tv Varney Company FOX Business June 7, 2022 9:00am-12:00pm EDT
was horrific. maria: [laughter] dagen: it was for tv and it was embarrassing and i have a copy of it, and i'm keeping it, even though i have no way of playing it at this point. maria: [laughter] well it's going to be worth big money. lee, what about you? will you invest in vcr tapes? >> i do i think i still have the full collection of all of the disney movies starting with "beauty and the beast." maria: good one. dagen and lee, great stuff have a great day, ladies we'll see you again tomorrow "varney" & company begins right now stu take it away. stuart: good morning, maria, and good morning, everyone. at risk of sounding like a broken record energy price inflation has hit us yet again. it's the number one economic problem, everybody sees it, everybody feels it, but it just keeps on coming at us look at this. we've got another record high for gasoline this morning up a nickel overnight to an average of 4.91. 13 states now have $5 gas. looks like it goes nationwide by
this weekend. now look at this. diesel, another new high, 5.68. think what that's going to do to truckers and farmers. you're seeing surcharges pop-up everywhere. the president, however, ignores the problem. he says we have "the most robust recovery in modern history." i read that as political spin. the president tried to divert attention from what is clearly the most threatening economic problem. let's get to the markets. stocks opening lower this morning, pretty much across-the-board. dow is down about 270, s&p down 40, nasdaq down 165. now look at target. target says their future profit margins will be squeezed. three weeks ago they forecast a 5% margin. now it's down to 2% as consumers shift their buying habits because of inflation. if that's a pointer, investors don't like it. profits are the backbone of stock prices and target's stock is down, whoa way down $11 a
share. bitcoin is down too back below 30,000, this on a day when bipartisan regulation bill is presented to congress and the yield on the 10 year treasury moving above that 3% level. politics, it's primary day in several states, we'll find out how $5 gas is playing out among voters. we'll take you to new jersey where the price of gas just hit that $5 average, that's in the garden state and we'll get into the world of golf, which is in turmoil this morning the new saudi-backed golf league plays its first tournament this weekend a direct challenge to the pga dominance, huge money involved. phil mickelson reportedly got over $100 million to sign on to the new league. tiger woods reportedly turned down a billion. it is tuesday, june 7, 2022 "varney" & company is about to begin.
♪ lauren: one day. your timing is impecable. stuart: doesn't that look fabulous though? that's jersey. all right, well i've got to tell you about it. gas prices are on a record run, nearing $5 a gallon nationwide and as we just showed you, new jersey crossed the threshold $ 5.01 on average in new jersey. i saw them changing the gas station signs as i drove in this morning. now that's going to be on the minds of voters as they head to the polls for primary day. look who's here, pete hegseth. he's at a diner in new jersey speaking to the voters. pete? $5 gas has got to be the top topic right there. its got to be.
pete: you are spot-on, stuart, and we've talked to diners all morning long who are heading to the polls or have already voted here in new jersey. yes there's a lot of other things going on, people talking about afghanistan, the debacle there and the border and our education system, yeah, but the first thing people mention is how do i afford to live right now, considering what it costs for me to fill up my gas, go from a to b, feed my family, make the choices i need inside my own lifestyle. it's quality of life alongside crime and the reality of the lawlessness we see not just in big cities but elsewhere. those kitchen table basic items are what people are motivating people to go to the polls and when you look at who do you blame for that? they look at their lives a year and a half ago and say this was not a problem a year and a half ago. there's someone else at 1600 pennsylvania avenue and i think you'll see that reflected in primary votes not just here in new jersey but it's iowa, california, mississippi, montana
, south dakota and one more that i can't remember, all over seven states across the country going to the polls today. stuart: it's a very important pointer for november, that's for sure. now the president is tweeting. he's saying, we have achieved the most robust recovery in modern history. is that playing well in the din er in new jersey where you are now? pete: so, guy, the president tweeted we're seeing most robust economic recovery we've ever seen. >> [laughter] pete: i don't think anybody is buying it, stuart. i really don't. the memos and the tweets, the # putinpricehike, you can say all you want. people feel it and are living it i'm looking over my shoulder $ 4.82 a gallon here so a little bit below, and that's cheap. as you said it's five bucks a gallon across new jersey so it's a reality. i think we'll see it in the way people vote. stuart: pete, i think of you as a military guy and you are a military guy. what do you mention of president
biden not mentioning the 78th anniversary of d-day yesterday, which was d-day until 8:45 last night and he only mentioned it then because fox prodded him. what do you make of that? pete: yeah, that's his generation stuart, i'm not making an age joke. it's reality if anybody should understand and live through people that talked about the significance of d-day, would hold that day up in reverence forever. it be the first thing you'd think of when you think of june 6. what do you think of when you think of june 6? >> d-day. pete: you want to tell the story because you want future generations to understand what young boys did on cliffs and on beaches and on parachutes so that we could live free. if you don't understand it, you don't pass it along and you don't defend it. when that's not your instinct somethings wrong. stuart: well said. pete: of course he tweeted it because of prodding but that's unfortunate. stuart: dead right, all over again. pete hegseth, great stuff, see you again soon, pete. pete: thank you, stuart. stuart: it's also primary day in california. the big race there, the one you really got to watch is to
replace los angeles mayor eric garcetti. there's congresswoman karen bass that appear to be leading the pack. lauren do you have any news on early voting in california? lauren: every resident and registered voter in los angeles is sent an early ballot and guess what only 15% of them have sent their ballots back early. stuart: that's surprising. lauren: compared with 34% for the recall election of governor newsom at the end of last year so this could be a little bit of election fatigue, if you will, but for the la mayor race there are 12 candidates vying, of course it is narrowed down to caruso and bass and one of them needs over 50% of the vote to avoid a runoff. stuart: very important pointer for california politics, can caruso win. a former republican. lauren: homelessness and safety. stuart: the white house is reportedly worried that the parallels between the biden team and jimmy carter's administration will stick. mr. carter's first term was plagued by soaring prices, and a
foreign policy mess. he didn't get a second term. matt schlapp is with us. can the president shake off the carter comparison, matt? >> i think he might want to have the carter comparison, if things keep going the way they're going because he's going to get below carter in the numbers and get pummeled in november. there's just no way to avoid it. stuart, his big problem is when you're the president you're sitting in that big, beautiful oval office, you've got so many tools at your disposal but what the biden team now wants to do is use biden as the chief spokesperson out on the road to try to mitigate these losses that are coming in election. the problem with that as you know, as a journalist, he's so irregular out on the road, he makes so many mistakes that i'm not sure that that's a very good solution and when he starts making those mistakes they don't back to hiding him and then they got kamala harris to use, which doesn't actually work out too well either, so i don't think they have a strategy. i just think they have to hunker down and take
this repudiation for the voters stuart: you expect good results for republican candidates today and you expect that to be transferred into how many seats gained in the house in november for republicans. >> look i think, remember, stuart, last cycle we really could have gotten that majority. i think we came just six seats away from retaking the majority in the house which was such a surprise to most people following those races. that's the voters saying that the democratic party has embraced socialism. we don't want this. we want that old centrist democratic party back which by the way jimmy carter represented so i think we could have 25-plus seats in the house. i think we'll get the senate majority as well but the big comparison with jimmy carter is the fact that after carter's failure in everyway, culturally, national security, the economy, we got ronald regan but it wasn't just ronald regan we got a majority in the senate and a political realignment in the country where democrats, these reagan democrats, switched their voting patterns to the republican party. what you're going to see in
november is the beginning of a realignment where people who had voted democrat but loved cops and loved the military, believe you should commemorate d-day for example, and hate socialism they are going to come the republican s way. now the question is what does the republican party do when they have those new supporters i hope they do the right thing. stuart: matt schlapp great stuff thanks for joining us we'll see you again real soon. texas launching an investigation into twitter. this has got to be all about those , what were they the bot accounts? lauren: absolutely the texas attorney general ken paxton says if twitter falsely reported its fake bot accounts, well that's a violation of our state's deceptive trade practices act. so he wants to see documents from twitter about how they calculate their numbers and he wants them by june 27. the investigation in texas is also where tesla, elon's other company, is head quartered so they obviously want to appease elon musk so it's happening the same day he threatened to
walk away from his twitter deal so if twitter can't or won't provide the information, or open their books, if you will, or open themselves up to discovery in a courtroom, i mean that could be worse, for their a d business, shareholders, employees who want to stay on with the company, they maybe settling for a lower price deal. stuart: yes, or they maybe, maybe musk wants to walk away from the deal and not pay the billion dollar separation fee. lauren: do you think he wants to walk or get a cheaper price? stuart: i think he wants a cheaper price. lauren: is $39 the price? stuart: the price of the stock right now, 54.20 stocks on the downside of the opening bell in about 19 minutes time. david nicholas joins us now. david, i don't know whether we're near the bottom so i'm not buying anything. any cash that i have stays in cash. do you think i'm doing the right thing? >> yes, stuart. for you it maybe but we're telling our clients this is a pretty goodbying opportunity. again, it may not mean we're at the bottom and i never say we
can time the bottom perfectly but look the s&p is down 14%, nasdaq is down 24%. the summer is going to be bumpy no question you're right about that, stuart but we're putting money to work so that gives you confidence you can join us but we see this as a good buying opportunity where markets are. stuart: tell me about targets. they came out and said they're looking at profit margins in the future are going to be squeezed because of consumer changes in their buying habits. is that a pointer for the overall economy? it sounds pretty grim to me. >> well, stuart, i think it is. i think it's very telling. look, corporations, companies are dealing with a lot. you have inflation going through the roof. you've got gas prices that have doubled. you've got taxes that are probably going up, markets that are down so the consumers dealing with a lot. that effects retail, but i'm se. when i looked at that report, stuart, target says they feel very confident about fourth quarter this year. they think inflation is going to be coming down so they have to discount because they built up these inventories so large they couldn't get rid of it but they think fourth quarter is going to
be very promising. we feel the same way. i think there's hope around the corner here but it's going to be a rough summer and rough third quarter but i think the light comes at the end of the year for a lot of the retailers. stuart: okay, you're not supposed to say it but only time will tell. thank you very much, david nicholas. we'll see you again, soon. thank you, sir. quick check of futures down about 300 points on the dow, over 160 points down on the nasdaq. despite record inflation, one former democrat senator insists the economy really isn't that bad at all. roll tape. >> you know, the interesting part about this is the economy is really not doing too bad at all, but i think it's time for democrats start to take credit for the good things that are out there and there is a lot of them. stuart: all right well let's see what scott shellady is going to say he's on the show just a little later. back to gas prices another all-time high and my next guest says, you ain't seen nothing yet oil & gas expert steven shork after this.
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♪ stuart: what's better than that? "here comes the sun" with the beatles at daytona beach, florida at 80 degrees this tuesday morning, all good stuff. i'm afraid we've got to get back to gas prices. at the top of the show i said at the risk of sounding like a broken record, we have another new high for the price of gas. 4.91 up $0.05 overnight, up $ 0.30 in a week. jeff flock joins us from philadelphia. look, jeff, it's not just gas, gasoline prices that are up. nat gas prices are up 200% this
year. who's warning that they are going to go higher still? reporter: the government is saying just what you heard. "here comes the sun" this summer they think it could be a much hotter summer than had been predicted in which case the demand for electricity would go up and consequently the price for natural gas, where we get most of our electricity, would also go up. already, we hit a 14-year high in nat gas yesterday, it was a 10% increase almost in one day, up again today, and here's some new information from the eia, the energy information agency. they say now 74% of our liquefied natural gas is going to europe. our friends in europe, as they try to makeup for the loss of russian gas. typically it had been going to asia. the reason? one of the reasons in addition to trying to help. they're paying $26 a million british thermal units in europe, and our futures market is around $10 so yeah, where would you
sell your natural gas? you mentioned the gasoline prices. yeah, 13 states now in excess of $5. where i stand here in pennsylvania it's 4.98 so that's maybe tomorrow. maine, massachusetts, and new jersey, all went over $5 overnight and you know, we talked to andy lipow and he said he has a very simple cure for high gas prices, do you know what that is? high gas prices. >> gasoline prices are going to continue to rise until we see a significant amount of demand destruction take place to get the world supply and demand back in balance. we've seen gasoline demand in the u.s. down about 2.5% compar ed to this time last year in response to higher prices. reporter: so there you go. demand destruction. the only cure for higher prices? higher prices. people can't afford to pay it anymore. stuart: okay we hear you, jeff.
reporter: i'm behind a cloud by the way. stuart: okay, jeff, gotta move on. give me that map again, will you yeah, there you go. 13 states and the district of columbia averaging $5 a gallon of gas. steven shork joins us. steven, i want to know where this ends we've got $5 gas now. are we going to $6, $7 maybe, as a national average? >> hi, stuart, yeah the probability of $6 is very real, and i want to correct or i want to add-on to that saying that high prices are the cure for high prices and that is an economics axiom, but it's based on the fact that if you make prices high enough you are going to increase production, you are going to give the incentive to bring more supply to the market. unfortunately, with the message that we've been getting from this white house and from wall street over the past two years, investment is not going into future production, so therefore, we're unable to bring that production to meet these high prices, so there really is no end in sight right now.
we have oil prices, crude oil prices, in brent trading over $120 a barrel, so wti crude oil, $120 a barrel, we're trading over $4.30 in the gasoline contract, so stuart by the 4th o of july what this translates into is the national average upwards of about $5.30 at the pump, and again, that's the national average. stuart: okay. >> now the potential, 147.27 that is the all-time high price for wti crude oil that we set in 2008. the probability, stuart, that we get there, by the 4th of july holiday so within three weeks, the probability is 14%. the probability we get there between now and labor day is 23% , so there's a very real possibility we'll see oil upwards of $150 a barrel, which, stuart, that does translate to a national average gasoline price of $6 a gallon. stuart: okay, let's spend time on this. nat gas, $10 right now.
where's that going? is that going to 11, 12, 13, 14, $15 for nat gas? >> yeah, so with nat gas, we have a situation where the eu created a policy which effectively doubled the price of carbon over the past two years, which drove end-users in europe out of coal into natural gas, so natural gas in december in europe traded the equivalent of $400 crude oil so yes, u.s. lng is making a bee line to europe at this point so with nat gas what we have to keep in mind is we've created a war. the esg crowd created a war with natural gas. you have a number of municipalities in massachusetts, in california and your other blue states that are outlawing natural gas hookups on new residential construction, so of course, this is retarding investment in natural gas, so indeed, the worry is we're not investing in natural gas. our demand for natural gas is only going one way, and it's driving natural gas prices to your point and we will see plus
$10 decotherm gas at some point this summer if not this week. stuart: steven schork, we've got it thank you very much indeed the inflation spiral continues. futures maybe reflect that a little dow is down 270, nasdaq down 160. we'll take you to wall street for the opening bell, next. ♪ you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire
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stuart: will you look at target this morning down 7%. they've got a warning that inflation and rising costs are changing shopper's habits and it's going to crimp their future profits. mike murphy with us this morning is this a danger signal for the whole economy or just all of the retailing sector? >> no. if you read what parring" came out with this morning, they said that the company specifically wants to reduce current inventory and it's going to hurt their margins current quarter, but back half of the year, they expect things to be back to normal, so you see the stock fell off on this quarter, but if you have a longer-term time horizon this isn't a long term negative for target if you believe they are going to be able to right the ship this is an opportunity in target. stuart: okay what leads us higher, we're bum bumbling around trying to find a bottom. is there some group of stocks
that would get the charge going? >> i was hoping you were going to tell me. well here's the thing, stuart. you hear so many people saying i'm moving into energy up 50% in the last month or i'm going to look at financials and neither energy nor financials are going to move this market back to the highs that we saw. you need tech big tech the large companies, the companies that are innovating that are going to move us higher. you saw news out of apple yesterday. so you saw amazon split, and start to move higher on that split, so watch for big tech. we want new highs in the market. you're going to need the big tech names, microsoft, apple, amazon, to take us there. stuart: are you telling me, stuary varney should go out and buy more microsoft now? >> absolutely. stuart: you are? >> absolutely. stuart: do you own microsoft yourself? >> i do. stuart: okay, well you do some buying and maybe help me out. >> well any sort of weaknesses an opportunity and has been with tech and that story hasn't changed. stuart: okay so long as you got that long term horizon at three- to-five years. >> let's say a year. let's just look out a year. stop trying to decide what's
going to happen tomorrow or next week or next month. look out a year and ask yourself , if you think microsoft will be worth more put up more earnings in a year and i think the answer is yes. stuart: i hope you're right. mike thank you very much for joining us always a pleasure >> [opening bell ringing] stuart: the opening bell is coming at us in just seven seconds, we always have this , they are clapping and cheering, nasdaq, big board and away we go it is 9:30 eastern time on this tuesday morning. it's june 7, and we're off and running to the downside, a little, down 250 on the dow industrials about .8%. i've got the dow big screen there, only two of the dow 30 are in the green. the rest are in the red. the s&p 500 also opened lower about the same percentage as the dow down .8%. the nasdaq is down over 1%. let's have a look at big tech. all of them on the downside, microsoft, apple, meta, alphabet and amazon, down, down, down today and the dow at the moment
off 264. we talked about target warning about their future profits the stock is down. how about other retailers lauren lauren: you're looking at it they're down as well, a margin compression story scaring retailers. walmart exited their first quarter with their own inventory up 30% from the prior-year, so it's too high, are they going to discount, are we talking about deflation, as some retailers as they try to get their inventory out? but david nicholas agreed with mike. they said the message from target today is short-term pain, going to get hit in the second quarter, but by the end of the year, everything should be okay, and i think that's what a lot of investors are hopeful for , to the overall economy. stuart: but they are selling retailers as of now. lauren: big time. stuart: got it. show me kohl's, please. i believe they're up. lauren: oh, up. stuart: 8% higher there. i guess they're for sale? lauren: they're for sale and they are an exclusive talks to be acquired by franchise group, which owns the vitamin shop, for $8 billion, or $60 a share
and the stocks up 8% at 45 so they enter this three-week negotiation to work out a deal. i think shareholders are hopeful they can reach one. looking at the larger retail environment, and you know, it was recently that kohl's just cut their full year profit outlook so there are no outlier here. stuart: okay i want to have a look at apple. they are opening lower this morning, no bump whatsoever after their big deal yesterday. lauren: it is a big deal but what was announced was incremental software changes. you know, a buildout of the apple echosystem that users will see in time so nothing really is immediate. car play was cool, more automakers signing on to incorporate it so basically your iphone becomes your dashboard, controlling the radio, climate control, all with the apple system but that's not available for two years so you ask, well why is apple down? you've got to wait. some of the software updates were very cool. the edit button coming to i- message on the iphone, so you can retract what you say,
but i don't think that gives investors a reason to buy the stock or users a reason to buy the new phone. stuart: i have no desire to change my radio in my car, using my phone. why would anybody find that attractive? >> ease. you don't have to deal with the car's own system for audio and entertainment. stuart: but why would i change my living room remotely by using my phone? lauren: because if you know how to use your phone you can use all of your systems. you should actually like this. stuart: i think mike's with me on this. >> the younger generation, stuart, only uses their phone. my two daughters got a car recently. they don't want satellite radio in the car so i don't have to pay for it. they use their phone in the car, exclusively. nothing else. lauren: so much easier. >> one thing on apple also. they are using their own chips now so they were able to make this transition to their own chips where they don't have to depend on other companies, they can expand their margins that way, so to me that's the big underlying story in apple's announcement yesterday. stuart: they are only down $0.85 at the moment maybe we can talk
them backup again. the cryptos, they've been hit. bitcoin is below 30 grand again. does this have anything to do i know it's a bipartisan crypto bill in d.c. today. lauren: it's a bit of that, regulation coming, right? if you look at higher rates the potential that they tip the economy into a recession, so this idea of the crypto winter is creeping into the summer. as for that bipartisan bill, it's backed by the republican from wyoming, senator lumis, and the democrat from new york, gill ebrand, and they want to classify cryptocurrencies as commodities and this proposal once unveiled sets the tone for future regulation. stuart: and they're all down. lauren: they are down regardless >> i don't and i think the concern is people who hit it big with crypto are realizing it takes a lot longer than they thought it's down from 60 to 30 so some people are starting to kind of weaken a little bit, but i still hope people make money with it. stuart: let's have a look at peloton. i think they're desperate and i
believe they're hiring people away from amazon in their desperation. lauren: amazon aws executive liz codding ton starts next week as the new cfo of peloton, who is trying reverse took from netflix as their ceo now they have a top executive from amazon and it's not helping the stock, all these big moves expensive ones too. they pull so much growth forward and invested too heavily in products people aren't buying stuart: think you got that right , pulling demand forward. wells fargo, now the stocks not doing much but they are apparently hitting the pause button on some of their diversity hiring policies what's the issue? lauren: it's another black eye for the bank so an employee had accused the manager that wells fargo was holding these fake sham interviews with diverse candidates just to fill quote os to say they did but they already hired someone else. that was what this employee said , and now the bank says we're going to temporarily halt that particular hiring policy.
this is another case of cheating , if you will, that hits wells fargo. not much reaction in the market if at all. the markets down, they're down what, $0.20 but it's a bad look. stuart: it sure is. lauren: it's a bad look. stuart: wells fargo never fully recovered from the fake account scandal, which is at least two or three years old. lauren: they tried to. they did for a while. stuart: but the stock never got back to where the other financials were, and wells fargo now at 44 bucks a share. let's have a look at the dow winners please headed by -- lauren: johnson & johnson. stuart: up at the top there is that macy's? lauren: it's merck, chevron, and salesforce. stuart: i'll be able to read that screen. the s&p 500 winners. lauren: come on, exxon-mobile, s muckers, johnson & johnson, -- >> s&p global and waters corp. stuart: sounds like a choir. >> stuart when you look at the names there those are not names they are up this morning those aren't names taking this market to new highs so that's interesting, they're up but we need to see a shift back
to the solid growth stories to move this market higher. stuart: fair point. top of the nasdaq winners list. lauren: zoom. wow. stuart: it's up all of $0.26, nice percentage gain. the big board, as in the dow jones industrial average is down 187 points. just over a half percentage point. the 10 year treasury yielding exactly 3%, the price of gold not doing much, usual story, 1,848 an ounce, bitcoin, 29, 500 that's it, oil $118 a barrel and look at nat gas. it's at 9.31, big deal. the average price for a gallon of gas new high, 4.91 look at california. now, in the golden state, you will pay an average of $6.37 for regular. how about that? ouch. coming up, it could be the biggest migrant caravan ever , and it is heading to our southern border right now. roll tape. >> this for us is nothing.
it can rain, it can thunder, nobody will stop us. stuart: hmmm. griff jenkins is on the border with the full report, coming up for you. top gun: maverick, excuse the pun, flying high at the box office, but a new copyright lawsuit wants the sequal grounded immediately. we've got details. it was an announcement from the white house. the administration invoked the defense production act essentially declaring an emergency to speed up solar panel production but what's the emergency? edward lawrence has the answer, from the white house, after this don't let the sun go down on me ♪
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edward lawrence joins me. edward, you tried to get an answer from the white house what did they tell you? reporter: in the notice it says it's a critical technology, the white house skirting this issue. president joe biden trying to get inflation down at the bottom of this and he's looking at removing tariffs in order to do that. in fact the commerce secretary says that the president xied her to look at removing tariffs on chinese goods coming into the united states. now the commerce secretary says that she's not considering removing tariffs on steel or aluminum to protect those industries but all other goods are on the table. the chinese have been asking for this since 2018, but white house could not say if there's an agreement with the chinese to lower their tariffs on u.s. goods coming into china, so now also the president is lowering tariffs on components for the solar industry, for two years, and as you said, invoking the defense production act for solar panels. listen. >> this historic action will cut cost for american families,
strengthen our power grid and tackle the climate crisis and with a stronger, clean energy arsenal the united states can be an even-stronger partner to our allies especially in the face of putin's war in ukraine. >> what's the emergency in the solar district? >> well this is just just a step to get to a place where we do have a clean energy arsenal so this is a very important part of the president's agenda. reporter: important part of the president's agenda so in a statement the american company first solar says this. the proclamation directly under mines american solar manufacturing by giving un fettered access to china's state subsidized solar companies for the next two years and that is from the largest u.s. manufacturer of solar panel s. stu? stuart: there's an argument for you, edward thank you very much indeed. now look whose with me, at 9:had 44 eastern time, larry kudlow,
the man himself. i want to talk to you about this inflationary spy all which we are right in the middle of it have a look into your crystal ball. how does this thing end? larry: well, you know, it's interesting. commodity prices, i saw the bloomberg commodity index just hit a new peak, and as you said earlier, gasoline prices and natural gas prices are still roaring. oil is $120 a barrel so i think we have a problem, stu. some people are talking about peak inflation, color me highly skeptical about that and the issue is how tight is the fed going to have to be and the other issue, of course, is whether there's going to be any more new spending by the federal government. there's a lot of rumors about some kind of new build back better, you know, we saved america and killed the bill. this maybe a smaller bill, i don't know what it's going to be , but in general, we need to stop spending.
the federal reserve has to pull cash out of the economy, and stu , one other point i want to make. this regulatory inflation issue, okay so the epa has now opened up clean water. any states, counties, indian tribes, they're all going to have a say in the timing. this ruins president trump's idea of faster permitting for projects, whether they're energy projects or whether they're infrastructure, bridges, roads, highways and tunnels, so the shortage of oil & gas and pipelines and frankly, you know, if you had good infrastructure, if it's efficient, that's anti- inflationary or counter- inflationary so that's all gone. he's pulled that off the boards. i think it's just nutty. absolutely nutty. stuart: agreed 100% and the president is reportedly worried about parallels that are being drawn between him and the carter administration. we've drawn those parallels several times ourselves.
the thing is, if there is a parallel, maybe we should be happy, because the carter era ended with ronald regan. maybe we can do the same thing again. larry: you know i love that. that goes along with my idea that the cavalry is coming. i would say this. i know it's a tough call, stu "varney", but right now, i would say jimmy carter was a better president than joe biden. stuart: oh, that hurts. larry: it's a very tough call, but at least, here's the thing. at least carter appointed paul volcker. now it was reagan who gave volcker the ground to stand on to conquer inflation, although because it took so long, it was very painful, but i don't know. it's a very difficult comparison all i'm saying is right now, i don't see any reason to be optimistic about inflation, and then, you know, the big question
is going to be how will this end okay? and i don't think it's going to end well. i mean, i still don't think it's going to end well and i think inflation is going to prove to be stickier and more virulent than a lot of people think. stuart: we're in a spiral and it's a nasty thing. larry thanks for joining us. i'm going to be watching at 4:00 this afternoon along with masses of viewers because you're doing very well these days, just a modest competition going on here larry: [laughter] stuart: in good spirit and good friend. larry we'll see you later. thanks a lot. larry: thanks, stu. stuart: quick programming note an all new episode of "american built" airs tonight 8:00 p.m. eastern on fox business prime. here is a preview. >> it was a massive engineering project. >> it's really unprecedented. stuart: it required unimaginable precision. >> everything has to work
exactly correctly. stuart: and total secrecy. >> holding this secret for a couple of years. >> might as well have been working on the moon. stuart: how they built the most powerful weapon on earth. >> it's an extraordinary moment in science. stuart: yeah, catch the atom bomb episode of "american built" it airs tonight at 8:00 p.m. here's a question for you. what can conservatives in this country learn from boris johnson's troubles in britain? i've got a couple of ideas on that and i'll enunciate them in my take coming up at the top of the hour. look at the new electric car from mercedes, it's bigger and fancier than tesla's model s. gary gastelu has it on the outside of our plaza, he will show it to us after this. i'm so fancy you already know ♪
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one and it's right outside on fox plaza. first of although, gary what's the price and what go i get for that price? >> it starts at $103,000 which is actually about nine grand less than the cheapest gas-power ed s-class, and what you get is mercedes new flag ship model s-class has always been a latest showcase, this is the first purpose-built electric vehicle goes about 350 miles per -charge and it's pretty quick too. this particular model has all wheel drive, 516-horsepower and it'll do 0-60 in four seconds but this has what's called the hyper screen, a pink el pane of glass with three digital displays including one for the passenger to use, very luxurious interior but this has a mechanical update, it's four- wheel steering system. [technical difficulties]
>> the vehicle to make turns as sharply as a compact car which is a very handy thing for the driver, driving these mercedes i'm sure. one other thing about this. it's the most aerodynamic vehicle you could buy today, the lowest drag coefficient, that's thanks to this very low and sleek hood. unfortunately, that means there's no trunk like a lot of electric cars have, you can't even open that but there is a panel on the side and i want to give you a quick quiz, it's not the charging port that's in the back. what do you think matt that might be for? stuart: is that the handle for the door? >> no this is where you refill the windshield washer fluid which is the only fluid you put in an electric car. stuart: gary gatherings, with a new eqs. thanks, see you later. check the markets please on the downside after 25 minutes worth of business the dow is off 150, nasdaq is down 50, we've narrowed those losses. still ahead florida senator rick scott, texas congressman michael
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stuart: good morning, everyone. it is 10:00 eastern. we better get to the money. we are showing modest stocks in wall street early going, doused 200, nasdaq 60. the price of oil approached one hundred $20 a barrel. now it is one hundred 1978. that means higher gas prices in the future. the yield on the 10 year treasury slipped below 3% level. that happened a couple seconds ago and bitcoin still below 30 grand, 29,490 is your quote. boris johnson is the leader of britain's conservative party and is in deep political trouble. american conservatives should look at what is happening and learn a few lessons. in the middle of the pandemic lockdown boris held parties at
his downing street residence. lots of drinking. ordinary people couldn't mingle in groups and the pubs were closed. they outrage within of a bland partygate became the catalyst for the no-confidence vote in parliament. boris's economic policies and here's where conservatives in america should take note. conservative boris johnson raised taxes and did it just as britain was sliding into recession. payroll taxes went up at the 5% consumption tax was added utility bills. incredibly a windfall profits tax is proposed for oil companies. that is what socialist bernie sanders proposes here. since when have conservatives been on the same tax page as bernie? perhaps even worse, johnson's green energy policy. fossil fuel production discouraged, utilities forced to use renewables which
couldn't produce the juice required, inflation takes off. it reached 9% in britain and that is higher than 8% america. boris survived the no-confidence vote but his hold on power is shaky, party gate started the anti-johnson fire but it is his mismanagement of the economy that will do him in. a bit like biden over here. take note, second hour of varney just getting started. look who's here. miranda divine. do you think conservatives learn lessons from boris johnson. >> i do indeed. this is a trap conservative leaders everywhere are falling into particularly since the pandemic let loose a lot of government spending and the
populists became a little more left leaning in terms of more reliant on government and needs a strong conservative leader to understand you cannot go down the left wing economic track or you will ruin your economy but boris johnson has always been suspect on that front. it is coming out in anti-fossil fuel policies. stuart: a mad greeny, i've not heard that expression before but you are right -- the brits are very green, they are in the climate crowd. i interrupted you. >> you are right. he is leading the pack on the climate alarm at the same thing happened in the australian election where the conservative government last, like boris
johnson they have moved left to try to appease the radical left but that doesn't help them. it alienates their supporters. when something which comes up with any government like partygate which was ridiculous and overblown but it does show cynicism and hypocrisy on his part. it's not enough to lose the prime minister, as you see from the numbers he won but a lot in his party voted against him. he lost his own people. the last conservatives. stuart: former democrat senator doug jones says president biden saved the economy. roll tape. >> what president biden and the administration did, when they came in with covid packages that put money back in the economy the interesting part of this is the economy is not doing bad at all.
time for democrats to take credit for the good things out there and there is a lot of them. stuart: he saved the economy. >> look like doug jones got the memo from the white house. we hear from leaks from the white house the president biden is exasperated that the polls are so bad for him that he is doing worse than donald trump who he keeps railing against as the worst president ever but you look at the polls compared to donald trump in 2018 for president biden now, trump beat him by 10 points in some instances. not a single day this year that president biden has done better than donald trump did at the same time so he is seething about that and his solution is not to fix the problems he has created but go and spin and gaslight the american public
and doug jones is on board with that. stuart: thank you very much. let's bring in scott schelladdy. what is your opinion on that? scott:i've looked at myself. maybe he is saying they snatched defeat out of the jaws of victory. if you go back and look at the gdp, the last quarter of 2,020, four. 5%. biden takes office in 2,020 one, that quarter we had 3. 6% gdp and the second quarter of 2,020 one, gdp. now we have-1.4% gdp. how is anyone living and breathing with blood coursing through their veins, look at the actual empirical evidence. what the struggling economy and
saved us, and take away their senses, it is a mostly peaceful protest and an inferno behind them. 10,000 people climbing over the fence. these big democratic cities in america are all safer today even though their own police department opening up higher crimes, they don't want you to believe anything except their truth and there is only one truth, they twist it to make their version of of the truth and there's only one truth in the market public knows what it is and this makes them look worse. of the one let's address the inflation spiral which we are now in. where do you think it ends? >> it only ends when we get energy under control. the lowest estimate is 40% of the inflationary problem is gas and natural gas and diesel, 60% to 70%, if you get that under control he doesn't have to make
a move. he will say something like we will open our lands and start to go back to the way it used to be you would see crude oil futures tumbled and that would help everybody next week at the gas pump. it will be when we get energy under control because everything hinges on energy. the lifeblood of supply chain, diesel fuel, you've been talking about it your self. stuart: thanks very much. we will see you again soon. look at citigroup please. they are going on a hiring spree. lauren: what types of workers are they hiring is the question. 4000 tech workers because the banks are competing within tech companies and technology companies. apple did buy now pay later essentially. this is what the banks are up
against. jpmorgan upgrading their tech platforms, that makes their services available remotely for their clients and employees but branch out into these more futuristic ideas. stuart: even i do electronic banking. i'm part of the trend. so is citigroup. let's look at other movers. looking at peabody energy up 11%, a coal company. lauren: they say china demand is back online and demand overall this summer to keep up with hot temperatures. stuart: remember when hillary clinton said they were going to kill the coal industry? look at it now. a firm. is that by now pay later? lauren: absolutely what it is and it is down 7% because of apple. apple announced by now pay later, a huge benefit in this space, so many customers and
that is a direct threat to us firm and square, stock is down 76%. stuart: i see apple has turned around. 146. jim smucker. lauren: the jam people want of a $125 million set because of a recall from jet peanut butter products. wise the stock up? stock is up 3.5% because they are burning better-than-expected so investors say that is a one time charge. stuart: we have 11 million job openings. that doesn't stop people from putting their jobs. texas officials morning the surge in rolling blackouts, storing temperatures putting the electric grid to the test.
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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. stuart: read on the screen, downtown 200, nasdaq is down 80 points. look at oil. it is up close to $120 a barrel and that means you are not going to have any moderation in gas prices in the immediate future. higher gas prices still to come.
i want to bring in the attorney general of arizona, mark burnett which --brnovich we have us caravan, don't know when it is going to get here but thousands in it. what happens when they reach the border? >> the biden administration is welcoming with open arms, the toughest question is whether they want a single better double bed, the hotels being put in by the biden administration, we are seeing firsthand the results of the chaos that the biden administration created at the southern border, incentivized and decriminalized people coming here so this is just the beginning of more and more caravans overcoming the system. we went can't you do anything about it because your state, arizona, is on the frontlines and you are being swamped. >> our office and me leading
the coalition putting title 42 in place. i argued against the biden administration rescinding the public charge rule that will give benefits to non-citizens. i'm doing everything in my courtroom to stop the lawlessness of the biden administration. they have no respect for our laws and our shredding the constitution in the process of having all these people, we lose adjectives and description words but so far this year it is like the entire population of dallas has come over it illegally. stuart: a lot of people think $5 gas is deliberate, that is what the president really wants. a lot of people are saying the open border is deliberate because that is what the president really wants. do you agree with that? >> yes. i think the far left, whoever's talking to president biden is trying to systematically
undermine this country and get the people dependent on central authority. raising the cost of fossil fuels, raising the cost of gas, oil, coal and we are seeing the results of that. when communism collapsed, communism didn't collapse, they ended up in the environmental -- people want to control our economic lives and the system to be overwhelmed and millions of people to come here dependent on the federal government and worship uncle joe, not uncle joe stalin but uncle joe biden. stuart: am i right in saying it is the state of arizona which has to pay a lot of the expenses of these migrants when they come to arizona. you are on the hook for those payments i believe. >> yes. obviously there's a cost to taxpayers not just in arizona but all taxpayers are paying for it because president biden cares more about central
americans than american taxpayers, the healthcare system being overwhelmed. we see ngos, schools, the impact it is happening and whether it is public housing, snap benefits and other social welfare benefits and hard-working taxpayers paid into our being given out to people that have broken the law to get here and sued president biden over his decision on the public charge rule. >> keep us up to speed on the border. the case against that illegal migrant accused in the 2215 shooting death of kate steinle has come to a close. >> the illegal deported 5
times, he was convicted of possession of a firearm, he served 7 years in jail. yesterday a federal judge sentenced him to the 7 years the are ready spent behind bars, essentially bringing the case that gripped the nation over immigration policy to a legal close, what happens now? he is transported to texas, faces charges for failing to report his location to immigration officials at the time. we want that is it. okay. here's one for you. the military falling short in their recruitment goals, so we are told. >> schools were closed during lockdown so they couldn't go actively to the schools and the botched withdrawal from afghanistan. each branch in the military met the reserve target and that has had an impact on active duty. the government is offering $50,000 bonus if you enlist, there are so many things you can do if you work for the military including crypto currency work, not just going
to war and i will make a bet. i will say if they get some help from tom cruise, when you go see maverick in the movie theater you see an ad to recruit for the military, to enlist and top gun back in 1986 was such a good, cool movie, up 500% and 86. blue when i wonder if they get the same thing this time. maverick. quick check of the big board, we are down 200 from the dow but the level, interesting, 32,700. it is down 2.99%. bitcoin 29,000560, oil close to $120 a barrel, natural gas will over $9 per million british thermal units and move tired today, the average price for a
gallon of regulating a new high, $4.91 and in california the average, the average for regular, california, $6.37. coming up, the wall street journal says president biden will not decide on student loan debt forgiveness until late summer. why the delay? treasury secretary yellen being drilled on capitol hill after she admitted she was wrong about inflation. hillary vaughan has the report next. ♪♪ this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep,
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people like buying in bulk with inflation right now. with a 90% retention rate are they going to hike fees as they are expected to do this year because historically they increase membership fees every 5.5 years. stuart: will they are won't they? exxon mobil. >> was the next time it was $100? 2014, $101.88 for a gain of 3%, upgraded them to outperform, gave them a one hundred $20 price target and they say higher oil prices, higher margins, they can double their earnings. stuart: they could indeed, they are $101 a share. what do we do? >> biopharmaceutical stock submitted an emergency use approval application fee to the fda, have a covid pill the treats moderate to severe patients in the hospital with covid and showed 55% reduction in deaths for those hospitalized patients. stuart: a treatment when you are in the hospital with covid.
now this. janet yellen is testifying on president biden's budget. last week she admitted she was wrong about inflation. what is the latest? what is she saying now? >> inflation is onyx utterly hi with the biden administration, not taking responsibility for driving inflation to an except double levels but may be the only member of the biden administration willing to admit they were wrong about inflation. >> downplay this inflation risk. >> i think i was wrong than about the path that inflation would take. >> and reporting suggest yellen may have been right and agreed with larry summers that the american rescue plan would cause problems, and accept from
a biography of yellen out in september reads privately yellen agreed with summers that too much government money was flowing into the economy too quickly. republican on capitol hill putting the blame on government spending for inflation are feeling vindicated. >> their own experts told them not to do it. it was reported a few days ago even secretary yellen, the president's treasury secretary new spending spree was reckless and wished it were smaller. >> reporter: yellen is disputing that saying this in a statement, i never urged adoption of a smaller american rescue plan package and i believe arp played a central role in driving strong growth through 2021. yellen is on hill today facing lot of follow-up questions about all of this and if the inflation we are seeing today could have been prevented months ago and if she warned the white house flooding the economy with more cash could
overheat it and trigger inflation and if the white house ignored her advice and went ahead with it anyway. stuart: do you spend more money to cut inflation? i will check back on your money. down 92 points, not much price movement, not much. anthony chan is with us, an economist. elon musk and jamie dimon both warning about a bad economy saying bad economy is coming at us. how bad is it going to be? >> reporter: jamie dimon, i worked at jpmorgan for 25 years before i retired and we keep in touch and we may be seeing a hurricane coming but remember hurricanes come in 5 categories, category one is 74
miles an hour, category 5 is one hundred 57 miles an hour or greater, much greater damage so because he said he's not sure which type of hurricane i'm worried but it has got to be a cautious type of concern because we don't really know. estoril on musk i have a lot of respect for him. he has 93 million twitter followers, don't know who has that many except you, you probably have more than that but even if you account for the 5% box out there that is 87 million twitter followers. he said he had a bad feeling about the economy, he might be reducing his workforce by 10%, he said that friday and a few days later maybe we will keep the workforce unchanged. maybe he's thinking the category hurricane is going to be a category one. i have no doubt the wrist, i've said this on your show many times, i have no doubt the risk
of a recession increased for 2023, no doubt about that but is it going to be a severe when? a minor one? at this point the data is not telling us that but i do know tough times are ahead because the federal reserve as jamie dimon pointed out, cutting back on the balance sheet, people say we have never seen this before, not true. in 2,017 we cutback the balance sheet and shut it down by 15%. this time around over the next 12 months if the federal reserve goes according to plan, the june to august $47 billion and later on jumping into 95 billion we will cut it by $1 trillion, 11% of the balance sheet. it will be less and with qt one, we ended right before the pandemic with an unemployment rate of 3. 5%, that's not a bad place to go. there are risks because we don't have a lot of experience
but we shouldn't say we haven't seen it before because we have seen it before. stuart: 60 seconds to tell us what elon musk is up to with twitter. you think musk wants to buy twitter for a lower price or wants to get out of the deal. >> i think all of the above but if he had a choice and forced to buy it because of specific performance and having to do what i think it would like to be at a lower price and you can't disagree with that view because the reality is all technology stocks have come down and most analysts i tell you the valuation of twitter is lower than the price he offered at $54 and $0.20. he's doing the right thing by negotiating a lower price. it may go to the courts but my view is if he is going to bite he will buy it at a lower price and i don't think he will be too disappointed if he doesn't
walk away with a problem. stuart: thank you for being here, see you again soon. even as recession fears grow this thing called the great resignation is not slowing down, people quitting their jobs, just not going to work. >> 4 million people quitting april, near record high, they say 1/3 are considering quitting in the next 6 to 12 months. ether these hurricane warnings, big tech companies slowing their hiring and people are still say i might quit, i know why. financial independence, retire early, financial independence, live early. a lot of people saying we want to enjoy life and bring in some money and a lot of people with investments thing crypto currency, they have a lot of money. stuart: people spending an
enormous amount of time at home, not in the office for a long period of time, that put people off the idea of going back to regular work. lauren: completely. up when you feel it, don't you? lauren: i like coming in to work, i like the change of scenery. stuart: the studio is delightful. britain has begun this trial of a four day work week. they started it. lauren: this i can get on board with. it is pretty big. 3300 workers. you normally do 40 hours, 32 hours to keep up your productivity. it is essentially a four day work week. stuart: what about the pay? lauren: you don't give up any money. if you are just as productive, coming into the office but getting everything done is that problem. technology replaces a worker.
all the workers doing great, don't need you at all. or the other argument, the product in two seconds, made the we will be more patient than what they are expected to deliver and what they expect their workers. blue one i just want dynamic. lauren: i want to four day work week. stuart: thanks. you are going to want to check your bill extra carefully next time you go out to eat. some restaurants tacking on fees to deal with inflation. we have the details. president biden openly bragging about his administration's economic success. peter doocy has the report from the white house next. ♪♪
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stuart: the dow, the market is turned positive just like that. the dow is up not much, 17 points the. . s&p on the upside. look at the big tech stocks. apple and microsoft are both dow stocks and that is helping lift the dow because apple and microsoft are now moving up. where is microsoft, apple is higher. president biden bragging about the administration's economic success. peter doocy at the white house, take us through it. >> reporter: this is happening at a time when a new poll from the wall street journal, the survey takers asked people about the american dream. 38% say they are optimistic about being able to achieve the american dream.
61% say they are pessimistic. the economy, 83% saying not so good. don't tell the president. he is tweeting, my economic plan, vaccination plan the administration put into action, america achieve the most robust recovery in modern history. >> went the president walked into this office the economy was in a crisis and he moved forward, put a plan forward. the american rescue plan, only democrats voted for, put us in a place where we are in a stronger economic position to deal with inflation, to go into this transition period where we can see some stable and steady growth. >> reporter: that is how they want to talk about the economy. the president is ready to fly out to los angeles, the top agenda items are pandemic response, a green and equitable
recovery and building inclusive democracies, not listed anywhere near these marquee items, high gas prices. stuart: you've got to avoid gas prices at all costs. the press secretary was wrong. when president biden took office the economy was doing very well indeed, 6% growth, 3% unemployment. i want to get that on the record. >> gas cost half as much a gallon as it does today. we went thank you for filling out the sentence. thank you. the housing market may be cooling. come en in. what are the signs? ashley: rising home values mean prospective buyers are being priced out of the market. that has been going on, mortgage rates have been rising sharply putting home ownership further out of reach for some. home prices in april were up 19% year over year but down
from a 24% gain in march. a slight cooling off. the flipside, higher home prices means mortgage holders, record levels of equity. the total stood at $11 trillion. and that is the upside of home prices. >> we are told a lot of fees being tacked on because of inflation. what do you know about this? ashley: check out the small print. the number of restaurants adding service fees, 36. 4% april last year to let april this year. it is a $2 temporary fee to its
bills for, quote, offset microeconomic pressures. others added kitchen appreciation fees. some menu items have higher costs that they may apply to those. it is not just restaurants, gas stations added fuel, surcharges, non-cash adjustment for using credit instead of cash. costs going up elsewhere. uber added a fuel surcharge of $0.45-$0.55, lift has added a 55% surcharge to each ride. slowly but surely nickel and dime, the way some of these businesses are trying to claw some money back and we are paying the price. stuart: a credit card usage fee at a restaurant is not nickel and dime. if you have a significant -- it is way up and an extra charge if you use the credit card, that is a big deal. lauren said to pay out a
fortune. ashley: you have to carry cash these days. lauren: to save money. 12% all the time. stuart: let's move on. the governor of new york raised the age to buy a gun to 21. ben and jerry's is jumping into the national gun debate. the mayor of new york city calls his own city the laughingstock of the country, he is tired of dangerous criminals getting released. why doesn't he have a talk with his soft on crime district attorney? brian kilmeade takes it on next. leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire
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. stuart: ben and jerry's, the ice cream people who need to avoid selling their product in israel but that is another story. ben and jerry's jumping into the national gun debate. what are they doing? lauren: they are a progressive company asking millions of followers to lobby for gun control and cutting ties with vendors that do business with the gun industry. this is what they write, quote, it is time for companies to
stop political contributions to elected officials who do the gun lobby's bidding, blocking gun laws that affect all americans and they continue. the house of representatives is set to vote this week on a gun safety bill and we will see if politically they can get anywhere. a when you when i insist on getting my last word in. there's nothing progressive about boycotting israel. lauren: didn't florida boycott them? stuart: is a 10:51, brian kilmeade waiting to get on the air, in new york state governor "varney and company" -- huchul raise the minimum age to 21. >> tobiah some automatic weapon, responding to what is happening in buffalo when he goes and buys his guns legally, background check is clean and he runs up and kills everyone
he can add a shopping mall and another 17-year-old begging his sister to buy a gun, he turns turned dating, has a clean record even though everybody knows he is a psycho, that is new york's response which i'm curious to see, doesn't surprise me because huchul is trying to consolidate the most democratic votes, she's are markedly inept and ineffective but not a good leader and she's not doing a good job rallying her party. only thing she's doing a good job doing raising money. stuart: what do you make of it? minimum age tobiah semiautomatic weapon, you agree with that, not a form of gun control. one thing i'm very aware of, i am not born with guns, not anti-gun. in upstate new york it is like iowa, wide open and more rural than anything else, that is a
huge hunting community. willie roberts in the middle of louisiana, you been shooting since he was 7 years old from "duck dynasty," you're going to take my gun away until 21, that is not going to happen but talking about gun purchases, using a gun. are these criminal minds going to get a gun elsewhere and i'm thinking about this, i'm openly debating it because joe manchin is a big gun guy from west virginia where guns are prevalent and hunting is typical, one of their number one hobbies, so i understand it, he is open to raising the age to 21. the gun store owner does not want to sell a gun to the next mass murderer. how do we stop a gun store owner from having that on his or her own mind, like the oasis gun store in massachusetts, he is the one who said the arsenal of weapons and ammunition, to this crazed lunatic who killed
these children. i want to do the things that are most effective and support people who do things the right way with guns and stopping people from ruining it for gun owners and getting outraged for second amendment rights. we won mayor eric adams ripping progressive soft on crime policies, repeat offenders back on the screen. role it. >> judges have permission to stay in. everyone has to do their part. if not they go out and come back and do another shooting. these bad guys believe our criminal justice system is a laughingstock. we have to get serious about this because innocent people are dying. stuart: why doesn't he have a word with his district attorney? >> it would be great to be firm
and that district attorney, he goes to albany, don't cash bail, go to hell, we are not going to do it. then they humiliated him by saying this process, we are not going to respond to your demands. if i am adams i called press conference, i have been a captain as a policeman and i know what it is like to be effective against crime and overzealous. we are so far the other way i can't keep the city safe. i will name the lawmakers the refused to pull back no cash bail and give judges the discretion to look at the guy with eyes rolling around in his head knowing 6 time carjack or is going to do it again and give the judge discretion to do that. my other worry is so many liberal judges think criminal first if we empower the judges we are not going to be pleased a lot of the time so we have to go back into electing das the
do the job they used to do and the beginning of the end in san francisco today when you have -- philadelphia, if new york doesn't straighten up you have governor zelda and who will probably fire this guy because he has the background to be the first report from governor since pet tacky --patzki. stuart: still had, florida senator rick scott, texas congressman michael mccall. saudi arabia has put up the money for a new golf league, has split the golf world because it is a direct challenge to the dominant pgi. less dominant the pga becomes. this is a real fight. i will cover it next. ♪♪ ) different how? aren't we all just looking for the hottest stocks?
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at least carter -- >> very difficult comparison. >> neither energy nor financials will move this market to the highest we saw would you need tech, big tech, large companies innovating that move higher. there's an opportunity and has been with tech and that hasn't changed. stuart: we were watching you dancing. there you go. 11:00 eastern time, tuesday june 7th, 2022. check the markets, they turnaround, open lower and move higher, dow is up 40, nasdaq is up 60. this is the market that's really moving. oil. a few seconds ago it was at $120 a barrel. it is backed off of 119.
you know what this means. the higher crude oil goes the higher gas prices go. you have a record high for gas. it is going higher, the 10 year treasury yield was 3%. it is back down to 2.97%. now this. saudi arabia has put up the money for a new golf league. it has split the golfing world because it is a direct challenge to the very dominant pga. the more they switched to the new the them less dominant the pga becomes. the ceo of the new league is brind norman who wants to bring more money into golf to demand the moneymaking opportunities for professional golfers. for that he has been harshly criticized. a usa today columnist says, quote, he is the despicable up enemy of unabashed greed. what has really upset people is the involvement of saudi
arabia, jamal khashoggi was a saudi critic and was brutally killed by saudi agents. that could not have happened without mohamed been salmon, saudi leader knowing about it and the new golf league. the liberal media is apoplectic about a murderous regime sponsoring a new golf league. the league has signed up some big stars, phil mickelson got a signing fee of $100 million. lee westwood, dustin johnson, sergio garcia are all on board. tiger woods is not. he report. turned down a $1 billion offer. the first game scheduled at the centurion club just outside london, the golf world is split and temperatures are rising, third hour of varney just getting started. ♪♪
stuart: we thought we would do something different today, we went after golf and i said the saudi's have a new golf league. charles heard is laughing. what do you make of a murderous regime sponsoring a new golf league? >> i'm the last person you want on the golf green. the pga wants to protect its monopoly in the united states on golf and they are doing a very effective job but it is baffling to me, the degree to which the nba is in bed with more murderous regime in china i wish sportswriters would spend as much time they are talking about this talking about the fact the nba is in bed with china. i'm not downplaying saudi arabia but china is a huge growing real threat to the united states of america. stuart: the wall street journal
reports president biden will not decide on student loan debt forgiveness until the end of the summer. i think that is an attempt to buy votes just ahead of the midterms. >> you are right about that. the administration has probably made their decision and trying to float it out there and the fact they are reaching for this underscores how desperate the biden administration is to grasp any issue they can politicize to their benefit that works as opposed to other issues that are not working but the problem, it is a terrible idea and also terribly unfair, you don't have to be a good political person in the republican party to use this against them. the notion that the federal government is going to take money from bus driver who makes $40,000 a year and hand it up
to $10,000 to a lawyer or four your college graduate making $125,000 a year working from home, that is appalling, the most appalling wealth redistribution we have ever heard of and i think they will pay a price for it. stuart: what else of they got? what have they got? what is going well? can you think of anything? >> nothing they can point to. the fact that president biden is talking about how great the economy is not only do numbers define all of that but -- when you talk to regular normal american voters they don't feel that at all. it makes president biden causes him to lose his credibility with them. stuart: have you noticed everybody has, i am asking you, you fill your car with gas, do you check the price? do you get a shock when you see it? you go to a restaurant and see the fees being added on because
of inflation, inflation is there, you can feel it. everybody knows, the president, what it seemed to ordinary people. >> you cannot hide from these gas prices and if you are somebody who fills up your own gas tank which is 99.99% of voters, not only do i notice it every time, i've gotten to the point i take the picture of the final price and send it to my wife, i promise you i didn't go gambling, this is where this went. blue when good idea, i must try that. thanks for going with me on the golf thing but you did very well. see you soon. back to the market, all that green all of a sudden, 90 minutes worth of business and the dow is up 30, nasdaq is up 47 points and the s&p on the upside too.
formerly super bowl michael lee joins us. you know i read your stuff, the fed needs to pivot on inflation to fix the economy. what do you mean by pivot? if you don't tighten, inflation rages and the economy gets worse. >> what i am saying is until the market anticipates that, stock prices have a difficult time. the fed is going to pivot from tightening to neutral to accommodative. stuart: what makes you say that. why are they going to pivot? >> this could be two years from now. once inflation is under control and we are seeing clearly from target that supply chains are easing up and demand is off the cliff so at some point inflation is going to be under control and once the fed pivot stocks will take off again.
until then, prices or these multiples will be compressed to. unless you are investing in things like energy you are in for a difficult time in stocks especially no matter how well these technology stocks do, when your price to earning multiple depressed based on liquidity coming out of the market, it is difficult for stocks to perform. i don't think we will see new highs until sometime after that. stuart: the fed pivot to you is a long way away. a year or two years. >> we will see you. that see. that is the million-dollar question. is it later this year markets are going to raise, not as many times as previously thought or is it going to happen next year and a lot of that comes down to how quickly the economy slows, the employment situation follow part and most importantly how does inflation looking on a month over month basis and at this point on an annual basis because we have significant a higher basis points.
stuart: what we see on the inflation parties frightening, a spiral energy costs, gasoline, diesel, natural gas, more troubling than anything else. when do you think this inflation spiral might be brought under control. soon? >> i hope it is soon. efficient, the fed is going to flush this economy because you've got two ways of solving inflation, create supply or crush demand. it seems like supply is eating up in certain cases, not a meaningful amount, especially the energy stratosphere, the fed will crush demand, inflation is not only bad for markets, economies, it tears societies apart. would you rather have a banana republic or recession? stuart: thanks a lot, see you again soon. we look at the movers and i'm looking at home depot which is down today.
lauren: they are chopping 45 points off of the dow jones industrial average. the target profit warning. are we headed towards a recession and how resilient is it? stuart: how about cracker barrel? a retailer of sorts, a restaurant chain of sorts issuing a warning. lauren: week earnings and they say hi inflation hits 65 plus crowd particularly hard. of the one that is their target. lauren: we did the store yesterday. a lot of older americans saying i got to go back to work because things cost too much money. i can't get by on the savings i have. stuart: how about shopify, they are up. lauren: a 10 to one stocks but to make shares more affordable for investors. stuart: they are all doing it.
72% of teenagers say they have no knowledge about trading stocks and etfs. they think investing is too confusing, we are on the story. forget defund the police, a new poll shows people in la want more cops because of skyrocketing crime. it is out of control. larry elder joins us on that. treasury secretary yellen testifying on capitol hill days after she admits the inflation forecast was wrong. we bring you the headlines after this. 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. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better.
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stuart: money, that's what i want. fox square, that is what you are looking at in midtown manhattan, right behind my studio. 74 ° and sunny in new york. still staying in the city, there are some restaurants charging customers extra because of inflation. brian yunus on restaurant row, what are the new things diners are seeing? >> reporter: no matter what you call it a fee is a fee, more and more restaurants are starting to charge service fees to diners going out and trying to enjoy these restaurants to battle rising inflation costs as well as rising gas prices. since april 2021 the number of restaurants charging service fees is up 36% according to lightspeed, a restaurant
software company that reports revenue has doubled over the last year. some extra service fees are listed on checks and this way non-cash adjustment, yield surcharge, inflation fee, kitchen appreciation, romano's macaroni grill, national chain in 15 states doesn't mince words about therapy. at the bottom of their menus it reads, quote, a temporary to dollar fee will be added offset macroeconomic pressures, restaurant fees going to accost setting increase, food delivery cost from increased gas prices, increased merchant fees from credit card companies and restaurants are also having to pay employees more in this job market. wholesale prices for food restaurants, is up 17.5% this last year, according to the npd group because of this record inflation. >> i think most of our businesses are hoping it is temporary and don't want to see increased menu prices so menu prices are going up less than
the wholesale food costs and they are trying to figure out how to manage this, they are increasing service charges at some time. best practices are always to disclose these charges, you will find them on the bottom of the menu. >> reporter: in new york city, it is very strict when it gets to the service fees, restaurants can only really add fees for mandatory gratuity for parties of 8 or more, new york city is the outlier. a lot of communities can charge what they want. stuart: see you again soon. treasury secretary yellen testifying on capitol hill about inflation. take a listen. >> administration has done everything they can to bring down energy costs through historic release of a million barrels a day from the strategic petroleum reserve and energy prices, gas prices, very
high, no reason they would be higher without that. stuart: the administration has done everything it can to bring down high energy prices? forgive me, senator scott, if i look a little askance at that but that does surprise me coming from the treasury secretary. what say you? >> it is a lie. i philip my car on saturday, $4.79, $4.89 a gallon. this is going on across the country, the biden administration shut down the keystone pipeline, made it hard to drill, have a vendetta against oil and gas, biden has said this is a great transition, a great transition for somebody like him, a rich kid paid by the federal government for poor families across my state, a horrible transition because you can't afford to go to work, can't afford to put food on the table, this is disgusting what they've done, they are doing nothing to get prices down, nothing to get gas prices down,
food prices down, nothing they are doing other than bad things. connell: do you think it is deliberate? a lot of people in the climate crowd want $5, $6, $7 to emit fewer carbon. what do you think? is it deliberate? >> he admitted it. incredible transition was his words. this is their goal. think about how foolish they are, they act like electric cars will be the savior. where do you think the electricity is produced? it is produced by oil and gas, very little is done with solar and solar only works when the sun is out the window only works when the wind is blowing, this is the craziest thing in the world. stuart: the average for regular in florida at this moment is kind of low compared to other states, is there anything you can do to stop it hitting $5 a gallon in florida within a few
days? >> get biden to resign and the energy secretary to resign and put somebody in that cares about reducing oil and gas, that is the fastest thing we could do, get him to resign, get harris to resign, put somebody in the cares about this. stuart: you are sharp on these things. >> i grew up poor, watched my mom struggle with this, they are hurting the poorest families, people going to food banks but never gone to a food bank, biden and the crazy policies he has. stuart: people are getting angry about it, seeing giving away. let me turn to another subject. what about raising the age to buy a gun to 20 one. that is what we have in new york, the proposal in new york. what say you in florida? >> what democrats want to do is take away your guns, they don't believe in the second amendment and i'm going to fight that. we focus on what i did after parkland in florida, things that will make our schools
safer, mental health, creating law enforcement on campuses, making sure we have risk protection orders if you have medical issues, threatening to harm yourself or someone else you don't have access to a weapon, go to the courts to make sure this happens and let the states do these things. i move the age to 20 one, you can still own a gun but can't buy it by yourself until before you are 21. stuart: you accept that, 21. we ought to do that at the state level because then states can make changes and it will fit in some states, worked in florida, might not work in another state so do these things at the state level, the federal government can do some things but democrats keep blocking it. a bill named after two individuals killed in parkland, luke and alice safety act, federal database about how good is your school using best practices, daughters and grandkids in school, first thing i did was what have you done to talk to your schools about what they are doing to
deal with mental illness, to deal with school safety, do you have law enforcement on your campuses, is there one entrance, things like that? parents have to take charge of what they are doing and we will have more school safety. we went senator rick scott, thanks for joining us, hope to see you again soon. back to the markets i see a little green, dow industrial's are up but only just. 7 points fire for the dow, nasdaq is up 16 points, a fairly flat to slightly higher market. a rare lebron james trading card is expected to break record that an action this week. how much could it go for? ashley: possibly a whopping $6.6 million which incredible. why so much? the james cripple logo man trading card was the only one ever made. that's the up enemy of rare. the card features game use
patches from each of the nba teams, the cleveland cavaliers, the miami heat, la lakers and at dalton oxen can break record for the most expensive sports card ever sold put a card from james's rookie season with the cavaliers sold for one. 8 million a few years ago, by the way according to forbes magazine james is the first active nba player to become a billionaire. all sorts of money being thrown around. stuart: that is a lot of money. coming up. thousands of migrants are indeed marching through mexico headed to the southern border. could be the largest caravan ever. we will find out what texas is going to do to prepare for the arrival. primary day in california, always been a blue state but could that change? larry elder takes it on next. ♪♪
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was designed is comparable to the great works of rome. we went from ancient concepts. >> so big, so heavy you can't move it. stuart: to cutting edge tech. >> we will do something that hasn't been done before. we won the rescue plan for a city on the brink. >> millions of people are depending on this water. >> incredible daring and audacious plan. stuart: building the catskill aqueduct. that was a sneak peek at one of the two new episodes of american built airing tonight. that one you saw the sneak peek from is about the catskill aqueduct, the other is about the atomic bomb. the new american built episodes air tonight starting at 8:00 pm eastern. back to the markets. another turnaround, all in the green a few minutes ago and now we are all in the red, not by much but flat to lower on wall street this morning. how about this one. a new study shows teenagers are clueless when it comes to
investing. i certainly was way back when. take me through it. ashley: my parents were bankers. according to fidelity investment 2022 teams and money study, 72% of the younger generation had no knowledge about trading stocks and etfs. they are doing other things. nearly half the 13 to 17-year-olds surveyed said investing feels out of reach for them and one in 5 reported they have started investing. 7 of 10 teams told fidelity they look to family members as financial role models but only 34% reported regularly discussing the topic with their parents. it doesn't help, 11 states require financial literacy as a high school graduation requirement but the date also shows teens want to learn
investing skills but 73% say they started educating themselves on investing. good luck to those folks, a long-term plan, the sooner you start the better. stuart: watch out if they are going into cryptos to make a billion overnight. all right, it is primary day in california. dave rubin's warning the state will continue to lose thousands of residents until voters end 1-party rule. listen to this. >> until the people of los angeles and california more broadly decide to start voting for some other people, until california decides it can no longer be a 1-party state this is going to keep happening. more crime, lighter sentences and more chaos on the streets. i live in the free state of florida and this is an example of why. we want a free state of florida, living in california the gentleman on the right-hand side of the screen, larry elder.
are we seeing times changing in california? i ask because in los angeles people want more police officers, not fewer. is that a sign of small and commensal change. >> you would hope so. i would think not. dave rubin is a friend of mine, he told me had i won the recall election, as many people told me, when i lost the exodus out of california, one of the reasons i set up my political action committee, one of my agenda is crime, look at the polls, the number one thing people are concerned about, crime and homelessness, it has only gotten worse. soft on crime das like george gascon who will likely face a recall election in november provided enough signatures are gathered. stuart: that is a mark of change. if he faces a recall and loses and he probably will, that is a sign that voter sentiment about issues like crime is changing surely.
>> the person who is going to appoint his successor is the democrat mayor of los angeles voters have voted in. publicans have not won statewide in california in 20 years. 3 to one by democrats and independents. stuart: the mayor of los angeles is eric garcetti. he is term limited out. he is out. he's going to be replaced by possibly a guy who was a republican, he is a billionaire, he is running in the mayoral race, he might win. isn't that another sign of shifting attitudes in california? >> it is but the guy who is running who may become the next mayor, rick caruso, lifelong republican, all of a sudden switch to democrat. a big one that is the only way to get elected in california. he became a democrat because that is the only way you can be voted in in california. how about san francisco --
>> gavin newsom remains 53% approval rating even though the crime, the homelessness, people leaving california for the first time in one hundred 70 years i would love to say there has been a rejection of left-wing policies but i am not seeing it. you are right about san francisco, the da in san francisco will probably lose his job today, the guy who appointed george gascon as da of san francisco is gavin newsom who survived a recall but the guy he appointed, the guy who put him there still has his job. what is wrong with this picture? still haven't connected the dots, the left-wing policies that have driven up the cost of living in california, price cost 175% above the national average and that is one of the reasons people are leaving and taking the tax base with them and i'm not seeing wholesale rejection of left-wing policies. i wish i were. blue when i am trying to help you out, trying to be positive here. i am not suggesting there is a
wholesale revolution in political attitudes in california but i do see in commensal change. the voice of reason has not been totally stilled. i am afraid we are out of time and we will have you back soon. thanks a lot for being here. let's change the subject completely. the family of the original top gun author is suing over the new movie. we will tell you why they think paramount pictures owes them big bucks. the demand for power could reach an all-time high this week, temperatures soaring in texas will put a big strain on the power grid. connell mcshane is in austin. he is going to tell us what the state is doing to make sure the lights and the air conditioning stays on. ♪♪
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stuart: officials in texas are warning about rolling blackouts coming, temperatures reached 100 ° in texas this week. connell mcshane is in austin. what are you hearing about the rolling blackouts? connell: people are concerned given the history in texas but the grid operator said they made changes about the failure in the grid in the winter of last year, the power plants, to upgrade their systems to be more prepared for extreme weather but people are skeptical given what happened in the past and that is why when we interview the top energy regulator in the state it was surprising to hear him go out on such a limb. >> i can guarantee the lights are going to stay on in texas because of landmark legislation, texas legislature passed in 2021.
>> reporter: peter lake oversees the grid operator and he's not talking around things all saying the power staying on the summaries guarantee. texas residents need to be convinced. >> there's a lot of infrastructure issues that need to be addressed and until that happens we have less to worry about. >> we've seen it go down before for heat and cold. as it is warmer now i don't see it getting better. >> reporter: the early-season heat coupled with the drought conditions, very well could lead to more blackouts not just in texas but in other parts of the country as well. >> am i concerned about blackouts this week? not really. what will become more problematic as we have these long slog's of day after day of 100 ° temperatures, that will increase the risk. >> reporter: it adds up over
time but state officials insist that they are ready for it. this time around, they better be. today alone if predictions are correct, more power may be used in texas than has ever been used in one single day. stuart: that is extraordinary. it is only june 7th. thanks very much. i want to bring in mike mccall from the state of texas. good to see you. i am a little confused. we have a texas official saying he will guarantee the lights stay on in the air conditioner keeps going. we heard a lot about rolling blackouts in various parts of the country. to do you blame for this? >> in texas we had the freeze, we were not prepared for that, below 0 °, that normally happens in texas.
what happens in texas, for 60 wonderful years and a native texan, i live in austin, the heat, it is very predictable. it will be one hundred 5 degrees this weekend but heat is nothing new. we are prepared for that. we have new leadership, the generators, the number one energy producer. we are prepared for this. i don't think there's any reason to call for panic in this situation. i do think innovation is key here. smart grids. a lot of the energy is burned and office buildings. if we had smart grids, turn the power off when no one is there, that is a smart way to conserve energy rather than telling people to turn up their thermostats. we are prepared for summers in texas, more the winters are the problem. stuart: i want to move to a different subject. this massive migrant caravan is
headed towards the southern border, texas is a border state, the largest caravan in history. what are you going to do when it arrives? they just walk in? anyway to stop this? >> the policies of this administration, throw the welcome mat out and let them come in. we've had 2.7 million encounters since biden took office. we can't absorb this. they say every state is a border state. my state is taking the brunt of this migration phenomenon and this caravan is interesting. it has 15,000 but what is interesting to me is where they are coming from. they are coming from cuba, venezuela, nicaragua. these are the three countries being boycotted at the summit of america get together in los angeles this weekend, next weekend. and the mexican president has allowed them to come in.
he is voice of -- boycotting the summit of the americas because cuba, venezuela and nicaragua are not invited. this is interesting. duties our adversaries in latin america all coming up at the same time. 15,000 of them in protest. stuart: there's an awful lot of talk about $5 gas being a deliberate move on the part of the democrats because of the greens within the democrat party. there's a lot of talk about the border being open because that is what the democrats want. you agree with that? deliberate $5 gas? deliberate open borders? >> i think it is political suicide if you want gas prices to reach $6 a gallon, that is reminiscent of jimmy carter when i was growing up. i don't think that is very smart. we can't produce this energy in the united states and become energy independent again. this administration doesn't want to go down that road. they want to go half in hands
of saudi arabia in bed for them to lift their production. how crazy is that foreign policy and look at the border, wide-open, they have no effort to secure it and in fact they rescinded the remain in mexico policy, the migration protection protocols under the prior administration, they were actually working. i talked to jay johnson, secretary of homeland security, he tried to get remain in mexico but mexico wouldn't agree to at the time. trump was able to get mexico to agree to it with a heavy hand and it was working and they reversed the policy. stuart: occurs to me that texas is paying a high price for energy policy and border policy, you are paying that price, good to have you on the show. >> thanks for having me. stuart: i will show you the fate of the market where we go to the big board in a brand-new
studio and the state of play, the top performer among the dow 30, salesforce.com. the worst performers walmart which is down 2.6% down. now look at this. what you are about to see is a all electric air taxi. the company just tested that brand-new four cedar model, the chief executive will join me next with more on the first light. ♪♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it!
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stuart: tom cruise's top gun maverick had another blockbuster weekend but paramount, the studio behind the movie is being sued, on what grounds are they being sued? ashley: the author is suing for copyright infringement, the lawsuit alleges the studio failed to reacquire the rights in the 1983 top gun, led to the making of the movie.
the family says paramount was notified in 2018 that they would reclaim the copyright in 2,020 in the suit contends in production on the movie did not finish until may 2021. the movie was initially slated for release but was delayed multiple times because of the pandemic. the lawsuit seeks unspecified damages, profits and to block the studio from disturbing the movie for further sequels, the film generated $546 million around the world since his relief last month, the lawsuit could involve a lot of cash. stuart: we've got it, and all electric air taxi, they tested their brand-new for cedar model. reuter is with us again.
when will this actually fly as a taxi people like me can get on. >> thanks for having me on the show, the segment, different segments, 3 different vehicles to cover all of these segments, it will be ready to fly into thousand 26 commercially. the first vehicle to take off is a different vehicle architecture designed for the inner-city short-range mission, optimize vertical efficiency and that will fly already in 2,024 in time for the paris olympics. stuart: so what kind of roots, not the one on the screen but the new model that is going to go first into service, what kind of roots are you talking about for that?
>> it is designed to cover the root, taken airport, perfect for the city and as i said that will be ready for commercial certification in time for the paris olympics and you are invited to try it out. stuart: you have to have a big battery in these things. and electric plane? >> similar to the electric vehicle. to master in terms of safety and performance to bring the flight to people of the world, all our vehicles, the inner-city one, a lot of range, the high payload cargo drone for urban logistics. they are all built, fully electric, no problems with high gas prices, and a high safety levels. stuart: thanks for keeping in
touch with us. we want to see you back again when this thing starts to fly. thanks very much. it is 11:55, that means the trivia question of the day. what is the biggest fish in the world? is this a trick question? whale shark, great white shark, manta ray, blue whale. i think it is a trick question. the answer after this. another crazy day? of course—you're a cio in 2022. . .
stuart: here we go. what is the biggest fish in the world. come on in, ash, what do you think? ashley: a whale isn't a fish. i will go with the whale shark. stuart: you're right. whale shark is the answer. on average measure between 18 and 33 feet long. the largest whale shark on record, 66 feet. you're right, a blue whale is not a fish. send it to us. "varney & company." i'm run over into neal's time. very sorry, neil, it is yours. neil: thank you very much. corner of wall and broad, pretty much digesting the news out of target right now that it sees some weakness ahead. that they have the wrong kind of inventory that would not be the first retailer with that dilemma. we'll explore that a little more. this is big primary