tv Varney Company FOX Business September 28, 2022 9:00am-10:00am EDT
we saw planes flipped upside down by those winds. now, local police here in tampa do feel like those who live especially on the barrier island s behind me have listened to those , they have taken action, left their home. of course we know it may not be everyone, so we really hope that people are safe at this hour. maria: all right thanks very much, nicole, go to a foxweather .com download the app and track the storm. thanks everybody this morning for joining us great to see you we'll see you tomorrow. "varney" & company begins right now stu take it away. stuart: good morning, maria, good morning, everyone. our hearts go out to floridians. they are facing a category 4 storm with 155-mile an hour winds. ian is heading for charlotte county. now that's just south of tampa. it's almost there, on the verge of arriving. governor desantis is warning of catastrophic damage and it will not be over soon. after hitting the coast, ian will tear through central florida and make its way to georgia. we'll track it throughout the show. our own ashley webster is right
in the middle of it. there's a storm on wall street too. stock prices all over the place this morning. at one point, the dow was down over 300 points, now it's close to a gain of what, 115 points. that's a huge swing. real volatility today. the bank of england shocked the world just a few hours ago when it completely reversed course. it is now buying bonds. that means it's pushing money into the economy. that is the exact opposite of what our federal reserve is doing. the standout stock of the day so far, clearly, apple. it has dropped plans to ramp up production of the iphone 14 as demand faulters. the stocks down nearly four bucks. owe enormous swings in bond prices, it yielded well-above 4% earlier this morning and now it's all the way down to 3.86% you do not see moves like that very often. the two-year quoted now, where is it? 4.14%. all right that's the markets.
a lot of political developments too. reportedly treasury secretary janet yellen will step down in december after the mid-terms. the speculation is she's taking some of the blame for biden's failing economic policy. senator manchin did not get his permitting bill. its been dropped. forget speeding up the permitting process. forget pipelines. forget getting more of our own oil & gas. the greens won and america lost. that's my opinion. what a day. wednesday, september 28, 2022. "varney" & company is about to begin. all right no question about it got to get straight to the hurricane. ian is now a category 4 storm. more than two and a half million people have been placed under mandatory evacuation, but if you haven't left yet, governor desantis says it's too late.
winds are now clocked at 155 miles an hour. if it gets to 157 miles an hour, it becomes a cat 5 storm. it's expected to make landfall within hours, right around charlotte county, that's just north of fort myers, south of tampa. the area from naples all the way up to sarasota is at the highest risk of a devastating storm surge. now look, there are many new arrivals who may not have experienced a storm like this. let me tell you, it is frightening. we're going to keep you you updated with the latest headlines for the next three hours on this program. another big story, obviously the markets. we've got the yield on the 10 year treasury, this is extraordinary 3.86%. couple of hours ago it was well- above 4% for the first time since 2008. enormous swings in bond prices. as for stocks, the s&p 500 hit a new bear market low yesterday. very modest bounce so far this morning.
david nicholas with us this morning, our market watcher all right, david. are we going further south from here? >> well, stuart, no question we're in a bear market but this is shaping up to be the mother of all bear markets. what i mean is theres really nowhere to hide. if you look at the defensive areas of the market take consumer staples, it's down 8% for the month. look at utilities. utilities is down 12% for september. look at apple you just mentioned it, selling off because something exactly what we talked about couple weeks ago, stuart, iphone sales are down so look, policy mistakes were made that got us here but my fear is, stuart, while i think we could go lower is i think something could break and we're already seeing that with what the actions of england central bank did this week, so yes, i think we could go lower. stuart: when you say something will break, what are you talking about? >> well, stuart, from a macro level, there's a great battle happening right now and that battle is between the federal reserve and the federal government so if you look at the actions of england central bank
what's been happening is our federal reserve has been buying our debt, both under the trump adminitration and under the biden administration. that's now done, and whose going to buy a 30 year government bond yielding 3.5%? it's just not going to happen and so what happened in england is they said look we have to go in and start buying these bonds. that's a shock and that's the first seperate bank to do that and we're going to see other governments around the world having to step in and that's my fear is that we've got this unknown and then we also have earnings to talk about that's coming down the line as well. so yes, stuart, i'm pretty adimate on this. unfortunately we are going lower from here. stuart: last question and i raise this all the time and i will throughout the show today. my biggest fear, the market goes down, and stays down for a long period of time just like the 1970s. what's the chances of that? >> well, it's actually a great point, and i actually think we could put math behind that. so if you just say what is the multiple going to be on the s&p 500 during recessions,
the market normally bottoms at about 13 times earnings. if you tell me what the earnings number is stuart for the s&p i can give you that number but if we only get $205 of earnings for the s&p 500 do that times 13 times, you're under 3,000, i'm sorry, for the s&p 500. we could stay there for a large part of 2023 so i think your spot-on stuart, unfortunately. stuart: we got that. david, thank you very much for being with us on a very important day. always appreciate it. thanks very much, sir. there's another big item on the calendar today. treasury secretary janet yellen, she could be leaving her post, soon. reportedly sheas leaving after the mid-terms. lauren? i want to know why she's leaving you want to speculate? lauren: speculation is the biden administration polls very low on the economy and they need to rej igger their economic team. axios is reporting she's out after the mid-terms and the white house is quietly preparing for her exit, looking at potential replacements including commerce secretary rum
ondo and fed chair brainard. but if janet yellen does go in november that be the first part of this major economic reorganization, right? and the biden administration is denying it, because if they admit it, or at least now, well then they are admitting they have mishandled the economy and we showed you the poll. the biden polls what at 36% approval when it cops to the economy. stuart: good story now more on politics. senator joe manchin gave up tying his energy bill to government funding. he just -- lauren: folded. he asked chuck schumer to take out his provision on fast-track ing energy permitting out of the bill to fund the government and keep it open past friday. he didn't have the votes. the senate minority leader mitch mcconnell called his provision a poison pill, then urged republicans to vote no, and they did, but majority leader chuck schumer insisted for weeks that this funding bill would include the manchin energy provision, so in my opinion, both the left and
the right turned on him. stuart: i think the greens won big. that's my point. not going to get pipelines, not going to get production of oil & gas from our own, the greens won i think sean duffy will agree with me on that because he joins us now. i think the greens won, and america lost. what say you? >> no, you're right, stuart. i get why republicans are mad at joe manchin. he was the holdout so you didn't get build back better or what then turned into the inflation reduction act but he sold out for this , you know, this energy permitting reform package that he was told was going to come in the end of the year, and republicans were angry. i get they're angry, stuart, but you know what? let's reform the way we permit energy in america even if you're angry at them, republicans should have got on board and said you know what? we're angry, but this is a good bill. we're going to kind of give it to the far left greenies. let's pass it but instead they took their ball, went home and
joined bernie sanders saying no to the idea of joe manchin. it's a bad day for d.c. local politics. stuart: well-said. president biden is trying to take a victory lap on inflation, sean. what's this? >> we're actually making progress, helping folks get just a little more green, lowering healthcare costs and strengthen ing medicare is a big part of progress and we've been making on inflation not just with gasoline prices and other progress. it's one of the reasons why i'm so optimistic about america's future, for real. stuart: get real. gas prices are up $0.08 in the last week, inflation is still very close to record highs do you see any progress on inflation, sean duffy. >> this guy is just an old out of touch dude, who has no idea what me and my family are going through because he's obviously wrong, inflation is just as bad today as it was, you know, four
months ago. people are still struggling to pay their bills and buy their groceries but i think it's very rich with regard to energy prices. yeah, they've come down, stuart but come down as you mentioned on your show all the time. it's not because we've increased supply. we've decreased demand and also traders look to the future and think we have a recession on the future, on the horizon and you aren't going to have demand in these out-months so yeah, prices have come down, but its been nothing that joe biden has done. joe biden has made their problem worse. build back better gave us new taxes on crude oil. i mean, what joe biden has done makes no sense in regard to energy if you want to lower prices, but when you have a bad economy and the feds raising rates and traders trade down the price of oil you take credit for it, good job, joe, but americans are starter than that. they look at the gas pump, the prices are up and they know he did it. stuart: and they are looking at the performance of the economy and giving him dismal remarks. he has about 35% approval on the economy and that's it, almost a historic low. >> and stuart getting rid of
janet yellen at the fed is going to do nothing to change that. she had nothing to do with these policies. she was a mouthpiece at the fed. at the treasury, i mean, so getting rid of her is not going to change the policy in joe's white house. you'll have the same result with just maybe a different head of treasury. stuart: the democrats cannot change course. it's just not them. all right, sean, thanks for joining us. see you again real soon. back to the markets. check out futures. we've got a little bit of green for the dow not much it's up 20 points but the nasdaq is down 43 volatility rules today. coming up, a columnist at the washington post warns republican s will seek revenge if they win back the house in november. our revenge investigation is what the country wants? martha maccallum on that later. more on one of the biggest stories of the day. two and a half million floridian s ordered to evacuate as hurricane ian barrels towards the florida coast. ashley webster is right in the middle of it all. he is going to bring us the latest, after this.
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not just the symptom. when you have good metabolic health, weight loss is easy. i always thought it would be so difficult to lose weight, but with golo, it wasn't. the weight just fell off. i have people come up to me all the time and ask me, "does it really work?" and all i have to say is, "here i am. it works." my advice for everyone is to go with golo. it will release your fat and it will release you. stuart: let me show you volatility, shall we? the dow has been all over the place, up 200 nearly 300, down a hundred now it's up a hundred, all over the place. i want to get back to the storm. the storm in florida. hurricane ian, real close to florida's gulf coast. that's where ashley webster is. he's actually in st. petersburg. what's it like where you are now , ash? ashley: well, we're certainly starting to feel the wrath of
hurricane ian, stu. we're literally about 100 miles north of the center of that storm, catastrophic close to a cat 5 right now but those outer bands that run counterclockwise are sweeping through here and i felt the intensity of the rain and the wind, sometimes gusting where it kind of pushes you sideways just a little bit and it's going to be like this now for the next 12-18 hours. if you remember just a few days ago tampa bay was supposed to be looking at a direct hit and we were expecting storm surge anywhere from eight to 12 feet, which would have been catastrophic. for this area, the fact that the storm has gone slightly south will spare some of that storm surge threat, but make no mistake. there's still lots to worry about. we have for for rain as the wind goes on into tonight up to maybe 80 miles an hour, that spells trouble for power outages. earlier this morning, florida
governor ron desantis said look, if you seen this weather turn nasty and you're trying to escape, it's too late. take a listen. >> this is a very powerful, major hurricane that's going to have major impacts, both on impact in southwest florida, but then as it continues to work through the state, it is going to have major major impacts in terms of wind, in terms of rain, in terms of flooding, so this is going to be a nasty nasty day. ashley: it is a nasty nasty day, and again, the last reports having hurricane ian at a sustained 155-mile per hour, very close to a cat 5 if it maintains that as it moves on to the coast, somewhere south of here, port charlotte, fort myers will be absolutely catastrophic. just to quote the governor again , it's going to be a nasty, nasty day. stu? stuart: it looks like it is already. thanks very much, ash. we'll get back to you a bit later in the show. florida state senator joe gruter
joins me. governor desantis says it's too late to get out. what are you saying to the people who are still there? >> well, hunker down and be prepared i will tell you that our lights are flickering here at my house in sarasota. we have, you could hear the wind whirling around the house. it is getting worse and worse by the minute but listen, our state , our communities are well- prepared to handle these type of situations. we're lucky we have the infrastructure and the teams ready and on standby, ready to help everybody, but the next 24 hours are going to be extremely tough and we just have to do what we can to survive this storm with as little damage as possible and as few lives as possible. stuart: senator your biggest fear, i presume, is a storm surge, eight, nine, 10 feet. in your area, that be catastrophic, wouldn't it? >> it be. we've had a couple storms in the past but we haven't had a
direct hit with a category 4 or 5 hurricane i think since the 20s and so this is a devastating thing. we had charlie come up not too long ago, but like i said, florida in sarasota county we've had numerous storms. we're ready. we've been preparing for the last couple of days that cone of uncertainty has always had us in the model, so people tend to follow the evacuation orders and i think most people went for safety. i'm actually inland in sarasota so not in an evacuation zone but even around my house you could hear the wind whirling around me , it's a scary storm. stuart: yes, it is and for those people who have never been in a serious storm, i'll tell you, it's really frightening and that's a fact. joe gruter, thanks for joining us we appreciate it and good luck. >> thanks, stuart. stuart: all right lauren, we've got disney closing both of their theme parks, or they are closing theme parks in florida.
how long are they staying closed lauren: in orlando. they will be closed today and tomorrow very rare for disney. a lot of people when there's a hurricane seek shelter in the parks and hotels so going back to their opening in 1971 they have only closed eight times for a hurricane. it's also a big business for them. it's a financial blow, because disney makes $80 million a day just from their orlando properties. universal closed too. sea world, the tampa airport is shutdown and orlando will close later this morning. stuart: well the governor is warning of catastrophic damage. fair point. check those futures, please. we are up and down, you have to track them by the moment really dow is up about 90 but you never know what it's like in nine minutes time. the nasdaq down about eight. the opening bell is next. we'll take you to wall street. ♪ ♪
>> no, stuart, i'm not. there's going to come a time where it's monumental dip, and we're not near there yet. that will be a generational buying opportunity in my opinion but we're certainly, i think, probably good ways away at least a few quarters away from the market selling off to some degree where everything is going to look cheap and investors will pour in, but with the fed continuing to raise rates, with inflation continuing to rage, with the dollar higher than making new highs against all other global currencies, there's really, there are too many headwinds for the market to go higher other than we're going to see pops like we see this morning in the futures and whether that's sustainable throughout the day remains to be seen. they haven't been and most of the buying we're seeing, stuart, is off of low, off of oversold conditions, investors trying to pick a bottom but i don't think we're near one yet unfortunately. stuart: you know, you're saying what i've been saying, that the
market is down and i don't know why i'm forecasting this but my fear is the market is down and stays down. you seem to be saying that exactly the same thing. >> i think we have lower to go, stuart but i don't think we are going to stay down and there's so much capital globally and money is always chasing yield, it's going to chase appreciation the united states and the equity market then the u.s. are certainly always the cleanest dirty shirt in the laundry and the growth in the united states economy will come bouncing back. i mean, right now we're growing and even if we fall into a recession, it'll probably be fairly mild. the feds not going to crash the economy and if inflation doesn't abate to 2% which it's not going to, i think they are going to live with, we'll have to live with around 4% rate because the fed is not going to go overboard and throw the economy into a depression. this is not going to happen, so when investors realize that there will be a pivot at some point, then guess what? everything will be on sale.
the market will bounce pretty i think strongly within a couple of quarters but we're not, that's not on the horizon just yet. stuart: this morning the bank of england pivoted big time. they are now loosening the money supply. they are increasing the money supply. they are doing a pivot. do you think that might encourage our fed to do a pivot a bit earlier? >> no. i don't think so, stuart. what i believe happened in the uk is rather frightening for the rest of the world and again, for u.s. equities. i think what happened there is they are worried about some of their pension funds. the volatility in the uk guilt market in the bond market has been extra ordinary. we're seeing unprecedented moves institutions that are buying or shorting are getting absolutely destroyed. we'll see in the u.s. when u.s. bank earnings come out how they are trading departments have done, but in terms of the uk, what the bank of england had to do i think was send a message to markets that we're
here, if there are liquidity issues, and there are. stuart: does that negatively affect american stock prices? >> no. it's not going to have any impact on american stock prices other than recognizing, actually it'll be some kind of a positive i think investors look at what the boe just did and say well if the u.s. market comes to some situation where we're down existentially 50% in a matter of weeks and yes, we know the fed is going to absolutely come to the rescue, barring that it's not, so i think investors will look at that and find some solace if the bank of england will pivot if necessary the fed will pivot but it's not necessary in the united states. this sell-off has been orderly for the most part and will probably continue to be orderly. stuart: okay, we just put up on the screen a moment ago the yield on the 10 year treasury, all the way down to 3.81. when i came into the studio this morning to the office this morning, it was 4.05. look at that movement.
that's extraordinary volatility in our bond market. kind of unsettling, you know? >> yes, it is. stuart: i'm sorry i'm out of time. got to leave you. >> it's very unsettling, stuart okay. stuart: go on finish your thought. >> [opening bell ringing] >> i was going to say that volatility in the bond market is what's upsetting the stock market. stuart: okay, and i can see how you're right. it's 9:30, right now, we're off, we're running, we started with open trading let's see what happens now. right from the start, the dow shows a very small gain. will you look at that level the dow is at 29, 200. a serious sell-off will take you below 21,000, who would have thought? we've got about half the dow 30 in the green, half in the red and the dow is up now 95 points. s&p 500 up a fraction, .17%, nasdaq down a fraction .11%. big tech man, has it been taking a hit recently.
will you look at that apple is down to 147. meta was a winner now it's down $0.06, alphabet, microsoft, amazon are all down. let's stay on apple for a minute they are ditching plans to increase production of the iphone 14. what is the issue? lauren: it's demand. so there is big demand for the expensive iphone 14. the pro max, but not for the other models. a bloomberg is reporting that as a result apple told its asian suppliers and you can see their stock prices are down too today, don't increase production. stick to that original plan that we first said 90 million units so don't increase it by 6 million. dan ives says his tracking shows that demand is really big for the 14 but maybe just for some models. stuart: not often you see a stock like apple fall, it was down five bucks earlier now it's down three and a half. you don't see that movement very often but now here is some real movement look at this. biogen. look at the gain. lauren: wow. stuart: i know why their
alzheimers drug is showing promise ain't that right? lauren: lesenimab is the name of it. so many families are affected by an older person getting alzheimers dementia. surprise phase iii trial of this biogen alzheimers drug help ed as a win. it helps slow cognitive decline in patients of the early stages of alzheimers by 27% in a year and a half. that's pretty significant. likely, they have enough data to get regulatory approval here, and it's being hailed by the wall street community as a potential blockbuster and that's why this stock is up 40%. stuart: i can see how it could be a blockbuster. lauren: very little treatment on the market right now. stuart: when you get older and start to forget things you immediately think have i got alzheimers? lauren: 6 million americans have been diagnosed with alzheimers specifically a form of dementia. stuart: the stock is up nearly 40% right now good stuff. general motors they told their employees you've got to return
to work three days a week. how did that go over? lauren: not well at all. i just don't understand this. it's three days a week. this is a hybrid schedule and the employees don't even want to do that. so gm sent that announcement on friday. so much backlash over the weekend that yesterday, they clarified their message in an e-mail to employees saying the three day a week return to office policy will be left to the individual teams meaning don't freak out, and we'll get you more information in the next few months. look, companies continued to delay, delay, delay the return to work. people have established patterns at home. none one will want to go back, but i do ask a question. maybe it exists tell me if i am wrong but has anybody working from home been promoted recently if you don't have face time when other people do can you move up the chain? stuart: we should make the point that general motors is referring to its office workers know the to its factory workers. lauren: correct white collar workers. stuart: then there's lyft. intriguing story stock is down
66% this year, they are now pausing hiring, i believe. lauren: so it's a complete freeze on hiring here in the u.s. , because they say their own costs have insurance, inflation, salaries, they've spiked 36% but a hiring freeze doesn't save money, but i think it's a warning that okay, maybe the real saver of money is the job cuts so this freeze could be a pre curse o cursor to that and it's the warning that they put out, we need your best performance, because we're freezing hiring, you know what comes next. stuart: let me bring back to the storm to some degree, the effect s of it, amazon closing warehouses in florida. do we know how many, all of them lauren: all amazon is confirming is they are temporarily pausing operations at some of their sites in florida for safety reasons related to hurricane ian reports do say they've closed warehouses near tampa and orlando until friday. so for the next two days. stuart: okay, can you make this story interesting?
blackberry. they reported solid earnings but the stock is down 5%. lauren: so blackberry is not, you know, the old version of the iphone, anymore. it's an internet of things company and a cybersecurity company. those are their two main businesses, and guess what? their big customers are pulling back, when it comes to cybersecurity. that's a little bit scary right now so they say that unit did not do well. revenue fell and they don't see these customers increasing their spending for the rest of the year. as for the internet of things, that is booming, revenue is up 28% in the quarter there, but if you think about it blackberry's software is in 215 million cars, electronic vehicles, right? i mean, this is how we're informing the way we do things. stuart: why would companies cut back on cybersecurity at this point? just general cost cutting? lauren: that's a very good question because now that's where you should be spending your money. dan ives says he picks palo alto all the time. stuart: he does.
lauren: he says cybersecurity over and over and we should ask if blackberry is included in that. stuart: bring him back. look at the market overall, the big board up 30 points at 29 , 173. lauren: the dow was up 37,000 nearly back in january. stuart: right. lauren: that's a lot of thousands of points coming down. stuart: 29 grand. dow winners amgen at the top, merck, caterpillar, s&p 500 winners biogen of course with this alzheimers drug or treatment whatever you want to call it, up 42%. newmont gold up 3%. nasdaq winners again biogen is at the top, netflix is up 3%, ve rtex, charter communications on the upside. the 10 year treasury, watch this yield, it's now at 3.82%, all over the place today, as i was saying earlier, at one point today it was at 4.05 now it's 3.81. price of gold 1,653 up a bit today. bitcoin is at 19, 100. the price of oil still well, no,
a little below 80 bucks, 79.42 on oil. nat gas coming down to 6.62 the average price for a gallon of regular gas on the upside again, yeah, it went up another $0.02 overnight to 3.76 and look at that. that is california, the average for regular is 6.03 it was 5.49 a week ago. i believe they got refinery problems in california. coming up, a new op-ed says president biden thinks the stock market doesn't matter. liz peek wrote that. i'll tell you why the stock market really does matter for most americans. halloween just weeks away, but now the drug enforcement administration is warning parent s hey, you've got to be on high alert after officials seized 15,000 fentanyl pills dressed as candy. disguised as candy and there's this. the governor of new hampshire, chris sununu predicts a reckon ing this november for the democrats. he's here on that later in the
stuart: the dow is up 33, the nasdaq is down 19. not that much price movement in the last 10 minutes, we'll see how the market closes of course. ford motor company, making a $700 million investment at a plant in kentucky. what are they going to build? lauren: old fashioned big trucks with gas-powered engines. stuart: really? lauren: yeah, really like the super duty, and the expeditions and lincoln navigator. so here is the deal. ford spends billions of dollars on electrification but says look our big trucks are selling before we even make them and they are not abandoning that market so this is a $700 million investment it creates 500 jobs and kentucky says it's one of the biggest investments they have ever gotten from a company. stuart: i didn't know you were allowed to invest in combustion
engine cars these days. lauren: shouldn't be doing this story. stuart: look whose here now. the car man his name is gary gary gasteleau in new york city. you've taken a look at the super duty truck, i guess, right? is it electric? >> it's not. it's not hybrid either. this segment is not ready for that. ceo jim farley said look when you're towing boats and big construction equipment around you need the range, battery power is not there when you have these huge trail or s, f-150 lightning becomes electric but towing long distances battery power is not there yet. he also pointed out in california where the agriculture industry is that's one of the super duty's biggest markets the new electric carman date coming, it excludes vehicles like this because they know this market is not ready for them just yet. stuart: well is the super duty a giant version of the ford f-350?
what is it? >> it's the f-350 through the f-550. now, ford combines all of them into sales and they say we've got the best selling truck but this specifically, they built about 300,000 of them last year, responsible for about $15 billion in revenue so this is a big product for them. stuart: $15 billion in revenue. that's just from the super duty series? >> just from the super duty which makes up about 40% of f- series production right now stuart: that's more than some airlines isn't it? >> more than southwest airlines , more than marriott international they pointed out yesterday so very significant model but look its got the old school v-8 engines gas and diesel, but they are updated and has a lot of technology in it as well 360-degree cameras. this has a system now where it will back itself up to match up the hitch to a trailer. just using the screen its got new wide screen display, still what i like to call the golden knobs you can use for the radio and the climate control with big gloves because though touch screens get tricky there, but this thing is a very techy truck
just still going with gas and diesel and ford will hold the vision, ford blue, just for internal combustion vehicles and put a lot of money in that aggressively investing in that while some of the other brands have committed to go all electric ford is not there yet although they are going to be building the electric vehicles as well. stuart: this is fascinating. it's a huge push to go electric, got to go electric, and then ford comes around and they are building a giant gas-powered truck. >> what farley said was the industry is not monolithic. there's electric, there's internal combustion engine, hydrogen power who knows what else is going to be but the idea it's all electric for every possible segment just is wrong at this time. stuart: but is the government going to let me make that choice in california, you can't buy gas powered car after what is it 2030 or something? >> 2035 is all electric for the light duty vehicles. this one is not ready so the heavy duty trucks are excluded for now although they are talking about putting newman dates on those and look, there's electric semis coming out right now most for regional use, but they are aiming to make
long-haulers but it's still, you know when you have a truck that can go a long distance on electricity you need a huge battery pack for it and the super duty class there's just no way to make that work economically. stuart: got it. gary good stuff thanks very much indeed, sir appreciate it. so bring back lauren, because dodge is delaying the reveal of its last-ever v-8 powered muscle car. lauren: the ones with like 800- horsepower. stuart: yeah. lauren: supply chain issues. they didn't specify, maybe a chip issue i don't know. this one is secret. we don't know the horsepower and the other specs yet, and it's the last as you noted dodge muscle car that will not be electric, because in 2024, these two go electric and i was just talking to gary who thinks that this new one will be a challenger, and to make an electric challenger, for instance, what do they do? >> they have the pipe organ fret sonic sound system. i forget what it's called basically works like a pipe organ to create a fake exhaust
been steady used in speakers and digital sound track. this actually pumps air through a system of tubes on video it is pretty cool. i haven't heard it in person. stuart: just to create the sound the roar. exactly and they added gear shifts to the electric muscle car, even though you don't need gear shifts just to give you that effect of going through the gears while you're accelerating. stuart: fascinating. all good stuff. i'm learning a lot. thanks very much, gary, lauren. coming up the new york times is calling republican election ads deceptive and racially divisive. we'll get into that. fox weather tracking hurricane ian. the monster storm close to becoming a cat 5 storm. winds now of 155 miles an hour and it's bearing down on the gulf coast, just north of fort myers. we'll bring you the latest in a moment. .
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and follow the plan, it works. psoriasis really messes with you. try. hope. fail. no one should suffer like that. i started cosentyx®. five years clear. real people with psoriasis look and feel better with cosentyx. don't use if you're allergic to cosentyx. before starting get checked for tuberculosis. an increased risk of infection, some serious and a lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist stuart: ian is a slow-moving category 4 storm. it's threatening more than a million homes along florida's gulf coast. fox weather nicole valdes in tampa. fox weather is reporting that the storm surge could be as high as 18 feet. now my question to you right now
, nicole, is the water actively being sucked out of tampa bay? >> we are seeing that right now , stuart. behind me, bay shore boulevard you'll start to see a lot of the actual dry area where the water usually sits so you're noticing that effect, that bay start to be sucked into water rather, sucked into the bay and that is unfortunately one of the first impact we'll start to see as we talk about that threat of storm surge and eventually that water will come back and it could come over on to shore. unfortunately, as hurricane ian moves on to the florida gulf coast here, we're going to see the storm hit and we're going to see it happen very quickly and it's going to hit hard. moments ago governor ron desantis said it is no longer possible to safely evacuate your home if you have not done so already, so the message now, it is time to hunker down and prepare to brace for this storm. he says he wants floridians that
are still home to treat this as if a hurricane is approaching them. do not go outside. make sure you're in a shelter at this point as we're starting to feel those winds pick-up and still seeing that consistent amount of rainfall. i want to show you quickly what the storm has already done in the florida keys. third-highest storm surge there, ever recorded and unfortunately, we saw some dangerous video of people going out in those conditions, trying to take photos. it is absolutely not what we want to see. we do not recommend that by any means. meanwhile, we also saw last night reports of tornadoes in areas including broward county. the national hurricane center emphasizing the potential risk here of those catastrophic flood , winds and of course the storm surge we were just talking about, stuart. stuart: nicole, thank you very much indeed. right in the middle of it there. frank shevas is with us with the bay star restaurant group joining us now. frank? what's it like exactly where you
are now? >> right now, it's just starting to get cranked up here. winds are blowing about 20 to 30 knots and we're sitting down here behind salt rock grill and we've got 10 or 12 commercial boats out here that we're just retying up because of this tide getting so low and we're getting ready for this storm. it's coming here. stuart: we're told, fox weather is suggesting, that there might be a storm surge as high as 18 feet. just speculate for me, frank. what would that do to your restaurants where you are now if you got a storm surge like that? >> it really wouldn't be a real good thing and let's hope that doesn't happen but we're going to be as prepared as we can be and what the outcome is what the outcome is, and i think in tampa bay right now we're a little blessed because the storm unfortunately is going south and
that's probably the best scenario for the tampa bay area, not so much for the people down south of us. stuart: what's your insurance situation like? >> [laughter] we're some self-insured and some not. stuart: that doesn't sound great >> we'll look at that after the storm goes by. stuart: okay, you're standing right next to one of your restaurants now. are you about to close it? >> it's closed. its been closed since monday, and the reason pinellas county chooses to do that is because we're on a barrier island and it gives, it's very smart for how they do it. they get everybody off these barrier islands first and then trailer parks, they get people out of there, so our community is really on top of this. stuart: excellent. frank chivas, bay star restaurant group. thank you very much for joining us sir we appreciate it and the very best of luck to you. >> thank you. stuart: yes, sir, you got it.