was supposed to help bring hydrogen power mass-market pickup truck, these are
positive comments. stuart: i'm impressed by the idea of going towards hydrogen power. way out there but it is intriguing. now this. iran wants joe biden to win. he didn't ask for their help but they are helping anyway. iran wants mister trump to lose. this is an editorial and not a criticism of joe biden's campaign. it is a criticism of his foreign-policy which really should be a topic in tonight's debate. he wants to reopen the iran nuclear deal and that is what the iranian's once. that is why they are backing him. donald trump walked away from that deal and imposed crushing sanctions and killed their top terrorists. that is why the mullahs are working against our president.
they have acquired voter registration data including party affiliation. they sent false and misleading messages to democrats. it looked like the messages came from right-wing groups saying things like you will vote for trump or we will come after you. we will know which candidate you voted for, take this seriously. messages like this were sent to voters in alaska, arizona, florida and pennsylvania, a blunt threat clearly designed to turn registered democrat voters against mister trump. their interference is obviously out of bounds totally but may in fact work in mister trump's favor. he will be able to bring up his interference in tonight's debate and be able to highlight the failure of the obama biden deal with the iranian's. it is important to his own success. iran's economy is coupled, the mullahs boxed in by sanctions and americans largely approve of so many's killing. one more reason for a foreign
policy, part of tonight's debate. that is my opinion. here's kelly sadler with the trump campaign. will the president bring up iran and other foreign policy issues like the biden family and china. have you told him bring it up, mister president, do it, have you said that? >> i haven't say that i will say it now through you. mister president, please bring up foreign-policy tonight because it is a key distinction between the biden campaign and the trump campaign. look what donald trump was able to achieve with israel, bahrain, the uae, a historic peace deal that wouldn't have been achievable if we were still in the iran deal. this is something the president should tout. russ also is trying to interfere in our elections in addition to iran and if you look at the biden campaign, what biden did at his vice president, he was the originator, hillary clinton's russia reset, the one who did
not provide ukraine lethal weapons after russia invaded crimea so this is a key distinction. the president has done those things, joe biden has serious ties to china, we know hunter biden struck a deal with him but according to revelations this morning from a firsthand account joe biden was be big guy taking money from every deal his son hunter took from these foreign operatives. these are smoking guns that need to be brought up at tonight's debate. stuart: this is from foxnews.com. harris as in kamala harris and prominent democrats listed as key contacts, key contacts with biden family business venture projects. would like to hear more about that tonight. wants to look at the polling from battleground states, trump trails biden in three of those key states, pennsylvania, wisconsin, michigan.
are you going to tell you just don't believe the polls? it is getting real late to turn this around. >> the polls are all over the place. the real clear politics average in pennsylvania you've got the president down two which is a statistical tie and cnn saying he is down 10. what we are measuring is voter enthusiasm and the president has that. you see that at his rallies, the are in see, the biggest ground game out there, $60 million dedicated to get out the vote efforts, 100 million doors have been knocked. every presidential rally there's a quarter of the population who never voted in 2016, they are not registering. stuart: let me bring one thing up. a lot of people tell me they are voting against donald trump rather than voting for joe biden. >> those are democrats which i've never seen a president when with somebody voting -- look at mitt romney and barack obama. republicans thought mitt romney was going to get it done but they were not voting for mitt
romney, they were voting against president obama and president obama was successful because he had the base behind and they came out in droves for his reelection, we expect the same with donald trump. stuart: i know your real busy and we appreciate you taking time to be with us. i will say this again. big show coming up starting with celebrity chef and art laughter and larry kudlow and then there is this. 60 minutes has released a clip of leslie stahl's interview with the president. it is brief but watch this. >> we created the greatest economy in history of our country. >> you know that is not true. >> it is totally true. >> donald trump says he will release his own unedited version of that interview if and when that happens i'm sure we will be bringing it to you. karl rove says donald trump should focus on the economy and not on reports about hunter
biden's ties to china. he will make his case as the second hour of "varney and company" continues. ♪ did you know you can go to libertymutual.com to customizes your car insurance so you only pay for what you need? really? i didn't-- aah! ok. i'm on vibrate. aaah! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ .. worry follows you everywhere. over 100,000 people have left blood thinners behind with watchman. it's a one-time, minimally invasive procedure that reduces stroke risk-- and bleeding worry--for life. watchman. it's one time. for a lifetime.
stuart: where are we on the markets? they've been open less then an hour. we are in stimulus limbo and debate limbo. to the airlines. alaska lost $430 million and a quarter. stock is down 40%, it is up one person. america lost 2 and a half billion dollars, they are in the process of following 19,000 workers, government aid
situation runs out, that stock down 0.6%. southwest, revenue at its worst loss ever, they lost $1 billion. they also plan to start selling all seats including the middle seat starting december 1st. the journal reports boeing thinking about building a brand-new entirely new commercial plane to keep up with airbus. boeing up, airbus down. let's go to the battleground state of pennsylvania. edward lawrence is there. what is so special about the district you are in now. >> reporter: i'm in carnegie, pennsylvania, one of those republican districts that republicans believe they can win. it went to donald trump in the presidential race in 2018, a democrat, connor lamb won. businesses down here are
adapting, take out other businesses struggling to survive in the downtown area of carnegie, one of the around areas republicans believe they can win. connor lamb, house of representatives here labeled himself a moderate going into the election in 2018. his competitor here sean parnell says he may have been a moderate last year but this year he has moved more to the left of the democratic party. lamb did vote against the heroes act but voted to impeach donald trump. voters have a mixed bag. a lot of time talking with look at republican ticket here, how this goes, could be a bellwether for the state of pennsylvania. if it goes republican the state goes republican and that is what they are hoping, have to wait and see.
stuart: does connor lamb wants to be a member of the squad? >> reporter: that is not how he is billing himself. he was more -- he has been more in line with nancy pelosi but a moderate. he voted against the heroes act which is a huge thing pelosi wanted to get through and that happened this year. most of the votes have been more in line this year. left of center when he was elected. stuart: i was deliberately exaggerating. you know how i am. the final debate in nashville, tennessee was our next guest says trump should focus on the economy and not hunter biden. karl rove is with us. the president should focus on the economy but we can't go into this election with this cloud hanging over joe biden and his dealings with china. we may be electing a competent -- the president compromised by
china, we have to get that out tonight. >> reporter: i have two concerns, one strategic and one tactical. the strategic concern is the people of america are going to vote on the economy. people who already decided joe biden turned a blind eye to his son's corruption in the trump camp, the people up for grabs care deeply about the economy and the contrast between donald trump and vice president biden would serve the president well. i've also got a tactical concern which is we are trying to introduce new material at the end, the president trying to introduce new material and convince the american people of it. i don't think that is necessary. we already know joe biden said when confronted with evidence that his son got cozy with burisma because he was the vice president, he flew on air force to to china and got the sweeter deal with the chinese private equity firm, we know those things and those things are proven, what does he say about it, my son did nothing wrong. the president has a strong
line, your son got paid millions of dollars by a corrupt ukrainian gas company because you were vice president and he got a big equity junk, chinese private equity fund because you were vice president and you don't see anything wrong with it. that is an easy way to sell this issue to the american people but most of the time most of the emphasis got to be on things people care about starting with the economy but looking for opportunities to talk about foreign affairs. stuart: i don't think the economy is one of the topics listed in the discussion. i don't think the moderators but the economy in their at all. he >> you get asked a question you spend time answering the question and then you pivot. nobody goes into that say i'm only going to devote my time to answering the questions the moderator gives me. i have a narrative to lay down. i have a construct in this election i want to share with the american people. i will answer the question and pivoted the president could do that as he did in the first the bait. stuart: will a mute button make a difference?
>> the mute button will be there in the first two minutes. each candidate is given two minutes to respond to the question so that is where the mute button plays and it won't be there where they want it back and forth. i think we will have a more full some explanation by each candidate are either two minutes which is a chance for the president to go at biden. he can pick out anything said in the ten and biden had and know that he's not going to be yelling at him come, and, shut up, man, as we saw from the vice president's first debate. stuart: i just can't say that with my accent. thanks for joining us. >> come on, man. stuart: i am no good. bring the wife next time too. thanks very much. better look at moderna, up
3.4%, we have more information on the final test, the final phase trial. what have we got? >> phase 3 enrollment of 30,000 patients for the 2 shot vaccine, very promising thus far. participants from different groups, older people, minorities, chronic diseases, we are pitching this as a vaccine that could work, make a statement today at the meeting of the advisory committee and decide to submit emergency use authorization. maybe year end we will be on the market. stuart: investors approved, it will be up over 3 at a 12:45%. thank you. one report had a study has trump with an 87% chance of being reelected. that is all because of the past
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>> the state of play on the market, down 45 on the nasdaq and read income the s&p down 7. check out facebook and twitter, senate judiciary committee issued subpoenas to mark zuckerberg and jack dorsey over censuring the new york post hunter biden report, both stocks down. stay on tech, facebook making changes to its what's apps messenger platform. >> you got to pay to play. social media is where it is at and the goal for facebook is to monetize all of its platforms. they own what's apps.
i was shocked that 50 million businesses use what's apps so facebook is going to start to charge those businesses for the goods and services they sell on what's apps. for example if a business shows what's apps in a chat and a person from said item, it will be some sort of fee, we don't know how much it would be yet but likely tiered pricing. business is now especially small and medium-sized businesses with many stores closed, customers at home are relying on social media for sales, relying on facebook and what's apps will be a tool to boost their sales and also for facebook to make more money. stuart: sounds like an income earner to me, there you go, the stock is down a couple points. let's get back to the report we brought to you several times. trump has an 87% chance of winning based on the stock market's previous performance.
matt lambert is one of the authors of the report. without going into great detail, don't go back to john adams, bring us up to speed on how you got to the 87% chance of winning for trump. >> back in 2012 some colleagues and i up associate on x institute did one of the most comprehensive studies on stock market performance in presidential elections that had ever been done, every presidential election in history going back to george washington and found the stock market is a better presidential reelection indicator than gdp, inflation and unemployment combined. we looked into that research this year and what we found was something striking and it was when presidents run for reelection after a net gain in the stock market of 20% or more in three years leading up to election day those presidents
have been reelected 87% of the time, the net 27% in that 3-year period would correspond to a reading of 28,052. our research the just if the dow is trading at that level or higher on election day, history would be on the president's side. stuart: is it worth mentioning this is an election like no other, this is a president like absolutely no other, this is an opponent who for the first time in american history is a neo-socialist. does that make any difference whatsoever? >> 2020 is not a typical election year, donald trump is not a typical president, that is absolutely true. dozens of reasons they might be different but nevertheless the history, and it usually isn't. typically stick with the history and that is what we are doing.
stuart: i will let it go at that. i'm a little distrustful of historical analysis like that and i appreciate that. back the day after election day, to explain your mistake or take a victory lap. and now this. new york city loses another, elliott management hedge funds moving its headquarters to florida. will pay top executives take up residence in west palm beach was a big name financial companies have done the same thing, attracted by florida's tax, no estate tax at the state level, florida real estate is booming.
the prompter says come in. >> for has no income tax, estate tax, capital gains. one of many as far as best friends. the high profile move this trend. and there's differential of 20% in new york state, new jersey compared to florida. stuart: tax is a huge driver of this exodus and new york is really losing big time on this. very close to where we are now, it is deserted and will be more deserted by the time we get through it. >> capital gains go up, taxes
go up under biden. stuart: if biden, if there is a clean sweep, taxes on wealthy people just go through the roof, we deal with that at 11:00 and they go through the roof and that will accelerate this. >> we can lift the show to west palm beach, florida. stuart: i prefer to go to naples. replanning the entire network. here is what is coming in arizona. they are proposing a big new taxes on the rich. art laffer says that will cost that state thousands of jobs. he will make his case. first i will ask celebrity chef rocco about this new piece in the new york times which says pay new york city bars to stay shut. that is how you save them. that is interesting. rocco coming up on that. ♪
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it is going to take about 12-14 years to really breakeven on that decision. it depends how old you are when you think about taking social security, what your family history looks like and how much money is invested for your retirement. we, however, were bigger fans of clients taking social security early while they are in the 60s because they're more active than client in the 70s and 80s. >> you should wait? >> anyone with little to no retirement assets would benefit from waiting even if you delay taking it one year it will provide a massive long-term.
stuart: look at the market. a lot of red moving south, dow down triple did it, nasdaq down 87. chipotle reported a great quarter am a digital sales, online sales tripled but look at the stock, down nearly 6%. >> the cost to go mobile, delivery is increasing cost resulting in fewer drink sales. you can have your soda and water at home, we know that beef is more expensive which hurts profit and that is partly affected by the fact that shipley has raised prices, this
transition to online long-term is going to be very good for chipotle. investors agree on that. the short term it will cost more. orders, half of those are my orders are delivery. stuart: have they gotten used to that? >> pandemic is changed the way we live our lives and order our food. cuts by two straight highs, choked up only around $1,500. stuart: $1,500 a share. how about boston beer, sam adams reported later this afternoon, the stock is up one% in advance. >> not a lot of them, the push and pull in boston beer but other, home sales are down. that will hurt the sam adams. brand because the stadiums are
closed but here is the positive. more people are drinking erhard seltzer and at home, with all of that, it was $518 million. restaurants and bars, at home sales up. >> marketing toward successful lines. stuart: stimulus talks continue going backwards and forwards. i want to focus on the badly hurting restaurant industry. they need help. rocco d spiritoh is here, good to see you again, somebody chef. >> thank you very much. stuart: you are making a flat out appeal for money. you need help desperately. make your appeal. >> my appeal is the restaurant
industry is the second largest employer in the private sector, 11 million jobs, 15 million people affected up and down the supply chain. hundreds of millions in sales. we are looking for congress to act and not delay until after the election. that would mean death for many restaurant struggling to survive. outdoor dining has been a wonderful boost for us, continuation of outdoor dining in new york city is fantastic but we need more help. this is an industry that produces hundreds of millions of dollars in revenue every year. stuart: i don't know if you saw this or not but this morning there was an opinion piece in the new york times that you just the government could just pay new york city bars and restaurants to stay close during the winter. >> an interesting idea but you will find the hard-working men and women of the restaurant
community would like to go to work and remain open and provide needed services to their communities. we feel we are part of the community. we don't want to be closed. we want to be open and working and serving food and making people happy. stuart: suppose people's habits have changed and a certain proportion of us no longer want to go to the restaurant as regularly as we do. in other words if we fund a lot of money going to restaurants and bars with a lot of money you can't do that forever because the industry is shrinking. it is drinking, isn't it? >> the industry as we know it is drinking and changing and morphing into something new but people are still buying lots of food whether it is online or in person, we are looking for $120 billion we project to produce $300 billion in revenue. we are not looking for a handout but this is what i
consider an investment in the future of a very vital industry. stuart: i'm the first guy to say you are closed down through no fault of your own whatsoever, i am the first guy to say that. can you give me a dollar number, how much money does the restaurant industry needs right now? >> the restaurant industry needs $120 billion. it is already approved in congress, we have 48 senators on board, broad coalition of republicans and democrats agree and have cosponsored the act, we need to make something happen right away. we cannot wait until after the election. that would be the end. i don't know who to blame. this is a complicated subject as you know. what i am asking for his help and to focus on this issue i'm not looking to place blame on anybody. stuart: real fast. if you don't get help real soon will you, rocco dispiritoh, are you out of business? >> i'm on the beat in the
street working hard and restaurants as we speak, and it is likely some of the people i'm working with will not make it through the winter without a stimulus in the form of the restaurant act. stuart: it is -- >> that is true for a lot of my friends. stuart: industry in new york city and other major cities, utter catastrophe through no fault of your own. thanks for being with us. not your fault. thanks, i do hope -- yes, sir. arizona want to tax the rich big time. that is in wages to be lost over ten years on the proposed arizona levee. let's see what art laffer says about taxing the rich in arizona and the consequences thereof. he is next. ♪ and keep on wishing ♪ remember your dreams
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i want to talk taxes with art laffer. you were a part of the study that found a tax icon the rich in arizona would make all residents poorer. you could say the same about new jersey and illinois. explain why a tax on the rich makes ordinary folks poorer. >> employers get up and leave town as we have a beautiful example in arizona itself, jack williams who was governor 68-74 raised the highest tax rate in arizona to 8%, stayed there for a long time until 1990. then you had simonson cut the tax rates down to where they are now. arizona prospered and now they want to go back to the old days of 8% tax rate and it will destroy the state of arizona
really hurt it. arizona is a lovely place but it will make growth much less. people don't want to pay higher taxes. stuart: consider the politics. there is income inequality in the united states with there always has been but it is expanding. there is income inequality in the left says that's not fair. you've got to make the rich pay a bit more because that will make it fair and close the income gap. that is a political argument. >> let me just ask you a simple question. if raising the tax rates on the rich made it fair because the rich have less than the poor also got less would you like that result? this will make the poor poorer. the rich can leave. they have free mobility going on. the poor, minority, homeowners, they can't move their buildings, they can't move their jobs, these people are not mobile like the rich are, the rich will be verizon like they came into arizona and leave the poor with lower paying jobs if jobs at all and they will be worse off.
the rich, believe me, will be much better off with these high taxes than the poor because they will do their jobs and income. a high tax on the rich means employers leave and employers leaving means for people don't get jobs in the standard of living declines. when we raise taxes in the 1930s do you think that made the poor better off? know. it also made the rich worse off. we also had high taxes, all these situations when they think they are just taxing the rich they are not, they are text will rich and destroying jobs and opportunities for the poor. that is the crux. no one talks about that. the bar owner, it wasn't his fault but it is not the taxpayers fault. why would you take one blameless person's money away from him and give it to another blameless person? that makes no sense. these arizona taxes will work badly. stuart: and politics of it.
>> we are in the midst of this politics and believe me when i tell you i've been through this a lot of times, a lot of years and i watched this, it would not work out well for the poor, believe me when i tell you it will work out very badly for them and very badly for the country. we are about to go through another round of it. i watched this happen so many times and so have you. i worked with bacher. stuart: i'm trying to get to margaret thatcher. trying to get there because it was margaret thatcher who stood up in the house of commons and said the socialist don't care of the poor get poorer so long as the rich get poorer too. >> she said socialism is so much fun until you run out of other people's money. she used to -- she and her husband used to stay there, the loveliest couple. one of my dearest friends, she was such a great leader as was reagan, he was terrific, reagan made the poor richer and made
the rich richer. what's wrong with that? everyone richer. stuart: one of the greatest free shows in london in 1970s used to be prime minister's question time. you go to the house of commons, sit in the strangers gallery, look down and the prime minister lashing the socialists. i am out of time. >> i used to do that anytime for dentists. it was just wonderful. stuart: they are going to cut me off and cut you off too. big show despite "after the bell" -- art laffer, larry kudlow coming up in the next hour, this is a big show. the third hour coming up. tums versus mozzarella stick
[cheers and applause] >> this election is a choice between a trump super recovery or a biden-steeped depression, and that's what you're going to have. it's between a trump boom or a biden lockdown. >> second-term president in the first year, the stock market does twice as well as if when we have a new president. >> if you are any of the really big tech companies and all of a sudden there's full democratic control, you should be very nervous. >> this whole notion of a blue wave, i think, it's just way too early. it's going to take several months if not several years to get something through the congress, even if there's a blue wave. >> mr. president, please bring
up foreign policy tonight. >> the people who are up for grabs care deeply about the economy. ♪ ♪ stuart: can you put it up on the -- thank you very much, indeed, geronimo by shepherd. i don't think i've heard that before. have you? >> i have. stuart: all right, all right. 11:01 here in new york city. you're looking at nashville, tennessee, because we're just a few hours away from the final presidential debate. big show lined up for you. we keep telling you this. larry kudlow, joe theismann, dan henninger all coming up this hour. all right, let's check those markets because we've cut the loss. literally a few minutes ago we were down 15 is 0 on the dow, and now -- 150 on the dow and now we're down about 6. the nasdaq is down 52, so that's still down. marginal, fractional loss for the s&p 500, and now this.
if you're a diehard leftist, you will no doubt be hoping for what's being called a clean sweep; that is, the democrats take the presidency and the senate and keep control of the house. that's democrat domination of the legislative and executive branches of government. in my opinion, that would be a disaster. now, i can hear some people saying here he dose again, sporting -- he goes again, supporting his rich wall street pals. well, yes, i am supporting the rich. i am supporting capital formation, the accumulation of wealth. because that's exactly what has allowed america to leap forward. did socialism create apple, amazon or any other dynamic go-getter? no, it did not. it was private capital that poured into companies with great products and good ideas. a clean sweep really hurts capital formation. it would take money out of private hands, takes wealth away from wealth creators.
a clean sweep means the following: a much higher capital gains tax on wealthy people, higher income taxes, an increase in the social security tax and much higher estate tax. the top 1% would pay an extra $265,640 a year on average. that's money that won't be invested in start-ups, technology or real estate. a clean sweep means a big increase in taxes paid by business as well. again, that's money taken away from productive industry and siphoned off by the dead hand of government. whatever you stand up for wealth creation, whenever you with stand up for capitalism, you get an hysterical opposition. but it's worth pointing out that what we're really facing, our future, what we're really facing is our future prosperity. it requires capital and wealth creation. a clean sweep destroys it. the third hour of "varney & company," yeah, it's about to
begin. ♪ ♪ stuart: all right. i just got rather passionate there laying out how a clean sweep affects the wealthy. i love 'em myself. brian brenberg is professor of business and economics at the kings college. i don't know why you're smiling because i'm going to catch hell for what i just said. now, look -- [laughter] what do small business owners have at stake in a clean sweep election? >> i love your passion, stuart. i think small business owners ought to be passionate about what's happening right now, because they are in the dot. you know, they don't ask for much; don't raise my taxes, don't tell me how to run my business, and don't make it hard for me to sell my business or pass it on when i'm done. those are the issues they care about, and those are exactly the issues at stake in this election. you know where president trump
stands, he's shown us over the past three and a half years, cutting taxes for businesses, for individuals, letting people run their own business and making it easier to pass on assets. and you've got biden, on the other hand right now, higher taxes for individuals. by the way, the ones that run pass-through businesses, higher corporate taxes, more green deal regulation and increasing capital gains taxes and estate taxes. so that it's harder to pass on your business. this is a small business election. unfortunately, that hasn't been the focus. stuart, the focus has been on the rich. it's not about the rich, it's what happens to main street businesses and main street workers right now. and the contrast could not be clearer. stuart: i wish we could get that message across but, brian, i want to bring you this. we're getting a first look at president trump's "60 minutes" interview with lesley stahl. she challenges the president on his economic record. watch this. >> we created the greatest
economy in the history of our country, and the other side -- >> you know that's not true. >> it is totally true. >> no. stuart: all right, brian. she says it's not true that we had the world's greatest economy. you're a professor of economics. deal with that. >> well, let's just talk about the data. and, by the way, let's start here. you know, the left wants to make a the economic conversation all about coronavirus. but if you talk to the average person, they recognize coronavirus has a had a huge impact in the economy, but they don't blame the president for that. i mean, look at the president's record. they talk about the things he can control. let's talk about what he can control, taxes, regulation. and let's look at what happened, 2019, stuart, highest median income we've ever seen in this country, lowest poverty rate we've seen since the 1950s. we saw wages growing fastest for workers on the lower end. make it about the day that. day that. it doesn't just have to be about
socialism. just talk about the plan facts of what happened in the first three years of the trump administration and compare it to the obama/biden record. and when you do that, the story is clear. it's not about coronavirus when it comes to the economy, it's about growth because growth gets us out of the problem we're in right now. recovery starts with growth, and that's the president's strongest message by far. stuart: got it. brian, thanks, as always, for joining us. i'm sure we're going to see a lot of you between now and the election and the days and weeks right after the election. and welcome back. good to see you, brian. see you soon. >> you bet. stuart: got it. i want to check out tesla. very much the stock of the day, or it was. it's up $6 now, 1.6. it was up a lot more than that earlier. the tesla just reported its fifth consecutive quarter of profits. they delivered close to 140,000 cars, that's a record number. as we said, the stock is up $6 now, 1.6%.
facebook, they say they're messaging system, what's app, is going to begin charging for in-app purchases and loud-hosting -- cloud-hosting services by next year. [laughter] susan's laughing, chuckling away here because i don't think that education plains it. -- explains it. facebook's going to make some money. >> i was laughing because i was thinking you wouldn't understand it. [laughter] laugh you don't know what you're reading right now. stuart: i don't. but it's plain english. facebook's got a new revenue stream. >> that's right. through instagram. in-app purchases. >> that's right. stuart: i got it. how about apple? this one's for you. they're expanding their retail stores. i think that's great news. >> so i was talking to the apple retail team, and 2020, of course, as we know, is going to be different from past years. gone are the days of screaming fans lining up around the block to get their hands on the new iphone. instead to keep everybody safe, apple is offering same-day contactless delivery of your
new iphones, express storefronts for states and locales where there are still restrictions in terms of reopening. more generous carrier subsidies. that could mean $800 off your iphone 12. now remember, the iphone 12 and the 12 pro are available in store, online to ship, but you have to wait until november 13th for the smallest and the largest screen, so the mini and the pro max don't go on sale until november 13th. stuart: does that amount to a discount? >> yeah. stuart: in some ways? >> that's right. you can get a discount on the 12 if you go through verizon or at&t. now, $800 is a lot because in previous cycles you didn't get that much. of the 251 u.s. apple stores, 90% according to estimates are reopen right now. all of them had to close during the height of the covid lockdowns. stuart: can i go to an apple store and get a 12 now? >> you have to go to in-store, why can't you just order online?
the majority of sales now are online because when the stores were closed, stu was can asking me how do i get my apple phone fixed or ipad, why can't you just do it online? stuart: that wasn't my question. can i go to an apple store and get a 12 now? >> on friday you can get the 123 and the 12 pro. you have to wait for your mini and pro max. make an appointment though. it's by appointment only. you can't just show up at the store. stuart: you can't? >> no. stuart: susan, thank you very much, indeed. let's bring up target. they're offering new ways to go contactless. what's that all about, lauren? >> so i know a lot of us, myself included, buy going to the store direct, but now you need technology in store too. reduce the number of people, reduce the carouse in the store. three main thins. -- crowds. you don't have to wait on the checkout line, you can using
your mobile app finding a worker who has a hand held devicessings you can check out with that worker and then you leave. you drive up, you see a long line of people, ooh, you don't want to wait in that line. what do you do? to you hop on your phone, make a reservation, and they'll let you know when you can get out of your car and go in. and finally, they're adding a lot more parking spots for curbside pick-up. so, basically, it is really hard to shop these days without your phone even if you go to the store. stuart: exactly. a point that susan keeps on harassing me with. [laughter] fair enough, i guess. all right, lauren and susan, thank you very much, indeed. i'm moving on because we've got a big show for you. yeah, we've got larry kudlow coming if the white house in just a few minutes, and we've got "the wall street journal" guy, it's a thursday, dan henninger. he says joe biden's campaign depends on enough people hating trump to transfer power to the democrat left. that's interesting, and i agree with him. i'll ask him too.
first, though, the final presidential debate is tonight, and we're going to take you live on the ground to nashville, tennessee. that's next. ♪ ♪ constructed. to go beyond ordinary etfs. and strengthen client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully.
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♪ ♪ stuart: all right, real turn around for the market, now we're up 40 points. ill explain in just a second, but right now i'm going to take you to nashville, tennessee, where hillary vaughn is standing by because that is the state, the place where we're going to have the final debate tonight. can you just set the stage for us, please, hillary? >> reporter: stuart, well, there will be six topics tonight, but the big question will being will the president or will the democratic nominee, joe biden, discuss his son hunter and his alleged overseas
business dealings? we did get this morning some text messages from one of hunter biden's former business partners who, essentially, has confirmed some the content in those hunter biden e-mails saying that when hunter references "the big guy," that is a reference to his dad, joe biden. and also has more information in here. one of the text messages from may 17th, 2017, says the chinese are coming to be my partner, to be partners with the bidens. and then on a text message from may 19th, hunter makes a reference to my chairman gave an emphatic no. and this former business partner says when hunter talks about the chairman, he's referring to his dad, joe biden. former business partner also released a statement saying that when the former vice president repeatedly denied that he discussed any business dealings with his son, that that was, in fact, not true. and this person has firsthand
knowledge and was in the room when these business dealings were being discussed, stuart. stuart: okay. that's very interesting new information. healthily, thank you very much, indeed -- hillary, thank you very much, indeed. that's a very good update on that story. tim murtaugh is with us, trump 2020 director of communications. tim, we just heard all this new information. bottom line is joe biden has a very significant money problem, family problem coming out of china. i presume the president's going to go right after this tonight. >> i think's a pretty safe bet, stuart. this is explosive news, as you just heard the reporting overnight, it's now been confirmed. the statement issues by tony bobulinski who confirms not only did joe biden advise hunter on his business deals, but in some cases had to sign off on them. this is explosive news and, of
course, puts to bed the lie that joe biden never discussed any of these things with hunter. people are i saying, oh, this doesn't matter, it's about hunter biden. it's more specifically about joe biden. he allowed his son to go on a world tour and sell access to him while he was vice president of the united states. and now it is impossible for anyone to believe that he didn't know all about it and in some cases, according to tony bobulinski, advise hunter on it and signed off on some of the deals. you better believe it's going to come up at the debate tonight. stuart: and we found out yesterday that the iranians have been interfering with this election and supporting joe biden. now, look, joe biden didn't ask for that support, but they're supporting him nonetheless because they want trump to lose, they want biden to win. look, the foreign policy is not an area for discussion tonight. it's not one of the topics for each segment.
the president's got to break through that because this is vital stuff. >> yeah. there's going to be some period of time in between the question and the two minute statement where there's going to be free discussion, and the president's going to want to talk about those things. we understand why the debate commission has been protecting joe biden and why biden doesn't want to talk about foreign policy. iran is rooting for biden, china is rooting for biden, and biden doesn't want to talk foreign policy. robert gates said he's been wrong on every foreign policy call in the last four decades. on the president's side you have the historic abraham accords, peace deals between israel and arab countries. the president has a fantastic record, joe biden is a miserable failure, and i bet you you hear some more about how strong the economy was under president trump, how he's rebuilding it a second time and how joe biden's been a 47-year failure. stuart: the president has a difficult task here. he's dealing with this explosive material, but he's got to watch his tone and his language
because he doesn't want to -- look, in my opinion, i don't think he wants a repeat of what we saw in the fest debate -- in the first debate. is he going to change his tone? >> we think the president did very well is and actually won the first debate, and joe biden finished third behind the president and chris wallacement and so -- wallace. so i think the big pressure tonight is on joe biden because he is going to have to explain what's going on here with this guy who's now on the record, tony bobulinski, saying biden knew all about it and he advised and signed off on some of these deals hunter was making in foreign countries. s that is a big deal. andif the moderator does not brg it up, it will be left to president trump, and you better believe he's willing to do that because these are serious questions, stuart. the idea is, is joe biden actually compromised by the communist chinese? stuart: right. >> that is an amazing question
to have to ask of someone who is running for president of the united states, but that's the bottom line. stuart: okay. deal with this too. the president is behind in all of the polls that i've seen, a straight-up fox poll in three battleground states. the president is behind in fundraising. look at that, biden's raised more than $200 million more than mr. trump in september. how are you going to deal with that? >> well, you know, we have 12 days left in this captain, so i don't know how it's possible to spend the money, but we have $63 million on hand. that is more than enough that the president needs to spread his message, and the president is not beholden to these gigantic check writers that are propping up joe biden's campaign. the president has been reliant on small doe mothers. -- donors. it's gone up by 50% in just the last month. so it's absolutely certain that we have all the resources that the president needs to get his message out on tv, but we also have something that joe biden does not have. that is a massive volunteer army of 2.5 million volunteers.
they've made over 135 million voter contacts already. joe biden's not even trying to do that because no one's excited enough to volunteer for his campaign. plus, you see the president all over the place every single day. massive campaign events are going to be ramping up to three and four and five a day as we get closer to election day. joe biden has spent five of the last six days at home leading up to this debate. he's not been seen in public since sunday. that's absurd. he didn't have any vents on saturday, one on sunday and then none since then, and we're here on thursday, and nobodies has seen the guy. we like our approach better. it is a comprehensive campaign, tv ad volunteers and active campaign. stuart: all right. tim murtaugh, thanks for joining us. big night tonight. thank you, sir, appreciate it, always. >> thank you, stuart. stuart: now, gotta turn back to
and into more risky assets like stocks. >> right. stuart: have i got that right? >> buying more risk because you are more assured that you'll get some stimulus and some growth in the u.s. economy. can i also quickly mention some other positives this morning as well? and we shouldn't forget this because jobless claims came down below 800,000 for the week. i think that's important, there's recovery in the jobs market. also existing home sales highest since may 2006. we know real estate is about one-fifth of the u.s. economy. stuart: so we're going to interview larry kudlow. we've got pelosi saying we're just about there on virus aid. we've got great housing numbers, talk to him about that, and jobless numbers were prettied good too. >> excellent. stuart: and by the way, "wall street journal" guy dan henninger says if joe biden wins the election, then the political divisions in this country will get even deeper. dan, thursday, on the show coming up. ♪
♪ stuart: yeah, we do have a turn-around. we were down for much of the session, but now we're up for the dow and slightly down for the nas a dax, up -- nasdaq, up in the preponderance. mixed bag at the moment. trump, biden, hunter chaos. is disapproval of a president's personality reason to transfer power to the democrats? very good question. the author of that op-ed e is dan henninger, and he's with us now. i think you put your finger on it. there's an awful lot of people who are voting against trump rather than for joe biden. you don't care for that, do you? >> yeah, that's right. no, i don't think so. i think that's dangerous, stuart. but that is joe biden's strategy in this election. i mean, we just have to listen to him to know that. he is running wholly against donald trump and the idea that most americans cannot take four more years of trump's personality. and there may be something to that. his approval rating has never gotten above 50%.
but nonetheless, look at the other side of the equation. joe biden, has any candidate ever run on less than joe biden? he doesn't talk about much of anything. but we do know he represents something, joe biden has made a faustian bargain with bernie sanders, elizabeth warren and the rest of them. he gets the nomination, he wins the president is su e, and then he does business with them. and their price is going to be very high. we know it'll be high on the economic side in terms of taxes and regulation. but as well as the social side. since may 25th we've had all of these assaults from the left on america's history, its identity, its traditions. the tearing down of all those monuments, stuart, was a sobering experience as was the looting and so forth which the democrats would not condemn. and so i think we're facing the prospect in a biden presidency of having an unprecedentedly left-wing matter for the united states tradition come into power
in the united states. not just joe biden. and the question i'm posing is do we want to take that risk, going so far out of the checks and balances system that we have in the united states by simply voting against the president because we don't like his personality? stuart: yeah, i agree with you. that's quite an equation, isn't it? [laughter] talk to me -- >> yeah. stuart: -- about joe biden and china and the debate tonight, because we've got fresh information developing this morning which cheerily suggests -- clearly suggests that the chinese have something on joe biden. it's got to come up tonight, right? got to. >> it has to come up tonight, and i don't know whether kristin welker, the moderator, will bring it up. certainly, president trump will bring it up. but, you know, we've gotten past the point, stuart, where the mainstream media, the rest of the press can pretend this isn't a news story. it is news. we now have tony bobulinski
corroborating much of the material that was on, suggested to have been on hunter biden's laptop, the one they found in the delaware computer shop. so this is news. and it has to be left to the american people to make a decision about what we are hearing. because joe biden, if he were to become president of the united states, will be dealing with an adversary in china. and the question put before the american people is did hunter biden have deals with this chinese company? did joe biden participate in those deals? did he know about them? did he approve of them or did he not? and i think, yes, i expect president trump tonight will put these questions directly to joe biden. he probably will try not to answer them. but certainly before november 3rd comes along, the american people are going to have to make some decision about whether they trust joe biden's judgment which at this moment doesn't look particularly good, stuart. stuart: unfortunately, i believe it is now 36 million people who
have voted already. so this debate is meaningless for their vote, and anything that comes out about biden and china, meaningless for their vote. last word to you, dan. >> and isn't that ridiculous? if nothing else, what's going on now shows how absurd it is to allow voting this early in a presidential election when, given the nature of the news in our time, anything can happen in the days before an election. so i think it's really a tragedy that so many people have been able to vote without having this information in front of them. stuart: agree 100%. dan, always a pleasure. thanks for joining us, yeah? appreciate it, sir. >> sure thing, sir. stuart: coming up shortly, speaker pelosi says there's progress on the actual stimulus. her actual words were we're just about there. by the way, we've also got good housing numbers and is what about a clean sweep from the democrats? how bad would that be? we've got larry kudlow answering
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stuart: big ten football is back. however, the mayors of the 11 big ten cities are concerned it will cause a spike in the virus. they wrote a joint letter and said this in part, here we go. quote: we know the history of football games within our cities. they generate a lot of activity, social gatherings and consumption of alcohol! joe theismann, football legend, super bowl champ, is with us now. joe, i wasn't expecting that kind of pushback from the cities that are going to make a great
deal of money from big ten. what do you say? >> well, stuart, first of all, it's good to catch up with you again. it's interesting that they made the comments because people were going to sit home and watch television and watch games anyway. they've limited anybody that's going to go into the stadiums, so you won't have that issue when it comes to being not social distanced when it gets there. the college kids are going to do what they're going to do. i think the big thing is that the big ten moves forward. it's important to understand that they didn't want to do this. 2021, they were willing to wait until then, and they've seen everybody else do it. i think the most important thing the mayors can do and talk to other mayors in other cities and find out what the protocol is that they're putting forth and then try and emulate it as much as they can to be able to protect not only the students, but everybody in the area. and, you know, they're going to not only check the mayors in that city, but then the surrounding communities and also the communities that the teams will go play in. but i think it's important to understand that the protocol that we're seeing is somewhat unique because, remember, nick
saban tested positive, and then all of a sudden he was negative three times. so, you know, what decisions are they going to make, and what's the information that they're going to get that allows them to make the decisions that they need to? stuart: in my opinion, and this is strictly my opinion as a complete outsider, i think we've got to open up. i think we've got to get back to normal, whatever that might be, as soon as possible because you will never, ever get to the point where there is absolutely no risk whatsoever. you'll never get there. so accept risk, open up as fast as you can, and let's do this thing. what do you say? >> i agree with you. i really think so. and we've seen other conferences do it. i mean, just look at what's going on around the country. other conferences have done it. they've done an excellent job dealing with the protocol. way back when texas, i think texas and florida had some cases come up early, and then the all of a sudden now the coaches have learned from one another. the big ten, by the way, has the opportunity to learn from all of the other conferences.
i think we need football. we need college football. we need professional football. we're seeing a tremendous, you know, competition when it comes to the world series. incredible nba, and the guys in the nba did a fabulous job living in a bubble forever. so it can be done. the question is do you want to get it done, and i agree with you 100%. i think we have to open it up to a point where people can be smart. we got here because we were smart. we're not going to all of a sudden get stupid about the whole thing. so i think it needs to be opened up. stuart: absolutely. joe, would you hold on a second, please, because we're hearing the washington football team has chosen their name for next season. ashley's going to tell us what it is. >> how about the washington football team, stu? [laughter] let's be honest, not exactly the most creative team name. fans will have to get used to it for a while. team president jason wright says that everybody has to take a deep breath. picking a new name is a lengthy process, so it's likely that washington will stay that way
through the 2021 season. team owner daniel snyder recently told "the wall street journal" that the name may even be permanent, saying that the franchise has developed a, quote, classy retro look and feel. if the team does push forward in finding a new name, the organization says the fans and the community will play a huge role in the final decision. stuart: washington football team, the initials would be wft. hey, joe theismann, what do you -- >> i know where you're going with this, stuart. stuart: no, no, no, i'm not. i want to know what you think about the washington football team, the name. >> first of all, it's -- the name was changed in july, so we're really looking at only four months as we move forward to come up with a new name. i think it's a good decision to be able to take the time to get it right. there was so much made about it and not just recently. i mean, this has been an issue for decades when it came to the washington football team and the name that they had. and i think it's important that we take the time now to get it
right. you're going to get pushback no matter what you do. but just as an example, the rams football team took two years to change their logo, took two years to change the logo. so it isn't just the changing of a name. there's the copyright aspect of it, there's the business part of it. so there are a lot of moving parts that have to be taken care of. and i do believe the fans are going to have a say in it. they're going to have an opportunity to express what they believe, what they want to. the organization has said that they're going to contact alumni as well. so we'll all have a part in it when we eventually have a name. i would like to see a name come up. i don't want to be known as the washington football team going forward. ill like to -- i would like to see that happen. stuart: wft, i tell you. joe, thank you very much for joining us. wish we had longer to talk to you more. [laughter] >> look forward to it, stuart. stuart: you got it. larry kudlow next. let's get on with it.
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ask about saving up to $1,500 on your installation. virtual appointments now available. stuart: speaker pelosi says there's progress on the stimulus bill. she actually said, her words, we're just about there. larry kudlow joins now, national economic council director. larry, would you give us an update on the status of the stimulus talks as of right now?
>> well, look, the talks continue to talk, and committee people in both houses are discussing key issues, senate and house chairs. but having said that, there are still significant policy differences between the two teams. and those policy differences have not yet been solved. they have not been resolved. stuart: can i jump in for a second, larry? those policy differences would be bailing out big democrat states and liability for businesses. i mean, that's it, is that the sticking point, isn't it? >> those are two important sticking points, stuart, you're exactly right. the president weighed in yesterday regarding the state and localing spending. he does not want to bail out poorly-managed states red, blue or otherwise. he doesn't want to bail them out. he doesn't want to bail out their unfunded pensions.
that stuff can be dealt with later, you know, next year. not right now. it's not about economic assistance or covid safety, for example, so you're quite right. and there are other issues about health care and disbursements to illegal immigrants and this and that. so the heros act from the house has got to be amended, significantly more than has been the case. our team believes we've come a long way. so, again, the talks are talking, that's how i would put it. there's some optimism, but it hasn't been resolved. stuart: again, it just sounds like you're still far apart, and it really sounds like we're probably not going to get a deal before the election. i mean, that's what it sounds like to me. >> well, the clock's ticking. the clock is ticking. at some point you've got to ask yourself, i mean, just to get legislative agreement and votes in two houses and committee print, you know, that takes time. we've got, what, 12 days left or something. so, yeah, that's true.
the clock is ticking. stuart: okay. i know you want to get to the very good housing numbers and the very good jobless numbers this morning. so let me ask you about the fourth quarter of this year. bearing in mind great housing numbers this morning and pretty good jobless numbers, what are you now projecting for the fourth quarter? the growth rate in the fourth quarter? look, we know it's going to be terrific in the fourth -- third quarter, 25, 30%. but the fourth quarter, what's the growth rate? >> i think because of those housing numbers and construction and inventory rebuilding and consumer spending and, as you noted, all the unemployment claims numbers came down radically, look, i would put up 5-10% growth in q4 as a preliminary estimate. because i think there's a lot of momentum from going from the third quarter into the fourth quarter. so i'll give myself a range of 5-10%. stuart: that's huge, larry. that's much bigger than most other people are imputing for
the fourth quarter. >> well, i know some pretty smart wall street economists who are in that same zone, and i know some smart people off the street who are in that zone. but if you got something like that given what we are looking at for q3, let's say you've got, i don't know, 5% in q4, the year-over-year, the fourth quarter over the fourth quarter, will only be down less than 1% if the numbers pan out. so, again, we have work to do. unemployment is falling, but we have work to do. we must continue on that. that's why some emergency assistance would have been a good idea. we've got small businesses that need help, airlines that need help. but the rest of the economy is showing tremendous resiliency. you know, guess what? low taxes and rollback of regulations are a great stimulus and incentive. and i think tonight, i hate to go out on a limb, but i think president trump is going to raise that with mr. biden. i mean, if you're going to raise
taxes and reregulate across the board according to the hoover institute and stanford university, you're going to lose 5 million jobs, $6500 of family income, and you're going to lose $2.6 trillion in gdp, almost 10% of the economy. so mr. trump's going to go for middle class tax cuts and business tax incentives as well and some onshoring incentives. you will hear him talk about that. the deregulatory policies will remain in place. he is the candidate of growth, prosperity and optimism. the other team is showing us what high taxes, stagnation, decline and possess nhl. pessimism. it's a very simple, clear choice. stuart: we've been editorializing this morning on why a clean sweep, a democrat takes the white house, the senate and the house stays under democrat control, that's a clean sweep. we're calling that an absolute disaster. how about you? >> well, i'm not going to make any forecasts.
i'm not going to break any news here. i am for trump. i think you know that. i will vote for president trump, and i believe president trump will win. i'm not sure that's going to shock anybody. i will leave forecasting to other people, and we will know in due course, in 12 days. president trump, as you can see his numbers are closing rapidly. he's really gaining pace, and he's got a lot of momentum and so forth. but, look, most of these elections are determined by economic policy. this election going to be economic policy and safety and security. and i think the president's track record on all three areas is superb. and you'll hear a lot about that this evening. if you're talking families, if you're talking race relations, that goes back to the economy. unemployment were at historic lows before the pandemic for all the minority groups, okay? income for middle class families was soaring. you'll hear a lot about that
this evening. mr. biden has to be held to account for policies -- you know, you tell me, stuart, let's you and i go out and find a good, pure-bred, keynesian demand side, all right? if john maynard keynes were here after this pandemic contraction and you asked him, mr. keynes, should we be raising taxes? i guarantee you from the general theory, which i have read, he would say no. he would say no. stuart: he would. >> give me a good keynesian, stuart. i'm not in that camp, but i'm telling you, give me an honest keynesian, and no one woulds raise taxes -- would raise taxes. stuart: you knew that, thank you, sir, larry kudlow. >> thank you, stuart. stuart: thank you. quick check of the big board. we have turned south, but it's nothing serious. we're down 22 points. we will have more "varney" after this. ♪
if you didn't catch it leslie says but you are okay with tough questions and says no, i'm not. you don't ask abide in tough questions. how true it is? during the day i'm sure you'll hear the rest of that tape from president trump. my time is up unfortunately but neil, it's yours. neil: whining, whining, whining, i don't know. i'm sorry. both sides with this, just stop. stop. i'm sorry, stuart. did not mean to veer off course there. very -- thank you very much my friend. a lot more on that both sides playing this game and of course you see that in color tonight. the last and final debate they do have that microphone pause capability so we will see how often that is used if used at all and it could be pretty contentious and mr. varney was indicating some of the issues that could come up