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tv   Varney Company  FOX Business  August 11, 2022 9:00am-12:00pm EDT

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, so -- maria: there they are. those cuties we're looking at the cuties there's charlie. dagen: yeah, exactly. maria: and where is dale? there's dusty. [laughter] great show you guys dagen mcdowell and mark tepper great to be with you as always dow industrials up 285 on a better-than-expected producer price index report. we'll see you all tomorrow thanks everybody "varney" & company begins right now stu take it away. stuart: good morning, maria, and good morning, everyone. inflation is still running hot. that's the bottom line here. the producer price index measure s business costs in the last year its gone up 9.8%, okay, now that compares to an 11.3% pace in june. this is a very important indicator, because price hikes for businesses are later passed on to consumers. in other words, at 9.8% in the producer price index, inflation will stay elevated shall we say, for sometime to come, however there was a slight decline in prices, just for the
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month of july. stocks, they continue their strong rally, pretty much on the back of that inflation report. some investors convinced that moderating inflation will make the fed ease up on their tightening. the dow is up 500 yesterday. wednesday, it's up another couple of hundred, 279 to be precise in the early going this morning. s&p sharply higher and the nasdaq rallied strongly yesterday, up some more today, and the nasdaq, we are told, is now back in bull market territory. look at that go up 105 at the opening bell. here is an inflation landmark. the average price for a gallon of regular gas dropped below $4, it's 3.99 now that's $0.81 higher than one year ago. diesel 5.07 also coming down a bit but it's still $1.78 above where it was a year ago. truckers, farmers still shelling out big bucks. on the show the double standard. trump's home ransacked, but no raid on hillary's home or hunter biden's home in malibu.
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doesn't seem quite right. hunter joins his father on air force one, and where's the search warrant? trump's lawyers demand a written copy, and how come the judge who granted the warrant is a harsh trump critic? doesn't seem quite right. we'll check out some of elvis' jewelry, which is going on the auction block. this is, by the way, elvis week, and we'll check out the booming market for testosterone. aging baby boomers can't get enough of it. what a show. thursday, august 1. "varney" & company is about to begin. i'm coming up so you better get me started ♪ stuart: all right let's get on with it shall we. the story this morning is inflation. we have the producer price index report. good morning, lauren. lauren: good morning. stuart: is inflation cooling
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down? lauren: it is. monthly, inflation, so inflation itself half a percent last month , but the year-over-year number fell too but still at 9.8 % which is very high. the core level that takes out food and fuel, it's running at a 7.6% annual clip, so the translation is, yes, companies in the past year are spending a lot of money to stock their shelves, and i'd make this point. the recent decline is because of a 9% drop in the price of energy that could be somewhat of a head fake. the markets buying into it but the fed certainly isn't, because we've heard fed official after fed official say inflation is a problem, we're going to continue to increase rates. stuart: that's the big debate, what's the fed going to do in light of the inflation report but let's deal more with inflation and bring in professor brianbrenberg who joins us nowment inflation is coming down a bit but does this report indicate it's still going to stay at a relative relatively high level.
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what say you, professor? >> yeah, that's my worry, stuart. do not break out the champaign. we are not at a point where we should be celebrating these numbers at all. the consumer number, the producer number are still incredibly high and this is a story of oil & gas. i mean, the reason we're getting some relief here is because oil prices have come down, gas prices have come down, but a big part of that is the fear of recession and consumers pulling back. consumers are staying home, stuart. they're not traveling as much. they're not getting out as much because they are concerned about the high cost of gas, so let's not celebrate these reductions in inflation when they are coming on the back of recession fears, and consumers pulling back. we need to see some signals that the administration has taken this seriously. they're still not showing that because they are still talking spending, they are still talking about doing the thins that have fueled inflation. stuart: well wall street is celebrating. i think wall street is celebrat ing because they think the federal reserve is going to pivot and moderate.
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>> exactly. stuart: put on the brake. so, do you agree with that? do you think the fed will pivot like that? >> well, that's why wall street is celebrating. i think that's a huge mistake. it be a massive mistake right now for the fed to change direction, based on these number s. the biggest problem economies get into with inflation is when it starts to tick down a little bit, there's all the political pressure to pullback on the inflation fighting and that's what i'm concerned about right now. the biden administration is looking for a reason to declare victory. the president already did it. he talked about 0% inflation in his last report, which is totally false, but he's looking for good news. he's looking for a political narrative right here. he thinks he's found it but if that turns into pressure on the fed to ease up, then what we're going to get is this persistently high inflation which is just as destructive as everything we've been dealing with already. stuart: all right, brian thank you very much indeed, professor. we'll see you again real soon
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thanks a lot. there's an inflation landmark which we report at the top of the show i'll do it again. the average for a gallon of regular gas nationwide is now below $4 a gallon first time we've seen that in months 3.99. lauren: i saw it today driving in one station 3.99 and here it is nationally, so, it is down $ 0.68 in the past month. triple a says and this is what brian said, fewer drivers are fueling up because gas prices are still $0.81 a gallon higher than they were one year ago. so, at 3.99, the cost to own and operate so including, you know, fixing your car up, license, and registration, all that, it's $10 , 728 a year breaking down to $894 per month, up $90 in the past year. stuart: it has come down. lauren: well, it's the same thing, i had 104 temperature, but now it's 102. well you're still sick, but not as sick. stuart: that's very true, yeah, you're still sick but not as sick. i like that's a good one.
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dan ives is with us. market guy for the entire hour. >> great to be here. stuart: now i think the market is saying that inflation is cool ing, so the fed will pivot. you buying that? >> well i'm buying that but also it's the micro data points. look at earnings season. much better than feared combined with i think a fed that's getting maybe a little doveish into the second half of the year the bears are going back into their caves into hibernation mode and that's why what's reflected in stocks they way overcorrected we think tech stocks continue to move higher second half. stuart: tech stocks continue to move higher in the second half oh, that's the golden moment right there. the big investors, i am told, that they have been out of tech for sometime, and are now desperately trying to get back in again like fear of missing out on big tech. is that what's happening? >> that's exactly, there's fomo , you had a lot of fear going into earnings season, a lot yelling fire in a crowded theatre yet you look at earnings such stronger than expected. right now tech stocks you still see under invested and that's
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good for faang names for microsoft, for software, especially in what i view is a risk-on market going into late summer. stuart: is this rally for real? it lasts? >> i believe this has legs. i mean, we'll have bumps in the road. we'll have macro data points but if you combine what we saw in earnings season, with some of these core inflation numbers, that's the one-two punch that to me is a green light. lauren: is it a summer-light volume-type rally or do you think there's real conviction behind it? >> i think you're starting to see real conviction because earnings. i think earnings was key. you saw it from microsoft. you saw it from apple. you combine those. if there's any two individuals you'll listen to it's dell and cook and that's what continues to play out. stuart: you put out a new twitter target price, $50 a share i think. why did you do that? >> so in our opinion, i think with musk selling stock to 7 billion, you know, from yesterday, i think that is ultimately an indicator. writings on the wall we believe the twitter deal chances are very high that this deal happens even before the court battle.
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i think musk sees it. he understands that i view it as a weak hand legally going into delaware and he's preparing for likely probably to buy twitter and you see that reflected in twitter stock. could be a renegotiated price in $50 but we believe it's on a path to get sold. stuart: so it's sold, musk gets it. that's what you're forecasting? >> because in our opinion, legally he understands now, that it's either he's going to end up buying twitter or he's going to have to pay a massive settlement much more than the 1 billion breakup fee given those choices, i think this ends up before the court battle with musk owning twitter. stuart: that's fascinating. stay for the hour. >> great. i'm here. stuart: now major league baseball honored one of the greatest baseball movies of all-time. when they introduced a field of dreams game in 2021. it was such a success, they are doing it again. will cain is there, in dyers ville, iuorio. why so special, will? >> will: well, stuart, i don't
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know if you seen the movie. i hope that you have, but "field of dreams" is a movie that just resonates. it resonates not only with sports fans and baseball fans but resonates with fathers and sons and there's something here, stuart, as you look around. you're on the field which was the set for "field of dreams." the outfield is eight foot tall corn stalks. this is where, in the movie, the chicago black socks magically appeared out of the corn and on the far side is the stadium where tonight the cincinnati reds and chicago cubs play on fox at 7:15 pre- game at 6:00 and there's something, stuart, that all comes together. you simply feel it. it is truly magical. it's not heaven. it's iowa, but it's magical. stuart: what's that about ticket prices going for astronomical amounts? >> there was only a finite amount of seats it's a small stadium they built and iowa residents had priority.
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had to get into a lottery to get these tickets. interestingly on the business front, dyersville it's about 5,000 people, just under 5,000 people. baseball hall of famer frank thomas owns this complex. there won't be a field of dreams game next year. they are going to build a permanent baseball stadium that they hope major league baseball will put a game in every year. supposedly this entire traction generates $9 million. two-thirds of that coming from the game. that is tonight. stuart: and it is very special. will cain, thanks very much indeed, good stuff. we'll watch it tonight 7:15. futures, still lots of green. just like yesterday, dow is up 256. coming up on the show, for time major champ rory mcelroy, watch this. >> from my vantage point common sense prevailed and i thought it was the right decision and we can all move forward. stuart: well, brian kilmeade has
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been a big supporter of liv golf and brian will be on the show later on. former president trump legal team wants the doj to hand over a physical copy of their search warrant. ashley webster will bring us the latest from mar-a-lago. he's still there, and he joins us after this. pressing down on me, pressing down on you, under pressure ♪
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kentucky, i think. all right, nice weather, 69 degrees. okay i'm going to show you disney. i'll get to this. so the futures suggest a nice rally at the opening bell. now show me disney, please because that's the stock of the day by the looks of it. they are up really big in terms of percentages it's a 9% gain. more on that coming up they had a great report lots of new subscribers more in just a moment. the justice department, they refuse any comment on the trump raid; however, trump's attorneys are speaking out about what happened. ashley webster is there. what do you have for us this morning, ash? ashley: you know what? that wall of silence, stu, is becoming pretty deafening right now, and interestingly the wall street journal is reporting that monday's raid came after they received a tip. this tip claimed that there was possibly more classified documents being held in a storage area at the resort. it also came after a meeting between justice department officials and trump attorneys in
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june. now, that story storage area in between had been padlocks after the investigative agents said that they were concerned about the security of that room and of course, when the fbi agents came back on monday, they busted open that padlock and went inside. we also understand the trump attorneys say they were told to remain at the very end of the driveway as the hours-long search began. they were also asked to turn off the camera surveillance system, but it's unclear whether that indeed happened. at the same time, there have been several requests made now to have the warrant unsealed, and the department of justice has until monday to respond to those requests. in the meantime, the growing outrage of the justice department appears to be working in donald trump's favor. take a listen to this. >> the thing americans hate is uneven justice and i'm hearing from people across the spectrum. even people who don't like president trump that know at
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their core that this is wrong and what the democrats and what the mainstream media just don't get and will never get is that things like this are actually making president trump stronger. ashley: we should also point out , stu, there are reports that even officials within the department of justice believe that the agency should make some sort of public statement saying that all it is is doing is fueling the suspicions of a political vendetta. so, and that's certainly the case and again, it appears that the former president is starting to pickup more support as he continues to fill the void and the silence since monday's raid right here. stuart: got it ash, we'll be back to you later, ashley webster on the spot. joining us now, chris wecker, former assistant director of the fbi. chris, trump wants to see the warrant. why hasn't he seen it already? i don't get it. >> yeah, by law they have to
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leave an inventory at the scene of what they took. a receipt, if you will. they should leave a copy of the face of the warrant. not the affidavit that supports it which tells the story of the probable cause that supported the affidavit but the warrant itself, which be revealing in some sense, because it would say what they were looking for , so i'm not sure why they're not releasing that themselves right now, but there's going to be a hearing as i understand it as to whether this warrant will be unsealed. i am surprised doj has not made some sort of statement. the attorney general guidelines allow for that. they could do it. they just don't seem to want to. stuart: that's intriguing really i know they keep coming out saying well we never comment on an ongoing investigation, but this investigation is absolutely unique. i don't believe that ever before as a former president's home been searched and his safe cracked open. surely, there must be a statement fairly soon.
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>> yeah, i think, you know, the fbi and doj operate most effectively when they have the confidence of the general public, and if you look at the domestic operations guidelines for the fbi, they say, you need to take into consideration use of the least intrusive technique that you can to get the evidence not the nuclear option first. you have to consider the seriousness of the offense and whether this type of activity would undermine the public confidence in the fbi and doj. it looks to me like those three items they struck out, completely, so unless i'm completely missing something here, i'm not so sure they aren't just circling the wagons because they didn't anticipate this type of backlash. i'll also take issue with how this was done, stuart. they didn't have to go in with sirens and flashing lights and n inja warriors. they could have gone in if they felt like they had to do this search gone in quietly at 6:00 a.m. with three suv's and
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agents in suits and quietly gone about their business without all the fanfare. that just was totally unnecessary. stuart: yes, and the look, when you see those guards blocking the entrance, holding machine guns. that's a very unfortunate look in a democracy, in my opinion. chris swecker, thanks very much for being with us. thank you, sir. >> thanks. stuart: president trump says he invoked his fifth amendment rights during the deposition to new york attorney general letici a james. this is a contentious trial, lauren. lauren: it's a civil trial and separate from the fbi search of his home you were just talking about. this is about a family business practices, and yesterday morning , trump sat across from leticia james for five hours and plead the fifth amendment more than 400 times. he said his name. that's really all he said for five hours. trump has called this a politically-motivated witch hunt , by an attorney general that's been after him for years. >> running for attorney general because i will never be afraid
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to challenge this illegitimate president when our fundamental rights are at stake. i believe that the president of these united states can be indicted for criminal offenses. >> that man in the white house who can't go a day without threatening our fundamental rights. >> yes we need to focus on donald trump and his abuses. we need to follow his money. we need to find out where he's laundered money. we need to find out whether or not he's engaged in conspiracy. stuart: that's not right. you're not supposed to campaign on attacking someone as part of your campaign. lauren: it seems to be very politically more motivated. anyway this is how trump respond on his own platform. he goes just leaving the a.g.'s office, a professional meeting. only in america can you have a fantastic company with great assets. stuart: okay, there you have it. quick look at futures please we're running out of time here but we do have the dow looking for 200 point gain and we like that. the opening bell is next.
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just move on up, to your destination ♪ ♪ ♪ ♪ ♪
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stuart: you know, we need gary kaltbaum, the man appears bottom
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right hand corner of the screen. all right, gary. inflation is moderating. the fed is going to be less aggressive. that's why the markets up. you buying that? >> oh, 100%, seven weeks ago we put out the note we thought inflation had peaked. we were at completely out of the market until july 19. we thought broad based move was about to happen. we started buying in. we added last week, and away we go. how far it goes, i don't know. how long it latinos i don't know i've been saying two things. watch oil prices and watch yield s. don't even watch the fed. if yields stay down and oil prices stay down that's a boom to the market, and i must tell you, even the worst of earnings have been bought up and that usually means that things are washed out and you know, so far so good. stuart: what are you buying? >> i will tell you, and i don't usually do this , but financials now emerging. they're popping up all over my screen whether they're big regionals or blackstone or
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blackrock so they're showing up i doubt i'll buy the housing but housing is showing up. this is a broad based move right now. it's not just a few areas, and when i started buying i bought broad based. i waited for earnings to come out and i'm looking for just great reactions. i'm looking at disney, even though i'm from orlando something i don't usually do but that's gapping up today. that tells me institutions are in it so again, i think we're in a decent spot right here. the only bad thing i can say is getting a little frothy and extended maybe pullback, but again, so far so good, like keep fingers crossed that when i use the word rentals a few weeks ago i hope they turn into something permanent. stuart: okay how is the florida economy doing? i know you're based in orlando. is business booming? >> business is great here. i've been in the airport a few times. it's packed. i've been over near disney. you can hardly get in and there's just so many other businesses coming to central
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florida and so many people coming from other states here, and of course, you know about the weather and the beaches, so yeah, things are going great right now. stuart: wait a minute. in august? florida in august? >> i love hot weather. lauren: [laughter] >> [opening bell ringing] stuart: hot and humid that's the way it is down there. okay, enjoy yourself, gary we'll see you again soon. the market is now open. we're off. here we go. right from the get-go i'm seeing green, 200 up for the dow, 236. there you go, most of the dow 30 are in the green we've opened higher. just remember folks it was up 500 yesterday on the dow, you're up another 225 this morning, that is a pretty powerful i'd say almost explosive rally for the dow industrials. now the s&p 500 where is that going on the upside .63% higher, nasdaq has got to be doing well it is two-thirds of 1% higher again. the nasdaq is now in a bull market so i'm told, and apple is the number one performer,
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actually that's all of the big techs. apple there, 170. amazon up and we've got meta, alphabet, microsoft, all of them on the upside, best gain there for alphabet. now, big tech you've got them on the screen right there. i've got to show you disney. look at them go the markets open they opened with an 8% gain nearly 9%. lauren: dow stock. stuart: thank you very much indeed obviously helping the dow industrials. did they now have more subscribers than netflix? lauren: yes, when you count hulu and espn, so, 221.1 million subs worldwide versus netflix, which is at i'm giving you exact numbers because it's close, 220.6 million. the growth is coming from overseas because you can make the point that netflix is saturated here in the u.s.. what is disney doing now? you can say they have an advantage. they are raising prices. disney plus by $3 a month so in december it will cost you, without ads, $10.99. investors are liking this.
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we can do the team parks real quick too because they saw record revenue there. growth up 70% in the past year, while the reopening and the like , and all-in it was a $21 billion sales quarter for disney. stuart: okay, dan ives with us. is disney now the main competitor in the streaming business to netflix? >> oh, it's really, it had an earthquake-like ripple effect for netflix because now, you have another game in town. eye popping subscriber numbers and i think in the field of dreams they said if you build it they will come and what they've ultimately done with the subscriber platform, its been robust and that's why netflix for the first time, they're no longer the only game in town. it's that mickey mouse that continues to beat them and that's playing out. stuart: and they have fantastic content too. a gigantic amount of content. >> it's a content arms race and at the end of the day that really continues to be their first. lauren: i would just argue we're giving disney a little bit too much credit because they came out and downgraded their prior
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forecast for subscription growth to 215 million subscribers, so right now, they are doing great, but they are also going to become saturated in the market. >> i think you're seeing competition play out across streaming so as you go into the next six, 12, 18 months they are going to have to continue to expand that mood but at least for right now what was baked into these stocks this is beyond bull case in terms of these sub numbers. stuart: up 7%, $8 high, 121 on disney. not so long ago it was 90 bucks a share. how about bumble? now, that's the dating service where the women reach out first. lauren: i love how you checked your notes on that. correct. stuart: i'm checking how to say it so my producers say this is how you say it the women reach out first, not women go first. no, they reach out first. so what's with bumble. lauren: terminology is important we're paying to date again, so the stock is up, revenue per user i don't want to get too technical but you're spending on average $23 a month to date.
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that's up $3 in the past year. overall sales rose 18%. the stock was initially, i think all that is good. the stock had initially been indicated lower because they came out and they trimmed their full year revenue forecast, but it seems like those metrics people are willing to spend money to date despite inflation is positive. stuart: would you spend money on on bumble? what do you do? pay more money and see more people? lauren: there's different features you can pay to have. i'm sorry i've never used it. stuart: okay. [laughter] lauren: [laughter] stuart: any thoughts on bum people, dan ives? you're a serious kind of guy. >> i've never used it, but i think if you think what we're seeing across earnings season, better than feared. that continues to be the theme. stuart: okay we'll get a segment on testosterone a bit later. we won't ask you about that. lauren: [laughter] stuart: how about sonos? i know they are a fancy speaker people. they are down 22%. lauren: oh, my opinion is their speakers are very expensive they
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are $200 and $300 and have a lot of competition with the amazon echo, the google speakers are like $25. that's my opinion. the company says this , because this is not good. well, the economy became significantly more challenging, starting in june, on the strong dollar, high inflation, consumer s are cutting back. they cut back on hiring, and they cut their outlook for the year, plus their cfo is out. does that explain a 22% stock decline? stuart: right there. oh, look at this. the cruise business is back. they rallied and big time rally yesterday. they are up again today. lauren: i haven't a clue why. i'm going to go with the obvious that inflation is cooling and that's a good signal for them. also the easing of covid restrictions. yesterday we got a lot of commentary from the analysts and i didn't see any downgrade any of the cruise lines but i did see a lot of them downgrade their price targets on the cruise lines so you look into why i'll give you one example.
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norwegian was cut by one broker and they said they are worried about liquidity in the future. so cash burn, a fickle consumer, you know. but yeah they put in a really nice solid two days. stuart: they have and fats a fact. now let's get to rivian. i never quite understood the appeal of this particular company. they are going to report after the bell this afternoon. its been a pretty rocky road thus far for them. are they headed in the right direction, dan? i know you cover them. >> yeah, look i think first six months way a disaster from a supply chain communication really nightmare on elm street. since, they've finally gotten back on track. supply chain 90,000 reservations in terms of what's out there. i think production numbers are strong tonight. look it comes down to what we're seeing in the ev. you're looking for whose the second, third, fourth player i think rivian in this era is going to benefit as well as look f-150 that's really what continues to be around the corner in terms of pick-up trucks.
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lauren: they are a cheaper rivian coming out soon though, no? >> they will and that's why for rivian especially in this macro, high priced automobile, that continues to be an issue and that's why that stock along with supply chain has been under pressure but we like it. i think this is overcorrected. stuart: got it. check that big board in business now for what is it, seven minutes and we're up 180 points, 33, 487. dow winners headed by, who do we got at the top of that list? walt disney, of course up nearly 9%, s&p 500 winners whose the top there? well, look at it again. walt disney up 9%. baker hughs is good. gap is up too. nasdaq winners the fox corporation parents of this corporation, paypal, netflix, booking holdings, micron technologies, and here is what's coming up for you. senator rand paul's demands an investigation of the department of justice. he doesn't like the raid on trump's home. roll tape. >> there's going to have to be a look at whether or not the attorney general has misused his office for political
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purposes. have they gone after a political opponent? i mean, this is beyond the pale stuart: should attorney general merit garland be impeached? ben domenech says garland can't be trusted with his power. stuart williams retiring the last time fans maybe able to see her will be at the u.s. open and that's got ticket prices surging and there's this. is trump gaining support or losing support? that's a fair question with all these investigations going on. sean duffy covers it, next. ♪
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stuart: it's still a rally. 200 points up for the dow industrials, 100 points up for the nasdaq composite. and there's this. hunter biden is on vacation with
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his dad in south carolina. the republicans are slamming what they see as a double standard. trump's home gets raided. hunter bidens does not. sean duffy is here. sean? the democrats keep all these investors going. they are just out there in public. is trump losing or gaining support with all these investigations going on? >> listen, stuart. when you side on the side of the victim, you're usually a winner and democrats play these politics all the time. the victim always wins. donald trump shockingly is becoming a victim. he's been harassed, non-stop through his presidency and now they are after his presidency trying to make sure he can't run again. he's been investigated. he's been impeached and how his home is raided so i think this is a net-win for donald trump. i saw what happened in wisconsin tuesday night in the primary. tim michaels who won the republican primary endorsed by trump i thought was going to win but i thought would win by a point, point and a half. after the mar-a-lago raid,
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stuart, i think you saw people switch their votes from rebecca kleefisch, and you saw people come out to vote who wouldn't have" haved in the primary but they did support the candidate donald trump had endorsed. they are angry and frustrated and sick of gutter politics. using the doj and the fbi to go after a former president is completely gutter politics. it's gutter justice and foreign to us in america but this i think is going to be the future of what we have as using government as a political tool to get your way and frankly, i think it's frankly near the end of democracy. stuart: you know, we just put it up on the screen a moment ago, a picture of the blockade, the blockage of the entrance to mar-a-lago with secret service officers and police officers there with machine guns. to me, that looks so bad. you talk about, you know, messing around with democracy. nothing mess around with democracy more than machine guns outside the home of a former president whose home is being
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ransacked. that just looked awful. >> really good point. i felt the same way, stuart and the fact they are going to get documents that he has the clearance to access and see out of mar-a-lago because the national archives want them back, okay, but machine guns to go get those documents? we can't negotiate a settlement to get those documents back to figure out what belongs to trump , what belongs to the national archives and here you have joe biden who sold the power that he had in the senate and the vice presidentsy not to enrich the american people but to enrich his family which is criminal, stuart and the fbi hasn't raided joe biden's home or hunter biden's home. there's crimes all over the map, but these guys go scott-free, and donald trump is being harassed? i mean, even the fact that we look at hillary clinton. she had information on her server. this wasn't supposed to happen, top secret information and the fbi sat down and negotiated with her. she didn't get investigated. she didn't go to prison.
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her home didn't get raided but this is the way the republicans are treated and i'm telling you what, stuart. republicans are holding out for republicans to win the majority in november and do something about this in january. if they fail on this mission, to do oversight and expose the corruption in these agencies , i think the voters are going to throw them out two years from now. they aren't going to elect a republican president. they better do their job. they better withhold money from agencies that don't comply with congressional requests and they should subpoena and the subpoenas aren't complied with they should hold them in contempt, then they should prosecute them just like with the january 6 committee. we have to do a tit-for-tat on this if we're going to get these agencies to stand down and again respect democracy and be non- partisan. stuart: you've got to win in november to do that. you've just got to win in november otherwise you can't do it. >> you do. stuart: sean? >> you know what's a winner stuart is bitcoin. did you see we're up to almost $25,000. it's massive rally going on, so
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we're doing well. that's going to be a winner for sure and probably republican s in november. stuart: okay on that note, we'll leave it, but sean, you are all right, you know thanks very much >> so are you. stuart: how about this for a story? the ceo of whole foods says he's concerned about socialism. tell me more. lauren: john mackey is about to retire september 1 and while the muzzle and the had cuffs have come off. this is what he told reason magazine and i am quoting, pull it up for me. "they've taken over education. it looks like they've taken over a lot of organizations. it looks like they've taken over the military and it's just continuing." he calls himself a capitalist at heart, believes in liberty and i think we'll hear more of his free thoughts moving forward. stuart: that's very interesting. i'm glad he comes out like that. lauren: i think he's mad especially during the pandemic when the government was paying people to stay home and he had trouble hiring. stuart: you don't hear stuff like that from a ceo of a major corporation. lauren: he's about to retire so
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it's changing. stuart: speaking of major corporations, dan ives has been with us for the hour and we'll get back to a point you've made so often on this program. the best executives in america today are at apple and microsoft , and those two companies are the best companies , best tech companies in the world? >> yeah, look. i'd say best maybe best companies. if you look hall of fame in terms of cook, i think it's a big reason we've seen this rally and maybe you look fundamentally of what apple has been able to do despite the shutdowns in china, despite demand issues, a big reason we see green on the screen is because of what we've seen across tech. stuart: because they are so valuable these companies that they makeup a big part of the dow industrials, the s&p and the nasdaq, so that when they go up, the indexes go up. >> and the strong have gotten stronger. stuart: any sign of weakness in the future for those two companies? >> across-the-board you'll see cracks on the edges but what was baked into these stocks was armageddon and ultimately what
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you really saw, what was actually demand holding firm and that's why redmond and apple continues to be what i view as pillars of strength. stuart: you follow both? >> yes. stuart: that's your job, apple and microsoft. what's your price target on apple? >> $200 price target on apple and then i ultimately view when i look at microsoft, i think you have about 25-30% upside here in terms of where the stock could go. stuart: it's great to have you on the show, dan. >> thanks for having me. stuart: couple more minutes to go. >> great. stuart: all right, are you an elvis fan? well you're in lucky if you are. rockology auctions giving collectors an opportunity to bid on rare memorabilia, including elvis' diamond jewelry. we'll show you all of the items up for grabs next hour. coming up experts warn that extreme weather could lead to even higher meat prices this fall. kelly o'grady is talking to ranchers in california. they have a bad drought out there. she will report after this. ♪
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stuart: that's a song "fancy like" you hear it a lot with applebee's commercials. we're playing it, because country music star walker hayes, that's his song by the way. he may be opening up his own applebee's in nashville. and this , is the song that went viral on tik tok. that's my first viewing of it and how impressive that is. my goodness, me. beef prices let's get serious. surging. you're laughing at me aren't you lauren: because i know you wanted to do that tibetans dance you were just itching to do it. stuart: can we get back to the serious story here? beef prices surging, there's a drought out west. kelly o'grady is in california talking to the ranchers. how bad is the drought, kelly? reporter: oh, stuart, it is so bad out here. i mean it's one of the worst they've seen in years and this is having a real economic impact. you have tons of cattle out here they aren't able to graze.
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that forces them to turn to expensive feed with the ukraine war impacting that grain supply, so i want to give you a little context of what that might mean in the future. it's becoming so bad that farmer s may have to call the he rd rather than to feed them that's why the usda expect s beef production to drop 7% next year. fewer cows means fewer calves and ultimately less meat in the years to follow. that trend could have a long term impact on prices. i'm here with mike williams of diamond w cattle ranch. tell me how the drought is impacting you. >> well the drought has had a pretty serious impact on me and a lot of other ranchers. most guys have had to cut back on their size and drought is always a challenge but most of us have strategies in place, or plans in place to mitigate some of the damage. unfortunately, in this particular economic environment, with feed costs being so high and gasoline and inflation, we're forced into, some of them options are off the table and we're forced to
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liquidate our hurd more than we would like to. reporter: stuart he was telling me earlier that means when you go to the grocery store that's why the beef prices are so high so it's not just labor shortages and grain supply. now we're dealing with the drought and that continues to make beef prices high for sometime. stuart: yes indeed, kelly o'grady in california. thanks very much. i just want to take a moment to thank dan ives for being here. >> thanks for being here. stuart: if you're lucky we'll invite you back. thanks very much, dan. good stuff. still ahead, ben domenech, eric schmidt and larry elder, the 10:00 hour of "varney" & company is next. ♪ ♪ when traders tell us how to make thinkorswim® even better, we listen. like jack.
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♪ you're simply the best, better than all the rest ♪ stuart: oh, you're simply the best, right, lauren? lauren: we both said oh, yes, thank you. tina turner. stuart: we don't have that, well we do have the ugly brown building, it's still in the shot look at that. lauren: i feel bad for that building i really do. it gets made fun of every single day. stuart: good morning, everyone. 10:00 eastern let's go to the money. nice rally again, for the dow industrials. up 250, up 500 yesterday, 250
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this morning, that's a rally and a half and the yield, i'm sorry the nasdaq composite big gain yesterday, another solid gain this morning, up 109 as we speak the 10 year treasury yield coming down 2.77%, the price of oil going up, $92 a barrel. bitcoin going up 24, 820 per coin, got that, stu? okay, 10:01 eastern on a thursday morning that means mortgage rates are up or down? lauren: they went back above 5% so up 5.22% is the average for last week, the week before, 4.99%, if you're curious, one year ago, 2.87. look, i think this is the balancing or the stabilization that's happening in the housing market. stuart: shall we tell our viewer s again that 40 years ago when i bought my first house i was paying 12.5% and i thought it was a bargain. lauren: if you got three last year now you're stuck with 5.25
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you're annoyed. stuart: that's true. ashley webster actually paid 16% on a mortgage. lauren: if i had a penny for every time i heard these stories. do you remember when i walked to school in the snow? five miles. stuart: [laughter] okay. can i move on? lauren: yes. stuart: thank you. now this , folks. the radon trump's home reveals an extraordinary double standard the fbi searched the private home of a former president. we're told that we're looking for classified documents, evidence of criminal wrongdoing, but there was no raid of hillary clinton's home even though she had destroyed evidence. remember, she used a special tool, it was called bleach bit to get rid of 30,000 e-mails. i'd call that mishandling of documents at the very least. hillary is the hugh denuclearization it of scandal escapes. there was no raid of james comey 's home as fbi director he
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had indeed mishandled government documents and then he leaked them. no raid on hunter biden's home in malibu. he accepted millions of dollars from dubious foreign business partners and ped alex azared the influence of his very powerful farmer, he's under investigation but just days after the trump raid, hunter joined the president on air force one for a vacation. it just doesn't seem right that trump's home is ransacked, but clinton, comey, and hunter appear untouchable and it doesn't seem right that the judge who granted the mar-a-lago search warrant is a trump critic, writing about the late civil rights leader john lewis, he said, trump didn't have the moral stature to kiss his feet. so who exactly is undermining democracy? is it trump or is it double standard political bias, and look at this , machine guns blocking the entrance to a former president's home. second hour of "varney" just getting started.
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ben domenech joins us this thursday morning. ben, good morning to you. is trump losing or gaining support from all these investigations in the raid? >> you know i think that's a good question. i think that certainly when it comes to his supporters the energy that you see in response to something like this is tangible. they are angry. it reminds them about the way that he has been persecuted and they view themselves as being the kind of people who could be in his shoes. you add 87,000 new irs agents, for instance, and you have to wonder how are they going to be used? are they going to be auditing people on a political basis as we saw under the obama administration even though people like to try to sweep that under the rug and i think that that certainly helps the president in terms of coalescing and consolidating the support that he has among republicans. even those republicans who might not list him as their a number
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one choice going into 2024. at the same time though i do wonder if it could hurt republican chances in november, simply because the vast majority of independent voters obviously care less about this they do about the economics that they face, about inflation, about challenges of the prices that they are facing at the pump and then so many other capacities, and even though the democrats have latched on to latest number s as being positive indications in those directions, we do know that when it comes time to motivate those voters they are going to be motivated a lot more by those economic concerns their own pocket book than they will about what's happening to former president trump. stuart: what worries a lot of people is the silence that surrounds this raid. senator rand paul says attorney general merit garland could be impeached. roll that tape. >> there's going to have to be a look at whether or not the attorney general has misused his office for political purposes. i mean, this is beyond the pale. no one would have ever imagined
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before that we be using or one political party be using the fbi to attack their political opponents. now, this is really something that's going to require investigation. this could even lead to an impeachment of the attorney general. stuart: but ben, that only happens if the republicans win conclusively this move and re take the house and/or the senate. >> absolutely, but look. i have to be clear with you, stuart. i have supported the impeachment of attorney general merit garland ever since we learned about the steps he took against american parents, identifying them as potential domestic terrorists because of pushing back against what they saw happening in their schools. i think it's clear he is out of control at the very least i can say he's someone who may not have realized the full ram any indications of what was going on here, but he's someone who we cannot trust republicans cannot trust certainly to be a fair- minded attorney general and someone in that critical job needs to be someone that both sides can trust.
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it's really unfortunate when we have a situation like this get in front of us and really depress any kind of faith that we can have in the institution of the fbi, but look, as depressing as it is, we have to be honest about how corrupt, how corrupt that whole agency has become. it is time, i think, to look at it from top to bottom to reassess what needs to be done in order to get it right on the path and to be focused on its agenda in terms of law enforcement protecting us against criminals and all manner of people who would hurt us as opposed to being used as a partisan political targeting device. merit garland really needs to be someone who is in the seat answering all these questions and that's only going to happen if republicans have the opportunity to ask those questions. stuart: gotta win this november. ben domenech, thank you very much. we'll see you again soon. >> good to be with you. stuart: now, the november elections are what 80-odd days away that's it and this mid-term cycle is bringing in record breaking campaign spending. lauren: yeah.
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stuart: are we talking billions? lauren: 9.7 billion to be exact. that's the projection from add impacts that monitor this data. it's actually double what we saw in 2018. look you have 38 governors races , 35 senate elections, and then there's the issues, homelessness. sports betting. it's all popular and it attracts billions in political advertising. stuart: that's double what was spent in 2018? lauren: yeah. just about. stuart: all right thanks very much. back to the markets here we go dow is up 260 and the nasdaq is up 127 the rally continues and d. r. barton is here. inflation cooling and people think the fed is going to pivot. what do you think about that? are we off to the races? >> well, stuart, i'm a little more cautious than that, but not too much more. i don't think we're up for a big pivot and then boom, we're back to a march of 2020 low. i think we've got a little bit more work to do here that i think it's a really good sign
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and we may have seen peak inflation. stuart: are you in or out of this point? >> i am moving back in. we moved out to almost basically 20% stocks and the rest cash for quite a while, and we're moving strongly back in, stuart, a lot of the names we already talked about and on amazon ahead of earnings, and on a lot of the big tech names, and we're looking at more tech right now. we're looking at some semiconductor long term plays. we talked about micron last week , and some of those plays, the old school kind of plays, are still going to fare well going forward. stuart: ibm i think you like them in particular, right? >> i do, and here's why, stuart , when we look at what's happened all year, with the market down at the lowest point over 20% in the , over 30 in the nasdaq, over 20 in the
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s&p. ibm has only gone down about one or 2% as of today, from the beginning of the year. they have held strong because of several reasons, but there are two big ones. you and i played a game for years about will ibm continue their consecutive quarters of revenue losses and it went up to i believe 22 was the record and that was at the beginning of last year. since then, they have turned the ship around. they are now number five global ly on cloud revenues. they are building something behind the scenes that we're really not seeing very much in the retail public and one last thing, stuart. they're throwing off a 5.05% dividend. stuart: now you tell me. one of the top earners in the s&p 500. stuart: 5% dividend on ibm, now you're talking, that's good stuff. d. r., thank you very much
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indeed. we'll check out ibm. all right, lauren simonetti looking at the movers and i see netflix. lauren: i mean, the original streamer, disney is going after their subscriber base, has more subscribers worldwide. disney raising prices and netflix is up. i think the message to the market is theres room for competition and there's room for growth. stuart: that's fascinating look at disney, look at that 7% higher on a stock like that is huge. warby parker, wider loss but strong revenue and the thing is up 26%. lauren: isn't it amazing sometimes it's hard to figure these out. they grew revenue almost 14% in the quarter. the stock is also down 70% this year. maybe investors are saying look, they are a popular company. they make sense, i use it all the time, maybe it's oversold. stuart: maybe so but it's up 26% canada goose. not mentioned them for a long time they are up 5%. lauren: they sell the expensive parkers, right, with the fur collars usually. inflation is not impacting them,
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says the ceo. it suggests that luxury shopper is resilient, and the ceo says right now, despite a resilient shopper, we are not planning any new price increases. that's not always good for investors but it's good for consumers. anyway the stock is up 5%. stuart: we keep on talking about people who have pricing power. if you got pricing power your stock goes up. if you don't your stock goes down. lauren: they do and they just aren't executing on it, at least not yet. stuart: by the way in case you're interested lauren, the irs is looking for new agents who can carry a firearm and will be willing to use deadly force. why would that be necessary, i wonder? we'll discuss it. lauren: wow. stuart: a former employee of twitter found guilty for acting as a foreign agent for saudi arabia. we've got the story. iranian operatives reported a launch to assassinate former national security advisor john bolton and mike pompeo. why is the administration trying to do a deal with iran on nukes? douglas murray after this.
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stuart: the rally holds, in fact we're building on it. the dow is now up 300 points that's almost 1%. the nasdaq is up 160 points that's 1.25%. the rally holds. how about the dow winners, let's have that list up on the screen headed by walt disney spectacular performance overnight. they're up 8%. they've now got more subscribers than netflix for heaven sake. the s&p 500 winners are at the top of that list again, walt disney, why not it's up 8%. vegas sands is on that list up 5 %. nasdaq winners, whose the top there? i'll tell you right now, it is l am research, fox corporation is second, booking holdings doing well, again, up 3.5%. the 10 year treasury this
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morning is 280 right now. the price of gold, 1,800 bucks an ounce i believe right there abouts 1,811. bitcoin $24,000 per coin, that's in rally mode. the price of oil below, no, above 90, $92.99 is your price, nat gas is up about 2%, and look at that. the average price for a gallon of regular gas has dropped below $4 you're now at 3.99. in california it's 5.38. president biden considering scrapping some of president trump's tariffs on china. well now he's reconsidering that taiwan? lauren: absolutely and he has to be cautious because of the optic s. so the tariff issue has always been sticky. pelosi's taiwan trip made it even stickier so if he scraps some of the tariffs it looks like he's retreating as china is becoming more aggressive. if he imposes other tariffs that looks like escalation and
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provocative, so reports say the white house is considering a combination of eliminating some, adding others, and then carving out new exceptions. it might be the latter, the exceptions that is what the president is focused on now, because with the exceptions, you can say well i'm dealing with inflation. i cut these tariffs or i carved out these exceptions for tariffs , on these products that americans need, so you don't tick off china too much and make americans feel like the things they by are coming down in cost. stuart: some kind of compromise. lauren: that was a lot of verbal linguistics i just performed but they have to figure out the best approach here because they are between a rock and hard place. stuart: okay another foreign policy item here. iran training russians on how to use some of their most advanced drones. lauren: scary. the wall street journal and their sources, u.s. officials, iran has sent hundreds of drones to russia, and is training them on how to use the drones. potentially in battle against ukrainian forces.
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russia and iran are both denying these allegations but last month the journal showed unclassified photos of russian and iranian officials together at a military drone base. stuart: we showed a picture just a moment ago of those drones on file from iran. that's the kind of very sophisticated drone they might now be using in ukraine? lauren: they can fire and go long range, yes. stuart: isn't that the new form of warfare? you get yourself a fleet of drones, you know? lauren: that is. and you got to be careful who has them and whose teaming up to get more of them. stuart: yes, you do. yeah. there's another one for you. an employee at twitter, a former employee at twitter, he's been convicted of accepting bribes from saudi arabia. he was sharing private user information. lauren: yes he was, amad abuamo accepted bribes from the saudis repeated payment s of $100,000, to give the kingdom user data, including that of prominent saudis. his official job at twitter was
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media partnership manager for the middle east and north africa so he had the access to the user data. he was found guilty of acting as a foreign agent sharing that data among other charges. stuart: liv golf, anyone? check those cryptos, please. where are we this morning in rally mode. the bitcoin rather is at 24, 700 a coin and ethererum pretty close to two grand again. hackers, though, they've stolen over $1 billion worth of crypto, from crypto users, just this year. do we know how they do it? lauren: i'm trying very hard to explain this. stuart: to me. [laughter] lauren: it's called a block chain bridge so it's basically how you transfer crypto from the ethererum network to solana for instance. it's software that helps users connect and transact, largely unprotected. in other words this is low hanging fruit for thieves. they have stolen $1.4 billion from these bridges this year and that accounts for 70% of all funds stolen in cryptocurrency
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hacks altogether. stuart: you know i'm surprised there isn't a greater furor about all these people who have lost billions of dollars in the crypto market. lauren: because you know histories kirstjen nielsen and you're going into it to make a big profit. stuart: i would have thought there's a significant backlash when the billions and billions of dollars is lost, but i've not seen it yet. i don't see that many complaints gotta get back to the markets, please, why not they are in rally mode. the 10 year treasury yield is 279. so, is inflation cooling down? is that why the rates have dropped a little bit? is the fed going to ease up a bit on their tightening? lauren: the fed and the market are on different pages. we heard just yesterday from the latest fed official, neil ka scari, saying no inflation is a problem, it's high this year, next year, even the year after that so there's a lot of talk the fed might pivot, does that mean they cut rates or do they just stay where they are? and kascari said that's not the case and chicago's fed president evans basically said
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the same thing, so inflation in these fed officials eyes is quite high. stuart: yeah, but you're right. the market is looking at this in a different way than everybody else is looking at it. the market does believe that the feds going to pivot. i think that's what they are saying and the fed says no we're not. lauren: you've got to define the pivot. does it mean they stay where we are or actually cut rates? but if you look at the fed funds futures as we go everyday the chances of getting that bigger, cit i'm was talking about 100 basis point hike. you're not seeing that. you're seeing 50. stuart: i just remembered that when this show went on the air 12 years ago and for a majority of those years in between, we didn't want to talk about the fed. the fed watching was not something we talked about. lauren: let's listen to the fed right now. here is mr. kascari. >> the median projection is that inflation is going to be above our target for all of this year, all of next year, all of 2024 and sometime into the future. the idea that we are going to start cutting rates early next
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year, when inflation is very likely going to be well, well, well in excess of our target, i just think it's not realistic. lauren: so maybe all these cooler inflation reads are what i said when we started the show, head fakes. maybe. we don't know. stuart: but neil kascari spent it out. lauren: he went from dove to hawk. stuart: that's a statement of how he sees it. lauren: couldn't agree more. stuart: here is what's coming up ashton kucher lost his sight and hearing from an autoimmune disease. >> i had this weird super rare form of vasculitis that knocked out my vision and my hearing and knocked out all of my equilibrium. you don't really appreciate it until it's gone. stuart: yeah, i can see that. we have a little more insight into what vaccinations is and what might trigger it. health authorities on the alert after dozens of people got infected with a new flu-like virus in china.
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dr. marc siegel is on the show to tell us about this virus and about testosterone, that's what i want to hear about, we're back after this. i've got a bad case of loving you ♪
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stuart: the rally holds the dow is up nearly 300 points nasdaq composite up 130. we're looking at some of the movers for you, starting with six flags. way down. lauren: no disney effect here. so, six flags revenue is down, because their attendance fell 22 % in the quarter. they are raising prices, everyone is raising prices, to try to help the numbers look a little bit better but nothings working. stuart: attendance went down? lauren: and profit fell by a third. stuart: nothing to do with the pandemic. and disneys went straight up. lauren: uh-huh. stuart: that's something else again. pfizer what's on them? lauren: they are down 2.25% not many stocks are down today. there are growing concerns about litigation over their heartburn drug zantac pulled from the market in 2020 for containing a possible carcinogen, more than 2,000 legal cases have been filed in the u.s. , according to credit suisse, and the first trial
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begins later this month. stuart: zantac is a pfizer product. lauren: originally, yes. stuart: a new baby formula start -up trying to ease the shortage. look, the obvious questions when do they get permission to put the stuff on the shelves? lauren: i'm not sure. i know they filed. they are speaking seeking to register two new facilities with the fda to increase their production. they want to get a 15% overall market share of the baby formula market which is huge, because it's dominated right now by two companies, abbott and rekitt. if you're a parent looking for formula, the last month the average out of stock rate 30 %, so it's still ugly. there's room for another player here. hopefully they get on the market faster. you can order from them directly , through their website, but they were so popular they couldn't make it fast enough they actually had to stop taking orders so there's a long wait list they are able to start going through now so they want to expand production so they can
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get orders filled faster and take in more orders. stuart: okay i've got it thanks very much lauren. dr. siegel is here. doctor, i want to switch gears. stop laughing. i'm told that testosterone is in heavy demand by aging baby boomers. i think i've got that right. is it a booming market? >> yes, it's a booming market and there's a reason for it. very good pun there, stuart. two out of 100 men have testosterone, and i test teachers levels, morning, fasting levels on everyone over the age of 50 especially if they are gaining weight, especially if they are fatigued or having trouble focusing or have diabetes. there's also an increased risk of heart disease. what do you get if you take teachers and again i'd only prescribe it for people who have low teachers, but what do you get? you get more information, you get better muscle mass, you get
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better bone, a decreased risk probably of diabetes and heart disease, although we got to be careful with it in giving it to people who already have heart disease and we also have to be careful about prostate cancer. again it's not proven but we watch that psa very carefully when we give testosterone. i think it's underutilized, stuart. stuart: really? i ask this question because i see ads for testosterone-type products all over the place on television, and i assume that it was for baby boomers, aging baby boomers who want to improve their sex drive. i think that's part of the story too isn't it? >> huge part of the story, yes, but you know, caution. before you go buying something over-the-counter you may not be getting what you think and you could hear in the first couple of minutes with me that i want a doctor involved. i told you the stuff i look for , the criteria, red blood cells, you know, do you get , is your blood too thick as a result i got cautionary flags here.
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i use it a lot, urologists use it a lot but to buy some over-the-counter product that may or may not have what you want is not a good idea. stuart: okay let me move on to this new virus they found in china. i believe it's sickened 35 people. is this the whats it called? the langia virus? is that it? >> you've got that right, and you know, i want to put up a cautionary flag here too. look how we are after covid. we assume everything is going to come down the pike and kill us, right? monkeypox, now, this langia virus. we're in that mode of what's the next killer going to be but the 35 cases they found in asia did not spread per-to-person. they did not, so they came from a tiny little ugly mammal called a shroo. the ugliest thing since a pangal in, by the way and it's probably where it came from but it doesn't mean it's going to spread from person to person.
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other cousins of this virus have though, so it's worth keeping an eye on, but not panicking over of course. stuart: i'm sure you saw this , doctor, but actor ashton kutcher revealed he was diagnosed with vasculitis. what's this again, doctor, please, roll tape. >> two years ago, i had this weird super-rare form of vasculitis that knocked out my vision, knocked out my hearing, yeah, and knocked out like all my equilibrium. took me like a year to build it all backup. you don't real appreciate it until it's gone. stuart: doctor, how do you get vaccinations? what triggers it? >> it's a rare disease, it comes from your own antibodies targeting against you called autoimmune, and it can go to any blood cell in the body, capillaries, artery, veins. in his case if he lost vision and hearing probably targeted those blood cells, inflammation of the blood cells to the ears, to the eyes, he was wobbley to
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the muscles here is the good news. steroids work, biological agents work and immunosuppressive drugs work. it looks like he made a great recovery and that's what we often see and a lot of fans root ing for him and i think he's done well. it's a treatable condition, rare , but that's how you treat it with anti anti anti-inflammatories. stuart: bring us up to speed on latest wave of the covid virus. i look at the front page of the new york times everyday for total number of new cases. i notice that the total number of new cases is now going down day after day after day. are we through this latest wave of covid? >> i think we're coming out of it and it's also worldwide. the world is blanketed with enough omicron we're seeing more immunity and vaccine, i think we're coming out of it and the untold story here is in most cases, it's much, much milder. it's upper respiratory. especially if you have prior immunity from infection or
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vaccine, if you use paxlovid or other treatments we're not where we were before, and we should stop acting like we are. time for the fear to go and to live with it, right, stuart? stuart: yes, sir, absolutely right. you know, we covered a lot of ground there. we covered testosterone, new china virus, we covered ashton k utcher, and even the latest wave of covid. that's pretty good stuff, doctor , nice coverage. >> thank you, we've been doing it for a long time, stuart, thank you. stuart: this is true. see you later, good luck to you. now this. we got a new report another new report and details how much workers lost in wages during the pandemic, because of unpaid sick leave. how much? lauren: $28 billion. so the burden falls disproportionately on lower income households and also women it's a number that comes from the urban institute, so workers either sick themselves ordealing with a family member or a child who was sick, increased 50% compared to the first two years of the pandemic. stuart: lost a lot of money,
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thank you, lauren. missouri is one step closer to legalizing recreational marijuana. the attorney general of missouri eric schmitt deals with that next hour. elvis presley, the king of rock and roll and now you have a chance to own a piece of his legacy. we'll tell you which personal items from the king are up for auction, after this. ♪ ♪ you'll always remember buying your first car. and buying your starter home. or whatever this is.
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♪ i'm all shook up ♪ stuart: i've always wanted to sing along with elvis songs. lauren: he's got that effect. stuart: he's got a great voice. you're looking at vegas of course where it is 91 degrees and we're playing elvis, because we have a guest on the show
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whose offering celebrity memorabilia at auction, including items from elvis presley himself. steven shuts "the rock"ology auctions president and he joins me now. i want to see some of the elvis jewelry that you've got for auction. can we put it on the screen please and i want to go through this. okay hold on a second. >> sure, absolutely. stuart: now i'm looking right now at, there, that thing right there. that was elvis' what? okay, elvis' watch. i just saw that. go. >> okay, yeah, we have elvis' silver cross here that was found in his bedroom when he passed, and this will be available at, in fact it's happening right now if you're really into elvis like myself, some of the other opportunities to bid. this is the last concert scarf we have a picture of elvis wearing it on stage before he tossed it to a lucky female fan
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and has some sweat stains even. stuart: that sounds interesting, how much for that little scarf, how much? >> opening bid, we are at just 1,800 opening bid on this piece. stuart: not bad. how about the cross that was found in his bedroom when he passed? how much? >> we are opening bid at 2,500. stuart: okay, and are you wearing it right now? >> i am. i sure am. i enjoy wearing it. stuart: okay, elvis' golden phone. >> yes. this is probably, i think, one of the ultimate pieces. there's just two of these that we know of. one is actually on display at graceland, and this one can be yours for the right bid and it currently has several bids on it right now, and i think it's the perfect gift for the corporate executive in
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your life. stuart: [laughter] whatever you say. is thistle advice week, by any chance? >> it is. elvis week, it's basically a celebration of his passing, to recall all the great things he had done in his life, career- wise, and charitable and so forth, so a lot of activities this week, all through for about 10 days. stuart: is it an online auction? >> yes, correct. online, just simply go to rockol register to bid and just select what you want to bid on. make it fun, enjoyable, and you might be able to take something home that belonged to the king. stuart: yes, sir, sir thanks very much for joining us interesting stuff and we'll follow it. >> thank you. stuart: you got it. we got another auction going here. this one is rare items signed by past presidents including some of the founding fathers. tell me more about that. lauren: this is the largest lot they are auctioning next week,
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so let's pull up the land survey signed by george washington back in 1752 in then virginia which is now west virginia that is expected to fetch $20,000. stuart: 20 grand? lauren: i don't know what one would do with this. i would frame it in a beautiful frame and just display it in the family room, living room or hallway. i think that's beautiful. stuart: what have you got a receipt signed by ben franklin? lauren: yeah this is back in 1756 for the pennsylvania gazette newspaper he created a few years later expected to fetch around $10,000. the receipt is up in the top right hand corner. i guess you get the whole plaque stuart: anything from jfk? lauren: do you remember, he tried to run for vice president and he failed. that was back in 1956 so you're getting a letter from then and also i think that's a personal check that he signed, that lot is expected to fetch between 15 and $17,000. stuart: he wanted to be vice president and he didn't make it
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and that's memorabilia. lauren: yeah, 1956 the presidential election occurred at the national convention on august 16, former presidential candidate and tennessee senator depeted massachusetts senator jfk. stuart: now you know. thanks lauren. check those markets, please. there's a nice rally going on because we've got very friendly inflation numbers this morning. we've got inflation at the producer level, lower in july than it was in june. that's taken as a positive for the market and the dow is rallying to the tune of 260 points, nasdaq up another 102. this is a rally. pga tour star rory mcilroy agrees with the judge's ruling against liv golfers being suspended from the fedex cup playoffs. watch this. >> from my vantage point, common sense prevailed and i thought it was the right decision and we can all move forward and not sort of have not
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have that side show going on for the next few weeks. stuart: okay we're all over that one believe me. hunter biden jets off on air force one with his father for a lavish family vacation. the get-away comes just days after biden's doj ransacked former president trump's private home in florida. kilmeade is on the show, he's fired up, he's next. ♪ ♪ i grew up an athlete, i rode horses... i really do take care of myself. i try to stay in shape. that's really important, especially as you age. i noticed after kids that my body totally changed. i started noticing a little pudge. so i took action! coolsculpting targets, freezes and eliminates treated fat for good. no needles, no incisions. discuss coolsculpting with your provider.
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every search you make, every click you take, every move you make, every step you take,
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i'll be watching you. the internet doesn't have to be duckduckgo is a free all in one privacy app with a built in search engine, web browser, one click data clearing and more stop companies like google from watching you, by downloading the app today. duckduckgo: privacy, simplified. stuart: it's almost 10:51, that means brian kilmeade joins us. all right, brian. hunter biden gets on air force one, goes on vacation with his dad, just a couple of days after the feds raided trump's private home and look at the optics of climbing up the staircase for air force one. do you think this was designed to make hunter look kind of untouchable? brian: yes, i absolutely do and i also think to myself okay, president biden has just gotten covid twice in four weeks, so he's been isolated for this entire time. who knows what kind of work he's been doing and now he's going on
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vacation for another couple weeks and to do that let's hoe the whole new hunter biden family not as an illegitimate kid located somewhere on the east coast not his former sister-in-law who he dated after beau biden's death, but the big story is, not his addiction, sexual or otherwise. how it relates to the big guy he was walking up the big steps with and this is what i just asked kevin brock, a high-ring ing fbi agent. so the investigation is legitimate into hunter biden. its been going on now for since 2018 so looking at four years. what is going to stop the fbi for republicans becoming president saying do you know what? i don't know where that investigation is going but there's definitely linkage between hunter and the big guy, the former president of the united states, what's stopping the next republican from going to delaware to that compound to grab documents to maybe tony bobulinski?
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the country loses on all accounts just think about how this goes. stuart: isn't there a real concern amongst republicans that they will find something, really damming, in that raid, in mar-a-lago, that they do find conclusive proof of criminal wrongdoing. a lot of republicans must be very worried about that. brian: i don't know. i mean, isn't that non-stop with the president from the minute he takes office, that raided michael cohen's office saying there's got to be something really wrong here. robert mueller, vladimir putin comments when he said hey, if you found 35,000 e-mails let us know because you're making a sarcastic comment. that means the president is in a lot of trouble he's really friends with vladimir putin. we go over and over this and then the call, rudy giuliani in ukraine, leticia james is in a lot of trouble i don't think people think that with trump any more. stuart: that's a fair pont. you're right. let's move on to liv golf.
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rory mcilroy, he's applauding the ban on liv golfers from the pga tour fedex cup playoff. i think you're a supporter of li v golf, so you approve or disapprove of rory mcilroy. brian: put it this way there's a petition of anti-trust i believe lawsuit against the pga saying look, he can't have a monopoly. if another league starts and the world golf association recognizes it you got to be able to acquire points if you win a l iv tournament and compete in the majors that's key because unless you're a past winner you have to compete in these major tournaments or else liv problem probably doesn't live long so i think that's a lawsuit. for the most part rory mcilroy is one of the few big stars to walk away from liv, he's saying i'm glad those other guys when they made the decision can't do it. i understand his sentiment but if you want to start another league, to compete in a famous sport, and it's an established
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sport you should be able to do it and that's what the judge ultimately is going to decide even though these three golfers got rejected. stuart: i above of liv golf, i think they bring something new to the sport. i don't play golf myself. i like to watch it but i notice that at liv tournaments they play loud music, there's an atmosphere of comradery, they only play 54 holes relatively short day, shotgun start, i think they bring something good to the whole game. brian: i'll backup your state. when the afl and nfl you were probably in australia or new zealand or england but when the afl rolled out they played a different exciting brand of football and they opened it up and passed more and changed the game and when they merged the nfl was a better league. en the xfl started maybe 10 years ago they brought that camera in that brought you field level with the quarterbacks. they brought an excitement to the game. it fell apart and came back again and might have another play, i don't know. but the changed the game for the
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better and got new angle s. this year the usfl, fox owns it and then i'm hearing the offensive coordinator hear ing the plays with the coach walking the sideline, where the quarterback is in the huddle i think the nfl is forced to adopt. the pga already upped their prize money. stuart: yeah, exactly. were so why not. they make the game better. it's called competition capital ism. we see it everyday. stuart: you're right, so right. competition make things better. thanks very much brian i know we'll see you again soon, thank you, sir. brian: if you invite me i'll come. stuart: i'll invite. still ahead, douglas murray, joe concha, david webb, wall street journal guy, dan henninger. in the financial world, inflation just a cold calculation, but for the rest of us, anything but a cold calculation. it's real, inflation, you feel it, and you react by changing your habits. that's my take, and that's next. i got some of my gold before i came to this country.
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map but these guys go scott free and donald trump is being harassed? this is the way republicans are streeted to disrespect democracy. >> a big reason we've seen green is a cross path. >> across the board, there's cracks on edges and what's beat into the stocks was armageddon. >> redman and apple is pillars of strength. >> if yields stay down and auto prices stay down, that's a boost in the market. even the worst of earnings are brought and you happen that usually means things are washed
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out and so far so good. >> do not break out the champagne. we're not at a point to celebrate these numbers at all. the reason we're getting some relief here is because oil prices have come down, gas price haves come down, consumers are staying home. stuart: this is one of those songs we like to sing along on the set because it's so easy to do it. you're looking at sixth avenue right there in the middle of new york city. it's turned into a fairly nice day. 11:01 is the time, august 11. look at the market go. dow up 265 points. remember, please, disney is a dow stock. disney is way up and that really is helping the dow industrials this morning. nasdaq up too, 91 points higher. how about big tech? pretty much higher all across the board. that's the case except microsoft just slipping down 90 odd cents. that's it. the yield on ten year treasury
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we've got right now at 2.83%. now this: in the financial world, inflation is a cold calculation. how will price affect price hikes and profits? a lot of number crunching. not that much emotion. however, for the rest of us, inflation is anything but a cold calculation. it's real. you feel it, and you feel it every day. and you react to it by changing your habits. it is that personal. this is why inflation remains the most important political issue. it's why president biden went out of his way to say there was zero inflation in july. he knows that's not strictly accurate. he knows inflation remains at high levels but he doesn't want to admit that to voters three months before an election. a trip to the grocery store looks like this these days. eggs, margarine, flour, coffee, soups, chicken, cereal, snacks, you name it and the price has
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gone up from 16, 19, 20, 30% higher. it comes home to you at the check out. that's when you feel it, and that's when it becomes a political issue. we know we're getting worse off no matter what the president says. third hour of varney starting right now. joe conch is -- wake up there, joe. you're on. joe: i was just jotting down your final sentence because i wanted to quote it back to you, and you were saying, we know we're in worse shape despite what the president says. i had to paraphrase it because i wasn't done writing. you're right. abc poll out this week, stu finds 12% or 1 in 10 people say the economy is getting better. 70%, 7 in 10, say it's getting
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worse. this administration can relabel their policies and the state of the economy all they wish, they can call the inflation reduction act just that, but the american public knows it's not going to reduce inflation. they can say we're at zero inflation and they're going to get laughed out of the room. stuart: we're not going to be deflected by the inflation issue on the raid on trump's home and the investigations and all the rest going on. we're not going to be distracted. we're going to focus on inflation flee months from today, correct? joe: right, stu. people have to eat. they go to the store and see prices are still way, way above what they were just one year ago, and this administration, this president, they truly think the public is really, really, really, really that stupid. i haven't heard something so ridiculous as this as the president saying yesterday we're at zero inflation since aoc once said unemployment was low under donald trump was because many people were working two jobs,
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which is not how unemployment works. i looked at some of the major newspapers yesterday and today, stu, to see if they were going to challenge this claim of zero inflation as the utterly pathetic and laughable thing we heard. the wall street journal, take a bow, their editorial board eviscerated the claim and they're running this story with this headline: think 9% inflation is bad, try 90%. the base is just quit your whining, pampered americans, you'd kill for 9% inflation if you were in argentina. well, this isn't argentina, stu. stuart: absolutely not. speckier pelosi brought her son paul on her trip to asia. she said he had no business dealings there. watch this briefly. >> there are some reports that your son was on this trip with you. was he and what was his role? >> his role was to be my escort.
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usually we invite spouses and not all could come. he came and it was nice for me. >> did he have any business dealings there >> of course he did not. not. stuart: they're trying to make an association between paul pelosi going on a trip with his mother and hunter biden going on business trips with the president. is this a story, is there a real connection here? joe: perhaps; right. we don't quite know, stu. this isn't like put the kids in the car and go down to the jersey shore, which is an hour, hour and a half away. this is all the way to asia. that's a long, long trip just to be somebody's escort and the house speaker has plenty of other escorts that can help her out. it's just a bad look, let's put it that way, particularly when you bring up hunter biden and all the trips he took with his father to say, china and now we're wondering is the president compromised by china based on what we saw on a laptop verified by the new york post and various
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other news organization, and that's where we're@this point with a federal investigation ongoing with hunter biden and if republicans take back the house, i can guarantee you there'll be hearings into all this and that'll make the president very uncomfortable because he can be part of that based on the e-mails we saw on the laptop, stu. stuart: i tell you what, joe, if you can raid the private home of a former president, you can certainly have a look inside the luxury home of hunter biden in malibu. why has that not been raided or the house with hillary clinton? why not raid? i don't get it. do you? joe: consistency, stu. that's all we want. if you're going to raid donald trump's home, then; right, hillary clinton, hunter biden, but we don't see that. the longer that merrick garland, the attorney general of the united states stays silent on this and hasn't even issued a statement or explained anything around why that raid had to be conducted in the manner that it was with lights flashing, dozens of agents going in. it could have been done much
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more quietly than that and done by subpoena i would imagine but instead, this is like a made for tv theater-type of event and the attorney general needs to explain this or else people will continue to get more and more suspicious the longer he stays silent. stuart: yeah, silence is not a good thing. thank you, joe. see you later. the markets, look at them go. the dow is up a couple hundred points and the nasdaq up 37. we have been higher than this, but the rally that started yesterday, is still with us. greg smith is with us in new york this morning. did we hit bottom in june? greg: good morning, stuart. looks like the market might have hit bottom in june. i'll give you four things to consider today. that's certainly the $64,000 question on investor's minds. if we hit bottom in june, seems like the buyers are higher and that's not making confusion. second it seems like risk on is in vogue again.
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we're seeing all the risky assets get bit up. third, since big tech cap -- excuse me. big tech reported in late july, it's been a bump and run market and that's a golf anal seizure disorders. lastly -- analogy. lastly, in the last 90 days approaching thanksgiving, investor's focus will shift on the 2024 earnings. let's first think about -- stuart: you're laying out a case where we bottomed in june and come up very, very nicely and you're laying out a case we're going up some more, are you? greg: not a straight line up to the right and some of the market volatility behind us and seems like brighter days are ahead, and there's a whole group of investors sitting around, not believing that the market bottomed in june is the bottom. a lower low will come, and they've been waiting to buy equities and contribute more money to the market. those people are now realizing that that might have been the low and they're going to chase equity prices higher. that's what i mean by the buyers are higher, stuart: that's fear of missing out.
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>> that's correct. greg little bit of fomo. stuart: big guys on wall street, heavy hitters with hundreds of millions and they get a fear of missing out, they pile in and there's a good rally. greg: yeah, whether that be crypto mean stocks and other names catch a bid ask you're seeing them on your tv screen all the time. stuart: it's nice to be in this position, we've had all these months where down, down, down, down, down. have we hit bottom? where's the bottom service delivery models and now there's a very nice rally in progress. we're up 33, 34,000 for the dow. that's a nice rally. i need to ask you about twitter. you own it? greg: i do own twitter and i've been holding and accumulating and feeling like we're in the sixth or seventh inning with elon and the battle and pricing in a win for twitter and elon will put this company and be forced to buy it. we're seeing more and more evidence of this week has $7 billion sale of more tesla
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stock so people are wondering is he getting ready to pay for it? stuart: dan was sitting in that seat earlier in morning saying twitter will go to about $50 a share and elon musk will take it. greg: elon is an interesting character and never know what's going to come out of his mouth and the former poker player, he has a tell. it's very interesting to see his tell. it's usually when his lips are moving. you know, we'll see what's going to happen but it's looking increasingly likely he'd going to be buying twitter. stuart: greg smith, see you soon. thank you. the movers in the news again. ralph lauren is up again. lauren: yes, inflation not impacting the luxury shopper and seeps to be defiant, canada goose surging, macy's, nordstrom and the retailers are higher
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prices. macys up 5% today. stuart: we work, i forgot about that company and they've virtually disappeared. now they're back. lauren: gain of 10.5% and obviously soft bank owns 11% stake in wework and now a soft bank executive joining the wework board. alex klavel is his name and he can guide them towards reaching profitability. they're on the right path. stuart: shopfi in the news? lauren: yeah, they help small businesses do ecommerce. stuart: there's plenty of wins today. that's the bottom line. nice day to report financial news. the market is going up. lovely. thanks, lauren. congressman jerry nadler says police should get more federal money. that's a change of tune from a couple years ago when he wanted a cup funding. think that has something to do
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with his reelection bid. iranian operatives said they are launching a bid to do mike pompeo and a ceo getting major backlash after posting this crying selfie on his social media saying he was heart broken after laying workers off. that is next.
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stuart: i'm just signature next to douglas murray and laughing and joking in an english accent. looking at wilbur harrison singing kansas city. it's a beautiful day, 89 and still beautiful. the markets reacting to some favorable inflation news. inflation edging down in the month of july at the producer level, and that's got the market excite that had maybe the fed will pivot and not be so aggressive in putting the brakes on so the dow is up 170 and the nasdaq is also nicely higher. not as high as we were earlier, but doing pretty well. disney is way up and it's a dow stock. it's up 3, 5%. that adds 45 points to the dow. by the way, disney now has more subscribers than netflix. how about that? now this, iranian operatives
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launched the plot to assassinate john bolton and mike pompeo. douglas murrey is with us. explain why we're trying to negotiate a nuke deal with iran when they're sending people over to kill us. >> yeah, this story is amazing and we have more details emerging and seems to be a very developed plot involving a sell of iowa hawkeyes rainen agents in the united states and targeting john bolton, former secretary of state mike pompeo. it seems that the motivation is sort of some kind of retaliation for of course the taking out of solamani during the trump administration. the plot could be this developed against such senior officials and within the united states is unbelievably shocking but then there's what you just described, we're still negotiating with these people as they're trying to kill senior american
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officials, this administration is still bent health leather with us having a deal with the iranian's on the deal. the trump administration pulled out of the nuke deal and recognized the iranians weren't following the deal with the rules that came down in 2015. now of course in the first moment of the biden administration, they said we need to get back into the deal and the iranians knew the americans were so desperate to negotiate, they could draw it out and drag it out and in the meantime, plot to kill american officials. it's quite amazing. stuart: weakness has consequences. >> for sure. stuart: i'm going to switch gears because you've just written an op-ed titled a strange kind of recession. what's strange about this recession? >> first of course as you know the attempt to deny that we're in a recession. i mean, that's the first odd
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thing. you have two consecutive quarters of no gdp growth and they say well, that may have been the definition of recession till yesterday but today it's not. that's just the beginning of the strange. one of the other things that's odd about this and one thing that's just confusing for a lot of people and turning people in the markets is the job figures. this is one of the things that makes me just say there's something complex going on here. last week when people were expecting the job figures to show decline in employment, of course we saw an escalation in employment. huge escalation. same thing in united kingdom, the unemployment figures have never been lower. obviously explanation is we're going back to pre-pandemic levels, but we're noted. the employment is higher than in pre-pandemic levels. stuart: yeah. >> what i suggest is of course maybe what is actually happening is we're heading to an even worse possibility, which is kind of stagflation. if that is the case, then that would explain why this moment
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we're in is so odd. we've got this terrible inflation, job figures have never been better. stuart: it is a strange recession situation, it is. you're english. >> born in england, yeah. stuart: what attracted you to america? >> what doesn't? stuart: good one. you got me. you're not supposed to give very short answers. >> i should have dragged that out, talk about the weather. stuart: come on, man. i tell ya. you will eat lunch on this set again at some point in the future. pleased to see you here. thanks very much, doug. >> my pleasure. stuart: one ceo getting slammed for posting a crying selfie after he announced layoffs. all right, lauren. that picture, what's going on and we'll get douglas' comment on this too. you're not done yet. lauren: this is awful. braden is the ceo of online marketing company called hyper social. that's the picture he posted with the message, i just want everyone to see not every ceo is
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a cold hearted person and doesn't ware which they have -- when they have to lay people off. i can't think of a lower moment than this. he made it all about himself. the statement, i'm fine with. the photo with him crying. i mean, that's very orchestrated, and i think that's pathetic. stuart: ten seconds. >> even if you lay people off, it's about you. i mean, you know, they may be hurting but really you're hurting inside. they need to show people. stuart: the guy should be a tv anchor because it's always about you. let's move on. thank you very much, douglas. nbc star golf analyst just jumped ship. he's going to liv golf. lauren: yeah, left after seven years because it's a promotion. he becomes the lead analyst at liv and got a lot of money. this is what he tells the toledo blade. he said it's to grow the game, they pay me a lot of money. that's part of the reason why and the other part is it's all about the culture and i "there's
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people waiting around every corner hoping to be offended by something. those people, our lives are being shaped by mean, spirited people and no sense of humor and we're in danger of losing our national sense of humor". he said outloud what so many people think, let me be me and show you my character and maybe you'll like what i say and maybe you won't. you're ultimately offended and i'm always in fear of being canceled. stuart: i like that. douglas murray is nodding his head. he likes that too. lauren: he said i got a promotion that comes with a lot of money and they're letting me show off who i am. stuart: bury your head in that computer and figure something out. we're told there's an incident at the cincinnati fbi, that's what it is. what do we know? lauren: it's a serious story that i've been working on. an unknown suspect attacked the fbi offices in cincinnati. un-versus frequencitied information that that --
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un-verified information he brand a nail gun and there was a pursuit ending north of cincinnati and there was a standoff and reports of shots being fired. we don't know the motive. we don't know the extent of any injuries, but the timing is curious. after the raid monday at mar-a-lago and the fbi being -- people questioning why did you do this? what's the motive? stuart: incident in cincinnati with the fbi. thanks. irs job posting raising eye bros saying agent -- eyebrows saying agents must be willing to carry a firearm and shoot if necessary. the justice department not revealing what they were looking for at mar-a-lago. the full story on that after this.
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stuart: that's atlanta hartfield
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airport playing the jetson's theme. the reason is that united airlines is betting big on flying taxis. i've been told the jetson's featured flying cars. lauren: i can't believe you didn't know that but, yes, they d. >> every american knows that. you came here and you should know that . stuart: i am an american. lauren: your assignment this weekend is watch the rerun of the jetsons. >> who was the maid? stuart: i haven't a clue. >> rosie. stuart: i've never seen the jetson's. lauren: we're talking about stuart never seeing the jetssons. united airlines putting a $10 million down payment for 2 million plane cars. it carries four people and comes from archer aviation and the purpose will be to transport people from their home to the airport. stuart: okay. lauren: united stepping in with this down payment is my opinion
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is a seal of approval. this isn't a pipe cream. we might have flying cars soon. ask them tomorrow, they're ons show. stuart: an airline wants to fly an air car and unit second-degree doing it. stuart: i have a friend buying one of these airports and folds up after you land on water. you've got a car to drive. lauren: how much is this? stuart: you've got a friend with one of these? >> yeah, you start at $11 million for one of them privately. lauren: my friend card is wide open. stuart: that is fascinating. i've got to do a quick market update here. we have favorable inflation news and that's why there's a nice rally going on here. inflation is moderating and it's high for time to come and it's moderating, market likes it. the crypto and news on etherium and they'll make it faster and more energy efficient. i don't know how it works but now you know.
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aforementioned david webb is with us. he's a radio host and spoke to dr. ben carson about the trump raid. listen to what ben carson had to say. roll it. >> i believe maybe there was a message that was being sent. it doesn't matter who you are, you can even be the ex-president of the united states. we we don't like what you're doing, we're going to get you. if there is a good reason for doing it, you know, it is so important to let people know what that good reason is. stuart: indeed, yes. david webb, that was dr. ben carson on your show. i think silence from the justice department is just not the right thing at this particular moment. i think you agree with me. me. david: i agree. isis f chr cph cphphphrayrayot shngut iut orout of thef the t ifraoufookf at y. etachitaso my pnt p esenesrenrrr weeks or theme imet
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former president. a locked safe that no one had a key to and how did they know what was in there? a lot of americans asking the question, is this weaponnization? i spoke with the president's former attorney this morning, rudy giuliani and who by the way was raided in a very similar matter. what did the fbi not take from rudy? the hunter biden hard drive and they showed it to him when he was raided. they left it and wouldn't touch it or enter it into evidence. this is an fbi that has serious questions and the republicans say they're going to hold them accountable. i'll have to see it first because a lot of power being thrown around there. stuart: it's highly politicized. they're guilty of political bias in their operation and that's not a good thing in america. america.david: hunter biden lien evidence that would lead to an investigation on what's on his laptop. drugs, videos, now we know he
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was in contact with his father, the current president. his father talking about his business deals. these are things that should be investigated. they're being left off the table. paul pelosi jr. goes to taiwan while paul pelosi sr. is answering his dui charge in court. paul pelosi jr., his company is tied to the chinese, some of them under investigation by the federal government. this isn't bias in come on. stuart: okay. all right. you've got a story of a flip-flop here. let me explain to the audience here. congressman jerry nadler has pushed, in the past, to defund the police back in 2020, a newspaper asked would you cut funding for the nypd? he said, yes. it certainly should be cut. all right, fast forward to the present and listen to what he said during a debate last week. roll it. >> should more federal funds be allocated to the nypd for policing? mr. nadler, a yes or no? >> yes. stuart: okay. that is a total flip-flop. why is he doing it?
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david: because he's a lair. the fact is that jerry nadler plays every game to stay in power and pushes the hard core left agenda in this country. he lies to the american people. you know who pays the price, stu? the people walking around out here in new york city. the pensions are fully vested and they need to leave to protect themselveses and their families and we need them here to protect new yorkers and look at philadelphia, chicago, portland. look at minneapolis and look around america. their policies are harming americans. we pay the price, they don't. stuart: jerry nadler was the foremost trump hater in new york, i suppose there were greater trump haters, but he was right up there. he detests the former president. goes after him at every conceivable opportunity. but he's got a tight reelection race here. he might lose.
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david: you know what, i hate to say it but he probably will win. when i look at the redrawing district and they've set jerry nadler up with the most liberal concentration. he has a challenge and i'd like to see them be successful but guys like jerry nadler are the old war dogs in washington that outlasts presidents by 30 or 40 years. stuart: he represents the upper west side of manhattan, doesn't he? david: it curves and goes through the tunnel and into brooklyn. this is gerrymandering to be exact. stuart: the november midterms coming up, three months away or less. do you think that donald trump is now favored by more voters or fewer voters in light of all these investigations and revelations? david: i think there's a combination of coalescence and more interest from the center. i ask people who don't like trump or are not sure. tell me where you are. americans are fundamentally
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fair. when we see unfairness, it drives us more to the person being targeted but let me make this point about america and americans need to pay attention: america is the target of the left. trump is the focal point. they're not coming for trump -- well, they are coming for trump but the fact is they want to drag us into that leftist dystopia and not paradise they claim. look at the economy, come on. cpi numbers this morning, stu. stuart: i'm with you. no, we got ppi numbers. david: sorry, ppi, inflation reduction bill. come on, really? stuart: david webb, thank you very much, sir. walgreens found guilty of helping fuel the opioid crisis in san francisco. we have a full report on that. headline in the journal, the swamps obsession with trump, an fbi raid against a former president should never happen, end of discussion. dan henniger wrote that and he's
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on the show next.
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stuart: irs getting backlash for job peauing in which applicant would be required to use deadly force. i understand. sometimes irs agents have to carry a gun. what's wrong with that? lauren: well, this is the job posting from the irs for a new position. the major duties for new special agents in the criminal division include carry a firearm and be willing to use deadly force, if necessary. in fairness, this has been open since february. stuart: exactly. lauren: but when you have the legislation passing senate that beefs up by $80 billion and 87,000 agents, people just get
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scared so there was a lot of up rare online about it and temporarily about it having the posting and it's back up where it has been since february. stuart: i thought the irs or some irs agents had been authorized to carry guns for decades. lauren: this just taps into the fear that's out there. what could happen as you have this big budget and tens of thousands of people coming after you potentially. stuart: do you think this is a major league story? lauren: i didn't select it. stuart: neither did i. new topic, mar-a-lago search shows a trump obsession. a raid against a former president should never happen. look who wrote it, dan and he's joining me now. this is my opinion, the justice department better have a very good reason for that raid and better find something truly damming otherwise i think there's going to be hell to pay; right? dan: completely agree, stuart.
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i think is has to be virtually reason because anything sort of that doesn't justify what's happened and what i meant by end of discussion, donald trump is a controversial figure, no question about it. as far as i'm concerned, you can hate donald trump till your eyes pop out of your head. the facts r in 2016 the american people elected him the 45th president of the united states. for four years he served in office as the president of the united states. no former president, no matter how disliked, bill clinton, fdr, ronald reagan and no president deserves to have his residence raided by fbi agents and as to the idea that no one is above the law, that is true. that's why we have courts and courtrooms to litigate issues like this. stuart: you can't have silence for the department of justice at this time. they've got to come out and say what they were looking for and
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why they did it; right? they've got to do that. dan: i agree, stuart. it ought to be something monumental, unimaginable and short of that, it'll look political to half of the country and it'll be taken by many, many voters out there, many of the ones that voted for donald trump and elected him president, as simply more assaults by the establishment, by the swat against the american people. my fear, stuart, is that there is not a bottomless ocean of political ranker out there. credibility our institutions is cracking and i think we're heading in a very bad spot if we allow this hyper-politicization that seems to be carried out by merrick garland's department of justice to keep proceeding against donald trump, who's being treated, i would think at this point by the democratic party as a kind of pinata they can just keep hitting and hitting and hitting. we're going to pay a price for that. stuart: what is it, trump
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derangement syndrome goes on and on and never stops. we've had six, seven years of this and never stops and never will stop, dan. dan: nope, that's right. and trump is thinking of running for reelection again. my honest opinion, stuart, is that we need new faces both in the democratic and republican party. i understand that instinct but really to get past this kind of ranker i think we're going to need a new face both in the republican and in the democratic party. stuart: indeed. dan henninger. great stuff. thank you. a sense of the market. show you all 30 of the dow stocks and look at them go. most of them in the green and the dow is up 166 points. another rally today. hotels in los angeles could soon be forced to rent rooms to the homeless alongside paying guests. california guy larry elder takes that on next.
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from across the country. they provide the potential for regular income... are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. every search you make, every click you take, every move you make, every step you take, i'll be watching you. the internet doesn't have to be duckduckgo is a free all in one privacy app with a built in search engine, web browser, one click data clearing and more stop companies like google from watching you, by downloading the app today. duckduckgo: privacy, simplified. stuart: a federal judge has rule that had walgreens can be held responsible for helping to fuel
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the opioid epidemic. this is in san francisco. tell me more. lauren: the federal judge ruled that walgreens failed to adequately stop suspicious orders of opioids for more than a decade. the pharmacy overdispensed without oversight and didn't report suspicious orders with doctors and patients with prescribing patterns. it'll be determined in a subsequent trial. a blemish perhaps on wall green's social republican at the same time stuart: maybe so. stocks up for other reasons. $40 a share as we speak. a new proposal in los angeles would house the homeless in vacant hotel rooms right next door to paying guests. larry elder with me this morning. he's our california guy. i know there's going to be a vote on this. but can the city legally force hotels to put homeless people next to paying guests? larry: i've been watching
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california politics, local politics all my life and i was born here as you know. this is without a doubt the most brainless thing i've ever seen. not only as you suggests, it's very likely illegal, a violation of the fifth amendment. a taking of without due process but think about this, you own a hotel privately and because you have a vacancy, the city is going to force you to put a homeless guy there. what could possibly go wrong? and why is there a distinction between a hotel privately honed and a home privately owned. you have a home, your home has a guest house on it or you can vacant bedrooms, why can't city council mandate that you take in homeless people in your privately owned home if they can do it in a privately owned hotel. it is outrageous and city council voted against it 11-1 and voted 12-0 to put it on the ballot initiative so they can determine how to make hotel owners to put homelessness next
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to paying customers. it's ridiculous. stuart: it's a ballot initiative. that i didn't understand. it could actually pass. larry: city council voted against it 11-1. they're all democrats except for one independent. they voted 11-1 against it but then turned around and voted 12-0 to put it on the ballot so that voters will determine it. stuart: yeah, but california politics are so crazy that it's just possible that that ballot initiative will pass. larry: absolutely it's possible. you've heard this line before, stuart, when you're robbing peter to pay paul, count on the support of paul. a lot of people angry about not being able to buy a home, feel that hotel rooms are too expensive or angangry about healthy hotel owners and it's not impossible for la voters to pass this ridiculous, brain dead confiscatory policy. stuart: it's time you left,
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larry, you've got to wise up on these things. new jersey is not that bad. really. california is planning to build huge wind farms just off the coast. now, is there something wrong with that, larry in do you take issue with that? larry: i do, wherever you see a policy like this. ask yourself three questions: how much is it going to cost? who is gonna pay? and what are the objectives? there's a war on oil and gas and war on nuclear and now they're talking about these wind farms, the technology is not proven, the wind of course is un-reliable and the waves are un-reliable. i believe it's going to be a disaster. stuart: when are these things going to appear? not yet, years away, isn't it? larry: it's a good question because we don't know where the funding is coming from. another proposal because of the obsession with climate change in
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california, even if every single drop of emissions were eliminated in california, because of the emissions in china or india, it'll have zero impact on climate of the world so the whole thing is nonsense. stuart: larry, you're so critical of california, i want you to tell me right now, what's the best thing about california? larry: the weather. the weather is unbeatable. it's unparalleled anywhere else in the world. it's beautiful, snow, winter, similar, fall, beautiful desert and beautiful snow. it's the only state where you can go surfing and snowing in the same day. it's a beautiful, beautiful state. bad politics, great state. stuart: okay, i'll give you that that was a pretty good response. you weren't expecting the question but you did very well. larry elder, good stuff. thanks, larry. see you again soon. all right, 11:55, you know what that means. here we go with the thursday trivia question. it's another good one. how many residential swimming pools are there in america: 8,
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10, 12, 14 million? you know the answer. the fact we'll have the guesses and the right answer after this.
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stuart: all right. here here we go. how many residential swimming pools in america. >> i would say like 50 million. stuart: i would say 14.5 million.
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you're right. you knew. >> no, i don't know. i know how our producers think. stuart: yeah, right. 10.4 million is the answer. california, florida have the most inground home pools in the country. above ground is another story. send "friday feedback" questions, comments, critiques, we want them all. send in the fan friday videos, record yourself, et cetera, et cetera. say you're watching "varney & company." you might be on tv. look who is here now, david asman. david: i guess those else plastic pools you fill up with air don't count? stuart: david: i'm old tagged. markets are mixed on new inflation data. the white house is touting zero inflation. really? many are asking why anyone is celebrating a 9.8% increase year-over-year. we'll be digging into what consumers are


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