tv Varney Company FOX Business May 27, 2022 9:00am-12:00pm EDT
it's that simple. dagen: fabulous. reporter: wish you were here with me. dagen: be safe, my friend, jeff flock, thank you, and i want to, we should thank all those who made the ultimate sacrifice for our freedom. we're the land of the free because we're the home of the brave and thank you, liz peek and ken mahoney. "varney" & company is up next, ashley webster, take it away. ashley: thank you very much. good morning, dagen, good morning, everybody indeed, i'm ashley webster in for stuart today getting a start, a head start that is on a holiday weekend is mr. "varney" and millions of americans are ready to kickoff the summer travel season today, this despite ris ing gas prices and wicked inflation, who better to put on the road with millions of people than the very entertaining and informative jeff flock who we just saw there on the morning show. meantime, elon musk says the pandemic created lazy workers. he says they're in for a very
rude awakening, we'll also tell you what he's saying about a recession. the commissioner of the fda says it's going to be another two months before the baby formula shortage returns to normal. we're going to talk about that. meanwhile, let's take a look at the markets as we head into the three-day weekend, the dow by the way on pace to actually snap its eight-week losing streak. that's the longest losing streak in 90 years, 9-0, as you can see , pre-market showing the markets up across-the-board. we shall see. meanwhile, the price of oil down ever so slightly after closing at a one-month high yesterday and i say slightly just down to 113 bucks a barrel. it's also going to be a big weekend at the box office. it could be the best opening weekend of tom cruise's career, the movie studio paid the navy, by the way, to use some of their fighter jets. we'll tell how much that deal was, and what tom cruise was not allowed to touch, probably everything. we've got a big show, rachel campos-duffy, steve hilton, leo
terrell and the great lee green wood, are all here it's going to be a big show. it is friday, may 27, 2022 and "varney" & company about to begin. the boys are back in town ♪ ashley: kind of a cloudy, misty friday in manhattan, and good band from ireland, the boys are back in town. as we head into the memorial day weekend, the national average, we've been talking about this all week and for a while now, but the national average for a gallon of regular still at that record high, $4.60. ouch. good morning, todd piro, great to have you along this morning, sir. the white house is looking to reopen some closed oil refineries is that right?
todd: yeah, could, ashley, this finally be the action from the white house that we have been begging for? well, biden administration reportedly reaching out to the oil industry to inquire about restarting those shuttered refineries. all this , of course as the white house scrambles to address what you just saw on your screen, those record high gas prices that are sending shivers through democrats as the mid-terms approach. just one of the many things sending shivers through democrat s. members of the national economic council have reportedly inquired within the gas industry about factors that led some refining operations to be curtailed, and, if plans are underway to restart capacity, but ash, before you get too excited, it needs to be noted that no direct ask to restart those operations was made by the white house, so, until we get that, i think that was a wasted excitement on your friday before memorial day. ashley: you got me kind of excited there, todd, but sad. also, todd, we have an update from the fda on the baby formula shortage. when are they saying supply will
get back to normal? todd: this is a little bit better, in terms of my two stories here in the a block, ashley, fda commissioner telling senators he expects the formula crisis to be over within two months. all this as the abbott formula plant gets set to resume production early next month. the fda is also eased import restrictions to allow those foreign manufactures to send formula here to the u.s. and of course, as we reported on multiple times, the defense department airlift ing the equivalent of 1.5 million bottles of formula from europe. abbott plans to resume production at its plant in sturg is, michigan june 4 that is next week, and we'll start shipping out its specialty formula by june 20, so fingers crossed there. ashley: fingers crossed. sad to see those , you know, emergency pallets coming in from another country. it's kind of embarrassing. todd, thank you very much. let's check the futures bring in greg smith. good morning to you, greg. okay, more green on the screen in the pre-market, but we are analysts on the show asking them
for weeks now, are we close to a bottom, or at least can we see it from here? >> hey, good morning, ashley. look, the great american wealth effect has certainly vanished from our vernacular, right? as you mentioned we're coming off a string of weekly declines that in some cases for some of the major indices we haven't seen in almost a century, and guarantee you this months you'll have tens of millions of americans not opening their mail because they don't want to realize and look at how much money they've lost in the market so people are going to be living in denial. now, my couldn't rare yankees indicator, my personal contrarian indicator tells me that most investors both professional investors and individual investors, when you get to levels in the market like this where sentiment is so down and dire, that's usually a time where you see a bottom in the market, and i'll point out two important things. we're seeing cash levels rise amongst investors to levels we haven't seen since september of 2001, and i'm also looking at corporate buybacks, actually not corporate buybacks but buybacks
done by executives working at public companies. in the month of may we're seeing over 1,100 executives buyback stock in their own companies and we're on target to see the first monthly buyers that are greater than sellers since the pandemic started in march of 2020. so, it's not all bad news, and i think if you look at other markets, the art market is strong, despite the fact that the russians aren't there, and that you have a severely weakened chinese buyer. real estate is doing well, & companies are actually doing well and have very solid balance sheets and lastly one thing i want to talk about. the fed has done a great job of creating taking away the wealth effect, we've created an environment of fear, where that's going to dampen spending, people are going to think twice about buying that second meal, or ordering another piece of furniture and then the biggest thing going on i think is not covered in the media right now is what's happening in the labor market? the balance of power is shifting from the employee back to the employer. something we haven't seen in a
long time as we've all known its been so hard to hire, but in recent weeks we're now seeing many companies talked about layoffs. so i think that this is going to all go into an effort of dampen ing inflation, and i think we could be close to a bottom here in the market. ashley: well at least that is something, boy, you put a lot of information in there, greg, but i do want to ask you, i have 30 seconds left. are we oversold and are you buying anything this week? >> look, i think that many professional and independent investors are ready to call the dupe brothers from trading places to get their opinion because most people are completely lost and have no idea where things are and they are nervous, so i did take a stab in the last week or so, i've been buying some of the financials. i like the financials at these prices, and even though i was here and joined you in september of last year and told you never buy chinese stocks again when alibaba was 150 i did make a purchase in alibaba in the last
week and starting to take a stab at a few things so i'm hoping that a bottom is in sight here. ashley: very good. i do too and so do everybody else i believe, greg, thank you so much. >> thanks, ashley. ashley: really appreciate it, thank you. let's take a look at bitcoin. todd, come back in here, jpmorgan thinks there is significant upside to crypto? todd: yeah, if you've watched our reporting over, i don't know , the last two year, you know this is a wild head scratch despite saying bitcoin has no intrinsic value and he does not care about it. jpmorgan ceo jamie dimon says the recent slide of the cryptocurrency has left the digital token well-below its fair price giving it significant upside. that's amazing that he said that the bank said bitcoin was under valued by 28% and put its price target at $38,000, this after it fell below $26,000 earlier this month for the first time since december 2020. traded close to 30,000 yesterday afternoon but stuart, i know you've reported on it. that's a sea change from jamie.
ashley: it is, i guess even jamie dimon can change his mind. wow, all right, todd thank you very much. now this. we've been talking about it for a while. triple a is expecting 39.2 million people to travel this memorial day weekend. that's a lot of folks. rachel campos-duffy is at a restaurant in north carolina. rachel, good morning to you. has anyone you've spoken to had to change or perhaps cancel their holiday plans because of the rising costs? rachel: absolutely, so interesting you should bring that up. i was just talking to jodie here , who said she was going to go to a horse race this week? >> horse show. rachel: horse show this week and didn't go because of? >> gas prices. gas prices are astronomical and a lot of people can't afford it and that's one reason we didn't go. rachel: how are gas prices hurting you? and by the way this is jodie's brother tracy. [laughter] >> well they hurt everybody.
you got to stay-at-home or you got to plan your trips, and probably making a lot of close trips instead of long trips. rachel: that's right they are lucky they can stay close to home because this weekend, ashley, i'm here in north carolina not just to talk to you but also because we're doing fox & friends weekend from right here, about 15 minutes away, is the speedway racetrack and it's the coca cola 600 series and that's why we're here and a lot of people sticking around, because they're not going to make those trips. they're grilling but also facing those high prices as well as you know that bacon and meat and everything is up about 15-20% as well and we're hearing a lot about that as well. ashley: you know, rachel, is there a sense of whose to blame for it in your conversations? rachel: yeah, you know what? absolutely people are blaming joe biden and i'll tell you another thing that i've been hearing that's interesting is people are upset about the
intentionality of it. you heard joe biden last week saying yes, this is great. we've got to transition now to electric. people are saying to me, how many people do you want to impov erish in order to achieve this green goal that you have. people are angry about these prices and they're seeing it's effecting how they're living their lives. ashley: what's the most popular breakfast, because i can almost smell the diner from here and i love diner food. rachel: well, first of all, this is the the home of the cherry lemon sun drop so this is a very famous drink around here but the grits are definitely what's on the menu, the best bacon, ashley, i've ever had. jodie here is criticizing my grits because she says i don't put enough butter on them, so we've been working on that over here at the wayside family restaurant. ashley: [laughter] oh, rachel terrific. rachel: i'm from wisconsin i've never been accused of not loving enough butter, but i guess butter is the thing for the
grits so that's what we work on. ashley: first time for everything, rachel, great, great report and i'm hungry. i haven't had breakfast yet, rachel thank you so much. as we head to the break let's check the futures for you, if we can. we're pointing to a higher opening, how about that? the dow up 120, s&p up three- quarters of a percent, the nasdaq also up about 1%. meantime, president trump may have already settled on a runningmate for 2024 and no it is not mike pence, we have the details on that. cases of monkeypox now spreading to seven states. dr. marc siegel is here with everything you need to know about that, after this. ♪ (fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how?
you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better when clients do better. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different.
so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now, there's golo. golo helps with insulin resistance, getting rid of sugar cravings, helps control stress and emotional eating, and losing weight. go to golo.com and see how golo can change your life. that's g-o-l-o.com.
this? this is supersonic wifi from xfinity. it's fast. like, ready-for- major-gig-speeds fast. like riding-a-cheetah fast. isn't that right, girl? whoa! it can connect hundreds of devices at once. [ in unison ] that's powerful. couldn't have said it better myself. and with three times the bandwidth, the gaming never has to end. slaying is our business. and business is good. unbeatable internet from xfinity. what's it like having xfinity internet? made to do anything so you can do anything. it's beyond gig-speed fast. so gaming with your niece, has never felt more intense. hey what does this button do? no, don't! we're talking supersonic wi-fi. three times the bandwidth and the power to connect hundreds of devices at once. that's powerful. couldn't said it better myself. you just did. unbeatable internet from xfinity. made to do anything so you can do anything.
whoa. ♪ ashley: take me to the river, you're looking at atlantic beach in middletown, rhode island, reaching a high of 65 today. perhaps a little cold going into the holiday weekend but the sun is shining. let's take a look at the market. the market shining too at least in the pre-market, the dow after yesterday's gains up another 120 points, the s&p up 30 points, nasdaq up 131 points, we'll see whether that will hold at the opening. talking about rhode island it just introduced its first test- to-treat covid site. todd explain what exactly that means. todd: before we get to that you're really good at band names , ash, and i'm so bad at names i called you stuart. i can't even get two people's names right that i know very
well. ashley: we sound the same. todd: feel free to call me will or pete to get me back. so the story, the nations first federal federally-backed fed to treat site is open in providence , ode island, anyone testing positive will receive an assessment from a medical provider to see if they are eligible for the oral anti-viral treatment and if they are they will receive it on-site immediately and it is proven to drop hospitalizations and deaths by 90% among patients most likely to get severe disease if given within five days of symptoms, hoping to make the drug more accessible across our country. back to you. thank you. ashley: will, thank you. let's take a look at the headline from the new york post. todd: [laughter] ashley: it says how covid restrictions could lead to an up-tick in unusual illnesses. let's bring in dr. marc siegel. good morning, to you, doctor. look, i guess the question is, did all of these lockdowns actually make us more vulnerable to other diseases?
>> i think there's a lot of possibilities with that. by the way i will always call you ashley, don't worry even with that british accent you're still ashley, but here is what it is. they are studying this , ashley, in the netherlands and mary ann coupman, one of the top viro logist is looking at this calling it an infection honeymoon and you took young kids whether they were born before the pandemic or after, they didn't get exposed to the usual viruses and bacteria that they usually would see. we call that the hygiene hypothesis. in other words if you sequester kids away and they don't see viruses they don't develop a proper immune response. that might be why we're seeing that hepatitis, that strange hepatitis we've been talking about, adenovirus 41. why suddenly that? it could explain unusual reactions to a lot of viruses. we're going to have that same problem when the flu comes back because we haven't seen much flu so people don't have immunity to it built up. also, there's the fact that people, kids aren't getting their regular vaccinations
unfortunately, so we might see an up-tick of measles and other diseases we think we have stamped out, so we got to keep a close eye on this , but i think that the bigger message here and very important is theres no free lunch. you want to lock people down, you're going to have consequences. we've talked about the psych psychological consequences, there's also consequences in terms of infectious diseases. ashley: you know, talking of which, at least nine cases now of monkeypox have been confirmed in seven states across the country. i can't remember ever talking about monkeypox but how concerned should we be? >> well, you just made a nice bridge because i think monkeypox could be coming up for the same reason, that we have a change in our immunity, our international and national immunity. w. h. o. is suspecting over 300 cases, united states nine case, i'm satisfied that the cdc is upping their surveillance for this but look, ashley, we
got a fear problem going on. we think everything is going to be the next pandemic. this is not. monkeypox is very hard to get. you have to have very close contact with skin, with secretions, sexually transmission, its been tied to some outbreaks from big parties that occurred among gay and bisexual men in europe. mostly travel-related as well. we're seeing small outbreaks, pockets, so its got to be carefully tracked and people that get it, isolate it and their contacts isolated. we have a lot of vaccine that is useful for smallpox that we could haul out if we needed it to do a ring vaccination among those who got it or were contacted but the biggest problem here as usual is fear and that's what drives the markets as you know. there's too much concern about this. we need public health vigilance, not fear. ashley: we talked about this , i think yesterday, doctor. just an update on this contagious variant of covid it seems with each new variant,
the contagiousness, if that's a word, continues to increase, but maybe not the severity. >> that's what we're seeing, and i'm concerned about the new variant is the ba .2.1 it's a long word but we're getting that in new york a lot ashley and i'm concerned, it is not more severe i don't think it's more severe but the problem is that it does have symptoms. it's not causing an up-tick in deaths but it means we have to use more paxlovid, antivirals for people at high risk and make sure people get boosted because i think the vaccine or getting over covid recently does help decrease your risk of severity. we want to keep people out of the hospital and so far we're succeeding at that and i think we will. ashley: we'll leave it right there, doc, thank you so much have a great holiday weekend appreciate your time today. >> you too, ashley, you're ashley, right, good to see you. ashley: well, i believe i am. doc, thank you so much. let's get a check of the futures , thank you. yeah, nice all green across the
another crazy day? of course it is—you're a cio in 2022. so what's on the agenda? morning security briefing—make that two. share that link. send that contract. see what's trending. check the traffic on your network, in real time, with the next generation in global secure networking from comcast business. lunch? -sure. you've got time. onboard 37 new people, with 74 new devices. does anybody have any questions? and just as many questions. shut down a storm of ddos attacks. protect headquarters and the cloud. with all your data on the nation's largest ip network. whoa, that is big. ok. coffee time. double shot. 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
ashley: all right, let's take a look at snap, if we can, and bring ingest mark mahaney. mark, good morning to you, you cut your price target for snap. what is it now? >> oh, i think we're at 38 bucks is the price target so it implies a lot of upside from where we are here, but this company has a checkered execution track record over the last year. now, our first take on their negative pre-release earlier this week was that it was almost entirely driven by macro issues. as we've looked into it, it seem s increasingly like there's some company-specific issues here, whereas we check with some of the other advertising names, they're not seeing weakness that snap is, so it's, you know, the market reacted very negative
ly to this snap results and i think our take right now is that the market overreacted. i continue to like google. i continue to like facebook those remain amongst our top picks. ashley: very good. let's talk about twitter if we can. elon musk putting up more money in his bid to buy the company. do you think this deal is going to happen, mark? >> i think it's a probability now. this was in musk's hands it has been in his hands for the last month and a half after the management team and the board at twitter agreed to his bid. then it looks like what musk did was tried to negotiate it down, brought up this issue about whether they were excessive number, large number of bots at twister. this is a longstanding issue with social media companies, there are just a lot of individuals that try to game social media sites for a variety of different reasons so that's always an issue. i don't think it was a new one. i think musk brought that up to try and negotiate down the price he may have some success doing that but he clearly wants to buy
the asset and he's showing that by increasing his equity financing. this deal is going to get done. ashley: all right, let's talk about amazon if we can. the 20-to-1 stock split due to take place june 3, a good move, you think? >> yes, it makes it easier for retail investors to buy amazon shares. this also remains one of our top picks, you know, i've had a lot of conversations with stu about this. you got to decide if you're a trader or investor. if you're an investor you should be long amazon taking these moments of weakness i don't know when the market bottoms out. i don't think anybody really knows. i do know know that amazon is a very fundamentally strong assets that's heavily dislocated, you want to be buying stocks like that when they're beaten down. ashley: very good. all right, we're going to leave it there, mark. thank you very much. amazon right now up in the pre- market but thank you very much, mark. interesting stuff. we've been talking about these long losing streaks, eight weeks now on the dow. can we break, that's the longest
losing streak in 90 years. the s&p and nasdaq also have been doing seven losing weeks so let's see whether we can turn this around going into the long holiday weekend what will investors do? >> [opening bell ringing] ashley: the bells are ringing, and cheering, here we go on this friday. let's take a look to see the big board for you, beginning with the dow 30 stocks, we are up and running, and the chart gets filled in we're seeing more green than red on the downside united health, salesforce.com, walt disney and nike on the top side, the dow though up 67 points as a modest opening let's take a look at the s&p as well if we can. that up 27 points, about 4,084 and let's look at the nasdaq if we can. the nasdaq has been as we know struggling with all the big tech
stocks attached but the nasdaq up 119 points right out of the gate. good for a 1% gain. talking of big tech let's take a look. amazon, alphabet, apple, microsoft, are all on the upside , meta platforms facebook down about 1% or close to. let's take a look at twitter if we can. good morning, susan li. >> hi, good morning. ashley: tell us about this , good morning, tell us about this lawsuit twitter shareholder s have filed against elon musk. >> hey, we're pushing closer to 40 buck once again for twitter so you had this proposed class action lawsuit amongst twitter investors that want to sue elon musk and twitter for what they call a chaotic deal that has hurt the share price and you know twitter stock is down roughly 12% since elon musk made that takeover bid. tesla is down more than a quarter and now twitter shareholders are alleging that musk violated california corporate laws on many fronts and also engaged in market manipulation and his complaint about bots probably part of a
scheme to negotiate a better price or possibly to kill the deal outright. some of the violations though, you know, include accusations of inside info, maybe his delayed disclosure of twitter stake was also maybe some maneuvers and strategic. now, i would argue that twitter stock only spiked because of elon musk buying a stake in launching that take over bid. i was looking at the 52 week low for twitter, $31 so i don't think that this case has merit because if it wasn't for elon musk, you would probably still be sub-30 at this point. also, yesterday, you talked to mark mahaney about that changing his financing for the deal, not borrowing against his tesla shares which is probably a relief for tesla stock and shareholders. ashley: very good. all right, let's talk about retail earnings, being kind of a mixed bag. let's start with ulta. >> yeah, something you know very well, cosmetics, right? so we all wear makeup for a living so cosmetics doing well as people go back to the office, and ulta did better to start the year so they are raising their full year outlook
as a result. they beat, they raised, and that's rare by the way in this earnings season and they are guiding for sales to be double, double, two times wall street had estimated for the entire full year that's incredible. meantime you have gas though going in the wrong direction. not only did they disappoint in the first quarter but guiding for profit to be just a third of their own earlier estimates. old navy, they say, is a problem with inflation deterring the lower income shoppers also blaming a slowdown in china a tough compare to last year when people were armed with the stimulus checks and there's been this really stark divergence in retail, luxury sales have been booming, because the rich are willing to spend. they have money to spend and open their wallets while those making less are not buying as much, so it looks like the department stores have been doing better, like nordstrom, et cetera. ashley: the rich opening their wallets, makes me think of stu "varney" he kind of goes against that there, and speaking of which, let's talk about costco. we know stu loves costco.
he loves their hot dogs and he's probably in there eating one right now. >> too much information but okay. um, yeah, so costco is on track for its first-ever $200 billion sales year, but you know, inflation is cutting into its profit margins, and that's despite a huge, and i mean huge first quarter same-store sales up double-digits, up 10%, but despite that, costco actually disappointed because it's a case of high expectations and wall street expects costco to blowout each and every quarter. now costco is also raising prices on some of their items, because of higher prices and inflation, so as a result they made a 1% less in profit on each item sold, so that's not a good trend and as you know, wall street likes to look at those trends. i think stu is willing to spend but he's willing to spend on higher-end items like oh, i don't know, land, for instance instead of i guess bulk cheeseburgers. ashley: he opens his wallet in all those moths fly out. it's quite something. >> [laughter] ashley: listen we have more
retailers reporting earnings, big lots and a big drop. >> that's right. so, this is a great example of the bifurcation between rich and lower income shoppers. the discount retailer big lots missing in the first quarter, also a big drop in same-store sales, and they're blaming inflation for less buying but then, you know, i think it might be a case of just big lots and their execution team and their management, because you saw dollar tree, dollar general outperforming yesterday, so this might be a case of dog eating your homework type of excuse here. i also want to show you dell because better profit and sales at the pc maker and they're really benefiting from a jump in demand from businesses, individuals, you know, this work-from-home remote trend is people have been investing and buying into their new pc and computers. ashley: yeah, makes sense. all right, changing gears, and there's a little pun in there because we'll talk about the automakers and ford, i kind of was, but look, ford just
started delivering their electric pick-ups. how is tesla reacting? >> i think tesla is reacting more to elon musk and that twitter bid since now he's no longer putting up $12.5 billion in tesla stock or margin loans against tesla stock but there's a big competition problem on his hands. tesla recovering because we're trading close to 11-month lows earlier this week when it opened at 620 or something close to that. now ford has beat tesla to the punch when it comes to the delivery of its first electric pick-up, the f-150 has now been handed over to one of its customers. that's even before the cyber truck, which we know often is ramping this year, we heard elon musk and tesla say they won't get cyber trucks to customers until maybe next year, but you have to remember that the f-150 is america's best selling car for the last 40 years and ford sells around 900,000 of these f- series trucks and they generate more than $40 billion in sales from f-150s, so i would
say the competition is rivian and those pick-up trucks, of course, you had a million in sales last year, and they're ramping up the 25,000 produced this year, and hopefully they get them in the hands of customers but i think tesla needs to ramp up and get those bigger trucks that american buyers like into the hands of consumers. ashley: get them out there. great stuff, susan, lots of information, thank you very much let's take a look at the dow winners, seven minutes into the session. boeing, apple, walt disney, microsoft, caterpillar nice broader look at the economy, all moving nicely higher, well-above 1%. take a look at the s&p winners we talked about ulta, auto desk, hp, hewlett packard in there, those are the winners on the s&p and how about the nasdaq let's take a look at those leading the charge, in the early going, well we talked about tesla. tesla up nearly 4%, okta up 3.5% , broadcom also up more than 3%. all right coming up, one
socialist is walking back her idea to have the homeless people occupy empty houses. remember this? >> you'll be happy. imagine proposing a housing for all bill in congress so imagine you, me, and a million of our friends took action, and occupied empty houses nationwide ashley: well, we're trying to imagine that but we'll tell you what she's saying now, and forget cheap technology, san francisco school district is removing and banning chief from its job titles. corporal sensitivity is what we're talking about. more than 39 million of those are expected to travel this memorial day weekend. is that a hint of what's to come this summer? i'm going to ask an expert from triple a, right after this. ♪
meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care, you get a different kind of bank. ♪ ♪
♪ ♪ we believe there's an innovator in all of us. ♪ ♪ that's why we build technology that makes it possible for every business... and every person... to come to the table and do more incredible things. ♪ ♪ big game today! everybody ready? alexa, ask buick to start my enclave. starting your buick enclave. i just love our new alexa. dad, it's a buick. i love that new alexa smell. it's a buick. we need snacks for the team. alexa, take us to the nearest grocery store. getting directions. alexa will get us there in no time. it's a buick. let's be real. don't make me turn this alexa around. oh my. it's painful. the buick enclave, with available alexa built in. ask “alexa, tell me more about buick suvs.”
♪ ashley: a live look at dallas, texas, as we listen to bruce springsteen. sunny and heading to a high of 90 degrees. 34.9 million americans are expected, by the way, to travel by car, this memorial day weekend, even as gas prices hit record highs. jeff flock is driving on the new jersey turnpike. jeff, good morning to you. is the spike in gas prices making people change their plans at all this weekend? reporter: well you know, the surveys that they've done said a good healthy number said they were thinking about it but i tell you when it comes right
down to it, it doesn't look like it. it seems like despite the prices , and you know, we did get a break on prices overnight this is the turnpike, maybe take a look up the front, well we're not on like highway 9 like bruce springsteen there, but this is the turnpike in new jersey, so it seems like there's going to be healthy travel at the start of the holiday travel season, the summer travel season, but where it's going to end up i don't know. looking at the prices they haven't changed much in the last week, but in fact came down a tenth of a penny overnight, so beats what the have been happening. we are a buck and a half, almost $1.60 more than we were this time last year. there is some evidence though of demand destruction. maybe people are still traveling maybe not going as far, because demand for gasoline at the last measure was down 2.7% at the lowest level it has been since
2013, accepting the pandemic era , so that's kind of interesting to see that, you know, maybe people are driving a little less. i know you always like to get a piece of information that maybe nobody else is focusing on, and i will do that, with the triple a, who points out, yeah, traffic fatalities have been up, maybe it was the pandemic, you know, people getting used to not people out on the road and now they're back out but anyway here is what triple a, told us on that subject. >> some states upwards of a 30% increase in fatalities in 2021 compared to 2020. a lot of bad driving habits that we've gotten to during covid seem to have stuck now that traffic is back on the road. reporter: indeed, back on the road, but my driving is just as bad as it has always been. i am no worse now than i was before the pandemic. ashley: i don't know if that's reassuring but jeff, please be careful, my friend. thank you so much, appreciate it
let's move on and talk to paula twidell, triple a's senior vice president of travel. she joins us now. paula, good morning to you. listen, are you expecting people to adjust their plans for this weekend because of these high gas prices? >> well, look, certainly there will be some behavioral changes but people are going to travel. they are. they're not willing to give up the life they deserve. you may see behavioral changes like being a little bit more flexible, trying to save money, choosing to travel with a buddy, paying in advance saving up to about 20% to book that information in advance to get the better deal, and in terms of gas prices, looking to perhaps not rent-a-car as long as you would intend to do that or take accommodations all-inclusive so things are near by, so you're going to see behavior changes for sure but airports are packed, people are on the road, 39.2 million americans are traveling this holiday weekend so a lot of people are hitting the roads and hitting the air this weekend.
ashley: they are. some call it revenge travel. i don't care what you throw at me, i'm going to get out there and you know, to jeff, to our reporters point, he says look, at what point is there demand destruction? he said demand has dropped a little bit. back to a level not seen since 2013 which i find interesting. is that the start of something? is there a point at at which have we reached that point of demand destruction, just too high. >> well i don't think it's demand destruction yet, certainly not. 39.2 million is 92% of 2019 and 2019 was a banner travel year, so more people may step up to do a little less car driving and opt to take an air trip because of the time and energy saved at that point in time. you know, look at airfare right now. lowest airfare is about 6% from last year, so there's some tickets going up and limited availability but people want to get there and enjoy their time so again we're not seeing that
saturation yet. we see immense demand and there's a supply and demand issue because the inventory is lower, so we're encouraging people tok book early, be flexible, book ahead all the things you can do: listen, people that made over $100,000 and $1.4 trillion in discretionary money. they have the money to go. we haven't hit saturation yet. ashley: yup. very good. all right, paula twidell, thank you very much, and talking of airlines, delta is cutting back on flights this summer. come back in, todd. how many flights have been preemptively canceled? todd: that's right. delta is slashing its summer flight schedule canceling about 100 flights per-day, from july 1 to august 7. the company said the decision was made in order to prevent major travel disruptions, adding that a number of factors have caused delta problems in recent months including increased sick calls due to covid, poor weather , and of course, vendor staffing. jetblue and alaska cut flying due to surging demand and
staffing challenges ash? ashley: oh, boy that's going to be a lot of fun. all right, todd, thank you very much. coming up, elon musk says an upcoming recession is actually a good thing. we're going to take that on at the top of the hour, but first, why was the uvalde school shooter locked inside a fourth grade classroom for an hour before authorities broke in? there are more questions than answers, for sure. todd will break it down and what we know about the timeline, after this. welcome to allstate where the safer you drive, the more you save like rachel here how am i looking? looking good! the most cautious driver we got am i there? no keep going how's that? i'll say when now? is that good? lots of cars have backup cameras now you know those are for amateurs there we go like a glove, girl (phone chimes) safe driving and drivewise can save you 40% with allstate
click or call for a quote today at adp, we understand business today looks nothing like it did yesterday. while it's more unpredictable, its possibilities are endless. from paying your people from anywhere to supporting your talent everywhere, we use data driven insights to design hr solutions and services to help businesses of all size work smarter today. so, they can have more success tomorrow. ♪ one thing leads to another ♪
so many people are overweight now, and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo. it naturally helps reverse insulin resistance,
stops sugar cravings, and releases stubborn fat all while controlling stress and emotional eating. at last, a diet pill that actually works. go to golo.com to get yours. ashley: we're learning more now about the timeline of the uvalde shooting. authorities say the 18-year-old gunman was able to enter the elementary school completely un obstructed. come back in, todd. what else are authorities saying todd: first responders taking a lot of heat for the latest timeline of events with many people wondering why it took about an hour to kill the gunman after he crashed his car outside that school. an investigation still ongoing but here is what we were told so far. it was 11:28 a.m., when that crash happened. the shooter exited the vehicle, began firing his gun at onlooker s across the street. he also fired at the outside of the school, as he approached the unlocked back door, walked inside without any resistance,
around 11:40 a.m. and made his way toward the classroom where he carried out his attack. four minutes later, officers supposedly arrived on scene and were met with gunfire inside the school. we're told they took cover to wait for backup and worked to evacuate other rooms. wasn't until about an hour later that a special unit border patrol agent entered the classroom by force and shot that suspect dead. a texas department of public safety rep initially said on tuesday that the school resource officer had "engaged with the shooter" before he went into that school, but that statement contradicts what we heard in a news conference yesterday. listen. >> it was reported that a school resource police officer confronted the suspect. not accurate. he walked in unobstructed. todd: so, now, we're told there was no resource officer on site at the time of the shooting. dps said officers who first got to the scene didn't initially go inside the school because of gunfire they were receiving. that's when police waited for a tactical team to arrive, leaving
children and teachers stuck inside the school with the gunman for about an hour. many more questions this morning , ash. ashley: yeah, i'm sure, just dreadful. all right, todd, thank you very much for the latest on that. let's check the markets as we wrap up this first hour of "varney." definitely in the green, and no doubt about that. look at this , the dow up now 236 points, the s&p up 56 and the nasdaq up 209 points, good for a one and three-quarters percent gain. the bear market rally dare we call it is continuing as we head towards the weekend. all right, todd, thank you, for sticking around this hour. much appreciated. todd: thank you. ashley: still ahead florida congressman michael waltz, steve hilton, tammy bruce, and the great lee greenwood. what an hour, the 10 a.m. hour of "varney" & company is next. ♪
thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. .. that will push you to be even better. and just might change how you trade—forever. because once you experience thinkorswim® by td ameritrade ♪♪♪ there's no going back.
ashley: i love the music. get you up and running friday. as we head to a long weekend, new york city on this friday morning, good morning. we are approaching 10:00 eastern. i am ashley webster in for stuart varney who is getting an early start on the holiday we can. check the markets, nice ending to the week so far, the dow up 250 points, good for 3 quarters of 1% gain, s&p up 1.5%, the nasdaq up 2% for 226 points, all very strong and following on from yesterday's gains, bear market rally, yield on the 10 year down to 2.72%, that is almost down two basis points.
it was a different level yesterday and essentially flat today, at $114 a barrel ever so slightly. what about bitcoin, under 30,000 for quite some time. bitcoin still under, down 45 bucks, 29,270. we just got the latest read on consumer sentiment. the number? lauren: it was 58.4, more than 10% below april's number. just about an 11 year low. the drop was driven by continued negative views on current buying conditions like houses and durables, very expensive items and future outlook for the economy. we see inflation everywhere and we are bummed out about it. markets holding, big gains on inflation reads.
consumer sentiment a disappointment. ashley: i laugh, it is not funny but bummed could be a technical term for all this. former president donald trump reportedly considering new york congressman elise stefaniak for his vice presidential nominee if he made another run for the white house in 2024. where did that come from? let's bring in tammy bruce. what do you think of this? in that scenario, would that be a good pick? >> the great thing about the gop and there are a few is the talent bench is deep and the talent bench is deep because of donald trump. this is the kind of thing he has to begin to think and we see clearly, remain a very political, the midterms of gone well for him in general. 's success rate with his endorsements have been
extraordinary and this would be a second term that would be very needed considering what it is we are experiencing now and what we would be moving into and what needs to be fixed in the aftermath of the dumpster fire because of the democrats biden but ellie stuff on it, i like her, she's very nice, very good, she has adjusted some of her approaches from being so-called moderate to more america first but we have to remember what we saw in 2016, you want a meltdown you will see a meltdown again and it will have to be a team of people who understand that and going to be ready to run on the ground and the vice president has to be considered whoever it might be to be the heir apparent, to be the person who gets the next we 8 years because fixing this disaster will take more than four years of donald trump and they will need to adjust and see what is going on with the four years he does get if he runs and that
person, a great conversation to have, many talented people and an exciting time. ashley: there were a few setbacks in the primary election, how republican voters beginning to move on from donald trump and is there still this split in the gop about those who were all in on donald trump and those who are more reticent? >> a lot of people there was a split and a lot of people are retiring, individuals who understood this country has to come first, not about politics now, it is about working for the american people. even when there is a number of people running against each other in republican primaries may be only one got the trump endorsements but then they are all understanding the america first agenda. they are competing for that
agenda but the trumpism is nothing new, it is called being a partisan for the country, being partisan for the constitution, for the united states, and america first means americans first and that is good for the world, good for the economy of the world, this is the core of what is important for the future for everyone on this planet and that is what we mean in this fashion. it is not moving away from trump. there's been an education not just with his success economically from 16 to 20 but in what happens when people don't think that way we are living that disaster every day. ashley: yes we are, we are out of time. thank you. let's check back in on the markets, lots of green, the nasdaq up 238 points, the dow up 237 points, the nasdaq and the now up 237 points each.
good morning to you, kenny. what is this? a bear market bounce? how long does this go on? what is the psyche of the market? >> feels like another bear market bounce, when we get the surge forward. i will say the market does feel like it is trying to put in the bottom, trying to change the narrative once again. they couldn't get enough of it and they are all in on it. today's pce numbers to describe how inflation is speaking, we've got control of it as they try to generate interest and prevent the market from going down. i am a little cautious, the risk to the downside remains very real, don't think we are going to 3400.
we tested it 2 or 3 times, we found support and the buyers wanted to defend it at that level. it feels like that is where we will try again. we are seeing some constructive action. ashley: i want your thoughts on this. jpmorgan saying bitcoin slide below its fair price giving the crypto the significant upside, from jamie diamond no less. >> it is interesting because i read that article and one of the analysts came out with his that opinion. jamie diamond in the article was quoted as saying he doesn't like bitcoin but is not telling anyone what to do with their money and giving investors the opportunity. interesting that he as the ceo is anti-crypto, and the analysts have the opportunity, there's more pain ahead in the
crypto, the markets under pressure, we will succumb tos, under pressure and just hugging this area to the downside. ashley: great stuff as always. thank you very much. elon musk making headlines but has to do with the economy. he says the upcoming recession is a good thing. lauren: a user asked him do you think we are approaching a recession? elon musk said yes but this is a good thing. it has been raining money for too long, some bankruptcies need to happen. all the covid stay-at-home stuff a strict people into thinking you don't actually need to work or work hard. elon musk at least for me embodies the buckle up work mentality, just kind of says things the way they are and
says if we are in a recession how long does it last? 12 to 18 months and companies that are inherently negative cash flow, value destroyers needs to die so they can stop consuming resources. a positive spin on a downward economy. ashley: he never holds back. staying on mister musk, twitter shareholders accusing musk of manipulating stock. what is this about? lauren: they are suing him for unspecified punitive, the suit alleges he manipulated twitter app stock price through his statements and tweets about the $44 billion deal. twitter shares have dropped 12% wiping out $8 billion in value. shareholders say musk's recent complaints are all part of a scheme, to negotiate a better
price or kill the deal, something we have been talking about for weeks. ashley: all part of an easy plot, let's begin with auto desk. lauren: all three of these movers smoothing to the upside, autodesk is up 8 and 12:45%. broad-based strength against products and reasons, and enterprise focused cloud security firm, good numbers, good outlook. you see the stock up 8. 5% but i don't think wall street brokerages are relieved. price targets on the stock, piper sandler lowered price target to one hundred 60. they are not sure they can keep up the pace if the economy slows too much, cutting the price target from 405 to one hundred 95, that is a sharp downside.
finally nvidia, a series of funds, three of them, 200,000 shares, 6 months after selling the entire position. and video forecasts chip sales, they cited supply chain concerns, kathy would might be thinking of the meta-verse and the future for nvidia. ashley: thank you very much. los angeles is reconsidering the defunding the police as crime spirals out of control. that is not a coincidence. are democrats finally waking up to reality? leo terrell takes that on in the next hour. anthony blinken says shiny is the most serious threat to world order. >> we remain focused on the most serious long-term challenge to the international order, by the people's republic of china. ashley: we are going to deal
with that, president zelenskyy says putin will not stop with ukraine and his territorial ambitions. michael maguire will take all of that on next. 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... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay.
designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts... saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities.™
by 85 points, just those stocks. let's head to the ukraine russian shelling in kharkiv has killed 7 civilians, injured 17. mike tobin using key have giving us the latest. >> reporter: the latest is two weeks of relative quiet, ukraine up second largest city being pounded by russian artillery, that had is the town emissions, kharkiv near the russian border, one of the first towns attacked in this war. they are up to 9 civilians killed in the recent round of shelling, 19 people were injured, russians focusing artillery in the town of donetsk. 60% of the reverential buildings have been destroyed, 90% of the housing is damaged. of 13,000 people remaining in that town, most are living in bomb shelters and illness is running through the population in those bomb shelters. 6 million refugees are
remaining in the nation of ukraine. neighbor poland is donating a solution that puts a roof over their head. soldiers control the wasteland they created in mariupol. >> translator: out the windows, and the doors, right away. just walked over them. didn't look bad because they were afraid. >> reporter: with only the clothes on her back, she's in a town of prefab homes assembled in lviv and cares for her nieces. there are 1100 of these units in three modern versions of refugee camps. you have 1/4 million people displaced by the war in lviv. it is a solution for small part of the problem. the war still rages. sirens born of an airstrike. she tells her knees to take clothes. a missile is coming, they far for a bomb shelter.
she is on her own and her husband is somewhere in the fight. >> translator: the war will end, we will win, that is for sure. my husband will come back. we will stay here but once mariupol rebuilds i will come back for sure. >> reporter: every one of these container housing units costs $10,000 and they can stay in service for ten years. ashley: thank you very much. here with me now is major general michael maguire, general, ukraine, zelenskyy says that putin will not stop, he believes, with ukraine. his territorial ambitions are greater than just ukraine. this is gone badly for putin. what do you make of that? >> i am not sure that i agree with zelenskyy. what i will say, you mentioned it has gone so poorly for him
to open up, the ukrainians have been so successful in flaunting that i think he is recalculating. they need to de-escalate that conflict. you heard mike tobin talking about that, they need to de-escalate that and get people from the table, a cease-fire, a single to this conflict because of the humanitarian crisis this is creating for all the displaced people fair. ashley: no one can know this but is that going to be sooner or later, vladimir putin seems to have laser focus on his ambitions. we are the blood he stand off. at some point someone has to say let's get to the negotiating table. how long could that take? >> not sure how long it can take. it requires leadership and the challenges we have right now, president biden has been back
and forth on this position and without clear leadership at every level we will struggle trying to bring peace. we've got to try to end this quickly because the humanitarian crisis will escalate. ashley: should we continue to send arms and weapons to zelenskyy and the ukrainian troops? >> we talked last week, down here in arizona, a run for the senate, directing $6 billion to secure the country. the things we send now, the arms and equipment they have, to help push them back, $40 billion in unaudited cash will not solve the problem right now. ashley: let me change subjects. secretary of state anthony blinken says china is the most serious long-term threat to world order.
listen to this. >> president putin's war continues, we remain focused on the most serious long-term challenge to international order posed by the people's republic of china. ashley: how big a threat is china? >> on fox business, you see the problems with supply chain into the market, prices escalating for food, commodities, oil rapidly, china has leveraged their position for logistics supply chain as well as a significant security risk. i agree with secretary blinken, they are the greatest threat. the problem with the russia china activity is they are helping power along the russian conflict because they are purchasing energy and oil, the chinese have leveraged so much
of our critical infrastructure that is why i am running. i am running for the u.s. senate to get back our critical infrastructure for pharmaceutical supplies, lumber and all the rest of the things we need here to sustain our capacity should nations ever have to face axis tension threats like china. ashley: very quickly as china watches what is going on ukraine are they more emboldened to push towards taiwan do you think? >> they've been very clear they want to take taiwan by 2030, don't think there's any communicating on that position. the lack of leadership by biden and the radical left as emboldened them and they will continue to accelerate the timeline. i need your viewers, i'm taking on mark kelly, got to win back control of the senate in 2022.
ashley: we wish you the best, thank you for sharing your expertise this morning, thank you. ashley: workers at one of apple app supplies in shanghai are beginning to revolt. is this because of the lockdowns? lauren: workers at the quanta factory were trapped in a bubble where they have been living and working for two months. they are worried they will run out of basic necessities because there is no timeline for when the lockdown will end and there seems to be a willingness by chinese authorities to used the closed loop system again. these workers clashed with the guards, worker unrest is a political liability for beijing as they double down on 0 covid strategies but the people are telling them this is unsustainable. beijing thinks we can keep the economy going a little bit if we can do the closed loop, let you live and work for months on
end in the same space. ashley: we know how protests end in china. thank you very much. experts are warning we are reaching a crisis point in the labor shortage. a major job-training deficit is leaving many crackled jobs unfilled. we will have that story coming up. airports bracing for the busiest holiday travel weekend since the pandemic began. grady trimble is at chicago o'hare airport with the hurdles you may face before getting through to the gate. don't forget to send your friday feedback. we could answer your question on tv. we will be right back. ♪♪ ♪♪ sweet home alabama ♪♪ (fisher investments) it's easy to think that all money managers
are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher investments. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better when clients do better. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different. another crazy day? of course it is—you're a cio in 2022. so what's on the agenda? morning security briefing—make that two. share that link. send that contract. see what's trending. check the traffic on your network, in real time, with the next generation in global secure networking from comcast business. lunch? -sure. you've got time. onboard 37 new people, with 74 new devices. does anybody have any questions? and just as many questions.
shut down a storm of ddos attacks. protect headquarters and the cloud. with all your data on the nation's largest ip network. whoa, that is big. ok. coffee time. double shot. 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™.
workday provide software, earnings and guidance are soft, they have a back log and that backlog is building because corporate customer might start to pull back. this is seen as another sign that tech has a big problem ahead. reading from one report one analyst said it is not all workdays fall, the tech tantrum has morphed into tech armageddon. paypal moving in the other direction. reports say they have begun to cut staff in arizona, omaha, nebraska, other places as they push to reduce costs to the tune of $260 million a year. that is seen as a good thing because cutting costs helps your bottom line. they were a pandemic winner, the high was $310 a share. they are 84 now with a 5% gain.
ashley: thank you very much. airlines bracing for record travel this weekend. grady trimble is at chicago's o'hare airport. how busy will it get today? >> reporter: not as busy as before the pandemic but busier than last year is the short answer to that question. aaa expects 3 million people to travel by airplane this memorial day weekend, that's a 25% increase from just last year, 6% drop compared to 2019. look at the american terminal at o'hare, one of the busiest airports in the country this memorial day behind atlanta, la, dallas, denver, new york, all the normal culprits in the list. one thing flyers will face this memorial day weekend is high ticket prices. the forecast for summer travel
from adobe, bookings will be up 1% in june, july, and august, but the amount people are spending will be up 9% largely because jet fuel costs so much more than it did year ago, 100% more compared to last year. the average round-trip for the mystic flight around 400 but the people we talked to at o'hare say they are willing to pay up because they are tired of being cooped up for two years. >> wish it was a lot cheaper. i would like to travel a lot more. >> it is summertime, everyone likes to get out and spend two years back at home. >> reporter: airlines have tried to ramp up the number of flights they offer to keep up with this demand but as we reported they have been dealing with those massive delays and cancellations because they don't have the staff whether it is played attendance, ground crews, pilots, delta as we head into the summer months has cut
100 flights every day in the united states and latin america to try to as they said relieve the pressure on the system and avoid those massive cancellations and delays we've seen from several airlines. ashley: yes we have. grady trimble, thank you so much. looks pretty calm at o'hare but that could change. let's bring in brian kelly, founder of the point sky. what is behind the boom in travel demand? is it pent-up desire to get out? >> absolutely. it is an increase in demand, people are confident where covid stands, europe in general has relaxed all restrictions, germany, starting june 1st won't require vaccinations or tests. people are feeling more comfortable traveling and that number will spike when the us finally gets rid of the testing rule you need to take a test
before coming back internationally which is a pain point for international travelers. ashley: it is indeed to. we know that airlines are coming back on capacity. grady told us delta, one hundred flights a day, prices are going up. my question to you is are there some good summer deals out there? >> absolutely. what i recommend to people, google flights, you can put your home airport and see where the deals are and that is what i recommend, plan your trip around that. you can save hundreds if not thousands of dollars you can then use to enjoy your vacation. airlines run deals but when you see the most airlines will let you cancel within 24 hours so if you see something that looks good instead of calling your family and friends and trying to get them on board, by it, within 24 hours take the trip. ashley: are there any particular destinations we may
get some good deals on? >> absolutely. in the us, vegas, it is hot in the summer, going through a drought but plenty of amazing things, we are seeing of nur $100 there and internationally there's a lot of low-cost carriers under $400, the euro is $1.07 to the euro which is one of the most historical lows. as we see inflation going to europe the dollar stronger than it has been in 20 years. ashley: the best advice, get there early to the airport. >> absolutely. i recommend if you are on a connecting flight always ask to see if there is a nonstop they can put you on, airlines often do that for free, more clickable than they were pre-pandemic as whenever possible, if you have to, please do at least a 2 hour block layover. those 45 minute layovers flights get delayed and if you miss your connection you may
not get where you are going for days. put in extra time and leave with a good attitude, don't take your frustration out on airport employees. ashley: okay, take a deep breath. i missed the connection last time i flew. we are out of time. appreciate your time, great information. let's look at delta air lines, grady trimble just reported the company reducing at summer flight schedule, you've got more details. lauren: it is one hundred flights a day. it is kind of like why? they want to build buffer into their system to be on time and cancel less because they have to deal with sick outs, bad weather and huge demand, these one hundred daily flight cuts in latin america and the us july 1st to august 7th but i think that is so annoying. we expect all, everyone to want
to fly but we will give you fewer options so you complain about us less and don't have to deal with the headache of constantly rebooking you. it is irksome. ashley: it is irksome. that's a good word and right in the middle of the summer travel season. lauren: what about people who book their flights during that time and the flights are canceled. that is frustrating. ashley: i can feel my blood pressure going up as we speak. lauren: a good attitude. ashley: a deep breath. major companies want their workers back in the office but forcing them to return hasn't worked out so well. we will acclaim based on that picture. paying more for everything from gas to travel and food as we head into the memorial day weekend but can we expect relief anytime soon? edward lawrence has that report next.
♪♪ i got into debt in college and, no matter how much i paid, it followed me everywhere. so i consolidated it into a low-rate personal loan from sofi. get a personal loan with no fees, low fixed rates, and borrow up to $100k. sofi. get your money right. ♪ ♪ we believe there's an innovator in all of us. that's why we build technology that helps everyone come to the table and do more incredible things. ♪ ♪
like pulsing, electric shocks, sharp, stabbing pains, or an intense burning sensation. what is this nightmare? it's how some people describe... shingles. a painful, blistering rash that could interrupt your life for weeks. forget social events and weekend getaways. if you've had chickenpox, the virus that causes shingles is already inside of you. if you're 50 years or older ask your doctor or pharmacist about shingles.
ashley: crystal river, florida. it looks cloudy it is cloudy and is cloudy, but it is 84 °. if you like the music we play follow us on spotify, "varney and company" on spotif gmac. the markets pretty positive as we head to the 3 day weekend, people are buying, sometimes they take money off the table going into long weekends, the dow 225, the s&p up one. 5%,%, the s&p up 280 points. looking at big tech, alphabet,
apple, amazon, all moving higher, alphabet up 31/3 of one person. we are heading into the memorial day weekend paying more for everything from fuel to air travel and food. edward lawrence charging double for this report. can we expect relief anytime soon? >> reporter: you are good for the markets. the answer to your question, the short answer is no. we will not see relief anytime soon. we see the latest inflation, expenditures with 6.3% overall. much higher than it needs to be but down, elevated, food and gas came in. this memorial day weekend gas
prices are at or above the record since may 10th. for a dollars and $0.60 a gallon, they had ministration canceling sale of oil and gas leases, for offshore wind turbines of california, don't know how that will help gasoline, the president blaming and he wanted everything he can think of for inflation and elevated prices, in a statement saying the federal reserve is going to do its job pushing around that side, senator john kennedy says he needs to look in the mirror. >> the president, i have no control over oil prices. that is not accurate. you can't have regulatory control over oil drilling, the storage, transport, the refining, the trading and the
taxation of oil in america and say you don't have control. >> would love to ask for president about this or the white house press secretary, the president leaving without taking questions on the white house press secretary only had three briefings in the white house over the last two week no briefing today. ashley: check is in the mail. the new way of working, they are going hybrid. >> you have to come to the office every tuesday, wednesday, i want to come monday, wednesday, friday, tuesday, thursday, friday the next. this is happening and the take away from the executive across a wide range of industries so
they want to attract and retain talent, they need to ease up on the culture at the big banks. jpmorgan, we want everyone there but credit suisse says we only have 1/3 of the workers showing up. it will be like that forever. this complete return to the office is unrealistic and i don't think adam wants to hear that. ashley: don't think he does. businesses struggling because of labor shortage across the country. are we reaching the crisis point? lauren: critical jobs yes, at the ports, new areas are so crucial to the supply chain, covert accelerated automation and 40%, the new post pandemic economy.
some people are lazy and don't want to go back to work. some don't have the skills needed in this new economy. ashley: thank you very much. concerts are back, lee greenwood kicked off the all-american summer concert series on fox square, he's going to join us in our next our. as we honor our fallen heroes fox nation's following the mission to locate the last ships of world war ii. we will tell you about it in a new series coming up next. ♪♪ ♪♪ we are proud to be from god's country ♪♪ ♪♪ stors who can navigate this landscape,
leveraging gold, a strategic and sustainable asset... the path is gilded with the potential for rich returns. bonnie boon i'm calling you out. everybody be cool, alright? with ringcentral we can pull bonnie up on phone, message, or video, all in the same app. oh... hey bonnie, i didn't see you there. ♪ ringcentral ♪ certified turbocharger, suspension and fuel injection. oh translation:e, certified goosebumps.. certified from headlamp to tailpipe. that's certified head turns. and it's all backed by our unlimited mileage warranty. that means unlimited peace of mind. mercedes-benz certified pre-owned. translation: the mercedes of your dreams is closer than you think.
xfinity mobile runs on america's most reliable 5g network, but for up to half the price of verizon so you have more money for more stuff. this phone? fewer groceries. this phone? more groceries! this phone? fewer concert tickets. this phone? more concert tickets. and not just for my shows. switch to xfinity mobile for half the price of verizon.
new and existing customers get amazing value with our everyday pricing. switch today. another crazy day? of course—you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want —your team, ours or a mix of both. with the nation's largest ip network. from the most innovative company. bring on today with comcast business. powering possibilities.™ ashley: some military bases named after confederate leaders could soon get a name change.
what would they be changed to? lauren: non-military bases likely renamed to honor women and people of color just three examples for you, fort bragg in north carolina would be for liberty. fort benning in georgia becomes ford more and ford hood in texas - can you help me? ashley: it is hard to say but we got it. thank you very much. maybe they should change the name again. let's head into the memorial day weekend and honor our fallen heroes. fox nation following the mission to locate the last ships of world war ii. let's bring in captain william totey. a lot of ships lost in world war ii. which ships in particular?
>> over 400 ships lost in world war ii and we cover the uss indianapolis, should the delivered the atomic bomb at to tinian and was sunk, it survivors spent 5 days in the water. we cover the ward, the ship the car fired the first shots for america, the hornet, that launched the doolittle raid, the juno from the 5 sullivan brothers, 5 brothers lost on a single ship and the greatest act of terrorism in history, uss johnston and a lot more. ashley: do we know what condition they were in? that is the question at this time. >> some separate horrific battle damage during a loss and our fragments at the bottom of the ocean. those that are deep, not much oxygen in the deep ocean and
remarkably well preserved, that is the remarkable thing about this documentary. it covers the most important battles in our nation's history in a way that has never been done before using footage never seen before so we see the condition of these ships. ashley: fantastic. why was this project important to you? >> we visited normandy, you see the battlefield and monuments to those americans that lost their lives there. when i was captain of the submarine indianapolis are broader to the site of the sinking of the world war ii cruiser indianapolis. you can't do monuments at the site of naval battles the way you can. it is important to find these ships, feels in a bunch of gaps of history. number 2, it really does speak to the heroism of the crews of those ships and it brings
closure to the families of the sailors and marines lost on these ships. i was so proud to join forces with lone wolf and take part in this project. ashley: happy with the final product, so it in other words. i am fascinated by the subject and i'm a huge history buff. what can we expect in the documentary that maybe we wouldn't expect to see? >> a rewriting of history of some of these ships. it is fascinating, 75 years after the war ended, 75 years after many of these events occurred we are still learning about the pacific war in many ways. there is still a lot to learn. the ocean is vast, a lot more ships to find, a lot of stories to tell. ashley: i look forward to
watching it. thank you for joining us this morning. the last ships of world war ii, it is available sunday only on fox nation. quick check of a market as we head to the break. across the board, still ahead, florida congressman mike watts, steve hilton, leo terrell and lee greenwood, the 11:00 a.m. hour of "varney and company" is next. ♪♪ ...
♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care, you get a different kind of bank. i'm greg, i'm 68 years old. i do motivational speaking when you start with care, in addition to the substitute teaching. i honestly feel that that's my calling-- to give back to younger people. i think most adults will start realizing that they don't recall things as quickly as they used to or they don't remember things as vividly as they once did. i've been taking prevagen for about three years now. people say to me periodically, "man, you've got a memory like an elephant." it's really, really helped me tremendously. prevagen. healthier brain. better life.
>> the the great american wealth effect certainly vanished and this month you'll have tens of millions of americans not opening their mail because they don't want to realize and look at how much money they've lost in the market. >> ii don't know when the market bottoms out. i don't think anybody knows. i do know that amazon is fundamentally a very strong asset that's heavily discounted, heavily dislocated. you want to be buying stocks like that when they're beaten down. >> i'm still a little bit cautious. i think the risk to the downside remains very real. i don't think it's over yet, but i also don't think we're going to 3,400. >> 39.2 million americans are
traveling this holiday weekend so a lot of people are hitting the roads and the air this weekend. 39.2 million is 92% of 2019, 2019 was a banner travel year. book early, be flexible. we're an american man ♪ ashley: grand funk railroad, what an american song, the sun has gotten through the haze in new york city and lady liberty right there, in new york harbor. i always love that shot. it is 11 a.m. on the east coast, on this friday morning i'm ashley webster in for stu today let's check those markets, lots of green across the screen. the dow up 218, the nasdaq up 241 points, s&p up about 1.5% let's take a look at oil, finished at like a one-month high yesterday, it's still up there, but it's at 113.69 a
barrel, down about one-third of a percent let's take a look at the 10 year treasury yield, which has been moving lower, which, you know, is good for stocks especially the big growth stocks, the tech stocks, and the yield on the 10 year down to 2.72%, so there you have it. let's bring in jonathan hoenig, good morning to you, sir. >> great to be with you, ashley and i have to just say thank you so much to the men and women who served and given their lives to this country and their families thinking of them this holiday weekend and great to be with you as well. ashley: yes, very well-said, jonathan thank you. so now let's get to the markets what's going on a relief rally in a bear market? where do we go from here? is this just a slight relief from the downward trend? >> well, thankfully, ashley, we're seeing some sort of a bounce after what its been one of the worst starts to the year literally in history so it's good to see these beaten down names at least get some sort of a bed but markets tend to move in trends, trends that persist overtime so in terms of putting
new money to work i'm looking at ideas that can offer diversification. this is a basic principle of investing don't put all your egg s in one basket but diversify by asset class, putting your money in different stocks isn't diversification most stocks tend to correlate moving together so i'm looking outside of the norm if you will to try to move my money away from being just stock investments right now. ashley: one thing i would say is that the pce, the inflation index that the fed likes to use has dropped now, what two months in a row from march to april from 5.2 down to 4.9? i know it's not much, but does that suggest that some have said that we've gone past the peak of inflation? what do you get from that? >> well, ironically, you know, ashley, the good news is that inflation is front page news right now, so the fact, the fact that it's on the front page news of almost every major market publication tends to be that at least initial first move is in
so we could see some sort of a relief although prices continue to go up. there's a political angle to that as well but my fear is as we said markets tend to move in trends, and just the same way the inflation, the late 70s started 10 years earlier given what's happening in washington right now, more taxing, more regulation, i don't see that and more spending i don't see the inflation turning around long term anytime soon. ashley: are you buying here, and if so, what are you buying? >> well, as i said i'm trying to look off the radar screen, so you know, one idea is exchange traded fund, it's called ivol, it's a quadratic debt fund basically invests in debt but does it with a non-correlated strategy, yields about 4% and as i said, doesn't move with the dow, doesn't move with the s&p, so that's what i'm looking at. that's what real diversification is. something if you will can zig when the rest of the market zags ashley: interesting, so second half of the year, jonathan, you're looking at your crystal ball what are you seeing?
>> well, you know, the real moneys made over the long term but so as i said we could see some sort of a interim bounce, but the fact that so much is weak, it's not just a big tech which has had one of the worst starts in modern history, but it's even the retail stocks, you know, ashley. my fears really about the consumer right now. he or she's getting pressed from every angle his or her investments have been clobbered and of course he or she's getting clobbered at the grocery store with inflation as well so maybe when that hits front page news i'll start to think about being a little more optimistic long term, but given what's happening in washington, it's hard to be positive on wall street right now. ashley: i understand. jonathan hoenig, thank you so much, jonathan, have a great local day weekend. we appreciate you. >> thank you. ashley: thank you. all right, now this. the san francisco unified school district, who else, is dropping the word "chief" from all job titles. they say it's out of respect for native americans, according to the school's website, 13 employees have "chief" in their
title as of this morning, they have not been changed yet, but come in the chief of common sense on the west coast, steve hilton. steve, you're a california guy, what's your reaction to this? >> well, i don't know. there's so many things to say. let's just sort of go in order. first of all, you know, how long will it be, ashley, before the woke corporations across america think oh, my gosh, well what they're doing it we have to so no longer will you have, it's ceo that's gone chief executive officer, cmo, the c- suite all that's gone. the thing so hilarious about this is they keep passing these things. by the way this is the new non- woke school board by the way these are the people who replaced the three that were voted out earlier in the year, when they were obsessed with renaming schools rather than reopening them. now they want to rename, the whole thing is ridiculous but of course it goes to something deeper which is the left's obsession with language over actual reality and
substance because this is not the only one going on in california. literally there's a bill just passed one part of the legislature in california that wants to abolish the term " landlord" so the landlord and tenant is somehow offensive so they want lessor and lessee, or something but instead of addressing the actual problem, which is people can't afford their homes, can't afford to rent, can't afford to buy, they are going on about the names and in the case of this , you know, where you can't have native americans, well look at what the real problems facing native americans, the terrible health outcomes, not enough economic opportunities. they aren't dealing with any of that. they are just talking about the words. it's ridiculous. ashley: it is ridiculous, and well, talking of which the next one, the state assembly in california just passed a bill that would hold social media companies accountable for harming young kids if they become addicted and parents could even sue the platform for up to $25,000 per violation.
what do you think about that one >> well, it was funny we were talking about this on the way to school, with my kids, you know, and we have sort of constant arguments about how long they can be playing video games or whatever and even they saw through this , how ridiculous this is. it's a very real problem. that's true. parents need help and helping to manage this , because no one wants their kids to be addicted to screens all day long so they aren't minimizing the problem but the solution here, which is weaponizing the legal system, so that you have more people suing. it's completely ridiculous, and then, the realization came to well what's driving this? it's actually yet another example of money in politics, because one of the biggest sets of donors to the democratic party that passed is pushing this legislation are lawyers. lawyers are so over-represented within the democratic party they give money, they run profits so who benfits if you got a bunch
of people running around suing each other it's the lawyers. that's what's really going on here. ashley: steve, before you go i want to point something out to the viewers, that you and i, this is very strange, grew up within two mile of each other on the south coast of england, i lived in a tiny place and you lived next door in peace haven and yet here we are 2022 memorial day talking to each other on american television. how bizarre is that? >> it's amazing. only in america. ashley: only in america, exactly we'll leave it right there, steve hilton, great to speak to you, steve. >> great to see you. ashley: of course we'll be watching you on the "next revolution" sunday night at 9:00 p.m. eastern on fox. it is a small world, is it not? come in, lauren, you're looking at some of the movers let's begin with ulta. lauren: i fell like i should use my english accent for this one right? ashley: you can, go for it. lauren: spare everybody. so cosmetics, ultra, going back
to the office, going back to work and buying more makeup again. their comp sales rose 18%, raised their full year outlook, jefferies upgraded ulta to a buy , with a 475 price target. then, you have canopy growth, the cannabis company out of canada moving the opposite direction. they have removed their medium- term financial targets. they say the consumer is shift ing what they like, and the regulatory progress that they're making in the u.s. and in canada is pretty slow, so, they're down. they can't predict the future right now and finally, disney, where kicking off summer this weekend the stock is up 2% it is a dow stock. there is concern, however, that disney and the other florida theme parks in particular aren't going to have enough staff for the crowds expected. ashley: all right, lauren, thank you very much. it was great even with the english accent. show me the rideshare stocks, uber and lyft looking for new ways to bring in customers what are they doing? lauren: it comes out after a glass of wine by the way that's
when i have my best english accent. what uber and lyft are doing is prioritizing profits, imagine that. they realize look, we can't keep growing our revenue by increasing fares for riders because the consumer is suffer ing right now. because fares are so expensive when you look at their revenue it's at the pre-pandemic levels but that's not sustainable so uber and lyft have returned to ride-pooling when you actually book a car or a van and you sit in there, with strangers. they stopped pooling during the pandemic because it was a health risk and they are starting to do it again. uber is going to be in 15 more cities by the end of the year, and lyft is accelerating that too. ashley: all right accelerating it very funny lauren, thank you very much. now this. remember the democratic socialist who told people hey, break in and occupy homes in order to combat the homeless crisis. look at the tape. >> imagine you, me, and a million of our friends took
action and occupied empty houses nationwide. they couldn't ignore us. ashley: well, guess what? she's now walking back that plan and we're going to tell you about it. the u.s. could soon send long range missile systems to help ukraine pushback against russia. congressman michael waltz, former again berkshire hathaway a commander is here to react to that and china is reportedly looking for ways to destroy elon musk's star link satellites. they're believed to be in destructible so how would that work? we'll get into that story, next. ♪
ashley: the biden administration is preparing to send advanced long range rocket systems to ukraine. it's part of a larger security and assistance package that could be announced as soon as next week. let's bring in congressman michael waltz, a republican from florida. good morning to you, congressman do you think this will help ukraine win the war? what does this do? >> i do think it will help the ukrainians have been asking for it for months now. the russians are essentially leveling cities with their long range artillery. they're compensating for their lack of tactical prowess. with this artillery pounding away and what these missile systems will help the ukrainians do is take out that artillery and protect their cities.
again they've been asking for it for months. one can only imagine if they had been provided it before the invasion, or at least three months ago, what a better situation the ukrainians be in, so once again, the biden administration is doing the right thing finally, better late than never. ashley: how close do you think we are to some sort of negotiated peace? this is grinding on, and it's pretty brutal to your point. i mean, at what point do you think that we could actually see some sort of peace talks to bring this to an end? >> i think this is going to last sometime. putin, this is a must-win for his grip on power. i think he's going to gobble up as much as he can. if we keep providing ukrainians the assistance they need, they'll be able to stop him but then putin is going to want to go to the negotiating table and redraw the lines.
what i fear is if that happens three to five years from now he'll lick his wounds and be right back at it. meanwhile, zelenskyy is saying he doesn't see victory or success until russia is completely driven from ukrainian territories to pre-2014 borders. that means ukraine has to go on offense, and again, this war is going to grind on. ashley: that's not good news. moscow by the way is now pressing the west to lift sanctions against russia, and even blames them for worsening the food crisis. >> well, you know, ukraine is responsible for the exports of something like 15 to 20% of global corn and wheat and sunflower oil. it is absolutely causing the beginnings of a famine around the region. this is why aside from the atrocities, why we cannot have a global world order where neighbors can just in vade
neighbors. these secondary, tertiary ripple effects whether it is food, fuel , we can go down the list and the impact that has on the global economy and everyone 's quality of life, i think we see , we haven't even seen the beginning of the impacts of this. ashley: very quickly, on the other side of the world, congressman, the u.s. and japan holding joint fighter jet exercises over the sea of japan. this comes just one day after china and russia said military jets near japanese air space. what's going on here? are we inching closer to conflict with china? >> well, the chinese communist party leader, chairman xi is telling his country to prepare for war openly talking about replacing the american dream with the china dream, replacing the united states with the chinese as a global dominant super power. i think secretary of state
blinken's speech was basically a continuation of the trump policy , invest in america, which sounds a lot like america-first, integrate with our allies, like south korea and japan, but where he's falling short is investing in our military and protecting our technology and preventing the flow of billions of capital of our tax dollars and wall street into the chinese defense industry, so i get that mixed reviews but at least they continued the best part of some of the trump adminitration policy and taking china on and understanding the threat that they present to our way of life. ashley: we'll have to leave it there. congressman michael waltz, thank you so much, sir. appreciate it. >> thank you. ashley: thank you. meantime, chinese scientists reportedly publishing a new study looking for ways to destroy elon musk's starlink satellites what the heck is all this about, why are they doing this? lauren: national security, so
they say these small satellites and low earth orbit beam down internet for the rest of the world. they could increase data speeds for u.s. military vehicles like fighter jets which gives the u.s. an advantage, and that's why chinese scientists now reportedly working to develop an anti-satellite capability to disable the star link if they think that they indeed do threaten china's national security. ashley: okay, next one for you, lauren. republican senators introduced a bill that would bar companies like google and apple, from hosting apps that accept china's digital currency. why are they doing this? lauren: because there is a big fear that beijing will spy on american users and get their financial data and their financial activities, so china's one of the first countries to use a digital currency and we chat and alipay accept it and those apps are available on the apple and google app store,
so this is a major problem for three republican senators who introduced this bill. look, raining in china, stopping national security threats related to china are bipartisan goals, but prospects for this bill to be passed, very uncertain in an election year. ashley: all right interesting stuff lauren thank you very much let's check the markets very quickly. look at this , apple by the way a standout on the dow, the dow itself up 313 points now, the nasdaq up nearly 2.5% and the s&p also up 1.5% a good strong showing this friday morning. by the way, you remember that democrat socialist who called for millions to occupy empty homes to combat homelessness? well she's walking back her comments. come back in, lauren. lauren: her name is rebecca part hon, running for congress in washington state and she thinks her "housing for all" bill an allegiant of
1 million squatters could help her win. >> calling on all of us to think about the empty homes that are owned by corporations, like blackrock, like zillow, like the banks, that are owned by those companies, those large corporations, and not being used for what they're intended for which is actually housing people. lauren: so it was pointed out to her, hey, that's trespassing and it's illegal, she said well okay i meant to say the government should buy the homes and then give them to the homeless. she also wants a $30 minimum wage. yeah. ashley: which would of course put a lot of businesses out of business, brilliant. lauren thank you very much. now this an investigation under way after a police officer is ambushed and shot in los angeles. crime is running rampant in la and it's causing the city to rethink its push to defund the police. you just can't make it up, can you? we now know by the way that the texas school shooter walked through an unlocked door before he killed 19 children and two
teachers. the report from texas is next. another crazy day? of course it is—you're a cio in 2022. so what's on the agenda? morning security briefing—make that two. share that link. send that contract. see what's trending. check the traffic on your network, in real time, with the next generation in global secure networking from comcast business.
lunch? -sure. you've got time. onboard 37 new people, with 74 new devices. does anybody have any questions? and just as many questions. shut down a storm of ddos attacks. protect headquarters and the cloud. with all your data on the nation's largest ip network. whoa, that is big. ok. coffee time. double shot. 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™.
♪ made in the usa. ashley: that is atlantic beach in middletown, rhode island folks walking on the beach a little cloudy, 60 degrees there today but who cares walking on the beach on a friday. let's check the markets for you, stronger performance again on the major markets today. the dow, the s&p, and the nasdaq as you can see , very firmly into the green, up 300 points, on the dow. all right, let's bring susan li back in. susan you've got movers let's begin with the electric vehicle. >> ev makers in the news, rivian just announced a management restructuring so that means their head of manufacturing engineering is leaving the company, and meantime this morning you have ford delivering their first electric f-150 the electric version of a best-selling car in america the past 40 years and that also means ford beat tesla to the punch which won't deliver their first cyber truck until next year at the earliest and
rivian also says they will produce 25,000 of their electric pick-ups this year, and that doesn't necessarily guarantee they will get them in customer's hands. meantime you have tesla stock losing over $575 billion in value, hitting an 11-month low on tuesday when it hit 620 recovering of course but the overhang is from the elon musk twitter circus and twitter is up today. there's news silver lake founder is staying on the twitter board despite shareholders voting him out this week because silver lake is entitled to a board seat now dwac, behind trump's truth social, also just announced they are relisting 100 million shares , and finally, i got to talk about this it's a 40 years but yes, top gun 2 is up this week and there's a lot of buzz about driving movie fans back into the theaters, i'm fascinated tom cruise's back end deal. back in 1986 for the blockbuster he made $2 million. this time around, it could be $200 million, maybe 100 million-
plus at least, now cruise is one of the last stars in hollywood to have a first dollar gross clause, so that means, for every sale, i'm not talking about profit just sales, ticket sales, he'll get a percentage of that upfront before so even the movie theaters, or even the movie studios themselves isn't that incredible? but you can argue there's only one tom cruise. ashley: that's crew, and he's getting nicely paid for it, all right, susan, thank you very much. new details are now emerging on that devastating school shooting in texas. police say the 18-year-old gunman entered through an unlocked door with absolutely no confrontation. bill melugin is in uvalde, texas , you've got the very latest. >> yeah, good morning to you, and this shooting is just absolutely tearing families to pieces here in uvalde. there's one family in particular we would like to highlight because their situation is so heart wrenching so take a look at this photo. this is joe and irma garcia, high school sweethearts married
for 24 years. irma was a fourth grade school teacher at robb elementary school died on tuesday in this mass shooting. we learned yesterday that joe suddenly died of a heart attack yesterday. they leave four children behind, and we want to show you this video. this is video shot yesterday of joe, coming here to the school, to place flowers at a cross with his wife's name on it. a memorial for her. he places the flowers for her and then hours after this video, we learned he had a fatal heart attack. both of them gone within just a 48 hour span. again, leaving four young children behind. we also want to show you this photo because it's having an impact on the shooter's family as well, this is the shooter's mom, her name is a drianna reyes, sitting on the front porch of her parents house praying with a rose after it emotional rocking back and forth and declined an interview with fox news clearly she's
going through a lot and then we like to show you our live fox news drone so what you're looking at here, that's the ditch where authorities say the shooter crashed his car. he then gets out with a rifle, and starts shooting towards the funeral home that you see in frame. he then starts running towards the school, jumps the chain link fence, keeps going towards the school while he's shooting at it and eventually, is able to enter the west side of the school through what appeared to be an open unlocked door. how that happened remains to be seen. take a listen to what the family of a young boy who died in the shooting had to say about the lack of security and that open door. >> they didn't follow school guidelines. what happened to security? >> i don't understand exactly what happened, but i think that they should have secured that door. >> it was a bad situation which has never happened. a lot of kids got killed. reporter: and in the next 30
minutes or so, we are expecting a texas dps press conference where i'm told they will be announcing significant new details about this shooting, specifically when it comes to the timeline. i'm told they really feel like they have that timeline figured out now, essentially down to the second, so we will wait to see what those new details are. we'll send it back to you. ashley: all right, bill, thank you. absolutely heartbreaking, puts a pit in your stomach, bill, thank you very much. let's bring in leo terrell now. leo, i mean, what do you make of the police response to this , just absolutely awful event? >> thank you for having me on this very sad occasion. that husband died of a broken heart, but i'll tell you what i think. i think the police department dropped the ball. i think there's been a tremendous amount of misinformation and it's inexcus able. ashley, ever since columbine, when the horrific shooting took place there, the strategy is very simple. go directly into the line of
fire and go after that shooter, and we heard misinformation, unfortunately put out by police, regarding their conduct. there was no campus police officer. that shooter was in that room for an hour and you have parents showing more courage than some of these officers who were outside the school, and this is wrong. you know what? what makes police officers and military great? they risk their lives to save others. that did not happen for an hour, and that is inexcusable. ashley: yeah, and very quickly on this subject then i want to move on, but you know, what comes out of this? there's a long list of school shootings that absolutely are just, you know, you can't even come up with the words to describe it, but what comes out of this that could really, really help. >> great question. democrats stop playing games with the second amendment. there are things we can do to
provide safety with schools. we could have campus police officers. we can have a entry into a school. i used to be a school teacher. there are ways to protect schools. give training to teachers on use of force and also protecting kids, but stop playing games with politics with the second amendment. work on strengthening and supporting schools. ashley: all right now i'm going on to this next subject, leo. violent crime in los angeles this year up almost 8% from the same period last year, and now, some progressive lawmakers are finally rethinking their de fund the police effort. i mean, are democrats finally waking up, do you think? >> no. i want to be very clear. i live in this horrible city, ashley. they're not. it's talking points. you got a district attorney whose facing a recall. last year, talking about schools in la, they cut the school district and police budget.
officers in los angeles are not protected or supported by the politicians. i'm at a deep blue city that basically allows criminals to rome the streets. what's the purpose of arresting a criminal when he's released the next day? it makes no sense here. crime is on the up-tick and there's no solution. that is nothing more than talking points. ashley: we'll have to leave it there, leo. some very tough subjects but certainly, something has to be done. leo terrell, thank you so much. appreciate it. >> have a great weekend. ashley: yes, you too, leo, we appreciate it. the new top gun movie by the way features real life navy fighter jets, but they didn't just lend them to tom cruise for free. we're going to tell you how much the studio had to shell out to use them. and an award winning singer lee greenwood kicks off the all-american concert series on fox, take a listen. but there ain't no doubt i love
this land, god bless the usa ♪ ashley: lee will join us with more on that performance and i want to know the history of that song, when did he write it and did he expect it to be this big a hit. i'm proud to be an american where at least i know i'm free, and i won't forget the men who died, who gave that life to me and i gladly stand up, next to you, and defend herself today ♪ ♪ ♪ wow, we're crunching tons of polygons here!
ashley: it looks great, doesn't it? that's a short clip from the new movie "top gun maverick" star ring tom cruise, of course. it features real advanced navy fighter jets, which the studio reportedly played $11,000 an hour to use. tom cruise was not allowed to touch any of the controls. why? well, pentagon rules ban non- military personnel from controlling defense department equipment. what does this red button do? don't touch it! lee greenwood just kicked off the fox & friends all-american summer concert series on fox square, and i'm very honored that he joins me now. lee, good morning to you. i guess my first question is, how does it feel to have live concerts back? >> yeah, i know, ashley. in 2020 we had seven shows and most of them were in the west and outdoors, and in 2021 we began picking up a little speed and of course now i'm proud to be back for fox kicking off their summer concert series and
right on the stage in new york. looked pretty good i just saw a clip from it i'm like that looks good! ashley: it does look good. >> sounds good too. ashley: you have a tour? >> yes. ashley: you have a tour this summer? >> it's called the "40 years of hits tour" and fox nation special that we filmed at hunts ville, alabama with 40 different artists singing 40 of my hits, it's kind of cool but as we tour the country we're going back and grabbing most of the hit songs we've had on the 40 years of hits. ashley: you know, lee, very quickly, i want to ask you about "god bless the usa" because you wrote that what back in 83, you recorded it in nashville, came out in 84. did you ever ever think that it was going to become the song that it did? >> well, i think it was in increments. first of all, it was song of the year in nashville in 1985 that made me proud that the country music community said this is a good thing. of course the fans embraced it and then there was some national
guard in pennsylvania, starting uso tours and became the military champion and a hero for them that made me also proud because i'm all about that. then of course the gulf war, it's the song of the war, and then katrina and it was a matter of unity and then of course as you tack on america and once it had that happen and i came to new york as you remember three times and supported new york getting back on its feet, and then it just became the fiber of the country and interesting when stuff like that happens and you step into the limelight and sing it and the crowd says this is what we've needed for a while it's this generations "god bless america" i'm just proud that i wrote it. ashley: well i am too. i'm so glad you did. it gives me chills every time. i don't know whether because it's in the setting its heard but it is a song that really stirs up a lot of emotion, and i just want to thank you for it, but the next, i want to get this in because you're wearing a black patch shirt. you're teaming up that's a fire work manufacturer.
you're going to make your own, your very own proud to be an american fireworks which is apparently is in time for 4th of july. tell me about it very quickly. >> well absolutely when i was a kid we always had fireworks around the house, and we go get the black cat fireworks and this is a 70-year-old company so they have been around a long time and they make the best so you put them in the cul de sac and remember the line in the star spangled banner "the rockets red glare" as you see them exploding that was about the revolutionary war and how we became a country so we love our fireworks and i hope people on memorial day and the 4th of july go out and buy black cat fireworks. ashley: very good i'm glad we got that in. lee greenwood it was an absolute honor to talk with you thank you so much. >> thanks, ashley. ashley: thank you. all right, let's take a look at the stocks on my bucket list, lee greenwood kicking it off. take a look at well there is the dow 30 stocks just j & j the lone stock in the red look at apple leading the way on the dow 30, 29 of the 30 are in
the positive. all right, guess what? don't go anywhere, friday feedback is next. born in the usa, i was born in the usa ♪ only two things are forever: love and liberty mutual customizing your car insurance, so you only pay for what you need. if anyone objects to this marriage... (emu squawks) kevin, no! not today. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪
this? this is supersonic wifi from xfinity. it's fast. like, ready-for- major-gig-speeds fast. when life's doors open, like riding-a-cheetah fast. isn't that right, girl? whoa! it can connect hundreds of devices at once. [ in unison ] that's powerful. couldn't have said it better myself. and with three times the bandwidth, the gaming never has to end. slaying is our business. and business is good. unbeatable internet from xfinity. made to do anything so you can do anything.
♪ fun fun ♪ ashley: the beach boys, you're looking at david park beach on fire island in new york. not exactly beach weather, a little cloudy, 62 degrees, but a three-day weekend hopefully the sun will breakthrough by the way if you like the music we play on the show again make sure you follow us on spotify just search "varney" & company in the app and you can access all the great music. guess what? time now for friday feedback. come in, lauren and susan. let's get started and see what the viewers want to know. so let's begin off with an easy one. they always say this , this is from greg, and greg asks, what are your plans for the memorial day weekend, for me personally? just hanging out at home, the last place i'm going to be is on the road with the 39 million other people, or in an airport, so i'm going to
stay home. i live close to the beach thankfully so i'll hang out down there what about you guys? lauren? lauren: still trying to figure it out. i've got nothing in advance unfortunately, i'll keep you posted on monday. >> that's what i said too, what's lauren doing this weekend i'm going to a barbecue and i'm avoiding the beach because apparently there are crowds there. ashley: oh. lauren: apparently. ashley: good stuff sounds like fun. this comes from roland, he says ashley always does very well filling in for stuart. thanks, man, but i miss my take. ashley, give en the opportunity what be the subject of the first ashley's take? oh, that's not such an easy one. do you know what i would do? probably talk about the spirit of this country, and i always think anything is possible here, because i'm proof of that, but i also think we need to preserve that spirit of freedom, so i hate government regulation. i hate high taxes, because it
handcuffs it all. let america do what america does best. what about you guys? susan, what would your take be? >> the question is what we think your take be , so i think it be less serious i was thinking maybe the premier league and whose going to win the english premier league in soccer this year? i don't know. ashley: that would last about an hour, lauren? lauren: honestly right now i would editorialize on the texas school shooting because it is just such a horrific story, and so many parents are scared across the nation. ashley: i mean that report from bill melugin a few minutes ago was absolutely heartbreaking. let's move on. andy on twitter wrote this. i think you start casual friday. you always look so proper. all right, lauren what do you think, jeans and sneakers? lauren: i think you have on shorts and sneakers actually, ashley. >> what's underneath? ashley: i have shorts and flip-flops. lauren: oh, even better.
>> you want to stand up and show us? lauren: there it is. ashley: but what about the idea? susan, would you like to see casual friday? >> i was thinking of a polo shirt, so it's silicon valley, less of a tie. ashley: yes, business casual then, all right this comes from nan. is stuff a british thing, please stop overusing "stuff" when you are thanking the panel and guests for their meaningful contributions to the program. you know what, nan. i think you're kind of right. it's a catch-all isn't it? you don't know what else to say, you say oh, thanks, great stuff. i tried, these days i do try to say thank you for your insight, whether i say it too often, but what do you think? lauren: i like it. i actually love it when you say to me "great stuff" it's like a compliment. ashley: oh, well it is a compliment. lauren: between you and stuart it's a lot of good stuff. good stuff. good stuff. but it is a compliment. ashley: we need to mix it up. okay, well good.
this comes from harry. it says ashley, do you recent filling in for stu on friday when you could be sitting on a beach somewhere and have a cold beverage? not at all. i'm very, you know what? we don't want to, you know, flog stu with too much work and he likes to take long weekends and god knows he has earned it so i don't have a problem and truth be told beach is like two minutes that way so i'm not hurting. >> i have a question though, im bibing. don't you feel like it was somebody from britain or england that wrote in that e-mail? and i'm guessing, i'm just going to guess, does it sound like it comes from stuary varney maybe? lauren: oh, i see. ashley: can you imagine him on a beach somewhere, like i'm show that webster. all right we're out of time, guys, good stuff everyone. and everyone, thank you for sending in for feedback. it's time now for the friday trivia question. what time is the national moment
of remembrance each memorial day is it 9:00 a.m.? noon, 3:00 p.m., or 6:00 p.m.? good question. the answer is going to be right after the break. get decision tech. for insights on when to buy and sell. and proactive alerts on market events. that's decision tech. only from fidelity. (mom allen) verizon just gave us all a brand new iphone 13. (dad allen)s decision tech. we've been customers for years. (dad brown) i thought new phones were for new customers.
we got iphone 13s, too. switched to verizon two minutes ago. (mom brown) ours were busted and we still got a shiny new one. (boy brown) check it out! (dad allen) so, wait. everybody gets the same great deal? (mom allen) i think that's the point. (vo) iphone 13 on us for every customer. current, new, everyone. on any unlimited plan. starting at just $35 all on the network more people rely on.
with noon and we were all wrong yet again, you know, the answer was 3:00 p.m. that time was chosen because it's when many americans are enjoying their freedoms on memorial day. now we know. lauren: traffic time too. ashley: yes it is. let's check the markets very quickly once again upward in a titanic shift to get the markets higher and it worked as the clock ticks down, neil cavuto, take it away. neil: thank you very much, very good seeing you again, ashley have a safe weekend let's take a look at the corner of wall and broad right now we're dashing ahead at 350 points we're going to get into the particulars in just a second here suffice it to say this is the get-away day for the long weekend, the un official kickoff to summer , as you've probably know by now. jeff flock is following what's happening on the roads, and grady trimble what's happening at the nations airports. let's first go to jeff flock what he's seeing on the pennsylvania turnpike. jeff? reporter: neil, i just switched over to the atlantic city expressway, actually,s