tv Varney Company FOX Business May 25, 2022 9:00am-12:00pm EDT
maria: they all came out and voted. dagen: they did. one thing to watch today too the confirmation hearing of the biden's second nominee for the head of alcohol, tobacco and firearms, given the horrific shooting in uvalde, texas that will be front and center as well maria: have a great day everybody thank you great to see you. >> good to see you in person again. maria: great to be with you dagen, have a good day, joe concha, dagen mcdowell, we'll see you again tomorrow, "varney" & company begins right now. stuart: good morning, maria, good morning, everyone. in the primaries a mixed picture for the candidates donald trump endorsed. many of the republicans he backed did win, including ken pa xton in texas and hershel walker in georgia. mr. trump's preferred candidates lost, georgia governor kemp beat david david perdue and now the media is taking those defeats as proof that trump has lost his mojo, but
georgia maybe a special case because of the 2020 election dispute. i'm waiting to see the turnout, primaries showed a huge republican vote suggesting plenty of republican enthusiasm for november, that's the primar ies. here to the markets. stocks mostly lower tuesday and heading south again this morning the dow is off about 100 points at the opening bell, that is, who knows where we close. the s&p 500 down about 12 and the nasdaq, which is now down 30 % from its high in november, down another 43 points at the open this morning. interest rates on the downside, the 10 year treasury yield all the way down to 2.73%, question, is this a flight-to-safety or is it a recession warning? we'll ask. i'm going to show you apple, dropping below $140 a share, they have supply problems because china is slowing, and that's where they get a lot of their iphone components. we'll bring you the story, what i call gross government in competence in the baby formula
shortage. where is hhs secretary becerra, who overseas the fda which took three months after the alarm bells rang to inspect and close the abbott plant and yes we have the dreadful story of the school shooting in texas, 21 dead, 19 children and two adults. it is wednesday, may 25, 2022. "varney" & company is about to begin. as we report at the top of the show, 19 children and two adults were killed in the shooting at that elementary school in texas. happened yesterday morning, local time. some children are still in the hospital. the town of uvalde and the nation recoiling from this. lauren, the president addressed the nation. what did he say? lauren: he did. he reacted with sympathy, with compassion. it turned to anger and
frustration, because stuart, we've been here before. listen. >> i am sick and tired of it. we have to act, and don't tell me we can't have an impact on this carnage. i spent my career as a senator and a vice president working to pass common sense gun laws. lauren: there's a will in the nation to do something now, because too much political disagreement in an election year , we have to do something. so look, after the parkland shooting in florida in 2018, florida added a three- day waiting period. raise the age from 18 to 21 to purchase certain firearms. the texas shooter in this case was 18, and he had just purchased his weapon, stuart. stuart: all right we'll carry on with this coverage later in the show. let's get to georgia, where brian kemp and hershel walker claimed a victory in their
primary races. rnc chair ronna mcdaniel is here. all right, wait, trump's guy, hershel walker dominated but in the government's race president trump endorsed former senator david perdue and he lost big time in the governor's race, brian kemp won, big time. what does that say about kemp, trump's influence in georgia? >> what it says is that georgia ns really want to beat stacey abrams and incumbency mattered and brian kemp beat her before in 2018 and they believe he's the right person to beat stacey abrams. people are forgetting the biggest figure in the primary in georgia was stacey abrams and georgians turned out and they know what a disaster she be for their state. stuart: trump's hostility to kemp had no impact? >> you know, i don't think so. i talk to a lot of voters in georgia, who love president trump, but they like brian kemp so they didn't look at it as an
either/or . they looked at it as we have to beat stacey abrams. that was the goal line for them and they picked the candidate theophano could do that because he's done it before. stuart: in pennsylvania, dr. oz leads david mccormick by less than a thousand votes. mccormick's campaign has filed a lawsuit to have undated mail-in ballots counted in the race, but you at the rnc, you're stepping in and asking to not have those ballots counted. why not? >> because that is the law. that is the law. pennsylvania that undated ballots should not be counted. we've been in a case over this for a year in the ritter case. we cannot have credibility with the courts if we are not consistent that states need to uphold the laws that they have to govern their elections otherwise in november, democrats will come and do the same thing, so this is for the rnc, it's after the primary, we didn't put our thumb on this but we are absolutely going to fight that laws are enforced that are on the books in states so that we can have election integrity and you can't change the rules after the game, stuart.
the candidates go in knowing the rules. you don't get to change them after the election. stuart: you're fighting the mccormick lawsuit. >> i am fighting undated ballots being counted because that's pennsylvania law. stuart: got it. thanks for being on the show, ro nna. timely appearance. good stuff. i've got more on the primaries. in texas, the race between congressman henry cuellar and the ultra-progressive jessica ci sneros remains too close to call. what's the latest, lauren? lauren: the nine-term congressman has a 177-vote edge over cisneros. he's got over 50% of the votes 94% are in. this is a bellweather for the direction of the democratic party as well as the nations mood on reproductive rights. i do i say that some because cuellar is one of the most conservative democrats in the house and he is an anti- abortion democrat stuart stuart: still too close to call. it's time we went to the markets let's do that now. check futures, please. i see some downside move.
down about 100 points, at the opening bell. and look whose here. he's made the trip all the way up here to sit next to us for the entire hour, here in new york, his name is eddie ghabor, and he's been right about the market so far. welcome to the show. >> thank you, great to be here. stuart: last time you were here you said look, if the fed gets aggressive on interest rates, this market could fall another 10 or 20%, from where it is now it's already way down. you sticking with that? >> absolutely, look, they are playing with fire right here. this economy is extremely fragile, and my belief right now is if they did nothing we're starting to see this inflation happening now. the consumer is running out of money. the debt they are starting to accumulate on credit card debt right now because of the cost of living is starting to continue to inflate. if they come in with this hammer and tighten the policy, tighten the interest rates as fast as they plan to do it, i believe there's going to be a huge shock to the economy, it's not going to be a slow down, it's going to be a stop and that's when you
have markets crash from these oversold conditions that we are in right now. stuart: you use the word crash. that's a very emotive word. you going to stick with crash? >> crash is over 20-plus percent. the nasdaq is already there. the s&p, in my opinion, is going to be at least 30% down, and the reason why is i think we are going into a recession, and you look back at bear markets when we're in a recession, you should expect at least a 30-plus percent drop in the broader market, and the problem is, i believe we're coming from one of the biggest bubbles we have seen in our lifetime, and there's a lot of leverage out there too, stuart, that people don't realize. stuart: supposing the fed did not act aggressively. they are under great pressure not to be so tight with the money. i mean suppose they reacted differently. >> it be a softer landing. it would still be difficult to deal with but not nearly as difficult as what they are doing. i'm shocked they are coming in as aggressive as they are. i think it's just as big a mistake as they are doing now as it was when inflation was transitory last year. stuart: so do you think i should
sell my microsoft? it's all the way down. i've lost a third of my money in microsoft. are you telling me sell it, and get out while i can? >> stuart i've told you months ago just become a client of ours and we would have reallocated you in a way. i think right now -- stuart: should i sell? >> i think you should have some cash. i don't know how much you have in microsoft or what your overall portfolio is. stuart: a lot. >> oh, gosh so you probably also made a lot. so i think where people are right now, they are seeing their stocks and say wow it's down 30% how much lower can it go? a lot lower. look at the chart over the last several years. stuart: okay, well look you'll stick around for the entire hour i always say people who do that are glutton for punishment so stick around we'll get to you a bit more later. next case, congress holding a hearing today on the baby formula shortage. there's also a second plane-load of formula being delivered today is that right lauren? lauren: that's the good news and the first lady jill biden and the surgeon general will meet that flight when it arrives outside the nations capitol this
afternoon. it is carrying 1 million eight ounce bottles of nestle hypoallergenic formula that came from germany. where does it go? distribution center in pennsylvania, then to hospitals, wic families, and retailers, finally. when? as soon as this weekend so yes there is relief in sight but in the meantime, stuart congressional leaders will press three of the baby formula manufactures including abbott and government regulators including the fda about what went wrong, when, and why is it taking so long to get formula back on the shelves. we're going to hear from the fda commissioner robert calif, trying to explain why the fda waited months before investigat ing the abbott plant they shutdown. they plan to reopen that plant next week, but i was going through some of the prepared remarks. they have the whistleblower complaint in archdiocese in
october, an isolated failure in the fda's mailroom? it's excuses like, or little things that went wrong like this , that created this massive , major catastrophe stuart: the whistleblower came in on october 21? they didn't investigate until two months later. lauren: december 22. stuart: where was becerra. good question. lauren: the investigation of the plant didn't happen until january 31. stuart: lauren more on this later. all right check futures the market opens in 19 minutes and we're opening on the downside, not a huge loss, but in the red. remember when stacey abrams said this about her own state. roll tape. >> i am tired of hearing about being the best state in the country to do business when we are the worst state in the country to live. stuart: the worst state in the country to live. not a good election slogan. what is she saying now? she is trying to walk it back. president trump certainly didn't agree with my suggestion that most republicans do not want to rehash the 2020 election. what does
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♪ stuart: i don't know the music so i will not comment on it. that is atlanta, georgia, cloudy , a little rain in the forecast, a high of 81 degrees there this wednesday. stacey abrams playing cleanup after catching flack for her comments on living in georgia. is she back pedaling, lauren? lauren: a little bit but first let's listen again to those comments. she made them at the democratic party gala earlier this week. listen here. >> i am tired of hearing about
being the best state in the country to do business while we are the worst state in the country to live. lauren: intense criticism came. she stands by what she said. she is using it to attack her republican opponent this fall. >> i had an elegant delivery of a statement that i will keep making and that is that brian kemp is a failed governor who doesn't care about the people of georgia. lauren: well, she's going to face him once again, in november look, unemployment in georgia is 3.1%. he just signed $1 billion in income tax cuts, and brought that hyundai plant to savannah. is that being the worst state to live in? and then you look at turnout. georgia's cast a record number of early ballots. there is enthusiasm ahead, at least on the republican side. we heard from ronna mcdaniel earlier, right? republicans reunite to defeat stacey abrams. stuart: i don't see much voter suppression in georgia actually, i saw a record turnout. lauren, i've got a headline for everyone. it's in the washington post here
it is. kemp rassenberger win in georgia primary in blow to trump. congressman barry loudermilk is from georgia now. i've got that, david perdue lost big time, and they had trump endorsement. how does trump look now in georgia? >> well, stuart, that's a great question, but you know, real quickly, let me just say, my family and i our hearts are broken over what's happened in texas and our prayers are with the families over there. it's a continuation of the violence we've seen over our nation in the past few months, but back to the primary election you know the big question is, was this a mandate against trump and i'm not so sure, because i didn't see that trump's endorsement hurt anyone, unless that's all you ran on. if you just ran on hey, i'm trump's guy, then we're seeing that those candidates were tapping out really nationwide
about 30% but if you ran on your own merit, and you ran on a strong platform as brian kemp did, then they're not only winning but winning with historic numbers. you're talking 73% for brian kemp that was more than anyone ever expected. stuart: that was a landslide. it's true, but yesterday, i told president trump in an interview on this program, that he and other republicans should maybe not focus on looking back to the 2020 election. i've got a lot of criticism from that, so should we leave the 2020 election behind us for the mid-terms and the future where do you stand on this? >> i think we learn from our mistakes, stuart. that's exactly what people are saying. they don't want to relive 2020. they want to look in the future, and what they're concerned about right now and the results show this is they're concerned about the amount of money they're paying for gasoline at the pump, the price of groceries, the infant formula shortage that we have, disruptions in our
supply chain. this is what they are worried about and the question is, you know, do people still like trump yes, people like trump, because they understand that none of these things be happening right now if trump was still president , but, at the same time , they want to look forward, and when you look at georgia's economy, it's strong under brian kemp. even with all the problems that the democrats have caused nationwide, georgia's economy is strong just as you were talking about, and that's what people are looking at. stuart: do you think that hershe l walker can beat when the senate seat in georgia >> i think he can and i think we all have to pull alongside with him. if you look at his numbers, i mean, he kind of bucked the trend of the other trump candidates, but i think with hershel walker it was more the number 34 than the number 45 that weighed in for him but again, trump's endorsement doesn't hurt you as long as you're running on your own merits and of course, hershel
walker is hershel walker and you know, he pushed right across the finish line or i should say the goal line. stuart: run on your own merits and win. got it. congressman barry loudermilk, thanks for joining us. >> good to be with you as always. stuart: thank you, sirment the crypto billionaire, sam bank man freed says he expects to spend at least $100 million in the 2024 elections. lauren, that's a minimum? lauren: yeah. stuart: how much higher is he going to go? lauren: soft ceiling, his words, $1 billion, but he also said who knows, could be more, if the former president trump reenters the race. look, mega donors like mike bloomberg, tom styre, they usually spend let's say $50 million so when we're talking a billion that's a huge target. the timing is curious that coinsides with the crypto industry coming under scrutiny but he is a democrat this year he poured $20 million for democrats and to support their causes, so he's a new mega
donor and coming out big for 2024 in the presidential. stuart: don't you just love these billionaire left wing socialists who hate trump? you know, just a wonderful thing isn't it? lauren: this one is particularly young, i think he's 30, if even? stuart: if that. we'll ask susan, check on his age. let's get a check of futures, because the opening bell is coming up. we're going to be down not that much. dow is down about 100 points at the opening bell. we'll be back. ♪ ♪♪ this... is the planning effect.
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stuart: check those markets we've got four minutes to go before the market opens and we're down about 100 on the dow, down about 50 on the nasdaq, not that much movement and look whose here, he's back, shah gala ni is here with us. you're not encouraged at all by the recent bounces in the market , not at all? >> no, stuart, unfortunately i'm more discouraged by them because i haven't seen the follow through that we would like to see as investors which means that investors are keen on seeing higher prices, and remember, it wasn't too long ago it seems that we were saying the
market looks like it just wants to go up. well now it looks like the market looks like it wants to go down so these rallies, while they are encouraging while they are happening, without any follow-through. i think that sends a message to investors that there's not a lot of money willing and able to come off the sidelines to support rallies and that's worrisome. stuart: do you think we're at least approaching a bottom? >> well that is the question. when will we hit some kind of investable bottom, and there are lots of different theories out there when i have certainly my own including maybe 3,300 on the s&p, i know some analysts are out there at 3,000, some are at 3,600, some we're there now, but right now, as of yesterday's close, as far as the s&p is concerned, s&p 500, we are half way between the market highs in january of this year, and what most analysts considered to be
the average drawdown of 37% when the market hits a bear market territory. we're half way between that right now, so that might be a resting spot if we can rally from here we'll see but it's a bit worrisome to me because i don't like the action as far as the tape goes as far as what i see volume wise, and when you see gaps, stuart, on stocks that miss, whether it's on earnings or profit margin misses, when you see gap down by 20, 30%, that's indicative of nervousness in terms of investors afraid that earnings are going to batter their holdings. stuart: any company which has even a minor problem in its earnings report is trashed. i mean, you can be down 10, 20, 30%. what does that tell you about the market, extreme nervousness? >> extreme nervousness and fear of future earnings misses. we're just coming towards the end of this earnings period. now we have to wait for next earnings period and i think investors are going to be wondering well what do we do? do we step in now, some of these
stocks like like they're on sale and they are, or do we wait for the next earnings to see are there going to be, did we already reach peak earnings on our future earnings going to be negative? this is what's got nervous investors in "sidelines and i don't see them there's no real impetus for them to push in and start to buy this dip though it looks fantastic, unfortunately, i think we have lower to go. stuart: okay, shah gilani, thank you very much indeed, eddie ghab our, shah thinks we've got further down to go. >> without question, here is the thing that people need to realize too, this data coming in is first quarter data. second quarter is going to be worse than the first quarter. stuart: it looks back doesn't it >> yes so the other thing you'll start to see is revisions to the downside on earnings coming in because of the cmv majority in compression and the other thing is i don't know if we've ever had this big of a sell-off with so much complacency in the market. i follow the vix very closely. the vix to still be 28 to 31,
while we're seeing a nasdaq down over 30% and these stocks some many stocks down 50-70% we haven't hit capitulation we'll see the vix in the 40s in my opinion. >> [opening bell ringing] stuart: so glad you could join us for the entire hour and be here in new york city. stay there we've got more commentary coming from you. they're ringing the bell and clapping and cheering and the market is about to open here we go. it is a wednesday morning and we're off and running. the dow will open on on the downside. not very much down about just over 100 points, but look at the dow 30 on the left-hand side of the screen. most of them, let me see now that will be 24 of them, are in the red. means they are going down. dow is down one-third of 1%. s&p 500, also on the downside, same number, down about roughly one-third of 1%. the nasdaq composite, which has lost 30% from its high in november, down .45% this morning it's off again 11,000 is your level now on the nasdaq.
all of big tech down again not horrendous losses or meta just turned slightly higher, but amazon, microsoft, apple, and google all opening lower. twitter, this could be interesting. they've got their annual shareholder meeting today, and there could be fireworks if elon musk attends. is he going, susan? >> well, so maybe virtually. he's a busy man, has a plane, he's flying everywhere. now according to wedbush, we could be looking at some fireworks, because you have that signed twitter deal, musk has now put that on hold so how many actual real users are there? i think that's the big question mark at the shareholders meeting stuart: will they get an answer? >> musk says 20% you have twitter saying it's 5% and they say that through their sample, the random sampling that's the number they are sticking with. i'll tell you this that wall street doesn't think this deal is going to go through at 54.20 no way, we were trading at $35 yesterday, so do we get a lower offer, does he walk away? i'll tell you this also is that
the snap crash effected everybody obviously. all the social media stocks fell , so meta, twitter, even google and alphabet had one of its worst day since 2020 because of that falling guidance from snap talking about the macroeconomic environment and how gloomy it looks out there. stuart: i think you could call snap a crash. when a stock loses over 40% in one day, i believe that's a legit to call that a crash. >> just the bottom markets because we talked about the fact that the federal reserve is going to release its policy minutes later on today. most people are expecting a 50 basis point hike in june and july. have you seen the probability being priced in for september into stuart: tell me. >> 25 basis points now so they are going to go 50, 50 o, and then 25, according to wall street. i know. stuart: you're sitting next to eddie who thinks they go tough and the market will crash. >> well he's open to his opinion. i'll tell you also this , is that reuters surveyed 43 strategists and most of them expect the s&p to finish at 4,400 at the end of this year.
that's a 10% increase from these levels. 43 of them on wall street. stuart: on this occasion, eddie is the contrarian. >> correct. stuart: and you're not. >> that's okay to be the contrarian because that's how you make money in these markets. stuart: he's out there, you know , putting his money where his mouth is. >> are you saying strategists don't? stuart: this man actually does. let's get to amazon. have a look at them. they've got their shareholder meeting today. >> yes. stuart: is this the day when they, what do they do? >> they are going to approve it and that's definitely going to go through. also there's a record 14 investor challenges to amazon's policy, so 10 of these 14 are related to worker rights and we've been hearing about this union, how well do they pay their workers. amazon stock is down 37% this year, and its been a favorite actually for the environment, social investors, actually 32% of those fund managers actually hold amazon, but you hurt amazon also in the first quarter first of all they reported their first
profit loss in seven years, and then they said that they over hired and they may, you know , we'll see how if they can keep the pay increasing. stuart: $2,000 a share, roughly half its high of november. >> the stock is down about 37% over the past year, or in this year, actually. stuart: can you show me wendy's please? because i believe that the activist investor has got something to do with 11% gain, nelson peltz is a shareholder. >> he puts his money where his shares are he owns 19% of the fast food chain and they see untapped value. maybe there's an acquisition, maybe there's a tie-up or a merger, we know peltz owned wendy's since 2005 and the company despite the fact that stu "varney" gets his jalap eno cheeseburger there. stuart: not anymore. >> that's the problem and why profit is down 10% from last year so the new menu change changes aren't driving people to
the store. stuart: ii went to wendy's and ask the for it and they said that there's no jalapenos. that's true of other fast food joints. >> we have it on the second floor if you're interested: bmo says it's only worth $22. stuart: 18 now, all right you've got to show me nordstrom because they're up, not much. >> not much. stuart: shoppers are back? >> yeah, so you saw chanell's results. stuart: oh, of course i saw it. of course i did: >> so it's easy to extrapolate from the fact that we saw this rise in luxury sales over the past three months or the first three months of the year, so nordstrom lost more money, but the impressive part that private label sales were up by almost a quarter surpassing the pre-covid levels and raised annual sales and profit guidance as well. stuart: what's the difference between private label sales and regular sales? >> you get the bulk of that profit if it's your own private
label instead of having to pay, be the middle guy. stuart: you look shocked i don't know what a private label is. >> i'm shocked you don't buy enough chanell. stuart: i was glued to their results. >> i know. stuart: dick's sporting goods down 7%. >> they actually beat on profit and sales to start the year. guidance was surprisingly weak, there are concerns over the macro environment, rates, china, ukraine, i feel like across all sectors you're hear ing the same excuses but the younger retailer is helping boost express, going in the opposite direction, better-than-expected results, losing a third less money to start the year and sales are better and they are raising their full year outlook. stuart: express is geared to youngsters. >> correct, you haven't heard of it? stuart: never been inside one of niece these places. is it inside? >> both. stuart: express is up .42%. okay got it. apple down today. now, earlier they were below 140 what's the story? >> they were down 140 yesterday
before actually rallying into the close above 140. so okay, the world's biggest company arguably the most successful supply chain operator in the world. this is a very sophisticated supply chain when there's virtually no inventory in these stores, and apparently, according to the news which i think is hit and miss because we always get a lot of these nikkei news on apple's production and delays and they are saying because the china covid lockdowns that there's a backlog for production for the iphone 14. everybody is table taking notice , especially the world's biggest company this is apparently the talk in davos right now some of the big manufactures, these big technology companies, are thinking well first of all, do we want to diversify away from china, with the surprise covid lockdowns, zero-covid policy and where do we go after that? stuart: do they still make chanell number 5? >> they do indeed. that's a classic. you weren't paying attention to what i was saying about apple? stuart: i pay attention to 50
years ago. >> [laughter] stuart: enough of this look at the dow winners please what's the lead of dow winners? the top of list? coca cola. >> american impress. stuart: yeah, amex is in there. the s&p 500 winners are service -- >> now. oh, that's interesting a lot of the real estate companies and homebuilders. stuart: all right nasdaq headed by intuit and zoom is back up there again. >> better results from intuit and zoom was guiding for better sales as well. stuart: all right that's the markets. coming up former white house press secretary sarah sanders easily winning the gop primary for governor in arkansas. watch this. >> [applause] >> you know when i worked at the white house nobody ever cheered when i went up to the podium. >> [laughter] >> so this is different. stuart: it sure is different. proud father mike huckabee is here at the top of the hour. the cdc warns travelers to be extra cautious when it comes to
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move on to speaker pelosi defend ing president biden's handling of inflation. watch this. >> in terms of inflation, so much is being done by this president. we have to make sure that public sentiment understands that. inflation is a global phenomenon right now. stuart: john lonski is an economist joining me now and back in the studio in new york city. speaker pelosi is right in the sense that it is a global inflation problem. she's right about that, isn't she? >> yes, but where she's wrong is that inflation is more of a problem in the united states than it is in europe or japan. we're more similar to a third world country-type situation where -- stuart: whoa. lonski labels the united states as a third world country. good lord. >> you look at it sometimes have you to scratch your head and wonder but my goodness you look at a much faster food price
inflation, energy price inflation then you have elsewhere. stuart: are we close to a peak in inflation or is it going to get worse from here? >> well, right now, we're going to look at a temporary peak, you know, we probably set that back in march year-over-year basis. it may slow down but unfortunately, it could speed up again if the u.s. economy regains momentum, but i don't think that's going to happen. i think growth is going to slow down, spending is going to slow down and that is what is necessary to contain price inflation. stuart: do we get a recession? >> pretty good chance of a recession by 2024. i don't think we're going to have one immediately, but when you look at numbers like we got new home sales yesterday, my goodness you fall off your seat. that's down by what, 29% from a year ago. shocking. so there are signs of unexpected weakness in the u.s. economy. got to keep an eye on it. that being said, what's keeping the u.s. economy growing is spending on consumer services. there's no guarantee that that's
going to continue indefinitely. stuart: got it, john lonski, thanks for coming in we appreciate it always. >> thank you. stuart: we got a new report and it shows how many people are " very likely" to switch jobs within a year. how many people are we talking about lauren? lauren: pwc says 20% so one in five workers very likely to change jobs. it's mostly younger workers stuart, they want higher pay, of course but what's most important for them is personal fulfillment so, translation, they want companies to make political statements, think netflix, think disney, think a lot of these stories we've been talking about , and they also want to be able to discuss sensitive topics openly at work, and that's a sea change in the corporate environment and a lot of people are not okay with it actually but that's what the younger generation wants. stuart: okay, eddie ghabour, what do you think about people changing jobs, 20% within one year from now, change jobs. what do you think of that? >> it doesn't surprise me because the labor market is so
tight; however, right now the employees have all the leverage, but the employers soon are going to have the leverage back because as we go into a recession next year, you're going to start to see job cuts, okay? and when that happens, now you're going to want to stay at your current job because if you try to leave you may not get another job, and you're starting to see hiring freezes right now, some companies are cutting jobs, it always starts slowly first, before it starts to really accelerate, so if this economy continues to slow down, companies are going to have to start cutting expenses and the biggest expense for many of them is the wages and they have to cut employees. stuart: fascinating, all right, eddie got more for you later, next one for you, lauren. despite new york city reopening, i am told that the mass exodus to florida has accelerated. is that accurate? lauren: i've got the numbers to prove it, it is. so in the first four months of this year, 21, 546 new yorkers turned in their driver's license for a florida driver's license. that is on-track to surpass the record last year, which was
over 61,000, so in four months, more than 21,000 people, while new york is open again, but you know what we're seeing a lot of and i've heard this from realtor s that i know. so people who left new york, new jersey, or connecticut during the pandemic went down to florida. they are now renting back this way, because they're not sure if they are ready to come back, so they might visit and stay in a rental. they aren't sure if they actually want to make that investment and buy a house or an apartment. stuart: that is fascinating. eddie ghabour, you like florida don't you? >> i love florida. stuart: it's wide open and low tax. >> yeah, and look, it's business-friendly too and it gives you the choice. look if you want to wear a mask wear a mask. if you don't, don't, and i think a lot of people when they went down there during the pandemic like i did with my family when everything was shutdown, it was like a whole other world out there, and that's attracting a lot of people and i don't think that trend is going to change. there's a lot of good things when you compare florida to other states especially itch you're a small business owner which is the backbone of this economy, it's very business
-friendly. stuart: it's just hard to afford a house in florida. escalation in prices is dramatic >> it is, absolutely. stuart: eddie you're still staying with me you've got more minutes to go don't go anywhere. coming up, wall street weighs into real estate. goldman sachs recently bought an entire community in florida. how do residents feel about that we'll take you there to find out more than half of the people around the world said they want their next car to be electric; however, americans are not as enthusiastic. jeff flock has that report and he's next. ♪
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stuart: gas prices, yes, at record highs, on your screen, you can see it read it and weep. now research shows, however, that interest in electric cars is increasing globally, but, people here in america remain hesitant to make the switch. jeff flock in new jersey. jeff, why don't people want to make the switch? is it just a jersey thing? reporter: [laughter] you know, i think, stuart, some people just like the smell of burning carbon. what can i tell you?
i think that's probably true in some cases, but the other concerns are that they're not these charging stations, the concerns are that these things take too long, you can always find a gas station, can you always find one of these deals? i tell you the rest of the world , as you report, they're getting on board. ernst & young just did a big worldwide survey take a look at the nations they found most interested in ev's. more than half the world is interested now in electric vehicles. at least 73% of people say they want a ev. china 69%. here at home though u.s. and australia are the slower adopter s, a little slow to the party, and saying hey, not so fast. the other problem right now, with ev's of course, is it is with a lot of vehicles, they're hard to find and they're darn expensive. we talked to the folks at cars .com about that. >> one of the most challenging things right now is if you are interested in electric vehicle particularly a new one it's going to be exceedingly
difficult to find one, due to the lack of new vehicles available in the market right now, in particular ev's. reporter: i'm standing, this guy just came in a little while ago. he's now at 39%, he was here about 10, 15 minutes up to 39% here. it is a different thing, but i tell you, the rest of the world is, it's happening whether we like it or not. as the president said, we're in a transition. stuart: [laughter] that's a very nice end to the report there, well-done, jeff, we'll see you again later, okay eddie ghabour with me still. why do you think people are reluctant to make the switch in america? >> look, first off they can't afford it. i find it insulting that the solution to high gas prices is just go out and buy an electric car like most americans have $70,000 just sitting in their checking account. the solution is do the right regulations and bring fuel costs down. that's the ultimate solution to this problem, because the inflation the government says they are trying to attack, everything gets here with fuel, not by electric vehicle, look at
diesel so there's a bigger problem than just switching to electric. we don't have the infrastructure to handle everyone being on electric cars anyway. stuart: that is for sure. eddie gate to have you on the show. >> absolutely. stuart: still ahead, senator bill cassidy, attorney general of florida ashley moody, retired four star general jack keane and martha maccallum. the 10:00 hour of "varney" is next. ♪ with my hectic life, you'd think retirement would be the last thing on my mind. thankfully, voya provides comprehensive solutions, and shows me how to get the most out of my workplace benefits. voya helps me feel like i got it all under control.
monarch mining. reliq health is a profitable global medtech company achieving strong quarter over quarter revenue growth. with a rapidly expanding base of over 120 us clients, reliq expects to uplist to the nasdaq this year. reliq health technologies stuart: nice day coming up in new york city, the empire state building. 10:00 eastern, take a look at your money, not doing much stock price movement. very calm. the dow is up 5 points, the nasdaq 18. look at the 10 year treasury yield down to 2.75%.
a further flight to safety, the yield is down, the price of oil at $110 a barrel and bitcoin, haven't checked the back, $29,600. now this. georgia was always a special case, right after the 2020 election donald trump demanded governor kemp and secretary of state rassenberger refused -- to ratify biden's when, for trump it is personal and he waged an unrelenting fight, he personally recruited david perdue to run against kemp. it didn't work. look at this. kemp beach perdue in a landslide. raffensbergerbeat jody heise. i will make two, georgians
preferred kemp's policies, he campaigned on jobs and a successful covid response. in his acceptance speech he said conservatives didn't listen to the noise, didn't get distracted. he was referring to trump's bluster, kemp won. thickly trump appeared obsessed with the 2,020 election, he looked back, not forward. i challenged him on this in our interview yesterday, he didn't back down at all, he never does. he says if you don't look at history you are going to be last to be lost, he will continue to look back. the argument is not over. there are more primaries to come and trump will be in the middle of it all. in georgia kemp won despite trump's intense opposition. the lesson, trump's policies actually won but his personal intervention lost. second hour of varney just getting forward.
look who is here. former governor of arkansas, mike huckabee, welcome guest. i don't think republicans should keep looking back at the 2,020 election. what do you think of that? >> i agree. when you drive your car there is a rearview mirror, it is a small piece of glass and it is there so you can glance back from time to time, but the big piece of glass is the windshield and that is the one you have to keep focused on because that is the direction you are going. when politicians or public officials spend more time looking in the rearview mirror than they do the windshield they are inevitably going to have a collision. it is a good reminder to us what brian kemp did, and the best politics are policies. it is hard to get rid of a sitting governor if the governor is doing the job people sent him there to do.
stuart: that was one of the best analogies of the small rearview mirror in the windshield looking forward. cause to celebrate, your daughter, sarah sanders easily won the gop primary in arkansas. she jokingly compared her win to her time at the white house as press secretary. watch it again. >> nobody cheered when i went to the podium. this is different. but i like it a whole lot better. stuart: that was funny. you must be a proud father. >> i am. i felt like the father of the bride. i was nervous about the whole thing but the good news is i didn't have to pay for this one last night. it was a great night. sarah squeaked by with 83% of the votes, a real squeaker all night but what a delightful
experience it was to be the father watching my daughter who grew up in the governor's mansion poised to move on to november and live there as governor rather than just a kid who watched a governor do the job. stuart: she won on her own merits. the policies she supports, she got donald trump's endorsement but she won on her own moments. >> i think make blue people are underestimating her as a person with serious policy chops, she spent her life, looking at how things work in government. people who say she is a press person. that was the diversion, she had never been a press secretary, she managed campaigns, she has quite the resume and people would be surprised how good an administrator, leader, she will
turn out to be. i'm excited about her being my governor. stuart: congratulations to sarah sanders and to you, her father. back to the markets, back to the money, michael lee with us this morning. bill ackerman says a more aggressive fed or market collapse are the only ways to stop this inflation. what do you say to that? >> considering his track record, crowded movie theater type calls, ever since the markets bottomed in covid, got very long in the market. that is a pretty good indicator inflation peaked, the fed, although they raise rates.
and a lieutenant of liquidity's come out of the market. tremendous demand destruction. it is still an issue and i don't know when it will subside completely. the worst is out of the way and how long it takes does depend on how long the economy slows down, two ways of solving inflation, create more supply or demand. the only tool being used is destroying demand and starting to see that and that is why snapchat had such profound impact on the market, one of the most effective social media spaces was down dramatically.
advertisers, certain levels, we are headed for slowdown, the markets near-term bottom and i don't think this will be a classic bottoming out like a lot of people looking for where there is total capitulation because we have the balance sheet run off put an overhang on stocks. we are in a violent trading range for the next 6 to 24 months until the fed pivots, once the ped for its we are off the races again. stuart: is there any big tech stocks, any of them that you would buy today? >> i would say facebook and google, both of them. microsoft is still trading at a not multiple, google is always cheap. it is not going anywhere, you're paying a below-market
multiple for one of the most dynamic advertising platforms ever created. stuart: i've gotten used to calling it meta-after all these months but i respond to facebook. we appreciate it. there are some stocks that are truly moving, start with lift, down 1.5%. >> it is so transforming lifting one of the targets in the past month, they are cutting costs, no layoffs but slowing the number of new hires, usually news like this helps the stock, you're more profitable but investors are not convinced here. they take not much left can do because they are in a battle for drivers, you can't cut pay, that's a major cost. stuart: squeezed is the word. dick's sporting-goods, they don't sell guns, they are down
2.77% not because they don't sell guns. >> they sold a lot of soccer equal and, better than expected numbers. they are getting caught up in the retail read and expect sales to fall as much as 8%. stuart: software accounting into it. lauren: they raised their full year revenue, operating income, they raise that measure as well, business not affected by inflation at macro head wents in the consumer sector and tech sector and every other sector we have been talking about. they are good. stuart: i am interested in microsoft, i own some of the stock and they said they are jumping into the meta verse. make me understand it. lauren: the industry meta-verse, kawasaki and boeing where they have factory floor workers putting on the augmented reality head that,
around the factory floor, they can ask in real time, where can i get this or how do i fix that, it is artificial intelligence and humans working together in factories and that is one version including us trying to figure out how do we live in the meta verse, i still like being around people. be when that graphic is interesting. are you going to get images in front of you, i want this or that. lauren: it is a tutorial how you are supposed to fix something instead of waiting on the phone or physically for person to arrive. stuart: i have to get into this meta-verse. drag me onto the internet. lauren: can't get on a zoom meeting how will i get on the meta-verse? stuart: the ceo warning about electric vehicle battery shortage lasting how long?
lauren: 5 or 6 years. the ceo says the shortage is going to hit in 20 williard-25, then there's going to be the problem of getting raw materials like lithium to gather that will slow the availability and adoption of evs by 27-28. in indiana all of this takes time. i gave you part of the timeline and you look at prices for materials the going to those batteries like lithium, they are not expected to come down anytime soon. i put down these comments resources today and what he said is considered industry consensus at this point. maybe you want to feel more need with high gas prices, but we have an issue with the affordability and availability. in the near future. stuart: thanks very much.
stacey abrams walking back her comments after she called george of the worst state to live in. is that going to cost her the election? north korea test launched three ballistic missiles hours after president biden left asia. got the full story. 400 million people depend on food supplies from ukraine and experts warn of a global food crisis as russia blocks ukraine's ports. ♪♪ (vo) singing, or speaking. reason, or fun. daring, or thoughtful. sensitive, or strong. progress isn't either or progress is everything.
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biggest exporters in the world but russia is blocking the ports and disrupting the harvest. are we about to see a global food crisis? >> this is a big issue. officials and experts are warning of widespread famines in various parts of the world and it turns out more fallout from the war in ukraine. as the war in ukraine rages there is more at risk, vital global food supplies from ukraine, the breadbasket of the world. >> to keep 400 million people. >> reporter: he grows grapeseed for connell law oil and barley 90 minutes at a time. >> a lot of other crops already harvested, warehouses ready to be exported.
in a ukrainian farmer in the middle of a russian invasion. >> not only for me but biggest problem for our country. >> reporter: ports blocked by russians, rail transport, inadequate shortage of gas, farmers full of part-time soldiers, field under attack or mind, grain stolen by russians resulting in international food shortages and price hikes, a pulley to the man responsible. >> i asked president putin if you had any heart at all, please open these ports. >> a little bit of an echo. ronald reagan there. a little bit more grain is getting out overland but the sea transport is crucial and those ports are slammed shut by the russians. a bit more on the farmer, he is a part time soldier and says he sits on his back porch looking
out over his farm fields and watches russian cruise missiles go overhead. stuart: strange times indeed. look who is here now. general jack keane. may i express an opinion to start with? i say, you know i am going to do this, job one in ukraine is to open up the ports so ukraine can export the food. and militarily to open up those ports. >> absolutely the right thing. the secretary-general of the un is negotiating with russia, to replay -- and the export can take place. where is it is not successful, what needs to be done, i recommended this to the wall street journal and editorialize it this morning.
an international coalition of warships not just focused on nato, to the international community so russia is not pointing the finger at nato and the united states. this is a global humanitarian relief operation we would be conducting with those warships, we stay in international waters never leaving it, and go to the port of odesa and let the ships pick up the grain that needs to be picked up and escort them out. there is some the mining that would have to be done. the other risk is the russian navy is there, they could see this as a provocation and we could have a confrontation. in my judgment, with the international community conducting this coalition with global food prices coming, it is within the risk profile to get this done.
we know for a fact that millions will die as a result of these food shortages and the secondary issue is ukraine's economy is going to be devastated. right now it is impacting 50% but the global food shortage is the primary issue. stuart: one other subject if i may. should we defend taiwan militarily and if we do surely we are going to need a massive increase in defense spending. >> the problem with defense spending, the budget was built at 4% inflation. it is at 8% and looks like it will sustain itself in that neighborhood for the rest of the year so just to get back to being a cut which it is right now there has to be additional funding that takes place. i don't believe there is enough funding in the budget to deal
with building a military deterrent in the indo pacific region against china as it pertains to taiwan. we are in gone -- outgunned and outmanned, we need more capability and in the next 3 to 5 years to truly make a difference but that is the risk profile window and i do believe we should defend taiwan if the chinese attack it and the lesson learned out of ukraine is let's outgunned them now with everything they need so they don't go through and emergency relief operation, what we are doing in ukraine, to assist with the growth and developed of the military and have them participate, the military exercises, computer wargame, tabletop exercises as well, what we restricted ourselves, self imposed restriction, nonsense given president xi's aggression.
he has stated he intends to take taiwan forcefully if he can't do it peacefully. that broke the status quo and we've got to help the taiwanese for sure. stuart: take action now. >> great talking to you. stuart: north korea test launched 3 ballistic missiles hours after president biden left asia. the capability of reaching the mainland in the united states. lauren: one was capable, the north launched 3 missiles after the president wrapped his trip to asia. it is provocation, not just north korea but china and russia flew those strategic bombers that are nuclear capable planes. it is likely willing to fight to gather and align themselves. china and russia and north korea. stuart: president biden says higher gas prices will make the
country stronger, doesn't seem like most of us agree with that. >> i don't believe what he says. 47 years, hasn't done much. >> can't afford the gas. stuart: a lot more of that coming up and we will show it to you. speaker pelosi defends president biden's handling of inflation calling a global phenomenon, sounds like an excuse to me. liz peak takes on. ♪♪
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deal with a potential breach. deal with your calendar. deal with your fantasy lineup. and then... that's it? we feeling good? looks like we're feeling good. bring on today with comcast business. powering possibilities™. stuart: the market shows some green, thousand 150 can nasdaq is up one hundred 11 points. not a huge movement but we like green when we see it. 13%, calls. lauren: reuters reporting interested buyers of the company revising down their bid to reflect the market downturn, why stock up? it is interested in the company. coles is giving them something to be interested in. one hundred smaller stores over the next few years.
stuart: how about bath and body works, they are up 7%. they faced earnings guidance but i can tell you they dropped 200 new products and it is my 6-year-old's favorite store. stuart: that is really cool. i don't know why. very good, honest. honesty is a wonderful thing in television. can we update snap which was way down yesterday, up 12%. lauren: they are getting some of that back today, 12% but look at this, google still down a little bit. facebook was down moments ago so the sector is not recovering, the digital advertiser, it is up a little bit.
stuart: investors waiting for the fed minutes to come out later this afternoon. we are also told lawmakers say they want more transparency. what does that mean. edward lawrence at the white house, what does that mean. >> reporter: the next meeting is before federal reserve board as president biden's new pick, philip jefferson sworn in. they will have both on the next meeting. the meeting is done in secret and that is the problem for representative thomas massey. she will we introduce his bill that will audit the fed. he says behind closed doors the fed craft monetary policy that will continue to devalue our currency, slow economic growth and make life harder for poor and middle-class, time to force the federal reserve to operate by the same standards of transparency and accountability to the taxpayers that we should
demand from all government agencies, we will get a written glimpse of what happened in the last meeting at 2:00 eastern time when the fed minutes come out. in my interview with jim bullard he alluded to the discussion related to the volatility we are seeing in the market. >> asking financial markets to shoulder additional volatility that is occurring and more than they are used to, i'm sure they wish they didn't have to reprice the assets for the new environment but they do and we expect more to come with that process but it will be worth it in the end as we get inflation under control and get back to better equilibrium. i think there is every possibility we can achieve suffering. >> we will get more insight into that discussion when i get my hands on the fed minutes in 31/2 hour. we when you will have a grand old time.
speaker pelosi defending the handling of inflation. >> in terms of inflation so much is being done by this president. inflation, a global phenomenon right now. liz peak is with me, ferocious critic of the administration. the speaker will make an excuse. >> the american people haven't heard enough about what president biden is doing with inflation. basically spewing a lot of complete baloney about what they are doing to curb inflation. the idea the media is not helping tell a story but the
messaging is wrong, the messaging was wrong. it is like catastrophic blunders in terms of the rollout, the messaging is wrong. the american people, consumer sentiment is in the tank, it hasn't been this low except major recessions and or depression in our nation's history, something is wrong and the american people know it. a new poll is out showing most people, 61% of the country blames biden and his policies for inflation, not the ukraine, not vladimir putin, they blame the administration, and too much spending, it up the price of everything. we let inflation, our inflation rate began to soar before the
rest of the world, we caused this cataclysmic chain reaction of prices going up and shortages. stuart: that's not quite as ferocious. thank you very much. the biden said the surge in gas is part of incredible transition. don't say you don't know what is going on. stuart: our people responding? lauren: the positive spin is a tough pill for many struggling americans to swallow. >> unbelievable word he said, not another politician, i've been in business 47 years. >> i can't afford the gas. >> almost doubled since president biden got in office. >> people are not doing is many things. spending money on their kids, houses and food.
>> this is not so much money. >> gas is at 4. 59, and a 9 to that, another record high, $3.03. stuart: $3.03. >> that goes into everything. stuart: it sure does. next case the cdc, we will get to monkeypox, cdc issuing a monkeypox warning to travelers, they were reported in 16 countries. parents are struggling to feed their young babies. what if you can't breast-feed and have no formula? doctor frank is on the show. ♪♪
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stuart: the baby formula makers will be in front of congress today. congress is giving them some extra money. will the extra money help the shortage? >> reporter: senate republicans are saying no it won't. throwing more money at the problem will not fix the long-term issue, the fragility of the baby formula supply chain. what we are talking about is the implemented supplemental appropriations act that would implement $28 million in emergency funding to the fda to help with inspections of foreign facilities abroad that are making baby formula. it did pass along party lines in the house but now is expected to face head wents in the senate. the hearing you mentioned, the grilling from lawmakers, an issue that is likely to come up
today, why is it four manufacturers in the country control 90% of a formula market, some say the reason is the federal nutrition program helps low income families purchase baby formula, roughly half the baby formula bond in the us goes through with feeding one. 2 million infants, take a look at this, each state uses a single company to be the sole provider of baby formula for all residents enrolled in the program, what you can see here, controls the most territory with contract across 34 states. critics say it is the largest size of the statewide contract but prevent smaller companies to winning a bid and gaining a foothold to enter the market space in a meaningful way. meanwhile as executives from baby formula companies alongside the fda appear before lawmakers today, abbott is
announcing plans to reopen the manufacturing plant, and the specialized formula for infants with allergies, the product should be available by june 20th. the fda is saying they've approved a shipment of formula from the united kingdom. they expect to million cans, to arrive on store shelves. stuart: still a long way out to get those shelves full again. great report. thank you. joining me as doctor frank contasessa. if you are the parent of a baby and have no formula and can't breast-feed, what do you do? >> great to be back with you. tough question.
it comes down to you can't dilute this stuff, you can't make it your self because it can be contaminated, you can make it wrong. infants have sensitive systems. the only solution is to get more of it. the good thing is the vast majority of infants without allergies or healthy kids, are interchangeable, it is whatever you can find, difficulty is if you have a child which one of my daughters had, specialized formula, one of the hardest to find, don't know what we would have done. there is no easy answer because if it is not there is not there but most kids, 98% of most kids can take any formula. stuart: the crisis is still there for many people. i want to get into the monkeypox thing. 7 people in the us have confirmed or presumed to have monkeypox. the cdc says risk remains low. let's go through this.
how does monkeypox spread first of all? >> great question. this is different from covid. covid is enormously transmissible, just being near somebody who is carrying the virus, you can contract it and we have a symptom attic spread with covid. when somebody first contracts it before they get symptoms can pass it to somebody else and that makes it easy to spread. monkeypox is not that way. there's no a symptom attic spread. you have to be in) a call contract with somebody exhibiting symptoms. so it can be contaminated ted linen, bodily fluids, close skin contact. there are some respiratory droplets but that's not the primary mode of transportation. stuart: we don't have to change our behavior radically like social distancing or masking. that's not much use in this case, no change in behavior. >> exactly right. i really hope the powers that
be don't use this as an excuse for a knee-jerk reaction to throw us back into quarantine and lockdowns and make people panic about being around other people, this is not the same situation. this is not the same kind of virus. we were very glad to hear that. monkeypox sounds awful but it is not as awful as the name implies. >> if you get it, it is pretty awful. stuart: i shouldn't laugh about this. thank you, see you again soon. on a related note, cbs has stopped filling prescriptions from clinicians at some health startups. why are they doing that? lauren: they are not going to fill them starting tomorrow for stimulants used to treat adhd, they are classified to control substances because of potential for abuse and what happened during the pandemic, professionals were allowed to prescribe them without an in
person evaluation. you go to a video call for 30 minutes, you get a script, that script would be filled and then someone on a bad pattern so cbs will not fill it. we one that is a very good idea. >> dink of the opioid pandemic. blue one new york has lifted most covid restrictions but that's not stopping residents from moving out. we will tell you where new yorkers are going. a federal judge stopped the administration from lifting title 42 but another judge in dc says there is a loophole migrants can use to get around the blockage. ashley moody takes it on next. ♪♪
another federal judge in washington dc says migrants can claim fear of torture and persecution and walk right in. the attorney general of florida is ashley moody. that opens the border, doesn't it? reading from the judgment, if a border officer notices one member of our family showing a verbal or nonverbal manifestation of fear they are in. that completely negates any border control at all. >> understand title 42 was the last bastion of ability to control our border. agents were using it to expel them and thank goodness, the said reality when you are left with courts to force the president to do their job this is what happens and don't be mistaken. it is not a dc judge that said this, we have said repeatedly that not only is president biden ignoring the law, they
are using the law in a warped way to allow not only open borders, not only no border control but their policies, they are building programs to help people come over, do just as you suggested and bring others over with them. it is incentivizing, catnip to anyone who ever thought about rushing into our border and the only way we are pushing back his those of us asking courts to help us. stuart: it just seems extraordinary this has been going on for so long. can you explain why the administration lets this happen, encourages it to happen, why are they doing that? >> i get asked this question on so many issues whether it is crime, immigration, gas prices, listen to me clearly. if we pay attention to what this president says and does, his actions and his words it
becomes abundantly clear. when he ran for president he said i will transform this nation, he and secretary mayorkas said we will transform immigration policy. he let it slip recently, we are in a transition in our country. he never mentioned fentanyl, never talks about americans dying from fentanyl. 's own dea proclaimed the first ever national fentanyl awareness day, he didn't mention it. he wants the surge of folks flooding into the borders, those who have criminal convictions, those on the terrorist watch list and many others, he's intending this because in his words he is transforming america into
something none of us recognize or want. stuart: we know what the state of florida and attorney general ashley moody, fiercely if i can put it like that, we appreciate it. what new york has lifted, most covid guidelines, most of them, people are still leaving and going to florida. >> 20 one thousand 500 new yorkers left for florida, that is up 55% from before the pandemic but also up 12% from last year which is during the pandemic. new york city mayor eric adams, after the don't say gay bill, he said come back here, new york welcomes everybody. don't have the full year but we will see, don't think they are coming back.
stuart: the trend is against them. still ahead, louisiana senator bill cassidy, martha mccallum, molly hemingway. the baby formula shortage is a story of gross government incompetence the goes all the way to the top. last week a shipment of formula from europe arrived, the white house took a victory lap but the spin won't work, the shelves are still empty and the world is laughing at us. that's my opinion and it is "my take" and it is next. ♪♪ ♪♪ throughout history i've observed markets shaped by the intentional
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>> i think we are going into a recession. going from one of the biggest bubbles we've seen from our lifetime and there's a lot of leverage that people don't realize. these rallies when they are happening, no follow-through. that sends a message to investors that there is not a lot of money to come up off the sidelines and support these rallies to create any momentum. that is worrisome. >> growth is a slow down and that is what is necessary to
contain price inflation. >> we will be in a violent trading range the next 6 to 24 months. once the fed pivots we are off to the races. ♪♪ stuart: you are looking at 6th ave. new york city. a sunny day. it is 11:00 eastern time, wednesday may 25th, straight to the markets, still got the green, the dow is up a hundred and the nasdaq up one hundred 7. the price of oil not doing much in recent sessions, we are at $110 a barrel as of now. look at the 10 year treasury, look where that yield is. all the way down to 2. 74%. i don't know whether that is a 2-year low or a 3 year low but it is on the downside, way below the 3% level we had a few weeks ago. mark tepper with us for the
final hour of the show. i read your stuff, you send it to me, you said the bear market is not going to go away until the most loved stocks are truly beaten down. 's apple down far enough? >> it is not. what is the movie i was watching? olympus has fallen, about 10 years old. i was watching that, in order to reach the bottom olympus must fall. olympus is apple, it is the behemoth. apple right now is trading at a forward pe, 20 one. 8, its 5-year average is 20. 7, that would insinuate a 5% drop. if you go back before 2,020 was averaging 16-17. in a bear market, at a bare minimum apple should come down to the median if not fall far below. stuart: that is the buy signal, it is going to get down.
>> we talked about this last week. if you are sitting on a large chunk of cash, put some to work with the s&p at 3900. just not all of it. stuart: you've got to pick your spot. you don't think we have yet hit the bottom? the overall market not at the bottom just yet. >> if we are in a recession which more people are jumping on that bandwagon, typical drop is 34%. that will put us to 3200 on the s&p. if we are not in a recession we are probably at the bottom. i tend to believe we are in a recession or headed towards one. stuart: haven't mentioned microsoft. will you ever get off that subject? apple -- i think microsoft is the other golden stock. i owned the thing. this will fall some more.
>> talking with my investment team, and etf measures the software sector. one of the things, you have higher correlation among stocks, as investors selloff, microsoft, on the high valuation. that presents good long-term opportunities, look at salesforce. it is trading at its 2019 level, microsoft, adobe, one hundred% of that opportunity right now, probably not but it is okay to dip your toes in the water a little bit. stuart: i'm getting interested again, 258, the high was 349, down 30%. i would have thought that was enough. >> probably further to fall. stuart: so glad you told me about it.
you are with me for the hour. we will get back to you shortly. now this. the baby formula shortage is a story of gross government incompetence that goes all the way to the top. october 21, 2020, one, all those months ago a whistleblower drew attention to problems at a baby formula plan to. it was two months before the food and drug administration interviewed the whistleblower. it took another month to inspect the plant and another two weeks to shut it down and recall the product. they are three months between the alarm bell ringing and action. you would have thought at that point with alarm bells ringing and shortages developing the government would have a plan to fill the emptying shelves. it stopped imports from europe, you would have thought the hhs secretary in charge of the fda
would jump on this, urging lower tariffs. you never see this guy and you wonder why a man with 0 experience in healthcare runs the country's biggest health bureaucracy. when did president biden know about the growing shortage? surely his aides told him. is he ill-informed or dragging his feet again? last week the shipment of formula from europe arrived and the white house spinning like crazy took a victory lap. the shelves are still empty, gross incompetence and the world is laughing at us. martha mccollum is here. i'm going, gross incompetence, am i going too far. >> reporter: a sense of bureaucracy are digging into. the house energy and commerce oversight subcommittee is going to have a hearing on this. never fear.
the fda deputy commissioner, the fda center of food, 18,000 employees at the fda, $6.5 billion annual budget. they have offices, 13 laboratories, 50 states, these are the people that are employed by the american taxpayer. one of their areas is food safety and they did figure out there was a food safety problem and it took months for them to do anything. what are we paying for becomes the question here. we employ an enormous amount of government bureaucracy and disproves as you are saying that it is grossly inefficient. the american people have lost faith in the government's ability to protect them from these sorts of things, we can't be watching everything. we are doing our jobs, living
our lives in this country, these people have a job, they basically have lifetime job security as well. if anybody gets fired for this, someone should be. if you were alerted to something that was a big problem and you sat on it for three months. stuart: xavier becerra should have been out a long time ago. he never says anything come he doesn't do anything, he's in charge, he has oversight of the fda. he did nothing. >> layers of bureaucracy and people who should be saying there was a whistleblower so good thing they. the whistle from that company. when i spoke to brian on sunday and he was saying this is the way it works but it is not working. stuart: we've got that out there. i would change the subject entirely. this is real cool.
queen elizabeth, the widely anticipated platinum jubilee is next weekend in london, that's operation mark 7 years on the throne. martha is going to be there, you're attending the jubilee. can you ask ln. america's fascination with monarchy? >> there is a fascination with queen elizabeth. she's been in her position in the course of 14 prime ministers. she has seen a lot and it is clear what happens after she is gone, she's 96 years old, lived to be hundred plus. she's looking pretty good the past week or so. she has some ups and downs but this is her just the other day but there are two layers to it, a gossipy interest in harry and megan and all that sort of stuff and deeper interest in the history of the royal family going all the way back in our own relationship with that to our strongest ally even though we forced a huge revolution to
get away from that leadership, a serious bond so i think it is for those reasons there is interest. it is a great powerade. stuart: the brits put on a powerade. any particular event you will be attending and covering? >> the thanksgiving service at st. paul's cathedral, we will be covering it all those days and in the context of what is going on in the world, war in ukraine, our strong alliance with the uk and europe torn apart over this issue, we will focus on the global politics at the same time. stuart: the great relief it is to see the queen still on the throne it 90 years of age. i am jealous. i haven't been to london in 30 years but you will get there before me. >> and a suitcase just so we know can we are too, glad to
have you. stuart: we will see you at 3:00 pm eastern, watching the story. looking at the movers, nordstrom way up there. >> ditching the sweatpants but not entirely. stuart: tepper has an awful jacket on, miami beach in new york city. >> didn't believe you. >> you know me. >> a lot of us going back to the office, shopping at nordstrom, stock is up, they raised for your outlook, that brings me to stock number 2, analysts say they are hit by inflation, demand is strong.
people, anthropology, they are of more affluent consumer and less likely to pull back on spending. it is very debatable the strength right now. stuart: tell me about roku, taken to the cleaners recently. >> teaming up with walmart to sell roku tv. stuart: a roku tv, no box on it, just the tv, that is what i need. the founder of we work reinventing himself as a crypto guy. adam newman's new $70 million project. the new ballot restrictions, jim crow 2.0, the president said that but voters proved him wrong, coming out in record numbers to cast their ballots. remember the president's pledge to lower gas prices. roll tape.
>> president biden: a major effort to moderate the price of oil, and effort that will span the globe and expand its reach to your corner gas station, god willing. stuart: that was in november last year. the price of gas has gone up 35% since he made those comments. senator bill cassidy responds to it all next. ♪♪ ast thing on my mind. hey mom, can i go play video games? sure! ...after homework. thankfully, voya provides comprehensive solutions, and shows me how to get the most out of my workplace benefits. what's the wi-fi password again? here... you... go. cool, thanks. no problem. voya helps me feel like i got it all under control. because i do. oh, she is good. voya. well planned. well invested. well protected. new projects means new project managers.
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hillary vaughan, it seems like the administration is doubling down on clean energy. >> that is right. they think it will transition the president is talking about does not feel incredible for americans who still rely on gas to fill up their cars but biden essentially saying this is all part of his own ambitious agenda to move away from fossil fuels but in the meantime it is americans who are really paying for it. >> out to be like the president is saying take your medicine, prices are going to stay high because i'm going to get rid of fossil fuel, the president is out of touch with the pain that the american people are suffering and if he is in any way connected to what he is refusing to find and act on the solutions that we know are there. >> reporter: the oil and gas industry says biden's actions from day one in office is the biggest roadblock for the. one of his first decisions was to put a stop to any new oil
and gas leases on federal land, there still an ongoing back log of permits waiting for approval to drill. he put a stop to the keystone xl which sent a message to the industry that planning and investing in new energy infrastructure was essentially a no go under president biden, the administration has put more red tape around any new pipeline projects in last november epa rolled out new regulations on a mission from oil and gas production, transmission and storage making it more expensive to produce us energy in the administration has been driving subsidies, discouraging investment in us oil and gas and president biden has tried to get congress to give more payouts to people to buy electric vehicles but one thing the president said for all of this was relief -- release oil from the strategic petroleum reserve, he did that the first time in november, the price of oil and diesel has gone up astronomically, oil is
up 40% after the first release from the reserve and diesel is up 58%. the only people that feel like this is an acquittal transition is anybody who owns an electric vehicle. stuart: show me left, please. ridesharing service, the wall street journal reports they are cutting back hiring. this is a trend, an internal memo, the slower than expected recovery need to accelerate leverage in the business, we made it difficult but important decision to significantly slow hiring. that to me is a negative sign. a sign of a slowdown in the economy and other companies are not hiring. >> you are hearing it from company after company after
company, the first thing businesses cut, discretionary expenses like advertising budget. next thing they do is start hiring new people, we have been talking months about the 11 million job openings out there whose job postings are going to start to come down and eventually get to the point they have to let go of their lowest roi employees so they can recalibrate and save margins. the really smart companies at some point near the bottom, when everyone else is fearful they will ramp up advertising, marketing, go on a hiring spree and steal market share from their competition. we are far from that point but that will happen. stuart: still slowing down. thanks. back to the high gas prices. senator bill cassidy, republican louisiana. at hearings on capitol hill you
said the biden administration has killed us energy production. that is a bit strong, make your case. >> death by a thousand cuts. when we speak about canceling keystone xl pipeline first week of the administration more importantly since then signal after signal to the capital markets that fossil fuel investment is to be strongly discouraged. without capital investment you are not going to have those new drills well, when they make other leases available permits have been held up, or the leases available have been put in a disadvantageous place. on it to say death by a thousand cuts and we are paying the price at the pump. stuart: louisiana is a huge exporter of liquefied natural gas, you are up -- europe desperately needs it. can you get all the gas you need in louisiana to meet demand? >> if we decide to drill more, one of the operators on the
continental shelf which produce oil and gas said they had five permits waiting. if they had the permits approved on an existing platform they have oil and gas to the shore of louisiana for refining and export within a year. they told me they would be lucky to get one of the 5. that is not proactive let's get it done policy, that is let's slow it and make it hard to do because we have a mixed understanding of what we need to do. we will do you think the greens are still in control? >> clearly still in control in an ironic way. not only are we at increased vulnerability of publicly to russia but when it comes to the green, china controls the cobalt and most of the lithium so the greens are still in control but in a way that doesn't serve our geopolitical goals and doesn't serve world environmental goals, it serves their goal and their goals are wrong. stuart: at the top of the hour i editorialized about the
formula shortage, an example of gross government incompetence. they've got hearings on capitol hill beginning any moment now but i don't think anything is going to change. >> a year ago, there was an 8% shortage, earlier this year, before the abbott recall there was a 26% shortage. if the fda is intent on bureaucratic kind of red tape to slow a response to america on needs, that's an indictment of the fda. in a way it keeps up formula affordable, not which leads to shortages, this needs to change. stuart: just one thing after another, you are inundated with crisis after crisis and government in action.
twitter holding the annual shareholders meeting. everybody wants to know the fate of musk's $40 billion takeover bid. $36 a share. stacy abrams walking back comments that georgia is the worst state to live in. she is using the attack to attack our opponents, governor kemp that is. we are all over that believe me. ♪♪ this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to...
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earnings tonight, nvidia and snowflake headlining the numbers, the world's largest chip maker, sales will likely increase, looking at a slower pace can a data center sales will be in form for the market because that tells us of companies are still spending and what the recession -- stuart: you expect a good report from nvidia. susan: in nvidia you are so successful you have a high bar to clear. we will see. there will be growth but how fast they are growing now, snowflake, doubling sales year over year, increases of one hundred%, not good enough because stock is down 50% this year. stuart: i like the cloud business is going well, microsoft is a big chunk of the cloud business. susan: they have to put in some good numbers. colds is up 16% and surging on speculation of potential bidders like private equity group starboard, sycamore, some
offers, binding offers pretty soon. the vicks is a recovery. that was down quite dramatically. they offered weaker guidance and that is why the market took it down because of inflation supply chain lowe's but dick's had a strong start to the you and express doing better than anticipated. stuart: amazon with a shareholder meeting today. susan: a 20-one stocks but will take place this summer and record 14 shareholders that they have to get through but not just amazon, shopif gmac, wall street and traders to ease up, 50, june and july, 100% guaranteed now. stuart: people may be step back from this rapid --
susan: with the nasdaq down 30%, close to a bear market territory, wall street and stock selloff has done most of the work. stuart: wouldn't it be nice if that was the case and we met the bottom pretty soon in the markets. susan: it would be nice if microsoft hit 300. stuart: you are right, thanks. the founder of we work, adam newman is getting into the crypto business. he raised $70 million to start a new company called flow carbon. fortunately mark tepper is here to explain what flow carbon does. >> biggest challenge i ever had on your show. i will do my best to. flow carbon, think of all those woke companies that are pro-climate change comes doing a good job with that, they sell their carbon credits to companies who are less welcome. adam newman wants full transparency putting this on the block chain where everyone can see the ledger so you see who is selling to who.
stuart: that makes sense. >> don't know who gave him $70 million. someone believes in them apparently. stuart: i forgot what happened to we work except it is not as robust. >> he got paid one. $5 billion to walk away with his tail between his days. stuart: good explanation, let's get to politics, democrat stacy abrams walking back or comments after she called georgia the worst state in the union to live in. >> i had an elegant delivery of a statement i will keep making, brian kemp is a failed governor who doesn't care about the people of georgia. stuart: molly hemingway is with us. this reminds me of the virginia governor's race, when democrat mcauliffe made his comment about parents and education. i think that lost him the election. you think or comments about her state will cost her the election? >> i think she's unlikely to
win against kemp in any case but this certainly hurts her a great deal particularly since georgia has been good to stacy abrams, has given her a lot of her wealth, she owns multiple homes in the state and it is not what you want to hear a potential governor say that your state is awful and it is in contrast with what governor kemp's reelection campaign was which was very focused, talking about the strength of georgia has, it does have a good economy and he was able to talk about that. stuart: what was this about the voting law in georgia, jim crow 2. oh? the president used that expression, real negative but what happened in the primary yesterday? what was the turn out like? >> what president biden did was reprehensible. he equated basic election security, those are horrible
things to say for region that did have racist voting practices that our country worked hard on. he encouraged companies to engage in economic boycott of one of the states he is supposed to be a leader of and coca-cola, delta behaved horribly. when all is said and done it turns out people who pass these reforms said would happen, that it would be easier to vote but harder to cheat, that does appear to be what happened, easy to vote and voting turnout was sky high contrary to what biden and many other people said and they should be held accountable for lying about election security because that is an import thing for the country. stuart: one more subject. i hope you can bring us up to speed. hillary approved giving the russia hoax to the media, the wall street journal puts it, hillary did it. we established that. the journal established it. where does that leave hillary now? >> what is interesting about
this, it confirms what we knew, the hillary clinton campaign and the democratic national committee conspired to inject into our political system a complete lie which was the trump colluded with russia to win the election or to steal the election and what this trial is showing is they funneled the information through multiple ways, they lied about who they were to enable this information to be funneled into the fbi and our corporate media and it was a dangerous thing what happened to the country and getting some people admitted under oath high levels of involvement, hillary clinton and other top people in her campaign to create and promulgate this lie. of the one how much further does it go? what happens to hillary? >> of the cases that are in play right now we will learn much more about this complicated plot and conspiracy to spread what was going on. whether she will ever be held accountable for what she did is another question entirely but we have another trial that will be coming up with the guy who
wrote the made up dossier alleging wrongdoing by trump so we can expect to have much more coming out there but nothing near what needs to happen given the trauma and damage this lie and hoax did the country. >> a waterfall of revelations. thanks for joining us. thank you for being with us. another question. this is a statement. parents could soon -- soon sue social media sites are making their kids addicted to their platforms. interesting story. investment funds bought an entire community in florida that paid $45 million for it. what do people living there think about wall street buying their neighborhood. ashley webster went to their to find out.
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stuart: an investment fund backed by goldman sachs just purchased an entire rental community in central florida. ashley webster is there. out of the folks already living there, feel about wall street taking over. >> a very good question but we are not allowed to speak to the rentals, or on the property. i can tell you, the 87's family have the make of this community for $45 million, all rental homes, and others for sale. they are doing everyone a favor by creating more properties in a market where homes are becoming more unaffordable. and people forced to rent instead of by and mortgage rates go up and look at the
average home price, it is $78,000. it is up 31%, when you look at florida rent, one bedroom apartment. one bedroom apartment, the averages 1983 across the state. the investment funds. we are not here to jack up rates on renters in florida which is so popular these days. we are creating more affordable housing that is so desperately needed. >> under supply in the united states, we only focus on build for rent. housing being built for rent, not being built for sale, to bring down the cost of housing you have to bring more houses to market.
ashley: the rent behind me, into the sales office, and a 3-bedroom house behind me goes for 2600 a month, 5-bedroom, 3 bath, $3,600 and we are told the rents will stay in line with what the market supports, the more rental homes you build, the more the supply is there and the price should remain at least stable and not shoot up. the latest reports say in brevard county where we are standing, 30 miles northwest of vero beach, 20% of all property is owned by investment companies. that is interesting. the number of people coming from out of state does not slow the sales, 3 people through the door, two from california. one from colorado and plenty of new yorkers, plenty of new york plates as you drive around this particular neighborhood. i will still try to get hold of
one of those renters to get their thoughts. stuart: you've got a nice suntan. the market has turned around. a few minutes ago the dow was up well over 100 and the nasdaq was up hundred, the nasdaq up 85, the dow is up 17 points, some volatility in the market today. the british government has approved a deal to sell the chelsea football club to a group led by todd boling, a part-time owner of the los angeles dodgers. this near $5.3 billion deal, is sanctioned over his links to russia. mark tepper, is that your name? the jacket puts me off. what do you think about an american, american buying chelsea.
>> i know these private equity firms, big-time investors, i wish i had said the producers the charge i'm looking at. if you go back from 1999 through 220, the annual return on the s&p, and and the evaluation of professional sports teams, and -- he goes and buys chelsea. >> more fun s&p investor. we one good stuff, thank you very much. drivers are paying an average of $6.06 a gallon for a gallon of regular gas in california. $6.06, that is $2 more.
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stuart: the price of gas in california has surged to an average of $6.06 for regular, the highest of any state. congressman young kim from california joins us now. what are your constituents saying about paying over $6 per gallon of regular gas? >> they are shocked. you talk about gas prices in california over $6 on average, over $7 a gallon, this is really hurting average americans especially californians who have seen higher taxes all the time more than the national norm but the thing is president biden is blaming ukraine but we all know gas prices were high even before the ukraine crisis. this administration actively put up domestic production,
need to understand it is better for our economy, to produce energy right here instead of relying on other countries. blue one is that your plan, you want to produce more energy,. >> the crazy thing is house democrats blocked the bill to promote us energy six times and put a bill to implement socialist price controls like they did in venezuela, we try this in the 1970s and it led to record high inflation and the policy will only make this problem worse. it is not the way to lower prices or hold companies accountable and help our economy. it is socialism so our plan is to be energy independent in america. we need to unleash american energy and increased production here so we can lower gas prices and protect energy independence
with cleaner energy. right here in america. blue one but you can't do it unless the republicans take back the house and/or the senate, you can't do anything without a political win on this issue. >> that is what we are working so hard, the wind is on our side. we are going to take back a lot of the seats and take the majority back, we will be able to push through the commonsense solution and make america energy independent. stuart: i don't know how you pay more than 6 bucks, 7 bucks for a gallon of gas and keep going, i don't know how you do it but i don't live in california, i live in new jersey. >> he blames everyone but himself or the ministration's failure to address the hike prices especially inflation. inflation doesn't discriminate. stuart: it is killing the country.
thank you for being with us, appreciate it. twitter holding its annual shareholder meeting, 1 wall street analyst expects fireworks between elon musk and the board. mark tepper still with us. what do you think will happen? >> some accountability. twitter via elon musk has been exposed as a violator of his first amendment, possibly fudging their spam account number is. what you see happen is elon musk should be there. the question is whether or not he will be there. still a large shareholder, whether he takes control of the company, i expect him to hold twitter's feet to the fire and get some good answers from him but they do a good job of dodging rather than responding. stuart: i am dying to see the shareholders meeting. the state assembly in california passed a bill that would hold social media companies responsible if a
child were to become addicted to the platform, parents could sue for $25,000 per violation. how do you define addiction to a social media platform? >> most kids are addicted to social media and i've got three kids who have been on social media quite a bit. a lot of it is in response to the pandemic response where kids for 12 straight months couldn't see their friends, in another 12 months after that could only see their friends from 6 feet away while they were wearing masks. the only way kids been able to communicate with other kids was via zoom, video games and social media. that helped my kids to get through the pandemic and helped a lot of kids get through so we are all a little addicted to social media. i don't see you on twitter though. stuart: i can barely turn the phone on. the wednesday trivia question.
which soon to be president spoke at the first memorial day ceremony at arlington cemetery? ulysses s grant, james garfield, james buchanan, grover cleveland? the answer next. 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 find new ways to unlock energy around the world. . .
it is garfield. then congressman from ohio, mr. garfield he gave the speech may 30th, 1868 before a crowd of 5000 people. he went on to become president in 1881. now you know. my time is up. i will pitch it over to neil with the dow up a near 39 points. neil, it is all yours. neil: stuart, thank you very much for that. we're keeping track of the markets, getting more details what the president plans to say to address the rising crime wave in this country and addressing police reform. what captivated nation yesterday, continues to captivate it today, the tragic shooting in texas. that is where -- >> stand by. get closer. >> we can't get anything, they're okay, not okay. we're still waiting. no information has been