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tv   Varney Company  FOX Business  April 27, 2022 9:00am-12:00pm EDT

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reviews. go figure. maria: again, reminding me that you have to listen to every word on this program, everybody brings something great. dagen mcdowell, joe concha, great to be with you. dagen: i missed you so much. maria: have a great day, varney & company companies now, stu, take it away. stuart: good morning, everyone. this is not much of a rebound. another big drop for stocks but if you're hoping for huge bounce, we are not seeing it, at least not at the open, the dow down 809 yesterday, up 230 this morning. s&p way down yesterday, up to 16 today and the nasdaq which is now down more than 20% from its highs last november might be up 20 odd points today. it was down 500 yesterday. again, that's not much of a bounce.
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two big profit reports, microsoft and google yesterday afternoon radical difference in the stock price movement this morning. microsoft is up on better profits and sales and growth in the all-important cloud business. google, alphabet, down surprising to me the youtube business did not perform well. microsoft up 11, alphabet down 90 bucks. more news affecting the energy markets. oil was $103 earlier, now 101. gasoline moving up a little bit to 413 per gallon. diesel 509 and look at net gas, also a little higher. here is the news, russia has suspended oil and gas supplies and sales to poland and bulgaria and that's what's pushing energy prices up. putin is not happy about nato providing a lot more heavy weapons to ukraine, now his own army not in good shape and retaliating by cutting energy
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export and affecting their price. musk takes twitter and the reaction tells the story. fear and anger because the left has just lost a mouthpiece, they know it and they're mad as hell. twitter's top lawyer burst into tears when she addressed staff after takeover. how bad is it in shanghai lookdown? really bad, starving people, rotten food, drones and wrote with thetic dogs that bark orders and the communists struggle to keep a lid on the people. this is part of the stock market's decline because china is slowing dramatically and maybe bringing the rest of the world to recession, that's the theory. it is wednesday april 27th, 2022, varney & company about to
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begin. ♪ ♪ >> stuart: thank you very much, indeed. our guest this morning pointed out that that is love stewart. i didn't know that. we will get to our guest later. he's firing back at people criticizing taking over twitter. good morning, lauren. what he's saying? lauren: calls criticism reaction coming from those who fear free speech, he continues, by free speech i simply mean which matches the law. look, the first amendment is his north star here. what's so radical about that? he was responding to critics pretty extreme reactions to the purchase. did you see the politico headline, we will show it to you. twitter's top lawyer reassured staff and cries during a meeting which was virtual. she's upset about the takeover. she's the moral authority at twitter. she's the one who ultimately booted president donald trump
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and censored the hunter biden laptop story and guess what, elon musk responded to that. suspending the twitter account of a major news organization new york postfor publishing a truthful story was obviously incredibly inpresenter. and now poof interchanging. literally. this is what usa today finds, 72% of congressional republican accounts gained twitter followers, like jim jordan, 3500 new followers overnight and guess who lost a lot of democrats like aoc, she lost 10,000. so the big question is why, why are more republicans signing up now, maybe. are the algorithms getting tweaked because they are exposed, maybe, but it is a coincidence and timely one. stuart: i love it, i love it. i'm cheering the man on obviously. microsoft alphabet, that would be google, lauren, would you start with microsoft.
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i see up 4% this morning, the highlights from the report. lauren: they grew all 3 of the major segments, they raised their prices in the quarter and still grew 17% and windows grew as well. so i'd make the argument that the bulk of microsoft's revenue is recession proof. it's resilient, it was a $49.4 billion revenue quarter for them. stuart: okay, alphabet, not so good, down 80 bucks. the youtube division, i thought that would be stiller but apparently not. lauren: the ad sales on that division is going down. that's one theme because of russia and inflation concerns are starting to pull back, you will see likely when meta facebook reports. the other is cloud business, it's popular but not profitable. that's the problem. so we will see tonight when we hear from apple and -- and meta, sorry, not apple, from when we
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hear from meta tonight. are they going to go more the way of microsoft which would be positive or in this case google? stuart: i'm just looking at the highs, google the high was 3,037, so 22.85, down 800 bucks in the stock. lauren: it's down 18% this month alone. stuart: just like that. check the futures how we will open up this morning. we will open up -- dow down again after losing 500 points yesterday. the guest i referred to you earlier is formerly bullish brian, i don't know if he still is, he's sitting next to me in new york. he's escaped florida to come up here to new york, you are crazy? have a nice day. >> it's an honor to be in the studio. it's great, yeah, yeah. stuart: do you still think that this market will make new highs before the end of this year? >> we do. and here is why? stuart: are you kidding me?
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i have to nail you on this? do you think the nasdaq will come back 20% by this end of this year? >> i think more than 20%. so here is why, if you can be contrarian to have the analysis to back it up, be contrarian, here is the analysis, since the end of the year, numbers for the market in terms of earnings growth are up, stuart. no one is talking about that. number two, the stock market has already discounted this recession, supposedly we are in a recession, okay, but we don't think we are because the consumer rains very strong and what we saw in the earnings so far is that the companies that are delivering earnings are being rewarded, ie, microsoft, the ones that are having cyclical problems like maybe google are not or netflix. but we think these large technology companies actually are the best of stability in
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terms of tech to own in the longer term. there's the secular grewers, the cyclical growers and the ones market has been discriminating. those the names that you want to avoid maybe the next two or three years, but technology is the backbone of this economy. we think it's going to continue to be strong for the next 3 to 5 years and that's why you want to own individual companies and not buy etf let's say and really focus and be very, very focused on the individual ideas. stuart: it's quite advantage obviously you're sitting next to me. let me hear what you have to say about being bullish and new highs by the end of the year. i'm not entirely convinced but you do make a good case. >> thank you. the other thing too is that everybody in their brother, brother, cousin, uncle thinks inflation will continue to soar? >> you don't? >> we see a peak in inflation. if you take a look difference between core or full ppi or basic cpi, you're starting to
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see on a month over month basis beginning to peak and i think the key thing -- the fed will raise 50 and 50 in the next two meetings and we will wait and see. stuart: brian, great to have you in new york. very interesting analysis right there. i want to take it. thank you so much, brian. >> thank you. stuart: senator josh hawley sent a letter to elon musk and he wants them to open the books on who twitter has shadow banned, suspended or censored. sean is with us this morning, i like the demand to open up on twitter but i have to tell you, the top lawyer burst into tears when addressing staff about musk's takeover. do you think the jig is up for the left in twitter? >> i think it's up for sure, stuart, but here you have to look at -- you made this point earlier in the show. you're starting to see all of the americans start to get twitter followers. my wife rachel got 30,000 twitter followers and shows the extent they are doing to ban
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followers and ban your content and so i think the twitter employees today are going to be working overdrive to cover their tracks to hide what they were doing in regard to conservatives, what they were doing for the last election and how they were playing politics with this platform and so, again, if they can cover the tracks before elon gets in there it won't be exposed but for sure elon musk should expose all of the nefarious behavior of twitter 100%. one of the points when you were mentioning alphabet and the issues with their youtube platform, you also have to look, youtube has been a great banner of conservatives and so people have been over to rumble. when you have business models that try to take out half of your customer base it doesn't make any sense and i think competition at least in the video space is going to rule the day for rumble and for youtube. stuart: okay. you are at the crypto conference in the bahamas, i can tell from the background, although you're trying to obscure the palm
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trees. you have 30 seconds to tell me which crypto you are now buying? >> i'm still bullish on bitcoin. listen, this conference is fantastic. we are talking about the future innovation, regulation, everyone is excited. the one draw-back is that there's no stuart varney here. stuart has not bought into the movement yet but i have to tell you, i think there was a susan -- she may be moving in the direction. she's been a skeptic but i think she's coming over and this is a huge conference. i got the -- the short end of the stick that i had to cover the bahamas, stuart. i don't know who is watching the kids but we are all going to survive. stuart: you got the short end of the stick all right. say hi to susan for me because she's, indeed, at the bahamas conference. robinhood has announced layoffs. now i think it's because in a bear market retail investors have walked away from meme
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stocks, lauren, you tell me how severe are the cuts? lauren: i think that's a big part of it. 9% of the staff, they didn't say how many, 3800 employees that the issue is the company grew too fast so so many of those jobs that they added during the growth spurt are now redundant. look, they report tomorrow. they are trying to get more customers, win over more subscribers, they just increased the number of trading hours that you can trade per day. not sure the strategy is working because look at the stock right now, 15 minutes before the opening bell. ipo to $38, they hit high of 85 and now they are under ten. stuart: ouch, that's a big loss. one more time, let's have a look at futures, i'm telling you folks this is not much of a bounce after yesterday's big loss. nasdaq is further south. free speech, is not free for everyone on twitter. according to one view host she says it's only for straight, white men. >> on twitter it's predominantly
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straight white men so when elon musks says, wow, this is about free speech, it seems to me that it's about free speech of straight white men. stuart: just laughable isn't it? well, douglas murray has something to say about that. he wrote a book about prevailing in the age of unreason. what a suitable title. moscow shut off natural supplies to poland and bulgaria. four-star general jack keane on that next. ♪ ♪ ♪
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stuart: russia has stopped
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selling oil and gas to poland and bulgaria and this appears to be in retaliation for nato selling more heavy weapons to ukraine. griff jenkins in ukraine. the very latest, griff. griff: stuart, good morning to you, last night president zelenskyy as he does every night of 63 days of this war took to the microphone and he talked about the nuclear threats that could be coming from russia quite alarming, take a listen. >> i believe that after everything that the russian troops did in the chernobyl zone and the plant. griff: defense secretary lloyd austin rallying officials on how best to meet security needs, comes as russia continues to
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pound in the east, in the city of kharkiv with russian troops gaining ground in the eastern donbas and more strikes in the besiege port of mariupol where the humanitarian corridor does not exist. many hoped that would be the product to have meeting between un secretary general and putin who by the way continues denying atrocities like those committed in mar boll and bucha, we heard with a 20-year-old woman tatiana and was walking with her mother when russians shot her for no reason, watch. >> i heard a gunshot. i saw something was coming from the back of my mother's head. she fell down, i screamed lay down and so me and my father, we also fall on the ground and my father turns back and he saw my mother's face in blood. he understood that she had bullets. griff: something we are keeping an eye on, for the second day
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explosions rocked for area call in maldova knocking radio antennas, ukraine blaming russia as there are fears russia could invade moldova next. as you mentioned the cutting off of natural gas to poland and bulgaria another growing sign that russia has very little intentions of backing off this invasion now going into its third month. stuart. stuart: griff jenkins, thank you very much, indeed. for the military analysis jack dean in new york today. all the weapons going into ukraine. sounds to me like a real mobilization on our part. is that right? jack: very much so and based on what the ukrainians really mean and secretary austin have been working with them.
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secretary austin and general milley had meeting and they had 40 nations show up. really quite amazing when you consider that many of them were not european nations and so appeal there was to get them to step up and support it. some of them are not going to declare publicly what they are doing but they are going to do it and that is absolutely what is needed. the united states cannot do this by ourselves, we need that assistance to keep the flow of the weapons going. it would be crucial, the flow of the weapons will have a direct correlation to the outcome of the war. stuart: but can the russians keep the flow of men and weapons going. i saw you earlier this morning talking about russia losing 500 tanks, is that accurate and they can't replace them and they lost a lot of frontline troops and can't replace them, they are not performing very well? >> no, no, the russians, you're right, stuart, they have their
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own issues, they are morale issues and leadership issues on how to fight the war and logistic issues to be sure. but here is what they do have, they do have enough forces in ukraine here certainly to grind the ukrainians down. i'm very concerned about their artillery which which they have a preponderance of, the russian way of war is use of artillery, they couldn't bring it into play in the battle of kyiv because the ukrainians pushed them back in the suburbs but they are having it in place now. they are pounding ukrainian positions as a result of that. they can grind them down and make some penetrations. in the last 24 hours they're had some success in moving forward out of the city of ezum and south toward the donbas. that's the first time that we have seen that kind of successful movement. stuart: would you say that at this moment ukrainians are winning? >> i don't think either one of them are winning frankly but the ukraines certainly won first
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phase of the war. that's indisputable and that was to topple kyiv and topple the government. they stopped that from happening. this phase is crucial. it lends an advantage to the russians because the terrain is open and flat and the ukrainians don't have the buildings and the structures to conceal themselves and provide protection like they did around kyiv. they are out in the open, they dig fortified positions, fortified positions are easy to detect, you pound them with artillery. what kills artillery is artillery and also air power. stuart: they are getting the helicopters. >> the radar to help them to do that. stuart: always great stuff. yes, sir, thank you. check at the futures, here is how the market will open in 7-minute's time. modest bounce-back. very modest from yesterday's big loss. the opening bell next.
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stuart: two and a half minutes to go before the opening bell
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rings and we are going to be up modestly. dip-buying, that used to be your favorite thing. it's only for the very brave today, isn't it? >> unfortunately it is because the market doesn't have any momentum one way or another, unfortunately there's nothing on the downside but that doesn't mean we may not see momentum to the downside. this is an important week, stuart, i think -- i expected the markets to bounce back. yesterday was frightening. today we don't see much of a rebound happening. there's a lot of technical reasons why they should bounce. this is a stock-picker's market and buy any dip and told on. stuart: tech earnings, i know what we have seen what we are seeing, microsoft, google, what do they tell you about the state of big tech today, just those two? >> well, tells me that investors are going to punish companies
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that miss and microsoft being perfect example of beats across the board as far as microsoft goes. that's the kind of stock that people who want to commit capital can take a shot because microsoft off of its lows and earnings out and google the opposite, earnings are out, not below expectations, you don't want to buy a stock that's trending down. stuart: some of the big names on the left-hand side of the screen, they are so far down make sure wonder that they don't have a bottom. the high was almost 3800 bucks. i mean, down close to a thousand bucks. i mean, are these the lows do you think? >> i don't think they are the lows. i lake all of them especially amazon. i think it's a question of timing. i don't think the market has seen the bottom. until the fed has -- provide guidance on what the policy is going to be, they need to set it
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and lever it alone so investors know what's ahead and investors can step back in and until the fed goes back in anything can happen and they could make policy errors and see the market tank. stuart: if i were to put more money in microsoft today, what do you think? >> i think absolutely, yes, a great spot to take a new position in there. again that being said, i keep my stocks really tight because we can reverse and make new lows, so, yeah, getting into microsoft good idea but use the tight stock, 15%. stuart: okay, god advice shah gilani. thank you very much for being with us, sir. the market has opened on wednesday morning, we are up 187 points butless remember we were down 809 yesterday. i would say that it's a rough split amongst the dow 30, 50-50 winners and losers. the s&p 500 up only a quarter of 1% and look at the nasdaq, it was down 500 points.
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that's not much of a bounce, is it? big tech all over the place. microsoft and amazon are up, the rest of them down again. show me meta, please, 175.99 at the moment, they report after the bell. they have a report coming up. lauren, what should we be looking for? lauren: ad sales. facebook's is the second biggest online advertising platform and google sent the warning shot last night. advertising is 97.3% of overall revenue at facebook, so if that slows their overall revenue growth is expected to slow. it is expected to grow. $28.2 billion in the quarter but that would be the slowest on record for facebook. and then you also have to look at the other problem which is growing their subscriber base, their user base. daily active users. they are expected to rise to
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1.95 billion but that might in the happen and that's why the stock hammered this year, 46% this year, they are all down sharply double digits, facebook is down the most. 19%. stuart: 384, today meta is now called 175. lauren: isn't that incredible? stuart: spotify, now i thought they came out with good numbers? lauren: they did. stuart: did they make the call -- lauren: yes, spotify is a winner, total monthly active users rose 19%, record 422 million in the quarter, what's the problem? what's the problem, the forecast. this quarter they are only expected to grow by 1 million users and that's considered tepid. stuart: all right. boeing. that stock is very close, i believe, to a 17-month low. they reported earlier this
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morning. what was so bad about the report? lauren: everything. i mean, my biggest takeaway was the triple 7 passenger production halted through next year as a result boeing is taking 1 and a half billion dollars in charges. we have no date for the delivery of the 787 dreamliner, okay. keep going down the list. they reported larger than expected loss and sales that missed expectations. their dow stocks, it's nice to see down sharply. stuart: all across the board there seems to be problems with supply chain, staffing, all of that bringing the companies down. let's have a look at chipotle, please. it's up 4.7%. apparently was it staffing back is back to pre-pandemic levels? i know the ceo was saying something about automation. lauren: shipping. their new robot to do the things that humans don't want to do because labor is expensive. it's one of the many
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inflationary issues that chipotle faced in the quarter. i have to say i'm surprised. you go to chipotle now, it's not cheap anymore. it's getting expensive, guacamole, beef, you name it. they have raised many prices and we are still paying, they grew comp sales 9%, bigger than expected. they are predicting 10 to 12% growth by that metric in the current quarter. up 14% when they've gotten so expensive and they will likely continue to raise menu prices. stuart: consumers have got the money. lauren: visa said we raised spending by 17%. stuart: how about matell. lauren: wall street journal says they have been talking to apollo and matell would be pretty expensive, valued at more than $8 billion and they just finally
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inked a solid licensing deal where they are making toys for for disney's frozen, that's good for them. well no more today. we will see if they comment on this because they do report today. stuart: watch out for the call. lauren: yeah and the questions from journalists. stuart: what's with general motors? lauren: cars are expensive and what gm is doing as they navigate chip shortage and crisis they are focusing on expensive models. then you talk to the analysts and this could be holding back the stock, it's up but not by much, look, there's a limit on how much you can keep increasing prices because there's only so much a customer is going to pay for a car and you're focusing on the most expensive ones, what about everything else? stuart: ain't that the truth? i have one last one about the state of the economy, bank of america looking for a major global recession, is it that bad?
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lauren: they are pretty pessimistic, it's deutsche bank. they are warning of a deep u.s. recession by late next year. and the reason would be the federal reserve, they are bringing the fed fund rate to 5 or 6% at the same time reducing balance sheet and that's why they are predicting but a short-lived recession. meaning if the fed can get inflation under control and they can be aggressive quickly, you can manage it a little bit better, but yeah, it's not good. we have a nice gain for the dow, up not even half of 1%. yeah. so this isn't a bounceback by any means after the damage that we saw yesterday and friday. stuart: is it shored lived or short live? stuart: short live. get away with anything. dow industrials the top performer there is up 2%. apple nice gain. a buck, 1.57, please remember apple's high was 182. not that far away.
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s&p 500 winners headed by -- lauren: phase energy. chubb. we have -- stuart: chipotle is on the list. nasdaq winners i'm dying to see microsoft. is it there? it's not. check the big board why don't we? lauren: one of the two nasdaq 100 stocks that was positive yesterday. two nasdaq 100 in the blood bath that we saw. stuart: only two. 7 minutes of business under our belt and dow is up whopping 124 points, the ten-year treasury yield 2.75%. you still have money flowing into treasury to safety, gold coming down some more, down 11 bucks at 18.93, bitcoin holding at 39,000 bucks. oil just $100. net gas, i'm interested in this, i would have thought the price
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would have been up some more, shy of $7 per million units. gasoline keeps going up ever so gradually, now you're up at 413. in california it's 4 -- it's 5.68. all right, that's the markets. we told you about the sheriff taking on wokism. remember this? roll tape? >> wokism is on the ropes, let's put it out of its misery in '22. my only goal is to make la livable again. stuart: alex villanueva is here in the 11:00 o'clock hour. electric flying saucer, grabs your attention in every garage, that's what one company is aiming for by 2040, i hope i'm still alive to see it. how far does the trump endorsement get you, ohio jd vance hoping it will take him
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stuart: the ohio republican primary next week connell mcshane is there. this may seem like a strange question, connell, what does china play in the primary? >> we are talking to companies that are based here in ohio, they want all candidates to be tough on china. it's across the board. we see it at an established place like this, first solar today and we have seen it at start-up that we visited right outside of columbus american
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nitro, it's in the business of making disposable latex free loves and want to scale up in the business quickly but he says he needs help to take on the chinese. >> we would love to see the government do more and give tax incentives and keep tariffs high or reinstate tariffs right now while they they are considered garment. well, it doesn't really help. >> they know all about subsidies from china and the ceo was telling us it seems to be bipartisan consensus at least when it comes to the rhetoric. >> i think there's alignment for both on the republican and democratic side for manufacturing as well as having competitive spirit to compete against the chinese and try to create a level playing field.
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i would say disappointed in the lack of progress, we don't have the outcomes that we would have anticipated. >> mark has been pushing for tax credit, initially proposed but not included in the infrastructure bill. as to what it means to the senate race, we will see. tough talk on beth sides, certainly in the crowded republican primary. they are pulling all over each other who can found tougher on china, stuart, but you see it on the presumed democratic nominee, congressman tim ryan. he was attacked by the left, asia american group came out that anti-china tv ad went too far but he has continued with the tough talk as well. stuart. stuart: connell, thank you very much, indeed. staying on ohio, look at this. new fox poll shows that president trump's endorse meantd vance increased support. do you think that mr. trump's support of jd vance is enough to put him in the senate?
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>> well, catapulted him to the lead and whoever wins the republican nomination is going to win the senate seat in ohio. ohio has become a very red state but president trump's endorsement is highly sought after by republicans and you saw with jd vance when he gives the endorsement they jump ahead. dr. oz is an example and that's why you see a big line in mar-a-lago. stuart: what about dr. oz in pennsylvania, trump supports oz, is oz in the lead? >> yeah, he's jumped up in the polls as well, stuart, as well as ted budd. we had races in michigan across the country that he endorsed in and all the candidates won the convention. we had it in texas.
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so there's absolutely movement with his endorsement and it shows the power he has in our party. stuart: one exception to this, though, and that's david perdue running for governorship in atlanta, georgia, mr. trump supports david perdue but he has not gained much support. in fact, he's very much under water compared to brian kemp and president trump had a real problem with brian kemp and trump's endorsement of david perdue is not working there, any comment? >> well, hershel walker the president endorsed. he's way ahead in the primary. it'll probably go to a run-off in georgia if one candidate doesn't get 50% they will go to a run-off. it's early to tell but we have seen -- >> stuart: looking back to the election and you're shaking your
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head, but we surely republican voters don't want to look back. they want to look forward, don't they? >> i think the thing that republican voters are looking at right now is the catastrophe of joe biden, inflation, gas prices, they are thinking about their lives today and right now everything cost more, life is harder, money is workingless and less for the average american and they know that it's because of policies coming out of this administration, on top of drug overdoses, open border, what happened with afghanistan, the list goes on and on as the failures of the biden administration and the american people are showing through primaries that we have seen and elections we have seen this year, they want to course correct and that's why we are on the track to win back the house in the senate. ronna mcdaniel, we will see you again soon. >> thanks for having me, stuart. stuart: sure thing. coming up blastoff, spacex,
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another musk operation launching its first astronaut mission in less than two years. i call that impressive. we have the highlights from kate canaveral for you. the price of airline tickets already sky-high, now pilot shortage threatening your summer travel plans, jeff flock has the story after this. ♪ ♪ ♪ you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit we got the house! matching your job description. you did! pods handles the driving. pack at your pace. store your things until you're ready. then we deliver to your new home - across town or across the country. pods, your personal moving and storage team.
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stuart: air lines cutting back on summer individuals and sched. >> you're absolutely, correct. they are training them up and paying them more. do you know now that airline pilots actually make more than news anchors believe it or not on average if you total the numbers up according to the labor statistics. stuart: that depends on which network you're working for. it depends on which network you're working for. jeff, continue your report, please. jeff: i did say on average, sir, i don't know where you're in the average but i'm guessing it's
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not at the bottom but i move onto say that we need 14,000 plus new pilots each year every year between now and the end of this decade according to labor statistics and the airlines don't think they are going to get them, consequently they are cutting black flights, take a look at what jetblue is doing, 8 to 10% of the flights this summer going to be canceled. spirit canceling 5 president obama 6% of its schedule and united regional partners, the guy that is run the short, 150 planes in total because they don't have the pilots to fly them. we talk today mike boyd, the only thing that is going to help this in the oil business is demand destruction but basically inflated prices for air travel. listen. >> you are going to have fewer seats out there. you will have demand for those seats, we think, but then by the end of the year we will have something called inflation trying to cut to what airlines would be able to book.
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i think by the end of the year we will have less flying but also less passengers. jeff: and let me leave you with one here, stuart, from philadelphia international airport as we overlook the the runways, in terms of getting passengers here to atlantic airport, they don't have enough planes, they don't have ability to do that, what they are doing contracting with the bus company. if you want to fly from say la to atlantic city, they fly you to philadelphia and then they put you on a bus. air travel becomes bus travel. stuart: it makes sense, i can see the rationale for that, that's what they have to do. jeff flock, see you again soon. lauren is with me. the faa will meet the airlines next month. i'm told this is a big deal. lauren: well, it is. in florida in person in florida because that's how you do things in florida, no virtual. it's happening next month according to reports and the reason is there have been so many cancellations and delays
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particularly last month, 9,000 by some measures. why, why is this happening? why can't -- is it the weather, why can't air get flow of traffic right when it comes to that state? i've been to the airport recently and you look at the board, west palm beach, flights canceled, florida has seen record tourists, military operations but why have so many people have been complaining that their flight is not getting when it needs to? stuart: faa is doing something about it and they should. next wyoming senator barrasso and lieutenant governor of florida janet muñoz. the 10:00 o'clock hour of varney & company is next. ♪ ♪ ♪
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♪♪ stuart: singing along with it. i don't know the name of the song, moves like jagger? it is 10:00 eastern time, straight to the money. i call this the minorly bounce after yesterday's big selloff, the dow up 300 and the nasdaq up 170, up 175 but much more
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sharply lower than that yesterday, the 10 year treasury yield, 2. 76%, the price of oil around $100 a barrel and bitcoin this morning coming at $39,300. latest for you realtors, latest read on pending home sales, the number please. lauren: this is when the contract is signed, it is not closed, fell 1.2% according to the national association of realtors. that was better than expected but down 4 months in a row so the story for the housing market is costs going up and mortgage rate is 5%. will prices start to come down? stuart: only time will tell as they used to say. now this. the left just lost the mouthpiece. they lost twitter and are mad
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as hell. they are scared because they lost control. they thought they could make us conform to their progressive ideas, that we would buckle under to wokesm, demonize people and call them names, never thought that elon musk would call him out. they couldn't imagine being knocked off their perch but that is what happened. there will be more speech, more opinion, more debate. that is a fine thing for america, a disaster for the left, you can tell how bad it is when twitter's top censorship advocate burst into tears when addressing the staff about musk's take over. where to from here. musk and do a lot more with twitter as a private company, will find it easier to open or change the algorithms the left used to push their point of view. that's important to democracy before the november elections. what will they do if they can't
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suppress the hunter biden story. after opening the platform, he could use his dynamism to turn twitter into a dynamic more profitable innovative company. he has a track record to die for and after that go public again and musk takes his prophet, more free-speech and more profit. only the left could object. second hour of varney just getting started. let's get right and it. more speech, more opinion, in time for the elections. most of us are cheering this on. lauren: let's take a deep breath. what is he talking about, having a difference of opinion allowed on a social media platform is causing liberal left to go nuts and what it points out, what it reminds us
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of, what a small portion of the country is driving the bus in our country because they need unanimity, all the social media platforms to echo what they say, they need academia to be on their side and corporate america which has thrown in the towel and decided they have to come on board, this is ridiculous. do you know what the self identified party affiliation and ideology is in america? 36% conservative, 35% moderate, 25% liberal. pew did a survey showing 6% consider them progressive. 6% is telling every buddy what to think. stuart: a small group of people who run facebook, twitter, alphabet, youtube and infiltrated major corporations with their wokesm.
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things are beginning to change. liz: i thought ron desantis pushing back against disney was a good move. some people think he overdid it but corporations have to be responsible to their shareholders. their stock has been terrible this year. partly because they are not tending to their business. corporations are supposed to work for their shareholders and they don't do that. i was cheered to see exxon, out and say they will no longer allow black lives matter flags or the gay pride flag flying ese corporations, more social media
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platforms begin, the majority of the country does not like what we are doing. we won wait until after the elections when the democrats get messed up. if they get hammered in november, the anti-wokesm trend will pick up. thanks for being with us. following musk's twitter deal republican lawmakers see an increase, what kind of increase are we talking about. >> when example is ron desantis. in 24 hours monday to tuesday after this deal he can't 141,000 followers. whatever prominent or vocal republicans look at donald trump junior, gained 87,000 and speculated as to why on twitter
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he wrote i wonder if management is burning the evidence before the new management comes in, not saying that is the case but shocking they are up so much and aoc lost followers, barack obama who was such a pc tweeter, the most popular person on twitter. liz: he is not in charge of the company. elon musk is not running twitter but this is fascinating to me. is very cadre of employees who don't like what is going on and going back to the numbers. who knows? stuart: that is possible. lauren: for this election cycle this year, donations, this is from twitter staff. 99.4% of the money went to democrats, 99.4%. stuart: they are losing, they
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lost twitter, it is gone. a wonderful thing. >> there are no words, it is all about free speech, no one is saying unfettered speech, just free-speech so it might not be what you want to hear but you have the right to say it. we when we are having too much of a good time. eddie gabor has been right on the stock market and still saying sell into this rally. is that what you are saying? >> we've not been buying these dips in the high-growth names. we been out of these high beta sectors starting in the fourth quarter of last year and completely out by january. this is not an environment to be buying growth stocks. i don't understand why the narrative continues to call you bottom when we are witnessing one of the fastest slowdowns in
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history and the fed hasn't started doing their 50 basis point rate hikes yet. my job when i am investing dollars for families, we do everything we can to protect against major drawdowns we see every 7 to 10 years, we are only halfway through in my opinion. stuart: only halfway through, those are keywords, the nasdaq is down 20%. are you telling me it has another 20% down still to go? >> i think the s&p is down 20%, the nasdaq will get to 30% down on a best case scenario. the only thing that will change that is if the fed pivots, trying to tighten as fast as they are when you see this data come in week after week if it clears it can mean this economy is slowing down and they will come in and drop the hammer on it destroying certain
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companies. this reminds me a lot of 2000 when we had the tech bubble burst people thought it was down 20%. some of those company went down 90%. they are good companies and whoever lasts in this is going to be the big winner in the long-term and thursday it will be huge. if apple disappoints on earnings that will take the next leg down really fast as to how many people own that company so this is a dangerous time period to be trying to take the bottom. we when we are glad you are on the show despite what you are saying, good analysis, interesting stuff. if somebody has spare cash, what should they do with it? >> don't know what the total picture is but if that's the only task you have hold onto it because you will have some amazing buying opportunities. the only areas we have been adding our metals, we are adding a little bit utilities
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because we had four positions there but in regards to the high-risk stuff there's nothing there looking at all. . it is easy to be good when the markets are up. a few test of a portfolio is how it is doing this year when the water is treacherous. stuart: i am down big time. i suppose i should have listened to you but i didn't. >> we will invite you into our family. stuart: you are all right, thanks for joining us, see you again soon. lauren is looking at the movers, starting with because i, not bad, 2%. >> it should $120 billion of market and i say this roller coaster continues for tesla until october 24th when elon musk is expected to complete the buyout of twitter. you go to dan ives of wedbush
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and he says if you look at the equity financing musk has to put up where is it going from? will he bring in a group of investors? does he go at alone? does that detract from tesla? the stocks because they share a ceo, go hand in hand. we will move on to visa, up 7%, what's the story? >> they expect revenue to blow past 2,019 levels. based on 17% jump in the last quarter. that is happening, swiping swiping swiping despite inflation. no one is cutting back. stuart: lucid, electric vehicle folks are up this morning, not bad, 2.7%. lauren: they are buying their electric vehicles over the next decade. stuart: the administration wants another round of covid
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funding, the cdc says current public health conditions have improved enough to lift title 42. we will deal with mixed white house messaging. love you's cohost at tax elon musk's crusade to bring back free-speech on twitter. role tape. >> it is predominantly straight white men. when elon musk says this is about free speech it seems to me it is about free speech of straight white men. stuart: laughable. coming up shortly, we will deal with that. ♪♪
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♪♪ i can't get no ♪♪ stuart: a little rolling stones as you look at austin, texas, 70 °. the music we play, spall out -- follow us on spotify and search "varney and company". look at the markets. the dow has turned south and so has everything else, the dow was off 28, nasdaq down 43, s&p down a couple points. that's a real turnaround. we opened higher and now we are lower. harley-davidson down 2% and slipping on earnings arising costs and a chip shortage that left them unable to meet demand. you might think that was a good situation to be in, apparently not. elon musk addressing the back lash from his takeover of twitter. what is he saying today?
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lauren: critics who are crying and canceling their twitter accounts. the extreme reaction from those who fear free-speech, what do they fear to this? donald trump being allowed back on even though the former president has not. and aa cp president derek johnson writes, people have a few questions and recommendations. the organization, the naacp said, don't become a petri dish for hate speech. don't put 45 back on. blue and you lost me. how you can ban a sitting president of the united states of america. lauren: maybe i am naïve but if you authenticate every human being is get rid of the spam bots and there is a real person, people might not be so mean. sometimes i go on twitter and
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-- whatever, i don't even go on anymore. if that was a real person and they can't behind a fake identity with they say those things? stuart: not bad if you say who is saying those nasty things to you. it is safe to say the view's cohost is not a fan. >> he is saying you get to say whatever you want for me, that is something a bit scary and it will be scary. it is predominantly straight white men. when elon musk says this is about free speech, it is about free speech of straight white men. stuart: i need help dealing with of this. i found douglas murray who was sitting next to me, great author, great guy, take it on. >> every thing you heard is wrong. the idea that twitter is the preserve of straight white men is wrong.
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there was an analysis who does the nastiest trolling, women were disproportionately the culprits. you would be surprised by that. the other point, not like it is by the way -- free-speech is a bit worrying for me. which country are we sitting in? what is the first amendment? the right to free speech. if you don't want to have free-speech you have to stay in your home and not tune into anything were not read anything. the other point about this is in actual fact already twitter is a wild west already. if the people in the view asked jk rowling, the most celebrated and successful author of our time whether she finds twitter is only nice people saying nice things about her you would be wrong. people have to put up with this stuff. it is a wild west it if you
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don't want to go into the saloon don't go in. blue when do you think wokesm is in retreat, dying? there is some evidence for that? >> we've got things like the news of musk taking over twitter. we have disney goes woke, share price starts to plummet, netflix provides boring sermon like things where there used to be interesting interior, netflix starts to plummet as well. one of the points i make, what has been happening? this war on the majority population in america, a war on our foundation, our origins, principles, ideas, founding fathers and much more. we are being lectured by college kids all the time and fed up with it and there is no reason and business leaders know this, ceos notice, kids leave the campers and keep the
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ideas they had on campus and grown-ups, we've seen business leaders like a partner at kpmg had to resign because he said he thought implicit bias training was a load of rubbish. every ceo knows this is spilled out from campuses across the wider culture in business and has to be pushed out. stuart: the book the war on the west. i like the sound of it. i will read it. a couple guys for british accents coming on this ultra americans very in favor of our constitution. >> there is a reason born out around the world, america is the number one destination -- stuart: precisely, great today. come back soon. listen to this. a new york times columnist blaming twitter for trump's when in 2016. i find it hard to understand. you can weave a path reason for me. lauren: she made some good
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points, getting a lot of pushback. the author conflated the 2016 us presidential election and the brexit vote she said gave silicon valley executives, us elected officials and the public a peek into what can go wrong when social media companies opt not to weigh too p deeply into what people say on their sites, russian propaganda amplified the views of deeply divided americans, further polarizing the electorate. somewhat argue that is an admission that big tech helped sway voters in 2020 also making sure many couldn't see the hunter biden laptop story. they labeled things as disinformation. stuart: logic. lauren: she was discussing the risks and the challenge the changing twitter will be for elon musk and she has a point.
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stuart: more free-speech is a real risk, isn't it? watch out. more free-speech. lauren: a change in culture is a change in culture and going to get a lot of pushback because nobody is covering it the way we do. of the when i am moving on. the sheriff of la county says that county has spent $6 billion addressing the homeless crisis but the number of homeless people more than doubled. he will take on the liberal woke policies. he is on the show. john barrasso says ending title 42 will be a national security and human herrion disaster for americans. he is right and fired up about it and is on the show next. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery.
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stuart: the markets are mixed picture. no serious movements in price of this movement. nasdaq is down 2. lahren is looking at the movers. i want to know about boeing, that takes a chunk out of the dow because it is a dow stock. what the problem? lauren: it is a new low for the stock. major problems, they halted their 777 passenger production through next year, fresh delays
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in its entry into service and certification problems, not the only jet they are having problems with. week demand in general, when billion dollars in costs, another loss worse than expected in the corridor and revenue missed expectations, investors selling the stock today, that is easy. stuart: i lost my shirt on boeing, thought about getting back in, i'm not getting back in. and phase energy. lauren: that announced the direction up 10% today, a solar company, tripling down on europe as you look at what is going on with energy prices, solid outlook for the year and row their report card is looking good, leading the s&p 500. stuart: robin hood was down significant and still is. lauren: will often $38 ideas trace, they are having trouble building their subscriber base even though i they expanded the number of hours and cutting 9% of their full timers. stuart: in a bear market retail
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folks don't get mean stocks. that is the reason. within 24 hours border agents encountered 500 illegal migrants and that was in just one county. brian, you followed agents along the rio grande. what did you see? >> reporter: it was stunning. before i get to that i want to hit on the staggering numbers talking larger groups of migrants being caught but historical average of a number of migrants was 1600, it could reach 18,000 migrants a day caught crossing illegally into the us of title 42 goes by the way said. there are more signs the busy summer months where we see larger groups coming into the country is happening.
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this is an eagle pass, one hundred 30 migrants amid single adults, unaccompanied children and family units were apprehended in a 24 hour period and this after border agents on the rio grande valley encountered 3 large groups of migrants in a 24 hour period at branding 543 people, more than half were single adults from central and south america, kazakhstan and key west, three migrants were discovered under a tarp in a tractor-trailer carrying produce. human smuggling continues in all its forms every night. troopers arrested us citizen in hog county after he was caught smuggling 23 migrants illegally locked in wooden crates turned over to border patrol, the driver faces state charges for human smuggling and you mentioned the ride along. we embedded with texas troopers leading to an 8 mile high-speed pursuit at 1:30, to pop the
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tires of a minivan which crashed into a fence. everyone inside, mexican nationals but the driver was just 13 years old, a juvenile from texas at his friend was 14 years old. at eagle pass we have a live shot of a drone over the rio grande river. every day there are dozens if not hundreds of people making their way through mexico into eagle pass crossing over all of this as dhs secretary mayorkas is testifying, preparing since september to boost resources to handle this surge on top of a surge. stuart: thanks very much. mr. senator, you questioned secretary blinkian. he said migrants who come to the board without a legal basis will be turned away. we heard of a massive group of them coming across the border, 500 strong.
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is this statement accurate? >> it is not. we have a dangerous national security crisis at the southern border and it will get a lot worse due to president biden. if you look at the fact that from his first day in office president biden rolled out the red carpet to illegal immigrants and we have had over 2 million illegal immigrants come to this country in the first 14 months of president biden in office, more people in 14 months than in the entire four years of donald trump. it is not just the numbers, talking about criminals, drug dealers, gang members and if you are on the terrorist watch list, this is a dream come true for these people trying to get into america illegally. we when i don't think they are going to lift title 42. the consequences would be so
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severe i don't think they will do it. i don't think they will. what do you think? >> democrats are running away from president biden, these are people who are running scared because they are running for reelection. president biden has turned over border issues to people who don't believe we should have borders, his own vice president wanted to illuminate ice, immigration customs enforcement, we need to finish the wall, and force the law, keep the remain in mexico policy in place, title 42 is a big part of helping secure the border at a time when we have an administration and secretary of homeland security who are trying to make it easier for people to get into the country faster rather than keeping them out. stuart: you are a senator from wyoming, you are acting hundred
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miles from the border, does this migrant surgeon any way affect you in wyoming? >> every state is a border state today. every state is being impacted by the drugs that are coming across, every city is now or sanctuary city because of the policies of this administration. i have been traveling the state of wyoming, two things i hear about repeatedly. one is inflation with high gas prices and the other is illegal immigration which is affecting everyone in this country, adding to crime, adding to the problems we are facing as a nation. this is a threat to our national security. stuart: thank you for being with us, we appreciate it. the white house renewing its push for more covid funding. ashley webster, how much did they want? ashley: billions and billions
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and maybe another billion. the white house covid response coordinator says the us is at an inflection point in the pandemic and more funding is needed. take a listen. >> so far congress is not provided funds that are needed for a most urgent needs. they were on a two week recess, i look forward to working with congress to get the funding needs of the american people met on the issue of covid and covid treatments. stuart: ashley: talking in congress so far congress has been unable to come to an agreement on $10 billion in additional covid funding. even though cases are on the rise because of the be a 2 variant there is reason for optimism with hospitalizations and deaths at the lowest levels of the pandemic to date.
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stuart: the cdc just came out with some new data. how many americans have been infected at least once with covid. ashley: 60% of americans including 75% of children. they have been infected with the coronavirus by february according to federal health officials, highly contagious a look on variant responsible for much of the soul, the rate of inflation could come as a shock, they expect numbers to be higher given the contagious variants that spread across the country over the past two years. a gain in population wide immunity may offer, that may explain why the surge roaring through china has been pretty well muted in the united states. ashley: stuart: i guarantee that you watched man city play madrid yesterday.
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i guarantee you will watch liverpool this afternoon. ashley: yes i am. if i can. between reporting, not always easy. everyone make the time, see you soon. next case is general motors rolling out an initiative to sell more electric vehicles, space x astronauts on their way to the international space station, they launched from cape canaveral this morning, the latest elon musk launch and we will tell you about it next. ♪♪ if you want to fly ♪♪ the cowboy ♪♪
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>> lift off, go falcon, god's be speed crew 4.
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stuart: i'm always impressed with these launches, that was space x at latest launch early this one a, four astronauts on their way to the international space station. that was impressive, another musk launch. lauren: isn't it amazing? the seventh space x elon musk launch in two years time, this one is historic because four astronauts, one of the more black woman are en route to the international space station and will talk at 8:00 tonight and conduct experiments, research investigations that will help nasa prepare for longer duration stays on the moon and assess is eventually mars. the cost is extensive, $55 million per astronaut. it is 85 million for the russians. really cool thing billionaire is doing with rockets and space and social media.
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stuart: i don't resent it. these guys made that money, they employ millions of people, give them high paid high benefit jobs and now they are expanding into other areas and other industries. lauren: they think outside the box. stuart: the left are just jealous. i want yours. we are going to take a look, general motors doubling down on their commitment to lead electric cars, they have a long way to go to overtake tesla. ashley: ford is getting into it but gm says that will begin tying a significant part of its long-term executive compensation with the electric vehicle goals, there's motivation for the executives. starting this year the compensation targets will include volumes of electric vehicles in north america as
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well as launch timing and quality of the vehicles. gm will increase production to 2 million in north america and china by 2,025 as it moves to exclusively sell evs by 2035 and the company says plans for the top-selling automaker of evs her passing tesla in the next several years. time will tell is what you should never say but it works. stuart: well said. back to the markets, a turnaround again. we are all in the green, the dow is up 80 and the nasdaq 52. look at apple, 157 is the quote. you can fix your iphone your self, apple offering phone repair kits, rent them for $49 a week, shipping is free and i would like to make the point apple's results are out tomorrow and if they are not good, watch out for the market.
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that's the story on apple as opposed to fixing the iphone. lauren: i'm thinking it is free, the apple phone, which ostensibly would go for. stuart: out of the question, absolutely. thanks very much. the governor of florida raised $105 million for his reelection campaign, the race for the governorship of florida. will he run for the white house? his lieutenant governor, try to get her to answer the question next. ♪♪ we are going to save the world tonight ♪♪ your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit
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i had been giving koli kibble. it never looked like real food. with the farmer's dog you can see the pieces of turkey. it smells like actual food. as he's aged, he's still quite energetic and youthful. i really attribute that to diet. get started at
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stuart: the sunshine of your life, great song. the sunshine of my life, i wonder? all right. lauren: the sunshine of your love for your life. stuart: wonderful band from the 60s, eric clapton, that is
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florida, 70 one degrees, sunshine of your love. i will get that right next time. governor ron desantis has raised more money and donations than any other gubernatorial candidate in florida history, heading into know the november election with a huge warchest, $105 million. i'm going to stay in florida, a similar issue. some say the state dissolving disney's special status is not likely to happen because the consequences are too dyer. let's bring in the lieutenant governor of florida, jeanette nunez. of special staffers for disney's removed my understanding is that means higher taxes and costs for local taxpayers. would you be okay with that? >> of course not. let me be very clear. the governor and i would never be okay with raising taxes. we understand unwinding the special district disney got in
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the legislature in 1967, unwinding that is complicated. we knew that going in but we believe strongly no corporation should have unique privileges other corporations do not have so being able to unwind the special district, remove those special privileges, it will take some wrangling, it will take some interesting solutions to address those problems but we have fought that for you and we will be discussing that in the coming days and weeks and i will have an opportunity once we lay out a plan to speak more about it. stuart: sounds like a deal, a compromise is in the offing and i'm not sure governor desantis is normally in favor of compromises. he is a tough guy. >> he is a tough guy and understands that his fight is always on behalf of floridians. we are going to fight to make sure floridians get the best meal of the deal, not corporations.
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we continue to discuss this, we make sure floridians are in control and corporations will pay their fair share and not extend privileges to others that corporations don't have. blue when you will make sure taxpayers around the special district do not end up paying more in costs, is that correct? make sure. >> indeed, you can count on fat. stuart: we reported governor desantis has racked up $105 million in donations for his gubernatorial run. what about running for the presidency? just between us is he running for the presidency? >> the facts are clear he has raised a lot of money but that is in part due to the leadership he has exercised over the course of our first term. we are running for reelection. he has not indicated he's looking beyond that. we have to focus on today, you
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have to walk before you can run and we want to make sure whoever the democratic nominee whether it is a rehash of a former republican governor that is now a democrat or marijuana lobbyist we are going to be prepared and give them a fight for their lives and we believe floridians will respond with the tremendous support for governor desantis and myself. stuart: do you know the relationship between governor desantis and donald trump? have you seen them to get a? do they get together and talk very often? what is their relationship? >> they got along fine. obviously the governor and -- stuart: are they competitors? >> they are not competitors because neither indicated they are running. right now they have respect for each other and certainly since he is a florida resident it will continue to be the case.
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stuart: neither has indicated they are running. i think donald trump has laid out his stall to definitely run but i will not press on this because i would love you to come back and tell me about the deal you are going to get with disney. it was a pleasure having you on the show and perhaps you will come back soon. check the market. it is all green. not huge green but it is up one hundred 11 in the nasdaq up 60. there was a huge drop yesterday. indiana senator mike brown, martha mccallum, la county sheriff alex villain waiver and jason rentz. drones and robot dogs barking orders at you. the communist party insists it alone can be covid. that is in shreds. that is "my take" next. throughout history i've observed markets shaped by the intentional
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of this economy, very focused on individual ideas. >> i think twitter employees today will work in overdrive to cover their tracks, to hide what they were doing in regard to conservatives and how they are playing politics with this platform. stuart: we don't know this music, put it on screen, okay, i will move on. i am not familiar. >> looks like florida. stuart: that is the statue of liberty. >> really? stuart: it is wednesday, april 27th all day. check for markets. i see some green, down 170, nasdaq up 100 to but nowhere near recovering from yesterday's big losses, it is 101. how about the 10 year treasury,
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a lot of money coming in on the grounds that it is safe but the yield has gone up to 2.79%. now this. what is it like to be locked down in shanghai for weeks on end? we had the occasional glimpse, starving people screaming from their balconies. you've seen it but what is it like to be living the lockdown life with china's commonest party following the shots. the economist magazine provides more than a glimpse. that correspondent lockdown in shanghai paints a dreadful picture. drones and robot dogs appear barking orders and propaganda, suppress your soul's urge for freedom, that's one of the messages barked out at you. conform, don't step out of line, people live on their smart phones desperately searching for food or medical supplies, they have to punch by
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constantly because supplies have gone in the seconds and when food does arrive much of it is rotten. an army of sensors busy disbelief trying to contain dissent called harmonization. they can't let the truth get out, got to harmonize it but it does get out and shanghai residents are mad as well when they see covid police beating demonstrators or old women begging for food, they are mad as hell, nobody knows the true situation, they check the frequency of cars on the freeway at the level of smog to measure how tight the lockdown really is. the communist party insists that it alone beat covid. that boast is in shreds. i bring you this so we can see what china's leaders are prepared to do to stay in control, they will abuse their own people, third hour of varney starts now.
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martha mccallum joins me this wednesday morning. the images we are seeing out of shanghai truly grim. no way the communist party can completely wipe away covid but they have no exit ramp, can't get out of the mess they created. >> what i find fascinating is the exercise of control. you are right to point this out because we are seeing a struggle for the new world order and china wants to be the country that dominates the entire world so you are right to say take a look at what that looks like, take a look and we have a taste of it with our own covid restrictions, we have seen what this control looks like and the only thing that strikes me as it proves once you lift the lockdown the virus finds the people who haven't had it yet so you have hong
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kong, they did so well, doesn't matter because eventually it will find the people, viruses are very smart and the other thing i would say is can you remind our viewers of something you said to me a while back that because there are so many variants that spin into new versions you told me months ago it was because it was supercharged, very verbal and supercharged lab created viruses that is why it is able to linger for so long. that is -- we don't know the origins of this virus, came from the chinese lab according to doctor redfield and is all coming home to roost in china. stuart: it surely is, the description of what is going on with shanghai is in the economist magazine. i want to get elon musk,
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suspending the hunter biden story was incredibly inappropriate. can musk do something about this nonsense? >> he saying something that is obvious and will get raked over the coals for saying this obvious thing and what strikes me as if you haven't seen this moment on his show talking about the fear that he has of what could happen under elon musk's leadership at twitter, he says you can have a situation where one candidate is totally suppressed. when one person is in charge of twitter you could have misinformation given on twitter and we might not find out until after the election. are we living in completely parallel universes where people can't open their minds enough to say that we've seen this kind of manipulation of social media platforms and the impact it has but one of the things i want to watch is whether he can find a way to control these
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bots. it's not humans tweeting their thoughts that is dangerous. it is the power of these manipulative bots from china, russia, all over the world that are dangerous and i hope the person who can launch spaceships can figure out how to crush the influence. stuart: authenticate all people, that would wipe the box out, you authenticated your genuine human beings, you are not a bot so you are off. >> make all the little bots in the distance, in the pictures where they put it to gather. or the taxicabs. stuart: i think musk is a genius and if anybody can solve this he can. i watch you. >> i'm glad you are watching.
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stuart: the musk story. thanks for being with us, appreciate it. back to the markets, dow is up 120, nasdaq is up 85. i see a little green. mike murphy is with us. i've got to tell you i am not buying any stock at this point. any fresh money comes my way it does not go into stocks. am i wrong? >> you are wrong. my question would be where does it go? what do you do with the money? for many any fresh money goes into the market on pullbacks but not trying to pick a bottom on individual names but it is going into the basket, the same basket we have been talking about. i want to own the 500 largest companies in the world and i believe if we have a pullback in additional, we are down 12% on the s&p 500. we can see 5%. we could see 10%.
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i am not going to sit here and find an absolute bottom because i tried that for 20 years. it is tough and doesn't work. i will allocate money to the markets. on this pullback it's a time to put money to work because ultimately the market will regain its footing and we will get back to new highs. stuart: i want to bring politics into this for a moment. it seems to be some of these woke companies are not actually doing well. i'm looking at disney, starbucks, facebook, i always think they have been infiltrated by wokesm and they are not doing well. is there a connection? >> i think it is a great point you bring up. yes is the short answer. a lot of investors out there want to own disney stock and i am one of them for the business that it has. i'm not interested in disney's politics, whether it is right or wrong, or different genders, i want to support the company i
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have known for the last 30 years. investors are realizing the woke companies, companies like disney that are becoming really political talking points are not going to do as well and consumers are going to speak with their pocketbooks, disconnect from disney plus and stop going to the parks. as a shareholder that will hurt the stock price. corporate america is going to realize the consumer is not interested in their political beliefs, they want a company that will provide good earnings. stuart: next time, mike murphy, come and sits next to be. sounds like you are in a cave at the moment but that is not a big deal. we can hear you. see you later. good stuff. lauren is looking at the movers including look at that. what went wrong? lauren: they are riding the
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popularity of these podcasts, customers that actually pay, there's more of them, 182 million, but they need to hire more people and that spending increase will push them they say to an operating loss this quarter and also some forecast for this quarter considered tepid. investors don't like those things, stock is selling off. stuart: i'm going to put netflix on the screen. the high for netflix was 690 and today netflix is at one hundred 89, down 4. 5% and spotify, is there a connection? >> he rejects the comparison to netflix, doesn't want to be associated with a company that was once super popular, he says we have different businesses but the netflix story, losing subscribers, streaming stalling. everything that is hitting the pandemic winner continues to fall off. where is the floor?
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there is no news today on netflix and they are down 4.5%. stuart: when i have very young children we used to close them frequently. lauren: i didn't think you knew what it was. stuart: i am not that old. stock is down 2%. lauren: they got a double downgrade. it is rare. at bank of america they went from a by 2 and underperform and have a lot of deals, bringing more sales promotions on and that will hit their margins. stuart: we did not dress them but thanks. in walmart. robin hood announces layoffs. retail investors walking away from memes stocks. we will tell you how many are losing their jobs at robin hood. senator joe manchin says there will not be a build back better revival. do democrats have any hope of passing a spending plan before the midterms?
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the los angeles sheriff says the woke movement is ruining his city. watch this. >> wokesm is on the ropes, let's put it out of its misery in 22. the on the goal is to make la livable again. stuart: that sheriff joins me on this program next. ♪♪ wake up little susie wake up ♪♪ wake up little susie wake up ♪♪ the movie wasn't so hot ♪♪ it didn't have much of a plot ♪♪ we fell asleep ♪♪ at adp, we use data-driven insights to design solutions to help you manage payroll, benefits, and hr today, so you can have more success tomorrow. ♪ one thing leads to another, yeah, yeah ♪
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♪♪ for the first time in forever ♪♪ stuart: that is santa monica,
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california, we are playing this song for the first time ever because disney is making quite a big change to their covid rules, disneyland in california dropping one of its last mask mandate, that is no longer required to wear masks in buses or the monorail. masks are only required at first aid stations, haven't worked out what is wrong with ladies and gentlemen, boys and girls of all ages. i digress. la county sheriff alex villain waiver slamming wokesm saying it has got to go to make his city livable again. in the past 10 years la county has spent $6 billion addressing the homeless crisis and the number of homeless has more than doubled. sheriff alex villain waiver joins me now. what's the connection between
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wokesm and spending money on the homeless? sees bench >> suspension of reality, there suspension of the housing crisis, it is mental health and substance abuse crisis of epic proportions and they are not doing anything to resolve the issue of lack of treatment for mental health, substance abuse, residential shelter capacity. it's not there so they will keep feeding this homeless industrial complex billions, expecting the problem to q or so they are perpetuating it. be one last time i checked with you, you are in danger of losing 4,000 officers because of wokesm. are you still on track to lose those offices? >> on pace to lose those officers because they are digging in their heels, don't want to get the vaccine, are willing to be tested weekly and
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we are accommodating that so it's the same policy as the governor of the state of california but that's not enough. they want to double down on the mandate, public safety. stuart: i get the impression wokesm is in retreat. would you say that in los angeles? >> i think people are realizing, i poke fun at wokesm but it is okay to have an ideology, a perspective but the problem with city and county government, that you cannot be a part of the city or county government unless you system subscribed to the woke idealism and that's where the danger lies, the soft on crime policy, catch and release programs, all these things that are happening and the homeless industrial complex side, all wokesm on steroids and we are seeing the negative effects and they refused to acknowledge their policies are failing. stuart: i believe you were
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named national sheriff of the year by a resiliency project that aims to improve the mental well-being of first responders, you won the award but are you seeing a lot of anti-cop 8 on the streets of los angeles? >> on the streets, know. i've done 95 town halls to date and i have spoken to 10,000 people throughout the county. people like law enforcement and want to see more law enforcement, the political establishment and activist groups tied to the establishment, those are the ones carrying that narrative that the public doesn't trustor hates cops, they are very vocal, tiny minority, they want to see more cops and want to work with law enforcement and make sure law enforcement is doing their job and there is a bad apple that we weeded out and that is what we are doing. stuart: congratulations on your reward. we see the same thing in new york city.
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great to have you on the show and hope to see you again. back to the markets got to stay with the markets because they are all over the place, down just real's up 200 and the nasdaq is up 68. show me visa and microsoft, both dow stocks, visa up 8%, microsoft up $17, 6%, together, both dow stocks, they add 220 points. if it wasn't for those two stocks the dow would be in negative territory. walmart expanding their fuel discounts for walmart plus customers. how much do you save on a gallon of gas? ashley: walmart plus members will save $0.10 a gallon and it does add up with 14,000 gas stations, retailer offered a fuel discount but it has doubled the savings and
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increased the eligible gas stations by six times through a partnership with exxon mobil. as prices climb walmart says it will offer deeper discounts on fuel to provide more customers to renew the walmart plus never should which costs 98 a year, $12.99 a month, you get free shipping of online purchases, free grocery delivery, orders of $35, prescript and discounts and other benefits. bottom line walmart sees sky high inflation as an opportunity to win customers. stuart: surging inflation is causing a big problem for small businesses many of them hiking prices. give me the story. ashley: they have no choice. by 10% or more in many cases according to the national federation of independent business, 40% of small businesses are planning to increase prices as they contend with 40-year high inflation.
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thanks to supply chain disruptions, staffing shortages, rising gas prices, 47% of businesses say they will hike prices from 4% to 9% and over the next three months, 68% of smaller firms say they plan to raise their average selling price over that 3-month be are co-. it is not just smaller retailers. major consumer goods giants such as nestlé and procter & gamble are hiking prices acknowledging it could force some households to cut back on purchases, nowhere else for these increased costs to go other than the consumer. blue when you don't member this but i do. late 1970s, exactly the same thing, a burst of inflation that took everybody's breath away, saying the same thing now and we are not used to it. 40 years since we've seen it. we don't like it. thanks. see you later. the police force is shrinking
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in seattle, losing more officers than they can hire, crime skyrockets, jason grants reports, democrat senators sounding the alarm on elon musk's twitter take over. >> on elon musk i would say in many ways twitter has been a dark dark place. i hope it doesn't get any darker. stuart: that is telling him. senator mike brown will respond to all this, the senator is next. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪
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♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ we believe there's an innovator in all of us. ♪ that's why we build technology that makes it possible for every business... and every person... to come to the table and do more incredible things.
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♪♪ i should have known better with a girl like you ♪♪ i would love everything that you do ♪♪ stuart: what a song, way back in the early 60s. that speaks to me. by the way you are looking at what we often show on the screen, the intrepid museum parked on the hudson river in new york city, 55 °. look at the market. the dow is up 200 the monastic up 75, the s&p is up 31 points.
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bit of green after a huge drop yesterday. robin hood announced serious layouts. how many lose their jobs? ashley: 9% of its 3800 person workforce so close to 350 workers less then a year into its run is a public company. it once threatened to challenge wall street, says that after a period of hyper growth and big hiring in 2,020-2020 one, it has been left with a massive overlap. the online brokerage exploded in popularity during the pandemic as new investors used this apps to trade while market swings including those run ups in meme stocks and crypto currencies but trading activity which makes up the bulk of the firm's revenue started to wane as of last year, median robin hood customer had a balance of $240. stuart: that is not going to challenge wall street and that is a fact.
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we have our own madison allworth who went to see how people feel about musk's takeover of twitter. are the majority in favor of musk taking twitter? >> what i heard from people here is the majority are excited about this sale. we want to hear from everyday americans. musk wants to take twitter private so we came to the public square of new york of the nation, times square, to get a read on what people are thinking, some a little worried about unfiltered speech but the majority are excited about the sale and hopeful that musk can make the platform more democratic and open. >> we need a place where people can communicate freely and openly. >> i'm skeptical of his promises to make twitter more open and more first amendment
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family, don't see how you can do that without opening up to a lot of the hate speech. >> i feel like elon is for the people, dealing with what is best for everybody else, he's that type of person. stuart: >> it's a mix but the majority are encouraged by the sale. this is not what you hear when you turn on the tv or turn to the political elite, they are a very vocal group, a vocal minority and that is not unlike what we see on the twitter platform, this is shocking and something we have been talking about through the morning. only 10% of users make up 92% of tweets on the platform so we will see if elon makes the more open platforms, if it becomes the public square, and
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americans are excited by this and hopeful that he can make real change. stuart: i like the young man saying elon is for the people. i like that, very young man saying that. thanks so much indeed to. democrats a lot of them apoplectic over elon musk buying twitter. senator elizabeth warren calls a dangerous for our democracy. senator edward mark emacs as billionaires can't be trusted. listen to what senator schumer had to say about it. >> on elon musk i would say in many ways twitter has been a dark dark place. i hope it doesn't get any darker. stuart: senator mike brown, republican from indiana always has a smile on his face. they don't like wealth, they don't like free-speech, they can't handle it.
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>> it begs the question what about meta-or zuckerberg or the other media sites all owned by billionaires, they just don't like it when somebody wants to open it up. that percentage of 92% of tweets i 10% of users and of the users it looks like 70% were democrats so i can see why mark emacs and schumer and warren were concerned. it needs to be opened up, needs to be disrupted and you can only say you are for something if it agrees with your point of view. that's not free-speech. stuart: do you think we can open it up and get more debate and opinion before the november elections? >> i think so. i can see again why the democrats, didn't realize 70% of users according to that pole, it needs to be broader, across the country, equal opportunity to speak your piece and if you don't like it don't
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pay attention to it but don't try to muffle it. i'm glad you got a disrupter like elon musk saying we will try to democratize it. the other side is always for that generally. stuart: the united states of america lest we forget. doctor fauci says we are out of the pandemic phase of covid so why do we need anymore covid spending as they propose? >> you don't need and fauci also said the only way we get through is personal response ability. i was watching about 2 or 3 weeks ago on a sunday show about how far he has come from lockdowns, mask mandates and so forth. we don't need to spend more money. it is and then it. everyone knows you have to get used to it and began flowing and if you do anything money is
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sloshing all around the place. find it in stuff you already borrowed, don't do any new spending, that is democrats redo as well. all they can do is borrow and spend, we don't need it on covid. stuart: on that note democrat joe manchin says there will be no revival of biden's build back better. if he doesn't go for it, is build back better really dead for good? >> i think it is dead in the sense of how much money they wanted to do at once but if you read between the lines he said he's not for child tax credits, day care, that kind of stuff but when he talks about energy and mentioned climate i am afraid they are trying to work that stuff in and do it in smaller amounts. all along he said he is open to something practical, less money. will he offset it, find it elsewhere?
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for those reasons it is mostly dead. it would be hard to get 60 people in this body i am a part of to agree on something like that. stuart: great stuff, thank you, come and see us in new york one day. >> especially now that i heard the your singing voice, you sang that beatles song. blue one sorry i opposed that. thanks, senator, see you soon. look at this, that is a personal flying saucer. the inventors hope commuters can use it to fly over rush-hour traffic. put me down as a skeptic. ford wants you to keep driving your cars, coming up with new ways to reduce reliance on other countries like china. we take you to the ford factory in michigan next. ♪♪
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♪♪ stuart: stuart: if i can sing the beatles i can sing elvis. is he singing too? there you go. ashley: thank you very much. taking care of business. stuart: sounds pretty good. unless the ratings go down in which case we will never sing on tv again. i've got news. the palms casino in vegas reopens today. this is pretty good timing. the nfl draft is in vegas this weekend. ashley: yes it is. no coincidence the two events collide.
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after being shot by covid for two years with plenty of pomp including a pool deck fireworks display, one of the last vegas properties to reopen in the grand reopening comes as the city of vegas expecting 200,000 people a day in the nfl draft. they fired 1400 employees with 50% returning having worked there before the pandemic closure. the casino sports book has been revamped under the supervision of william hill, very big bookmaker. the vegas golden knights nhl franchise, wnba las vegas raiders and plenty of usc fights and boxing matches vegas these days described as the ultimate sports destination. the nfl draft begins tomorrow night and you can bet vegas will be hopping.
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stuart: i will bet on that one. up pretty good duet, whether we do it again or not. ford motor company report after the bell this afternoon, they continue to battle global chip shortage. grady trimble is out of the truck plant in dearborn, michigan. you spoke to jim farley. how will he reduce ford's reliance on china? >> they are rethinking supply chains and approaching it from a more regional perspective as opposed to global, reduce reliance on companies like china and started with the chip shortage which farley expects collapsed through 2023 and now automakers i paying more for commodities like aluminum, lithium and others and that is cutting it to margins. >> this was happening before the ukraine war in europe, before the lockdown in china. the semiconductor shortage really changed the way we look
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at supply chain and if you look at the solar industry and supply chain in america that went offshore we can't afford that to happen with batteries and raw materials. you should expect news from ford to not only seek your raw materials but bring processing to the us. to do that we are going to need help from the government on permitting. >> what you are seeing here is among the first f one hundred 50 lightning trucks being assembled. for now ford is enjoying being the only the the truck on the market but competition is coming mainly from their competitor right here in detroit, gm announced there were 140,000 reservations for their electric silverado. you are on f150 guy, you want to see if i can draw one of these awful lot? stuart: it if it accelerates the weight is supposed to.
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do it if you can. catch you later when you are in that f one hundred 50. we teased this flying saucer, and electric aircraft which comply vertically up to one hundred 60 miles an hour created by a start up company in washington state. they are developing special sky ports that attach to office buildings so commuters can use flying saucers to get back and forth to work, doesn't look like a flying saucer to me. looks like an oval kind of thing, the price, $250,000, they want one in every garage by 2,040. i say good luck with that. i am skeptical but it looks interesting. show me the dow 30. i want to see a lot of green and that is what i am seeing, 3 quarters of the dow 30 in the green and the dow is up 331 points.
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let's move to seattle, city workers had to return to the office last month but most of the city council refused to go back. what are they afraid of? their own people, that is the answer. jason rents reports next. ♪♪ this isn't dry food or wet food. it's not burnt brown pellets. the farmer's dog makes it simple to feed your dog real food. it's real meat and veggies. freshly-made. developed with vets. delivered right to your door. that's why dog lovers are choosing the farmer's dog. a smarter, healthier pet food. delivered. visit and get 50% off your first box of food.
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stuart: nearly 10 members of seattle city council have refused to return to the office. they want to stick with remote work. jason randz, what of airfreight of? is it that they are afraid of their own people? >> and they have to drive into city hall and see what their policies have done to downtown seattle but this is happening at a time we've seen a huge increase of crime in the area and i imagine they would like to cut down on the amount of folks who could show up to complain about what is going on in the district these folks represent. when you do this work remotely you are cutting off your constituency, forcing them into
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sending you e-mails you can respond to with a form letter but when someone goes into your office it is hard to ignore them and push them aside. it is happening at a time to downtown seattle area despite the fact seattle workers, people who work for the city of seattle have been asked to return to the office and for the most part they have been downtown office occupancy is really low and we are lagging behind the national average of folks returning to the workplace and that has a lot to do with the fact that safety is a significant concern which impacts economically small businesses. stuart: on that note the seattle police department is losing more officers than it is hiring, they expect a higher 98 officers this year but they will lose 113, seattle is not attractive place to be a police officer. >> it isn't and the local media outlets are covering this story that i have covered for the last several months, several years and they are not accurate on this.
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there is no way they will hit those numbers and we are going to lose more than the hundred or so they think we will lose. we lost 43 officers plus a recruit this year, we are going to hit at the end of this month, the number will be 55 officers, since 2020 we lost 430. that is how bad the situation is and there is no end insight, we are not seeing any increase in interest in wanting to work here because this is a city council that lopez officers. a lot of folks on the council didn't just fight to defund but we had one councilmember defending a man who set should kill themselves and she defended it on camera as if that doesn't matter and doesn't hit at the interest level of someone's wanting to work here. we are in a significant problem area and there is no end insight and that is why your
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hearing councilmembers who don't like cops beating up and saying there's a crisis, what can we do but they don't have a plan. stuart: just the city of seattle, the surrounding suburbs are not that affected or are they? >> they are affected. this is not las vegas. what happens in seattle does not say in seattle and has a tendency to spread. when you look at the crime where seattle is located seeing a surge of gun violence on top of that you and i talked about before, police bills at the state level led to an increase in robberies, break ins, officers are across the state can't actually pursue vehicles that are fleeing because of a new state law. as long as your crimes and quickly and you get into the car and get away. stuart: i do believe there are direct flights from seattle to florida. it takes 6 hours that leave
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every day and you should be on one of those flights. don't do it. we want to see you next week. this story for you. donald trump junior just launched a new gun rights group. tell me about that. ashley: it is called the second amendment task force and donald trump junior will be serving as chairman of the group as it works to protect americans right to bear arms, he told fox news digital the biden administration and democrats in congress seem to be, quote, hell-bent on eroding our constitutional right to keep and bear arms. the group plans to make a push in the upcoming midterm election especially in the area of voter registration, the group says it will fight biden administration nominees and democrat legislative initiatives that could impinge on american second amendment rights. we were looking up:00, 11:55, you know what that is? trivia time. let's see what we've got.
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in what year was the first transatlantic telegraph cable laid? there are your choices, 1858, 1879, 1900, 1914. you radio listeners can pick from the list. the correct answer is next. , an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care, you get a different kind of bank. . .
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stuart: and the question is, what year was the first transatlantic tell braff cable laid? ashley? want to guess? ashley: that was no easy task to say the least. i will go with the latest.
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1914. stuart: i actually knew this, you would be surprised to find out the actual answer is 1858 can't believe that, so early, my goodness me. here is the story. queen victoria sent the first message, congratulating president james buchanan on the completion of the cable. a few weeks later the cable stopped working. thank you, ashley, great stuff. neil, it is yours. neil: thank you very much, stuart. look what is going on here. from all the technology trying to do its part to come back as well today. visa, microsoft, as stuart's been telling you here are a big reason for this advance. without either of them it might be a very, very different story right now but what is interesting about this comeback here is that it's not necessarily broad-based. we still have a number of technology names, big large cap names, almost two dozen, that are now down, not only bear


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