tv Varney Company FOX Business April 16, 2021 9:00am-12:00pm EDT
maria: welcome back. thank you to dagan mcdowell and james free when. have a great weekend. dagen: you to. maria: we will see you next week. i will see you tonight on wall street. "varney & co." begins right now. take it away, stu. a. stuart: good. even the most casual observer would surely have to complete -- say this economy is a rocketship in this market is indeed melting up. even those of us who have been around a very long time are surprised, perhaps even shock that was going on. i'm going to reduce this to dollars and cents, the money tells the story. look at this. since january 1, the value of all publicly traded stocks has gone up by an enormous $4.5 trillion, that's just this calendar year.
a little over three months. us since the stock market low march 23, of last year the value of stocks has gone up by $22.4 trillion. the economy is opening up rapidly. we are shopping, traveling, socializing again. two rounds of stimulus checks have gone out with more to come putting hundreds of billions of dollars in consumer's pockets and we are very close to the safety of herd immunity. so, folks, sit back, wash financial history. we are living it and you are watching it. it's friday, april 6, "varney & co." is about to begin. ♪♪ [laughter]
stuart: forget the music, i just made another mistake. it is friday, april 16. i did the mistake again. sorry about that, folks. please lovestruck the markets. my contention is we are in built-up mode and i believe that's where we are. huge rallies this week and we are going up again this morning. right now, we have the dow jones of about 70 points with a strong gain for the nasdaq. i want to get to dogecoin, the crypto currency invented as a pure joke. come on in, check susan let me say good morning -- i'm going to call the idiot coin. susan: no, no, no. stuart: listen to this, wait a minute, you tell me you tell our viewers what happens with dogecoin last night and why it happened. susan: there's actual value, by the way, in this crypto currency so last night
conagra which makes slim gyms and the ceo giving a shout out to dogecoin on the earnings call legitimizes like bitcoin has been legitimized and yes institutions are willing to buy into it and maybe allow more trade in dogecoin in the future. that's you laughing right now in my ear. four 100% up in the week, dublin overnight. stuart: yes, yes. wait, wait, i'm not disputing value, but imagine the guy from conagra mentions dogecoin in conjunction with slim gyms and the thing doubles overnight. robinhood had to close down trading in dogecoin , doggy coin, whatever you want to call it an bitcoin and it has value, really? susan: people are piling in and also elon musk tweeting about it as well, so i think there's real value if you bought in at the start of the year because if you put in 1 dollar, you are up 6000%,
$6000 in four months i mean people like that type of value. the system is overloaded last night and they even tweeted about it this morning restoring the service they say. a single person most responsible for the meteoric spike in dogecoin elon musk tweeting parking at the moon meaning dogecoin prices are going to the moon spurring on the reddit, wall street bats coming from the retail crowd and i guess when they are locked and loaded with stimulus checks they will spend on what they like and i guess what elon musk tells them to buy matt's dogecoin right now. stuart: whatever you say. [laughter] okay. coinbase. i think it slipped a bit-- no, it's gone up again pure give me the story. susan: broke below 320 yesterday .
you have to laugh at this all hot under the collar under crypto currency. this morning we had turkey banning all financial payments using crypto currency and that includes bitcoin that's a drag on coinbase and also why some of these typical bitcoin place, but do you know who is buying and giving a thumbs up to coinbase, cathie wood know she is the fund manager of the moment and she bought another $100 million, so that's $352 million in two days that she owns in coinbase. stuart: get back to reality and check the real stock market. kenny polcari is our guest of the moment and he joins us right now. let me deal first of all with the market, kenny. i think this is a melt up. what to say you? >> i agree with you because every day we wake up, all the
indexes are marching higher, 10 year yield coming down giving more excitement. on top of that you have earnings of which we have only had say 45 or 50 s&p company so far, but 88% are beating not only the top and bottom line but the estimates by greater than 20%, which tells you a couple things here tells you either the analysts were fairly conservative or companies were cautious with information they were giving out or this recovery has caught everyone by surprise and it's gung from here so i think it is absolutely the fear of missing out that it will never come down again if the housing market it's running away and my fear is when it stops and everyone is invested there will be a void in prices and you will see the market you know pull back and correct itself, which honestly is good. stuart: no one knows when you are going to get that pullback. everyone expects it, but no one knows when it comes and no one knows what sets it off
my point could be, suppose there was a complete selloff in crypto's like dogecoin, for example. a lot of people will lose a lot of money. may be they have to sell other assets to cover losses in a dogecoin or something else and other assets go down in price. i mean, that could be the catalyst for setting up a selloff in stocks. >> it could be. something i think it's us out of left field that we are expecting that you describe could happen. i'm not so sure it will happen in doggy coin or dogecoin, whatever you call it, it might happen if you get it in bitcoin or ethereum , i think that may be a bit more veracity or legitimacy. i'm not sure i'm buying this whole dogecoin yet. i don't care who talks about it, but i'm just not into dogecoin. bitcoin yes, ethereum, yes because i've jumped on that
side of the fence, but if we see a go back like that for whatever reason then you will see buyers step aside with a void in prices and the s&p will come right back down. even if we come down to the 58 average which is a trend line, that's only down 5% from where we are. i don't think anyone should get really upset or concerned, but if it starts to really fall out of favor, if the market comes under pressure you will see a void for a little bit the correction will be swift. stuart: i have 30 seconds left. dow jones at 34000, going where, s&p 4100, going where? >> so, i said it this morning in my note, now, we are almost kissing 4200 on the s&p, it's not hard to look at 4400 on the s&p as the next target. that's only 5% move up from where it is.
up 16% is not necessarily out of the question if the recovery remains robust, if rates stay low, if earnings continue to surprise, if the micro data comes in strong in the months ahead, so i am saying 3400 s&p is not certainly out of the question at all. the dollar continues to move higher. i watch the s&p. right away i have a point on the s&p. stuart: i think we can agree at this moment in time, we are in a melt up. that's where we are, not a bad place to be. kenny, thank you. >> have a great weekend. stuart: i'm going to change the subject completely. getting a little hot under the collar about dogecoin so let's move on. congressman jim jordan grill dr. fauci on when we will get our freedom back. roll tape. >> we had 15 days to slow the spread, turned into one year of lost liberties, what metrics, what measures, what
has to happen before americans get more freedoms? >> i look at is a public health-- >> you don't think liberties have been threatened the past year, they've been assaulted, their liberties have. >> i don't look this as a liberty thing. >> that's obvious. to me the number when we get our liberties back? >> claiming mike time. >> order. >> your time has expired. >> you need to respect the share-- chair and shut your mouth. stuart: i'm going to ignore the short-- at your mouth, and move tn to dr. dr.akary whoy itis wh us. us a strtgh answerr t t g en we cen we canully fully reo?? >> sartu t thi te's t id ofid of beirongei. he tks in galitiesalities pe arepe gngngstrad now t are tin t to ak akim downor sngng thatthat is an ansr. as tas to giv g pe e somethsomethino look lookorwakrd andd wha phant doee tr si on roon mtate of emncy,em ah emergcy to a a a b flu sn?n?
weay baye towow b ctioct p psistnd s of o o o oountryryry but bnn un po it'sotngng t bend so s aot se e pelicchhhrea it was a. stuart: okay. let's get serious. ceo of pfizer says a third shot is likely needed 12 months after the full two shots. do we therefore have to get an annual: shot? >> i don't think so. i think you will see companies and their surrogates out there talking about boosters and annual shots really to start setting public expectations, but companies don't want to surprise people if a third it does or annual dose is necessary. at they want to start shaping public opinion and that's why you see the ceos out there and others talking about this. we will hear more and more about boosters. over the summer, when we are in a good place with
infections we will hear a lot of talk about boosters. i've talked to virologists, about half say probably and the other half say that our current immunity with vaccination may be natural immunity is probably lifelong, so we don't know, but boosters are not a sure thing i used to think we need them and now i think we probably may not. stuart: i don't know what that noise is in my air, but are you prepared to say that this virus, covid in 19 is really winding down and is almost gone, would you say that? >> you know i use that term in the past almost gone and i wish i would have said very low levels. we won't extinguish the virus. when i suggested herd immunity at the current projections in february would take hold late spring, there were a couple things we didn't account for and what is the outbreak among young people and the other was the b117 strain that is more contagious, so we will get to a good place.
we will have what i would describe as a normal summer. some people will be concerned. we will have low rates of infection and if we look at the uk and israel, we don't have to guess what is going to happen. they have crushed their pandemics by hitting higher rates of vaccines . stuart: that's what i was looking for, a normal summer, some people wearing masks, a lot not in a normal summer. doctor, that was music to our ears on a friday morning. thank you, dr. makary. see you soon. i'm going to take this opportunity to calm down and tell you that friday feedback will be on the show at the end of the program today. one viewer says, i remind him of a bus conductor in london that he met in the early 1970s and wants to know if it was me, that's a good question because i was a london transport bus conductor in the early 1970s. i wonder if our reviewer actually met me. we will find out later.
again, let's get serious, democrats lay out their case to pack the supreme court but listen to how they are trying to spin their plan. watch this. >> enable us to do justice and to rectify the great injustice that was done and packing the court-- some people say we are packing the court, we are not packing it. we are unpacking it. stuart: really? unpacking the course, jason chaffetz joins us and he will express his opinion in a moment. let's check futures. nice green on a friday morning. we are going up even more at the opening bell, which we will cover after this. ♪♪ ♪♪ ♪ ♪i've got the brains you've got the looks♪ ♪let's make lots of money♪
act now! >> united states supreme court is broken. it's under balanced and it needs to be fixed. we must expand the court and we must abolish the filibuster to do it. our democracy faces its greatest test since jim crow. the far right is at war with our democracy. >> some people say we are packing the court, we are not packing it. we are unpacking it. stuart: you heard it there on your screen this friday morning, the push to expand the supreme court. look who is here, jason chaffetz himself. the democrats just said, you heard it, it's the republicans who packed the courts and i guess that's when they refused to consider america garland for the supreme court. what you that? dare you pack the court, what you say? >> i think it's a plea of desperation. i think they are picking up
the political remedy and there's nothing in principle that's wrong with the supreme court other than the democrats wish and donald trump at lawson he didn't get to pics on the supreme court. democrats have long had the majority on the court, but these five members of congress out of 535 are asking for radical solution that's purely political and has nothing to do with actually fixing the court. i think they are a bunch of crybabies and i don't think it will happen. stuart: speaker pelosi is not going to let the court packing bill reached the house floor. you conclude it's going nowhere and i would agree with that, but it could be a huge embarrassment for the far left, couldn't it? republicans could use that very well. >> yeah, there's two things happening here behind-the-scenes. number one, it's really about the filibuster. if they break the filibuster, look at because everything from d.c. statehood, puerto rico statehood, supreme court
and that's all back on the table, but i don't think they can break that down. i hope not. what president guided-- president biden did in setting up the commission i think they set the bar so high now saying we willie reconfigure the court, but the commission of 30 plus different legal scholars will come back and may be the democrats come back and say well, we should put term limits or some other reconfiguration of the court in place. i think that's a realistic-- it scares me because i don't think the court is broken, but i think that may be the consequence. reach for the moon and settle for something that's a lot less and then it appears reasonable even from the starting point of today it's unreasonable. stuart: exactly. you throw every radical plan under the sun at the wall and see what sticks and what you can get away with. i think that's where we are. jason, thank you for being up with us so early. i don't know where you are,
but it seems very early. >> thank you. stuart: good news on the housing market. susan: oh, yeah. stuart: we could always use good news. susan: real estate boom. housing starting at the highest in almost 15 years in the month of march, higher than anticipated. looking at 1.739 million . you have to go all the way back to 2006 to find this type a number, also building permits were up to a half percent to 2.7% in the month of march and this goes to show whether it's existing home sales or new-home sales that we are looking at the hottest real estate market we have seen in over a decade, maybe a decade plus. stuart: this is very good news because the problem is housing is a lack of supply. people don't want to put their homes on the market but if you are building 1.73 million new homes per year, if that's the case, that could take care of a little bit of the supply
problem. thank you. we will continue to argue about idiot coin later. susan: stop. stuart: the dow industrials will open about a hundred points, well above 34000. stay tuned please because we will cover this huge rally. that's get back to dogecoin. i'm going to call it idiot coin. i don't care what you say. it had an extraordinary night and we will tell you the story all over again. first, say good morning to denver colorado. it's billed as the mile high city, denver, colorado, literally a mile high. we'll be back. ♪♪ ♪♪
lease the 2021 is 300 for $369 a month for 36 months. has you swamped. you need to hire. i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventy-five-dollar credit when you post your first job at indeed.com/promo stuart: the rally continues. the dow industrials will go up another 100 points plus at the opening bell. at the nasdaq a more modest gain but well above 14000. coinbase went public a couple of days ago. the reference price was 250 and this morning it's 322. that's the state of play with coinbase, but let's talk
dogecoin, up four 100% over this past week . incredible, is it not? joining us now is jonathan hoenig. jonathan, you may have seen that cage five discussion i had earlier with susan. the guy from conagra mentions dogecoin in connection with slim gyms dogecoin doubles and a couple of minutes. i think this is ridiculous what say you? >> it's the greater pool theory. calling it a fool's game, but there's a lot of foolish investing going on, i mean, it's a risk on these days for everything, stocks, gold, bond and crypto. one of the reasons we have seen the massive influx into stocks as you said more money is coming to stocks in the last five months than the last 11 years and a lot of it has been going into crypto. i think it's a speculative company, you can say you have a right to an asset. you are talking about dogecoin, this is a crypto
currency that started as a joke based on a meme. to me that says we are more likely for the eighth inning of fiscal run rather than the first or second. stuart: you run a hedge fund. you manage money for a lot of people. how do you manage money in an era where all kinds of assets are going to the moon? how do you decide which asset has real value and worth investing in? >> you have to stick to the fundamentals. more than anything your own perspective, your time horizon and if you are truly in it for the long term, thousand points up or down on the dow jones should make a difference, but we have seen the story before when it comes to dogecoin, it was vet-- web and in the 1990s or be the-- beanie babies before then. i'm watching coinbase and coinbase breaks below 300, to me, when it cannot even hold
a 300 and heads back down towards the reference price it says to me that all these heads that have been spinning has finally stopped. that could be the canary in the coal mine for the whole thing. stuart: we will watch it with you. jonathan hoenig, thank you. obviously having a good time at the nasdaq. trading has begun. not sure who that guy is. we are often running. immediately the rally continues up 154 points. obviously hitting yet another all-time record high. that's an intraday hi, if you want to be tactical in virtually every stock on the dow 30 is up except for apple , except microsoft. salesforce, apple, microsoft the only dow jones stocks which are down with the dow jones up about half a percent s&p 500 up one third of 1%.
nasdaq having seen what's happening to apple and microsoft, not much of again there is any, fractional upside movement for the nasdaq. let's look at all big tech. we have apple, microsoft down, google is up a fraction, amazon is up a couple of bucks. facebook just moving a little bit higher, so not doing much in big tech this morning for more and more hedge funds, we are told, are adding crypto's it to their severe susan, having recovered from our discussion earlier this morning, who has joined the hedge fund list? susan: i came out unscathed and if we are going to cage fight, i fight dirty, just a warning. stuart: okay. [laughter] which hedge funds have gone into crypto? susan: one of the largest in the world and they will spend about 1.5% of their flagship, $5 billion fund on crypto and yes that includes bitcoin,
but also they say a wide range of crypto currencies and that might include dogecoin. that's all the rage right now. it's pretty clear that as more and more traders and institutions in big companies are getting in on the pros are getting on board and that's only going to boost the price of some of these crypto currencies with more adoption and more people using it. stuart: i see the point. bitcoin this morning 61000, down nearly 4%, but 61000 is still $61000. now, let's move on to draftkings work on pretty sure they are rallying, to and half percent. susan, let me guess, they have a deal with the nfl. susan: big deal because it's not just draftkings, we should check in on caesars and fan duel, the agreements are worth the billion dollars combined for all these players over five years with options for third and fourth year meaning they could cancel after two years, but the nfl sign broadcast deals last month, under billion dollars worth for more than a decade with the likes of
amazon, fox and others. this is a win-win partnership for fan duel and draftkings since there will be partnerships with the nfl broadcast where you will see the betting odds. the whole new world we live in here, i hope you are getting used to it. stuart: you are trying to introduce me too. thank you very much. susan: you are fighting it all along. stuart: i am. i'm an old guy. i did not scream, i do not scream. i shouts. dow jones up 186 points, that's about a half percentage point-- there has to be some big movers. susan: you should hear the banter of the producers in my ear when you said that. cisco got an upgrade today to outperform by wolf research and they are saying looks like the increase spending in this covid recovery will be a tailwind for cisco and they say the stock could climb to $63 and also check in on because we just got news from carnival cruise lines and they are going ahead with it
their european itinerary and will start their cruises starting from may to october and that's despite the fact that we have a reemergence of lockdowns and covid cases once again in europe. we still don't have a sale date in the u.s. stuart: it's the cdc holding things up in america, i mean, florida is assuming that the government to try to get them to let us go, let the cruises go. carnival is taking back up again in europe. i have a list of winners among the dow jones. here's the top winner, cisco systems. you heard about that from susan, j.p. morgan, caterpillar, american express on the list of big winners among the dow jones. s&p 500, png industries is the top winner, 10% higher and so on down from there. nasdaq, not doing that well big tech is under pressure. of the leading stock and biggest gain or is alexi and pharmaceuticals at the top
here how about tesla? i think test-- it's down $10, 728. on musk showed off his cyber truck again susan, is there any significance to him showing it off again? susan: is bringing it to where they will build it at the austin, texas, giga factory so he rolled out the prototype of the new truck and as you can see he was all smiles showing off the cyber truck design and boosting, you can see him amongst workers and this prototype is not been seen in a six months to. you have to go back six months to see it on the streets of l.a. confirming that he was in austin driving the cyber truck around the site where it will be built. he wants to start cyber truck deliveries, not just production in 2021, later this year end he's also ramping model why productions at the austin giga factory and ramping up quickly in the back half of the share. getting back to the broader stock markets, tesla is falling today but tech is
coming off of a huge day yesterday. we had the 21st record close for the s&p in 2021 so a bit of a breather after the rally , up two or 3% for some big tech names because the yields have come down. stuart: absolutely. you are right there, susan, i will give you that. susan: always. stuart: the fact that they are coming down this morning is of no real consequence, only down a fraction. i went to see netflix dow jones is up 200. let me show you netflix, down a couple of bucks, but isn't there an analyst who says netflix is in for a big tumble? susan: web bush says netflix is overvalued and could drop 37% to $340 in the next year coming down quite a bit because the streaming giant will be forced to spend more on content, which will weigh down profits so netflix reportedly spends around 13 to $14 billion a year or so
on content, but also recently remember in january, they said they will start making money, i mean, profitable and stop borrowing this year, maybe even buy back shares, but we know the contact-- content race with amazon spending $11 billion on the content they put on their service to. that's it works since dreaming you have to spend to keep people paying and eyeballs watching. stuart: yep, wedbush says it will go down a couple of hundred bucks. that's interesting, 340 from a 540. that's a big drop. meanwhile dow jones up 210 points. the economy is opening up. profits are fantastic. stimulus checks are going out, and we have a stock market rally for the ages. as for the 10 year treasury, 1.57% right now. gold, not in the picture recently.
1776, that's per ounce of $9. oil $63 a barrel. the average price per gallon of of gas has gone up a little $2.87 and that means gas is a $1.4 higher on average from this day, april 16, last year. this is the story that wall street-- this is a beyond the wall street bonnet, that deli is a new jersey. it does a mere $35000 worth of business in two years, but that deli is valued at $100 million in the stock market. we will try to explain that. some people are making the case for a fourth stimulus check. sounds like a dangerous inflationary road to me. i will ask mick mulvaney about it. that's up next. ♪♪ ♪♪
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stuart: it's a melt up, the dow jones up 160 points, 34200 almost. i will tell you about that is the show proceeds. looking at vaccine makers, "wall street journal" says j&j asked pfizer and moderna to join a study on the potential risk of blood clots appeared both companies declined according to the journal. if you remember, the blood cop-- clock problem because many people around the world, many authorities to pause the administration j&j vaccines. the stocks are up this morning. then we have china's economy, blockbuster news there. boy, is it expanding and expanding rapidly. susan: you say that, but 18%
growth, i mean, that was blockbuster for anyone else, but that's actually less than the 19% that economists forecast for the world's second-largest economy. dig deeper into the numbers and it was only up a little bit more than half a percent for the last three months of last year so it order over quarter growth, slowest pace in a decade, not good news but china's export engine is helping the economy recover in driving china's economy and also one point in this judy he is that china pulled more than $1.1 trillion in u.s. debt in treasury so that's the highest amount that china owns in u.s. debt since july, 2019. they are still the largest foreign holder of u.s. treasury debt. stuart: aren't they kind it to lend us so much money. [laughter] susan: it's also leverage, economic leverage and power. stuart: exactly, that's what it's all about. the economic security project
i suspect this is a far left group, but this is what they say, americans still need another stimulus a check, a fourth stimulus program. what would mick mulvaney say about that, i wonder , well i will ask him as he is here right now. do we need, at the left demands, a fourth stimulus check for all of us? >> no. good morning, stuart. your instinct is correct, that's a hard left leaning group. i don't think anyone really takes it seriously from an economic standpoint, but what you are seeing now is the continued disconnect between economics and politics to the democrats are going back to the old playbook. both parties have playbooks, but one of the democrats playbook is to never let a crisis go to waste so you will hear them cry and justify as many of their policies as they can, using the economic crisis we are now on the way out of so, no,
i don't think anyone really sincerely things we need another stimulus check from an economic standpoint, but this is not a discussion about economics. stuart: i saw study this morning that if the president puts the corporate tax rate back up to 20% and you add in state corporate taxes, you end up with a corporate tax rate of around 32%, which would be higher than most other countries in the world. what do you make of that? >> here's my question to my democrats, i have asked a couple this and have not got a straight answer yet, which is what are they trying to fix economically, not politically, economically. when the trump administration lower the corporate tax to 21% we got the lowest rates of unemployment and 50 years, lowest rates of african-americans, asian americans, female unemployment in the generations yet we had no inflation. it worked, so my question is, what are you trying to fix? what's broken in the system economically and of course
the answer i get is again it's not about economics it's politics. democrats have to raise taxes on corporations because that's part of their political sort of platform. it's not about money. it's about votes and keeping their base happy. all i tell people on the markets and wall street is, don't try to explain what's happening in washington using economics it's all about politics, it's about power politics and it will not change until the republicans take the house back in 2022. stuart: fascinating. the republicans propose $800 billion worth of infrastructure spending and the democrats 2.3 trillion. do you think we will end up somewhere in the middle? >> no, because it's not about money in that circumstance appeared it's about what is the money for, the republican proposal was primarily of the structure. given my democrats have taken the position anything that supports the economy is infrastructure, so that includes healthcare, elderly
care, schools, education, anything that supports it. i think using that definition social security and medicare technically support the economy, so it's not a dispute washington d.c. about numbers for you and i pick a number and we meet someplace in between, we are having a fundamental disagreement over what is infrastructure. if they could agree it's roads and bridges and rural broadband i think you would get a deal, partly slightly north of $800 billion, but it's the language they can agree on and when you cannot agree on language it's difficult to get an agreement. stuart: leftist politics getting in the way. mick mulvaney, always a pleasure. thank you for being with us. thank you. now this, i'm laughing because it's hardly believable, a new jersey jail-- delhi which racked up $35000 in sales over two years is valued at $100 million. susan, let's forget any discussion of dogecoin and
try to explain, please, the value in 100 millet-- 100 billion-dollar delhi and new jersey. susan: it's been shot since march because of covid this is the cost of wall street and is called hometown international, that's a company that owns this single quality in new jersey and the ceo president of the company is a local principal and head wrestling coach at the high school. if you dig deeper, shareholders are actually the main ones based in china's macau territory which is the largest gaming hub in the world. this anomaly was only discovered a hedge fund billionaire david einhorn and his greenlight capital in his letter yesterday pointing to hometown international as a great example of the froth and outlandish pricing taking place in these records stock markets, but hometown international doesn't really trade much and there's not a whole lot of value in stocks and shares that trade on the exchanges so most of it is
over-the-counter and there are concerns about where this money is actually coming from and where does the money come from. do you get what i'm saying? the money is being questioned and i'm getting calls about it as well. stuart: i'm almost as concerned about the new jersey delhi as i am about dogecoin, but we will discuss that later. thank you. businesses across the country are reopening and in many cases one thing is missing and that would be the workers. we will explain to you how government handouts keep workers out of the workforce. that's next and before we go, there it is, that is denver, mile high city literally. a blanket of snow this morning. ouch. hope you are watching, denver. ♪♪ ♪♪ seeing blood when you brush or floss can be a sign of early gum damage. new parodontax active gum repair
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struggle of filling job openings. they are having to work hard at this. ashley webster, good morning. come on in. people are struggling to fill open jobs. ashley: interesting. in the u.s. economy added 960,000 new jobs in march, unemployment rate fell to 6%. 9.7million americans are still out of work, but how many of the unemployed have an incentive to find work when they are receiving employment benefits and stimulus checks? they are more by just staying home according to a study last year by the national bureau of economic research the answer in many cases is yes. half of the eligible unemployed receive the benefits last year and this year to replace at least 134% of their lost wages, 134%. receiving benefits larger than their last earnings and 20% were eligible for benefits that at least
doubled their last wages to the owner of the california construction company says, it's hard to compete with the free money. >> we have lost a few people just by getting a large sum of money and immediately tax-free and they ended up taking vacations, i mean, some of them took time off and it was about two months of not working, so we suffered. ashley: he and many others, his company, they are struggling to find new work as we will get into this more throughout the day. back to you. stuart: actually, thank you. still ahead on this program today, tammy bruce, jason rantz, the governor of montana who just said no to vaccine passports. you can spend your life in boxing or any other business, but one day, you're gonna take a hit you didn't see coming.
and it won't matter what hit you. what matters is you're down. and there's nothing down there with you but the choice that will define you. do you stay down? or. do you find, somewhere deep inside of you, the resilience to get up. ♪♪ [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪ ♪♪ ♪♪ these are the people who work on the front lines. they need a network that's built right. that's why we created verizon frontline. the advanced network and technology for first responders.
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♪♪ let the good times roll ♪♪ stuart: well done, producers. a fine topic of music, as they say. let the good times roll because they are rolling on the stock market right now. it's 10:00 eastern, and looked at this, the -- look at this, the dow industrials at 34,154. okay, the nasdaq is down 52 points. that has a lot to do with this, the yield on the 10-year treasury which actually has begun to move up -- no, it's down. look at that.
1.57%. i cannot explain the losses for the nasdaq. but i can tell you that big tech is down this morning. as susan pointed out earlier, big tech has had a fabulous rally this week. this is just a minor pullback which is hurting the nasdaq, and those big tech stocks which are in the dow, they're hurting the dow as well. latest read on consumer sentiment. now, that's a forward looking -- susan: yeah. realtime because it's the prim preliminary numbers -- preliminary numbers. 86.5, slightly less than economists forecast, but if you go from month to month, this is up from march. april's higher than march, and that goes to show the u.s. economy continues to recover9 with the u.s. consumer with powers about three-quarters of it. stuart: thank you, susan. no real impact on the markets. we're still up 90-odd points to the dow, down 50-60 on the
nasdaq. and now this. one of the worst things about covid has been its impact on education, especially the education of minority youngsters. ing progressives blame racism. i blame progressive politicians, teachers unions and the cdc. what is progressive about denying black and brown kids an education? most have been out of school for over a year. they've been set back years, plural. i don't see progress there. in july of last year, then-president trump demanded that schools reopen. that was nine months ago. but as "the new york times" wrote at the time, distrust of trump -- that's basically trump hatred -- convinced educators, that's the liberal elite, that in-person teaching was unsafe. schools, especially in districts run by progressives, stayed closed. fast forward to the present and
that confrontation from congressman jim jordan and dr. fauci. we're now down to around 60,000 new cases a day, and jordan asked fauci how low the case load had to go before he declared it safe to reopen. he would not and could not give a specific answer. so here we have corid in retreat, herd -- covid in retreat, herd immunity very close, businesses reopening, and we're doing 3 million vaccinations a day. and the last people to see the benefits are our children, especially the minority youngsters in our big cities. that is a disgrace. and a stain on the very word progressive. the second hour of "varney & co." is about to begin. ♪ ♪ stuart: tammy bruce, you usually agree with me. i hope you agree with me now because i think the word progressive is being misused,
and it is a disgrace when it's applied to education. have at it, please. >> well, you're right in most of it, but i would have to say that this is -- it's not even about being progressive. it's about the problem of the teachers union. it's about the nature of what the left has done forever. so there's been a really good education through this, but that's been for parents realizing the nature of how politicized our system has become. and this has taken years, right? this is not just because of covid. this is one of those things on the left where it's a good crisis that they don't want to let go to waste. there's one school district that, upon the idea that things could open, started to demand that black lives matter be included in the city budget, that there was always something more that they wanted to add into because they felt -- and perhaps correctly -- that they could make certain demands that they wanted politically. so this is the really about a
political hostage-taking. we see it, of course, not just with children, but with all of us now, right? and the children, as now we've seen as parents realize, are in the hands of individuals who are trying to politicize and indoctrinate their children as well. we've seen this with the zoom virtual teach thing that parents have, you know, been listening to or sometimes teachers try to ban them from listening to what's happening on the zooms. this is an extraordinary opportunity for parents to really understand that the school system, the public school system is, has become a problem because of the teachers unions. stuart: maybe we can make something of this. i know parents who are just tour yous with about what's going on -- furious about what's going on in the schools. they love their teachers who largely a are going a great job, but they really don't like what the union's doing. maybe, as you say, maybe this is an opportunity to learn from this disaster and move away from -- >> that's right. stuart: -- stalinist bureaucracy
which runs our public schools. do you think there's any real chance of real improvement in education? >> yes, i do. and already we see individual teachers, because your point is perfect. this is the union. it is union leadership. individual teachers, several have spoken out, leaving their jobs because of recognizing that things are going on that they don't want to go on. they want to be able to teach the kids in their class. they know the impact on children, which has been extraordinary. as you mentioned in your opening, the equivalent of the one year being out of school is like the equivalent, one assessment, of four years being out of the social structure. so teachers, individual teacherses also need to begin to stand up, because this is about the highly politicized top of the framework, and teachers, of course, they know the impact on their own work. private schooling can be important. when there's a change, and there
will be in congress9 and the white house, voucher system for that, making sure kids who are in the public system hurt the most in this regard have a chance to be able to get out of this hostage situation because of leftist politics. teachers know this, parents know this and now we know this. stuart: wouldn't it be nice if something positive came out of this educational disaster. tammy bruce, thanks for being with us. hope you have a great weekend. we'll see you next week. thank you very much. >> thank you. stuart: all right. i want to get back to the markets because we've got a little more steam for the dow industrials. we're up 50 points almost, and the s&p is back in the green. market watcher of the moment joins us now. okay, mark, why do you think this bull run -- and i'm going to call it a melt-up at the moment -- why do you think it's got legs, that the it will continue? why? >> well, it does feel a little bit like a melt-up, and the
valuations are lofty. but the underlying, the underpinnings are enormous. whether we like it or not, congress is spending like drunken sailors, and they're flooding the market with liquidity. that's reason one right now. but the fed has also been there. this huge support from the fed and jerome powell's rhetoric that he is not looking to raise rates this year, that crypts will liquidity. liquidity drives markets. there's a ton of cash on the sidelines, trillions in the hands of consumers, all-time high levels on corporate balance sheets, and that needs a place to go because rates are low. it's going to go to stocks. stuart: is there any alternative? i'm using the expression tina,, the-i-n-a, there is no alternative. is this an alternative to melt-up stocks? >> well, there's always an alternative if you're willing to invest in a relatively low-yielding bond market that at least year to date at best has
been flat for investors. so people have turned into short-term thinkers, right, with the 24-hour news cycle and tweets and hints. we want immediate returns -- and hits. and clients don't have managed expectations right now. investors want quick returns, and a flat bond market doesn't excite them. the alternative is risk asset. this is not new. bernanke started it in 2008 when we began this huge quantitative easing and rate reduction. so, unfortunately, investors -- even moderate risk investors -- are stretching their risk ap appetite and going to stocks. stuart: that's exactly what's happening. mark, thanks very much for joining us. i'm sure we'll see you again soon. thank you very much, sir. appreciate it. >> good to be here. stuart: dow is now up 142 points, and i think the s&p is up as well. who are the big moves, susan? susan: let's start with morgan stanley because they reported
better earnings and profits this morning to start the year. in fact, the stock was down over 3% at the market open just about 40 minutes ago, recovering a bit. and the reason the stock is down is because wall street was surprised and disappointed when morgan stanley announced a $900 million loss from the archegos hedge fund blowup just a few weeks ago. morgan didn't specifically say, but i think it was illustrated that they lost money on that meltdown. a sun run, the solar panel maker getting an upgrade today from simmons energy to overweight, and they say they have a frit strong growth -- pretty strong growth story especially with automatic spending on green energy. united airlines is being called a guy, argus research likes the line and their plan to limit capacity by $2 billion, and quantum scape being shorted, as i mentioned yesterday. the stock was down about 10% at
the close. we rarely hear about these short plays especially after gamestop, but scorpio's calling them the equivalent are of theranos meaning it's an outright fraud. those are strong words. stuart: the big investor, is that bill gates? >> yes, he did put money into that, the battery maker which is touting this new technology, but scorpion says it's not true. stuart: okay. well, the market will solve that one out, for sure. susan: good point. stuart: you know what, susan? we're going to go back to doge coin. like it or not, that's where we're going back to, and i want you to update it, please. is it still -- doubled overnight. is it still going up now? susan: yeah. i just checked. it's so volatile. it's like a opinionny stock. it's 40 cents and change --
penny stock. last check was 41 cents and counting. that means doge coin has more than doubled overnight, in the past 24 hours. it's up about 500% on the week and up over 6,000% on the year. so you started off 2021, it was at a penny or two. and now it's worth, if you put in one dollar, you would have made $6,000 back. how incredible is that? the person you can credit with this meteoric rise, elon musk, tweeting doge is going to the moon, meaning prices are going to the moon. also dave portnoy, he seems envious. he says i'm not jealous, i'm not jealous. i think he is -- [laughter] because it's gone straight up and really has been boosted by that wall street bets crowd, the reddit brigade and the euphoria over could be baste's -- coinbase's debut and bitcoin.
stuart: careful, susan, i think dave portnoy watches the show. you might get an e-mail -- susan: he missed out, let's be honest. that's okay, we all missed out. stuart i've missed out on so much. moving on swiftly, sky high. one california cannabis company going public, it's a $567 million spac deal. the ceo of glasshouse is here, and he's going to tell us about the largest marijuana plant, i guess you can call it that, greenhouse, in the world. on your camera now. brooklyn center's mayor wants police to do unarmed traffic stops. in liberal haven berkeley, california, they're already doing that. a live report from berkeley just ahead. a black lives matter activist arrested for alleged anti-asian hate crimes. jason rams is here with that disturbing story. ♪ ♪ you're out of touch, i'm out
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♪ stuart: all right. check those markets. the dow's up 150, the s&p's up 9, the nasdaq is a very small loss just now, down 18 points. bitcoin, by the way, $60,000. that is the current quote. i want to show you amazon. they are reportedly experimenting with a premium service. i like the sound of this. it lets customers is have their furniture or appliances assembled when they arrive at your home. that would allow it to compete
with the companies like wayfair. worst three words in the english language, some assembly required. hopefully, amazon can take care of that. amazon's stock, $3,366 per share. now this, a black lives matter activist has been a accused of violent anti-asian hate crimes. jason ramps, seattle radio host, joins us now. what can you tell us about these alleged incidents? >> so chris hamner is the one who is accused. he is online your modeling progressive blm supporter, he appears to dislike cops very strongly, a big support of joe biden and kamala harris. he hates donald trump, and he speakes out against hate crimes. in fact, a day after the atlanta shootings he posted on facebook, we've all had bad days, but it never justifies hate crimes. and then we find out the day before he allegedly committed a hate crime against an
asian-american woman in seattle. he was screaming vulgarities at her including asian b-word, punching his hands into his palms as if he was getting ready to assault her and her two kids. luckily, she was able to get away, but this was not the only instance that he's alleged to have committed something similar. another instance he allegedly cut off two asian women who were driving and a similar circumstance where he used vulgarity against them, citing their asian identity. throwing items at the car. they thought they were going to be assaulted and they, too, were able to speed away. so he has been charged with one count of a hate crime for the three instances. he just recently posted bail, and now he's out awaiting a trial. stuart: jason, this whole story story of hate directed at asians has been framed by many people in the media as white supremacy.
i don't think the reporting is really very good on this because we've had on this program one person in particular who says that a lot of the hate directed against asians has been directed at them by black folks. do you know anything about this? >> yeah. the data, at least in this area, is true. so in the county overall, there have been 12 charges of hate crimes, king county, seattle, being the largest city here. of the 12, 7 suspected crimes committed by black men. five of them are anti-asian, and of those five, three have been committed by a black man, allegedly. so the vast majority are being committed by black men. now, of course, we don't say this is a black supremacy issue. we don't say, oh, black men hate asian people. we just note that's what the data says. and when there's one instance of a white person who maybe there isn't even any data to tie it to a hate crime, on the left it's
called out as white supremacy, and they do that because it's a political agenda. it is all about a very specific political ideology that says white supremacy is to blame. stuart: jason rantz, thank you for joining us this morning on difficult subjects. appreciate you being here, jason. thank you the, sir. thank you. we turn to facebook. here we go, censoring another new york post story. ashley, come on in. which story, what's this about? ashley: yeah, remarkable story really. facebook has barred users from sharing a new york post report about the multimillion dollar property acquisitions by the cofounder of black lives matter. when users try to share the link to the story, they got this message: you cannot share this link, it says, your post couldn't be shared because this link goes against our community standards. now, in a statement to tucker carlson tonight, facebook responded by saying this content
was removed for violating our privacy and personal information policy. okay. that in turn prompted this tweet from republican senator josh hawley: facebook censoring "the new york post." where have i seen this before? hawley, of course, referencing big tech's crackdown on "the new york post" reporting on hunter biden's laptop, you may remember, during last year's election campaign. but look, "the new york post" reported the blm cofinder, a self-described marxist, recently -- cofounder, recently purchased four homes. blm claims the reporting continues what it calls a tradition of terror the by white supremacists. stu. stuart: really extraordinary stuff, isn't it? censorship all across the board. a. ashley: it really is. stuart: thanks, ash. berkeley, california, is considering taking cops off routine traffic stops and putting unarmed civilians in
charge. claudia cowan is in berkeley. all right, claudia, this is following from the mayor of i think it was brooklyn center who wanted unarmed cops on traffic stops. how's this going in berkeley, california in -- a california? >> reporter: good morning, stuart. this idea has been discussed quite a bit especially recently, but berkeley, california, is moving ahead with a plan to have unarmed civilian withs enforce speeding -- civilians enforce speeding and traffic laws instead of police with guns. last summer the city council voted to create a whole new transportation agency which supporters say will make routine traffic stops more equitable. >> black persons are 2.5 times more likely to be searched in vehicle stops though they are less likely to actually net anything that leads to an arrest. so there's a difference in yield rates between black and white persons. ultimately, as a black man in
america, i'd feel a lot safer with an unarmed person who has a different focus stopping me, and that's just a total change in atmosphere compared to what we have now. >> reporter: rather than commenting publicly, berkeley pd has released pictures highlighting recent traffic stops that have led to big busts of drugs, cash and loaded weapons. while dash cam videos are a dark reminder that traffic enforcement is dangerous work even for officers with guns, let alone unarmed civilians. so it's expected to begin sometime next year, and when it does, stuart, a lot of other cities will be taking note. back to you. stuart: they certainly will. claude a ya, thank you very much, indeed. yeah, they'll be taking notes all right. let's change the subject. more than 125 million of us in america have gotten at least one jab. you might need three if you get the pfizer jab. that, indeed, is the warning from the ceo.
plus, we're going to introduce you to the all-civilian crew headed into space on elon musk's rocket. after this. ♪ -- on ground control, i'm stepping through the door the. ♪ and i'm floating in the most e peculiar way ♪♪ how great is it that we get to tell everybody how liberty mutual customizes your car insurance so you only pay for what you need? i mean it... uh-oh, sorry... oh... what? i'm an emu! no, buddy! only pay for what you need. ♪ liberty, liberty, liberty, liberty. ♪
♪ hey, mr. spaceman, won't you ple take me home ♪♪ stuart: ah, the birds, remember them? they had a nice sound to them. i rather liked them, 40 or 50 years ago. remember when we told you about the all-civilian mission to space? one of the members chosen is with me now. chris, welcome to the show. it's great to see you. >> good morning. stuart: a strange first question. you trust elon musk's rocket? do ya? >> well, absolutely. if you've seen the dozens and dozens of falcon 9s they've been able to land, then absolutely you know that space travel has come a long, long way from the early days, even much farther since the space shuttle.
so 100%. the crew that's working on these rockets, the technicians and everybody i've met at spacex, you would not believe the dedication and the passion, the effort they put into this making this successful. and so, yeah, i'm so excited to ride on top of it, absolutely. stuart: good for you. i mean, i don't have the courage to do what you're doing. we're not -- good for you. [laughter] good for you. now, what are you going to do when you get up there? i don't think you're going into orbit, are you? >> we are going to orbit. yeah, we'll be in space for three days. so we'll get a chance to see several sunsets and sunrises and see what it's like to actually essentially go on an extended camping trip, just in smaller, confined quarters. [laughter] yeah. we're going to have some fun up there, absolutely. stuart: well, are you studying anything in particular, or are you just a tourist? >> well, we do have some science in mind. i mean, we're -- we want to make sure that we pave the way for more future space travel for
more and more people to go up into space. and so part of that is understanding what happens to the human body if you haven't been training for years to be a professional astronaut. and i guess that includes me since i've only really known about this for a month and a half. so we'll be doing some medical experiments before and after and during the flight. it will be definitely taking lots of beautiful pictures because, you know, looking back to earth is one of the most exciting things that we can think of to do. and they're even fitting a special window on top of the dragon. so it's really exciting. stuart: chris, i'm sure there were dozens, if not hundreds or thousands of people applying for a spot on this particular trip. how did you qualify? >> rightment oh, gosh, qualify, i think just from having a passion of generosity, i guess you could say. i saw the super bowl commercial come out, and i used to be a space camp counselor, and i've seen a few shuttle launches in
my day. i've had a big passion for space travel and space flight since i was little and building rockets with my dad. i think what really just happened is i entered my name into the sweepstakes, donated to st. jude's children's research hospital, and out of the thousands of people that donated that day and throughout the course of the month, they gave me a call one day and said you were selected. stuart: and you got it. okay. would you admit before the flight -- i don't know when it's going to take place -- would you admit to being just a tad nervous in. >> i think i'm the most nervous right now. talking to the media and being in front of cameras -- [laughter] that's not what i was built for. so this is totally unfamiliar territory. [laughter] i'm usually the one in the background helping someone else, right? so -- stuart: chris, we're out of time, but you did very well. if you were nervous, i could not tell. you should see some of the guests we have on the program. [laughter] chris, it was a pleasure. i wish you the very, very best
of luck. you've got the courage and i don't, and we'll see you later. thank yous very much. >> already. thank you so much. stuart: aye got this just coming at us. it's happening now. the administration is investing $1.7 billion to fight covid variants. ashley, do we have any idea what the money, a lot of it, is going towards? ashley: we do, and there's some technical terms here. a billion dollars of this is going toward genomic sequencing. that is the process of decoding covid's dna and identifying potentially deadly mutations. that money will help the cdc and states, you know, better identify those mutations and then identify their spread. 400 million will also go towards setting up six research centers to focus on genome sequencing and surveillance, and then another 300 million will help create a data system that can quickly access all of this information that's being inputted on the variants and potential outbreaks in -- and
every state will receive funding to help in this effort. so there you go. stuart: all right. the ceo of pfizer says it's likely, his word, a need for a one-year covid pearce. so that means, i guess -- booster. so that means, i guess, three jabs from pfizer. ashley: yep. three, indeed. right, yes. albert waller says people will, indeed, need likely a booster dose within 12 months of getting fully vaccinated and possibly year from then on depending on the number of variants out there. researchers still don't know how long protection against the virus lasts once someone has been fullly vaccinated. earlier this year johnson & johnson suggested people may need to get vaccinated annually just like seasonal flu shots, and we talked about that. moderna's vaccine, much like pfizer, has also been shown to be the highly effective for six months, but researchers say a lot more data is needed to see
whether that protection lasts beyond that six month time period. so i have a feeling we're going to get used to covid just like we have the seasonal flu, as i mentionedded. stuart: now i know why pfizer's stock has broken out of the $35, 36 and gone to 38, because they'll be able to sell you a booster shot year of after year of after year. ashley, thanks very much. check the overall market, the rally still in place certainly for the dow industrials. you're at 34,147. here's what's coming up. there was rioting for the fifth night in a row in the minnesota. we're going to bring you a business owner who was looted twice. so is he staying in minneapolis? i'll certainly ask him. he's on the show. it's the talk of wall street, the $100 million deli run by a high school wrestling coach. [laughter] extraordinary stuff, i'm telling you, and we've got the story for you, i prom. ♪
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♪♪ [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪ ♪♪ ♪♪ [sfx: revving trucks] pilot over radio: here we go, let's do this. ♪♪ pilot over radio: right there, right there. [sfx: revving trucks] pilot over radio: g complete. how do you introduce the larger-than-life gmc yukon? with the world's biggest tweet. the next generation gmc yukon. premium that's made to be used.
stuart: the markets holding on to a nice gain for the dow, modest loss for the nasdaq. look at the video game makers, please. consumer spending on video games and hardware reached a record $5.6 billion in the month of march, up 18% from a year ago just as we were locking down. that's according to the tracking firm npd group. the video game makers though on the downside today. president biden's going to meet with japan's prime minister today. this will be the president's first in-person meeting with a foreign leader since taking office. blake burman's at the white house. i guess china's not going to be happy about this meeting, blake? >> reporter: yeah. china certainly, stu, going to be a main focus of this meeting
between president biden and his japanese counterpart. japan will be announcing that it is partnering with the u.s. on a $2 billion non-huawei 5g project. that, as you know, would be a blow to china. other items expected to come up, tie won -- taiwan, hong kong, human rights issues as well. here's how a senior administration official put it in the leadup, quote: i do want to underscore neither country is seeking the raise tensions or provoke china, but at the same time we're trying to send a clear signal to some of the steps that china is taking antithetical to the mission of maintaining peace and stability. of course, stu, we also expect the issue of north korea to be part of the discussions as well. by the way, it's important to note -- you hit on it off the top -- the president, of course, has been holding conversations with world leaders, not necessarily zoom calls, though there have been video conferences. [laughter] but this will be the first face-to-face meeting between
president biden and another world leader here at the white house later this afternoon. there will be a press conference with it as well. stu? stuart: okay. i just wonder if the olympics will come up. they're only three months away. they're still going ahead with them despite the controversy. i wonder if that will come up. it probably will -- >> reporter: one of the many top uns.topics. stuart: check those markets please. we do this all the time, especially when you're in a melt-up situation. that's a what we've got. the dow's at 34,189. who would have thought? the but susan is watching gamestop, aren't ya? what have you got? are you going to tell me about roaring kitty? susan: you came up with that all on your own, right? his call options, because they expired today, and it's to keep roaring kitty a profit north of
$7 million. not bad. the roaring kitty is the man who helped inspire the gamestop saga, and he's been holding 100,000 shares of gamestop which he bought at a around $27 a apiece, so, yeah, he's doing pretty well. speaking of doing well, very well, second richest man on the planet, elon musk, in austin, texas. speaking to workers and trying the boost morale there. musk hopes to start deliveries of the cyber truck and ramp up production the back half of the year. and finally robinhood, they're being overloaded right now by huge demand in crypto trading. crypto trading is down on the platform. stuart: okay. not surprised. susan: yeah. stuart: all right. i think we've got information on the big winners from coinbase's debut. you've got some celebrities who made some serious money, right? susan: yes, that's right. serious coin. nba superstar kevin durant,
rapper nas, alexis ohanian. now, we don't know how much they made, but the valuation at the end of its debut wednesday, it's more than ten times what it was worth back in 2018. so you can bet they made some pretty good dough. the coinbase boom has made ceo and founder brian armstrong one of the richest on the planet, he owns about 20%. and venture capital fund's -- [inaudible] also a making a ton of money off their early bets. and someone else when's trying to cash in, kathy wood buying for her arc etf, so that brings the total to $352 million in coinbase so, yeah, she's a believer. stuart: we just throw out these gigantic amounts of money, instant billionaires all over the place. i still can't quite get my arms around it. susan: this company wasn't around ten years ago, so in nine
years, pretty good. stuart: pretty damn good. all right. the story talked about most on wall street, a new jersey deli, $35,000 worth of sales in two years now worth $100 million. go ahead, explain it. susan: yeah. so, i know you're trying to ask, how does that work? a lot of people on wall street are wondering the same thing, how does this work. the hometown international is a company, it owns a single deli in new jersey, and the ceo, the cfo and president of hometown is the local high school principal and the held wrestling coach -- head wrestling coach. the actual deep-pocketed shareholders are based in china's macao territory, so this anomaly was first made public by david einhorn at green light capital yesterday, and he pointed to hometown as a great example of the froth of the outlandish pricing in these
record stock markets, but hometown international doesn't really trade that much, not a whole lot of volume in stock, so it's off the exchanges, and there have been concerns about the murkiness over the funds expect actual trades that are done. the deli lost around $600,000 last year because it was shut most of the time, so how is it worth $100 million? the math just doesn't add up. stuart: yeah. it's not worth it, but that would just be my opinion, susan. [laughter] something -- a little murky right there. all right, susan, we're back to you later. breaths talk brevard county -- let's talk brevard county, nowhere near the border, so why does the sheriff say the border crisis is wreaking havoc in his county? a growhouse ready to supply the entire country with pot whenever it gets the green light from the feds if, that is.
the ceo of glasshouse is here to tell us about the operation and going public via spac. what an extraordinary thing. a glasshouse, 6 million square feet. we'll be back. ♪ ♪ bring me a higher love. ♪ that higher love i keep thinking of ♪♪ ve you hundreds on car insurance and a whole lot more? so what are you waiting for? world's strongest man martins licis to help you break down boxes? arrrggh! what am i gonna do to you box? let me “break it down” for you... arrgggh! you're going down! down to the recycling center! >>hey, thanks martins! yeah, you're welcome. geico. switch today and see all the ways you could save. are your hr processes weighing down your employees? on to quarterly projections! yeah, you're welcome. expense report!
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that's aerotrainer.com. ♪ meet me in california, i'll be there are waiting for your call. ♪ i'll be there waiting ♪♪ stuart: we're talking california with this one. we've got a cannabis company, it is called officially glass house. okay. they're going public in a $567 million spac deal, and by the way, they are building the largest marijuana greenhouse in california. if it can produce enough pot to supply the entire united united. kyle caisson is the ceo of glass house, and he joins me now. kyle, welcome to the program. that blows me away, a 6 million square foot greenhouse to grow weed, but you can't distribute it nationwide until you get the okay from the feds. you're taking a big bet on
getting that okay, aren't you? >> actually the, stuart, we're not. and the reason i say that is because there's licensed cannabis to about 30 million square feet in california, so it's actually a small dent. but what's wonderful is about the cost, our costs will be lower than anybody else, quite frankly, in the country. so it sets us up when the walls do come down, that we will be able to sell around the country and just increase our margins. but we'll do fine just here in southern or california or in california. stuart: this is the classic business problem, isn't it? how do you get the costs down and maintain your quality? how are you doing that? >> you know, that's a great question. we right now grow in 500,000 square feet, and we've been doing it since 2016, so we had to learn on the fly because there was nobody growing at that scale. it was new. people were growing in closets, not in huge greenhouses. but the person that built this 6
million -- sorry, 5.5 million square foot greenhouse, he's helping us with it because he's grown other vegetables and things like that. so we're confident that we'll be able to do it. stuart: okay. is it correct to say that the marijuana which supplies this country used to be largely imported? is it true to say that the imports have been replaced by california's product, for example, domestic product? is that accurate? >> i would say it's partially9 accurate, but let's remember we also have humboldt, mendocino county, there's been a lot of growers that way and also there were illegal warehouses. so i would say a combination of both. but certainly, the marijuana in california that came from mexico has largely dried up. stuart: i don't know how to ask this question, but -- [laughter] i'll ask it anyway. is california grass, to coin the beatles' expression, is it the best in the world?
>> 100%. now, you're british, but i know you'll drink french champagne, and you'll drink your tequila from mexico. and, by the way, if you buy from the illegal bodega in new york city and ask them to pull out their menu, the highest priced cannabis will be from california. so people do recognize that the best cannabis comes from this state. stuart: you've heard the joke, of course, people in glass houses shouldn't throw stones. i just invented a new one. people in grass houses shouldn't get stoned. do you think that's good, can i sort of trademark that and make some money out of it? >> you know, you could, but i will tell you i really like your melting up comment because as an invest investor for a long time, when the dow is at 34,000, where can you find value? and i'll tell you, stuart, this industry is living in a perpetual 2008. so if you're looking for a place to put some money because you
don't know the right now, be fearful when others are greedy, i would say look at the cannabis industry. and if you're looking at, and if you're looking at the cannabis industry, you know, consider us because now we're going to be publicly traded. unfortunately, until it's legal, we'll be in mexico -- i'm sorry, we'll be in canada. stuart: okay. you are brilliant. that was a superb reversal about my point about the melt-up, and you made it into a commercial for your company growing marijuana. good stuff. kyle, that was very interesting, and we do thank you very much for being on the show this morning. congratulations. >> thank you, stuart. appreciate it. stuart: look who's coming up, the governor of montana who has just said no to the covid passports. sheriff wayne ivy from florida, mayor dan gelber, all on the show coming up. ♪
>> congress is spending and flooding the market with liquidity because rates are low and will go to stocks. what you are seeing is the continued disconnect between economics and politics. i don't think anybody sincerely thinks we need a stimulus check from an economic standpoint but this is not a discussion about economics. >> it is 11:00 eastern time, friday april 16th. we are in rally mode especially the dow industrial average which is 34,164, only a tiny loss for the nasdaq which is holding above 14,000. i will call that the friday
morning rally which follows a terrific rallying week. check your 401(k), smile because you're going to be happy. now this. two examples of rampant crazy bubblelike speculation. if there wasn't so much money involved this would be laughable. the dow is not one of those examples. let's deal with binge coin, the crypto invented as a joke. the ceo of a giant food company just happened to mention it on the conference call discussing the company's earnings saying it helped in the marketing of slim jim's. that is a conagra product. when that was reported the price spiked, it doubled last night. a few weeks ago it was valued at one penny. now it is $0.31 with a total value for the currency whatever you want to call it of
$31 billion. show me the real value of the crypto invented as a joke, $30 billion? anything could happen. the second example if you can believe it is even more crazy, the case of the new jersey daily, just one store, that one, worth $105 million. hometown international owns this deli which brought in 30,$000. the ceo and the cfo is paul marina, the principle of the local high school and wrestling coach. he owns 19% of the stock worth $20 million. the chair is peter coker junior who has ties to hong kong, four companies based in china hold shares of hometown international. i don't know what is going on here but clearly a case of shall we say irrational speculative exuberance. there is a warning here. what happens if the air comes out of hometown international
or any of the other wildly speculative trading vehicles? somebody loses big time and if they have to liquidate other assets to pay their bills it spreads. this is what happens when you throw around trillions of dollars, some so-called assets become gambling chips. you want to be careful about how and where you roll the dice. the third hour of "varney and company" is about to begin. after that editorial we check bitcoin, the price is 61,$600 a coin, 3.5%. as for coin base which they do the other day, went to a high of $400 a share. it is at 334, up 3% this morning.
i want to bring in luke lloyd and talk to you about the digital you on. that might be news to our viewers that the chinese authorities have introduced a digital chinese you on currency in some parts of the country. they say this is a threat to the dollar. what do you think? >> who would trust a communist country like china to be the currency of their choice or currency the future? nothing stopping china from monitoring or spying on their users of the currency. technology is the way of the future. mixing faster, more efficient and cheaper. the whole point of crypto currency is to be decentralized and not be controlled by one institution. decentralized crypto currency knocked out the middleman. that is important for this technology. in the us, the federal reserve and government is looking to create the dollar digitally. the only issue is decentralization. when it comes down to the
government wants there cut through taxes and being in control of the currency grand theft oversight they are taking the time to make sure they get the digital dollar correct the first time but look at bitcoin and other digital assets, they are not the same thing and serve two different purposes. stuart: you've got to look at dogcoin different from bitcoin. dogcoin has an unlimited supply, the print is much as you like, no limit on supply and it was created as a joke. you can't categorize dogcoin in the same silo is bitcoin, can you? >> not at all. when bitcoin -- what they need is for bitcoin to completely separate itself from other asset classes and other cryptos like you mentioned, dogcoin is a $50 market cap and literally made as a joke. this isn't helping add authenticity to bitcoin but making it look like a bubble.
23 million bitcoin's are created in the end, that is it. 5 million of those have been lost forever because people either forgot their password or lost their hard drives. this will continue to happen over the next few decades. what happens if somebody passes away and forgets to tell their family the password? it is another reason we should own it for the long term. only 70 places in the high to own. increase adoption is not out of the question that it could hit $1 million a coin over the next decade but you have to separate the two. bitcoin and other cryptos. stuart: memo to estate lawyers, put the bitcoin password into the will for heaven sake. thanks for joining us. good to have you with us. montana the latest state to ban vaccine passports. the governor of montana is with us right now. welcome to the program, great
to see you. when i think of the covid vaccine passport i simply think of proof of vaccination. you don't want anybody to have to show proof of vaccination to get on a plane or anything else. why did you do that? >> i have been encouraging montanans to get this safe and effective vaccine. it is the path forward to get back to a normal life but that being said we should not be mandating it. that is why i signed this executive order saying we are not going to have vaccine passports in montana. we are not going to allow businesses to make vaccination status a condition of getting services. we will defend personal liberty and protect individual privacy. that is what we did with this executive order. stuart: what will you do, about liability?
someone goes to work, the employer cannot say you've got to have the vaccine, they get the virus at work and sue, what happens then? >> we made this a top priority since the beginning of our administration very early on we removed all the hours of operation capacity limits but importantly we passed through the legislature and i signed into law lawsuit protection for small businesses, churches and nonprofits. it does require that these organizations take reasonable precautions but also ends the frivolous lawsuits. this is part of what we need to do to get our businesses back open so we get back to normal again. stuart: may i ask how you're doing personally? i understand you have got the virus even after you received, was it the first dose of the pfizer vaccine or the second, you got it after being vaccinated. how are you doing?
>> i did get my first pfizer vaccine and unfortunately the immunity doesn't pick up for a few days. i did catch the virus. i had a couple days of fatigue but i'm back in the office, i have rebounded. this is a serious virus and that is why i think i encourage people to get these vaccines but we can't be dominated by arbitrary government restrictions. that is why we removed them in montana and are open for business was as one rancher said to me yesterday, you look strong like a bull and i'm glad to be back. stuart: we love to hear that. montana is the only state i have not been too. i ought to correct that and get to a freedom loving state at long last. thank you for joining us. great to have you with us. >> you are welcome here in montana. stuart: glad to hear it. back to the markets please. why not look at the bitcoin
players? susan is hot on this. tell us what you think. >> let's do that. bitcoin, look at them, down or% for micro strategy after turkey banned financial payments using crypto currency, that hurts bit coin prices like tesla told $1.5 billion worth. one of the most popular has been the bitcoin trust which offers shareholders a slice of the 600,000 plus bitcoins that it owns. draft kings setting up a $1 billion deal with the nfl with options for the nfl to end it after year 3 and 4. what they get is to use nfl intellectual property and use the trademarks for promotions
and content sharing as well. investors on nfl network is pretty exciting and pininterest looking at a single worst day since early march, heavy volume to sell above 10 day average volume and someone unloading a block train right now if pins because it has run up so much, get some profittaking while you can. stuart: a little profittaking down 6 bucks. do you remember this? the fire festival, billed itself as a luxury event in the bahamas but turned out to be a huge scam, years later the victims are finally getting their money back or at least some of it. bad news today, traders one step wants to pull the plug on robin hood. we will tell you which state we are talking about. president biden's migrant crisis not just affecting the border states.
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what is behind us, they play throughout the morning, throughout the week, a mile down the road from here you have more of this ongoing, very busy stretch to try to slow this surge. the white house announced monday it had struck agreements with mexico, honduras and guatemala to bolster security and those countries to slow migration that is ending up here in the united states. a congressional hearing yesterday, the us special envoy said there were no official agreements. >> i just want to confirm were there any agreements reached in increasing border security? >> know, there were no agreements concluded with governments including border security. >> reporter: he added the us government has been working to
identify children who were traveling alone in caravans coming to the united states before they reached the us border to intervene ahead of time. when it comes to those agreement it appears when you listen to what the government of mexico, honduras and bottom-up are saying they made the unilateral decision to bolster security in their own countries without having coordinated with the administration. stuart: i hear you, thank you very much. let's bring in the sheriff of brevard county, florida, wayne ivey. even though you are not a border state you are saying these open borders of this migrant in flex is affecting you. how is it affecting you? >> illegal immigration doesn't stop the border. the increase filters into every community, that is why governor desantis of the state of florida took strong initiative on executive order to combat this.
the biggest impact is drug trade, human trafficking increases. when you consider they are pulling detailers off of individuals that are safely behind bars those individuals back out on the street so it will have a lasting impact on every community in the country. stuart: do you know for a fact this latest wave of illegals is coming to brevard county? >> the impact, there has been talk of some of them being transported and fostered to other communities not far from us here. the impact it is happening on the draining of resources where it is pulling our partners away. will have a direct impact? absolutely. when you consider we house
people on federal detainers, ideally ice will come pick them up but now the detailer is being pulled from all sorts of individuals. governor desantis's order said when summit is released from the terms of correction or state prison they will be taken to a federal holding facility and given to them. what they do with them at that point, it is going to have a direct impact on everything. telling you and are they giving you any money? >> it has never been issued. we have been great partners, all the different things we put in place to partner with them, great partners. what they are telling us is the resources being taken to the border to combat this crisis. i am talking with sheriff's around the country and protect
america now. it is impacting us and is going to continue if they don't put a stop gap in. stuart: sheriff wayne ivey of brevard county. i hope i got that one right. >> that is correct. stuart: glad i got that right. the predicament right here see us again soon. 34,162, the nasdaq is down 10 points well above 14,000. this robin hood, experiencing issues with its crypto trading because of unprecedented volumes. it experienced an outage late last night. more on robin hood. there is one state talking about a band. which is it?
which state? >> it is massachusetts, the state security division says in a complaint the company should have its license revoked because it allegedly fails to protect vulnerable users, a substantial and continued risk to massachusetts investors. the complaint is built on a case that is filed in december before the redit game stop mania accusing robin hood, and and and and robin hood not backing down, and file its own lawsuit. and state and federal law.
>> thank you. ashley. it an all-time high of $0.31. let's bring susan back. >> in the 40 range. a $40 million valuation. >> warning investors, and tweeting caution, and gambling on highly volatile assets, and it is a helluva drug, at least paying bills and ctu family, and have a safe rainy day funds, and that is very
people got on planes yesterday on the same day a year ago, april 15th, '95,000, it is the start of what is expected to be a very busy travel season. liar riders looted and destroyed minneapolis shoe store. this happened twice in one year. the owners picking up the pieces. are you going to rebuild or leave town? he is on the show next. ♪♪ did you know that geico's whole 15 minutes thing... that came from me.
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studio 23 sneaker store broken into, ransacked for the second time in 7 months. the owner of that business joins us now. your store was destroyed, you rebuild, it was destroyed again. what are you going to do now? are you considering staying or are you going to leave? >> especially after last summer i did consider either moving the shop or starting up a new entrepreneurial venture and this time it has been really difficult, but i am going to stay. it is part of my nature to never give up, to be that example not only for my little kids but for those in the community. when the going is tough, when you get kicked down you pick yourself back up in some way and continue moving forward.
stuart: if you reopen, restock and the rest of it can you expect any police protection in your town? >> in the current state of minneapolis, the police force is strained, the conclusion of the derek chauvin trial the case is going to go and what the repercussions might be following the verdict. stuart: you are going to recover and rebuild. what about the business climate? the business community of minneapolis before it recovers fully? >> my best guess would be 2 to 5 years. optimistically. there has been so many small businesses surrounding us, in the area tonight who have
shuddered due to the violence, or with the effects of the pandemic stacked on top. in the city it is unfortunate because the area we are located has always been the most likely area of minneapolis with foot traffic, pedestrian traffic and feels like a ghost town. stuart: you lost a lot of money and then rebuilt. do you get inside insurance or the city or the fed? did anybody help you out financially? >> from the city and the government, no. we applied to a few ppp rounds, we did not receive any. we saw on the news how bigger companies didn't need the money or deserve the money pick that up. 40% of the loss last time, you
pay insurance, 10 and a half years, to not recover our losses. >> i take it you are rebuilding at this point, restocking, don't know if you opened up again now or if you will open up in a few weeks. give us your situation right now. what exactly is the status of studio 23. >> we are in the process of rebuilding and trying to restock and apply the global supply chain, and and and not only that we got looted or wiped out a stock, and things that are damaged and broken, in
a normal situation we might be restocked in a few weeks and that few weeks turns into a couple months because of how long it takes. stuart: our audience and i and our crew really feel for you and hope you can get back on your feet and stay on your feet and you deserve to. studio 23 minneapolis, go buy some shoes if you can because this is a good man. we will see you, thank you. change the subject, returning to the failed fire festival, 2017. people paid thousands from music festival in the bahamas, they were promised luxury tents, gourmet meals, celebrity spirits, the moon, instead they got disaster tents to speak in, cheese sandwiches to eat.
are they getting any money back. >> and and the full 7 grand plus. the cleanup crew get their money back. another hearing settlement will take place in the middle of may. the organizer behind this festival is serving a 6 year prison sentence, defrauding investors, $26 million, 100,$000 in fake tickets to market this festival and then funneling that money to fund his own extravagant lifestyle. over 100,$000 per ticket to this festival. the model to promote this event, it is a good lesson for the younger one to be buyer beware and not just listen to
celebrities or influencers on social media. stuart: exactly like dogcoin. >> you get your money back on that one. what do you get with the festival tickets. stuart: i am leaving it alone. wait until friday feedback. ashley, not you. a group of islands in the indian ocean are going to offer vacation vaccinations. offering vaccinations to people who visit the islands. they call it the 3 v scheme, visit, vaccination and vacation. we will discuss that. we will take you to chicago's o'hare airport. more than 1 million passengers
passing through tsa checkpoints every day for over a month. look at that. people back at the airports. that is a good sign. we will be back. you packed a record 1.1 trillion transistors into this chip i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you become an agent of innovation with invesco qqq like you ♪ mom and dad left costa rica, 1971. and in 1990, they opened lrazu. when the pandemic hit, pickup and delivery was still viable. that kept us afloat. keeping our diners informed on google was so important. the support from our customers, it honestly kept us going. i will always be grateful for that. ♪
>> air travel is on the rise. 6 million people took to the sky flying on commercial planes, that compares to 95,000 on the same day one year ago. clearly there is a demand for flights but does that mean prices are going up? >> sure does. supply and demand, you can count on those prices to be going up as we head into the summer months. i was one of those people, it was packed, airlines are counting on leisure travel boom this summer. they are expecting it to grow
and because of that, tickets are going to go up from this month to next month, according to folks on the travel booking apps proper and from may to june, 4%, so the moral of the story, if you want to focus on a trip, now might be the time to do it. all the major airlines were expanding because of this leisure travel boom, american airlines finalized the summer schedule with 150 new roots and the places they are expecting people to go our warm weather and outdoor places like las vegas, miami, florida, people are not searching for on line. 90% of the capacity this summer. maybe not so much business travel but leisure travel. one woman put it perfectly, she
said i have been cooped up with my husband for a year and we are vaccinated and we needed a break. stuart: a break from what i would like to know. thank you very much indeed. you hate to see the lines come back but at the same time it is a good sign. there is miami beach reopening for business. the famous live nightclub reopens tonight. let's bring in miami beach mayor dan gelber. i have one simple question. you open the nightclub and open businesses, that is terrific. what are you going to do if you get a sharp spike in new cases? i'm sorry.
we have a problem there. this is live television, didn't quite hear him. tell me, do we have dan gelber back again? we are working to restore his audio. he is the mayor of miami beach, that is different from miami. miami beach is where he is. they have reopened for business. i might add another update on florida that neighboring broward county you don't need an appointment for vaccination, you can walk in and get one. dan gelber is back, what are you going to do having reopened if you get a spike in cases. >> we are in a spike right now from spring break, everybody saw what was going on, we are the only place open. across our state and other places we see a spike.
the county mayors, i will be honest, they are not a lot of these, and elsewhere. we are urging people to wear masks, handing out masks come not just a nightclub, the whole city, hoping people exercise safe practices but i am not hopeful about it. stuart: you want to reopen and everyone is cheering on a reopening, a little nervous about the rise in cases. are you going to tell us you won't go back to restrictions no matter what? >> we have people checking into the hospital every day in our county and we reached 6000 deaths in just our county. we are excited to get back to normal, this thing is not behind us yet and in our
community like many a race between new infections and vaccinations. we have a lot of folks vaccinated especially seniors but obviously there's enough community spread where people are checking into the hospital, no guarantee of anything, we are near the end and people are assuming it is over and it is not. >> the mayor of miami beach, we couldn't hear you at first but come on back and tell us how you are doing. see you later, thank you very much. will we read your question, after this. ♪♪ ♪♪ they need a network that's built right. that's why we created verizon frontline. the advanced network and technology for first responders.
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kids now get on their allowance? my questions with this generation when did they get cut off of the allowance? the answer to that is probably a long time in the future. did you give your children an allowance and if so how much? >> i did. wasn't is giving the money for nothing. do some chores, make sure they keep up with their homework and do well at school. i thought it was a valuable lesson. they always wanted something is kids do, the latest going back, pokémon cards, to save into budget, so there you go. stuart: did you get an allowance? >> yes. i got $20 a week. you might think that is a lot that i had to work hard. i cooked family meal starting when i was 11, do the
vacuuming, she taught me a lesson on the value of money. >> he is a responsible disciplining mom. stuart: don't want to offend your mom. on wednesday after the song best they of my life you said you had a few of them aside from joining foxbusiness was where they? it was the birth of my first child. that is when you discover love at first sight and that is the greatest of my life. susan, how about you? >> when my sister got married, the best day ever. not only did i cry but i got to see my family and see my sister 11 welcome to wonderful new brother-in-law to the family. stuart: it was really nice. how about you, ashley?
ashley: the same, the birth of my first child, my daughter elizabeth and the most frightening day of my life. had someone totally dependent on me. a big wake-up call. stuart: let's go on. this is from marv sparrow who i do not yet know. you remind me of a bus conductor i knew in london during the early to mid 1970s. i was a bus conductor in london in 1971 and there was also a guy named reggie varney who played a bus conductor on a comedy show on the bbc. everybody called me on the buses.
i became ridge after the guy on tv. you can still see it on youtube. i don't have a picture of me in my uniform. if i had one -- this is from dale kruger on facebook the question for susan, you are so knowledgeable, how well do you do? >> we've been arguing about dogcoin, the producers are trying to argue in that case, when it comes to investing, but into microsoft, got out of that. stuart: you had to bring that up. lost my shirt on boeing. have we got time for this? this is from steve allred, you need to come to costco in ohio at least on weekends giving out samples at our local store, recently brought back more items to eat besides hotdogs and pizza at the food court.
costco, and and and had trouble managing your remote control -- you said it sounds like delegates, what is the word you used? this is a clicker. doesn't everybody - you call it that, we got to go. we are always out of time. more varney after this. that's why we're a fiduciary, obligated to put clients first. (money manager) so, what do you provide? cookie cutter portfolios? (judith) nope, we tailor portfolios to our client's needs. (money manager) but you do sell investments that earn you high commissions, right? (judith) we don't have those. (money manager) so what's in it for you? (judith) our fees are structured so we do better when our clients do better. at fisher investments we're clearly different.
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that was quite a show. we had a cage fight with susan over the idiot going, best day of his life my bus conducting experiences. what a show. hey neil, can you top that? neil: probably not, not with the bus thing but i have something new about everyday and it's both exciting and a little unnerving so thank you for that. [laughter] have a wonderful weekend. thank you very much. let's look at this, done anything to hurt this market, 88 points, a lot of good factors going on today. i don't believe we've seen week like we have of such good economic news, 815 year high, 19%.