tv Mornings With Maria Bartiromo FOX Business May 17, 2022 6:00am-9:00am EDT
>>. >> and big government socialist balanced budget will do the trick see you tomorrow night. . maria: good toourz morning. thanks for joining us. i'm maria bartiromo. it is tuesday, may 17, your top stories right now 6:00 a.m. on the east coast, today a big rally in stocks as we look at health of the consumer retail sales earnings out this morning we bring numbers live look at stocks into the number dow industrials up 440, one and a thirds% s&p 500 higher by 74, nasdaq higher by 294 ht
2 1/2% higher ahead of the data we are expecting. >> this after stocks finished mixed ahead of retail sales number , 8:30 a.m. eastern, the dow up 26, nasdaq down 142. s&p 500 lower by 16 points at 4:00 on wall street retail sales expected to show gain 9/10 of a percent this morning we get that in two half hours despite 40-year highs in inflation we are probing whether record inflation is choking off consumers as price to spends we are waiting on walmart, home depot out momentarily those first quarter numbers as soon as they hit the tape, they could be market o he movers a slew of reports later in the week first quarter reports breaking in a o few moments wall party out 7:00 a.m. eastern home depot out, the first quarter
comp store sales 2 1/4% versus estimate calling for decline. meanwhile, going into those numbers, rates this morning look like this, the 10-year treasury, yield, right now, after hitting highs last week, is sitting at 2.909% up 2.6 basis points after hitting a high of 3.2% last week, that was a three-year high, oil prices this morning are also higher extending four-day rally sending prices to the highest level since late march price brent 115, up two-thirds of one percent, and price of crude at 114, up two-thirds of a percent regular gasoline prices all-time high 4.52 a gallon this morning european markets look like this, as we watch home depot raising its outlook right now, for the year, the european markets are higher across the board, ft 100 up about 71, cac quarante up 95 dax higher by 225, in
asia overnight, markets finished like this, as we await a -- scattered opening in shanghai shanghai composite up two thirds of a percent, the bigger mover hong kong, hang seng up 3 1/4% elon musk says twitter detail on hold until twitter comes clean on fake accounts estimating at least 20% twitter accounts facialing four times more than twitter reported in sec filing says the number could be higher than that, says acquisition of the platform for less than individual offer 43 billion not out of the question, but it is on hold, all of this as voters had to the polls senate primary day kicks off, in kentucky north carolina oregon idaho pennsylvania more on rave in pennsylvania "mornings with maria" is live right now.
. maria: big news home depot cheryl we want from up 450 up better than 500, on a 4% rally in home depot shares right now. cheryl: there is a stock as mentions talk about numbers right now it was a strong double beat for home depot, earnings appear share 4.09 the estimate only 3.68, very strong earnings per share number beat -- 38.9 billion versus estimate 36.7, if you big into numbers this is now the -- the record -- quarter for them as far as sales go, this is in the entire history of home depot, this is r0rdz q1 sales for all the company history as long as reporting earnings that is pretty strong as i mentioned, comp gain 3.8% comp sales as well also saying
that they are upping estimate for the full year, share for a year 16.09, 153 billion revenue four year yal outlook coming with operating margins 15.4% earnings per share in mid single digits forecast did raise full-year forecast as i mentioned the top of the show again a very strong number for home depot. as far as, the earnings go, digging into numbers again is that same-store sales we talk about that strong about 3%, 3.8% excuse me very strong numbers on home depot now the stock up almost 4 1/2%, the only number i don't have yet is e-commerce digging through release just crossed there has to be pressure on e-commerce from other companies but as far as the home depot waiting to get those e-commerce sales again, a strong, strong double beat for home depot. maria, back to you.
maria: all right, cheryl. the market was higher just before the number came out, as if people were expecting a very strong number from home depot, that is what we got 4 1/2% right now on the stock, that sent dow industrials higher then a before number up 517 points on dow industrials wp home depot a grou component waiting walmart walmart will be out this morning, 7:00 a.m., we are standing by for the april retail sales number due out 8:30 a.m. eastern, all of this is real critical, in the face of 40-year high inflation, the question remain: is high inflation cutting into consumers willingness or ability to spend doesn't a appear from home depot. >> joining me mark avalon joining the conversation payne capital management president ryan payne "new york post" beyond reasonable doubt kelly
jane torrance thank you for being here mark kicking things off what you a strong home depot report this morning what do you take convey from this number would you be buying this 500-point rally here? >> good morning, everybody. my first takeaway is i hope the news isn't too good, because that will just continue to allow jerome powell fed to say we need to slow things down certainly it was strong, also looking backwards, people are smart when they know interest rates are on the rise, they rush to buy homes they rush to pay for projects around the house. so i think that what is more important is will higher interest rates higher inflation, he potentially slower economy allow a company like home depot to continue to post those numbers. for now good news. it is good news for shareholders, people want stocks that have strong cash flow that is what home depot delivered day. >> futures pointing to strong opening this morning, largely on the idea, that the consumer
is still strong, mark. what about 5% mortgage rates, what do you think the future looks like we point out home depot is raising its outlook this morning mark. >> yes, that is very impress, higher interest rates will take an impact on buyers, 4% mortgages, 4% range mortgages not onerous historically not even that high so i think people want home ownership ownership. >> the challenges crossing higher rates embank auto sales this is comhangs in addition to home, equity loans drying up source of the economy we can't underestimate what higher interest rates does just because early in the rate hike cycle hasn't had effect in fact it what i said earlier gives me concern that the fed is going to think they need to be relentless would
multiple rate hikes to slow down the consumer, and reports like we saw this morning. >> so do you still we are vulnerable to recession at a tech conversation yesterday in miami elon musk ceo tesla commented on macrostory how long he would expect a recession to last i want your take. i think we probably are at -- in a recession, and that that recession will get worse. you know. these things pass and then there will will be gain it will probably be some tough going for, a year maybe 12, came on as usually, that amount of time takes for the corrections to happen. will. maria: mark he thinks we are. recession right now what do you think? i think we are heading to mild
recession not alled recessions are created equally why not too fearful right now we think fed is weak-kneed they will go back to what they were doing past 14 years i think they get us there start to see an economy slow then call out the dual mandate for full employment was a guiding point pull back on the rate hikes and rhetoric, so, yes, recession more than likely but depth of that is what we should be looking at, a mild recession, could be very manageable. maria: all right. we will leave it there dow industrials 506 s&p up 75 nasdaq higher 285 mark great to have you thanks very much mark avalon getting started a lot coming up in this this rally, more trouble for twitter, elon musk, hits paws on 44 planned takeover again after arcing with request company ceo over the number of
fake accounts something devin nunes points to weeks ago all eyes on pennsylvania five states kick off senate primaries live to keystone state things heating up in a neck to neck race don't miss a moment you are watching "mornings with maria" live on fox business. >> where the rainbow ♪♪ ♪ i will be ♪♪ ♪♪ take a breath, i ♪♪ ♪ . . careful now. - thanks. -you got it. and thanks to voya, i'm confident about my future. -oh dad, the twins are now... -vegan. i know. i got 'em some of those plant burgers. -nice. -yeah. voya provides guidance for the right investments, and helps me be prepared for unexpected events. they make me feel like i've got it all under control. [crowd cheers] because i do. okay, that was awesome. voya. be confident to and through retirement. be confident
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refused to show proof less than 5% this, deal cannot move forward until he does yesterday musk responded to twitter ceo saying he could not confirm which accounts are spam, ryan this is the ash that devin nunes brought up, first and foremost on this program, so many accounts are actually robots elon musk says he can make deal for less is this elon's way getting the price down? or do you think he really believes that more than 20% of the accounts on twitter are actual safe. >> this is one hundred percent negotiating ploy something that intangibly can't figure out can't disclose that i love the fact his greatest negotiating ploy you have got the pooper emoji i love that.
>> a i don't know that you can't figure it out look i don't think it is impossible to figure this out twitter should know how many accounts are fake elon musk said one point could be 90% just don't know because they're not giving us accurate information, i mean, devin nunes said that it is a lot more than 5%. . >> probably is maria but bottom line markets reprised last couple weeks technology stocks hammered elon knows a better deal that was languishing in 30s before his bid buying coming in discount to 44 billion you offered, you are right somewhere in there clearly negotiating ploy, and always use emojis negotiatinging to get the price down. >> that was pretty funny he comes back with -- the emoji,
what is your reaction he gets deal much lower in 20 plus billionaire range opposed to 44 billion likely a lot more birds not just elon musk trying to acquire twitter. great point i say seems as elon musk started talking about this don't tell me this has been a publicity ploy is he serious? about buying twitter? because isn't it something he would have looked at, pretty early on in if thinking about applying the company? >> certainly, spam accounts, bots people talking about this pretty much since twitter started, a little puzzled why just looking at it now. i would have thought would look at that before you know offering up 44 billion. so, you know, perhaps -- it is negotiating tactic but what is interesting to see elon musk said he wanted to buy the
company partly to preserve free speech, i wonder is the number of users on twitter that much of a consideration for him? >> we will see, i mean at a minimum he is exposing twitter and exposing something that is very important this is what advertisers pay for the number of active users if if you are of active users isn't anywhere close to what they are saying much more than 5%, this is going to be a continued issue, until we hear actual specific numbers here we will keep watching taking a short break looking at southern border migrant encounters at border hitting a new record are why the administration slow walking any attempts to curb record number of crossings. thin primary season is on, with polls set to open in pennsylvania idaho kentucky north carolina and oregon this morning, more on busiest primary day of the year when
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contenders battling out for the senate nomination good morning. >> fascinating about this democratic side ideology varies nearly identical a clear favorite never chosen seemed a two-man race between dr. oz and david mccarthy, kathy barnette saw a surge in support with that comes criticism take a listen. >> less than two million dollars in that, they are mad because i didn't ask for permission to be in this space i walked in, because this is my country, and our country is in trouble, i don't believe we have any more room to electric warm bodies with r next to their name say check, republicans win.
>> criticism barnette had to fight off tweets antimuslim homophobic yesterday admitted did march in d.c. january 6 did not participate or support any destruction of property according to the campaign, now, dr. oz former president trump's, endoersed oz in april didn't lead to more than a marginal boost in the polls. >> establishment, i am coming after you got really aggressive after the president's intovment pennsylvanians are smart they know that i am strongly pro-life pro second amendment. >> have businessman david mccarthy maintained leadership experience makes him most a qualified to hit ground running. >> there's got of people asking three questions who is going to represent, and fight for the conservative values
that i hold dear, who can win the general election november because stakes are so high, who can get to senate make a difference on day one. >> who can win general election on voters' minds, republicans expect that against democratic front-runner fetterman current lieutenant governor governor hospitalized last week suffering a stroke on friday. maria: that was terrible news, thank you, in pennsylvania this morning, i spoke with two primary candidates on this program last week david mccarthy kathy barnette. >> i am running as a person battle tested pennsylvania can win this primary, win this race it is going to be the biggest senate rave in history. >> this isn't really about anybody's endorsement this is about, a race between mehmet oz and i determine who can best represent pennsylvania as
america first conservative. >> my opponents spend ael over 16 billion dollars first four months of this year on this race i spent less than two million, over the course of 12 months, what we're seeing right now this -- this -- huge spurge. >> joining me right now is pennsylvania cram a member of the foreign air forces small business committee congressman great to see you thanks very much for being here how important is this senate race in your view? >> a hi maria, good morning to you incredibly important clearly biden policies have failed. and they're just -- really, really stoking people to the stoibt of being very upset when they tell us disinformation good thing border is secure tell us we immediate to send more to curb nation gas prices, putin's fault theser all things people
no aren't true we must win house must win senate come 2024 to make changes we need someone we can trust as of right now there is not a lot of trust going, and that is where mcdave mccormick battle-tested west point from pennsylvania played football baseball in bloomsburg conservative can wayne compare to dr. oz no comparison dr. oz hollywood insider more about show business than business served in turkey army, a the usualish citizen not bad thing but not a a qualification to be united states senator from pennsylvania even new jersey, still doesn't have a home there it is who is consistent available to us, who is going to work with us, who gets pennsylvania first not put
themselves first. you don't need someone doing this to increase celebrity status that is what that is about. maria: we should point out that president trump has endorsed dr. oz obviously, sees something there kathy barnette throws a wrench in it all who does she hurt more? dave mccormick or dr. oz. >> i know kathy very well we all line kathy kathy upset about litigant scrutiny i got news spend 30g billion dollars on scrutiny should she win primary a lot of questions need to be answered primary voters can't to see them, want to see answers. >> voters want to see who is best to take on the democrats, in november we know that, let me ask you about this week
because a big one there is a big sprint to the memorial day reassess summer holiday a couple things happening homeland security reporting over 234,000 migrants crossed the southern border in april, they were apprehended highest number reported single non118,000 released in u.s. we know title 42 expected to go away may 23, also michael sussmann trial has begun, this, of course, clinton's lawyer, the first real test, that we're going to see on trial, of the big clinton lie, that trump colluded talk about border what else gets done this week, from your standpoint in washington. . >> a yes, the border is likely could be called biden's worst disaster there is a long list of them, and they continue to make it worse, we met with
some of the top ice border security officials we meaning republicans, whoever made themselves available this is completely out of control, there is a chemical war on the young people of america. they are under literal attack being killed by fentanyl everything else coming across once again mayorkas, secretary mayorkas pelg us the border is under operational control i mean if it within the so fad, and sadistic would be laughable so mayorkas, is frankly not following enforcing laws, he is as their processing, illegals they are not they are just letting them go into society. 18 months down the line to get their asylum "catch and release" in full swing continuing to some ghostlike into pennsylvania planes last night one from harrisburg from
el paso outrage american people very upset earn people have need to call every democrat member of the house white house say do not let title 42, because we all know deliberate attempt to make this situation twice as worse as it is right now. maria: it is amazing number of people, at the border flowing consistently every day. >> more gotaways -- >> could unbelievable congressman, joining us thank you, sir. we will keep checking back, coming up nato -- thank you so much nato membership sweden finland announcing plans to join the nato alliance general jack keane to weigh in on president putin's reaction and his warning, then the truth is out there, and in the halls of power we will talk about the house's first hearing, on ufos first hearing here in over 50 years, why? stay with us. .
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>>. >> . maria: welcome back the president biden will travel to buffalo, new york to meet with victim's families in saturday's detailed grocery store shooting. cheryl: new reports 18-year-old payton gendron goes out to the supermarket march 8 two months before allegedly carried out that attack collecting date during that visit confronted by security guards the california church hooter was motivated by hatred for taiwanese people, upset about political tensions between china, and taiwan. opening arguments set to begin in trial of former clinton campaign layer michael sussmann first to come he from john durham's investigation
the jury seated yesterday one federal government employe, cold christopher cooper they donated, in 2016 election cycle another selected juror told cooper they strongly disliked former president trump claiming they will be impartial throughout the trial. abbott labs reaching agreement the fda to reopen shuttered plant to ease the formula shortage easing import rules on foreign baby formula shipments, fda to make estimates to u.s. safety checks will follow. >> -- an open congressional hearing today about ufos for the first time in over 50 years, two top defense intelligence officials to answer questions from house intelligence committee hearing
on the heels of intelligence report last year that found vast majority of 144 incidents of unidentified aerial phenomenon revealed not the work of u.s. military, our government who was it the big question. maria: that is right hearings really interesting we will watch that thank you so much, meanwhile, sweden is joining finland, in announcing plans to formally seek membership into nato, russian president putin warning that moscow will respond to alliances potential expansion, turkish president erdogan threatening to block the nato bid saying would not introov of sweden and finland membership joining me general jack keane thanks for being here interesting hearing backlash we know that putin claims one of the reasons for
his invasion of ukraine was for this very reason did not want to see ukraine join nato what are your thoughts general? >> a reversal to putin in terms of major objectives, objective one problem of government in kyiv, and takeover the country, make it a part of russia failed miserably here we have the second objective, was as you indicated, to stop the expansion of nato something he has re sent significantly number two is weaken nato what have we got here we've got population both countries sweden, finland as a result of his invasion in ukraine, the majority prior to invasion were against joining nato now majority for joining nato the numbers up in 80 percentile where political leaders are moving in this direction, so they want to be under security
and political alliance umbrella of nato is it in a weaker or stronger as a result of invasion it is stronger, doubling defense budget other countries doing same 40,000, u.s. and nato troops in eastern you europe nato countries as a result of invasion 20,000 are u.s. troops that means putin has 40,000 it in a troops on his border that he didn't have, before the invasion. it is a strategic failure on the part of putin, in terms of his invasion, and results that have come of it, we have a stronger more united nato than we ever had going all the way back o to its inception. >> what do you think putin does obviously, threatening doesn't want nato expanding, what would you expect from the russians? >> not much of anything.
a lot of rhetoric to be sure, putin isn't going to take military action, against these countries, he maria he can't handle the war he's got he is losing the war, he's got in terms of the objective that he established for himself, no i think we got a lot of rhetoric here, and no action, on his part. maria: all right let me ask you about u.n. secretary-general gutierrez, reportedly a deal with russia turkey other nations to open up ukrainian exports to prevent global foot shortage he says "wall street journal" says gutierrez, easing restrictions on russian belarus exports of fertilizer, india second largest wheat producer banned wheat exports we are the weekend we are hearing more about a food
shortage given lockdown of exports from this region. >>ia certainly, ukraine is one of the world's great exporters of wheat and grain, rather significant into to contribute to food shortages worldwide a role i think very appropriate for u.n. we criticized u.n. in lack of action being taken but here is something that they can do, that is a good thing to get black sea open get those exports moving, 95% of all wheat and grain in ukraine, flows out through the black sea. if we can get that done this, way, and get russia to compromise here it makes compelling sense in terms of a global food program that we're going to face the second thing i think if u.n. cannot do it united states should seriously consider along with nato, and
other countries, a internationally to provide international escort for the cargo ships going in and out of odesa which is the port ukraine still owns and occupy pies rush blocking it stay in international waters get cargo ships in and out a provocation certainly for russia would look at very seriously but given what stakes are economic devastation for ukraine, you kit off from the sea, economically, it will crank completely world food shortages as a result of it let's hope u.n. can get this negotiated it makes a lot of sense i think i should have a backup plan if u.n. fails. maria: well, also, i want your take on china, because a fox news digital review finding that several major u.s. defense contractors are maintaining china ties even as tensions rise raytheon boeing
bell manage relationships with firms tied to chinese government lockheed martin has interests in the country as well we are awaiting potential window opening for federal thrift fund going to allow chinese communist party tied companies to be in the thrift fund, of course, 401(k) for military men and women yourself included what do you feel about some of our major military 401(k) exposed to companies that would turn around try to beat u.s. as number one super power. >> doesn't make sense when discovered a couple years ago there was outcry against it got to get fixed makes no sense investing in china and supporting eventually the pla that is capacity to build,
number one military in the world replace united states as global power the defense companies, we're going to have china american economy interlocked given the size of both we've got to discipline ourselves here what defense companies will say publicly we're not doing anything to assist the chinese military we are just shifting private and commercial entities in china with our capability, and that may be true on the surface of it but the facts are that when you are dealing with a private company in china, a chinese company, you are dealing with the chinese government, and if there is any technology you provide to that company whatsoever fall big or large, that will will he transferred to the pla to chinese military capability, if going to help them. that is the truth of it we've got to delink this it will containing congressional legislation, i believe, to stop what is going on here.
maria: all right, general great to get your take on all of this we so appreciate your time thank you, sir. general jack keane joining us this morning we will take a short break, all right. we will see you soon general. thanks. we'll be right back. . if you used shipgo this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. that's adorable.
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>> k . maria: welcome back. well the buy now pay later move is rising the british fintech launching in united states today allowing users to pay in installments on line or stores via virtual master card ccongratulations to you tell me what you are facing in america you said debut could not come at a better time. >> maria, great to see you. really to be here timing is terrific for us might be interesting to zoom out a little bit take a look what has been going on, so much bigger than buy now lay later if you can believe it credit
cards launched 1950, almost 80 years on since then thought much changes in credit card business model the whole world moved on, you look at automotive industry e-commerce changed significantly only thing changed in credit cards americans amassed almost a trillion in debt on credit cards right now unreal for us we look at that not necessarily a big issue, credit is, obviously, a force for good the problem is balances people paying 20, 30% interest on balances, just last year alone americans paid more than 120-billion-dollar in fees and interest to credit card companies, so really what we're doing at zilch, demonstrated with technology in business model you can solve this problem we demonstrated in uk request
mill of consumers excited to bring to right now today. >> there is a lot of competition in the space already, you've got, after pay, tell me about the whole trend, and how you are going to compete with some others that have a stake in the ground. >> well really for us maria all about, who is the customer businesses i mentioned taken, a lot of what we built learned from a lot of businesses, companies some of them when they rolled services up they sell to stores. and as a consequence of this they provide the service to customers, focusing on first and foremost what we've done spent a lot of time in the market already stateside we've been in market a few months already done a survey do have
thousands potential customers what we discovered people actually want services that are tickle offered from different compositions, et cetera, so what we've done combined all of that into one offering the wheel that we built that allows people to pay one, benefits, zero percent anywhere they want unique different to what you see in finances other companies you mentioned. >> will are exciting we are watching thanks very much for being here best wishes philip from zilch this morning, quick break democrats on a downturn why more voters are souring on progressive ticket new poll "hot topic buzz" when we come right back. . .
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literally the least popular candidates that had ever run for president. well, biden heir apparent kamala harris is saying hold my beer. it's quite something -- [laughter] to see how unpopular she is. and, you know, again, biden of course chose her for identity politics reasons. and she just hasn't been a very effective vice president. and these numbers must be scaring the democrats going into the midterms. maria: i -- can ryan, how do you see it? >> i mean, i think what's unlikable about her, she peeks -- speaks in platitudes. the market's going to be volatile, it may go up, it may go down here -- [laughter] and it's the same kind of vibe -- maria: well, that's a compliment. [laughter] >> that's a compliment. maria: that's a compliment compared to a wall street strategist who noses their numbers.
look, the other day that exchangeses where we're going to work together, i don't know if somebody's setting her up or if she's actually not preparing for anything. >> one problem, maria with, of course, is that her staff has seen an exodus. all the top people have left. so i guess nobody is writing anything for her, so she just goes off the cuff, and she's absolutely terrible off the cuff. it reminds me of that point, she just says things that don't really say anything of substance. >> it's like every corporate manager hedge fund in america. maria: kelly jane and ryan, stay right there. breaking muse on walmart. we are -- breaking news on walmart. cheryl casone with the numbers now. >> reporter: yeah. a couple of things. first, let's go to the earnings per share. earnings per hair for the company -- excuse me, i'm going to start with, yeah, adjusted shares, $1.30. maria, i wanted to make sure i had that right. that is a miss for walmart,
$1.30, adjusted earnings per share share is a miss. as for sales as far as revenue goes, 141.57 billion, 141.57 billion. that is a beat, okay? so we're getting at least a mixed bag here, okay? we're getting an earnings per share miss of $1.30 on an adjusted basis versus the 1.48 estimate and revenue at $141 is.57 billion. same store sales, that was a beat over the estimates. we were looking for a gain -- i'm sorry, that's e-commerce. i'm going back to e-commerce. as far as u.s. sales, u.s. sales up 4%. u.s. sales up 4%. sam's club, 19.62 billion, that is a strong number. as far as net sales at sam's clubs, 19.6 billion. u.s. comp sales without fuel, this is big, u.s. comp sales
without fuel, a 4% gain. that could have been probably a little bit better than what the analysts were looking for. same store sales, a gain of 5.6%. and what was e-commerce again, charlie? 1%, and that's a big miss, okay in that is a big miss on e-commerce. we were looking at 5%, came with a gain of 1%. and again, same store sales coming in for the just anyway, coming in, as i said, about 4%. now, u.s. comp sales they're excluding fuel, that's a spread of 4-5%. as far as second quarter, remember, this is their fiscal first quarter. for the second quarter, okay, this is -- because they do fiscal year, so that ended at end of the first quarter -- second quarter earnings per share flat, but again, they're saying as far as second quarter the forecast, they're saying they are going to see a little bit of a stronger sales jump in
the second quarter. so the forecast isn't bad for walmart, maria. but again, for the second quarter, earnings per share low to mid single digits. walmart stock, a lot of it is the forecast, this is a dow component, maria. as you can see, we've lost some of our fuel on the dow. but again, the stock had been up. i'll send it back to you, it had been up about a percent or so ahead of the numbers. year to date up 2.5% but now with all of these crossings, i believe it's the forecast and you have this earnings per share miss i want to reiterate, also you had a lot of -- well, weakness in the e-commerce number. that was a big number. but i think ryan payne can explain that as people going out of their houses and not shopping in their bedrooms anymore. maria, back to you. maria: cheryl, thanks very much. i think what we're getting from the walmart quarter here is that
inflation is cutting into consumers' ability and willingness to spend. this is a very different situation than what we saw with home depot. but we've been trying to understand better what the impact of 40-year inflation is on the consumer's ability to spend. we're seeing it pretty clear in the walmart quarter, a miss on earnings, and we see the company take their outlook lower for the year saying that inflation has, in fact, put pressure on profit margin withs at wal-mart. top investors watching your money through all of this. joining me now is dennis if gartman, payne capital management ryan payne and peter ma look, good to see you, gentlemen. ryan, let me get your take on all of this first. walmart is a miss on earnings at $1.30 a share, lowering their outlook while home depot actually raised its outlook and had its highest revenue ever for
the quarter. walmart shares down 6.25 while home depot shares are up 3.33%. how do you look at quarter? >> i think cheryl hit the nail on the head. i like to use this bob dylan quote a lot, you you need a weatherman to know which way the wind blows. you see people out and about, right? home depot is a perfect example where you're going to the store. people renovating their homes because right now we have a tremendous housing boom going wrong. so i think it's not surprising, and you can see markets still up huge this morning because we anticipate retail sales today are going to be the magnificent. and that's's what i've been saying, regardless of the fact that we're four decades high on inflation, my belief is all the strategists are going to discount how powerful the consumer is. and again, like, you don't need to be, you know, you don't have
to be on wall street to figure that out. just walk outside, and you can see it. and i'd also just mention we've seen a dramatic repricing in stock prices already over the course of the last couple months. the s&p 500 now trades at 17 times forward earnings which historically is not that expensive, and, you know, on top of that you've got one of the greatest investors of all time, warren buffett, buying more stock than he has in a decade over the last quarter. i think you've got a buying opportunity right now. the consumer's in great shape. we're probably not going into recession, time to be the very bullish. shocking, i know. maria: yeah. walmart is down right now 6%, ryan, and home depot is up 3%. what you're looking at here these charts are yesterday's close. but let's show the premarket so that we know what's going on right now, because walmart's down 6%. we're standing by for the retail sales number at 8:30. ryan, you say it's going to be spectacular. it's expected to show a gain of
.9% despite the 40-year inflation. so i guess let me get with your take overall on where we are in terms of inflation cutting into the ability to spend. ryan, do you not see that as an issue given the fact that we are seeing 40-year high inflation? and some are worried about demand destruction this year. >> yeah, and i think that's the wrong bet because the bottom line, look, this is america. and america is all about capitalism, all about filling a need, it's all about supply and demand. and we know we've had a huge imbalance, and no one's better than americans on fixing those imbalances. a good example would be think about the maxes. at the beginning of the pandemic, you couldn't find a mask. within two months, you couldn't go to the store without boxes of masks. inflation's going to start to come down, we already had the consumer strong with inflation, what happens as inflation comes down and who says that the fed can't pivot and become more
dovish? i just think all the negative news has been priced in for four and a half months now. not to mention the u.s. investors have more money in cash than they have since september of last year, so you can seriously see a melt-up here, maria, and i think that's your biggest risk. maria: well, warren buffett made some big moves in an sec filing released yesterday. he's betting $2.9 billion on citigroup. that is certainly a mover this morning. one of the other stocks that's lifting the dow industrials. the the berkshire filing cut many of the bank holdings in the midst of the pandemic, but they bought citigroup. they also bought paramount bigtime as well. citi group's shares are up 5.5%, paramount if also up big on this filing for berkshire hathaway. it's one of the big movers. what do you make of this buy from berkshire? >> i think these are very, very inflationary buys. financials do well, they did big, big buys in energy, right?
occidental, more buys of chevron. these are all companies that have pricing power which i think, you know, look, again we know inflation's going to be higher than the last decade, warren buffett if when -- greedy when others are fearful. he's picking up companies that have great dividends, great pricing power. this is what you should be doing with your money right now. warren buffett knows you need to get a return on your money, you can't sit in cash, maria. this is textbook buy right now while, essentially, the megaivity's in the air. maria: well, dennis, i know you're on the other side of that trade. [laughter] i want to ask you about tech conference yesterday where elon musk was out, and he was commenting about the macro story. he says we're probably in a recession right now. he noted that the recession could last up to 18 months, dennis. what's your take, and are you surprised to see such a strong number in home depot, a weak number at wal-mart this morning
somewhat does that tell you about the macro story? >> well, i think that the numbers in home depot and walmart are indicative of the fact that people are out of lockdown and are going out shopping. i think what ryan just said makes so much good sense. i do think, however, that we're going to be in a recession. not as severe as we went through in 2008-2009, but i think we'ved had one quarter of gdp growth that was negative, we probably will have a slightly positive second quarter gdp growth, so the definition -- the classical definition of a recession is two consecutive quarters of negative gdp growth. we're not going to get that now, but i've said for a long, long while if wti gets above 109, now we're at 115, and if the 2-year note goes to an inversion over the 5-year, my odds of a recession go to about 90%. so i think we're going to be in recession by the end of the year, but it's not going to be
substantive. and as far as stocks are concerned, i think the most important thing to note is that last week our competitor fear and greed number got to 6. when it gets to that low a number, you're going to have a bounce. we're having a nice, strong bounce, it's not going to last long are, 2-3 weeks. probably take the dow back another 8-900 points to the upside, and i think you have to be a seller in strength, not a buyer in weakness. maria: you're still the talking about a 23% selloff year to date on the nasdaq, the s&p 500 down 14%. peter, we've got key inflation if data coming out this week including building permits, housing starts, weekly mortgage applications, home sales. tell me what you're focused mostly on because 5% mortgage rates have pulled down this market a bit. what do you see on housing, and how does that fit into the overall macro story? >> well, i look at housing and i look what's going on with the economy, and i don't think we can look at this as simply as we looked at housing spend hikes
that led to mild inflations or even more serious inflations. let's take housing. very complex, i i think. you've got the institutionalization of housing, tons of money in the system, millennial demand, but you can't get away from the fact that what trumps all of those things is higher rates. that really -- the fed can really control to the end of that space. i think we're going to continue to see a softening there, and i think it's going to surprise people. a lot of people bought homes with variable rates, used home equity lines to buy other homes. i think we're going to see a real impact here. but looking at the other side of things, i don't think it's as simple as capitalism can solve supply and demand here. is covid really going to come out, is china really going to come out of lockdown cans, or might they get worse? are we really done with covid here, or could we go back inside in the fall? the fed cannot control the degloballization that's happening, it can't control the oil prices, and these are going to work their way into the
economy, and they're going to affect the retail consumer. and i i think that's the, those parts of the market, i think, are going to -- soften. i just don't think there's any way around it. maria: yeah. so you're also a seller, does that mean, peter? >> no, i'm not a seller, i just think this is the kind of market that destroy cans speculators, absolutely crushes speculators. maria: that's a good way to say it. >> i think going forward they're going to be crushed even more than in the past few months. maria: all right. dennis, peter, great to see you both. ryan, you're sticking with us, we're happy about that. thank you, gentlemen. much more ahead this morning. coming up, elon musk drops more bombs about the inner workings of his twitter deal at a miami conference. mayor francis suarez was there. he's going to give us a sense of what is going on in florida with so many silicon valley kingpins moving to miami. then the case against mike sussmann kicks off today. we've got a preview of the
opening arguments after jury selection yesterday. ryan payne and kelly jane torrance are joining the conversation all morning long. you're watching "mornings with maria" live on fox business. living with metastatic breast cancer means being relentless. because every day matters. and having more of them is possible with verzenio. the only one of its kind proven to help you live significantly longer when taken with fulvestrant, regardless of menopause status. verzenio + fulvestrant is for hr+, her2- metastatic breast cancer that has progressed after hormone therapy. diarrhea is common, may be severe, or cause dehydration or infection. at the first sign, call your doctor start an anti-diarrheal and drink fluids. before taking verzenio, tell your doctor about any fever, chills, or other signs of infection. verzenio may cause low white blood cell counts, which may cause serious infection
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for insights on when to buy and sell. and proactive alerts on market events. that's decision tech. only from fidelity. >> the best way john durham has also put on display the notes from the fbi themselves. and i want to pause here. these notes were subpoenaeded by chairman nunez and withheld from us during our investigation, but john durham found them. andy mccabe and peter strzok knew not after the russiagate investigation, but before it began that it was full of lies and corruption that was paid for by the dnc and hillary campaign. if. maria: that was former defense department chief of staff carb a pa them -- kash
patel with me on "sunday morning futures" on sunday. special counsel john durham's team is also set to call two fbi special agents to testify as well as former clinton lawyer mark elias. both elias and sussmann left the firm of perkins coo by where they worked. the jury pool had at least three hillary clinton donors including one that supported alexandria ocasio-cortez as well. in the end, a federal government employee who told the u.s. district judge that they donated to democrats during the 2016 election cycle and another who told the court hay, quote, strongly disliked president trump, they were both selected to the jury. sussmann has pleaded not guilty to charges he made false statements to the fbi. ryan and kelly jane, i want to get your thoughts. kelly jane, you've covered this as well as me along the way while he were screaming collusion, the media was.
what do you think take thes place? what are your takeaways from what we know so far as the opening arguments will begin today? >> i have to say, maria, i was surprised at the number of democratic donors, specifically to hillary clinton, were let on the jury. michael sussmann did what he did on behalf of hillary clinton's campaign and the dnc. but it is washington, d.c., it's a government town, and maybe it's really hard to find people who did not donate to hillary clinton there. but, you know, it's a pretty cut and dry case. john durham has a text from michael sussmann saying to jim baker, counsel at the fbi, i'm not coming to you on behalf of a client. and he said the same thing to baker when he met with him the next day, giving him this b.s. information that donald trump was supposedly tied to russia. so if this jury doesn't, you
know, couldn't find him guilty, you know, we'll know that -- who they donated to has something to do with it. maria: yeah. we'll be watching that, of course. we'll have more on trial. it's supposed to go about two weeks. let's slip in a short break. when we come back, a massive tunnel connecting tijuana and san diego was discovered by border agents as migrant encounters reach new, all-time highs, record numbers. national border patrol council president brandon judd is here, he will weigh in when we come right back.
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maria: welcome back. well, title 42 the expected to go away on may 23 or. homeland security reporting over 240,000 migrants tried to cross the u.s. border in april. this is the highest number of encounters ever reported in a single month. in that time nearly 118,000 migrants were released into the country. joining me right now is national border patrol council president brandon judd. brandon, thanks very much for being here. you have been on the front lines of this now for years, and you've seen how things have changed. we are expecting biden to lift title 42. what are your expectations? >> i'm really worried about what's going to happen. when you look at the total
numbers, right now to this point in the year on a typical year we should be arresting somewhere between 1,000-1,500 people a day. that's a typical year. right now we're up to 7,000 people, and it just continues to go higher. and once title 42 the goes away, then the floodgates are going to completely bust, and we're just not going to have anybody in the field. and that's the problem. when you look at the total number of people crossing the border, how it distracts and takes resources out of the field and allows the cartels to generate so much profit. we just cannot continue to operate effectively under the current policies that we have. maria: well, it's unbelievable to see these huge lines of people coming into the country. let me can you, brandon, disturb ask you, brandon, when we say this number of people were apprehended, what does that mean? once you apprehend these migrants, what happens then this. >> well, as you've seen the numbers, as you state ised, the
vast majority of them are ultimately boeing to be released into the united states once title 42 goes away. right now we're releasing about 50%, and we're expelling about 50%. but once title 42 goes away, that means that all of hose people that are crossing are going to be released into the united states. so last month, in april, we released 118,000. next month when title 42 goes away, we're going to end up releasing about 230,000 people in the united states -- maria: wow. >> and if you look at that, those are astronomical numbers. we have already released into the united states under this administration over a million people. that's larger than some states in the united states. that's just crazy, and it's bad border security policy which is why so many people are crossing the border illegally. maria: yeah. and why so many people are asking for alejandro mayorkas to get impeached. look, biden is expected to be out of country when his administration lifts title 42 at the -- next week. a federal judge could rule on
the fate of the policy in the coming days, brandon, but you're expecting -- so joe bide joe biden's going to be in asia. he's got a trip to south korea and japan scheduled when they lift title 42. you think t it's going to happen right on schedule, that it goes away and then you go from 7. ,000 apprehensions a day to, what? your colleagues were telling us 18,000? how do you get to that number? >> it's possible we could go as high as 18,000. when you look at the total number of people that we're expecting that want to come here. when you look at title 42, right now we're expelling the vast majority of people from the northern triangle countries, guatemala, el salvador and honduras. once title 42 goes away, we're not going to be expelling those people anymore, and heir going to start coming in mass numbers like we've seen in the past. and that's how we a arrived at that number. right now, again, as the numbers continue to tick up, once we stop expelling about 50% of people, that's when the numbers
jump up to 7,000. if we stop expelling that 50%, those numbers are going to go up exponentially, as high as potentially 18,000. maria: yeah. oh, my goodness. i also want to show these pictures of this discovery of a massive tunnel underground where, apparently, they're using this tunnel to smuggle drugs into the country. the tunnel stretches more than 1700 miles from tijuana to san diego, brandon. an estimated $25 million worth of drugs seized in connection with this tunnel. what do you know about tunnel? we know that fentanyl is coming over this border and killing american citizens, and now there's a fentanyl awareness group asking joe biden to track overdose deaths just the way he tracks covid-related deaths, brandon. >> yeah. this is the tone deafness of this administration. when you look at tunnel, if our resources weren't being distracted from illegal border crossers, the cartels pulling
our resources out of the field, then we could use the intelligence, the investigations to go after these tunnels. these tunnels are extremely dangerous because that's how they get a lot of these drugs into the united states. if this tunnel was even open for four months, that's a huge number of drugs. but this tunnel was estimated to be open for years. that meanses we just did not find it in time to save american lives. and if we're continuing to be distracted by illegal border crossers, then more of these tunnels are going to continue to operate, and or more of our u.s. citizens is going -- are going to die. that's the tone deafness of this administration. maria: it's incredible that we haven't heard any if commentary about fentanyl. i mean, a little bit of fentanyl can kill somebody, and we're talking about inadvertent overdoses. why? they're lacing commonly-used drugs with fentanyl, brandon? >> yeah, that's exactly what they do. they're trying to get their product into the street, they're trying to market it as
mainstream products, but they put the fentanyl in it which ultimately ends up killing people. but they put the fentanyl in order to get people addicted, hooked on to this substance. and once they're hooked, then they have a greater chance of ultimately overdosing. and again, that's the dangerous part of border security. border security looks at everything. it doesn't just look at illegal border crossers, at people hard trying to come here to get a better job. it looks at all of the criminality that exists. but it we're constantly dealing with high numbers of illegal border crossers, we can't go after the criminality. and that's what we have to do to be able to save american lives. maria: all right. we will keep watching this, brandon, thanks very much for your leadership on this. we so appreciate it. brandon judd joining us -- >> thank you, maria. maria: we will see you soon. coming up, did twitter management commit fraud by saying 5% of the accounts are fake? is it much more than that? we're going to talk about that. plus, we will also catch up with
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>> reporter: welcome back to "mornings with maria," i'm cheryl casone. the ukrainian fighters that were in mariupol surrendering after holding out for 82 days in what is being called europe's bloodiest battle in decades. overnight buses were seen leaving the steel plant taking the fighters to russian-controlled territory.
53 heavily-wounded, according to reports, over 200 more were evacuated. heir in russian territory -- they're in russian for story, hundreds are still waiting to be evacuated. there could be some type of prisoner swap happening in ukraine. now to this, department of health and human services is set to extend the covid-19 health emergency past mid july as cases of the virus crag on. all -- drag on. all of this as new york city has quietly updated its covid guidance overnight recommending all resident over the age of 2 now wear face masks in all indoor public places. those over 55 and with compromised immune systems should wear coverings outdoors as well. more than half of hospitalization ises in the city are patients come coming in for another condition and later testing positive for covid. microsoft announcing it plans to nearly double its budget for employee salary increases and boost the range of
stock compensation by at least 15%. this comes as americans face record inflation and employers struggle to find talent in a tight labor market. microsoft has been expanding in research and development as it takes on amazon in the very profitable world of cloud computing. microsoft shares up more than 1.75% this morning. and the news that actress amber heard facing a blistering cross-examination yesterday in ex-husbandny depp's defamation actually against her. he was questioned about washington postop ed -- post op-ed. >> a what, if anything, in this op-ed was incorrect? >> nothing. every word of it is true. it's not about johnny. the only one who thought it was about johnny was johnny. i tried to protect johnny, i tried to protect the list erie of what we had, i tried to protect him. >> reporter: she looked fresh-faced in public appearances after she alleges she had two black eyes and a
busted lip from depp supposedly hitting her. so, maria, that is your update the on the johnny depp trial or the mutual destruction society trial as i like to call it at this point. back to you. maria: wow, yeah. incredible, cheryl. hanks very much. we are looking at a booming miami right now, and miami's mayor has been seeing an increase of technology executives moving headquarters there. now he's inviting twitter to move to his city as elon musk puts his takeover bid for the company on hold. mayor suarez says he has not yet talked to musk about a potential move but pointed to other companies adding office a space like microsoft, apple and cisco systems. joining me now is man himself, miami mayor francis suarez. mr. mayor, always a pleasure to see you. thanks very much for being here. >> always a pleasure to be with you, maria. thank you so much for the opportunity. maria: so assess what's happening in miami. you've been trying to create something of a technology hub in
miami, and you have already seen some tech companies leave silicon valley and come set up shop in miami, right? >> we've seen a tremendous amount of migration from silicon valley to miami not only big companies, but, you know, small companies, individuals who are sort of fleeing a high-tax environment, an environment where there is rampant homelessness and crime to a place that has kept taxes at the lowest level since the 1950s, we've kept our homicide rate down. we're down 22% last year, this year we're down 40% in homicides. our homeless rate is down to the lowest since 2013, and we want to be one of the first major says to have zero homeless. that's our challenge. maria: that's amazing. >> it's amazing. sports and culture, we just had formula one. we're the only city in the world that has all the major sports and formula one which just happened last week.
we're hoping to get a fifa world cup game in the next couple of months. so we're focusing on fundamentals, and it's creating a tremendous amount of prosperity in miami. we're number one in the nation in wage growth. maria: yeah. we've seen, certainly, a real migration to florida overall. a much better tax situation there, and you've got wealthy individuals going for the no income tax in florida as well. what else is the attraction? what kind of incentives are you offering tech companies to move to miami, and what do you think is most important for business now as you see all of this migration? >> well, i think that's the interesting part, there's very little to no incentives. it's the about a having a favorable tax environment, it's about keeping people safe, and it's about -- this is a shocker -- being welcome and inviting, right? when you saw amazon get kicked out of new york, when you saw elon get kicked out of california, you know, from our perspective we want creators and
innovators and people who are creating high-paying jobs many our community. we want to make sure that the children who are educated in this community can stay in this community after college and have high paying jobs and create prosperity for the city. we think that, you know, a prosperous city is one where there's low crime and there's low homelessness which has turned out to be the case. so that's our recipe for success. it's actually quite simple. maria: yeah. yeah, it is. and, unfortunately, you're not seeing that in the rest of the country. i mean, let's face it, you've got homicides increasing in big cities, you've got crime increasing in big cities, but you're seeing the opposite in miami. elon musk says his twitter deal is on hold until he gets more info on this, on these fake accounts. he says a lower price is not out of the question. i know that the he spoke at a miami technology conference yesterday estimating that the number of fake accounts is 20%. you were at that conference as
well. what can you tell us about the conference, and what you heard from elon musk? >> well, the summit done by jason klein wits, it's done by a variety of others, it's an incredible day of programming, we a had the aspen institute, the jp global conference this year, we had milliken, you know, do miami institute this year. we're hoping to get davos and maybe fii as well. so we're leading the nation now in thought conferences, and i think what the predominant sort of message is, you know, miami's a place of freedom, a place where people fled oppression, right? whether it's venezuela, mix rag what -- nicaragua, cuba, of course. and we realize government to its full extension -- we're
fundamentally american and free market in our city. that doesn't mean we don't take care of the vulnerable, which we do, our homeless. and, of course, we've reduced above poverty by 50% in the last 20 years in miami, so we're doing a tremendous job of just sticking to the fundamentals and creating a city that works. and that model can be scaled to the rest of the country. 85% of americans live in cities and 91% of the gdp of this country is produced in cities. maria: mr. mayor, let me ask you about crypto. you were among the first to come up with a great digital way to have a miami coin. you also said you were among the first to take your next paycheck in bitcoin. have you seen any if change in terms of crypto and the acceptance given this decline that we've seen in the price of crypto over the last six months? way down from the highs. >> yeah, i have. you know, you have to understand
that any crypto is still valueed at, you know, $30,000 for one bitcoin which means that the market values it 30,000 times more than the u.s. dollar which is the base currency of the world. whether it's 10,000, 30,000, 40,000 or 60,000, it's still multiple tens of thousands more than base currency of the u.s. i think that's interesting. you shouldn't focus on price. i focus more on utility. how is this technology going to revolutionize the world. then the third thing, is how does it affect cities' macro economies? when you put it in dollars, we had the bitcoin conference which brings 50,000 attendees, tens of millions of dollars in economic development. multiple companies have moved to miami creating hundreds of high paying jobs in dollars, and we have the fdx arena which was just recently renamed, $200 million. so that has a dollar impact on our economy. maria: yep. great point. pleasure all right.
francis suarez, always a pleasure. thanks very much for being here. thanks for your leadership, mr. mayor. we'll talk soon. >> thank you, maria. it's wonderful to always be with you. martha: all right. -- maria: all right. thank you so much, mayor francis suarez from miami. more americans are ready to get back into vacation mode. we've got some of the best deals you can find right after the break. you're watching "mornings with maria" live on fox business. ♪ out my future. voya provides guidance for the right investments. they make me feel like i've got it all under control. [crowd cheers] voya. be confident to and through retirement. what if you were a global energy company? with operations in scotland, technologists in india, and customers all on different systems. you need to pull it together. so you call in ibm and red hat to create an open hybrid cloud platform. now data is available anywhere, securely. and your digital transformation is helping
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made to do anything so you can do anything. maria: welcome back. well, i can see the summertime. memorial moral day a week away. the summer travel season is heating up. jetblue's vacation says it's seeing bookings for this year up up to 10% compared to a year ago. joining me right now is andres barre. it's great to have you this morning. what can you tell us about bookings right now? >> yeah, good morning, maria. thank you for having me. yeah, we're seeing that people are getting ready to go back to travel and particularly for us the jetblue vacations package business, we've seen volumes that we've never seen before. we're much, much higher than pre-pandemic, and even last summer was quite busy. this summer we're seeing, again, just record numbers in terms of number of customers buying
vacation packages. it's been great. maria: so where are people going? i mean, airfares have surged as airlines deal with pilot shortages, rising fuel costs. the last economic report we saw had fuel prices up as well as fares. airline fares up 33% last month compared to a year earlier. how is that impacting things? >> yeah, so far we're seeing very strong demand and particularly in the vacations business, a lot of caribbean and florida destinations. a lot of people just want to go out and go to a resort, go to a beach. and we are seeing high demand, but there are still deals to be had, maria. for example, today on jetblue vacations we're running up to a $600 off promotion. typically, when customers bundle flights and hotels, it's already cheaper to begin with, and mission to that we have promotions like today where customers can save is up to an additional $600. so if the customers are looking
enough, there are deals to be had. maria: but, i mean, the producer price index was up 11 percent last week. we know that producers are being forced to pass it on to consumers, so how significant has the crease -- in increase in prices been? if i want to book to europe right now, how much higher is the price versus last year? >> overall, largely driven by demand, maria, there's more supply in the market than there was a year ago. so we are seeing, we are seeing that the demand is what's driving this. but again, what i encourage customers to do is depending on the specific dates the customers travel, we are seeing that prices do vary, and there are periods of time where it can be quite favorable still. maria: but overall? the ppi report said airfares were up about 33%. does that sound about right to you? >> that probably is if you take
a broad view. some of that is probably driven by where people are traveling, but we're definitely seeing some additional pressure on prices by demand. maria: yeah. so jetblue vacations offers bundled packages to help travelers secure the best prices, keep costs down, andres. what can you tell us about jetblue vacations and the top five destinations for these packages? so far we've got it at punta canna, aruba, montego bay, cancun, orlando. why are these the top five destinations? >> yeah, i mean, these are great destinations for customers to get away. they have fantastic beaches. i think particularly people looking in the spring and then also summer, but there's also, there's also great value we have in a lot of these destinations. so these are, there's also a broad range of hotels, everything from super high-end
luxury to customers who are a little more price conscious. we're seeing a lot of people going there and to florida as well. they're looking for sunshine, they're trying to get away and reengage with vacations. maria: all right. looking good. what pictures. andres, we could use that right about now. great to talk with you this morning, sir, thank you. andres barry, jet jetblue vacations. have a good day. coming up, michelle obama's instagram post on roe v. wade turns heads for all the wrong reasons. we'll show grow more in the hot topic buzz when we come back. ♪ baby, you're a firework. ♪ come on, let your colors burst. ♪ make 'em go, a ah, ah, ah -- ♪ you're gonna --
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maria: the more inclusive way to spell the word. kelly jane, when she captioned the picture, she spell if women correctly. [laughter] >> let's hope there was just a typo, maria. you know, in the '70s femme if nists started spelling women with a y because they didn't want the word "man" in there. now they've changed it to an x, and it's not so much because of the man in there, because they say it is more inclusive. no. [laughter] are you -- you know, people say you have right to decide, but i have to admit i get frustrated when people who have decided to be a woman for about a month talk about everything they're
going through as a woman when i've spent decades as a female going through all that stuff. there is a erasure lately and it's frustrating and disappointing that michelle obama, of all people, is participating in. maria: yeah. ryan, what to you say? >> i think kelly jane probably said it best. [laughter] i don't know how to pronounce it. can you pronounce it the same way? [laughter] maria: yeah. we'll keep asking the questions. marsha blackburn asked the question, what is a woman? the next hour of "mornings with maria" begins right now. ♪ ♪ maria: good tuesday morning, everyone. thanks very much for joining us this morning, i'm maria bartiromo, and it is tuesday, may 17th. your top stories right now, 8 a.m. on the button on the east coast, stocks are rallying as two with major retailers report
the impact of 40-year-high inflation and different outcomes. home depot reporting highest first quarter sales ever, increasing its outlook for the year. the stock is up and lifting the dow jones industrial, but walmart is selling off after saying that inflation cut into profit margins. walmart's stock down better than 7. we are awaiting april retail sales from the commerce department. we will bring you that number as soon as it hits tape. meanwhile, futures are getting a big lift and rallying. off of the highs of the morning, nonetheless, higher than better hand 1%. the s&p up 1.5% and the nasdaq higher by 230, that's almost 2 percent. one of the reasons, a big lift from shares of citigroup. in an sec filing, berkshire hathaway says it attire quire -- acquired 2.9 billion worth of citi stock, also loaded up on paramount, by way. both stocks are rallying.
home depot up 3%, walmart down better than 7%, citigroup up 5% and paramount up 10% on that berkshire buy. this after the market finished mixed yesterday. take a look, the dow industrials yesterday up, but the others lower. the dow was up 26, the nasdaq was down 142, 1.25%, and the s&p lower by 16 at 4:00 on wall street. all of this ahead of the retail sales number for the month of april that is out in about 30 minutes. we are expecting a gain in retail sales for april of% 9% oe depot reporting 38.9 with, the highest -- 38.9 billion the highest first quarter record, walmart reporting a big with miss as supply chain challenges cut into its profit as you can see, both those stocks out today, but it kicks off a whole host of retailers later on in the week. going into those numbers, yields
are moving higher. the 10-year up three basis points at a level of 2.914%. hitting 3.2% last week on the 10-year. oil prices are higher, take a look, extending a four-day rally sending prices to the highest numbers since late march. the price of crude right now, $114.66, brent also up two-thirds of a percent as regular gas look prices hit an all-time high of $4.5 a gallon this morning. -- 4.52 a gallon. european markets also hire, take a look, we've got gains across the world. take a look, in asia overnight, let's take a look, the shanghai composite was higher. we know that stores are beginning to open once again as the lockdown continues, but they have a plan to start opening up again despite the covid-zero
policy. hang seng was the best performer overnight in asia. elon musk says his twitter deal is on hold until twitter comes clean about fake accounts. musk the estimating at least 20 percent of twitter accounts are fake which is pour times more than reported in a securities and exchange commission filing. musk says it could be much more. did management and the board mislead regulators with that filing? twitter's stock is down 1.75%. musk tweeted out last night that his $44 billion deal was based on twitter's sec filings being accurate, but twitter has not proven fake accounts represent only 5% of the platform. this deal follows through, shareholders are left holding bag. what will the sec do? if all this as senate primary day arrive ares today in kentucky, north carolina, oregon, idaho and pennsylvania. we've got more on the tight the race in pennsylvania coming up right here.
"mornings with maria" is live. maria: and markets are rallying this morning pretty strongly. take a look, dow industrials up almost 400 points, off of the best levels of the morning better than 1%. the nasdaq up almost 2%. we are standing by for april retail sales numbers due out in about 5 minutes. this is a really -- 25 minutes. this is a really important report because it will tell us whether inflation is, in fact, cutting into the ability and willingness to spend. we are expecting to show a pretty good move, up .9 month to over month despite year-over-year with inflation being at level 06 about 83%. joining me concern --ing 8.3%. vick ore ya fernandez, ryan payne and kelly jane t. victoria, what are you expecting many terms of the macro story? we're waiting on retail sales out in about 25 minutes, but look at this rally underway.
would you buy into this? do you think this has legs? >> well, i'm not sure that it has strong legs, maria. maybe a little bit. you look at the volatility that we've seen in the market over the last 10 days or so, and it has to give you a little pause on whether you want to jump in with both feet into this pool. look at some of the causes that we've had. obviously, we have the inflation concerns going on, geopolitical issue, it's a midterm election year, and there's concern over growth. and the growth, a lot of it relies on that that demand of the consumer. the consumer has been a strong foundation for the last year and a half to two years, and there is concerns whether they're going to continue to be able to do that. obviously, this week with all the earnings reports on the retail companies and retail sales today is going to give us a good look into that. but i think you can use some down days on market to start nibbling on some positions. i don't think i would go all in, and you need to be tactical on the names. don't go into any sector like
maybe worked 6, 9 months ago. maria: yeah. i mean, market is down 23% on the nasdaq year to date. we've got a decline of 14% on the s&p year to date. ryan, we see the nervousness from investors as we await the news from the federal reserve. will they be able to have a soft landing, take interest rates up and not take us into recession? jump in here, ryan. >> nervousness is the thing i see the most here, victoria. you really see more money come out of the market in a year from not just retail investors, but institutional investors. i like to look at sentiment indicators on a weekly basis. as negative as it was back in 2009, we've had this dramatic reprice of stocks. take facebook, which is a stock that used to trade 24 times forward earning, now it trades 15. it's like a value stock now. so i'm wondering where are you seeing value here? we've seen this row rotation into energy, financials, but
where would you be deploying capital given that we've had this massive correction in stock pricesesome. >> yeah. so, ryan, i don't think it's surprising when you see some of these higher valuation stocks that have really revalued. when you take liquidity out of the market, it's those risk assets that get hit first. it was those risk assets that did the best, so i do think you immediate to be careful there. we do like financials. i know some of big banks have taken a good hit this year, but we hi there's some opportunity there. look at some of the credit cards. discover financial is a name we've been adding to. we've had to our -- added to our mastercard name. potentially you see rates continue to slowly move higher, maybe getting back up towards that 3, 3.20 the level, the 3.20 the level we saw last week, it's an area that you can kind of focus on. maria: victoria, how do you look at the earnings news of the morning? we've got retail front and center. home depot and walmart reporting
first quarter results today, and it was a totally different impact of inflation. home depot posting a double beat on earnings and revenue, raising its full-year outlook, walmart missing earnings expectation, lowering its profit expectations and saying that inflation, in fact, did cut into its profit margins. walmart's stock down 7% right now, home depot up 3%. what's your reaction? >> yeah, maria, don't underestimate the consumer because heir usually there especially -- they're usually there especially with the solid house household balance sheets, they have the ability to spend, do they have the willingness with the inflation component. you really did have two different stories going on morning. home depot could have lingering effects from the stronger housing market that we have seen. yes, it's come down recently, but still people that have bought new homes, they're having to buy appliances or maybe remodeling on some things, so maybe there's still some lingering effects there. walmart, if you remember last quarter, the ceo talked about
how they don't raise prices as much as they could because they have a strong commitment to lower prices. that hit their margins. i think that's why we saw the earnings report we did. maria: we'll see what the retail sales number shows us in 20 minutes, but do you think the macro story is in jeopardy? do you think we go into recession this year? >> i don't see a recession this year. i think we see growth come back down a little bit, and that's okay because i still think the fundamentals are good. i still think you're going to have manufacturing do well, you're going to see supply chains do better and the savings and the balance sheet of the consumer and corporations is still strong. so i think maybe look at recession, potential recession maybe 12 months from now but not this year. maria: all right. we'll leave it there. victoria, good to see you. thanks very much is. victoria fernandez joins us as earnings season rolls on. coming up, the crisis at the border, going below ground. agents discovered a massive tunnel connecting tijuana to san
diego. they used it for smuggling of drugs. this ahead of president biden's plans to lift title 42. what the administration is not doing to stop the drugs and human smuggling coming into america. then, finding relief from the baby formula shortage, south carolina congresswoman nancy mace introducing her new bill to remove tariffs on imports. don't miss a moment of it. you're watching "mornings with maria" live on fox business. ♪ ♪ living with metastatic breast cancer means being relentless. because every day matters. and having more of them is possible with verzenio. the only one of its kind proven to help you live significantly longer when taken with fulvestrant, regardless of menopause status. verzenio + fulvestrant is for hr+,
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cheryl: . >>. >> . maria: welcome back, number of illegal migrants coming into america rising ahead of title 42 going away. homeland security reporting over 234,000 migrants tried to cross the southern border last month the highest number encounters reported in a single month, 24,000 one month. in that time nearly 118,000 were released into the united states. all of this as we learn
president biden will not even be in the country, when title 42 is changed and expires next week scheduled to be in asia, to meet with allies in japan and korea, ryan your reaction, to this border situation we just heard with us a few minutes ago telling us expecting the numbersing to from 7,000 encounters today to 18,000 a day when title 42 goes away, expected to go away may 23rd. >> a remarkable number. and i know that they just found this tunnel apparently underneath this warehouse kind of like where do you find tunnels if it wasn't connected to warehouse people going and in out seems like how many tunnels like this out there that can bring more and more people, across that border? >>. maria: yeah not just people kelly jane you are talking about a host of illicit drugs from fentanyl to cocaine, meth marijuana all trafficked into
america because of wide-open borders, and agents tell me drug cartels making 100 to 200 million dollars a week! a week! >> it is just beyond ridiculous that biden administration is not doing something about this, you know the numbers were just released last year a record number of he overdose deaths connected to fentanyl, china makes ingredients cooked up made into the products in mexico, then with wide-open borders, they are in america. and they are killing people. maria: yeah. >> you know just unconscionable this administration won't do something about it will. maria: this picture we are looking at shot just in eagle pass texas within the last week, so the numbers of people
coming in, increasing and pictures of massive tunnel used by migrants to smuggle drugs into united states, this tunnel, is connecting tijuana with san diego. nearly 2000 pounds of cocaine, meth heroin received just recently, and the amount of fentanyl has been increasing over the last several years as well. kelly jane. >> you are right maria. really america's number one problem, of course, we are actually also seeing, you know, a lot more deaths buying they think cocaine laced with fentanyl killing people in respect was a story, of course, in florida, with left point cadets some had cocaine, fentanyl who didn't when they tried to give cpr, they themselves then were sick that is how dell fentanyl is this administration is doing nothing to stop it from pouring into this country. maria: yep we are taking a short break when we come back
the never-ending supply chain problem was a big problem for walmart in the first quarter, we see the stock selling off, we want to know when this is going to end, we will talk with port of los angeles executive director gene weighing in on how retailers are impacted. >> pennsylvania senate primaries kicking off one of the most hotly anticipated races coming up in pennsylvania. stay with us. . t imbalanced and exposed when performance varies. invesco's s&p 500 equal weight etf, rsp, is spread equally across the s&p 500,
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. maria: welcome back. china covid lockdowns weak on global supply chain crisis, containerships forced to stall near port of shanghai, the world's biggest container port causing major shipping delays, we're looking at picture of the cargo vessels tankers passenger vessels that are stuck in shanghai port unable to load unload joining me right now port of los angeles executive director, gene seroka, great to see you. thanks very much for being here can you assess where we are, i know you said the port of los angeles, is not seen a significant decline in cargo vessels since china's lock downtown two months ago port of l.a. slightly ahead of last
year by 1%, what can you tell us today, about the port and about the supply chain issues around cargo. >> good morning, maria. we are coming off the best first quarter ever, and month of april second best in our history. in fact, when we released those numbers here this morning, west coast time the april figures show 17% increase compared to last five-year average imports up 18% over that time, during the past two months with covid-19 lockdowns in shanghai we have not seen the precipitous drop in cargo that some called for, rather averaging 40 vessels per week departing and trooper the port of los angeles rivals all-time highs. >> are you saying there's no more cargo issue in terms of this -- this logjam?
>> there are impacts across the board maria but what we've seen the government in china prioritizing their long haul cargo lanes including, our own trans-pacific trade there are impacts at subassembly manufacturing, and transport divisions throughout the river downtown port, the mouth, also less than normal productivity but for that manufacturing sector west of shanghai think of the hongchow area, manjing equidistant between shanghai, coor making its way to both parts ningo last 8 weeks up 25%. >> that is good news, and we have officials in shanghai, saying that they recorded a third day of no community
infections announced precautionary areas will open limit manner limited movement effective control how do you think chiengs smaeng in hang shy if a stag a erred opening there. >> i lived in shanghai a number of easier lived through sars this covid-19 pandemic hundreds of times worse than on the growing the health and safety of populous workers so many others that have been impacted by this terrible virus how it happens next really is up to health and safety of the citizens on the ground. commerce continues to move, now that interasia short see cargo think of cargo from central china to korea japan down south to other asian nation that being impacted, the cargo materials also have seen delays, but so far, managing through this very difficult situation, for
8 weeks, we continue to see that flow of cargo. maria: yeah, i i mean we are talking about retailers this morning walmart says it cut into profits, home depot took estimates up the rest of the year so what is getting stuck in the logjam what isn't why do you think walmart had a problem but home depot didn't? >> we have been grappling supply chain issues talking at dinner tables about this better part of three years looking at walmart, home depot, huge imports through port of los angeles varying cargo segments product needed right away on store shelves fulfillment centers products going into replenishment of inventory what major retailers told us q2 traditional slack
season strategized to building up inventories nationwide the lowest since 2011, we are focus on second quarter usually a flat quarter this quarter probably a lot busiest because of over flow hang in the first quarter, let me get, ryan payne in here with ryan this morning go ahead go ahead ryan. con congrats on you a socialism first quarter i am curious how is labor affected at port of los angeles, are you having a labor shortage that is affecting supply chain? that it seems one of the biggest issues with goods and services. >> good morning ryan three big settle as of labor dockworkers 15,000 women and men work at ports every day have been averaging 6 days a week on the job since pandemic began everyone wants work is out there on the job the second segment is truckers, while i don't think we have with a trucker shortage we've got a shortage of good jobs got to
get drivers in and out of ports servicing at high levels, attracting recruit and retain folks in this segment we could use more work on the ground, certainly is a warehouse segment we boost 2 billion square foot from shores to determine the regions southern california said 10,000 job options we've got to get folks in that sustainment as well keep them there to work on cargo flow as we head towards early peak season beginning with land,. >> u.s. extending public health emergency beyond july some areas talking about putting masks back on doesn't seem like you have worries about a covid impact, on things you say retailer at e-commerce outlets likely going to ship early for back to school year end holidays this year. >> that is right but there is
something every day, maria, in the supply chain, that impacts us. we've got to continue to move forward as best we can, knowing hurdles, the data system we've developed to port on myselfer helping see over hill around corners to anticipate issues before they become problems. >> we are waiting on retail sales numbers going to be out aboutfy minutes gene how would you characterize, retail right now, given all of the backdrop that you have at your fingertips. >> as a leading indicator order cycle process goes out 09 to 120 days looks strong. may landings will be good june is anticipated to be strong as well before we move into that seasonal product category and all-important year-end holidays. maria: gene get to get your insights thanks so much gene seroka from l.a. port retail
sales from april out cheryl casone. cheryl: i do maria we've got a couple things going on, i will get to year-over-year in a second first to month-over-month headlines sorry what was it charlie? >> a 8.2% year-over-year, 8.2% year-over-year, focus on year-over-year number, again i want to go back to the month-over-month that was in line actually if you strip out autos came in hotter than expected . 9% month-over-month retail sales, that is again, in line with analysts' expectations better than performance we saw in mauf, month-over-month headlines number retail sales if you go down strip out autos, that came in month-over-month hotter than expected .6% we were looking for .4%, but i need to point out here that is a lot weaker than march number at 1.4%, now back to that again always year-over-year number retail sales year-over-year coming in 8.2%, if you xa irthat maria to last
month, the previous number was 6.6%, 6.6% now there are breakdowns i want to give you quick, there was a decrease in gasoline sales in month of april,a decrease 2.7% versus march was 9.6% gasoline sales switch off there i don't know if price or fluctuation in jen, again, it is going it is going back to year-over-year number 8.2% stronger than what we saw for the month of march, 6.6% opinion so again one more number i will give to you if you strip out autos, are building materials food, of course, of course a gain 1% we know what we heard from walmart other retailers out there, it is food, energy, those are the pieces of the inflation story that are affecting all americans. right now. and those are numbers, watching n., by the way, walmart conference call going
on right now they are talking about, a change in consumer behavior under this inflation that we're seeing management did say cut into margins when they released saying that the inflation issue is cutting into margins cut outlook stock down o overall retail sales in line with estimates up 9/10 of a percent we were expecting year-over-year chel told us up 8 1/4 percent thank you quick break fight the baby formula shortage, nancy mason here are to tell about her bill, stay with us. ♪♪ ♪♪ ♪♪
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pennsylvania today, alexander is live on the ground, as three gop contenders battle for the senate nomination. >> maria yes about, an hour and a half ago pollsoned republican voters in particular told me they really are justifiableing two things the true conservative person can pull in moderates independents come the general a month ago looked like neck and neck race, between two men, dr. oz, and david mccormick a repressive was thrown into things barnette commentator saw a surge in support said that does make her a target. >> we spent less than two million dollars and they are mad i didn't ask for permission to be in this space i walked in 24 is my country our country is in trouble i don't believe we have more room to elect warm bodies with
r next to their name say check, republicans win. >> barnette had to fight off criticism, especially for tweets deemed anti-muslim o homophobic ed admitteded by march in tc january 6 dit not participate. dr. oz former president trump's pick replacing pat toomey didn't lead to more than marginal boost in polls. >> president trump won i am outsider like he was they are going to have inspired establishment types aggressive after the president's o endorsement. >> david mccormick maintained leadership experience makes him most a qualified to hit ground running. there's lots of if i going out when to vote for ask three. cheryl: he three questions who is going to represent fight for conservative values
i hold dear can win general election in november stakes are so high. >> democratic front-runner fetterman, lieutenant governor of pennsylvania many not participate in events served a stroke on friday remained hospitalized. >> alexander in pennsylvania this morning, one of the largest baby formula procures abbott labs reaching a deal with fda to reopen, the baby formula plant the number one priority getting fants families high quality formula they need a major step towards reopening the facility to ease nationwide formula shortage will still take several weeks for formula to reach store shelves, so you can't carolina congresswoman nancy, thanks
very much for being here, i know of you induced a bill to try to alleviate this. >> signed into law yes ago tariffs on imports of baby formula want to make sure parents get food they need for infants, in fact, my night home friday from d.c. i had a man frantically texting me telling me imports from baby formula in europe had been seized by u.s. customs border patrol the issue was paperwork we need make sure it is affordable can be imported from anywhere to make sure parents an feed their kids. maria: congresswoman in terms of removing tariffs are you also advocating removing tariffs on china? >> well, right now the bill would be a 90-day moratorium on any imports of baby
formula, for a limited period of time 90 days from anywhere not up to me to decide what warrants want to order baby formula we are in a crisis right now last i heard, that it would take 10 weeks for abbott to get production up will be interesting to see how quickly if they reach a deal with fda that can happen last night president joe biden signed executive order looking at regulations trying to provide relief for six months good first step but lifting tariffs will make importing getting baby formula affordable for those that can't find it right now 43% shortage of baby formula across the tun affecting every community right now, i am sure panic buying, right we got to have all eyes open making sure parents get what they need for their kids >> i understand the issues around canada members zeroing in on china the president
signing executive order to lift tariffs china has been bad actor are you going along with china policy to eliminate tariff on china despite chin was not kept any promises about trade deals or anything else frankly. >> no, not at all in fact one of the main reasons that there are tariffs on baby formula imports the united states concerned about imports from china through canada other places 24 would he about a 90 day tariff waiver to provide some relief for parents right now desperate to find formula for their kids. maria: . >> peter doocy asked white house press secretary yesterday about inflation, and why joe biden tweeted out that corporations should pay their fair share. and that has anything to do with the inflation problem that americans are faced with watch this i want to get your
reaction. >> raising taxes on corporations, while cost of gas, cost of food for everybody americans. i this i we encourage those who have done very well especially those care about climate change to support a fair tax code without having a fairer tax code what i am talking about then -- manufacturing, costs not fair to them to have to pay, higher taxes, than the folks that -- who are who are who he are not paying taxes at all. >> this, of course, comes off the jeff bezos tweet doesn't sound administration knows what they are talking about when it comes to impact inflation is having, and what the antidote would be, in terms of of raising taxes, where are you on getting inflation, down, congresswoman? >>, last, days nation double digits nearly 10%, it is incredible the president
united states joe biden things renovations taxes causes inflation we know excessive deficit spending raising of taxes exacerbates the inflation issues when ever you raise a tax on any business small medium large somebody has to pay that that i will bends ends up being consumer at the end of the day no free lunch here hardworking americans end up picking up the tax. maria: i know that you voted to impeach donald trump, over a phone call. >> i -- >> -- donald trump i did not vote to impeach donald trump. >> are any things joe biden can be being impeachable acts the fact that we are seeing a wide open doctored, going to get much worse in two weeks, we've got inflation at 40-year highs, are you going to vote to impeach joe biden? >> a well, i believe that is going to be really up to majority republicans in have november weather or not we bring impeachment proceedings against joe biden, i will tell you it is in crisis after crisis, joe biden did more damage in the first six months
of his term than i thought possible in four years immigration, afghanistan, looking at what is going on in ukraine we're not strong we need to be stronger on world stage to protect our nation we will see what republicans do when we come back and won the majority in january. >> all right congresswoman thank you for correction voting no on impeachment thank you so much for joining us this morning, nancy mace thank you. >> we'll be right back, stay with us. . jessica was born to care. she always had your back... like the time she spotted the neighbor kid, 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. i'm steve. i lost 138 pounds in 9 months when you start with care, on golo and taking release.
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. maria: welcome back jetblue has gone hostile watching takeover offer for spirit ailes spirit rejoekd jetblue 33 dollar per share proposal jet is willing to goback if spirit open to negotiations, on other data points, jetblue also asking shareholders not to vote for a planned merge with frontedir group joining me third bridge global sector lead peter mcnally thanks for being here what do you make of cons of the three key issues that we see today, the airlines, they are capacity consolidation, interrelated the argument here
on the spirit situation that is is making jetblue low cost airline -- i think numbers, bear that out to certain degree you've got category of ultra low-cost carriers like spirit and frontier, mid tier southwest jetblue majors at the top end consolidating doesn't make that much sense, are the argument from the spirit side. but, you know, the industry is boxed in on costs, and that is leading to limit capacity growth in the industry. look at united last night upped their revenue forecast, by taking down their cost, because they have to raise prices. margins have not changingsed for united profitability isn't that much different but that is the dynamic that is going on in the industry today if we
have fewer places spirit merging with jetblue doesn't that mean prices stay elevated, if that goes in higher? >> that is what we're seeing today. the argument that frontier and spirit making about, they about the want to add jobs, and they think by, you know, joining forces they can compete with the much large airlines in the industry, it would become the fifth largest airline in the united states. so you know, that is, you know is it different presentation that they are making to regulatoryr regulators trying to increase regulatory risk effectively doubling down northeast alliance prooug dog looking at trying to convince spirit they can handle this as
well, capacity, grinding fares higher eventual the labor situation those kinds of factors that driving prices important consumers higher. maria: we know airfares up 33% year-over-year we saw that in recent nation numbers, but what is it going to take to alleviate the labor issues, the shortage of pilots shortage of truckers as you just said, what do you need to see in order to feel like these issues will get he alleviated for airlines. >> pilot situation going to take years, we actually go backto a decade started issue we are finding today, that is, you know, airlines sought pilots from the military, and the military raised wages but also started flying more
unmanned mission you can graduate from milt have flight miles to become a commercial pilot you needed more training today not enough training available, you can't get instructors, instructors hired by airlines the regional airlines have been decimated by bigger airlines coming along, the large airline able to attack because they fly bigger newer planes pilots want, it is going to take time, this is not you know a quick training exercise you get people socially electrify people around, unfortunately, a different situation here with us to stay. >> peter great to get insights thanks so much for joining us this morning on -- high cost of flights these days quick break then elon musk, makes a historic debut on "sports illustrated" we tell you who else made the cut in the big buzz of the morning. stay with us.
kardashian, ciara. ryan, what's the key to staying young? >> i was hoping you ladies would tell me because both of you look fantastic, maria, not a day over 29, and 28 for you, kelly. what's your secret? >> isn't ryan your favorite guest, maria? [laughter] maria: yeah, i think he's great, yeah. >> elon musk can do anything. he can get the oldest woman ever onto cover of the "sports illustrated"ded swim suit issue which is the highest honor in america, really, far bigger than the oscars, you know? maria: it's true, and it's great to see that. the story, though, is really interesting about this fake account story. i'm just wondering what's going to happen for the sec filing that says 5%, and elon musk is pushing back against it. we should hear from the board of twitter. i mean, did they report the
right number, 5%? >> probably not. >> yeah. this is going to be -- maria: the securities and exchange commission. >> this is going to be an interesting battle, and it's going to be played out publicly, as you know. as elon musk knows, the sec can give you fines, so they can get you into trouble. maria: yeah, we'll see. we'll be watching. ryan payne, kelly jane torrance, thank you both for being being here. have a good day, "varney & company" begins right now. stu, take it away. stuart: good morning, everyone. where do you start when the news is flowing thick and fast? st got to be elon musk, richest guy in the world and the wildest of all headline makers. here we go. his purchase of twitter is on hold. lots of moving parts to this story, but the bottom line is musk does not believe twitter's account numbers. he's saying to twitter, show me the real numbers. there's uproar about. the stock sinks to around $36 a share, and nobody knows if the deal will go thr