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tv   Varney Company  FOX Business  July 21, 2021 9:00am-12:00pm EDT

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maria: thanks for being with us. "varney and company" begins now. stuart: good morning everyone. a lot of people bought the dip. that is a successful strategy. it is followed by a bounce back. the dow jones industrial average dropped 700 points, and the bounce continues this morning. the dow completely regained all of its lost ground this week,
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s&p slightly higher but the nasdaq slightly lower. another bounce back, the cryptos, bitcoin hit 25,$000, today and 31-5. there will be an online the word discussion today featuring jack dorsey and crypto enthusiast kathy would. investors are looking for an encouraging headline. crypto up today. a big vote on infrastructure. the bipartisan $1 trillion package, senator mcconnell says republicans won't folk for a bill when they don't know what is in it. does that remind you of this. >> have to pass the bill so you can find out what is in it.
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stuart: it was irresistible, that is what senator schumer is saying and then we will figure out what is in it. on today's program, and comparing their flight to an escape from slavery. and to far left activist van jones and a celebrity chef. they can use that money for their own charities and spread it around. we will show your book authored by donald trump and signed to rudy giuliani which will sell at auction for 30,$000 or a lot more. it is wednesday july 21st, 2021, "varney and company" is about to begin.
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stuart: sixth avenue new york city. a bit more traffic beginning to pick up. it is better than july of 2020. a morning, everybody. check futures, mixed position, the dow is up 150 points, if it opens like that, completely erased monday's loss, all right, tepper, i can't believe it. if you bought the dip you did well. my question actually is is this bounce back for real this time?
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>> i think so. if you bought the dip for the last 10 years it has worked. i can say the past hundred plus years it has worked and a simple question investors need to ask is no matter what your time horizon is, 5 years, 10 years depending how old you are, do i think the market will be higher today or tomorrow, if the answer to that question is yes you should be buying the dip. the new rally is sustainable. market will trade sideways over the past couple months. the bull market is over -- stuart: i take issue with this age thing. i'm in my 70s, don't know how long i've got left. the stock market investments, should i sell a little bit of it now to lock it in, lock in that profit, as long as i've got the money --
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>> about half of one%, we know her interest rates are. there is no alternative. even at 70, we are planning to age 90, 95 which we do for a lot of our clients, still 25 years for you to make sure you've got enough cash, enough investments, when you finally do venture to the next stage of your life. stuart: what happens if there's a nasty correction 6 months from now and i pass away shall we say? my heirs are left with very little. lauren is sitting next to me groaning about my suggestion of passing away.
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but you youngsters don't understand the time frame. you don't. >> there is absolutely nothing wrong, sitting on a bit of cash. the equity strategy, i am comfortable holding 10% cash because the way i feel as if there's a 10% pull back over the next year which we haven't seen one this year and that is weird because the normal pull back in a given year is 13% or so, we've seen this, i'm sitting on dry powder because i want to take advantage of opportunities if they present themselves. stuart: i should not be selling any portion of my stuff right now. hang in for the next 5, 15, 20 years. you are confident that i can do that, are you, tepper? >> you will be all right. >> i will outlive you.
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stuart: i doubt it. you're a great guy, and a diplomat too. >> don't be so morbid next time i am on. we can't do that at 9:00 in the morning. stuart: very true. the producers have been saying that in my ear for the last 2 and a half minutes. thanks for being with us. we will see you again. at least i hope so. please please please. johnson & johnson report second-quarter earnings, stock is up, they did well. lauren: they raise their for your guidance. stuart: keep you around. lauren: you might need some medical devices and drugs. 63%. people returned to the doctor after covid. 13 million americans jabbed with the vaccine so far, the forecast for vaccine sales this year $2.5 billion but then there's the nyu study bj and today vaccine is less effective. delta is responsible for 83% of
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infections in the us, booster shots are being considered and two more head wents even though the stock is up in these are legal with big price tags. the alleged role in opioid overdoses and leading to ovarian cancer, they filed for bankruptcy. stuart: that is a good-looking chart. some other earnings out this morning. they did well. the reopening continues to draw people to restaurants and bars, keeping fridges and pantries, $10 billion in the quarter. stuart: i will interrupt you, the big earnings report in my opinion is verizon whether a huge company, i know they did well. >> so many companies are confident they raised their guidance, revenue 10%, they
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added subscriptions of 275,$000. stuart: $56 on verizon. harley-davidson reported this morning, sales increased, up 24% and in north america sales went up 43%, stock is up 93% since the beginning of the year, a little more now, one%, 44 on harley and the ticker symbol is hard up one%. bitcoin, and it is up today because we have jack dorsey and kathy arce getting together with this be word conference. are investors -- >> the timing is excellent.
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they will get more institutions on board with bit line. so many concerns about the energy it uses. they are talking about it today and look at the level of 31,000, holding above it today. some people are saying, it has been such an oversold market down from the 65,000 high over the spring and it will come up a little bit. the levels you want to watch 32,000, the barricade 24. stuart: they need more adoption by major league institutions to be used more like a currency. >> that is one of the goals of the b word conference today but when you have institutional support, you have regulations that comes with it and that will impact the prices. stuart: 35-5 makes you speak.
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a historic event and you saw it here, jeff bezos blasted into space, blasted after shelling out $200 million to a cnn contributor and celebrity chef. we have details, full story coming up later. alexandria ocasio cortez cannot figure out why parents are fighting back against critical race theory. watch this. >> why don't republicans want us to learn how to not be racist? why don't republicans want kids to know how to not be racist? stuart: we will show you the full clip later in the show and get into it too. check those features one more time, develop 140, nasdaq down 30, more varney after this.
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stuart: that is eugene, oregon, a rather cool 53 degrees. futures show a mixed bag, dow and sergey and again up 160, modest gain, slight loss for the nasdaq. let's see big tech, all of them on the downside, readit across the board. after the bell, stock is down this morning. interesting thing that i saw they are getting into gaming.
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>> a new revenue stream requires a lot of money and time, it happens when their main business of streaming is flowing down because competition is growing. netflix projected 3 million new subscribers, so disappointing for wall street but with the pandemic and everybody sitting on the couch, they pulled slower, and they are pushing into games they already know they are doing, it makes sense but should they stick to streaming content. stuart: serious competition by getting into different areas that enhance your bottom line. >> going against major tech giants, and sony and the console makers as well.
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>> one of the question, content. they were starved it for content during the pandemic because the couldn't shoot new episodes but are they coming back strong? >> in this quarter web. estimates they have 42 original shows and movies alone, they continue to pour a lot of money. 42 original shows. >> i binged through each one. but they spent so far this year, netflix spent $8 billion just this year on new content, that is 40% more than the same timeframe last year. >> how many streaming services will we have the consensus is four but people are cutting down on that number, we will keep netflix and one or 2 other streaming services and so many out there, people going to cut this way? >> i don't think i have an answer for you. do we have jim anderson with us? jim anderson, the ceo of social
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flow. big question, big picture post pandemic, are we going to continue to stream and increase our streaming? >> without a doubt streaming is on the way up, netflix's big tailwind, streaming is only less than 25% of the total market, most television consumption is conditional on your tv and netflix can grow by taking market share from traditional tv but they have huge competitors, going up against disney plus, apple tv, a raft of well-funded competitors, makes the wish for the days when all they had to compete with was blockbuster video. stuart: if they are getting into gaming, use the expression a hail mary, would you consider gaming for netflix a hail mary?
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>> i think it is brilliant. i have no idea if they will be successful with gaming per se because it is a hard business but it is the right strategy. the way amazon got me to sign up for amazon prime so i could get overnight or today groceries and start giving me video what sense did that make and look what amazon prime and prime video has become. the bundle is a huge advantage and that, the best gaming service, the most convenient gaming service, then reduce churn, a huge issue for anything and jack up the price. that is a path for success. stuart: is there any metric you could use that allows the most popular streaming service. what is the most popular?
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do we know? >> we don't know. those who were not judged as popular don't like the neilsen methodology. we have two different measures, what is the most popular this week. looking at more traditional television measures of ratings which are built around advertising, we don't need to play that game. there is a real measurement challenge, streaming specifically and that is one of the, netflix is not going to talk about shows like that, they talk about hits but what about the ones that are not doing well? stuart: file me have one streaming service and that is netflix. i watch the financial news, all
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that lot together i watch more netflix than that lot. >> netflix is a clear category leader, the biggest concern is disney plus, that is a formidable competitor but i am pretty. on netflix long-term prospects. stuart: bullish on netflix long-term. thanks for joining us. apple making news this morning. stock is down a little bit. >> on their iphones were 5g capable and the cheapest phone they have launching in the new year, they are going all in even the cheap phones. or of affordable.
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stuart: thrifty. the dow up 180 points. we will be back. ♪♪ ♪ ♪ with cutting-edge tech, world-class interiors, and peerless design... their only competition is each other. the incomparable mercedes-benz suvs. extraordinary runs in the family. visit your local mercedes-benz dealer today for exceptional lease and financing offers.
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stuart: i'm going to call it about back for the dow, 720 points lost monday and we have come all the way back and opened this morning with 178 points, we will have the race all of monday's loss. the market wait another three minutes to open up this morning. to me it looks like there is a contest going on between worries over adult ovarian spreading which is the negative compared to the extraordinary profits we are seeing from corporations and that is a positive. how do we balance this out? >> there has been this tug-of-war in the stock market, the bond market, the fear is the delta variant is going to
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create another round of lockdown and that finance on the other side, fed chair powell is going to keep interest rates near 0 forever in the foreseeable future in which case the valuation multiples a high and some areas of the economy, what is happening during the pandemic largely is technology. stuart: i am reading between the lines, you don't see this long-running rally coming to a end in the immediate future, do you? >> hard to get just the garden-variety correction, from 10% to 20% let alone much more than 5%, so much liquidity in the system. what happened on monday the delta variant scared people and bond yields coming down which
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spooked investors in the stock market figuring what does the bond market no we are not seeing in earnings and then tuesday and this morning looks like everybody decided the fundamentals are still great. they keep being too low on earnings numbers and now looking for second-quarter earnings to be up 66% on a year over year basis with actual numbers that have come in a couple weeks ago, the analyst consensus was 60%. stuart: up 66% compared to the same period last year. not a great comparison because the same period last year was pretty depressed. >> on a year-over-year basis the estimates keep going up, rolling up expectations, 66% is very good because a few months ago it was 40%. stuart: i should not sell any of my stock because if i did sell where what i put the money? is that the answer? >> that is part of it and the other part is you have to
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believe a recession is coming and that would probably require you to be a virologist and believe the delta variant is not only going to create a lot of risk for people who haven't been vaccinated even people like myself who worry the variants that are coming aren't going to be held off so maybe it is time to hold back. stuart: two seconds to go and trading will begin and i predict a triple digit gain for the dow from "the opening bell" and that is what we've got. in the first couple seconds 176 points, 30,690. the all-time record high for the dow is just above 30,000 so you're not far from the record high and the left-hand side of the screen if you look at the dow stocks the majority of them are clearly in the green and
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going up so now we are at 160 points for the dow, almost half of one%. the s&p 500 almost opening higher to the tune of one third of one%, the nasdaq composite opening with a gain of 0.06%. look big tech, this is why the nasdaq is not doing well. all of them down, none of them seriously lower. netflix reported late yesterday, this morning stock is down 3 quarters of one%, moderna goes to the s&p 500 today, replaces election pharmaceuticals, it is down today, this is because stock has had an extraordinary run-up, into the s&p 500. supposedly reported earnings late yesterday, up 5%, chipotle did well from the reopening.
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>> if you look at dining room sales, 70%, and another double digit gain basically half of all sales at the restaurant and shares now at an all-time high. stuart: the take away business is huge. >> they expect that to die down because more people are eating at their dining rooms but it is very strong right now. stuart: united airlines did well up 2% and yesterday we reported it was 2.1 million travelers hit the tsa checkpoints, almost back to leisure travel level before covid. that is obviously doing united a lot of good. lauren: 1.9 million yesterday,
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management is so confident in the future of travel despite delta. people might scratch their head, if everyone is talking about these variants why are they so confident? they are looking at future bookings. the demand is there. this is a major reopening play. revenue under $5 billion, reporting a loss but they have data and they are saying travel is coming back and jet fuel costs are going up. fuel was cheap for a while but 67% rise in the past year, at some point when you are still reporting losses that can hurt you. stuart: the killer is they look to the future and see bookings going through the roof and that is future revenue and that is why the stock, the rest of the airlines -- lauren: delta international traveler, we are seeing is, american was up 8% yesterday, up another one.6% today. this is the reopening play strong again. stuart: strong again. lauren: what headline is going to make you a little disappointed or nervous one day and that temporary dip and
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people come back the next day. stuart: we've got who? cruise lines. what are we going on cruise lines? lauren: disney is down, carnival is up 4%, we will take it again reopening, travel stocks are higher. stuart: take a look at the dow winners, show you what is moving, coca-cola reported strong earnings, so did verizon and they are at the top of the active list of the dow 30 stocks. s&p winners into public, i see chipotle up there, a 7% gain, carnival in there with a 4% gain, revert to normal stocks. the reopening stocks. nasdaq winners, nvidia, they've gone through their stock split. they were at $800 and came down 200 and dropped a little bit but they are back up again 189
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on nvidia as we speak. big names report after the bell this afternoon. whirlpool. >> connected to the housing market, expecting their report card to show a 24% increase in revenue to $5 billion in earnings to more than double. the other one is las vegas, 1300% increase in revenue, that is the expectation. stuart: year on year. >> nobody was traveling in 2020 analysis ferocious demand to travel so that is a major reopening play we are watching today. stuart: reports from vegas that it is packed just like the good old days. >> penned up demand. stuart: check the big board, 5 minutes wednesday morning up 190 points, half of one%. all of monday's loss gone. they erased it. look at the 10 year treasury moving up to one.27%, very
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depressed level. it is below $1,800 an ounce, bitcoin back above 31,$000 a coin, 31-5 to be precise. gas, oil $69 a barrel going up this morning and gasoline has gone up a little bit, $3.16 the national average and as we always do we tell you how bad it is in california. regular their averages $4.32 a gallon. those fleeing democrats not only have a sixth covid case on their hands but spread the virus to a white house aide and a senior staffer to speaker pelosi. i want to go back in time when the media went apoplectic over republicans who attended justice amy coheny barrett's confirmation. >> we can't do that until we know whether there was a super spreader event. >> something is going wrong if everyone is being test of
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all-time and we have this super spreader event. >> the white house is the epicenter of a dangerous coronavirus epidemic. stuart: now that the shoe was on the other foot the media and left are basically silence. they will not call the fleeing democrats superspreaders. we will make something of that in my take next hour. sales skyrocketing but origin is set for two more human missions this year. the details our next. ♪♪ light my fire ♪♪ we are thrilled we finally found our dream home in the mountains. the views are great, the air is fresh. (sfx: branches rustle) it is bear country though. hey boo-boo!
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tower. >> was it everything -- oliver -- >> ready? >> bezos's best day ever. >> champagne, everybody. stuart: a lot of fun floating around, bezos has two more human missions. tell me about the tickets he is selling for future space tourists. >> he has brought $100 million in private ticket sales. $100 million. space travel is $28 million every time you want to go up but they want to get it down to tens of thousands of dollars so more people can do it but onscreen yesterday you saw what billionaires like jeff bezos were doing and people saying i want that joyride too and the
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money is coming in and so is the criticism. stuart: various people lay down $100 million already. lauren: and have two more trips to space this year alone. stuart: bezos got a lot of heat, he landed, did a press conference and amazon employees and customers, paying for his trip, that didn't go well. he gave away $100 million each to two individuals. lauren: to use however they want, the first hundred million went to cnn commentator van jones and another $100 million to ship josé andre. jeff bezos has been criticized, you have this many, do great things for people that you are tone deaf when you say thank you to the amazon customers, employees for making this happen and don't give enough of your money away so he is giving more money away and -- i wasn't criticizing, he's trying to make life here better on earth
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by bringing all the polluting stuff up to space. stuart: added is his money and he can do what he wants to do with it and opened a brand-new industry with his money and they are complaining about it. as they used to say give me a break. lauren: did you and elizabeth warren said about him? political tweet. she said it is time for jeff bezos to take care of business here on earth and pay his fair share in taxes. they are attacking him on all levels. he did so much right. stuart: amazon is a brilliant company which revolutionized online selling. >> you always have your critics. stuart: show me amazon, it is up 3578 is the price. i want to bring in ray wong who
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always looks at big tech, looks at amazon and he thinks the right-hand corner of the screen, goes to 4100. make your case. >> not just in their core business of delivering on commerce but what is happening in the cloud, we expect they will hit a 30% gain in terms of revenue and more importantly this is the last order of jeff bezos taking charge, he's handing the reins to andy jaffe, they did it during amazon prime day which will give them a bump in the market system. this is a long-term play and they are greening ground on the competitors. if you are traveling during the pandemic are you would see were miles of amazon prime trucks.
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and 100,000 military workers by 2024 and their spouses on a hiring spree in the growth spree right now. stuart: you don't think the threat of regulation, antitrust regulation or elizabeth warren demanding he pay more in taxes, none of that gets in the way of amazon going to $4,100 a share. >> i don't think so. amazon going to invest in joint ventures so they invest with other companies to expand their markets, they might not be allowed to enter financial services or go straight to healthcare but they will be investing in those areas with their cash and technology. stuart: i have not yet read your book. i know it is out, everybody wants to rule the world, surviving and thriving in an age of digital giants. i want to know who are the next tech winners. do you name them in your book? >> we name some of them,
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$3 trillion market opportunities, $1000 billion unicorns. companies like straight and air b&b and star link and roadblocks, companies that are winning, you see the robin hood ipo coming out soon. they have a couple things in common. they went on data, build margin networks and understand digital monetization. companies invest, losing hundreds of millions of dollars, the growth that is required to build the networks that help them to win. stuart: give the name of one company mentioned in your book which goes to $1 trillion market value. >> especially on the communication sector. they are giving people the ability to access them for the
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uplink and downlink. stuart: a publicly traded company. you like elon musk? think he is good? >> in terms of where the future goes, great at inspiring people. stuart: the man is an engineering genius. always a pleasure, thanks for being here. we are in business 18 minutes and we've got green, 220 up for the dow, 30 for the nasdaq and they are at it yet again. senator rand paul and doctor fauci going head to head over wuhan lab funding. >> gain of function research was going on in that lab -- if anybody is lying here, senator, it is you.
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stuart: how about that? senator paul says he is seeking a criminal referral. eric swallwell, wanted him removed from office, he is accused of having ties to a chinese spy but now looks like the congressman might have explaining to do, tens of thousands of campaign dollars on things like booze, alcohol and luxury hotels. ♪♪ spend a little time with me ♪♪ ♪♪ ast. sgt. houston never expected this to happen. or that her grandpa's dog tags would be left behind. but that one call got her a tow and rental... ...paid her claim... ...and we even pulled a few strings.
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index fund there is. that is his claim to fame. seems to me the cryptos have loss of interest in them. interest is waning, in the price movement. how do you get it back, to get interest back again in cryptos. how do you do it? >> thanks for having me on. a little perspective, the index is still up 250%, up more over the last 12 months than the s&p 500 was over the last eight years. we are going through a pause right now, driven by uncertainty on how regulations are going to develop over the next 3 to 6 months. positive regulation starts the next wave of a bull market.
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it is a pause that refreshes and excited about what comes next. stuart: the cryptos get a lot of bad publicity. bitcoin and others used for drug dealing, certainly used for ransom where and that kind of thing. can you expect authorities to say we will regulate you very lightly and keep doing what you are doing with ran somewhere, that seems unlikely to me. >> you are absolutely right but the story around ran somewhere and collectively looms large in the minds of politician. the reality is the data says bitcoin and crypto used less for collectivity than cash, ran somewhere attacks like the colonial pipeline attack can be rapidly investigated and we saw the department of justice quickly seized that, it is the case the crypto is bad for
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crime, not good for crime. there's a lot of education of politicians, and crypto today, in 2015. i'm confident we can get there because it is one of the fastest-growing quarters of the american a global economy. there is huge venture capital and talent moving into this space and regulators don't want that to go offshore. stuart: we shall see. you are not supposed to say this in television news but only time will tell and that is absolutely true. thanks for coming back when we have some idea about what the regulation will be. still ahead, mike huckabee, former nasa astronaut josé hernandez and heather mcdonald, second hour of varney coming up next. there's an america we build and one we explore. one that's been paved
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♪. stuart: all right. good morning, everyone, 10:00 eastern time. let's put some money, your money on the screens, please. we have got green all over the place. very solid rally for the dow industrials. we're only half hour into the trading session and we're up 265 points. i made this point earlier, monday's losses have been completely erased. s&p is up. nasdaq is up 56. big tech was down at the opening bell.
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that turned around a little bit. microsoft, alphabet, facebook, are up. apple on the downside. this is one of the most interesting markets of the week, the 10-year treasury and its yield. it had dropped all the way down i think the low was 1.13%. we're at 1.27%. that an extremely low yield for the 10-year treasury. bitcoin back above 31,000. it is 31,550 as we speak. now this. it's been a week and those texas democrats are still in d.c., embarrassing their party, hurting their cause. their political theater descended into farce. here is the latest news. a sixth fleeing democrat has tested positive for covid. one pass it along to a member of speaker pelosi's staff. one infected a white house aide. i think we can say the flight to
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d.c. is a superspreader event. if this were the trump administration, come on you know the headlines everywhere would scream superspreader. he has blood on his hands. you know they would say that. the texas democrats say with a couple of cases of beer was a sacrifice. one of them posted a picture of her clothing which she said she had to wash herself. vice president harris lauded their great sacrifice, and likened them to abolitionist frederick douglas. thompson, another fleeing democrat, compared governor abbott's threat of arrest to fleeing slavery. i don't think this works. governor abbott says the few democrats stayed in texas made amendments to the republican voting bill. the fleeing democrats could not do that they are locked out of the action. their superspreader event, has produced hysterical political
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theater. they have been rightly the more they stay there, voting reform should be about making it easier to vote and harder to cheat. that is what it is all about. second hour of "varney & company" is about to begin. ♪. let's get the judgment of someone in a position to judge. former governor of arkansas mike huckabee. governor, would you call it a superspreader event? >> i certainly would, stu. it is not just that they're spreading the coronavirus. my friend larry gatlin loves to talk about bovine droppings. i would say they're spreading some serious bull butter too about this voting act and together this is one of the most embarrassing ridiculous stunts that political people have ever played. it is backfiring big time.
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saul alinsky in his rules for radicals, one of the best weapons is ridicule. they loaded up the gun, handed it to the republicans take us down, that is what is happening. it is hilarious. stuart: two versions of voting reform. there is democrat idea for it and republican idea for it. does this political theater, that is what i'm calling it the fleeing democrats, does that detract, make a loss of support for the democrat version of voting reform? >> oh, i think it absolutely does. it shows the hypocrisy. they keep talking about that if you show a photo i.d., somehow that is a form of racism. stu, i had my shot, guess what? when i got the vaccination, even though it was at a pharmacy that i do business with every week and they know me, they call me by name, i had to show a photo i.d. to get the coronavirus vaccine. so i'm wondering is that racist?
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is the vaccine now racist? will democrats say don't take vaccine you have to show a photo i.d. to get it that is a form of racism. this has blown up in their faces. i only wishing someone would let my write the tv ads for republican candidates against these guys next year. it would be easiest money i ever made in my life. stuart: do you think the sting of that charge, racist, racism, do you think the sting has come out of it a bit? frankly i think it has been overused. >> it has been so over used it means nothing anymore. if everything is racism then nothing is racism. true racism has existed but there has been a concerted effort on the part of people across the spectrum to get rid of it, create a society which we're living that stream of martin luther king, jr. where we're judged by the character of our heart rather than by the color of our skin and now people want to take us back before that
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time. that is a rollback no american really wants. i just find what these democrats have done, it is not just humiliate themselves, but their party, their ideology. somebody is paying for this excellent adventure that they have embarked upon. the only great moment would be that they go up on a private jet and somehow would have to come back on a yellow school bus in the humiliation that they deserve. stuart, i've got to say one other thing, last hour i heard you talk about your, well, maybe not so imminent demise, please, stu, we need you for a long time. this is no time for you to be talking about taking a dirt nap. just cut that out. stuart: what did you call it, a dirt nap? >> a dirt nap. stuart: that is new to me. i never heard that. >> it's a southern thing, stu. it us a southern thing, stu, you wouldn't understand. one of these days come down to the south and i will introduce you to a lot of things. stuart: one last thing what is with the beard?
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>> well the economy under biden is so bad i have to take a job moonlighting as a department store santa this winter. i'm getting an early start so i will be prepared for it. we have got to make do because inflation around high taxes and fuel costs, it is hitting all of us pretty hard. stuart: it really is. you are now officially a gray beard. governor, thanks for joining us. appreciate it. it will be a long time before i take a dirt nap if i can avoid it. governor, you're all right. thank you very much indeed, sir. let's get back to the markets. we have green all over the place. the rally for the dow gained some steam. now it is up 263. we're at 34,700. bob doll joins us right now. i want to talk inflation first of all, do you think, do you agree with the federal reserve, do you agree with the president this bought of inflation is temporary, what do you think? >> no, i don't think so, stuart. part of it is, no question parts of it, but when you think at the
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breadth of things up in price, go to the supermarket, it is very broad and very wide. some will disappear because of pandemic comparisons. some are supply chain related. they can get solved over time but prices are moving up. the line i've been using, stuart, the era of zero to 2% inflation which we enjoyed for a long time is over. stuart: what happens if we have still go, say for the sake of example, say we have 4% inflation this fall and this winter, what happens to the stock market? >> i can't imagine the stork market will like it much at all. first the bond market won't like it. if the bond market really believed 3, it is 4, that is even worse, interest rates would move up, bond prices down. that would challenge the equity market. i think we'll see some of this transitory inflation fall away. therefore the numbers of will fall. it will look like we're retreating but it is not going
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to retreat back to one or two in my judgment, stuart. stuart: the delta variant taking over new cases in the united states. is it you know mining the stock market? >> well it sternly was the excuse, legitimate, for the monday decline. i think there were other things lurking in the background but that was the headline. look, a variant that is virulent as this one could be will cause consternation. it will slow the pace of reopening. let's hope that doesn't happen. obviously there are lots of scientific studies going on. how much will the vaccines warrant against the delta variant. so far so good. but we have to keep our eye on all of that. stuart: is this bounceback for real? we recovered all the loss from monday. it's a bounceback. will it hold? >> green is better than red, you
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and i will agree with that but i think as we talked about in earlier weeks, stuart, we'll be in a choppy second half. so the mondays will happen again and then the rallies again. i don't think with the economy as strong as it is, stuart, we'll have a sustained downward move but hard for me to see straight up as we've experienced the last year. i think it will be a bumpier ride. stuart: got it. bob doll, thanks for lessening our anxiety. we appreciate it. we'll see you again soon. take a lock at some of the movers. verizon a significant mover, this is a significant stock, very important. the best thing they did in their earnings report they raised their full-year guidance. that is technical term. they looked at the future, that means it will be better than it its now. 205,000 paid phone subscribers,
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the stock is up 1%. it is a dow stock, it is helping the dow. coca-cola another dow stock, brought in $10 billion of revenue in the quarter, stadiums, movie theaters, opened back up, we drink coke in stadiums and movie theaters. the stock is doing well, up 2%. united airlines, says demand for future bookings is very strong, that is their word very strong. united up. 48 bucks a share. amc higher after the company named ceo adam aron, that did then some good. 45 bucks on amc. and then there is this, parts of china have been hit wither to rings rains, the province where fox con is located seeing massive flooding. ashley appearing. do we know if the factory had to
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hold operations? ashley: fox con said no, they had to activate a emergency flood control measures but the company is not impacted by major flooding. the facility is the biggest assembly plant for apple iphones in the entire world. you mentioned flooding, the region received more rain in one hour than normally would in an average month. ceo tim cook says apple will be donating to support the relief effort in that region. several other companies tencent, tiktok owner bytedance also chipping in with donations. up to now production unaffected. stuart: ash, we'll see more of you in just a moment. coming up a explosive confrontation over covid origins stole the show at a capitol hill hearing. watch that. >> you're obfuscating the truth. >> i totally resent that. in fib lying here, senator, it
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is you. stuart: it was heated indeed. we will play you the full exchange just ahead. plus one time democrat presidential hopeful california congressman eric swalwell caught spending tens of thousands campaign dollars at a hotel where his wife works. that is not all. we'll have details for you. first, congresswoman alexandria ocasio-cortez does not see why parents have a problem with critical race theory. watch this. >> your child's tiefer is not, is anti-racist and is actually fluent in how to dismantle racism in the dynamics of racism in a classroom. that is something teachers should know how to do. stuart: north carolina congressman greg murphy will be here to take her on right after this. ♪.
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♪. >> republicans are using these words like critical race theory, which again, is a law school curricula that is not even taught in schools and their argument is, well some teachers may be exposed to it. oh, wow, so your child's teacher is not, is anti-racist and it is actually fluent in how to dismantle racism in the dynamics of racism in a classroom. >> yeah. >> that is something teachers should know how to do. stuart: as you say there aoc railing against critics of critical race theory. congressman greg murphy is with
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us this morning. he is a republican from north carolina. congressman, i know you're against critical race theory, so what are you going to do about it? >> well i think, stuart, it is inherently a divisive theory, a mythical theory, rather, that now seeks to divide this nation rather than anything about unifying it. we proposed legislation that would not allow critical race theory in schools. aoc, bless your heart, she lives in a world we don't live in. she pulls things out of air, as far as economics, social theory, to push a marxist ideology. this is not what our children don't need to be told because of the color of their skin they're inherently racist. the declaration of independence said we're all created equal. it is bin lick call. do unto others. stuart: if you're going to create a law to stop it in
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schools, you have to define critical race theory. can you do that? >> it is very easy. it is a marxist ideology, you are one of two people, you are an oppressor or you are oppressed, basically according to your race. it is very easy to define. it is again a marxist ideology a divisive one for this country, causing race relations in this history to be the worse they have been since the civil war. stuart: congressman, davidson college, offering a class in abolishing the police, i happen to know that you are a graduate of davidson college, so what are you going to do about that? >> well, stuart, davidson college, i was a proud graduate of the college. when i was there it was a very balanced institution, we were thought how to think, not what to think. unfortunately as time progressed, with the last administration, last chairman, last board of trustees.
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that balance no longer occurs. one-sided believe what we believe there will be repercussions. in "the federalist," kelly fitzgerald, female basketball player how she was coerced essentially forced to support the black lives movement or there would be peer repercussions or other types of repercussions. when i was on the board of trustees i had confidential discussions with professors, with students who felt they could not speak their mind because of fear of, fear of ramifications, not getting good committees, not getting good grades. this does not need to happen in our colleges. don't need one size fits all. you don't need a president of a college spends more time tweeting than balance in the classroom. this is a college, that caused a split in the one of most alumni bases in the country. a massive schism in the alumni. stuart: you have to have pushback, you have got to have it and fast.
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this is not what we want. congressman, thank you very much for your efforts on this. we appreciate it. come back to see us again anytime soon. >> thank you so much, stuart. stuart: then there is this one, a whistle-blower at hasbro, the toy-maker, says one of the company's training sessions claims babies can be racist. this is your story, ashley. ashley: yeah, thanks a lot. the whistle-blower says during a company training session hasbro claimed babies as young as three months old can show racial preferences. david johnson, he is a hasbro packaging engineer, shared the internal training with the activist group project veritas, the group says the training mimics the teachings of critical race theory and states, three, four and five-year-olds can exemplify racial preferences even show quote, pro-white bias. the training concludes by the age of five children show many
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of the same racial attitudes held by adults. in responds sponge hasbro claims the training was mischaracterized by project veritas. stuart: we have another one for you. a major city in america officially claiming racism a public health crisis. that is yours, ash. ashley: wouldn't guess where, salt lake city, utah, democrat mayor eric mendenhall and the city council signed a resolution created to policies and ordinances that are anti-racist. it cites numerous statistics from the utah public health, odds of coronavirus infection were three times more likely in salt lake city's latino neighborhoods. by the way latinos account for 14% of utah's population but they have contracted 40% of the state's cases. the city says it is working to address what it calls systemic
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barriers to health care including racism. to your point, stu, a word bandied about like confetti. everything is racist. stuart: lost its force. lost its power. ashley: yes. stuart: it is used so much, too often. ashley, a fine piece of reporting on both subjects. well-done, young man. look at this. plenty of green on your screen. the markets all bouncing very nicely, i said this before, and i will say it again, the dow is up 22points. that means it has completely erased all of monday's loss. there is this. jpmorgan's board gave ceo jamie dimon, best known banker in america stock options. they want him to stick around. that is why they did it. ashley, come on in again. how much did he get? ashley: how about 1 1/2 million options in the form of stock appreciation rights? the bank called the reward a reflection of the board's desire for dimon to continue for many
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more years as the leader. dimon has by the way led the bank as ceo since december 2005. he can't exercise the options for at least five years and any net shares that he gains from those options must be held until 2013. now the reward will vest so long as dimon remains employed by jpmorgan or leaves the bank for government office or because some sort of disability. bottom line they want him to stick around so they will give him these options but he will have to stay a while before he can take action on them. stuart: kind of a golden handcuff. ashley, thank you very much indeed. want a piece of the greek freak. a jersey worn by the milwaukee bucks star player will hit the auction block. we'll tell you how much it could go for. dow 30, all of the 30 stocks in the dow, as you can see it is up 236 points.
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♪. stuart: we thought we would show you the other side of jacksonville. earlier we showed you the beachside. what you're looking at now is the skyline. i believe it is still about 70 degrees in jacksonville. i think it is going to go up from there. by the way the dow is now up 212 points. you see that in the bottom right-hand corner of your screen. it's a rally on wall street. up 200 for the dow. up 60 for the nasdaq. we have vetx. that is a digital commerce platform with clients that include mcdonald's, and adidas. it is about to debut on the new york stock exchange. the co-ceo joins me now. let's get something straight if we can here, vetx is digital
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commerce platform for brands and retailers. tell me in simple terms exactly what you do? >> we do software for companies like walmart, motorola. we're serving them in latin america. the regions are growing 36% year-over-year. it is the fastest growing region in the world, with just 6% penetration. so the piece of software that enterprises when they need to go to digital commerce, it could be a marketplace, in store or online store, we are the ones that sells this for the enterprise. stuart: thank you, sir, i got that. i believe i understand what you do. i know you're really big in latin america. are you going to use the economy going public today, are you using that money to expand elsewhere in the world? >> our growth will come from new customers in our region. we also see growth coming from
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our existing customers and yes, we will invest in geographic expansion. stuart: are you, sir, you personally, are you going to cash out today? are you taking any money off the table back into our own pocket today? >> so the secondary that is in the round in the ipo was minimum, less than 5%. we are very, very proud all of our team to be debuting at the iconic new york exchange. we're pursuing 25% subscription growth margin business in thelong term and you can expect growth in the long term coming from other regions as well. so we just the first day of our public life and we are very proud to be here. stuart: i repeat the question, when you go public today, will you be taking any money out of your, out today? you. >> yes. yes i do. i sell, i sold 3% of my position. stuart: okay. >> only 3%. so i am here for the long term.
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the other two founders are here for the long term. we're founded this company 21 years ago. now we're scratching the surface what is to come. we're just in latin america, a region growing 36% year-over-year with a 6% penetration rate. we have a global addressable market to go. stuart: you sold it very nicely. i will check on the price when you do get trading going. we're looking for 3% of that to see how much money you're making today. seriously, thank you very much for being on the show today. we wish you the best of luck for a great company. >> thank you, stuart. thank you very much for being with me. stuart: you got it. let's take a look at netflix, down today, sharply so right now. you're off 4.6%. that's a big drop. this follows their earnings report that came out late yesterday. so, ashley. what's the problem here? ashley: well they missed on earnings, those dreaded expectations that stuart varney absolute detests. well they missed those
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expectations, but, revenue came in at $7.34 billion which was slightly better than predicted. now netflix said it added 1.54 million utessers to finish the quarter which was again better than expected. had more than 209 million paid memberships at the end of the first half of this year. looking ahead to the third quarter, the all-important guidance, netflix expects 3.5 million net adds. much of the optimism of the company comes from the streamers upcoming slate to content. content is king. a large amount of that is pushed back into the second half of this year and next year. netflix expects to spend an estimated $12 billion on content this year alone. 12 billion. stuart: i know they have already spent eight billion so far this year. ashley: yes. stuart: that is up 40% from last year. they are spending big time. that will not help the stock.
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up 4.6%. let's move on to chipotle, that is a record 1722, way up, 9% higher. what is the story behind that huge gain for chipotle? ashley: well, look, they just reported quarterly revenue beat prepandemic levels. how about that, not easy to do. a big part of it dining customers are returning to the restaurants, another sign of the recovery. net sales are up nearly 39%. same-store sales up 31.2%. these are great numbers. the stock up nine 1/2% today as a result. chipotle says dining room sales are roughly 70% of 2019 levels. there is still a way to go yet. the company held on to 80% of gains in the digital orders got a huge boost as people ordered from home. the company says lunch customers are returning, looking ahead to the third quarter, the company
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forecasting same-store sales growth in the low to mid double digits. again very strong. i don't know if you ever eaten at chipotle, have you ever, stu? >> once, many years ago. ashley: yeah. okay. stuart: not quite my style. ashley: okay. stuart: i need to get out more, ashley, i foe what you're getting at, ashley webster. i need to get out more. sit there tell us the story of taco bell issuing a warning on some menu items? have you got that right? go for it. ashley: i do. late night crunch wrap supreme may be in peril. not that you might get that, stu, but others might. taco bell says supply chain problems are put aghdam per on offerings. due to national ingreed end shortages and delivery delays we may be out of some items. that is not good. the fast-food restaurant hasn't exactly specified which menu
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items are being affected. we have meat shortages continue throughout the pandemic. we've seen of course beef and pork-based foods become increasingly expensive. so you can't get them and when you do you're paying a lot more for them. that's the story, stu. stuart: i will stick with wendy's or mcdonald's. you know exactly what is on the menu, you get it real fast. what more do you want? ashley: that is fast-food, yeah, exactly. stuart: telling me we have to hurry up here. coming up here is what we've got, more on that explosive confrontation over covid on capitol hill. roll that tape again. >> do you wish to retract your statement of may 1th you claim the nih never funded gain of function in wuhan. >> i have never lied before the congress and i do not retract that statement. you do not know what you are talking about. stuart: believe it or not it gets more heated than that. we'll run the whole thing for you. plus disgraced lawyer michael avenatti back in court today of his second of four criminal
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trials. we have a report from los angeles for you on that next ♪. ♪ ♪ ♪ ♪ ♪
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stuart: if you are just joining us the word is this, all of monday's losses have been erases. the dow is up 220. it has reached 34,700. solid gain for the nasdaq. solid gain for the s&p as well. that ladies and gentlemen, is a bounceback. there is this, the felon, michael avenatti returns to court today. it is the second of four criminal trials. this is for charges that he embezzled millions from his clients. william la jeunesse in los angeles. william, you have got a surprise development for us? reporter: yeah. stuart, the bombshell here is that michael avenatti is going to represent himself in this. lawyers i've spoken to say that is a huge mistake not only
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because you're not a criminal lawyer but it is going to be very hard for him to contradict his own victims when they're on the stand and the prosecution can say, hey, this is guy is doing a lot of talking not telling us why he did it and where he spent the money. avenatti was lawyer for film star. cnn had him as commentator, once every three days. cnbc had him on 108 times. then came the conviction. trying to extort nike for 20 million. here the u.s. attorney accused him of fraud. he would win settlements on clients behalf. rather than give them their money he would use it on luxury apartment, private jet, mercedes, ferrari, driver, expensive vacations. one case he stole 3 million allegedly. another 4 million from a mentally ill pa.
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>> i hope we can send a message to mr. avenatti and his firm they won't get away with victimizing me. reporter: he defrauded banks, ex-wife and acting as his own lawyer in a 36-count case. that is a shocker. according to law.com reporter meghan the judge says you're not a criminal lawyer. i am still a member of the bar albeit under suspension. is it correct you never made a opening statement in a criminal case? >> yes, sir. do you understand the criminal justice system? i have knowledge of it, your honor, i would not describe as expertise. do you understand 10 wire fraud charges carry 20 years per count and potential 200 year sentence? yes he says. after the trial. three weeks, 30 witnesses expected, avenatti goes to prison on the nike case before another trial for allegedly
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scamming stormy daniels. quite a fall for a celebrity lawyer, once touted or floated by cnn as a presidential candidate. stuart: that is quite a fall. that really is. william, thank you very much. see you again soon. then there is this, congressman eric swalwell, a democrat accused of having ties to a chinese spy among other things, allegedly he spent tens of thousands of campaign dollars on luxury items. ashley, what did he spend the money on? ashley: all sorts the goodies. how about limo services, luxury hotels, high-end restaurants, alcohol delivery services? there is a nice list for you. according to federal election commission records reviewed by fox news swalwell spent more than $10,000 of campaign funds on 26 limo rides. more than $26,000 on luxury hotels with more than 20,000 of that going to the ritz-carlton in half moon bay in california.
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an absolutely gorgeous part of the country. oh, by the way the congressman's wife used to work there. fec records reveal the california democrat's campaign spent $7,000 in luxury restaurants and steakhouses in d.c. it is good to be king. swalwell along with his wife and other members of the congress traveled to qatar on all expensed paid trip bankrolled by the u.s.-qatar business council. there you go. how you spend some of your campaign money apparently. stuart: like avenatti, swalwell was an outspoken and outrageous critic of president trump in the same boat. you've got this story that the hearing on the delta variant, it took a turn yesterday with senator paul and dr. fauci called each other liars. that is pretty strong stuff, ash. you want to take us through it? ashley: yeah. it got ugly. it happened at a senate hearing. by the way there has been a long-running feud between
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dr. fauci and senator paul and it bubbled over again when the senator questioned fauci's previous testimony claiming that the u.s. has not funded gain of function research in china. rand says a research pape shows u.s. money had gone to hazardous and controversial research. listen to the exchange. >> this paper that you are referring to was judged by qualified staff up and down the chain as not being gain of function. you do not know what you are talking about. >> the gain of function research was going on in that lab and you are obfuscating the truth. >> if anybody is lying here, senator, it is you. ashley: okay. there you go, senator paul went on to accuse fauci of dancing around the issue because he is trying to obscure responsibility. fauci says he has never lied to congress. as i say, that is a long-running
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feud between those two. stuart: it is. getting ugly too. again on a related note. we know now the effectiveness of j&j's covid vaccine against delta. is it good news or bad news, ash? ashley: it is interesting, depending who you listen to. a new study concludes that the coronavirus made by j&j is much less effective against the delta and lambda variants than against the original virus. the conclusions add to evidence that the 13 million people inoculated with the j&j vaccine may indeed need to receive a second dose ideally one of those vaccines made by pfizer or moderna. now the study is at odds with those from smaller studies published by johnson & johnson earlier this month suggesting that a single dose of the vaccine is effective against the variant, even eight months after inoculation but other experts say all of the vaccines seem to
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work better when given in two doses. may need a booster shot, something like that, stu. stuart: interesting though, they have still got the dark cloud of opioid payments and still got the dark cloud of the talcum powder problem. that is hanging over j&j but the stock is at 168 and slightly higher today. ash, thanks a lot. we found the first university offering first college degree in equities diversity, inclusion. heather macdonald has something to say. she doesn't like it. former astronaut jose hernandez thinks jeff bezos can lower the cost of a spaceflight so that middle america can afford it. how about that? he is here and will make his case. ♪. liberty mutual customizes car insurance so you only pay for what you need.
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♪. >> we have liftoff. >> whoo! >> space.
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>> unbelievable. >> oh. fantastic. stuart: he was having fun, wasn't he? the four passengers on that spaceflight, historic blue origin spaceflight really successful. they had a real good time. we have former nasa astronaut jose fernandez joins me now. to get on the flight will cost millions of dollars. you believe, i believe, the cost of a spaceflight like that one could come all the way to the point where a middle class person can afford it? do you think that is going to happen? >> i do, stu, to be fair, that first ticket that was sold was auctioned off. stuart: yep. >> if you look at virgin galactic fares, $250,000. i believe blue origin's price will be competitive to virgin galactic's price. the fact at the very beginning you can look at this at the beginning of how we looked at the beginning of aviation.
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when it was first starting it was very expensive. as time went on it got cheaper and cheaper. the same thing will happen with space travel in my opinion because they're opening up the market for space tourism. stuart: the next flight, from blue origin, i believe will be an orbital flight, they will not just touch space but orbit around it. bearing in mind what you know about blue origin, would you go on that flight, an orbital flight? >> stu, i have my phone here and i'm hoping it rings one day where one of these three companies, either spacex, blue origin or virgin galactic calls, says, hey, we need an experienced astronaut to come fly with us and i will be more than happy to do so. stuart: good for you. maybe you will get that call. you never know, jose, you november know, sir. thanks being on a the show. we'll have more time for you
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next time. >> thank you, stu. stuart: sure thing. we have to look at bitcoin. it really bounced back. it is getting close to $32,000 per coin as we speak. 31, eight to be precise. the 10-year treasury yield all over the place this week, as low as 1.13%. that is a bounce in the yield at least a bounce back to 1.28% as of now. another big hour coming your way. martha maccallum, indiana senator mike brown, heather macdonald. take the vaccine, mask up or not, i will tell you where i sand in "my take" after this. ♪. (naj) at fisher investments, our clients know we have their backs. (other money manager) how do your clients know that? (naj) because as a fiduciary, it's our responsibility to
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the regulation could start the next major wave of the crypto bull market, one of the fastest-growing corners of the economy. >> do i think the market will be hired today or higher tomorrow or 5 years from today are 10 years from today than it is today, if the answer to that
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question is yes you should be buying but the bull market is not over. >> the year of 0 to 2% inflation which we enjoyed for a long time is over. >> too low on earnings numbers and now looking for second-quarter earnings to be up 66% on a year-over-year basis. stuart: it is 11:00 eastern time, this is new york city, it is wednesday july 21st all day long, the money on your screen right now is a bounce back and have come down just the 240, nasdaq up 64, s&p up 26, plenty of green on your screen, same with bitcoin, it is now approaching 32,$000 a coin, yesterday was languishing at 29,000, now 31-8. another bounce back. and now this. take the jab or not? mask up or not? here's where i stand.
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i'm fully vaccinated and i encourage others to do the same. i don't wear a mask, so i am flying. i don't believe the moderna vaccine which is the one i use poses any threat to me. in fact i find it liberating. we are back to normal activity largely because more than half of us are vaccinated and many others who had covid have natural immunity. i don't believe in vaccine mandates, this is america, the government should not be forcing people to inject something into their bodies but a private company, that is different, private companies should be -- this is my opinion should be allowed to mandate vaccination. think liability please. there is 1 million lawyers out there eager to sue any company which fails to keep every single one of its customers and employees covid free. vaccination keeps the lawyers at bay. i do not believe children should have to wear masks in
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school was the risk of infection is minuscule in second, i believe masks inhibit a child's emotional development. kids need to see each other, laugh, smile and frown, it is how we figure each other out. mask up and you hold them back. i'm going to inject a personal note. i grew up with the scourge of polio, poliomyelitis. our younger viewers may never have heard of it but in the 50s polio crippled millions of children, then an american, doctor jonas salk, developed a safe and reliable vaccine. it worked, polio was eradicated. the vaccine was the way out and the same with covid. that is why i would encourage vaccination plain and simple. martha maccallum joins me right from the top of the hour.
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do you think the government should be mandating vaccines? >> know i don't. i think it is a personal choice and it is great of you to encourage people to get it, i got the vaccine as soon as i could, so did my husband, that is where most people feel about this because they wanted the liberation you talk about but one thing i would say, i agree with everything you said, the one thing i would say we need more information on is large part of the population who had covid and have covid antibodies. if you are a private corporation, we need to have more studies done on this because there's been one study which was very interesting, they studied 55,000 people and in that study it showed people who had covid and had antibodies from it basically were in the same category effort section as people who got vaccinated and they tested 3 different populations, people who had covid and didn't get vaccinated and people who had covid and did get vaccinated and tested people who didn't have covid and get vaccinated, those people fared the worst in the study. this was done in early june, but the people who had covid and then didn't get vaccinated
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or had covid and did were about the same so i only say what we need, doctor doctor mike carey talked about this, the cdc has a $40 billion budget, they spent half $1 billion on studying this stuff. we need to have a better understanding of how much protection they get from natural antibodies when they have covid and compare that to the rest of the population for a better understanding how long they last, at least a month according to the study and whether or not one shot might be better for people who have had covid. a lot of doctors talk about this. i'm not a doctor. we cheered the vaccination process throughout the entire thing. when people were saying this is ridiculous, it will take four years to make this faxing, anyone jamming this thing through should be looked at and
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questions as we were thrilled when this vaccine came through and talked about what an incredible achievement it was. every time i go to a baseball game in concert i'm so thankful for this vaccine and we cheered that process throughout. >> i encourage people to get vaccinated. case closed on that. i know you were on the air yesterday as the bezos spaceflight was ending, you saw it. i'm sure you reported it but senator elizabeth warren is saying this morning it is time for jeff bezos to take care of business right here on earth and pay his fair share in taxes. i thought that was -- why are we so negative, such a wild success on your hands from jeff bezos. >> $600 billion or something like this. >> $204 billion. >> there's plenty either way for him to do good honor here and to pay his fair share of taxes.
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something that can change the amount of taxes, the one of the foreign is part of, she feel strongly we should have a different tack structure in this country and a lot of people do, she should fight for that from the position she's in but she made a lot of money through building a huge enormous business, he has every right to spend his money and if technological innovation is how he wants to spend it, a great history of millionaires who went before him, mostly millionaires back then who built the railroads in this country, made tremendous achievements in our national parks, thinking of the rockefellers, there's a long history for what jeff bezos has done and i commend him for wanting to spend his money this way and if she wants the tax clause, she can do that. >> she wants to confiscate wealth as opposed -- >> not saying if i think it should pass but she has a great platform to do that if that is what she wants to do. >> i'm going to watch you this afternoon on fox news channel
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at 3:00 pm eastern time, the story with martha maccallum. thank you as always. let's check various markets, first of all i'm intrigued with this one, one.28% is the yield on the 10 year treasury. that has been all over the place this weekend has wobbled some of the markets, michael lee, market watcher, is with me now. these wild swings in the 10 year yield, what is the significance for the stock market? >> great question and not all the people talk about the bond market and how it affects stocks. the difference between short-term interest rates and longer-term interest rates is what the bond market views as growth and inflation over the next several years so when that difference becomes very small the bond market is saying don't believe this to be inflation or growth going forward and we may be the end of the business cycle. when the business was large inflation and growth are on the way and we are near the beginning of the business cycle
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so earlier this year there was a pandemic era accommodation for big banks to hold more balance sheet. there was a lot of forced selling and people looked at the bond movement and said inflation is coming, the bond market says it will be rampant and as the bond market recovered from that a lot of people said yields should be much much higher so i will short these bonds and those people who shorted the bond like the people who shorted game stock got crushed over the last couple weeks. yields earlier this year were artificially too high and not artificially too low, when you are looking at this and if you are not you are not looking the bond market way i am and saying the bond market is telling me something really bad is about to happen, i will sell my risk assets, stock markets get hit. whenever bonds move in either direction very quickly, unexpectedly, it spooks investors because they are saying the bondholders out
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there saying about what the economy is going forward and until they stable out the equity market becomes extremely volatile. stuart: it is volatile, it is bounced back, i have 20 seconds for you to tell me whether this bounce back is for real, does it stick around? >> absolutely. we had a head fake last week, i would be buying on any dips, many years to go of this bull market. stuart: it has always worked the last 10 years, thanks for being here, appreciate it always. good morning susan, how are you this morning? >> okay. check in on amc, the eighth favorite, amc confirming adam aaron is chairman and ceo, stock is popping today, amc, adam merrin did the right thing, and he knows it is more
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of a social media kind of world so he's engaging with his investors, the retail crowd and netflix, despite the fact that there are concerns over subscriber losses down 400,000 of them, maybe saturation, investment banks being bullish on netflix. more investment banks raising the price on jpmorgan, 600% plus, we spent time on it. if you think about it $600 plus on netflix stock is implied upside of at least 20% plus, you know in investing how you think about it is take a few steps ahead so people aren't staying at home streaming. what are they doing? they are going out again traveling, cruise lines leading the s&p 500. a lot of big moves from norwegian and carnival. stuart: 5% or 7%, significant moves. back to you in a moment. i will put something on your screen.
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it is a book authored by donald trump and signed to rudy giuliani. it will hit the auction block and guess how much it is going to sell for? i happen to know, you have a guess if you like because we will tell you later on for sure. bentley university offering a college degree in diversity, equity and inclusion, first of its kind, heather mcdonald will be with us and says it won't be the last and she does not like it. he is on the show. the senate will hold a key test vote, maybe, on the massive infrastructure deal. will republicans strike it down and say no to it? senator mike braun on the show next. ♪♪ ♪♪ nothing holding me back it's. a choice that requires no explanation.
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stuart: my stay in dc, 80 degrees going a little higher, sunny, all very nice. we've got questions over who will pay for the democrats infrastructure plan. hillary vaughan is with us. do we have any idea who pays? >> we do but there trying to cobble together different ways to pay for this because traditional ways like raising taxes republicans do not want to go for, they don't want to raise taxes on individuals to pay for this new spending at
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the white house doesn't want to use the other traditional method of user fees for people on highways and rail to pay for this added new spending so they are trying to cobble together different ways they can pay for it. irs enforcement, cracking down on people who are not paying their fair share in taxes is on the table, that is now off the table and what has replaced that is medicare rebates, there are other ways to repurchase pandemic relief funds to pay for the $600 billion in new infrastructure spending, revenue from new public-private partnerships and proceeds from 5g spectrum option so still a lot of in the air. i caught up with senator joe manchin comedies or two major sticking points, not everyone has agreed to how to pay for this at this point. he says they are still trying to coordinate with the white house to the white house can tell them what money is touchable and what money is untouchable. the bill also is not written yet, the paper for it is not agreed to and republicans are waiting for the congressional budget office to detail how much it costs to get an accurate price tag for all of
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this but even with the bill mostly unwritten senator schumer plans to charge ahead with the vote to begin debate on this bipartisan infrastructure bill seen -- being negotiated was all 50 republicans are expected to vote no today including the bipartisan negotiators trying to work out a deal that i asked manchin if it is unfair for schumer to plow ahead with this. he said it's not about fair or unfair but the only way to put pressure on to try to get a deal done. stuart: we are not sure how we will pay for what is in the bill, that is a fact as of right now but we are getting ready for senator braun to comment on this infrastructure plan, just getting his camera ready and i will show you the dow up 228. full recovery from monday's laws, the nasdaq is up 79 points. the yield on the 10 year treasury very much in the news this week, now it is one.28%,
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that yield going up in stocks up at the same time and now we are still getting ready for senator braun to join us. they are supposed to vote on this infrastructure plan today but we don't know, republicans do not know what is in it. mitch mcconnell, the minority leader in the senate has said we are not going to vote on something until we know what is in it. reminds you of nancy pelosi saying you got to pass this to find out what is in it? senator braun is ready, available and on camera as we speak. always good to see you. mitch mcconnell says don't vote on something today. >> don't think i will or any other republican will. it is a main street, we know
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how we will pay for something. chuck schumer is like a political entrepreneur, and borrowing money from kids and grandkids, this is so touted, i've been here 2 and a half years and when it gets to that difficult question how to pay for it, offsets other spending, raise user fees like we did in indiana in 17, no political will and that is why it is stumbling. stuart: it is going to stumble, it will be a no vote. then what happens? what does senator schumer do? does he tried to move forward along with a $3 trillion plan? >> i will take another q.
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when you forge ahead regardless of the underpinning which was supposed to be bipartisanship in the unity, easy to talk about infrastructure, let's take our queue from the american rescue act, that didn't take long and we got right to slam dunking it through in away. it is going to happen on hard infrastructure and especially soft infrastructure which they have at 3.5 trillion. they are going to ram it through and i think they will pay the political consequences for that lee, especially in 2022 because they again seized the moment are opportunists when it comes to government, entrepreneurs but don't have things that normally go into a good business plan. stuart: i'm trying to read between the lines here, doesn't sound like we are going to get very much either out of the $1 trillion plan or the $3 trillion plan. at the end of the day we don't
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get much past. >> probably not because when you try to say you are willing to deal with infrastructure at out of the gate expand the definition, that nothing ever was included in the discussion of infrastructure before you have already said how much you are going to spend on that and then you are talking the hard part, the tangible infrastructure we all agree on and then starting to fishtail on how to pay for it so that has happened on almost anything i've been involved with into a half years, and we are $10 trillion further in debt than when i got here to it have years ago and still going to add another 3 or 4 with all of this. stuart: i like your imagery, fishtail and around, pretty good. don't be such a stranger, come ncs again soon. back to money, specifically
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apple, stocks down a fraction today. what is this about the iphone upgrade. >> next year 2022, they say will be all 5g and they will drop the iphone many as i have one here for you, this was released in the springtime, smaller screen, never thought people would be interested in smaller screens and for men who want to put it in their pockets or women's that have smaller purses i guess but it hasn't been selling well so they are going to drop the smaller iphone many and instead offer the budget version. there's a cheaper iphone, don't think you have an iphone from what i see but that is also 5g in the first half of next year. stuart: 5g capable. any idea what that means to me? >> what phone is that? not 5g capable but in the
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future because we are very good at the it department, get you an iphone and i will show you how past the download speeds are and how clear the pictures are when streaming are trying to download something with speed and clarity but also remember apple is reporting results next week and they will have a huge quarter because comparables are easy and they are coming up $100 billion. stuart: it is huge, it really is. elon musk joked about dogecoin, around 70 since then before the show started, $0.49 after the show, two months later, 20%, $0.20 i should say. we will have a report on that. united airlines betting an electric flames but can't call that many people so will the electric trend really take off with planes, you have a report on that coming up as well. big show, i'm telling you.
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changes in everything you thought it would be? >> fantastic! >> move your head a little.
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>> this is incredible. stuart: being weightless is fun and jeff bezos says they have already sold nearly $100 million worth of tickets for future spaceflights. looking at some of the space stock left-hand side of the screen, virgin galactic is up a fraction today, $32 per share and then there is this. lydia who, our own lydia who is at an electric plane startup in san francisco, very interesting stuff. how soon our electric powered aircraft going to be in commercial operation? >> reporter: that is years off in the making, the commercial passenger carrier, could be 5 years or more before we see that happening. united airlines recently acquired a fleet of about 100 airplanes but even those will carry only 19 people traveling
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250 miles but 5 years or more because of the regulatory hurdles they have to pass through in order to prove and demonstrate that it is safer passenger carry i can show you what is expected come to market much sooner. this is a hybrid electric autonomous cargo carrier. they say it is going to cut down delivery time for e-commerce providers. this year they are going to transport the car ago. it carries 500 pounds of cargo to attach to the bottom of the aircraft and operates like a helicopter where it can take off and land without any runway needed so it can go direct from warehouse to warehouse and the developers are excited about this technology because they say it will allow their pilots to operate them remotely and not directly on the aircraft. stuart: do you remember in the
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audience when elon musk talks about dogecoin on saturday night live, roll it. >> my question is what is dogecoin? the future of currency. >> it is a hustle. >> it is a hustle. i'm just saying. stuart: dogecoin is not doing so well now. >> from a peak of $0.74 it is down 80%, europe 4000% on the year, name and other asset class that has returned 4000% in we 7 months time, hard to find i would say so below $0.20 but from a joke coin in 2013, to the fourth largest crypto currency in the world i think it is doing pretty well. it is also not just dogecoin, look at where bitcoin is, 50%
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lower, you would who bought in at 65,$000 and we will have the talk today with kathy would and jack dorsey will be there, elon musk, taking place later this afternoon. i would be interested. stuart: i think the crypto folks are looking for headline out of that. 31-8 on bitcoin right now and you are right, with a group like that, something, 31-8, bitcoin right now. take another look at the markets please. we have a rally for the dow up 200 points. as i endlessly say we have recouped all of monday's losses. venture capitalist and stanford university lecturer, volatility recently, why such extremes and will they continue? >> the volatility will be with us for at least the next couple quarters and what is driving are two key things, first is
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the rising inflation we are seeing everywhere. if you look at companies that amazing things, they are having problems with input prices in december or january, picked up the mainstream press in march or april. that is talking about rising interest rates sooner than expected which will hurt the market, the second is rising covid numbers, not good. this is not a good thing. we have this euphoria of getting back to normal and now will there be more shutdowns, more lockdowns the restrictions? a better restaurants or travel? that is not a good thing. that will lead to increased volatility in the market. stuart: you mentioned inflation visible everywhere and it is, you can see rising prices. the federal reserve and president biden think that inflation, it fades. do you believe that?
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>> too early to tell but my guess is no. there is so much capital that has been pushed into the market, monetary supply shot through the roof and we are talking $3 trillion put in for reconciliation. we are seeing the same things we might have seen in the 1970s that led to long-term inflation. the fed is arguing it is based on a done nominator that is so much lower because of what happened at the beginning of the pandemic a lot of warning signs are flashing red, they seem to be 3 or 4 months behind that anybody who manufactures anything new there were inflation issues as long as 7 or 8 months ago. stuart: i remember the 1970s i was there. you perhaps do not. it wasn't a great time to be in america. thanks for being with us. see you again soon. good stuff. the milwaukee bucks just won their first nba title since
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1971, star players rookie card is headed for the auction block and they fetched a quarter million dollars. ken golden is here with that rookie guard. we will be back. (judith) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? don't you just ride the wave? (judith) no - we actively manage client portfolios based on our forward-looking views of the market. (other money manager) but you still sell investments that generate high commissions, right? (judith) no, we don't sell commission products. we're a fiduciary,
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stuart: golden auctions is back, they big summer event and i'm going to bring in ken golden, the man behind golden auctions. he has a very different item for auction, something he doesn't normally bring us. it is this. a copy of trump, the america we deserve, signed by the former president with a personal inscription to rudy giuliani. all right, how much is that going for? >> we expect that because of
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the unusualness of the inscription, to go for an excess of 30,$000 and it is a killer inscription. stuart: why are you branching out into what i would call a political arena as opposed to your normal sports arena? >> we are known as industry leader in sports collectibles but we do sell a significant amount of entertainment, historical, comic book and similar items so when this was brought to us we thought it would be something that was of historical significance and we grabbed it. stuart: let's get back to sports memorabilia. i believe you have larry bird, magic johnson rookie card. tell me more and how much. >> this guarded his psa 10 which is incredibly rare, the highest possible grade. it is unusual because it has
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larry bird and magic johnson, it is psa 10 and we estimate it will go for 500,$000. stuart: 500,$000, good lord. how about a mickey mantle rookie card? >> mickey mantle rookie, this is a 1952 tops, psa, is qc 7.5 which is near mint, very sought after card, looking over 300,$000 on this one. stuart: i can't believe these prices and in the nba finals wrapped up last night, the box claiming victory, you have the rookie card of the box superstar giannis antetokounmpo. does the winhelp the price i presume it must? >> yes. i will stay correctly, giannis antetokounmpo, possibly the greatest nba finals in history, 50 points last, his stuff is very much in demand especially because earlier in the playoffs people thought the box would be eliminated. we are looking at a quarter million dollars plus on his rookie prison which is limited
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to 10 and personally signed. stuart: how about what is called the statement edition of his jersey worn by giannis antetokounmpo? >> the game worn jersey, something in very hot demand, we looking at 30,$000. stuart: i've got one last one. let's get to soccer. you got liana lapse rookie card. how much? >> a psa 10 rookie very much in demand after winning the european championship, looking at 300,$000. stuart: you've made sports memorabilia an investment vehicle. you've done well in the last few years. inflation has carried the investment vehicle higher and higher. i am out of time. none of this chitchat, you're
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out of time. welcome back to the show. see you again soon and hope the auction goes well. on your screen the dow 30 as you can tell is a rally. the vast majority of those stocks in the green and the dow is up 2 thirds of one%, 230 points. the white house promoting a radical group pushing critical race theory in schools. they want white teachers to go through antiracist therapy. it is a stunning report and we've got it next. for as little as $5, now anyone can own companies in the s&p 500, even if their shares cost more. at $5 a slice, you could own ten companies for $50 instead of paying thousands. all commission free online. schwab stock slices: an easy way to start investing or to give the gift of stock ownership. schwab. own your tomorrow.
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stuart: you got to hear this was the primitive education sending money to schools to bring kids back for in person learning. some of the money might go to activists who want to send waste teachers to antiracist therapy. the details please. >> reporter: big development to kick things off was the department of education admitting they have made a mistake, they messed up on this and they are distancing themselves from this group that as you said wants white
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teachers to go to antiracist therapy. watch. after a turbulent year protests and covid lockdowns america's children are heading back to school, there could be new lessons to learn. president biden's american rescue plan authorized $122 billion to the department of education for state education agencies. 90% of the money will go to local school districts which in turn must reserve at least 20% to address the learning lost during the last school year. the administration asks they do that by using evidence-based programs like summer learning and afterschool activities that's not all. inside the department of education's covid 19 handbook, called roadmap to reopening safely and meeting all students needs the department recommends schools use some of the money towards race and social emotional learning. the manual offers direct link to a group called the abolitionist teaching network who will help schools transform.
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>> network dedicated to not creating new schools reimagining schools, but those who do nothing but harm black and brown students. >> doctor love, either an activist, created the abolitionist teaching network in 2020 to develop and support educators to fight injustice within their schools and communities. >> if you don't feel white supremacy and is in everything we do you have a problem. >> reporter: love wants white teachers to undergo antiracist therapy to stop what she calls spirit murdering black and brown students. >> one thing i bring to this work is significant history of trying to trouble my own racial identity and help other white teachers trouble their internalized white supremacy and anti-blackness. >> we found the group higher paid activists across the country whose jobs they say is going into schools to dismantle
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oppressive structures by mapping, canvassing, building groups and coalitions, creating media and propaganda. >> education cannot save us. we must save education. >> for example if teachers find school uniforms to be oppressive, atn would send in their activists to help abolish them. >> you call us, we will fund activists and residents that he or she rose will find out how, they will do the research, organizing, teachers and parents show up and we dismantle and we hope to have hundreds of around the country. >> reporter: love has a history of making controversial statement on twitter like this tweet from 2020 in which she writes mediocre greedy rich white people are killing us. it is unclear how the department of education shows atn as the resource for social and emotional learning although biden's deputy education secretary, cindy martin, is an
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advocate of bettina love. last fall while she was still superintendent at san diego schools, martin invited love to train teachers to stop spirit murdering black students. let's review the statement just released from the department of education in response to our report that the department does not endorse recommendations of this group nor do they reflect our policy positions. it was an error in a lengthy document to include the citation but the question is who was writing or editing this guidance. it was sent to 13,000 school districts back in april. what happened to the schools that spent 3 months planning lessons around this group teaching, do the issue new guidance, serious questions, paying attention to all this. stuart: you have had impact. thank you for sharing it with us. how on earth did we arrive in a
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position where we do this kind of thing in the schools? >> refusal to court meritocracy, defies america today which it does not and the refusal to talk about the real causes of the academic skills gap which is the culture that regards academic achievement as acting white. we are blaming phony problems which is white supremacy for something that needs to be addressed in the home culture but we have universities that are dedicated to the proposition that america is divided between oppressors and the oppressed. with this particular men him, and and by the biden
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administration, and and ignoring that black students are more unruly. this is tearing down every civilizational standard we have got. >> bentley university, in diversity, equity and inclusion. what do you do if you graduate with a degree in equity, inclusion and whatever else it was. what do you do with this, what impact does it have on our society. >> it has a negative impact, corporations for the last five decades paying enormous fees, exorbitant fees to these hucksters the pedal in empty verbiage, so it is a growth
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industry, this idea, and imposing weight norms, and with -- not valuing diversity. and and it is going to spread, by declaring a major, it is superficial, a set of completely empty ideas that have no relevance to the real world, but nothing left of the universities. this is the final moment when the campus university eat an entire university.
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stuart: you are leading the charge on this, you have impact and thank you very much for sharing it with us today. please come back soon. heather mcdonald, everyone. i have a trivia question for you, not sure what you will make of this but i will read it. what percentage of people have black or brown hair? all right, we will be back. oh! are you using liberty mutual's coverage customizer tool? sorry? well, since you asked. it finds discounts . . only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ hi, verizon launched the first 5g network, and now we want to be the first to give everyone the joy of 5g by giving every customer a new 5g phone, on us, aha! old customers. new customers.
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this isn't just freight. these aren't just shipments. they're promises. big promises. small promises. cuddly shaped promises. each with a time and a place they've been promised to be. and the people of old dominion never turn away a promise. or over promise. or make an empty promise. we keep them. a promise is everything to old dominion, because it means everything to you.
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that building you're trying to buy, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you see it. you want it. you ten-x it. it's that fast. if i could, i'd ten-x everything. like... uh... these salads. or these sandwiches... ten-x does the same thing, but with buildings. sweet. oh no, he wasn't... oh, actually... that looks pretty good. see it. want it. ten-x it. yum! stuart: just to make this straight. we got this from a government health website. that is where one of our
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producers read it. what percentage of people have black or brown hair? answer? 90%. could have seen that a mile off. people who flatter themselves like me who believe their hair is silvery gray we are in the minority. i wish i had more silvery gray hair but i don't. neil cavuto. he has got some hair. it is yours, neil. neil: most viewers think it is a toupee. it would be a very lousy one if that were the case. i think you look as my dad said very extinguished. we to with the flow. stuart: i will take it. thank you. neil: you and me both. thank you my friend. we're looking at same markets stuart and crew have been looking at. we're very focused on the infrastructure matter here. this is procedure they want to get by that.

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